TCREUR_Public/060727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Thursday, July 27, 2006, Vol. 7, No. 148

                            Headlines


A U S T R I A

HEMMELMAIR: Linz Court Orders Closure of Business
HOFER: Claims Registration Period Ends August 1
KREUZGRUBER: Creditors' Meeting Slated for August 7
NAGELE WERNER: Innsbruck Court Closes Business
ULM: Korneuburg Court Orders Closing of Business

UNDI: Property Manager Claims Insufficient Assets
WBB ELECTRONIC: Property Manager Declares Insufficient Assets


B E L G I U M

ADVANCED MICRO: Eyes ATI Technologies Merger for US$5.4 Billion
ADVANCED MICRO: ATI Deal Cues Moody's to Review Low-B Ratings
ADVANCED MICRO: Earns US$89 Million in Quarter Ended July 2


F R A N C E

ALCATEL SA: Inks IP Service Deal with China's Jiangsu Telecom
ALCATEL SA: To Provide Optical Transport Solution to Sky Link
ALCATEL SA: Wins IP Contract with Belgium's Belgacom S.A.
EUROTUNNEL GROUP: Paris Court Delays Decision to August 2


G E R M A N Y

ABC MULTI-MEDIA: Claims Registration Ends August 11
BAUER AG: Improved Finances Spur S&P to Lift Rating to BB
BRENNTAG HOLDING: S&P Places B+ Long-Term Corp. Credit Rating
DEMUTH DIETL: Claims Registration Ends August 11
GEFLUEGEL REIFENRATH: Claims Registration Ends August 4

KSO GMBH: Claims Registration Ends July 28
KUENZLER SPORTGERATE: Claims Registration Ends August 5
LEHMANN BAUTRAGER: Claims Registration Ends August 16
MENSA SPEDITIONS: Claims Registration Ends August 16
NIKO INDUSTRIESERVICE: Claims Registration Ends August 5

PLANART DESIGN: Claims Registration Ends August 1
TOLU WOHNBAU: Claims Registration Ends August 21


I R E L A N D

PULS CDO: Moody's Assigns Ba3 Rating to Class E1 Notes


I T A L Y

BANCA NAZIONALE: BNP Paribas Holds 99.14% Equity Stake
FIAT SPA: Auto Unit Forms Financing Venture with Credit Agricole
FIAT SPA: Partners with Severstal-Auto in Ducato Production


K A Z A K H S T A N

AGRO BES: Creditors Must File Claims by Aug. 18
ALEKSEEVKAAGROSTROIMONTAJ: Court Opens Bankruptcy Proceedings
HLEBOZAVOD: Creditors Must File Claims by Aug. 18
JULDYZ JOLY: Creditors Must File Claims by Aug. 18
KAMKOR: Proof of Claim Deadline Slated for Aug. 18

MARKER: Proof of Claim Deadline Slated for Aug. 18
MEREI-ASAR: Claims Registration Ends Aug. 18
RESURS-EKSPRESS: Claims Registration Ends Aug. 18
RG BRANDS: Revenue Growth Prompts Moody's to Affirm B2 Rating
STROISERVIS-SSK: Creditors' Claims Due Aug. 18

VOLKAN TRANS: Creditors' Claims Due Aug. 18


K Y R G Y Z S T A N

OPTIMA: Creditors Must File Claims by Sept. 8
OVADA LIMITED: Proof of Claim Deadline Slated for Sept. 8


L U X E M B O U R G

STANDARD INTERNATIONAL: Fitch Affirms Individual Rating at C


P O R T U G A L

CAIXA ECONOMICA: Fitch Keeps Individual C Rating


R U S S I A

AGRO-KHIM-SERVICE: Court Names E. Golenkov as Insolvency Manager
BARDYMSKIY DIARY: Court Names D. Kondalov as Insolvency Manager
DOR-STROY-INVEST: Court Names M. Vasilega as Insolvency Manager
DUVANSKAYA SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Supervision
EASTERN OIL: Primorye Court Starts Bankruptcy Supervision

GIMED: Nizhniy Novgorod Court Begins Bankruptcy Supervision
MILKY: Bankruptcy Hearing Slated for Oct. 2
NIZHNEVYAZOVSKIY GRAIN: Court Names A. Minachev to Manage Assets
OCTYABRSKIY FACTORY: Bankruptcy Hearing Slated for August 21
PARFENYEVSKIY BUTTER: V. Krasnov to Manage Assets

SIBERIAN ELECTRODE: Court Begins Bankruptcy Supervision
TOGUCHIN-MILK: Court Names V. Makarov as Insolvency Manager
ULYANOVSK-HYDRO-MECHANIZATION: Bankruptcy Supervision Starts
VICTORY: Moscow Court Starts Bankruptcy Supervision
WOOD-WORKING FACTORY: Court Names M. Putintsev to Manage Assets

YUKOS OIL: Creditors Nix Rescue Plan & Vote for Liquidation


S L O V A K   R E P U B L I C

SLOVENSKA SPORITELNA: Fitch Keeps Individual Rating at C/D


U K R A I N E

ALMAKS MANUFACTORY: Court Names Yevgenij Shtepenko as Liquidator
BUDENERGOTRANS: Court Names Yuliya Berezhnova as Liquidator
ELEKTRA-PLUS: Sumi Court Begins Bankruptcy Supervision
GART: Hmelnitskij Court Starts Bankruptcy Supervision
KAMYANETS: Hmelnitskij Court Begins Bankruptcy Supervision

KRONA: Lviv Court Commences Bankruptcy Supervision
KYIV SECURITIES: Court Names O. Sherban as Liquidator
METALLURGY: Court Names Oleksandr Chechelnitskij as Liquidator
MIG-2000: Court Names Oleksandr Shikulenko as Liquidator
MITOS: Harkiv Court Starts Bankruptcy Supervision

ODESSA' TECHNICAL: Court Names Volodimir Ajmedov as Liquidator
SHEVCHENKIVSKIJ: Court Starts Bankruptcy Supervision
SOLVEY UKRAINE: Court Names Sergij Boltik as Insolvency Manager
UKRSOTSBANK: S&P Keeps B- Credit Rating on Watch Positive
UKRVTORMET: Harkiv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ACCESS STAFF: Claims Registration Ends Nov. 30
BONTHRONE LIMITED: Brings In P&A Partnership as Administrators
EIRLES FOUR: Loss From Deal Spurs Fitch to Cut Ratings to B+
EUROTUNNEL GROUP: Paris Court Delays Decision to August 2
EXPRESS MARINE: Joint Liquidators Take Over Operations

FCE BANK: S&P Removes Low -B Ratings from Watch Negative
FORBER & WRATE: Creditors Pass Winding Up Resolution
G.T. ALMAX: Appoints Administrators from Moore Stephens
GENERAL MOTORS: Incurs US$3.2-Bln Net Loss in Second Quarter
GWENT CHEMICAL: Brings In Joint Liquidators from Begbies Traynor

I.S.P. INT'L: Creditors Opt to Wind Up Company
KITCHENKRAFT LIMITED: Taps Begbies Traynor as Administrators
LANGREEN LTD: Creditors Resolve to Voluntary Liquidation
LEEK DEVELOPMENTS: Hires Kroll as Joint Administrators
MAXIMUM SYSTEMS: Appoints Budsworth & Co. as Administrator

MOTOR ZONE: Taps Louise Donna Baxter to Liquidate Assets
NTL CABLE: Fitch Rates New US$550 Million Senior Notes at B
PIPE HOLDINGS: Moody's Confirms Low-B Ratings on Debt Issuance
PLASTIC & RUBBER: Hires Joint Liquidators from PKF LLP
RAMENCO LIMITED: Creditors' Meeting Slated for August 1

SEA CONTAINERS: High Court Ruling on ORR Dispute Due Today
SEA CONTAINERS: Christopher Garnett Steps Down as GNER CEO
SGS SUPPLIES: Mounting Debts Prompt Voluntary Liquidation
SHL BUILDING: Peter Anthony Jackson Leads Liquidation Procedure
SIMBOL LIMITED: Creditors' Meeting Slated for August 9

SOLUTION FOOTWEAR: Creditors' Meeting Slated for August 9
STANDARD BANK: Fitch Keeps Individual C Rating
TECHNIC WOOD: Hires Moore Stephens as Joint Administrators
TSR PERFORMANCE: Names William Antony Batty as Administrator
WELDRICK DUGGAN: Appoints Joint Liquidators to Wind Up Business

ZAKA NAKA: Winds Up Business & Appoints Joint Liquidators


                            *********


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


HEMMELMAIR: Linz Court Orders Closure of Business
-------------------------------------------------
The Land Court of Linz entered an order on June 9 closing the
business of LLC Hemmelmair's (FN 141221d) branches in Erdbau,
Nahverkehr, Stahllogistik and Speditionslogistik.  Court-
appointed property manager Rene Lindner 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:

         Mag. Rene Lindner
         c/o Mag. Martin Hengstschlager
         Fadingerstrasse 9
         4020 Linz, Austria
         Tel: 0732/784080-34
         Fax: 0732/784080-5
         E-mail: Konkurs@hengstschlaeger-lindner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 1 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 7 (Bankr. Case No. 38 S 27/06h).  Martin Hengstschlager
represents Mag. Lindner in the bankruptcy proceedings.


HOFER: Claims Registration Period Ends August 1
-----------------------------------------------
Creditors owed money by LLC Hofer (FN 47538i) have until Aug. 1
to file written proofs of claims to court-appointed property
manager Frank Riel at:

         Dr. Frank Riel
         c/o Dr. Frank Eberhart Riel
         Gartenaugasse 1
         3500 Krems an der Donau, Austria
         Tel: 02732/86565
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 16 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Zwettl, Austria the Debtor declared bankruptcy
on June 12 (Bankr. Case No. 9 S 32/06p).  Frank Eberhart Riel
represents Dr. Riel in the bankruptcy proceedings.


KREUZGRUBER: Creditors' Meeting Slated for August 7
---------------------------------------------------
Creditors owed money by LLC Kreuzgruber (FN 184844f) are
encouraged to attend the creditors' meeting at 10:00 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 12 (Bankr. Case 3 S 87/06y).  Erwin Senoner serves as
the court-appointed property manager of the bankrupt estate.
Georg Freimueller represents Dr. Senoner in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Road 21
         1080 Vienna, Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


NAGELE WERNER: Innsbruck Court Closes Business
----------------------------------------------
The Land Court of Innsbruck entered an order on June 9 closing
the business of LLC Nagele Werner (FN 55859x).  Court-appointed
property manager Wilfried Leys 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. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malserstrasse 49a
         6500 Landeck, Tirol, Austria
         Tel: 05442/63029
         Fax: 05442/6302914
         E-mail: RA-LL@aon.at

Headquartered in Tirol, Austria, the Debtor declared bankruptcy
on May 19 (Bankr. Case No. 19 S 51/06g).  Walter Lenfeld
represents Dr. Leys in the bankruptcy proceedings.


ULM: Korneuburg Court Orders Closing of Business
------------------------------------------------
The Land Court of Korneuburg entered an order on June 9 closing
the business of LLC Ulm (FN 67081z).  Court-appointed property
manager Matthias Schmidt 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. Matthias Schmidt
         c/o Dr. Rainer Herzig
         Dr. Karl Lueger-Ring 12
         1010 Vienna, Austria
         Tel: 01/533 16 95
         Fax: 01/535 56 86
         E-mail: schmidt@preslmayr.at

Headquartered in Bad Deutsch Altenburg, Austria, the Debtor
declared bankruptcy on May 31 (Bankr. Case No. 36 S 62/06v).
Rainer Herzig represents Dr. Schmidt in the bankruptcy
proceedings.


UNDI: Property Manager Claims Insufficient Assets
-------------------------------------------------
Dr. Wolfgang Kleibel, the court-appointed property manager for
Construction LLC Undi (FN 54181d), declared on June 9 that the
Debtor does not have enough assets to pay off creditors.

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

Headquartered in Koppl, Austria, the Debtor declared bankruptcy
on Sept. 1, 2005 (Bankr. Case No. 44 S 50/05k).

The property manager can be reached at:

         Dr. Wolfgang Kleibel
         Erzabt-Klotz-Str. 4
         5020 Salzburg, Austria
         Tel: 0662-842281-0
         Fax: 0662-842281-29
         E-mail: wolfgang.kleibel@k-b-k.at


WBB ELECTRONIC: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Wolfgang Pils, the court-appointed property manager for LLC
WBB electronic (FN 191120i), declared on June 9 that the Debtor
does not have enough assets to pay off creditors.

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 12 S 31/06f).

The property manager can be reached at:

         Dr. Wolfgang Pils
         Graben 19
         4020 Linz, Austria
         Tel: 77 33 68
         Fax: 77 33 68 74
         E-mail: ra.dr.pils@aon.at


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


ADVANCED MICRO: Eyes ATI Technologies Merger for US$5.4 Billion
---------------------------------------------------------------
Advanced Micro Devices and ATI Technologies Inc. plans to join
forces in a transaction valued at approximately US$5.4 billion.

The combination will create a processing powerhouse by bringing
AMD's technology leadership in microprocessors together with
ATI's strengths in graphics, chipsets and consumer electronics.

The result: a new and more formidable company, determined to
drive growth, innovation and choice for its customers,
particularly in the commercial and mobile computing segments and
in the rapidly-growing consumer electronics market.  Combining
technologies, people, and complementary strengths, AMD plans to
deliver in 2007 customer-centric platforms for the benefit of
customers who want to collaborate in the development of
differentiated solutions.

AMD's acquisition of ATI will position the new company to
deliver innovations that fulfill the increasing demand for more
integrated solutions in key market segments while also
continuing to develop "best-of-breed" discrete products that
empower customers to choose the combination of technologies that
best serves their needs.  In 2008 and beyond, AMD aims to move
beyond current technological configurations to transform
processing technologies, with silicon-specific platforms that
integrate microprocessors and graphics processors to address the
growing need for general-purpose, media-centric, data-centric
and graphic-centric performance.  Thus, the combined company
intends to empower its customers to create their own unique
products and solutions within an open-innovation ecosystem free
from artificial barriers to customer success.

"ATI shares our passion and complements our strengths:
technology leadership and customer centric innovation," AMD
Chairman and CEO Hector Ruiz said.  "Bringing these two great
companies together will allow us to transcend what we have
accomplished as individual businesses and reinvent our industry
as the technology leader and partner of choice.  We believe AMD
and ATI will drive growth and innovation for the entire
industry, enabling our partners to create differentiated
solutions and empowering our customers to choose what is best
for them."

"This combination means accelerated growth for ATI, and broader
horizons for our employees," Dave Orton, President and CEO of
ATI, said.  "All of our product lines will benefit.  Joining
with AMD will enable us to innovate aggressively on the PC
platform, and continue to invest significantly in our consumer
business to stay in front of our markets."

"Windows Vista will deliver incredible advances in the user
experience as a result of advancements in graphics integration
and performance," Jim Allchin, Co-President of Microsoft's
Platforms & Services Division, said.  "We're excited by the
potential of what AMD and ATI can deliver together to enhance
the Windows Vista experience for our customers even further."

Under the terms of the transaction, AMD will acquire all of the
outstanding common shares of ATI for a combination of US$4.2
billion in cash and 57 million shares of AMD common stock, based
on the number of shares of ATI common stock outstanding on
July 21.  All outstanding options and RSUs of ATI will be
assumed. Based upon the closing price of AMD common stock on
July 21, of US$18.26 a share, the consideration for each
outstanding share of ATI common stock would be US$20.47,
comprised of US$16.40 of cash and 0.2229 shares of AMD common
stock.

AMD anticipates it will finance the cash portion of the
transaction with a combination of cash and new debt.  AMD has
obtained a US$2.5 billion term loan commitment from Morgan
Stanley Senior Funding, Inc. which, together with combined
existing cash, cash equivalents, and short-term investments
balances of approximately US$3 billion, provides full funding
for the transaction.

ATI has received an opinion from its financial advisors that the
transaction from a financial point of view is fair to its
shareholders.  The transaction was unanimously approved by the
board of directors of each company.  The transaction is subject
to ATI shareholder approval, Canadian court supervision of a
Plan of Arrangement, and other regulatory approvals including
merger notification filings in the United States, Canada and
other jurisdictions, as well as customary closing conditions.
In the event that the transaction does not close, ATI has agreed
to pay AMD a termination fee of US$162 million under
circumstances specified in the acquisition agreement.  The
transaction will be completed in the fourth quarter of 2006.

                      Financial Opportunity

AMD expects that the transaction will be slightly accretive to
earnings in 2007, and meaningfully accretive in 2008, before the
inclusion of ATI acquisition-related charges, based upon AMD's
plans to deliver more integrated and advanced platform solutions
and thereby improve its position in commercial clients, mobile
computing, gaming, media and emerging markets.  AMD anticipates
that it will reduce operating expenses by US$75 million for the
combined company by the end of 2007.

The combined company would have achieved US$7.3 billion in total
consolidated sales during the last four quarters with a
workforce of approximately 15,000 employees.  The company will
maintain sales, design and manufacturing centers worldwide and
major business centers in Silicon Valley, Austin, Texas and
Markham, Ontario -- all valued centers of innovation for the
combined company.  AMD's current executive team will be
complemented by the addition of ATI President and CEO Dave
Orton.  Orton will serve as an executive vice president of the
ATI business division, reporting to the AMD Office of the CEO,
comprised of Chairman and CEO Hector Ruiz and President and
Chief Operating Officer Dirk Meyer.  In addition, under the
terms of the acquisition agreement, two ATI directors will join
AMD's board of directors upon closing of the transaction.

The collective roster of AMD and ATI's strong customer
relationships represents a "who's who" of the computing and
consumer electronics industries.  Drawing upon a shared culture
of customer-centric innovation and engineering excellence, the
combined company will be well positioned to meet customer demand
for more innovative solutions, system-level engineering and
faster time-to-market.

                            About ATI

Headquartered in Markham, Ontario, ATI Technologies Inc. (TSX:
ATY, NASDAQ: ATYT) -- http://www.ati.com/-- designs and
manufactures innovative 3D graphics, PC platform technologies
and digital media silicon solutions.  An industry pioneer since
1985, ATI provides graphics processor unit and delivers
performance solutions for the full range of PC and Mac desktop
and notebook platforms, workstation, set-top and digital
television, game console and handheld device markets.

                            About AMD

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE:AMD) -- http://www.amd.com/-- provides microprocessor
solutions for computing, communications and consumer electronics
markets.


ADVANCED MICRO: ATI Deal Cues Moody's to Review Low-B Ratings
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Advanced Micro
Devices Inc. under review for possible downgrade following an
agreement to acquire ATI Technologies for approximately US$5.4
billion.

Financing is expected to consist of approximately US$4.2 billion
of cash and US$1.2 billion of AMD's common stock.  ATI, with
approximately US$2.2 billion of latest twelve month revenues, is
a leading vendor or graphics processors that enhance the display
of PC's, portable devices, and other consumer electronics
devices and is based in Toronto Canada.  The acquisition, which
has been approved by both boards of directors, is expected to
close by the fourth quarter of 2006 and is subject to customary
approvals and consents.

Ratings under review for downgrade include:

   * Corporate Family Rating -- Ba3
   * Senior unsecured note US$390 million due 2012 -- B1
   * Senior secured shelf registration -- (P) Ba3
   * Senior unsecured shelf registration -- (P) B1
   * Subordinated shelf registration -- (P) B2
   * Preferred stock shelf registration -- (P) B3

Moody's review of AMD will assess:

   (1) the challenges in effectively combining the operations
       and product roadmaps and effectively balancing
       management's focus on its core microprocessor business;

   (2) the strategic benefits that the proposed acquisition may
       have on AMD's microprocessor technology roadmap;

   (3) profit and cash flow implications that the addition of
       ATI's lower margin revenues will have on AMD's results,
       including the expectations that ATI will likely lose
       existing revenues associated with its current business
       activities with Intel;

   (4) the possible challenges that ATI may have in retaining
       access to any intellectual property licenses following a
       change of control, which could impact existing or future
       product development and sales and;

   (5) management's permanent financing plans as well as its
       commitment to maintaining a very liquid and lowly
       leveraged balance sheet.

Moody's recently upgraded AMD in January 2006 to Ba3, reflects:

  (1) the company's continued solid execution in broadening the
      end market capabilities, competitiveness, revenue and
      profitability of its microprocessor business that are the
      core of the company;

  (2) the improved ability for AMD to translate these strengths
      into sustainable free cash flow from operations over time;

  (3) the significantly improved capital structure of AMD
      following a combination of the recent Spansion spin-off; a
      US$500 million equity offering and its related US$210
      million "clawback" repayment of senior unsecured debt and;
      the redemption of a US$500 million convertible note in
      February 2006 and;

  (4) the solid and improved financial flexibility as a result
      of its strong operational performance, equity capital
      raising, and debt reduction.

As of June 2006, AMD's cash balances totaled US$2.5 billion and
debt was US$692 million.  At the same time, a meaningful level
of business risk persists, deriving from intense microprocessor
product and price competition from its much larger competitor,
Intel Corporation; significant capital expenditure requirements
and execution risk to consistently transition to new technology
nodes and manufacturing capabilities for microprocessors,
including its current production ramp at Fab 36 in Dresden,
Germany as well as the pending conversion of its Fab 30 to a
300 millimeter production facility.

Advanced Micro Devices, Inc., headquartered in Sunnyvale,
California, designs and manufactures microprocessors and other
semiconductor products.


ADVANCED MICRO: Earns US$89 Million in Quarter Ended July 2
-----------------------------------------------------------
Advanced Micro Devices Inc. reported sales of US$1.22 billion,
operating income of US$102 million, and net income of US$89
million, for the quarter ended July 2, 2006.

These results include US$18 million of employee stock-based
compensation expense and a net gain of US$10 million associated
with Spansion LLC's repurchase of its 12.75% senior subordinated
notes.

In the second quarter of 2005, excluding the Memory Products
segment, AMD reported sales of US$797 million and operating
income of US$83 million.  In the first quarter of 2006, AMD
reported sales of US$1.33 billion and operating income of
US$259 million.

"While we achieved 53% year-over-year sales growth and recorded
our twelfth consecutive quarter of greater than 20% year-over-
year microprocessor sales growth, we are dissatisfied by not
reaching our second quarter sales target," said Robert J. Rivet,
AMD's chief financial officer.

"We are particularly pleased with the continued adoption of AMD
solutions in the commercial segment.  In particular, AMD Opteron
processor sales grew 26% sequentially and we believe we gained
server processor market share in the quarter.  Sales to our
largest global customers grew quarter-over-quarter as we
continued to successfully execute our strategy.  Sales through
the distribution channel were down, primarily because we chose
not to participate in certain deeply-discounted opportunities."

"Second quarter manufacturing execution was outstanding, with
Fab 36 ramping 300mm capacity aggressively at mature yields.  In
addition, Chartered Semiconductor is now in production of AMD
products."

Second quarter sales were down from the prior quarter primarily
due to the challenging pricing environment for high-volume
desktop processors which negatively impacted average selling
prices.  Total microprocessor unit shipments were down four%
sequentially.

Record AMD Opteron processor sales were driven by growing demand
for single- and multi-socket server and workstation solutions.
AMD Opteron processor unit shipments experienced double digit
percentage growth quarter-over-quarter, and the sequential ASP
percentage increase was in the single digits.

Second quarter gross margin was 56.8%, compared to 58.5% in the
first quarter of 2006.  The gross margin decrease was largely
due to lower desktop processor ASPs.  Operating income was
US$102million in the second quarter, up from US$83 million in
the second quarter of 2005 and down from US$259 million in the
first quarter of 2006.  The decline in operating income from the
prior quarter was due largely to lower sales and increased
operating expenses related to an extra week of operations in the
quarter, and marketing expenses in support of the company's
long-term goals to acquire new customers, expand business with
existing customers, and increase commercial sales.

                           About AMD

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- is a global provider of
microprocessor solutions for computing, communications and
consumer electronics markets.

                        *     *     *

Moody's Investors Service placed the ratings of Advanced Micro
Devices Inc. under review for possible downgrade following an
agreement to acquire ATI Technologies for approximately US$5.4
billion.

Financing is expected to consist of approximately US$4.2 billion
of cash and US$1.2 billion of AMD's common stock.  ATI, with
approximately US$2.2 billion of latest twelve month revenues, is
a leading vendor or graphics processors that enhance the display
of PC's, portable devices, and other consumer electronics
devices and is based in Toronto Canada.  The acquisition, which
has been approved by both boards of directors, is expected to
close by the fourth quarter of 2006 and is subject to customary
approvals and consents.

Ratings under review for downgrade include:

   * Corporate Family Rating -- Ba3
   * Senior unsecured note US$390 million due 2012 -- B1
   * Senior secured shelf registration -- (P) Ba3
   * Senior unsecured shelf registration -- (P) B1
   * Subordinated shelf registration -- (P) B2
   * Preferred stock shelf registration -- (P) B3


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F R A N C E
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ALCATEL SA: Inks IP Service Deal with China's Jiangsu Telecom
-------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) revealed that
Jiangsu Telecom, a subsidiary of China Telecom, has selected
Alcatel's IP service routing solution to expand and optimize its
metropolitan area network and broaden its IP-based data service
portfolio.

The Alcatel solution will enable Jiangsu Telecom to offer
faster, highly reliable, and premium data services for consumers
and enterprises across Jiangsu Province.  The contract was won
through Alcatel Shanghai Bell, Alcatel's flagship Chinese
company.

Jiangsu Telecom will deploy the Alcatel 7750 Service Router (SR)
in the province's four major cities, Nanjing, Wuxi, Yangzhou and
Zhenjiang, where they anticipate fast-paced growth in demand
from the consumer and business markets for advanced user-centric
broadband services.

Upon completion of the project by the end of this year, Jiangsu
Telecom will be able to deliver multiple services from a single
IP network infrastructure, and with the Quality of Service (QoS)
required to meet strict Service Level Agreements.  Services
include high speed Internet access for residential users as well
as Layer 2 and 3 virtual private network (VPN) services for
enterprises.

"This contract establishes Alcatel as the leading IP supplier to
Jiangsu Telecom," Gerard Dega, President of Alcatel Shanghai
Bell, said.  "The Alcatel IP solution has the capability to
ensure non-stop service delivery which is critical to meet
today's stringent market expectations.  It also accelerates time
to market through rapid service provisioning, ensuring service
providers can move quickly to capture new market opportunities."

All major Chinese operators including China Telecom, China
Unicom, China Netcom and China Mobile have selected the Alcatel
7750 Service Router to optimize the delivery of high-performance
carrier data, voice and video services.

China Telecom alone has selected the solution in 17 major
provinces, including:

   -- Xinjiang,
   -- Tibet,
   -- Qinghai,
   -- Gansu,
   -- Ningxia,
   -- Shaanxi,
   -- Guangdong,
   -- Shanghai,
   -- Jiangsu,
   -- Anhui,
   -- Hubei,
   -- Fujian,
   -- Jiangxi,
   -- Henan,
   -- Sichuan,
   -- Liaoning and
   -- Guizhou.

According to Synergy Research Group, Alcatel is #2 in the
Services Edge Router category in Q1 2006, with 18% market share,
following four consecutive quarters of market share gain.

                       About China Telecom

Headquartered in Beijing, China, China Telecom Group --
http://en.chinatelecom.com.cn/-- is a key fixed telecom
operator in China.  The group has 21 provincial (municipal and
autonomous regional) corporations in southern China, holding 70%
of the national trunk-line transmission network assets owned by
the former China Telecom.  Subordinated to the central
government, the new China Telecom has a RMB158 billion
registered capital.  Currently, China Telecom operates domestic
and international fixed-line networks, providing voice, data,
video, multimedia and information services.  It is also engaged
in international telecom accounts settlement and overseas market
exploration.

                          About Alcatel

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

                         *     *     *

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


ALCATEL SA: To Provide Optical Transport Solution to Sky Link
-------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) and Delta Telecom
revealed the signature of a contract, to modernize the
operator's backbone network in the city of St. Petersburg and
the region.

"We have partnered with Alcatel since 2001," Constantine
Kolomensky, Director of Network Development for Sky Link St.
Petersburg, said.  "To keep leading position in the
telecommunication market of the North-West region of Russia, we
must continuously evolve our network.  Benefiting from Alcatel's
expertise in optical networking, we will be well positioned to
give our customers access to the most advanced highly reliable
services, while reducing our total cost of network ownership."

"Sky Link turned to Alcatel because of its ability to help
transform their network in a timely manner and address
subscriber demand for new, attractive services," stated Romano
Valussi, president of Alcatel's optical networking solutions.
"Setting the stage for a future migration to IP radio access
networks, Alcatel's optical networking solutions support the
operator's requirements for increased capacity driven by
bandwidth-consuming mobile services".

Sky Link represents a new breed of mobile operators that are
turning to Alcatel to upgrade their infrastructure for the
mobile data revolution.  The Alcatel solution will be based on
its data-aware Optical Multi-Service Node (OMSN) systems
offering Delta Telecom a single platform optimized to aggregate
multiple traffic types and backhaul the mobile traffic from base
stations to the core.  Furthermore, mobile switches will be
interconnected though the Alcatel 1692 Metrospan Edge coarse
wavelength division multiplexing (CWDM) system providing Gigabit
Ethernet connectivity to cope with service growth.  Alcatel will
also upgrade the existing Alcatel 1350 management suite - which
enables to manage packet, TDM and wavelength connectivity
services.

Providing advanced multiplexing, aggregation and optical
protection management, the Alcatel solution will enable Sky Link
St.  Petersburg to efficiently meet the growing needs for mobile
voice and high-speed data services in the city of St.
Petersburg and its area.  The project is scheduled for
completion in the third quarter of 2006.

                         About Sky Link

Sky Link -- http://www.skylink.ru/-- is the first Russian
network based on the advanced CDMA2000 1X (IMT-MC-450) digital
standard.  Its licensed market has been extending over 65
regions with 104 million people or 72% of the population of the
Russian Federation.  Currently Sky Link is the only network in
Russia to provide its subscribers with 3G services, such as:
reliable, robust voice service with the highest degree of
protection from unauthorized access; mobile Internet access;
high-speed data and video services (Sky Turbo).  Since 2003 the
holding "Sky Link" is a member of International 450 Association.

                       About Delta Telecom

Delta Telecom JSC -- http://www.spb.skylink.ru/-- is a leading
cellular operator in Russia, operating under Sky Link brand and
providing CDMA-450 services in St. Petersburg, Pskov, Novgorod
areas and in the Republic of Karelia) was founded on 1991 and
became the first cellular operator in the Russian market.  Delta
Telecom is a largest CDMA-450 carrier in Russia and the first to
introduce (on 2002) advanced CDMA2000 1X technology in its new
SKYLINK network to offer its subscribers 3G mobile voice and
data services, such as: reliable, robust voice service with the
highest degree of protection from unauthorized access; mobile
Internet access; high-speed data (up to 2,4 Mbit p.s.) and video
services Sky Turbo.

                          About Alcatel

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

                         *     *     *

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


ALCATEL SA: Wins IP Contract with Belgium's Belgacom S.A.
---------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) disclosed that Belgacom,
the incumbent operator in Belgium, has selected Alcatel's IP
solution for traffic aggregation to support the mass roll-out of
triple play services throughout the country.

Under the terms of this contract, Alcatel will provide the
equipment and network & service management for a nationwide
network that will deliver high quality voice, data and video
services to the Belgian residential customers.

In 2005, Belgacom selected Alcatel's IP portfolio as the
foundation for its nationwide BiLAN© Ethernet VPN service,
offering advanced Virtual Private LAN Service (VPLS) and IP-VPN
services to businesses.  Now, with plans to make triple play
available to its entire residential subscriber base, Belgacom
has again selected Alcatel's IP portfolio to deliver bundled
triple play services including high-speed Internet, digital TV
services and voice over IP.

"Maintaining leadership requires an evolution of the network to
prepare it for advanced applications such as triple play that
have far much more stringent requirements," Philippe Ribonnet,
Head of Network and IT Division at Belgacom, said.  "An in-depth
evaluation of Alcatel's IP technology has demonstrated its
strengths and robustness and the company's commitment to a
successful service roll-out from start to finish.  Extending the
network with this proven Alcatel solution will give us the
scalability, reliability and end-to-end service levels that will
satisfy our requirements for triple play."

"Offering differentiated services is key to staying ahead of the
competition," Basil Alwan, President of Alcatel's IP activities,
said.  "Alcatel's extensive experience in deploying triple play
solutions combined with proven, high performance and feature-
rich technology will help Belgacom introduce those services
faster to preserve its competitive edge.  Service providers
worldwide as an integral component of their next-generation
service edge have selected our IP portfolio.  This selection by
Belgacom illustrates a key benefit of Alcatel's IP portfolio,
which is the ability to bring even greater operational savings
by converging business and consumer services on a single IP/MPLS
network."

The Alcatel IP portfolio has key features -- including high-
availability, quality of service, and scalability -- that make
it the only solution available today that can reliably deliver
triple play consumer and business services concurrently on the
same platform.  For the triple play roll out, Belgacom selected
the 7750 Service Router (SR), 7450 Ethernet Service Switch (ESS)
and 5620 Service Aware Manager (SAM)

Worldwide, Alcatel's IP portfolio has been selected by more than
100 service providers, including massive, multi-year IP network
and service transformation projects at AT&T, BT, TeliaSonera and
China Telecom.  In the fourth quarter of 2005, Alcatel held
second place worldwide for IP edge aggregation with a market
share of 25.8 percent, according to Synergy Research Group.
Alcatel is involved in more than 35 triple play projects and
another 40 network transformation projects worldwide.  IPTV
services are expected to reach over 70 million subscribers by
2010.

                         About Belgacom

Headquartered in Brussels, Belgium, Belgacom S.A. --
http://www.belgacom.be/-- offers traditional fixed-line and
mobile phone services, as well as Internet access, in Belgium.
Belgacom also owns a 75% stake in Proximus, a provider of
wireless telecom services to 4 million subscribers.  The Belgian
government now holds 50% plus one share of Belgacom.

                          About Alcatel

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

                         *     *     *

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


EUROTUNNEL GROUP: Paris Court Delays Decision to August 2
---------------------------------------------------------
The Commercial Court of Paris delays its decision whether to
approve Eurotunnel Group's bankruptcy petition to Aug. 2.

The company was not surprised by the decision as it has made 17
applications covering six European countries.  The postponement
will give more time to the creditors to reach an agreement on
restructuring Eurotunnel's GBP6.2 billion outstanding debt.

"The court said it postponed its decision in the face of the
complexity of the subject," Dow Jones Newswires quoted Jean
Veil, a lawyer for Eurotunnel as saying.  "It's an opportunity
for negotiations, which always take place at the last minute."

"We have good hope that a solution can be found," Mr. Veil told
Bloomberg.

ARCO Chairman Jean-Pierre Mattei told The Times that a deal was
"very close" and could be reached before Aug. 2.

"Everyone wants a lasting solution," Mr. Mattei stated.

ARCO represents 68% of Eurotunnel's outstanding GBP1.9 billion
bonds and notes.

Eurotunnel points out that the restructuring of its debt has
been a problem between creditors ever since it proposed a
management-backed rescue plan with Goldman Sachs Group Inc.,
Macquarie Bank Ltd. and Barclays PLC.

The current negotiations led by the company have now given rise
to an implicit consensus that:

   -- the sustainable level of debt is approximately GBP2.9
      billion; and

   -- the current shareholders must benefit from accretion
      measures and retain a significant proportion of the
      equity.

The company believes there is no reason why the creditors should
not rapidly come to a consensual restructuring agreement within
this framework.

As Eurotunnel will make a payment of GBP78 million in interest,
arguments relating to default of payment should not be used to
justify a rupture in negotiations.  It should be noted that the
total amount of payments on the debt to be made before
Dec. 31, 2006, is GBP74 million.

In the absence of an agreement, the safeguard procedure would
allow the company, aided by judicially appointed administrators,
to re-engage in negotiations at the point at which they ceased.
The creditors would have nothing to gain from such an outcome.

                       About the Company

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

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

                        *     *     *

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

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

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

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

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

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

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

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

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

                        Company Crisis

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

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


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


ABC MULTI-MEDIA: Claims Registration Ends August 11
---------------------------------------------------
Creditors of ABC Multi-Media Betriebsgesellschaft AG have until
Aug. 11 to register their claims with court-appointed
provisional administrator Dirk Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Aug. 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 Wetzlar
         Meeting Room 201
         Building B
         II. Stick
         Wetherstr. 1
         35578 Wetzlar, Germany

The Court will also verify the claims set out in the
administrator's report at 8:00 a.m. on Sept. 26 at the same
venue.

The District Court of Wetzlar opened bankruptcy proceedings
against ABC Multi-Media Betriebsgesellschaft AG on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ABC Multi-Media Betriebsgesellschaft AG
         Attn: Joachim Hermann Tanner, Manager
         Philosophenweg 29
         35578 Wetzlar, Germany

The administrator can be contacted at:

         Dirk Pfeil
         Eschersheimer Highway 60-62
         60322 Frankfurt/Main, Germany
         Tel: 069/1530960
         Fax: 069/15309666


BAUER AG: Improved Finances Spur S&P to Lift Rating to BB
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Germany-based engineering company
Bauer AG to 'BB' from 'BB-' following the improved business
performance, and the successful completion of an IPO resulting
in debt reduction.  At the same time, the long-term rating was
removed from CreditWatch where it had been placed with positive
implications on May 11.  The outlook is positive.

The rating on Bauer was originally placed on CreditWatch with
positive implications based on an expected improvement of
capital structure following the company's announcement of its
planned IPO, coupled with improved business performance in 2005.

"Bauer has demonstrated consistent revenue and earnings growth
over the past few years due to a favorable demand for drilling
equipment for underground construction and good geographic
reach, and an ongoing conservative operating strategy, which is
reflected in improved financial measures," said Standard &
Poor's credit analyst Izabela Listowska.

The positive outlook reflects the good prospects for further
improvement in underlying credit quality in the medium term,
based on the outlook for Bauer's business segments.  There is a
slight upgrade potential, which would be considered if fully
adjusted debt to EBITDA improve to, and remain at, less than
2.5x, and the company will generate meaningful free operating
cash flows on a sustainable basis.

"Sustained deterioration in operating performance or cash
generation currently less pronounced could result in an outlook
revision to stable," added Ms. Listowska.


BRENNTAG HOLDING: S&P Places B+ Long-Term Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Germany-based industrial and
specialty chemicals distributor Brenntag Holding GmbH & Co. KG
on CreditWatch with negative implications.  This follows the
announcement that the company is to be acquired by funds advised
by private equity firm BC Partners.

The 'B+' senior secured debt rating on Brenntag's EUR1.54
billion bank loan, and 'B-' subordinated debt rating on its
EUR305 million second-lien loan, were also placed on CreditWatch
with negative implications.

"The CreditWatch placement reflects our concerns that Brenntag's
financial risk profile might no longer be adequate for the 'B+'
rating, following its acquisition," said Standard & Poor's
credit analyst Eve Greb.

The company is to be acquired from Bain Capital, through a
secondary buyout, for an undisclosed amount.  The transaction is
subject to final approval by the relevant competition
authorities.

"S&P will discuss the effect of the change in ownership on
Brenntag's business strategy and financial risk profile with the
company's management in the near future, with a view to
resolving the CreditWatch status," said Ms. Greb.


DEMUTH DIETL: Claims Registration Ends August 11
------------------------------------------------
Creditors of Demuth, Dietl u. Co. Kommunikationselektronik GmbH
have until Aug. 11 to register their claims with court-appointed
provisional administrator Gerhard Hauk.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Wetzlar
         Meeting Room 201
         Building B
         II. Stick
         Wetherstr. 1
         35578 Wetzlar, 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 Wetzlar opened bankruptcy proceedings
against Demuth, Dietl u. Co. Kommunikationselektronik GmbH on
July 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Demuth, Dietl u. Co. Kommunikationselektronik GmbH
         Industriestr. 14-20
         35580 Wetzlar, Germany

         Attn: Sebastian Dietl, Manager
         Industriestrasse 18
         35580 Wetzlar, Germany

The administrator can be contacted at:

         Gerhard Hauk
         Voelpel Diehl Schneider Gliese Hauk
         Rechtsanwalte und Notar
         Marktlaubenstrasse 9
         35390 Giessen, Germany
         Tel: 0641/9324360
         Fax: 0641/9324350
         E-mail: insolvenz@rae-voelpel.de
         Web: http://www.rae-voelpel.de/


GEFLUEGEL REIFENRATH: Claims Registration Ends August 4
-------------------------------------------------------
Creditors of Gefluegel Reifenrath GmbH have until Aug. 4 to
register their claims with court-appointed provisional
administrator Klaus Ortmueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 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 Betzdorf
         Hall 109
         1st Floor
         Friedrichstrasse 17
         57518 Betzdorf, 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 Betzdorf opened bankruptcy proceedings
against Gefluegel Reifenrath GmbH on July 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gefluegel Reifenrath GmbH
         Attn: Uwe Siermann, Manager
         Industrial Road 3
         57520 Steinebach, Germany

The administrator can be contacted at:

         Dr. Klaus Ortmueller
         Molzbergstrasse 1
         57518 Betzdorf, Germany
         Tel: 02741/93400
         Fax: 02741/934033


KSO GMBH: Claims Registration Ends July 28
------------------------------------------
Creditors of KSO GmbH have until July 28 to register their
claims with court-appointed provisional administrator Ulrich
Graf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Room 520
         Friedrichstr. 18
         Bayreuth, 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 Bayreuth opened bankruptcy proceedings
against KSO GmbH on July 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         KSO GmbH
         Auweg 10
         95339 Wirsberg, Germany

The administrator can be contacted at:

         Dr. Ulrich Graf
         Rathenaustrasse 7
         95444 Bayreuth, Germany
         Tel: 0921/75933-0
         Fax: 0921/75933-50


KUENZLER SPORTGERATE: Claims Registration Ends August 5
-------------------------------------------------------
Creditors of Kuenzler Sportgerate GmbH have until Aug. 5 to
register their claims with court-appointed provisional
administrator Philipp Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 4
         Hauffstr. 5
         70190 Stuttgart, 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 Stuttgart opened bankruptcy proceedings
against Kuenzler Sportgerate GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Kuenzler Sportgerate GmbH
         Attn: Otto-Karl and Helmut Kuenzler, Managers
         Remsstr. 2+19
         73650 Winterbach, Germany

The administrator can be contacted at:

         Dr. Philipp Grub
         Humboldtstr. 16
         70178 Stuttgart, Germany
         Tel: 0711/966890
         Fax: 0711/9668919


LEHMANN BAUTRAGER: Claims Registration Ends August 16
-----------------------------------------------------
Creditors of Lehmann Bautrager und Immobilien GmbH have until
Aug. 16 to register their claims with court-appointed
provisional administrator Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig, 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 Braunschweig opened bankruptcy proceedings
against Lehmann Bautrager und Immobilien GmbH on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Lehmann Bautrager und Immobilien GmbH
         Small Field 93
         38304 Wolfenbuettel, Germany

         Attn: Reiner Lehmann, Manager
         Small Field 91
         38304 Wolfenbuettel, Germany

The administrator can be contacted at:

         Peter Steuerwald
         Bruchtorwall 6
         D-38100 Braunschweig, Germany
         Tel: 0531/2448030
         Fax: 0531/2448080


MENSA SPEDITIONS: Claims Registration Ends August 16
----------------------------------------------------
Creditors of MENSA Speditions GmbH have until Aug. 16 to
register their claims with court-appointed provisional
administrator Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, Germany

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

The District Court of Wiesbaden opened bankruptcy proceedings
against MENSA Speditions GmbH on June 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         MENSA Speditions GmbH
         Attn: Harald Hartung, Manager
         Untermainstr. 19
         65439 Floersheim, Germany

The administrator can be contacted at:

         Thomas Illy
         Kanzlei Thierhoff, Illy + Partner
         Welle 5
         60322 Frankfurt/Main, Germany
         Tel: 069/979953-0
         Fax: 069/979953-99


NIKO INDUSTRIESERVICE: Claims Registration Ends August 5
--------------------------------------------------------
Creditors of NIKO Industrieservice und Gebaudereinigung GmbH
have until Aug. 5 to register their claims with court-appointed
provisional administrator Thomas Leicht.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 20
         Hauffstr. 5
         70190 Stuttgart, 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 Stuttgart opened bankruptcy proceedings
against NIKO Industrieservice und Gebaudereinigung GmbH on
July 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         NIKO Industrieservice und Gebaudereinigung GmbH
         Attn: Dragan Nikolic, Manager
         Maria-Merian-Road 14
         70736 Fellbach, Germany

The administrator can be contacted at:

         Dr. Thomas Leicht
         Eugenstr. 16
         70182 Stuttgart, Germany
         Tel: 0711/245252
         Fax: 0711/233586


PLANART DESIGN: Claims Registration Ends August 1
-------------------------------------------------
Creditors of PlanArt Design GmbH have until Aug. 1 to register
their claims with court-appointed provisional administrator
Hans-Albrecht Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Sept. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wittlich
         Hall 3
         Law Courts
         Kurfuerstenstrasse 63
         54516 Wittlich, 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 Wittlich opened bankruptcy proceedings
against PlanArt Design GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         PlanArt Design GmbH
         Mesenberg 15
         54516 Wittlich, Germany

         Attn: Wolfgang Hoffmann, Manager
         Gerbergasse 4
         54340 Leiwen, Germany

The administrator can be contacted at:

         Hans-Albrecht Brauer
         Jahnstr. 1
         54550 Daun, Germany
         Tel: 06592/985604
         Fax: 06592/7344


TOLU WOHNBAU: Claims Registration Ends August 21
------------------------------------------------
Creditors of Tolu Wohnbau GmbH have until Aug. 21 to register
their claims with court-appointed provisional administrator
Joachim Exner.

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

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 3
         Promenade 3
         91522 Ansbach, 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 Ansbach opened bankruptcy proceedings
against Tolu Wohnbau GmbH on June 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Tolu Wohnbau GmbH
         Nuernberger Road 18
         91781 Weissenburg, Germany

The administrator can be contacted at:

         Joachim Exner
         Stahlstr. 17
         90411 Nuernberg, Germany
         Tel: 0911/951285-0
         Fax: 0911/95128510


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


PULS CDO: Moody's Assigns Ba3 Rating to Class E1 Notes
------------------------------------------------------
Moody's Investors Service assigned these definitive ratings in
respect of the notes to be issued by Puls CDO 2006-1 PLC:

   -- Class A1 Senior Floating Rate Notes due 2014: Aaa;

   -- Class A2A Senior Floating Rate Notes due 2014: Aaa;

   -- Class A2B Senior Floating Rate Notes due 2014: Aaa;

   -- Class B Senior Floating Rate Notes due 2014: Aa2;

   -- Class C1 Senior Floating Rate Notes due 2014: A2;

   -- Class C2 Subordinated Floating Rate Notes due 2014: A3;

   -- Class D Subordinated Deferrable Floating Rate Notes due
2014: Baa3;

   -- Class E1 Subordinated Deferrable Floating Rate Notes due
2014: Ba3;

   -- Ba3 to the Class E2 Subordinated Deferrable Floating Rate
Notes due 2014: Ba3;

   -- Class P Combination Notes due 2014: Baa2.

The Class E1 and Class E2 Notes are pari passu.

The ratings address the expected loss posed to investors by the
legal final maturity in July 2014.

This is a securitization of senior unsecured and subordinated
bonds arranged by Merrill Lynch International.  The borrowers
under such instruments are German and Swiss small to medium
sized companies.

PULS, the issuer, incorporated in Ireland, issues nine classes
of rated Notes: Class A1, Class A2A, Class A2B Class B, Class
C1, Class C2, Class D, Class E1 and Class E2 Notes.  Except for
the Class E2 Notes, which pay a fixed coupon, the Notes have
semi-annual interest payment dates and will pay a margin over 6
months EURIBOR.  The interest rate mismatch between fixed rate
portfolio assets and floating rate liabilities will be hedged
using interest rate swaps.  Up to 5% of the portfolio may be
invested into CHF denominated bonds.

The potential foreign exchange risk with respect to the EUR
denominated Notes is almost completely mitigated by the
implementation of a FX Macro Hedge structure.  All classes are
expected to mature on the date falling approximately 7 years
after the issue date, which is in July 2013.  In case not all
Notes are redeemed in full on the expected maturity, the
maturity of the Notes will extend until the legal maturity in
July 2014.

The portfolio will be ramped-up over the 180-day period
following the Closing Date.  Afterwards, the portfolio remains
static.  The issuer is anticipated to make advances to 40-45
companies in a total amount of EUR260 million.

It is noteworthy that the subordinated bonds are deeply
subordinated in a potential insolvency proceeding.  Furthermore,
none of bonds is secured with any kind of collateral.  Hence
substantially lower expected recovery rate than applicable to
typical SME loans should occur.

Contrary to more conventional SME loan securitizations, this
transaction does not involve a third party originator.  The
companies were pre-selected by Capital Securities Group AG,
acting as Portfolio Manager, based on estimated default
frequencies provided by the German Moody's KMV RiskCalc model
and on-site due diligences.


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


BANCA NAZIONALE: BNP Paribas Holds 99.14% Equity Stake
------------------------------------------------------
BNP Paribas disclosed that it owns 99.14% of Banca Nazionale del
Lavoro S.p.A.'s ordinary capital following its residual offer,
which ended on July 20.  The BNL ordinary shares were delisted
on July 26.

BNP Paribas will also launch the squeeze out process of the
0.86% of BNL ordinary shares, which have not been tendered in
the coming days.

The squeeze out process should be completed within four months
following the delisting of the shares.  It will require the
nomination by the Court of Rome of a legal expert who will set
the squeeze out price.

                     About BNP Paribas

Headquartered in Milan, Italy, BNP Paribas --
http://www.bnpparibas.com/en/home-- is one of the largest
foreign banks in Italy, with a leading and longstanding presence
in retail financial services, a well-established position in
asset management and services, and the status of a top tier
player in corporate and investment banking.  It employs more
than 3,700 people and generates revenues in excess of EUR750
million.

                         About BNL

Headquartered in Rome, Italy, Banca Nazionale del Lavoro S.p.A.
-- http://www.bnl.it/--  is the sixth largest Italian bank in
terms of deposits and loans.  Its network offers nationwide
coverage via approximately  800 branches covering all major
urban areas.  It serves around three million retail customers,
39,000 corporate clients, and 16,000 public entities.

                        *     *     *

As reported in TCR-Europe on July 25, Fitch Ratings upgraded
Italy-based Banca Nazionale del Lavoro's Short-term rating to
'F1+' from 'F1'.  At the same time, the agency has affirmed the
bank's Issuer Default, Individual and Support ratings at 'AA-'
(AA minus), 'C' and '1' respectively.  Fitch said the Outlook is
Stable.


FIAT SPA: Auto Unit Forms Financing Venture with Credit Agricole
----------------------------------------------------------------
Fiat S.p.A's Fiat Auto and Credit Agricole reached an agreement
for the creation of a 50/50 Joint Venture, Fiat Auto Financial
Services, which will carry out the main financing activities
related to Fiat Auto in Europe.  The agreement is subject to
final documentation.

The transaction may be closed up to June 30, 2007, but every
effort will be made to complete it by Dec. 31 this year, after
the necessary regulatory approvals and the exercise by Fiat Auto
of the call on Fidis Retail Italia.

FAFS activities will include Fiat Auto dealer financing, auto
fleet lease and management services, as well as the retail auto
financing activities now carried out by Fidis Retail Italia.

In addition, the joint venture will offer new financial products
to Fiat Auto customers and dealers, leveraging Credit Agricole's
financial expertise.  FAFS will operate in 13 European countries
and will manage assets of approximately EUR13 billion.
Under the terms of the agreement, Fiat Auto will receive EUR1
billion in cash for 50% of FAFS, valuing 100% of the joint
venture equity EUR2 billion.

The JV will benefit from strong integration with Fiat Auto and
from Credit Agricole's leadership in European consumer finance.
Credit Agricole will provide funding to FAFS at a highly
competitive cost.  The governance of FAFS will be shared between
the two partners.

"This transaction marks a new step of the international
expansion strategy of Credit Agricole S.A., which is a key
element of its three-year development plan," Rene Carron,
Chairman of Credit Agricole S.A. stated.

"This transaction is also a major importance to further
consolidate our market position in specialized financial
services.  We are please to strengthen our relationships with
Fiat, Italy's largest industrial group, and to participate in
the renewed growth of its auto sector," Georges Pauget, Credit
Agricole's CEO added.

"With this new agreement, we are expanding the scope of our
alliance strategy to strengthen our financial offering to
dealers and customers.  This alliance, between a large banking
institution and a leading automaker, represents a new reference
in passenger car financing and will further support Fiat Auto's
ambition throughout Europe," Fiat Auto's CEO Sergio Marchionne
declared.

Mr. Marchionne added, "We are delighted to have established this
partnership with a financial institution of the caliber and
reputation of Credit Agricole."

Fiat Group was advised by Goldman Sachs International and Grande
Stevens (legal advisors), Credit Agricole by Banca Leonardo,
Calyon, Rothschild and Baker & MacKenzie (legal advisors).

                      About Credit Agricole

Headquartered in France, Credit Agricole Specialized Financial
Services  -- http://www.credit-agricole.fr/-- encompasses three
business lines - consumer finance, lease finance and factoring.
In consumer finance, Credit Agricole has a leading position in
the European market, managing through its subsidiaries Sofinco
and Finaref more than EUR37 billion of assets in 15 European
countries.

                         About Fiat Auto

Fiat Auto is one of Europe's leading car manufacturers with
worldwide unit sales of nearly 1.9 million vehicles in the past
12 months and 2005 revenues in excess of EUR 19.5 billion.  With
its three well-established brands - Fiat, Alfa Romeo and Lancia
- as well as a strong presence in light commercial vehicles,
Fiat Auto has a nearly 8% share of the Western European auto
market.

About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported in TCR-Europe on Feb. 10, Fitch Ratings has changed
the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured rating to
Stable from Negative.  The agency has at the same time affirmed
the Senior Unsecured and Short-term 'B' ratings.  EUR6 billion
of debt is affected by this Rating action.  The Outlook change
is underpinned by early signs that the restructuring plan is on
track, the stabilization of Fiat Auto's market shares in late
2005 and the successful resolution of a number of credit issues.

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Partners with Severstal-Auto in Ducato Production
-----------------------------------------------------------
Fiat Group and Severstal-Auto declared a new project in the
field of Light Commercial Vehicles for the production and the
distribution in the Russian territory of the Ducato vehicle.

The production will be located in the Elabuga area, in Tatarstan
region, and will give a very important contribution to the
industrial development of the region.  The production capacity
of the new plant will reach 75,000 units/year part of which will
be devoted to Fiat for some export markets.  The project will be
fully funded by Severstal-Auto.

The start of production is forecasted in last quarter 2007.  The
product will have a high level of local content and will be
distributed in several versions.  The Russian market of Light
Commercial Vehicles is roughly 200,000 units per year and
significant growth is expected in the next 3 to 4 years.

"The enlargement of the cooperation with Severstal-Auto is
another step in the strengthening of our strategic relationship
as well as an important opportunity to exploit the high
potential of the LCV market in Russia with a product which has
been a best seller in Europe for the last 20 years," stated
Sergio Marchionne, Chief Executive of Fiat Group.

"The new project is a significant result of strategic
cooperation between Fiat Group and Severstal-Auto that shows our
common intention to take all the advantages of the growing
Russian automotive market.  We are pleased with the opportunity
to promote the Ducato vehicle in Russia and to develop local
content for it," Vadim Shvetsov, General Director of Severstal-
Auto added.

About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported in TCR-Europe on Feb. 10, Fitch Ratings has changed
the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured rating to
Stable from Negative.  The agency has at the same time affirmed
the Senior Unsecured and Short-term 'B' ratings.  EUR6 billion
of debt is affected by this Rating action.  The Outlook change
is underpinned by early signs that the restructuring plan is on
track, the stabilization of Fiat Auto's market shares in late
2005 and the successful resolution of a number of credit issues.

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


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


AGRO BES: Creditors Must File Claims by Aug. 18
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Agro Bes Tobe insolvent on May 25.

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

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Vostochnaya Promzona Street
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (3282) 25-55-25


ALEKSEEVKAAGROSTROIMONTAJ: Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
has commenced bankruptcy proceeding against JSC
Alekseevkaagrostroimontaj on May 23.


HLEBOZAVOD: Creditors Must File Claims by Aug. 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared Enterprise Bakery Plant Hlebozavod insolvent on
May 26.  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
         Frunze Str. 52-52
         Zyrianovsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (235) 4-02-83


JULDYZ JOLY: Creditors Must File Claims by Aug. 18
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Juldyz Joly Ltd. insolvent on June 1.

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

         LLP Juldyz Joly Ltd.
         Saina Str. 8-94
         Almaty, Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 (3332) 93-23-15


KAMKOR: Proof of Claim Deadline Slated for Aug. 18
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Kamkor insolvent on May 26.  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
         Frunze Str. 52-52
         Zyrianovsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (235) 4-02-83


MARKER: Proof of Claim Deadline Slated for Aug. 18
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Marker insolvent on May 31.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         P.O. Box 42
         Post Office 42
         Micro District Taugul-1
         Almaty, Kazakhstan


MEREI-ASAR: Claims Registration Ends Aug. 18
--------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Merei-asar insolvent.

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

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


RESURS-EKSPRESS: Claims Registration Ends Aug. 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Resurs-Ekspress insolvent.

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

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


RG BRANDS: Revenue Growth Prompts Moody's to Affirm B2 Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family
rating of OJSC RG Brands.  The outlook is stable.

RG Brands is a leading manufacturer and importer of juices,
carbonated soft drinks, milk and teas, with operations
predominantly in the Republic of Kazakhstan.  Since Moody's
originally rated the company in December 2004, the company has
grown profitability and benefited from strong market growth.

The affirmation reflects primarily:

   -- the company's strong revenue growth in 2005, with revenues
increasing by a very strong 34% to KZT14.3 billion (c.
US$122 million);

   -- the company's strong and often growing market share in its
key product ranges;

   -- the success of its exclusive ten-year bottling agreement
with PepsiCo Inc. since 2000, and the growing market share
of Pepsi in Kazakhstan; and finally

   -- the overall growth of the Kazakh economy and disposable
income in that country, which bode well for the company's
future development.

The main constraints to the rating, however, include:

   -- the overall speed of growth from a relatively small base,
which will require management to continue to demonstrate
solid controls and reporting mechanisms;

   -- funds from operations which remained largely unchanged in
2005 versus a year earlier, which has been in part due to
certain exogenous factors such as higher cash tax and
interest charges; and

   -- the need for management to ensure that the growth in
working capital is funded efficiently, without a longer-
term increase in leverage.

Moody's notes that working capital requirements were financed by
an increase in interest-bearing letters of credit to suppliers,
which Moody's considers as debt-like in nature.  Letters of
credit increased from KZT202 million in 2004 to KZT2.7 billion
in 2005, while being partly offset by a decline in other trade
payables.

Moody's recognizes that the growth in working capital
requirements is commensurate with the company's strong top-line
growth, but will monitor future financing requirements in
conjunction with the company's overall financing capacity. The
company's Adj. Total Debt (adjusted for leases and letters of
credit)/EBITDA rose to 3.2x in 2005 from 2.6x in 2004, while
Retained Cash Flow/Adj. Net Debt fell to 21.7% in 2005 from 30%
in 2004.

At year-end 2005, RG Brands reported KZT153 million (c. US$1.3
million) in cash and equivalents.  At mid-year 2006, the company
had access to US$11.2 million in undrawn credit facilities, of
which c. US$4.2 million was available only to finance letters of
credit.

The stable outlook reflects Moody's view that the company and
its industry should benefit from strong growth for a number of
years, which would be expected to translate into an improvement
in operating cash flows barring unforeseen exogenous factors.
The rating or outlook could be positively affected by stronger
cash generation relative to debt levels, and notably an improved
ability to fund growth through internal cash generation.  The
rating or outlook could face downward pressure if financial
debt, including letters of credit, continues to rise without a
corresponding increase in cash flows from operations.

Headqaurtered in Almaty, Kazakhstan, RG Brands is a leading
manufacturer and importer of juices, carbonated soft drinks,
milk and teas, with operations predominantly in the Republic of
Kazakhstan. In 2005, the company reported revenues and profit
from operations of KZT 14.3 billion (c. US$122 million) and
KZT1.35 billion (c. US$11.5 million), respectively.


STROISERVIS-SSK: Creditors' Claims Due Aug. 18
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Stroiservis-SSK insolvent on June 1.

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

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Vostochnaya Promzona Street
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (3282) 24-21-39


VOLKAN TRANS: Creditors' Claims Due Aug. 18
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Volkan Trans insolvent on May 31.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         P.O. Box 42
         Post Office 42
         Micro District Taugul-1
         Almaty, Kazakhstan


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


OPTIMA: Creditors Must File Claims by Sept. 8
---------------------------------------------
LLC Financial-Legal Company Optima has declared insolvency.
Creditors have until Sept. 8 to submit written proofs of claim
to:

         LLC Financial-Legal Company Optima
         Kievskaya Str. 120
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 27-18-81


OVADA LIMITED: Proof of Claim Deadline Slated for Sept. 8
---------------------------------------------------------
LLC Ovada Limited has declared insolvency.  Creditors have until
Sept. 8 to submit written proofs of claim to:

         LLC Ovada Limited
         Jibek-Jolu Str. 509
         Bishkek, Kyrgyzstan


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


STANDARD INTERNATIONAL: Fitch Affirms Individual Rating at C
------------------------------------------------------------
Fitch Ratings affirmed Luxembourg-based Standard International
Holdings' ratings at Issuer Default BBB+, Short-term F2,
Individual C and Support 2.  The Outlook remains Stable.

The IDR, Short-term and Support ratings for SIH reflects the
high probability of support from SIH's parent, Standard Bank
Group and its main operating entity The Standard Bank of South
Africa.  This is based on a strong statement of support in SBG's
annual accounts, and the high level of integration between SIH,
SB Plc and SBG.

The Individual ratings reflect SIH's growing franchise in the
wholesale, cross-border emerging market line of business, and
sound risk management, while liquidity and capitalization are
considered satisfactory.  As a consequence of the emerging
markets exposure, the potential for volatility exists and market
risk is fairly high.  The strategy to diversify by geography and
critical mass has helped spread risks, although critical mass
remains an issue in some areas.

SIH is the holding company (established in 1992) for the
international investment banking activities of SBG and is
regulated on a consolidated basis by the FSA in the U.K. SIH has
further subsidiaries in Malaysia, Turkey, and Singapore.

SIH specializes in emerging market and natural resource
transactions and is managed on a group basis rather than as
separate subsidiaries.


===============
P O R T U G A L
===============


CAIXA ECONOMICA: Fitch Keeps Individual C Rating
------------------------------------------------
Fitch Ratings changed Caixa Economica Montepio Geral's Outlook
to Stable from Negative.  Its ratings are affirmed at Issuer
Default A-, Short-term F2, Individual C and Support 4.

The change in Outlook reflects Montepio Geral's improved
profitability in the last two years, due to increased focus on
cross-selling the group's products and services while
controlling costs.  The new Outlook also reflects Fitch's view
that the bank will continue to report an acceptable performance
despite the current operating environment in Portugal.

The Issuer Default, Short-term and Individual ratings reflect
Montepio Geral's fairly low-risk mortgage lending activities,
relatively sound regulatory capital base and strong franchise in
its niche business.  They also take into account the bank's
reasonable asset quality with impaired loans accounting for 2.4%
of total loans and a sound loan loss cover of 122% at end-2005.

Downside risk to its ratings could arise from a sharp
deterioration in the Portuguese housing market, although the
majority of its loans being secured limit this risk.

Montepio Geral's activity focuses on collecting retail deposits
and providing residential mortgages and housing-related
construction loans.  It had a 9.4% share of the Portuguese
mortgage lending market at end-2005.  It is wholly-owned by
Montepio Geral Associacao Mutualista, a not-for-profit mutual
organization, which provides social benefits to its members.


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


AGRO-KHIM-SERVICE: Court Names E. Golenkov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. E. Golenkov
as Insolvency Manager for OJSC Agro-Khim-Service.  He can be
reached at:

         E. Golenkov
         Shmidta Str. 4
         Penza Region
         Russia
         Tel: 8412-421-607

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-324/05-283/20.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Khim-Service
         K. Marksa Str.
         Yaransk
         Kirov Region
         Russia


BARDYMSKIY DIARY: Court Names D. Kondalov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. D. Kondalov
as Insolvency Manager for LLC Bardymskiy Diary.  He can be
reached at:

         D. Kondalov
         Komsomolskiy Pr. 34B
         614000 Perm Region
         Russia
         Tel: 8(342) 234-97-22

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 50-40105/2005-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3.
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Bardymskiy Diary
         Sovetskaya Str. 68
         614045 Perm Region
         Russia


DOR-STROY-INVEST: Court Names M. Vasilega as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for OJSC Dor-Stroy-Invest (TIN 7703035095).
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.
A40-12841/06-103-34 B.

The Debtor can be reached at:

         OJSC Dor-Stroy-Invest
         Shelepikhinskaya Nab. Str. 34
         Moscow Region
         Russia


DUVANSKAYA SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on State Unitary Enterprise
Duvanskaya Sel-Khoz-Khimiya (TIN 0220000373).  The case is
docketed under Case No. A07-6205/06-G-KhRM.

The Temporary Insolvency Manager is:

         A. Abakarov
         Promyshlennaya Str. 9.
         Mesyagutovo
         Duvanskiy Region
         Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         State Unitary Enterprise Duvanskaya Sel-Khoz-Khimiya
         Promyshlennaya Str. 9
         Mesygutovo
         Duvanskiy Region
         Bashkortostan Republic
         Russia


EASTERN OIL: Primorye Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Primorye Region has commenced
bankruptcy supervision procedure on CJSC Eastern Oil Loading
Terminal.  The case is docketed under Case No. A51-4827/
2006-15-96B.

The Temporary Insolvency Manager is:

         A. Kudelkin
         Post User Box 34/19
         Khabarovsk
         680014 Primorye Region Russia

The Debtor can be reached at:

         CJSC Eastern Oil Loading Terminal
         Vrangel-1
         Nakhodka
         Primorye Region
         Russia


GIMED: Nizhniy Novgorod Court Begins Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene at
9:00 a.m. on Sept. 5 to hear the bankruptcy supervision
procedure on CJSC Gimed.  The case is docketed under Case No.
A43-4497/2006 24-28.

The Temporary Insolvency Manager is:

         E. Naumov
         Vaneeva Str. 116-52.
         603136 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:

         CJSC Gimed
         Larina Str. 7
         603107 Nizhniy Novgorod Region
         Russia


MILKY: Bankruptcy Hearing Slated for Oct. 2
-------------------------------------------
The Arbitration Court of Ulyanovsk Region will convene at 1:00
p.m. on Oct. 2 to hear the bankruptcy supervision procedure on
OJSC Milky.  The case was docketed under Case No. A17-1351/
06-10-B.

The Temporary Insolvency Manager is:

         E. Pushkova
         Office 607
         15th Proezd 4
         153006 Ivanovo Region
         Russia
         Tel/Fax: (4932) 47-54-41

The Debtor can be reached at:

         OJSC Milky
         Oktyabrskaya Str. 83
         Lukh
         155270 Ulyanovsk Region
         Russia


NIZHNEVYAZOVSKIY GRAIN: Court Names A. Minachev to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. A.
Minachev as Insolvency Manager for CJSC Nizhnevyazovskiy Grain
Receiving Centre.  He can be reached at:

         A. Minachev
         Post User Box 188.
         Kazan
         420126 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-22907/2005-SG4-26.

The Debtor can be reached at:

         CJSC Nizhnevyazovskiy Grain Receiving Centre
         Zelenodolskiy Region
         Tatarstan Republic
         Russia


OCTYABRSKIY FACTORY: Bankruptcy Hearing Slated for August 21
------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
10:00 a.m. on Aug. 21 to hear the bankruptcy supervision
procedure on OJSC Octyabrskiy Factory of Oil and Gas
Engineering.  The case was docketed under Case No. A07-6943/
06-G-ADM.

The Temporary Insolvency Manager is:

         Mr. R. Baykov
         Kosmonavtov Str. 65
         Oktyabrskiy
         Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Octyabrskiy Factory of Oil and Gas Engineering
         Kosmonavtov Str. 65
         Oktyabrskiy
         Bashkortostan Republic
         Russia


PARFENYEVSKIY BUTTER: V. Krasnov to Manage Assets
-------------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. V.
Krasnov as Insolvency Manager for LLC Parfenyevskiy Butter
Cheese Factory.  He can be reached at:

         V. Krasnov
         Post User Box 24
         Kostroma-14
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-292/2006-12.

The Debtor can be reached at:

         LLC Parfenyevskiy Butter Cheese Factory
         Post User Box 24
         Kostroma-14
         Russia


SIBERIAN ELECTRODE: Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
Aug. 16 to hear the bankruptcy supervision procedure on OJSC
Siberian Electrode Factory.  The case is docketed under Case No.
A45-8364/06-4/36.

The Temporary Insolvency Manager is:

         V. Trostonetskaya
         Post User Box 69
          630004 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Siberian Electrode Factory
         Pushkina Str. 8
         Chistoozerskoye
         Novosibirsk Region
         Russia


TOGUCHIN-MILK: Court Names V. Makarov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. V.
Makarov as Insolvency Manager for OJSC Toguchin-Milk.  He can be
reached at:

         V. Makarov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk Region
         Russia
         Tel: 348-53-06

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-21413/04-SB/172.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3.
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Toguchin-Milk
         Stroitelnaya Str. 5
         Toguchin
         Novosibirsk Region
         Russia


ULYANOVSK-HYDRO-MECHANIZATION: Bankruptcy Supervision Starts
------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region has commenced
bankruptcy supervision procedure on OJSC Ulyanovsk-Hydro-
Mechanization.

The case was docketed under Case No. A72-7033/05-19/32-B.

The Temporary Insolvency Manager is:

         V. Ermilov
         Office 14
         Federatsii Str. 105
         432071 Ulyanovsk Region
         Russia

The Debtor can be reached at:

         OJSC Ulyanovsk-Hydro-Mechanization
         Moskovskoye Shosse 52
         Ulyanovsk Region
         Russia


VICTORY: Moscow Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on OJSC Victory (7728011064).  The case
was docketed under Case No. A40-11450/06-88-34 B.

The Temporary Insolvency Manager is:

         O. Sopilchenko
         Mira Pr. 101V
         129085 Moscow Region
         Russia
         Tel: 609-66-66

The Debtor can be reached at:

         OJSC Victory
         Nametkina Str. 10B
         117420 Moscow Region
         Russia


WOOD-WORKING FACTORY: Court Names M. Putintsev to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. M.
Putintsev as Insolvency Manager for OJSC Wood-Working Factory.
He can be reached at:

         M. Putintsev
         Post User Box 3047
         650033 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 27-6175/2004-4.

The Debtor can be reached at:

         OJSC Wood-Working Factory
         Predzavodskoy
         650021 Kemerovo Region
         Russia


YUKOS OIL: Creditors Nix Rescue Plan & Vote for Liquidation
-----------------------------------------------------------
Creditors of OAO Yukos Co. voted to liquidate what was once
Russia's biggest oil firm after rejecting a management rescue
plan, which values the company's assets at about US$30 billion.
This would have permitted Yukos to continue its operations and
attempt to pay off US$18 billion in debts through asset sales.

The vote came hours after bankruptcy manager Eduard Rebgun said
Yukos cannot pay its debts in the time allotted by law, the
Associated Press reports.

Mr. Rebgun values the company's assets at RUB477 billion
(US$17.71 billion) and lists claims against Yukos at about
RUB500 billion (US$18.76 billion).  The company's management has
disputed Mr. Rebgun's conclusion that the company is insolvent.
The AP says Zak Clement, a lawyer for Yukos, claimed the company
was worth US$37 billion.

Yukos's creditors, led by the Federal Tax Service and state-
owned OAO Rosneft Oil Company, will oversee the liquidation and
distribution of the company's assets, Greg Walters and Geoffrey
T. Smith write for The Wall Street Journal.

As previously reported in TCR-Europe, Yukos CEO Steven Theede
disclosed his resignation effective Aug. 1 saying there was
"nothing left" he could do to prevent the company's liquidation.

The Moscow Arbitration Court will decide on Aug. 1 whether to
declare the company bankrupt.

Yukos creditors listed in the claims register include:

Company                              Amount
-------                              ------
Russian Federal Tax Service          RUB353.8 billion
Yuganskneftegaz                      More than RUB108.8 billion
Tomskneft-BNK                        RUB12.3 billion
Samaraneftegaz                       RUB1.85 billion
Yukos-Moscow                         RUB933 million
Siberia Service Company              RUB228.4 million
Yukos-RM                             RUB131.3 million
Yukos-EP                             RUB110 million
Prikaspiiburneft                     RUB54.9 million
Sibinteklizing                       RUB52 million
Orelnefteprodukt                     RUB25.7 million
Tyumenskaya Kompleksnaya             RUB24.1 million
Geologorazvedochnaya Ekspeditsiya
  Cargill Yug                         RUB18.8 million
BDO Unicon Consulting                Around RUB12 million
Yukos-Vostok Trade                   RUB4 million
M-Reestr                             RUB3.5 million
Progress insurance company           RUB2.3 million
MGTS                                 RUB586,000
Center of Rescue and Environmental   Around RUB90,000

                        About Yukos

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

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

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

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

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


=============================
S L O V A K   R E P U B L I C
=============================


SLOVENSKA SPORITELNA: Fitch Keeps Individual Rating at C/D
----------------------------------------------------------
Fitch Ratings affirmed Slovak Republic-based Slovenska
Sporitelna's ratings at Issuer Default A- with Stable Outlook,
Short-term F2 and Support 1.  At the same time, the bank's
Individual rating has been affirmed at C/D.

Slovenska's Issuer Default, Short-term and Support ratings are
based on the extremely strong potential support from its sole
shareholder, Austria-based Erste Bank der oesterreichischen
Sparkassen AG (rated A).

Slovenska's Individual rating takes into account the bank's
solid retail franchise, and improving risk profile, asset
quality and profitability, but also accelerated loan growth.

"SLSP has been steadily strengthening its franchise and benefits
from the integration into the network of its owner, Erste Bank.
However, loan growth in both retail and corporate loan books has
been rapid in 2005," Fitch Financial Institutions group's
Michael Steinbarth disclosed.

"An improvement in the Individual rating would require more
diversified income, prudent management of the expanding loan
book and stronger internal capital generation," Mr. Steinbarth
added.

Capitalisation is currently adequate although the total capital
ratio has noticeably fallen with the growth in risk-weighted
assets.

Around 10% of Slovenska's consolidated assets are now in real
estate/mortgage lending, which has yet to be tested in an
economic downturn.  Asset quality continues to improve, and
while the bank has a substantial portfolio of unseasoned loans,
non-performing loans have also fallen in absolute terms to
account for under 4% of the FYE05 gross loan book.  They are
adequately reserved if collateral is taken into account.


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


ALMAKS MANUFACTORY: Court Names Yevgenij Shtepenko as Liquidator
----------------------------------------------------------------
The Economic Court of Poltava Region appointed Yevgenij
Shtepenko as Liquidator/Insolvency Manager for LLC Industrial
Company Almaks Manufactory (code EDRPOU 21056430).  He can be
reached at:

         Yevgenij Shtepenko
         Room 12
         Nezalezhnosti Square 1-B
         36003 Poltava Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case No. 18/173.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Industrial Company Almaks Manufactory
         Vizvolennya Str. 21
         36039 Poltava Region
         Ukraine


BUDENERGOTRANS: Court Names Yuliya Berezhnova as Liquidator
-----------------------------------------------------------
The Economic Court of Harkiv Region appointed Yuliya Berezhnova
as Liquidator/Insolvency Manager for LLC Budenergotrans (code
EDRPOU 33071492).  She can be reached at:

         Yuliya Berezhnova
         Peremogi Avenue 59/259
         Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 1.  The case is docketed
under Case No. B-39/31-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Budenergotrans
         Zhovtneva Str. 16
         Balakliya
         64200 Harkiv Region
         Ukraine


ELEKTRA-PLUS: Sumi Court Begins Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on Trade Firm Elektra-Plus (code EDRPOU
31312196).  The case is docketed under Case No. 6/19-06.

The Temporary Insolvency Manager is:

         Boris Krivenko
         Office 408
         Nezalezhnosti Square 1
         40030 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         Trade Firm Elektra-Plus
         Ohtirska Str. 15/3
         40000 Sumi Region
         Ukraine


GART: Hmelnitskij Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Gart (code EDRPOU 21315713).  The
case is docketed under Case No. 2/125-B.

The Temporary Insolvency Manager is:

         Mariya Golovata
         Knyaziv Koriatovichiv Str. 4/49
         Kamyanets-Podilskij
         32300 Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Gart
         Zavodska Str. 2
         Kamyanets-Podilskij
         32300 Hmelnitskij Region
         Ukraine


KAMYANETS: Hmelnitskij Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Building Company Kamyanets (code
EDRPOU 01353835).  The case is docketed under Case No. 2/114-B.

The Temporary Insolvency Manager is:

         Mariya Golovata
         Knyaziv Koriatovichiv Str. 4/49
         Kamyanets-Podilskij
         32300 Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Building Company Kamyanets
         Knyaziv Koriatovichiv Str. 4/49
         Kamyanets-Podilskij
         32300 Hmelnitskij Region
         Ukraine


KRONA: Lviv Court Commences Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Production Enterprise Krona
(code EDRPOU 32282622) on May 22.  The case is docketed under
Case No. 6/269-5/213.

The Temporary Insolvency Manager is:

         Sergij Lipskij
         a/b 4389
         79013 Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Production Enterprise Krona
         Grabovets
         Strijskij District
         82435 Lviv Region
         Ukraine


KYIV SECURITIES: Court Names O. Sherban as Liquidator
-----------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Sherban as
Liquidator/Insolvency Manager for LLC Kyiv Securities (code
EDRPOU 23155739).  He can be reached at:

         Mr. O. Sherban
         a/b 157
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 20.  The case is docketed
under Case No. 15/720-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 Kyiv Securities
         Geroiv Stalingrada Avenue 16
         04210 Kyiv Region
         Ukraine


METALLURGY: Court Names Oleksandr Chechelnitskij as Liquidator
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Oleksandr
Chechelnitskij as Liquidator/Insolvency Manager for Ukrainian
Industrial-Investing Consortium Metallurgy (code EDRPOU
30958323).  He can be reached at:

         Oleksandr Chechelnitskij
         Korolyov Avenue 2-v/104
         01000 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 7.  The case is docketed
under Case No. 21/125/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         Ukrainian Industrial-Investing Consortium Metallurgy
         Rekordna Str. 20-a
         69037 Zaporizhya Region
         Ukraine


MIG-2000: Court Names Oleksandr Shikulenko as Liquidator
--------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Oleksandr
Shikulenko as Liquidator/Insolvency Manager for LLC MIG-2000
(code EDRPOU 30719500).  He can be reached at:

         Oleksandr Shikulenko
         Shirshova Str. 7/82
         49000 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 5.  The case is docketed
under Case No. 25/118/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Mig-2000
         Bazova Str. 11
         69013 Zaporizhya Region
         Ukraine


MITOS: Harkiv Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on LLC Mitos (code EDRPOU 00293485).
The case is docketed under Case No. B-50/33-06.

The Temporary Insolvency Manager is:

         Oleg Dyomin
         Radyanska Str. 69/14
         Nataline
         Krasnogradskij District
         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 Mitos
         Dmitrivska Str. 19
         61052 Harkiv Region
         Ukraine


ODESSA' TECHNICAL: Court Names Volodimir Ajmedov as Liquidator
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Volodimir Ajmedov
as Liquidator/Insolvency Manager for CJSC Odessa' Technical
Fabrics Factory (code EDRPOU 00306420).  He can be reached at:

         Volodimir Ajmedov
         Hrustalnij Lane 3
         Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 1.  The case is docketed
under Case No. 2-32-24/292-03-9660.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         CJSC Odessa' Technical Fabrics Factory
         Vasil Stus Str. 2 b
         Odessa Region
         Ukraine


SHEVCHENKIVSKIJ: Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Tribal Plant Shevchenkivskij (code
EDRPOU 24218330).  The case is docketed under Case No. 110/
2 b-2006.

The Temporary Insolvency Manager is:

         Sergij Yegorenkov
         Lesya Ukrainka Boulevard 19/138
         01133 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 Tribal Plant Shevchenkivskij
         Shevchenkove
         Pereyaslav-Hmelnitskij District
         08462 Kyiv Region
         Ukraine


SOLVEY UKRAINE: Court Names Sergij Boltik as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Poltava Region appointed Sergij Boltik as
Liquidator/Insolvency Manager for LLC Solvey Ukraine (code
EDRPOU 33014036).  He can be reached at:

         Sergij Boltik
         Kondratenko Str. 6
         36009 Poltava Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 30.  The case is docketed
under Case No. 7/47-06.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Solvey Ukraine
         Michurin Str. 121
         Globine
         Poltava Region
         Ukraine


UKRSOTSBANK: S&P Keeps B- Credit Rating on Watch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services revealed that Ukrsotsbank
OJSC's 'B-' long-term counterparty credit rating remains on
CreditWatch with positive implications, where it had originally
been placed on Feb. 15.  At the same time, it placed its 'C'
short-term rating on USB on CreditWatch with positive
implications.

The ratings on USB were placed on CreditWatch with positive
implications, following the announcement that Italy-based Banca
Intesa S.p.A. had signed a share purchase agreement with the
majority shareholder of USB on the acquisition of 88.1% of the
share capital of USB.  This is pending regulatory approvals, and
is expected to be finalized in the second half of 2006.

"If the acquisition completes successfully, the ratings on USB
could be raised by a maximum of three notches, but unlikely to
exceed the sovereign foreign currency rating," said Standard &
Poor's credit analyst John Gibling.

The ratings on USB reflect the bank's exposure to the risky
political and operational environment in Ukraine, high single-
party lending concentrations, and competition challenges,
somewhat mitigated by the large untapped domestic demand.  A new
share issue of UAH300 million (about US$60 million) at the end
of June 2006 supports USB's capitalization, although still
limited, and growth prospects in the short run, but pressure may
increase again as the expansion continues.

"In this context, future shareholder's capital policy and
support will be crucial for the bank's creditworthiness.  The
negative rating factors are somewhat mitigated by USB's good
commercial franchise on the Ukrainian banking market, adequate
financial performance, and liquidity position," added Mr.
Gibling.


UKRVTORMET: Harkiv Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on JSC Ukrvtormet (code EDRPOU 24139056)
on April 19.  The case is docketed under Case No. B-39/28-06.

The Temporary Insolvency Manager is:

         Ludmila Volovik
         a/b 1203
         61123 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:

         JSC Ukrvtormet
         Chernishevskij Str. 66
         61002 Harkiv Region
         Ukraine


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


ACCESS STAFF: Claims Registration Ends Nov. 30
----------------------------------------------
Creditors of Access Staff Limited have until Nov. 30 to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors,
if any, to appointed Liquidator M. H. Abdulali at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent ST1 5TL
         United Kingdom

The company can be reached at:

         Access Staff Limited
         452 Tyburn Road
         Birmingham
         West Midlands B24 8EE
         United Kingdom
         Tel: 0121 386 2740
         Fax: 0121 386 2741
         Web: http://www.accesstaff.co.uk/


BONTHRONE LIMITED: Brings In P&A Partnership as Administrators
--------------------------------------------------------------
Christopher Michael White and Brendan Ambrose Guilfoyle of The
P&A Partnership were appointed joint administrators of Bonthrone
Limited (Company Number 02861804) on June 15.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

Bonthrone Limited can be reached at:

         Hill House
         5-5A Holywell Hill
         St. Albans
         Hertfordshire AL1 1EU
         United Kingdom
         Tel: 01962 735 544


EIRLES FOUR: Loss From Deal Spurs Fitch to Cut Ratings to B+
------------------------------------------------------------
Fitch Ratings downgraded Eirles Four Limited, Series 42 (SARCO)
notes (XS0171953796) due 2013 to B+ from BBB- and removes them
from Rating Watch Negative.

The downgrade reflects the losses to the deal following the
credit event on Delphi Corp. in October 2005, and extensive
negative rating migration.  Currently around 16% of the
portfolio references speculative-grade names, including low-
rated names such as Visteon Corp (CCC).  Fitch notes that the
performance of the deal has been impaired by the sustained
deterioration in credit quality of Visteon and other U.S. auto
names that were investment-grade at deal close.

Fitch will monitor the performance of this transaction closely
and will downgrade again should the credit quality of the
portfolio deteriorate further.  The agency notes, however, that
based on the remaining credit enhancement, this deal could
sustain a further four defaults with low recoveries before
losses would be applied to the notes.

The issuer, Eirles Four Limited, is a special purpose vehicle
incorporated with limited liability in Ireland.  It currently
provides protection to Deutsche Bank on a US$750 million
reference portfolio of 98 reference entities with a weighted-
average credit quality equivalent to a BBB/BBB- rating using
Fitch's rating factors.  The reference portfolio amount has
decreased to US$735 million from the initial US$750 million
following the credit events on Parmalat and Delphi Corp.


EUROTUNNEL GROUP: Paris Court Delays Decision to August 2
---------------------------------------------------------
The Commercial Court of Paris delays its decision whether to
approve Eurotunnel Group's bankruptcy petition to Aug. 2.

The company was not surprised by the decision as it has made 17
applications covering six European countries.  The postponement
will give more time to the creditors to reach an agreement on
restructuring Eurotunnel's GBP6.2 billion outstanding debt.

"The court said it postponed its decision in the face of the
complexity of the subject," Dow Jones Newswires quoted Jean
Veil, a lawyer for Eurotunnel as saying.  "It's an opportunity
for negotiations, which always take place at the last minute."

"We have good hope that a solution can be found," Mr. Veil told
Bloomberg.

ARCO Chairman Jean-Pierre Mattei told The Times that a deal was
"very close" and could be reached before Aug. 2.

"Everyone wants a lasting solution," Mr. Mattei stated.

ARCO represents 68% of Eurotunnel's outstanding GBP1.9 billion
bonds and notes.

Eurotunnel points out that the restructuring of its debt has
been a problem between creditors ever since it proposed a
management-backed rescue plan with Goldman Sachs Group Inc.,
Macquarie Bank Ltd. and Barclays PLC.

The current negotiations led by the company have now given rise
to an implicit consensus that:

   -- the sustainable level of debt is approximately GBP2.9
      billion; and

   -- the current shareholders must benefit from accretion
      measures and retain a significant proportion of the
      equity.

The company believes there is no reason why the creditors should
not rapidly come to a consensual restructuring agreement within
this framework.

As Eurotunnel will make a payment of GBP78 million in interest,
arguments relating to default of payment should not be used to
justify a rupture in negotiations.  It should be noted that the
total amount of payments on the debt to be made before
Dec. 31, 2006, is GBP74 million.

In the absence of an agreement, the safeguard procedure would
allow the company, aided by judicially appointed administrators,
to re-engage in negotiations at the point at which they ceased.
The creditors would have nothing to gain from such an outcome.

                       About the Company

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

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

                        *     *     *

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

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

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

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

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

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

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

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

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

                        Company Crisis

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

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


EXPRESS MARINE: Joint Liquidators Take Over Operations
------------------------------------------------------
David Kenneth Duggins and Elizabeth Anne Bingham of Ernst &
Young LLP were appointed Joint Liquidators of Express Marine
Services Limited after members voted to wind up the company
during a general meeting on April 25.

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

Express Marine Services Limited can be reached at:

         Donnington Pk
         Birdham Road
         Chichester
         West Sussex PO207DU
         United Kingdom
         Fax: 01243 778 111


FCE BANK: S&P Removes Low -B Ratings from Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B-2' short-term ratings on FCE Bank PLC.  At the same time,
the long-term rating was removed from CreditWatch where it had
been placed with negative implications on June 28.  The outlook
is negative.

The affirmation and resolution of the CreditWatch placement
follows the completion of Standard & Poor's evaluation of the
potential for FCE to be rated slightly higher than its parent,
Ford Motor Credit Co.

"The one-notch rating differential from FCE's ultimate parent,
Ford Motor Co., reflects Standard & Poor's opinion that FCE's
sound capitalization, regulated status, and the ability to
access independent asset-backed funding could possibly enable
FCE to remain current on its debt service requirements even if
Ford and FCE's immediate parent, Ford Credit, were to file for
bankruptcy protection," said Standard & Poor's credit analyst
Nigel Greenwood.

FCE is Ford's European captive automotive finance company.
FCE's stand-alone creditworthiness is better than that of its
parent and shares some characteristics with peer captive finance
subsidiaries of major European automotive groups.  This reflects
FCE's sound capitalization, adequate earnings, and satisfactory
credit quality.  Regulated by the FSA, FCE has to comply with
FSA regulatory limits and FSA approval is required for any
changes to FCE's capital base.

Standard & Poor's considers that the competitiveness of Ford's
automotive operations in Europe is weaker than that of its major
European peers, and this has direct implications for the
franchise value of FCE's finance business.

The negative outlook reflects that on Ford.  If the ratings on
Ford were lowered to 'B', then the ratings on FCE would be
lowered to 'B+', thus maintaining the one-notch rating
differential between the two entities.

"If the outlook on Ford is revised back to stable from negative,
then the same would apply to the outlook on FCE," added Mr.
Greenwood.

Standard & Poor's expects FCE to continue to reduce its reliance
upon intercompany funding, and to maintain its earnings
performance and sound capitalization.  Credit losses are
expected to rise from their current low levels, but should
remain manageable.


FORBER & WRATE: Creditors Pass Winding Up Resolution
----------------------------------------------------
Creditors of Forber & Wrate Limited passed a resolution to wind
up the company's operations on April 26.

John Paul Sugden was appointed Liquidator.

The company can be reached at:

         Forber & Wrate Limited
         Parkfield Wks
         Parkfield Terrace
         Pudsey
         West Yorkshire LS287RT
         United Kingdom
         Fax: 0113 256 4326


G.T. ALMAX: Appoints Administrators from Moore Stephens
-------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of G.T. Almax Limited
(Company Number 01125395) on June 22.

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

Headquartered in Redditch, United Kingdom, G.T. Almax Limited
manufactures dies for tools.


GENERAL MOTORS: Incurs US$3.2-Bln Net Loss in Second Quarter
------------------------------------------------------------
General Motors Corp. reported a net loss of US$3.2 billion for
the second quarter of 2006, compared with a reported loss of
US$987 million, for the same period last year.

The net loss for the quarter included a total of US$4.3 billion
in special items that reflected a previously announced US$3.7
billion after-tax charge related to the successful accelerated
attrition program, in which 34,400 hourly employees
participated.  Other special items included a loss related to
the pending sale of 51% of GMAC, a gain on the disposition of
Isuzu stock, and restructuring charges.

GM posted 2006 second-quarter adjusted net income, excluding
special items, of US$1.2 billion on record revenue of US$54.4
billion. This reflects a US$1.4 billion improvement from the
year-ago adjusted loss of US$231 million on revenue of US$48.5
billion.

"With the support of our employees, unions, dealers, suppliers
and stockholders, we are moving rapidly and aggressively to
address our challenges and restructure GM for future success,"
said Rick Wagoner, GM chairman and chief executive officer.
"It's rewarding to see our automotive business return to
profitability on an operating basis and a clear sign that we're
on the right track, but there is more work to be done."

Mr. Wagoner also said the success of the accelerated attrition
program in the United States, along with other cost initiatives,
led GM to increase its structural cost reduction target in North
America to US$9 billion from US$8 billion on an average annual
running rate basis by the end of 2006.

"Our turnaround has not just gained traction, it's accelerating
into high gear," Mr. Wagoner said.  "While significant work
still remains, our ability to identify and initiate US$9 billion
in cost cuts over the course of the past year is unprecedented
in this industry.

"We're particularly pleased with the speed with which our people
have implemented our turnaround plan.  Conventional wisdom is
that you can't turn a ship as big as GM around quickly.  We aim
to prove that conventional wisdom wrong."

                   GM Automotive Operations

GM's global automotive operations earned US$362 million on an
adjusted basis, excluding special items, representing an
improvement of US$1.3 billion year-over-year.  This is due
primarily to significant improvement in GM North America and
continued profitability improvement in other regions.

GM's global market share in the second quarter was 13.8%, up
from the first quarter market share of 13.1%, but down from
15.1% last year.  The change in global market share is largely
attributable to last year's highly successful employee discount
incentive program in North America and lower fleet sales in
Europe.

"We know we have to develop and build great cars and trucks to
grow our business and we're encouraged by the recent success of
our newest vehicles, particularly in the U.S. market," Wagoner
said.  "Our new full-size SUVs, the Chevrolet Impala and HHR,
and Pontiac G6 have all posted strong sales this quarter.  Our
newly launched vehicles will account for about 30% of our U.S.
retail sales this year and grow to 40% next year."

GM North America posted an adjusted net loss of US$85 million,
excluding special items, in the second quarter of 2006, a US$1.1
billion improvement over the prior year period.  The improvement
is attributable to reductions in GM's cost base across a broad
range of activities, including improvement in warranty and other
quality-related costs and a reduction in ongoing pension
expense, due largely to the success of the hourly attrition
program.

The attrition program and other cost initiatives have enabled GM
to increase its structural cost reduction target in North
America. GM expects to realize approximately US$6 billion in
cost savings in 2006, up from the previously announced US$5
billion.  A major contributor to this improvement is the April
30 remeasurement of the U.S. hourly pension plans, which will
result in a pre-tax pension expense reduction of about US$700
million for the 2006 calendar year.

"We have made solid progress in implementing our North America
turnaround plan in the first half, posting more than US$2
billion worth of improvements at GMNA, excluding special items,"
Wagoner continued.  "More significantly, the impact of our cost-
reduction efforts on the bottom line will accelerate in the
second half. This, combined with building sales momentum from
our new cars and trucks and improved marketing, should enable us
to continue to improve year-over-year results significantly."

GM Europe posted adjusted earnings, excluding special items, of
US$124 million for the quarter, an improvement of US$94 million
compared with earnings of US$30 million in the second quarter of
2005.  The improved earnings reflect favorable material costs
and improvements in pricing.

"Our European operations continue to gain momentum, posting a
second consecutive profitable quarter, excluding special items,"
Wagoner said.  "We are pleased with Saab's global market
performance, posting a sales increase of 24% for the first half
of the year, and the continued growth of the Chevrolet brand in
Europe.  We are also encouraged by the response to the new
Opel/Vauxhall Corsa, unveiled at the recent London Motor Show
and scheduled to arrive in showrooms this fall."

On an adjusted basis, excluding special items, GM Asia Pacific
posted earnings of US$167 million in the second quarter, down
slightly from last year's earnings of US$183 million.  The
difference is more than accounted for by the loss of equity
income from Suzuki following the reduction in GM's equity stake.
Market share in the region increased to 6.7% in the second
quarter of 2006, up from 6.2% during the second quarter of 2005,
driven by strong sales in China.

GM Latin America, Africa and Middle East posted adjusted
earnings, excluding special items, of US$156 million, a
significant increase of US$131 million compared with last year's
second quarter results of US$25 million.  This reflects an
increase in volume and improved pricing.

                               GMAC

General Motors Acceptance Corporation reported record net income
of US$898 million for the second quarter of 2006, up US$82
million from second quarter 2005 earnings of US$816 million.
GMAC's mortgage business, ResCap, reported increased results,
while the Automotive Finance and Insurance businesses reported
lower earnings.

"GMAC continues to perform well despite pressure on profit
margins from rising interest rates," Wagoner said.  "We remain
on track to complete the sale of 51% of GMAC to a consortium of
investors in the fourth quarter."

GMAC's Automotive Finance operations reported earnings of
US$251 million, down US$115 million from US$366 million earned
in the second quarter of 2005.  The decrease is due to a
combination of continued margin pressures, lower remarketing
results in the U.S. and Canada and higher consumer credit
provisions, slightly offset by certain favorable non-U.S. tax
rate changes and increases in investment income.

ResCap earnings were US$547 million in the second quarter of
2006, up from the US$300 million earned in the year-ago period,
due primarily to the US$259 million gain on sale of its equity
investment in a regional homebuilder.  Excluding the gain on
sale, ResCap earnings declined slightly in comparison to the
same period last year.  Mortgage originations were US$47 billion
for the second quarter, representing an increase from the
US$42.6 billion in the second quarter of last year.

GMAC's insurance operations generated net income of US$80
million for the quarter, down US$20 million from earnings of
US$100 million in the second quarter of 2005, primarily due to a
combination of lower capital gains and wholesale losses incurred
in the quarter related to hail storms in the Midwest.  In
addition, GMAC's insurance operations maintained a strong
investment portfolio, with a market value of US$7.7 billion on
June 30, 2006, including after-tax net unrealized capital gains
of US$545 million.

GMAC provided a significant source of cash flow to GM through
the payment of a US$1.4 billion dividend in the second quarter.
GMAC continues to maintain adequate liquidity with cash reserve
balances at June 30, 2006 of US$22.7 billion, including
US$17.2 billion in cash and cash equivalents and US$5.5 billion
invested in marketable securities.

                       Cash and Liquidity

GM continues to bolster its liquidity position, a key element to
fund the North America turnaround plan.  GM generated adjusted
operating cash flow of US$700 million in the second quarter of
2006, a more than US$2 billion improvement versus the year-ago
period.  Cash, marketable securities, and readily-available
assets of the Voluntary Employees' Beneficiary Association trust
totaled US$22.9 billion on June 30, 2006, up from US$21.6
billion on March 31, 2006.

                       About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's
largest
automaker, has been the global industry sales leader for 75
years.  Founded in 1908, GM today employs about 327,000 people
around the world.  With global headquarters in Detroit, GM
manufactures its cars and trucks in 33 countries including
Mexico.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                           *     *     *

As reported in the Troubled Company Reporter on June 30, 2006,
Standard & Poor's Ratings Services held all its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating and the 'B+' bank loan rating, but excluding the '1'
recovery rating -- on CreditWatch with negative implications,
where they were placed March 29, 2006.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.


GWENT CHEMICAL: Brings In Joint Liquidators from Begbies Traynor
----------------------------------------------------------------
John Davies and David Hill of Begbies Traynor were appointed
Joint Liquidators of Gwent Chemical & Industrial Supplies
Limited after creditors decided to wind up the company 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.

Gwent Chemical & Industrial Supplies Ltd. can be reached at:

         29 Top Road
         Garndiffaith
         Pontypool
         Gwent NP4 7LS
         United Kingdom
         Tel: 01495 773 836
         Fax: 01495 773 836


I.S.P. INT'L: Creditors Opt to Wind Up Company
----------------------------------------------
Creditors of I.S.P. International Spare Parts Limited opted to
wind up the company after proving that the company could no
longer continue its business due to liabilities.

Jonathan Sinclair of Sinclair Harris was appointed Liquidator.

The company can be reached at:

         I.S.P. International Spare Parts Limited
         1 Hassop Road
         London NW2 6RX
         United Kingdom
         Tel: 020 8450 0488
         Fax: 020 8208 2903


KITCHENKRAFT LIMITED: Taps Begbies Traynor as Administrators
------------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of Kitchenkraft (U.K.) Limited (Company
Number 3548445) on June 27.

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

Kitchenkraft (U.K.) Limited can be reached at:

         Unit 1
         Grange Road
         Bootle
         Merseyside L30 6TS
         United Kingdom
         Fax: 0151 523 3303


LANGREEN LTD: Creditors Resolve to Voluntary Liquidation
-------------------------------------------------------
Creditors of Langreen Limited resolved to wind up the company
voluntarily during an extraordinary general meeting on April 28.

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

The company can be reached at:

         Langreen Limited
         134 High Street
         Epping
         Essex CM16 4AG
         United Kingdom
         Tel: 01992 571213



LEEK DEVELOPMENTS: Hires Kroll as Joint Administrators
------------------------------------------------------
D. J. Whitehouse and P. Duffy of Kroll Limited were appointed
joint administrators of Leek Developments Limited (Company
Number 04638985) on June 23.

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

Headquartered in Cheshire, United Kingdom, Leek Developments
Limited is engaged in development and sale of real estate.


MAXIMUM SYSTEMS: Appoints Budsworth & Co. as Administrator
----------------------------------------------------------
Beverley Ellice Budsworth of Budsworth & Co. was appointed
administrator of Maximum Systems Limited (Company Number
02583753) on June 22.

The administrator can be contacted at:

         Budsworth & Co.
         454 Chester Road
         Old Trafford
         Manchester
         Greater Manchester M16 9HD
         United Kingdom
         Tel: 0161 877 2081
         Fax: 0161 877 2091
         E-mail: advice@recoverypros.co.uk

Headquartered in Blackburn, United Kingdom, Maximum Systems
Limited is engaged in electrical sales and installation.


MOTOR ZONE: Taps Louise Donna Baxter to Liquidate Assets
--------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Motor Zone (U.K.) Limited after creditors agreed to wind up
the company on April 28.

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

Motor Zone (U.K.) Limited can be reached at:

         Elizabeth Way
         Essex CM195AJ
         United Kingdom
         Tel: 01279 443 232


NTL CABLE: Fitch Rates New US$550 Million Senior Notes at B
-----------------------------------------------------------
Fitch Ratings assigned NTL Cable PLC's US$550 million 10-year
senior notes a rating of B and a Recovery Rating of RR5.  NTL
Cable's existing senior notes are removed from Rating Watch
Negative, and are downgraded to B in line with Fitch's guidance
on July 13.

At the same time Fitch has affirmed NTL Inc's Issuer Default
rating at B+ with Stable Outlook and its Short-term rating at B.
NTL Investment Holdings Limited's GBP5.275 billion senior
secured credit facilities are affirmed at BB+ and Recovery
Rating RR1.

The NTL Cable PLC notes affected are:

   -- GBP375 million 9.75% senior notes due 2014: B/RR5;
   -- US$425 million 8.75% senior notes due 2014: B/RR5;
   -- EUR225 million 8.75% senior notes due 2014: B/RR5; and
   -- US$550 million 9.125% senior notes due 2016: B/RR5.

The ratings of the NTL Cable notes reflect their structural
subordination to creditors at the NTLIH level, and the quantum
of debt ranking ahead of the notes.

"The ratings of the bonds constitute a one notch differential
from NTL's IDR B+, reflecting the limited recoveries suggested
by our analysis," Stuart Reid, Director in Fitch's European TMT
group disclosed.

"The analysis takes a necessarily conservative view of the value
of the business in a distress scenario.  Nonetheless, Fitch
recognizes the substantial scale and significant synergies of
NTL's business, following the merger with Telewest and the
subsequent acquisition of Virgin Mobile," Mr. Reid added.

Fitch notes the "first loss" nature of the tranche C of the
additional GBP300 million senior secured facilities.  This
tranche has a less complete security package than tranches A-B4,
and in the event of security enforcement, will only be paid out
after tranches A-B4, drawings under the revolving credit
facility and all hedging liabilities have been repaid in full.

In the event of a distress scenario Fitch assumes that the sale
of the business as a going concern would realize greatest value
for creditors.  Fitch's recovery analysis assumes a discounted
EBITDA of GBP1 billion and a distressed enterprise value
multiple of 6.2x, generating an EV of GBP6.2 billion, less 10%
administration expenses.

On this basis Fitch would expect senior secured creditors to
achieve recoveries of between 91-100%, corresponding to a RR1
Recovery Rating.  The amount of debt ranking ahead of the senior
notes however, implies more limited recoveries for the NTL Cable
notes of 11-30%, correlating to a RR5 Recovery Rating.


PIPE HOLDINGS: Moody's Confirms Low-B Ratings on Debt Issuance
--------------------------------------------------------------
Moody's Investors Service confirmed the B1 Corporate Family
Rating of Pipe Holdings 2 Limited, a holding company of Polypipe
Building Products Ltd., the B1 rating of the GBP122 million
Senior Secured Notes due 2011 issued by Pipe Holdings Plc as
well as the B3 rating of the GBP66 million Senior Unsecured
Notes due 2013 issued by Pipe Holdings Plc.  The rating outlook
is negative.

The rating action concludes the review for possible downgrade
initiated on May 8, following the announcement of a proposed
GBP65 million debt issuance in the form of Payment-in-Kind notes
due in 2016, at the holding company Pipe Holdings 1 Plc, the
ultimate parent of Polypipe.

The confirmation of Polypipe's existing ratings reflects Moody's
expectation that the proposed PIK notes located at the holding
company level of Pipe Holdings 1 Plc, which are not rated, will
have only limited impacts for the creditors within the
restricted group.

Proceeds of the PIK Notes issuance, which are not rated, and
existing cash resources have been used to repay the existing
vendor loan of GPB39 million at Pipe Holding 2 Plc, to finance a
GBP33.5 million reduction in shareholder loans at Pipe Holding 2
Plc and to cover fees and expenses.

As a consequence of the repayments at the restricted group
level, the holders of the PIK Notes hold an intercompany loan to
Pipe Holdings 2 Ltd. of GBP74.5 million, resulting in a net
increase of debt of GBP35.5 million, which is contractually
subordinated to the existing debt at the restricted group level.

While Moody's believes that this incremental debt of the
restricted group is still commensurate with the B1 Corporate
Family Rating, the negative outlook reflects

   -- the limited flexibility remaining in the capital structure
      at the current rating level; and also

  -- the cash pay interest option for the PIK notes.

The cash pay interest option could potentially burden the cash
generation ability of the restricted group.  Although the
restricted payment covenant on the senior debt limits the
absolute outflow of potential cash interest paid, Moody's will
monitor carefully with a view to ascertaining whether these
interest payments are in line with the group's operating
performance and ensure positive free cash flows on an ongoing
basis.

The current documentation incorporates the possibility of up to
GBP100 million in PIK notes being issued by Pipe Holdings 1 Ltd.
The negative outlook reflects the possibility of an increase of
the current GBP65 million towards the full GBP100 million, which
would likely put downward pressure on the rating.

Polypipe's B1 corporate family rating is based on:

   -- its strong brand name recognition;

   -- the company's good positioning as the leading supplier of
plastic pipe systems to U.K. independent builders'
merchants, with an estimated market share of 50%;

   -- its reduced vulnerability to the cyclicality of the
building and construction industry via a solid coverage of
the Repair, Maintenance and Improvement segment; and

   -- the current industry approach of adjusting prices to
reflect increases in raw material prices.

The ratings also incorporate Polypipe's continued solid trend in
operating performance in line with expectations, the progress it
has achieved in improving this further, as reflected in the
disposal of the underperforming Leisure division and the ongoing
restructuring of the Bathroom and Kitchen Products division, as
well as debt protection measures that position it in the B1
rating category.

It also assumes that

   -- operating performance will remain stable given the
company's reasonable market share in the U.K. and its
strategy to refocus on core segments,

   -- debt-to-EBITDA will develop towards 4.5x, with RCF to Net
debt above 10%, and

   -- the liquidity position will remain solid, supported by
ongoing positive free cash flows.

However, the ratings also reflect the following challenges:

   -- the company's exposure to the U.K. construction industry,
which has started to experience a softening with respect
to new housing builds;

   -- the volatility in raw material prices -- principally
plastic polymers, such as polyvinylchloride (PVC),
polyethylene (PE) and polypropylene (PP) -- which Polypipe
may not be able to pass on to its customers;

   -- Moody's expectation of a further consolidation among U.K.
building materials merchants, thus increasing customer
purchasing power and potentially eroding margins;

   -- the competitive, concentrated mature markets in which the
company operates, particularly in its core segments; and

   -- high financial leverage, as reflected in Total Debt
(excluding Cash)/EBITDA of over 5x.

The last rating action was taken on May 8, placing all ratings
on review for possible downgrade.

Outlook Actions:

Issuer: Pipe Holdings 2 Ltd.

   -- Outlook, changed to negative from rating under review

Issuer: Pipe Holdings plc

   -- Outlook, changed to negative from rating under review

Confirmations:

Issuer: Pipe Holdings 2 Ltd.

   -- Corporate Family Rating, confirmed at B1

Issuer: Pipe Holdings plc

   -- Senior Secured Regular Bond/Debenture, confirmed at B1;
and

   -- Senior Unsecured Regular Bond/Debenture, confirmed at B3.

Headquartered in Doncaster, South Yorkshire, Polypipe Building
Products Ltd. manufactures a wide range of plastic pipe systems,
predominantly for the U.K. construction market.  Revenues for
2005 were GBP315.1 million


PLASTIC & RUBBER: Hires Joint Liquidators from PKF LLP
------------------------------------------------------
Creditors of Plastic & Rubber Engineering Limited appointed
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP as Joint
Liquidators on April 28.

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

Plastic & Rubber Engineering Limited can be reached at:

         3 Mandervell Road
         Oadby
         Leicester LE2 5LQ
         United Kingdom
         Tel: 0116 271 0666
         Fax: 0116 269 8883


RAMENCO LIMITED: Creditors' Meeting Slated for August 1
-------------------------------------------------------
Creditors of Ramenco (2001) Limited (Company Number 04280332)
will meet at 12:00 noon on Aug. 1 at:

         DTE House
         Hollins Mount
         Bury BL9 8AT
         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. 1 at:

         J. M. Titley and A. Poxon
         Joint Administrators
         Dte Leonard Curtis
         DTE House
         Hollins Mount
         Bury BL9 8AT
         United Kingdom
         Tel: 0161 767 1200
         Fax: 0161 767 1201

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


SEA CONTAINERS: High Court Ruling on ORR Dispute Due Today
----------------------------------------------------------
Sea Containers Passenger Transport, a subsidiary of Sea
Containers Ltd., faces uncertainty over its Great North Eastern
Railway (GNER) operations as it awaits the outcome of a legal
battle due to come out today, Douglas Friedli at the Scotsman
reports.

The GNER subsidiary is in the midst of a dispute with London's
Office of the Rail Regulator over the government agency's
decision allowing rival operators to run on the GNER line
without paying similar charges as GNER.  The firm claims that
the regulator's recent move is discriminatory and has accused
the agency of extending unlawful state aid to rivals, Grand
Central and Hull Trains, Mr. Friedli reports.  Sea Containers
secured an extension of its franchise to run the GNER line,
which links England and Scotland, for GBP1.3 billion last year.

                        Bankruptcy Threat

A company spokeswoman disclosed last week that Sea Containers is
looking at various options for its GNER operations depending on
the High Court's ruling on the ORR dispute.  Reports have
surfaced that Sea Containers could sell GNER for GBP200 million
to ease its liquidity problems and avoid bankruptcy.

Citing unnamed sources, AFX News reported that a Chapter 11
filing is Sea Containers' only alternative to the GNER sale.
However, Sea Containers stands to lose its GNER franchise if it
seeks bankruptcy protection.

Sea Containers recently completed the sale of its Baltic ferry
subsidiary Silja Oy Ab to Estonian ferry operator AS Tallink
Grupp for a total consideration of approximately US$585 million.
Proceeds from the sale will be used to pay approximately US$503
million of the Company's bank debt.

                      About Sea Containers

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

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

                        *     *     *

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

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

As reported in the Troubled Company Reporter on May 4, 2006,
Standard & Poor's Ratings Services lowered its ratings on Sea
Containers, including lowering the corporate credit rating to
'CCC-' from 'CCC+'.  All ratings remain on CreditWatch with
negative implications.

The rating action followed the company's announcement that it is
continuing to evaluate a range of strategic and financial
alternatives, including the "appropriate level of debt capacity,
with the intent to engage the public note holders and other
stakeholders."


SEA CONTAINERS: Christopher Garnett Steps Down as GNER CEO
----------------------------------------------------------
Sea Containers Ltd. disclosed that Christopher Garnett, Chief
Executive Officer of GNER and Senior Vice President - Rail of
Sea Containers, will be stepping down after 10 years with the
Company.

Mr. Garnett, 60, will leave the Company on Aug. 31.  Bob
MacKenzie, President and CEO of Sea Containers, will become
Executive Chairman of GNER, supported by the other GNER
directors.

"After ten challenging and rewarding years helping to transform
GNER into a company renowned for customer service, now is the
right time to step down and hand over to others to lead the next
stage in GNER's development," Mr. Garnett said.

Commenting on Mr. Garnett's departure, Mr. MacKenzie said: "We
thank Christopher for his sterling work building GNER into the
first class train operating company which it is, and for his
efforts and commitment to the company since 1996.  Looking
ahead, GNER does face a number of challenges, which in the
current financial environment need urgent attention. I will be
working with the GNER team to address these."

                    About Sea Containers

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

                        *    *    *

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

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

As reported in the Troubled Company Reporter on May 4, 2006,
Standard & Poor's Ratings Services lowered its ratings on Sea
Containers, including lowering the corporate credit rating to
'CCC-' from 'CCC+'.  All ratings remain on CreditWatch with
negative implications.

The rating action followed the company's announcement that it is
continuing to evaluate a range of strategic and financial
alternatives, including the "appropriate level of debt capacity,
with the intent to engage the public note holders and other
stakeholders."


SGS SUPPLIES: Mounting Debts Prompt Voluntary Liquidation
---------------------------------------------------------
Creditors of Specialist Vehicles Holdings Limited placed the
company into voluntary liquidation due to liabilities on April
26.

John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed Joint Liquidators.

SGS Supplies Limited can be reached at:

         Unit 52 Station Road Workshops
         Station Road
         Kingswood
         Bristol BS154PJ
         United Kingdom
         Tel: 0117 956 0397
         Fax: 0117 940 2713


SHL BUILDING: Peter Anthony Jackson Leads Liquidation Procedure
---------------------------------------------------------------
Peter Anthony Jackson of Jackson Gregory & Co. was appointed
Liquidator of SHL Building Services Limited after creditors
resolved to wind up the company on April 27.

The company can be reached at:

         SHL Building Services Limited
         2 Daisy Avenue
         Bury Street
         Edmunds
         Suffolk IP32 7PH
         United Kingdom
         Tel: 01284 700564


SIMBOL LIMITED: Creditors' Meeting Slated for August 9
------------------------------------------------------
Creditors of Simbol Limited (Company Number 03817491) will meet
at 11:00 a.m. on Aug. 9 at:

         KPMG LLP
         Aquis Court
         31 Fishpool Street
         St. Albans AL3 4RF
         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. 8 at:

         Allan Watson Graham and James Douglas Ernle Money
         Joint Administrators
         KPMG LLP
         Aquis Court
         31 Fishpool Street,
         St. Albans AL3 4RF
         United Kingdom
         Tel: 0500 644665

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


SOLUTION FOOTWEAR: Creditors' Meeting Slated for August 9
---------------------------------------------------------
Creditors of Solution Footwear Limited (Company Number 03922179)
will meet at 11:30 a.m. on Aug. 9 at:

         KPMG LLP
         Aquis Court
         31 Fishpool Street
         St. Albans AL3 4RF
         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. 8 at:

         Richard James Philpott
         Joint Administrator
         KPMG LLP
         Park Row
         Nottingham NG1 6FQ
         United Kingdom
         Tel: 0500 644665

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


STANDARD BANK: Fitch Keeps Individual C Rating
----------------------------------------------
Fitch Ratings affirmed U.K.-based Standard Bank PLC's ratings at
Issuer Default BBB+, Short-term F2, Individual C and Support 2.
The Outlook remains Stable.

At the same time Fitch is assigning a final Long-term rating of
BBB to SB PLC's issue of US$200 million Step-Up Perpetual
Subordinated Notes.

The IDR, Short-term and Support ratings for SB PLC reflects the
high probability of support from Standard International
Holdings' parent, Standard Bank Group and its main operating
entity The Standard Bank of South Africa.  This is based on a
strong statement of support in SBG's annual accounts, and the
high level of integration between SIH, SB PLC and SBG.

The Individual ratings reflect SB PLC's growing franchise in the
wholesale, cross-border emerging market line of business, and
sound risk management, while liquidity and capitalization are
considered satisfactory.  As a consequence of the emerging
markets exposure, the potential for volatility exists and market
risk is fairly high.  The strategy to diversify by geography and
critical mass has helped spread risks, although critical mass
remains an issue in some areas.

Standard International Holdings is the holding company
(established in 1992) for the international investment banking
activities of SBG and is regulated on a consolidated basis by
the FSA in the U.K.  In addition to SB PLC, other principal
operating subsidiaries are located in Hong Kong, Brazil,
Argentina, Russia, and the U.S.  SIH has further subsidiaries in
Malaysia, Turkey, and Singapore.

SB PLC, in addition to having a branch in Dubai and being
represented by a number of SIH's subsidiaries, has further
representation in Australia, China, the Czech Republic, Iran,
Italy, Mexico, and Peru.  SIH specializes in emerging market and
natural resource transactions and is managed on a group basis
rather than as separate subsidiaries.


TECHNIC WOOD: Hires Moore Stephens as Joint Administrators
----------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint administrators of Technic Wood Products Limited (Company
Number 02153689) on June 20.

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

Technic Wood Products Limited can be reached at:

         3A-4 Unit
         Coedcae Lane
         Cambrian Industrial Estate West Side
         Pontyclun
         Mid Glamorgan CF72 9EX
         United Kingdom
         Tel: 01443 222 110
         Fax: 01443 229 944


TSR PERFORMANCE: Names William Antony Batty as Administrator
------------------------------------------------------------
William Antony Batty of Antony Batty and Company was named
administrator of Tsr Performance Team Limited (Company Number
04629408) on June 27.

The administrator can be reached at:

         Antony Batty & Company
         3 Field Court
         Gray's Inn
         London WC1R 5EF
         United Kingdom
         Tel: 020 7831 1234
         Fax: 020 7430 2727
         E-mail: antonybatty@hotmail.com

TSR Performance Team Limited can be reached at:

         16 Nichol Place
         Cotford St. Luke
         Taunton
         Somerset TA4 1JD
         United Kingdom
         Tel: 01278 453 036
         Fax: 01278 444 525


WELDRICK DUGGAN: Appoints Joint Liquidators to Wind Up Business
---------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Weldrick
Duggan Limited after creditors passed a resolution to wind up
the company on April 28.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Weldrick Duggan Limited can be reached at:

         Beevor Street
         Barnsley
         South Yorkshire S71 1HN
         United Kingdom
         Tel: 01226 242 414
         Fax: 01226 298 451
         Web: http://www.wdltd.co.uk/


ZAKA NAKA: Winds Up Business & Appoints Joint Liquidators
---------------------------------------------------------
Zaka Naka Limited is liquidating its assets after creditors
passed a resolution to wind up the company on April 27.

P. Atkinson and Alpa Raja of Vantis Redhead French Limited were
appointed Joint Liquidators.

The company can be reached at:

         Zaka Naka Limited
         Hazlemere Road
         Penn
         High Wycombe
         Buckinghamshire HP108AA
         United Kingdom
         Tel: 01494 818 990

                           *********

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

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

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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