TCREUR_Public/060720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 20, 2006, Vol. 7, No. 143

                            Headlines


A U S T R I A

ACI ARCHITECTURAL: Creditors' Meeting Slated for July 24
ADOLF KIKINGER: Claims Filing Period Ends July 25
BAR-COM: Creditors' Meeting Slated for August 3
BAWAG PSK: Owner Reveals Timeline for Bank's Sale
HEIKA: Claims Registration Period Ends August 16

JOHANN SCHUETZ: Creditors' Meeting Slated for July 25
R & M: Klagenfurt Court Orders Closing of Business
VITEZ: Claims Filing Period Ends July 25


G E R M A N Y

AGRI NORD: Claims Registration Ends August 15
ALPHA-200: Judge Rhodes Dismisses Second Chapter 15 Petition
DEGUSSA AG: S&P Lowers Long-Term Corporate Credit Rating to BB
FRANZ VLASICS: Claims Registration Ends August 15
JENOPTIK AG: Hommelwerke Acquires Etamic S.A.

KABEL BADEN-WUERTTEMBERG: S&P Withdraws Junk Debt Rating
LIFESTYLE SALES: Creditors' Meeting Slated for August 14
MUEKO-TEC: Claims Registration Ends August 14
PAPP TECHNIK: Claims Registration Ends August 15
PREISHAMMER GMBH: Claims Registration Ends August 14

SERVER SERVICE: Claims Registration Ends August 15
STEIN GMBH: Claims Registration Ends August 11
TREOFAN GERMANY: Moody's Junks Proposed EUR170-Million Notes
TREOFAN GERMANY: S&P Junks EUR170-Mln Sub. Second-Lien Notes
WERNER SAUER: Claims Registration Ends August 14

YILDIZ LOGISTIK: Claims Registration Ends August 15


I T A L Y

ALITALIA SPA: Posts June 2006 Traffic Figures


K A Z A K H S T A N

ALFA-TREIDING: Creditors Must File Claims by Aug. 1
ARAI: Creditors Must File Claims by Aug. 4
ATF BANK: Improved Market Prompts S&P's Positive Outlook
BIZNES SERVIS: Creditors Must File Claims by Aug. 1
EMIRI TREID: Proof of Claim Deadline Slated for Aug. 4

GUDVILL COMPANY: Proof of Claim Deadline Slated for Aug. 1
INVEST PROFIT: Claims Registration Ends Aug. 4
HALYK SAVINGS: S&P Raises Long-Term Counterparty Rating to BB+
KAPITAL: Aktube Court Opens Bankruptcy Proceedings
LARIBA BANK: S&P Upgrades Counterparty Credit Ratings to B

NEFTEHIMKOMPLEKT-PV: Claims Registration Ends Aug. 1
RSD: Claims Registration Ends Aug. 4
SEMEI DEN: Creditors' Claims Due Aug. 1
SHTADA FARMA: Creditors' Claims Due Aug. 1
TRIOMED: Creditors' Claims Due Aug. 4

TSO: Creditors Must Submit Claims by Aug. 4


K Y R G Y Z S T A N

GAZTRANSSERVIS: Creditors Must File Claims by Sept. 5
MIRIADA TREIDING: Proof of Claim Deadline Slated for Sept. 5


N E T H E R L A N D S

CITYMORTGAGE MBS: Moody's Assigns (P)B1 Rating to Class B Notes
ROMPETROL GROUP: Fitch Revises Issuer Rating Outlook to Stable
VNU NV: Moody's Junks Senior Unsecured Debt Ratings


N O R W A Y

AKER KVAERNER: Joint Venture Wins US$665-Mln LNG Deal in Texas


R U S S I A

ABUNDANT GARDEN: Bankruptcy Hearing Slated for Aug. 3
ANDREAPOL-AGRO-STROY: I. Peshekhonov to Manage Insolvency Assets
APASTOVO-AGRO-KHIM-SERVICE: Court Hearing Slated for Sept. 4
BLAGOVESHENSKIY AGRO-SNAB: Court Begins Bankruptcy Supervision
CERAMIC BUILDING: Court Commences Bankruptcy Supervision

ECOS-AGRO: Court Names O. Gonzharov as Insolvency Manager
GALICHSKIY TANNERY: Court Begins Bankruptcy Supervision
GAVRILOVSKAYA NIVA: Tambov Court Begins Bankruptcy Supervision
GAZPROM: Board Approves Strategic Development Targets
GAZPROM: Hikes Zarubezhneftegaz Equity Stake to 100%

GAZPROM: Board Names Boris Fyodorov as Audit Committee Chairman
IV-WOOD-PROM: Bankruptcy Hearing Slated for Aug. 7
KUDYMKARSKIY BAKERY: V. Plashkin to Manage Insolvency Assets
KUSHEVSKIY: Krasnodar Court Begins Bankruptcy Supervision
LUKHOVITSKIY VOD-STROY: Bankruptcy Hearing Slated for Aug. 7

MDM BANK: Prices US$200 Million Subordinated Unsecured Notes
MDM INTERNATIONAL: Fitch Puts Long-Term B+ to US$200-Mln Notes
NORTH ENGINEERING: Court Names S. Egorin as Insolvency Manager
OB-OIL-GAS-STROY: Court Begins Bankruptcy Supervision Procedure
OMZ: S&P Affirms CCC+ Long-Term Corporate Credit Rating

RIF-INVEST-SPRING: Belgorod Court Begins Bankruptcy Supervision
ROSNEFT OIL: UK Court Allows Shares to Trade in London
ROSTELECOM: Eyes Changes in Organizational Structure
SALAVATSKIY FOOD: R. Shaymukhametov to Manage Assets
SIBERIAN FUEL: Court Names I. Morlang as Insolvency Manager

SIBIRTELECOM OJSC: Pays RUB1.53 Billion for Series 03 Bonds
TYUMENSKIY MECHANICAL: S. Kungurov to Manage Assets
YUKOS OIL: UK Court Nixes Call to Block Rosneft Share Sale


U K R A I N E

BREAD BASE 75: Court Starts Bankruptcy Supervision
HARKIV' INSULATING: Court Starts Bankruptcy Supervision
KARAKUBSKIJ: Court Starts Bankruptcy Supervision
KONATKIVSKE: Vinnitsya Court Begins Bankruptcy Supervision
KRASNOLUTSKIJ AUTO-REPAIR: Court Begins Bankruptcy Supervision

LARGIVSKIJ BREAD: Chernivtsi Court Starts Bankruptcy Supervision
NEMIRIV-SUGAR: Court Commences Bankruptcy Supervision
NOVOVOLINSK' AUTO-TRANSPORT 10763: Court Freezes Debt Payment
ROKITNIVSKIJ RAJAGROHIM: Court Begins Bankruptcy Supervision
ROMENSKIJ RAJAGROHIM: Court Starts Bankruptcy Supervision

SIMETRON: Court Commences Bankruptcy Supervision
SULA-NOVA: Court Starts Bankruptcy Supervision
UROZHAJ: Vinnitsya Court Names Bankruptcy Agency as Liquidator


U N I T E D   K I N G D O M

ACTION ENVIRONMENTAL: Taps Administrators from Begbies Traynor
ACTUATE COMPUTER: Creditors Pass Winding Up Resolution
ANNA CHARLES: Financial Woes Prompt Liquidation
ATLAS BAKERIES: Governor & Company Taps Baker Tilly as Receivers
B & D TRAVEL: Appoints Joint Administrators from Harrisons

BARVEST LIMITED: Avanti Capital Appoints BDO Stoy Receivers
BORDEAUX VINTNERS: Creditors Resolve to Voluntary Liquidation
COMPLEX 2000: Creditors Confirm Joint Liquidators' Appointment
CP ENGINEERING: Creditors' Meeting Slated for July 21
DMS 2002: Begins Liquidation Procedure

EAST CENTRAL: Creditors' Meeting Slated for July 24
EUROSTAR I: Fitch Upgrades Class B Notes to CC/DR5
EUROSTAR II: Fitch Downgrades Class B Notes to CCC+/DR2
FORD MOTOR: To Fund GBP1 Billion on U.K. Research & Development
IMPULSE ASSOCIATES: Taps Richard John Elwell to Liquidate Assets

K.G.T. NORTH: Appoints Liquidator from Begbies Traynor
LEIGHTON OILS: Creditors Opt to Liquidate Assets
MERIDEN LOGISTICS: Hires Andrew Fender to Administer Assets
PORT OF LIVERPOOL: Names Peter Anthony Jackson Liquidator
PROACTIVE MARKETING: Shay Lettice Leads Liquidation Process

RALCO PROJECTS: Brings In Joint Liquidators from Harrisons
S.H. FOSTER: Calls In Milner Boardman to Administer Assets
SHOWMAN FOODS: Hires Liquidator from Clifton Moor
STILLFRAME LIMITED: Hires Administrators from Recovery hjs
SYLVANIA STORES: Winds Up Business & Appoints Liquidator

TIGER AV: Westminster Bank Taps DTE as Administrative Receivers
VINE SCHOOL: Appoints Stephen John Adshead as Liquidator
WINNING NEW BUSINESS: Wraps Up Business in London

* Chadbourne & Parke Expands London Transactional Practice


                            *********

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


ACI ARCHITECTURAL: Creditors' Meeting Slated for July 24
--------------------------------------------------------
Creditors owed money by LLC ACI Architectural Computer
Intelligence-Software-Entwicklungs (FN 53317h) are encouraged to
attend the creditors' meeting at 2:15 a.m. on July 24 to
consider the adoption of the rule by compensation.

The creditors' meeting will be held at:

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

Headquartered in Salzburg, Austria, the Debtor declared the
commencement of compensation process on June 6 (Case 23
Sa 3/06w).  Walter Aichinger serves as the court-appointed
compensation manager of the bankrupt estate.

The compensation manager can be reached at:

         Dr. Walter Aichinger
         Ignaz-Rieder-Kai 11C
         5020 Salzburg
         Tel: 0662-622301
         Fax:  0662-623000
         E-mail: law.@raits-ebner.at


ADOLF KIKINGER: Claims Filing Period Ends July 25
-------------------------------------------------
Creditors owed money by KEG Adolf Kikinger & Co Installations
(FN 24359y) have until July 25 to file written proofs of claims
to court-appointed compensation manager Peter Shamiyeh at:

         Dr. Peter Shamiyeh
         c/o Mag. Gudrun Pixner
         Schillerstrasse 1
         4020 Linz, Austria
         Tel: 0732/66 73 26
         Fax: 0732/66 73 20 29
         E-mail: p.shamiyeh@wildmoser-koch.com
                 g.pixner@wildmoser-koch.com

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 10:00 a.m. on Aug. 7 to consider
the adoption of the rule by compensation.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 552
         5th Floor
         Linz, Austria

Headquartered in Hellmonsodt, Austria, the Debtor declared the
commencement of compensation process on June 2 (Case No. 12
Sa 1/06v).  Gudrun Pixner represents Dr. Shamiyeh in the
bankruptcy proceedings.


BAR-COM: Creditors' Meeting Slated for August 3
-----------------------------------------------
Creditors owed money by Trade LLC BAR-COM (FN 218253k) are
encouraged to attend the creditors' meeting at 11:40 a.m. on
Aug. 3 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 2 (Bankr. Case 2 S 96/06i).  Robert Gschwandtner serves
as the court-appointed property manager of the bankrupt estate.
Peter Pullez represents Dr. Gschwandtner in the bankruptcy
proceedings.

The property manager can be reached at:

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


BAWAG PSK: Owner Reveals Timeline for Bank's Sale
-------------------------------------------------
Osterreichischer Gewerkschaftsbund (OeGB) expects to complete
the sale of Bawag PSK before yearend, the Financial Times
Deutschland reports.

The paper, citing sources privy to the matter, reveals the
timetable for Bawag's sale:

         mid-July:             Sale officially begins

         mid-August:           Interested parties begin
                               due diligence

                               15 bidders gain access to Bawag's
                               data room


         October/November:     Sale negotiations

         November/December:    Presentation of the highest
                               bidder to the Austrian Finance
                               Minister

Morgan Stanley, which began inviting bids after Bawag inked a
US$675 million settlement deal with Refco Inc.  OeGB has until
July 1, 2007, to complete Bawag's sale.

Around 50 companies are short-listed as potential buyers, the
Financial Times reports.  Interested parties include:

   -- OTP Bank Ltd.
   -- Oesterreichische Volksbanken
   -- Ukrainian tycoon Serhiy Klyuyev
   -- Citigroup
   -- BanCo. Santander Central Hispano
   -- J.C. Flowers & Co. LLC
   -- Cerberus Capital Management LP
   -- Commerzbank AG
   -- Generali
   -- Allianz and
   -- Volksbanken-Investkredit

Bawag's parent company, OeGB, previously disclosed that it
prefers to sell the bank as a whole and not in pieces indicating
that the purchaser can break up the bank after the sale.  OeGB
has placed Bawag on the trading table following the bank's
alleged role in the collapse of Refco.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of Dec.
31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;

   -- BAWAG P.S.K.: long-term debt and deposit


HEIKA: Claims Registration Period Ends August 16
------------------------------------------------
Creditors owed money by Construction LLC Heika (FN 221699d) have
until Aug. 16 to file written proofs of claims to court-
appointed property manager Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oil Tent lane 4/6
         1030 Vienna, Austria
         Tel: 01/713 61 92
         Fax: 01/713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 9:00 a.m. on Aug. 30 to consider
the adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg, Austria

Headquartered in Mannersdorf am Leithagebirge, Austria the
Debtor declared bankruptcy on June 2 (Bankr. Case No. 36 S
63/06s).  Stefan Langer represents Dr. Kosesnik-Wehrle in the
bankruptcy proceedings.


JOHANN SCHUETZ: Creditors' Meeting Slated for July 25
-----------------------------------------------------
Creditors owed money by LLC Johann Schuetz (FN 163785k) are
encouraged to attend the creditors' meeting at 9:50 a.m. on
July 25 to consider the adoption of the rule by compensation.

The creditors' meeting will be held at:

         The Land Court of St. Polten
         Room 216
         2nd Floor
         Old Building
         St. Polten, Austria

Headquartered in Langmannersdorf, Austria, the Debtor declared
the commencement of compensation process on June 6 (Case 14
Sa 7/06d).  Friedrich Nusterer serves as the court-appointed
compensation manager of the bankrupt estate.

The compensation manager can be reached at:

         Dr. Friedrich Nusterer
         Riemerplatz 1
         3100 St. Polten, Austria
         Tel: 02742/47087
         Fax:  02742/47089
         E-mail: ra-nusterer@aon.at


R & M: Klagenfurt Court Orders Closing of Business
--------------------------------------------------
The Land Court of Klagenfurt entered an order on June 2 closing
the business of LLC R & M.  Court-appointed property manager
Christian Anetter determined that the continuing operation of
the business would reduce the value of the estate.

The property manager can be reached at:

         Mag. Christian Anetter
         Fleischmarkt 9/4
         9020 Klagenfurt, Austria
         Tel: 0463/500 002
         Fax: 0463/500 002-4
         E-mail: office@rechtdirekt.at

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on May 17 (Bankr. Case No. 41 S 59/06h).


VITEZ: Claims Filing Period Ends July 25
----------------------------------------
Creditors owed money Construction LLC Vitez (FN 173054t) have
until July 25 to file written proofs of claims to court-
appointed property manager Michael Ludwig Lang at:

         Mag. Michael Ludwig Lang
         c/o Dr. Martin Koroschetz
         Maria-Theresien-Road 9/4
         1090 Vienna, Austria
         Tel: 319 32 60
         Fax: 913 32 60 -9
         E-mail: lang@brandlang.com
                 dr.koroschetz@aon.at

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 10:00 a.m. on Aug. 8 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 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 24  (Case No. 45 S 34/06p).  Martin Koroschetz represents
Mag. Lang in the bankruptcy proceedings.


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


AGRI NORD: Claims Registration Ends August 15
---------------------------------------------
Creditors of Agri Nord GmbH have until Aug. 15 to register their
claims with court-appointed provisional administrator Hans
Joachim Sistig.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on Sept. 20, 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against Agri Nord GmbH on June 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Agri Nord GmbH
         Marktstr. 10
         50968 Cologne, Germany

         Attn: Adel Ksouri, Manager
         Taunusstr. 14
         51105 Cologne, Germany

The administrator can be contacted at:

         Hans Joachim Sistig
         Hochwinkel 3 a
         51069 Cologne, Germany



ALPHA-200: Judge Rhodes Dismisses Second Chapter 15 Petition
------------------------------------------------------------
Alpha-200 GmbH & Co. KG failed to gain recognition of its German
liquidation as its foreign main proceeding after the U.S.
Bankruptcy Court for the Eastern District of Michigan dismissed
the second Chapter 15 petition filed by Dr. Oliver Kirschnek,
the company's foreign representative.

Judge Steven Rhodes ruled that Dr. Kirschnek did not comply with
Section 1515 of the Bankruptcy Code, Terry Brennan at The Deal
reports.  Section 1515 requires Chapter 15 petitions to be filed
together with documents showing the existence of the foreign
proceeding as well as the appointment and authority of the
foreign representative.

M&C Corporation, a local manufacturer's representative and one
of Alpha's creditors, sought the dismissal of Alpha's Chapter 15
petition.

In 1994, M&C won various arbitration awards against Alpha, then
operating as Erwin Behr GmbH & Co. KG, from the International
Court of Arbitrations.  M&C had taken legal action following
Alpha's alleged breach of their sales contract.

The U.S. District Court for the Eastern District of Michigan,
Southern Division, confirmed the arbitration awards in August
1994 and March 1995.  At M&C's request, District Court Judge
Paul V. Gadola appointed Gerald W. Hepp as receiver for Alpha's
assets.

M&C asked the Bankruptcy Court to dismiss Dr. Kirschnek's
Chapter 15 petition because:

   -- it "runs afoul" of Judge Gadola's receivership injunction
      enjoining all entities from disturbing the possession of
      the receiver and prosecuting any action that would affect
      Alphas' property;

   -- the petition is barred by Section 109(g) of the Bankruptcy
      code since the Court has dismissed Dr. Kirschnek's first
      Chapter 15 filing;

   -- the misdeed of Alpha's directors and officers render the
      petition a bad faith filing; and

   -- Dr. Kirschnek failed to timely file certain documents
      required under bankruptcy rules.

Dr. Kirschnek's counsel, Andrew J. Munro, Esq., at Munro and
Zack, PC, told the Bankruptcy Court that none of M&C's arguments
held any merit.  He claimed that M&C wanted to keep Alpha out of
Chapter 15 to gain sole control of the foreign debtor's U.S.
assets and avoid sharing these assets with other creditors.

Headquartered in Wendlingen, Germany, Alpha-200 GmbH & Co. KG,
aka Erwin Behr GmbH & Co. KG, is an auto parts maker.  Alpha's
foreign representative, Dr. Oliver Kirschneck, filed a chapter
15 petition on May 24, (Bankr. E.D. Mich. Case No. 06-46562).
Andrew J. Munro, Esq., at Munro and Zack, PC, represents Dr.
Kirschneck in Alpha's ancillary proceedings.  When Dr.
Kirschneck filed the Chapter 15 petition, he estimated Alpha's
assets at less than US$50,000 and debts between US$1 million and
US$10 million.


DEGUSSA AG: S&P Lowers Long-Term Corporate Credit Rating to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based specialty chemicals
manufacturer Degussa AG to 'BB' from 'BBB' following its
integration into the RAG group.  The short-term rating was
lowered to 'B' from 'A-3'.  The ratings were removed from
CreditWatch, where they had been placed with negative
implications on Oct. 5, 2005.  The outlook is stable.

"The downgrade reflects that Degussa is becoming now an integral
part of RAG group, a diversified German industrial conglomerate
comprising chemicals, power generation, real estate, and coal
mining," said Standard & Poor's credit analyst Tobias Mock.

"RAG's leverage is substantially higher than that of
Degussa on a stand-alone basis, suffering particularly from
significant pension and other obligations for the closure and
recultivation of mines as well as later subsidence damages."

RAG is squeezing out Degussa's minority shareholders, and
currently holds about 98% of Degussa's shares.  On May 29, RAG
won a majority of votes to fully integrate Degussa into the RAG
group and implemented a profit transfer agreement, which will
take effect as soon as shareholder claims have been settled,
probably at the end of 2006.  This rating action reflects the
increased risk to which Degussa is subject as part of the RAG
group.

Standard & Poor's views the RAG group's overall business profile
as satisfactory, with the chemicals business representing about
70% of its EBITDA, and power generation and real estate
providing relatively stable cash flows, owing to their low
operational risk.  The coal business is considered largely
neutral to the business profile, owing to the state support for
it and RAG's track record of successfully managing the gradual
phase-out of Germany's hard-coal extraction over the past four
decades.

RAG's own financial contribution to this loss-making business
was most recently renegotiated in 2003 and will be EUR150
million per year until 2008.  The remainder of losses will be
covered by subsidies from the German state of North Rhine-
Westphalia and the federal government through 2012.
However, RAG's cash flow protection ratios are weaker than those
at Degussa on a stand-alone basis.  Standard & Poor's views the
RAG group's financial policy as aggressive compared with the
intermediate profile that Degussa maintained in the past, when
it had a substantial minority interest outstanding.

Standard & Poor's evaluates RAG as a government-related entity,
as it has benefited from government subsidies for nearly 40
years to cover losses in the ongoing coal business, which
provides regional employment and economic activity, and is an
important domestic source of energy in Germany and, in
particular, the state of North Rhine-Westphalia.

"The stable outlook reflects Standard & Poor's expectations that
the coal subsidies will continue to largely cover the losses of
the coal business as they have in the past and that the costs of
closing and recultivating mines will be spread over decades,
thereby avoiding a massive onetime outflow of cash that would
severely strain RAG's finances," said Mr. Mock.


FRANZ VLASICS: Claims Registration Ends August 15
-------------------------------------------------
Creditors of Franz Vlasics + Gerd Nordmann GbR have until
Aug. 15 to register their claims with court-appointed
provisional administrator Gregor Schone.

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

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         City Hall Avenue 80
         22846 Norderstedt, 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 Norderstedt opened bankruptcy proceedings
against Franz Vlasics + Gerd Nordmann GbR on June 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Franz Vlasics + Gerd Nordmann GbR
         Attn: Franz Vlasics, Manager
         Ton Hogenbargen 29
         24629 Kisdorf, Germany

         Gerd Nordmann, Manager
         Curslacker Deich 316
         21039 Hamburg, Germany

The administrator can be contacted at:

         Gregor Schone
         Albert-Einstein-Ring 15
         22761 Hamburg, Germany


JENOPTIK AG: Hommelwerke Acquires Etamic S.A.
---------------------------------------------
Jenoptik A.G. disclosed the acquisition of French measurement
technology company Etamic S.A.

Through the merger of Etamic and Hommelwerke, a globally
operating system provider is formed which offers production
measurement technology for the automotive and supply industries,
and has own subsidiaries or investment holdings in the most
important industrial countries.

The management of Hommelwerke, a subsidiary of the Jenoptik
Group and specialist for industrial measurement technology,
signed on July 17 a contract with the shareholders of Etamic for
the acquisition of all shares in the French group for an
undisclosed amount.  The completion of the contract is still
subject to the completion of certain conditions and shall take
place within the next weeks.

Headquartered in Bayeux, France, Etamic S.A. was founded in
1947.  The company focuses on the development, production and
distribution of dimensional measurement technology.  About 260
employees generated sales of almost 30 million euros in 2005.
Among its customers are also the well-known French car
manufacturers.  In addition to its headquarters in Bayeux the
company is represented in Germany, the USA and Great Britain.
The Swiss Movomatic also belongs to the group.

The objective of the acquisition is to strengthen and expand the
market position of both companies in the field of dimensional
production measurement technology.  The product programs
complement each other in an almost ideal way.  Together with
Etamic/Movomatic the Jenoptik Group now covers all currently
used technologies (tactile, optical, pneumatic).  In addition,
Jenoptik is able to provide measuring systems required for the
different production processes in the automotive and supply
industries - before, in and post production.

While Hommelwerke has its core competencies in tactile and non-
contact optical process and final inspection measuring systems,
Etamic/Movomatic has its main focus on non-contact pneumatic
post-process and tactile in-process measurement technology.
Hommelwerke´s typical customer applications such as crankshafts,
camshafts, and gear shafts complement the strengths of
Etamic/Movomatic in the field of cubic workpieces (cylinder
head, cylinder block), connexion rods, and injection components.
Through the merger of both companies a globally operating system
provider is formed which offers production measurement
technology and has own subsidiaries or investment holdings in
the most important industrial countries.

The target is to combine all worldwide activities of Hommelwerke
and Etamic/Movomatic in the joint group "Hommel-Etamic" in the
medium term, which will allow to utilise synergy potentials.

                    About Hommelwerke GmbH

Hommelwerke GmbH specializes in the development, production and
distribution of high-precision, non-contact optical measuring
technology, and contact measuring technology for dimensional
analysis and the analysis of shapes, contours and surface
properties.  Hommelwerke's customers include leading car
manufacturers and automotive industry suppliers.  The company,
which is based in Villingen-Schwenningen and Jena, Germany, was
founded in 1876 and today employs 260 personnel.  Hommelwerke
GmbH is represented in the key centers for the global automotive
and automotive supplier industries with investment holdings and
subsidiaries in Asia, North America, and in Europe in France and
the Czech Republic.  Since May 2000 the company has been a
subsidiary of the Jenoptik Group in the Sensors division.

                      About the Company

Headquartered in Jena, Germany, Jenoptik AG --
http://www.jenoptik.com/cps/rde/xchg/jenoptik_en-- produces and
markets components, systems and facilities for the medical,
electronics, telecommunications and semiconductor manufacturing
industries. The Company manufactures clean room for electronics
producers, diode lasers, infrared cameras and high-resolution
lenses.

                        *     *     *

As reported in the TCR-Europe on Feb 21, Fitch Ratings affirmed
Jenoptik AG's ratings at Senior Unsecured B and Short-term B.
Jenoptik's EUR150 million senior notes have also been affirmed
at B.  The Senior Unsecured rating, as well as the rating of the
EUR150 million Senior Notes are removed from Rating Watch
Negative.  A Stable Outlook is assigned to the Senior Unsecured
rating.


KABEL BADEN-WUERTTEMBERG: S&P Withdraws Junk Debt Rating
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on
German cable-TV operator Kabel Baden-Wuerttemberg GmbH & Co. KG,
including its 'B' long-term corporate credit rating, 'B' senior
secured debt ratings with a '2' recovery rating, and the 'CCC+'
rating on the EUR170 million subordinated notes due 2015.

The ratings were withdrawn at the company's request after
private equity group EQT acquired the cable-TV operator.  The
new EUR1.27 billion financing package contains only bank debt.
All existing publicly rated debt is to be repaid.


LIFESTYLE SALES: Creditors' Meeting Slated for August 14
--------------------------------------------------------
The court-appointed provisional administrator for Lifestyle
Sales and Marketing GmbH, Hartwig Albers, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:35 a.m. on Aug. 14.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:10 a.m. on Oct. 30 at the same
venue.

Creditors have until Aug. 31 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Lifestyle Sales and Marketing GmbH on
June 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Lifestyle Sales and Marketing GmbH
         Kantstr. 74
         10627 Berlin, Germany

The administrator can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin, Germany


MUEKO-TEC: Claims Registration Ends August 14
---------------------------------------------
Creditors of Mueko-tec GbR have until Aug. 14 to register their
claims with court-appointed provisional administrator Florian
Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Sept. 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Leipzig, Germany

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

The District Court of Leipzig opened bankruptcy proceedings
against Mueko-tec GbR on June 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Mueko-tec GbR
         Attn: Andreas Mueller and Mirko Kother, Managers
         Kurt-Bennewitz-Str. 14
         04838 Eilenburg, Germany

The administrator can be contacted at:

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


PAPP TECHNIK: Claims Registration Ends August 15
------------------------------------------------
Creditors of Papp Technik-Transport-Logistik GmbH have until
Aug. 15 to register their claims with court-appointed
provisional administrator Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 30, 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 Friedberg
         Hall 20a
         District Court Building
         Homburger Road 18
         61169 Friedberg (Hessen), 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 Friedberg opened bankruptcy proceedings
against Papp Technik-Transport-Logistik GmbH on June 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Papp Technik-Transport-Logistik GmbH
         Attn: Albrecht Papp, Manager
         Zuseweg 4
         61194 Niddatal, Germany

The administrator can be contacted at:

         Karl-Heinz Trebing
         Hanauer Highway 287-289
         60314 Frankfurt/Main, Germany
         Tel: 069/15051-300
         Fax: 069/15051-400


PREISHAMMER GMBH: Claims Registration Ends August 14
----------------------------------------------------
Creditors of Preishammer GmbH have until Aug. 14 to register
their claims with court-appointed provisional administrator
Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 13, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Room 223
         Marienring 13
         76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy
proceedings against Preishammer GmbH on June 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Preishammer GmbH
         Attn: Juri Ivtschenko and Abdurrahman Kayik, Managers
         Rheinstr. 36
         76829 Landau in der Pfalz, Germany

The administrator can be contacted at:

         Stephan Haspel
         Friedrich-Ebert-Str. 7
         76829 Landau in der Pfalz, Germany
         Tel: 06341/51020
         Fax: 06341/510229


SERVER SERVICE: Claims Registration Ends August 15
--------------------------------------------------
Creditors of Server Service und Verkauf GmbH have until Aug. 15
to register their claims with court-appointed provisional
administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 5, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C205
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Server Service und Verkauf GmbH on June 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Server Service und Verkauf GmbH
         Bonhoeffer Str. 6
         47138 Duisburg, Germany

         Attn: Markus Schroder, Manager
         Grossenbaumer Avenue 110
         47269 Duisburg, Germany

The administrator can be contacted at:

         Dirk Hammes
         William Yard Avenue 75
         47800 Krefeld, Germany


STEIN GMBH: Claims Registration Ends August 11
----------------------------------------------
Creditors of Stein GmbH-Heizung-Lueftung-Sanitar have until
Aug. 11 to register their claims with court-appointed
provisional administrator Norbert Westhoff.

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

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings
against Stein Stein GmbH-Heizung-Lueftung-Sanitar on June 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Stein GmbH-Heizung-Lueftung-Sanitar
         Attn: Klaus Stein, Manager
         Otto-Brenner-Road 200
         33602 Bielefeld, Germany

The administrator can be contacted at:

         Dr. Norbert Westhoff
         Adenauer Place 4
         33602 Bielefeld, Germany


TREOFAN GERMANY: Moody's Junks Proposed EUR170-Million Notes
------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B3 Corporate
Family Rating to Treofan Germany GmbH & Co. KG, as well as a
(P)Caa1 rating to the company's proposed issuance of EUR170
million Second-Lien Notes due 2013.  The rating outlook is
stable.

The ratings are based on the pro-forma capital structure
resulting from the proposed refinancing of Treofan.

Treofan's (P)B3 corporate family rating reflects:

   -- the high financial leverage as measured by debt/EBITDA
8.2x for FYE 2005 and 7.0x -- reflecting the pro-forma
capital structure -- for the last twelve months ended
March 2006 both after Moody's standard adjustments; 5.3x
per Treofan's pro-forma adjusted EBITDA and its pro-forma
capital structure as presented in the company's offering
memorandum and after Moody's adjustments;

   -- the recent emergence from a corporate restructuring and
the need to demonstrate sustainability of its operating
turnaround;

   -- need to de-leverage to reach a Moody's adjusted leverage
ratio of 5.0x or lower, commensurate with the B-rating
category, largely depending on an improvement in EBITDA,

   -- the expectation to remain free cash flow negative at least
until the end of fiscal year 2007, reflecting the capital
expenditures related to the expansion for the operations
in Mexico, which should contribute to sales and
profitability from 2008 onwards;

   -- the significant degree of commoditized products limiting
price differentiation from its competitors;

   -- dependence on a limited number of resin suppliers, and

   -- vulnerability to raw material price increases with a
delayed pass-through ability to the majority of its
customers.

The rating also incorporates Moody's expectation that Treofan
should demonstrate an improving financial performance going
forward and that it should maintain some headroom under its
interest and debt coverage covenants.  This improvement is
expected to benefit from:

   -- the group's leading positions in niche markets and long-
established relationships with blue-chip customers in the
tobacco and food industry,

   -- the conclusion of a major restructuring program, which has
resulted in a lower fixed-cost base going forward, and

   -- the proven ability to mitigate raw material price
increases by passing-through these costs as well as by
shifting the product mix to specialty products with
significantly higher contribution margins.

The stable rating outlook is based on Moody's expectations that
Treofan will improve its operating profitability by taking full
benefits of the targeted cost savings potential from its ongoing
efficiency program and maintain a stable product contribution
margin, implying the ability to pass on rising input costs.

Both the EUR60 million senior secured revolving credit facility
and the EUR170 million second-lien secured notes are issued by
Treofan Germany GmbH & Co. KG and guaranteed by the predominant
majority of the group's other operating companies, comprising at
least 85% of each of the group's assets, EBITDA and turnover.
The (P)Caa1 rating of the notes, i.e. one notch below the CFR of
(P)B3, reflects their relatively sizeable portion of the capital
structure being contractually subordinated to the RCF, which is
secured and benefits from a first-priority ranking.

The provisional ratings will need to be affirmed once final
documentation is in place.

Headquartered in Raunheim, Germany, Treofan Group --
http://www.treofan.de/-- develops, manufactures and markets
under the brand name Treofan biaxially oriented polypropylene
film (BOPP) and cast polypropylene film, as well as under the
brand name Biophan sustainable and compostable polylacticacid
film.

With more than 40 years of experience in global markets, Treofan
markets its products in more than 20 countries, manufacturing
some 220,000 tonnes of film a year at 7 sites in Europe, North
America and South Africa.  The group reported sales of EUR460
million in 2005.


TREOFAN GERMANY: S&P Junks EUR170-Mln Sub. Second-Lien Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to Germany-based flexible packaging producer
Treofan Holdings GmbH (Treofan) and its operating subsidiary
Treofan Germany GmbH & Co. KG (Treofan Germany).  The outlooks
on both entities are positive.

At the same time, the proposed EUR170 million subordinated
second-lien notes to be issued by Treofan Germany were assigned
a 'CCC+' issue rating, one notch below the corporate credit
rating, with a recovery rating of '3', reflecting our
expectation of a meaningful recovery of principal (50%-80%) in
the event of a payment default.  The notching down of the issue
rating reflects the contractual subordination of the notes to
higher priority liabilities representing a EUR60 million secured
revolving credit facility.  The proceeds of the notes will be
used to refinance the existing senior credit facilities, for
fees and corporate expenses, and for general corporate purposes.

"The ratings on Treofan reflect the group's aggressively
leveraged financial risk profile; strong competition in the
fragmented polypropylene film industry; and weak, albeit
improving, track record of operating performance," said Standard
& Poor's credit analyst Ms. Listowska.

"These negative factors are tempered by the group's leading
niche market positions, stemming from long-term relationships
with customers and well-diversified customer and geographic
bases in stable markets."

The ratings on Treofan could be raised by one notch in the
medium term if the group's profitability and subsequently credit
measures improve.  To secure an upgrade we would expect adjusted
debt to EBITDA to improve to 5.0x.  If the group is not
successful in improving operating performance, or if there is a
downturn in the operating environment, the outlook could be
revised to stable.

Headquartered in Raunheim, Germany, Treofan Group --
http://www.treofan.de/-- develops, manufactures and markets
under the brand name Treofan biaxially oriented polypropylene
film (BOPP) and cast polypropylene film, as well as under the
brand name Biophan sustainable and compostable polylacticacid
film.

With more than 40 years of experience in global markets, Treofan
markets its products in more than 20 countries, manufacturing
some 220,000 tonnes of film a year at 7 sites in Europe, North
America and South Africa.  The group reported sales of EUR460
million in 2005.


WERNER SAUER: Claims Registration Ends August 14
------------------------------------------------
Creditors of Werner Sauer GmbH have until Aug. 14 to register
their claims with court-appointed provisional administrator
Franz-Josef Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 27, 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 Aschaffenburg
         Meeting Room 5.103
         1st Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy
proceedings against Werner Sauer GmbH on June 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Werner Sauer GmbH
         Auhofstr. 11
         63741 Aschaffenburg, Germany

The administrator can be contacted at:

         Dr. Franz-Josef Hansen
         Kapuzinerplatz 1
         63739 Aschaffenburg, Germany
         Tel: 06021/386710
         Fax: 06021/3867130


YILDIZ LOGISTIK: Claims Registration Ends August 15
---------------------------------------------------
Creditors of YILDIZ Logistik & Lagerei GmbH have until Aug. 15
to register their claims with court-appointed provisional
administrator Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 30, 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 185
         1st 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 YILDIZ Logistik & Lagerei GmbH on June 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         YILDIZ Logistik & Lagerei GmbH
         Luetzowstr. 6
         45141 Essen, Germany

         Attn: Hayati Kaya, Manager
         Eckstein 1
         44227 Wuppertal, Germany

The administrator can be contacted at:

         Dr. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen, Germany
         Tel: 87 90 40


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


ALITALIA SPA: Posts June 2006 Traffic Figures
---------------------------------------------
In June 2006, Alitalia S.p.A. posted a good performance
confirming the positive trend already shown in April and May
traffic results.

Alitalia carried 2.2 million passengers, up 2.9% compared to the
previous year.

Traffic, measured in Revenue Passenger Kilometers, increased
0.5% despite the fact that the capacity, measured in Available
Seat Kilometers, decreased by 4.2%.  The load factor grew 3.7
percentage points reaching 77.6%.

Total network yields were in line with last year's.  Long haul
yields improvement offset short medium haul yields heavily under
pressure by competitors.

Detailed comparisons with June 2005:

   -- Domestic Passenger Network: traffic was down 3.6% compared
      to last year while load factor increased by 2.8 percentage
      points to 68.5%.  Negative traffic performance was caused
      by routes to Sardinia cancellations (without taking into
      account Sardinia capacity cuts traffic was up 1,1%);

   -- International Passenger Network: traffic was up 9.1% on a
      capacity increase of just 3.0%, improving load factor by
      4.0 percentage points to 71.7%.

   -- Intercontinental Passenger Network: long haul load factor
      was up to 86.1% with a significant increase of 4.3 points
      against 2005).  The increase in traffic to South America
      and the Far East was partially balanced the drop in
      traffic to North America.  As stated previously this was
      driven by the reduction of seasonal services from Rome to
      Boston and Toronto, that this year will start from July
      rather than April in order to serve only the peak months
      of the summer season.

In June, Cargo, measured in Revenue-Ton-Kilometers, increased by
6.0%. Overall load factor increased by 2.5 percentage points up
to 64.1%.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked net losses of EUR520 million in
2003; EUR813 million in 2004; and EUR168 million in 2005.


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


ALFA-TREIDING: Creditors Must File Claims by Aug. 1
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Alfa-Treiding 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


ARAI: Creditors Must File Claims by Aug. 4
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Arai insolvent on May 15.

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

         LLP Arai
         P.O. Box 42
         First Post Office
         Micro District Taugul
         Almaty, Kazakhstan


ATF BANK: Improved Market Prompts S&P's Positive Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions on
ATF Bank:

   -- outlook revised to positive from stable; and
   -- 'B+/B' counterparty credit ratings: affirmed.

The favorable economic environment in the Republic of
Kazakhstan, the sovereign outlook on which was revised to
positive from stable on June 13, good progress in the
development of the legal and regulatory framework, and continued
business diversification have enhanced the creditworthiness of
the three Kazakh banks.  Kazakhstan is still considered to have
high economic and banking industry risks, however.

"The creditworthiness of banks in Kazakhstan is vulnerable to
concentrated ownership; strong pressure on the capitalization
from rapid lending growth, which is untested by economic or
political shocks through a full economic cycle; and high funding
and lending concentrations," said Standard & Poor's credit
analyst Annette Ess.

The outlook revision on ATF reflects its improved market
position in the domestic banking sector and strengthened
capitalization.  ATF's market share by total assets exceeded 8%
at the end of June 2006, and it is closing the gap with the
three largest players progressively.  Strengthened
capitalization in the first quarter of 2006, which pushed the
adjusted common equity-to-risk assets ratio to a more adequate
9%, and expected further capital improvements in the latter part
of 2006 are factored into the positive outlook.

The ratings on the bank are constrained by:

   -- its rapid loan growth in the risky operating environment,

   -- high funding and lending concentrations, and

   -- downward pressure from investments on profitability.

"These weaknesses are partially mitigated by ATF's good
commercial domestic franchise, a dynamic and competent
management team, and well-developed risk management," added Ms.
Ess.

ATF is Kazakhstan's fourth-largest commercial bank with assets
of KZT419 billion and a strong corporate banking franchise.


BIZNES SERVIS: Creditors Must File Claims by Aug. 1
---------------------------------------------------
CJSC Biznes Servis Buro has declared insolvency.  Creditors have
until Aug. 1 to submit written proofs of claim to:

         CJSC Biznes Servis Buro
         Baiseitovoi Str. 138/3
         Kyzylorda, Kyzylorda Region
         Kazakhstan


EMIRI TREID: Proof of Claim Deadline Slated for Aug. 4
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Emiri Treid insolvent.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Room 204
         Serikbayeva Str. 7
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3272) 54-06-78


GUDVILL COMPANY: Proof of Claim Deadline Slated for Aug. 1
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Gudvill Company insolvent on May 15.

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

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


INVEST PROFIT: Claims Registration Ends Aug. 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Invest Profit Limited insolvent.
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Room 204
         Serikbayeva Str. 7
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3272) 54-06-78


HALYK SAVINGS: S&P Raises Long-Term Counterparty Rating to BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions on
Halyk Savings Bank of Kazakhstan:

   -- long-term counterparty credit rating: raised to 'BB+'
from 'BB'; and

   -- 'B' short-term counterparty credit rating: affirmed, the
outlook is stable.

The favorable economic environment in the Republic of
Kazakhstan, the sovereign outlook on which was revised to
positive from stable on June 13, good progress in the
development of the legal and regulatory framework, and continued
business diversification have enhanced the creditworthiness of
the three Kazakh banks.  Kazakhstan is still considered to have
high economic and banking industry risks, however.

"The creditworthiness of banks in Kazakhstan is vulnerable to
concentrated ownership; strong pressure on the capitalization
from rapid lending growth, which is untested by economic or
political shocks through a full economic cycle; and high funding
and lending concentrations," said Standard & Poor's credit
analyst Annette Ess.

The upgrade of Halyk reflects its focused strategy on building a
financial services group in Kazakhstan, implemented by:

   -- the experienced and capable management;

   -- the preservation of its leading domestic franchise in
retail banking despite increased competition;

   -- a sustained track record over the past three years of
improvements in profitability and capitalization, which
compare well with peers'; and

   -- the growing funding diversification.

"These positive factors are somewhat offset by the bank's rapid
loan growth, high lending, and funding concentrations," added
Ms. Ess.

Halyk is Kazakhstan's third-largest bank with a market share of
12% by assets, which stood at KZT 656 billion at end-March 2006.
It is also the largest retail banking franchise, with a 22%
market share in retail loans and deposits.  Due to the bank's
systemic importance, the long-term rating on the bank includes a
one-notch uplift for expected government support in case of
distress.


KAPITAL: Aktube Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against JSC Kapital on May 26.


LARIBA BANK: S&P Upgrades Counterparty Credit Ratings to B
----------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions on
Joint Bank Lariba Bank:

   -- long-term counterparty credit rating: raised to 'B' from
'B-'; and

   -- short-term counterparty credit rating: raised to 'B' from
'C', the outlook is stable.

The favorable economic environment in the Republic of
Kazakhstan, the sovereign outlook on which was revised to
positive from stable on June 13, good progress in the
development of the legal and regulatory framework, and continued
business diversification have enhanced the creditworthiness of
the three Kazakh banks.  Kazakhstan is still considered to have
high economic and banking industry risks, however.

"The creditworthiness of banks in Kazakhstan is vulnerable to
concentrated ownership; strong pressure on the capitalization
from rapid lending growth, which is untested by economic or
political shocks through a full economic cycle; and high funding
and lending concentrations," said Standard & Poor's credit
analyst Annette Ess.

The upgrade of Lariba reflects:

   -- consistently strong capitalization and profitability;

   -- a tight focus on its niche franchise; and

   -- improving lending diversification with a meaningful
decrease in its single-name lending concentrations, which
are the lowest among rated domestic banks.

"The ratings on the bank are constrained by its small absolute
size with total equity of US$15 million at end-March 2006, high
deposit concentrations, and limited ability to access various
funding markets," added Ms. Ess.


NEFTEHIMKOMPLEKT-PV: Claims Registration Ends Aug. 1
----------------------------------------------------
LLP Neftehimkomplekt-PV has declared insolvency.  Creditors have
until Aug. 1 to submit written proofs of claim to:

         LLP Neftehimkomplekt-PV
         Toraigyrova Str. 64
         Pavlodar, Pavlodar Region
         Kazakhstan


RSD: Claims Registration Ends Aug. 4
------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP RSD insolvent.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Room 204
         Serikbayeva Str. 7
         Ust-Kamenogorsk, East Kazakhstan Region
         Tel: 8 (3272) 54-06-78


SEMEI DEN: Creditors' Claims Due Aug. 1
---------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Semei Den 1 insolvent on May 4.
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Semei Den 1
         Bostayeva Str. 77-42
         Semipalatinsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3222) 34-40-25


SHTADA FARMA: Creditors' Claims Due Aug. 1
------------------------------------------
The Representative Office of the Partnership Shtada Farma
International GmbH has declared insolvency.

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

         Shtada Farma International GmbH
         Buzurbayeva Str. 21-36
         Almaty, Kazakhstan


TRIOMED: Creditors' Claims Due Aug. 4
-------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Triomed insolvent on May 17.

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

         LLP Triomed
         P.O. Box 42
         First Post Office
         Micro District Taugul
         Almaty, Kazakhstan


TSO: Creditors Must Submit Claims by Aug. 4
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Tso insolvent.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Room 204
         Serikbayeva Str. 7
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3272) 54-06-78


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


GAZTRANSSERVIS: Creditors Must File Claims by Sept. 5
-----------------------------------------------------
LLC Gaztransservis has declared insolvency.  Creditors have
until Sept. 5 to submit written proofs of claim to:

         LLC Gaztransservis
         Panfilova Str. 203/3
         Bishkek, Kyrgyzstan
         Tel: (0-517) 75-64-83


MIRIADA TREIDING: Proof of Claim Deadline Slated for Sept. 5
------------------------------------------------------------
LLC Miriada Treiding has declared insolvency.  Creditors have
until Sept. 5 to submit written proofs of claim to:

         LLC Miriada Treiding
         Tumenskaya Str. 67
         Bishkek, Kyrgyzstan


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


CITYMORTGAGE MBS: Moody's Assigns (P)B1 Rating to Class B Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to the Notes to be issued by CityMortgage MBS
Finance B.V.:

   -- US$64,300,000 Class A-FL Senior Asset Backed Sequential
Capped Floating Rate Pass-through Notes due 2033: (P)Baa2;

   -- US$64,300,000 (Notional) Class A-IIO Senior Asset-Backed
Inverse Interest-only Notes due 2033: (P)Baa2; and

   -- US$6,400,000 Class B Mezzanine Asset-Backed Fixed Rate
Pass-through Notes Due 2033: (P)B1.

CityMortgage MBS Finance B.V., an SPV incorporated under the
laws of The Netherlands, will issue four classes of US dollar-
denominated notes to fund the purchase of receivables arising
from Russian mortgage loans originated by CityMortgage Bank.
The transfer of Mortgage Certificates (zakladnaya) is governed
by Russian law, while the remaining transaction documents are
governed by English law.

The ratings of the notes are inter alia based on:

   -- favorable pool characteristics such as the moderate
weighted average LTV of 60.8%,

   -- the sound legal structure including the re-registration of
all mortgages in the name of the Issuer, and

   -- credit enhancement in the form of subordination -- for the
Class A: subordination of Class B and Class Z and for the
Class B, subordination of Class Z.  Class Z is unrated and
will be acquired by the CityMortgage Bank.

The pool consists of fixed rate loans, denominated in US dollars
and secured by mortgages on approximately 1,300 residential
properties mainly located in Moscow, Moscow region, and St.
Petersburg.  CityMortgage Bank will do the servicing, while ZAO
Raiffeisen Austria is the contracted back-up servicer for this
transaction.

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes.  Moody's
issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions.  Upon a conclusive review of the transaction
and associated documentation, Moody's will endeavor to assign
definitive ratings to the Notes.  A definitive rating may differ
from a provisional rating.


ROMPETROL GROUP: Fitch Revises Issuer Rating Outlook to Stable
--------------------------------------------------------------
Fitch Ratings changed the Outlook of Netherlands-based The
Rompetrol Group N.V.'s Issuer Default Rating of B- to Stable
from Negative.

The rating action reflects improved corporate governance of TRG
group, including a strengthened management team and corporate
restructuring, as well as the Bucharest Court of Appeal's
decision to reject the General Prosecutor's Office of Romania
request to place TRG's two owners in pre-trial detention.

Additionally, Fitch notes that the freeze of a 25.9%
shareholding in TRG's key asset, Romania's Rompetrol Rafinare,
set up by the GPO in March 2006, was lifted by the Bucharest
court last Friday.

Fitch understands that a potential trial following the GPO
investigation may occur and is likely to take three to four
years.  However, this is likely to be less distracting for TRG's
operational management when compared to the events of the last
14 months, due to the structural changes that have been
implemented in the group.  Previously Fitch had expressed
concerns about the potential impact of proceedings on the
operational management of the business given the pivotal
involvement of the two shareholders in the management team.

TRG as an organization has addressed these concerns and is now
better prepared to cope with any negative impact arising from an
extended legal process.  A two-tier management structure has
been implemented by setting up a supervisory board consisting of
a majority of independent directors as well as a management
board.  The operational management team has been expanded with
the creation of a separate treasury function under a new group
treasurer, and the appointment of a new Chief Operating Officer.

The rating continues to reflect the favorable location,
complexity and strong operating results of TRG's key refinery in
Romania.  It also reflects the group's increased geographical
diversification after the recent acquisition of Dyneff, a French
fuel retail and storage business.  TRG's aggressive financial
policy, high leverage, high refinancing risk and aggressive
capital expenditure program for the coming five years are also
factored into the rating.

Fitch regards an extension of the debt maturity profile and
improved profitability in Dyneff as key factors for any
improvement in the future rating or Outlook for TRG.  For the
time being, most of TRG group's debt is short-term, comprising
one-year bank loan facilities that are renewed each year.  This
poses significant refinancing risk especially in view of the
ongoing investigation in Romania.

Despite the investigation, in 2005, TRG was able to report
record profits capitalizing on an extremely favorable market
environment for refiners.  After a slow Q106 the business has
picked up in Q206, and in January-May 2006 TRG reported
unaudited EBITDA of US$32 million.


VNU NV: Moody's Junks Senior Unsecured Debt Ratings
---------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of VNU NV to B2 from B1 and its senior unsecured debt ratings to
Caa1 from B1.  This concludes Moody's review of VNU's ratings,
which was last continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
guaranteed by VNU.

Moody's acknowledges that Valcon Acquisition, the financial
sponsor-owned entity that acquired VNU in a leveraged buy-out
has tendered for certain of VNU's bonds.  For these bonds, the
Caa1 rating reflects Moody's assessment of the credit risk for
any bonds that are not tendered.  Moody's expects to rate the
new debt VNU intends to issue at its indirectly wholly owned
Nielsen Finance subsidiary shortly.

The B2 CFR and the instrument ratings derived from the CFR
reflect VNU's very high initial leverage following its leveraged
buy-out by a group of financial investors around 9x Financial
Gross Debt/Adjusted EBITDA on a 2005 pro forma basis as
presented in the company's Offering Memorandum, limited free
cash flow generation in the near term, execution risks on the
company's cost savings programs and competitive as well as price
challenges for VNU's Marketing Information operation.

These factors leave the CFR relatively weakly positioned at the
B2 level.  Underpinning the ratings against these significant
challenges are VNU's strong international business positions
with good revenue visibility and relatively high barriers to
entry, potential for steady revenue growth and for visible
margin improvement and the significant initial common equity
contribution from the sponsors.

The ratings further acknowledge positively that the sponsors
have stepped into an already existing strategic plan, the broad
outlines of which Moody's expects to remain unchanged.  Moody's
understands that VNU has a number of cost cutting programs in
place, mainly in its Marketing Information division, which
delivered some EUR40 million in cost savings in 2005 and which
are expected to deliver some EUR100 million in annual cost
savings over the next few years.

In addition the company launched in March a new initiative,
Project Forward, designed to deliver EUR125 million in
annualized cost savings in 2008 for initial cash costs of EUR175
million over three years from 2006. The plan, which has a
broader focus aiming at savings across the entire company is
fully scoped out and costed and execution is under way. At the
same time Project Forward aims to transform current
organizational and operating structures of the company and
therefore still carries considerable execution risks.

Moody's sees further risks to VNU's business plan from a still
difficult operating environment for B2B magazine publishing with
an accelerating transition to online delivery and to a lesser
extent from a fast evolving technology landscape in Media
Measurement & Information.  In Moody's opinion it also remains
difficult to assess at this stage whether the prolonged period
of strategic uncertainty from the announcement of the proposed
acquisition of IMS Health in July 2005 until the recent closing
of the LBO has affected VNU's underlying performance.  Lastly,
Moody's also believes that notwithstanding the effective co-
operation during the bidding stage, the presence of a relatively
large sponsor group in VNU's ownership could result in
conflicting views and strategies should the transaction come
under financial strain.

Given the very high initial leverage a stable outlook for VNU's
ratings reflects the expectation that VNU can execute its
current business plan successfully, focusing on a combination of
continuing revenue growth and cost cutting to drive profit
growth in order to achieve strong EBITDA growth.  On a March
2006 LTM pro forma basis the ratio of financial gross
debt/EBITDA as presented in the Offering Memorandum improves to
7.9x if EBITDA is adjusted for the annual run rate cost savings
from Project Forward.

Evidence of successful execution supported by EBITDA growth and
de-leveraging on an Adj. Net Debt/EBITDAR basis to well below 7x
without counting run-rate cost savings would lead to upward
pressure on the ratings over the medium term.  Conversely, any
indication that execution issues on cost cutting and/or lower
than forecast revenue growth are reducing targeted profit and
cash flow improvements and/or that leverage on an Adj. Net
Debt/EBITDAR basis without counting run-rate cost savings has
not fallen visibly below 8x could result in negative rating
pressure.

In this context Moody's notes that in anticipation of the
expected change in VNU's reporting currency to US$ which better
aligns the accounts with the denomination of its revenues and
cash flows the company expects to have most of its debt
denominated in USD.  Therefore its balance sheet when reported
in Euros will remain sensitive to movements in the EUR/US$
exchange rate until the natural cash flow hedge for US$
reporting takes hold.

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.


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


AKER KVAERNER: Joint Venture Wins US$665-Mln LNG Deal in Texas
--------------------------------------------------------------
Aker Kvaerner, in joint venture (50/50) with Ishikawajima-Harima
Heavy Industries, was awarded a contract for the engineering,
procurement and construction of the Ingleside Energy Center
regasification terminal in Ingleside, Texas, U.S.A.

The contract value to the Aker Kvaerner and IHI joint venture is
US$665 million.  The project is expected to take approximately
three years to complete, after Ingleside Energy Center elects to
issue a Notice to Proceed.  Construction is scheduled to begin
the first quarter of 2007.

The Ingleside Energy Center LNG terminal will be the second
large LNG regasification project to combine Aker Kvaerner's
expertise in regasification engineering and construction
management for LNG facilities and IHI's position as a market
leader within design and manufacturing of LNG storage and
processing systems in one integrated delivery model.

The design and engineering will be directed from Houston
involving approximately 125 personnel from Aker Kvaerner and
IHI.  In addition, the project will employ a peak construction
labor force of approximately 750.

"We are proud of our track record within the oil and gas and LNG
regasification industry and our unique partnership with IHI for
excellence in delivering LNG tanks and terminals," John Siffert,
President of Aker Kvaerner's LNG business, said.  "We look
forward to working with Ingleside Energy Center which we believe
will benefit from this exclusive collaboration between two
leading global EPC project delivery companies with a proven
delivery model."

Ingleside Energy Center, a subsidiary of Occidental Petroleum
Corporation, was granted a Federal Energy Regulatory Commission
(FERC) permit in July 2005. The facility will process
approximately 1.0 billion cubic feet of gas per day.

                       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
===========


ABUNDANT GARDEN: Bankruptcy Hearing Slated for Aug. 3
-----------------------------------------------------
The Arbitration Court of Stavropol Region will convene at 11:00
a.m. on Aug. 3 to hear the bankruptcy supervision procedure on
CJSC Abundant Garden (TIN 2607016140).   The case was docketed
under Case No. A63-4293/2006-S5.

The Temporary Insolvency Manager is:

         G. Koshkosh
         Office 7
         L. Tolstogo Str. 121a
         355000 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Abundant Garden
         Ryzdvyanyj
         Stavropol Region
         Russia


ANDREAPOL-AGRO-STROY: I. Peshekhonov to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. I.
Peshekhonov as Insolvency Manager for OJSC Andreapol-Agro-Stroy.
He can be reached at:

         I. Peshekhonov
         Post User Box 39A
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-561/2005.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         OJSC Andreapol-Agro-Stroy
         Shakhtera Str. 9
         Andreapol
         172800 Tver Region
         Russia


APASTOVO-AGRO-KHIM-SERVICE: Court Hearing Slated for Sept. 4
------------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at
12:10 p.m. on Sept. 4 to hear the bankruptcy supervision
procedure on OJSC Apastovo-Agro-Khim-Service.

The case is docketed under Case No. A65-5527/2006-SG4-26.

The Temporary Insolvency Manager is:

         I. Gilyazov
         Post User Box 5
         GOS-3
         Chistopol
         422983 Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Apastovo-Agro-Khim-Service
         Apastovskiy Region
         Tatarstan Republic
         Russia


BLAGOVESHENSKIY AGRO-SNAB: Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Altay Region has commenced bankruptcy
supervision procedure on OJSC Blagoveshenskiy Agro-Snab.  The
case is docketed under Case No. A03-20172/05-B.

The Temporary Insolvency Manager is:

         M. Polyakov
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altay Region
         Russia

The Debtor can be reached at:

         OJSC Blagoveshenskiy Agro-Snab
         Sovetskaya Str. 90
         Blagoveshenka
         Blagoveshenskiy Region
         658960 Altay Region Russia


CERAMIC BUILDING: Court Commences Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region has
commenced bankruptcy supervision procedure on OJSC Factory of
Ceramic Building Materials (TIN 8905025503).  The case was
docketed under Case No. A81-3282/2005.

The Temporary Insolvency Manager is:

         A. Kovalskiy
         Apartment 28
         Chekhova Str. 13
         160001 Vologda Region
         Russia

The Debtor can be reached at:

         OJSC Factory of Ceramic Building Materials
         Mestorozhdenie
         Zapadno-Noyabrskoye
         Noyabrsk
         692811 Yamalo-Nenetskiy Autonomous Region
         Russia


ECOS-AGRO: Court Names O. Gonzharov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. O.
Gonzharov as Insolvency Manager for CJSC Ecos-Agro.  He can be
reached at:

         O. Gonzharov
         Apartment 66
         Pyatnitskoye Shosse 38
         125310 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-18865/2005.

The Debtor can be reached at:

         CJSC Ecos-Agro
         Klyavino
         Samara Region
         Russia


GALICHSKIY TANNERY: Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Kostroma Region has commenced
bankruptcy supervision procedure on LLC Galichskiy Tannery.  The
case is docketed under Case No. A31-9688/2005-18.

The Temporary Insolvency Manager is:

         A. Butenko
         Office 412
         Lenina Pr. 21b
         150003 Yaroslavl Region
         Russia

The Debtor can be reached at:

         LLC Galichskiy Tannery
         Artemyevskoye
         Galichskiy Region
         157217 Kostroma Region
         Russia


GAVRILOVSKAYA NIVA: Tambov Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Tambov Region has commenced bankruptcy
supervision procedure on LLC Agricultural Company Gavrilovskaya
Niva.  The case is docketed under Case No. A64-7937/05-21.

The Temporary Insolvency Manager is:

         A. Tomilov
         bochaya Str. 20
         2020 Tambov Region
         ssia

The Debtor can be reached at:

         LLC Agricultural Company Gavrilovskaya Niva
         Kozmodemyanovka
         Gavrilovskiy Region
         393166 Tambov Region
         Russia


GAZPROM: Board Approves Strategic Development Targets
-----------------------------------------------------
OAO Gazprom's Board of Directors has approved the company's 10-
year strategic development targets.

The objectives include basic performance indicators
characterizing the Company's development efficiency.  These
indicators are:

   -- economic profit growth - positive;

   -- return on equity - not less than 6 per cent (conservative
      oil price forecast);

   -- equity/debt ratio - not more than 40 per cent;

   -- production rate - not less than 550 bcm of gas (in the
      vicinity of the Unified Gas Supply System);

   -- sales volume - not less than 490 bcm of gas;

   -- inventories amount - not less than 29 tcm of gas;

   -- reserve replenishment coefficient - not less than 100
      percent.

The Board of Directors tasked the Management Committee with
organizing the work to achieve these preset strategic
development targets.

On Sept. 28, 2005, the Gazprom Board of Directors approved a
list of strategic development targets subject to approval by the
Board of Directors.  Setting strategic developments targets when
planning the business activity is a substantial factor for
higher operating efficiency and market capitalization of the
world's largest oil & gas companies.  Global energy companies
employ Key Performance Indicators, which are in most cases
identical to strategic development targets of Gazprom.  When
identifying its strategic development targets Gazprom takes into
account the Company's performance specificity and development
prospects.

On June 22, the Gazprom Management Committee approved the
Gazprom Planning Rules using strategic development targets.  The
Planning Rules contemplate devising a Company's development
program over a 10-year period.  The program must include a list
of priority projects, capacity commissioning and relevant
capital investment projections, major operating, financial &
economic development indicators.

Improving the planning system based on the Planning Rules aims
to reinforce the interconnection between the Company's
management system elements (long-, mid- and short-term planning
systems, budgeting systems, cost management, control, motivation
systems) and ultimately to ensure the conformity of the
Company's financial & economic activity with its strategic
goals.

The planning system using strategic development targets will
enhance business transparency and will give investors an
objective idea of Gazprom's probable development in a long run.

                          About Gazprom

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

                         *     *     *

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

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

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


GAZPROM: Hikes Zarubezhneftegaz Equity Stake to 100%
----------------------------------------------------
The Board of Directors for OAO Gazprom has approved the purchase
of further stakes in Zarubezhneftegaz -- 24.9% from Zarubezhneft
and 15% from Stroytransgaz.

These acquisitions will bring Gazprom's total ownership interest
in Zarubezhneftegaz to 100%.

The market value of the mentioned stakes was identified by the
independent appraiser Deloitte & Touche CIS.

Zarubezhneftegaz is an operator of Gazprom's international
projects.

In order to solidify Gazprom's standing on the international oil
& gas market, Zarubezhneftegaz, acting on behalf of Gazprom, is
engaged in a variety of projects that cover geological survey,
field development, gas transmission system upgrading,
underground gas storage capacity expansion, gas transmission &
marketing.

At present, the stockholders of Zarubezhneftegaz include:

                           Equity Stake
                           ------------
         Gazprom              60.1%
         Zarubezhneft         24.9%
         Stroytransgaz        15%

                          About Gazprom

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

                         *     *     *

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

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

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


GAZPROM: Board Names Boris Fyodorov as Audit Committee Chairman
---------------------------------------------------------------
OAO Gazprom's Board of Directors has decided to form an Audit
Committee of the Board.

The Board re-elected Boris Fyodorov as Committee Chairman, and
Bergmann Burckhard and Mikhail Sereda as Committee Members.

The Audit Committee focuses on assessing:

   -- nominations for Gazprom's auditors;

   -- the Auditor's Report;

   -- the efficiency of Gazprom's internal control procedures
      and preparation of proposals on their improvement.

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

                          About Gazprom

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

                         *     *     *

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

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

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


IV-WOOD-PROM: Bankruptcy Hearing Slated for Aug. 7
--------------------------------------------------
The Arbitration Court of Ivanovo Region will convene at 1:00
p.m. on Aug. 7 to hear the bankruptcy supervision procedure on
OJSC Iv-Wood-Prom.

The case is docketed under Case No. A17-1343/06-10-??

The Temporary Insolvency Manager is:
         A. Bogdanets
         Office 207
         Bagaeva Str. 17
         153000 Ivanovo Region Russia

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Iv-Wood-Prom
         Dzerzhinskogo Str. 8
         Ivanovo Region
         Russia


KUDYMKARSKIY BAKERY: V. Plashkin to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Komi-Permyatskiy Region appointed Mr.
V. Plashkin as Insolvency Manager for Federal State Unitary
Enterprise Kudymkarskiy Bakery.  He can be reached at:

         V. Plashkin
         Office 2
         Svobody Str. 58
         Kudymkar
         619000 Komi-Permyatskiy Region
         Russia
         Tel: (8-34260) 45993

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 30-2052/2005.

The Arbitration Court of Komi-Permyatskiy Region is located at:

         M. Gorkogo Str. 24
         Kudymkar Region
         619000 Komi-Permyatskiy Region
         Russia

The Debtor can be reached at:

         Federal State Unitary Enterprise Kudymkarskiy Bakery
         Sverdlova Str. 53
         Kudymkar Region
         619000 Komi-Permyatskiy Region
         Russia


KUSHEVSKIY: Krasnodar Court Begins Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on OJSC Food Combine
Kushevskiy.  The case was docketed under Case No.
A32-37016/2005-38/505-B.

The Temporary Insolvency Manager is:

         A. Radionov
         2nd Floor
         Armavirskaya Str. 37
         Eysk
         353680 Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Food Combine Kushevskiy
         Kushevskaya
         Krasnodar Region
         Russia


LUKHOVITSKIY VOD-STROY: Bankruptcy Hearing Slated for Aug. 7
------------------------------------------------------------
The Arbitration Court of Moscow Region will convene at 2:00 p.m.
on Aug. 7 to hear the bankruptcy supervision procedure on CJSC
Lukhovitskiy Vod-Stroy.  The case was docketed under Case No.
A41-K2-5410/06.

The Temporary Insolvency Manager is:

         V. Vinogradov
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Lukhovitskiy Vod-Stroy
         Timiryazeva Str. 13.
         Lukhovitsy
         140500 Moscow Region
         Russia


MDM BANK: Prices US$200 Million Subordinated Unsecured Notes
------------------------------------------------------------
MDM Bank has set a price and begun its first transaction of
US$200 million Subordinated Unsecured Notes.  The deal has been
well received as demonstrated by strong diversified demand at
the tighter end of the pricing range.  The Bank's Reg. S 5-year
transaction was launched following a successful marketing
campaign in Asia and Europe.

"This placement of MDM Bank Subordinated Unsecured Notes again
demonstrated the strength of MDM Bank as an international
borrower, capable of generating solid demand for its long-dated
debt from a diversified high-quality investor base even in the
periods of certain market turbulence," Michel Perhirin, Chief
Executive Officer of MDM-Bank, said.  "The fact that MDM-Bank
has a leading reputation among Russian banks for transparency
and strong balance sheet significantly contributed to the
success of this deal."

Goldman Sachs International was the sole lead manager and
bookrunner of the deal.

On June 1, Goldman Sachs announced its fourth consecutive
mandate and third consecutive sole mandate for MDM Bank in the
form of a dollar denominated 5y bullet LT2.  This is MDM Bank's
inaugural subordinated debt paper.  The launch of the deal
followed a five-day roadshow (held in Hong Kong, Singapore,
London, Zurich, Paris and Brussels; an electronic version of the
roadshow presentation was posted on Bloomberg) in June.  Due to
market volatility, the deal was postponed to await better market
conditions and announced on July 12 as a benchmark transaction.
The issuer targeted a US$150 million minimum deal size and price
guidance was set at 9.75-10% based on the marketing.

The orderbook was opened on July 12 and closed on July 14. The
total size of the orderbook approached US$250 million towards
the end of the bookbuilding, based on initial price guidance of
9.75-10.0%.  The orderbook was well diversified with strong
demand emanating from both Europe and Asia with Switzerland
taking 31%, Eastern Europe 24%, Asia 19%, UK 12% and other
Western Europe accounting for 14%.  The investor distribution
was as follows: Private Banks 49%, Banks 38%, Hedge Funds 8% and
Funds 5%.

The deal was successful in achieving a larger size at the
tighter end of price guidance in the face of adverse market
conditions in a week with equities down, the Itraxx Crossover up
by 20bp, the Mumbai bombings and the escalation in the Middle
East.

"We are pleased to once again reopen the international capital
markets for Russian banks with a benchmark transaction for MDM,"
Michael Sherwood, co-chairman of Goldman Sachs International
said.  "The fact that this deal achieved 200 million size at the
tight end of the range, despite the volatility in the markets
and the geopolitical concerns is a testimony to MDM's franchise
and to the work the management team has done in spreading the
word about MDM's strengths and ambitions."

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

                        *     *     *

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

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

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


MDM INTERNATIONAL: Fitch Puts Long-Term B+ to US$200-Mln Notes
--------------------------------------------------------------
Fitch Ratings assigned MDM International Funding PLC's debut
US$200 million 9.75% issue of limited recourse loan
participation notes due July 2011 a final Long-term rating of
B+.  The notes are to be used solely for financing a
subordinated loan to Russia's MDM Bank under a subordinated loan
agreement.

MDM is rated Issuer Default Rating BB- with a Stable Outlook,
Short-term B, Individual C/D and Support 4.

MDM is the largest subsidiary of MDM Holding GmbH.  The ultimate
beneficiaries of the group are Andrey Melnichenko and Sergey
Popov, his partner in other industrial assets.  MDM's strategy
is to grow in defined areas of commercial, retail and investment
banking.


NORTH ENGINEERING: Court Names S. Egorin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. S. Egorin
as Insolvency Manager for CJSC North Engineering Company.  He
can be reached at:

         S. Egorin
         Lenina Str. 21b
         150003 Yaroslavl Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-15376/2005-25.

The Debtor can be reached at:

         CJSC North Engineering Company
         Zalineynaya Str. 22.
         Vologda Region
         Russia


OB-OIL-GAS-STROY: Court Begins Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region has
commenced bankruptcy supervision procedure on OJSC Ob-Oil-Gas-
Stroy.  The case is docketed under Case No. A81-313/2006.

The Temporary Insolvency Manager is:

         V. Kravchenko
         Post User Box 696
         Main Post Office
         Respubliki Str. 56
         625000 Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Ob-Oil-Gas-Stroy
         Lenina Str. 31
         Noyabrsk
         629800 Yamalo-Nenetskiy Autonomous Region
         Russia


OMZ: S&P Affirms CCC+ Long-Term Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
corporate credit and 'ruBB' national scale ratings on Russia-
based heavy-engineering holding company OAO OMZ (Uralmash-Izhora
Group).

The ratings were removed from CreditWatch with developing
implications, where they had been placed on Feb. 8, following
the announced acquisition of a controlling stake in the company
by a group of investors represented by Gazprombank. The outlook
is developing.

"The affirmation reflects the fact that OMZ's new shareholders
have not yet taken a decision about their strategy for the
group's restructuring," said Standard & Poor's credit analyst
Tatiana Kordyukova.

"The change in control is not, therefore, likely to have an
immediate effect on the group's credit quality."

For the time being, OMZ will continue to operate as before.  S&P
will evaluate the consequences of the change of control once the
details of the new shareholders' strategy are disclosed.

"S&P notes both the strong upside potential for OMZ resulting
from possible support from its new shareholders and the ongoing
uncertainty regarding the shareholders' plans for the group,"
Ms. Kordyukova added.

The outlook could be revised to positive or the ratings raised
if the group's business position in the nuclear power equipment
segment benefits from the restructuring efforts; specifically,
if restructuring results in new order inflow from government-
related entities.  New financing and liquidity support from
Gazprombank--if it were to boost OMZ's currently weak financial
profile--could also have positive implications for the group's
credit quality.

A downside scenario cannot be ruled out, however, as it is
unclear how the group will be restructured, whether some of the
existing businesses will be sold, and what businesses will be
retained.  The status of OMZ's debt following the restructuring
is also uncertain, as is the level of liquidity backup, if any,
available to the group to implement its investments plans
following the restructuring.


RIF-INVEST-SPRING: Belgorod Court Begins Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Belgorod Region has commenced
bankruptcy supervision procedure on OJSC Rif-Invest-Spring (TIN
3110007822).

The case is docketed under Case No. A08-13456/05-2 b.

The Temporary Insolvency Manager is:

         A. Zapryagaev
         Post User Box 36
         Voroshilova Str. 35
         394055 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Rif-Invest-Spring
         Alekseevka
         Korochanskiy Region
         309222 Belgorod Region
         Russia


ROSNEFT OIL: UK Court Allows Shares to Trade in London
------------------------------------------------------
A British judge denied Yukos Oil Co.'s request to block the
initial public offering of OAO Rosneft Oil Company on the London
Stock Exchange yesterday, the Associated Press reports.
However, the case was referred to the Appellate Court.

The full listing of Rosneft shares began its formal trading on
the LSE yesterday, a few days after its shares kicked off in the
Moscow exchange.

Yukos lawyers argued in the UK High Court 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.

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.

As previously reported, Yukos had asked the court for permission
to conduct a judicial review on decisions made by the Financial
Services Authority and the LSE and to enforce a temporary
injunction on the share sale pending the results of the hearing.

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.


ROSTELECOM: Eyes Changes in Organizational Structure
----------------------------------------------------
Rostelecom has begun a process of reform to its organizational
structure.  The planned changes will focus on optimizing the
company's management structure, as well as consolidating the
organizational matrix within its principal business areas.

The first stage of reform will focus on the top level of the
corporate structure, implementing an effective ERP system, which
will enable the Company to streamline and strengthen its
mainstream businesses.

"Dynamic development of the telecom market, the introduction of
new technologies, changes in demand patterns and increasing
competition are some of the challenges we currently face,"
Dmitry Yerokhin, General Director of Rostelecom, said.  "We
recognize the need to adapt quickly to the changing market
environment, and in response, the reforms we are initiating are
mainly aimed at enhancing the flexibility of Rostelecom's
management structure.  Optimization of the organizational
structure will enable Rostelecom to focus its resources on its
key commercial, technical and financial activities."

Headquartered in Moscow, Russia, Rostelecom --
http://www.rostelecom.ru/en-- is Russia's national long-
distance telecommunications operator.  The Company owns and
operates a nationwide modern backbone network enabling the
provision of telecommunications services across the entire
Russian Federation.

                        *     *     *

As reported in TCR-Europe on March 30, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on
Rostelecom to 'BB-' from 'B+', reflecting the company's
strengthened financial profile.  S&P said the outlook is stable.


SALAVATSKIY FOOD: R. Shaymukhametov to Manage Assets
----------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. R.
Shaymukhametov as Insolvency Manager for OJSC Salavatskiy Food
Combine (TIN 0266012149).  He can be reached at:

         R. Shaymukhametov
         Apartment 57
         Oktyabrya Pr. 15/1
         Ufa
         450001 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-16538/05-A-PAV.

The Debtor can be reached at:

         OJSC Salavatskiy Food Combine
         Zelenaya Str. 1
         Salavat
         453261 Bashkortostan Republic
         Russia


SIBERIAN FUEL: Court Names I. Morlang as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. I.
Morlang as Insolvency Manager for LLC Siberian Fuel and Energy
Company.  He can be reached at:

         I. Morlang
         Office 10
         Lenina Str. 62A
         660049 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-5861/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Siberian Fuel and Energy Company
         Krasnodarskaya Str. 40A
         Krasnoyarsk Region
         Russia


SIBIRTELECOM OJSC: Pays RUB1.53 Billion for Series 03 Bonds
-----------------------------------------------------------
Sibirtelecom OJSC reports that it has paid its Series 03 bonds
at a total sum of RUB1.53 billion.

Sibirtelecom OJSC -- http://www.sibirtelecom.ru/english--  
provides both traditional telephone services and a wide range of
telecom services such as internet access services, and new
billing systems.  Intelligent networks, and e-commerce systems
are currently under development.

                        *     *     *

As reported in TCR-Europe on Feb. 9, Fitch Ratings assigned a B+
Issuer Default rating to OAO Sibirtelecom along with several
other companies in the European Telecommunications, Media and
Technology sectors.  Fitch said the outlook is stable.

On Dec. 2, 2005, Fitch affirmed Sibirtelecom's ratings at Senior
Unsecured 'B+' with Stable Outlook and Short-term 'B'.


TYUMENSKIY MECHANICAL: S. Kungurov to Manage Assets
---------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. S. Kungurov
as Insolvency Manager for OJSC Tyumenskiy Mechanical Factory.
He can be reached at:

         S. Kungurov
         Office 455
         Melnikayte Str. 106
         Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-6314/3-05.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Tyumenskiy Mechanical Factory
         Beregovaya Str. 199b
         Tyumen Region
         Russia


YUKOS OIL: UK Court Nixes Call to Block Rosneft Share Sale
----------------------------------------------------------
A British judge denied Yukos Oil Co.'s request to block the
initial public offering of OAO Rosneft Oil Company on the London
Stock Exchange yesterday, the Associated Press reports.
However, the case was referred to the Appellate Court.

The full listing of Rosneft shares began its formal trading on
the LSE yesterday, a few days after its shares kicked off in the
Moscow exchange.

Yukos lawyers argued in the UK High Court 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.

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.

As previously reported, Yukos had asked the court for permission
to conduct a judicial review on decisions made by the Financial
Services Authority and the LSE and to enforce a temporary
injunction on the share sale pending the results of the hearing.

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.


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


BREAD BASE 75: Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on Bread Base 75 (code EDRPOU 22733588).
The case is docketed under Case No. 15/195-B-05.

The Temporary Insolvency Manager is:

         Andrij Maksimov
         Shevchenko Avenue 16/5
         85000 Donetsk Region
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         Bread Base 75
         Kalinindorf
         Velikooleksandrivskij District
         74131 Herson Region
         Russia


HARKIV' INSULATING: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Harkiv Region ordered moratorium on
satisfaction of claims against the creditors of OJSC Harkiv'
Insulating and Asbestos-Cement Materials Plant (code EDRPOU
00293083).

The Court commenced bankruptcy supervision procedure on the
company on May 12.  The case is docketed under Case No.
B-39/54-06.

The Temporary Insolvency Manager is:

         Oksana Kuznetsova
         Biologichna Str. 10
         61030 Harkiv Region
         Ukraine

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Harkiv' Insulating and
         Asbestos-Cement Materials Plant
         Biologichna Str. 10
         61030 Harkiv Region
         Ukraine


KARAKUBSKIJ: Court Starts Bankruptcy Supervision
------------------------------------------------
The Economic Court of Donetsk Region ordered a moratorium on
satisfaction of claims against the creditors of OJSC Karakubskij
(code EDRPOU 00848606) on April 25.

The Court commenced bankruptcy supervision procedure on the
company on April 25.  The case is docketed under Case No.
5/69-b.

The Temporary Insolvency Manager is:

         Yurij Menzarenko
         Rozdolne
         Starobeshevo Str.
         87252 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Karakubskij
         Rozdolne
         Starobeshevo Str.
         87252 Donetsk Region
         Ukraine


KONATKIVSKE: Vinnitsya Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on Agricultural LLC Konatkivske (code
EDRPOU 03728156) on April 18.  The case is docketed under Case
No. 10/70-06.

The Temporary Insolvency Manager is:

         V. Zavalnuk
         Pirogov Str. 157/117
         21000 Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Konatkivske
         Frunze Str. 10
         Konatkivtsi
         Shargorodskij District
         Vinnitsya Region
         Ukraine


KRASNOLUTSKIJ AUTO-REPAIR: Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on OJSC Krasnolutskij Auto-Repair Plant
(code EDRPOU 05422094) on April 25.  The case is docketed under
Case No. 20/142 b.

The Temporary Insolvency Manager is:

         P. Zhukov
         Transportna Str. 1
         Krasnij Luch
         94505 Lugansk Region
         Ukraine

The Debtor can be reached at:

         OJSC Krasnolutskij Auto-Repair Plant
         Transportna Str. 1
         Krasnij Luch
         94505 Lugansk Region
         Ukraine


LARGIVSKIJ BREAD: Chernivtsi Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Chernivtsi Region commenced bankruptcy
supervision procedure on OJSC Largivskij Bread Products Combine
(code EDRPOU 00952692) on April 11.  The case is docketed under
Case No. 5/69/b.

The Temporary Insolvency Manager is:

         A. Maksimov
         Gajdaj Str. 8/13
         Gorenichi
         Kiyevo-Svyatoshinskij District
         Kyiv Region Ukraine

The Economic Court of Chernivtsi Region is located at:

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region
         Ukraine

The Debtor can be reached at:

         OJSC Largivskij Bread Products Combine
         Yaroslav Mudrij Str. 37
         Kelmentsi
         60100 Chernivtsi Region
         Ukraine


NEMIRIV-SUGAR: Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on CJSC Production-Trade Complex Nemiriv-
Sugar (code EDRPOU 31760785).  The case is docketed under Case
No. 10/82-06.

The Temporary Insolvency Manager is:

         Lina Demets
         40-richya Peremogi Str. 27/A/57
         Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         CJSC Production-Trade Complex Nemiriv-Sugar
         Kalinin Str. 14
         Kovalivka
         Nemiriv District
         22830 Vinnitsya Region
         Ukraine


NOVOVOLINSK' AUTO-TRANSPORT 10763: Court Freezes Debt Payment
-------------------------------------------------------------
The Economic Court of Volinska Region ordered a moratorium on
satisfaction of claims against the creditors of OJSC
Novovolinsk' Auto-Transport Enterprise 10763 (code EDRPOU
05461088) on March 17.

The Court commenced bankruptcy supervision procedure on the
company on April 10.  The case is docketed under Case No.
7/65-B.

The Temporary Insolvency Manager is:

         Igor Homishin
         Polishuk Str. 87-A/17
         Lviv Region
         Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         OJSC Novovolinsk' Auto-Transport Enterprise 10763
         Shahtarska Str. 26
         Novovolinsk
         45400 Volinska Region
         Ukraine


ROKITNIVSKIJ RAJAGROHIM: Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Rivne Region commenced bankruptcy
supervision procedure on OJSC Rokitnivskij Rajagrohim (code
EDRPOU 13972590) on April 27.  The case is docketed under Case
No. 8/16.

The Temporary Insolvency Manager is:

         O. Franko
         Guryev Str. 13
         33000 Rivne Region
         Ukraine

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         OJSC Rokitnivskij Rajagrohim
         Proletarska Str. 44
         Rokitne
         34200 Rivne Region
         Ukraine


ROMENSKIJ RAJAGROHIM: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on OJSC Romenskij Rajagrohim (code EDRPOU
05492747) on May 12.

The case is docketed under Case No. 7/79-06.

The Temporary Insolvency Manager is:

         Yevgen Chuprun
         Room 49-A
         Petropavlovska Str. 74
         Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Romenskij Rajagrohim
         Romni
         42004 Sumi Region
         Ukraine


SIMETRON: Court Commences Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Simetron (code EDRPOU 33055313).
The case is docketed under Case No. 23/188-b.

The Temporary Insolvency Manager is:

         O. Sherban
         a/b 157
         01030 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 Simetron
         Plehanov Str. 19/100
         02002 Kyiv Region
         Ukraine


SULA-NOVA: Court Starts Bankruptcy Supervision
----------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on LLC Sula-Nova (code EDRPOU 30678956) on
May 25.  The case is docketed under Case No. 752-06.

The Temporary Insolvency Manager is:

         Mikola Gnidij
         Kozak Str. 1-a
         36000 Poltava Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Sula-Nova
         Lohvitsya
         37200 Poltava Region
         Ukraine


UROZHAJ: Vinnitsya Court Names Bankruptcy Agency as Liquidator
--------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Center of Bankruptcy Questions for Agricultural LLC
Urozhaj (code EDRPOU 13322828).  The Liquidator can be reached
at:

         Vinnitsya Regional Center of Bankruptcy Questions
         Room 730
         Hmelnitske Shose Str. 7
         21110 Vinnitsya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 5.  The case is docketed under
Case No. 10/69-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Urozhaj
         Shors Str. 3
         Derevyanki
         Shargorodskij District
         Vinnitsya Region
         Ukraine


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


ACTION ENVIRONMENTAL: Taps Administrators from Begbies Traynor
--------------------------------------------------------------
David Hill and John Wynn Davies of Begbies Traynor were
appointed joint administrators of Action Environmental Waste
Management and Recycling Limited (Company Number 4644723) on
June 16.

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

Action Environmental Waste Management and Recycling Limited can
be reached at:

         Unit 6
         Martin Road
         Tremorfa Industrial Estate
         Tremorfa
         Cardiff CF24 5SD
         United Kingdom


ACTUATE COMPUTER: Creditors Pass Winding Up Resolution
------------------------------------------------------
Creditors of Actuate Computer Technologies Limited passed a
resolution to wind up the company's operations on April 26.

Subsequently, H. J. Sorsky was appointed Liquidator.

The company can be reached at:

         Actuate Computer Technologies Limited
         12-16 Clerkenwell Road
         London EC1M5PQ
         United Kingdom
         Tel: 020 8543 4353
         Fax: 020 8543 0121


ANNA CHARLES: Financial Woes Prompt Liquidation
-----------------------------------------------
Anna Charles Shoes Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

David Anthony Horner of David Horner & Co. was appointed
Liquidator.

The company can be reached at:

         Anna Charles Shoes Limited
         11 High Street
         Boroughbridge
         York YO519AW
         United Kingdom
         Tel: 01845 578 673


ATLAS BAKERIES: Governor & Company Taps Baker Tilly as Receivers
----------------------------------------------------------------
The Governor and Company of the Bank of Scotland appointed
Michael David Rollings and Bruce Alexander Mackay of Baker Tilly
joint administrative receivers of Atlas Bakeries Limited
(Company Number 04275655) on June 28.

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

Headquartered in London, Atlas Bakeries Limited sells bread,
cakes and confectionery.


B & D TRAVEL: Appoints Joint Administrators from Harrisons
----------------------------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
joint administrators of B & D Travel Limited (Company Number
04393141) on June 19.

Harrisons -- http://www.harrisons.uk.com/-- provide advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.  The firm has appointed an in-house solicitor specializing
in insolvency and security work to enable us to further broaden
the experience base of the firm.

B & D Travel Limited can be reached at:

         10 Martin Close
         Stockport
         Cheshire SK2 5UW
         United Kingdom


BARVEST LIMITED: Avanti Capital Appoints BDO Stoy Receivers
-----------------------------------------------------------
Avanti Capital PLC appointed Malcolm Cohen and Antony David
Nygate of BDO Stoy Hayward LLP joint administrative receivers of
Barvest Limited (Company Number 04845318) on June 28.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK 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, Barvest Limited --
http://www.ponana.com/-- represent a unique collection of
individually promoted clubs & bars, from the venues operating
under the widely known Po Na Na brand to the legendary
Hammersmith Palais, Fez Clubs, Embargo and Bondai, each one is
managed in a truly independent style.


BORDEAUX VINTNERS: Creditors Resolve to Voluntary Liquidation
-----------------------------------------------------------
Creditors of Bordeaux Vintners Limited resolved to voluntarily
liquidate the company's assets during an extraordinary general
meeting on April 27.

John Kelmanson and Elias Paourou of The Kelmanson Partnership
were appointed Joint Liquidators.

The company can be reached at:

         Bordeaux Vintners Limited
         Langham House
         302-308 Regent Street
         London W1B 3HH
         United Kingdom
         Tel: 020 7580 7675


COMPLEX 2000: Creditors Confirm Joint Liquidators' Appointment
--------------------------------------------------------------
Creditors of Complex 2000 Limited confirmed the appointment of
Mark Roach and Graham Randall of BDO Stoy Hayward LLP as Joint
Liquidators on April 25.

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.

Complex 2000 Limited can be reached at:

         Adcross Vill
         Adcross Dr
         Trowbridge
         Wiltshire BA148PU
         United Kingdom
         Tel: 01225 352 000
         Fax: 01225 350 894


CP ENGINEERING: Creditors' Meeting Slated for July 21
-----------------------------------------------------
Creditors of CP Engineering Limited (Company Number 04436437)
will meet at 11:00 a.m. on July 21 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on July 20 at:

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

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


DMS 2002: Begins Liquidation Procedure
-------------------------------------
DMS 2002 Limited is liquidating its assets after creditors
passed a resolution to wind up the company on April 25.

David A. Butler of Nunn Hayward was appointed Liquidator.

The company can be reached at:

         DMS 2002 Limited
         31 Alston Drive
         Bradwell Abbey
         Milton Keynes MK139HA
         United Kingdom
         Tel: 01908 222 482
         Fax: 01908 222 788


EAST CENTRAL: Creditors' Meeting Slated for July 24
---------------------------------------------------
Creditors of East Central (U.K.) Limited (Company Number
05609956) will meet at 11:00 a.m. on July 24 at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 21 at:

         Andrew Andronikou and Ladislav Hornan
         Joint Administrators
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


EUROSTAR I: Fitch Upgrades Class B Notes to CC/DR5
--------------------------------------------------
Fitch Ratings upgraded EuroStar I CDO's Class B notes and
affirmed the rest.

   -- Class A-1 notes (ISIN XS0111598008): paid in full;

   -- Class A-2 notes (ISIN XS0111598693): paid in full;

   -- Class A-3 notes (ISIN XS0111598859) affirmed at: B-/DR1;

   -- Class B notes (ISIN XS0111599154) upgraded to: CC/DR5
      from C/DR6; and

   -- Class C notes (ISIN XS0111599238) affirmed at: C/DR6.

The Class A-1 and Class A-2 notes have paid down in full as of
the last payment date in June 2006.  The affirmation of the
Class A-3 notes reflects the recovery analysis that the agency
has performed, and indicates that investors can expect
outstanding recovery prospects of 90-100% on this Class.

Likewise the upgrade of the Class B notes to C/DR5 reflects the
improved recovery prospects for this Class of notes, now between
10%-30%, following the amortization of the senior notes.  There
has been no change to the Class C notes, with the DR rating
affirmed at DR6, equating to 0-10% recoveries.

There have been no additional defaults in the portfolio since
the review in July 2005.  The CCC+ and below bucket has
increased slightly to 7.2% of the portfolio, compared to 6.8% in
July 2005.  The Fitch rating factor is currently at 39
(equivalent to a BB+/BBB- rating), having improved from 45
(equivalent to a BB/BB-) in July 2005.

The Class A over-collateralization test has improved since the
July 2005 review to 117.04%, against a test level of 124.5%,
while the Class B and C over-collateralization tests have
continued to deteriorate slightly.


EUROSTAR II: Fitch Downgrades Class B Notes to CCC+/DR2
-------------------------------------------------------
Fitch Ratings downgraded EuroStar II CDO's Class B notes and
affirmed others.

   -- Class A-1 notes (ISIN DE0006104706) affirmed at: AAA;

   -- Class A-2 notes (ISIN DE0006104714) affirmed at: AAA;

   -- Class A-3 notes (ISIN DE0006104722) affirmed at: A-;

   -- Class B notes (ISIN DE0006104730) downgraded to: CCC+/DR2
      from B/DR2;

   -- Class C notes (ISIN DE0006104748) affirmed at: C/DR6; and

   -- Subordinated notes (ISIN DE0006104755) affirmed at: C/DR6.

Since the review in July 2005, GAL Finance, one of the reference
entities in the pool, defaulted.  Although the manager was able
to sell out of their position in GAL before it became a default,
Fitch notes that losses were relatively high at 62% and 64% on
the two positions sold in May respectively.  The CCC+ and below
bucket has fallen to 4.7% of the portfolio from 6.7% at the July
2005 review.

The Fitch rating factor has improved to 31.13 (equivalent to a
BBB/BBB- rating) from 36.08 (equivalent to a BB+ rating) in
July 2005.  The Class A-1 and A-2 notes have continued to
amortize and the current balances are EUR143.1 million and
EUR38.1 million respectively. The Class A over-collateralization
test has improved slightly to 124.04% from 119.18% in July 2005.

Fitch has found the credit enhancement for the Class A notes to
be sufficient to withstand the agency's stress tests at their
current rating levels, as the impact of trading losses has been
offset by the de-leveraging of the senior notes.

The downgrade of the Class B notes reflects the impact of the
trading losses.  Superior recoveries of between 70-90%, albeit
at the lower end of the band, are still expected of this Class
of notes.  The affirmations of the Class C and subordinated
notes continue to reflect the poor recovery prospects of 0-10%
of these Classes.


FORD MOTOR: To Fund GBP1 Billion on U.K. Research & Development
---------------------------------------------------------------
Ford Motor Co. will put in GBP1 billion for U.K. research and
development within six years to enhance fuel-efficient vehicles,
according to published reports.

"We are talking about a suite of technologies," Ford's European
EVP Lewis Booth said in a radio interview.

"We have 9,500 engineers working in the U.K., about 35,000
employees in total, so this is our investment," Mr. Booth added.

According to The Wall Street Journal, the company aims to
develop hybrid cars that are powered by gasoline and a
rechargeable battery, as well as petrol and diesel models.  The
company also eyes to produce a Focus model that can deliver 70
miles per gallon with reduced carbon-dioxide emissions.

"The real test for us is to continually lower the CO2 emissions
from our vehicles," Bloomberg quoted Mr. Booth as saying.

Ford acknowledged in June that it would no longer push through
with its plans to produce 250,000 gasoline-electric hybrid
vehicles a year.  Instead, the company would focus on other
alternative fuels.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- is the world's third largest automobile
manufacturer.  The Company manufactures and distributes
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                        *    *    *

As reported in TCR-Europe on July 18, Moody's Investors Service
lowered the Corporate Family and senior unsecured ratings of
Ford Motor Company to B2 from Ba3 and the senior unsecured
rating of Ford Motor Credit to Ba3 from Ba2.  The Speculative
Grade Liquidity rating of Ford has been affirmed at SGL-1,
indicating very good liquidity over the coming 12 month period.
Moody's said the outlook for the ratings is negative.

As reported in the Troubled Company Reporter on June 12, Fitch
downgraded long-term ratings for both Ford Motor Company and
Ford Motor Credit Company with a Negative Rating Outlook, and
assigned these Recovery Ratings:

  Ford:

    -- Issuer Default Rating to 'B+' from 'BB'
    -- Senior unsecured to 'BB-/RR3' from 'BB'

  FMCC:

    -- Issuer Default Rating to 'B+' from 'BB'

Fitch also affirms FMCC's senior unsecured debt at 'BB/RR2'.

As reported in the Troubled Company Reporter on May 31, 2006,
Standard & Poor's Ratings Services placed its ratings on nine
U.S. single-issue synthetic ABS transactions related to Ford
Motor Co. (Ford; BB-/Watch Neg/B-2) and Ford Motor Credit Co.
(Ford Credit; BB-/Watch Neg/B-2) on CreditWatch with negative
implications.


IMPULSE ASSOCIATES: Taps Richard John Elwell to Liquidate Assets
----------------------------------------------------------------
Richard John Elwell of Elwell Watchorn & Saxton LLP was
appointed Liquidator of Impulse Associates Limited after
creditors decided to wind up the company on April 26.

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.

Impulse Associates Limited can be reached at:

         51 Iliffe Avenue
         Oadby
         Leicester LE2 5LH
         United Kingdom
         Tel: 0116 272 0202
         Fax: 0116 272 0203


K.G.T. NORTH: Appoints Liquidator from Begbies Traynor
------------------------------------------------------
D. R. Acland of Begbies Traynor was appointed Liquidator of
K.G.T. (North West) Limited after creditors agreed to wind up
the company on April 20.

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

K.G.T. (North West) Limited can be reached at:

         Ashton Rd Garage
         Ashton Road
         Golborne
         Warrington WA3 3TS
         United Kingdom
         Tel: 01744 811 165


LEIGHTON OILS: Creditors Opt to Liquidate Assets
------------------------------------------------
Creditors of Leighton Oils (Lea Town) Limited opted to liquidate
the company's assets during an extraordinary general meeting on
April 7.

Subsequently, Timothy Hargreaves was appointed Liquidator.

The company can be reached at:

         Leighton Oils (Lea Town) Limited
         Springfield Mill
         Greenbank Street
         Preston PR1 7PH
         United Kingdom
         Tel: 01772 555 100
         Fax: 01772 558 722


MERIDEN LOGISTICS: Hires Andrew Fender to Administer Assets
-----------------------------------------------------------
Andrew Fender of Sanderlings LLP was named administrator of
Meriden Logistics Limited (Company Number 04162345) and Meriden
Logistics Sarl (Company Number 452233687 R.C.S. Beavais) on
June 16.

The administrator can be contacted at:

         Sanderlings LLP
         Sanderling House
         1071 Warwick Road
         Acocks Green
         Birmingham B27 6QT
         United Kingdom
         Tel: 0870 243 0540

Meriden Logistics Limited and Meriden Logistics Sarl can be
reached at:

         Meriden House
         6 Great Cornbow
         Halesowen B63 3AB
         United Kingdom


PORT OF LIVERPOOL: Names Peter Anthony Jackson Liquidator
---------------------------------------------------------
Creditors of Port of Liverpool Logistics Limited named Peter
Anthony Jackson of Jackson Gregory & Co. Liquidator during an
extraordinary general meeting on April 19.

The company can be reached at:

         Port of Liverpool Logistics Limited
         Drawill House
         Hammond Road
         Knowsley Industrial Park
         Liverpool L33 7UL
         United Kingdom
         Tel: 0151 545 1122
         Fax: 0151 545 1133


PROACTIVE MARKETING: Shay Lettice Leads Liquidation Process
-----------------------------------------------------------
Shay Lettice of Peters Elworthy & Moore was appointed Liquidator
of Proactive Marketing Services Limited after creditors proved
the company could no longer continue its operations due to
liabilities.

The company can be reached at:

         Proactive Marketing Services Limited
         8-12 Priestgate
         Peterborough PE1 1JA
         United Kingdom
         Tel: 01733 390 090


RALCO PROJECTS: Brings In Joint Liquidators from Harrisons
----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Ralco Projects Limited after creditors
passed a resolution to wind up the company on April 27.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

Ralco Projects Limited can be reached at:

         Fennels Lodge
         St. Peters Close
         High Wycombe
         Buckinghamshire HP111JT
         United Kingdom
         Tel: 01628 529 696
         Fax: 01628 528 075


S.H. FOSTER: Calls In Milner Boardman to Administer Assets
----------------------------------------------------------
Colin Burke and Gary Corbett of Milner Boardman & Partners were
appointed joint administrators of S.H. Foster Limited (Company
Number 05397611) on June 20.

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

Headquartered in Woolston, United Kingdom, S.H. Foster Limited
manufactures mortars.


SHOWMAN FOODS: Hires Liquidator from Clifton Moor
-------------------------------------------------
Creditors of Showman Foods Limited resolved to liquidate the
company's assets on April 25.

James Nicolson Link of Clifton Moor was appointed Liquidator.

The company can be reached at:

         Showman Foods Limited
         Unit 1-4 Brookside Industrial Estate
         North Street
         Whitworth
         Rochdale
         Lancashire OL128RE
         United Kingdom
         Tel: 01706 852 600


STILLFRAME LIMITED: Hires Administrators from Recovery hjs
----------------------------------------------------------
Gordon John Johnston and Shane Biddlecombe of Recovery hjs were
appointed joint administrators of Stillframe Limited (Company
Number 03877018) on June 19.

The administrators can be contacted at:

         Recovery hjs
         12-14 Carlton Place
         Southampton
         Hampshire SO15 2EA
         United Kingdom
         Tel: 023 8023 4222
         Fax: 023 8023 4888
         E-mail: gordon.johnston@hjsaccountants.co.uk

Stillframe Limited -- http://www.stillframe.co.uk/-- is a
business built around achieving the perfect image every time.
Supplies high quality video and audio products to the broadcast,
professional and commercial markets and expanded into the area
of closed circuit television to help combat crime.


SYLVANIA STORES: Winds Up Business & Appoints Liquidator
--------------------------------------------------------
Creditors of Sylvania Stores Limited decided to wind up the
company on April 21.

Subsequently, David Kirk was appointed Liquidator.

The company can be reached at:

         Sylvania Stores Limited
         1A Sylvania Drive
         Exeter EX4 5DT
         United Kingdom
         Tel: 01392 221 229


TIGER AV: Westminster Bank Taps DTE as Administrative Receivers
---------------------------------------------------------------
National Westminster Bank PLC appointed A. Poxon and P. Reeves
of DTE Leonard Curtis joint administrative receivers of Tiger AV
Limited (Company Number 03481034) on June 29.

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

Headquartered in Cheshire, United Kingdom, Tiger AV Limited
manufactures electronic components.


VINE SCHOOL: Appoints Stephen John Adshead as Liquidator
--------------------------------------------------------
The Vine School is liquidating its assets after creditors passed
a resolution on April 20.

Subsequently, the appointment of Stephen John Adshead as
Liquidator was confirmed.

The company can be reached at:

         The Vine School
         Church Lane
         Curdridge
         Southampton SO322DR
         United Kingdom
         Tel: 01489 789 123


WINNING NEW BUSINESS: Wraps Up Business in London
-------------------------------------------------
Winning New Business Limited is winding up its operations after
creditors opted to liquidate the company's assets during an
extraordinary meeting on April 26.

Ian Franses of Ian Franses Associates was appointed Liquidator.

The company can be reached at:

         Winning New Business Limited
         Mill House
         8 Mill Street
         London SE1 2BA
         United Kingdom
         Tel: 020 7232 5850


* Chadbourne & Parke Expands London Transactional Practice
----------------------------------------------------------
The international law firm Chadbourne & Parke LLP disclosed that
Charez Golvala has joined the Corporate practice as a partner in
the London office of its affiliated multinational partnership.

Mr. Golvala, 40, was previously a senior corporate solicitor
with Vinson & Elkins LLP in London.  Since 2000 he worked with
the firm's business and international department advising on a
wide variety of transactions, including mergers & acquisitions,
joint ventures, project development and corporate finance across
many sectors, including the oil and gas industry.  For seven
years prior to this he was with the corporate department and
energy practice group, Ashurst.

Transactions that Mr. Golvala has led include:

   -- advising Endeavour Energy Corporation in connection with
      the acquisition of Talisman Expro Limited for US$414
      million.

   -- assisting BG Group on the completion of the Fourth Train
      of the Atlantic LNG facilities in Trinidad and drafting a
      gas transportation agreement for the Cross Island
      Pipeline.

   -- acting for Duke Energy and Ramco Energy on negotiating and
      drafting the arrangements for the development and project
      financing of the Seven Heads gas field in the Celtic Sea.

   -- acting for Marubeni in its acquisition of Energy North
      Sea, a private equity backed company owning a portfolio of
      UKCS assets.

"Charez has a terrific track record and is a solid lawyer,"
Claude Serfilippi, Managing Partner of Chadbourne & Parke in
London, said.  "He will be a tremendous asset to our team and we
look forward to working with him in the coming months and
years."

Mr. Golvala added: "Chadbourne & Parke's energy based
transactional practice is exciting and I am looking forward to
joining the team and playing a part in its continuing success."

Mr. Golvala is a regular contributor to the professional and
trade media with articles published in Insurance Day, Project
Finance International, The Journal of Environmental Law, and The
International Energy Law and Taxation Review.

Chadbourne & Parke's Project Finance practice is widely
recognized as one of the market leaders in the United States and
in central and eastern Europe.  The Firm advises corporations,
investors, governments and international agencies on all aspects
of project financing and development.

                  About Chadbourne & Parke LLP

Headquartered in New York City, Chadbourne & Parke LLP --
http://www.chadbourne.com/-- provides a full range of legal
services, including mergers and acquisitions, securities,
project finance, corporate finance, energy, telecommunications,
commercial and products liability litigation, securities
litigation and regulatory enforcement, white collar defense,
intellectual property, antitrust, domestic and international
tax, insurance and reinsurance, environmental, real estate,
bankruptcy and financial restructuring, employment law and
ERISA, trusts and estates and government contract matters.  The
Firm has offices in New York, Washington, D.C., Los Angeles,
Houston, Moscow, Kyiv, Warsaw (through a Polish partnership),
Almaty, Beijing and a multinational partnership, Chadbourne &
Parke, in London.

                           *********


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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