TCREUR_Public/060731.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

              Monday, July 31, 2006, Vol. 7, No. 150     

                            Headlines


A U S T R I A

AIGNER LEOPOLD: Linz Court Orders Closing of Business
COMU DEICHGRABER: Vienna Court Orders Closing of Business
FLEISCHVEREDELUNGSZENTRUM: Claims Registration Ends August 1
GROOVE: Wels Court Orders Closing of Business
HOLD: St. Poelten Court Orders Closing of Business

ING. SEPP LETMAIER: Awaits Final Distribution & Closing Protocol
MEUSBURGER: Feldkirch Court Orders Closing of Business
TANDAKO WAREN: Claims Registration Period Ends August 2


B U L G A R I A

INVESTBANK AD: Moody's Rates Financial Strength at E+

* S&P Affirms Bulgarian City of Varna's BB Credit Rating


C Y P R U S

HELLENIC BANK: Fitch Affirms Individual Ratings at D
RUSSIAN COMMERCIAL: Fitch Affirms D/E Individual Rating


F R A N C E

EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute


G E R M A N Y

COCOSOFT IT: Creditors' Meeting Slated for August 17
FT-TRANSPORTE: Claims Registration Ends August 21
JOACHIM ZENS: Claims Registration Ends August 8
KAFFEE UND MASCHINEN: Claims Registration Ends August 3
KOCH & SCHWENK: Claims Registration Ends August 15

MOEBELHAUS SCHROEDER: Claims Registration Ends August 23
OLAF GMBH: Claims Registration Ends August 17
PROFI TEAM: Creditors' Meeting Slated for August 16
TEUTONIA ZWEITE: Claims Registration Ends August 8
WUTZLER GMBH: Claims Registration Ends August 18


H U N G A R Y

BORSODCHEM NYRT: Returned Shares Hike Treasury Stock


I T A L Y

FIAT SPA: Iveco Sells Ashok Leyland Stake to Hinduja Group
FIAT SPA: Reports EUR330 Million Net Result for 2nd Quarter 2006


K A Z A K H S T A N

AARON: Creditors Must File Claims by Aug. 21
ALTYN DEN: Creditors Must File Claims by Aug. 21
ARKADA: Creditors Must File Claims by Aug. 21
BEREKET: Proof of Claim Deadline Slated for Aug. 21
ELEVER: Proof of Claim Deadline Slated for Aug. 21

KARASHA: Proof of Claim Deadline Slated for Aug. 21
KAZGOLD: Claims Registration Ends Aug. 21
MUKN-AY: Claims Registration Ends Aug. 21
TEHNOEKSPORT-K: Creditors' Claims Due Aug. 21
VOSTOKAGROEKSPORT: Creditors' Claims Due Aug. 21


K Y R G Y Z S T A N

SHER: Creditors Must File Claims by Sept. 12


N O R W A Y

AKER KVAERNER: Earns NOK466 Million in Second Quarter 2006


R U S S I A

BANQUE COMMERCIALE: Fitch Affirms Individual Rating at C/D
CENTROCREDIT BANK: S&P Assigns CCC+/C Counterparty Credit Rating
CHUVASH-FURNITURE-PROM-SERVICE: E. Alipov to Manage Assets
ENERGO-ATOM-INFORM: V. Vinogorov to Manage Assets
INDUSTRY & CONSTRUCTION: Fitch Affirms Individual Rating at D

INTERNATIONAL MOSCOW: Fitch Maintains C/D Individual Rating
KLONDIKE ELECTRONICS: Court Names V. Sofronov to Manage Assets
LEMISOV I.E.: Court Names S. Gontsov as Insolvency Manager
MOSCOW NARODNY: Fitch Lifts IDR to BBB & Keeps Individual C
ORLOVSKIYE MEAT: Court Names M. Orlov as Insolvency Manager

PEREVOZSKAYA SEL-KHOZ-TEKHIKA: S. Andreev to Manage Assets
RUSSIAN AGRICULTURAL: Fitch Lifts Issuer Default Rating to BBB+
SBERBANK-SAVINGS: Fitch Keeps Individual Rating at C/D
SIB-LINE INTERNATIONAL COMPANY: V. Kharitonov to Manage Assets
VIMPEL COMMUNICATIONS: Court of Appeals Sustains URS Takeover

VNESHTORGBANK: Fitch Lifts IDR to BBB+ & Keeps C/D Individual


T U R K E Y

* Standard & Poor's Affirms Istanbul's BB- Rating


U K R A I N E

AGROPROMTEPLITSYA: District Tax Agency to Liquidate Assets
AVTOSILGOSPTEHNIKA: Court Names S. Braude as Insolvency Manager
ENERGOMASHVIN: Court Names Tax Agency to Liquidate Assets
FARM-PROEKT: Court Names S. Lipskij as Insolvency Manager
FERUM SERVICE: Court Names A. Kamsaryan as Insolvency Manager

FUEL-ENERGY COMPANY: Court Names Central Mountain as Liquidator
KIROVOGRADBUDINVEST: Court Names O. Savonina as Liquidator
KOLYADINETS: Court Names Andrij Savochka as Liquidator
KYIV FINANCIAL: Court Names Oleksandra Kostikova as Liquidator
LOTOS: Court Names L. Gritsaj as Insolvency Manager

PEREMOGA: Court Names Volodimir Rogovchenko as Liquidator
RODNIKI: Court Names Ludmila Chudajkina as Liquidator
TAVRIYA-MET: Court Names Olena Klyashtorna as Liquidator
UKRAINA: Court Names Ludmila Alekseyeva as Liquidator
UKRVTORSIROVINA: Court Names District Tax Agency as Liquidator


U N I T E D   K I N G D O M

4 X 4 PARTS: Creditors Nominate Liquidator
ADAMS EXPRESSGLAZE: Creditors Pass Winding Up Resolution
ALARM & COMMUNICATION: Appoints Liquidator from Tenon Recovery
AMTEK UK: Financial Woes Prompt Voluntary Liquidation
ARBITUS LIMITED: Appoints Norton Practice as Administrator

CARATRANS LIMITED: Names Vincent Simmons as Administrator
CHERWELL CONSERVATORIES: Names Gerald Irwin as Administrator
CLOVER BUSINESS: Names Christopher James Farrington Liquidator
COLORS CLOTHING: Hires Joint Liquidators from Valentine & Co.
D.A. MCKENNA: Creditors' Meeting Slated for August 4

DESIGNER SUITES: Creditors Resolve to Voluntary Liquidation
EAST CHESHIRE: Creditors Opt to Wind Up Business
EAZYKEY LTD: Creditors Approve Winding Up Resolution
EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute
EVOLVE HEALTH: Claims Filing Period Ends Aug. 3

F.T.S. NOTTINGHAM: Creditors Confirm Liquidators' Appointment
FURNISS LIMITED: Hires Joint Administrators from Begbies Traynor
GATESHEAD PHOTOGRAPHIC: Brings In Liquidator from Tenon Recovery
HYDROSERVE LIMITED: Brings In Administrators from PwC
INVENSYS PLC: Moody's Upgrades Corporate Family Rating to Ba3

MORGAN RETAIL: Appoints KPMG as Joint Administrators
PHIL WORLD: Brings In Antony Batty to Administer Assets
SWANKY'S LIMITED: Taps Begbies Traynor as Administrators
TMJ LIMITED: Hires Tenon Recovery as Administrator

                            *********

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


AIGNER LEOPOLD: Linz Court Orders Closing of Business
-----------------------------------------------------
The Land Court of Linz entered an order on June 13 closing the
business of LLC & KEG Aigner Leopold (FN 497g).  Court-appointed
property manager Wilhelm Hermann Deutschmann 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. Wilhelm Hermann Deutschmann
         Stelzhamerstrasse 12/3
         4020 Linz, Austria
         Tel: 0732 602080
         Fax: 0732 60208020
         E-mail: info@df-ra.at  

Headquartered in Pregarten, Austria, the Debtor declared
bankruptcy on April 12 (Bankr. Case No. 38 S 19/06g).


COMU DEICHGRABER: Vienna Court Orders Closing of Business
---------------------------------------------------------
The Trade Court of Vienna entered an order on June 13 closing
the business of LLC Comu Deichgraber (FN 131738h).  Court-
appointed property manager Hans Rant 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. Hans Rant
         c/o Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case No. 2 S 94/06w).  Kurt Freyler represents
Dr. Rant in the bankruptcy proceedings.


FLEISCHVEREDELUNGSZENTRUM: Claims Registration Ends August 1
------------------------------------------------------------
Creditors owed money by LLC Fleischveredelungszentrum
Waldviertel (FN 167353h) have until Aug. 1 to file written
proofs of claims to court-appointed property manager Wolfgang
Mayrhofer at:

         Mag.Wolfgang Mayrhofer
         Raiffeisenpromenade 2
         3830 Waidhofen an der Thaya, Austria
         Tel: 02842/52005-0
         Fax: 02842/52005-50
         E-mail: waidhofen@wvanwalt.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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 Vitis, Austria the Debtor declared bankruptcy
on June 7 (Bankr. Case No. 9 S 30/06v).  


GROOVE: Wels Court Orders Closing of Business
---------------------------------------------
The Land Court of Wels entered an order on June 13 closing the
business of LLC Groove (FN 237099a).  Court-appointed property
manager Gerhard Gotschhofer 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. Gerhard Gotschhofer
         Schlossplatz 15
         4655 Vorchdorf, Austria
         Tel: 07614/7575
         Fax: 07614/7575-14
         E-mail: rechtsanwalt@goetschhofer.at     

Headquartered in Vorchdorf, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 20 S 65/06v).  


HOLD: St. Poelten Court Orders Closing of Business
--------------------------------------------------
The Land Court of St. Poelten entered an order on June 13
closing the business of KEG Hold (FN 157641a).  Court-appointed
property manager Peter Schobel 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. Peter Schobel
         Viennese Road 12
         3100 St. Poelten, Austria
         Tel: 02742/354234
         Fax: 02742/351448
         E-mail: office-phsf@plusjus.at        

Headquartered in Karlstetten, Austria, the Debtor declared
bankruptcy on April 28 (Bankr. Case No. 14 S 70/06v).  


ING. SEPP LETMAIER: Awaits Final Distribution & Closing Protocol
----------------------------------------------------------------
Creditors of LLC Ing. Sepp Letmaier (FN 81542s) will recover
8.9% on account of their claims once the final allocation
document filed by the court-appointed property manager, Dr.
Norbert Scherbaum is approved.

The Land Court of Leoben will close the Debtor's bankruptcy case
following the final distribution to creditors.

Headquartered in Liezen, Austria, the Debtor declared bankruptcy
on March 25, 2004 (Bankr. Case No. 17 S 30/04m).  

The property manager can be reached at:

         Dr. Norbert Scherbaum
         Einspinnergasse 3
         8010 Graz, Austria
         Tel: 0316-832460-10
         Fax: 0316-832460-0
         E-mail: office@scherbaum-seebacher.at


MEUSBURGER: Feldkirch Court Orders Closing of Business
------------------------------------------------------
The Land Court of Feldkirch entered an order on June 13 closing
the business of LLC Meusburger (FN 77550w).  Court-appointed
property manager Ronald Sutter 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. Ronald Sutter
         Market Route 24
         6800 Feldkirch, Austria
         Tel: 05522/72755
         Fax: 05522/75125
         E-mail: kanzlei@ronaldsutter.at  

Headquartered in Frastanz, Austria, the Debtor declared
bankruptcy on June 13 (Bankr. Case No. 14 S 27/06t).  


TANDAKO WAREN: Claims Registration Period Ends August 2
-------------------------------------------------------
Creditors owed money by Trade LLC Tandako Waren (FN 60574f) have
until Aug. 2 to file written proofs of claims to court-appointed
property manager Dominik Baurecht at:

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

Creditors and other interested parties are encouraged to attend
the 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 Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 13 (Bankr. Case No. 28 S 38/06a).  


===============
B U L G A R I A
===============


INVESTBANK AD: Moody's Rates Financial Strength at E+
-----------------------------------------------------
Moody's Investors Service assigned B3/Not-Prime Long- and short-
term foreign currency deposit ratings to Commercial Bank
Investbank AD.  An E+ financial strength rating has also been
assigned to the bank.  All ratings carry stable outlooks.

Moody's said that the E+ financial strength rating reflects:

   -- the bank's small business franchise in Bulgaria's
competitive banking market,

   -- its high credit concentration levels, as well as

   -- its vulnerability to development risks in the evolving
Bulgarian banking market.  

The rating also captures the bank's good credit quality and good
liquidity levels.  At the same time the rating is constrained by
iBank's weak earning power reflecting its low interest rate
margins in the Bulgarian context and the relatively expensive
operating structure.

Starting from a low base, the bank has been experiencing strong
business and balance sheet growth.  Going forward iBank is
looking to change its strategic focus away form corporate
banking and into retail.  Aggressive expansion plans and fierce
competition in the Bulgarian retail banking sector give rise to
challenges with regards to managing growth which may become a
concern, says Moody's.

In Moody's view, one of the challenges facing management will be
the need to expand the funding base and grow the stable deposit
base in order to support the bank's growth.  The rating agency
also cites possible challenges in ensuring that the bank's
internal systems, procedures and controls are adequate and are
commensurate with every stage in its development.  In this
regard, iBank does not have the benefit of access to the support
of a foreign shareholder bank, as do some of its competitors,
and will therefore need to develop its internal systems based on
its own resources.

The B3/NP deposit ratings reflect the bank's stand-alone
creditworthiness based on its intrinsic franchise strength.
Although the strategic shareholder has so far displayed
willingness to provide capital support for the bank's growth,
Moody's has not imputed external support in the deposit ratings.
The planned BGN10 million capital increase will support the
bank's ratings while failure to successfully increase capital
levels promptly will limit the bank's capacity to grow.  Any
further deterioration of regulatory capitalization will be
viewed as a negative rating driver.

Moody's notes that the bank's ratings could move up with a
material strengthening of its franchise and improvement in the
bank's earning capacity and credit risk profile through the
expansion and diversification of the loan portfolio.

iBank is headquartered in Sofia, Bulgaria, and had total assets
of BGN288.46 million (US$179.28 million) as at end-March 2006.


* S&P Affirms Bulgarian City of Varna's BB Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit rating on the Bulgarian City of Varna following
growing revenues.  The outlook is positive.
     
"The rating on Varna, the third-largest city in the Republic of
Bulgaria, reflects its weak operating performance, low financial
flexibility, and predictability, and high infrastructure needs,"
said Standard & Poor's credit analyst Boris Kopeykin.

"These factors are mitigated by the city's diversified and
growing economy, expected benefits from Bulgaria's EU accession,
modest debt that is expected to remain below 15% of total
revenues in 2006, sophisticated management, and currently strong
liquidity."

Varna's operating performance is weak, in common with other
Bulgarian cities.  Operating balances are expected to be below
5% of operating revenues in the next couple of years, largely
due to a systematic mismatch between Varna's revenues and
expenditure responsibilities.

The city is a popular center of tourism.  Varna's economy is
diversified and rapidly developing, supported by high levels of
domestic and foreign direct investment.  Wealth levels are low
in the international context, but are above the norm for
Bulgaria, and Varna has higher salaries and a lower unemployment
rate than the national average.

Standard & Poor's expects that the city's debt will remain
modest at below 30%-40% of total revenues in the next two-to-
three years and that the city's rapid economic development will
support revenue growth.

"Future positive rating actions will depend on the city's
ability to improve its financial performance--achieving a
balanced operating budget in 2006, and operating surpluses
greater than 3%-5% of operating revenues from 2007 or 2008,"
said Mr. Kopeykin.

"If the city's operating performance deteriorates, however, due
to growing operating expenditure pressures or a lower rate of
revenue growth, resulting in recurrent operating deficits, the
outlook may be revised to stable, or the rating may be lowered."


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


HELLENIC BANK: Fitch Affirms Individual Ratings at D
----------------------------------------------------
Fitch Ratings affirmed Hellenic Bank's IDR at BBB.  At the same
time, HB's Short-term, Support and Individual ratings are
affirmed at F3, 2 and D respectively.  The Outlook on the IDR is
Stable as the bank's IDR is now at its support floor.

HB's IDR, Short-term and Support ratings are based on the strong
probability of support HB could receive from the Cypriot
financial authorities in the event of need, given HB's important
position within the financial system.  The Individual rating
reflects the bank's tight capital ratios given its high level of
impaired loans, its weak but improving cost efficiency, as well
as its improved revenue generation and good liquidity.

For the first time since 2001, the bank posted positive bottom-
line results in 2005 on the back of lower loan impairment
charges.  In Q106, HB recorded an improved performance, with
operating income up 19%, although this was inflated by non-
recurring capital gains.  The bank has a target cost/income
ratio of 69% for 2006, which is achievable.  However, HB's
cost/income ratio continues to remain high compared with that of
its peers.

Its asset quality, like that of other Cypriot banks, compares
poorly with international benchmarks.  HB is partly protected
from credit losses by real estate, pledged cash and share
collaterals, which equated to 92% of its Cypriot loan portfolio
at end-March 2006.  However, Fitch regards loan loss reserve
coverage of 65% at end-March 2006 to be slightly thin due to the
length of time it takes to recover collateral in Cyprus.

Structural interest rate risk is small.  Funding and liquidity
are sound.  At end-March 2006, HB's Tier 1 ratio was 10%, which
Fitch considers slightly tight given the large stock of impaired
loans.  Potential dividend distribution could put further
pressure on capital ratios.

HB is the third-largest bank in Cyprus by total assets.  It
offers a full range of retail banking and financial services,
mainly to corporates and SMEs.  At end-2005, HB had 78 branches
in Cyprus, 25 branches in Greece and 1,810 employees.  HB is
listed on the Cyprus Stock Exchange. Its largest shareholders
are Cyprus Popular Bank with 9% and Bank of Cyprus with 7%. The
remaining shares are widely held.


RUSSIAN COMMERCIAL: Fitch Affirms D/E Individual Rating
-------------------------------------------------------
As a result of Vneshtorgbank's upgrade, Fitch has also upgraded
its subsidiary bank, Russian Commercial Bank (Cyprus) Ltd.,
reflecting VTB's greater capacity to provide support to these
entities, if required:

Russian Commercial Bank (Cyprus) Ltd.:

   -- Upgraded to IDR BBB from BBB- with a Stable Outlook;
   -- Short-term affirmed at F3;
   -- Individual affirmed at D/E; and
   -- Support affirmed at 2.

Fitch comments that its view of the propensity of VTB to support
its subsidiary banks and leasing company, and hence the support
floors for their IDRs, will continue to depend, among other
things, on the degree of operational integration between the
subsidiaries and VTB, the strategic importance of the
subsidiaries to the group and the clarity of plans with regard
to the place of the subsidiaries in the group's legal structure.

The rating actions follow the recent upgrade of the Russian
sovereign foreign and local currency IDRs to BBB+ from BBB.


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


EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute
-----------------------------------------------------------
Eurotunnel Group, Societe Nationale des Chemins de Fer and
British Railways Board have reached an agreement regarding the
calculation of their contribution to the Channel Tunnel
operating costs, bringing an end to a dispute started in 2001.

The dispute had led to an application before an Arbitral
Tribunal that decided upon the financial years 1997 to 2002, and
subsequently to a first, partial agreement between Eurotunnel
and the Railways in December 2005 in relation to the years 1999
to 2004.

The current agreement is definitive and brings to an end the
various disputes concerning operating costs.  It confirms the
agreement, relating to the years up to 2004, settles the 2005
financial year and sets out a lump sum mechanism for the
majority of operating costs for each of the years from 2006 to
2014 inclusive.  

Consultation mechanisms have also been put in place in order to
determine the contribution of the Railways to renewal
investments that concern them.

These measures allow the Railways to participate in the savings
made by Eurotunnel with respect to its railway costs.

"It was regrettable that Eurotunnel had had a dispute with its
principal customer for nearly 10 years and it was therefore
necessary to turn the page.  This agreement restores a favorable
climate fro better cooperation between the Railways and
Eurotunnel," Jacques Gounon, Chairman and CEO of Eurotunnel
disclosed.

                        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.

Eurotunnel had turned down, on June 27, a 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, aimed 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 faced
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
=============


COCOSOFT IT: Creditors' Meeting Slated for August 17
----------------------------------------------------
The court-appointed provisional administrator for Cocosoft IT-
Concepts GmbH, Knut Rebholz, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:40 a.m. on Aug. 17.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:20 a.m. on Nov. 2 at the same venue.

Creditors have until Sept. 20 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Cocosoft IT-Concepts GmbH on July 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cocosoft IT-Concepts GmbH
         Alexander Place 6
         10178 Berlin, Germany

The administrator can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin, Germany


FT-TRANSPORTE: Claims Registration Ends August 21
-------------------------------------------------
Creditors of FT-Transporte GmbH have until Aug. 21 to register
their claims with court-appointed provisional administrator
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against FT-Transporte GmbH on July 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         FT-Transporte GmbH
         Zechenstr. 2
         44536 Luenen, Germany

         Attn: Brigitte Ilse Ottilie Fischer, Manager
         Konradstr. 12
         44536 Luenen, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         New Customs Office 3
         40221 Duesseldorf, Germany


JOACHIM ZENS: Claims Registration Ends August 8
-----------------------------------------------
Creditors of JOACHIM ZENS Widerstandsschweisstechnik GmbH have
until Aug. 8 to register their claims with court-appointed
provisional administrator Matthias Landwehr.

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 Detmold
         Hall 12
         Gerichtsstr. 6
         Auxiliary Building
         32756 Detmold, 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 Detmold opened bankruptcy proceedings
against JOACHIM ZENS Widerstandsschweisstechnik GmbH on July 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         JOACHIM ZENS Widerstandsschweisstechnik GmbH
         Trifte 12
         32689 Kalletal, Germany

         Attn: Joachim Zens, Manager
         Strang 7
         32689 Kalletal, Germany

The administrator can be contacted at:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage, Germany  
         Tel: 05232/95400
         Fax: 05232/954040


KAFFEE UND MASCHINEN: Claims Registration Ends August 3
-------------------------------------------------------
Creditors of Kaffee und Maschinen GmbH have until Aug. 3 to
register their claims with court-appointed provisional
administrator Jorg Spies.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against Kaffee und Maschinen GmbH on July 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Kaffee und Maschinen GmbH
         Tharandter Road 30a-32
         01723 Wilsdruff/OT Grumbach, Germany

The administrator can be contacted at:

         Jorg Spies
         Glashuetter Road 104
         01277 Dresden, Germany  
         Web: http://www.pkl.com/


KOCH & SCHWENK: Claims Registration Ends August 15
--------------------------------------------------
Creditors of Koch & Schwenk Fleisch GmbH have until Aug. 15 to
register their claims with court-appointed provisional
administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Sept. 26 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against Koch & Schwenk Fleisch GmbH on June 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Koch & Schwenk Fleisch GmbH
         Heisenbergstr. 6
         59423 Unna, Germany

         Attn: Georg Schwenk, Manager
         Bonekamp 18
         59423 Unna, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         New Customs Office 3
         40221 Duesseldorf, Germany  


MOEBELHAUS SCHROEDER: Claims Registration Ends August 23
--------------------------------------------------------
Creditors of Moebelhaus Schroeder GmbH have until Aug. 23 to
register their claims with court-appointed provisional
administrator Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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 Moebelhaus Schroeder GmbH on June 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Moebelhaus Schroeder GmbH
         Albert-Schweitzer-Str. 53
         38226 Salzgitter, Germany

         Attn: Joachim Schroeder, Manager
         Dixweg 3
         38228 Salzgitter/OT Osterlinde, Germany

The administrator can be contacted at:

         Henning Jung
         Albert-Schweitzer-Road 55
         38226 Salzgitter, Germany  
         Tel: 05341/1861475
         Fax: 05341/1861476


OLAF GMBH: Claims Registration Ends August 17
---------------------------------------------
Creditors of Olaf GmbH -- Fleisch- und Wurstspezialitaten have
until Aug. 17 to register their claims with court-appointed
provisional administrator Ruediger Wienberg.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against Olaf GmbH -- Fleisch- und Wurstspezialitaten on July 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Olaf GmbH -- Fleisch- und Wurstspezialitaten
         Heinrich-Heine-Str. 80
         02943 Weisswasser, Germany

The administrator can be contacted at:

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


PROFI TEAM: Creditors' Meeting Slated for August 16
---------------------------------------------------
The court-appointed provisional administrator for PROFI TEAM
Logistik und Umwelt GmbH, Petra Mork, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on Aug. 16.

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

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany

The Court will also verify the claims set out in the
administrator's report at 1:00 p.m. on Sept. 27 at the same
venue.

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

The District Court of Dortmund opened bankruptcy proceedings
against PROFI TEAM Logistik und Umwelt GmbH on June 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PROFI TEAM Logistik und Umwelt GmbH
         Ruhr Avenue 9
         44139 Dortmund, Germany
        
         Attn: Peter Dumont, Manager
         Anger 23
         58454 Witten, Germany

         Ralf Haferkamp, Manager
         Hafenstr. 156
         45356 Essen, Germany

The administrator can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund, Germany
         

TEUTONIA ZWEITE: Claims Registration Ends August 8
--------------------------------------------------
Creditors of TEUTONIA zweite Beteiligungs-GmbH have until
Aug. 8 to register their claims with court-appointed provisional
administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     
      
The Court will also verify the claims set out in the
administrator's report at 9:20 a.m. on Sept. 1 at the same
venue.

The District Court of Duesseldorf opened bankruptcy proceedings
against TEUTONIA zweite Beteiligungs-GmbH on July 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TEUTONIA zweite Beteiligungs-GmbH
         Mercedesstrasse 4
         40470 Duesseldorf, Germany

         Attn: Alexander Grueter, Manager
         Rottmannstrasse 11a
         80333 Munich, Germany

The administrator can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany  


WUTZLER GMBH: Claims Registration Ends August 18
------------------------------------------------
Creditors of Wutzler GmbH i.L. have until Aug. 18 to register
their claims with court-appointed provisional administrator
Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 4 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 Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against Wutzler GmbH i.L. on July 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Wutzler GmbH i.L.
         Expresses Schneeberger Road 37
         08056 Zwickau, Germany

The administrator can be contacted at:

         Wolfgang Hauser
         Poet Way 36
         08056 Zwickau, Germany


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


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

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

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

                         About BorsodChem

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

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

At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total
assets, HUF98.9 billion in total liabilities and HUF139.02
billion in total equity.

                        *     *     *

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

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

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

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


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


FIAT SPA: Iveco Sells Ashok Leyland Stake to Hinduja Group
----------------------------------------------------------
Fiat S.p.A.'s Iveco sold its 30% stake in Machen Iveco Holding
SA to Hinduja Group.

Machen Iveco, through its wholly owned subsidiary Land Rover
Leyland International Holdings Ltd. U.K., has about 50%
shareholding in Ashok Leyland Ltd. and 59% in Ennore Foundries
Ltd.

The partnership between the Hinduja Group and Iveco dates back
to their 1987 acquisition of LRLIH from the Rover Group (U.K.).
LRLIH's shareholding in Ashok Leyland was then 40%, which was
increased to 51% in 1994.

In a joint statement, Mr. G. P. Hinduja, President, Hinduja
Group, and Mr. Paolo Monferino, CEO of Iveco, dislclosed,
"The Hinduja Group and Iveco are proud of the rapid strides made
by Ashok Leyland in product and process technologies over the
last two decades.  In view of the changed business plans of both
the partners and considering the strategic priorities for Ashok
Leyland and Iveco in the emerging global scenario, we have
mutually agreed to pursue our goals independently, in the spirit
of mutual respect and goodwill adopted during our long
partnership."

                        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: Reports EUR330 Million Net Result for 2nd Quarter 2006
----------------------------------------------------------------
The Board of Directors of Fiat S.p.A. approved the consolidated
results for the Group for the second quarter ending
June 30, 2006.

The Group posted EUR13.61 billion in net revenue for the second
quarter in 2006, compared with EUR12.05 billion for the same
period in 2005.

Trading profit posted EUR659 million for 2006 and EUR360 million
for second quarter in 2005.  

Group's net result for second quarter of 2006 is EUR330 million,
compared with EUR217 million for the same quarter in 2005.

As of July 30, 2006, the group's balance sheet showed EUR62.33
billion in total assets, EUR52.87 billion in total liabilities
and EUR9.46 billion in shareholders' equity.

Net debt for the Group as of June 30, 2006, is EUR17.6 billion.

Fiat Group's first half results are well in line with the
Group's forecast performance for 2006 and on this basis, Fiat is
more optimistic and supports an upward revision of Group targets
for the year

Basing on the Group's first half results, Fiat revised its
target for the year, raising trading profit target to EUR1.85
billion from EUR1.6 billion and net income to EUR800 million
from EUR700 million.  The group also aims at lowering its net
industrial debt to EUR2 billion by year-end.

Full-text copy of Fiat S.p.A.'s second quarter results is
available free-of-charge at http://researcharchives.com/t/s?e8d

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


AARON: Creditors Must File Claims by Aug. 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Aaron insolvent on May 25.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Aaron
         Myzy Str. 45/1-65
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 29-24-03


ALTYN DEN: Creditors Must File Claims by Aug. 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Altyn Den insolvent on May 22.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Altyn Den
         Office 410
         M. Gorkogo Str. 74
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakshtan
         Tel: 8 (3232) 26-60-66
         Fax: 8 (3232) 26-60-66


ARKADA: Creditors Must File Claims by Aug. 21
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Arkada insolvent on May 25.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Arkada
         Myzy Str. 45/1-65
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 29-24-03


BEREKET: Proof of Claim Deadline Slated for Aug. 21
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Bereket insolvent on May 29.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Bereket
         Aktau, 27-67-7
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 41-00-42
         Fax: 8 (3292) 41-00-42


ELEVER: Proof of Claim Deadline Slated for Aug. 21
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Elever insolvent on May 25.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Elever
         Myzy Str. 45/1-65
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 29-24-03


KARASHA: Proof of Claim Deadline Slated for Aug. 21
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Karasha insolvent on May 30.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Karasha
         Micro District 6, 26-55
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 53-40-20
         Fax: 8 (3292) 41-83-94


KAZGOLD: Claims Registration Ends Aug. 21
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared CJSC Kazgold insolvent on May 25.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         CJSC Kazgold
         Myzy Str. 45/1-65
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 29-24-03


MUKN-AY: Claims Registration Ends Aug. 21
-----------------------------------------
LLP Mukn-ay has declared insolvency.  Creditors have until
Aug. 21 to submit written proofs of claim to:

         LLP Mukn-ay
         Suinbaya Str. 263/13-7
         Almaty, Kazakhstan
         Tel: 8 (3272) 35-94-71


TEHNOEKSPORT-K: Creditors' Claims Due Aug. 21
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Tehnoeksport-K insolvent on May 11.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Tehnoeksport-K
         Micro District Mamyr-2, 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62-62-33


VOSTOKAGROEKSPORT: Creditors' Claims Due Aug. 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Vostokagroeksport insolvent on May 22.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Aug. 21 to submit written proofs of claim
to:

         LLP Vostokagroeksport
         Office 410
         M. Gorkogo Str. 74
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-60-66
         Fax: 8 (3232) 26-60-66


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


SHER: Creditors Must File Claims by Sept. 12
--------------------------------------------
CJSC Sher has declared insolvency.  Creditors have until
Sept. 12 to submit written proofs of claim to:

         CJSC Sher
         Isanova Str. 35a/12
         Osh
         Osh Region
         Kyrgyzstan  
         Tel: (+996 3222) 2-33-77


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


AKER KVAERNER: Earns NOK466 Million in Second Quarter 2006
----------------------------------------------------------
Aker Kvaerner ASA released its pro-forma results for the second
quarter ended June 30, 2006.

Net profit for the second quarter of 2006 amounted to
NOK466 million, compared to NOK104 million for the same period
in 2005.  

EBITDA for the second quarter was NOK733 million, an increase of
66% compared to the second quarter of 2005.  New contract awards
in the Subsea, Product & Technology segment and growth in
existing contracts, resulted in a NOK15.2-billion order intake
and an order backlog of NOK56 billion at the end of June 2006.

Revenues in the second quarter totaled NOK13.998 billion, an
increase of 44% compared with the same quarter last year,
reflecting strong markets and high activity in all reporting
segments.

EBITDA for the three-month period was NOK733 million.  This
represents an increase of 66% from NOK441 million in the second
quarter 2005.  The quarterly EBITDA margin was 5.2% compared to
4.5% in the second quarter last year.

The second quarter order intake was NOK15.2 billion.  This
brings the order backlog to a solid NOK56 billion.

Cashflow from operating activities was NOK-169 million in the
second quarter, reflecting a NOK1 265 million increase in net
current operating assets.  Cash and bank deposits at the end of
June amounted to NOK6.2 billion.  The liquidity buffer,
including undrawn credit facilities of NOK2.2 billion, was a
comfortable NOK8.4 billion.

The closing price of the Aker Kvaerner share at the end of June
was NOK584.  Accordingly, the company's market capitalization
was NOK32.1 billion, an increase of NOK9.3 billion from yearend
2005.  A total of 25 million Aker Kvaerner shares were traded on
the Oslo Stock Exchange during the second quarter, which
constitutes 45% of total outstanding shares.

The market is still expected to be strong with attractive
opportunities.  With the high capacity utilization in the
industry, the focus for Aker Kvaerner will be to continue to
select and execute the right projects successfully.

The Pulping and Power segment is treated as "discontinued
operations" in the accounts from Jan. 1, 2006.  Pro-forma
accounts showing Pulping and Power as an integrated part of the
group have been prepared as well.

Full-text copy of Aker Kvaerner's 2nd quarter results is
available free-of-charge at: http://researcharchives.com/t/s?e85

                       About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


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


BANQUE COMMERCIALE: Fitch Affirms Individual Rating at C/D
----------------------------------------------------------
As a result of Vneshtorgbank's upgrade, Fitch has also upgraded
its subsidiary bank, Banque Commerciale pour l'Europe du Nord -
Eurobank (BCEN-Eurobank), reflecting VTB's greater capacity to
provide support to this entity:

   -- Upgraded to IDR BBB from BBB- with a Stable Outlook;
   -- Short-term affirmed at F3;
   -- Individual affirmed at C/D; and
   -- Support affirmed at 2.

Fitch comments that its view of the propensity of VTB to support
its subsidiary banks and leasing company, and hence the support
floors for their IDRs, will continue to depend, among other
things, on the degree of operational integration between the
subsidiaries and VTB, the strategic importance of the
subsidiaries to the group and the clarity of plans with regard
to the place of the subsidiaries in the group's legal structure.

The rating actions follow the recent upgrade of the Russian
sovereign foreign and local currency IDRs to BBB+ from BBB.


CENTROCREDIT BANK: S&P Assigns CCC+/C Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+/C'
counterparty credit and 'ruBB' Russia national scale ratings to
Russia-based CentroCredit Bank JSC.  The outlook is stable.
     
"The ratings on CCB reflect the bank's high exposure to the
Russian securities markets, limited customer franchise, high
dependence on trading income, and the weak structure of the
funding base," said Standard & Poor's credit analyst Elena
Romanova.

These negative factors are partially mitigated by the bank's
good capitalization, good track record in trading, and the
improving macroeconomic environment in Russia.  CCB's stable
management team that has been with the bank since 1996 is
another positive factor.

The stable outlook reflects Standard & Poor's expectation that
CCB will grow and diversify its revenues and activities through
its commercial and investment banking business.

"An upgrade would depend on the bank's ability to build a larger
profitable customer base while maintaining an adequate level of
capitalization and productivity, and improve its funding
profile.  A negative rating action might result if CCB's
financial profit deteriorates significantly, or its
capitalization comes under severe and sustained pressure," added
Ms. Romanova.


CHUVASH-FURNITURE-PROM-SERVICE: E. Alipov to Manage Assets
----------------------------------------------------------
The Arbitration Court of Chuvashiya Republic appointed Mr. E.
Alipov as Insolvency Manager for CJSC Chuvash-Furniture-Prom-
Service.  He can be reached at:

         E. Alipov
         Post User Box 64
         603028 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A 79-14118/2005.

The Debtor can be reached at:

         CJSC Chuvash-Furniture-Prom-Service
         Lomonosova Str. 2
         Cheboksary
         428005 Chuvashiya Republic
         Russia


ENERGO-ATOM-INFORM: V. Vinogorov to Manage Assets
-------------------------------------------------
The Arbitration Court of Moscow appointed Mr. V. Vinogorov as
Insolvency Manager for OJSC energo-atom-inform (TIN 7722169263).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A40-12234/06-103-20 B.

The Debtor can be reached at:

         OJSC Energo-Atom-Inform
         Room 203
         Voytovicha Str. 46A
         111024 Moscow Region
         Russia


INDUSTRY & CONSTRUCTION: Fitch Affirms Individual Rating at D
-------------------------------------------------------------
As a result of Vneshtorgbank's upgrade, Fitch has also upgraded
its subsidiary bank, Industry & Construction Bank, St.
Petersburg, reflecting VTB's greater capacity to provide
support, if required:

   -- Upgraded to IDR BBB from BBB- with a Stable Outlook;
   -- Short-term affirmed at F3;
   -- Individual affirmed at D; and
   -- Support affirmed at 2.

ICB's US$300 million senior unsecured eurobond, due 2008, is
also upgraded to BBB from BBB-.  The bank's US$400 million
subordinated debt issue, due 2015, is upgraded to BBB- from BB+.

Fitch comments that its view of the propensity of VTB to support
its subsidiary banks and leasing company, and hence the support
floors for their IDRs, will continue to depend, amongst other
things, on the degree of operational integration between the
subsidiaries and VTB, the strategic importance of the
subsidiaries to the group and the clarity of plans with regard
to the place of the subsidiaries in the group's legal structure.

The rating actions follow the recent upgrade of the Russian
sovereign foreign and local currency IDRs to BBB+ from BBB.


INTERNATIONAL MOSCOW: Fitch Maintains C/D Individual Rating
-----------------------------------------------------------
As a result of the upgrade of Russia's Country Ceiling to BBB+
from BBB, Fitch has also upgraded International Moscow Bank's
foreign currency IDR to BBB+ from BBB, and its foreign currency
Short-term rating to F2 from F3.  

Fitch has also placed the bank's local currency IDR of BBB+ on
Positive Watch.  The F2 local currency Short-term rating, 2
Support rating and C/D Individual rating are affirmed.

IMB's IDRs, Short-term and Support ratings are driven by the
potential strong support from its indirect majority-owner,
UniCredito Italiano ("UCI", IDR 'A+', Outlook Stable).

However, IMB's foreign currency IDR remains constrained by
Russia's Country Ceiling.  The Positive Watch on IMB's local
currency IDR reflects UCI's agreement to acquire a further 26%
of the voting rights in IMB from Nordea Bank Finland, and thus
increase its stake in the common equity of IMB to approximately
79%.

The Positive Watch also reflects the reduced probability of a
sovereign default, as captured in the upgrade of Russia's IDRs,
and hence lower risk, in Fitch's view, of sovereign actions
which could affect the ability of IMB and other Russian banks to
meet obligations in local currency.


KLONDIKE ELECTRONICS: Court Names V. Sofronov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. V. Sofronov as
Insolvency Manager for CJSC Klondike Electronics.  He can be
reached at:

         V. Sofronov
         Post User Box 516
         603000 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-85243/05-71-293B.

The Debtor can be reached at:

         CJSC Klondike Electronics
         Building 4
         26 Bakinskikh Komissarov Str. 4
         119526 Moscow Region
         Russia


LEMISOV I.E.: Court Names S. Gontsov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Astrakhan Region appointed Mr. S.
Gontsov as Insolvency Manager for OJSC Bakery Named After
Lemisov I.E.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A06-6704-b/3-11k/2005.

The Debtor can be reached at:

         OJSC Bakery Named After Lemisov I.E.
         Boevaya Str. 64
         414045 Astrakhan
         Russia


MOSCOW NARODNY: Fitch Lifts IDR to BBB & Keeps Individual C
-----------------------------------------------------------
As a result of Vneshtorgbank's upgrade, Fitch has also upgraded
its subsidiary bank, Moscow Narodny Bank Limited, reflecting
VTB's greater capacity to provide support to these entities, if
required:

Moscow Narodny Bank Limited:

   -- Upgraded to IDR BBB from BBB- with a Stable Outlook;
   -- Short-term affirmed at F3;
   -- Individual affirmed at C; and
   -- Support affirmed at 2.

MNB's outstanding senior unsecured debt is also upgraded to BBB
from BBB-.

Fitch comments that its view of the propensity of VTB to support
its subsidiary banks and leasing company, and hence the support
floors for their IDRs, will continue to depend, among other
things, on the degree of operational integration between the
subsidiaries and VTB, the strategic importance of the
subsidiaries to the group and the clarity of plans with regard
to the place of the subsidiaries in the group's legal structure.

The rating actions follow the recent upgrade of the Russian
sovereign foreign and local currency IDRs to BBB+ from BBB.


ORLOVSKIYE MEAT: Court Names M. Orlov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. M. Orlov as
Insolvency Manager for LLC Orlovskiye Meat Products (TIN
6126008390).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-3454/2006-S2-33.

The Debtor can be reached at:

         LLC Orlovskiye Meat Products
         Severnaya Str. 147.
         Orlovskiy
         Rostov Region
         Russia


PEREVOZSKAYA SEL-KHOZ-TEKHIKA: S. Andreev to Manage Assets
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
S. Andreev as Insolvency Manager for LLC Perevozskaya Sel-Khoz-
Tekhika.  He can be reached at:

         S. Andreev
         LLC Perevozskaya Sel-Khoz-Tekhika
         Office 805
         Nesterova 9
         603005 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A43-4674/2006 33-38.

The Debtor can be reached at:

         LLC Perevozskaya Sel-Khoz-Tekhika
         Office 805
         Nesterova 9
         603005 Nizhniy Novgorod Region
         Russia


RUSSIAN AGRICULTURAL: Fitch Lifts Issuer Default Rating to BBB+
---------------------------------------------------------------
Fitch Ratings upgraded the Issuer Default Rating of Russian
Agricultural Bank to BBB+ from BBB with a Stable Outlook, Short-
term upgraded to F2 from F3, Individual affirmed at D/E, Support
affirmed at 2, National Long-term affirmed at AAA with Stable
Outlook.  

RAB's outstanding international senior unsecured debt is also
upgraded to BBB+ from BBB.  Its RUB7 billion domestic senior
unsecured debt issue, due 2011, is affirmed at AAA.

The rating actions reflect Fitch's view of the Russian
authorities' improved capacity to support RAB if required.  This
followed the recent upgrade of the Russian sovereign foreign and
local currency IDRs to BBB+ from BBB.


SBERBANK-SAVINGS: Fitch Keeps Individual Rating at C/D
------------------------------------------------------
Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Sberbank-Savings Bank of the Russian Federation ratings:

   -- Issuer Default Rating to BBB+ from BBB, Outlook Stable;
   -- Short-term upgraded to F2 from F3;
   -- Individual affirmed at C/D;
   -- Support affirmed at 2;

Sberbank's outstanding senior unsecured debt is also upgraded to
BBB+ from BBB.  Its US$1 billion subordinated debt issue, due
2015, is upgraded to BBB from BBB-.

The rating actions reflect Fitch's view of the Russian
authorities' improved capacity to support the bank, if required.


SIB-LINE INTERNATIONAL COMPANY: V. Kharitonov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. V.
Kharitonov as Insolvency Manager for CJSC Sib-Line International
Company.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6418/2006.  

The Debtor can be reached at:

         CJSC Sib-Line International Company
         Mira Pr. 30-46
         660049 Krasnoyarsk Region
         Russia


VIMPEL COMMUNICATIONS: Court of Appeals Sustains URS Takeover
-------------------------------------------------------------
The Court of Appeals affirmed the May 15 ruling of the Moscow
Arbitration Court in favor of Open Joint Stock Company Vimpel-
Communications (NYSE: VIP) in one of the lawsuits filed by
Telenor East Invest AS.   

VimpelCom is pleased with the ruling, which once again upholds
the validity of the September 2005 shareholder vote that
approved VimpelCom's acquisition of CJSC Ukrainian Radio Systems
(URS) as an interested party transaction.

The ruling is subject to further appeal.

As reported in TCR-Europe on May 19, the Moscow Arbitration
Court ruled in favor of VimpelCom, upholding the validity of the
September 2005 shareholder vote that approved the acquisition of
CJSC Ukrainian Radio Systems as an interested party transaction.

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications  
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings
Services said that its ratings and outlook on Russian mobile
telecommunications operator Vimpel-Communications (VimpelCom;
BB/Positive/--) are unaffected by the company's announcement
that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of US$5 billion in VimpelCom
common registered shares plus assumed debt.


VNESHTORGBANK: Fitch Lifts IDR to BBB+ & Keeps C/D Individual
-------------------------------------------------------------
Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank and Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.

VTB's outstanding senior unsecured debt is also upgraded to BBB+
from BBB.  Its US$750 million subordinated debt issue, due 2015,
is upgraded to BBB from BBB-.

Fitch comments that its view of the propensity of the Russian
authorities to support these two banks, and hence the support
floors for their IDRs, will continue to depend, amongst other
things, on the banks' status, ownership and importance to the
Russian banking system.

As a result of VTB's upgrade, Fitch has also upgraded its
subsidiary banks and leasing company, as follows, reflecting
VTB's greater capacity to provide support to these entities, if
required:

VTB Leasing:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

VTB Retail Financial Services:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook;
   -- Short-term upgraded to F2 from F3;
   -- Support affirmed at 2; and
   -- National Long-term affirmed at AAA with Stable Outlook.

Fitch comments that its view of the propensity of VTB to support
its subsidiary banks and leasing company, and hence the support
floors for their IDRs, will continue to depend, amongst other
things, on the degree of operational integration between the
subsidiaries and VTB, the strategic importance of the
subsidiaries to the group and the clarity of plans with regard
to the place of the subsidiaries in the group's legal structure.


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


* Standard & Poor's Affirms Istanbul's BB- Rating
-------------------------------------------------   
Standard & Poor's Ratings Services affirmed its rating on the
Turkish City of Istanbul at 'BB-'.  The outlook is stable.
     
The rating on the City of Istanbul reflects the city's position
as the commercial, financial, and business center of the
Republic of Turkey, and the city's improved relationship with
the central government.

The rating also factors in the city's strong operating
performance, favorable debt profile and economic growth leading
to robust revenue growth.  The rating continues to be
constrained by the city's minimal revenue flexibility, expected
debt growth, developing reporting systems, and uncertainties
related to continued intergovernmental reforms.

"Istanbul's management has remained focused on much-needed
improvements in infrastructure and the quality of life," said
Standard & Poor's credit analyst Elena Okorotchenko.

"The planned investments might increase Istanbul's direct debt
considerably in the next five to seven years, from a currently
low 12.3%.  It should not exceed 50%, however, at least until
2008," she noted.

Furthermore, the city's favorable debt profile with long
maturities and amortizing payments and its commitment to keep
debt service below 15% of revenues mitigate the risks.
    
The stable outlook balances the expected strengthening of
Istanbul's revenue base due to economic growth and additional
revenue sources, and relative financial stability, with the
uncertainty of new responsibilities and planned growth in the
city's debt burden.

Should the new responsibilities or continued expenditure
pressures lead to an increase in debt and corresponding debt
service growth to above 15% of revenues, Istanbul's ratings
might come under pressure.

Any further positive developments of the city's rating will be
closely linked with those on the sovereign rating and will also
depend on Istanbul's continued strong operating performance,
improvements in reporting and reduction of accounts payable.


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


AGROPROMTEPLITSYA: District Tax Agency to Liquidate Assets
----------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Solomyanskij District of Kyiv Region as Liquidator
for CJSC Concern Agropromteplitsya (code EDRPOU 20060041).  The
Liquidator can be reached at:

         State Tax Inspection of Solomyanskij District
         of Kyiv Region
         Smilyanska Str. 6
         03151 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
44/362-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:

         CJSC Concern Agropromteplitsya
         Borshagivska Str. 97-b
         03056 Kyiv Region
         Ukraine


AVTOSILGOSPTEHNIKA: Court Names S. Braude as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. S. Braude as
Liquidator/Insolvency Manager for LLC Avtosilgosptehnika (code
EDRPOU 31270349).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 13.  The case is docketed
under Case No. 2/142-06-5123.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Avtosilgosptehnika
         Petrov Str. 44/111
         Odessa Region
         Ukraine


ENERGOMASHVIN: Court Names Tax Agency to Liquidate Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Solomyanskij District of Kyiv Region as Liquidator
for LLC Energomashvin.  The Liquidator can be reached at:

         State Tax Inspection of Solomyanskij District
         of Kyiv Region
         Smilyanska Str. 6
         03151 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 17.  The case is docketed
under Case No. 15/372-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 Energomashvin
         Mehanizatoriv Str. 2
         03036 Kyiv Region
         Ukraine


FARM-PROEKT: Court Names S. Lipskij as Insolvency Manager
---------------------------------------------------------
The Economic Court of Lviv Region appointed Mr. S. Lipskij as
Liquidator/Insolvency Manager for LLC Farm-Proekt (code EDRPOU
23955374).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 29.  The case is docketed
under Case No. 6/73-29/109.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LC Farm-Proekt
         Bojchuk Str. 8/4
         Lviv Region
         Ukraine


FERUM SERVICE: Court Names A. Kamsaryan as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. A. Kamsaryan
as Liquidator/Insolvency Manager for LLC Ferum Service (code
EDRPOU 32432622).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 6.  The case is docketed
under Case No. 2/134-06-4919.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Ferum Service
         10 Kvitnya Str. 1
         Odessa Region
         Ukraine


FUEL-ENERGY COMPANY: Court Names Central Mountain as Liquidator
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed OJSC Central
Mountain-Refining Combine as Liquidator for CJSC Fuel-Energy
Company (code EDRPOU 32206997).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 15.  The case is docketed
under Case No. 23/141-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:

         CJSC Fuel-Energy Company
         Timiryazev Str. 1
         01014 Kyiv Region
         Ukraine


KIROVOGRADBUDINVEST: Court Names O. Savonina as Liquidator
----------------------------------------------------------
The Economic Court of Kirovograd Region appointed Ms. O.
Savonina as Liquidator/Insolvency Manager for Concern Kirovograd
Building Company Kirovogradbudinvest (code EDRPOU 31203754).  
She can be reached at:

         O. Savonina
         Lenin Str. 23
         25006 Kirovograd Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 23.  The case is docketed
under Case No. 9/59.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25022 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         Concern Kirovograd Building Company Kirovogradbudinvest
         Ostrovskij Str. 2
         25006 Kirovograd Region
         Ukraine


KOLYADINETS: Court Names Andrij Savochka as Liquidator
------------------------------------------------------
The Economic Court of Sumi Region appointed Andrij Savochka as
Liquidator/Insolvency Manager for LLC Kolyadinets (code EDRPOU
30821930).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 1.  The case is docketed
under Case No. 7/83-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Kolyadinets
         Lipova Dolina
         42523 Sumi Region
         Ukraine


KYIV FINANCIAL: Court Names Oleksandra Kostikova as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandra Kostikova
as Liquidator/Insolvency Manager for LLC Kyiv Financial Company
(code EDRPOU 31750185).  She can be reached at:

         Gashek Boulevard 4/36
         02160 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 1.  The case is docketed
under Case No. 43/311.

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 Financial Company
         Shota Rustaveli Str. 38-b/12
         01601 Kyiv Region
         Ukraine


LOTOS: Court Names L. Gritsaj as Insolvency Manager
---------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Mr. L.
Gritsaj as Liquidator/Insolvency Manager for CJSC Lotos (code
EDRPOU 02969403).  He can be reached at:

         L. Gritsaj
         Starokostyantiniv
         Kotsubinskij Str. 12
         Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 10.  The case is docketed
under Case No. 4/308-B

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         CJSC Lotos
         Slavuta
         Hmelnitskij Region
         Ukraine


PEREMOGA: Court Names Volodimir Rogovchenko as Liquidator
---------------------------------------------------------
The Economic Court of Zhitomir Region appointed Volodimir
Rogovchenko as Liquidator/Insolvency Manager for Agricultural
LLC Peremoga (code EDRPOU 03744574).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 25.  The case is docketed
under Case No. 7/140 B.

The Economic Court of Zhitomir Region is located at:

         Putyatinski Square 3/65
         10002 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Peremoga
         Andrushivka, Zarubintsi.
         Zhitomir Region
         Ukraine


RODNIKI: Court Names Ludmila Chudajkina as Liquidator
-----------------------------------------------------
The Economic Court of Mikolaiv Region appointed Ludmila
Chudajkina as Liquidator/Insolvency Manager for OJSC Rodniki
(code EDRPOU 20900183).  She can be reached at:

         Ludmila Chudajkina
         a/b 1041
         Lazurna Str. 2-b/25
         54058 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 30.  The case is docketed
under Case No. 10/67/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Rodniki
         Vesnyane
         Mikolaiv District b
         57134 Mikolaiv Region
         Ukraine


TAVRIYA-MET: Court Names Olena Klyashtorna as Liquidator
--------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Olena
Klyashtorna as Liquidator/Insolvency Manager for LLC Tavriya-Met
(code EDRPOU 32195928).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 26.  The case is docketed
under Case No. 16/10/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Tavriya-Met
         Gagarin Str. 1-a/3
         69057 Zaporizhya Region
         Ukraine


UKRAINA: Court Names Ludmila Alekseyeva as Liquidator
-----------------------------------------------------
The Economic Court of Zaporizhya Region appointed Ludmila
Alekseyeva as Liquidator/Insolvency Manager for Agricultural
JSCCT Ukraina (code EDRPOU 03750049).  He can be reached at:

         Ludmila Alekseyeva
         Shasliva Str. 5.
         Lukasheve
         Vilnyansk District
         70410 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 27.  The case is docketed
under Case No. 25/271.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         Agricultural JSCCT Ukraina
         Zaliznichna Str. 1
         Pavlivske
         Vilnyansk District
         70005 Zaporizhya Region
         Ukraine


UKRVTORSIROVINA: Court Names District Tax Agency as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Solomyanskij District of Kyiv Region as Liquidator
for LLC Ukrvtorsirovina (code EDRPOU 21640809).  The Liquidator
can be reached at:

         State Tax Inspection of Solomyanskij District
         of Kyiv Region
         Smilyanska Str. 6
         03151 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 23/183-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 Ukrvtorsirovina
         Mehanizatoriv Str. 2
         03036 Kyiv Region
         Ukraine


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


4 X 4 PARTS: Creditors Nominate Liquidator
------------------------------------------
Philip Weinberg of Marks Bloom was nominated Liquidator by
creditors of 4 x 4 Parts Master Limited on May 3.

The company can be reached at:

         4 X 4 Parts Master Limited
         Brantham Mill
         Bergholt Road
         Brantham
         Manningtree
         Essex CO111QT
         United Kingdom
         Tel: 01206 391 350
         Fax: 01206 391 135
         Web: http://www.4x4partsmaster.com/
              http://www.horc.org.uk/


ADAMS EXPRESSGLAZE: Creditors Pass Winding Up Resolution
--------------------------------------------------------
Creditors of Adams Expressglazea U.K. Limited passed a
resolution to wind up the company during an extraordinary
general meeting on May 5.

Keith Barry Stout of KSA was appointed Liquidator.

The company can be reached at:

         Adams Expressglaze U.K. Limited
         225 London Road
         Westcliff-on-Sea
         Essex SS0 7BP
         United Kingdom
         Tel: 01702 344 333
              01702 511 555
         Web: http://www.adamsglass.co.uk/


ALARM & COMMUNICATION: Appoints Liquidator from Tenon Recovery
--------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Alarm & Communication Contractors Limited after creditors passed
a resolution to wind up the company on April 28.

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

Alarm & Communication Contractors Limited can be reached at:

         14D Atley Way
         North Nelson Industrial Estate
         Cramlington
         Northumberland NE231WA
         United Kingdom
         Tel: 01670 736 577


AMTEK UK: Financial Woes Prompt Voluntary Liquidation
-----------------------------------------------------
Amtek U.K. Limited is voluntarily liquidating its assets after
creditors established that the company could no longer continue
its operations due to liabilities.

M. T. Coyne of Poppleton & Appleby was appointed Liquidator.

The company can be reached at:

         Amtek U.K. Limited
         Brooks Ct
         Bath Road
         Stamford
         Lincolnshire PE9 2QX
         United Kingdom
         Tel: 01780 483 100
         Fax: 01780 483 111


ARBITUS LIMITED: Appoints Norton Practice as Administrator
----------------------------------------------------------
David William Tann of The Norton Practice was named
administrator of Arbitus Limited (Company Number 4660746) on
June 28.

The administrator can be reached at:

         The Norton Practice
         1 Wesley Gate
         70 Queens Road
         Reading
         Berkshire RG1 4AP
         United Kingdom
         Tel: 0118 957 6464
         Fax: 0118 959 5560
         E-mail: d.tann@nortonp.co.uk  

Headquartered in London, Arbitus Limited is engaged in software
development.


CARATRANS LIMITED: Names Vincent Simmons as Administrator
---------------------------------------------------------
Vincent A. Simmons of Bennet Verby was appointed administrator
of Caratrans (Crewe) Limited (Company Number 3608924) on
June 27.

The administrator can be reached at:

         Bennett Verby
         7 St Petersgate
         Stockport
         Cheshire SK1 1EB
         United Kingdom
         Tel: 0161 477 9345
         Fax: 0161 429 7224
         E-mail: v.simmons@bennettverby.co.uk

Caratrans (Crewe) Limited can be reached at:

         The Sidings
         Weston Road
         Crewe CW1 6BW
         United Kingdom
         Tel: 01270 500 704


CHERWELL CONSERVATORIES: Names Gerald Irwin as Administrator
------------------------------------------------------------
Gerald Irwin of Irwin & Company was named administrator of
Cherwell Conservatories Limited (Company Number 02458265) on
June 26.

The administrator can be reached at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net

Cherwell Conservatories Limited can be reached at:

         Beaumont Road
         Banbury
         Oxfordshire OX16 1QY
         United Kingdom
         Tel: 01295 270 938


CLOVER BUSINESS: Names Christopher James Farrington Liquidator
--------------------------------------------------------------
Christopher James Farrington of Deloitte & Touche LLP was
appointed Liquidator of Clover Business Associates Limited after
creditors agreed to wind up the company on May 4.

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

Clover Business Associates Limited can be reached at:

         79 Alderley Road
         Wilmslow
         Cheshire SK9 1PA
         United Kingdom
         Tel: 01924 503 330
         Fax: 01924 502 827


COLORS CLOTHING: Hires Joint Liquidators from Valentine & Co.
------------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Color Clothing Co. Ltd. on May 2.

They were authorized to act jointly and severally in the
liquidation.

The company can be reached at:

         Colors Clothing Co. Limited
         75 Union Street
         Glasgow G1 3TA
         United Kingdom
         Tel: 0141 248 4317


D.A. MCKENNA: Creditors' Meeting Slated for August 4
----------------------------------------------------
Creditors of D.A. Mckenna Insurance Brokers Limited (Company
Number 04881185) will meet at 12:00 noon on Aug. 4 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. 3 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.


DESIGNER SUITES: Creditors Resolve to Voluntary Liquidation
-----------------------------------------------------------
Creditors of Designer Suites & Interiors Limited resolved to
voluntarily liquidate the company's assets during an
extraordinary general meeting on May 5.

Subsequently, Gagen Dulari Sharma was appointed Liquidator.

The company can be reached at:

         Designer Suites & Interiors Limited
         Bill House
         222 Soho Hill
         Birmingham B19 1AP
         United Kingdom
         Tel: 0121 523 6611


EAST CHESHIRE: Creditors Opt to Wind Up Business
------------------------------------------------
Creditors of East Cheshire Builders Limited opted to wind up the
company on May 2 after proving that the company could no longer
continue its business due to liabilities.

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

The company can be reached at:

         East Cheshire Builders Limited
         49 Chestnut Drive
         Poynton
         Stockport
         Cheshire SK121QG
         United Kingdom
         Tel: 01625 859 885


EAZYKEY LTD: Creditors Approve Winding Up Resolution
----------------------------------------------------
Creditors of Eazykey Limited approved resolutions for voluntary
liquidation and the appointment of Gordon Craig and Daniel Paul
Hennessy of Cresswell Associates Limited as Joint Liquidators on
April 25.

The company can be reached at:

         Eazykey Limited
         202 Three Elms Road
         Hereford
         Herefordshire HR4 0RF
         United Kingdom
         Tel: 01432 269939  


EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute
-----------------------------------------------------------
Eurotunnel Group, Societe Nationale des Chemins de Fer and
British Railways Board have reached an agreement regarding the
calculation of their contribution to the Channel Tunnel
operating costs, bringing an end to a dispute started in 2001.

The dispute had led to an application before an Arbitral
Tribunal that decided upon the financial years 1997 to 2002, and
subsequently to a first, partial agreement between Eurotunnel
and the Railways in December 2005 in relation to the years 1999
to 2004.

The current agreement is definitive and brings to an end the
various disputes concerning operating costs.  It confirms the
agreement, relating to the years up to 2004, settles the 2005
financial year and sets out a lump sum mechanism for the
majority of operating costs for each of the years from 2006 to
2014 inclusive.  

Consultation mechanisms have also been put in place in order to
determine the contribution of the Railways to renewal
investments that concern them.

These measures allow the Railways to participate in the savings
made by Eurotunnel with respect to its railway costs.

"It was regrettable that Eurotunnel had had a dispute with its
principal customer for nearly 10 years and it was therefore
necessary to turn the page.  This agreement restores a favorable
climate fro better cooperation between the Railways and
Eurotunnel," Jacques Gounon, Chairman and CEO of Eurotunnel
disclosed.

                        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.

Eurotunnel had turned down, on June 27, a 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, aimed 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 faced
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.


EVOLVE HEALTH: Claims Filing Period Ends Aug. 3
-----------------------------------------------
Creditors of Evolve Health Products Limited have until Aug. 3 to
send in their names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any), to appointed Joint Liquidator Daniel Paul
Hennessy at:

         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

The company can be reached at:

         Evolve Health Products Limited
         Unit
         5 Maritime Street
         Fleetwood
         Lancashire FY7 7PB
         United Kingdom
         Tel: 01253 876 211


F.T.S. NOTTINGHAM: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of F.T.S. (Nottingham) Limited confirmed the
appointment of Stephen Franklin of Panos Eliades, Franklin & Co.
as Liquidator on May 4.

The company can be reached at:

         F.T.S. (Nottingham) Limited
         Unit
         28 Gibbons Street
         Nottingham NG7 2SB
         United Kingdom
         Tel: 0115 942 1629


FURNISS LIMITED: Hires Joint Administrators from Begbies Traynor
----------------------------------------------------------------
I.E. Walker and G.N. of Begbies Traynor were appointed joint
administrators of Furniss Limited (Company Number 05045546) on
June 26.

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.  

Furniss Limited can be reached at:

         Druids Road
         Redruth
         Cornwall TR15 3RW
         United Kingdom
         Tel: (01209) 215425
         Fax: (01209) 215176
         Web: http://www.furniss-foods.co.uk/


GATESHEAD PHOTOGRAPHIC: Brings In Liquidator from Tenon Recovery
----------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Gateshead Photographic Limited after creditors decided to wind
up the company on April 26.

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

Gateshead Photographic Limited can be reached at:

         1 Interchange Centre
         West Street
         Gateshead
         Tyne and Wear NE8 1BH
         United Kingdom
         Tel: 0191 477 2332


HYDROSERVE LIMITED: Brings In Administrators from PwC
-----------------------------------------------------
M.D. Gercke and R.W. Birchall of PricewaterhouseCoopers LLP were
appointed joint administrators of Hydroserve Limited (Company
Number 04814725) on June 23.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

Hydroserve Limited can be reached at:

         Britannia Chambers
         Town Quay
         Southampton SO14 2AQ
         United Kingdom
         Tel: 01420 470 800


INVENSYS PLC: Moody's Upgrades Corporate Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service concluded its review of Invensys Plc
and upgraded the corporate family rating to Ba3 from B1
following the expected repayment of around GBP410 million of net
debt using proceeds from a GBP341 million rights issue and from
the anticipated closing of the sale of Invensys Building Systems
in the U.S. and Asia Pacific to Schneider Electric S.A. for
GBP157 million.  

Concurrently Moody's has upgraded ratings on senior notes at
Invensys Plc to B2 from B3 and withdrawn ratings of the senior
secured and second lien facilities at Invensys International
Holdings Ltd.  The outlook for the ratings is stable.

Moody's views the company's actions as reducing credit risk,
with benefits being a simplified capital structure, lower future
funding costs and enhanced financial flexibility.  Lower
absolute debt levels have resulted in improved credit metrics,
which are now consistent with a Ba3 corporate family rating.  
The company's improved performance for 2006 has been a factor in
the ratings action but divisional results have been patchy.  A
sustainable operating performance will be needed to maintain
ratings.

The ratings and outlook factor the company's positive market
positions and strong brands, together with its demonstrated
access to equity capital markets and willingness to reduce
leverage by raising equity.  Ratings also consider exposure to
cyclical industries, compounded by strong competition and
gearing levels.  Credit metrics could change rapidly with
cyclical movements.  Offsetting these risks is the company's
diversification across geographies and industry sectors and a
material component of sales generated from on-going service,
maintenance and spares.

Revision of the capital structure is also seen as a measure to
counter the company's challenges in operating performance.
Moody's cautions that whilst absolute debt levels will
materially reduce and management of legacy liabilities including
pensions, litigation, taxation, environmental and transition
costs have been in line with expectations, the underlying
operating performance of its divisions has been mixed.

The historical operating performance, combined with the burden
of reducing legacy liabilities and high interest costs has
strained internally generated cash flows.  The debt reduction is
a positive step toward improving cash flows, which have been
negative after interest, tax and repayment of legacy
liabilities.  The company's on-going operational performance and
cash flow generation will be key ratings drivers.

Liquidity is considered acceptable for the rating.  Around GBP
250 million of headroom is expected to be available under new
GBP700 million senior secured credit facilities after the
capital restructure subject to compliance with covenants and MAC
clause.  The cash balance is also expected to be around GBP130
million excluding restricted deposits and once proceeds from the
IBS sale are applied to debt reduction.  Cash flow generation
will be key to the future liquidity position.

The company will need to continue its positive momentum and
demonstrate sustainable operating performance to maintain the
Ba3 rating.  A track record of improved operating performance
would be needed before upward pressure on ratings could occur.

Ratings affected:

Invensys plc

   -- corporate family rating, upgraded to Ba3 from B1; and

   -- rating of the senior notes due 2007, 2010 and 2011,
upgraded from B3 to B2.

Invensys International Holdings Ltd.

   -- Ba3 rating of the GBP 1.35billion senior secured credit
facilities due 2009, withdrawn; and

   -- B1 rating of the EUR150 million & US$300 million second
lien facilities due 2009, withdrawn.

Headquartered in London, England, Invensys is a leading global
automation, controls and process solutions group.  For the 12
months ended March 31, Invensys reported total revenues from
continuing operations of approximately GBP2.53 billion.


MORGAN RETAIL: Appoints KPMG as Joint Administrators
----------------------------------------------------
Myles Antony Halley and David John Crawshaw of KPMG LLP were
appointed joint administrators of Morgan Retail (U.K.) Limited
(Company Number 02487297), Towerhill Clothing Limited (Company
Number 02107073), Barry Prince & Co. Limited (Company Number
01266473) and Orbitside Limited (Company Number 01662764) on
June 29.

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

Headquartered in Theale, United Kingdom, Morgan Retail (U.K.)
Limited, Towerhill Clothing Limited, Barry Prince & Co. Limited
and Orbitside Limited are companies retails women's clothing.


PHIL WORLD: Brings In Antony Batty to Administer Assets
-------------------------------------------------------
William Antony Batty of Antony Batty & Co. was appointed
administrator of Phil World Limited (Company Number 03900385) on
June 29.

The administrator can be reached at:

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

Phil World Limited can be reached at:

         Omega House
         6 Buckingham Place
         Bellfield Road
         High Wycombe
         Buckinghamshire HP13 5HW
         United Kingdom


SWANKY'S LIMITED: Taps Begbies Traynor as Administrators
--------------------------------------------------------
S.L. Conn and D. Bailey of Begbies Traynor were appointed joint
administrators of Swanky's Limited (Company Number 02386123) on
June 29.

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.  

Swanky's Limited can be reached at:

         9 Lower Bridge St.
         Chester
         Cheshire CH1 1RS
         United Kingdom
         Tel: 01244 327777


TMJ LIMITED: Hires Tenon Recovery as Administrator
--------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of TMJ (Durham) Limited (Company Number 05287485) on June 30.

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

TMJ (Durham) Limited can be reached at:

         Priory View
         Hallgarth Manor Farm
         High Pittington
         Durham DH6 1RE
         United Kingdom

                           *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *