TCREUR_Public/060726.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, July 26, 2006, Vol. 7, No. 147     

                            Headlines


A U S T R I A

ARIAL: Property Manager Declares Insufficient Assets
AVENUM TECHNOLOGIE: Creditors' Meeting Slated for August 7
BARILE: Claims Registration Period Ends August 8
BAUPUNKT: Claims Registration Period Ends August 8
MIRA MARE: Property Manager Claims Insufficient Assets

VITA: Vienna Court Orders Closing of Business


B E L G I U M

SOLUTIA EUROPE: S&P Assigns B Corporate Credit Ratings


F I N L A N D

STROMSDAL OYJ: Raises EUR9.2 Million in Share Sale


F R A N C E

EASTMAN KODAK: Can Sue Wachovia Over US$8-Mln Loan, Court Rules


G E R M A N Y

AUTOHAUS AFFLERBACH: Claims Registration Ends August 16
BBE FENSTERWERK: Claims Registration Ends August 18
KABEL BW: Moody's Withdraws B2 Corporate Family Rating
KF FLEISCHER: Claims Registration Ends August 18
KREBS BAU: Claims Registration Ends August 18

MONFORTS VERWALTUNGSGESELLSCHAFT: Sets Aug. 18 Claims Bar Date
NAPPO DR. HELLE: Creditors' Meeting Slated for August 18
NEW LIVE: Claims Registration Ends August 21
OEHMKE GESELLSCHAFT: Claims Registration Ends August 18
STEFAN KOHNERT: Claims Registration Ends August 22

VOLKSWAGEN AG: German Prosecutors Probe Bribery Scandal
ZIPACK DIRECT: Claims Registration Ends August 21


I T A L Y

BANCA UBAE: Fitch Affirms Issuer Default Rating at BB+
PARMALAT SPA: Administrator Optimistic on 2007 Financial Goals
PARMALAT SPA: Canadian Unit Completes C$450 Million Refinancing


K A Z A K H S T A N

ALFA UNISERVIS: Creditors Must File Claims by Aug. 18
KAZKOMSTROIKOM: Creditors Must File Claims by Aug. 18
KONKOR: Creditors Must File Claims by Aug. 18
KONTEHPROM: Proof of Claim Deadline Slated for Aug. 18
MAHOVIK: Proof of Claim Deadline Slated for Aug. 18

MUNAI KAZYNA: Mangistau Court Opens Bankruptcy Proceedings
TALAP: Claims Registration Ends Aug. 18
TYAJEKSKAVASIA: Aktobe Court Begins Bankruptcy Process
VOSTOK LES: Claims Registration Ends Aug. 18
ZAPKAZSERVISKOMPLEKT: Creditors' Claims Due Aug. 18


K Y R G Y Z S T A N

CHUI BISHKEK: Public Auction Scheduled for Aug. 15
ROSAVTOKOMPLEKT: Creditors' Claims Due Sept. 6


L I T H U A N I A

MAZEIKIU NAFTA: Faces Gradual Decline in Crude Oil Deliveries


N E T H E R L A N D S

DISTINCT EUROPE: Fitch Assigns BB+ Bond Fund Credit Rating
KONINKLIJKE AHOLD: Retains Royal Designation from Dutch Queen


N O R W A Y

AKER KVAERNER: Inks US$44-Mln Deal with Frigstad Discoverer
AKER KVAERNER: Wins NOK2 Billion Deal on Statoil Platforms
FALCONBRIDGE LTD: Board Reaffirms Support for Inco Merger Offer


R U S S I A

ACHINSKOYE CARGO 1: Court Names E. Katser as Insolvency Manager
ATOM RESOURCE: Court Names M. Vasilega as Insolvency Manager
BOLSHEMURASHKINSKAYA SEL-KHOZ-KHIMIYA: Succumbs to Bankruptcy
ELETSKAYA CONFECTIONARY: Court Names S. Maslova to Manage Assets
INVEST-SIB-COAL: Court Names G. Tretyak as Insolvency Manager
MAGNITOSTROY: Bankruptcy Hearing Slated for Oct. 3

MAYKOPSKIY: Court Names S. Ashinov as Insolvency Manager
PRISTENSKIY BUTTER: Court Names N. Krasilnikov to Manage Assets
RED STAR: Court Commences Bankruptcy Supervision
REGION-OIL-GAS: Court Names V. Kharitonov as Insolvency Manager
S.ORDZHONIKIDZE: Court Names A. Bersenev as Insolvency Manager
TERSA: Volgograd Court Starts Bankruptcy Supervision

TETYUSHSKOYE GRAIN: Court Names L. Safin as Insolvency Manager
TOLSKIY MAYDAN: Bankruptcy Hearing Slated for Oct. 17


S W I T Z E R L A N D

HCA INC: Inks US$33-Bln Merger Deal With Private Equity Group
SAIRGROUP: Contestability Period Ends August 8


T U R K E Y

TROY CAPITAL: Fitch Gives B+ Rating to EUR200 Million Notes

* Moody's Assigns Positive Outlook on Turkish Banks


U K R A I N E

AKKORD ARSERVICE: Court Starts Bankruptcy Supervision
AKTOVO: Court Names V. Cherepenko as Insolvency Manager
DNIPROFARM: Dnipropetrovsk Court Begins Bankruptcy Supervision
DUBNOTSUKORAGRO: Court Names Mr. V. Sokotun as Liquidator
GEROI SIVASHA: AR Krym Court Begins Bankruptcy Supervision

GLUHIVSKIJ MEAT: Court Names Vyacheslav Letskan as Liquidator
HARKIVENERGOREMONT: Court Starts Bankruptcy Supervision
HLIBOROB: Court Names A. Dehtyar as Insolvency Manager
KABRIOLET: Court Names Sergij Kovalyov as Insolvency Manager
KASKADTRANS: Court Names G. Zabolotnij as Liquidator

KONAN-KASKAD: Court Names Maksim Vdovin as Liquidator
LOS-FIDAV: Court Names Mr. I. Sanzherevskij as Liquidator
METALPROM: Court Names Yurij Ulyanchuk as Liquidator
ROKITNORAJAGROHIM: Kyiv Court Begins Bankruptcy Supervision
YURMALA: Kyiv Court Begins Bankruptcy Supervision

* Fitch Gives B+ Long-Term Foreign Currency to Odessa City


U N I T E D   K I N G D O M

AGRICULTURAL & INDUSTRIAL: Resolve to Voluntary Liquidation
BAYWATER CAR: Appoints Stephen Franklin as Liquidator
BERNARD WARD: Creditors' Meeting Slated for August 4
BUCKLEIGH TRADING: Creditors Pass Winding Up Resolution
CHANNEL STRATEGY: Names Administrators from Elwell Watchorn

CREFFT COED: Appoints Harrisons to Administer Assets
DIXEY INTERIORS: Hires Joint Liquidators from Insol House
EASTMAN KODAK: Can Sue Wachovia Over US$8-Mln Loan, Court Rules
ETWELL SERVICES: Creditors Opt to Wind Up Company
FINISHED ARTICLE: Creditors Confirm Voluntary Liquidation

FOCUS DIY: Market Pressure Spurs Moody's to Cut Junk Ratings
GASTRODOME RESTAURANTS: Taps Mark Goldstein to Administer Assets
GEORGE MAJOR: Taps Parkin S. Booth as Joint Administrators
GREENWAYS MEDIA: Appoints Vantis as Joint Administrators
HCA INC: Inks US$33-Bln Merger Deal With Private Equity Group

HERBALIFE LTD: Completes US$300 Million Bank Refinancing
INCO LTD: Falconbridge Board Supports Acquisition Proposal
KEENETS LIMITED: Bank of Scotland Hires Administrative Receivers
MG ROVER: Nanjing to Restart Production in UK Plant Next Year
NTL INC: Unit Prices US$550 Mln Offering of 9-1/8% Senior Notes

ONE STOP: Brings In Joint Liquidators from Begbies Traynor
OPTICAL NETWORKS: Creditors' Meeting Slated for July 28
PRESTIGE SECURITY: Names Joint Liquidators to Wind Up Business
RAVEN FOUR: Creditors Confirm Liquidator's Appointment
RENOVO CONTRACTING: Creditors Ratify Winding Up Resolution

SALE & LISTER: Taps David Halstead Bottomley to Liquidate Assets
SPECIALIST VEHICLES: Liabilities Prompt Voluntary Liquidation
VIDEO FILM: Names David Rubin as Joint Administrator
W.P. LIMITED: Appoints T. Papanicola as Administrator

* Close Brothers CEO R. Grainger Names M. Gudgeon as Successor
* Moody's Reports Improved Global Credit Quality in 2nd Quarter

                            *********


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


ARIAL: Property Manager Declares Insufficient Assets
----------------------------------------------------
Michael Lang, the court-appointed property manager for
Construction, Trade and Transport LLC Arial (FN 245982p),
declared on June 9 that the Debtor does not have enough assets
to pay off creditors.  

The Trade Court of Vienna passed the regulation about closing
the business on June 9.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No. 4 S 82/06w).  Martin Koroschetz
represents Mag. Lang in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Michael 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


AVENUM TECHNOLOGIE: Creditors' Meeting Slated for August 7
----------------------------------------------------------
Creditors owed money by LLC Avenum Technologie (FN 59280b) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
Aug. 7 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 9 (Bankr. Case 3 S 85/06d).  Stephan Riel serves as the
court-appointed property manager of the bankrupt estate.  
Johannes Jaksch represents Dr. Riel in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Reischachstrasse 3/12A
         1010 Vienna, Austria
         Tel: 713 44 33
              713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at    


BARILE: Claims Registration Period Ends August 8
------------------------------------------------
Creditors owed money by Trade LLC Barile (FN 224950i) have until
Aug. 8 to file written proofs of claims to court-appointed
property manager Dominik Baurecht at:

         Mag. Dominik Baurecht
         c/o Dr. Wolfgang Gerhard Zorn
         Weihburggasse 4/22
         1010 Vienna, Austria
         Tel: 533 66 61-77
         Fax: 533 66 61-10
         E-mail: baurecht@gnbz.at     

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 9:30 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 1707
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 9 (Bankr. Case No. 2 S 97/06m).  Wolfgang Gerhard Zorn
represents Mag. Baurecht in the bankruptcy proceedings.


BAUPUNKT: Claims Registration Period Ends August 8
--------------------------------------------------
Creditors owed money by KEG Baupunkt Nenad Njagojevic (FN
252721z) have until Aug. 8 to file written proofs of claims to
court-appointed property manager Gerhard Bauer at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         E-mail: ra-g.bauer@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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 1707
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 9 (Bankr. Case No. 2 S 98/06h).  


MIRA MARE: Property Manager Claims Insufficient Assets
------------------------------------------------------
Stefan Jahns, the court-appointed property manager for KEG Mira
Mare Kamila Kalib (FN 240317h), declared on June 9 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.

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 2 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 24 (Bankr. Case No. 3 S 77/06b).  Michael Neuhauser
represents Mag. Jahns in the bankruptcy proceedings.

The property manager  and his representative can be reached at:

         Mag. Stefan Jahns
         c/o Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at


VITA: Vienna Court Orders Closing of Business
---------------------------------------------
The Trade Court of Vienna entered an order on June 9 closing the
business of LLC VITA (FN 255951z).  Court-appointed property
manager Josef Ebner determined that the continuing operation of
the business would reduce the value of the estate.

The property manager and his representative can be reached at:

         Dr. Josef Ebner
         c/o Mag. Andrea Eisner
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 29 94
         Fax: 512 29 04
         E-mail: rae.ebner.eisner@aon.at   

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No. 45 S 29/06b).  Andrea Eisner
represents Dr. Ebner in the bankruptcy proceedings.


=============
B E L G I U M
=============


SOLUTIA EUROPE: S&P Assigns B Corporate Credit Ratings
------------------------------------------------------    
Standard & Poor's Ratings Services assigned its 'B' long-term
and short-term corporate credit ratings to Belgium-based
specialty chemicals group Solutia Europe S.A./N.V.  The outlook
is developing.

At the same time, Standard & Poor's assigned its 'B' senior
secured debt rating to the proposed EUR200 million term loan to
be issued by SESA subsidiary Solutia Services International SCA,
with a recovery rating of '4', indicating Moody's expectations
of marginal recovery of principal (25%-50%) in an event of
default.  The loan will be used to refinance existing bonds
issued by SESA.

"The ratings on SESA are constrained by the Chapter 11
bankruptcy status of its U.S.-based parent company Solutia Inc.,
with which SESA's business operations are closely interwoven,"
said Standard & Poor's credit analyst Alex Herbert.

"The ratings are also constrained by SESA's limited diversity of
operations, with a single product type of polyvinyl butyral; the
limited end-use for the manufacture of laminated glass for the
automotive and construction sectors; and the company's small
size.  SESA is also facing profitability pressures from high
competition and rising raw material costs."
     
The ratings on SESA are supported, however, by the company's
good market position as Europe's largest producer of polyvinyl
butyral.  The company also benefits from good sector growth
prospects and limited risks of product substitution.  The
company generates positive free cash flow and has modest
leverage following the expected sale of its pharmaceuticals
services business for about EUR50 million.
     
The developing outlook reflects the uncertainty with regard to
the potential financial risk profile of SESA, pending the
outcome of the Chapter 11 process of Solutia.  In the event that
Solutia successfully emerges from bankruptcy, there could be a
positive impact on the ratings or outlook, depending on the
credit profile and prospects of Solutia and SESA at that time.
If this plan is not approved or if there are legal or other
developments that have a negative impact on SESA, negative
rating pressure is likely to develop.
     

=============
F I N L A N D
=============


STROMSDAL OYJ: Raises EUR9.2 Million in Share Sale
--------------------------------------------------
Stromsdal Oyj has raised EUR9.2 million in a share sale to save
the company from filing for bankruptcy, Bloomberg News reports.

A total number of 11.6 million shares were subscribed for in the
directed share issues.  As a result of the share issues, the
share capital of the company increases with EUR6.9 million and a
total amount of EUR2.2 million will be allocated in the premium
fund.  

An amount of EUR7.1 million of the subscriptions was given in
cash whereas an amount of EUR2.1 million was given by way off
setting off existing receivables.  As a result of the share
issues, the precondition for the amendments of the company's
articles of association, the consolidation of the share series,
reduction of share capital, the directed issues and the
arrangements to be executed in connection therewith as set out
by the general meeting, i.e. that a total amount of 3.4 million
shares will be subscribed for in the share issues, was
fulfilled.

Subscriptions were given by a total of:

      * 22 institutional and professional investors;
      * four company shareholders;
      * all five owners of the old series A-shares; and
      * Juankosken Kehitysmasuuni Oy.

In accordance with the terms and conditions of the share issues,
the subscription price with respect to the Institution Issue,
Investor Issue and Conversion Issue was EUR0.80 per share, and
with respect to the Compensation Issue EUR0.64 per share.

In connection with the arrangements relating to the share
issues, an agreement was made to convert loans in the amount of
EUR1.5 million into convertible loans.  This loan will be
converted into shares of Stromsdal.  The taking of the
convertible loan requires an approval by the company's general
meeting expected to be convened in August or September.

The payment time for the subscriptions ended on Monday July 24
after which the company will file the increase of the share
capital with the trade register and apply for the new shares to
be taken into public trading alongside the old shares.  The new
shares may be taken into public trading within one day of the
registration of the increase of the share capital in the trade
register, i.e. at the earliest on July 26.

The company disclosed on July 7 that it has agreed with its main
financiers about an additional temporary working capital
financing of EUR1.5 million.  Negotiations about the larger
financing package are continuing.

The main use of the larger financial package collected through
the share issues is the implementation of the investments
related to the turn-around program.  The Ministry of Trade and
Industry has already granted an investment aid of EUR1.5 million
for the same purpose.

As reported in TCR-Europe on June 20, the company's management
believes that the working capital of the Company is sufficient
to fulfill the estimated needs for the next 12 months, provided
that the share issues are successful at the minimum level and
the agreement with the main financiers is therefore effective.  
The proceeds from the share issues will be used mainly for
investments.

Headquartered in Juankoski, Finland, Stromsdal Oyj --
http://www.stromsdal.fi/-- develops and manufactures graphical   
board to paper merchants, printers, publishers and producers of
cartons and packages.  Graphical board is used in greeting cards
and postcards, posters, folders, and in covers of books,
different publications and catalogues.  Stromsdal also produces
board for luxury packaging, which includes the consumer packages
of liquor, cosmetics, chocolate and pharmaceutical.  Its
subsidiaries include Juantehtaan Ymparisto Oy and Stromsdal UK
Ltd.  Juantehtaan Ymparisto owns and leases industrial real
estates and land areas.  Stromsdal UK Ltd. (registered in
Blackburn) is a sales company in charge of selling the parent
company's products in the UK and Ireland.

The company posted three consecutive annual net losses with
EUR1.9 million in 2005, EUR4.8 million in 2004 and EUR1.1
million in 2003.

The company blamed low profitability of its major investments
made in 2003 and losses from the pulp hedging for its tight
liquidity.


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


EASTMAN KODAK: Can Sue Wachovia Over US$8-Mln Loan, Court Rules
---------------------------------------------------------------
The Eleventh U.S. Circuit Court of Appeals in Atlanta, Georgia,
entered an order allowing Eastman Kodak Co. to sue Wachovia
Corp. over an US$8 million loan to Wolf Camera Inc., Laurence
Viele Davidson writes for Bloomberg News.  

According to the report, Kodak agreed to provide Wolf with a
US$63 million financing to keep it afloat before and after its
2001 bankruptcy, US$8 million of which Wolf used to pay down a
Wachovia loan.  Kodak now wants that money back, saying it might
have been defrauded by Wolf, Bloomberg relates.

The order reverses a 2003 federal-court ruling legally barring
Kodak from raising its claim because Wolf had exited bankruptcy,
Bloomberg says.

The case is Eastman Kodak v. Atlanta Retail, Inc. f.k.a.
Wolf Camera etc. and Wachovia Bank, no. 05-12327, 11th U.S.
Circuit Court of Appeals (Atlanta).

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging   
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

                         *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch downgraded Eastman Kodak's Issuer Default Rating to 'B'
from 'BB-' and the company's senior unsecured debt to 'B-' from
'B+' on May 16, 2006.  The Outlook remains Negative. The ratings
reflected Fitch's growing concern regarding EK's ability to
generate profitable organic digital revenue growth and
sufficient free cash flow to offset continual declines in the
company's traditional business.

As reported in the Troubled Company Reporter on May 9, 2006,
Moody's Investors Service placed the ratings of the Eastman
Kodak Company on review for possible downgrade.  Ratings placed
on Review for Possible Downgrade included the Company's
Corporate Family Rating at B1; Senior Unsecured Rating at B2;
and Senior Secured Credit Facilities at Ba3.


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


AUTOHAUS AFFLERBACH: Claims Registration Ends August 16
-------------------------------------------------------
Creditors of Autohaus Afflerbach GmbH & Co. KG have until
Aug. 16 to register their claims with court-appointed
provisional administrator Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Aug. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against Autohaus Afflerbach GmbH & Co. KG on July 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Afflerbach GmbH & Co. KG
         Attn: Helmut Afflerbach, Manager
         Johanniskirchstrasse 102
         45329 Essen, Germany

The administrator can be contacted at:

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


BBE FENSTERWERK: Claims Registration Ends August 18
---------------------------------------------------
Creditors of BBE Fensterwerk GmbH have until Aug. 18 to register
their claims with court-appointed provisional administrator
Friedrich Seggebruch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against BBE Fensterwerk GmbH on June 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         BBE Fensterwerk GmbH
         Brielower Road 46
         14770 Brandenburg, Germany

The administrator can be contacted at:

         Dr. Friedrich Seggebruch
         Damaschekstrasse 21
         10711 Berlin, Germany


KABEL BW: Moody's Withdraws B2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service withdrew the B2 corporate family
rating of Kabel BW Holdings GmbH following the company's
repayment of its EUR170 million senior subordinated bonds due
2015.  

The ratings were put on review for downgrade on June 12
following the announcement of a secondary buy-out by EQT Partner
and implementation of a new capital structure.

Based in Germany, KBW is a Level 3 cable television provider in
Germany located in the federal region of Baden-Wurttemberg.  In
Q1 2006, the company reported revenues of approximately
EUR71.9 million.


KF FLEISCHER: Claims Registration Ends August 18
------------------------------------------------
Creditors of Kf Fleischer-Fachgeschaft Koch GmbH have until
Aug. 18 to register their claims with court-appointed
provisional administrator Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 28 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Room W 1.24A
         1. Stick
         William Route 21
         53111 Bonn, Germany      
      
The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Sept. 29 at the same
venue.

The District Court of Bonn opened bankruptcy proceedings against
Kf Fleischer-Fachgeschaft Koch GmbH on June 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Kf Fleischer-Fachgeschaft Koch GmbH
         Attn: Dieter Mundhenk, Manager        
         Siegener Str. 35
         51580 Reichshof, Germany

The administrator can be contacted at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen-Ruenderoth, Germany  
         Tel: 02263/9039-0
         Fax: 02263/9039-10


KREBS BAU: Claims Registration Ends August 18
---------------------------------------------
Creditors of Krebs Bau GmbH have until Aug. 18 to register their
claims with court-appointed provisional administrator Berthold
Riering.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Sept. 21 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 Itzehoe
         Hall 2
         Itzehoe, 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 Itzehoe opened bankruptcy proceedings
against Krebs Bau GmbH on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Krebs Bau GmbH
         Heideweg 8
         25578 Dageling, Germany
         
The administrator can be contacted at:

         Dr. Berthold Riering
         Osdorfer Highway 230
         22549 Hamburg, Germany  


MONFORTS VERWALTUNGSGESELLSCHAFT: Sets Aug. 18 Claims Bar Date
--------------------------------------------------------------
Creditors of Monforts Verwaltungsgesellschaft mbH have until
Aug. 18 to register their claims with court-appointed
provisional administrator Paul Fink.

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

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy
proceedings against Monforts Verwaltungsgesellschaft mbH on
July 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Monforts Verwaltungsgesellschaft mbH
         Schwalmstrasse 301
         41238 Moenchengladbach, Germany

         Attn: Dr. Friedrich Trautwein, Manager
         Darmstaedter Road 1
         50678 Cologne, Germany

         Bernd Rohland, Manager
         Gervasiusstrasse 3
         53332 Bornheim, Germany

The administrator can be contacted at:

         Dr. Paul Fink
         Rheinort 1
         40213 Duesseldorf, Germany  


NAPPO DR. HELLE: Creditors' Meeting Slated for August 18
--------------------------------------------------------
The court-appointed provisional administrator for Nappo Dr.
Helle & Co. GmbH & Co. Kommanditgesellschaft, Eberhard Stock,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:06 a.m. on Aug. 18.

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

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany

The Court will also verify the claims set out in the
administrator's report at 10:30 a.m. on Oct. 20 at the same
venue.

Creditors have until Aug. 18 to register their claims with the
court-appointed provisional administrator.

The District Court of Krefeld opened bankruptcy proceedings
against Nappo Dr. Helle & Co. GmbH & Co. Kommanditgesellschaft
on July 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Nappo Dr. Helle & Co. GmbH & Co. Kommanditgesellschaft
         Attn: Berndt Bleser, Manager
         Oppumer Str. 42
         47799 Krefeld, Germany

The administrator can be reached at:

         Eberhard Stock
         William Yard Avenue 75
         47800 Krefeld, Germany


NEW LIVE: Claims Registration Ends August 21
--------------------------------------------
Creditors of NEW LIVE GmbH have until Aug. 21 to register their
claims with court-appointed provisional administrator Rolf
Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:50 p.m. on Sept. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against NEW LIVE GmbH on June 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         NEW LIVE GmbH
         Urbanusstr. 34a
         45894 Gelsenkirchen-Buer, Germany

         Attn: Birgit Raab, Manager
         Urbanusstr. 34a
         45894 Gelsenkirchen, Germany

The administrator can be contacted at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen, Germany  
         Tel: 0201/437760
         Fax: 02014377620


OEHMKE GESELLSCHAFT: Claims Registration Ends August 18
-------------------------------------------------------
Creditors of Oehmke Gesellschaft fuer Gastronomie- und
Veranstaltungsformate GmbH have until Aug. 18 to register their
claims with court-appointed provisional administrator Wilhelm
Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:31 a.m. on Aug. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, 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 Krefeld opened bankruptcy proceedings
against Oehmke Gesellschaft fuer Gastronomie- und
Veranstaltungsformate GmbH on May 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Oehmke Gesellschaft fuer Gastronomie-
         und Veranstaltungsformate GmbH
         Heinrich-Haanen-Road 17
         41334 Nettetal, Germany

         Attn: Frank Steffen Oehmke, Manager
         Geldrischer Way 1
         41334 Nettetal, Germany

The administrator can be contacted at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld, Germany  


STEFAN KOHNERT: Claims Registration Ends August 22
--------------------------------------------------
Creditors of Stefan Kohnert Metallbau GmbH have until Aug. 22 to
register their claims with court-appointed provisional
administrator Cornelia Monert.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 12 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 Stefan Kohnert Metallbau GmbH on June 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Stefan Kohnert Metallbau GmbH
         Milser Road 37
         33729 Bielefeld, Germany

         Attn: Stefan Kohnert, Manager
         Jokerweg 16
         33729 Bielefeld, Germany

The administrator can be contacted at:

         Cornelia Monert
         Lise-Meitner-Road 13
         33605 Bielefeld, Germany  


VOLKSWAGEN AG: German Prosecutors Probe Bribery Scandal
-------------------------------------------------------
German prosecutors are probing into an alleged bribery scam
between carmaker Volkswagen AG and French car parts supplier
Faurecia SA, The Wall Street Journal reports.

Prosecutors suspect Faurecia, a unit of PSA Peugeot Citroen
S.A., of paying as much as EUR800,000 in bribes to VW's
purchasing managers to secure delivery contracts since 1998, WSJ
relates.  The prosecutors are investigating around 20 VW
employees and have secured the arrest of two Faurecia managers
and a staff of VW unit Audi.  One of the managers was released
after a "comprehensive confession," prosecutors told WSJ.

According to the report, the carmaker has confirmed that its
transactions with Faurecia are currently under probe and has
pledged cooperation.  Pierre Levi, Faurecia Chairman and Chief
Executive, said his group "is cooperating fully with the German
legal authorities."

WSJ said the probe into VW and Faurecia gives rise to
possibility of corruption at a German carmaker.  A separate
probe has been launched against VW, this time into allegations
that two former executives set up bogus companies in other
countries to defraud local authorities seeking business with the
carmaker.  A probe has also been launched into whether VW
managers and works council members received illegal privileges,
which includes lush foreign trips paid for by the company, WSJ
says.

Meanwhile, carmakers BMW AG, DaimlerChrysler AG, General Motors
Corp.'s Adam Opel AG and Ford Motor Co.'s German unit have
denied involvement in the case.

                         About Faurecia

Headquartered in Nanterre, France, Faurecia S.A. --
http://www.faurecia.com/-- is one of Europe's largest  
automotive seat makers.  Faurecia also manufactures exhaust
systems, vehicle interiors, and front-end systems for cars.  It
has supply contracts with the Chrysler division of
DaimlerChrysler and owns Faurecia Exhaust Systems, a top exhaust
system maker in the US.

                        About Volkswagen

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

                        *     *     *

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

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

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

As reported in TCR-Europe on July 18, VW has scheduled 4,000 to
6,000 job layoffs in its Brazilian plants through 2008.  It has
five factories in Brazil with about 21,000 workers.


ZIPACK DIRECT: Claims Registration Ends August 21
-------------------------------------------------
Creditors of ZIPACK direct Handels-GmbH have until Aug. 21 to
register their claims with court-appointed provisional
administrator Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 11 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 ZIPACK direct Handels-GmbH on June 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         ZIPACK direct Handels-GmbH
         Attn: Winfried Banse, Manager
         Plan 15
         15831 Diedersdorf, Germany

The administrator can be contacted at:

         Bernd Depping
         Roonstr. 39
         33615 Bielefeld, Germany  


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


BANCA UBAE: Fitch Affirms Issuer Default Rating at BB+
------------------------------------------------------
Fitch Ratings affirmed Banca UBAE's ratings at Issuer Default
BB+ with a Stable Outlook, Short-term B, Individual C/D and
Support 5.

The IDR, Short-term and Individual ratings reflect UBAE's core
trade finance activities in a niche market, low market risk and
adequate capitalization.  They also take account of its modest
but improving profitability and its sensitivity to political
changes in its key markets.  The bank's size and the moderate
profitability inherent to its core activity constrain upward
rating potential.

UBAE is a provider of specialized short-term trade finance to
Mediterranean Arab markets, with a leading market share in
payments services related to oil trading between Libya and
Italy.

In accordance with its owners - its largest shareholder is the
state-owned Libyan Foreign Bank with 49.9% - UBAE has been
restructuring its activities since 2005 with the aim of raising
its profitability by entering new markets such as the Gulf
States, Russia, Ukraine, Kazakhstan and Sudan, diversifying its
product range and generating higher returns on its securities
portfolio.  To offset the higher risks inherent in its strategy,
it has introduced more effective controls and modernized its
organization and corporate governance.

In 2005 UBAE's operating profit more than doubled to EUR20
million following the development of new revenue sources.  In
particular, the bank has invested funds deposited by its main
shareholder in higher-yielding securities and interbank
placements.  This should allow it to underpin its interest
spreads, but it is also likely to result in slightly higher
credit and market risks.

Revenues from Libyan oil business are still significant.  UBAE
is exposed to important political risks in its core region,
which includes Lebanon and Iran but its expertise and close
contacts in the region should help it to exploit new business
opportunities.

UBAE's credit risk in its trade finance business is moderate.
The short-term nature of its assets and their high turnover
explain the relatively small size of its balance sheet.  As
noted above, the bank's significant exposure to emerging markets
is mitigated by the strength of its contacts and certain of its
counterparties, its knowledge base within the various countries,
as well as by the short-term interbank nature of exposures.
Despite the small and decreasing size of its loan book, UBAE's
exposure to Italian small and medium-sized enterprises still
remains a negative risk factor.

Market risk is small but increasing.  Since 2005 UBAE has set up
an independent risk management unit and introduced more
sophisticated tools, which should help the bank to offset the
higher market risk taken.  The bank has adequate capital ratios;
internal capital generation is improving but still weak.


PARMALAT SPA: Administrator Optimistic on 2007 Financial Goals
--------------------------------------------------------------
Dr. Enrico Bondi, extraordinary administrator of Parmalat
Finanziaria S.p.A. and certain of its affiliates and CEO of
Reorganized Parmalat, is confident that Parmalat can reach and
exceed financial targets it has set for 2007, AFX Limited News
reports, citing Il Sole 24 Ore newspaper.

Dr. Bondi, however, is not positive on Parmalat's winning a suit
against various banks.  Parmalat must proceed with caution, even
if the hope of winning the claims is more than legitimate, Dr.
Bondi told Il Sole.  

Dr. Bondi also added that Parmalat can become a "center for
mergers" in the Italian food industry, AFX News says.

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.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than $200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.  

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: Canadian Unit Completes C$450 Million Refinancing
---------------------------------------------------------------
Parmalat Dairy & Bakery Inc., the Canadian subsidiary of
Parmalat S.p.A., successfully completed on July 11 the
refinancing of its debt through a five-year syndicated loan for
C$450,000,000 (approximately EUR318 million) as well as a
revolving line of credit for C$100,000,000 (approximately
EUR71 million).

The "Lead Arrangers" for the transaction are the Bank of
Nova Scotia and BNP Paribas.  The latter is also the
"Syndication Agent.  The refinancing does not include the
"participation notes" for approximately EUR43,000,000.

The debt of the Canadian Subsidiary represents over 47% of the
total gross consolidated debt of the Group.

The refinancing has returned the company to market conditions,
without the issuance of guarantees by Parmalat S.p.A., but with
real guarantees exclusively on the part of the subsidiary PDBI.  
The amortization schedule has a five-year term with a residual
at the end of such period of 75% of the principal and the
possibility of early repayment without penalties.

"Our current strong financial performance and business
outlook provide us with the opportunity to now move to more
competitive terms and conditions," said Nash Lakha, President
and CEO, Parmalat Dairy & Bakery Inc.  "This refinancing
provides the company with a continued stable capital structure
and the financial resources necessary to drive our business
forward for the benefit of our customers, suppliers, employees
and shareholders."

                       About Parmalat Canada

With over 120 years of brand heritage in the Canadian food and
dairy industry, Parmalat Canada is committed to the health and
wellness of Canadians and markets a variety of high-quality
food products that help them keep balance in their lives.  
Parmalat Canada produces milk, dairy products and ingredients,
fruit juices, cultured products, cheese products and table
spreads with such respected brands as Beatrice(R), Lactantia(R),
Astro(R), Black Diamond(R), and Balderson(R).

Its employees' continued commitment to quality and innovation
has helped Parmalat Canada become one of the largest, most-
dynamic food group companies in Canada, employing more than
2,900 people with 19 operating facilities across the country.

                          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.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than $200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.  

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


ALFA UNISERVIS: Creditors Must File Claims by Aug. 18
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Alfa Uniservis Ltd. insolvent.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktobe Region
         Altynsarina Str. 31
         Aktobe
         Aktobe Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


KAZKOMSTROIKOM: Creditors Must File Claims by Aug. 18
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Kazkomstroikom insolvent.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         L. Tolstogo Str. 59
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 50-35-81


KONKOR: Creditors Must File Claims by Aug. 18
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Konkor insolvent on May 24.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 20
         K. Libknehta Str. 21
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-00-26


KONTEHPROM: Proof of Claim Deadline Slated for Aug. 18
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Kontehprom insolvent on May 24.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 20
         K. Libknehta Str. 21
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-00-26


MAHOVIK: Proof of Claim Deadline Slated for Aug. 18
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Mahovik insolvent on May 25.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 20
         K. Libknehta Str. 21
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-00-26


MUNAI KAZYNA: Mangistau Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Munai
Kazyna.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


TALAP: Claims Registration Ends Aug. 18
---------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Talap insolvent on May 24.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Micro District 4, 27-316
         Astana, Kazakhstan  
         Tel: 8 (3172) 35-41-17


TYAJEKSKAVASIA: Aktobe Court Begins Bankruptcy Process
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
commenced bankruptcy proceedings against JSC Tyajekskavasia on
June 5.


VOSTOK LES: Claims Registration Ends Aug. 18
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Vostok Les Stroi insolvent on May 25.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 20
         K. Libknehta Str. 21
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-00-26


ZAPKAZSERVISKOMPLEKT: Creditors' Claims Due Aug. 18
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Zapkazserviskomplekt insolvent.

Creditors have until Aug. 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktobe Region
         Altynsarina Str. 31
         Aktobe
         Aktobe Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


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


CHUI BISHKEK: Public Auction Scheduled for Aug. 15
--------------------------------------------------
The Chui-Bishkek-Talas Territorial Department of the State
Committee on State Property of the Kyrgyz Republic will auction
its properties at 11:00 a.m. on Aug. 15 at:

         5th Floor
         Moskovskaya Str. 172
         Bishkek, Kyrgyzstan

The assets for sale are:

   -- Lot 1: building of the former State Taxation Inspection in
Kemin.  Starting price is KGS104,000.
  
   -- Lot 2: utility constructions of the former State Taxation
Inspection in Kemin.  Starting price is KGS52,900.

Participants have until Aug. 14 to submit their bids and
necessary documents at:

         Room 1
         5th Floor
         Moskovskaya Str. 172
         Bishkek, Kyrgyzstan

and deposit an amount equivalent to 10% of the starting price
to:

         OJSC Settlement and Saving Company
         Treasure Department of Lenin district
    Account No. 8504172080101005/205802605
         MFO 129001.

Inquiries can be addressed to: (+996 312) 21-87-34.


ROSAVTOKOMPLEKT: Creditors' Claims Due Sept. 6
----------------------------------------------
LLC Rosavtokomplekt has declared insolvency.  Creditors have
until Sept. 6 to submit written proofs of claim to:

         LLC Rosavtokomplekt
         Chui Ave. 147
         Bishkek, Kyrgyzstan


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


MAZEIKIU NAFTA: Faces Gradual Decline in Crude Oil Deliveries
-------------------------------------------------------------
Mazeikiu Nafta AB's crude oil deliveries from Russia fell from
42,000 tons of crude per day to 38,000 tons in the beginning of
July to 32,000 tons by mid-month of July, The Baltic Times says.

According to the report, the gradual decline of crude oil
delivery to the refinery began when Yukos Oil Co. sold its
majority stake of Mazeikiu to Poland's oil concern PKN Orlen
S.A.  Lithuania's approval of the sale alarmed both public and
private officials for they believed that PKN Orlen has no crude
oil production capabilities, the Times relates.

Mazeikiu Nafta's communication director Giedrius Karsokas
disclosed that the refinery was implementing its plans to
process 8.6 million tons per year.

Dawid Piekarz, a PKN Orlen representative, declined to comment
on the fall in deliveries until the transaction of Mazekiu
Nafta's purchase is finalized.  Mr. Piekarz believed that the
Lithuanian oil complex should get enough crude in the third
quarter based on the data available to him.

As reported in TCR-Europe on June 5, the Lithuanian Parliament
approved the sale of the state's 30.66% stake in Mazeikiu Nafta
to PKN Orlen, Poland's largest oil refiner for US$851.8 million.

Under the agreement, Lithuania will get to keep a 10% stake in
Mazeikiu and will have a five-year option to put those shares to
PKN Orlen, where the offered price for the projects is to
decrease from US$284 million to US$278 million after three
years.

Yukos Oil and PKN Orlen executed a share sale and purchase
agreement wherein Yukos will sell 53.7% of its stake in Mazeikiu
to Orlen for US$1.49 billion.  The agreement, signed on May 26,
came a day after the U.S. Bankruptcy Court for the Southern
District of New York lifted an order barring Yukos from selling
its controlling stake in the Lithuanian oil refinery.

Once the closing conditions are satisfied, the simultaneous
closing of both transactions is expected in the first quarter of
2007.  The next step will be the calling by PKN Orlen for a
mandatory tender offer for 5.76% shares of Mazeikiu Nafta, which
is quoted on the Vilnius Stock Exchange.

According to Bloomberg, Mazeikiu, the Baltic states' only oil
refiner, accounts for a fifth of Lithuanian economy.

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en-- is an integrated downstream oil company  
that comprises in one complex pipeline operations, oil refining,
marine terminal operations, and logistics of crude oil and
refined products.

                        *     *     *

As reported in TCR-Europe on July 25, 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.


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


DISTINCT EUROPE: Fitch Assigns BB+ Bond Fund Credit Rating
----------------------------------------------------------
Fitch Ratings assigned a bond fund credit rating of BB+ and
volatility rating of V6 to the portfolio of assets of DISTINCT
(Diversified Stable Income Credit) Europe BV actively managed by
NIBC Credit Management.

DISTINCT's portfolio has high diversification standards and is
totally hedged against interest rate and currency risks through
futures, interest-rate and currency swaps.  It can also be
moderately leveraged through credit derivatives, margin
financing with the prime broker and repurchase agreements with
highly rated credit counterparties.  All securities and
transactions relate to European issuers and assets.

The BB+ fund bond credit rating on DISTINCT reflects its overall
credit quality, large proportion of senior secured obligations -
a segment of the credit market that is characterized by
historically good recovery rates - and the diversification of
its assets.  The rating also reflects the controls and limits
applied by NCM and the experience of the investment management
team.

This portfolio of assets constitutes the sole assets of a Dutch-
registered company that issues debt through a medium-term note
program.  The portfolio invests in a broad range of corporate
credits predominantly in the 'BB to BB rating range, structured
finance securities and senior secured leveraged loans, primarily
connected to leveraged buy-outs.

Fitch fund credit ratings are an assessment of the overall
credit quality of a fund's portfolio.  The ratings, which map
the same scale as international Long-term credit ratings, are
based on an evaluation of several factors including the credit
quality and diversification of assets in the portfolio,
management strength, and operational capabilities.

Fitch fund volatility ratings are expressed on a scale of V1+
through V10.  Funds rated V6 are considered to be exposed to
moderate to high market risk.  Total returns can prove volatile
under stressed market conditions.

Established in 2003 to manage money for third parties, NCM is a
subsidiary of the Dutch merchant bank NIBC Bank N.V., and
employs over 40 experienced professionals; senior staffs have
between 10 to 20 years of credit experience.  A fixed-income
investment manager specializing in global structured credits and
European single-name credits, NCM operates out of three
locations: The Hague, London and Greenwich (US).  As of end-June
2006, NCM managed assets under management in excess of EUR9.5
billion, over EUR5.4 billion of which took the form of six CDOs.
The remainder consisted of management of NIBC's bank books and
DISTINCT.


KONINKLIJKE AHOLD: Retains Royal Designation from Dutch Queen
-------------------------------------------------------------
The Dutch Government Information Service disclosed that Her
Majesty Queen Beatrix has decided to sustain Koninklijke Ahold
N.V.'s royal status.

Based on the advice of the Dutch Minister of Economic Affairs,
Her Majesty the Queen has decided to sustain Ahold's royal
status.  It has become apparent that the company has undertaken
sufficient measures to prevent repetition of the accounting
irregularities and to restore its reputation.  This was a
precondition to retaining the royal designation.

On Dec. 12, 2005, Royal Ahold gave account of the measures the
company has undertaken.  The Minister of Economic Affairs
assessed the information provided and took advice where
appropriate from the Justice Minister, the State Secretary for
Financial Affairs and the Association of Dutch Stockholders.  
Based on this advice, he reached the conclusion that there were
no grounds for withdrawing Ahold's royal designation.

The Queen is entitled to grant royal status to a company,
association or institution.  In its Royal Order Nr. 9, issued on
Dec. 8, 2004, published in the State Gazette on Dec. 13, 2004,
regulations were announced by which royal designations can be
withdrawn.  The right to bear a royal designation can be
withdrawn if the duly authorized party has tarnished its
reputation.

                           About Ahold

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

                        *     *     *

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


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


AKER KVAERNER: Inks US$44-Mln Deal with Frigstad Discoverer
-----------------------------------------------------------
Frigstad Discoverer Invest Ltd. has awarded Aker Kvaerner a
contract for delivery of Clip Connector Marine Drilling Risers.
The total contract value for Aker Kvaerner is approximately
US$44 million.

The order is for delivery of one off-3000 meter Clip Connector
Marine Drilling Riser, with an option for additional length.  
This will be Aker Kvaerner Subsea's first marine drilling riser
contract in the Asian market.  The contract includes purchase
and installation of buoyancy elements to the riser.

The contract will be executed out of Aker Kvaerner's office at
Lysaker, Norway and the riser will be fabricated in Aker
Kvaerner's new plant for assembly and testing of marine drilling
risers in Port Klang, Malaysia.

The project will start up immediately and is scheduled to be
completed January 2009.

                       About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AKER KVAERNER: Wins NOK2 Billion Deal on Statoil Platforms
----------------------------------------------------------
Statoil released two-year options for maintenance and
modification work on its Norwegian offshore installations in the
Tampen area to Aker Kvaerner Offshore Partner AS, and on the
Halten/Nordland area to Aker Reinertsen AS.

The contract value is NOK2 billion and NOK800 million
respectively on the options until 2009.

The original contract for maintenance and modification work on
all Tampen and Halten/Nordland platforms was awarded in 2002
with expiry in February 2007.  Options for continuation of the
work in three periods, each of which are two years in length,
were included in the contracts.  It is the first of these
options which is now released.

Aker Kvaerner Offshore Partner and Reinertsen own Aker
Reinertsen equally.  The company is located in Trondheim and
perform all maintenance and modification work on the platforms
at the Halten/Nordland area.

"A close and good relationship with our contractors within
maintenance and modification work is of great importance to
Statoil," Terje Overvik, Statoil's Executive Vice President,
said.  "Our experience with efficiency and safety in the work
performed is very good."  

                       About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


FALCONBRIDGE LTD: Board Reaffirms Support for Inco Merger Offer
---------------------------------------------------------------
The Board of Directors of Falconbridge Limited reaffirmed its
unanimous support for an Inco Ltd. merger.  As previously
reported, the Inco offer is set at CDN$18.50 cash per share and
0.55676 of an Inco share per Falconbridge share, assuming full
pro-ration.  

Excluding the recently-announced special dividend of CDN$0.75
per common share, the implied value of the Inco offer was
CDN$64.40 at close of business on Monday, July 24, 2006, while
Falconbridge shares were trading at CDN$62.45, ex-dividend, or a
premium of CDN$1.95.  The shareholders of Falconbridge have
until midnight, Vancouver time on July 27, 2006, to tender their
shares to the Inco offer.

The Board reaffirmed its recommendation in the context of its
review of Xstrata plc's revised offer of CDN$62.50 in cash per
Falconbridge share.  The Xstrata offer, currently expiring on
Aug. 14, 2006, remains subject to approvals by Investment Canada
and Xstrata shareholders.

"After reviewing the financial and legal aspects of the two
offers, the market fundamentals for both nickel and copper and
the recent performance of the Inco and Falconbridge share
prices, the Falconbridge Board has reaffirmed its conclusion
that the Inco offer is more attractive for the shareholders of
Falconbridge," said Derek Pannell, Falconbridge's Chief
Executive Officer.  "Our view is that combining with Inco
creates an unrivalled base-metals mining company with tremendous
potential for value creation.

"One of the primary reasons for the Falconbridge Board
reaffirming this recommendation is the forecast of extremely
solid market fundamentals, especially for nickel and copper,
which will continue to underpin a very positive metals pricing
environment.  Against this backdrop, both Inco and Falconbridge
have delivered and are expected to continue to deliver
outstanding short- and medium-term earnings.  The $550-million
of synergies that can be realized from the combination of Inco
and Falconbridge are unique to these two companies and will
provide a further positive impact.  Conversely, Xstrata's all-
cash offer will not allow Falconbridge shareholders to
participate in this future earnings potential.

"In addition, Inco has received all requisite regulatory
approvals.  This provides a higher completion certainty."

Inco and Falconbridge reported record-breaking financial results
for the second quarter of 2006, with net earnings in accordance
with Canadian generally accepted accounting principles of
$472 million and net earnings of $728 million.

Finally, assuming completion of the proposed Phelps Dodge offer
to Inco, former Falconbridge shareholders would receive a
further premium, including additional cash.

                           About Inco

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

                       About Falconbridge

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

                        *    *    *

As reported in TCR-Europe on July 21, Standard & Poor's Ratings
Services revised the CreditWatch implications on Inco Ltd. and
Falconbridge Ltd. to developing from positive after Phelps Dodge
Corp. (BBB/Watch Neg/A-2) announced an increase in the debt-
financed cash consideration for the two companies.  CreditWatch
with developing implications means the ratings may be raised,
lowered, or affirmed.

Falconbridge's CDN$119.7 Million Cumulative Preferred Shares
Series 2 carries S&P's BB rating.  That rating was assigned on
Nov. 21, 2001.  

Falconbridge's CDN$150 Million Preferred Shares Series H also
carries S&P's BB rating.  That rating was assigned on Mar. 5,
2003.


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


ACHINSKOYE CARGO 1: Court Names E. Katser as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. E.
Katser as Insolvency Manager for OJSC Achinskoye Cargo Auto-
Transport Enterprise 1.  He can be reached at:

         E. Katser
         Post User Box 12161
         660041 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A33-6319/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Achinskoye Cargo Auto-Transport Enterprise 1
         Dzerzhinskogo Str. 36.
         Achinsk
         662100 Krasnoyarsk Region
         Russia


ATOM RESOURCE: Court Names M. Vasilega as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for CJSC Centre Atom Resource (TIN
7714266601).  He can be reached at:

         M. Vasilega
         Post User Box 100
         105318 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A40-14209/06-86-51B.

The Debtor can be reached at:

         CJSC Centre Atom Resource
         5th Magistralnaya Str. 5
         Moscow Region
         Russia


BOLSHEMURASHKINSKAYA SEL-KHOZ-KHIMIYA: Succumbs to Bankruptcy
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
A. Kirichek as Insolvency Manager for OJSC Bolshemurashkinskaya
Sel-Khoz-Khimiya (TIN 5204000921).  He can be reached at:

         A. Kirichek
         Post User Box 246
         Main Post Office
         603000 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A43-10709/2005-44-234.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Bolshemurashkinskaya Sel-Khoz-Khimiya
         Fabrichnaya Str. 9
         Bolshoye Murashkino
         606360 Nizhniy Novgorod Region
         Russia


ELETSKAYA CONFECTIONARY: Court Names S. Maslova to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Ms. S. Maslova
as Insolvency Manager for OJSC Eletskaya Confectionary.  She can
be reached at:

         S. Maslova
         Office 120
         Studenovskaya Str. 45
         398020 Lipetsk Region Russia
         Tel/Fax: (4742) 42-24-78.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-4029/2005.

The Debtor can be reached at:

         OJSC Eletskaya Confectionary
         Krotevicha Str. 39
         Elets
         Lipetsk Region
         Russia


INVEST-SIB-COAL: Court Names G. Tretyak as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. G.
Tretyak as Insolvency Manager for OJSC Invest-Sib-Coal.  He can
be reached at:

         G. Tretyak
         Room 212
         Pionerskiy Avenue 4A
         650054 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-42615/2005-4.

The Debtor can be reached at:

         OJSC Invest-Sib-Coal
         Room 502.
         N. Ostrovskogo Str. 32
         650099 Kemerovo Region
         Russia


MAGNITOSTROY: Bankruptcy Hearing Slated for Oct. 3
--------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene on
Oct. 3 to hear the bankruptcy supervision procedure on OJSC
Magnitostroy (TIN 7414000992).  The case is docketed under Case
No. A76-5888/2006-48-20.

The Temporary Insolvency Manager is:

         S. Kurbyko
         Engelsa Str. 36a
         454080 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Magnitostroy
         Gagarina Str. 50.
         Magnitogorsk
         454025 Chelyabinsk Region
         Russia


MAYKOPSKIY: Court Names S. Ashinov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Adygeya Republic appointed Mr. S.
Ashinov as Insolvency Manager for OJSC Brewery Maykopskiy.  He
can be reached at:

         S. Ashinov
         Maykop, Gogolya Str. 2.
         385000 Adygeya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-01-B-744-2005-1.

The Debtor can be reached at:

         OJSC Brewery Maykopskiy
         Gogolya Str. 2.
         Maykop
         385000 Adygeya Republic
         Russia


PRISTENSKIY BUTTER: Court Names N. Krasilnikov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. N.
Krasilnikov as Insolvency Manager for OJSC Pristenskiy Butter
Factory.  He can be reached at:

         N. Krasilnikov
         Post User Box 129
         305000 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-5723/05 g.

The Debtor can be reached at:

         OJSC Pristenskiy Butter Factory
         Vostochnaya Str. 38
         Pristen
         Pristenskiy Region
         Kursk Region
         Russia


RED STAR: Court Commences Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Ulyanovsk Region has commenced
bankruptcy supervision procedure on CJSC Red Star.  The case is
docketed under Case No. A72-12736/05-20/21-b.

The Temporary Insolvency Manager is:

         M. Pinkov
         Post User Box 5029
         432048 Ulyanovsk Region
         Russia

The Debtor can be reached at:

         CJSC Red Star
         Staroye Matyushkino.
         Cherdaklinskiy Region
         433404 Ulyanovsk Region
         Russia


REGION-OIL-GAS: Court Names V. Kharitonov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. V.
Kharitonov as Insolvency Manager for LLC Region-Oil-Gas.  He can
be reached at:

         V. Kharitonov
         Post User Box 27644
         660125 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6557/2006.

The Debtor can be reached at:

         LLC Region-Oil-Gas
         Klyuchevaya Str. 23-2
         Oikha
         Kuraginskiy Region
         662939 Krasnoyarsk Region Russia


S.ORDZHONIKIDZE: Court Names A. Bersenev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. A.
Bersenev as Insolvency Manager for OJSC Kolchiginskiy Factory on
Nonferrous Machining Named After S.Ordzhonikidze.  He can be
reached at:

         A. Bersenev
         K. Marksa Str. 25.
         Kolchugino
         601785 Vladimir Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-14035/2004-K1-70B/11B.

The Debtor can be reached at:

         OJSC Kolchiginskiy Factory on Nonferrous Machining          
         Named After S.Ordzhonikidze
         K.Marksa Str. 25.
         Kolchugino
         601785 Vladimir Region
         Russia


TERSA: Volgograd Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Volgograd Region has commenced
bankruptcy supervision procedure on CJSC Tersa (TIN 3435002665).  
The case is docketed under Case No. A12-5785/06-16/7.

The Temporary Insolvency Manager is:

         V. Bashmakov  
         Post User Box 251.
         400005 Volgograd Region
         Russia

The Debtor can be reached at:

         CJSC Tersa
         Portovaya Str. 16/7
         Volzhskiy
         Volgograd Region
         Russia


TETYUSHSKOYE GRAIN: Court Names L. Safin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. L.
Safin as Insolvency Manager for OJSC Tetyushskoye Grain
Receiving Enterprise (TIN 1638001952).  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-29096/2005-SG4-35.

The Debtor can be reached at:

         OJSC Tetyushskoye Grain Receiving Enterprise
         Gorkogo Str. 41.
         Tetyushi
         422370 Tatarstan Republic
         Russia


TOLSKIY MAYDAN: Bankruptcy Hearing Slated for Oct. 17
-----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene on
Oct. 17 to hear the bankruptcy supervision procedure on OJSC
Tolskiy Maydan.  The case is docketed under Case No.
A43-6388/2006 33-109.

The Temporary Insolvency Manager is:

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

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Tolskiy Maydan
         Tolskiy maydan
         Lukoyanovskiy Region
         Nizhniy Novgorod Region
         Russia


=====================
S W I T Z E R L A N D
=====================


HCA INC: Inks US$33-Bln Merger Deal With Private Equity Group
-------------------------------------------------------------
HCA Inc. and Bain Capital, Kohlberg Kravis Roberts & Co., and
Merrill Lynch Global Private Equity executed a definitive merger
agreement under which affiliates of the private equity sponsors
and HCA Founder Dr. Thomas F. Frist, Jr., will acquire HCA in a
transaction valued at approximately US$33 billion, including the
assumption or repayment of approximately US$11.7 billion of
debt.

Under the terms of the agreement, HCA stockholders will receive
US$51 in cash for each share of HCA common stock they hold,
representing a premium of approximately 18% to HCA's closing
share price on July 18, 2006, the last trading day prior to
press reports of rumors regarding a potential acquisition of
HCA.

The board of directors of HCA, on the unanimous recommendation
of a special committee comprised entirely of disinterested
directors, has approved the merger agreement and has resolved to
recommend that HCA's stockholders adopt the agreement.

In the event the transaction closes, members of HCA's senior
management team have also agreed to reinvest a portion of their
HCA equity into the acquiring entity or an affiliate thereof.  
Dr. Thomas Frist, Jr., and certain related persons have reached
agreements to vote their shares in favor of the transaction.

"After careful analysis, the special committee and the board
have endorsed this transaction as being in the best interests of
our shareholders," Jack O. Bovender, Jr., HCA Chairman and CEO,
said.  "We are very pleased to have an experienced group of
investors who are committed to maintaining our company's culture
of a patients-first approach to high quality, compassionate
care.  They are also committed to the welfare of our colleagues
across the company who carry out that mission every day.  These
are the principles on which HCA was founded."

Pending the receipt of stockholder approval and expiration of
the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as well as satisfaction of other
customary closing conditions, the transaction is expected to be
completed in the fourth quarter of 2006.  The transaction will
be financed through a combination of equity contributed by the
private equity consortium, Dr. Thomas Frist, Jr., and members of
management, and debt financing that has been committed by Bank
of America, Citigroup Global Markets, JPMorgan, and Merrill
Lynch Capital Corporation, subject to customary conditions.

There is no financing condition to the obligations of the
private equity consortium to consummate the transaction.

Under the merger agreement, HCA may solicit superior proposals
from third parties during the next 50 days.  In accordance with
the agreement, the board of directors of HCA, through its
special committee and with the assistance of its independent
advisors, intends to actively solicit superior proposals during
this period.  HCA advises that there can be no assurance that
the solicitation of superior proposals will result in an
alternative transaction.  HCA does not intend to disclose
developments with respect to the solicitation process unless and
until its board of directors has made a decision.

"This is a truly landmark deal, and we are pleased to partner
with the management team led by Jack Bovender, Dr. Thomas Frist,
Jr. and our fellow equity sponsors," said Stephen Pagliuca, a
Managing Director at Bain Capital.  "HCA is the largest and most
sophisticated operator in the U.S. hospital industry, delivering
high quality and cost effective healthcare as well as a track
record of consistent growth.  We look forward to putting our
extensive healthcare experience to work in order to support
management in growing this outstanding company."

"HCA provides world class patient care on a unique scale in this
country and is an indispensable part of the communities it
serves," Michael Michelson, a member of KKR, stated.  "We are
delighted to be joining with HCA's talented management, Dr.
Thomas Frist, Jr., and our private equity partners to continue
to build the company's franchise of high quality clinical care.  
KKR's experienced healthcare team looks forward to providing
strong support for HCA's future growth, including continuing to
invest substantial capital in its facilities."

"This transaction will position the company to continue its
tradition of high-quality service provided with genuine caring,"
Dr. Thomas Frist, Jr. said.  "In addition, the transaction will
position the company and its employees for sustained future
success."

Credit Suisse Securities (USA) LLC and Morgan Stanley & Co.
Incorporated are acting as financial advisors to the special
committee.  Credit Suisse and Morgan Stanley have each delivered
a fairness opinion to the special committee.  Shearman &
Sterling LLP is acting as legal advisor for the special
committee and Bass Berry & Sims PLC is acting as legal advisor
for HCA.

Merrill Lynch & Co. acted as lead M&A advisor, and Banc of
America Securities LLC, Citigroup Global Markets, and JPMorgan
acted as M&A advisors, to the private equity consortium.  
Simpson Thacher & Bartlett LLP is acting as legal advisor to the
private equity consortium.

The transaction does not require the consent of the Company's
unsecured noteholders.  It is currently intended that
substantially all of the Company's 8.850% Medium Term Notes due
2007, 7.000% Notes due 2007, 7.250% Notes due 2008, 5.250% Notes
due 2008 and 5.500% Notes due 2009 (or an equivalent amount of
the Company's other existing notes) will either be tendered for
or repaid.  The transaction is not, however, conditioned upon
any such tender or repayment.  The Company's remaining unsecured
notes are expected to remain outstanding and will not be equally
and ratably secured with the new debt raised to finance the
transaction.

                       About Bain Capital

Bain Capital -- http://www.baincapital.com/-- is a private  
investment firm, with over 20 years of experience in management
buyouts, and offices in Boston, New York, London, Munich, Hong
Kong, Shanghai and Tokyo.

                            About KKR

KKR -- http://www.kkr.com/-- a private equity firms  
specializing in management buyouts, with offices in New York,
Menlo Park, California, London, Paris, Hong Kong and Tokyo.

            About Merrill Lynch Global Private Equity

Merrill Lynch Global Private Equity -- http://www.ml.com/-- is  
the private equity investment arm of Merrill Lynch & Co, Inc.

                             About HCA

Headquartered in Nashville, Tennessee, HCA (Hospital Corporation
of America) Inc. (NYSE: HCA) -- http://www.hcahealthcare.com/--  
provides healthcare services, composed of locally managed
facilities that include approximately 182 hospitals and 94
outpatient surgery centers in 22 states, England and
Switzerland.  At its founding in 1968, HCA was one of the
nation's first hospital companies.

                           *     *     *

As reported in the Troubled Company Reporter on May 29, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BB+' rating to HCA Inc.'s senior unsecured debt securities
registered as a Rule 415 shelf filing.  This filing falls under
the SEC's well-known seasoned issuer rules, which do not require
a dollar amount of securities issued.  The corporate credit
rating on HCA is 'BB+'.  S&P said the outlook is stable.


SAIRGROUP: Contestability Period Ends August 8
----------------------------------------------
Creditors of SAirlines and its debtor-affiliates have until
Aug. 8 to contest the company's claims schedule, which have been
drawn up in the debt restructuring proceeding with assignment of
assets concerning SAIrlines in debt restructuring liquidation.

Actions to contest the schedule of claims must be filed on or
before Aug. 8 to:

         The District Court Judge
         District Court of Zurich
         Wengisirasse 30
         PO Box
         8026 Zurich, Switzerland

The respective inventory and claims schedules are available for
creditors' inspection until Aug. 8 at:

         Karl Wuethrich, Co-Liquidator
         Attorney-at Law
         Wenger Plattner Rechtsanwalte
         c/o Christian Rysler
         Seestrasse 39
         Goldbach-Center
         8700 Kuesnacht, Switzerland
         Tel: +41 43 222 38 00


===========
T U R K E Y
===========


TROY CAPITAL: Fitch Gives B+ Rating to EUR200 Million Notes
-----------------------------------------------------------
Fitch Ratings assigned Troy Capital S.A.'s prospective maximum
EUR200 million fixed-rate guaranteed loan participation notes
with a five-year maturity an expected B+ senior unsecured
rating.  An expected Recovery Rating of RR4 is assigned.

The final ratings are contingent upon receipt of final documents
conforming to information already received, as well as receipt
of satisfactory legal opinions.

Troy Capital has the sole purpose of using the LPN proceeds to
finance a loan to Turkish-based Yasar Holding A.S. as evidenced
by a loan agreement, the rights and benefits of which are
charged to the benefit of LPN noteholders.  The expected senior
unsecured rating of the LPNs is in line with Yasar's foreign
currency and local currency Issuer Default Ratings, both B+,
published on June 29, 2006.  

An initial seven of Yasar's subsidiaries guarantee its
obligations in respect of the loan, on an unconditional,
irrevocably joint and several basis.  The guarantees are senior
unsecured obligations of each guarantor, and the guarantors must
constitute 75% of the Yasar group's consolidated assets or
revenues.  Proceeds from the LPNs are being used primarily to
refinance debt within the Yasar group of companies.

The terms and conditions of the loan agreement include a
limitation on the group's debt, using a maximum consolidated
leverage ratio of 4.5x.  This is consistent with the intentions
of the group to de-leverage over the next four to five years
rather than increase leverage further.  There are also certain
restrictions on dividend payments by Yasar.  Furthermore, upon
asset sales by the obligors - Yasar and the guarantors - of the
loan agreement above a certain amount, noteholders can request
that these proceeds be used to prepay their LPNs at par.

In the event of a change of control relating to Yasar Holdings
A.S., noteholders have the right to require the issuer to prepay
their LPNs.  There are also covenants relating to transactions
with affiliates, mergers and disposals as described in the loan
agreement.  The governing law of the loan agreement, including
the guarantees and the LPNs, is English law and the jurisdiction
is the courts of England.


* Moody's Assigns Positive Outlook on Turkish Banks
---------------------------------------------------
The medium-term stable to positive outlook for Turkey's banking
system reflects the banks' developing franchises and strong
financial metrics, says Moody's Investors Service in its new
Banking System Outlook for Turkey.  The report also takes into
consideration financial markets turbulence that could disrupt
projected franchise development and hurt short-term financial
performance, depending on its severity and duration.

The Turkish banks' current FSRs are concentrated in the D and D+
categories.  According to Moody's, the strongest banks,
typically the largest private sector banks have defensible
positions in a number of corporate and retail banking
businesses, while second-tier banks have also shown their
ability to grow with the market.  However, the smallest banks,
with ratings in the E+ and D- categories are finding it more
difficult to compete profitably.

"Throughout 2005 and the early part of 2006, Turkish banks have
continued to take advantage of favorable operating conditions to
grow their businesses and generate strong profits.  Lower
interest rates and strong economic growth have been supporting
loan demand, and in particular mortgage loans, while smaller
companies are also becoming a viable growth avenue," says George
Chrysaphinis, a Moody's AVP/Analyst and author of the new
report.

Moody's current ratings and outlooks for the Turkish banks also
reflect improved capital ratios and asset quality.  Three years
of strong profits have restored capital ratios to levels that
can support projected business growth, while healthy loan growth
and good provisions have led to improved asset quality
indicators.

"Moody's followed up a number of FSR upgrades and outlook
changes in 2004 with positive outlook changes for Turkiye
Garanti Bankasi and Turkiye Is Bankasi and with the upgrades to
E+ and D-, respectively, for Yapi ve Kredi Bankasi and Turkiye
Vakiflar Bankasi, to reflect material improvements in franchise
quality and financial condition," the analyst notes.

In addition, the long-term potential of the Turkish banking
market has attracted interest from foreign banks, which have
made significant investments in the sector, buying controlling
stakes in local banks.  Moody's believes that the involvement of
foreign banks will give direction to the next phase of Turkish
bank franchise development.  This is likely to involve further
development of distribution networks and the introduction of new
products and capabilities.

Notwithstanding these characteristics, the sharply higher
interest rate environment is likely to have a negative impact on
both capitalization and in some cases on profitability,
depending on how net interest margins adjust.  Higher interest
rates and currency depreciation and a possible economic slowdown
are also likely to hurt business growth and credit quality as
both retail and corporate customers face more difficult
conditions.

"The duration and severity of the financial markets turbulence
will ultimately determine the impact on the Turkish banking
sector and, to the extent that it materially weakens banks'
financial condition or franchise, Moody's would take negative
rating actions," the analyst cautions.

Over the short term, Moodys will be focusing on how Turkish
banks respond to the recent financial market turbulence that has
seen interest rates and Treasury yields rise and the Turkish
lira depreciate by about 30% before regaining some lost ground.

"Because the banking sector is now structurally much stronger
than it was during previous periods of financial market
instability Moody's expects the effect on individual banks to be
milder, with little or moderate systemic impact," comments
Chrysaphinis.

Moody's notes in particular Turkish banks' significant
profitability and capital cushion, improved credit risk profile,
better funding profiles, low exposure to direct foreign exchange
risk and moderate exposure to interest rate risk. The rating
agency also notes the substantial ownership stake that strong
foreign banks have in the Turkish banking sector and the
resources that can be made available to manage short-term
volatility.


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


AKKORD ARSERVICE: Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Akkord Arservice (code EDRPOU
33296201).  The case is docketed under Case No. 23/118-b.  

The Temporary Insolvency Manager is:

         O. Sherban
         a/b 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Akkord Arservice
         Nauki Avenue 22/6
         03028 Kyiv Region
         Ukraine


AKTOVO: Court Names V. Cherepenko as Insolvency Manager
-------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mr. V.
Cherepenko as Liquidator/Insolvency Manager for Agricultural
CJSC Aktovo (code EDRPOU 05521117).  He can be reached at:

         V. Cherepenko
         Moskovska Str. 54-a
         54017 Mikolaiv Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on April 21.  The case
is docketed under Case No. 12/19.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural CJSC Aktovo
         Aktovo
         Voznesensk District
         56537 Mikolaiv Region
         Ukraine


DNIPROFARM: Dnipropetrovsk Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on OJSC Dniprofarm (code EDRPOU 01973118)
on May 24.  The case is docketed under Case No. B 29/15/93/06.

The Temporary Insolvency Manager is:

         Olena Zalutska
         Livarna Str. 9/45
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Dniprofarm
         Karl Marks Avenue 12
         49005 Dnipropetrovsk Region
         Ukraine


DUBNOTSUKORAGRO: Court Names Mr. V. Sokotun as Liquidator
---------------------------------------------------------
The Economic Court of Rivne Region appointed Mr. V. Sokotun as
Liquidator/Insolvency Manager for CJSC Dubnotsukoragro (code
EDRPOU 30362035).  He can be reached at:

         V. Sokotun
         Mirushenko Str. 41-A/75
         Rivne Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on May 24.  The case
is docketed under Case No. 9/54.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         CJSC Dubnotsukoragro
         Centralnij Lane 1
         Dubenskij District
         Rivne Region
         Ukraine


GEROI SIVASHA: AR Krym Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on Agricultural LLC Agrofirm Geroi Sivasha
(code EDRPOU 31963025).  The case is docketed under Case No.
2-20/6744-2006.

The Temporary Insolvency Manager is:

         Kazbek Kubalov
         Koryavko Str. 20/116
         Armyansk
         AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Agrofirm Geroi Sivasha
         Lenin Str. 68
         Ishun
         Krasnoperekopskij District
         96025 AR Krym Region
         Ukraine


GLUHIVSKIJ MEAT: Court Names Vyacheslav Letskan as Liquidator
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Vyacheslav Letskan
as Liquidator/Insolvency Manager for CJSC Gluhivskij Meat
Combine (code EDRPOU 30522750).

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on March 30.  The case
is docketed under Case No. 43/767.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Gluhivskij Meat Combine
         Kutuzov Str. 18/7
         Kyiv Region
         Ukraine


HARKIVENERGOREMONT: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on LLC Harkivenergoremont (code EDRPOU
30589071) on April 13.  The case is docketed under Case No.
B-24/37-06.

The Temporary Insolvency Manager is:

         Oleksandr Tkachov
         Dzerzhinska Str. 2-A/44
         Harkiv Region
         Ukraine

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Harkivenergoremont
         Polyova Str. 2/50
         61068 Harkiv Region
         Ukraine


HLIBOROB: Court Names A. Dehtyar as Insolvency Manager
------------------------------------------------------
The Economic Court of Cherkassy Region appointed Mr. A. Dehtyar
as Liquidator/Insolvency Manager for LLC Hliborob (code EDRPOU
03791769).  He can be reached at:

         A. Dehtyar
         Dzerzhinskij Str. 56/31
         Smila
         Cherkassy 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. 01/2127.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Hliborob
         Molodizhna Str. 21
         Nosachiv
         Smila District
         20727 Cherkassy Region
         Ukraine


KABRIOLET: Court Names Sergij Kovalyov as Insolvency Manager
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Sergij
Kovalyov as Liquidator/Insolvency Manager for LLC Kabriolet
(code EDRPOU 32350718).  He can be reached at:

         Sergij Kovalyov
         a/b 1812
         49027 Dnipropetrovsk Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on May 10.  

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Kabriolet
         Kupyanska Str. 13
         Dnipropetrovsk Region
         Ukraine


KASKADTRANS: Court Names G. Zabolotnij as Liquidator
----------------------------------------------------
The Economic Court of Kirovograd Region appointed Mr. G.
Zabolotnij as Liquidator/Insolvency Manager for CJSC Kaskadtrans
(code EDRPOU 23683823).

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. 9/132.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         CJSC Kaskadtrans
         Parizkoyi komuni Str. 64
         Oleksandriya
         Kirovograd Region
         Ukraine


KONAN-KASKAD: Court Names Maksim Vdovin as Liquidator
-----------------------------------------------------
The Economic Court of Kirovograd Region appointed Maksim Vdovin
as Liquidator/Insolvency Manager for LLC Konan-Kaskad (code
EDRPOU 30384902).  He can be reached at:

         Maksim Vdovin         
         Karl Marks Avenue 83/61
         49000 Dnipropetrovsk Region
         Ukraine

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on May 29.  The case
is docketed under Case No. 9/78.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         LLC Konan-Kaskad
         Pershotravneva Str. 51/127
         Oleksandriya
         28000 Kirovograd Region
         Ukraine


LOS-FIDAV: Court Names Mr. I. Sanzherevskij as Liquidator
---------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. I.
Sanzherevskij as Liquidator/Insolvency Manager for Ukrainian-
American LLC Trade House Los-Fidav (code EDRPOU 20034596).

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. B 24/259/05.  

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         Ukrainian-American LLC Trade House Los-Fidav
         Academic Starodubov Square 1
         49050 Dnipropetrovsk Region
         Ukraine


METALPROM: Court Names Yurij Ulyanchuk as Liquidator
----------------------------------------------------
The Economic Court of Kyiv Region appointed Yurij Ulyanchuk as
Liquidator/Insolvency Manager for LLC METALPROM (code EDRPOU
30860524).

The Court commenced and bankruptcy proceedings were introduced
at the company after finding it insolvent on May 29.  The case
is docketed under Case No. 24/792-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Metalprom
         Basejna Str. 5-b
         01054 Kyiv Region
         Ukraine


ROKITNORAJAGROHIM: Kyiv Court Begins Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on OJSC Rokitnorajagrohim (code EDRPOU
05489253).  The case is docketed under Case No. 118/2 B-2006.


The Temporary Insolvency Manager is:

         Bogdan Yarinko
         40 richya Zhovtnya Avenue 48/38
         02091 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Rokitnorajagrohim:
         Vokzalna Str. 62
         Rokitne         
         09600 Kyiv Region
         Ukraine


YURMALA: Kyiv Court Begins Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Yurmala (code EDRPOU 30595017) on
May 10.  The case is docketed under Case No. 158/14 b-06.

The Temporary Insolvency Manager is:

         Lubov Kostogriz
         Komsomolskij Boulevard 12/26
         Bila Tserkva
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Yurmala
         Semen Bilij Str. 8
         Fastiv
         Kyiv Region
         Ukraine


* Fitch Gives B+ Long-Term Foreign Currency to Odessa City
----------------------------------------------------------
Fitch Ratings assigned the Ukrainian City of Odessa Long-term
foreign and local currency ratings of B+, and Short-term B.  The
Outlook is Stable.

The ratings reflect Odessa's strong and diversified local
economy that allows for stable budgetary performance.  The
ratings also take into account its improved debt structure, and
its restructuring and repayment of defaulted obligations.  At
the same time, the ratings consider its budget rigidity and high
reliance on single-revenue source for capital investment
financing.  The Stable Outlook reflects Fitch's expectations
that economic growth will drive revenue growth and compensate
for operating expenditure pressures.

Odessa posseses a diversified and growing local economy, with
service sector accounting for approximately 80% of Gross City
Product, in particular transport services.  In the absence of a
large industrial sector, the local economy is less vulnerable to
gas prices.  However, a significant share of the retail-related
service sector, such as tourism and recreational businesses, is
operating in a non-transparent environment depriving the city of
tax revenues and non-tax charges.

Odessa has recorded positive operating and current balances
despite growing pressures on operating expenditure stemming from
a federal initiative to increase public salary rates.  Despite
rising gas prices and increasing utility costs, the city has
maintained tight control over the transfers made, whose share of
operating expenditure has declined to 33.4% in 2005 from 51.6%
in 2003.  

At the same time, the city's budget is characterized by
expenditure rigidity with protected items reaching 40% of the
total spending.  Staff payments have increased to 33% operating
expenditure in 2005 from 23.8% in 2001. F itch also notes that
the city has limited degree of tax-setting power with local
taxes contributing only 2% of the total revenue, while the SME
tax contributes another 5%.  

A large proportion of capital expenditure is financed by capital
revenues derived from land and property sales (96.5% in 2005),
leaving the city's investment program vulnerable to the decline
of asset prices or depletion of asset stock.

The debt structure has improved over the last five years with
the current administration repaying all debts previously
defaulted and replacing them with new bond issues.  The debt
burden has declined to just below 20% of current revenue in 2003
from 40% 2001, although rising to 28.8% in 2005 as the City
assumed debt of the public company.  The interest to operating
revenue ratio remained below 1% over 2001-2005.

The City of Odessa is in the south-west of Ukraine, on the Black
Sea shore.  The city accounts for 5% of national gross domestic
product and 2% of the total population.


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


AGRICULTURAL & INDUSTRIAL: Resolve to Voluntary Liquidation
-----------------------------------------------------------
Creditors of Agricultural & Industrial Building Limited resolved
to voluntarily liquidate the company's assets during an
extraordinary general meeting on May 3.

David Graham Platt of David Platt Associates was appointed
Liquidator.

         Agricultural & Industrial Building Limited
         4 Wadsworth Close
         Handforth
         Wilmslow
         Cheshire SK9 3AY
         United Kingdom
         Tel: 01625 415152    


BAYWATER CAR: Appoints Stephen Franklin as Liquidator
-----------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of Bayswater Car Rental Limited after creditors
decided to wind up the company on April 25.

The company can be reached at:

         Bayswater Car Rental Limited
         3-8 Porchester Gate
         Bayswater Road
         London W2 3HW
         United Kingdom
         Tel: 020 7229 7327


BERNARD WARD: Creditors' Meeting Slated for August 4
----------------------------------------------------
Creditors of Bernard Ward Limited (Company Number 00591187) will
meet at 11:00 a.m. on Aug. 4 at:

         KPMG LLP
         37 Hills Road
         Cambridge CB2 1XL
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 3 at:

         James Douglas Ernle Money and Jane Bronwen Moriarty
         Joint Administrators
         KPMG
         Aquis Court
         31 Fishpool Street
         St. Albans AL3 4RF
         United Kingdom
         Tel: 0500 644665

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


BUCKLEIGH TRADING: Creditors Pass Winding Up Resolution
-------------------------------------------------------
Creditors of Buckleigh Trading Co Ltd passed a resolution to
wind up the company's operations on April 27.

Melvyn L. Rose of Elliot, Woolfe & Rose was appointed
Liquidator.

The company can be reached at:

         Buckleigh Trading Co Ltd
         7 Wyvern Road
         Purley
         Surrey
         CR8 2NQ
         United Kingdom
         Tel: 020 8763 9466
         Fax: 020 8763 9488


CHANNEL STRATEGY: Names Administrators from Elwell Watchorn
-----------------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn
& Saxton LLP were named joint administrators of Channel Strategy
Limited (Company Number 03360530) on June 26.

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

Channel Strategy Limited can be reached at:

         European Communication Centre
         Flag Business Exchange
         Vicarage Farm Road
         Peterborough PE1 5TX
         United Kingdom
         Tel: 01733 704 070
         Fax: 01733 704 080


CREFFT COED: Appoints Harrisons to Administer Assets
----------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Crefft Coed Limited (Company Number
02657549) on June 20.

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

Headquartered in Hampshire, United Kingdom, Crefft Coed Limited
offers accounting services.


DIXEY INTERIORS: Hires Joint Liquidators from Insol House
---------------------------------------------------------
Richard Frank Simms and Steven Peter Ford of Insol House were
appointed Joint Liquidators of Dixey Interiors Limited after
creditors agreed to wind up the company on April 28.

The company can be reached at:

         Dixey Interiors Limited
         4A Frederick Street
         Wigston
         Leicestershire LE181PJ
         United Kingdom
         Tel: 0116 284 9319


EASTMAN KODAK: Can Sue Wachovia Over US$8-Mln Loan, Court Rules
---------------------------------------------------------------
The Eleventh U.S. Circuit Court of Appeals in Atlanta, Georgia,
entered an order allowing Eastman Kodak Co. to sue Wachovia
Corp. over an US$8 million loan to Wolf Camera Inc., Laurence
Viele Davidson writes for Bloomberg News.  

According to the report, Kodak agreed to provide Wolf with a
US$63 million financing to keep it afloat before and after its
2001 bankruptcy, US$8 million of which Wolf used to pay down a
Wachovia loan.  Kodak now wants that money back, saying it might
have been defrauded by Wolf, Bloomberg relates.

The order reverses a 2003 federal-court ruling legally barring
Kodak from raising its claim because Wolf had exited bankruptcy,
Bloomberg says.

The case is Eastman Kodak v. Atlanta Retail, Inc. f.k.a.
Wolf Camera etc. and Wachovia Bank, no. 05-12327, 11th U.S.
Circuit Court of Appeals (Atlanta).


                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging   
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

                         *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch downgraded Eastman Kodak's Issuer Default Rating to 'B'
from 'BB-' and the company's senior unsecured debt to 'B-' from
'B+' on May 16, 2006.  The Outlook remains Negative. The ratings
reflected Fitch's growing concern regarding EK's ability to
generate profitable organic digital revenue growth and
sufficient free cash flow to offset continual declines in the
company's traditional business.

As reported in the Troubled Company Reporter on May 9, 2006,
Moody's Investors Service placed the ratings of the Eastman
Kodak Company on review for possible downgrade.  Ratings placed
on Review for Possible Downgrade included the Company's
Corporate Family Rating at B1; Senior Unsecured Rating at B2;
and Senior Secured Credit Facilities at Ba3.


ETWELL SERVICES: Creditors Opt to Wind Up Company
-------------------------------------------------
Creditors of Etwell Services Limited opted to wind up the
company after proving that the company could no longer continue
its business due to liabilities.

Salmon Saud of Saud & Company was appointed Liquidator.

The company can be reached at:

         Etwell Services Limited
         217A Uxbridge Road
         London W13 9AA
         United Kingdom
         Tel: 020 8841 1365


FINISHED ARTICLE: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of The Finished Article Limited confirmed resolutions
for voluntary liquidation and the appointment of Andrew Philip
Wood and John Russell of The P&A Partnership as Liquidators on
May 3.

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

The Finished Article Limited can be reached at:

         Unit 12A Glaisdale Point
         Glaisdale Parkway
         Nottingham
         Nottinghamshire NG8 4GP
         United Kingdom
         Tel: 0115 929 9700
         Fax: 0115 929 9770


FOCUS DIY: Market Pressure Spurs Moody's to Cut Junk Ratings
------------------------------------------------------------
Moody's Investors Service downgraded Focus DIY Holdings Limited
corporate family rating to B3 from B2, the senior secured rating
of Focus DIY (Investments) Limited to B3 from B2 and the senior
subordinated rating on the notes due in 2015 issued by Focus
(Finance) PLC to Caa2 from Caa1.  

The rating action reflects continuing pressure on the UK DIY
market in conjunction with the company's high financial leverage
and the fact that the company, in Moody's view, will continue to
need to receive the support from its core banks.  The outlook on
the ratings remains negative.

The downgrade reflects:

   -- persistent weak levels in consumer DIY spending across the
UK, with little evidence of a sustained turnaround, albeit
some pressures have recently eased;

   -- the increased competitive environment, requiring increased
promotional spending and discounting, following poor
weather conditions at the beginning of 2006 and a weaker
housing market;

   -- the overall decline in Focus' operating margins;

   -- the current high financial leverage; and

   -- the overall limited financial flexibility, which continues
to be reliant upon bank lenders covenant waiver approval,
which will need to be renegotiated in April 2007.

On the positive side Moody's recognizes the solid number three
position of the company in the UK DIY market, the high barriers
to entry and the strong management team that is focusing on
reducing costs and recent improvements in cash flow generation.

The outlook for Focus' ratings remains negative as a result of
the weak retail environment in the UK, which could continue
beyond 2006, and the fact that further cash flow weakness would
place pressure on the company's highly leveraged balance sheet.
A stabilization of the outlook would be predicated upon a clear
and sustained reversal in current trends demonstrated by
positive like-for-like revenue growth and a stabilization in
operating margins.

At this stage it is difficult to envisage upward pressure on the
rating however an upgrade could be envisaged if the company
demonstrates improvement in cash flows to reduce leverage below
6.5x; a simultaneous improvement in liquidity would also have to
be evidenced.  Conversely, further operating margin erosion
and/or market share losses could perpetuate a downgrade.  
Moody's will continue to monitor covenant headroom over the
period to April 2007.

Ratings affected:

   -- Corporate family rating at Focus DIY Holdings Limited:
downgraded to B3 from B2;

   -- GBP285 million senior credit facilities at Focus DIY
(Investments) Limited: downgraded to B3 from B2; and

   -- GBP100 million 9.375% Mezzanine Notes due 2015 at Focus
(Finance) PLC: downgraded to Caa2 from Caa1.

The outlook on the ratings is negative.

Headquartered in Crewe, UK Focus DIY Holdings Limited is the
third largest DIY retailer, by market share, in the UK and
operates 253 stores.  Revenues and EBITDA during the second
quarter of current FY stood at GBP181.4 million and GBP9.1
million respectively.


GASTRODOME RESTAURANTS: Taps Mark Goldstein to Administer Assets
----------------------------------------------------------------
Mark S. Goldstein of DCM Insolvency Service Limited was
appointed administrator of Gastrodome Restaurants Limited
(Company Number 04975860) on June 23.

The administrator can be reached at:

         DCM Insolvency Service Limited
         Kingswood Court
         1 Hemlock Close
         Kingswood
         Surrey KT20 6QW
         United Kingdom
         Tel: 01737 830763
         Fax: 01737 83081
         E-mail: markmga@aol.com  

Gastrodome Restaurants Limited can be reached at:

         17 High Street Wanstead
         London E11 2AA
         United Kingdom


GEORGE MAJOR: Taps Parkin S. Booth as Joint Administrators
----------------------------------------------------------
Ian C. Brown and John C. Moran of Parkin S. Booth & Co. were
appointed joint administrators of George Major Skip Hire Limited
(Company Number 03073507) on June 16.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/--  
independent Accountants Licensed Insolvency Practitioners is a
medium sized firm with particular expertise in its own field.  
Dealing entirely with insolvency matters, we do not, for
example, undertake any audit or taxation work.

Headquartered in Wirral, United Kingdom, George Major Skip Hire
Limited -- http://www.georgemajor.com/-- is engaged in skip  
hire. The company also provides a waste removal service for both
domestic and commercial customers.


GREENWAYS MEDIA: Appoints Vantis as Joint Administrators
--------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly both of Vantis
were appointed joint administrators of Greenways Media Limited
(Company Number 4489283) on June 20.

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

Greenways Media Limited can be reached at:

         Hawknet Ltd Tuition House
         27-37 St. Georges Road
         London SW19 4EU
         United Kingdom
         Tel: 020 8971 4330


HCA INC: Inks US$33-Bln Merger Deal With Private Equity Group
-------------------------------------------------------------
HCA Inc. and Bain Capital, Kohlberg Kravis Roberts & Co., and
Merrill Lynch Global Private Equity executed a definitive merger
agreement under which affiliates of the private equity sponsors
and HCA Founder Dr. Thomas F. Frist, Jr., will acquire HCA in a
transaction valued at approximately US$33 billion, including the
assumption or repayment of approximately US$11.7 billion of
debt.

Under the terms of the agreement, HCA stockholders will receive
US$51 in cash for each share of HCA common stock they hold,
representing a premium of approximately 18% to HCA's closing
share price on July 18, 2006, the last trading day prior to
press reports of rumors regarding a potential acquisition of
HCA.

The board of directors of HCA, on the unanimous recommendation
of a special committee comprised entirely of disinterested
directors, has approved the merger agreement and has resolved to
recommend that HCA's stockholders adopt the agreement.

In the event the transaction closes, members of HCA's senior
management team have also agreed to reinvest a portion of their
HCA equity into the acquiring entity or an affiliate thereof.  
Dr. Thomas Frist, Jr., and certain related persons have reached
agreements to vote their shares in favor of the transaction.

"After careful analysis, the special committee and the board
have endorsed this transaction as being in the best interests of
our shareholders," Jack O. Bovender, Jr., HCA Chairman and CEO,
said.  "We are very pleased to have an experienced group of
investors who are committed to maintaining our company's culture
of a patients-first approach to high quality, compassionate
care.  They are also committed to the welfare of our colleagues
across the company who carry out that mission every day.  These
are the principles on which HCA was founded."

Pending the receipt of stockholder approval and expiration of
the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as well as satisfaction of other
customary closing conditions, the transaction is expected to be
completed in the fourth quarter of 2006.  The transaction will
be financed through a combination of equity contributed by the
private equity consortium, Dr. Thomas Frist, Jr., and members of
management, and debt financing that has been committed by Bank
of America, Citigroup Global Markets, JPMorgan, and Merrill
Lynch Capital Corporation, subject to customary conditions.

There is no financing condition to the obligations of the
private equity consortium to consummate the transaction.

Under the merger agreement, HCA may solicit superior proposals
from third parties during the next 50 days.  In accordance with
the agreement, the board of directors of HCA, through its
special committee and with the assistance of its independent
advisors, intends to actively solicit superior proposals during
this period.  HCA advises that there can be no assurance that
the solicitation of superior proposals will result in an
alternative transaction.  HCA does not intend to disclose
developments with respect to the solicitation process unless and
until its board of directors has made a decision.

"This is a truly landmark deal, and we are pleased to partner
with the management team led by Jack Bovender, Dr. Thomas Frist,
Jr. and our fellow equity sponsors," said Stephen Pagliuca, a
Managing Director at Bain Capital.  "HCA is the largest and most
sophisticated operator in the U.S. hospital industry, delivering
high quality and cost effective healthcare as well as a track
record of consistent growth.  We look forward to putting our
extensive healthcare experience to work in order to support
management in growing this outstanding company."

"HCA provides world class patient care on a unique scale in this
country and is an indispensable part of the communities it
serves," Michael Michelson, a member of KKR, stated.  "We are
delighted to be joining with HCA's talented management, Dr.
Thomas Frist, Jr., and our private equity partners to continue
to build the company's franchise of high quality clinical care.  
KKR's experienced healthcare team looks forward to providing
strong support for HCA's future growth, including continuing to
invest substantial capital in its facilities."

"This transaction will position the company to continue its
tradition of high-quality service provided with genuine caring,"
Dr. Thomas Frist, Jr. said.  "In addition, the transaction will
position the company and its employees for sustained future
success."

Credit Suisse Securities (USA) LLC and Morgan Stanley & Co.
Incorporated are acting as financial advisors to the special
committee.  Credit Suisse and Morgan Stanley have each delivered
a fairness opinion to the special committee.  Shearman &
Sterling LLP is acting as legal advisor for the special
committee and Bass Berry & Sims PLC is acting as legal advisor
for HCA.

Merrill Lynch & Co. acted as lead M&A advisor, and Banc of
America Securities LLC, Citigroup Global Markets, and JPMorgan
acted as M&A advisors, to the private equity consortium.  
Simpson Thacher & Bartlett LLP is acting as legal advisor to the
private equity consortium.

The transaction does not require the consent of the Company's
unsecured noteholders.  It is currently intended that
substantially all of the Company's 8.850% Medium Term Notes due
2007, 7.000% Notes due 2007, 7.250% Notes due 2008, 5.250% Notes
due 2008 and 5.500% Notes due 2009 (or an equivalent amount of
the Company's other existing notes) will either be tendered for
or repaid.  The transaction is not, however, conditioned upon
any such tender or repayment.  The Company's remaining unsecured
notes are expected to remain outstanding and will not be equally
and ratably secured with the new debt raised to finance the
transaction.

                       About Bain Capital

Bain Capital -- http://www.baincapital.com/-- is a private  
investment firm, with over 20 years of experience in management
buyouts, and offices in Boston, New York, London, Munich, Hong
Kong, Shanghai and Tokyo.

                            About KKR

KKR -- http://www.kkr.com/-- a private equity firms  
specializing in management buyouts, with offices in New York,
Menlo Park, California, London, Paris, Hong Kong and Tokyo.

            About Merrill Lynch Global Private Equity

Merrill Lynch Global Private Equity -- http://www.ml.com/-- is  
the private equity investment arm of Merrill Lynch & Co, Inc.

                             About HCA

Headquartered in Nashville, Tennessee, HCA (Hospital Corporation
of America) Inc. (NYSE: HCA) -- http://www.hcahealthcare.com/--  
provides healthcare services, composed of locally managed
facilities that include approximately 182 hospitals and 94
outpatient surgery centers in 22 states, England and
Switzerland.  At its founding in 1968, HCA was one of the
nation's first hospital companies.

                           *     *     *

As reported in the Troubled Company Reporter on May 29, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BB+' rating to HCA Inc.'s senior unsecured debt securities
registered as a Rule 415 shelf filing.  This filing falls under
the SEC's well-known seasoned issuer rules, which do not require
a dollar amount of securities issued.  The corporate credit
rating on HCA is 'BB+'.  S&P said the outlook is stable.


HERBALIFE LTD: Completes US$300 Million Bank Refinancing
--------------------------------------------------------
Herbalife Ltd., fka WH Holdings (Cayman Islands) Ltd., and its
indirect subsidiary Herbalife International Inc., completes its
refinancing of its existing US$225 million senior secured credit
facility.  

The new US$300 million senior secured credit facility consists
of:

   -- a US$200 million, seven-year term loan; and
   -- a US$100 million, six-year revolving credit facility.  

Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan
Securities Inc. and Morgan Stanley served as joint lead
arrangers and joint book-runners on the transaction.

At closing, the Company used approximately US$65 million of
available cash and US$15 million of borrowings under the new
revolver to repay the outstanding borrowings under its existing
senior credit facility and fund closing costs.

                     9-1/2% Notes Redemption

The Company also advised the Trustee of its 9-1/2% Notes due
2011, of the Company's election to redeem the outstanding
US$165 million aggregate principal amount of Notes at the
mandatory redemption price of approximately US$109.80 per
US$100.00 aggregate principal amount of Notes.  The Company
intends to use the proceeds from the new US$200 million term
loan to fund the redemption and pay accrued interest.  The
anticipated redemption date is Aug. 23, 2006.

"We continue to proactively de-leverage the company reflecting
the strong cash flow generation of our business coupled with the
creation of a more flexible and efficient capital structure,"
said Rich Goudis, the company's chief financial officer.  "The
result has been a reduction of debt, a lower effective interest
rate and improved coverage ratios which led to the recent
corporate family credit rating upgrades from both Moody's and
S&P to Ba1 and BB+, respectively.  The benefits from this
recapitalization will allow us to invest further in the needs of
our distributors, our business and our shareholders," Mr. Goudis
continued.

Upon redemption of the Notes, the Company expects to incur an
after-tax one-time charge of approximately US$14 million,
representing the call premium and the write-off of unamortized
deferred financing costs.

                     About Herbalife

Herbalife (NYSE:HLF) -- http://www.herbalife.com/-- is a global
network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation and its Casa Herbalife program to bring good
nutrition to children.

                         *     *     *

As reported in the Troubled Company Reporter on July 4, Moody's
Investors Service rated the proposed bank loan of Herbalife
International, Inc. at Ba1 and upgraded the corporate family
rating to Ba1.  Herbalife will use proceeds from the new debt to
repay the existing term loan and to redeem the USUS$165 million
issue of 9.5% senior subordinated notes.

At the same time, Standard & Poor's Ratings Services raised its
ratings on Herbalife International Inc., including its corporate
credit rating to 'BB+' from 'BB'.  Standard & Poor's also raised
its ratings on Herbalife's parent, Herbalife Ltd., including the
corporate credit rating to 'BB+' from 'BB'.  The outlook is
stable.


INCO LTD: Falconbridge Board Supports Acquisition Proposal
----------------------------------------------------------
The Board of Directors of Falconbridge Limited reaffirmed its
unanimous support for an Inco Ltd. merger.  As previously
reported, the Inco offer is set at CDN$18.50 cash per share and
0.55676 of an Inco share per Falconbridge share, assuming full
pro-ration.  

Excluding the recently-announced special dividend of CDN$0.75
per common share, the implied value of the Inco offer was
CDN$64.40 at close of business on Monday, July 24, 2006, while
Falconbridge shares were trading at CDN$62.45, ex-dividend, or a
premium of CDN$1.95.  The shareholders of Falconbridge have
until midnight, Vancouver time on July 27, 2006, to tender their
shares to the Inco offer.

The Board reaffirmed its recommendation in the context of its
review of Xstrata plc's revised offer of CDN$62.50 in cash per
Falconbridge share.  The Xstrata offer, currently expiring on
Aug. 14, 2006, remains subject to approvals by Investment Canada
and Xstrata shareholders.

"After reviewing the financial and legal aspects of the two
offers, the market fundamentals for both nickel and copper and
the recent performance of the Inco and Falconbridge share
prices, the Falconbridge Board has reaffirmed its conclusion
that the Inco offer is more attractive for the shareholders of
Falconbridge," said Derek Pannell, Falconbridge's Chief
Executive Officer.  "Our view is that combining with Inco
creates an unrivalled base-metals mining company with tremendous
potential for value creation.

"One of the primary reasons for the Falconbridge Board
reaffirming this recommendation is the forecast of extremely
solid market fundamentals, especially for nickel and copper,
which will continue to underpin a very positive metals pricing
environment.  Against this backdrop, both Inco and Falconbridge
have delivered and are expected to continue to deliver
outstanding short- and medium-term earnings.  The $550-million
of synergies that can be realized from the combination of Inco
and Falconbridge are unique to these two companies and will
provide a further positive impact.  Conversely, Xstrata's all-
cash offer will not allow Falconbridge shareholders to
participate in this future earnings potential.

"In addition, Inco has received all requisite regulatory
approvals.  This provides a higher completion certainty."

Inco and Falconbridge reported record-breaking financial results
for the second quarter of 2006, with net earnings in accordance
with Canadian generally accepted accounting principles of
$472 million and net earnings of $728 million.

Finally, assuming completion of the proposed Phelps Dodge offer
to Inco, former Falconbridge shareholders would receive a
further premium, including additional cash.

                       About Falconbridge

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

                           About Inco

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

                        *    *    *

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


KEENETS LIMITED: Bank of Scotland Hires Administrative Receivers
----------------------------------------------------------------
Bank of Scotland appointed David John Crawshaw and Myles Antony
Halley of KPMG LLP joint administrative receivers of Keenets
Limited (Company Number 01182142) and Keenets (U.K.) Limited
(Company Number 01225293) on July 13.

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

Headquartered in Warminster, United Kingdom, Keenets Limited
manufactures toys and games.


MG ROVER: Nanjing to Restart Production in UK Plant Next Year
-------------------------------------------------------------
Nanjing Automobile Group Corp. will spend not less than
GBP10 million to restart production at the former MG Rover plant
in Longbridge, England, Tian Ying writes for Bloomberg News.

In the first half of 2007, the Chinese automaker, which bought
the bankrupt British firm in 2005, plans to build 13,000 cars
based on the Rover 75/MG ZT lower-premium sedan and 7,000 MG TF
convertible sports cars.

The company will begin selling MG TFs in the second half of next
year in the U.K. and Europe, while MG ZT sedans will become
available in U.K. in 2008.

By 2011, Nanjing hopes to assemble 85,000 MG 7 a year and 25,000
MG TF, supplying as many parts for both models as possible from
China in order to keep costs at a minimum.

Nanjing Automobile, Bloomberg says, is planning to open
factories worldwide as it aims to become a global car company.  
The company disclosed plans last week to open America's first
Chinese-owned car-making factory in Oklahoma.

As reported in TCR-Europe on March 15, China's National
Development and Reform Commission's approved Nanjing's revival
plan for MG Rover allowing the company to assemble cars in
Nanjing under the MG and Austin marques, which it purchased for
GBP53 million last July.

Headquartered in Nanjing, China, Nanjing Automobile Group
Corporation (aka Yuejin Motor Group) -- http://www.nanqi.com.cn/  
-- possesses an annual production capacity of 180,000 vehicles
of various models and has three major vehicle production bases,
namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat. The
products cover more than 400 types of models, including
passenger cars, light duty trucks, light duty buses, cross
country vehicles, small-sized passenger/cargo transportation
vehicles, special-purpose vehicles as well as various types of
chasses etc.

Headquartered at Longbridge, Birmingham, U.K., MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles   
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8 after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corporation,
failed to materialize.  It appointed Ian Powell, Tony Lomas and
Rob Hunt, partners in PricewaterhouseCoopers, as joint
administrators.  The crisis left 6,000 people jobless, and
caused a domino effect on related businesses, particularly in
the West Midlands.  

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.

In July 2005, Nanjing bought the assets of both MG Rover and
Powertrain Ltd. for GBP53 million.  Nanjing has started shipping
equipment from Longbridge to China and was reportedly close to a
deal with SAIC to manufacture the Rover 25 and Powertrain
engines.  


NTL INC: Unit Prices US$550 Mln Offering of 9-1/8% Senior Notes
---------------------------------------------------------------
NTL Inc. finalized the terms of its senior notes offering.  
NTL's subsidiary, NTL Cable PLC, will issue $550 million of
9-1/8% U.S. dollar denominated ten-year notes.  The notes will
have minimum denominations of $100,000.  

Completion of the offering was expected to occur yesterday,
July 25.  The notes will rank pari passu with NTL Cable's
outstanding dollar, sterling and euro notes.

NTL Cable's subsidiary, NTL Investment Holdings Limited,
received commitments for an additional GBP300 million in senior
debt under a new Tranche C of its existing senior credit
facility.  Loans under the Tranche C facility will bear interest
at LIBOR plus 2.75% and the principal amount of the Tranche C
facility will be repayable in seven years.  NTL expects that it
will draw the amounts available under the Tranche C facility on
Aug. 1, 2006.

NTL will use the proceeds of the notes offering and the
additional senior debt to fully repay NTL Cable's existing
US$1.048 billion bridge facility.  These transactions will
complete the financing of the Telewest Global and Virgin Mobile
transactions.

                         About NTL Inc.

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is  
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of UK homes and 85% of UK
businesses.

                          *     *     *

As reported in TCR-Europe on July 17, Fitch Ratings assigned NTL
Cable PLC's upcoming GBP300 million 10-year senior notes an
expected rating of B and a Recovery Rating of RR5.  NTL Cable's
existing senior notes remain on Rating Watch Negative.  Fitch
will resolve the Rating Watch status on the NTL Cable notes and
assign final rating to the new notes upon completion of the new
senior note issue.

The final rating is contingent on the receipt of final documents
conforming to information already received.  At the same time
the agency has affirmed NTL Inc's Issuer Default rating at B+
with Stable Outlook and its Short-term ratings at B.  NTL
Investment Holdings Limited's GBP5.28 billion senior secured
credit facilities are affirmed at BB+ and Recovery Rating RR1.


ONE STOP: Brings In Joint Liquidators from Begbies Traynor
----------------------------------------------------------
Creditors of One Stop Design Limited appointed Robert Michael
Young and Ian Michael Rose of Begbies Traynor as Joint
Liquidators during an extraordinary general meeting on April 26.

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

One Stop Design Limited can be reached at:

         30A Church Road
         Tunbridge Wells
         Kent TN1 1JP
         United Kingdom
         Tel: 01892 540 083
         Fax: 01892 619 905


OPTICAL NETWORKS: Creditors' Meeting Slated for July 28
-------------------------------------------------------
Creditors of Optical Networks Limited (Company Number 3189467)
will meet at 3:00 p.m. on July 28 at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         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 27 at:

         James Richard Tickell and Carl Derek Faulds
         Joint Administrators
         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk


PRESTIGE SECURITY: Names Joint Liquidators to Wind Up Business
--------------------------------------------------------------
Stephen John Tancock and Vincent John Green of Smith &
Williamson Ltd were appointed Joint Liquidators of Prestige
Security Guards Limited after creditors resolved to wind up the
company on May 4.

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

Prestige Security Guards Limited can be reached at:

         35 High Brooms Road
         Tunbridge Wells
         Kent TN4 9DA
         United Kingdom
         Tel: 01892 618 431
         Fax: 01892 515 886


RAVEN FOUR: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of Raven Four Limited confirmed the appointment of
Martin Williamson of DS Insolvency Services Ltd as Liquidator on
May 3.

The company can be reached at:

         Raven Four Limited
         Unit B5
         Hortonwood 10
         Telford
         Shropshire TF1 7ES
         United Kingdom
         Tel: 01952 677 968
         Fax: 01952 677 968


RENOVO CONTRACTING: Creditors Ratify Winding Up Resolution
----------------------------------------------------------
Creditors of Renovo (Contracting) Limited, on April 28, ratified
a resolution to wind up the company together with the
appointment of Daniel Plant of SFP as Liquidator.

The company can be reached at:

         Renovo (Contracting) Ltd
         Haydock House
         Pleckgate Road
         Blackburn
         Lancashire BB1 8QW
         United Kingdom
         Tel: 01254 246611  


SALE & LISTER: Taps David Halstead Bottomley to Liquidate Assets
----------------------------------------------------------------
David Halstead Bottomley of Bottomley & Co was appointed
Liquidator of Sale & Lister Limited during an extraordinary
general meeting on May 2.

The company can be reached at:

         Sale & Lister Limited
         435 Bearwood Road
         Smethwick
         West Midlands B66 4DH
         United Kingdom
         Tel: 0121 429 8022


SPECIALIST VEHICLES: Liabilities Prompt Voluntary Liquidation
------------------------------------------------------------
Creditors of Specialist Vehicles Holdings Limited placed the
company on April 28 into voluntary liquidation due to
liabilities.

Roderick John Weston of Mazars was appointed Liquidator.

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

Specialist Vehicles Holdings Limited can be reached at:

         Mayflower House
         London Road
         Loudwater
         High Wycombe
         Buckinghamshire HP109RF
         United Kingdom
         Fax: 01494 450 607


VIDEO FILM: Names David Rubin as Joint Administrator
----------------------------------------------------
David Rubin and Asher Miller of David Rubin & Partners were
appointed joint administrators of Video Film Hire Limited
(Company Number 02445361) on June 16.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Headquartered in Surbiton, United Kingdom, Video Film Hire
Limited is engaged in home video rental services.


W.P. LIMITED: Appoints T. Papanicola as Administrator
-----------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
W.P. Limited (Company Number 04910804) on June 27.

The administrator can be contacted at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

W.P. Limited can be reached at:

         Redman Road
         Portemarsh
         Calne
         Wiltshire SN11 9PR
         United Kingdom
         Tel: 0870 1688816  


* Close Brothers CEO R. Grainger Names M. Gudgeon as Successor
--------------------------------------------------------------
Martin Gudgeon will succeed Richard Grainger as CEO for Close
Brothers Corporate Finance Limited effective Aug. 1.  Mr.
Grainger will assume the position as Executive Chairman.

"As part of our natural management cycle, and after five years
as Chief Executive, I think the time is right to hand over to my
successor," Mr. Gainger said.  "I have enjoyed my time as CEO
and the successes we have had as a business and I remain firmly
committed to Close Brothers."

Mr. Gainger's new role will allow him to focus on developing
senior level relationships and expanding the firm's presence in
its chosen sectors.

"We have much to offer companies at all stages of their life
cycles and part of my new role will entail raising corporate
awareness of these capabilities," he said.

Mr. Gudgeon, currently head of the firm's European Special
Situations Group, will continue to concentrate on the
restructuring space and will also cater into growing the other
advisory practices.

Sir Mark Wrightson, currently Co-Chairman, will leave the
Company after 29 years, to pursue other interests.  

Stephen Aulsebrook, also serving as Co-Chairman, will retain the
position of Chairman.

Headquartered in London, England, Close Brothers, part of Close
Brothers Group -- http://www.cbcf.com/-- is an independent,  
European corporate finance adviser.  It provides advisory
services on four areas: mergers and acquisitions, structuring
and raising debt, corporate restructuring, and advising private
equity groups.  It has 28 offices in 19 countries and employs
300 local professionals worldwide.


* Moody's Reports Improved Global Credit Quality in 2nd Quarter
---------------------------------------------------------------
Corporate credit quality improved globally in the second quarter
of 2006, Moody's Investors Service says in its latest quarterly
update of rating actions, reviews, and outlooks.

The ratio of global upgrades to downgrades stood at 1.6 during
the second quarter of 2006, which is higher than either the 1.2
ratio observed during the first quarter of 2006 and during the
last quarter of 2005, Moody's reports.

Much of the improvement in credit quality was driven by rating
actions in the Asia-Pacific and Latin American regions, where
upgrades sharply exceeded downgrades, Moody's says.  Average
credit quality improved only modestly in the North America and
Europe, and, in fact, declined slightly in the Western European
portion of the continent.

Issuers in the Asia-Pacific region again saw a much larger
number of upgrades (57, or 9.9%) than downgrades (5, or 0.9%).

"The credit quality improvement in Asia during the last quarter
continues the trend observed over the past twelve months in
which 19.4% of Asia-Pacific issuers were upgraded and 2.8% were
downgraded," says Praveen Varma who authored the report.

Issuers in Latin America also saw many ratings raised: 9.7% went
up in the quarter and just 3% were lowered.  Latin American
issuers on review either for upgrade or downgrade are roughly
balanced, at 1.9% and 2.7%, respectively, according to Moody's.

Rating upgrades only slightly outpaced downgrades in North
America, reversing the trend over the last two quarters in which
downgrades exceeded upgrades.  Moody's noted that the current
distribution of rating reviews and outlooks suggests that North
American credit quality is likely to decline somewhat over the
next several quarters.  About 3.9% of North American issuers
were upgraded and 3.7% were downgraded during the quarter.  At
quarter-end, however, about 5% of issuers were on review for
downgrade, while only 1.7% were on review for upgrade.
Furthermore, substantially more issuers in North America had
negative outlooks (11.7%) than positive outlooks (7.5%),
suggesting a decline in credit quality over the next few
quarters.

In Europe overall, there were more upgrades (2.8%) than
downgrades (2.3%); however, within just the Western European
region, more issuers were downgraded than upgraded, Moody's
says.  More European issuers are currently on review for
downgrade than on review for upgrade, suggesting that overall
credit quality in Europe is likely to face some downward
pressure in the near future, Moody's says.

Globally, almost all industries had more issuers with negative
outlooks than with positive outlooks, says Moody's, with
aerospace, automotive, and forest products under the most
pronounced pressure. Last quarter, the automotive industry --
along with building materials, and telecoms -- also had
significantly many more downgrades than upgrades.  The
industries for which credit quality improved significantly were
thrifts, utilities, airlines, metals and mining, and banking.


                           *********


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.

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