TCREUR_Public/060725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, July 25, 2006, Vol. 7, No. 145

                            Headlines


A U S T R I A


A. BAUER: Court Orders Closing of Business
AGG: Property Manager Claims Insufficient Assets
HERTA GLUECK: Property Manager Claims Insufficient Assets
ING. ERNST: Property Manager Declares Administrative Insolvency
OTTO SERBUS: Claims Registration Period Ends August 8
SIEGFRIED LASSER: Property Manager Claims Insufficient Assets


C Y P R U S

BANK OF CYPRUS: Withdraws Bid for Emporiki Bank of Greece S.A.
BANK OF CYPRUS: Fitch Affirms Individual Rating at C/D


F R A N C E

ALCATEL SA: Inks Triple Play Deal with Telekom Austria


G E R M A N Y

ASA ANLAGEN: Claims Registration Ends August 16
FST GERATE: Claims Registration Ends August 18
GESCHWISTER HELLBACH: Claims Registration Ends August 15
GOLF PLANET: Claims Registration Ends July 31
IT NET: Creditors' Meeting Slated for August 17

PAHL KLINKER: Claims Registration Ends August 14
PROVIDE HOME: S&P Places Credit Ratings on CreditWatch Negative
S & W: Claims Registration Ends August 7
SENIORENPFLEGEHEIM APRATH: Claims Registration Ends August 15
TEUTOBURGER FEINKOST: Claims Registration Ends August 15

TOG HANDEL: Claims Registration Ends August 10


G R E E C E

EMPORIKI BANK: Bank of Cyprus Withdraws Takeover Offer


I R E L A N D

DECO 9: S&P Assigns BB Rating to EUR10.9-Mln Class J(2) Notes


I T A L Y

BANCA NAZIONALE: Fitch Raises Short-term Rating to F1+
PARMALAT FINANZIARIA: Wins Appeal Against Citigroup in NJ Court
PARMALAT SPA: Bondi Files Proposed Injunction Order in US Court


K A Z A K H S T A N

AHAS: Creditors Must File Claims by Aug. 15
ARALSHAK: Creditors Must File Claims by Aug. 15
ELEKTROKOMPLEKT: Creditors Must File Claims by Aug. 15
KAZALTA-ANTIKORROZIA: Creditors' Claims Due Aug. 15
KAZKOMMERTS FINANCE: Fitch Rates US$150-Mln Upcoming Issue at BB

PETROPAVLOVSK-TELEFON: Creditors' Claims Due Aug. 15
PKTIAM: Creditors' Claims Due Aug. 15
REN PLUS: Proof of Claim Deadline Slated for Aug. 15
SHEBER: Proof of Claim Deadline Slated for Aug. 15
TARA: Claims Registration Ends Aug. 15

YAUZA: Claims Registration Ends Aug. 15


K Y R G Y Z S T A N

KVUD: Creditor's Meeting Slated for Aug. 8
STK: Public Auction Scheduled for Aug. 11


L I T H U A N I A

MAZEIKIU NAFTA: Fitch Keeps B+ Default Rating on Watch Positive


N E T H E R L A N D S

NIELSEN FINANCE: Leveraged VNU Buyout Spurs Moody's Junk Ratings


R U S S I A

CHASTINSKIY CHEESE-MAKING: Court Starts Bankruptcy Supervision
DANKOV-AGRO-SERVICE: Court Starts Bankruptcy Supervision
HOUSE BUILDING: Court Names T. Rogozina as Insolvency Manager
KOLOSOVSKOYE GRAIN: Court Names A. Budelev as Insolvency Manager
KOTELNICHSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins

KUKMORSKIY ELEVATOR: Court Starts Bankruptcy Supervision
KUMIR: Court Names V. Ovchinnikov as Insolvency Manager
MELEKESSKAYA: Court Starts Bankruptcy Supervision
ORLOVSKIY AGRO-COMBINE: Court Names A. Evseev to Manage Assets
TEMP: Kirov Court Commences Bankruptcy Supervision

TIKHMENEVO-COAL: Court Commences Bankruptcy Supervision
ULAN-EDENSKIY FACTORY: S. Narygin to Manage Assets
UNIVERSAL-INSTRUMENT-COMPLECT: Bankruptcy Supervision Begins
WALL MATERIALS: Court Names S. Vodopyanov as Insolvency Manager
YUG: Court Appoints S. Novoshitskiy as Insolvency Manager


S P A I N

FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes


U K R A I N E

BOKUR: Court Names Sergij Sidko as Insolvency Manager
CHIZHIVSKE: Court Names N. Oleksenko as Insolvency Manager
KIROVOGRADBUD-UNIVERSAL: Court Starts Bankruptcy Supervision
ODESPROMSERVICE: Court Names Oleg Chervinskij as Liquidator
OTINIYA' FURNITURE: Court Starts Bankruptcy Supervision

POLIPROM: Donetsk Court Freezes Payment of Debt
PRIBORKOMPLEKT: Court Names Oleg Chervinskij as Liquidator
PROGRESS 2000: Court Names Artur Milovanov as Liquidator
RITUM: Court Names Andrij Zharikov as Insolvency Manager
SHTERVISKIJ FASTEN: Court Names Roman Rachok as Liquidator

TEHMASHKOMPLEKT: Court Names Oleg Chervinskij as Liquidator
VELIKOMITNITSKA: Vinnitsya Court Begins Bankruptcy Supervision


U N I T E D   K I N G D O M

BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators
COLT TELECOM: Posts EUR18.3-Mln Loss for 2nd Quarter 2006
COLT TELECOM: To Redeem EUR251.5 Million Notes on Aug. 21
COMPLETE PROPERTY: Creditors Confirm Liquidator's Appointment
CSPA UK: Creditors Pass Winding Up Resolution

BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators
EMMA SOMERSET: Creditors' Meeting Slated for July 27
ESSEX SWIMMING: Financial Woes Trigger Liquidation
FINE COLOUR: Hires Joint Administrators from Deloitte & Touche
G.Z.A.T.C. LIMITED: Names Administrators from Moore Stephens

GGS HOLDINGS: Appoints Kroll to Administer Assets
GORDIAN RUNOFF: Chapter 15 Petition Hearing Slated for Aug. 28
HOWFIELD SECURITY: Creditors Resolve to Voluntary Liquidation
IDEAL BICYCLE: Appoints Gary Bell as Liquidator
MANDALL ENGINEERING: Brings In Joint Administrators from Kroll

MOBILETONES.COM: Taps Joint Administrators from Bridgestones
PLUSH COMPANY: Brings In Vantis to Administer Assets
OLDROYD MECHANICAL: Hires Joint Liquidators from O'Hara & Co.
RANDOM POST: Wraps Up Business in London
SANCTUARY GROUP: To Evaluate MAMA Group's Unsolicited Bid

SLB PRINTING: Brings In Joint Liquidators from Begbies Traynor
TIMEWARE LTD: Creditors Opt to Liquidate Assets
TOUCH CLOTHING: Winds Up Business & Appoints Liquidator
TRIDENT SCAFFOLDING: Begins Liquidation Procedure
VALLEY PROJECTS: J. N. Bleazard Leads Liquidation Procedure

VEENA LEISURE: Names Sabia Sahota Liquidator
WFS GROUP: Taps Tracy Ann Taylor to Liquidate Assets
WHITEHOUSE HOTELS: Joint Liquidators Take Over Operations
WIGAN PLUMBING: Hires Administrators from Unity Business

* Large Companies with Insolvent Balance Sheets


                            *********


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


A. BAUER: Court Orders Closing of Business
------------------------------------------
The Land Court of Graz entered an order on June 6 closing the
business of LLC A. Bauer Internationale Transport (FN 249794w).  
Court-appointed property manager Hans Georg Popp determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager can be reached at:

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

Headquartered in Uebelbach, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case 40 S 28/06z).


AGG: Property Manager Claims Insufficient Assets
------------------------------------------------
Dr. Susanne Fruhstorfer, the court-appointed property manager
for LLC AGG (FN 241595m), declared on June 6 that the Debtor
does not have enough assets to pay off creditors.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 11 (Bankr. Case No. 2 S 80/06m).  Michael Guenther
represents Dr. Fruhstorfer in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Dr. Susanne Fruhstorfer
         c/o Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna, Austria
         Tel: 512 57 76 13
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at


HERTA GLUECK: Property Manager Claims Insufficient Assets
---------------------------------------------------------
Mag. Horst Winkelmayr, the court-appointed property manager for
LLC Herta Glueck (FN 168011a), declared on June 1 that the
Debtor does not have enough assets to pay off creditors.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 12 (Bankr. Case No. 4 S 79/06d).  Carl Knittl represents
Mag. Winkelmayr in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Horst Winkelmayr
         c/o Dr. Carl Knittl
         Porzellangasse 22A/1/7
         1090 Vienna, Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at


ING. ERNST: Property Manager Declares Administrative Insolvency
---------------------------------------------------------------
Dr. Rudolf Vogrin, the court-appointed property manager for LLC
Ing. Ernst Bieber (FN 217298g, declared on June 1 that the
Debtor is under administrative insolvency.  This means that the
Debtor does not have enough cash to cover costs of the
bankruptcy proceedings.  

The Land Court of Viennese New City is yet to rule on the
property manager's claim.

Headquartered in Wuerflach, Austria, the Debtor declared
bankruptcy on March 17 (Bankr. Case No. 11 S 26/06v).  

The property manager can be reached at:

         Dr. Rudolf Vogrin
         Triester Str.15
         2620 Neunkirchen, Austria
         Tel: 02635/62860
         Fax: 02635/6286114
         E-mail: dr.wippel@gmx.at


OTTO SERBUS: Claims Registration Period Ends August 8
-----------------------------------------------------
Creditors owed money by LLC Otto Serbus & KEG Co.
Fliesenverlegung (FN 164283v) have until Aug. 8 to file written
proofs of claims to court-appointed property manager Michael
Ludwig Lang at:

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

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 22 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 1701
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
June 6 (Bankr. Case No. 6 S 54/06t).  Martin Koroschetz
represents Dr. Rant in the bankruptcy proceedings.


SIEGFRIED LASSER: Property Manager Claims Insufficient Assets
-------------------------------------------------------------
Dr. Michael Schuller, the court-appointed property manager for
LLC Siegfried Lasser (FN 95227s), declared on June 2 that the
Debtor's property is for rent due to Debtor's administrative
insolvency. This means that the Debtor does not have enough cash
to cover costs of the bankruptcy proceedings.  

The Land Court of Klagenfurt is yet to rule on the property
manager's claim.

Headquartered in Hermagor, Austria, the Debtor declared
bankruptcy on April 20 (Bankr. Case No. 40 S 25/06a).  

The property manager can be reached at:

         Dr. Michael Schuller
         10 Oktoberstrasse 2
         9620 Hermagor, Austria
         Tel: 04282/2060
         Fax: 04282/2060-11
         E-mail: kanzlei.dr.schuller@utanet.at




===========
C Y P R U S
===========


BANK OF CYPRUS: Withdraws Bid for Emporiki Bank of Greece S.A.
--------------------------------------------------------------
The Bank of Cyprus Group wishes to state these relating to the
latest developments regarding the Public Tender Offer for the
acquisition of Emporiki Bank of Greece S.A.:

   -- on July 21, Bank of Cyprus received a letter from the
      Central Bank of Cyprus informing the Bank of Cyprus that
      its application for a relevant approval for the investment
      of 40-100% in the share capital of Emporiki Bank of Greece
      S.A. was rejected;

   -- the approval of the Central Bank of Cyprus was a
      precondition for the investment by Bank of Cyprus in
      Emporiki Bank of Greece S.A., which was included in the
      Information Memorandum approved by the Hellenic Capital
      Markets Commission for the Public Tender Offer (clause
      2.14 (a) (b));

   -- the decision of the Central Bank of Cyprus, which is
      final, constitutes the Public Tender Offer void and
      therefore the Public Tender Offer lapses;

   -- the decision of Bank of Cyprus to launch a Public Tender
      Offer for Emporiki Bank of Greece S.A. was taken
      considering the best interests of shareholders;

   -- the subsequent decision of Bank of Cyprus to withdraw the
      Public Tender Offer was taken with particular diligence
      and duty of care for the interests of its shareholders,
      and only after new developments have occurred;

   -- in no circumstances did Bank of Cyprus wish to cause
      problems in the procedure of the privatization of Emporiki
      Bank of Greece S.A.  On the contrary, as always, Bank of
      Cyprus respects the Regulatory  and Monetary Authorities
      of Greece  and  Cyprus  and all their decisions.

   -- Bank of Cyprus considers that its actions are responsible,
      serious and lawful and safeguard the interests of its
      shareholders.  In addition, it states that its decisions
      and actions followed the unanimous decisions of its Board
      of Directors;

   -- as Bank of Cyprus fully respects the rules, regulations
      and procedures of the Hellenic Capital Markets Commission
      and the Cyprus Securities and Exchange Commission it will
      not at this time expand further on the issue;

   -- Bank of Cyprus has also decided that in the near future it
      will call a briefing meeting of its shareholders to
      nalyse its strategy for the future;

   -- Bank of Cyprus thanks its shareholders and staff for the
      support they have shown and are showing for its decisions,
      which are always taken based on the promotion of the best
      interests of shareholders and staff.

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial  
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                       About Emporiki Bank

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. --
http://www.emporiki.gr/-- offers banking services in Greece  
through a network of 374 branches, through the Emporiki Bank
branch operating in London as well as through the Group's
subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany,
Georgia and Romania.  The extensive network of Emporiki Bank is
a major advantage for the Group in the distribution of the
products and services it offers.

                        *     *     *

As reported in TCR-Europe on June 19, Moody's Investors Service
has placed on review for possible upgrade the Baa1/Prime-2
deposit, Baa1 senior debt and Baa2 subordinated debt ratings of
Emporiki Bank of Greece SA.   

In addition, the Baa1 senior debt and Baa2 subordinated debt
ratings assigned to Emporiki Finance Group were also placed on
review for possible upgrade.  In a rating action not related to
this transaction, Moody's has confirmed Emporiki's D+ financial
strength rating.

As reported in TCR-Europe on June 15, Fitch Ratings placed
Greece-based Emporiki Bank's Issuer Default Rating of BBB,
Short-term rating of F3 and Support rating of 2 on Rating Watch
Positive.  Emporiki's Individual rating of C/D is affirmed.


BANK OF CYPRUS: Fitch Affirms Individual Rating at C/D
------------------------------------------------------
Fitch Ratings affirmed Bank of Cyprus's Issuer Default rating at
A- and removed it from Rating Watch Negative.  A Stable Outlook
is assigned.  Its other ratings are affirmed at Support 2,
Short-term F2 and Individual C/D.

The rating actions follow the bank's announcement to abandon its
public offer to acquire a 100% stake in Emporiki Bank of Greece.  
The ratings were placed on RWN because of the negative impact
that an eventual acquisition of Emporiki would have had on BOC's
regulatory capital ratios as well as the integration risks
involved in the operation.

BOC is the largest bank in Cyprus.  It complements its "core"
retail banking business with a full range of financial services,
including life and general insurance.  BOC is also the sixth-
largest bank in Greece by total assets.  It also has a small
subsidiary in Australia and a small branch network in UK.  It is
listed on the Cyprus and on the Athens Stock Exchanges.  Its
largest shareholder is its own staff pension fund, which holds
4.45% of the bank's shares.


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


ALCATEL SA: Inks Triple Play Deal with Telekom Austria
------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) disclosed that
Telekom Austria Group has selected Alcatel as its technology
partner for the delivery of triple play services, including IPTV
(Internet protocol television), IP telephony and higher-speed
Internet services.  

Telekom Austria is using Alcatel's IP-based network
infrastructure and end-to-end video solution to support its
recently launched aonDigital TV service to households in Vienna.

With aonDigital TV customers can choose from more than 55
broadcast TV channels (some of them available in Austria for the
first time), video on demand and additional information service
channels.  To make navigation of this content easier, aonDigital
TV offers a user-friendly electronic program guide (EPG).  
Moreover, thanks to parental control features, parents can
prevent young viewers from accessing inappropriate content.  In
addition to aonDigital TV Telekom Austria also offers a number
of innovative applications for personal-content sharing at its
customer portal http://www.aon.at/(e.g., digital photos and  
self-generated content via the company's weblog service).

Alcatel has provided an IP-based network infrastructure,
including digital subscriber line access multiplexers (DSLAMs),
IP routers and optical transport equipment to support the
service offering.  Alcatel also provided its end-to-end video
solution, integrating other technology leaders in segments such
as head-ends, set-top boxes and encryption systems.

"By partnering with Alcatel we can offer our customers a
completely different TV experience," Dr. Stefan Tweraser,
Telekom Austria's Head of Marketing Retail, said.  "Information,
entertainment and communication services are presented in a
compelling and interactive way, directly to their TV set."

"Telekom Austria is an innovator in broadband services and IPTV,
and the launch of aonDigital TV marks another milestone in its
continued efforts to provide Austrians with a dynamic
entertainment and communications experience", Michel Rahier,
President of Alcatel's fixed communications activities, said.  
"This project provides further evidence of the strong
relationship between Telekom Austria and Alcatel, which spans
many years."

Alcatel is the industry leader in providing purpose-built
technology solutions and services integration that allows
carriers to reduce the cost and complexity associated with
triple play/IPTV deployments.  Alcatel is involved in more than
35 major triple play deployments and more than 40 network
transformation projects worldwide and is the leader in broadband
access with more than 86 million DSL lines shipped worldwide.  
According to Synergy Research Group, Alcatel is #2 in the
Services Edge Router category in Q1 2006, with an 18% market
share, following four consecutive quarters of market share gain.   
Alcatel is also the world leader in optical networking for the
fifth year running with a 16% market share in 2005, according to
Ovum-RHK.

                      About Telekom Austria

Headquarteredin Vienna, Austria, Telekom Austria --
http://www.telekom.at/-- is Austria's leading provider of  
telecommunications services, with total revenues of roughly
EUR4.4 billion and approximately 15,600 employees at year-end
2005.  It was listed on the Vienna and New York stock exchanges
in November 2000.  The Group has two main business areas: the
wireline segment encompasses fixed line telephony, data and IT,
Internet, wholesale and security services as well as multimedia
applications and accounts for roughly 3 million customers.  The
wireless segment covers mobile communications and services
roughly 9 million customers.  The Telekom Austria Group has
international operations in the Czech Republic, Croatia,
Slovenia, Bulgaria and Liechtenstein.  

                          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
=============


ASA ANLAGEN: Claims Registration Ends August 16
-----------------------------------------------
Creditors of ASA Anlagen- und Sondermaschinen Automation GmbH
have until Aug. 16 to register their claims with court-appointed
provisional administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against ASA Anlagen- und Sondermaschinen Automation GmbH on
June 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ASA Anlagen- und Sondermaschinen Automation GmbH
         Robert-Bosch-Road 7
         32547 Bad Oeynhausen, Germany

         Attn: Karsten Beyenbach, Manager
         Grossen Heide 15
         32425 Minden, Germany

The administrator can be contacted at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen, Germany         


FST GERATE: Claims Registration Ends August 18
----------------------------------------------
Creditors of FST Gerate GmbH have until Aug. 18 to register
their claims with court-appointed provisional administrator Jorg
Nerlich.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duesseldorf opened bankruptcy proceedings
against FST Gerate GmbH on June 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         FST Gerate GmbH
         Verbindungsstr. 27
         40723 Hilden, Germany

         Attn: Karin Kuypers, Manager
         Frankenstr. 19
         40476 Duesseldorf, Germany

The administrator can be contacted at:

         Dr. Jorg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf, Germany     
    

GESCHWISTER HELLBACH: Claims Registration Ends August 15
--------------------------------------------------------
Creditors of Geschwister Hellbach GmbH have until
Aug. 15 to register their claims with court-appointed
provisional administrator Andreas Ropke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C407
         4th 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 Geschwister Hellbach GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Geschwister Hellbach GmbH
         Attn: Karl-Georg, Gabriele and
         Thomas Hellbach, Managers
         Jagerstr. 47
         47166 Duisburg, Germany

The administrator can be contacted at:

         Dr. Andreas Ropke
         Dammstr. 26
         47119 Duisburg, Germany         


GOLF PLANET: Claims Registration Ends July 31
---------------------------------------------
Creditors of Golf Planet GmbH have until July 31 to register
their claims with court-appointed provisional administrator Knut
Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Golf Planet GmbH on June 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Golf Planet GmbH
         Attn: Carola Schelle, Manager
         Prinzregentenstr. 7
         86150 Augsburg, Germany

The administrator can be contacted at:

         Knut Thomas Hofheinz
         Spicherer Str. 26
         86157 Augsburg, Germany         


IT NET: Creditors' Meeting Slated for August 17
-----------------------------------------------
The court-appointed provisional administrator for IT Net
Consulting GmbH, Uwe Kuhmann, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:05 a.m. on Aug. 17.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Nov. 30 at the same
venue.

Creditors have until Oct. 17 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against IT Net Consulting GmbH on June 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IT Net Consulting GmbH
         Otto-Lilienthal-Road 19
         28199 Bremen, Germany

         Attn: Ingo Ponty, Manager
         Bus Route 81
         28213 Bremen, Germany

         Robin Brand, Manager
         Scharnhorststrasse 115
         28211 Bremen, Germany

The administrator can be reached at:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen, Germany
         Tel: 0421/33061-0
         Fax: 0421/33061-10
         E-mail: info@kuhmann-insolvenzverwaltung.de
         Web: http://www.kuhmann-insolvenzverwaltung.de/


PAHL KLINKER: Claims Registration Ends August 14
------------------------------------------------
Creditors of PAHL Klinker Bau GmbH have until Aug. 14 to
register their claims with court-appointed provisional
administrator Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:35 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 Dessau
         Hall 123
         Willy-Lohmann-Road 33
         Dessau, 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 Dessau opened bankruptcy proceedings
against PAHL Klinker Bau GmbH on June 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         PAHL Klinker Bau GmbH
         Umgehungsstrasse 7b
         06408 Baalberge, Germany

               -- or --

         PAHL Klinker Bau GmbH
         Station Route 16
         06406 Bernburg, Germany

         Attn: Klaus Lorenz, Manager
         Hegestrasse 13
         06406 Bernburg, Germany

The administrator can be contacted at:

         Dr. Nikolaus Schmidt
         Magdeburger Road 23
         06112 Halle, Germany  
         Tel: 0345/2311111
         Fax: 0345/2311199       


PROVIDE HOME: S&P Places Credit Ratings on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
the class B, C, and D notes in the PROVIDE HOME 2001-1 PLC
transaction on CreditWatch with negative implications.  At the
same time, it placed the class C, D, and E notes in the PROVIDE
HOME 2002-1 PLC transaction on CreditWatch with negative
implications.
  
Aareal Bank AG originated these German synthetic, partially
funded RMBS transactions.  The CreditWatch placements follow
further deterioration of the underlying reference loan
portfolios.  Defaulted reference claims and credit events amount
to 7.00% as of April 2006 for PROVIDE HOME 2001-1's and 3.85%
for PROVIDE HOME 2002-1's underlying pools as of March.
  
A trend of increasing defaults as a proportion of the pools has
been evident across the lifetime of the transactions.
  
"S&P notes that in both transactions, cumulative realized losses
up to now have been marginal," said Standard & Poor's credit
analyst Viktor Milev.
  
"In spite of this, the increase of credit-impaired reference
obligations over the lifetime of the transactions, both on an
absolute and relative basis, and the low foreclosure proceeds so
far have in our view increased the likelihood that future
realized losses could now ultimately result in a loss allocation
to rated notes," Mr. Milev continued.
  
Furthermore, under the transaction documents a defaulted
reference claim, which has undergone foreclosure proceedings and
has not recovered 100%, can remain as a defaulted reference
claim with the reduced outstanding balance if Aareal Bank
expects to recover further amounts for such a reference claim.
  
Standard & Poor's analysis to date has taken the form of
detailed loan-level data analysis of both transaction pools,
taking into account the traits and the current levels of
collateralization of every loan claim in both transactions.
  
Standard & Poor's now intends to continue discussions with the
originator on the credit-impaired loan claims.  Standard &
Poor's analysis will aim for the workout procedures in place as
well as actuality of property valuations in order to ascertain
more precise loss expectations for those loans currently with
credit events called.  

Standard & Poor's expects to resolve the CreditWatch placements
following completion of this analysis, expected to occur at the
end of September.
  
                        Ratings List
                  PROVIDE HOME 2001-1 PLC
             EUR120.05 Million Credit-Linked Notes
  
               Class                  Rating
               -----                  ------               
                               To                   From
  
Ratings Placed On CreditWatch With Negative Implications
  
               B           AA/Watch Neg              AA
               C           A+/Watch Neg              A+
               D           BBB/Watch Neg             BBB
  
                  PROVIDE HOME 2002-1 PLC
        EUR53.6 Million Floating-Rate Credit-Linked Notes
  
Ratings Placed On CreditWatch With Negative Implications
  
               C           A/Watch Neg               A
               D           BBB/Watch Neg             BBB
               E           BB/Watch Neg              BB


S & W: Claims Registration Ends August 7
----------------------------------------
Creditors of S & W Uni-Bau GmbH have until Aug. 7 to register
their claims with court-appointed provisional administrator
Sylvia Wille.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 19 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Law Courts
         Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against S & W Uni-Bau GmbH on June 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         S & W Uni-Bau GmbH
         Steinwiese 50
         09116 Chemnitz, Germany

The administrator can be contacted at:

         Sylvia Wille
         Nansenstrasse 7
         09116 Chemnitz, Germany         
         E-mail: Info@wir-chemnitz.de


SENIORENPFLEGEHEIM APRATH: Claims Registration Ends August 15
-------------------------------------------------------------
Creditors of Seniorenpflegeheim Aprath GmbH have until
Aug. 15 to register their claims with court-appointed
provisional administrator Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Sept. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Wuppertal opened bankruptcy proceedings
against Seniorenpflegeheim Aprath GmbH on July 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Seniorenpflegeheim Aprath GmbH
         Hospital Aprath House 1
         42489 Wuelfrath, Germany

         Attn: Gisela Linke, Manager
         Katzenbuckel 22
         44628 Herne, Germany

The administrator can be contacted at:

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


TEUTOBURGER FEINKOST: Claims Registration Ends August 15
--------------------------------------------------------
Creditors of Teutoburger Feinkost GmbH have until Aug. 15 to
register their claims with court-appointed provisional
administrator Cornelia Monert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 5 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against Teutoburger Feinkost GmbH on June 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Teutoburger Feinkost GmbH
         Attn: Heinrich Lindert, Manager
         Kolkebecker Str. 62
         33790 Halle/Westf., Germany

The administrator can be contacted at:

         Cornelia Monert
         Lise-Meitner-Str. 13
         33605 Bielefeld, Germany         


TOG HANDEL: Claims Registration Ends August 10
----------------------------------------------
Creditors of TOG Handel, Gesellschaft fuer EDV-Technologie und
Organisation mbH have until Aug. 10 to register their claims
with court-appointed provisional administrator Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 19 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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, 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 Dortmund opened bankruptcy proceedings
against TOG Handel, Gesellschaft fuer EDV-Technologie und
Organisation mbH on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         TOG Handel, Gesellschaft fuer
         EDV-Technologie und Organisation mbH
         Gottlieb-Daimler-Road 2
         59439 Holzwickede, Germany

         Attn: Bodo Clever, Manager
         Muehlhof 21
         58119 Hagen, Germany

The administrator can be contacted at:

         Stephan Heinrichsmeyer
         Spiekergasse 6-8
         33330 Guetersloh, Germany         


===========
G R E E C E
===========


EMPORIKI BANK: Bank of Cyprus Withdraws Takeover Offer
------------------------------------------------------
The Bank of Cyprus Group wishes to state these relating to the
latest developments regarding the Public Tender Offer for the
acquisition of Emporiki Bank of Greece S.A.:

   -- on July 21, Bank of Cyprus received a letter from the
      Central Bank of Cyprus informing the Bank of Cyprus that
      its application for a relevant approval for the investment
      of 40-100% in the share capital of Emporiki Bank of Greece
      S.A. was rejected;

   -- the approval of the Central Bank of Cyprus was a
      precondition for the investment by Bank of Cyprus in
      Emporiki Bank of Greece S.A., which was included in the
      Information Memorandum approved by the Hellenic Capital
      Markets Commission for the Public Tender Offer (clause
      2.14 (a) (b));

   -- the decision of the Central Bank of Cyprus, which is
      final, constitutes the Public Tender Offer void and
      therefore the Public Tender Offer lapses;

   -- the decision of Bank of Cyprus to launch a Public Tender
      Offer for Emporiki Bank of Greece S.A. was taken
      considering the best interests of shareholders;

   -- the subsequent decision of Bank of Cyprus to withdraw the
      Public Tender Offer was taken with particular diligence
      and duty of care for the interests of its shareholders,
      and only after new developments have occurred;

   -- in no circumstances did Bank of Cyprus wish to cause
      problems in the procedure of the privatization of Emporiki
      Bank of Greece S.A.  On the contrary, as always, Bank of
      Cyprus respects the Regulatory  and Monetary Authorities
      of Greece  and  Cyprus  and all their decisions.

   -- Bank of Cyprus considers that its actions are responsible,
      serious and lawful and safeguard the interests of its
      shareholders.  In addition, it states that its decisions
      and actions followed the unanimous decisions of its Board
      of Directors;

   -- as Bank of Cyprus fully respects the rules, regulations
      and procedures of the Hellenic Capital Markets Commission
      and the Cyprus Securities and Exchange Commission it will
      not at this time expand further on the issue;

   -- Bank of Cyprus has also decided that in the near future it
      will call a briefing meeting of its shareholders to
      nalyse its strategy for the future;

   -- Bank of Cyprus thanks its shareholders and staff for the
      support they have shown and are showing for its decisions,
      which are always taken based on the promotion of the best
      interests of shareholders and staff.

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial  
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                       About Emporiki Bank

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. --
http://www.emporiki.gr/-- offers banking services in Greece  
through a network of 374 branches, through the Emporiki Bank
branch operating in London as well as through the Group's
subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany,
Georgia and Romania.  The extensive network of Emporiki Bank is
a major advantage for the Group in the distribution of the
products and services it offers.

                        *     *     *

As reported in TCR-Europe on June 19, Moody's Investors Service
has placed on review for possible upgrade the Baa1/Prime-2
deposit, Baa1 senior debt and Baa2 subordinated debt ratings of
Emporiki Bank of Greece SA.   

In addition, the Baa1 senior debt and Baa2 subordinated debt
ratings assigned to Emporiki Finance Group were also placed on
review for possible upgrade.  In a rating action not related to
this transaction, Moody's has confirmed Emporiki's D+ financial
strength rating.

As reported in TCR-Europe on June 15, Fitch Ratings placed
Greece-based Emporiki Bank's Issuer Default Rating of BBB,
Short-term rating of F3 and Support rating of 2 on Rating Watch
Positive.  Emporiki's Individual rating of C/D is affirmed.


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


DECO 9: S&P Assigns BB Rating to EUR10.9-Mln Class J(2) Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.16 billion commercial mortgage-backed
floating-rate notes to be issued by DECO 9 - Pan Europe 3 PLC, a
special purpose entity incorporated in Ireland.
  
At closing, the issuer will use the proceeds of the note
issuance to purchase:

   -- Six loans secured by 105 commercial properties located in
Germany.  These loans were originated by Deutsche Bank AG.

   -- 50% of a loan secured by 303 commercial properties located
in Germany.  The loan was originated by Deutsche Bank and
Landesbank Hessen-Thueringen Girozentrale.

   -- 50% of a loan secured by 61 commercial properties located
in Germany.  The loan was originated by Deutsche Bank and
Citibank N.A. New York, NY.

   -- Three notes to be issued by the Swiss issuer, which are
backed by three loans, and ultimately secured by 31
commercial properties located in Switzerland.
  
The Day 1 loan pool collateral comprises eight loans originated
in Germany, and three loans originated in Switzerland.  The
loans by total gross rent are secured by office, retail, and
multifamily properties.
  
                        Ratings List
                  DECO 9 - Pan Europe 3 PLC
           EUR1,155 Million Commercial Mortgage-Backed
                   Floating-Rate Notes
  
                          Prelim.        Prelim.
           Class          rating         amount (Mil. EUR)
           -----          ------         ------
           A1             AAA            649.950
           X(1)           AAA              0.050
           A2             AAA            312.000
           B              AAA             44.000
           C              AA              41.500
           D              A+              16.800
           E              A               23.700
           F              BBB             37.700
           G              BBB-             7.400
           H(2)           BBB-            11.025
           J(2)           BB              10.879
  

       (1) Excess spread in the transaction is monetized via the
           class X notes.

       (2) Subject to an available funds cap mechanism.  
           Consequently, the class H and J noteholders may
           receive a variable interest coupon in the event of
           various loan prepayment scenarios.


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


BANCA NAZIONALE: Fitch Raises Short-term Rating to F1+
------------------------------------------------------
Fitch Ratings upgraded Italy-based Banca Nazionale del Lavoro's
Short-term rating to F1+ from F1.  At the same time, the agency
has affirmed the bank's Issuer Default, Individual and Support
ratings at AA-, C and 1 respectively.  The Outlook is Stable.

The rating action reflects Fitch's view that a Short-term rating
of F1+ is more consistent with BNL's Issuer Default Rating of
AA-.  The IDR, Short-term and Support ratings reflect what Fitch
considers to be extremely high probability of support for BNL,
should it ever be required, from its new controlling
shareholder, BNP Paribas.  As further integration occurs and
additional operational benefits accrue to BNL under new
ownership, Fitch may equalize the bank's IDR with its parent's,
at AA.

BNPP considers Italy as its second "home market" and Fitch
expects the bank to work speedily to integrate BNL, centralizing
some functions and product lines.  BNL should benefit from a
wider range of more sophisticated products as well as cost and
revenues synergies achieved by closer cooperation with BNPP, and
its subsidiaries already operating in Italy in asset management,
private banking and consumer lending.

In addition, as part of one of largest European groups, BNL
should be able to promote itself more successfully.  In April
2006, BNPP appointed BNL's new Managing Director and, reflecting
its controlling interest, a new board of directors.  In the
light of these changes, the Italian bank has started to prepare
a new business plan.

In 2005 BNL reported EUR533 million of net income, EUR5.029
billion of equity and a Tier 1 ratio of 6.7%.  It was the sixth
largest bank in Italy by loans at end-2005 and has around 800
branches.  BNPP reported EUR6.286 billion of net income and over
EUR35 billion of common equity in 2005.  It is the second
largest French bank and the fifth largest in Europe by equity.
Its market share of sight deposits in France is 9.6%.


PARMALAT FINANZIARIA: Wins Appeal Against Citigroup in NJ Court
---------------------------------------------------------------
The Appellate Division of the Superior Court of New Jersey
allows Parmalat Finanziara, S.p.A., to continue with its fraud
lawsuit against Citigroup, Inc., and certain affiliates.

In a decision dated July 14, 2006, the New Jersey Appellate
Division rejected an appeal filed by the Citigroup Entities to
dismiss a ruling from the New Jersey Law Division.

The Law Division had denied Citigroup's request to dismiss a
complaint filed by Dr. Enrico Bondi, extraordinary administrator
of Parmalat.

In the complaint, Dr. Enrico Bondi alleged that Citigroup, Inc.
and Citibank, N.A., aided Parmalat's subsidiaries in their
fraudulent scheme.  Specifically, Dr. Bondi asserted that
Citigroup knowingly structured financing for Parmalat
subsidiaries to disguise debt and artificially increase cash
flow.  

Eureka PLC, a United Kingdom-based public liability company, is
one of the corporations alleged to be affiliated with Citigroup
that have participated in the Parmalat scheme.

Dr. Bondi said Citigroup created Eureka as a special purpose
entity to assist in Parmalat's scheme.  Citigroup purportedly
provided credit lines and financial services to Eureka.  Eureka,
acting on Citigroup's behalf, bought and securitized receivables
of Farmland Dairies LLC, a holding company of Parmalat
subsidiary Parmalat USA Corporation.  

Dr. Bondi believes that Eureka's transactions with Farmland were
purportedly essential links in the global scheme.

In their dismissal motion, the Citigroup Defendants argued that
the New Jersey trial court lacks personal jurisdiction over
Eureka.

The Citigroup Defendants also relied on the forum non conveniens
doctrine.  They argued that New Jersey lacks interest in the
litigation, witnesses and documents are not located in New
Jersey, and application of Italian law will make it inconvenient
to pursue the case in the State.

Under the forum non conveniens doctrine, "a court may decline
jurisdiction whenever the ends of justice indicate a trial in
the forum selected by the plaintiff would be inappropriate," the
New Jersey Appellate Division notes, citing a court ruling in
D'Agostino v. Johnson & Johnson, Inc., 225 N.J. Super. 250, 259
(App. Div. 1988), aff'd, 115 N.J. 491 (1989) (D'Agostino I).

However, the New Jersey Appellate Division holds that the trial
court had established a prima facie case of specific
jurisdiction against Eureka.

The Appellate Court also finds that the Citigroup Defendants
failed to show that they will not have access to sources of
proof, or that witnesses will be unavailable so that it would be
unreasonable for the lawsuit to proceed in the State.  Hence,
the Appeals Court rules that the dismissal motion based on forum
non conveniens was properly denied.

The Appellate Division affirms, without prejudice, the Law
Division's decision not to dismiss the Bondi suit based on forum
non conveniens, allowing Citigroup to raise the issue again
after it:

   -- has made a good faith effort to obtain discovery necessary
      to defend the action; and

   -- can provide the court with a record showing that
      plaintiff's choice of forum is truly inappropriate.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


PARMALAT SPA: Bondi Files Proposed Injunction Order in US Court
---------------------------------------------------------------
Dr. Enrico Bondi, as the authorized foreign representative of
Parmalat Finanziaria S.p.A. and certain of its affiliates, filed
with the U.S. Bankruptcy Court for the Southern District of New
York a proposed form of permanent injunction order.  Dr. Bondi
also submitted with the Court a memorandum of law supporting his
permanent injunction request.

Dr. Bondi believes that the grant of permanent injunctive relief
to the Foreign Debtors is warranted under the Section 304(c) of
the Bankruptcy Code.  The Permanent Injunction Order gives full
force and effect in the United States the terms of the proposed
composition with creditors under Parmalat's Restructuring Plan
and channels the assertion of claims against the Foreign Debtors
to Italy.

Granting comity to the Foreign Debtors' Italian insolvency
proceeding is justified and deserved in light of, among other
things, the significant procedural due process afforded to all
creditors of the Foreign Debtors by applicable Italian law, as
well as the Italian reorganization scheme which sufficiently
comports with U.S. principles of bankruptcy law, Marcia L.
Goldstein, Esq., at Weil, Gotshal & Manges LLP, in New York,
asserts.

Section 304(c), Ms. Goldstein notes, lists factors that a U.S.
Bankruptcy Court should consider when determining whether to
grant a request for injunctive or other relief under Section
304(b):

   * just treatment of all holders of claims against or
     interests in the estate;

   * protection of claim holders in the United States against
     prejudice and inconvenience in the processing of claims in
     the foreign proceeding;

   * prevention of preferential or fraudulent dispositions of
     property of the estate;

   * distribution of proceeds of the estate substantially in
     accordance with the order prescribed by the Bankruptcy
     Code;

   * comity; and

   * if appropriate, the provision of an opportunity for a fresh
     start for the individual that the foreign proceeding
     concerns.

Ms. Goldstein asserts that the Italian Proceeding is deserving
of comity in that, among others, the Proceeding has progressed
smoothly, efficiently and under the watchful oversight of the
Civil and Criminal Court of Parma, in Italy.  Moreover, she
continues, Italian insolvency law:

   -- provides proper protections to all parties-in-interest;

   -- has many similarities with plenary cases under Chapter 11
      of the Bankruptcy Code; and

   -- is not in any way repugnant to U.S. law or policy.

According to Ms. Goldstein, similar to the automatic stay in the
U.S. Bankruptcy Code, the Italian automatic stay ensures the
orderly administration of the Foreign Debtors' estates by
preventing the commencement or continuation of a wide range of
actions against the Foreign Debtors on account of prepetition
debts.

The Italian Proceeding, Ms. Goldstein maintains, affords just
treatment to creditors.  The Italian Proceeding does not cause
prejudice or inconvenience to U.S. Creditors.

The Italian Proceeding has afforded sufficient notice of
material events to creditors of the Foreign Debtors to ensure
the adequacy of procedural safeguards for all creditors, Ms.
Goldstein says.  The U.S. creditors, she continues, have also
not suffered any particularized harm or inconvenience by
liquidating their claims in the Italian Proceeding.

Italian insolvency law includes provisions that enable the
Foreign Debtors to "claw-back" or set aside transactions that,
among others, unfairly favor a creditor at the expense of other
creditors.  Hence, applicable Italian law also provides for the
prevention of prepetition preferential or fraudulent
dispositions.

Additionally, Ms. Goldstein asserts, distribution of proceeds
under the Composition is substantially in accordance with the
priorities prescribed in the U.S. Bankruptcy Code.  Pursuant to
the Composition:

   -- creditors holding secured claims are satisfied in full, in
      cash;

   -- creditors holding fully admitted general unsecured claims
      receive pari passu distributions of share of Reorganized
      Parmalat stock based on the applicable recovery ratios;
      and

   -- holders of equity interests in the Foreign Debtors do not
      receive any distribution.

Accordingly, Dr. Bondi asks Judge Drain for a permanent
injunctive relief under Section 304 on the terms and conditions
set forth in the proposed Permanent Injunction Order.  

"[E]ntry of a permanent injunction . . . signifies the
conclusion
of a critical component of the largest reorganization proceeding
ever administered in Italy, Ms. Goldstein says.  "This relief
will serve as a significant step towards ensuring the success of
Parmalat's reorganization under Italian insolvency law."

A full-text copy of the proposed Permanent Injunction Order is
available for free at http://ResearchArchives.com/t/s?e22

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


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


AHAS: Creditors Must File Claims by Aug. 15
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Ahas insolvent on May 30.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         A. Moldagulovoi Str. 9-18
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 51-77-10


ARALSHAK: Creditors Must File Claims by Aug. 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Aralshak insolvent on May 30.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda Region
         Jahayeva Str. 71
         Kyzylorda
         Kyzylorda Region
         Kazakhstan
         Tel: 8 (3242) 27-23-65
              8 (3242) 27-24-55


ELEKTROKOMPLEKT: Creditors Must File Claims by Aug. 15
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Elektrokomplekt insolvent on
May 23.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Valihanova Str. 19-149
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


KAZALTA-ANTIKORROZIA: Creditors' Claims Due Aug. 15
---------------------------------------------------
LLP Kazalta-Antikorrozia has declared insolvency.  Creditors
have until Aug. 15 to submit written proofs of claim to:

         LLP Kazalta-Antikorrozia
         Timiryazeva Str. 71-33
         Almaty, Kazakhstan


KAZKOMMERTS FINANCE: Fitch Rates US$150-Mln Upcoming Issue at BB
----------------------------------------------------------------
Fitch Ratings placed Kazkommerts Finance 2 B.V.'s 8.625% US$150
million upcoming issue of limited recourse loan participation
notes due July 2016, with interest rate step-up in 2011, a Long-
term rating of BB.  

The notes are to be used solely for financing a subordinated
loan to Kazakhstan's Kazkommertsbank under a subordinated loan
agreement.  The issuer will only pay noteholders amounts, if
any, received from KKB under the subordinated loan agreement.

KKB has a foreign currency Issuer Default rating of BB+ with
Stable Outlook, and the BB rating of the subordinated notes is
in line with Fitch's standard notching practice for subordinated
instruments of issuers with IDRs of BB- or higher.  Where an
issuer's IDR is lower than BB-, notching for subordinated issues
may widen, depending on Fitch's assessment of expected
recoveries.  

The issuer's claims in relation to repayment of the subordinated
loan will be junior to those of all senior claims and will rank
at least pari passu with the claims of other subordinated
creditors of KKB.  The interest rate will be fixed, with a step-
up after five years.  KKB will have the right to prepay the
subordinated loan five years before maturity.

KKB (other ratings foreign currency Short-term B, local currency
Issuer Default BBB-/Stable Outlook, local currency Short-term
F3, Individual C/D, Support 3) was the largest commercial bank
in Kazakhstan by IFRS assets at end-2005 and has top three
positions in all major market segments.


PETROPAVLOVSK-TELEFON: Creditors' Claims Due Aug. 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Petropavlovsk-Telefon insolvent
on May 25.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Valihanova Str. 19-149
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


PKTIAM: Creditors' Claims Due Aug. 15
-------------------------------------
OJSC Pktiam has declared insolvency.  Creditors have until
Aug. 15 to submit written proofs of claim to:

         OJSC Pktiam
         Isinalieva Str. 1
         Pavlodar
         Pavlodar Region
         Kazakhstan


REN PLUS: Proof of Claim Deadline Slated for Aug. 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Ren Plus insolvent.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 15 to submit written proofs of claim
to:

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


SHEBER: Proof of Claim Deadline Slated for Aug. 15
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Sheber insolvent on May 30.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda Region
         Jahayeva Str. 71
         Kyzylorda
         Kyzylorda Region
         Kazakhstan
         Tel: 8 (3242) 27-23-65
              8 (3242) 27-24-55


TARA: Claims Registration Ends Aug. 15
--------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared JSC Tara insolvent on May 29.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda Region
         Jahayeva Str. 71
         Kyzylorda
         Kyzylorda Region
         Kazakhstan
         Tel: 8 (3242) 27-23-65
              8 (3242) 27-24-55


YAUZA: Claims Registration Ends Aug. 15
---------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Yauza insolvent on May 29.

Creditors have until Aug. 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         A. Moldagulovoi Str. 9-18
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 51-77-10


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


KVUD: Creditor's Meeting Slated for Aug. 8
------------------------------------------
The creditors of the LLC Kvud will convene at 10:00 a.m. on
Aug. 8 at:

         Room 141
         Chui Ave. 106
         Bishkek, Kyrgyzstan

Agenda:

   -- Approval of the temporary insolvency manager's final
report; and
  
   -- Others.

Proxies must have authorization to vote.

Inquiries can be addressed to (+996 312) 62-52-42.


STK: Public Auction Scheduled for Aug. 11
-----------------------------------------
The Subdivision Service of the Court Officers of Alamudun
District will sell the buildings and constructions of STK
through a public auction at 10:00 a.m. on Aug. 11 at:

         Suvorov Str. 50
         Alamudun
         Alamudun District
         Kyrgyzstan

Interested bidders must deposit an amount equivalent to 5% of
the KGS303,552 starting price to the settlement account of:

         Alamudun District Court
         Alamudun Treasure Department
         Settlement Account No. 1290042380020691
         Settlement and Saving Company in the Chui Region
         BIK 129004
         Personal Account No. 301802402

Participants my submit their bids and necessary documents to:

         Mr. K. Mamyrkanov
         Bidding organizer, Court Officer
         Tel: (+996 312) 59-01-34, 61-00-24
    

=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Fitch Keeps B+ Default Rating on Watch Positive
---------------------------------------------------------------
Fitch Ratings maintained Lithuania's oil refining company
Mazeikiu Nafta AB's Issuer Default rating of B+ on Rating Watch
Positive.  MN's Short-term rating of B is affirmed.

The RWP reflects the pending change of MN ownership, as a result
of Polish oil refining and marketing company PKN Orlen S.A.'s
agreement with MN's existing controlling shareholder, Yukos
International U.K. BV, to acquire its 53.7% stake in the company
for US$1.492 billion.  In addition, PKN will purchase a 30.66%
stake in MN from the Lithuanian government for US$852 million.

The RWP will be resolved upon the completion of the ownership
change and communication of PKN's financial and business
strategy for MN, expected by Q107.  The acquisition has yet to
be approved by the European Commission.

MN's ratings are likely to benefit from PKN's stronger business
and financial profile.  Fitch also expects that after the
ownership change, MN will be able to purchase crude oil on more
favorable terms, i.e. without considerable cash deposits for
letters of credit.  This should improve the company's financial
flexibility and liquidity.

PKN has indicated that it supports MN's ambitious capital
expenditure program, which has been put on hold due to Yukos'
distressed financial situation in late 2004.  Fitch views that
the approximately US$1 billion-US$1.3 billion investment program
for the coming three to four years should transform MN into a
modern refinery integrated with petrochemical facilities.  The
investments are likely to improve MN's refining depth and lower
its break-even crack margins.

This should contribute to a strengthening of the business
profile, enabling it to operate profitably in times of lower
refining margins.  The capital expenditure program is primarily
targeted at a reduction of bottom-of-the barrel products and
construction of petrochemical facilities.

It remains to be seen how MN's crude oil supply risk will evolve
following the arrival of PKN.  The company has recently reported
lower crude oil deliveries from the Russian pipeline and started
to meet the deficit with sea deliveries of Russian crude oil
from the Primorsk port.  This has resulted in additional
transportation costs for MN, but should not affect the company's
margin significantly in the short term given the current healthy
refining margin environment.

The ratings continue to reflect MN's improving refinery
utilization rates and profitability at the Mazeikiai refinery
and its stable market position in the Baltic states.  They also
consider its export sales to Western Europe and the US as well
as its more stable crude oil and refined products transportation
segment.  The ratings are constrained by MN's limited financial
flexibility due to Yukos' difficulties.

Other constraints include MN's cash flow volatility, lower
refining depth when compared to other Central European refiners,
crude oil supply risk and lack of fuel retail hedge.  The
ratings also incorporate implicit support from the government of
Lithuania, which is a significant shareholder in MN.  It is also
MN's largest creditor and a guarantor for most of the company's
bank debt.  Furthermore, MN is strategically important to
Lithuania's economy as a leading corporate and taxpayer.

MN reported record profits in 2005, capitalizing on favorable
market conditions, in particular high refining margins and
widened Brent-to-Ural differential.  In 2005, MN's EBITDA
increased 16% to US$419 million.  Its Q106 performance was hit
by refining margin pressure, but margins recovered in Q206.



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


NIELSEN FINANCE: Leveraged VNU Buyout Spurs Moody's Junk Ratings
----------------------------------------------------------------
Moody's Investors Service assigned new ratings to the proposed
borrowings of Nielsen Finance LLC and Nielsen Finance Co. in the
context of the leveraged buy-out of VNU nv.  These finance
vehicles are indirectly wholly owned by VNU nv.  

VNU is an internationally operating media and information
company.  The assigned ratings assume there will be no material
variations to the draft legal documentation reviewed by Moody's
and assume that these agreements are legally valid, binding and
enforceable.

Ratings assigned at Nielsen Finance LLC/Nielsen Finance :

   -- senior secured credit facilities: (P)B1;

   -- senior USD/Euro notes due 2014: (P)B3; and  

   -- senior subordinated USD/Euro discount notes due 2016:
  (P) Caa1.

The rating outlook is stable.  The ratings for the newly rated
instruments are derived from VNU nv's B2 CFR, which reflects
VNU's very high initial leverage following its leveraged buy-out
by a group of financial investors, limited free cash flow
generation in the near term, execution risks on the company's
cost savings programs and competitive as well as price
challenges for VNU's Marketing Information operation.  These
factors leave the CFR relatively weakly positioned at the B2
level.  Underpinning the ratings against these significant
challenges are VNU's strong international business positions
with good revenue visibility and relatively high barriers to
entry, potential for steady revenue growth and for visible
margin improvement and the significant initial common equity
contribution from the sponsors.

The (P) B1 rating for the senior bank facilities also reflects
the benefits of senior upstream guarantees and security over the
US guarantors' assets and stock pledges at various levels.
Although the bank facility will represent the majority of the
company's debt capitalization and a significant proportion of
VNU's overall capitalization the sizeable common equity
contribution from the sponsors lends, in Moody's opinion,
meaningful support to the effectively preferred bank debt.
Moody's notes that at the time of rating covenant levels for the
bank facility had not been set and the ratings assume that these
will be set to delineate a de-leveraging path over time while
allowing the company sufficient liquidity maneuver room.

The (P) B3 rating of the senior unsecured notes reflects their
effective subordination to the senior bank facilities, but also
acknowledges the benefits of the envisaged senior upstream
guarantees.  Finally, the (P) Caa1 rating of the senior
subordinated discount notes reflects their contractual
subordination to both senior debt classes while acknowledging
the benefits of the envisaged subordinated guarantees.  

While there is a provision for the release of the guarantees for
both classes of notes under certain circumstances the ratings
assume that the guarantees will remain in place.  Moody's
further notes that any changes to the overall debt quantum
(EUR6.36 billion at a USD/Euro rate of 1.19) and/or the quantum
of the senior Nielsen Finance debt instruments (EUR5.15 billion)
and with that to their relative weight in VNU's overall capital
structure could have rating consequences.

While the legacy debt at VNU nv is structurally subordinated to
the senior subordinated discount notes, Moody's believes that
there is a degree of compression at this end of the rating
spectrum and therefore does not differentiate the ratings of the
legacy debt from that of the senior subordinated discount notes.
Moody's also notes that the LBO has complicated VNU's corporate
structure with the introduction of new intermediate holding
companies between VNU nv and the assets.  

Here the ratings incorporate Moody's understanding that

   -- these are pure pass-though entities;

   -- that no external debt will be incurred at the intermediate
holding level; and

   --that VNU nv will continue to directly or indirectly own
100% of the equity of these entities.

Proceeds from the newly issued bank and bond debt will be used
to redeem certain of VNU's existing debt issues as well as for a
transfer to Valcon Acquisition to allow Valcon Acquisiton to
repay bridge debt incurred in connection with the acquisition of
VNU.

VNU nv is an international media and information company based
in Haarlem, The Netherlands.


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


CHASTINSKIY CHEESE-MAKING: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on LLC Chastinskiy Cheese-Making Factory.  
The case is docketed under Case No. A50-6447/2006-B.  

The Temporary Insolvency Manager is:

         I. Korovnikov
         Gazety Zvezda Str. 13
         614045 Perm Region
         Russia

The Debtor can be reached at:

         LLC Chastinskiy Cheese-Making Factory
         Sovetskaya Str. 63.
         Chastye
         617170 Perm Region
         Russia


DANKOV-AGRO-SERVICE: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Lipetsk Region has commenced bankruptcy
supervision procedure on OJSC Dankov-Agro-Service (TIN
480300541).  The case was docketed under Case No. A36-728/2006.

The Temporary Insolvency Manager is:

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

The Debtor can be reached at:

         OJSC Dankov-Agro-Service
         Gagarina Str. 48.
         Dankov
         Lipetsk Region
         Russia


HOUSE BUILDING: Court Names T. Rogozina as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Ms. T.
Rogozina as Insolvency Manager for OJSC Production Combine of
House Building.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A26-6138/2005-18.

The Debtor can be reached at:

         OJSC Production Combine Of House Building
         Vetlechebnaya Str. 1
         Kondopoga
         186200 Kareliya Republic
         Russia


KOLOSOVSKOYE GRAIN: Court Names A. Budelev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. as Insolvency
Manager for OJSC Kolosovskoye Grain Receiving Enterprise.  He
can be reached at:

         A. Budelev
         5th Kordnaya Str. 656
         644044 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A46-2844/2006.

The Debtor can be reached at:

         OJSC Kolosovskoye Grain Receiving Enterprise
         Kirova Str. 68
         Kolosovka
         Kolosovskiy Region
         Omsk Region
         Russia


KOTELNICHSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins
--------------------------------------------------------------
The Arbitration Court of Kirov Region has commenced bankruptcy
supervision procedure on OJSC Kotelnichskoye Repair-Technical
Enterprise.  The case is docketed under Case No. A28-20/
06-23/25.

The Temporary Insolvency Manager is:

         O. Kuvshinskaya
         Griboedova Str. 1-a
         610014 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 Kotelnichskoye Repair-Technical Enterprise
         Kirov Region, Kotelnich.
         Russia


KUKMORSKIY ELEVATOR: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on OJSC Kukmorskiy Elevator.
The case was docketed under Case No. A65-5017/2006-SG4-26.

The Temporary Insolvency Manager is:

         L. Safin
         Kazan, Post User Box 143.
         420039 Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Kukmorskiy Elevator
         Kukmor
         Lenina Str. 52.
         422110 Tatarstan Republic
         Russia


KUMIR: Court Names V. Ovchinnikov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. V.
Ovchinnikov as Insolvency Manager for OJSC KUMIR (TIN
7116010924).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A68-98/B-06.

         Office 608
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Debtor can be reached at:

         OJSC Kumir
         Apartment 36
         Shakhterov Str. 16/8
         Novomoskovsk
         301650 Tula Region
         Russia


MELEKESSKAYA: Court Starts Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Ulyanovsk Region has commenced
bankruptcy supervision procedure on CJSC Agricultural Company
Melekesskaya.  The case was docketed under Case No.
A72-13260/05-20/42-b.

The Temporary Insolvency Manager is:

         V. Ivanov
         Post User Box 41
         Syzran
         446001 Samara Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Melekesskaya
         Dimitrovograd
         Ulyanovsk Region
         Russia


ORLOVSKIY AGRO-COMBINE: Court Names A. Evseev to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. A. Evseev as
Insolvency Manager for OJSC Orlovskiy Agro-Combine (TIN
5753025571).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-7181/05-17b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Orlovskiy Agro-Combine
         S. Shaumyana Str. 35
         302028 Orel Region
         Russia


TEMP: Kirov Court Commences Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Kirov Region has commenced bankruptcy
supervision procedure on OJSC Temp.  The case is docketed under
Case No. A28-58/06-81/20.

The Temporary Insolvency Manager is:

         N. Smyshlyaev
         Post User Box 75.
         424007 Yoshkra-Ola
         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 Temp
         Kiknur
         Kirov Region
         Russia


TIKHMENEVO-COAL: Court Commences Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Sakhalin Region has commenced
bankruptcy supervision procedure on LLC Tikhmenevo-Coal (TIN
6507011184).  The case is docketed under Case No. A59-5/06-S16.

The Temporary Insolvency Manager is:

         V. Denisov
         Khabarovskaya Str. 47-15
         693000 Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         LLC Tikhmenevo-Coal
         Poronaysk, Komsomolskaya Str. 11.
         694240 Sakhalin Region
         Russia


ULAN-EDENSKIY FACTORY: S. Narygin to Manage Assets
--------------------------------------------------
The Arbitration Court of Buryatiya Republic appointed Mr. S.
Narygin as Insolvency Manager for LLC Ulan-Edenskiy Factory of
Reinforced Concrete Products.  He can be reached at:

         Office 300
         Solnechnaya Str. 7a
         Ulan-Ude
         670031 Buryatiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A10-1667/05.

The Debtor can be reached at:

         LLC Ulan-Edenskiy Factory of
         Reinforced Concrete Products
         Botanicheskaya Str. 71
         Ulan-Ude
         Buryatiya Republic
         Russia


UNIVERSAL-INSTRUMENT-COMPLECT: Bankruptcy Supervision Begins
------------------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on OJSC Universal-Instrument-Complect.  
The case is docketed under Case No. A46-3798/2006.

The Temporary Insolvency Manager is:

         S. Sibichenko
         Post User Box 922
         644020 Omsk Region
         Russia

The Debtor can be reached at:

         OJSC Universal-Instrument-Complect
         Industrialnaya Str. 4
         644018 Omsk Region
         Russia


WALL MATERIALS: Court Names S. Vodopyanov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. S.
Vodopyanov as Insolvency Manager for OJSC Factor of Wall
Materials.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-7422/2005-1/97-B.

The Debtor can be reached at:

         OJSC Factor of Wall Materials
         Kolkhoznaya Str. 6
         Timashevsk
         Krasnodar Region
         Russia


YUG: Court Appoints S. Novoshitskiy as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. S.
Novoshitskiy as Insolvency Manager for OJSC Building Corporation
Yug.  He can be reached at:

         S. Novoshitskiy
         Post User Box 139
         Aksay
         346720 Rostov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-3640/06-S2-30.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         OJSC Building Corporation Yug
         Office 120
         Nagibina Pr. 33A/47
         Rostov-na-Donu
         Russia


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


FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes
----------------------------------------------------------
Fitch Ratings assigned final ratings to Foncaixa FTGENCAT 4,
Fondo de Titulizacion de Activos' notes totaling EUR600 million
due in March 2046.

   -- EUR251.2 million Series A: AA+;
   -- EUR326 million Series A: AAA;
   -- EUR9.6 million Series B: AA-;
   -- EUR7.2 million Series C: BBB+;
   -- EUR6 million Series D: BB+; and
   -- EUR6 million Series E: CCC-.

The ratings address payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the Series B, C and D notes, as well as the
repayment of principal by legal final maturity date.  The Series
E notes have been issued to finance the cash reserve fund.  

Fitch comments that the Series E notes are ultimately likely to
default, and the CCC- rating assigned to these notes is
supported by the expected recovery rate for noteholders: that
is, the amounts investors are likely to receive during the life
of the transaction.

This transaction is a cash-flow securitization of a EUR600
million pool of loans granted by Caja de Ahorros y Pensiones de
Barcelona, rated AA-/Outlook Stable/F1+) to small and medium-
sized Spanish enterprises.

The Autonomous Community of Catalonia, rated AA-/ Outlook
Negative/F1+, guarantees ultimate payment of interest and
principal on the Class A notes. The AAA rating for this Class
reflects the low probability of the guarantor defaulting
simultaneously with a large proportion of the underlying
collateral.  Fitch would assign a rating of AA+ to these bonds
in the absence of such guarantee; hence the bonds are credit-
linked to the rating of the Generalitat de Catalunya.

The issuer is legally represented and managed by GestiCaixa
S.G.F.T., S.A., a limited liability company incorporated under
Spanish law, whose activities are limited to the management of
securitization funds.  The ratings are based on the quality of
the collateral, available credit enhancement, the financial
structure of the deal, the underwriting and servicing of the
collateral and Sociedad Gestora's administrative capabilities.

La Caixa is an active player within the Spanish securitization
arena; as a sole originator, it has issued a total of nine
residential mortgage-backed securities transactions and three
SME collateralized debt obligations.  

Similar to its predecessor, Foncaixa FTGENCAT 3, FTA rated in
November 2005, this transaction shares identical structural
features such as the payment waterfall, the hedge agreement that
guarantees a stable excess spread over the life of the
transaction and the guarantee from the Generalita de Catalunya.


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


BOKUR: Court Names Sergij Sidko as Insolvency Manager
-----------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Sergij
Sidko as Liquidator/Insolvency Manager for LLC Bokur (code
EDRPOU 23933059).  He can be reached at:

         Sergij Sidko
         Office 40
         Dzerzhinskij Str. 29
         49600 Dnipropetrovsk Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on April 27.  The case
is docketed under Case No. B 15/64/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Bokur
         Chkalov Str. 56-a
         Novoivanivka
         Nikopol District
         53260 Dnipropetrovsk Region
         Ukraine


CHIZHIVSKE: Court Names N. Oleksenko as Insolvency Manager
----------------------------------------------------------
The Economic Court of Cherkassy Region appointed Mr. N.
Oleksenko as Liquidator/Insolvency Manager for Agricultural LLC
Chizhivske (code EDRPOU 03083914).  He can be reached at:

         N. Oleksenko
         Vernigori Str. 17/106
         Cherkassy Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on May 11.  The case
is docketed under Case No. 14/4889.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Chizhivske
         Chizhivka
         Zvenigorodskij District
         Cherkassy Region
         Ukraine


KIROVOGRADBUD-UNIVERSAL: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on Kirovogradbud-Universal (code EDRPOU
23682812) on May 23.  The case is docketed under Case No. 9/73.

The Temporary Insolvency Manager is:

         Viktoriya Nikolayenko
         Kirov Str. 73/10
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         Kirovogradbud-Universal
         Pravdi avenue, 9/101
         25006 Kirovograd Region
         Ukraine


ODESPROMSERVICE: Court Names Oleg Chervinskij as Liquidator
-----------------------------------------------------------
The Economic Court of Odessa Region appointed Oleg Chervinskij
as Liquidator/Insolvency Manager for LLC Odespromservice (code
EDRPOU 31579373).

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on June 1.  The case
is docketed under Case No. 21/156-06-4895.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Odespromservice
         Otaman Golovatij Str. 78
         Odessa Region
         Ukraine


OTINIYA' FURNITURE: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on OJSC Otiniya' Furniture
FACTORY (code EDRPOU 05496224).  The case is docketed under Case
No. B-6/51.

The Temporary Insolvency Manager is:

         Svyatoslav Lototskij
         Shopen Str. 6/8
         Ivano-Frankivsk Region
         Ukraine

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Otiniya' Furniture Factory
         Shors Str. 24
         Otiniya
         Kolomiya District
         Ivano-Frankivsk Region
         Ukraine


POLIPROM: Donetsk Court Freezes Payment of Debt
-----------------------------------------------
The Economic Court of Donetsk Region ordered a moratorium on
satisfaction of creditors' claims against the creditors of JSCCT
Poliprom (code EDRPOU 24314789).  

The Court commenced bankruptcy supervision procedure on May 10.  
The case is docketed under Case No. 42/89 B.

The Temporary Insolvency Manager is:

         O. Polishuk
         Vorovskij Str. 5/1
         83045 Donetsk Region
         Ukraine

The Debtor can be reached at:

         JSCCT Poliprom
         Shkadinov Str. 33
         Kramatorsk
         84333 Donetsk Region
         Ukraine


PRIBORKOMPLEKT: Court Names Oleg Chervinskij as Liquidator
----------------------------------------------------------
The Economic Court of Odessa Region appointed Oleg Chervinskij
as Liquidator/Insolvency Manager for Production-Commercial Firm
Priborkomplekt (code EDRPOU 31631270).

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on June 1.  
The case is docketed under Case No. 21/157-06-4895.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         Production-Commercial Firm Priborkomplekt
         Yelisavetgradskij Lane 1
         Odessa Region
         Ukraine


PROGRESS 2000: Court Names Artur Milovanov as Liquidator
--------------------------------------------------------
The Economic Court of Chernivtsi Region appointed Artur
Milovanov as Liquidator/Insolvency Manager for Agrarian-
Industrial Firm Progress 2000 (code EDRPOU 30417225).  He can be
reached at:

         Artur Milovanov
         Room 805
         Zhovtneva Square 1
         21001 Vinnitsya Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on May 30.  The case
is docketed under Case No. 10/195/B.

The Economic Court of Chernivtsi Region is located at:

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region
         Ukraine

The Debtor can be reached at:

         Agrarian-Industrial Firm Progress 2000
         Romankivtsi
         Sokiryanskij District
         Zaliznichna Str. 8
         60226 Chernivtsi Region Ukraine
         

RITUM: Court Names Andrij Zharikov as Insolvency Manager
--------------------------------------------------------
The Economic Court of Kyiv Region appointed Andrij Zharikov as
Liquidator/Insolvency Manager for LLC Ritum (code EDRPOU
33237874).

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on June 2.  The case
is docketed under Case No. 43/326.

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 Ritum
         Svyatoshinska Str. 3
         03115 Kyiv Region
         Ukraine


SHTERVISKIJ FASTEN: Court Names Roman Rachok as Liquidator
----------------------------------------------------------
The Economic Court of Lugansk Region appointed Roman Rachok as
Liquidator/Insolvency Manager for CJSC Shterviskij Fasten
Products Plant (code EDRPOU 00222108).  He can be reached at:

         Roman Rachok
         Oboronna Str. 24
         91033 Lugansk Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on May 16.  The case
is docketed under Case No. 20/37 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         CJSC Shterviskij Fasten Products Plant
         Vokzalna Str. 1
         Miusinsk
         94534 Lugansk Region
         Ukraine


TEHMASHKOMPLEKT: Court Names Oleg Chervinskij as Liquidator
-----------------------------------------------------------
The Economic Court of Odessa Region appointed Oleg Chervinskij
as Liquidator/Insolvency Manager for LLC Tehmashkomplekt (code
EDRPOU 31640196).

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on June 1.  The case
is docketed under Case No. 21/155-06-4494.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Tehmashkomplekt
         Kozatstva Str. 108
         Chornomorskogo
         Odessa Region
         Ukraine


VELIKOMITNITSKA: Vinnitsya Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on OJSC Bird Factory Velikomitnitska (code
EDRPOU 05521175).  The case is docketed under Case No. 10/173-
05.

The Temporary Insolvency Manager is:

         Vitalij Bolhovitin
         Room 412
         Hmelnitske Shose Str. 2
         Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         OJSC Bird Factory Velikomitnitska
         Velikij Mitnik
         Hmilnitskij District
         22060 Vinnitsya Region
         Ukraine


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


BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators
-------------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
joint administrators of Brightstar Industries (Company Number
04871728) on June 21.

The administrators can be reached at:

         Lines Henry
         27 The Downs
         Altrincham
         Cheshire WA14 2QD
         Tel: 0161 929 1905
         Fax: 0161 929 1977

Brightstar Industries can be reached at:

         Bull Street
         Brierley Hill
         West Midlands DY5 3RA
         United Kingdom
         Tel: 01384 779 73
         Fax: 01384 825 254


COLT TELECOM: Posts EUR18.3-Mln Loss for 2nd Quarter 2006
---------------------------------------------------------
Colt Telecom S.A. released its financial results for the quarter
ended June 30, 2006.

The company reported a EUR18.3 million net loss on EUR449.7
million revenue for the three months ended June 30, 2006,
compared with EUR466.7 million in revenue and EUR36 million net
loss for the same period in 2005.

The company's gross profit for the quarter is EUR100.2 million
from EUR85.7 million gross profit for the same quarter in 2005.

Operating loss for the period is EUR7.9 million from EUR23
million operating loss for the same quarter in 2005.

At June 30, 2006, the company had EUR2.05 billion in total
assets, EUR1.14 billion in total liabilities and EUR908 million
in shareholders' equity.

"Market conditions remain tough, with price competition
continuing to feature more prominently in some products and
geographies than others.  To succeed in these challenging
markets we must not only drive new data and other value-added
revenues up but also drive costs down," Jean-Yves Charlier, Colt
Telecom's CEO disclosed.

"The program of corporate actions that we announced in February
was successfully completed during Q2.  We have de-listed from
NASDAQ, suspended our SEC registration in the US, and moved our
domicile to Luxembourg.  Through an Open Offer underwritten by
Fidelity we raised EUR436.6 million of new equity funding net of
transaction costs.  We redeemed our 2007 Notes and net debt will
fall to EUR90.2 million when all of the proceeds of the Open
Offer have been received.  We are giving notice of our intent to
redeem the 2008 Notes as well.  Together these actions will make
COLT a much stronger, more profitable company," Mr. Charlier
added.

"We expect to make progress over the balance of the year.
Although revenues for 2006 are now expected to be broadly in
line with last year, we expect continued improvement in revenue
mix and intend further action on costs.  We expect to be free
cash flow positive for the year," he concluded.

Headquartered in London, United Kingdom, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

On March 1, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit rating on European business
telecommunications provider COLT Telecom Group PLC on
CreditWatch with positive implications.  This follows the
group's announcement that it is to create a new European holding
company, raise GBP300 million in equity, and undergo debt
reduction.


COLT TELECOM: To Redeem EUR251.5 Million Notes on Aug. 21
---------------------------------------------------------
COLT Telecom Group Limited will redeem all of its outstanding
7.625% Senior Notes due 2008 at the principal amount of EUR250.4
million plus accrued interest and will be funded out of COLT
Limited's cash and liquid resources.  

The aggregate amount payable will be approximately EUR251.5
million.  The redemption will take place on Aug. 21.

The early redemption of these Notes will save approximately
EUR24 million of net interest between now and the normal
maturity date of the Notes on July 28, 2008.

Headquartered in London, United Kingdom, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

On March 1, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit rating on European business
telecommunications provider COLT Telecom Group PLC on
CreditWatch with positive implications.  This follows the
group's announcement that it is to create a new European holding
company, raise GBP300 million in equity, and undergo debt
reduction.


COMPLETE PROPERTY: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Creditors of Complete Property Lawyers Limited confirmed the
appointment of A. Graham of Hamilton Insolvency Practitioners as
Liquidator on April 27.

The company can be reached at:

         Complete Property Lawyers Limited
         The Coach House
         1A Filey Street
         Sheffield S10 2FF
         United Kingdom
         Tel: 0114 272 2224
         Fax: 0114 272 2228


CSPA UK: Creditors Pass Winding Up Resolution
---------------------------------------------
Creditors of CSPA (U.K.) Limited passed a resolution to wind up
the company's operations on April 26.

David L. Cockshott and Paul A. Whitwam of BWC Business Solutions
were appointed Joint Liquidators.

The company can be reached at

         CSPA (U.K.) Limited
         Unit 3 Friends School
         Low Green
         Rawdon
         Leeds LS196HB
         United Kingdom
         Tel: 077 9169 1074


BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators
-------------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
joint administrators of Brightstar Industries (Company Number
04871728) on June 21.

The administrators can be reached at:

         Lines Henry
         27 The Downs
         Altrincham
         Cheshire WA14 2QD
         Tel: 0161 929 1905
         Fax: 0161 929 1977

Brightstar Industries can be reached at:

         Bull Street
         Brierley Hill
         West Midlands DY5 3RA
         United Kingdom
         Tel: 01384 779 73
         Fax: 01384 825 254


EMMA SOMERSET: Creditors' Meeting Slated for July 27
----------------------------------------------------
Creditors of Emma Somerset Limited (Company Number 0943507) will
meet at 10:00 a.m. on July 27 at:

         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton BL1 4QR
         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 26 at:

         Gary Bell
         Administrator
         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton BL1 4QR
         United Kingdom
         Tel: 01204 414277
         Fax: 01204 414244
         E-mail: gary.bell@cowgills.co.uk  


ESSEX SWIMMING: Financial Woes Trigger Liquidation
--------------------------------------------------
Essex Swimming Pools Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Keith Barry Stout of KSA was appointed Liquidator.

The company can be reached at:

         Essex Swimming Pools Limited
         Old Wickford Road
         South Woodham Ferrers
         Chelmsford CM3 5QX
         United Kingdom
         Tel: 01245 403 330
         Fax: 01245 321 338


FINE COLOUR: Hires Joint Administrators from Deloitte & Touche
--------------------------------------------------------------
Lee Antony Manning and Aileen Jane Crooks of Deloitte & Touche
LLP were appointed joint administrators of Fine Colour Witham
Limited (Company Number 05340539) on June 22.

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

Headquartered in Nottingham, United Kingdom, Fine Colour Witham
Limited manufactures cartons, boxes and cases of corrugated
paper and paperboard.


G.Z.A.T.C. LIMITED: Names Administrators from Moore Stephens
------------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint administrators of G.Z.A.T.C. Limited (Company Number
02254127) on June 15.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

G.Z.A.T.C. Limited can be reached at:

         The New Barn
         Odstock
         Salisbury SP5 4NZ
         United Kingdom
         Tel: 01722 326 625
         Fax: 01722 338 541


GGS HOLDINGS: Appoints Kroll to Administer Assets
-------------------------------------------------
Peter M. Saville and Andrew J. Pepper of Kroll Limited were
appointed joint administrators of GGS Holdings Limited (Company
Number 1800536) on June 21.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in London, United Kingdom, GGS Holdings Limited is
engaged in construction services.


GORDIAN RUNOFF: Chapter 15 Petition Hearing Slated for Aug. 28
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will conduct a hearing to consider Gordian Runoff (U.K.) Ltd.'s
chapter 15 petition at 10:00 a.m. EDT on Aug. 28 at Courtroom
610 of the U.S. Bankruptcy Court in One Bowling Green, New York
City.

Any objections to the Petition must be received no later than
4:00 p.m. EDT on Aug. 22 by:

   a) The Clerk of Court
      U.S. Bankruptcy Court
      Southern District of New York
      Room 534, One Bowling Green
      New York, N.Y. 10004-1408

   b) Counsel for Petitioner
      Solinda A. Melnik, Esq.
      Edwards Angell Palmer & Dodge LLP
      Suite 1500
      919 North Market St.
      Wilmington, Delaware 19801,

Copies of documents filed with the Court regarding the Petition
may be obtained by:

   1) those with PACER account from the docket of the case
      accessible through the Court's Electronic Case Filing
      system via the Court's Web site at
      http://www.nysb.uscourts.gov/;

   2) PDF download from the Scheme Web site at
      http://www.gordianuk.co.uk/;or  

   3) e-mail upon written request made to the Petitioner's U.S.
      counsel Selinda A. Melnik, Esq. at:

      Edwards Angell Palmer & Dodge LLP
      Suite 1500
      919 North Market St.
      Wilmington, Delaware 19801
      Fax: +1-302-777-7263
      http://www.eapdlaw.com/  

Headquartered in London, England, Gordian RunOff (UK) Ltd. fka
GIO (UK) Ltd. -- http://www.gordianuk.co.uk/-- is an  
underwriter and reinsurance company.  The Company, through its
designated petitioner Ian Clark of London, England, filed for a
chapter 15 petition on July 11, 2006 (Bankr. S.D.N.Y. Case No.
06-11563).  Selinda A. Melnik, Esq., at Edwards Angell Palmer &
Dodge LLP represents Mr. Clark.  When Mr. Clark filed the
petition, he estimated the Debtor's assets and debts between
US$10 million to US$50 million.


HOWFIELD SECURITY: Creditors Resolve to Voluntary Liquidation
-------------------------------------------------------------
Creditors of Howfield Security & Fire Limited resolved to
voluntarily liquidate the company's assets during an
extraordinary general meeting on May 2.

Subsequently, Andrew John Whelan of Marks Bloom was appointed
Liquidator.

The company can be reached at:

         Howfield Security & Fire Limited
         1 Military Road
         Canterbury
         Kent CT1 1LN
         United Kingdom
         Tel: 01227 451 267
         Fax: 01227 768 116
         Web: http://www.howfield.co.uk/


IDEAL BICYCLE: Appoints Gary Bell as Liquidator
-----------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed Liquidator of Ideal Bicycle Limited after creditors
chose to voluntarily wind up the company on April 24.

The company can be reached at:

         Unit 16C
         Westside Industrial Estate
         Jackson Street
         St. Helens
         Merseyside WA9 3AT
         United Kingdom
         Tel: 01744 733 330
         Fax: 01744 886 678


MANDALL ENGINEERING: Brings In Joint Administrators from Kroll
--------------------------------------------------------------
Stuart Charles Edward Mackellar and Charles Peter Holder of
Kroll Limited were appointed joint administrators of Mandall
Engineering Limited (Company Number 00627549) on June 23.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Sheffield, United Kingdom, Mandall Engineering
Limited -- http://www.mandall.co.uk/-- is long established as a  
major manufacturer of high quality fabricated and machined
components.


MOBILETONES.COM: Taps Joint Administrators from Bridgestones
------------------------------------------------------------
Jonathan Lord and Robert Cooksey of Bridgestones were appointed
joint administrators of Mobiletones.Com Limited (Company Number
03889209) on June 19.

The administrators can be reached at:

         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk

Mobiletones.Com Limited can be reached at:

         Unit 4
         Handford Court
         Watford WD25 9EJ
         United Kingdom
         Tel: 01923 892 700
         Fax: 01923 675 299


PLUSH COMPANY: Brings In Vantis to Administer Assets
----------------------------------------------------
Frank Wessely and Peter Hughes-Holland of Vantis were appointed
joint administrators of The Plush Company (Europe) Ltd. (Company
Number 03483028) on June 22.

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

Headquartered in Wetherby, United Kingdom, The Plush Company
(Europe) Ltd. wholesales soft toys.


OLDROYD MECHANICAL: Hires Joint Liquidators from O'Hara & Co.
-------------------------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co. were appointed Joint
Liquidators of Oldroyd Mechanical & Electrical Contracting
Limited during an extraordinary general meeting on April 28.

The company can be reached at:

         Oldroyd Mechanical & Electrical Contracting Limited
         Oldroyd Ho
         Prospect Road
         Ossett
         West Yorkshire WF5 8AE
         United Kingdom
         Tel: 01924 277 192
         Fax: 01924 276 634


RANDOM POST: Wraps Up Business in London
----------------------------------------
Creditors of Random Post Production Limited decided to wind up
the company on April 28.

Neil Charles Money and Neil Richard Gibson of CBA were appointed
Joint Liquidators.

The company can be reached at:

         Random Post Production Limited
         Artsits Ct
         Manette St
         London N1 6PG
         United Kingdom
         Tel: 020 7434 3444
         Fax: 020 7434 3451


SANCTUARY GROUP: To Evaluate MAMA Group's Unsolicited Bid
---------------------------------------------------------
The Board of Directors of The Sanctuary Group confirmed that it
has received an unsolicited approach from MAMA Group PLC that
may or may not lead to an offer for the Company.

The Board continues to evaluate the proposal and while this
evaluation remains at a very preliminary stage the Board has
already indicated a willingness, in principle, to meet with MAMA
Group PLC following the publication of Sanctuary's interim
results for the six months ended March 31, 2006.  The company
expects to publish the results by July 26.

On July 14, MAMA Group made a formal proposal to the Board of
Sanctuary with a view to MAMA Group making an all-share offer
for all of the issued and to be issued Sanctuary shares.  No
cash alternative was contemplated by MAMA Group though the
company reserves the right to introduce a cash alternative.

According to MAMA Group, the sharp decline in the Sanctuary
share price over the last 12 months, both before and after the
re-financing, and most recently after a further profit warning
by Sanctuary relating to the current financial year ending
Sept. 30, 2006 are indications of the ongoing erosion of
shareholder value and demonstrate the continued loss of goodwill
value in many of Sanctuary's business units.

The Board of MAMA Group believed that the Possible Offer is in
the best interests of the Sanctuary shareholders and the MAMA
Group shareholders and, while the Board of MAMA Group would
prefer to work with the Board of Sanctuary, the Board of MAMA
Group is considering proceeding with the Possible Offer whether
or not the Possible Offer is or will be recommended for
acceptance by the Board of Sanctuary.

                        About the Company

Based in London, The Sanctuary Group PLC --
http://www.sanctuarygroup.com/-- is one of the world's leading  
developers of music intellectual property rights, with offices
in New York, Berlin, Houston and Los Angeles.  In 2004,
Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

                        *     *     *

On Sept. 21, 2005, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring
costs and provisions.  The Group has also suffered from recent
negative commentary as a result of poor trading in 2005 and this
has had an adverse impact in particular in the Records division.
It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.


SLB PRINTING: Brings In Joint Liquidators from Begbies Traynor
--------------------------------------------------------------
Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP were appointed Joint Liquidators of SLB Printing
Services Limited after creditors decided to wind up the company
on April 24.

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

SLB Printing Services Limited can be reached at:

         140 Molesey Avenue
         West Molesey
         Surrey KT8 2RY
         United Kingdom
         Tel: 020 8941 4115


TIMEWARE LTD: Creditors Opt to Liquidate Assets
-----------------------------------------------
Creditors of Timeware Limited opted to liquidate the company's
assets during an extraordinary general meeting on April 21.

David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed Joint Liquidators.

Timeware Limited can be reached at:

         Field House
         1 Fieldhouse Road
         Rochdale
         Lancashire OL120AD
         United Kingdom
         Tel: 01706 659 368


TOUCH CLOTHING: Winds Up Business & Appoints Liquidator
-------------------------------------------------------
Touch Clothing Limited resolved to wind up the company on
April 27.

David William Tann of The Norton Practice (Insolvency Services)
Limited was appointed Liquidator.

The company can be reached at:

         Touch Clothing Limited
         17 The Observatory
         High Street
         Slough SL1 1LE
         United Kingdom
         Tel: 01753 511 766


TRIDENT SCAFFOLDING: Begins Liquidation Procedure
-------------------------------------------------
Trident Scaffolding U.K. Limited is liquidating its assets after
creditors proved the company could no longer continue its
operations due to liabilities.

Kikis Kallis of Kallis & Co. was appointed Liquidator.

The company can be reached at:

         Trident Scaffolding U.K. Limited
         Brent Street
         London NW4 4DJ
         United Kingdom
         Tel: 020 8830 7155


VALLEY PROJECTS: J. N. Bleazard Leads Liquidation Procedure
-----------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd was appointed
Liquidator of Valley Projects Limited after creditors opted to
wind up the company on April 25.

The company can be reached at:

         Valley Projects Limited
         Swinton Bridge Industrial Estate
         White Lee Road
         Swinton
         Mexborough
         South Yorkshire S64 8BH
         United Kingdom
         Tel: 01709 588 909
         Fax: 01709 587 536


VEENA LEISURE: Names Sabia Sahota Liquidator
--------------------------------------------
Veena Leisure II Limited is liquidating its assets after
creditors passed a resolution to wind up the company on
April 25.

Subsequently, Sabia Sahota of BBK Partnership was named
Liquidator.

The company can be reached at:

         Veena Leisure II Limited
         10 High Street
         Wouldham
         Rochester
         Kent
         ME1 3XB
         United Kingdom
         Tel: 01634 880 812


WFS GROUP: Taps Tracy Ann Taylor to Liquidate Assets
----------------------------------------------------
Tracy Ann Taylor of Abbey Taylor Limited was appointed
Liquidator of WFS Group Limited after creditors agreed to wind
up the company on April 28.

The company can be reached at:

         WFS Group Limited
         Jubilee Ho
         Sheffield Road
         Dronfield
         Derbyshire S18 2GF
         United Kingdom
         Fax: 01246 416 480


WHITEHOUSE HOTELS: Joint Liquidators Take Over Operations
---------------------------------------------------------
Martin Ellis and Neil Tombs of Grant Thornton U.K. LLP were
appointed Joint Liquidators of Whitehouse Hotels Limited after
creditors passed a resolution to wind up the company on
April 18.

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.  

Whitehouse Hotels Limited can be reached at:

         Whitehouse Hotels Limited
         Arriva
         Delta Way
         Cannock
         Staffordshire WS110XB
         United Kingdom
         Tel: 01543 467 720


WIGAN PLUMBING: Hires Administrators from Unity Business
--------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Business
Services LLP were appointed joint administrators of Wigan
Plumbing & Heating Services Limited (Company Number 01329739) on
June 21.

The administrators can be reached at:

         Unity Business Services LLP
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Wigan Plumbing & Heating Services Limited can be contacted at:

         Marus Bridge
         Wigan
         Lancashire WN3 6XR
         United Kingdom
         Tel: 01942 820 966
         Fax: 01942 820 955
         Web: http://www.wiganplumbingandheating.co.uk/


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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

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


                           *********


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

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