TCREUR_Public/060718.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 18, 2006, Vol. 7, No. 141

                            Headlines


A U S T R I A

AMICOS ADVANCED: Vienna Court Terminates Bankruptcy Proceedings
FUIOR: Creditors' Meeting Slated for July 25
GWT: Creditors' Meeting Slated for July 26
KELLNER: Property Manager Declares Insufficient Funds
LANDHAUS MAXIMILIAN: Court Terminates Case due to Lack of Funds

PROEL AUSTRIA: Creditors' Meeting Slated for July 31
ZORIC TROCKENBAU: Creditors' Meeting Slated for July 26

F R A N C E


ALSTOM SA: Inks EUR45-Million Tram Deal with Angers Loire
FIXED LINK: Moody's Cuts Rating on GBP620-Mln Notes to B2
* Moody's Notes Filing's Effect on Eurotunnel's Guarantors
* Fitch Says Eurotunnel Won't Affect Guarantors' Ratings


G E O R G I A

METROMEDIA INTERNATIONAL: Reporting Preliminary Results Soon


G E R M A N Y

ABACOM VERMOGENS: Claims Registration Ends July 25
ALB AUTOLEASING: Claims Registration Ends August 10
ALLGEMEINE HYPOTHEKENBANK: Fitch Keeps C/RR6 on Deferred Payment
ASAT HOLDINGS: April 30 Equity Deficit Tops US$53.2 Million
BELOW HAUSTECHNIK: Claims Registration Ends August 1

FARBE CREATIV: Claims Registration Ends August 11
KIESA KIES: Claims Registration Ends August 1
LOTEXTIL GMBH: Claims Registration Ends July 19
OCH TRANSPORT: Creditors' Meeting Slated for July 28
SUNNY ISLAND: Claims Registration Ends August 9

TRANSMONT GMBH: Claims Registration Ends August 10
UDOPEA GESCHAFTSFUEHRUNGS: Creditors' Meeting Slated for July 27
VOLKSWAGEN AG: Cutting Jobs in Brazilian Plants


I R E L A N D

PULS CDO: Moody's Rates Class E Notes at (P)Ba3


K A Z A K H S T A N

ALFA BANK: Moody's Changes Ba3 Deposit Rating Outlook to Stable
DVIGATEL: Creditors Must File Claims by Aug. 7
KARAMALS: Creditors Must File Claims by Aug. 4
KAZZHELDORTRANS JSC: S&P Assigns BB+ Corp. Credit Rating
KVART: Creditors Must File Claims by Aug. 7

MAGAS: Proof of Claim Deadline Slated for Aug. 7
MEGA: Proof of Claim Deadline Slated for Aug. 7
NORDPAK: Proof of Claim Deadline Slated for Aug. 7
SENTRGAZ-SERVIS: Claims Registration Ends Aug. 7

SHAMSHAR: Claims Registration Ends Aug. 7
TAMYZ FUDS: Claims Registration Ends Aug. 7
TIMSA: Creditors' Claims Due Aug. 7
KSHT: Claims Registration Ends Aug. 7
VEST-NAR: Creditors' Claims Due Aug. 4


K Y R G Y Z S T A N

POLITEKS: Creditors Must File Claims by Aug. 25
TOYOTA MOTORS: Proof of Claim Deadline Slated for Aug. 25


N O R W A Y

FALCONBRIDGE LTD: Inco & Phelps Dodge Increase Merger Offer


R U S S I A

BARYATINSKIY DIARY: Court Names F. Amarov as Insolvency Manager
EVRAZ GROUP: Buys 24.9% of Highveld Steel From Anglo American
FURNITURE FACTORY 555: E. Demicheva to Manager Assets
GAZPROM: Agrees on Asset Swap Deal with E.ON AG
GAZPROM: Board Forms Seven-Member Asset Evaluation Committee

GRANITE: Court Names Mr. M.Khuako as Insolvency Manager
KHVOSHEVSKAYA NIVA: Court Starts Bankruptcy Supervision
KRONAS-WOOD: Ulyanovsk Court Begins Bankruptcy Supervision
METROMEDIA INTERNATIONAL: Reporting Preliminary Results Soon
MILOSLAVSKIY: Ryazan Court Starts Bankruptcy Supervision

NORTH-WEST: Earns RUB1.41 Billion of Net Income in 2005
OZERNOYE: Court Names A. Trifonov as Insolvency Manager
PARTNER-KURSK: Court Names Mr. N. Gutenev as Insolvency Manager
PYATIGORSKIY LIQUEUR-VODKA: N. Sotskaya Named to Manage Assets
ROL-TEX-MANUFACTURE: V. Chenskikh to Manage Insolvency Assets

ROSNEFT OIL: Intends to Boost Production After IPO
SAPSAN: Bankruptcy Hearing Slated for Aug. 2
TNK-BP FINANCE: Issues US$1.5-Billion Eurobonds for TNK-BP
TNK-BP: Fitch Rates US$1.5 Billion Notes at BB+
TORAEVO: Court Names Mr. V. Demidov as Insolvency Manager

TYUKALINSKIY: Court Starts Bankruptcy Supervision
UFIMSKOYE REPAIR-TECHNICAL: Bankruptcy Hearing Slated for Aug. 1


U K R A I N E

AGROSERVICE: Court Names Andrij Koveza as Insolvency Manager
AURA: Mikolaiv Court Starts Bankruptcy Supervision
FARIMED: Kyiv Court Appoints Andrij Koveza as Liquidator
FORTUNA-KRYM: Court Names Atik Drogajtsev as Insolvency Manager
INVEST-AGROPROM: Court Names Tax Authority as Liquidator

KORVET-PLUS: Court Names Tax Agency as Liquidator
KVANT-PLUS: Court Names Regional Tax Agency as Liquidator
LADA: Court Names Kozyatin' State Tax Inspection as Liquidator
LIVADA: Court Appoints Tax Agency to Liquidate Assets
LVIVVODBUD: Court Starts Bankruptcy Supervision

OLIVIYA: Court Names LLC Irida to Liquidate Assets
PETRIVSKE-PLUS: Kirovograd Court Begins Bankruptcy Supervision
REINFORCED METAL: Court Names Tetyana Pashkova as Liquidator
ZALIZOBETON-MARKET: Court Names Tax Authority as Liquidator


U N I T E D   K I N G D O M

ABSOLUTE FINISH: Creditors Confirm Voluntary Liquidation
AEW DELFORD: Bank of Scotland Taps Receivers from PwC
ALERIS INT'L: S&P Removes BB- Credit Rating from Watch Negative
BREEZE BUILDING: Creditors Ratify Winding Up Resolution
CASTLEGATE 399: Hires Deloitte & Touche to Administer Assets

CEOL CASTLE: Creditors Nominate Liquidator
CLUB A.C.: Taps G. W. Rhodes to Liquidate Assets
CRAGSIDE CONTRACTORS: Creditors Resolve to Voluntary Liquidation
CURTI LIFTS SOUTHERN: Confirms Liquidator's Appointment
CURTI LIFTS SOUTHWEST: Creditors Pass Winding Up Resolution

DIGITAL CONCEPTS: Financial Woes Trigger Liquidation
DISTRIBUTION SOFTWARE: Appoints Liquidator from Crane & Partners
DPS COMPOSITES: Creditors' Meeting Slated for July 20
ECLIPSE EMBROIDERY: Brings In Liquidator from Baker Tilly
EGG BANKING: Moody's Changes Financial Strength Rating Outlook

FAIRFIELD CLADDING: Hires Joint Liquidators from Begbies Traynor
FIXED LINK: Moody's Cuts Rating on GBP620-Mln Notes to B2
FORD MOTOR: Moody's Lowers Senior Unsecured Ratings to B2
GENERAL MOTORS: Reviewing Nissan-Renault Deal; Toyota Might Bid
HERTZ CORP: Parent Plans Initial Public Offering of Common Stock

INCO LTD: Increase Falconbridge Merger Offer By CDN$1 Per Share
INDUSTRIAL REPAIR: Creditors Opt to Liquidate Assets
MANHATTAN PIZZA: Begins Liquidation Procedure
MELLORSONS MANUFACTURING: Names Eileen T. F. Sale Liquidator
MONACTIVE LIMITED: Hires Administrators from Baker Tilly

O'SULLIVAN INDUSTRIES: Sells United Kingdom Business Operations
QUIGLEY UNITED: Creditors' Meeting Slated for July 21
RICHARD GUEST: Names Andrew Clay as Administrator
SHAW GROUP: Incurs US$16.7 Million Net Loss in Third Quarter
SIGHT & SOUND: Creditors' Meeting Slated for July 24

SOLO CUP: Susan Marks Resigns as Chief Financial Officer
SPECTRUM YARN: Appoints Tenon Recovery as Administrators
TALKWORLD ONLINE: Joint Liquidators Take Over Operations
THINKING FOOD: Calls In Begbies Traynor as Administrators
VACUUMATIC LIMITED: Bank of Scotland Appoints PwC Receivers

* Moody's Notes Filing's Effect on Eurotunnel's Guarantors
* Fitch Says Eurotunnel Won't Affect Guarantors' Ratings
* Large Companies with Insolvent Balance Sheets


                            *********


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


AMICOS ADVANCED: Vienna Court Terminates Bankruptcy Proceedings
---------------------------------------------------------------
The Trade Court of Vienna terminated the bankruptcy proceeding
of LLC Amicos Advanced Microcomputer Systems (FN 168156p) on
May 23 due to the Debtor's administrative insolvency.  This
means that the Debtor does not have enough cash to cover costs
of the bankruptcy proceedings.

Headquartered in Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 4 S 42/06p) was removed from (Bankr. Case No.
36 S 28/05p) on March 6.


FUIOR: Creditors' Meeting Slated for July 25
--------------------------------------------
Creditors owed money by LLC Fuior (FN 250448g) are encouraged to
attend the creditors' meeting at 10:30 a.m. on July 25 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 24 (Bankr. Case 4 S 93/06p).  Karl Schirl serves as the
court-appointed property manager of the bankrupt estate.  Markus
Siebinger represents Dr. Schirl in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna, Austria
         Tel: 513 22 31
         Fax: 513 22 31 -1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at


GWT: Creditors' Meeting Slated for July 26
------------------------------------------
Creditors owed money by Construction LLC GWT (FN 246219m) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
July 26 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 27 (Bankr. Case 4 S 18/06h).  Thomas Deschka serves as
the court-appointed property manager of the bankrupt estate.
Robert Klein represents Dr. Deschka in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Thomas Deschka
         c/o Dr. Robert Klein
         Huelben 1/15
         1010 Vienna, Austria
         Tel: 513 99 39
         Fax: 513 99 39 30
         E-mail: deschka@lawcenter.at


KELLNER: Property Manager Declares Insufficient Funds
-----------------------------------------------------
Dr. Helmut Platzgummer, the court-appointed property manager for
LLC Publishing Company Kellner (FN 99403g), declared on May 23
that the Debtor does not have enough assets to pay off
creditors.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 26 (Bankr. Case No. 3 S 63/06v).  Caroline Klus
represents Dr. Platzgummer in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Helmut Platzgummer
         c/o Mag. Caroline Klus
         Kohlmarkt 14
         1010 Vienna, Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39-39
         E-mail: helmut.platzgummer@lp-law.at


LANDHAUS MAXIMILIAN: Court Terminates Case due to Lack of Funds
---------------------------------------------------------------
The Land Court of Wiener Neustadt will terminate the bankruptcy
proceeding of LLC Landhaus Maximilian (FN 231871m) on May 29 due
to the Debtor's administrative insolvency.  This means that the
Debtor does not have enough cash to cover costs of the
bankruptcy proceedings.

Headquartered in Vienna, the Debtor declared bankruptcy on
July 21, 2005 (Bankr. Case No. 11 S 82/05b).  Thomas Wanek
served as the court-appointed property manager of the bankrupt
estate.  Valentin Piskernik represents Dr. Wanek in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Thomas Wanek
         c/o Mag. Valentin Piskernik
         Hochstr. 31
         2380 Perchtoldsdorf, Austria
         Tel: 01/8693888
         Fax: 01/869166033
         E-mail: anwalt@aon.at


PROEL AUSTRIA: Creditors' Meeting Slated for July 31
----------------------------------------------------
Creditors owed money by LLC Proel Austria (FN 238460b) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
July 31 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Muehlkreis, Austria, the Debtor declared
bankruptcy on March 23 (Bankr. Case 12 S 48/06f).  Sigrun
Teufer-Peyrl serves as the court-appointed property manager of
the bankrupt estate.  Gunter Peyrl represents Mag. Teufer-Peyrl
in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Sigrun Teufer-Peyrl
         c/o Dr. Gunter Peyrl
         Pfarrgasse 20
         4240 Freistadt, Austria
         Tel: 07942/75151
         Fax: 07942/751519
         E-mail: ra.peyrl@epnet.at


ZORIC TROCKENBAU: Creditors' Meeting Slated for July 26
-------------------------------------------------------
Creditors owed money by KEG Zoric Trockenbau (FN 262789f) are
encouraged to attend the creditors' meeting at 11:20 a.m. on
July 26 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall No. IV
         1st Floor
         Leoben, Austria

Headquartered in Proleb, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case 17 S 42/06d).  Reinhard Teubl serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur, Austria
         Tel: 03862-51462
         Fax: 03862-51462-10



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


ALSTOM SA: Inks EUR45-Million Tram Deal with Angers Loire
---------------------------------------------------------
The French "Angers Loire Metropolitan Authority" has chosen
Alstom S.A. for the supply of 17 CITADIS trams equipped with the
innovative APS power supply system, which eliminates overhead
power wires.

The order includes a firm part for the design, a full-scale tram
model and the supply of the APS system.  An optional part
provides for the supply of the 17 trams.  The first part is to
be signed before end July.  The second part will be signed in
June 2007 following the accreditation of the project.  The two
parts of the order represent a total of EUR45 million.

Angers is the second city in the world, following Bordeaux, to
opt for APS.  On June 14, this year, at the Public Transport
congress in Paris, ALSTOM was awarded the Innovation Trophy in
the Energy/Environment section for this technology.  The
wireless APS allows tramways to blend harmoniously into the
urban environment and will thus preserve the heritage of Angers
and Avrille city-centers.

The tramway will be put into service in 2009, linking Avrillé to
the Roseraie district via the city center.  The line will
stretch over 12 km with 25 stops, serving 35,000 passengers per
day.

The trams will be designed and assembled in ALSTOM's La Rochelle
factory -- the company's Centre of Excellence for trams.  Four
other ALSTOM sites in France will supply sub-systems:

   -- Tarbes the traction drives;
   -- Ornans the traction motors;
   -- Le Creusot the bogies; and
   -- Villeurbanne the tram electronics.

Angers is the world's 24th city to have chosen CITADIS -- the
14th in France.  This further confirms ALSTOM's success with
this tramway product line and its leadership on the French tram
market, where 80% of the steel-wheel trams are ALSTOM-built.  To
date, over 400 CITADIS are in commercial service worldwide out
of a total of 800 CITADIS ordered.  CITADIS trams have carried
over 1 billion passengers and have demonstrated reliability over
a total distance of 76 million kilometers.

                           About Alstom

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

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

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


FIXED LINK: Moody's Cuts Rating on GBP620-Mln Notes to B2
---------------------------------------------------------
Moody's Investors Service downgraded the GBP120 million 8.15%
Class A Notes due 2026 and the Underlying Rating of the GBP620
million 5.78% Guaranteed Notes due 2028 of Fixed Link Finance 2
B.V. (FLF2) to B2 from B1.  The ratings remain on review with
direction uncertain.

The review was initiated on June 5, following the announcement
by the Eurotunnel PLC/S.A. group that it had signed a binding
preliminary restructuring agreement with a committee
representing certain of its creditors.

The Aaa ratings of FLF2's GBP620 million Guaranteed Notes, which
are based upon the unconditional and irrevocable guarantee of
principal and interest by MBIA Assurance S.A., remain unchanged.

The rating action has been prompted by the announcement that
Eurotunnel has applied to the French courts to enter a process
known as a 'procedure de sauvegarde', which is intended to give
Eurotunnel relief from its creditors while it negotiates a debt
restructuring plan with them.  If granted, which Moody's
considers likely, such procedure will permit Eurotunnel to cease
payments to debt holders while the procedure is ongoing.

The downgrade reflects Moody's view that the probability that
the Un-guaranteed Debt will default is now very high, whereas
previously Moody's had assumed that the execution of the Capital
Restructuring Plan, or a variation thereon, could be completed
in time to avoid a payment default on the Un-guaranteed Debt.
Nevertheless, the B2 rating factors Moody's assumption that the
recovery of unguaranteed Debt outstanding will be 100% or very
close to 100%.

FLF2 is a special purpose company that has lent the proceeds of
the notes it has issued to Eurotunnel in the form of Tier 1A
Loans.  All Eurotunnel debt holders benefit from a security
interest over the assets of those French and U.K. companies that
make up the Eurotunnel group that it is possible to secure on a
fully cross-collateralized basis.  In addition, the Eurotunnel
debt holders have the benefit of "rights of substitution', i.e.
the right to take over the Concession owned by Eurotunnel
through new companies held for the benefit of Eurotunnel debt
holders.

The rating has been maintained on review with direction
uncertain, reflecting Moody's understanding that the Capital
Restructuring Plan or a variation thereon may be agreed by
Eurotunnel and its creditors, which would result in the Un-
guaranteed Debt remaining whole and in place with a credit
profile higher than B2, but also the possibility that
restructuring negotiations may not be successful and the
consequent uncertainties that this would create.

From the perspective of a possible upgrade, Moody's review of
the Un-guaranteed Debt will continue to focus on:

   -- likely developments in Eurotunnel's operating performance
over the coming few years; and

   -- the key terms of the Capital Restructuring Plan or v
ariations thereon, many critical features of which are as
yet unknown or still developing.

From the perspective of a possible further downgrade, Moody's
will continue to assess:

   -- the likelihood that the Capital Restructuring Plan or
      broadly equivalent plan will not be completed and the
      consequence of such a development, i.e. the subsequent
      insolvency of Eurotunnel; and

   -- the risk that consequent substitution by Eurotunnel
      creditors will not operate completely in accordance with
      lan.

While the terms of the Capital Restructuring Plan or successor
debt restructuring plan may change from those previously
envisaged following further negotiations between Eurotunnel and
its creditors, Moody's does not believe that such terms would
likely change to the extent that there will be impairment of the
Tier 1A Loans.  Furthermore, if there is no agreement between
Eurotunnel and its debt holders, Moody's considers it likely
that the process of substitution will be effective and will
ensure an ultimate recovery of all Un-guaranteed Debt within a
few years.  Nevertheless, the procedure of substitution is
untested, which creates some uncertainties as to the process,
timing and success of execution.

Eurotunnel's rationale for seeking protection through a
'procedure de sauvegarde' is somewhat unclear, in Moody's view,
given that negotiations with creditors were continuing in
earnest.  Such negotiations will need to continue during the
procedure.  However, Moody's expects that the procedure will
force the parties to reach an agreement within the next few
months, failing which a substitution is likely.  Therefore, the
initiation of the procedure may well have reduced all parties'
room to accommodate any unexpected events.

The Capital Restructuring Plan envisages:

   -- the continuation of the FLF2 debt and the related Tier 1A
Loans,

   -- the repayment of Eurotunnel's Tier 1 Loans and Tier 2
Loans, and

   -- a partial repayment of Eurotunnel's Tier 3 Loans, together
with an exchange of the un-redeemed Tier 3 Loans for an
equity-like debt instrument with a cash alternative.

However, critical elements of the Capital Restructuring Plan
remain uncertain, including the maturity and financial terms of
each class of new Eurotunnel debt that will be created as part
of the Capital Restructuring Plan, and the inter-creditor
arrangements that will need to be implemented to regulate the
rights of all debt holders versus each other and Eurotunnel.

Ratings outstanding:

   -- GBP620 million 5.78% Guaranteed Notes due 2028: Aaa;

   -- underlying Rating of the above: B2, review direction
uncertain; and

   -- GBP120 million 8.15% Class A Notes due 2026: B2, review
direction uncertain.

Fixed-Link Finance 2 B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing the Class A Notes and Guaranteed Notes and lending the
proceeds to members of the Eurotunnel PLC and Eurotunnel S.A.
group.  The Eurotunnel PLC and Eurotunnel S.A. group manages the
infrastructure of the Channel Tunnel and operates passenger
shuttle and truck shuttle services between Folkestone in the
U.K. and Coquelles in France.


* Moody's Notes Filing's Effect on Eurotunnel's Guarantors
----------------------------------------------------------
Moody's Investors Service commented on the limited effect of a
possible bankruptcy of Eurotunnel on the credit profile of the
financial guaranty insurance companies with exposure to the
firm, despite some substantial exposures to the tunnel operator.

The insurance financial strength ratings and outlooks the
guarantors are unlikely to be negatively affected by a
Eurotunnel bankruptcy given our current expectations for limited
ultimate losses on their guarantees, coupled with their strong
liquidity positions should there be claims in the event of a
bankruptcy-related debt service moratorium.

Eurotunnel, is a group of companies owned by Eurotunnel PLC of
the U.K. and Eurotunnel S.A. of France, with a concession to
operate and maintain two railway tunnels and a service tunnel
between the southeast coast of England and the northeast coast
of France, and to collect tolls for the provision of cross
channel rail services until 2086.  Eurotunnel has had financial
problems from its inception with significant construction cost
overruns and lower traffic than projected.

Management and its senior creditors recently agreed to a
restructuring plan, although it met strong opposition from
junior creditors who proposed an alternative plan.  As no
consensus was reached between the two creditor groups and
Eurotunnel's management, the firm made a request for bankruptcy
proceedings, "procedure de sauvegarde," under French law.  A
ruling is expected before the end of July 2006, possibly leaving
creditors some time to reassess their positions.  Eurotunnel
indicated that it could withdraw its request if a consensus is
reached for a restructuring plan.

The guarantors wrap approximately US$2.2 billion of Eurotunnel's
total debt of GBP6.2 billion (US$11.3 billion).  MBIA is the
guarantor with the most substantial exposure at US$1.37 billion
net of reinsurance (US$1.97 billion, gross), followed by Ambac
at US$349 million, Assured Guaranty at US$198 million, and RAM
Re at US$63 million.  Moody's commented that the guarantors'
exposures are quite senior in Eurotunnel's debt structure and
that, even under conservative stress scenarios, ultimate losses
for the guarantors would likely be a small fraction of their
exposure, should they occur at all.  Any such losses should be
manageable given the guarantors' significant financial resources
and capital positions.

The rating agency added that a possible bankruptcy of Eurotunnel
raises the potential for a debt service moratorium by the firm,
exposing the guarantors to potential claims payments until the
ultimate occurrence of a debt restructuring.  The guarantors
have ample liquidity to pay such possible claims and, in some
instances, benefit from dedicated reserves or lines of credit to
meet debt service requirements.

Moody's recognizes that the situation is evolving and will
continue to monitor events as they unfold.  The rating agency
intends to publish a brief Special Comment that will provide
more detail about its current assessment of risks presented by
Eurotunnel to the guarantors.


* Fitch Says Eurotunnel Won't Affect Guarantors' Ratings
--------------------------------------------------------
Fitch Ratings has been monitoring the developments of Eurotunnel
Group for the past several years, given several financial
guarantors' sizeable exposure to this high-profile credit, led
by MBIA Insurance Corp.

Given the financial debt burden and marginal financial
performance of Eurotunnel, there had been a distinct possibility
that Eurotunnel's management would file for insolvency
protection at some juncture.

On July 12, the company's management said it would be pursuing
legal proceedings to place itself under the protection of the
Commercial Court of Paris pursuant to the Frencch law 'procedure
de sauvegarde'.  Depending upon the ruling of the court, it is
possible that there could be a suspension of debt service
payments by Eurotunnel in the near term.

Insured Eurotunnel Exposure*/(US$ Mil)/Gross Par/Net Par

   -- MBIA Insurance Corp.    1,960.5 /1,394.4;
   -- Ambac Assurance Corp.     349.8 / 349.8;
   -- Assured Guaranty Ltd.     198.3 / 198.3;
                      Total   2,508.6 / 1,942.5

Despite the size of the exposure to Eurotunnel, Fitch does not
foresee any changes to the insurer financial strength ratings of
the companies exposed to this credit, as the potential downside
scenarios of this troubled credit have been fully considered in
the rating process.  Fitch is comforted by the relative position
the financial guarantors maintain in Eurotunnel's capital
structure.  The financial guarantors have no exposure to debt of
Eurotunnel below Tier 3, and the financial guarantors' only
exposure to Tier 3 debt is indirectly via the collateral debt
portfolio of Fixed-Link Finance B.V.

Actually about US$1.7 billion of the above US$1.9 billion net
par exposure represents exposure to obligations of FLF1 and
Fixed-Link Finance 2 B.V.  Both FLF1 and FLF2 are special
purpose vehicles that hold debt issued by Eurotunnel.  The FLF1
vehicle holds a mix of Tier 1, 2 and 3 Eurotunnel debt, and FLF2
holds only Tier 1A debt -- which ranks pari passu in seniority
with Tier 1.

The FLF1 financing structure contains a liquidity facility that
will cushion the financial guarantors from incurring debt
service claims on FLF1's insured debt for a period of time
following any interruption of debt service payments by
Eurotunnel.  On the other hand, the FLF2 vehicle does not
maintain a third-party liquidity facility, which is expected to
result in sizeable liquidity claims for the affected financial
guarantors upon cessation of debt service payments by
Eurotunnel.

Because the financial guarantors' exposure is relatively senior,
and because of the central role the financial guarantors have in
the restructuring negotiations, Fitch does not currently expect
either interim developments or ultimate resolution of this
Eurotunnel restructuring to have a material adverse impact on
the financial condition of the affected financial guarantors,
despite the sizeable amount of net par exposure.

That said, given the recent filing, liquidity claims have become
an increased possibility, particularly on non-FLF1 exposures,
however a very high rate of recovery of these claims is
ultimately anticipated down the line.

Given the various constituencies involved in Eurotunnel's
credit, Fitch believes the restructuring process could become
protracted and remain contentious and, if this is the case,
resolution of this exposure will likely require further
significant management time and resources on the part of the
financial guarantors, particularly MBIA.  Any deterioration in
Eurotunnel's financial operation during the restructuring
process would be expected to negatively impact the final
resolution of the exposures that have been insured.


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


METROMEDIA INTERNATIONAL: Reporting Preliminary Results Soon
------------------------------------------------------------
Metromedia International Group, Inc. (PINK SHEETS: MTRM --
Common Stock, MTRMP -- Preferred Stock), revealed that although
it has not fully completed the previously disclosed restatement
activities required for the Company to file its Annual Report on
Form 10-K for the fiscal year ended Dec. 31, 2004, the Company
intends to release preliminary financial results, through
Dec. 31, 2005, for its principal Georgian business, Magticom,
within the next 30 days.

Ernie Pyle, the Company's Chief Financial Officer, said:
"Although the financial information that will be released will
be subject to adjustment until such time that the Company files
its respective periodic reports with the United States
Securities and Exchange Commission (Form 10-Q's and Form 10-K),
we are encouraged that we can deliver to our shareholders more
recent financial performance of our principal Georgian
business."

Mr. Pyle further stated, "With respect to the Company's periodic
reports that are to be filed with the SEC, we believe that we
have substantially completed the work effort associated with the
restatement of the Company's financial statements prior to
fiscal year 2004 as well as completed the preparation of
financial statements and disclosures for fiscal year 2004.
Accordingly, management has begun to focus attention on the
Company's fiscal year 2005 periodic reporting obligations with
the SEC, while continuing to resolve disclosure issues, as they
have arisen or may arise, associated with the review process for
the 2004 Form 10-K."

                  About Metromedia International

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

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

                        *     *     *

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


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


ABACOM VERMOGENS: Claims Registration Ends July 25
--------------------------------------------------
Creditors of ABACOM Vermogens- und Beteiligungs GmbH have until
July 25 to register their claims with court-appointed
provisional administrator Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 1, 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 Bonn
         Hall S 2.22
         2. Stick
         William Route 21
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
ABACOM Vermogens- und Beteiligungs GmbH on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ABACOM Vermogens- und Beteiligungs GmbH
         Attn: Martin Ehrenberg, Manager
         Vogtsgasse 39 A
         53639 Konigswinter, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Road 94 a
         53225 Bonn, Germany
         Tel: 0228/4009 40
         Fax: 0228/4009 479


ALB AUTOLEASING: Claims Registration Ends August 10
---------------------------------------------------
Creditors of ALB AutoLeasing Brau GmbH have until Aug. 10 to
register their claims with court-appointed provisional
administrator Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 p.m. on Aug. 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Room
         2nd Floor
         Elizabeth Route 6
         26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings
against ALB AutoLeasing Brau GmbH on June 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ALB AutoLeasing Brau GmbH
         Hackenweg 4
         26127 Oldenburg, Germany

         Attn: Stephan Paruk, Manager
         Woehler Road 24
         31174 Schellerten, Germany

         Sven Jessen, Manager
         Rostocker Road 13
         26127 Oldenburg, Germany

The administrator can be contacted at:

         Dr. Steffen Koch
         King Route 26
         30175 Hanover, Germany
         Tel: 0511/5248523
         Fax: 0511/5422944


ALLGEMEINE HYPOTHEKENBANK: Fitch Keeps C/RR6 on Deferred Payment
----------------------------------------------------------------
Fitch Ratings disclosed that Germany-based Allgemeine
Hypothekenbank Rheinboden's non-payment of interest on the
participation rights is in line with documentation and has
already been factored into Fitch's rating actions on April 27.

On April 27, Fitch downgraded AHBR's participation rights
maturing in December 2005 through to December 2008 to C/RR6 on
the Recovery Rating scale, following the publication of its 2005
losses.  Genussscheine maturing after December 2008 were
affirmed at CC/RR5.

The downgrade on the Genussscheine maturing in December 2005
through to December 2008 reflects Fitch's opinion that investors
are likely to only achieve a poor recovery while the recovery
prospects of the Genussscheine maturing after December 2008 are
below average.

AHBR reported an annual loss of around EUR1.1 billion, due to
the crystallization of losses on interest rate positions and
further impairment charges in the loan book.  As a result, the
bank created negative distributable reserves (Bilanzverlust) and
deferred the coupon on the profit participation rights.  The
Bilanzverlust has been shared across the various capital
classes, resulting in a write-down of the face value of the
profit participation rights.

The bank's ratings are:

   -- Issuer Default rating: BBB- on Rating Watch Negative;

   -- Short-term rating: F3 on RWN;

   -- Support rating: 2 on RWN;

   -- Senior unsecured obligations: BBB- on RWN;

   -- Subordinated obligations: BB+ on RWN;

   -- Individual rating: D/E on Rating Watch Positive;

   -- Participation rights maturing in December 2005 through to
      December 2008: C/RR6;

   -- Participation rights maturing after December 2008: CC/RR5;

   -- Outstanding public sector Pfandbriefe: AAA; and

   -- Outstanding mortgage Pfandbriefe: AA+ on RWN.


ASAT HOLDINGS: April 30 Equity Deficit Tops US$53.2 Million
-----------------------------------------------------------
ASAT Holdings Limited reports its financial results for the
fourth quarter and fiscal year ended April 30, 2006.

Net revenue in the fourth quarter of fiscal 2006 was US$49.3
million, an increase of 2% compared with net revenue of US$48.2
million in the third quarter of fiscal 2006.

Net loss in the fourth quarter of fiscal 2006 was US$17.1
million.  Fourth quarter net loss includes one-time related
charges of US$3.9 million for the write-off of property, plant
and equipment, US$2.7 million in reorganization charges, and
US$1.0 million in relocation and facilities expenses associated
with the Company's move of its manufacturing operations to
Dongguan, China.

Fourth-quarter net loss compares with a third quarter net loss
of US$5.9 million.  Third quarter net loss included a US$2.3
million reversal to other income for the previously accrued
write-off of ASAT S.A., ASAT's business in France that was
closed as part of ASAT's global restructuring in November 2001.

"We have successfully closed our assembly and test operations in
Hong Kong and are completing our move to Dongguan, China,"
Robert J. Gange, president and chief executive officer of ASAT
Holdings Limited said.

"The move was completed ahead of schedule with minimal
disruption to our overall business.  Now that our manufacturing
is in the new low-cost facility, we expect the cost savings by
operating in Dongguan will be reflected in the October quarter
results."

                   Fiscal 2006 Financial Results

Net revenue for fiscal 2006 was US$182.1 million, compared with
net revenue of US$194.4 million in fiscal 2005.  Net loss for
fiscal 2006 was US$42.4 million.  This compares with a net loss
of US$60.4 million in fiscal 2005.

At April 30, 2006, the Company's balance sheet showed
US$181,461,000 in total assets, US$230,575,000 in total
liabilities and US$4,143,000 in total redeemable convertible
preferred shares, resulting in a US$53,257,000 shareholders'
deficit.  The Company also has a US$306,152,000 accumulated
deficit at April 30, 2006.

                      Financing Commitment

The Company is in the process of obtaining external financing to
facilitate its required working capital needs.  While ASAT
believes receipt of the financing is likely, there can be no
assurance that it will be obtained, and if such financing is not
obtained for any reason, unless alternate financing is obtained,
there may be questions regarding the Company's ability to
continue as a going concern.

          First Quarter Fiscal 2007 Outlook and Guidance

"The July quarter will mark the end of our move to China," Mr.
Gange said.  "During the last stage of the move some of our
equipment was not available for production.  Since we were not
able to maximize our full revenue generating potential our July
quarter revenue results will be in line with the April quarter."

For the first quarter of fiscal 2007, ending July 31, 2006, the
Company expects revenue to be approximately flat with the April
quarter.

                       ASAT Holdings Limited

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines. ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip. ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia and Europe.  ASAT, Inc. is a wholly owned
subsidiary of ASAT Holdings Limited and the exclusive
representative of ASAT for services in North America.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 10, 2005,
Standard & Poor's Ratings Services has affirmed ASAT Holdings
Ltd.'s 'B-' long-term corporate credit rating and removed the
rating from CreditWatch, where it was placed with negative
implications on Aug. 17, 2005.  S&P said the outlook is
negative.

Moody's also placed a Caa1 rating on ASAT Holdings' senior
unsecured debt on March 26, 2004.


BELOW HAUSTECHNIK: Claims Registration Ends August 1
----------------------------------------------------
Creditors of Below Haustechnik GmbH have until Aug. 1 to
register their claims with court-appointed provisional
administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 22, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against Below Haustechnik GmbH on June 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Below Haustechnik GmbH
         Artur-Ladebeck-Str. 85
         33617 Bielefeld, Germany

         Attn: Hans-Wilhelm Homringhausen, Manager
         Horstkotterheide 47
         33739 Bielefeld, Germany

The administrator can be contacted at:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld, Germany


FARBE CREATIV: Claims Registration Ends August 11
-------------------------------------------------
Creditors of Farbe Creativ GmbH have until Aug. 11 to register
their claims with court-appointed provisional administrator
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 1, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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


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

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

The Debtor can be contacted at:

         Farbe Creativ GmbH
         Attn: Ingrid Haase, Manager
         Niederrheinstr. 237
         40474 Duesseldorf, Germany

The administrator can be contacted at:

         Michael Bremen
         Sternstr. 58
         40479 Düsseldorf, Germany


KIESA KIES: Claims Registration Ends August 1
---------------------------------------------
Creditors of Kiesa Kies- und Sandwerke GmbH have until Aug. 1 to
register their claims with court-appointed provisional
administrator Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 10, 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 Bonn
         Area Room W 1.24A.
         1. Stick
         William Route 21
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
Kiesa Kies- und Sandwerke GmbH on June 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Kiesa Kies- und Sandwerke GmbH
         Attn: Edith Kuttenkeuler, Manager
         Boedinger Str. 11
         53773 Hennef, Germany

The administrator can be contacted at:

         Dr. Jorg Nerlich
         Sternstr. 79
         53111 Bonn, Germany
         Tel: 0228/94 59 820
         Fax: 0228/94 59 829


LOTEXTIL GMBH: Claims Registration Ends July 19
-----------------------------------------------
Creditors of Lotextil GmbH have until July 19 to register their
claims with court-appointed provisional administrator Sylvia
Rhein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 30, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.310
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany

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

The District Court of Darmstadt opened bankruptcy proceedings
against Lotextil GmbH on June 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Lotextil GmbH
         Attn: Lothar Geissler, Manager
         Zieglerstr. 1
         64319 Pfungstadt, Germany

The administrator can be contacted at:

         Sylvia Rhein
         Walter-Rathenau-Str. 24
         64646 Heppenheim, Germany
         Tel: 06252/6877-0
         Fax: 06252/6877-11


OCH TRANSPORT: Creditors' Meeting Slated for July 28
----------------------------------------------------
Creditors of Och Transport GmbH have until July 28 to register
their claims with court-appointed provisional administrator
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Room 031
         Synagog Place 1
         96047 Bamberg, 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 Bamberg opened bankruptcy proceedings
against Och Transport GmbH on June 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Och Transport GmbH
         Attn: Ernst Georg Och, Manager
         Gartenstr. 4
         96126 Maroldsweisach/Ditterswind, Germany

The administrator can be contacted at:

         Thomas Linse
         Rosenauer Str. 22
         96450 Coburg, Germany
         Tel: 09561/8034-0
         Fax: 09561/8034-34


SUNNY ISLAND: Claims Registration Ends August 9
-----------------------------------------------
Creditors of Sunny Island GmbH have until Aug. 9 to register
their claims with court-appointed provisional administrator
Sylvia Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 20, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 14
         1st Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany

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

The District Court of Darmstadt opened bankruptcy proceedings
against Sunny Island GmbH on June 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Sunny Island GmbH
         Attn: Margret Lange, Manager
         Schulstrasse 18
         64283 Darmstadt, Germany

The administrator can be contacted at:

         Sylvia Hofmann
         Birkenweg 24
         64295 Darmstadt, Germany
         Tel: 06151/66729-0
         Fax: 06151/66729-20
         E-mail: darmstadt@ltb-anwaelte.de


TRANSMONT GMBH: Claims Registration Ends August 10
--------------------------------------------------
Creditors of Transmont GmbH have until Aug. 10 to register their
claims with court-appointed provisional administrator Joachim
Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany

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

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

The Debtor can be contacted at:

         Transmont GmbH
         Attn: Klaus Susa, Manager
         Besebrucher Str. 64
         32549 Bad Oeynhausen, Germany

The administrator can be contacted at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen, Germany


UDOPEA GESCHAFTSFUEHRUNGS: Creditors' Meeting Slated for July 27
----------------------------------------------------------------
The court-appointed provisional administrator for Udopea
Geschaftsfuehrungs GmbH, 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 Sept. 3 to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be reached at:

         Udopea Geschaftsfuehrungs GmbH
         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


VOLKSWAGEN AG: Cutting Jobs in Brazilian Plants
-----------------------------------------------
German automaker Volkswagen AG has scheduled 4,000 to 6,000 job
layoffs in its Brazilian plants through 2008.

Bloomberg News says that the firing of workers may begin as
early as this week as Volkswagen seeks to cut costs by
decreasing labor costs.

Volkswagen has five factories in Brazil with approximately
21,000 workers.

The Taubate plant in Sao Paulo will be the first to get hit with
layoffs once labor talks fail, Milton Junior, labor relations
manager for the company's Brazilian unit told Bloomberg.  The
plant, which makes Parati and Golf cars, employs 4,500 people.
A union representative told Bloomberg that Volkswagen plans to
fire 160 workers at Taubate.

Volkswagen is losing money in Brazil as the currency gained 61%
forcing the company to raise prices which resulted to losses in
export profits.

According to the Xinhua news agency, Volkswagen is lobbying,
along with other exporters, for an exchange rate between 2.60 to
2.70 reals for US$1.  The U.S. dollar's value dropped to 2.10
reals recently.

The company's restructuring plan will result to a decrease in
production to 514,000 in 2008, while annual exports will be cut
to 100,000, Xinhua states.

Volkswagen will also cut jobs at its plants in Sao Bernardo do
Campo and Sao Jose dos Pinhais.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *     *     *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November, Volkswagen maintained its 2005 earnings guidance
amid rumors it may lower targets.  The company predicts a year-
on-year improvement in both operating profit after special items
and profit before tax this year.  Rumors flew that the company
would slash full-year earnings forecast due to higher
restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


=============
I R E L A N D
=============


PULS CDO: Moody's Rates Class E Notes at (P)Ba3
-----------------------------------------------
Moody's Investors Service assigned these provisional ratings in
respect of the notes to be issued by Puls CDO 2006-1 PLC:

   -- Class A Senior Floating Rate Notes due 2014: (P)Aaa;

   -- Class B Senior Floating Rate Notes due 2014: (P)Aa2;

   -- Class C1 Senior Floating Rate Notes due 2014: (P)A2;

   -- Class C2 Senior Floating Rate Notes due 2014: (P)A3;

   -- Class D Subordinated Deferrable Floating Rate Notes due
2014: (P)Baa3;

   -- Class E1 Subordinated Deferrable Floating Rate Notes due
2014: (P)Ba3; and

   -- Class E2 Subordinated Deferrable Floating Rate Notes due
2014: (P)Ba3.

The Class E1 and Class E2 Notes are ranking pari passu.

The ratings address the expected loss posed to investors by the
legal final maturity in July 2014.

This is a securitization of senior unsecured and subordinated
bonds arranged by Merrill Lynch International.  The borrowers
under such instruments are German and Swiss small to medium
sized companies.

PULS, the issuer, incorporated in Ireland, will issue seven
classes of rated Notes: Class A, Class B, Class C1, Class C2,
Class D, Class E1 and Class E2 Notes. Except for the Class E2
Notes, the Notes have semi-annual interest payment dates and
will pay a margin over 6 months EURIBOR.  The interest rate
mismatch between fixed rate portfolio assets and floating rate
liabilities will be hedged using interest rate swaps.

Up to 5% of the portfolio may be invested into CHF denominated
bonds.  The potential foreign exchange risk with respect to the
EUR denominated Notes is almost completely mitigated by the
implementation of a FX Macro Hedge structure.  All classes are
expected to mature on the date falling approximately seven years
after the issue date.  In case not all Notes are redeemed in
full on the expected maturity, the maturity of the Notes will
extend until the legal maturity in July 2014.

The portfolio will be ramped-up over the 180-day period
following the Closing Date.  Afterwards, the portfolio remains
static.  The issuer is anticipated to make advances to 40-45
companies in a total amount of EUR260 m.

It is noteworthy that the subordinated bonds are deeply
subordinated in a potential insolvency proceeding.  Furthermore,
none of bonds is secured with any kind of collateral.  Hence
substantially lower expected recovery rate than applicable to
typical SME loans should occur.

Contrary to more conventional SME loan securitizations, this
transaction does not involve a third party originator.  The
companies were pre-selected by Capital Securities Group AG,
acting as Portfolio Manager, based on estimated default
frequencies provided by the German Moody's KMV RiskCalc model
and on-site due diligences.

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
may differ from a provisional rating.


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


ALFA BANK: Moody's Changes Ba3 Deposit Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba3 long-
term foreign-currency deposit rating of Alfa Bank Kazakhstan to
stable from positive.  The outlook on the bank's E+ financial
strength rating and the Not Prime short-term deposit ratings
remains stable.

The rating agency notes that the outlook change reflects the
recent change in outlook to stable from positive on the Ba2
long-term deposit rating of the bank's parent company, Alfa-Bank
(Russia).

Alfa Bank Kazakhstan is a wholly owned subsidiary of Alfa-Bank
(Russia) and benefits from ongoing technical assistance from its
parent.  Moody's regards the likelihood of support from the
Russian parent to the Kazakh entity in case of need as very
high, underpinning the linkage between the outlooks on both
institutions' deposit ratings.

Alfa Bank Kazakhstan is headquartered in Almaty, Kazakhstan.
The bank reported total consolidated assets of US$123 million
under IFRS as of 31 Dec. 31, 2005.

Outlook Actions:

Issuer: Alfa-Bank Kazakhstan

   -- Outlook, Changed To Stable From Stable


DVIGATEL: Creditors Must File Claims by Aug. 7
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Dvigatel insolvent on May 11.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Krasnoarmeiskaya Str. 286
         Taiynsha, North Kazakhstan Region
         Kazakhstan


KARAMALS: Creditors Must File Claims by Aug. 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Karamals insolvent.  Creditors have until
Aug. 4 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
         Karaganda, Karaganda Region
         Kazakhstan


KAZZHELDORTRANS JSC: S&P Assigns BB+ Corp. Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating, and its 'kzAA-' Kazakhstan national
scale rating, to Kazakhstan-based railfreight rolling-stock
lessor JSC Kazzheldortrans (KZDT), a 100% subsidiary of
Kazakhstan Temir Zholy (KTZ), Kazakhstan national railway group.
The outlook is stable.

"The ratings on KZDT reflect the consolidated credit quality of
KTZ," said Standard & Poor's credit analyst Eugene Korovin.

"As a core subsidiary of KTZ, the former is closely integrated
with the latter's freight operations, and receives the bulk of
its revenues from KTZ."

Further economic links between the two entities include:

   -- a cross-guarantee of most of the group's debt by KTZ and
      KZDT;

   -- cross-default provisions on most of group debt for debt
      exceeding US$25 million at KZDT; and

   -- the track record of parental support from KTZ to other
      group entities, as well as KTZ's commitment to provide
      extraordinary support for KZDT's debt.

KZDT benefits from a significant share of the rolling-stock
leasing market in Kazakhstan.  The regulatory regime, however,
although relatively supportive, lacks transparency and does not
ensure full cost recovery for new rolling-stock purchases.

KZDT's wagon fleet is aging and requires heavy medium-term
investment.  Although S&P expects capital repair and replacement
to be financed internally, fleet additions could require
additional borrowing.

KZDT's financial risk is linked to that of the group.  S&P
expects KTZ's financial profile to weaken over the medium term,
as planned investment will likely require additional borrowing.
Intragroup lending covers KZDT's external funding needs.  The
company also guarantees all new major group borrowings that are
guaranteed by KTZ and other large group subsidiaries.

Standard & Poor's expects that KZDT will remain a subsidiary of
KTZ, and continue to be closely integrated into group
operations.  Should the ratings on KTZ change, the ratings on
KZDT would most likely be adjusted in line with the parent.

"A material change in the parent-subsidiary relationship could
challenge the current, consolidated group approach, and result
in a heavier dependence by KZDT on its stand-alone credit
quality," added Mr. Korovin.


KVART: Creditors Must File Claims by Aug. 7
-------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Kvart insolvent.  Subsequently, bankruptcy proceedings were
introduced at the company.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanova Str. 71-68
         Astana, Kazakhstan
         Tel: 8 (3172) 21-48-16


MAGAS: Proof of Claim Deadline Slated for Aug. 7
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Magas insolvent on May 15.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Room 228
         Auelbekova Str. 139a
         Kokshetau, Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-79-32


MEGA: Proof of Claim Deadline Slated for Aug. 7
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared CJSC Mega insolvent on May 15.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Room 228
         Auelbekova Str. 139a
         Kokshetau, Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-79-32


NORDPAK: Proof of Claim Deadline Slated for Aug. 7
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Nordpak insolvent on May 22.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Krasnoarmeiskaya Str. 286
         Taiynsha
         North Kazakhstan Region
         Kazakhstan


SENTRGAZ-SERVIS: Claims Registration Ends Aug. 7
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Sentrgaz-Servis insolvent on May 15.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Ushanova Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel/Fax: 8 (3232) 26-24-41


SHAMSHAR: Claims Registration Ends Aug. 7
-----------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Shamshar insolvent.  Subsequently, bankruptcy proceedings
were introduced at the company.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanova Str. 71-68
         Astana, Kazakhstan
         Tel: 8 (3172) 21-48-16


TAMYZ FUDS: Claims Registration Ends Aug. 7
-------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Tamyz Fuds insolvent.  Subsequently, bankruptcy proceedings
were introduced at the company.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanova Str. 71-68
         Astana, Kazakhstan
         Tel: 8 (3172) 21-48-16


TIMSA: Creditors' Claims Due Aug. 7
-----------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Timsa insolvent on April 4.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Room 228
         Auelbekova Str. 139a
         Kokshetau, Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-79-3


KSHT: Claims Registration Ends Aug. 7
-------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared insolvent LLP Trade House KSHT on May 15.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 7 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Ushanova Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel/Fax: 8 (3232) 26-24-41


VEST-NAR: Creditors' Claims Due Aug. 4
--------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Vest-Nar insolvent on May 15.  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


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


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

         LLC Politeks
         Free Economic Zone Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-32-86
              (0-543) 94-36-39


TOYOTA MOTORS: Proof of Claim Deadline Slated for Aug. 25
---------------------------------------------------------
LLC Toyota Motors Bishkek has declared insolvency.  Creditors
have until Aug. 25 to submit written proofs of claim to:

         LLC Toyota Motors Bishkek
         Asanalieva Str. 14
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 66-40-09


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


FALCONBRIDGE LTD: Inco & Phelps Dodge Increase Merger Offer
-----------------------------------------------------------
Phelps Dodge Corp., Inco Ltd. and Falconbridge Ltd. took action
to improve the terms of their three-way combination.

Phelps Dodge increased the cash portion of the consideration to
be paid to the shareholders of Inco in the combination of Phelps
Dodge and Inco by CDN$2.75 per Inco share.  Inco increased the
cash portion of its offer to purchase all outstanding common
shares of Falconbridge by CDN$1.00 per Falconbridge share, and
the
Falconbridge board of directors has declared a special cash
dividend of CDN$0.75 per Falconbridge common share.

               Improved Terms of 3-Way Combination

Under the improved terms, Phelps Dodge will acquire all
outstanding common shares of Inco for a combination of cash and
common shares of Phelps Dodge having a value of CDN$80.70 per
Inco share, based upon the closing price of Phelps Dodge stock
and the closing U.S./Canadian dollar exchange rate on Friday,
July 14.  Shareholders of Inco will receive 0.672 shares of
Phelps Dodge stock plus CDN$20.25 per share in cash for each
share of Inco stock.  This represents a premium of 7.8% to
Inco's market price as of close of trading on July 14 and a
premium of 23.7% to Inco's market price as of the close of
trading on June 23, the last trading day before the announcement
of the combination of Phelps Dodge, Inco and Falconbridge.

Under its enhanced bid for Falconbridge, Inco is now offering
CDN$18.50 plus 0.55676 shares of Inco for each share of
Falconbridge, assuming full proration of the consideration.
With the completion of both transactions, Falconbridge
shareholders would receive an implied total consideration on a
"look-through" basis of CDN$63.43 per Falconbridge common share,
consisting of:

   (a) C$29.77 in cash; and

   (b) 0.3741 of a Phelps Dodge Inco Corp. common share (based
       on the closing price of the Phelps Dodge common shares on
       the New York Stock Exchange and applicable U.S. Federal
       Reserve U.S.-Canadian dollar exchange rates on July 14,
       2006).

                  Falconbridge Special Dividend

In order to further increase the value received by Falconbridge
shareholders, the board of Falconbridge declared a special cash
dividend of CDN$0.75 per Falconbridge share payable on Aug. 10
to common shareholders of record at the close of business on
July 26.  The Falconbridge board also unanimously determined
that Inco's amended offer for the shares of Falconbridge is
superior to the unsolicited offer by Xstrata and unanimously
recommends that Falconbridge shareholders accept the Inco offer.

              Reduction in Minimum Tender Condition

In addition, Inco reduced the minimum condition in its offer for
Falconbridge from two thirds of the outstanding shares of
Falconbridge to 50.01% of outstanding shares on a fully diluted
basis.  Phelps Dodge and Inco also amended their Combination
Agreement so that the combination of Phelps Dodge and Inco may
be consummated before the acquisition by Inco of 100% of
Falconbridge.  Inco's amended offer for Falconbridge will expire
on July 27.

As part of the transaction, Phelps Dodge expects to repurchase
up to US$5 billion of its shares in the 12 months after closing.

"We strongly believe the combination of Phelps Dodge, Inco and
Falconbridge represents a unique value-creation opportunity for
the shareholders of all three companies," J. Steven Whisler,
chairman and chief executive officer of Phelps Dodge, said.
"There's no question that the value of the enhanced Inco offer
for Falconbridge is superior to the unsolicited offer by
Xstrata.  In addition to the value inherent in the offer, the
Falconbridge shareholders will have the ability to participate
in the upside resulting from the three-way combination through
their ownership of almost 30% of the combined company, which
includes a 30% share in the US$900 million of expected annual
synergies, which in total have a net present value of US$5.8
billion."

"[The] actions demonstrate our shared commitment to create the
leading North American-based mining company and a global
powerhouse in copper and nickel," Scott Hand, chairman and chief
executive officer of Inco, said.  "That's great news for our
shareholders, for our employees, for our communities and for
Canada."

"We are pleased with the actions taken by Phelps Dodge and
Inco and by their affirmation of the value of Falconbridge,"
Derek Pannell, chief executive officer of Falconbridge, said.
"The special dividend declared by our board further enhances the
expected return to our shareholders.  We are confident our
shareholders will see the value in the combination of these
three companies to create Phelps Dodge Inco."

All required regulatory approvals for Inco's acquisition of
Falconbridge have been received.  Phelps Dodge's offer to
acquire Inco is expected to close in September, subject to
Phelps Dodge and Inco shareholder approval, regulatory approvals
and customary closing conditions.

                        About Phelps Dodge

Phelps Dodge Corp. -- http://www.phelpsdodge.com/-- produces
copper and molybdenum and is the largest producer of molybdenum-
based chemicals and continuous-cast copper rod.  The company and
its two divisions, Phelps Dodge Mining Co. and Phelps Dodge
Industries, employ approximately 15,000 people worldwide.

                           About Inco

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

                       About Falconbridge

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

                        *    *    *

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


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


BARYATINSKIY DIARY: Court Names F. Amarov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Mr. F. Amarov
as Insolvency Manager for OJSC Baryatinskiy Diary (TIN
4002000652).  He can be reached at:

         F. Amarov
         Sovetskaya Str. 106.
         248032 Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A23-6554/05B-10-142B.

The Debtor can be reached at:

         OJSC Baryatinskiy Diary
         Sovetskaya Str. 45.
         Baryatino
         249500 Kaluga Region
         Russia


EVRAZ GROUP: Buys 24.9% of Highveld Steel From Anglo American
-------------------------------------------------------------
Anglo American plc, Evraz Group S.A. and Credit Suisse have
reached an agreement in relation to the sale by Anglo American
of its shares in Highveld Steel and Vanadium Corp. Limited.

Evraz and Credit Suisse have each acquired 24.9% of Highveld's
share capital from Anglo American.  These sales have closed.

Evraz has an option to increase its stake in Highveld once
regulatory approvals are received, including from competition
authorities in South Africa and elsewhere.  Evraz intends to
file for such regulatory approvals as soon as possible.  Subject
to Evraz receiving such regulatory approvals, Evraz will be
entitled to purchase Anglo American's remaining 29.2%
shareholding as well as the 24.9% holding of Credit Suisse
through separate option agreements.  Should Evraz increase its
interest beyond 35%, it will be obliged to make an offer to all
shareholders of Highveld.

On implementation of the Anglo American option arrangement, the
aggregate amount that will have been realized by Anglo American
for its 79% interest in Highveld is RUB4.89 billion (US$678
million converted to ZAR at R7.20/US$, the rate of exchange
prevailing at the date of this announcement), equivalent to an
average of RUB62.36 per Highveld share.  This represents a 13%
premium to the volume weighted average price of RUB55.15 per
share for the 30-day period preceding Anglo American's
announcement on 26 October 2005 in which it recorded, inter
alia, its intention to dispose of its shareholding in Highveld.

Anglo American and Credit Suisse have agreed that Anglo American
will retain the voting rights in respect of the shares acquired
by Credit Suisse.  Anglo American will retain representatives on
the Highveld board until such time as Anglo American disposes of
all its shares in Highveld.

"Evraz has great confidence in the South African steel industry
and is excited by its new investment in Highveld and by the
outlook for steel and vanadium markets," Evraz's Chairman,
Alexander Frolov, said.  "The South African steel market is
experiencing strong demand growth driven by an upswing in new
mining, infrastructure and industrial projects.  We have high
expectations of Highveld's internal growth plans for both its
vanadium and steel businesses, including the expansion plan in
excess of RUR1 billion, which will increase steel output by more
than 20%.  Evraz is committed to advancing black economic
empowerment at Highveld."

Tony Trahar, Chief Executive of Anglo American, said: "This
represents another important step in the execution of the
Group's strategy as announced in October last year.  This
substantial foreign direct investment by Evraz and Credit Suisse
in South Africa is a strong vote of confidence in the country's
prospects and will ensure that Highveld remains an efficient
competitor in the South African and global markets."

Citigroup has acted as exclusive financial adviser to Anglo
American with respect to the transaction.  Credit Suisse and ABN
Amro have acted as joint financial advisers to Evraz.

               About Highveld Steel & Vanadium

Highveld Steel and Vanadium is a leading vanadium producer and
also produces steel, ferroalloys, and carbonaceous products.
Ore for the steelworks and Vanchem is obtained from Highveld's
Mapochs mine near Roossenekal in Mpumalanga.  Hochvanadium is a
wholly owned subsidiary in Austria which processes and sells
vanadium products.  Transalloys and Rand Carbide produce
manganese alloys, ferrosilicon and carbonaceous products.

                      About Anglo American

Anglo American plc -- http://www.angloamerican.co.uk/-- is one
of the world's largest mining and natural resource groups.  With
its subsidiaries, joint ventures and associates, it is a global
leader in platinum group metals, gold and diamonds, with
significant interests in coal, base and ferrous metals,
industrial minerals and paper and packaging.  The group is
geographically diverse, with operations in Africa, Europe, South
and North America, Australia and Asia.

                          About Evraz

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

                        *     *     *

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

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


FURNITURE FACTORY 555: E. Demicheva to Manager Assets
-----------------------------------------------------
The Arbitration Court of Rostov Region appointed Ms. E.
Demicheva as Insolvency Manager for CJSC Furniture Factory 555.
He can be reached at:

         Office 309
         Pobeda Revolyutsii Pr. 85
         Shakhty
         346500 Rostov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-2440/2006g. S2-33.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         CJSC Furniture Factory 555:
         Shakhty
         Rostov Region
         Russia


GAZPROM: Agrees on Asset Swap Deal with E.ON AG
-----------------------------------------------
OAO Gazprom and E.ON AG agreed July 13 on a framework deal to
swap upstream, downstream and power generation assets.

Both companies agreed to exchange a 25% minus 1 share
participation interest in the Yuzhno-Russkoye gas condensate
field for an equity package in E.ON.  This includes
shareholdings in the Hungarian entity, E.ON Ruhrgaz Storage and
in E.ON Ruhrgaz Trade gas companies (a 50 % stake minus 1 share
each) as well as for a 25 % stake plus 1 share in the regional
E.ON Hungaria electricity and gas company.

Additionally, it is reported that Gazprom will subsequently
receive additional compensation from the transaction.

At the same time, E.ON and Gazprom agreed to jointly implement
electricity generation projects at European power plants.
E.ON and Gazprom are resolute to strike elaborate asset swap
deals by the year-end.  The European Commission and Hungarian
authorities must endorse projected acquisition of assets in
Hungary.

The signed framework deal is a further step to deeper
cooperation between Gazprom and foreign companies in the
upstream sector through the equivalently valuable and
strategically attractive swap of assets.  The stake in the
Yuzhno-Russkoye gas field will expand and deepen the long-
lasting partnership ties between Gazprom and E.ON.  Given the
increasing demand for natural gas, the companies are making a
significant contribution in reinforcing the European energy
supply security in a long run.

Founded in June 2000 through the merger of VEBA and VIAG, the
German E.ON AG company is the world's largest privately-held
power & gas Concern with over EUR 56 bln in annual turnover and
about 80,000 people employed.

E.ON Ruhrgas AG (Ruhrgas AG, before July 1, 2004) has been part
of E.ON AG since February 2003, overseeing the Group's gas
business in Europe, including natural gas production, marketing,
transmission and storage.

The company possesses a manifold 11,273-km-long gas transmission
network comprising 12 underground storage facilities with 5.1
bcm in overall working gas volume.  In terms of natural gas
marketing (690.2 bln kW/h), E.ON Ruhrgas is a leader in Germany
and is among the top three firms in Europe.

Owning a 6.5% stake in Gazprom, E.ON Ruhrgas is its largest
foreign shareholder.

Over a range of years, Gazprom and E.ON Ruhrgas have been
successfully cooperating in the gas pipeline anticorrosion
protection, gas-pumping unit operation optimization, gas
dispatching and other joint businesses.

In 2000 (Berlin) and 2002 (Moscow), Gazprom and Ruhrgas signed
the Memoranda of understanding.

On July 8, 2004, Gazprom and E.ON sealed the Memorandum of
understanding that fixed accords to further deepen successful
cooperation when implementing both companies' strategic
projects. In addition to the traditional gas supply business,
the parties started implementing joint gas extraction,
transmission & marketing and power generation projects.
Gazprom has so far launched production at the Yuzhno-Russkoye
field representing the major resource base for gas shipments by
the North European Gas Pipeline.  Seismic survey and drilling
operations are currently underway at the field that has over 700
bcm of the proven gas reserves.  Projected production after full
ramp-up -- some 25 bcm of gas per year.  Production launch --
4th quarter of 2007.

                          About Gazprom

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

                         *     *     *

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

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

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


GAZPROM: Board Forms Seven-Member Asset Evaluation Committee
------------------------------------------------------------
The Board of Directors of OAO Gazprom decided to form a seven-
member Asset Evaluation Committee of the Board and re-elected
German Gref, a Gazprom Board Member and RF Economic Development
& Trade Minister as the Committee Chairman.

The Board of Directors also endorsed the company's action plan
for the second half of 2006.

The issue on the consolidation of Gazprom's assets in the
household gas appliances manufacture sector was put off until
the next meeting of the Board of Directors.

The Asset Evaluation Committee is mainly responsible for
assisting the Board of Directors in settling issues surrounding
execution of deals with and management of subsidiary and
associated companies' assets.

The Committee's activity covers analysis and preparation of
proposals to improve the Gazprom Group's property value
assessment procedure, reports on the expediency of entering into
asset related deals as well as recommendations on the voting of
Gazprom's representatives in subsidiary and associated
companies' management bodies.

The Members of the Gazprom Board of Directors' Asset Evaluation
Committee have been re-elected pursuant to the Standard
Guidelines for a Board of Directors' Committee.  Under the
Guidelines, the authority of the Committee Members expires
simultaneously with the expiry of the authority of the Board of
Directors that has formed this Committee.  To this end, the
authority of the previously elected Asset Evaluation Committee
Members expired on June 30, 2006.

                          About Gazprom

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

                         *     *     *

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

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

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


GRANITE: Court Names Mr. M.Khuako as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Adygeya Republic appointed Mr. M.Khuako
as Insolvency Manager for LLC Granite (TIN 0102004050, KPP
0101011001).  He can be reached at:

         Goncharova Str. 113
         Maykop
         385000 Adygeya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A01-B-163-2006-3.

The Debtor can be reached at:

         LLC Granite
         Shovgenova Str. 2
         Khatukay
         Krasnogvardeyskiy Region
         Adygeya Republic
         Russia


KHVOSHEVSKAYA NIVA: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene on
September 05, 2006 to hear the bankruptcy supervision procedure
on OJSC Khvoshevskaya Niva.  The case is docketed under Case No.
A43-4186/2006, 33-30.

The Temporary Insolvency Manager is:

         I. Zolin
         Post User Box 166
         603043 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Khvoshevskaya Niva
         Khvoshevka
         Bogorodskiy Region
         Nizhniy Novgorod Region
         Russia


KRONAS-WOOD: Ulyanovsk Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Ulyanovsk Region has commenced
bankruptcy supervision procedure on LLC Kronas-Wood.  The case
is docketed under Case No. A72-1397/06-17/8-b.

The Temporary Insolvency Manager is:

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

The Debtor can be reached at:

         LLC Kronas-Wood
         Yasashna Tashla
         Ulyanovsk Region
         Russia


METROMEDIA INTERNATIONAL: Reporting Preliminary Results Soon
------------------------------------------------------------
Metromedia International Group, Inc. (PINK SHEETS: MTRM --
Common Stock, MTRMP -- Preferred Stock), revealed that although
it has not fully completed the previously disclosed restatement
activities required for the Company to file its Annual Report on
Form 10-K for the fiscal year ended Dec. 31, 2004, the Company
intends to release preliminary financial results, through
Dec. 31, 2005, for its principal Georgian business, Magticom,
within the next 30 days.

Ernie Pyle, the Company's Chief Financial Officer, said:
"Although the financial information that will be released will
be subject to adjustment until such time that the Company files
its respective periodic reports with the United States
Securities and Exchange Commission (Form 10-Q's and Form 10-K),
we are encouraged that we can deliver to our shareholders more
recent financial performance of our principal Georgian
business."

Mr. Pyle further stated, "With respect to the Company's periodic
reports that are to be filed with the SEC, we believe that we
have substantially completed the work effort associated with the
restatement of the Company's financial statements prior to
fiscal year 2004 as well as completed the preparation of
financial statements and disclosures for fiscal year 2004.
Accordingly, management has begun to focus attention on the
Company's fiscal year 2005 periodic reporting obligations with
the SEC, while continuing to resolve disclosure issues, as they
have arisen or may arise, associated with the review process for
the 2004 Form 10-K."

                  About Metromedia International

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

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

                        *     *     *

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


MILOSLAVSKIY: Ryazan Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Ryazan Region has commenced bankruptcy
supervision procedure on OJSC Spirit Distillery Miloslavskiy.
The case is docketed under Case No. A54-833/2005-S6.

The Temporary Insolvency Manager is:

         N. Bogdanova
         Mayakovskogo Str. 1A
         390046 Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Spirit Distillery Miloslavskiy
         Miloslavskoye
         391770 Ryazan Region
         Russia

NORTH-WEST: Earns RUB1.41 Billion of Net Income in 2005
-------------------------------------------------------
North-West Telecom has summarized its operating results for
2005, according to International Financial Reporting Standards.
The company's financial accounts and reports were audited by
Ernst and Young and show a 32.9% increase in 2005 revenue, which
reached RUB20.5 billion.

Net income according to the IFRS grew by 109.8% in 2005 to
RUB1.41 billion.

The main share in the revenue structure consisted of revenue
from local telephone access, the growth of which amounted to
45.6% in 2005.  The highest growth rate 59.4% was shown by the
revenue from new services (Internet access, including broadband
access and ISDN, intelligent network services, etc.), which
ensured 5.3% of the revenue (against 4.4% in 2004).

The EBITDA increased by 41% for 2005 and amounted to RUB5.61
billion, EBITDA margin grew by 1.63 percentage points and
amounted to 27.3%.

For the first time in the history of Company the auditor opinion
have been prepared without reservations.  The main peculiarity
of these reports was a full audit of own funds of JSC NWT, fixed
assets (telecommunications equipment and networks) were
appraised with the participation of American Appraisal Inc.
Moreover in these report removed all reservations in connection
with merged companies.  North-West Telecom has been evaluating
its pension obligations, inviting an independent actuary, for
two years on end

"The North-West Telecom's statement for 2005 according to IFRS
make it possible to appraise objectively the assets, liabilities
and financial results of the Company's operation for all
representatives of the investment community," As Vladimir
Akulich, Chef Executive Officer, said.

According to Ivan Rodionov, a member of the Board of Directors
of JSC NWT, Chairman of the Audit Committee of the Board of
Directors of JSC NWT, "We are especially proud that the reports
show a fair appraisal of the value of JSC NWT's financial
investment in the shares of the Telecominvest holding.  Deloitte
& Touche CIS carried out the appraisal.  This is just the first
step in a fair appraisal of all assets of the Company and in
improving the financial transparency of OJSC NWT.  We are
planning to carry out a market appraisal of the real estate
owned by the Company next year, which will improve the
investment attractiveness of North-West Telecom and will prove
our intentions in the field of enhancing Company's
transparency."

                  About North-West Telecom

OAO North-West Telecom is one of Russia's major
telecommunication companies, and the leading operator in the
North-West Federal District, providing traditional telephone
services, as well as Internet and advanced data services.  NWT
originated from the merger of 10 regional fixed line operators
and is ranked among the Financial Times' Top 100 major Eastern
European companies.  NWT ranks eighth in Standard & Poor's
Transparency Index of the 50 largest MICEX-listed companies and
fifth in the S & P Corporate governance rating.  NWT
international debt is rated by S&P B+ with stable outlook and
domestic debt ruA+.

                        *     *     *

Standard & Poor's has assigned B+ ratings to North-West
Telecom's long-term foreign issuer and local issuer credit
ratings.  Fitch also assigned a B+ rating to the company's
foreign currency long-term debt and a B rating to its foreign
currency short-term debt.


OZERNOYE: Court Names A. Trifonov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. A. Trifonov
as Insolvency Manager for OJSC Ozernoye.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-306/2006/4.

The Debtor can be reached at:

         OJSC Ozernoye
         Lesnaya Str. 7
         Pustoshka
         Pustoshkinskiy Region
         Pskov Region
         Russia


PARTNER-KURSK: Court Names Mr. N. Gutenev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. N. Gutenev
as Insolvency Manager for OJSC Insurance Company Partner-Kursk
(TIN 4629030213).  He can be reached at:

         N. Gutenev
         Apartment 115
         Khutorskaya Str. 12V
         305029 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A35-1079/06 g.

The Debtor can be reached at:

         OJSC Insurance Company Partner-Kursk:
         Dzerzhinskogo Str. 50
         30500 Kursk Region
         Russia


PYATIGORSKIY LIQUEUR-VODKA: N. Sotskaya Named to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Ms. N.
Sotskaya as Insolvency Manager for OJSC Pyatigorskiy Liqueur-
Vodka Distillery.  She can be reached at:

         N. Sotskaya
         Post User Box 10
         T-34
         119034 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-329/2005-S5.

The Arbitration Court of Stavropol Region Russia is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Pyatigorskiy Liqueur-Vodka Distillery
         Kozlova Str. 36
         Pyatigorsk
         Stavropol Region
         Russia


ROL-TEX-MANUFACTURE: V. Chenskikh to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. V.
Chenskikh as Insolvency Manager for OJSC ROL-Tex-Manufacture.
He can be reached at:

         V. Chenskikh
         Post User Box 54
         125009 Moscow
         Russia
         Tel./Fax: (495) 955-25-51

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-15380/05.

The Debtor can be reached at:

         OJSC Rol-Tex-Manufacture
         N. Zimina Str. 1
         Drezna
         Orekhovo-Zuevskiy Region
         142660 Moscow Region
         Russia


ROSNEFT OIL: Intends to Boost Production After IPO
--------------------------------------------------
OAO Rosneft Oil Company will expand its refining and boost
output with the help of new equity partners from its initial
public offering in Moscow last week, Reuters reports.

According to Reuters, Rosneft CEO Sergei Bogdanchikov disclosed
plans to spend US$3 billion on refining and US$15 billion on
production by 2010 and expand ties with new partners and buyers
of its IPO -- Britain's BP, Malaysia's Petronas and China's
CNPC.

Rosneft raised US$10.4 billion last week after placing 13
percent of its stock, initially priced at US$7.55, in Russia's
largest IPO.

Greg Walters of Dow Jones Newswires says that the share price
announced after the IPO gave Rosneft a market cap of US$79.8
billion, well above Russian rival OAO Lukoil Holdings.

However, the company's shares fell below the issue price on
their trading debut on the Moscow Stock Exchange as lawyers in
London prepare to argue in the High Court of England and Wales
that the IPO is tainted by money-laundering, Carl Mortished of
The Times reports.

According to Yukos Oil spokesperson Clare Montgomery, the
Financial Services Authority will be in violation of Britain's
money-laundering rules if it authorized the listing of Rosneft
shares in the London bourse, The Times relates.

As reported in TCR-Europe on July 13, the FSA said it may
approve the listing of Rosneft's shares for July 19.

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

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

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

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

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

                        *     *     *

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


SAPSAN: Bankruptcy Hearing Slated for Aug. 2
--------------------------------------------
The Arbitration Court of Voronezh Region will convene on Aug. 2
to hear the bankruptcy proceedings against LLC Novovoronezhskiy
Liqueur-Spirit Factory Sapsan (TIN 3651005942).  The case is
docketed under Case No. A14-10454 2005 107/7b.

The Insolvency Manager is:

         S. Ryabov
         Post User Box 1027
         400105 Volgograd Region
         Russia

The Debtor can be reached at:

         LLC Novovoronezhskiy Liqueur-Spirit Factory Sapsan
         Novovoronezh
         Prom.Area Vostochanaya 2
         396072 Voronezh Region
         Russia


TNK-BP FINANCE: Issues US$1.5-Billion Eurobonds for TNK-BP
----------------------------------------------------------
TNK-BP Finance S.A. issued a two-tranche US$1.5 billion bonds
for TNK-BP International Ltd. on July 13, AK&M reports.

The tranches are:

   -- US$1-billion ten-year bonds placed at 99.626% of par, with
      coupon rate of 7.5% per annum; and

   -- US$500-million five-year bonds, placed at 99.559% of par,
      with coupon rate of 6.875% per annum.

The bonds were issued under TNK-BP Finance's US$5-billion Euro
Medium Term Note program, which is rated BB+ by Fitch.  UBS, BNP
Paribas, Citigroup and CSFB arranged the bond issues.

As reported in TCR-Europe on Feb. 15, Fitch Ratings assessed
TNK-BP International Ltd.'s Senior Unsecured rating at BB+ with
Outlook Positive and Short-term B.  Its US$700 million eurobond
is affirmed at BB+.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.


TNK-BP: Fitch Rates US$1.5 Billion Notes at BB+
-----------------------------------------------
Fitch Ratings assigned TNK-BP Finance S.A's US$1 billion 10-year
bond and US$500 million five-year bond issues a final senior
unsecured rating of BB+.  The bonds are issued under its US$5
billion guaranteed debt issuance program rated BB+.  Under the
terms of the securities, noteholders will rely on a senior
unsecured guarantee of TNK-BP International Ltd. for repayment.

TNK-BP International Ltd. is Russia's third-largest oil company
by production, active in exploration and production, as well as
refining, wholesale and retail distribution.  Crude oil
production was around 1.58 million barrels per day in 2005.


TORAEVO: Court Names Mr. V. Demidov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chuvashiya Republic appointed Mr. V.
Demidov as Insolvency Manager for CJSC Agricultural Company
Toraevo.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A79-7821/2005.

The Debtor can be reached at:

         CJSC Agricultural Company Toraevo
         Morgaushskiy Region
         Chuvashiya Republic
         Russia


TYUKALINSKIY: Court Starts Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on OJSC Butter-Cheese Combine
Tyukalinskiy.  The case is docketed under Case No.
A46-2933/2006.

The Temporary Insolvency Manager is:

         Y. Kushenko
         Post User Box 4143
         644089 Omsk-89
         Tel.: 8(913) 979-53-07

The Debtor can be reached at:

         OJSC Butter-Cheese Combine Tyukalinskiy
         Kooperativnaya Str. 49
         Tyukalinsk
         646330 Omsk Region
         Russia


UFIMSKOYE REPAIR-TECHNICAL: Bankruptcy Hearing Slated for Aug. 1
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene on
Aug. 1 to hear the bankruptcy supervision procedure on CJSC
Ufimskoye Repair-Technical Enterprise.  The case is docketed
under Case No. A07-6770/06-G-KhRM.

The Temporary Insolvency Manager is:

         A. Ptashnikov
         Entuziastov Str. 4-33
         Ufa
         450096 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Ufimskoye Repair-Technical Enterprise
         Yubileynaya Str. 4
         Ufa
         450029 Bashkortostan Republic
         Russia


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


AGROSERVICE: Court Names Andrij Koveza as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Andrij Koveza as
Liquidator/Insolvency Manager for LLC Production Company
Agroservice (code EDRPOU 31482934).  He can be reached at:

         Andrij Koveza
         Antonovich Str. 47-B
         03150 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 27.  The case is docketed
under Case No. 15/142-b-43/492.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

AURA: Mikolaiv Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedure on JSCOT Firm Aura (code EDRPOU 00307402).
The case is docketed under Case No. 5/192/06.

The Temporary Insolvency Manager is:

         Tetyana Timofeyeva
         Lenin Ave. 267/144
         54008 Mikolaiv Region
         Ukraine

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         JSCOT Firm Aura
         Mlinova Str. 21
         54055 Mikolaiv Region
         Ukraine


FARIMED: Kyiv Court Appoints Andrij Koveza as Liquidator
--------------------------------------------------------
The Economic Court of Kyiv Region appointed Andrij Koveza as
Liquidator/Insolvency Manager for LLC Farimed (code EDRPOU
30109659).  He can be reached at:

         Andrij Koveza
         Antonovich Str. 47-B
         03150 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 15.  The case is docketed
under Case No. 23/195-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine


FORTUNA-KRYM: Court Names Atik Drogajtsev as Insolvency Manager
---------------------------------------------------------------
The Economic Court of AR Krym appointed Atik Drogajtsev as
Liquidator/Insolvency Manager for LLC Agrofirm Fortuna-Krym
(code EDRPOU 30913497).  He can be reached at:

         Drogajtsev Atik
         Korchagin Str. 34/22
         Sevastopol
         AR Krym Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 10.  The case is docketed
under Case No. 2-5/2309-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Fortuna-Krym
         Korchagin Str. 34/22
         Sevastopol
         AR Krym Region
         Ukraine


INVEST-AGROPROM: Court Names Tax Authority as Liquidator
--------------------------------------------------------
The Economic Court of Cherkassy Region appointed Cherkassy'
Regional State Tax Inspection as Liquidator for LLC Invest-
Agroprom (code EDRPOU 30629721).  The Liquidator can be reached
at:

         Cherkassy' Regional State Tax Inspection
         Hreshatik Str. 235
         18000 Cherkassy Region
         Ukraine

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

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Invest-Agroprom
         Krasin Str. 8/1
         Cherkassy Region
         Ukraine


KORVET-PLUS: Court Names Tax Agency as Liquidator
-------------------------------------------------
The Economic Court of Cherkassy Region appointed Cherkassy'
Regional State Tax Inspection as Liquidator for LLC Korvet-Plus
(code EDRPOU 22794408).  The Liquidator can be reached at:

         Cherkassy' Regional State Tax Inspection
         Hreshatik Str. 235
         18000 Cherkassy Region
         Ukraine

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

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Korvet-Plus
         Gagarin Str. 21/209-210
         Cherkassy Region
         Ukraine


KVANT-PLUS: Court Names Regional Tax Agency as Liquidator
---------------------------------------------------------
The Economic Court of Cherkassy Region appointed Cherkassy'
Regional State Tax Inspection as Liquidator for LLC Kvant-Plus
(code EDRPOU 32654440).  The Liquidator can be reached at:

         Cherkassy' Regional State Tax Inspection
         Hreshatik Str. 235
         18000 Cherkassy Region
         Ukraine

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

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Kvant-Plus
         Smilyanska Str. 144/305
         Cherkassy Region
         Ukraine


LADA: Court Names Kozyatin' State Tax Inspection as Liquidator
--------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Kozyatin' State
Tax Inspection as Liquidator for Agricultural LLC Lada (code
EDRPOU 32060537).  The Liquidator can be reached at:

         Kozyatin' State Tax Inspection
         Kozyatin
         22100 Vinnitsya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
5/118-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Lada
         Pikovets
         Kozyatin District
         22144 Vinnitsya Region
         Ukraine


LIVADA: Court Appoints Tax Agency to Liquidate Assets
-----------------------------------------------------
The Economic Court of Cherkassy Region appointed Cherkassy'
Regional State Tax Inspection as Liquidator for LLC LIVADA (code
EDRPOU 21350264).  The Liquidator can be reached at:

         Cherkassy' Regional State Tax Inspection
         Hreshatik Str. 235
         18000 Cherkassy Region
         Ukraine

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

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Livada
         Smilyanska Str. 76/66
         Cherkassy Region
         Ukraine


LVIVVODBUD: Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on OJSC Lvivvodbud (code EDRPOU 01036916)
on May 30.  The case is docketed under Case No. 6/64-8/110.

The Temporary Insolvency Manager is:

         Vitalij Koval
         Listopadna Str. 11/25
         79034 Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         OJSC Lvivvodbud
         Chajkovskij Str. 17
         Lviv Region
         Ukraine


OLIVIYA: Court Names LLC Irida to Liquidate Assets
--------------------------------------------------
The Economic Court of Kyiv Region appointed LLC Trade-Industrial
Firm Irida as Liquidator for LLC Trade House Oliviya (code
EDRPOU 32920113).  The Liquidator can be reached at:

         LLC Trade-Industrial Firm Irida
         Peremogi Ave. 136/34
         03115 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. 15/288-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine


PETRIVSKE-PLUS: Kirovograd Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on LLC Petrivske-Plus (code EDRPOU
00853760) on April 11.  The case is docketed under Case No.
9/62.

The Temporary Insolvency Manager is:

         Andrij Hashevatskij
         Shevchenko Str. 25/27
         25006 Kirovograd Region
         Ukraine

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         LLC Petrivske-Plus
         Tereshkova Str. 15
         Petrivske
         28322 Kirovograd Region
         Ukraine


REINFORCED METAL: Court Names Tetyana Pashkova as Liquidator
------------------------------------------------------------
The Economic Court of Donetsk Region appointed Tetyana Pashkova
as Liquidator/Insolvency Manager for LLC Reinforced Metal
Constructions Plant (code EDRPOU 30425016).  She can be reached
at:

         Tetyana Pashkova
         Kujbishev Str. 240/50
         83122 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 23.  The case is docketed
under Case No. 5/190 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Reinforced Metal Constructions Plant
         Repin Str.
         Makiyivka
         Donetsk Region
         Ukraine


ZALIZOBETON-MARKET: Court Names Tax Authority as Liquidator
-----------------------------------------------------------
The Economic Court of Cherkassy Region appointed Cherkassy'
Regional State Tax Inspection as Liquidator for Zalizobeton-
Market (code EDRPOU 30476689).  The Liquidator can be reached
at:

         Cherkassy' Regional State Tax Inspection
         Hreshatik Str. 235
         18000 Cherkassy Region
         Ukraine

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

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Zalizobeton-Market
         Himikiv Avenue 12
         Cherkassy Region
         Ukraine


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


ABSOLUTE FINISH: Creditors Confirm Voluntary Liquidation
--------------------------------------------------------
Creditors of Absolute Finish Limited confirmed the company's
voluntary liquidation and the appointment of Allan Cooper and
Brendan Ambrose Guilfoyle of The P&A Partnership as Liquidators
on April 24.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

Absolute Finish Limited can be reached at:

         Suite 2 Victoria House
         South Street
         Farnham
         Surrey GU9 7QU
         United Kingdom
         Tel: 01483 722 277
         Fax: 01483 730 055


AEW DELFORD: Bank of Scotland Taps Receivers from PwC
-----------------------------------------------------
Bank of Scotland appointed Stephen Mark Oldfield and David
Matthew Hammond of PricewaterhouseCoopers LLP joint
administrative receivers of AEW Delford Group Limited (Company
Number 03055806) on June 23.

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

Headquartered in Essex, United Kingdom, AEW Delford Group
Limited manufactures and sells specialized proprietary equipment
for food and packaging industries.


ALERIS INT'L: S&P Removes BB- Credit Rating from Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Beachwood, Ohio-based Aleris International Inc.
and removed it from CreditWatch, where it was placed with
negative implications on March 21.  The CreditWatch placement
followed Aleris' announcement that it would acquire the
downstream aluminum assets of Corus Group PLC for US$880 million
in cash and assumed debt.  The outlook is negative.

At the same time, Standard & Poor's assigned its 'BB-' and '2'
recovery ratings to the company's proposed US$650 million senior
secured term loan B.  The '2' recovery rating indicates the
expectation of a substantial recovery of principal in the event
of a payment default.

The ratings are based on preliminary terms and conditions and
are predicated on the completion of the Corus transaction and
related financings substantially in the form currently
anticipated.

"The company's debt levels are relatively high, and we remain
concerned that management will continue to opportunistically
make cash-financed acquisitions," said Standard & Poor's credit
analyst Marie Shmaruk.

"However, Aleris' markets remain relatively healthy, which
should enable the company to reduce leverage to less than 4x. We
could change the outlook to stable if management reaches and
maintains more moderate debt levels.  Ratings on Aleris could be
pressured if the company's debt levels remain high and
performance weakens materially because of intensified
competition or weaker market conditions."

The proceeds from the issue, along with proceeds from a
revolving credit facility and bridge loans, will primarily be
used to refinance existing debt, finance the acquisition, and
fund working capital and transactions costs.

Aleris is a vertically integrated manufacturer of aluminum sheet
for distributors and the transportation, construction, and
consumer durables end-user markets.


BREEZE BUILDING: Creditors Ratify Winding Up Resolution
-------------------------------------------------------
Creditors of Breeze Building Services Limited, on April 19,
ratified a resolution to wind up the company together with the
appointment of Alan H. Tomlinsons of Tomlinsons as Liquidator.

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

Breeze Building Services Limited can be reached at:

         3 The Quadrant
         Coventry
         West Midlands CV1 2DY
         United Kingdom
         Tel: 024 7624 3654
         Fax: 024 7624 3655
         Web: http://www.breezeservices.co.uk/


CASTLEGATE 399: Hires Deloitte & Touche to Administer Assets
------------------------------------------------------------
Ian Brown and Christopher James Farrington of Deloitte & Touche
LLP were appointed joint administrators of Castlegate 399
Limited (Company Number 05607212) 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, Castlegate 399
Limited is engaged in commercial printing.


CEOL CASTLE: Creditors Nominate Liquidator
------------------------------------------
Creditors of Ceol Castle Limited nominated Andrew Fender of
Sanderlings LLP as Liquidator during an extraordinary general
meeting on April 25.

The company can be reached at:

         Ceol Castle Limited
         402 Moseley Road
         Birmingham B12 9AT
         United Kingdom
         Tel: 077 6297 5061


CLUB A.C.: Taps G. W. Rhodes to Liquidate Assets
------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of Club
A.C. Entertainments Limited after creditors agreed to wind up
the company on April 26.

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

Club A.C. Entertainments Limited can be reached at:

         13 Robertson Street
         Hastings
         East Sussex TN341HL
         United Kingdom
         Tel: 01424 203 545


CRAGSIDE CONTRACTORS: Creditors Resolve to Voluntary Liquidation
----------------------------------------------------------------
Creditors of Cragside Contractors Limited resolved to
voluntarily liquidate the company's assets during an
extraordinary general meeting on April 26.

Subsequently, Malcolm Edward Fergusson of Fergusson & Co. Ltd.
was appointed Liquidator.

The company can be reached at:

         Cragside Contractors Limited
         6 The Courtyard
         Durham Way North
         Aycliffe Ind Pk
         Newton Aycliffe
         County Durham DL5 6HP
         United Kingdom
         Tel: 01325 318 112
         Fax: 01325 318 112
         Web: http://www.cragside-contractors.co.uk/


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

The company can be reached at:

         Curti Lifts (Southern) Limited
         Unit G Middle Road
         Park Gate
         Southampton
         Hampshire SO317GH
         United Kingdom
         Tel: 01489 574 246
         Fax: 01489 574 256


CURTI LIFTS SOUTHWEST: Creditors Pass Winding Up Resolution
-----------------------------------------------------------
Creditors of Curti Lifts (SouthWest) Limited passed a resolution
to wind up the company's operations during an extraordinary
general meeting on April 19.

The company can be reached at:

         Curti Lifts (South West) Limited
         71-73 Moore Avenue
         Bradford BD6 3HJ
         United Kingdom
         Tel: 0117 942 6994


DIGITAL CONCEPTS: Financial Woes Trigger Liquidation
----------------------------------------------------
Digital Concepts (London) Limited is winding up its operations
after creditors established the company could no longer continue
its business due to mounting debts.

Alan Simon of Langley Group LLP was appointed Liquidator.

The company can be reached at:

         Digital Concepts (London) Limited
         2 Station Close
         Potters Bar
         Hertfordshire EN6 1TL
         Tel: 01707 660097
         Web: http://www.dcldigitalco.uk/


DISTRIBUTION SOFTWARE: Appoints Liquidator from Crane & Partners
----------------------------------------------------------------
Guy Charles David Harrison of Crane & Partners were appointed
Joint Liquidators by the Shareholders of Distribution Software
Systems Limited after the company was placed into creditors'
voluntary liquidation on April 24.

The company can be reached at:

         Distribution Software Systems Limited
         Garrard House
         2-6 Homesdale Road
         Bromley BR2 9LZ
         United Kingdom
         Tel: 020 8466 5025


DPS COMPOSITES: Creditors' Meeting Slated for July 20
-----------------------------------------------------
Creditors of DPS Composites Limited (Company Number 02029010)
will meet at 2:00 p.m. on July 20 at:

         The Holiday Inn Reading
         Caversham Bridge
         Reading RG1 8BD
         United Kingdom

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

         Timothy Colin Hamilton Ball and Roderick John Weston
         Joint Administrators
         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton Down, Clifton
         Bristol
         Avon BS8 4AN
         United Kingdom
         Tel: 0117 973 4481
         Fax: 0117 974 5203
         E-mail: tim.ball@mazars.co.uk

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


ECLIPSE EMBROIDERY: Brings In Liquidator from Baker Tilly
---------------------------------------------------------
Creditors of Eclipse Embroidery & Print Limited appointed
Matthew Richard Meadley Wild of Baker Tilly as Liquidator during
an extraordinary general meeting on April 20.

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

Eclipse Embroidery & Print Limited can be reached at:

         Eclipse House
         Curtis Road
         Dorking
         Surrey RH4 1EJ
         Fax: 01306 886 156


EGG BANKING: Moody's Changes Financial Strength Rating Outlook
--------------------------------------------------------------
Moody's Investors Service changed to stable from positive the
outlook on Egg Banking's D+ bank financial strength rating.  The
A3/Prime-2 debt and deposit ratings are affirmed with their
existing stable outlook.

Moody's said that Egg Banking's D+ financial strength rating
continues to reflect its still developing banking franchise, its
improving pre-provision profitability and its solid funding
base, as well as the recent deterioration in asset quality and
the related increase in provisions.

The outlook change to stable from positive follows the
significant increase in provisioning levels in the bank's
unsecured lending book in 2005, which reflects the worsening
conditions for unsecured lending in the U.K.  Given the high
levels of indebtedness of the U.K. consumer and the potential
for ongoing less favorable conditions in the U.K. economy
Moody's would not expect this to improve in the medium term.

The bank took steps to strengthen its underwriting in 2004 and
this, together with a reduced focus on personal loans should
help to stabilize the bank's asset quality, however the
resultant fall in income from related insurance products sold
with personal loans is likely to have a significant effect on
profitability in 2006.  The maintenance of the D+ financial
strength rating is based on Moody's expectation that post
provision income will return to 2005 levels in 2007.

Moody's noted that the bank is being integrated into Prudential
U.K. in a much more significant manner than in the past and this
closer co-operation may unlock further potential and could lead
to sustainable improvements in the bank's cost efficiency and
asset quality.  An increase in generating synergies and a track
record of further integration with Prudential could also have
positive implications for the deposit ratings.  Further downward
pressure on the financial strength rating would be likely if the
bank was to experience a further deterioration in asset quality
or if profitability does not return to more normal levels by the
end of 2007.

Egg Banking plc, is headquartered in London, United Kingdom and
had assets of GBP10.8 billion (EUR18.5 billion) at end-December
2005.


FAIRFIELD CLADDING: Hires Joint Liquidators from Begbies Traynor
----------------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
Joint Liquidators of Fairfield Cladding Supplies Limited after
creditors decided to wind up the company on April 25.

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

Fairfield Cladding Supplies Limited can be reached at:

         Fairfield Street
         Liverpool L7 0JY
         United Kingdom
         Tel: 0151 228 1313


FIXED LINK: Moody's Cuts Rating on GBP620-Mln Notes to B2
---------------------------------------------------------
Moody's Investors Service downgraded the GBP120 million 8.15%
Class A Notes due 2026 and the Underlying Rating of the GBP620
million 5.78% Guaranteed Notes due 2028 of Fixed Link Finance 2
B.V. (FLF2) to B2 from B1.  The ratings remain on review with
direction uncertain.

The review was initiated on June 5, following the announcement
by the Eurotunnel PLC/S.A. group that it had signed a binding
preliminary restructuring agreement with a committee
representing certain of its creditors.

The Aaa ratings of FLF2's GBP620 million Guaranteed Notes, which
are based upon the unconditional and irrevocable guarantee of
principal and interest by MBIA Assurance S.A., remain unchanged.

The rating action has been prompted by the announcement that
Eurotunnel has applied to the French courts to enter a process
known as a 'procedure de sauvegarde', which is intended to give
Eurotunnel relief from its creditors while it negotiates a debt
restructuring plan with them.  If granted, which Moody's
considers likely, such procedure will permit Eurotunnel to cease
payments to debt holders while the procedure is ongoing.

The downgrade reflects Moody's view that the probability that
the Un-guaranteed Debt will default is now very high, whereas
previously Moody's had assumed that the execution of the Capital
Restructuring Plan, or a variation thereon, could be completed
in time to avoid a payment default on the Un-guaranteed Debt.
Nevertheless, the B2 rating factors Moody's assumption that the
recovery of unguaranteed Debt outstanding will be 100% or very
close to 100%.

FLF2 is a special purpose company that has lent the proceeds of
the notes it has issued to Eurotunnel in the form of Tier 1A
Loans.  All Eurotunnel debt holders benefit from a security
interest over the assets of those French and U.K. companies that
make up the Eurotunnel group that it is possible to secure on a
fully cross-collateralized basis.  In addition, the Eurotunnel
debt holders have the benefit of "rights of substitution', i.e.
the right to take over the Concession owned by Eurotunnel
through new companies held for the benefit of Eurotunnel debt
holders.

The rating has been maintained on review with direction
uncertain, reflecting Moody's understanding that the Capital
Restructuring Plan or a variation thereon may be agreed by
Eurotunnel and its creditors, which would result in the Un-
guaranteed Debt remaining whole and in place with a credit
profile higher than B2, but also the possibility that
restructuring negotiations may not be successful and the
consequent uncertainties that this would create.

From the perspective of a possible upgrade, Moody's review of
the Un-guaranteed Debt will continue to focus on:

   -- likely developments in Eurotunnel's operating performance
over the coming few years; and

   -- the key terms of the Capital Restructuring Plan or
      variations thereon, many critical features of which are as
yet unknown or still developing.

From the perspective of a possible further downgrade, Moody's
will continue to assess:

   -- the likelihood that the Capital Restructuring Plan or
      broadly equivalent plan will not be completed and the
      consequence of such a development, i.e. the subsequent
      insolvency of Eurotunnel; and

   -- the risk that consequent substitution by Eurotunnel
      creditors will not operate completely in accordance with
      lan.

While the terms of the Capital Restructuring Plan or successor
debt restructuring plan may change from those previously
envisaged following further negotiations between Eurotunnel and
its creditors, Moody's does not believe that such terms would
likely change to the extent that there will be impairment of the
Tier 1A Loans.  Furthermore, if there is no agreement between
Eurotunnel and its debt holders, Moody's considers it likely
that the process of substitution will be effective and will
ensure an ultimate recovery of all Un-guaranteed Debt within a
few years.  Nevertheless, the procedure of substitution is
untested, which creates some uncertainties as to the process,
timing and success of execution.

Eurotunnel's rationale for seeking protection through a
'procedure de sauvegarde' is somewhat unclear, in Moody's view,
given that negotiations with creditors were continuing in
earnest.  Such negotiations will need to continue during the
procedure.  However, Moody's expects that the procedure will
force the parties to reach an agreement within the next few
months, failing which a substitution is likely.  Therefore, the
initiation of the procedure may well have reduced all parties'
room to accommodate any unexpected events.

The Capital Restructuring Plan envisages:

   -- the continuation of the FLF2 debt and the related Tier 1A
Loans,

   -- the repayment of Eurotunnel's Tier 1 Loans and Tier 2
Loans, and

   -- a partial repayment of Eurotunnel's Tier 3 Loans, together
with an exchange of the un-redeemed Tier 3 Loans for an
equity-like debt instrument with a cash alternative.

However, critical elements of the Capital Restructuring Plan
remain uncertain, including the maturity and financial terms of
each class of new Eurotunnel debt that will be created as part
of the Capital Restructuring Plan, and the inter-creditor
arrangements that will need to be implemented to regulate the
rights of all debt holders versus each other and Eurotunnel.

Ratings outstanding:

   -- GBP620 million 5.78% Guaranteed Notes due 2028: Aaa;

   -- underlying Rating of the above: B2, review direction
uncertain; and

   -- GBP120 million 8.15% Class A Notes due 2026: B2, review
direction uncertain.

Fixed-Link Finance 2 B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing the Class A Notes and Guaranteed Notes and lending the
proceeds to members of the Eurotunnel PLC and Eurotunnel S.A.
group.  The Eurotunnel PLC and Eurotunnel S.A. group manages the
infrastructure of the Channel Tunnel and operates passenger
shuttle and truck shuttle services between Folkestone in the
U.K. and Coquelles in France.


FORD MOTOR: Moody's Lowers Senior Unsecured Ratings to B2
---------------------------------------------------------
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been affirmed at SGL-1, indicating very good liquidity over
the coming 12-month period.  The outlook for the ratings is
negative.

The downgrade of the Ford ratings reflects Moody's expectation
that the company's performance in North America will face
considerable additional stress due to high fuel prices and the
resulting shift in consumer preference away from the very
profitable SUV segment.

During the six months through June 2006 Ford's sales of mid-size
SUVs fell by 24.7% and sales of large SUVs declined by 32.1%.
Despite the fact that solid market acceptance of Ford's new mid-
size and full-size cars has helped maintain US market share
above 18%, the dramatic shift away from the SUV segment
undermines prospects that Ford's Way Forward restructuring
program will materially strengthen its weak credit metrics
before 2008.

Bruce Clark, a senior vice president with Moody's, said
"The strong performance of Ford's new cars is certainly a
positive.  But the profitability of these vehicles doesn't come
close to what the company had been earning on Explorers and
Expeditions.  This market shift is really hurting Ford and is
pushing out the time frame during which the restructuring plan
might contribute to any meaningful improvement in its credit
ratios."

In addition to the market shift from SUVs, Ford faces
considerable challenges in other areas.  These include
implementing its extensive Way Forward restructuring initiative,
reversing the chronically poor performance of Jaguar, contending
with the ongoing erosion of its domestic supplier base,
addressing the growing competitiveness and share gains of Asian
manufacturers, and preparing for the renegotiation of its UAW
contract in late 2007.

As part of these contract negotiations it will be critical for
Ford to achieve a material degree of relief in the areas of
health care costs for active workers and the JOBs bank program.
The decision by Ford's board of directors to cut both the
company's dividend and director fees by half will have minimal
impact on Ford's cash flow, but may contribute the constructive
character of the dialogue with the UAW.

Ford's negative outlook reflects the fact that the company is
weakly positioned within the B2 rating category, and any
shortfall in contending with the array of challenges that it
faces could result in further pressure on the rating. Ford's
liquidity position remains strong with US$24 billion in cash and
short-term VEBA balances, and the company's Speculative Grade
Liquidity Rating has been affirmed at SGL-1.  Nevertheless, the
company's weak operating and competitive position limits its
capacity to absorb additional stress.  For the LTM through
March, Ford's automotive business had an operating margin of
negative 2.8%, interest coverage well below 1x, and free cash
flow of negative US$2.8 billion.

The downgrade of Ford Credit's long-term rating to Ba3, with a
negative outlook, considers the firm's ownership by, and
concentrated operating relationship with, Ford Motor.  This
connection results in a ratings linkage between the two firms.
Ford Credit's rating already incorporated expectations that
declining portfolio balances, higher borrowing costs, and a
leveling of credit quality improvements are likely to constrain
the company's profitability in coming periods.

However, in Moody's view, Ford's deeper operating challenges and
longer turnaround horizon could have further negative
implications for Ford Credit's results and financial condition,
including its origination volumes, asset quality, profits and
liquidity, thus negatively affecting its stand-alone credit
profile.

The one notch downgrade of Ford Credit's long-term rating widens
the differential from Ford's rating to two notches from one.
This notching differential continues to reflect Moody's view
that loss severity in the event of default for Ford Credit would
be meaningfully lower than for Ford.  At the lower extremity of
Moody's rating scale, the same difference in expected loss
results in a greater differential between the two firms'
ratings.  While Moody's also believes Ford Credit's probability
of default is lower than its parent's, there remains uncertainty
by virtue of Ford's ownership and control that limits the
potential ratings differential between the two firms.

"Moody's believes Ford is economically motivated to maintain
Ford Credit's operating strengths and enterprise value, but it
could direct the company to take actions that, while seen by
Ford's board to be beneficial for the consolidated Ford
enterprise, are nevertheless adverse to Ford Credit's profile,"
said Mark Wasden, a Moody's Senior Credit Officer.

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.  Ford Motor
Credit Company, also headquartered in Dearborn, Michigan, is the
world's largest auto finance company.


GENERAL MOTORS: Reviewing Nissan-Renault Deal; Toyota Might Bid
---------------------------------------------------------------
General Motors Corp. and Nissan-Renault are reviewing a proposed
three-way alliance for 90 days, published reports say.

Renault-Nissan is a collaboration between Nissan Motor Co.,
Ltd., and Renault S.A.  A GM shareholder, Kirk Kerkorian,
broached the idea of pulling in GM into the two-way tie-up.  Mr.
Kerkorian owns 9.9% equity stake in GM through his investment
firm Tracinda Corp.

Toyota Motor Corp., USA, however, might throw a wrench to the
possible deal as it is likely to throw in a bid to ally with GM,
the Business Week reports.  But, as reported in CNN Money,
Toyota was quick to quell rumors that it's interested in GM.

GM and Toyota jointly operate an assembly plant in Freemont,
California.  GM Chairman and CEO G. Richard Wagoner, Jr., said a
deal with another automaker besides Renault-Nissan was possible,
according to Automotive News; a likely possibility since the
US$3-billion proposed alliance is seen as a hostile move by some
of GM's management even after Renault-Nissan's President and CEO
Carlos Ghosn publicly declared that the ball is in GM's hands.
Though Mr. Ghosn received a go signal from Renault-Nissan's
board to negotiate a deal, Mr. Ghosn said GM has to initiate the
three-way alliance.  Mr. Ghosn also clarified that he's not
after Mr. Wagoner's job.

Talks of a possible alliance surfaced amidst GM's troubles as it
faces market, production and cost issues.  GM is currently
implementing a turnaround plan that involves plant closures and
job cuts.  Analysts opined that all these talks about alliances
are just distracting GM from doing what it should be doing:
create a good product and increase market share.

Though still number one in the world, GM's market share is
continually eroding.  Based on 2005 new vehicles sales, GM sold
14.2% of the total number of vehicles sold.  Toyota has 13%.
Ford comes in third with 12.4%.  Renault-Nissan has 9.6% of the
pie.

                      About General Motors

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

                           *     *     *

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

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.


HERTZ CORP: Parent Plans Initial Public Offering of Common Stock
----------------------------------------------------------------
Hertz Global Holdings Inc., the indirect parent corporation of
The Hertz Corporation, filed a Registration Statement on Form
S-1 with the Securities and Exchange Commission in connection
with the initial public offering of its common stock.  The
securities to be offered in the proposed IPO will include shares
to be issued and sold by Hertz Global Holdings as well as shares
to be sold by certain current stockholders of Hertz Global
Holdings.

Hertz Global Holdings intends to use the net proceeds to it from
the offering to repay borrowings outstanding under its US$1
billion loan facility entered into on June 30, 2006, with the
remainder of the proceeds, if any, to be used for general
corporate purposes (which may include the repayment of
borrowings outstanding under The Hertz Corporation's senior
credit facilities).

Goldman, Sachs & Co., Lehman Brothers Inc. and Merrill Lynch &
Co. are the joint global coordinators and bookrunners for the
offering.  Deutsche Bank Securities and JPMorgan are joint
bookrunners.  Hertz Global Holdings and the selling stockholders
will also grant the underwriters an option to purchase
additional shares at the initial public offering price.  The
offering of common stock will be made only by means of a
prospectus.  When available, a copy of the preliminary
prospectus relating to this offering may be obtained from:

     Goldman, Sachs & Co.
     Attn: Prospectus Department
     85 Broad Street
     New York, NY 10004
     Fax (212) 902-9316

     Lehman Brothers Inc.
     c/o ADP Financial Services Integrated Distribution Services
     1155 Long Island Avenue
     Edgewood, NY 11717
     Telephone (631) 254-7106

     Merrill Lynch & Co.
     4 World Financial Center
     New York, NY  10080
     Telephone (212) 449-1000

                        About Hertz Corp.

Headquartered in Park Ridge, New Jersey, The Hertz Corporation
-- http://www.hertz.com/-- is a vehicle renting company that
offers a wide variety of current-model cars on a short-term
rental basis -- daily, weekly or monthly -- at airports, in
downtown and suburban business centers, and in residential areas
and resort locales.

                          *     *     *

As reported in the Troubled Company Reporter on July 12, 2006,
Standard & Poor's Ratings Services held its ratings on Hertz
Corp., including the 'BB-' corporate credit rating, on
CreditWatch with negative implications, where they were placed
on June 26, 2006.


INCO LTD: Increase Falconbridge Merger Offer By CDN$1 Per Share
---------------------------------------------------------------
Phelps Dodge Corp., Inco Ltd. and Falconbridge Ltd. took action
to improve the terms of their three-way combination.

Phelps Dodge increased the cash portion of the consideration to
be paid to the shareholders of Inco in the combination of Phelps
Dodge and Inco by CDN$2.75 per Inco share.  Inco increased the
cash portion of its offer to purchase all outstanding common
shares of Falconbridge by CDN$1.00 per Falconbridge share, and
the
Falconbridge board of directors has declared a special cash
dividend of CDN$0.75 per Falconbridge common share.

               Improved Terms of 3-Way Combination

Under the improved terms, Phelps Dodge will acquire all
outstanding common shares of Inco for a combination of cash and
common shares of Phelps Dodge having a value of CDN$80.70 per
Inco share, based upon the closing price of Phelps Dodge stock
and the closing U.S./Canadian dollar exchange rate on Friday,
July 14, 2006.  Shareholders of Inco will receive 0.672 shares
of Phelps Dodge stock plus CDN$20.25 per share in cash for each
share of Inco stock.  This represents a premium of 7.8% to
Inco's market price as of close of trading on July 14 and a
premium of 23.7% to Inco's market price as of the close of
trading on June 23, the last trading day before the announcement
of the combination of Phelps Dodge, Inco and Falconbridge.

Under its enhanced bid for Falconbridge, Inco is now offering
CDN$18.50 plus 0.55676 shares of Inco for each share of
Falconbridge, assuming full proration of the consideration.
With the completion of both transactions, Falconbridge
shareholders would receive an implied total consideration on a
"look-through" basis of CDN$63.43 per Falconbridge common share,
consisting of:

   (a) C$29.77 in cash; and

   (b) 0.3741 of a Phelps Dodge Inco Corp. common share (based
       on the closing price of the Phelps Dodge common shares on
       the New York Stock Exchange and applicable U.S. Federal
       Reserve U.S.-Canadian dollar exchange rates on July 14,
       2006).

                  Falconbridge Special Dividend

In order to further increase the value received by Falconbridge
shareholders, the board of Falconbridge declared a special cash
dividend of CDN$0.75 per Falconbridge share payable on Aug. 10,
2006, to common shareholders of record at the close of business
on July 26, 2006.  The Falconbridge board also unanimously
determined that Inco's amended offer for the shares of
Falconbridge is superior to the unsolicited offer by Xstrata and
unanimously recommends that Falconbridge shareholders accept the
Inco offer.

              Reduction in Minimum Tender Condition

In addition, Inco reduced the minimum condition in its offer for
Falconbridge from two thirds of the outstanding shares of
Falconbridge to 50.01% of outstanding shares on a fully diluted
basis.  Phelps Dodge and Inco also amended their Combination
Agreement so that the combination of Phelps Dodge and Inco may
be consummated before the acquisition by Inco of 100% of
Falconbridge.  Inco's amended offer for Falconbridge will expire
on July 27, 2006.

As part of the transaction, Phelps Dodge expects to repurchase
up to US$5 billion of its shares in the 12 months after closing.

"We strongly believe the combination of Phelps Dodge, Inco and
Falconbridge represents a unique value-creation opportunity for
the shareholders of all three companies," J. Steven Whisler,
chairman and chief executive officer of Phelps Dodge, said.
"There's no question that the value of the enhanced Inco offer
for Falconbridge is superior to the unsolicited offer by
Xstrata.  In addition to the value inherent in the offer, the
Falconbridge shareholders will have the ability to participate
in the upside resulting from the three-way combination through
their ownership of almost 30% of the combined company, which
includes a 30% share in the US$900 million of expected annual
synergies, which in total have a net present value of US$5.8
billion."

"[The] actions demonstrate our shared commitment to create the
leading North American-based mining company and a global
powerhouse in copper and nickel," Scott Hand, chairman and chief
executive officer of Inco, said.  "That's great news for our
shareholders, for our employees, for our communities and for
Canada."

"We are pleased with the actions taken today by Phelps Dodge and
Inco and by their affirmation of the value of Falconbridge,"
Derek Pannell, chief executive officer of Falconbridge, said.
"The special dividend declared by our board further enhances the
expected return to our shareholders.  We are confident our
shareholders will see the value in the combination of these
three companies to create Phelps Dodge Inco."

All required regulatory approvals for Inco's acquisition of
Falconbridge have been received.  Phelps Dodge's offer to
acquire Inco is expected to close in September, subject to
Phelps Dodge and Inco shareholder approval, regulatory approvals
and customary closing conditions.

                        About Phelps Dodge

Phelps Dodge Corp. -- http://www.phelpsdodge.com/-- produces
copper and molybdenum and is the largest producer of molybdenum-
based chemicals and continuous-cast copper rod.  The company and
its two divisions, Phelps Dodge Mining Co. and Phelps Dodge
Industries, employ approximately 15,000 people worldwide.


                       About Falconbridge

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

                           About Inco

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

                        *    *    *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating and Standard &
Poor's BB+ rating.


INDUSTRIAL REPAIR: Creditors Opt to Liquidate Assets
----------------------------------------------------
Creditors of Industrial Repair Services & Supplies Limited opted
to liquidate the company's assets on April 21.

Subsequently, Clive Morris was appointed Liquidator.

The company can be reached at:

         Industrial Repair Services & Supplies Limited
         Block 1 Office 24
         Walkers Rise
         Cannock Chase Enterprise Centre
         Hednesford
         Cannock
         Staffordshire WS120QW
         United Kingdom
         Tel: 01543 424 746
         Fax: 01543 424 762


MANHATTAN PIZZA: Begins Liquidation Procedure
---------------------------------------------
The Manhattan Pizza Company Limited is liquidating its assets
after creditors resolved to wind up the company on April 26.

Michael Robert Fortune and Carl Derek Faulds of Portland
Business & Financial Solutions Ltd were appointed Joint
Liquidators.

The company can be reached at:

         13 Kingdom Close
         Fareham
         Hampshire PO155TJ
         United Kingdom
         Tel: 01489 886 622


MELLORSONS MANUFACTURING: Names Eileen T. F. Sale Liquidator
------------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Mellorsons Manufacturing Limited after creditors
passed a resolution to wind up the company on April 19.

The company can be reached at:

         Mellorsons Manufacturing Limited
         George Street
         West Bromwich
         West Midlands B70 6NH
         United Kingdom
         Tel: 0121 580 0520
         Fax: 0121 580 0521


MONACTIVE LIMITED: Hires Administrators from Baker Tilly
--------------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
were appointed joint administrators of Monactive Limited
(Company Number 03544763) on June 16.

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

Headquartered in Reading, United Kingdom, Monactive Limited is
engaged in software consultancy and supply.


O'SULLIVAN INDUSTRIES: Sells United Kingdom Business Operations
---------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, Rick A. Walters, president and chief executive
officer of O'Sullivan Industries Holdings Inc. reports that,
effective June 30, 2006, the company conveyed substantially all
of the assets of its United Kingdom sales and distribution
office to a company formed by the former manager of the office.
The purchasing company assumed certain of the liabilities of the
U.K. sales and distribution office as consideration.

The purchasing company also entered into a distributorship
agreement with O'Sullivan Industries to provide for continued
sales and service in the United Kingdom, the remainder of
Europe, the Middle East and Africa.

Mr. Walters states that in connection with the sale of the U.K.
operations, O'Sullivan Industries expects to record a non-cash
charge of US$1,600,000.  The major components of the charge are
expected to be:

         Accounts receivable       US$1,600,000
         Inventory                      300,000
         Prepaid assets                 700,000
         Others                         400,000
         Liabilities assumed         (1,400,000)

"We expect that this transaction will have an positive effect on
our earnings commencing with the first quarter of fiscal 2007,"
Mr. Walters relates.

Headquartered in Roswell, Georgia, O'Sullivan Industries
Holdings, Inc. -- http://www.osullivan.com/-- designs,
manufactures, and distributes ready-to-assemble furniture and
related products, including desks, computer work centers,
bookcases, filing cabinets, home entertainment centers,
commercial furniture, garage storage units, television, audio,
and night stands, dressers, and bedroom pieces.  O'Sullivan
sells its products primarily to large retailers including
OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot.  The
Company and its subsidiaries filed for chapter 11 protection on
Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-83049).  Joel H.
Levitin, Esq., at Dechert LLP, represents the Debtors.  Michael
H. Goldstein, Esq., Eric D. Winston, Esq., and Christine M.
Pajak, Esq., at Stutman, Treister & Glatt, P.C., represent the
Official Committee of Unsecured Creditors.  On Sept. 30, 2005,
the Debtor listed US$161,335,000 in assets and US$254,178,000 in
debts.  (O'Sullivan Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


QUIGLEY UNITED: Creditors' Meeting Slated for July 21
-----------------------------------------------------
Creditors of Quigley United Kingdom Limited (Company Number
04482632) will meet at 2:30 p.m. on July 21 at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton BL1 1ET
         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 20 at:

         M.C. Bowker and S. Payne
         Joint Administrators
         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk


RICHARD GUEST: Names Andrew Clay as Administrator
-------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co Ltd was named
administrator of Richard Guest Racing Limited (Company Number
04554529) on June 12.

The administrator can be contacted at:

         Andrew Michaels & Co. Ltd
         Concept House
         Brooke Street
         Cleckheaton
         Bradford BD19 3RY
         United Kingdom
         Tel: 0870 750 5411
         Fax: 0870 750 5412
         E-mail: info@andrew-michaels.com

Richard Guest Racing Limited can be reached at:

         3 Kensington
         Bishop Auckland
         County Durham DL14 6HX
         United Kingdom


SHAW GROUP: Incurs US$16.7 Million Net Loss in Third Quarter
------------------------------------------------------------
The Shaw Group Inc. filed its financial results for the third
quarter ended March 31, 2006, to the U.S. Securities and
Exchange Commission on July 10.

For the three months ended March 31, 2006, the Company incurred
a US$16.7 million net loss on US$1.2 billion of net revenues,
compared to a US$21.7 million net loss on US$891 million of net
revenues in 2005.

As of May 31, 2006, the Company had cash and cash equivalents of
US$137.3 million, which included US$19.7 million of restricted
and escrowed cash, and US$155.5 million of availability under
our US$750.0 million Credit Facility to fund operations.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?db4

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a global
provider of technology, engineering, procurement, construction,
maintenance, fabrication, manufacturing, consulting,
remediation, and facilities management services for government
and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region.

The company's credit rating carries Standard & Poor's BB rating.
That rating was assigned July 27, 2005.


SIGHT & SOUND: Creditors' Meeting Slated for July 24
----------------------------------------------------
Creditors of Sight & Sound Security Services Limited (Company
Number 02978629) will meet at 11:00 a.m. on July 24 at:

         The Croft Hotel
         Canterbury Road
         Kennington
         Ashford
         Kent TN25 4DU
         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 21 at:

         Bernard Hoffman and Ian Douglas Yerrill
         Joint Administrators
         Gerald Edelman
         Suite 2
         Kent House
         Station Road
         Ashford
         Kent TN23 1PP
         United Kingdom
         Tel: 01233 666 280
         Fax: 01233 666 281

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.


SOLO CUP: Susan Marks Resigns as Chief Financial Officer
--------------------------------------------------------
Solo Cup Company disclosed that Executive Vice President and
Chief Financial Officer Susan H. Marks decided to leave the
company, effective July 11, to pursue other interests.

The Company disclosed that it has engaged Heidrick & Struggles
International, Inc., an executive search firm, to undertake a
nationwide search for Ms. Marks' successor.

"On an interim basis, we are fortunate to have an experienced
and capable accounting and finance department within the company
to facilitate a smooth transition upon the appointment of a new
CFO," Robert Korzenski, president and chief operating officer
said.

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable foodservice
products for the consumer and retail, foodservice, packaging,
and international markets.  Solo Cup has broad expertise in
plastic, paper, and foam disposables and creates brand name
products under the Solo, Sweetheart, Fonda, and Hoffmaster
names.  The Company was established in 1936 and has a global
presence with facilities in Asia, Canada, Europe, Mexico, Panama
and the United States.

                         *     *     *

As reported in the Troubled Company Reporter on Apr. 4, Moody's
Investors Service assigned ratings on Solo Cup Company's
US$80 million senior secured second lien term loan due 2012 at
B3; US$150 million senior secured revolving credit facility
maturing Feb. 27, 2010, at B2; US$638 million senior secured
term loan B due Feb. 27, 2011, at B2; US$325 million 8.5% senior
subordinated notes due Feb. 15, 2014, at Caa1; and Corporate
Family Rating at B2.


SPECTRUM YARN: Appoints Tenon Recovery as Administrators
--------------------------------------------------------
Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint administrators of Spectrum Yarn Dyers (U.K.)
Ltd. (Company Number 04698227) on June 19.

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

Spectrum Yarn Dyers (U.K.) Ltd can be reached at:

         Hanging Bridge Mills
         Ashbourne
         Derbyshire DE6 2EA
         United Kingdom


TALKWORLD ONLINE: Joint Liquidators Take Over Operations
--------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French were
appointed Joint Liquidators of Talkworld Online Limited after
creditors proved the company could no longer continue its
operations due to liabilities.

The company can be reached at:

         Talkworld Online Limited
         153 High Street
         Brentwood
         Essex CM144SD
         United Kingdom
         Tel: 01277 261 700


THINKING FOOD: Calls In Begbies Traynor as Administrators
---------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of
Thinking Food International (Biggin Hill) Limited (Company
Number 05249554) 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.

Headquartered in London, United Kingdom, Thinking Food
International (Biggin Hill) Limited is engaged in inflight
catering.


VACUUMATIC LIMITED: Bank of Scotland Appoints PwC Receivers
-----------------------------------------------------------
Bank of Scotland appointed Stephen Mark Oldfield and David
Matthew Hammond of PricewaterhouseCoopers LLP joint
administrative receivers of Vacuumatic Limited (Company Number
01327078) on June 23.

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

Headquartered in Colchester, England, Vacuumatic Limited --
http://www.vacuumatic.com/-- manufactures paper sheet counting
machines, batching and tabbing equipments and other general
machinery.


* Moody's Notes Filing's Effect on Eurotunnel's Guarantors
----------------------------------------------------------
Moody's Investors Service commented on the limited effect of a
possible bankruptcy of Eurotunnel on the credit profile of the
financial guaranty insurance companies with exposure to the
firm, despite some substantial exposures to the tunnel operator.

The insurance financial strength ratings and outlooks the
guarantors are unlikely to be negatively affected by a
Eurotunnel bankruptcy given our current expectations for limited
ultimate losses on their guarantees, coupled with their strong
liquidity positions should there be claims in the event of a
bankruptcy-related debt service moratorium.

Eurotunnel, is a group of companies owned by Eurotunnel PLC of
the U.K. and Eurotunnel S.A. of France, with a concession to
operate and maintain two railway tunnels and a service tunnel
between the southeast coast of England and the northeast coast
of France, and to collect tolls for the provision of cross
channel rail services until 2086.  Eurotunnel has had financial
problems from its inception with significant construction cost
overruns and lower traffic than projected.

Management and its senior creditors recently agreed to a
restructuring plan, although it met strong opposition from
junior creditors who proposed an alternative plan.  As no
consensus was reached between the two creditor groups and
Eurotunnel's management, the firm made a request for bankruptcy
proceedings, "procedure de sauvegarde," under French law.  A
ruling is expected before the end of July 2006, possibly leaving
creditors some time to reassess their positions.  Eurotunnel
indicated that it could withdraw its request if a consensus is
reached for a restructuring plan.

The guarantors wrap approximately US$2.2 billion of Eurotunnel's
total debt of GBP6.2 billion (US$11.3 billion).  MBIA is the
guarantor with the most substantial exposure at US$1.37 billion
net of reinsurance (US$1.97 billion, gross), followed by Ambac
at US$349 million, Assured Guaranty at US$198 million, and RAM
Re at US$63 million.  Moody's commented that the guarantors'
exposures are quite senior in Eurotunnel's debt structure and
that, even under conservative stress scenarios, ultimate losses
for the guarantors would likely be a small fraction of their
exposure, should they occur at all.  Any such losses should be
manageable given the guarantors' significant financial resources
and capital positions.

The rating agency added that a possible bankruptcy of Eurotunnel
raises the potential for a debt service moratorium by the firm,
exposing the guarantors to potential claims payments until the
ultimate occurrence of a debt restructuring.  The guarantors
have ample liquidity to pay such possible claims and, in some
instances, benefit from dedicated reserves or lines of credit to
meet debt service requirements.

Moody's recognizes that the situation is evolving and will
continue to monitor events as they unfold.  The rating agency
intends to publish a brief Special Comment that will provide
more detail about its current assessment of risks presented by
Eurotunnel to the guarantors.


* Fitch Says Eurotunnel Won't Affect Guarantors' Ratings
--------------------------------------------------------
Fitch Ratings has been monitoring the developments of Eurotunnel
Group for the past several years, given several financial
guarantors' sizeable exposure to this high-profile credit, led
by MBIA Insurance Corp.

Given the financial debt burden and marginal financial
performance of Eurotunnel, there had been a distinct possibility
that Eurotunnel's management would file for insolvency
protection at some juncture.

On July 12, the company's management said it would be pursuing
legal proceedings to place itself under the protection of the
Commercial Court of Paris pursuant to the Frencch law 'procedure
de sauvegarde'.  Depending upon the ruling of the court, it is
possible that there could be a suspension of debt service
payments by Eurotunnel in the near term.

Insured Eurotunnel Exposure*/(US$ Mil)/Gross Par/Net Par

   -- MBIA Insurance Corp.    1,960.5 /1,394.4;
   -- Ambac Assurance Corp.     349.8 / 349.8;
   -- Assured Guaranty Ltd.     198.3 / 198.3;
                      Total   2,508.6 / 1,942.5

Despite the size of the exposure to Eurotunnel, Fitch does not
foresee any changes to the insurer financial strength ratings of
the companies exposed to this credit, as the potential downside
scenarios of this troubled credit have been fully considered in
the rating process.  Fitch is comforted by the relative position
the financial guarantors maintain in Eurotunnel's capital
structure.  The financial guarantors have no exposure to debt of
Eurotunnel below Tier 3, and the financial guarantors' only
exposure to Tier 3 debt is indirectly via the collateral debt
portfolio of Fixed-Link Finance B.V.

Actually about US$1.7 billion of the above US$1.9 billion net
par exposure represents exposure to obligations of FLF1 and
Fixed-Link Finance 2 B.V.  Both FLF1 and FLF2 are special
purpose vehicles that hold debt issued by Eurotunnel.  The FLF1
vehicle holds a mix of Tier 1, 2 and 3 Eurotunnel debt, and FLF2
holds only Tier 1A debt -- which ranks pari passu in seniority
with Tier 1.

The FLF1 financing structure contains a liquidity facility that
will cushion the financial guarantors from incurring debt
service claims on FLF1's insured debt for a period of time
following any interruption of debt service payments by
Eurotunnel.  On the other hand, the FLF2 vehicle does not
maintain a third-party liquidity facility, which is expected to
result in sizeable liquidity claims for the affected financial
guarantors upon cessation of debt service payments by
Eurotunnel.

Because the financial guarantors' exposure is relatively senior,
and because of the central role the financial guarantors have in
the restructuring negotiations, Fitch does not currently expect
either interim developments or ultimate resolution of this
Eurotunnel restructuring to have a material adverse impact on
the financial condition of the affected financial guarantors,
despite the sizeable amount of net par exposure.

That said, given the recent filing, liquidity claims have become
an increased possibility, particularly on non-FLF1 exposures,
however a very high rate of recovery of these claims is
ultimately anticipated down the line.

Given the various constituencies involved in Eurotunnel's
credit, Fitch believes the restructuring process could become
protracted and remain contentious and, if this is the case,
resolution of this exposure will likely require further
significant management time and resources on the part of the
financial guarantors, particularly MBIA.  Any deterioration in
Eurotunnel's financial operation during the restructuring
process would be expected to negatively impact the final
resolution of the exposures that have been insured.


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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

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


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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