TCREUR_Public/060719.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 19, 2006, Vol. 7, No. 142    

                            Headlines


A U S T R I A

AUTOREPARATUR KRAUS: Claims Registration Period Ends July 25
BARSONY: Claims Registration Period Ends July 20
COMU DEICHGRABER: Claims Registration Period Ends July 20
FUERST ALFRED: Claims Registration Ends August 2
GRASSLE & PARTNER: Wels Court Terminates Bankruptcy Proceeding

MAMIKA: Creditors' Meeting Slated for August 2
SAB SYSTEME: Creditors' Meeting Slated for July 20


F R A N C E

ALCATEL SA: Inks Contract with Italy's Telbios S.p.A.
ALCATEL SA: Lays Submarine Network for Kodiak Kenai Cable Co.
EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week


G E R M A N Y

A. K. HAUS: Claims Registration Ends August 10
ALLREINIGUNG GMBH: Claims Registration Ends July 23
AS IMMOBILIEN: Claims Registration Ends August 2
DSK HANDELSGESELLSCHAFT: Claims Registration Ends August 4
IWD INGENIEUR: Claims Registration Ends July 20

NEUDORF GMBH: Claims Registration Ends August 2
NOVAPHARM GMBH: Claims Registration Ends August 3
SBJ PROJEKTENTWICKLUNG: Claims Registration Ends July 28
STUDENTENKELLER WOHNHEIM: Claims Registration Ends July 31
VEREIN KLINIK: Claims Registration Ends August 1


H U N G A R Y

GENERAL BANKING: Moody's Cuts Financial Strength Rating to D
GENERAL BANKING: Moody's Withdraws D Financial Strength Rating


K A Z A K H S T A N

CARAVAN: Creditors Must File Claims by July 28
ESET: Creditors Must File Claims by Aug. 1
OPT-OIL: Creditors Must File Claims by July 28
SJIJENNYI GAZ: Proof of Claim Deadlin Slated for July 28
TASTOBE-AGRO: Proof of Claim Deadline Slated for July 28

TEHNOKOM LTD: Claims Registration Ends July 28
TOPEC LTD: Claims Registration Ends Aug. 1
UKO-OIL: Creditors' Claims Due Aug. 1
URALAZAVTOSERVIS-MANGISTAU: Court Starts Bankruptcy Process

ZVEZDA: Creditors' Claims Due Aug. 1


K Y R G Y Z S T A N

ANER TREID: Proof of Claim Deadline Slated for Aug. 25
FENIKS AVIEISHEN: Creditors Must File Claims by Sept. 1
ORDO-BAS: Proof of Claim Deadline Slated for Sept. 1


L U X E M B O U R G

WEATHER CAPITAL: Moody's Withdraws B3 Rating on EUR1.2-Bln Loan


N E T H E R L A N D S

KONINKLIJKE AHOLD: Nominates Tom de Swaan to Supervisory Board
VNU N.V.: S&P Lowers Long-Term Corporate Credit Rating to B


N O R W A Y

AKER KVAERNER: Inks NOK450-Million Contract with MPF Corp Ltd.


R U S S I A

ALFA: Bankruptcy Hearing Slated for August 1
FERTILITY: Tula Court Starts Bankruptcy Supervision
KANSKIY: Court Names S. Grudyakov as Insolvency Manager
KUYBYSHEVSKOYE MILK: B. Artemkin to Manage Assets
METALLO-PLAST: Court Names A. Popov as Insolvency Manager

OMSKIY GROATS: Bankruptcy Hearing Slated for Sept. 19
POWER UNITS: Court Names O. Ospanova as Insolvency Manager
ROSNEFT OIL: Yukos Wants High Court to Block Share Sale
ROSNEFT OIL: R. Abramovich Bought US$300-Mln Shares, Paper Says
RYMNINSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision

SAPOZHKOVSKIY MECHANICAL: Bankruptcy Hearing Slated for Aug. 22
STEEL-SERVICE: Court Starts Bankruptcy Supervision
SPETS-STROY: Court Names A. Rusanov as Insolvency Manager
TIKHVINSKIY GALANT: Court Starts Bankruptcy Supervision
TURDEYSKOYE: Court Names N. Rzyankin as Insolvency Manager

VOROBYEVSKOYE: Court Names I. Klemeshov as Insolvency Manager
YUKOS OIL: Wants High Court to Block Rosneft Share Sale
YUKOS OIL: Court Nixes Moravel's Suit to Recover US$680 Million


S P A I N

FONCAIXA FTGENCAT: Moody's Junks EUR6-Mln Series E Notes


U K R A I N E

ADM-GROUP: Court Names LLC Prime-Inform as Liquidator
ALMAZ-OIL: Court Names M. Vereshak as Insolvency Manager
ASTORIYA: Court Names Bankruptcy Agency to Liquidate Assets
BUDMASH: Court Names I. Popov as Insolvency Manager
CHAROSVIT: Kyiv Court Starts Bankruptcy Supervision

DAVID: Court Names Ludmila Buchinska as Liquidator
DIBROVA: Court Names Mr. V. Kunashenko as Insolvency Manager
ELEKTROPROMKOMPLEKT: Court Names R. Kravchenko as Liquidator
EVA: Court Names CJSC Kyiv Glass Tare Plant as Liquidator
FACTOR TECHNOLOGY: Court Names LLC Avangard Stil as Liquidator

INVEST-KOMPLEKT: Court Names LLC Budivelnik as Liquidator
IVANICHI' BREAD: Court Names Anatolij Lipich as Liquidator
KAMYANETS-PODILSKIJ' TOBACCO: Volodimir Gabruk to Manage Assets
KAPUSTYANSKE: Court Names Anatolij Leshenko as Liquidator
SINAPS-KOMPLEKT: Court Names Asanta as Liquidator

TEHNOSOYUZ: Court Names Ludmila Zayikina as Insolvency Manager
YAKUTALMAZKROLEVETSSANTEHARMATURA: D. Pehterev to Manage Assets


U N I T E D   K I N G D O M

ACAZ RECRUITMENT: Creditors Pass Winding Up Resolution
AMB ELECTRICAL: Creditors' Meeting Slated for July 26
ANDREW JAMES: Names Ninos Koumettou Liquidator
ARCHMASTER UK: Creditors Resolve to Voluntary Liquidation
BELLMACK LTD: Financial Woes Prompt Liquidation

BILL HARMAN: Names Shay Lettice as Administrator
BRISTOL CITY: Creditors' Meeting Slated for August 3
BRITAX GROUP: Moody's Withdraws B1 Corporate Family Rating
DOCKLAND FISHERIES: Creditors Opt to Liquidate Assets
EP DIGITAL: Creditors' Meeting Slated for July 21

EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week
GREATMARCH LTD: Appoints Richard John Elwell as Liquidator
GRIPP INTEGRATED: Taps Mercer & Hole to Administer Assets
GUARDING OFFICERS: Hires Liquidator from Begbies Traynor
GUILD LUBRICANTS: Begins Liquidation Procedure

HERTZ CORP: S&P Keeps BB- Corp. Credit Rating on Watch Negative
HIGHONE LTD: Winds Up Business & Appoints Liquidator
IAN ANDERSON: Brings In Liquidator from Carter Clark
KSK TRADING: Taps George Michael to Liquidate Assets
LLANDAFF ENGINEERING: Brings In P.R. Dewey to Administer Assets

MISYS PLC: Independent Committee Starts Examining Bids
MK TEMPS: Creditors Ratify Winding Up Resolution
PRINT ASSOCIATES: Claims Filing Period Ends July 25
RYANDOWN LIMITED: Appoints Joint Administrators from BDO Stoy
SALISBURY INT'L: Moody's Assigns P(Ba2) Rating to Class E Notes

SECURITY TRADING: Claims Registration Ends July 26
SHERWOOD ENVIRONMENTAL: Taps Smith & Williamson to Administer
TRIMEDIA BROADCAST: Brings In Administrators from Menzies
ULTIMATE DENTS: Confirms Liquidator's Appointment
W.B. MECHANICAL: Names Administrator from XL Business

                            *********

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


AUTOREPARATUR KRAUS: Claims Registration Period Ends July 25
------------------------------------------------------------
Creditors owed money by KEG Autoreparatur Kraus (FN 250787f)
have until July 25 to file written proofs of claims to court-
appointed compensation manager Gerhard Rigler at:

         Mag. Gerhard Rigler
         c/o Dr. Gernot Hain
         Main place 14
         2700 Viennese New City, Austria
         Tel: 02622/84141
         Fax: 02622/8414124
         E-mail: hain.advocat@utanet.at   

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 8 to consider the adoption of
the rule by compensation.

The meeting of creditors will be held at:

         Land Court of Viennese New City
         Room 15
         Viennese New City, Austria

Headquartered in Viennese New City, Austria the Debtor declared
the beginning of compensation process on June 1 (Case No. 11 Sa
4/06h).  Dr. Gernot Hain represents Mag. Rigler in the
bankruptcy proceedings.


BARSONY: Claims Registration Period Ends July 20
------------------------------------------------
Creditors owed money by LLC Barsony (FN 263210z) have until
July 20 to file written proofs of claims to court-appointed
property manager Peter Pullez at:

         Dr. Peter Pullez
         c/o Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Vienna, Austria
         Tel: 513 29 79
         Fax: DW 25
         E-mail: pullezgschwandtner@aon.at    

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 3 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
June 1 (Bankr. Case No. 2 S 93/06y).  Robert Gschwandtner
represents Dr. Pullex in the bankruptcy proceedings.


COMU DEICHGRABER: Claims Registration Period Ends July 20
---------------------------------------------------------
Creditors owed money by LLC Comu Deichgraber (FN 131738h) have
until July 20 to file written proofs of claims to court-
appointed property manager Hans Rant at:

         Dr. Hans Rant
         c/o Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Aug. 3 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
June 1 (Bankr. Case No. 2 S 94/06w).  Kurt Freyler represents
Dr. Rant in the bankruptcy proceedings.


FUERST ALFRED: Claims Registration Ends August 2
------------------------------------------------
Creditors owed money by LLC Fuerst Alfred (FN 111850k) have
until Aug. 2 to file written proofs of claims to court-appointed
property manager Ute Toifl at:

         Dr. Ute Toifl
         c/o Mag. Astrid Haider
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 535 46 11-0
         Fax: 535 46 11-11
         E-mail: office@thr.at  

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 16 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on  
June 1 (Bankr. Case No. 4 S 94/06k).  Astrid Haider represents
Dr. Toifl in the bankruptcy proceedings.


GRASSLE & PARTNER: Wels Court Terminates Bankruptcy Proceeding
--------------------------------------------------------------
The Land Court of Wels terminated the bankruptcy proceeding of
LLC Grassle & Partner (FN 128900i) on June 2 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 Oberhofen am Irrsee, Austria, the Debtor's
declared bankruptcy on April 4 (Bankr. Case No. 20 S 51/06k).
Rafaela Zenz-Zajc serves as the court- appointed property
manager of the bankrupt estate.

The property manager can be contacted at:

         Dr. Rafaela Zenz-Zajc
         Rainerstrasse 5
         5310 Mondsee, Austria
         Tel: 06232/6600
         Fax: 06232/6600-22
         E-mail: ra.zenz@aon.at


MAMIKA: Creditors' Meeting Slated for August 2
----------------------------------------------
Creditors owed money by Trade LLC Mamika (FN 43473g) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Aug. 2 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case 3 S 83/06k).  Karl F. Engelhart serves as
the court-appointed property manager of the bankrupt estate.  
Clemens Richter represents Dr. Engelhart in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Karl F. Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at   


SAB SYSTEME: Creditors' Meeting Slated for July 20
--------------------------------------------------
Creditors owed money by LLC SAB Systeme am Bau (FN 167884p) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
July 20 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on June 2 (Bankr. Case 20 S 67/06p).  Karl-Georg Holter serves
as the court-appointed property manager of the bankrupt estate.  

The property manager can be reached at:

         Mag. Karl-Georg Holter
         Maria Theresia Strasse 4
         4600 Wels, Austria
         Tel: 07242/224300
         Fax: 07242/224300-30
         E-mail: ra@cg-holter.at


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


ALCATEL SA: Inks Contract with Italy's Telbios S.p.A.
-----------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) reveals that it has
been awarded a contract by Telbios S.p.A. to provide an
innovative solution to deliver video assistance and remote
monitoring.  

Residential telemedicine services, currently under validation at
the Istituto Scientifico Universitario San Raffaele, will be
available to the public by the end of 2006.

This solution is based on Alcatel's Genesys contact center
platform, provided and installed by Alcatel, which combines call
center functionalities with the ability to manage video calls,
including those from mobile terminals, enabling a wider number
of institutions and hospitals to access these services, and
assist their patients with an array of residential telemedicine
services.

Telbios will add video assistance to its portfolio of
telemedicine services, already offered by its telemedicine
center, with the TV as a preferred interaction tool between
operators and patients.  The new telemedicine service will be
available on every broadband communication network (terrestrial,
mobile and satellite) to allow every citizen to benefit, even in
areas not covered by terrestrial broadband.

Besides video calls and videoconferences on mobile terminals, it
will be possible to securely transmit electronic medical and
life style related data over the network, and to receive
interpretation and diagnosis information, sent by the medical
staff of the Telemedicine Center, on the TV set at home.  The
solution will require the installation of a specific set-top box
(STB) at the patient's premises, which will be connected to the
TV, and a web cam to enable video calls.

"Our objective is to facilitate the development of the best
possible health-care services; services designed and deployed to
be easily accessed by everyone" said Leopoldo Genovesi, CEO in
Telbios.  "Services meant for patients with chronic diseases,
elderly people living alone; people that care for their wellness
and health to hospitals, enabling the care for people at their
home, by positively contributing to a correct life style" said
Andrea Mason, CTO of Telbios.  "We found in Alcatel a reliable
partner to help us complete our mission."

"Alcatel's Genesys solution for Telbios will be first
implemented in the framework of the IGEA Sat project, developed
in cooperation with ESA and in partnership with Lombardy Region,
Associazione Nazionale Sanitaria Piccole Isole (Small Islands
Health National Association) and other companies, such as Kell,
Telespazio, Telecom Italia Labs, Reallife TV, OPIS, Value
Partners" commented Lina Colitta, in charge of the project for
Telbios at Alcatel.  "With the Genesys solution, IGEA Sta
realizes 'the network of the networks', integrating a number of
communication networks, with Telespazio ensuring the relevant
role of satellites in delivering telemedicine services".

"The cooperation with Telbios will give Alcatel the opportunity
to apply its unrivalled competencies in the telecommunication
industry, derived from long term experience in the deployment of
network solutions for every kind of company in every industry,
included e-health" said Andreas Schneider, Vice President of
Sales and Service activities for Alcatel in Italy.  "This is a
complex project that, for sure, will utilize the benefits of the
Genesys platform in managing interaction among patients and
operators.  It is a revolution in the residential assistance in
terms of better services and resources optimization".

                          About Telbios

Headquartered in Milan, Italy, Telbios S.p.A. --
http://www.telbios.it/-- is the country's leading provider of  
telemedicine services and networks in civil and military health-
care organizations, as well as in home-care assistance,
proposing services and customer-oriented solutions.  

                          About Alcatel

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

                         *     *     *

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


ALCATEL SA: Lays Submarine Network for Kodiak Kenai Cable Co.
-------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) reveals that its
Maersk Defender cable ship is about to start laying a regional
submarine cable network for Kodiak Kenai Cable Company -- a
subsidiary of the Alaskan Old Harbor Native Corporation -- in
Seward, Alaska.  

The turnkey deployment of the new Kodiak Kenai Fiber Link (KKFL)
will provide the first fiber optic connections from Anchorage
and Seward to communities on the Kenai Peninsula and Kodiak
Island, serving the communications requirements of approximately
60,000 citizens as well as for the Alaska Aerospace Development
Corporation Launch Complex on Kodiak Island.

Designed to provide an ultimate capacity of about 1 Tbit/s, the
KKFL will stretch more than 900 km with landing points in
Anchorage, Homer and Kenai, Mill Bay and Narrow Cape.  The
project completion is scheduled by December 2006.

The high-speed network connectivity and greater capacity offered
by KKFL will help open up new economic development and enhance
existing activities, such as providing improved access for
research and education, as well as enabling advanced
telemedicine applications.  Kodiak Kenai Cable Company is
working with local and long distance exchange carriers to
provide access to broadband capacity for voice, Internet and
other data services, including Ethernet-based services.

"This achievement will enable us to give access to new, advanced
services to a larger number of residential and business users,
while enhancing the security and quality of existing services,"
Walt Ebell, CEO of Kodiak Kenai Cable Company, said.  "Alcatel's
outstanding expertise in optical networks, coupled with a top
offering of professional services, was the key factor in our
choice."

"With KKFL, Kodiak Kenai Cable Company is re-shaping the
regional communications infrastructure bringing new network
capacity and reliability to support the community development,"
Jean Godeluck, President of Alcatel's submarine network activity
said.  "This new achievement confirms Alcatel's commitment to be
the partner of choice for submarine network deployments,
following our selection and successful completion of most of the
regional submarine projects recently launched."

Alcatel will deploy its well-proven unrepeatered submarine cable
and terminal technology to provide secure and reliable
transmission capacity together with its 1677 SL SONET
multiplexer equipment to provide flexible connectivity at the
network's landing stations.  Future capacity expansions can be
implemented using dense wavelength division multiplexing (DWDM)
to meet future traffic demands in a scalable manner.  Alcatel is
also providing a comprehensive set of services including
terrestrial and marine installation, and network commissioning.

                       About Kodiak Kenai

Headquartered in Alaska, U.S.A., Kodiak Kenai Cable Company LLC
http://icardllc.com/was formed by Old Harbor Native Corporation  
and Ouzinkie Native Corporation for the purposes of constructing
and operating advanced tele-communications facilities for use by
service providers.  KKCC operates as carriers' carrier, offering
broadband capacity to local and long distance exchange carriers
for telephone, Internet and other data services.  

                          About Alcatel

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

                         *     *     *

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


EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week
---------------------------------------------------------------
Eurotunnel Group's Ad Hoc Committee and bondholders will meet
next week to discuss on devising a restructuring plan for the
company, Bloomberg reports, citing Financial Times as its
source.

According to the report, Eurotunnel is not allowed to
participate in next week's meeting by rules of its loan
agreements.  The company is expected to continue negotiations
after July 25, when the Tribunal de Commerce de Paris decides on
whether the company be granted protection from its creditors.

The senior creditors represented by the Ad Hoc Committee hold
over 70% of the co-financier debt and over 50% percent of
Eurotunnel's total debt.  Eurotunnel owes an outstanding GBP1.9
billion bonds and notes to its bondholders.

As reported by TCR-Europe on July 14, Eurotunnel Group was
forced to place itself under creditor protection at the
Commercial Court of Paris pursuant to the French law "procedure
de sauvegarde" on July 13, after restructuring talks with
bondholders failed.

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

                 Debt Restructuring Proposals

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

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

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included a EUR1.5 billion hybrid
issue with a 6% to 9% coupon and would reduce debt by 54%.

Under the agreement, bondholders will get a GBP75 million return
for their GBP1.9 billion bond holdings.

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

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

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

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

                        About the Company

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

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

                        *     *     *

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

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


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


A. K. HAUS: Claims Registration Ends August 10
----------------------------------------------
Creditors of A. K. Haus und Hof Service GmbH have until Aug. 10
to register their claims with court-appointed provisional
administrator Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against A. K. Haus und Hof Service GmbH on June 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         A. K. Haus und Hof Service GmbH
         Wiener Str. 60
         01219 Dresden, Germany

The administrator can be contacted at:

         Barbara Fritzer
         Louis-Braille-Str. 1
         01099 Dresden, Germany
         Web: http://www.ra-fritzer.de/


ALLREINIGUNG GMBH: Claims Registration Ends July 23
---------------------------------------------------
Creditors of Allreinigung GmbH Glas und Gebaudeservice have
until July 23 to register their claims with court-appointed
provisional administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against Allreinigung GmbH Glas und Gebaudeservice on June 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Allreinigung GmbH Glas und Gebaudeservice
         Hauptstr. 34
         85716 Unterschleissheim, Germany

The administrator can be contacted at:

         Michael C. Frege
         Brienner Str. 11/V
         80333 Munich, Germany
         Tel: 089/23807-850
         Fax: 089/23807-110


AS IMMOBILIEN: Claims Registration Ends August 2
------------------------------------------------
Creditors of AS Immobilien GmbH have until Aug. 2 to register
their claims with court-appointed provisional administrator Rolf
Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Aug. 16, 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 Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against AS Immobilien GmbH on June 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AS Immobilien GmbH
         Attn: Katharina Duerholdt, Manager
         Mittelstr. 28
         45549 Sprockhovel, Germany

The administrator can be contacted at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen, Germany
         Tel: (0201) 438740
         Fax: +492014387479


DSK HANDELSGESELLSCHAFT: Claims Registration Ends August 4
----------------------------------------------------------
Creditors of DSK Handelsgesellschaft mbH have until Aug. 4 to
register their claims with court-appointed provisional
administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against DSK Handelsgesellschaft mbH on June 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         DSK Handelsgesellschaft mbH
         Attn: Dieter Schafer, Manager
         Dammwiesenstr. 15
         22045 Hamburg, Germany

The administrator can be contacted at:

         Joachim Buettner
         Osdorfer Highway 230
         22549 Hamburg, Germany
         Tel: 8078810
         Fax: 807881-20


IWD INGENIEUR: Claims Registration Ends July 20
-----------------------------------------------
Creditors of IWD Ingenieur Werner Dill Verwaltungs GmbH & Co. KG
have until July 20 to register their claims with court-appointed
provisional administrator Stefan Rieger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.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 Koenigstein/Ts.
         Are 106 A
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts., 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 Koenigstein/Ts. opened bankruptcy
proceedings against IWD Ingenieur Werner Dill Verwaltungs GmbH &
Co. KG on June 7.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         IWD Ingenieur Werner Dill Verwaltungs GmbH & Co. KG
         Olmuehlweg 35c
         61462 Konigstein, Germany

         Attn: Kathrin Erbach, Manager
         Froebelstrasse 10
         65549 Limburg, Germany

The administrator can be contacted at:

         Stefan Rieger
         Zeilweg 42
         D-60439 Frankfurt am Main, Germany
         Tel: 069/963761-130
         Fax: 069/963761-145


NEUDORF GMBH: Claims Registration Ends August 2
-----------------------------------------------
Creditors of Neudorf GmbH have until Aug. 2 to register their
claims with court-appointed provisional administrator Stephan
Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against Neudorf GmbH on June 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Neudorf GmbH
         Attn: Stefan Becht, Manager
         Daimlerring 7
         65205 Wiesbaden, Germany

The administrator can be contacted at:

         Dr. Stephan Laubereau
         Kanzlei Kuebler
         Office Frankfurt/M.
         Wolf-Heidenheim-Road 12
         60489 Frankfurt/Main, Germany
         Tel: 069/713 798 30
         Fax: 069/713 798 33
         Web: http://www.kuebler-gbr.de/


NOVAPHARM GMBH: Claims Registration Ends August 3
-------------------------------------------------
Creditors of Novapharm GmbH have until Aug. 3 to register their
claims with court-appointed provisional administrator Claus-
Peter Langer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against Novapharm GmbH on June 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Novapharm GmbH
         Keferloh 1c
         85630 Grasbrunn, Germany

The administrator can be contacted at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich, Germany
         Tel: 236858-0
         Fax: 2603440


SBJ PROJEKTENTWICKLUNG: Claims Registration Ends July 28
--------------------------------------------------------
Creditors of SBJ Projektentwicklung und Management GmbH have
until July 28 to register their claims with court-appointed
provisional administrator Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, 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 Hanau opened bankruptcy proceedings
against SBJ Projektentwicklung und Management GmbH on June 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SBJ Projektentwicklung und Management GmbH
         Attn: Reinhard Scherer, Manager
         Brucknerstr. 1
         61130 Nidderau, Germany

The administrator can be contacted at:

         Thomas Illy
         Welle 5
         60322 Frankfurt/Main, Germany
         Tel: 069/9799530
         Fax: 069/97995399
         E-mail: thomas.illy@thierhoffilly.com


STUDENTENKELLER WOHNHEIM: Claims Registration Ends July 31
----------------------------------------------------------
Creditors of Studentenkeller Wohnheim D e.V. have until July 31
to register their claims with court-appointed provisional
administrator Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 6, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against Studentenkeller Wohnheim D e.V. on June 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Studentenkeller Wohnheim D e.V.
         Schliebenstr. 27
         02763 Zittau, Germany

The administrator can be contacted at:

         Bettina Schmudde
         Kings Road 1
         01097 Dresden, Germany
         Web: http://www.whitecaseinso.de/


VEREIN KLINIK: Claims Registration Ends August 1
------------------------------------------------
Creditors of Verein Klinik Aprath e.V.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 9:40 a.m. on Aug. 8, 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 Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Sept. 5 at the same
venue.

The District Court of Wuppertal opened bankruptcy proceedings
against Verein Klinik Aprath e.V. on June 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Verein Klinik Aprath e.V.
         Hospital Aprath 1
         42489 Wuelfrath, Germany

         Attn: Dr. Burghard Lehmann, Manager
         Landerbach 76
         33758 Schloss Holte-Stukenbrock, Germany

         Frank-Michael Pfeiffer, Manager
         Steeler Str. 20
         46047 Oberhausen, Germany

The administrator can be contacted at:

         Dr. Jorg Nerlich
         Friedrich-Ebert-Str. 17
         42103 Wuppertal, Germany


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


GENERAL BANKING: Moody's Cuts Financial Strength Rating to D
------------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign
currency deposit rating of General Banking and Trust Company to
Ba2 from Ba1 and GBT's financial strength rating to D from D+.

The ratings had been placed on review for possible downgrade on
July 4.  The Non-Prime short-term foreign currency bank deposit
rating was affirmed with a stable outlook.

In placing the ratings on review for possible downgrade, Moody's
had said that GBT's long-term deposit rating and the Financial
Strength rating were placed on review for downgrade because of
concerns over the implications of the changes in the bank's
business model over the course of the last year, as well as the
significant increase in the bank's risk appetite, especially
with regards to credit risk, market and trading activities.

During 2005 and Q1 2006, the bank has considerably increased the
volume of its proprietary trading activities and has taken on
significantly higher amounts of market risk in a limited number
of trading positions in Hungarian and Russian equities which
represents an important percentage of the bank's shareholder
equity.  The bank has also increased its exposure to credit risk
in emerging market countries.  Further, the bank's loan book
continues to remain highly concentrated, with top five loan
exposures reaching over 75% of the bank's capital.  In addition,
the bank's ambitions in retail banking, which we considered to
be a positive rating driver, have reduced as shown by the sale
of ten underperforming branches to Volksbank and therefore
instead will focus more on corporate lending and securities
trading going forward.

Moody's stated that the review for possible downgrade would
focus on assessing whether the bank's changing business model,
increasing risk appetite, and the banks credit and market risk
profile and financial fundamentals remain consistent with the
current Ba1/D+ foreign currency deposit and financial strength
ratings.  Moody's also stated that its review would also focus
on the repercussions of the recent volatility in global
currency, equity and fixed income markets on GBT's financial
fundamentals and risk profile.

Ratings downgraded with a stable outlook:

   -- Long-Term Foreign Currency Deposit Rating to Ba2 from
Ba1; and

   -- Financial Strength Rating to D from D+.

Rating affirmed with a stable outlook:

   -- Short-Term Foreign Currency Deposit Rating of Not Prime

Headquartered in Budapest, Hungary, General banking and Trust
Company reported in 2005 IFRS consolidated total assets of
HUF 243.7 billion (US$1.1 billion) and IFRS net profit of HUF
21.8 billion (US$102 million).


GENERAL BANKING: Moody's Withdraws D Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service withdrew the ratings for General
banking and Trust Company at the bank's request.  This bank has
no rated debts outstanding.  This action does not reflect a
change in its creditworthiness.

Ratings withdrawn:

General Banking and Trust Company

   -- Long-term deposit rating: Ba2;

   -- Short-term deposit rating: Not Prime; and

   -- Bank financial strength rating: D.

All ratings carried stable outlook prior to withdrawal.

Headquartered in Budapest, Hungary, General banking and Trust
Company reported in 2005 IFRS consolidated total assets of
HUF243.7 billion (US$1.1 billion) and IFRS net profit of HUF21.8
billion (US$102 million).


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


CARAVAN: Creditors Must File Claims by July 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Caravan insolvent on April 28 without the
introduction of bankruptcy proceedings.

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

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


ESET: Creditors Must File Claims by Aug. 1  
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Eset insolvent on May 10.

Creditors have until Aug. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 204
         Kunayeva Str. 99a
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63
              8 (3272) 67-63-46
              8 (3007) 18-01-17


OPT-OIL: Creditors Must File Claims by July 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Opt-Oil insolvent on April 28 without the
introduction of bankruptcy proceedings.

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

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


SJIJENNYI GAZ: Proof of Claim Deadlin Slated for July 28
--------------------------------------------------------
JSC Liquefied Gas Sjijennyi Gaz has declared insolvency.  

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

         JSC Liquefied Gas Sjijennyi Gaz
         Askarova Str. 297a
         Taraz, Kazakhstan


TASTOBE-AGRO: Proof of Claim Deadline Slated for July 28
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Tastobe-Agro insolvent on May 4.

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

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Birjan Sal Str. 80-30
         Taldykorgan, Almaty Region
         Kazakhstan
         Tel: 8 (3282) 24-74-83


TEHNOKOM LTD: Claims Registration Ends July 28
----------------------------------------------
LLP Company Tehnokom Ltd. has declared insolvency.  

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

         LLP Company Tehnokom Ltd
         Room 305
         Auezova Str. 82
         Almaty, Kazakhstan

         Room 7
         Muratbayeva Str. 138
         Almaty, Kazakhstan
         Tel: 8 (3272) 93-78-52


TOPEC LTD: Claims Registration Ends Aug. 1
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Topec Ltd. insolvent on May 15.

Creditors have until Aug. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 204
         Kunayeva Str. 99a
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63
              8 (3272) 67-63-46
              8 (3007) 18-01-17


UKO-OIL: Creditors' Claims Due Aug. 1
-------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Uko-Oil insolvent on May 11.

Creditors have until Aug. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 204
         Kunayeva Str. 99a
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63
         8 (3272) 67-63-46
         8 (3003) 37-52-95


URALAZAVTOSERVIS-MANGISTAU: Court Starts Bankruptcy Process
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region has commenced bankruptcy proceeding against LLP
Uralazavtoservis-Mangistau on May 25.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:
         
         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


ZVEZDA: Creditors' Claims Due Aug. 1
------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Firm Zvezda insolvent on May 4.

Creditors have until Aug. 1 to submit written proofs of claim
to:
      
         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 204
         Kunayeva Str. 99a
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63
              8 (3272) 67-63-46
              8 (3007) 18-01-17


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


ANER TREID: Proof of Claim Deadline Slated for Aug. 25
------------------------------------------------------
LLC Aner Treid has declared insolvency.  Creditors have until
Aug. 25 to submit written proofs of claim to:

         LLC Aner Treid
         Ak-Tuz Str. 189
         Bishkek, Kyrgyzstan


FENIKS AVIEISHEN: Creditors Must File Claims by Sept. 1
-------------------------------------------------------
LLC Airline Feniks Avieishen has declared insolvency.  Creditors
have until Sept. 1 to submit written proofs of claim to:

         Office of the LLC Airline Feniks Avieishen
         International Airport Manas
         Kyrgyzstan


ORDO-BAS: Proof of Claim Deadline Slated for Sept. 1
----------------------------------------------------
LLC Company Ordo-Bas has declared insolvency.  Creditors have
until Sept. 1 to submit written proofs of claim to:

         LLC Ordo-Bas
         Aidyn-kol Str. 8
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 65-24-16


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


WEATHER CAPITAL: Moody's Withdraws B3 Rating on EUR1.2-Bln Loan
---------------------------------------------------------------
Moody's Investors Service withdrew the B3 rating previously
assigned to a EUR1.2 billion collateralized loan facility
granted to Weather Capital S.a.r.l. at the request of the
company.  

The rating had been put on review in December 2005 for possible
downgrade at the time of an announced acquisition as a result of
the need to review possible changes that would be made to the
facility's terms and conditions.  The terms and conditions of
the loan facility have been replaced with new terms and
conditions, which include no requirement for a rating.

Weather Capital S.a.r.l. is a holding company established under
the laws of Luxembourg for the purpose of partially financing
the acquisition of Wind Telecomunicazioni S.p.A by Mr. Naguib
Sawiris, the indirect controlling shareholder of Weather
Investments S.r.l.  The main asset of Weather Capital is a 50% +
1 share, in the form of GDRs, each representing one ordinary
share, in the share capital of Orascom Telecom Holdings S.A.E.



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


KONINKLIJKE AHOLD: Nominates Tom de Swaan to Supervisory Board
--------------------------------------------------------------
Koninklijke Ahold N.V.'S Supervisory Board has nominated Tom de
Swaan for appointment as one of its members.

Mr. De Swaan is the former Chief Financial Officer of ABN AMRO
Bank N.V.  His nomination for appointment will be on the agenda
of the next general meeting of Ahold shareholders.

Mr. De Swaan, 60, will fill the vacancy to be left by Jan
Hommen, who has been on the Ahold Supervisory Board and chairman
of the Audit Committee since 2003.  Hommen will not be standing
for re-election at the end of his term following the Annual
General Meeting of Shareholders in 2007, due to a restriction on
the number of directorships under the Tabaksblat Code.

Mr. De Swaan was appointed to the Executive Board of ABN AMRO
Bank N.V. in 1999, and served as Chief Financial Officer between
1999 and 2006.  He holds several other supervisory or non-
executive directorships including Koninklijke DSM N.V.,
GlaxoSmithKline plc, Financial Services Authority London and
Zurich Financial Services.

The Ahold Supervisory Board currently comprises:

   -- Rene Dahan (Chairman, Chairman of the Selection and
      Appointment Committee, and former Executive Vice President
      of Exxon Mobil Corporation);

   -- Jan Hommen (Vice Chairman, Chairman of the Audit Committee
      and former CFO and vice chairman of the board of Royal
      Philips Electronics N.V.);

   -- Karen de Segundo (former CEO of Shell International
      Renewables);

   -- Derk Doijer (Chairman of the Remuneration Committee and
      former executive director of SHV Holdings);

   -- Myra Hart (a professor who holds the MBA Class of 1961
      Chair of Entrepreneurship at Harvard Business School, and
      a member of the founding team of Staples the Office
      Superstore);

   -- Stephanie Shern (formerly vice chair and global director
      of Retail and Consumer Products at Ernst & Young); and

   -- Judith Sprieser (former CEO of Transora, Inc. and CFO of
      Sara Lee Corporation).

                           About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,  
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores includes Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.  
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


VNU N.V.: S&P Lowers Long-Term Corporate Credit Rating to B
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Dutch media group VNU N.V. to 'B'
from 'B+', and affirmed its 'B' short-term corporate credit
rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  The outlook
is negative.

"The downgrade reflects the implementation of VNU's highly
leveraged capital structure as part of private-equity-owned
Valcon Acquisition B.V.'s recent LBO of the group," said
Standard & Poor's credit analyst Paul Draffin.

"This will increase VNU's debt levels, excluding pension
obligations and leases, to about EUR6.1 billion--about
US$7.6 billion--or slightly below 9x 2005 EBITDA before certain
addbacks of one-off items and anticipated savings."
     
Standard & Poor's also assigned its 'B+' long-term debt rating
and '1' recovery rating to the US$5.856 billion proposed senior
secured facilities borrowed at the level of Nielsen Finance LLC,
VNU Holding and Finance B.V., and ACNielsen Company of Canada,
and its 'CCC+' long-term debt rating to the proposed US$835
million senior unsecured notes due 2014 and US$835 million
senior subordinated discount notes due 2016 to be issued by
Nielsen Finance LLC and guaranteed by VNU N.V.  The new ratings
are subject to Standard & Poor's satisfaction with final
documentation.  About EUR520 million of VNU's existing bonds are
expected to remain outstanding upon completion of the LBO.
     
The 'B+' bank loan rating, which is one notch higher than the
corporate credit rating, and the '1' recovery rating indicate
Standard & Poor's expectation of full recovery of principal for
senior secured lenders in the event of a payment default.
     
The two-notch differential between the rating on the group's
unsecured debt issues and the corporate credit rating
acknowledges the materially disadvantaged recovery position of
these debt issues relative to the group's substantial senior
secured bank debt.

Given VNU's significant financial leverage and limited capacity
to reduce debt from internal cash flow generation in the near
term, ratings stability will depend on the group's ability to
make solid progress in expected cost savings and, more
importantly, on converting these cost savings into increased
earnings and cash flows.

"These measures, together with maintenance of adequate
liquidity, will be required to stabilize the long-term corporate
credit rating at the 'B' level," said Mr. Draffin.

"A downgrade would be possible if the group were subject to
greater-than-expected competitive pressure or endured
significant difficulties in realizing expected cost savings,
which would then diminish headroom under its financial
covenants."


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


AKER KVAERNER: Inks NOK450-Million Contract with MPF Corp Ltd.
--------------------------------------------------------------
Aker Kvaerner ASA has signed a contract with MPF Corp Ltd. for
delivery of drilling equipment to the Multi Purpose Floater
drillship.

The total contract value for Aker Kvaerner is approximately
NOK450 million.

The drilling package is designed for world wide, harsh
environment and ultra deepwater drilling operations.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker
Kvaerner MH in Kristiansand.

The delivery consists of a complete drilling equipment package;
derrick and associated equipment, drillfloor and pipedeck
equipment with control system, tensioning systems, mud handling
equipment and subsea handling equipment.

"Our delivery to MPF Corp. Ltd. demonstrates the flexibility and
versatility of our products and solutions," Roald Amundsen,
President of Aker Kvaerner MH, said.  "The delivery to MPF will
be based on a solution delivered to ultra deepwater semi
submersibles, and will be adapted to fit their multipurpose
floater.  This execution philosophy will also ensure quality and
timely delivery."

The drilling equipment package will be delivered sequentially
starting Q4-2007.

                       About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


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


ALFA: Bankruptcy Hearing Slated for August 1
--------------------------------------------
The Arbitration Court of Volgograd Region will convene at 9:00
a.m. on Aug. 1 to hear the bankruptcy supervision procedure on
OJSC Alfa.  The case is docketed under Case No. A12-5209/06-S48.

The Temporary Insolvency Manager is:
         
         A. Tokarev
         Post User Box 1961
         400050 Volgograd Region
         Russia

The Debtor can be reached at:

         OJSC Alfa
         Dovzhenko Str. 69
         400080 Volgograd Region
         Russia


FERTILITY: Tula Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Tula Region has commenced bankruptcy
supervision procedure on OJSC Fertility (TIN 7127001030).  The
case is docketed under Case No. A68-67/B-06.

The Temporary Insolvency Manager is:

         A. Popov
         Post User Box 345
         115230 Moscow-320
         Russia

The Debtor can be reached at:

         OJSC Fertility
         Arkhangelskoye
         Kamenskiy Region
         301990 Tula Region
         Russia


KANSKIY: Court Names S. Grudyakov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed S.
Grudyakov as Insolvency Manager for OJSC City Diary Factory
Kanskiy.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-199440/2005.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC City Diary Factory Kanskiy
         Let Oktyabrya Str. 68
         Kansk 40
         663614 Krasnoyarsk Region
         Russia


KUYBYSHEVSKOYE MILK: B. Artemkin to Manage Assets
-------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. B.
Artemkin as Insolvency Manager for CJSC Kuybyshevskoye Milk.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-18113/05-10/296.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3.
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Kuybyshevskoye Milk
         Kuybyshev
         Novosibirsk Region
         Russia


METALLO-PLAST: Court Names A. Popov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. A. Popov as
Insolvency Manager for CJSC Metallo-Plast (TIN 7123004713).  He
can be reached at:

         A. Popov
         Post User Box 345
         Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-65/B-06.

The Debtor can be reached at:

         CJSC Metallo-Plast
         Anishino
         Venevskiy Region
         3013351 Tula Region
         Russia


OMSKIY GROATS: Bankruptcy Hearing Slated for Sept. 19
-----------------------------------------------------
The Arbitration Court of Omsk Region will convene at 10:00 a.m.
on Sept. 19 to hear the bankruptcy supervision procedure on CJSC
Omskiy Groats Factory (TIN 5507013447).  The case is docketed
under Case No. A46-4323/2006.

The Temporary Insolvency Manager is:
         
         V. Ratkovskiy
         13th floor.
         K. Libknekhta Str. 35
         644043 Omsk Region
         Russia
          
The Debtor can be reached at:

         CJSC Omskiy Groats Factory
         12th Dekabrya Str. 1
         644015 Omsk Region
         Russia


POWER UNITS: Court Names O. Ospanova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Ms. O.
Ospanova as Insolvency Manager for CJSC Volgogradskiy Factory of
Power Units.  She can be reached at:

         O. Ospanova
         Office 400
         7th Gvardeyskaya Str. 2A
         400005 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-29745/05-s57.

The Debtor can be reached at:

         CJSC Volgogradskiy Factory Of Power Units
         Aviatorov Shosse 8
         400048 Volgograd Region
         Russia


ROSNEFT OIL: Yukos Wants High Court to Block Share Sale
-------------------------------------------------------
Yukos Oil Co. has asked Mr. Justice Charles of the U.K. High
Court of Justice to block the initial public offering of state-
owned OAO Rosneft Oil Company on the London Stock Exchange.

Rosneft's IPO is due to formally trade in London today, a few
days after its shares kicked off in the Moscow stock exchange.  
According to the LSE, full listing of Rosneft will go ahead as
scheduled unless blocked by the courts.

Yukos representative Clare Montgomery argues that the IPO
amounts to money laundering under the Proceeds of Crime Act
because 70% of the company's value came from the unlawful
seizure and sale of Yukos, The Wall Street Journal reports.

"Proceeds of crime legislation should be used to prevent rogue
regimes from acting in criminal or unlawful ways," Ms.
Montgomery said.

Rosneft purchased Yukos' largest production unit,
Yuganskneftegaz, in December 2004 after the Russian government
seized the asset as payment for more than US$30 billion in tax
arrears for 2000-2003.  

Yukos alleged that the flotation would amount to the sale of the
stolen property.

Yukos sought the High Court's permission to seek a judicial
review on decisions made by the Financial Services Authority and
the LSE as to whether they have acted lawfully in allowing the
shares to be listed in the London market.  Yukos wants the court
to enforce a temporary injunction on the share sale pending the
review.

BBC reports that the court has set aside a day-and-a-half to
investigate whether the FSA and LSE decisions are open to legal
challenge but warns a decision is unlikely before today's
deadline.  

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.

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.

                        About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an   
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.  
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
a bankruptcy suit in the Moscow Arbitration Court in an attempt
to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
10775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

                        About Rosneft

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.


ROSNEFT OIL: R. Abramovich Bought US$300-Mln Shares, Paper Says
---------------------------------------------------------------
Russian billionaire Roman Abramovich bought a stake in state-
owned OAO Rosneft Oil Company for US$300 million, MosNews
reports citing The British Observer as its source.

According to the paper, Mr. Abramovich's stake represents 3
percent of all the shares now on the market, although his share
of Rosneft's equity would be smaller.

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 and the world's fifth largest flotation.

MosNews says the listing is believed to see around 20-25 percent
of Rosneft into investors' hands while 75-80 percent will be
retained by the Kremlin, with around 40 percent of the shares
available to be set aside for Russian investors.

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.

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.

                        About Rosneft

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.


RYMNINSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region has commenced
bankruptcy supervision procedure on CJSC Rymninskoye.  The case
is docketed under Case No. A76-5348/2006-52-8.

The Temporary Insolvency Manager is:

         V. Tatarnikov
         Komarovskogo Str. 9/3
         454052 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Rymninskoye
         Rymnikskiy
         Bredninskiy Region
         Chelyabinsk Region
         Russia


SAPOZHKOVSKIY MECHANICAL: Bankruptcy Hearing Slated for Aug. 22
---------------------------------------------------------------
The Arbitration Court of Ryazan Region will convene on Aug. 22at
11:30 a.m. to hear the bankruptcy supervision procedure on OJSC
Sapozhkovskiy Mechanical Factory.  The case is docketed under
Case No. A54-1341/2006-S6.

The Temporary Insolvency Manager is:

         A. Androsov
         390039 Ryazan Region Russia Post User Box 269.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44.
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Sapozhkovskiy Mechanical Factory
         Svobody Str. 4
         Sapozhok
         391940 Ryazan Region
         Russia


STEEL-SERVICE: Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Kurgan Region has commenced bankruptcy
supervision procedure on LLC Steel-Service.  The case is
docketed under Case No. A34-1069/2006.

The Temporary Insolvency Manager is:

         V. Ivanov
         Mira Pr. 171A
         644085 Omsk Region
         Russia

The Debtor can be reached at:

         LLC Steel-Service
         Tsentralnaya Str. 1A
         Zamaraevskoye
         Shadrinskiy Region
         641859 Kurgan Region
         Russia


SPETS-STROY: Court Names A. Rusanov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. A.
Rusanov as Insolvency Manager for CJSC Building Company Spets-
Stroy.  He can be reached at:  

         A. Rusanov
         Post User Box 210
         Kostycheva Str. 40/2
         630077 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A45-16018/05-27/259.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3.
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Building Company Spets-Stroy
         B. Khmelnitskogo Str. 29
         630075 Novosibirsk Region
         Russia


TIKHVINSKIY GALANT: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
has commenced bankruptcy supervision procedure on OJSC
Tikhvinskiy Factory Galant.  The case is docketed under Case No.
A56-36164/2005.

The Temporary Insolvency Manager is:

         D. Ivanov
         Office 315
         Marata Str. 92
         191119 St. Petersburg Region
         Russia

The Debtor can be reached at:

         OJSC Tikhvinskiy Factory Galant
         Borovaya Str. 1
         Tikhvin
         187500 Leningrad Region
         Russia


TURDEYSKOYE: Court Names N. Rzyankin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. N. Rzyankin
as Insolvency Manager for CJSC Turdeyskoye (TIN 7124000782).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-30/B-06.

The Debtor can be reached at:

         CJSC Turdeyskoye
         Kazachka
         Volovskiy Region
         301591 Tula Region
         Russia


VOROBYEVSKOYE: Court Names I. Klemeshov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. I.
Klemeshov as Insolvency Manager for OJSC Vorobyevskoye.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A45-26057/05-48/453.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Vorobyevskoye
         Vorobyevo
         Kolyvanskiy Region
         633167 Novosibirsk Region
         Russia


YUKOS OIL: Wants High Court to Block Rosneft Share Sale
-------------------------------------------------------
Yukos Oil Co. has asked Mr. Justice Charles of the U.K. High
Court of Justice to block the initial public offering of state-
owned OAO Rosneft Oil Company on the London Stock Exchange.

Rosneft's IPO, which is Russia's largest flotation to date, is
due to formally trade in London today, a few days after its
shares kicked off in the Moscow stock exchange.  According to
the LSE, full listing of Rosneft will go ahead as scheduled
unless blocked by the courts.

Yukos representative Clare Montgomery argues that the IPO
amounts to money laundering under the Proceeds of Crime Act
because 70% of the company's value came from the unlawful
seizure and sale of Yukos, The Wall Street Journal reports.

"Proceeds of crime legislation should be used to prevent rogue
regimes from acting in criminal or unlawful ways," Ms.
Montgomery said.

Rosneft purchased Yukos' largest production unit,
Yuganskneftegaz, in December 2004 after the Russian government
seized the asset as payment for more than US$30 billion in tax
arrears for 2000-2003.  

Yukos alleged that the flotation would amount to the sale of the
stolen property.

Yukos sought the High Court's permission to seek a judicial
review on decisions made by the Financial Services Authority and
the LSE as to whether they have acted lawfully in allowing the
shares to be listed in the London market.  Yukos wants the court
to enforce a temporary injunction on the share sale pending the
review.

BBC reports that the court has set aside a day-and-a-half to
investigate whether the FSA and LSE decisions are open to legal
challenge but warns a decision is unlikely before today's
deadline.  

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.

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.

                        About Rosneft

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.

                        About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an   
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.  
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
a bankruptcy suit in the Moscow Arbitration Court in an attempt
to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
10775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.


YUKOS OIL: Court Nixes Moravel's Suit to Recover US$680 Million
---------------------------------------------------------------
The Moscow Arbitration Court rejected Monday Moravel Investment
Ltd.'s request to enforce a ruling by a London arbitration
tribunal to recover US$680 million from Yukos Oil Company, RIA
Novosti says.

On Sept. 30, 2003, Societe Generale Bank extended a US$1.6
billion loan to Yukos under which it may demand early repayment
over threats of default.  The bank then demanded the repayment
of the remaining US$655.25 million debt when Yukos ran into
financial difficulties.  When Yukos failed to meet its
obligations, the bank re-assigned its claim to Moravel
Investment which then took the case to an arbitration tribunal
in London, the Russian news agency relates.

According to the report, the tribunal ruled in favor of Moravel
on Sept. 16, 2005, to recover the amount from Yukos together
with accrued interest.

                        About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an   
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.  
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
a bankruptcy suit in the Moscow Arbitration Court in an attempt
to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
10775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.


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


FONCAIXA FTGENCAT: Moody's Junks EUR6-Mln Series E Notes
--------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
six series of Bonos de Titulizacion de Activos issued by
FONCAIXA FTGENCAT 4 Fondo de Titulizacion de Activos, a Spanish
Asset Securitization Fund that has been created by Gesticaixa,
S.G.F.T, S.A.

Ratings assigned:

   -- EUR251.2 million Series A(S) notes: Aaa;
   -- EUR326.0 million Series A(G) notes: Aaa;
   -- EUR9.6 million Series B notes: A2;
   -- EUR7.2 million Series C notes: Baa2;
   -- EUR6.0 million Series D notes: Ba1; and
   -- EUR6.0 million Series E notes: C.

The definitive ratings address the expected loss posed to
investors by the Legal Final Maturity on March 10, 2049.  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par on or before
the rated Final Legal Maturity date on Classes A/B/C/D, and for
ultimate payment of interest and principal at par on or before
the rated Final Legal Maturity date on Class E. The ratings do
not address full redemption of the Notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

Foncaixa Ftgencat 4, FTA, a securitization of small- and medium-
sized entreprises (SMEs) loans under the FTGENCAT program
carried out by La Caixa, S.A., comes after the concession by the
Economy Departement of Catalonia of a new guarantee budget for
the current year.

Strong features within this deal include among others:

   -- a strong swap agreement guaranteeing an excess spread of
0.50%;

   -- a 1.00% reserve fund to cover potential shortfalls in
interest or principal;

   -- a 12-month artificial write-off mechanism;

   -- the guarantee of the Generalitat of Catalonia (Aa3/P-1),
as concerns the Series A(G) notes; and

   -- the fact that the management company will elect the loans
from the provisional pool that will result in the least
concentrated securitized pool.

Weaker features include:

   -- prorrata amortization of the notes;

   -- strong geographical concentration in the region of
Catalonia; and

   -- the negative impact of the interest deferral trigger on
the subordinated series.  These increased risks were
reflected in the credit enhancement calculation.

The provisional pool of underlying assets was, as of June 2006,
made up of a portfolio of 14,258 loans and 12,251 borrowers,
granted to Catalan enterprises.  The loans have been originated
between 1988 and 2006, with a weighted average seasoning of 2.62
years and a weighted average remaining life of 13.69 years.  The
weighted average interest rate is 3.83%.  Around 76.50% of the
outstanding of the portfolio is secured by a first-lien mortgage
guarantee over different type of properties, with a weighted
average loan to value equal to 52.84%.  Geographically the pool
is concentrated in Catalonia.

Moody's has based its ratings on:

   -- an evaluation of the underlying portfolio of loans
securing the structure, and

   -- the transaction's structural protections, which include
the subordination of the notes, the strength of the cash
flows including the reserve fund and any excess spread
available to cover losses.


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


ADM-GROUP: Court Names LLC Prime-Inform as Liquidator
-----------------------------------------------------
The Economic Court of Kyiv Region appointed LLC Prime-Inform as
Liquidator for LLC ADM-Group (code EDRPOU 33238291).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. 15/289-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC ADM-Group
         Peremogi Avenue 136/34
         03170 Kyiv Region
         Ukraine


ALMAZ-OIL: Court Names M. Vereshak as Insolvency Manager
--------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. M.
Vereshak as Liquidator/Insolvency Manager for LLC Trade House
Almaz-Oil (code EDRPOU 31806269).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 26.  The case is docketed
under Case No. 16/6/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Almaz-Oil
         Nizhnyo-Dniprovska Str. 6-A
         69091 Zaporizhya Region
         Ukraine


ASTORIYA: Court Names Bankruptcy Agency to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for
Agricultural LLC Astoriya (code EDRPOU 32060558).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
10/59-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Astoriya
         Pustoha
         Kozyatin District
         22144 Vinnitsya Region
         Ukraine


BUDMASH: Court Names I. Popov as Insolvency Manager
---------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. I. Popov as
Liquidator/Insolvency Manager for OJSC Budmash (code EDRPOU
01033310).  He can be reached at:

         Makiyivka
         Tambovska Str. 1
         Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 24.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Budmash
         Tambovska Str. 1
         Makiyivka
         83030 Donetsk Region
         Ukraine


CHAROSVIT: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Charosvit (code EDRPOU 31109010) on
April 14.  The case is docketed under Case No. 23/116-B.  

The Temporary Insolvency Manager is:

         V. Zaharchuk
         a/b 100
         03146 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Charosvit
         Val Str. 5
         Yaroslaviv
         01034 Kyiv Region
         Ukraine


DAVID: Court Names Ludmila Buchinska as Liquidator
--------------------------------------------------
The Economic Court of Lviv Region appointed Ludmila Buchinska as
Liquidator/Insolvency Manager for LLC David (code EDRPOU
22405789).  She can be reached at:

         Ludmila Buchinska
         Varshavska Str. 94
         79020 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 6/66-5/86.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC David
         Chervonograd
         80100 Lviv Region
         Ukraine


DIBROVA: Court Names Mr. V. Kunashenko as Insolvency Manager
------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Mr. V.
Kunashenko as Liquidator/Insolvency Manager for Agricultural LLC
Dibrova (code EDRPOU 14178598).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 10.  The case is docketed
under Case No. 3/321-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dibrova
         Starokostyantinivka District Drachi
         Hmelnitskij Region
         Ukraine


ELEKTROPROMKOMPLEKT: Court Names R. Kravchenko as Liquidator
------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. R.
Kravchenko as Liquidator/Insolvency Manager for LLC
Elektropromkomplekt (code EDRPOU 32934646).  He can be reached
at:

         R. Kravchenko
         a/b 42
         Skifska Str. 18/17
         Energodar
         71500 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 25.  The case is docketed
under Case No. 25/95/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Elektropromkomplekt
         Dniprovski zori Str. 1-A
         69015 Zaporizhya Region
         Ukraine


EVA: Court Names CJSC Kyiv Glass Tare Plant as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed CJSC Kyiv Region'
Glass Tare Plant as Liquidator for LLC Eva (code EDRPOU
19254714).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 18.  The case is docketed
under Case No. 15/326-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Eva
         Maslivka Str. 27
         02132 Kyiv Region
         Ukraine


FACTOR TECHNOLOGY: Court Names LLC Avangard Stil as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed for LLC Factor
Technology (code EDRPOU 33294822).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. 15/287-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Factor Technology
         Peremogi Avenue 136/34
         03115 Kyiv Region
         Ukraine


INVEST-KOMPLEKT: Court Names LLC Budivelnik as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed LLC Budivelnik as
Liquidator for LLC Invest-Komplekt (code EDRPOU 33238181).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. 15/290-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Invest-Komplekt
         Pavlo Pestel Str. 11
         01135 Kyiv Region
         Ukraine


IVANICHI' BREAD: Court Names Anatolij Lipich as Liquidator
----------------------------------------------------------
The Economic Court of Volinska Region appointed Anatolij Lipich
as Liquidator/Insolvency Manager for OJSC Ivanichi' Bread
Receiving Enterprise (code EDRPOU 00953467).  He can be reached
at:

         Anatolij Lipich
         a/b 7
         Lutsk
         43018 Volinska Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 1/49-B.  

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Ivanichi' Bread Receiving Enterprise
         Lutska Str. 2
         Ivanichi
         45260 Volinska Region
         Ukraine


KAMYANETS-PODILSKIJ' TOBACCO: Volodimir Gabruk to Manage Assets  
---------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed for OJSC
Kamyanets-Podilskij' Tobacco Factory (code EDRPOU 00383248).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 5.  The case is docketed
under Case No. 4/136-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Kamyanets-Podilskij' Tobacco Factory
         Kripyakevich Str. 3
         Kamyanets-Podilskij
         32300 Hmelnitskij Region
         Ukraine


KAPUSTYANSKE: Court Names Anatolij Leshenko as Liquidator
---------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Anatolij
Leshenko as Liquidator/Insolvency Manager for Agricultural OJSC
Kapustyanske (code EDRPOU 00385655).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. 5/245-05.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural OJSC Kapustyanske
         Kapustyani
         Trostyanets District
         Vinnitsya Region
         Ukraine


SINAPS-KOMPLEKT: Court Names Asanta as Liquidator
-------------------------------------------------
The Economic Court of Kyiv Region appointed Private Enterprise
Asanta as Liquidator for LLC Sinaps-Komplekt (code EDRPOU
32775148).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. 15/286-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Sinaps-Komplekt
         Oranzherejna Str. 3
         04112 Kyiv Region
         Ukraine


TEHNOSOYUZ: Court Names Ludmila Zayikina as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Ludmila Zayikina as
Liquidator/Insolvency Manager for LLC Industrial Company
Tehnosoyuz (code EDRPOU 332622358).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 18.  The case is docketed
under Case No. 43/279.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Industrial Company Tehnosoyuz
         Svyatoshinska Str. 3
         03115 Kyiv Region
         Ukraine


YAKUTALMAZKROLEVETSSANTEHARMATURA: D. Pehterev to Manage Assets
---------------------------------------------------------------
The Economic Court of Sumi Region appointed Dmitro Pehterev as
Liquidator/Insolvency Manager for LLC
Yakutalmazkrolevetssanteharmatura (code EDRPOU 14005142).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 15.  The case is docketed
under Case No. 12/49-05.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Yakutalmazkrolevetssanteharmatura
         Petrovskij Str. 12
         Krolevets
         Sumi Region
         Ukraine


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


ACAZ RECRUITMENT: Creditors Pass Winding Up Resolution
------------------------------------------------------
Creditors of ACAZ Recruitment Limited passed a resolution to
wind up the company's operations on April 21.

Stephen John Tancock and Vincent John Green of Smith &
Williamson Limited were appointed Joint Liquidators.

ACAZ Recruitment Limited can be reached at:

         3 Old Bank Chambers
         4A Dartford Road
         March
         Cambridgeshire PE158AQ
         United Kingdom
         Tel: 01354 652 122


AMB ELECTRICAL: Creditors' Meeting Slated for July 26
-----------------------------------------------------
Creditors of AMB Electrical Engineering Limited (Company Number
04848338) will meet at 11:00 a.m. on July 26 at:

         Holiday Inn
         Tadcaster Road
         York YO24 1QF
         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 25 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.


ANDREW JAMES: Names Ninos Koumettou Liquidator
----------------------------------------------
Ninos Koumettou of Alexander Lawson & Co was appointed
Liquidator of Andrew James Housing Limited after creditors
agreed to wind up the company on April 27.

The company can be reached at:

         Andrew James Housing Limited
         Everlast House
         1 Cranbrook Lane
         London N11 1PF
         United Kingdom
         Tel: 079 5869 0909


ARCHMASTER UK: Creditors Resolve to Voluntary Liquidation
---------------------------------------------------------
Creditors of Archmaster (U.K.) Limited resolved to voluntarily
liquidate the company's assets during an extraordinary general
meeting on April 13.

Subsequently, Andrew T. Clay of Andrew Michaels & Co. Ltd. was
appointed Liquidator.

The company can be reached at:

         Archmaster (UK) Limited
         Unit 20
         S D H Industrial Estate
         West Street
         Sowerby Bridge
         West Yorkshire HX6 3BS
         United Kingdom
         Tel: 01422 316 040


BELLMACK LTD: Financial Woes Prompt Liquidation
-----------------------------------------------
Bellmack Limited is winding up its operations after creditors
established the company could no longer continue its business
due to mounting debts.

Alisdair J. Findlay of Findlay James was appointed Liquidator.

The company can be reached at:

         Bellmack Limited
         29 Rycote Close
         Grange Park
         Swindon SN5 6AP
         United Kingdom
         Tel: 01666 502 800


BILL HARMAN: Names Shay Lettice as Administrator
------------------------------------------------
Shay Lettice of Peters Elworthy & Moore was named administrator
of Bill Harman & Co. Limited (Company Number 1123842) on
June 16.

The administrator can be reached at:

         Peters Elworthy & Moore
         Salisbury House
         Station Road
         Cambridge
         Cambridgeshire CB1 2LA
         United Kingdom
         Tel: 01223 362333
         Fax: 01223 461424
         E-mail: slettice@pem.co.uk

Headquartered in Suffolk, United Kingdom, Bill Harman & Co.
Limited provides labor recruitment services.


BRISTOL CITY: Creditors' Meeting Slated for August 3
----------------------------------------------------
Creditors of Bristol City Projects Limited (Company Number
04269393) will meet at 10:30 a.m. on Aug. 3 at:

         KPMG LLP
         100 Temple Street
         Bristol BS1 6AG
         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 Aug. 2 at:

         Allan Watson Graham and Richard John Hill
         Joint Administrators
         KPMG LLP
         100 Temple Street
         Bristol BS1 6AG
         United Kingdom
         Tel: (0117) 905 4000
         Fax: (0117) 905 4001

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.


BRITAX GROUP: Moody's Withdraws B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service withdrew the B1 corporate family
rating assigned to Britax Group plc.

Moody's has withdrawn this rating at the request of the company.
This follows the redemption of Britax Group's EUR145 million
11.25% senior unsecured notes due 2011 on Nov. 25, 2005, with
proceeds from the earlier divestment of the Group's Childcare
Division.  

The company's GBP175 million senior secured facilities, which
had been rated at the same level as the corporate family rating,
were also refinanced in November 2005.

Headquartered in Warwick, U.K., Britax is the holding company of
two diversified businesses, namely the Premium Aircraft
Interiors Group, which designs and supplies aircraft interior
equipment, and Public Safety, which designs and assembles
products for the emergency, warning and commercial vehicle
markets.  

In the year to Dec. 31, 2005 the company generated revenues and
EBITDA of GBP458.9 million and GBP47.0 million, respectively.


DOCKLAND FISHERIES: Creditors Opt to Liquidate Assets
-----------------------------------------------------
Creditors of Dockland Fisheries Limited opted to liquidate the
company's assets during an extraordinary general meeting on
April 27.

John Alfred George Alexander and Patricia Kay Hartley-Mills of
Carter Backer Winter were appointed Joint Liquidators.

The company can be reached at:

         Dockland Fisheries Limited
         Billingsgate Market
         Trafalgar Way
         London E14 5SU
         United Kingdom
         Tel: 020 7538 1616
         Fax: 020 7538 9483


EP DIGITAL: Creditors' Meeting Slated for July 21
-------------------------------------------------
Creditors of EP Digital and Screen Limited (Company Number
5529359) will meet at 11:00 a.m. on July 21 at:

         60-62 Old London Road
         Kingston upon Thames
         Surrey KT2 6QZ
         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:

         Andrew John Whelan
         Administrator
         Marks Bloom
         60-62 Old London Road
         Kingston upon Thames
         Surrey KT2 6QZ
         United Kingdom
         Tel: +44 020 854 99 951
         Fax: +44 020 854 96 218

Marks Bloom -- http://www.marksbloom.co.uk/-- is a three-
partner firm of Chartered Accountants, was established in 1949
and our staff and services have expanded to the extent that we
are able to offer the complete accountancy service for the
business of the third millennium.


EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week
---------------------------------------------------------------
Eurotunnel Group's Ad Hoc Committee and bondholders will meet
next week to discuss on devising a restructuring plan for the
company, Bloomberg reports, citing Financial Times as its
source.

According to the report, Eurotunnel is not allowed to
participate in next week's meeting by rules of its loan
agreements.  The company is expected to continue negotiations
after July 25, when the Tribunal de Commerce de Paris decides on
whether the company be granted protection from its creditors.

The senior creditors represented by the Ad Hoc Committee hold
over 70% of the co-financier debt and over 50% percent of
Eurotunnel's total debt.  Eurotunnel owes an outstanding GBP1.9
billion bonds and notes to its bondholders.

As reported by TCR-Europe on July 14, Eurotunnel Group was
forced to place itself under creditor protection at the
Commercial Court of Paris pursuant to the French law "procedure
de sauvegarde" on July 13, after restructuring talks with
bondholders failed.

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

                 Debt Restructuring Proposals

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

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

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included a EUR1.5 billion hybrid
issue with a 6% to 9% coupon and would reduce debt by 54%.

Under the agreement, bondholders will get a GBP75 million return
for their GBP1.9 billion bond holdings.

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

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

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

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

                        About the Company

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

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

                        *     *     *

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

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


GREATMARCH LTD: Appoints Richard John Elwell as Liquidator
----------------------------------------------------------
Richard John Elwell of Elwell Watchorn & Saxton LLP was
appointed Liquidator of Greatmarch Limited after creditors
passed a resolution to wind up the company on April 27.

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

Greatmarch Limited can be reached at:

         15 Layton Road
         Leicester
         LE5 0PU
         United Kingdom
         Tel: 0116 274 2619
         Fax: 0116 246 1073


GRIPP INTEGRATED: Taps Mercer & Hole to Administer Assets
---------------------------------------------------------
Steven Leslie Smith and Christopher Laughton of Mercer & Hole
were appointed joint administrators of Gripp Integrated Supply
Limited (Company Number 04884114) on June 20.

The administrators can be reached at:

         Mercer & Hole
         International Press Centre
         76 Shoe Lane
         London EC4A 3JB
         Tel: +44 020 7353 1597
         Fax: +44 020 7353 1748
         Web: http://www.mercerhole.co.uk/
         E-mail: London@mercerhole.co.uk

Gripp Integrated Supply Limited can be reached at:

         Elm Works
         7 Glendale Gardens
         Leigh-on-Sea
         Essex SS9 2AP
         United Kingdom
         Tel: 01702 715 175
         Fax: 01702 710 495


GUARDING OFFICERS: Hires Liquidator from Begbies Traynor
--------------------------------------------------------
D. R. Acland of Begbies Traynor was appointed Liquidator of
Guarding Officers Limited after creditors proved the company
could no longer continue its operations due to liabilities.

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

Guarding Officers Limited can be reached at:

         12 Boston Court
         Salford M50 2GN
         United Kingdom
         Tel: 0161 877 2220


GUILD LUBRICANTS: Begins Liquidation Procedure
----------------------------------------------
Guild Lubricants Limited is liquidating its assets after
creditors passed a resolution to wind up the company on April 7.

Subsequently, Timothy Hargreaves was appointed Liquidator.

The company can be reached at:

         Guild Lubricants Limited
         Leighton Oils Unit 2, Off
         Greenbank Street
         Preston PR1 7PH
         United Kingdom
         Tel: 01772 555 100


HERTZ CORP: S&P Keeps BB- Corp. Credit Rating on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Hertz Corp., including the 'BB-' corporate credit rating, remain
on CreditWatch with negative implications, where they were
placed on June 26.  

The initial CreditWatch placement was based on potential
incremental debt at Hertz, the sole operating entity of Hertz
Global Holdings Inc., in a plan to fund a dividend of
approximately US$1 billion to its shareholders; this was
completed on June 30.
      
"The CreditWatch update follows Friday's filing of an S-1 for an
IPO by Hertz Global Holdings, the indirect parent company of
Hertz," said Standard & Poor's credit analyst Betsy Snyder.

"Proceeds are expected to be used to pay off the US$1 billion
loan to fund the dividend."

Standard & Poor's will review the progress of the IPO and, if
the IPO is successful, its effect on Hertz's financial profile,
to resolve the CreditWatch.
     
The ratings on Park, Ridge, N.J.-based Hertz Corp. reflect a
weakened financial profile after the successful completion of
its US$14 billion acquisition, reduced financial flexibility,
and the price-competitive nature of on-airport car rentals and
equipment rentals.  Ratings also incorporate the company's
position as the largest global car rental company and the strong
cash flow its businesses generate.
     
Clayton, Dubilier & Rice Inc., The Carlyle Group, and Merrill
Lynch Global Private Equity acquired hertz from Ford Motor Co.
in December 2005.  The acquisition, which added over
US$2 billion of debt to Hertz's balance sheet, has resulted in
an increase in its borrowing costs, and credit ratios have
weakened from their previous relatively healthy levels.  In
addition, the company's historically strong financial
flexibility has declined somewhat, with around two-thirds of its
tangible assets now secured, compared to around 10% previously.
     
Hertz, the largest global car rental company, participates
primarily in the on-airport segment of the car rental industry.
This segment, which generates approximately 69% of Hertz's
consolidated revenues, is heavily reliant on airline traffic.
Demand tends to be cyclical, and can also be affected by global
events such as wars, terrorism, and disease outbreaks.
Hertz has also grown its off-airport business, Hertz also
operates one of the larger industrial and construction equipment
renters in the U.S., along with some European locations.  This
market had been depressed for several years due to the weak
economy and overexpansion by several market participants, but
has experienced improving trends since 2004 as market
participants reduced their capacity growth and demand
strengthened.


HIGHONE LTD: Winds Up Business & Appoints Liquidator
----------------------------------------------------
Highone Limited resolved to wind up the company's operations
during an extraordinary general meeting on April 18.

Peter Anthony Jackson of Jackson Gregory & Co was appointed
Liquidator.

The company can be reached at:

         Highone Limited
         Deanwater Ho
         Garfield Street
         Stockport
         Cheshire SK1 2ED
         United Kingdom
         Tel: 0161 476 0799
         Fax: 0161 429 0334


IAN ANDERSON: Brings In Liquidator from Carter Clark
----------------------------------------------------
J. Clark of Carter Clark was appointed Liquidator of Ian
Anderson Construction Limited during an extraordinary general
meeting on April 26.

The company can be reached at:

         Ian Anderson Construction Limited
         Westwood Farm
         Highcross Road
         Southfleet
         Gravesend
         Kent DA139PH
         United Kingdom
         Tel: 01474 834 657


KSK TRADING: Taps George Michael to Liquidate Assets
----------------------------------------------------
George Michael of Ashcrofts was appointed Liquidator of KSK
Trading Limited after creditors decided to wind up the company
on April 13.

Ashcrofts -- http://www.ashcrofts.net/-- offer hands on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

KSK Trading Limited can be reached at:

         6 Connaught Road
         Ilford
         Essex IG1 1QT
         United Kingdom
         Tel: 020 8478 6700   


LLANDAFF ENGINEERING: Brings In P.R. Dewey to Administer Assets
---------------------------------------------------------------
P. R. Dewey of Dewey & Co. was appointed administrator of
Llandaff Engineering Company Ltd. (Company Number 0798364) on
June 19.

The administrator can be contacted at:

         Dewey & Co.
         17 St Andrews Crescent
         Cardiff
         Glamorgan CF10 3DB
         United Kingdom
         Tel: 029 2022 2244
         Fax: 029 2022 2223  
         E-mail: peter@dewey.demon.co.uk

Llandaff Engineering Company Ltd. can be reached at:

         Paper Mill Road
         Cardiff CF11 8PH
         United Kingdom
         Tel: 029 2083 8300
         Fax: 029 2056 5125


MISYS PLC: Independent Committee Starts Examining Bids
------------------------------------------------------
The Independent Committee of Misys Plc's Board of Directors has
started examining Monday competing bids for the software
company, The Guardian reports.

The software company was set up for auction when Chief Executive
Kevin Lomax came up with a management buyout plan.  Permira and
General Atlantic Partners have made an offer, while U.S.
technology firm SunGard is also interested.  

Ross Graham, John Sussens and Mike O'Leary, former directors of
Misys have submitted a proposal to investors holding 25% of the
company.  They proposed on assuming control of the Misys if
shareholders refuse all offers to privatize the company.

According to published reports, the former directors, who hold
around two million shares, also suggested separating the
company's banking; healthcare and financial services divisions
and decentralizing management to cut cost.  They wanted to break
up the company in 6 to 12 months, to a maximum of two years,
Josephine Moulds writes for The Telegraph.

"We would do almost exactly the same things a venture capitalist
would do if they got hold of it," Mike O'Leary told The
Telegraph.

Mr. O'Leary continued, "If the three of us feel if there is a
really good offer we'd be delighted," adding that he does not
want to see the company undervalued.

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

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

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

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


MK TEMPS: Creditors Ratify Winding Up Resolution
------------------------------------------------
Creditors of MK Temps Limited, on April 19, ratified a
resolution to wind up the company together with the appointment
of Daniel Plant of SFP as Liquidator.

The company can be reached at:

         MK Temps Ltd
         Midsummer Court
         314 Midsummer Boulevard
         Central Milton Keynes
         Milton Keynes
         Buckinghamshire MK9 2UB
         Tel: 01908 357858   


PRINT ASSOCIATES: Claims Filing Period Ends July 25
---------------------------------------------------
Creditors of Print Associates (Leeds) Limited are required, on
or before July 25, to prove their debts by sending written
statements of the amounts they claim to be due to them from the
company to appointed Joint Liquidator J. N. R. Pitts at:

         Wilson Pitts
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds LS14 1PQ
         United Kingdom

The company can be reached at:

         Print Associates (Leeds) Limited
         15 Hales Road
         Leeds LS124PL
         United Kingdom
         Tel: 0113 231 1123
         Fax: 0113 231 9773


RYANDOWN LIMITED: Appoints Joint Administrators from BDO Stoy
-------------------------------------------------------------
Tony Nygate and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Ryandown Limited (Company
Number 03681352) on June 15.

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

Headquartered in London, United Kingdom, Ryandown Limited is
engaged in meat processing.


SALISBURY INT'L: Moody's Assigns P(Ba2) Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
the notes to be issued by Salisbury International Investments
Limited, a special purpose company incorporated in Cayman
Islands, under Series 2006-[.] Classes of Notes.

Ratings assigned:

   -- Series 2006-[.] EUR40,000,000 Class A-1 Floating Rate
Portfolio Credit Linked Notes due 2011: (P)Aaa;

   -- Series 2006-[.] EUR27,500,000 Class A-2 Floating Rate
Portfolio Credit Linked Notes due 2011: (P)Aaa;

   -- Series 2006-[.] EUR22,500,000 Class B Floating Rate
Portfolio Credit Linked Notes due 2011: (P)Aa1;

   -- Series 2006-[.] EUR10,000,000 Class C Floating Rate
Portfolio Credit Linked Notes due 2011: (P)A2;

   -- Series 2006-[.] EUR5,000,000 Class D Floating Rate
Portfolio Credit Linked Notes due 2011: (P)Baa3; and

   -- Series 2006-[.] EUR8,000,000 Class E Floating Rate
Portfolio Credit Linked Notes due 2011: (P)Ba2.

The ratings assigned to the Notes will address the expected loss
posed to Noteholders.  While the scheduled maturity will be 20th
July 2011, late credit events may delay this to approximately to
the end of July 2011.

Salisbury International Investments Limited Series 2006-[.]
Classes of Notes are synthetic collateralized debt obligations
exposed to a static underlying portfolio of sovereign and
corporate emerging market entities.  Upon the occurrence of a
credit event, a fixed recovery rate of 40% will be used as final
price.

The ratings are primarily based upon:

   -- an assessment of the credit quality of the underlying
reference entities;

   -- an assessment of the asset correlation of the underlying
reference entities;

   -- the level of protection against losses provided through
the thresholds; and

   -- the legal and structural integrity of this issue.

Moody's has also assigned a (P)Aaa rating to the 28%-60% super
senior credit default swap associated with the Sphaera II Global
EM portfolio.  The Moody's rating measures the risk on an
expected loss basis that the credit protection provider will be
required to make payments in respect of credit events under the
terms of the transaction.  The rating also addresses any premium
due but not paid by the protection buyer, up until an early
termination date, if any.  The rating does not address potential
losses resulting from an early termination of the transaction,
nor any market risk associated with the transaction.

Citigroup Global Markets Limited arranges the transaction.


SECURITY TRADING: Claims Registration Ends July 26
-------------------------------------------------
Creditors of Security Trading Limited have until July 26 to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Joint Liquidator Robert C.
Keyes at:

         Hurst Morrison Thomson CR LLP
         5 Fairmile
         Henley-on-Thames
         Oxfordshire RG9 2JR
         United Kingdom

The company can be reached at:

         Security Trading Limited
         Unit 12
         Laneend Industrial Park
         Lane End
         High Wycombe
         Buckinghamshire HP143BY
         United Kingdom
         Tel: 01494 883 219
         Fax: 01494 883 295


SHERWOOD ENVIRONMENTAL: Taps Smith & Williamson to Administer
-------------------------------------------------------------
Anthony Murphy, Roger Tulloch and Robert Horton of Smith &
Williamson Limited were appointed joint administrators of
Sherwood Environmental Services Limited (Company Number
05232411) on June 13.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Headquartered in Worksop, United Kingdom, Sherwood Environment
Services Limited are building contractors.


TRIMEDIA BROADCAST: Brings In Administrators from Menzies
---------------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of Trimedia
Broadcast Limited (Company Number 05346414) on June 15.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.

Trimedia Broadcast Limited can be reached at:

         64-66 Coleman St.
         London EC2R 5BX
         United Kingdom
         Tel: 020 7374 4742  


ULTIMATE DENTS: Confirms Liquidator's Appointment
-------------------------------------------------
Creditors of Ultimate Dents Limited confirmed the appointment of
Robert Day of Robert Day and Company Limited as Liquidator on
April 26.

The company can be reached at:

         Ultimate Dents Limited
         52 Chorefields
         Kidlington
         Oxfordshire OX5 1SX
         United Kingdom
         Tel: 01865 841 210


W.B. MECHANICAL: Names Administrator from XL Business
-----------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
named administrator of W.B. Mechanical Services Limited (Company
Number 05094906) on June 15.

The administrator can be contacted at:

         X L Business Solutions Limited
         46 Moorlands Business Centre
         Balme Road
         Cleckheaton BD19 4EW
         West Yorkshire
         United Kingdom
         Tel: 01274 870 101
         Fax: 01274 870 606
         E-mail: jbleazard@XLBS.co.uk   

W.B. Mechanical Services Limited is engaged in fabrication.


                           *********


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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