TCREUR_Public/060721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, July 21, 2006, Vol. 7, No. 144     

                            Headlines


A U S T R I A

INN CRYSTAL-GLASS: Claims Registration Period Ends July 25
J & R: Creditors' Meeting Slated for July 31
LIFESTYLE MANAGEMENT: Claims Registration Period Ends July 26
PAUL SAPPL: Creditors' Meeting Slated for July 31
REITER: Claims Registration Period Ends July 28

STYROPLAN OHLER: Claims Registration Period Ends July 26


F R A N C E

ALCATEL SA: Inks EUR50-Million Deal with China's Jilin Mobile


G E R M A N Y

BROCKMEYER ENERGIESYSTEME: Claims Registration Ends August 7
DIE TELEFACTORY: Creditors' Meeting Slated for August 10
HECKLER & KOCH: Moody's Confirms B1 Corporate Family Rating
HUEBNER ELEKTRIK: Claims Registration Ends August 3
MALEREIBETRIEB PRAHL: Claims Registration Ends August 9

MEGA LANDSCHAFTSBAU: Claims Registration Ends August 9
TALISMAN-4 FINANCE: S&P Rates EUR19-Million Notes at Low-B
TALISMAN-4 FINANCE: Fitch Rates EUR1.9-Mln Class G Notes at B
TASA GMBH: Claims Registration Ends August 9
UTHMANNSTRASSE IMMOBILIEN: Creditors' Meeting Slated for Aug. 10

VIERHAUS TREPPENBAU: Claims Registration Ends July 31
YELLOWTAB GMBH: Claims Registration Ends August 8
ZEHNTSCHEUER ERLEBNISGASTRONOMIE: Claims Filing Ends Aug. 7


H U N G A R Y

BORSODCHEM RT: Permira to Delist Shares from Budapest Market
BORSODCHEM RT: Returned Stock Hikes Treasury Shares


I R E L A N D

JAZZ III CDO: S&P Assigns BB Rating to EUR12-Mln Class E Notes
TALISMAN-4 FINANCE: S&P Rates EUR18-Million Notes at Low-B


K A Z A K H S T A N

ERNAR TRANS: Creditors Must File Claims by Aug. 4
INTERKRAFT: Creditors Must File Claims by Aug. 7
IVALYN: Creditors Must File Claims by Aug. 4
KERAMIKA: Proof of Claim Deadline Slated for Aug. 7
KIK INVEST: Proof of Claim Deadline Slated for Aug. 7

LION: Claims Registration Ends Aug. 4
RAUAN: Claims Registration Ends Aug. 7
RKB RESURS-ENERGO: Claims Registration Ends Aug. 7
SERVISMASHISPYTANIE: Creditors' Claims Due Aug. 7
SPEKTR: Creditors' Claims Due Aug. 7


K Y R G Y Z S T A N

GLOBAL TONE: Creditors Must File Claims by Sept. 6


N O R W A Y

FALCONBRIDGE LTD: Xstrata Hikes All-Cash Bid to US$16.9 Billion
FALCONBRIDGE LTD: Raised Phelps Bid Cues S&P to Watch Ratings


R U S S I A

BOBROVSKIY BRICKWORKS: S. Agapov to Manage Assets
BOROV-AGRO-SNAB 2: Court Names S. Agapov as Insolvency Manager
BOROVSKIY TIMBER: Komi Court Starts Bankruptcy Supervision
COAL ASSETS: Kemerovo Court Starts Bankruptcy Supervision
DAVYDOVKA-REM-TEKH-PRED: S. Agapov to Manage Assets

FINANCIAL-INDUSTRIAL TRANSITS: A. Khludentsov to Manage Assets
KRASNOE-AGRO-PROM-KHIMIYA: S. Vetrov to Manage Assets
KOSPASH-COAL: Perm Court Starts Bankruptcy Supervision
KOTELNICHSKAYA MOVABEL 7: Court Starts Bankruptcy Supervision
KRASNOGVARDEYSK-AGRO-PROM-KHIMIYA: T. Bolotina to Manage Assets

LISKI-AGRO-PROM-TEKHNIKA: S. Agapov to Manage Assets
MOSCOW BANK: Fitch Keeps IDR at B & Revises Outlook to Positive
NATIONAL RESERVE: Fitch Raises IDR to B- from CCC+
OPARINSKIY AGRO-SNAB: Kirov Court Starts Bankruptcy Supervision
ROSNEFT OIL: CNPC Agrees to Buy 66.2 Million Shares in IPO

RUSSIAN MORTGAGE: Moody's Assigns B2 Rating to Class C Notes
RUSSIAN MORTGAGE: Fitch Rates US$3.5-Mln Class C Notes at BB-
SABLE: Irkutsk Court Starts Bankruptcy Supervision Procedure
SOKOLSKIY PULP: External Management Bankruptcy Procedure Begins
SUZEMSKIY: Bryansk Court Starts Bankruptcy Supervision

URAZOVSKIY BRICKWORKS: S. Klimov to Manage Assets
WOOD-STROM: Perm Court Starts Bankruptcy Supervision


S P A I N

METROPOLITAN BANK: Wants Stronger Remittance Business in Europe


U K R A I N E

AGROKOM: Chernigiv Court Commences Bankruptcy Supervision
BLIK-WEST: Court Names Stepan Onishenko as Liquidator
BOLGRADSPECMONTAZH: Court Starts Bankruptcy Supervision
FAMER: Kyiv Court Starts Bankruptcy Supervision
GRAIN-TRADE HOUSE: Court Names Dmitro Zadruzhnij as Liquidator

KODRI' GLASS: Kyiv Court Names G. Serputko as Liquidator
ORLOVO: Zaporizhya Court Begins Bankruptcy Supervision
SNIZHINKA: Court Starts Bankruptcy Supervision
STAROBESHEVSKIJ RAJAGROBUD: Marina Kondratyeva to Manage Assets
TELIOS: Court Names Rostislav Breus as Insolvency Manager

TONUS-TRADING: Sumi Court Names Volodimir Kislij as Liquidator
YARMOLITSI' AGRICULTURAL: Court Appoints Insolvency Manager
ZORYA: Hmelnitskij Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ADAGIO III CLO: S&P Rates EUR17-Mln Class E Notes at BB-
ASHTEAD GROUP: Plans to Acquire NationsRent for US$1 Billion
ASHTEAD GROUP: Moody's Cuts Corporate Family Rating to B1
BAA PLC: Ferrovial Markets GBP8.97-Mln Loan to Finance Takeover
BAA PLC: Stephen Nelson Succeeds Mike Clasper as CEO

BARRINGTONS CONSTRUCTION: Hires Liquidator from Tenon Recovery
BRISTOL TIMBER: Taps BDO Stoy to Administer Assets
CATERWORLD LIMITED: Meeting of Contributories Slated for July 27
CONSTRUCTIVE LTD.: Names Neil Chesterton as Administrator
CORNERSTONE TITAN: S&P Assigns Low-B Ratings to GBP9-Mln Notes

DUNELM CONTRACTORS: Taps Receivers from Grant Thornton
DV HAIR: Creditors Pass Winding Up Resolution
EMS HANSARD: Financial Woes Trigger Liquidation
ENRON CORP: U.S. Court Allows U.K. Units' US$51.92-Mln Claims
EUROSAFE TRAINING: Creditors Nominate Liquidator

EZALGAVON LIMITED: Creditors' Meeting Slated for July 25
FASTPACK LTD: Creditors Confirm Joint Liquidators' Appointment
FOREST OAKS: Creditors Confirm Voluntary Liquidation
FREIGHTER TRAILER: Creditors Resolve to Voluntary Liquidation
INDUSTRIAL REPAIR: Creditors Opt to Liquidate Assets

INGERSOLL PRINTERS: Hires Administrators from Chantrey Vellacot
INTERCHANGE BUREAUX: Taps David Paul Hudson to Liquidate Assets
JAY LEISURE: Names Tracy Ann Taylor Liquidator
JOHN HAMPDEN: GE Heller Names Vantis as Administrative Receivers
M3 ENVIRONMENTAL: Begins Liquidation Procedure

MEDIA NORTH: Appoints Begbies Traynor as Joint Administrators
OWL TRANSPORT: Appoints Ian William Kings as Liquidator
PASHA LIFESTYLE: Names Andrew Clay to Administer Assets
PROPERTIES DIRECT: Joint Liquidators Take Over Operations
SEA CONTAINERS: Closes US$585-Mln Silja Sale to Tallink Grupp

ST. AGOSTINO: Winds Up Business & Nominates Liquidator
TRL CONSTRUCTION: Brings In Joint Liquidators from PKF LLP
USP BRANDS: Appoints Joint Administrators from KPMG

                            *********

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


INN CRYSTAL-GLASS: Claims Registration Period Ends July 25
----------------------------------------------------------
Creditors owed money by LLC Inn Crystal-Glass (FN 111499w) have
until July 25 to file written proofs of claims to court-
appointed compensation manager Hans Estermann at:

         Dr. Hans Estermann
         c/o Mag. Michaela Speer
         Stadtplatz 6
         5230 Mattighofen, Austria
         Tel: 07742 / 2319
         Fax: 07742 / 4984
         E-mail: dr.estermann-partner@aon.at  

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 9:00 a.m. on Aug. 2 to consider
the adoption of the rule by revision.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         1st Floor
         Ried im Innkreis, Austria

Headquartered in Braunau am Inn, Austria the Debtor commenced
the compensation process on June 6 (Case No. 17 Sa 1/06p).  
Michaela Speer represents Dr. Estermann in the bankruptcy
proceedings.


J & R: Creditors' Meeting Slated for July 31
--------------------------------------------
Creditors owed money by LLC J & R (FN 209019g) are encouraged to
attend the creditors' meeting at 9:30 a.m. on July 31 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         2nd Floor
         New Building
         Innsbruck, Austria

Headquartered in Jenbach, Austria, the Debtor declared
bankruptcy on June 6 (Bankr. Case 19 S 54/06y).  Walter
Rupprechter serves as the assistant property manager of the
bankrupt estate.  Ingrid Hochstaffl-Salcher represents the
property manager in the bankruptcy process.

The assistant property manager can be reached at:

         Mag. Walter Rupprechter
         c/o Dr. Ingrid Hochstaffl-Salcher
         LLC Hochstaffl & Rupprechter Rechtsanwalte
         Bahnhofstrasse 37
         2nd Floor
         6300 Worgl, Austria
         Tel: 05332/71800
         Fax: 05332/718007
         E-mail: mail@hochstaffl-rupprechter.com  


LIFESTYLE MANAGEMENT: Claims Registration Period Ends July 26
-------------------------------------------------------------
Creditors owed money by LLC Lifestyle Management (FN 138340t)
have until July 26 to file written proofs of claims to court-
appointed property manager Hannelore Pitzal at:

         Dr. Hannelore Pitzal
         c/o Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna, Austria
         Tel: 587 31 11
              587 31 12
              587 87 50
         Fax: 587 87 50-50
         E-mail: ra-heller-pitzal@ditech.at   

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 6 (Bankr. Case No. 3 S 84/06g).  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


PAUL SAPPL: Creditors' Meeting Slated for July 31
-------------------------------------------------
Creditors owed money by LLC Paul Sappl (FN 49396t) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
July 31 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on June 6 (Bankr. Case 19 S 55/06w).  Gernot Moser
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Gernot Moser
         Archengasse 9
         6130 Schwaz, Austria
         Tel: 05242/62331
         Fax: 05242/623311
         E-mail: g.moser@rechtsberater.at


REITER: Claims Registration Period Ends July 28
-----------------------------------------------
Creditors owed money by KEG Reiter (FN 218755z) have until
July 28 to file written proofs of claims to court-appointed
property manager Michael Oberbichler at:

         Dr. Michael Oberbichler
         Sparkassenstr. 26
         5500 Bischofshofen, Austria
         Tel: 06462/3150-0
         Fax: 06462/3150-14
         E-mail: office@rae-oberbichler.at

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 9:45 a.m. on Aug. 11 to consider
the adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Bischofshofen, Austria the Debtor declared
bankruptcy on June 6 (Bankr. Case No. 44 S 19/06b).  Eva-Maria
Reiter represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Eva-Maria Reiter
         Dr. August-Heinrich-Str. 5
         5500 Bischofshofen, Austria



STYROPLAN OHLER: Claims Registration Period Ends July 26
--------------------------------------------------------
Creditors owed money by KEG Styroplan Ohler (FN 139626h) have
until July 26 to file written proofs of claims to court-
appointed property manager Klaus Schiller at:

         Dr. Klaus Schiller
         Stadtplatz 27
         4690 Schwanenstadt, Austria
         Tel: 07673/6720
         Fax: 07673/6720-20
         E-mail: office@kanzlei-schiller.at   

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 10:00 a.m. on Aug. 3 to consider
the adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Vorchdorf, Austria the Debtor declared
bankruptcy on June 6 (Bankr. Case No. 20 S 70/06d).  



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


ALCATEL SA: Inks EUR50-Million Deal with China's Jilin Mobile
-------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) signed a EUR50-
million contract to deploy a Mobile NGN solution for Chinese
service provider Jilin Mobile Communications mobile Company and
expand the operator's existing network.  The contract was won
through Alcatel Shanghai Bell, Alcatel's flagship Chinese
company.

Under the terms of this new contract, Alcatel will deliver its
distributed mobile-switching solution.  The cornerstone of this
mobile NGN solution is the Alcatel 5020 Spatial Atrium
Softswitch, a multi-standard mobile call server controlling
distributed media gateways.  Its distributed architecture
results in significant cost efficiency and greater simplicity in
the design of Jilin MCC's network.

Once deployed, Alcatel's Mobile NGN solution will enable Jilin
Mobile to evolve its current network to support future advanced
mobile services with one simplified, high-capacity, core
network.  The solution will also enable the operator to grow its
subscriber base while reducing operating expenses.

Alcatel will also expand the operator's current Alcatel-powered
GSM/GPRS mobile network, providing Jilin Mobile with its Alcatel
Evolium multi-standard end-to-end network infrastructure
solution.  With previous GSM expansion already provided to the
operator, Alcatel will have increased Jilin Mobile's mobile
network capacity by 30% to serve up to 8 million subscribers.

With the completion of all the projects in September 2006,
Alcatel's solution will cover all the cities in Jilin province,
including:

   -- Chuangchun,
   -- Jilin,
   -- Yanji,
   -- Siping,
   -- Songyuan,
   -- Liaoyun,
   -- Baicheng,
   -- Baishan and
   -- Tonghua.

Alcatel has a long-standing relationship with Jilin Mobile. In
1995 Alcatel deployed the operator's first GSM network.  In
1999, Alcatel upgraded Jilin Mobile's entire GSM network of 2G
to 2.5G with an end-to-end Evolium solution.  In addition to
Jilin Mobile, Alcatel maintains industry leading mobile
solutions in over 25 cities and provinces across the country and
is a leader in providing advanced mobile communication solutions
in China.

                          About Alcatel

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

                         *     *     *

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


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


BROCKMEYER ENERGIESYSTEME: Claims Registration Ends August 7
------------------------------------------------------------
Creditors of Brockmeyer Energiesysteme und -technologie GmbH
have until Aug. 7 to register their claims with court-appointed
provisional administrator Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Sept. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C207
         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 Brockmeyer Energiesysteme und -technologie GmbH on
July 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Brockmeyer Energiesysteme und -technologie GmbH
         Karl-Morian-Str. 30a-34
         47167 Duisburg, Germany

         Attn: Jens Eckstein, Manager
         Katernberger Str. 249
         42113 Wuppertal, Germany

         Lutz Seese, Manager
         Sternbuschweg 33
         46562 Voerde, Germany

The administrator can be contacted at:

         Thomas Schmitz
         Flohbusch 1
         47802 Krefeld, Germany         


DIE TELEFACTORY: Creditors' Meeting Slated for August 10
--------------------------------------------------------
The court-appointed provisional administrator for Die
TeleFactory AG, Christian Kohler-Ma, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on Aug. 10.

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

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

Creditors have until Sept. 25 to register their claims with the
court-appointed provisional administrator.

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Nov. 23 at the same
venue.

The District Court of Charlottenburg opened bankruptcy
proceedings against Die TeleFactory AG on June 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Die TeleFactory AG
         Leuschnerdamm 13
         10999 Berlin, Germany

The administrator can be reached at:

         Christian Kohler-Ma
         Kurfuerstendamm 212
         10719 Berlin, Germany


HECKLER & KOCH: Moody's Confirms B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has confirmed Heckler & Koch GmbH's B1
Corporate Family rating as well as the B1 rating for the EUR120
million senior notes due 2011.  

This concludes the review for possible downgrade initiated on
Feb. 28 following the announcement of a proposed EUR100 million
debt issuance in the form of Payment-in-Kind notes at the German
holding company Heckler & Koch Beteiligungs GmbH, the ultimate
parent of HK.  

Proceeds from the PIK notes, which are not rated, will be used
to repay existing debt of EUR33 million at HKB, to finance a
potential EUR35 million-dividend payment to shareholders and for
general corporate purposes.  The outlook for the B1 ratings has
been changed to negative.

The confirmation of HK's existing ratings reflects the limited
effects that the proposed PIK notes, due in 2013, are expected
to have for HK's creditors within the bond group given the
existing indenture and the fact that HKB will only have equity
interests in HK Holding Inc. (US), an intermediate holding
company which owns 100% of the common stock of HK.  

Consequently, HK and its subsidiaries will not incur any
incremental debt as a result of this transaction.  Since the PIK
notes, which will be senior unsecured obligations of HKB, are
raised at a holding company level, they are not restricted by
the permitted indebtedness clauses under the existing indenture
of the senior notes.  

In addition, the covenants of the PIK notes do not permit any
intercompany debt between HKB and HK, and although they include
a cash pay option of interests, Moody's notes that certain
covenants under the bond indentures limit permitted payments
from HK to its shareholders.  The rating agency also notes that
a default on the PIK notes will not trigger any acceleration or
cross-default of HK's debt obligations.

The B1 rating also takes into consideration:

   -- HK's protected revenue base as a leading small arms
supplier to many NATO forces and other countries;

   -- solid track record of operating profitability as reflected
in EBITA Margins above 15% in the last two years;

   -- satisfactory liquidity position given the extended debt
maturity profile and availability of EUR42 million on
balance sheet cash at restricted group level; significant
reductions of this cash position would need to be
supported by adequate positive free cash flows;

   -- HK's small scale making it particularly vulnerable to
swings in the order flow;

   -- HK's exposure to working capital swings due to high level
of seasonality and unpredictable payment behavior of
government customers;

   -- significant leverage as evidenced by Debt to EBITDA of
5.1x in 2005.

The outlook change to negative reflects the recent weakening of
HK's operating performance against Moody's expectations largely
driven by a decline or delay in underlying orders and some
uncertainty whether historical revenue and order levels can be
restored over the next 12 to 18 months.

The outlook could be stabilized if there is evidence that:

   -- HK's annual order levels and revenues have recovered to
above EUR150 million;

   -- increased capacity utilization and mix improvements result
in strengthening operating performance and cash generation
over the next 12 to 18 months, reflected in an Adjusted
Debt to EBITDA ratio below 5.0x and RCF to Net Debt above
10%; and

   -- HK will pursue growth organically and will not undertake
sizeable acquisitions in the near future that would
materially impact its overall financial flexibility.

Moody's notes that the setback for the company's expansion into
the North American market due to the withdrawal of the XM8
project has not negatively affected the rating, but has limited
the upside rating potential.

Headquartered in Oberndorf, Germany, Heckler & Koch GmbH is a
leading defense contractor in the small arms sector of the
European NATO defense market.  In the 12 months until March
2006, the company generated revenues of EUR144.3 million.

Outlook Actions:

Issuer: Heckler & Koch GmbH

   -- Outlook, changed to negative from rating under review

Confirmations:

Issuer: Heckler & Koch GmbH

   -- Corporate Family Rating, confirmed at B1; and
   -- Senior Unsecured Regular Bond/Debenture, confirmed at B1.


HUEBNER ELEKTRIK: Claims Registration Ends August 3
---------------------------------------------------
Creditors of Huebner Elektrik GmbH & Co KG have until Aug. 3 to
register their claims with court-appointed provisional
administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Huebner Elektrik GmbH & Co KG on July 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Huebner Elektrik GmbH & Co KG
         Albertstr. 44
         45894 Gelsenkirchen, Germany

The administrator can be contacted at:

         Georg F. Kreplin
         Limbecker Place 1
         45127 Essen, Germany         
         Tel: 0201 220 05 02
         Fax: 0201 220 05 40


MALEREIBETRIEB PRAHL: Claims Registration Ends August 9
-------------------------------------------------------
Creditors of Malereibetrieb Prahl GmbH & Co. KG have until
Aug. 9 to register their claims with court-appointed provisional
administrator Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Flensburg
         Hall A 220
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against Malereibetrieb Prahl GmbH & Co. KG on July 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Malereibetrieb Prahl GmbH & Co. KG
         Attn: Ingo Prahl, Manager
         Mill Road 48
         24376 Kappeln, Germany

The administrator can be contacted at:

         Ygglev Stintzing
         City Hall Road 1
         24937 Flensburg, Germany      


MEGA LANDSCHAFTSBAU: Claims Registration Ends August 9
------------------------------------------------------
Creditors of MeGa -- Landschaftsbau und Gartenservice GmbH have
until Aug. 9 to register their claims with court-appointed
provisional administrator Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against MeGa -- Landschaftsbau und Gartenservice GmbH on
June 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         MeGa -- Landschaftsbau und Gartenservice GmbH
         Gompitzer Str. 24
         01157 Dresden, Germany

The administrator can be contacted at:

         Ulrich Kraft
         Wasastrasse 15
         01219 Dresden, Germany         
         Web: http://www.hww-kanzlei.de/


TALISMAN-4 FINANCE: S&P Rates EUR19-Million Notes at Low-B
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR739 million commercial mortgage-backed
floating-rate notes to be issued by Talisman-4 Finance PLC, a
special purpose entity incorporated in Ireland with limited
liability.
  
On closing, Talisman 4 will use the proceeds of the note
issuance to acquire a portfolio of eight commercial real estate
loans, originated by the London branch of ABN AMRO Bank N.V.  
The loans are secured by 90 commercial properties and 1,067
residential units.
  
"This is the fourth transaction in ABN AMRO Bank's Talisman
program," said Standard & Poor's credit analyst Mathias Herzog.
  
"As for Talisman 1 Finance PLC, all properties are located in
Germany.  Also in terms of the transaction structure, Talisman 4
incorporates the main aspects of Talisman 1 and Talisman 3-
Finance PLC," Mr. Herzog added.
  
                       Ratings List
                  Talisman-4 Finance PLC
          EUR739 Million Commercial Mortgage-Backed
                  Floating-Rate Notes

                         Prelim.         Prelim.
         Class           rating          amount (Mil. EUR)
         -----           ------          ------  
         A               AAA             570.00
         X               AAA               0.05
         B               AA               48.40
         C               A                48.40
         D               BBB              31.45
         E               BBB              21.70
         F (1)           BB               17.05
         G (1)           B                 1.95

     (1) Subject to an available funds cap. Consequently, the
         class F noteholders and/or the class G noteholders may
         receive a variable interest coupon that is lower than
         the stated three-month EURIBOR plus a margin under
         certain loan prepayment scenarios.


TALISMAN-4 FINANCE: Fitch Rates EUR1.9-Mln Class G Notes at B
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to Talisman-4 Finance
PLC's floating-rate notes due 2015.

   -- EUR570,000,000 Class A: AAA;
   -- EUR50,000 Class X: AAA;
   -- EUR48,400,000 Class B: AA;
   -- EUR48,400,000 Class C: A;
   -- EUR31,450,000 Class D: BBB;
   -- EUR21,700,000 Class E: BBB-;
   -- EUR17,050,000 Class F: BB; and
   -- EUR1,950,000 Class G: B.

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

This transaction is a securitization of commercial mortgage
loans originated by ABN AMRO Bank N.V.  The collateral pool
consists of eight commercial mortgage loans secured by 129
commercial properties, including retail, office, industrial and
residential assets and 1,386 residential units located in
Germany.  The total principal balance outstanding of the loans
is EUR739 million and the initial weighted average loan-to-value
ratio is 77.5%.  The pool benefits from good geographic and
property type diversity.

The expected ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  The
ratings address the timely payment of interest on the notes and
the ultimate repayment of principal by final legal maturity in
July 2015.

Initial CE for the Class A notes (22.9%) is provided by
subordination of the Class B, C, D, E, F and G notes.  Likewise,
initial CE for the Class B (16.3%), Class C (9.8%), Class D
(5.5%), Class E (2.6%) and Class F notes (0.3%) is provided by
the subordination of the notes junior to them.  There is no
initial CE provided to the Class G notes.

Interest for the notes will be paid quarterly in arrears,
commencing in October 2006.  Scheduled repayment of principal on
the loans will be distributed sequentially, in order of
seniority, to the notes as the loans themselves amortize.
However, prepayments and final repayments will be applied on a
modified pro-rata basis, with 50% of any such amounts applied
sequentially between all Classes of notes then outstanding and
the remaining 50% applied pro-rata.  

The modified pro-rata structure will apply until 50% of the
original pool balance has prepaid, or a loan event of default is
subsisting, subsequent to which, all prepayments will be applied
on a fully sequential basis.  There will be a lock-out for Class
G, which means that this tranche will not benefit from pro-rata
amortization until April 2011 but will only be repaid when
senior-ranking tranches have already been paid.

The Class F and G notes are subject to an available funds cap,
which limits the interest receivable by the noteholders to the
interest received under the loans and limited drawings under the
liquidity facility, and any interest shortfall on the notes will
be extinguished and the holders of these Classes of notes will
have no further claim against the issuer.  The Class X notes are
entitled to receive the excess of interest payable of the loans
over interest payable on the notes and will be repaid at
maturity using amounts reserved by the issuer at closing.


TASA GMBH: Claims Registration Ends August 9
--------------------------------------------
Creditors of TASA GmbH & Co. oHG Internationale Spedition have
until Aug. 9 to register their claims with court-appointed
provisional administrator Ulrich Graf.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on Sept. 12 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 Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof, 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 Hof opened bankruptcy proceedings against
TASA GmbH & Co. oHG Internationale Spedition on June 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TASA GmbH & Co. oHG Internationale Spedition
         St.-Martin-Road 24
         95176 Konradsreuth, Germany

The administrator can be contacted at:

         Dr. Ulrich Graf
         Rathenaustrasse 7
         95444 Bayreuth, Germany
         Tel: 0921/759330
         Fax: 0921/7593350       


UTHMANNSTRASSE IMMOBILIEN: Creditors' Meeting Slated for Aug. 10
----------------------------------------------------------------
The court-appointed provisional administrator for Uthmannstrasse
Immobilien-Verwaltungs GmbH & Co. Wohnbauten KG, Dr. Detlef
Ruediger Beckmann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:35
a.m. on Aug. 10.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:45 a.m. on Oct. 19 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 Uthmannstrasse Immobilien-Verwaltungs GmbH &
Co. Wohnbauten KG on June 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Uthmannstrasse Immobilien-Verwaltungs GmbH
         & Co. Wohnbauten KG
         Pohlstr.20
         10785 Berlin, Germany

The administrator can be reached at:

         Dr. Detlef Ruediger Beckmann
         Luetzowstr. 100
         10785 Berlin, Germany


VIERHAUS TREPPENBAU: Claims Registration Ends July 31
-----------------------------------------------------
Creditors of Vierhaus Treppenbau GmbH & Co.KG have until July 31
to register their claims with court-appointed provisional
administrator Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.m. on Aug. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Vierhaus Treppenbau GmbH & Co.KG on July 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Vierhaus Treppenbau GmbH & Co.KG
         Eichendorffsttrasse 58
         46354 Suedlohn, Germany

         Attn: Dieter Vierhaus, Manager
         Rosenstrasse 6
         46354 Suedlohn, Germany

The administrator can be contacted at:

         Heinrich Stellmach
         Salierstrasse 4
         46395 Bocholt, Germany         


YELLOWTAB GMBH: Claims Registration Ends August 8
-------------------------------------------------
Creditors of yellowTAB GmbH have until Aug. 8 to register their
claims with court-appointed provisional administrator Patric
Naumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 25 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 Mannheim
         Area 232
         2nd Floor
         West Wing
         Schloss
         68149 Mannheim, 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 Mannheim opened bankruptcy proceedings
against yellowTAB GmbH on June 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         yellowTAB GmbH
         Attn: Bernd Korz, Manager
         Sandhofer Str. 200
         68307 Mannheim, Germany

The administrator can be contacted at:

         Patric Naumann
         N 7, 11
         68161 Mannheim, Germany
         Tel: 0621/4802640        


ZEHNTSCHEUER ERLEBNISGASTRONOMIE: Claims Filing Ends Aug. 7
-----------------------------------------------------------
Creditors of Zehntscheuer Erlebnisgastronomie GmbH have until
Aug. 7 to register their claims with court-appointed provisional
administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.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 Mannheim
         Area 232
         2nd Floor
         West Wing
         Schloss
         68149 Mannheim, 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 Mannheim opened bankruptcy proceedings
against Zehntscheuer Erlebnisgastronomie GmbH on June 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Zehntscheuer Erlebnisgastronomie GmbH
         Attn: Stefan Mayer, Manager        
         Hildastr. 3
         69502 Hemsbach, Germany

The administrator can be contacted at:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim, Germany     
         Tel: 0621/877080    


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


BORSODCHEM RT: Permira to Delist Shares from Budapest Market
------------------------------------------------------------
Permira Advisers LLP is planning to delist Borsodchem Rt., now
known as Borsodchem Nyrt., from the Budapest Stock Exchange if
it succeeds in acquiring the chemical manufacturer, Budapest
Business Journal says.

Thomas Jetter, Permira's head of chemical investments, said the
buyout firm may relist BorsodChem's shares on the stock market
after disposing of it after five-to-six years.  The buyout firm
is planning to control around 90% of BorsodChem, BBJ relates.

Permira, through its Luxembourg-based unit Kikkolux S.a.r.l.,
signed option agreements with Borsodchem's largest shareholders,
Firthlion (26.158%) and Vienna Capital Partners (21.83%), to
acquire their entire stake at the chemical group.  Permira may
exercise the HUF3,000 per share option between July 6 and
Oct. 31.  Permira may also acquire the remaining share's at the
same price.

"The HUF3,000 price is justifiable," Mr. Jetter said.
"Borsodchem is well-positioned to develop its PVC business
further."

Mr. Jetter added that Permira is supporting Borsodchem's current
development and investment program.  Borsodchem has invested
EUR300 million in the past three years to expand its flagship
PVC plastic line.

Permira, Europe's biggest buyout fund, also has investments in
Cognis Deutschland GmbH & Co. and TFL Holding GmbH.

Meanwhile, BorsodChem Rt. shareholders approved the company's
change of name to BorsodChem Nyilvanosan Mukoedo
Reszvenytarsasag or BorsodChem Nyrt. at the chemical group's
Annual General Meeting on July 10.

                         About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,  
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Hungary-based intermediate chemicals producer BorsodChem Rt on
CreditWatch with negative implications, following BorsodChem's
announcement of the receipt of a takeover bid from Permira, a
private equity fund.

"The CreditWatch placement reflects our concerns regarding
BorsodChem's potential higher debt load and subsequent weaker
credit protection measures if this sale materializes," said
Standard & Poor's credit analyst Khaled Zitouni.

The ratings continue to reflect the group's exposure to a single
site, limited scale of markets, and presence in cyclical
industries.  These negative factors are partially offset by the
group's leading positions and solid profitability in performance
chemicals, namely toluene di-isocyanate and methylene di-para-
phenylene isocyanate; firm positions in polyvinyl chloride;
presence in growing markets in central and Eastern Europe; and
moderate financial profile.


BORSODCHEM RT: Returned Stock Hikes Treasury Shares
---------------------------------------------------
BorsodChem Nyrt. informs its investors and other participants of
the capital markets that due to developments concerning its
Registered Employee Share Ownership Program (Ministry of Finance
registration number: 65982EP2005) the number of the Company's
treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Zrt.'s custody on
Nov. 9, 2005, the Company received back 49 pieces with a value
date of July 18, 2006, from employees terminating their
employment relations.

Following the transaction the number of the Company's treasury
shares increased by 49 pieces to 1,192,541.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,  
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Hungary-based intermediate chemicals producer BorsodChem Rt on
CreditWatch with negative implications, following BorsodChem's
announcement of the receipt of a takeover bid from Permira, a
private equity fund.

"The CreditWatch placement reflects our concerns regarding
BorsodChem's potential higher debt load and subsequent weaker
credit protection measures if this sale materializes," said
Standard & Poor's credit analyst Khaled Zitouni.

The ratings continue to reflect the group's exposure to a single
site, limited scale of markets, and presence in cyclical
industries.  These negative factors are partially offset by the
group's leading positions and solid profitability in performance
chemicals, namely toluene di-isocyanate and methylene di-para-
phenylene isocyanate; firm positions in polyvinyl chloride;
presence in growing markets in central and Eastern Europe; and
moderate financial profile.


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


JAZZ III CDO: S&P Assigns BB Rating to EUR12-Mln Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR159 million and US$159 million fixed-
and floating-rate notes to be issued by Jazz III CDO (Ireland)
PLC, a special purpose entity.  At the same time, Jazz III CDO
will issue EUR57.5 million and US$57.5 million of unrated notes.
  
Jazz III CDO is the seventh hybrid cash/synthetic arbitrage CDO
to be managed by AXA Investment Managers Paris S.A.  The asset
structure combines elements of cash CDOs and synthetic CDOs.  
The liability structure combines a funded and an unfunded
element.
  
The transaction is split into two sets of notes: the U.S.
dollar-denominated notes and the euro-denominated notes.
The euro-denominated notes and U.S. dollar-denominated notes
will be issued in separate, segregated series of notes, and will
be backed by separate collateral and independent asset
portfolios.
  
Both series of notes will be issued on like terms, and the
portfolios backing the notes will be governed by nearly
identical management restrictions.  To the extent possible, the
two portfolios will be managed to contain similar exposures.
However, there can be no guarantee that the portfolio exposures
will be identical.
  
                        Ratings List
                 Jazz III CDO (Ireland) PLC
         EUR216.5 Million and US$216.5 Million Fixed- And                 
           Floating-Rate Notes
  
                           Prelim.      Prelim.
            Class          rating       amount (Mil.)
            -----          ------       ------
            S              AAA          US$70.0 and EUR70.0
            A              AAA          US$45.0 and EUR45.0
            B              AA           US$10.0 and EUR10.0
            C              A            US$10.0 and EUR10.0
            D              BBB          US$12.0 and EUR12.0
            E              BB           US$12.0 and EUR12.0
            Subordinated   NR           US$57.5 and EUR57.5
  
            NR: Not rated.


TALISMAN-4 FINANCE: S&P Rates EUR18-Million Notes at Low-B  
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR739 million commercial mortgage-backed
floating-rate notes to be issued by Talisman-4 Finance PLC, a
special purpose entity incorporated in Ireland with limited
liability.
  
On closing, Talisman 4 will use the proceeds of the note
issuance to acquire a portfolio of eight commercial real estate
loans, originated by the London branch of ABN AMRO Bank N.V.  
The loans are secured by 90 commercial properties and 1,067
residential units.
  
"This is the fourth transaction in ABN AMRO Bank's Talisman
program," said Standard & Poor's credit analyst Mathias Herzog.
  
"As for Talisman 1 Finance PLC, all properties are located in
Germany.  Also in terms of the transaction structure, Talisman 4
incorporates the main aspects of Talisman 1 and Talisman 3-
Finance PLC," Mr. Herzog added.
  
                       Ratings List
                  Talisman-4 Finance PLC
          EUR739 Million Commercial Mortgage-Backed
                  Floating-Rate Notes

                         Prelim.         Prelim.
         Class           rating          amount (Mil. EUR)
         -----           ------          ------  
         A               AAA             570.00
         X               AAA               0.05
         B               AA               48.40
         C               A                48.40
         D               BBB              31.45
         E               BBB              21.70
         F (1)           BB               17.05
         G (1)           B                 1.95

     (1) Subject to an available funds cap. Consequently, the
         class F noteholders and/or the class G noteholders may          
         receive a variable interest coupon that is lower than
         the stated three-month EURIBOR plus a margin under
         certain loan prepayment scenarios.



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


ERNAR TRANS: Creditors Must File Claims by Aug. 4
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Ernar Trans 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 Aktobe Region
         Altynsarina Str. 31
         Aktobe
         Aktobe Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


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

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

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


IVALYN: Creditors Must File Claims by Aug. 4
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Ivalyn 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 Aktobe Region
         Altynsarina Str. 31
         Aktobe
         Aktobe Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


KERAMIKA: Proof of Claim Deadline Slated for Aug. 7
---------------------------------------------------
LLP Trade House Keramika has declared insolvency.  Creditors
have until Aug. 7 to submit written proofs of claim to:

         LLP Trade House Keramika
         Dostyk Ave. 38
         Almaty, Kazakhstan


KIK INVEST: Proof of Claim Deadline Slated for Aug. 7
-----------------------------------------------------
LLP Kik Invest has declared insolvency.  Creditors have until
Aug. 7 to submit written proofs of claim to:

         LLP Kik Invest
         Kamenistaya Str. 3
         Almaty, Kazakhstan
         Tel: 8 (3272) 69-61-33


LION: Claims Registration Ends Aug. 4
-------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared CJSC Firm Lion insolvent.

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

         CJSC Firm Lion
         Abai Ave. 31-8
         Ayagoz
         East Kazakhstan Region
         Kazakhstan
   

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

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

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


RKB RESURS-ENERGO: Claims Registration Ends Aug. 7
--------------------------------------------------
LLP RKB Resurs-Energo has declared insolvency.  Creditors have
until Aug. 7 to submit written proofs of claim to:

         LLP RKB Resurs-Energo
         Selinnaya Str. 8
         Beriktas
         Kordaisky District, Jambyl Region
         Kazakhstan


SERVISMASHISPYTANIE: Creditors' Claims Due Aug. 7
-------------------------------------------------
CJSC Servismashispytanie has declared insolvency.  Creditors
have until Aug. 7 to submit written proofs of claim to:

         CJSC Servismashispytanie
         Ratushnogo Str. 72
         Almaty, Kazakhstan


SPEKTR: Creditors' Claims Due Aug. 7
------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Production-Commercial Firm Spektr insolvent.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

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


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


GLOBAL TONE: Creditors Must File Claims by Sept. 6
--------------------------------------------------
The Branch of the Company Global Tone Ink in the Kyrgyz Republic
has declared insolvency.  Creditors have until Sept. 6 to submit
written proofs of claim to:

         Global Tone Ink
         Micro District 3, 24-56
         Bishkek, Kyrgyzstan


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


FALCONBRIDGE LTD: Xstrata Hikes All-Cash Bid to US$16.9 Billion
---------------------------------------------------------------
Xstrata plc, through its wholly owned subsidiary Xstrata Canada
Inc., has increased its fully underwritten all-cash offer to
acquire all of the outstanding common shares of Falconbridge
Ltd. not already owned by the Xstrata group from CDN$59 to
CDN$62.50 in cash per Falconbridge share, representing a total
consideration of approximately CDN$19.2 billion (approximately
US$16.9 billion).

In addition, Xstrata has amended its offer to provide that
Falconbridge shareholders will receive the special cash dividend
of CDN$0.75 per Falconbridge share declared by Falconbridge on
July 16, representing a total consideration of CDN$63.25 per
Falconbridge share, including the special dividend.  The expiry
time for the increased Xstrata offer is at 8 pm (Toronto time)
on Aug. 14.

The increased Xstrata offer values the total common share
capital of Falconbridge at approximately CDN$24.1 billion
(approximately US$21.2 billion) including the special dividend.  
Xstrata expects to mail a formal notice of variation to all
Falconbridge shareholders today, July 21.

The acquisition of Falconbridge is again conditional on approval
by Xstrata shareholders at a meeting to be held on Aug. 14.  
Xstrata has received irrevocable undertakings from Credit Suisse
Securities (Europe) Limited and Glencore International AG to
vote in favor of the resolution to be proposed at the meeting.  
In aggregate, these undertakings are given in respect of
approximately 35.84% of Xstrata's current issued ordinary share
capital.

In keeping with its consistently stated objective of acquiring
100% of Falconbridge, Xstrata's offer is no longer subject to a
minimum tender condition.  As a result, following receipt of
approval under the Investment Canada Act and approval from its
own shareholders, Xstrata will be in a position to take up and
pay for any shares tendered to its offer without further delay.

"Xstrata's revised offer reflects our belief in the fundamental
value of this acquisition to Xstrata," Mick Davis, Xstrata Chief
Executive, said.  "Xstrata's 20% stake in Falconbridge,
purchased at CDN$28 per share, puts us in the unique position of
being able to offer CDN$63.25 per share, a price that is simply
more than any other company can justify under any realistic
commodity price scenario.  

At the revised offer of CDN$62.50, together with the dividend of
CDN$0.75 per share, Xstrata's average cost per share of
acquiring all of Falconbridge's shares will be approximately
CDN$56.44 per share.  Due to the flexibility of the nearly CDN$7
per share advantage Xstrata has secured in this transaction, we
have been able to present a definitive, compelling and generous
offer to Falconbridge shareholders, while ensuring that the
acquisition of Falconbridge remains value, earnings and cash
flow accretive to Xstrata shareholders.

"Given the overwhelming support of Xstrata's shareholders for
this acquisition at the first shareholders' meeting, and the
undertakings already received to vote in favor of the
transaction at the next meeting, the process of shareholder
approval impacts the closing date of our offer but represents no
material risk. In respect of Industry Canada approval, Xstrata
has now concluded an extensive and comprehensive process with
the Investment Review Division and we have been advised to
expect a decision shortly.  We believe the undertakings we have
given will underpin the positive benefits to Canada that we have
always identified in our acquisition of Falconbridge.  We remain
confident that, as a committed and long-term investor with a
track record of delivering growth and value to stakeholders
wherever we operate, approval will be forthcoming.

"It is therefore time for the Falconbridge Board to give
Xstrata's compelling offer due and careful consideration and
recognize that Xstrata's certain cash offer is a superior value-
creating proposition for Falconbridge shareholders that provides
an opportunity to bring this prolonged process to a close, to
the benefit of Falconbridge employees and shareholders.  I
therefore urge all Falconbridge shareholders who wish to receive
the full cash value of CDN$63.25 per share to tender their
shares to Xstrata as soon as possible and not to tender to the
Inco offer.  I reiterate our repeatedly stated position that it
is Xstrata's intention to secure 100% of the Falconbridge
shares."

Other than as set out above, all of the terms and conditions of
Xstrata's offer for Falconbridge described in its offer and
offering circular dated May 18, 2006, as amended on July 7 and
July 11, remain unchanged.

Xstrata will finance its increased offer through committed debt
facilities of US$19 billion, including US$7 billion under an
equity bridge facility agreement.  Xstrata remains committed,
following the successful completion of its acquisition of
Falconbridge, to undertake one or more equity capital raisings
to refinance the equity bridge facility agreement.  Deutsche
Bank AG and J.P. Morgan Securities Ltd. have irrevocably
undertaken to underwrite any future equity offering to raise
funds to repay any amounts outstanding under the equity bridge
facility agreement.  Xstrata also remains committed to
maintaining a solid investment grade credit rating.

The directors of Xstrata remain confident that any rights issue
will be fully supported by Credit Suisse and Glencore
International, Xstrata's two largest shareholders with a
combined shareholding of approximately 35.84% of Xstrata's
issued ordinary share capital.

Falconbridge shareholders wishing to withdraw their shares from
the Inco offer should immediately contact their broker or other
financial intermediary and instruct such intermediary to
withdraw their Falconbridge common shares.  For assistance in
withdrawing shares from the Inco offer, or for questions or
requests for copies of documents, Falconbridge shareholders
should contact Kingsdale Shareholder Services Inc. at 1-866-639-
7993.  Banks and brokers must call at 416-867-2272.

         Inco & Phelps Dodge Three-Way Combination

As reported in TCR-Europe on July 18, Phelps Dodge Corp.
increased the cash portion of the consideration to be paid to
the shareholders of Inco Ltd. in the combination of Phelps Dodge
and Inco by CDN$2.75 per Inco share.  Inco increased the cash
portion of its offer to purchase all outstanding common shares
of Falconbridge by CDN$1.00 per Falconbridge share, and the
Falconbridge board of directors has declared a special cash
dividend of CDN$0.75 per Falconbridge common share.

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

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

   (a) CDN$29.77 in cash; and

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

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global  
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

                       About Falconbridge

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

                        *    *    *

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


FALCONBRIDGE LTD: Raised Phelps Bid Cues S&P to Watch Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications on Inco Ltd. and Falconbridge Ltd. to developing
from positive after Phelps Dodge Corp. (BBB/Watch Neg/A-2)
announced an increase in the debt-financed cash consideration
for the two companies.  CreditWatch with developing implications
means the ratings may be raised, lowered, or affirmed.

"Because there are multiple competing bids outstanding -- both
friendly and hostile -- for Inco and Falconbridge, the ratings
on the companies are exposed to several potential outcomes,"
Standard & Poor's credit analyst Donald Marleau said.

First, the ratings on both companies would be affirmed at 'BBB-'
if the three-way transaction with Phelps Dodge is consummated.
The three-way transaction faces some execution risk, with
various regulatory approvals in Canada and Europe still
outstanding.  More important, however, is the uncertainty
surrounding the required consent of Phelps Dodge shareholders, a
majority of whom must approve the transaction.

"It is possible that Inco acquires a majority of Falconbridge on
July 27, yet the Phelps Dodge shareholders reject the subsequent
acquisition of the combined nickel producers in
September 2006," Mr. Marleau said.

If Phelps Dodge shareholders reject the transaction, the 'BBB-'
ratings on the combined Inco and Falconbridge entity face a
small risk of being lowered because of increased debt leverage,
notwithstanding very strong cash flow stemming from the expected
strength of nickel and copper markets.  Because Inco has lowered
its minimum take-up condition to 50.01%, it may have only
restricted access to the significant cash balances and cash flow
at Falconbridge.  

Regardless, Inco's stand-alone cash flow is expected to be
adequate to reduce the Falconbridge acquisition debt, and bring
its financial profile back in line with the investment-grade
rating.  In addition, its limited control could slow the pace of
operational changes necessary to achieve the US$550 million
synergies between the companies, although this is a smaller risk
and decidedly less likely because of the significant potential
for value creation for all investors.

The ratings on Inco could be raised in the two-way scenario,
whereby Phelps Dodge acquires Inco without Falconbridge,
depending on Phelps Dodge's response to the potential
aggressiveness of competing bids.  The ratings on Inco could
also be raised if it is acquired by Teck Cominco Ltd. (BBB/Watch
Neg/--), which currently has a hostile takeover bid outstanding
for Inco for equity and CDN$6.4 billion of cash consideration.  
The ratings on Falconbridge may be raised if it is acquired by
Xstrata PLC (BBB+/Watch Neg/--), although the ratings will be
determined only after the company reveals its plans for raising
equity to reduce the debt used to fund its all-cash offer of
US$16.2 billion.


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


BOBROVSKIY BRICKWORKS: S. Agapov to Manage Assets
-------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Agapov
as Insolvency Manager for CJSC Bobrovskiy Brickworks (TIN
3602001254).  He can be reached at:

         S. Agapov
         Office 21
         Proletarskaya Str. 337
         392033 Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-2216-2006 19/20b.

The Debtor can be reached at:

         CJSC Bobrovskiy Brickworks
         Zabvodskaya Str. 1
         Bobrov
         Voronezh Region
         Russia


BOROV-AGRO-SNAB 2: Court Names S. Agapov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Agapov
as Insolvency Manager for OJSC Borov-Agro-Snab 2 (TIN
23602000444).  He can be reached at:

         S. Agapov
         Office 21
         Proletarskaya Str. 337
         392033 Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A14-2483-2006 33/20b.

The Debtor can be reached at:

         OJSC Borov-Agro-Snab 2
         Gagarina Str. 161
         Bobrov
         Voronezh Region
         Russia


BOROVSKIY TIMBER: Komi Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Komi Republic has commenced bankruptcy
supervision procedure on CJSC Borovskiy Timber Industry Combine.  
The case was docketed under Case No. A29-2118/06-3B.

The Temporary Insolvency Manager is:  

         L. Lushnikova
         Lesnaya Str. 6
         Borovoy         
         Ukhtinskiy Region
         169360 Komi Republic
         Russia

The Debtor can be reached at:

         CJSC Borovskiy Timber Industry Combine
         Lesnaya Str. 6
         Borovoy
         Ukhtinskiy Region
         169360 Komi Republic
         Russia


COAL ASSETS: Kemerovo Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Kemerovo Region has commenced
bankruptcy supervision procedure on OJSC Coal Assets.  The case
is docketed under Case No. A27-6196/2006-4.

The Temporary Insolvency Manager is:  

         G. Tretyak
         Room 502
         N. Ostrovskogo Str. 32
         650099 Kemerovo Region
         Russia

The Debtor can be reached at:

         OJSC Coal Assets
         Room 212
         Pionerskiy Avenue 4A
         650054 Kemerovo Region
         Russia


DAVYDOVKA-REM-TEKH-PRED: S. Agapov to Manage Assets
---------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Agapov
as Insolvency Manager for OJSC Davydovka-Rem-Tekh-Pred (TIN
3614000304).  He can be reached at:

         S. Agapov
         Office 21
         Proletarskaya Str. 337
         392033 Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-2213-2006 20/20b.

The Debtor can be reached at:

         OJSC Davydovka-Rem-Tekh-Pred
         Gagarina Str.
         Davydovka
         Liskinskiy Region
         Voronezh Region
         Russia


FINANCIAL-INDUSTRIAL TRANSITS: A. Khludentsov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. A.
Khludentsov as Insolvency Manager for CJSC Financial-Industrial
Transits of the Country.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 64-808/06-18.

The Debtor can be reached at:

         CJSC Financial-Industrial Transits of the Country
         Kommunalnaya Str. 76, room 1.
         Tambov Region
         Russia


KRASNOE-AGRO-PROM-KHIMIYA: S. Vetrov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Mr. S. Vetrov
as Insolvency Manager for OJSC Krasnoe-Agro-Prom-Khimiya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-4389/2005.

The Debtor can be reached at:

         OJSC Krasnoe-Agro-Prom-Khimiya
         Privokzalnaya Str. 4.
         Krasnoye
         Krasninskiy Region
         Lipetsk Region
         Russia


KOSPASH-COAL: Perm Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on OJSC Kospash-Coal (TIN 5915005194, KPP
591501001).  The case is docketed under Case No. A50-5111/
2006-B.

The Temporary Insolvency Manager is:  

         M. Shamanaeva
         Novaya Str. 8
         Fomichi
         Kishertskiy Region
         617611 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3.
         Perm Region
         Russia
         
The Debtor can be reached at:

         OJSC Kospash-Coal
         Vakhrusheva Str. 15.
         Kizel
         618350 Perm Region
         Russia


KOTELNICHSKAYA MOVABEL 7: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kirov Region has commenced bankruptcy
supervision procedure on OJSC Kotelnichskaya Movabel Mechanized
Column 7.  The case is docketed under Case No. A28-112/
06-154/20.

The Temporary Insolvency Manager is:  

         S. Popyvanov
         Post User Box 1440
         610048 Kirov Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Kotelnichskaya Movabel Mechanized Column 7
         Darovskiy Trakt
         Kotelnich
         612602 Kirov Region
         Russia


KRASNOGVARDEYSK-AGRO-PROM-KHIMIYA: T. Bolotina to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. T.
Bolotina as Insolvency Manager for OJSC Krasnogvardeysk-Agro-
Prom-Khimiya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-14456/2005-13GK.

The Debtor can be reached at:

         OJSC Krasnogvardeysk-Agro-Prom-Khimiya
         Energetikov Str. 7
         Pleshanovo
         Orenburg Region
         Russia


LISKI-AGRO-PROM-TEKHNIKA: S. Agapov to Manage Assets
----------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Agapov
as Insolvency Manager for OJSC Liski-Agro-Prom-Tekhnika (TIN
3614000544).  He can be reached at:

         S. Agapov
         Office 21
         Proletarskaya Str. 337
         392033 Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-2217-2006 18/20b.  

The Debtor can be reached at:

         OJSC Liski-Agro-Prom-Tekhnika
         30 Let Pobedy Str.
         Sredniy Ikorets
         Liskinskiy Region
         Voronezh Region
         Russia


MOSCOW BANK: Fitch Keeps IDR at B & Revises Outlook to Positive
---------------------------------------------------------------
Fitch Ratings changed the Outlooks on Russia-based Moscow Bank
for Reconstruction and Development's Issuer Default rating and
National Long-term rating to Positive from Stable.

At the same time, the agency affirmed MBRD's ratings at IDR B,
National Long-term BBB-, Short-term B and Support 4.  The bank's
Individual rating of D/E will be reviewed later in the year.

The revision of the Outlooks follows the recent change to
Positive from Stable in the Outlook on the B+ IDR of Sistema
Joint Stock Financial Corp., MBRD's majority shareholder with an
approximately 96% stake.  MBRD's IDR, National Long-term, Short-
term and Support ratings are based on the change in the Outlook
on the parent's IDR suggests it might have an increased ability
to provide such support in future.  

MBRD was founded in 1993, and at end-2005 ranked among the 35
largest Russian banks by total assets.  Sistema, a financial
industrial group, has subsidiaries in many sectors, although its
primary area of focus is telecommunications.


NATIONAL RESERVE: Fitch Raises IDR to B- from CCC+
--------------------------------------------------
Fitch Ratings upgraded Russia-based National Reserve Bank's
ratings to Issuer Default B- from CCC+, Short-term B from C and
National Long-term BB from B+.  

Following the upgrade, the Outlooks on the Issuer Default rating
and the National Long-term rating are Stable.  The bank's other
ratings are affirmed at Individual D/E and Support 5.

"The upgrades reflect the bank's exceptionally high
capitalization ratios, driven by appreciation of its large
position in Gazprom stock and the possibility of market exposure
reduction.  The bank has already started to gradually cash-in
unrealized trading gains and intends to continue doing so,"
Dmitri Angarov, Associate Director in Fitch's Financial
Institutions Group in Moscow disclosed.

The Issuer Default, Short-term and Individual ratings also take
into account the bank's low-quality income due to volatile
trading gains, high market risk appetite and small customer
franchise.  However, apart from the large capital buffer the
ratings also reflect NRB's good liquidity position and growing
franchise in the residential mortgage market.

The prudent allocation of funds released from reductions in
equity positions, i.e. further expansion of the bank's franchise
driving the diversification of its core revenues and the balance
sheet, could be positive for NRB's Individual rating.

As part of a restructuring of NRB's shareholders' assets in
2004, a new holding company, NRC, was established that now holds
a 96.58% stake in NRB.  The former NRB president, Alexander
Lebedev, and NRB's current president in turn hold a stake of 85%
in NRC.  While large corporate lending and securities trading
are the main areas of the bank's operations, NRB has also
started to develop residential mortgage business.


OPARINSKIY AGRO-SNAB: Kirov Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Kirov Region has commenced bankruptcy
supervision procedure on LLC Oparinskiy Agro-Snab.  The case is
docketed under Case No. A28-89/06-96/24.

The Temporary Insolvency Manager is:  

         S. Sychev
         Gertsena Str. 15
         610000 Kirov Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia


The Debtor can be reached at:

         LLC Oparinskiy Agro-Snab
         Zapadnyj Per., 9.
         Oparino
         Kirov Region
         Russia


ROSNEFT OIL: CNPC Agrees to Buy 66.2 Million Shares in IPO
----------------------------------------------------------
China National Petroleum Corporation, through its wholly owned
subsidiary CNPC International, subscribed OAO Rosneft's 66.2
million listed shares for US$500 million at US$7.55 per share.

Rosneft, one of Russian oil majors, has proven oil reserves of
18.942 billion barrels oil equivalent, including 14.9 billion
barrels of oil reserves and 691.1 billion cubic meters in
natural gas reserves.  Its crude oil production reached 74.6
million tons in 2005, and natural gas production 13.1 billion
cubic meters.  It is estimated that Rosneft will produce 115
million tons of crude oil in 2010 and 127 million tons in 2015.  
On July 19, Rosneft successfully went public on both London and
Moscow stock exchanges.

CNPC and Rosneft have developed a sound cooperative relationship
for mutual benefits and win-win solution.  The two companies set
up a fundamental principle of complementary cooperation for
common development in a long-term cooperation agreement signed
in July 2005.  The principle serves as a cornerstone for long-
term cooperation of mutual benefits.  

In March 2006, during Russian President Vladimir Putin's visit
in China, at the witness of both Chinese President Hu Jintao and
his Russian counterpart, the two companies signed a protocol
agreement for an integrated cooperation, which includes
petroleum exploration and development in Russia, and refining,
processing and marketing to China, indicating that the
cooperation has entered into a new stage.

After receiving Rosneft's invitation to subscribe its listed
shares, CNPC kept a close track of the IPO process.  Based on
its long-term development strategy and the results of
comprehensive evaluation, CNPC officially submitted its
subscription proposal to Rosneft on July 12.  CNPC's
subscription proposal gives full consideration for supporting
Rosneft successful listing, and aims at boosting pragmatic
cooperation of the two companies.  

Based on the asset evaluation, CNPC made a subscription plan
responsive to share price range.  The actual share price of
Rosneft conformed to CNPC's proposal.  CNPC's subscription of
Rosneft listed shares will further expand the cooperation and
deepen long-term cooperative relationship.  

On the press conference held on July 16, Rosneft President
Sergey Bogdanchikov addressed that Rosneft and CNPC's
cooperation covers many areas, including the discussion about
joint bidding for petroleum exploration and development as well
as equity acquisition, and the establishment of a joint venture
for upstream activities in Russia and downstream activities in
China is undergoing as scheduled.

                        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.


RUSSIAN MORTGAGE: Moody's Assigns B2 Rating to Class C Notes
------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term
credit ratings to the Notes issued by Russian Mortgage Backed
Securities 2006-1 S.A.:

   -- US$74,200,000 Class A Residential Mortgage Backed Floating
Rate Notes due 2034: A1;

   -- US$10,600,000 Class B Residential Mortgage Backed Floating
Rate Notes due 2034: Baa2; and

   -- US$3,500,000 Class C Residential Mortgage Backed Floating
Rate Notes due 2034: B2.

This transaction is the first public RMBS transaction in Russia.
Russian Mortgage Backed Securities 2006-1 S.A., a special
purpose vehicle incorporated under the laws of Luxembourg,
issued three classes of US dollar-denominated notes to fund the
purchase of receivables arising from Russian mortgage loans
originated by JSC Vneshtorgbank.  The transfer of the
receivables and the related collateral 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 65.4%,

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

   -- high credit quality of the transaction parties, in
      particular Vneshtorgbank, which make adverse scenarios
less likely, and

   -- credit and liquidity enhancement provided by Excess
Spread, Reserve Fund, Liquidity Facility and International
Payment Facility.

The Class A and B Notes are supported by an International
Payment Facility provided by Vneshtorgbank and guaranteed by the
International Finance Corporation.  It can be drawn to make
interest payments due on the Class A and Class B Notes in case
convertibility and/or transferability into US dollar would be
limited due to certain circumstances.  This facility together
with other structural features of this transaction allows the
Class A Notes to pierce the Foreign Currency Guideline for
Russia, which currently stands at A2.

The pool consists of fixed rate loans, denominated in US dollars
and secured by mortgages on properties in the Moscow and the St.
Petersburg area.  The servicing will be done by Vneshtorgbank,
while ZAO Raiffeisen Austria is the contracted back-up servicer
for this transaction.  The special purpose vehicle entered into
an interest rate swap agreement with Barclays Bank PLC in order
to hedge its exposure due to the mismatch of the fixed rate
interest received under the mortgage pool and the floating rate
interest payments due under the Notes.

Besides a Reserve Fund of US$2.2 million, the notes are
supported by an amortizing Liquidity Facility of initially
US$5.3 million provided by HSBC Bank PLC.

The Notes will start to amortize sequentially and might switch
to pro-rata amortization if certain criteria are met.

Moody's ratings of each of the Notes address the expected loss
posed to investors by the legal final maturity.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


RUSSIAN MORTGAGE: Fitch Rates US$3.5-Mln Class C Notes at BB-
-------------------------------------------------------------
Fitch Ratings placed final ratings to Russian Mortgage Backed
Securities 2006-1 S.A's issue of US$88.3 million floating-rate
notes.

   -- US$74.2 million Class A floating-rate notes
      (ISIN: XS0254447872): BBB+;

   -- US$10.6 million Class B floating-rate notes
      (ISIN: XS0254451395): BBB; and
  
   -- US$3.5 million Class C floating-rate notes
      (ISIN: XS0254451551): BB-.

The originator and seller of the mortgage portfolio is JSC
Vneshtorgbank (VTB, rated BBB/F3), the second largest bank in
Russia and is 99.9%-owned by the Russian state.  The transaction
is a securitization of first ranking US dollar denominated
residential mortgage loans secured on property located in the
Russian Federation.  

The ratings address the timely payment of interest and ultimate
payment of principal in accordance with the terms of the notes.  
The ratings are based on the quality of the collateral,
available credit enhancement, the underwriting and servicing
capabilities of the originator and the legal structure of the
transaction.  VTB ownership dynamics and its importance for the
Russian financial system also played a vital part in the rating
analysis.

Initial credit enhancement of 18.5% for the Class A notes is
provided by the subordination of the Class B notes (12%) and the
Class C notes (4%).  Further credit enhancement is available in
the form of non-amortizing cash reserve in the amount of 2.5% of
the issuance amount fully funded at closing by a subordinated
loan extended by VTB.  

A liquidity facility will also be made available for covering
interest and senior fee shortfalls up to a limit of 6% of the
issuance, which will be allowed to amortize to 2% of the
outstanding balance of the notes subject to certain conditions.  

The transaction also benefits from a sovereign risk facility
that provides liquidity for the senior notes in the event of the
Russian government restricting the ability to convert and
transfer US dollars out of the country.


SABLE: Irkutsk Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on LLC Sable (TIN 3811081694).  The case
is docketed under Case No. A19-41678/05-38.

The Temporary Insolvency Manager is:  

         V. Turushev
         Office 4
         Kustarnyj Per. 4
         Khabarovsk Region
         Russia

The Debtor can be reached at:

         LLC Sable
         Deputatskaya Str. 14
         664000 Irkutsk Region
         Russia


SOKOLSKIY PULP: External Management Bankruptcy Procedure Begins
---------------------------------------------------------------
The Arbitration Court of Vologda Region commenced external
management bankruptcy procedure on OJSC Sokolskiy Pulp and Paper
Mill.  The case is docketed under Case No. A13-7223/2005-25.

The External Insolvency Manager is:

         V. Ostroverkh
         Sovetskiy Per. 8
         Sokol
         162130 Vologda Region
         Russia

The Debtor can be reached at:

         OJSC Sokolskiy Pulp and Paper Mill
         Sovetskiy Per. 8
         Sokol
         162130 Vologda Region
         Russia


SUZEMSKIY: Bryansk Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Bryansk Region has commenced bankruptcy
supervision procedure on CJSC Agricultural Industrial Combine
Suzemskiy.  The case was docketed under Case No. A09-7184/05-8.

The Temporary Insolvency Manager is:  

         V. Lavrukhin
         Tsiolkovskogo Str. 33/19.
         248000 Kaluga Region
         Russia

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Industrial Combine Suzemskiy
         Bryanskaya Str. 14.
         Suzemka
         Bryansk Region
         Russia


URAZOVSKIY BRICKWORKS: S. Klimov to Manage Assets
-------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. S. Klimov
as Insolvency Manager for CJSC Urazovskiy Brickworks.  He can be
reached at:

         S. Klimov
         Post User Box 671
         308033 Belgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A08-2087/06-2 B.

The Debtor can be reached at:

         CJSC Urazovskiy Brickworks
         Rabochaya Str. 37
         Urazovo
         Valuyskiy Region
         309970 Belgorod Region
         Russia


WOOD-STROM: Perm Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on OJSC Wood-Strom.  The case is docketed
under Case No. A50-6553/2006-B.

The Temporary Insolvency Manager is:  

         G. Totyamina
         Post User Box 6088
         614000 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3.
         Perm Region
         Russia

The Debtor can be reached at:

         OJSC Wood-Strom
         Kommunisticheskaya Str. 44
         Solikamsk
         618540 Perm Region
         Russia


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


METROPOLITAN BANK: Wants Stronger Remittance Business in Europe
---------------------------------------------------------------
As part of its efforts to strengthen its position as a lead
player in the international remittance market, Metropolitan Bank
& Trust Company recently consolidated its operations in Europe
handled by its remittance subsidiaries.

Metrobank's remittance companies include:

   -- Metro Remittance Center, S.A., in Spain, with another
      office in Barcelona;

   -- Metro Remittance Center (Italia) S.p.A. in Italy with
      offices in the key cities of Rome, Milan and Bologna;

   -- Metro Remittance UK in London; and

   -- MBTC Exchange Service GmbH in Vienna, Austria.

The bank believes that the set-up will further strengthen its
remittance business in Europe and allow it to tap new markets
for its other products and services.

Carmelita R. Araneta, head of Metrobank's International Offices
and Subsidiaries Group, stated that the move enabled Metrobank
to offer prompt and enhanced services to Filipino and Chinese
markets in the European region.  Ms. Araneta said that the bank
also expects more business as a result of increased marketing
efforts in the region.

In Spain, for example, Metrobank embarked on aggressive
marketing activities within the Chinese and Filipino
communities.  "This involves regular visits to far-flung areas
where Filipino and Chinese nationals are established and the
Bank's active participation in Filipino community sponsored
events," explained Ms. Araneta.

Metrobank currently enjoys market leadership in cities where it
has presence and aggressively continues to develop remittance
markets across the globe.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.


The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                       *       *       *


On March 3, 2006, Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on its US$125-million non-cumulative capital securities,
whereas Moody's Investors Service Rating Agency issued a B-
rating on the same capital instruments.

Moreover, Moody's gave Metrobank a Ba3 Foreign Long Term Bank
Deposits and Subordinated Debt Rating effective May 25, 2006.

Fitch Ratings gave Metrobank a B- Subordinated Debt Rating.


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


AGROKOM: Chernigiv Court Commences Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on Agricultural LLC Agrokom (code EDRPOU
24842637) on March 24.  The case is docketed under Case No.
5/169 B.

The Temporary Insolvency Manager is:

         Volodimir Kurovskij
         Moskovska Str. 2-a
         Nizhin
         Chernigiv Region
         Ukraine

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Agrokom
         Centralna Str. 54
         Fastovtsi
         Bahmach District
         16550 Chernigiv Region
         Ukraine


BLIK-WEST: Court Names Stepan Onishenko as Liquidator
-----------------------------------------------------
The Economic Court of Harkiv Region appointed Stepan Onishenko
as Liquidator/Insolvency Manager for Trade-Production Firm Blik-
West (code EDRPOU 23142547).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 23.  The case is docketed
under Case No. B-39/53-06.

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:

         Trade-Production Firm Blik-West
         Povstannya Square 1
         Harkiv Region
         Ukraine


BOLGRADSPECMONTAZH: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on OJSC Bolgradspecmontazh on April 21.  
The case is docketed under Case No. 23/61-06-2536.

The Temporary Insolvency Manager is:

         Vladislav Ivanov
         a/b 46
         65011 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         OJSC Bolgradspecmontazh
         Transportna Str. 4
         Bolgrad
         Odessa Region
         Ukraine


FAMER: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Trade House Famer (code EDRPOU
33345803).  The case is docketed under Case No. 23/119-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 Trade House Famer
         Vozyednannya Avenue 7-a/220
         02160 Kyiv Region
         Ukraine


GRAIN-TRADE HOUSE: Court Names Dmitro Zadruzhnij as Liquidator
--------------------------------------------------------------
The Economic Court of Harkiv Region appointed Dmitro Zadruzhnij
as Liquidator/Insolvency Manager for LLC Grain-Trade House (code
EDRPOU 30885486).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 24.  The case is docketed
under Case No. B-39/04-06.

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:

         LLC Grain-Trade House
         Tobolska Str. 42-A
         61045 Harkiv Region
         Ukraine


KODRI' GLASS: Kyiv Court Names G. Serputko as Liquidator
--------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. G. Serputko as
Liquidator/Insolvency Manager for OJSC Kodri' Glass Plant (code
EDRPOU 00480879).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 24.  The case is docketed
under Case No. 133/11 b-02.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Kodri' Glass Plant
         Makarivskij District
         Kovpak Str. 2
         Kodri
         Kyiv Region
         Ukraine


ORLOVO: Zaporizhya Court Begins Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Orlovo (code EDRPOU 03748905) on
May 10.  The case is docketed under Case No. 19/89/06.

The Temporary Insolvency Manager is:

         Dmitro Ishenko
         a/b 1
         Bronzos Str. 43-16
         Melitopol
         72309 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Orlovo
         Radyanska Str. 191
         Orlovo
         Melitopol
         72341 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine


SNIZHINKA: Court Starts Bankruptcy Supervision
----------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Snizhinka (code EDRPOU 20202898) on
May 18.  The case is docketed under Case No. B 29/114/06.

The Temporary Insolvency Manager is:

         Vadim Koloshin
         Robocha Str. 152/47
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Snizhinka
         Inzhenerna Str. 2-a
         Dnipropetrovsk Region
         Ukraine


STAROBESHEVSKIJ RAJAGROBUD: Marina Kondratyeva to Manage Assets
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Marina
Kondratyeva as Liquidator/Insolvency Manager for OJSC
Starobeshevskij Rajagrobud (code EDRPOU 01352066).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 23.  The case is docketed
under Case No. 42/4 b.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukrain

The Debtor can be reached at:

         OJSC Starobeshevskij Rajagrobud
         Naberezhna Str. 11
         Komsomolske
         87520 Starobeshevskij District
         Donetsk Region
         Ukraine


TELIOS: Court Names Rostislav Breus as Insolvency Manager
---------------------------------------------------------
The Economic Court of Harkiv Region appointed Rostislav Breus as
Liquidator/Insolvency Manager for LLC Telios (code EDRPOU
33291774).  He can be reached at:

         Rostislav Breus
         Novoprudna Str. 4/70
         Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 1.  The case is docketed
under Case No. B-48/41-06.

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:

         LLC Telios
         Novoprudna Str. 4/70
         Harkiv Region
         Ukraine


TONUS-TRADING: Sumi Court Names Volodimir Kislij as Liquidator
--------------------------------------------------------------
The Economic Court of Sumi Region appointed Volodimir Kislij as
Liquidator/Insolvency Manager for LLC Tonus-Trading (code EDRPOU
22981257).  He can be reached at:

         Volodimir Kislij
         Privokzalna Str. 9/35a
         40003 Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 22.  The case is docketed
under Case No. 7/77-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Tonus-Trading
         Harkivska Str. 2/1
         Ukraine
         40030 Sumi Region


YARMOLITSI' AGRICULTURAL: Court Appoints Insolvency Manager
-----------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Sergij
Shishkin as Liquidator/Insolvency Manager for Yarmolitsi'
Agricultural Machine-Technological Station (code EDRPOU
32034690).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 24.  The case is docketed
under Case No. 13/161-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Yarmolitsi' Agricultural Machine-Technological Station
         Hmelnitska Str. 55
         Yarmolitsi
         Hmelnitskij Region
         Ukraine


ZORYA: Hmelnitskij Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Zorya (code EDRPOU 03789761) on
April 28.  The case is docketed under Case No. 2/112-B.

The Temporary Insolvency Manager is:

         Vasil Kunashenko
         Sheshukov Str. 10/30
         Shepetivka
         Chernigiv Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Zorya
         Bilogirskij District Gulivtsi
         Hmelnitskij Region
         Ukraine


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


ADAGIO III CLO: S&P Rates EUR17-Mln Class E Notes at BB-   
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR500 million senior and subordinated
deferrable floating-rate notes to be issued by Adagio
III CLO PLC, a special purpose entity.
  
The collateral comprises a portfolio of senior secured loans,
senior unsecured loans, mezzanine obligations, high-yield bonds,
and synthetic securities.
  
The CDO manager will be AXA Investment Managers Paris S.A. AXA
is one of the leading European managers of CDOs, and currently
has several CDO transactions under management, a number of which
have invested in leveraged-loan assets.  This is AXA's fourth
CLO dedicated to European leveraged loans.
  
As in Adagio CLO II PLC, this transaction incorporates a maximum
bucket for offsetting obligations and credit-short obligations,
whereby the issuer, or the CDO manager on its behalf, may enter
into CDS transactions with an adequately rated financial
institution selling protection.
  
                        Ratings List
                     Adagio III CLO PLC
            EUR500 Million Senior And Subordinated
              Deferrable Floating-Rate Notes
  
                          Prelim.       Prelim.
            Class         rating        amount (Mil. EUR)
            -----         ------        ------
            A              AAA          351.0(1)
            B              AA            25.0
            C              A             30.5
            D              BBB-          28.0
            E              BB-           17.0
            Subordinated
            notes          NR            48.5
  
        (1) A portion of the class A notes may be issued in
            principal-only form.

        NR: Not rated.


ASHTEAD GROUP: Plans to Acquire NationsRent for US$1 Billion
------------------------------------------------------------
Ashtead Group PLC disclosed the proposed acquisition of
NationsRent Companies Inc. for an initial consideration of
approximately US$1 billion.  

On the basis of 2005 rental revenues, the Enlarged Group would
be the third largest provider in the US and number two on a
global basis.

                     Acquisition Highlights

   -- Initial consideration of approximately US$1 billion
      comprising US$600 million in cash and the assumption of
      approximately US$400 million of debt; plus

      a) costs of approximately US$50 million in relation to the
         early redemption of the NationsRent Loan Notes offset    
         by available tax losses; and

      b) a potential future additional payment of up to US$89   
         million, contingent upon future Ashtead share price
         performance.

   -- Acquisition to be funded by a rights issue to raise
      approximately GBP150 million, drawings under a new US$1.6
      billion senior secured credit facility and US$550 million
      of new senior loan notes;

   -- Combination of the two companies will form the third
      largest provider in the large and growing US rental
      market, principally serving the private non-residential
      construction market;

      a) NationsRent LTM March 2006 revenues and EBITDA of    
         US$716 million and US$200 million respectively;

      b) market growth is expected to continue through to at
         least 2008, with an anticipated 2005-2008 compound
         annual growth rate in the value of non-residential
         building contracts of over 6 per cent; and

      c) future growth in the US rental market is underpinned
         further by the continuing structural shift from
         ownership to rental of equipment.

   -- NationsRent represents an excellent fit with Sunbelt by
      both business type and geography;

      a) c.US$1 billion rental fleet;

      b) US$665 million purchased new since June 2003; and

      c) NationsRent's store portfolio will substantially extend
         Sunbelt's "clustering" strategy - number of clusters to
         increase from 22 to 36.

   -- Acquisition expected to be significantly earnings    
      enhancing in financial year ending April 2008, the first
      full year of operation of the Enlarged Group, including;

      a) expected annual cost savings of at least GBP20 million;

      b) additional benefits from operational realignment of
         NationsRent's business model to bring its utilization
         and rental rates in line with those of Sunbelt.

   -- Transaction expected to close at the end of August 2006,
      pending, amongst other things, approval by Ashtead's
      shareholders at the Extraordinary General Meeting to be
      held on Aug. 4, 2006 and receipt of the appropriate
      regulatory clearances.

            Details of financing and the Rights Issue

The Board intends to fund the Acquisition through:


     (i) the 3 for 8 fully underwritten Rights Issue to raise
         approximately GBP150 million;

    (ii) the New Senior Secured Credit Facility of up to    
         US$1.6 billion;

   (iii) the issue of the New Senior Loan Notes to raise
         approximately US$550 million; and

    (iv) the use of NationsRent's and the Company's existing
         cash resources.

The New Ordinary Shares are being offered by way of rights to
all Qualifying Shareholders on the basis of three New Ordinary
Shares at 100 pence per New Ordinary Share for every eight
Existing Ordinary Shares held and registered in their name at
the close of business on the Record Date.  The Rights Issue
Price of 100 pence per New Ordinary Share represents a 31.6%
discount to the Closing Price for an Existing Ordinary Share of
146.25 pence on July 18.

The Rights Issue is fully underwritten by the Underwriters.

As is customary in the high yield market, the New Senior Loan
Notes are not underwritten.  Accordingly, the Company has also
obtained a commitment from Citigroup for a US$175 million bridge
facility.  This bridge facility will only be drawn if the Debt
Issue is not completed.

"NationsRent is a high quality company which, like Sunbelt, has
an attractive and significant exposure to the growing non-
residential construction market in the US," Ashtead Chief
Executive George Burnett.  "The merger of NationsRent with
Sunbelt creates a chain of 477 outlets with minimal overlap and
accelerates our 'clustering' strategy that has delivered
consistent profitable growth over the past few years.  
NationsRent and Sunbelt have similar rental fleets both in age
and in mix and through the combination of these businesses we
believe we will enjoy benefits of scale in both customer service
and buying power.  The Acquisition represents the latest step in
Ashtead's development and provides the Company with an excellent
opportunity to create additional shareholder value."

UBS and JPMorgan Cazenove are acting as financial advisers to
Ashtead in relation to the Acquisition.  JPMorgan Cazenove and
Evolution are acting as joint corporate brokers to Ashtead.

The Circular and the Prospectus giving details of the
Acquisition and the Rights Issue and containing, among other
things, a notice of the Extraordinary General Meeting of Ashtead
to be held on Aug. 4 to approve the Acquisition and the Rights
Issue will be sent to Shareholders shortly.

Headquartered in Surrey, England, Ashtead Group plc --
http://www.ashtead-group.com/-- operates equipment rental  
services worldwide with its network of 428 profit centers in the
United States, the United Kingdom, Singapore and Canada at
April 30, 2004.  Equipment rental companies provide customers
with a comprehensive line of equipment, including larger
equipment such as aerial work platforms, backhoes, excavators
and forklift trucks, as well as smaller equipment such as power
saws, ladders, and small pumps.


ASHTEAD GROUP: Moody's Cuts Corporate Family Rating to B1
---------------------------------------------------------
Moody's Investors Service downgraded Ashtead Group Plc's
corporate family rating to B1 from Ba3 following it announcement
of an agreement to acquire NationsRent Companies, Inc.

Ratings downgraded:

   -- US$250 million second priority senior secured notes issued
by Ashtead Holdings Plc due 2015 to B3 from B2; and

   -- GBP 78 million second priority senior secured notes issued
by Ashtead Holdings Plc due 2014 to B3 from B2.

Ratings assigned:
   
   -- new US$1,600 million senior secured credit facilities to
Sunbelt Rental, Inc. et al, an indirect subsidiary of
Ashtead Group Plc: Ba3; and

   -- new US$550 million second priority senior secured notes of
Ashtead Capital, Inc maturing 2016: (P) B3.

Ashtead intend to fully redeem the 2014 GBP78 million second
priority senior secured notes assuming favorable market
conditions.  Security supporting these notes will fall away
where greater than 50% are redeemed.  Moody's will withdraw
ratings and the outlook on these notes and the US$800 million
senior secured credit facilities rated Ba3 due 2010 to Ashtead
Holdings LLC once the notes are redeemed and credit facilities
are cancelled.  The rating on the 2014 notes will be re-assessed
if any remain outstanding and become unsecured.

The rating actions follow the company's stated intention to
acquire NationsRent Companies, Inc., one of the largest full-
service equipment rental companies in the United States with
GBP 379 million (US$695.3 million) in annual revenues in 2005
and a US market share of around 2%.

The corporate family rating reflects the revised capital
structure and resulting higher leverage. The company will
increase net debt by around GBP 460 million (US$850 million) to
combine with NationsRent, currently rated B2.  The acquisition
will see pro-forma Total Debt to EBITDAR above three times and
RCF to Net Debt calculated by Moody's around the high teens.

The combined group's pro-forma credit metrics lead to pressure
to revise the corporate family rating to B1.  This is supported
by peer comparatives.  The rating also considers event risk and
the material scale of the acquisition.  NationsRent generates
revenues close to 60% of Ashtead's.  Negative impacts to the
credit profile are countered by an upward trend in the company's
performance, demonstrated by its 2006 operating performance and
its access to equity capital markets.

Liquidity is considered to remain acceptable for the rating.
Availability under the senior credit facilities is expected to
be over GBP 245 million (US$450 million) at closing.  Mandatory
debt amortization is also not onerous with 1% of senior secured
credit facilities repayable annually over the next four years.
No material debt maturities occur until 2011 when senior credit
facilities expire.  The company has a flexible growth capex
model and can be scaled to assist liquidity.

The new 2016 US$550 million notes are not underwritten.  The
company has obtained a commitment for a GBP95 million (US$175
million) bridge facility to be used if this debt issue is not
completed.

The ratings factor Ashtead's exposure to the cyclical
construction industry, which is compounded by its high
operational gearing, strong competition particularly in the
mature U.K. market and the company's continuing need for high
maintenance and growth capex.  Credit metrics could change
rapidly with cyclical movements.

However, the ratings and stable outlook are supported by the
company's robust market positions in both the U.S. and the U.K.
and its increasing scale. Moody's understands that demand for
rental equipment in the U.S. is experiencing a cyclical
recovery. End markets are expected to remain robust into 2007
given improvements in the non-residential construction market.

Ratings may experience upward pressure if the company
successfully integrates the material NationsRent acquisition and
demonstrates sustainable improvements in credit metrics to help
it manage through cyclical changes.  This could be achieved
through improved operating performance.  Sustainable credit
metrics which could indicate upward rating pressure include:
EBIT interest cover approaching 2.5 times and Debt to EBITDAR
less than 3.0 times.

The Ba3 rating of the senior secured credit facilities reflect
their senior position in the company's capital structure as well
as the comprehensive security package provided to lenders of
these facilities by the company's material subsidiaries.  The
senior secured credit facilities rank ahead of both the existing
2015 and new 2016 second priority senior secured notes.

Moody's has applied a two-notch differential between the
corporate family rating and the second priority senior secured
notes to reflect their contractual subordination and the large
percentage of total debt that ranks ahead.

Ratings affected:

Ashtead Group Plc

   -- corporate family rating: downgraded to B1 from Ba3; and

   -- US$800 million senior secured credit facilities due 2010:
Ba3 rating will be withdrawn on cancellation of this
facility.

Ashtead Holdings Plc

   -- US$250 million second priority senior secured notes due
2015: downgraded to B3 from B2; and

   -- GBP 78 million second priority senior secured notes due
2014: downgraded to B3 from B2, will be withdrawn on
redemption of notes.

Sunbelt Rentals, Inc. et al

   -- new US$1,600 million senior secured credit facilities
maturing 2010: (P) Ba3 rating assigned.

At Ashtead Capital Inc

   -- US$550 million second priority senior secured notes due
2016: (P) B3 rating assigned.

The outlook for all ratings is stable.

Headquartered in Leatherhead, Surrey, U.K., Ashtead is a leading
provider of construction and other industrial rental equipment
services primarily in the U.S. and U.K.  Recorded revenues for
the FYE 30 were GBP638 million.


BAA PLC: Ferrovial Markets GBP8.97-Mln Loan to Finance Takeover
---------------------------------------------------------------
Grupo Ferrovial SA and its loan arrangers met with prospective
investors this week in Madrid to market an GBP8.97 billion loan
to finance the takeover of BAA Plc, Bloomberg News reports
citing bankers involved in the deal.

According to Bloomberg, Citigroup, Banco Santander Central
Hispano SA and Royal Bank of Scotland Group Plc are organizing
the order-taking for the loan while Calyon and HSBC Holdings Plc
are helping to arrange the deal.

The bankers said that the GBP6.97 billion senior loans pay an
interest margin of one percentage point more than Libor while
the GBP2 billion junior loans pays four percentage point more
than Libor, with the credit maturing in 2011, Bloomberg relates.

                Ferrovial Eyes Remaining BAA Bonds

In other news, the Airport Development and Investment Ltd., the
consortium led by Grupo Ferrovial disclosed the compulsory
acquisition of the remaining convertible bonds issued by BAA,
AFX News says.

The group announced on June 26 that it has accepted about 99% of
the 2.94% convertible bonds due 2008 and 96% of 2.625%
convertible bonds due 2009.

AFX discloses that the group now plans to compulsory acquire the
rest after obtaining acceptances on 9/10 of the issues.

In June 2006, the Ferrovial-led consortium outbid Goldman Sachs
Group Inc. in a deal to acquire the world's biggest airport
operator.  

Ferrovial undertook the acquisition as the leader (62% stake) of
the consortium with Caisse des Depot (28%) and the Singapore
government's investment firm GIC (10%).  The offer, which was
supported by the Board of Directors of BAA, totaled GBP11.964
billion, i.e. 950.25 pence per share, including a dividend of
15.25 pence declared previously by BAA.

                      About the Company

Headquartered in London, England, BAA plc -- http://www.baa.com/
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Its U.K. airports handled over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its total U.K. airport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BAA PLC: Stephen Nelson Succeeds Mike Clasper as CEO
----------------------------------------------------
BAA plc disclosed the appointment of Stephen Nelson as its Chief
Executive.

Mr. Nelson succeeds Mike Clasper CBE, who is stepping down as
Chief Executive effective immediately.  Mr. Clasper will
continue to act as an adviser to BAA during the next year.

Stephen Nelson, 43, joined BAA in September 2005 from J
Sainsbury plc, where he was Marketing Director and a member of
its Operating Board.   He became a member of the BAA plc Board
in April.

Prior to joining Sainsbury, Mr. Nelson had a number of roles at
Diageo, including Managing Director of Guinness Great Britain
and President of Diageo (North America) South West.   He has
also worked at Thorn EMI and OC&C strategy consultants.

BAA also confirmed last week that Marcus Agius, who has been
chairman of the BAA board since 2002, will continue in that
role.  

"We recruited Stephen Nelson to BAA last year because of his
track record in demanding commercial situations and because of
his qualities as a leader," Mr. Agius said.  "We saw him then as
a potential successor to Mike Clasper.  Now that Mike has
decided that this is the right time for him to leave BAA,
Stephen is exactly the right person to build upon Mike's
substantial achievements."

Juan Bejar, CEO, Ferrovial Infraestructeras, said: "Mike Clasper
leaves BAA with our best wishes for the future.  I am confident
that Stephen will do an outstanding job leading BAA's talented
senior management team at a time when the company is well placed
to build on the opportunities created by its leadership position
in the airport industry."

BAA also announced that Tony Douglas, the man who has led the
admired GBP4.2 billion Terminal 5 construction program, has been
appointed CEO of Heathrow and will also join the BAA board.   
Tony Douglas, 43, joined BAA in 1998 after a previous career
which included senior roles with British Aerospace and Kenwood
plc.  He became Managing Director of Heathrow in March 2006.

In addition, Luis Sanchez Salmeron, Managing Director Ferrovial
Aeropuertos, and a member of the BAA Board, is to take up the
position of Deputy Chief Executive of BAA.  He will be
responsible for the interface between BAA and its new
shareholders.

Completing the Board restructure, the following directors will
step down from the BAA Board, but will remain on the company's
Executive Committee:

    * Mick Temple, Divisional Director;
    * Tony Ward, Services Director; and
    * Mike Toms, Planning and Regulatory Affairs Director.

Stephen Nelson said: "With the opening of T5 just over 18 months
away and our plans for Heathrow East and a second runway at
Stansted progressing well, there couldn't be a more exciting
time to take over the leadership of BAA.  I look forward to
working with our new owners and with all our stakeholders.  Our
mission at BAA continues to be the responsible and profitable
growth of the business.  My ambition will be to take the company
to new heights of achievement."

                      About the Company

Headquartered in London, England, BAA plc -- http://www.baa.com/  
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Its U.K. airports handled over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its total U.K. airport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BARRINGTONS CONSTRUCTION: Hires Liquidator from Tenon Recovery
--------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Barringtons Construction Limited after creditors agreed to wind
up the company on April 19.

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

Barringtons Construction Limited can be reached at:

         Unit 18
         Eagle Building
         201 High St East
         Sunderland
         Tyne and Wear SR1 2AX
         United Kingdom
         Tel: 0191 5109917   


BRISTOL TIMBER: Taps BDO Stoy to Administer Assets
--------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Bristol
Timber Store 2000 Limited (Company Number 04033880) on June 20.

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.

Bristol Timber Store 2000 Limited can be reached at:

         487 Gloucester Road
         Horfield
         Bristol BS7 8UA
         United Kingdom
         Tel: 0117 951 4032
         Fax: 0117 940 1279


CATERWORLD LIMITED: Meeting of Contributories Slated for July 27
----------------------------------------------------------------
Caterworld Limited Director R.J. Purvis declared that there
would be a First Meeting of Contributories followed by a First
Meeting of Creditors at 2:15 p.m. and 2:45 p.m. respectively, on
July 27 at:

         The Braaid Hall
         Braaid
         Isle of Man
         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 4:00 p.m. on July 26 at:

         Shimmin Wilson & Co
         13-15 Hope Street
         Douglas
         Isle of Man
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


CONSTRUCTIVE LTD.: Names Neil Chesterton as Administrator
---------------------------------------------------------
Neil Douglas Chesterton of The MacDonald Partnership PLC was
named administrator of Constructive (U.K.) Ltd. (Company Number
4277804) on June 21.

The administrator can be reached at:

         The Macdonald Partnership PLC
         Tower 42 International Financial Centre
         25 Old Broad Street
         London EC2N 1HQ
         United Kingdom
         Tel: 020 7496 1010
         Fax: 020 7374 8341

Constructive (U.K.) Ltd. can be reached at:

         High Street
         Rickmansworth
         Hertfordshire WD3 1AY
         United Kingdom
         Tel: 0870 730 4110
         Fax: 020 7659 0743


CORNERSTONE TITAN: S&P Assigns Low-B Ratings to GBP9-Mln Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP564.27 million commercial mortgage-
backed floating-rate notes to be issued by Cornerstone Titan
2006-1 PLC, a special purpose entity.
  
This is the third transaction in the Cornerstone Titan program
undertaken by Credit Suisse and Capmark Bank Europe PLC.
Notably, it is the first European CMBS transaction in Europe
using a servicer liquidity advance mechanism, where liquidity
available to the issuer is advanced by an affiliate of the
servicer.
  
The collateral comprises nine commercial loans, four of which
were originated by Credit Suisse, and five by Capmark Bank
Europe.
  
The property pool comprises 35 buildings well diversified in
terms of risk profile.  The properties are located across the
U.K. and Gurnsey, with a concentration in Greater London.  In
general, the collateral properties are considered to be well
located in their submarkets.
     
                        Ratings List
                 Cornerstone Titan 2006-1 PLC
          GBP564.27 Million Commercial Mortgage-Backed                   
           Floating-Rate Notes
  
                           Prelim.        Prelim.
            Class          rating         amount (Mil. GBP)
            -----          ------         ------  
            A              AAA            393.44
            X              AAA              0.10
            B              AAA             49.94
            C              AA              20.25
            D              A+              25.54
            E              A               20.75
            F              BBB             31.37
            G              BBB-            13.82
            H(1)           BB               5.50
            J(1)           B                3.47
            VA             NR               0.05
            VB             NR               0.05
  
        (1) Subject to an available funds cap.  Holders of the
            class H and J notes may receive a variable interest
            coupon if certain loan prepayment scenarios occur.

        NR: Not rated.


DUNELM CONTRACTORS: Taps Receivers from Grant Thornton
------------------------------------------------------
Bank of Scotland appointed Michael O'Connor and Neil Tombs of
Grant Thornton joint administrative receivers of Dunelm
Contractors (Building Maintenance) Limited (Company Number
01328039) on June 27.

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

Headquartered in Longbridge Hayes, United Kingdom, Dunelm
Contractors (Building Maintenance) Limited is engaged in general
building construction and civil engineering works.


DV HAIR: Creditors Pass Winding Up Resolution
---------------------------------------------
Creditors of DV Hair & Beauty Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on April 26.

Subsequently, Ellizabeth Arakapiotis of Kallis & Co. was
appointed Liquidator.

The company can be reached at:

         DV Hair & Beauty Limited
         353 Fulham Road
         London SW109TW
         United Kingdom
         Tel: 020 7351 5138


EMS HANSARD: Financial Woes Trigger Liquidation
-----------------------------------------------
EMS Hansard Limited is winding up its operations after creditors
established the company could no longer continue its business
due to mounting debts.

David Jenner Cork of McCabe Ford Williams was appointed
Liquidator.

The company can be reached at:

         EMS Hansard Limited
         Whittes End
         Church Road
         Kennington
         Ashford
         Kent TN249DG
         United Kingdom
         Tel: 01304 241 616
         Fax: 01304 226 913
         Web: http://www.emshansard.com/


ENRON CORP: U.S. Court Allows U.K. Units' US$51.92-Mln Claims
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation allowing Enron Corporation's U.K.
affiliates' claims for an aggregate amount of US$51,916,252.

In late 2001, Enron Capital & Trade Resources Limited, Enron Gas
& Petrochemicals Trading Limited, Enron Metals & Commodity
Limited and Enron Metals Group Limited, as successor-in-interest
to Enron Metals Limited and now known as Keresforth Three
Limited, were placed into administration under Part II of the
English Insolvency Act of 1986 in the United Kingdom.

Steven Anthony Pearson, Anthony Victor Lomas, Neville Barry Kahn
and Dipankar Moham Ghosh of PricewaterhouseCoopers LLP, in
Plumptree Court, London, were appointed as joint administrators
of EMCL, EMGL, ECTRL and EGPTL by the High Court of Justice in
London, England.  Messrs. Kahn and Ghosh were subsequently
removed as administrators on June 20, 2002, and Dec. 20, 2004.

On April 9, 2002, Enron Coal Services Limited was placed into
liquidation pursuant to Part IV of the English Insolvency Act of
1986.  Ian Christopher Oakley Smith and David James Waterhouse
of PwC were appointed joint liquidators for ECSL.

Before filing for bankruptcy, Enron Corp., Enron North America
Corp., Enron Metals & Commodity Corp., Risk Management & Trading
Corp., and Enron Gas Liquids, Inc., and the U.K. Enron Entities
entered into several trading and financial transactions,
including commodities trading, recharging of costs, financial
and trading swaps, foreign currency exchanges and hedging and
market to market trades.

The U.K. Enron Entities filed claims in the Debtors' Chapter 11
cases:

     Claimant    Debtor     Claim No.       Amount
     --------    ------     ---------       ------
     EGPTL       EGLI       15377       US$935,915
     ECSL        ENA        15381        1,312,467
     EML         RMTC       24518       17,234,666
     EMCL        EMCC       24519        9,046,208
     ECTRL       ENA        24520        8,514,691
     ECTRL       RMTC       24521       18,010,011

In their 77th Omnibus Claims Objection, the Reorganized Debtors
sought to disallow and expunge Claim Nos. 15377, 15381, 24518
and 24521.

In their 78th Omnibus Claims Objection, the Reorganized Debtors
sought to reduce and allow Claim No. 24519.

In their 81st Omnibus Claims Objection, the Reorganized Debtors
sought to disallow, among others, Claim No 24520.

After negotiations, the parties entered into a stipulation to
resolve their dispute.

The parties agree that:

   (1) Claim No. 15377 will be allowed as a Class 17 general
       unsecured claim for US$935,915;

   (2) Claim No. 15381 will be allowed as a Class 5 general
       unsecured claim for US$1,312,467;   

   (3) Claim No. 24520 will be allowed as a Class 5 general
       unsecured claim for US$8,514,691;

   (4) Claim No. 24521 will be allowed as a Class 109 general
       unsecured claim for US$18,010,011;           

   (5) Claim No. 24519 will be allowed as a Class 3 general
       unsecured claim for US$8,860,000; and

   (6) Claim No. 24518 will be reduced and allowed as a Class 3      
       general unsecured claim for US$14,283,168.

Any contingent, disputed or unliquidated balance of the six
Claims will be disallowed.

The parties also agree that the Administrators or Liquidators
will apply the same approach used in resolving Claim No. 15377
in dealing with various outstanding claims of US$1,000,000 or
less that the Reorganized Debtors and their non-debtor
affiliates hold against the U.K. Enron Entities and their
affiliated entities where the pre-Systems Application Protocol
or similar types of records are the only evidence available to
prove the claim.  The English Courts will have the exclusive
jurisdiction to these claims.

Headquartered in Texas, U.S.A., Enron Corporation filed for
chapter 11 protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No.
01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at
Weil, Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts.  Luc A. Despins, Esq., Matthew Scott
Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, represent the Official Committee of Unsecured
Creditors.  (Enron Bankruptcy News, Issue No. 176; Bankruptcy
Creditors' Service, Inc., 15/945-7000)


EUROSAFE TRAINING: Creditors Nominate Liquidator
------------------------------------------------
Creditors of Eurosafe Training Limited nominated Zafar Iqbal of
Cooper Young as Liquidator during an extraordinary general
meeting on April 25.

The company can be reached at:

         Eurosafe Training Limited
         Unit 27
         Laundry Road
         Minster
         Ramsgate
         Kent CT124HY
         United Kingdom
         Tel: 01843 822 870
         Fax: 01843 822 871
         Web: http://www.eurosafetraining.co.uk/


EZALGAVON LIMITED: Creditors' Meeting Slated for July 25
--------------------------------------------------------
Creditors of Ezalgavon Limited (Company Number 2497088) will
meet at 10:30 a.m. on July 25 at:

         32 High Street
         Manchester M4 1QD
         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 24 at:

         Stephen Lord and Stephen James Wainwright
         Joint Administrators
         Poppleton & Appleby
         32 High Street
         Manchester M4 1QD
         United Kingdom
         Tel: 0161 834 7025
         Fax: 0161 833 1548

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.


FASTPACK LTD: Creditors Confirm Joint Liquidators' Appointment
--------------------------------------------------------------
Creditors of Fastpack Limited confirmed the appointment of Nigel
Price and Mark Elijah Thomas Bowen of Moore Stephens LLP as
Joint Liquidators on April 20.

The company can be reached at:

         Fastpack Limited
         Unit 2a
         Hill Top Industrial Estate
         Shaw Street
         West Bromwich
         West Midlands B70 0TX
         United Kingdom
         Tel: 0121 505 3777
         Fax: 0121 505 3888


FOREST OAKS: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of Forest Oaks Limited, on April 26, confirmed the
company's voluntary liquidation together with the appointment of
Andrew Philip Wood and Derek Leslie Woolley of The P&A
Partnership as Joint Liquidators.

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

Forest Oaks Limited can be reached at:

         129a Middleton Boulevard
         Nottingham NG8 1FW
         United Kingdom
         Tel: 0115 929 3222


FREIGHTER TRAILER: Creditors Resolve to Voluntary Liquidation
-------------------------------------------------------------
Creditors of Freighter Trailer Limited resolved to voluntarily
liquidate the company's assets during an extraordinary general
meeting on April 28.

Gary Stones of Stones & Co. was nominated Liquidator.

The company can be reached at:

         Freighter Trailer Limited
         Unit 27
         Pant Industrial Estate
         Dowlais
         Merthyr Tydfil
         Mid Glamorgan CF482SR
         United Kingdom
         Tel: 01685 388 811


INDUSTRIAL REPAIR: Creditors Opt to Liquidate Assets
----------------------------------------------------
Creditors of Horizons Travel Limited opted to liquidate the
company's assets on April 28.

Gary Stones of Stones & Co. was nominated Liquidator.

The company can be reached at:

         Horizons Travel Limited
         5 Wilmington Close
         Brighton BN1 8JE
         United Kingdom
         Tel: 0870 990 5529


INGERSOLL PRINTERS: Hires Administrators from Chantrey Vellacot
---------------------------------------------------------------
Kenneth William Touhey and William John Turner of Chantrey
Vellacott DFK LLP were appointed joint administrators of
Ingersoll Printers Limited (Company Number 00616899) on June 19.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

Ingersoll Printers Limited can be reached at:

         Second Way
         Wembley
         Middlesex HA9 0YJ
         United Kingdom
         Tel: 020 8903 1355
         Fax: 020 8900 1381


INTERCHANGE BUREAUX: Taps David Paul Hudson to Liquidate Assets
---------------------------------------------------------------
David Paul Hudson of Begbies Traynor was appointed Liquidator of
Interchange Bureaux Limited during an extraordinary general
meeting on April 25.

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

Interchange Bureaux Limited can be reached at:

         243-247 Pavilion Road
         London SW1X0BP
         United Kingdom
         Fax: 020 7824 8889


JAY LEISURE: Names Tracy Ann Taylor Liquidator
----------------------------------------------
Tracy Ann Taylor of Abbey Taylor Ltd was appointed Liquidator of
Jay Leisure Limited after creditors passed a resolution to wind
up the company on April 26.

The company can be reached at:

         The Famous Red Lion
         Ashover
         Chesterfield
         Derbyshire S45 0LW
         United Kingdom
         Tel: 01246 566 142


JOHN HAMPDEN: GE Heller Names Vantis as Administrative Receivers
----------------------------------------------------------------
GE Heller Ltd. appointed Lynn Robert Bailey and Sidney Hopper of
Vantis joint administrative receivers of John Hampden Packaging
Ltd. (Company Number 04249152) on June 28.

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

Headquartered in Heanor, United Kingdom, John Hampden Packaging
Ltd. manufactures corrugated cartons, boxes and cases.


M3 ENVIRONMENTAL: Begins Liquidation Procedure
----------------------------------------------
M3 Environmental (Europe) Limited is liquidating its assets
after creditors proved the company could no longer continue its
operations due to liabilities.

Gordon Allan Mart Simmonds of Simmonds & Company was nominated
Liquidator.

M3 Environmental (Europe) Limited can be reached at:

         134 Buxton Road
         Disley
         Stockport
         Cheshire SK122HG
         United Kingdom
         Tel: 077 4707 7037


MEDIA NORTH: Appoints Begbies Traynor as Joint Administrators
-------------------------------------------------------------
Michael E.G. Saville and Rob Sadler of Begbies Traynor were
appointed joint administrators of Media North Limited (Company
Number 01972814) on June 15.

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.  

Media North Limited can be reached at:

         Unit 5
         Low Moor Business Park
         Common Road
         Low Moor
         Bradford BD12 0ND
         United Kingdom
         Tel: 01274 690077  


OWL TRANSPORT: Appoints Ian William Kings as Liquidator
-------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Owl Transport & Warehousing Limited after creditors resolved to
wind up the company on April 20.

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

Owl Transport & Warehousing Ltd. can be reached at:

         Old
         Station Road
         South Bank
         Middlesbrough
         Cleveland TS6 6AD
         United Kingdom
         Tel: 01642 462 000
         Fax: 01642 452 952


PASHA LIFESTYLE: Names Andrew Clay to Administer Assets
-------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Limited was named
administrator of Pasha Lifestyle Limited (Company Number
05454942) on May 25.

The administrator can be contacted at:

         Andrew Michaels and Co. Limited
         Concept House
         Brooke Street
         Cleckheaton BD19 3RY
         United Kingdom
         Tel: 01274 855530
         Fax: 01274 855540

Headquartered in North Yorkshire, United Kingdom, Pasha
Lifestyle Limited wholesales furniture.


PROPERTIES DIRECT: Joint Liquidators Take Over Operations
---------------------------------------------------------
Creditors of Properties Direct (Wales) Limited resolved to
liquidate the company's assets on April 26.

Subsequently, Susan Purnell and Leigh-Jane Holmes of Purnells
were nominated Liquidators.

The company can be reached at:

         Properties Direct (Wales) Limited
         39 Commercial Street
         Kenfig Hill
         Bridgend
         Mid Glamorgan CF336DH
         United Kingdom
         Tel: 01656 746 831


SEA CONTAINERS: Closes US$585-Mln Silja Sale to Tallink Grupp
-------------------------------------------------------------
Sea Containers Ltd. has completed the sale of its Baltic ferry
subsidiary Silja Oy Ab to Estonian ferry operator AS Tallink
Grupp.

The sale, which was announced on June 12, was subject to receipt
of regulatory approvals from Finnish, Swedish and Estonian
competition authorities, all of which have been granted.  

The consideration for the sale of Silja's core business is
US$563 million and five million ordinary shares in Tallink,
equivalent to US$22 million.  Tallink shareholders at an EGM
gave corporate approval on June 22.

The transaction does not include Silja's fast ferry services
from Helsinki, Finland to Tallinn, Estonia and the two
SuperSeaCat ferries, which will be retained by Sea Containers
and operated as a stand-alone business under the SuperSeaCat
brand name.

The sale of Silja will be used to pay approximately US$503
million related bank debt.

                        About Sea Containers

Headquartered in London, United Kingdom, Sea Containers --
http://www.seacontainers.com/-- engages in passenger and  
freight transport and marine container leasing.  The Bermuda
registered company is primarily owned by U.S. shareholders and
its common shares have been listed on the New York Stock
Exchange (SCRA and SCRB) since 1974.

                          *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
The outlook is negative.

The downgrades were due to the increased probability of a
payment default following Sea Containers' disclosure that it is
unable to confirm whether it will pay the US$115 million
principal amount of 10-3/4% senior unsecured notes due October
2006.

As reported in the Troubled Company Reporter on May 4, Standard
& Poor's Ratings Services lowered its ratings on Sea Containers,
including lowering the corporate credit rating to 'CCC-' from
'CCC+'.  All ratings remain on CreditWatch with negative
implications.
     
The rating action followed the company's announcement that it is
continuing to evaluate a range of strategic and financial
alternatives, including the "appropriate level of debt capacity,
with the intent to engage the public note holders and other
stakeholders."


ST. AGOSTINO: Winds Up Business & Nominates Liquidator
------------------------------------------------------
Creditors of St. Agostino Ristorante Limited decided to wind up
the company's operations on March 31.

Nedim Ailyan of Abbott Fielding was nominated Liquidator.

The company can be reached at:

         St. Agostino Ristorante Limited
         57 Calverley Road
         Tunbridge Wells
         Kent TN1 2UY
         United Kingdom
         Tel: 01892 545 499


TRL CONSTRUCTION: Brings In Joint Liquidators from PKF LLP
----------------------------------------------------------
Kerry Bailey and Jonathan Newell of PKF (U.K.) LLP were
appointed Joint Liquidators of TRL Construction Limited after
creditors decided to wind up the company on April 25.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

TRL Construction Limited can be reached at:

         The Heysoms
         163 Chester Road
         Northwich
         Cheshire CW8 4AQ
         United Kingdom
         Tel: 01606 853 091


USP BRANDS: Appoints Joint Administrators from KPMG
---------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of USP Brands Ltd. (Company
Number 01574509) on June 21.

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

Headquartered in Leed, United Kingdom, USP Brands Ltd.
manufactures sports goods.

                           *********

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 Zamesa
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.


                 * * * End of Transmission * * *