TCREUR_Public/060801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, August 1, 2006, Vol. 7, No. 151

                            Headlines


A U S T R I A

ABC: Claims Registration Period Ends August 8
FRANZ ELSNER: Vienna Court Orders Closing of Business
HAMEX CONSULTING: Property Manager Claims Insufficient Assets
KADEN OBJEKT: Claims Registration Period Ends August 31
MARA MERIGHI: Vienna Court Orders Closing of Business

NLS: Vienna Court Orders Closing of Business
STRABAG SE: German Unit Earns EUR19.6 Million for 2005
TANDAKO: Claims Registration Period Ends August 2
TITAN: Claims Registration Period Ends August 2
TSE PROMBERGER: Property Manager Declares Insufficient Assets


G E R M A N Y

AUDILUX GMBH: Claims Registration Ends August 9
CZARNECKI BETEILIGUNGS: Claims Registration Ends August 10
DEKO ART: Claims Registration Ends August 7
GELSA HANDELS: Claims Registration Ends August 17
HORVAT INDUSTRIEMONTAGEN: Claims Registration Ends August 7

IMMERGUT DEUTSCHE: Claims Registration Ends August 14
MM MARKETING: Claims Registration Ends August 9
OBERLEY BUEROSYSTEME: Claims Registration Ends August 2
PROVIDE-A 2003-1: S&P Places BB Rating on Watch Positive
RAUMINHALT GMBH: Claims Registration Ends August 8

STRABAG SE: German Unit Earns EUR19.6 Million for 2005
TERRA-PLANT: Claims Registration Ends August 4
TS CO.MIT: Fitch Places Final B Rating on EUR6.3 Million Notes


I R E L A N D

SCOTTISH RE: Expects to Post US$130-Million Second Quarter Loss
SCOTTISH RE: Fitch Downgrades Default Rating to BBB from A-
SCOTTISH RE: Names Paul Goldean as Interim CEO
VALLAURIS II: Moody's Rates EUR8.9-Mln Class IV Notes at Ba2


I T A L Y

ALITALIA SPA: Cuts Net Debt to EUR896 Million in June 2006
POPOLARE ITALIANA: Investors Agree to Buy 98.4% of New Shares


K A Z A K H S T A N

GAB: Creditors Must File Claims by Aug. 25
IDG: Creditors Must File Claims by Aug. 25
KAZKOMMERTS FINANCE: Fitch Rates US$200-Mln Notes at Final BB
KUAT JETYSAIKURYLYS: Court Opens Bankruptcy Proceedings
ROMUL INVEST: Proof of Claim Deadline Slated for Aug. 25

STALKER: Proof of Claim Deadline Slated for Aug. 25
TAUEKEL-98: Claims Registration Ends Aug. 25
TRANSOIL SERVIS: Claims Registration Ends Aug. 25
VEKTA-PV: Creditors' Claims Due Aug. 25


K Y R G Y Z S T A N

ALTYN: Creditors' Meeting Slated for Aug. 7

N E T H E R L A N D S

DUTCH MORTGAGE: Moody's Lifts EUR5-Million Class D Notes to Ba1
KONINKLIJKE AHOLD: Drs. Oud Withdraws Appeal on Fraud Suit


N O R W A Y

AKER KVAERNER: Signs US$84-Million Supply Deal with Petrobras
FALCONBRIDGE: Inco Unable to Get Required Shareholder Support


R U S S I A

AGRO-KHIM-SERVICE: M. Sevryukov to Manage Assets
ENISEYSKIY FLAX FACTORY: D. Glushkov to Manage Assets
FLANGE: Perm Court Starts Bankruptcy Supervision
KULESHOVSKOYE: Court Names M. Ferafontov as Insolvency Manager
MINE KASHPIRSKAYA: Court Names A. Bespalov as Insolvency Manager

OBOYANSKIY MEAT: Court Names N. Shuvarin as Insolvency Manager
PRAVDINSKOYE MILK: M. Ferafontov to Manage Assets
ROS-GOS-STRAKH IMMOVABLE: Y. Guzhenko to Manage Assets
RUBY: Tyumen Court Starts Bankruptcy Supervision
SAMARSKIY BAKERY 3: Court Names D. Korobkov Insolvency Manager

SERGO-IVANOVSKIY BRICKWORKS: A. Gabidullin to Manage Assets
SERNURSKAYA: Court Names E. Eliseeva as Insolvency Manager
YUGO-VOSTOK-SAN-TEKH-MONTAZH: Bankruptcy Supervision Begins
YUKOS OIL: Gazprom & Slovak Gov't. Eye 49% Stake in Transpetrol
YURGINSKAYA INDUSTRIAL: Court Starts Bankruptcy Supervision


S L O V A K   R E P U B L I C

VSEOBECNA UVEROVA: Fitch Affirms Individual Rating at C


U K R A I N E

ECOLOGICAL SYSTEMS: Court Names Sergij Yegorenkov as Liquidator
FORUM BANK: Moody's Assigns B2 Local Currency Deposit Rating
GRLIVKA' AUTO 11432: Court Starts Bankruptcy Supervision
LEVADA-AGRO: Court Names V. Nesvit as Insolvency Manager
MARIYA: Court Names Volodimir Parkulab as Liquidator

MIMMASHBUD-2: Court Names Yevgen Chuprun as Insolvency Manager
NADDNIPRYANSKA PRAVDA: Court Begins Bankruptcy Supervision
ORIANA: Court Names I. Kovalskij as Insolvency Manager
POLISSYA: Court Names Mr. O. Krutous as Liquidator
SOLID CONSUMER: Court Names Andrij Fedorchenko as Liquidator

TEHKOMUNIKATSIYI-2004: Court Starts Bankruptcy Supervision
TEHNOGEM: Odessa Court Starts Bankruptcy Supervision
* Revenue Rise Spurs S&P to Lift Kyiv's Credit Rating to BB-

U N I T E D   K I N G D O M

A.C.I.I. LIMITED: Creditors' Meeting Slated for August 4
BROWN SUGAR: Names Administrator from Bartfields
COOMBS QUALITY: Brings In CBA as Joint Administrators
DAMAGEMENT LIMITED: Appoints Vantis as Joint Administrators
EURUS LTD: S&P Assigns BB Rating to US$150-Mln Notes

GENERAL MOTORS: Unit Gets US$6 Million Settlement from ePlus
HARBOURMASTER PRO-RATA: Fitch Rates EUR17.5 Mln Notes at BB
HN EDWARDS: Appoints Joint Administrators from Kroll
IMPACT RECRUITMENT: Creditors Pass Winding Up Resolution
INCO LTD: Drops Falconbridge Bid; Continues Phelps Dodge Merger

INCO LTD: Consents to OSC's Cease Trade Order on Rights Plan
INTERNATIONAL POWER: Fitch Keeps BB on Issuer Default Rating
ISCA LANDSCAPES: Brings In Liquidator from Begbies Traynor
LANDMARK MORTGAGE: Fitch Rates GBP6-Million Class D Notes at BB
LES WILSON: Hires Joint Liquidators from KPMG

LEVEL 3: Creditors Opt to Liquidate Assets
LONDON RACERS: Appoints Robert M. Woolfson as Liquidator
MANAGERIAL CONSTRUCTION: Creditors Resolve to Liquidation
MEDSTAR CYMRU: Names David Kaye as Administrator
NATURAL WORLD: Creditors Nominate Liquidator

NORCOSSE HOLDINGS: Financial Woes Trigger Liquidation
ONE STOP: Begins Liquidation Procedure
PANODIA PRODUCTS: Hires Joint Administrators from Menzies
PEL LIMITED: Appoints Joint Administrators from Kroll
RECTRON PLC: Paul Appleton Leads Liquidation Procedure

REFCO INC: Files First Amended Schedules and Liabilities
REFCO INC: Investors Trade US$69.9 Million Claims in Bankruptcy
SALES INITIATIVES: Names Roderick John Weston Liquidator
SCOTTISH RE: Expects to Post US$130-Million Second Quarter Loss
SCOTTISH RE: Fitch Downgrades Default Rating to BBB from A-

SCOTTISH RE: Names Paul Goldean as Interim CEO
SMIT & CO.: Names Michael Bowell as Administrator
SOURCE TECHNOLOGY: Joint Liquidators Take Over Operations
WEB WORKS: Appoints Ian William Kings as Administrator
WYSEMARK LTD: Taps Ian William Kings to Liquidate Assets

* Large Companies with Insolvent Balance Sheets

                            *********

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


ABC: Claims Registration Period Ends August 8
---------------------------------------------
Creditors owed money by LLC ABC formerly LLC Fliesen-Fuehrer (FN
122875z) have until Aug. 8 to file written proofs of claims to
court-appointed property manager Alexander Schoeller at:

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

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 22 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
June 13 (Bankr. Case No. 2 S 99/06f).  Stephen Riel represents
Dr. Schoeller in the bankruptcy proceedings.


FRANZ ELSNER: Vienna Court Orders Closing of Business
-----------------------------------------------------
The Trade Court of Vienna entered an order on June 13 closing
the business of LLC Franz Elsner (FN 194720d).  Court-appointed
property manager Erwin Senoner 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. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Road 21
         1080 Vienna, Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 5 (Bankr. Case No. 4 S 62/06d).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


HAMEX CONSULTING: Property Manager Claims Insufficient Assets
-------------------------------------------------------------
Mag. Beate Sumper, the court-appointed property manager for LLC
Hamex Consulting (FN 219942w), declared on June 12 that the
Debtor does not have enough assets to pay off creditors.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 6 (Bankr. Case No. 4 S 63/06a).  Susi Rathauscher
represents Mag. Sumper in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Mag. Beate Sumper
         c/o Dr. Susi Rathauscher
         Gonzagagasse 15
         1010 Vienna, Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


KADEN OBJEKT: Claims Registration Period Ends August 31
-------------------------------------------------------
Creditors owed money by LLC & KEG Kaden Objekt- und
Gebaudeservice (FN 264760d) and LLC Kaden Objekt- und
Gebaudeservice (FN 262157a) have until Aug. 31 to file written
proofs of claims to court-appointed property manager
Johannes Doerner at:

         Dr. Johannes Doerner
         Brockmanngasse 91/I
         8010 Graz, Austria
         Tel: 0316/85 15 40-0
         Fax: 0316/851540-20
         E-mail: rae@doerner-singer.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Sept. 11 to consider the adoption
of the rule by revision and accountability.

The first meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on June 13 (Bankr. Case No. 26 S 60/06b).


MARA MERIGHI: Vienna Court Orders Closing of Business
-----------------------------------------------------
The Trade Court of Vienna entered an order on June 12 closing
the business of KEG Mara Merighi Ilter (FN 132326y).  Court-
appointed property manager Andrea Prochaska 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. Andrea Prochaska
         Wassergasse 33/12
         1030 Vienna, Austria
         Tel: 718 77 50
              718 77 52
         Fax: 718 77 50-15
         E-mail: anwalt@andrea-prochaska.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10 (Bankr. Case No. 3 S 58/06h).


NLS: Vienna Court Orders Closing of Business
--------------------------------------------
The Trade Court of Vienna entered an order on June 13 closing
the business of Construction LLC NLS (FN 255275f).  Court-
appointed property manager Peter Schulyok determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Peter Schulyok
         Mariahilfer Road 50
         1070 Vienna, Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: schulyok-unger@csg.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 19 (Bankr. Case No. 38 S 32/06t).


STRABAG SE: German Unit Earns EUR19.6 Million for 2005
------------------------------------------------------
Strabag AG, the German unit of Austrian construction group
Strabag S.E., released its results for the financial year 2005.

Output increased by 27% to EUR4.3 billion and the operating
result to EUR39.5 million.  In general, the business year was
marked by the new acquisition of DYWIDAG-Holding with its
subsidiaries and by the resultant restructuring measures.  Dr
Thomas Birtel, Chairman of the Executive Board named Strabag
AG's plan to focus on the core business activity of road
construction as the most important strategic decision taken in
2005.

                     2005 Financial Year

The company's progress in numbers was uniformly positive:
orders received rose by 5.8% compared with the previous year, or
by EUR221 million to EUR4.01 billion.  In Germany, Strabag was
able to show an increase of 4%, with a rise of approximately 7%
in the international market through the 35% participation in the
Bau Holding Beteiligungs AG.  Not counting the participations in
Austria, at 56% the share of the road construction segment in
the overall order intake was four percentage points over the
prior year's value.

In the 2005 financial year construction output reached a total
sum of EUR4.34 billion, which corresponds to a significant
increase of 27%.  In the road construction segment a rise in
output of roughly 5% was achieved even without the growth
resulting from acquisition of the Heilit+Woerner Group.  When
including the acquisition, growth in comparison to the previous
year's value reached a total of 41.2%.

Taking Heilit+Woerner's international business activities in
Poland and the Czech Republic into account, the total output
performed abroad could be raised by 29% compared with the
previous year.  All in all, the proportion of construction
output achieved abroad by the Strabag Group in 2005 amounted to
44% (43% in 2004).

In comparison with the previous year the number of employees
rose by an average of 6% over the year, reaching 11 079.
Contrary to the general trend in the German business sector,
training places offered by Strabag remained at a high level.  In
2005, 440 young people were trained so that more vocational
training places were taken up than originally foreseen.

At EUR39.5 million, the operating result comprising the result
prior to interest and taxes together with the participation
result has nearly quadrupled in 2005.  Operationally, the road
construction segment almost achieved the high previous year's
level, in the Austrian participations segment the proportional
equity-result of the BHB rose from EUR8.4 million to EUR23.8
million.

In accordance with the IFRS (International Financial Reporting
Standards), the pre-tax Group result (EBT) of STRABAG AG,
Cologne, amounted to EUR23.2 million (previous year EUR-3.5
million).  The result after taxes (EAT) amounted to EUR19.6
million (previous year -EUR5.8 million).

In the past financial year Strabag AG's individual financial
statements prepared in accordance with the German Commercial
Code (HGB), showed an annual net profit of EUR5.0 million in the
past year taking into consideration a profit carried forward of
EUR10.1 million and a net loss for the year of -EUR5 million.
Contrary to the original intention to plough back profits, the
Executive and Supervisory Boards have proposed to the General
Meeting that a dividend of EUR0.60 per share be paid out,
corresponding to a total dividend of EUR2,418,000, and that the
remaining annual net profit be carried forward to new account.

                         Iraq Deal

Due to the Paris Club's resolution at the end of 2004 to give
Iraq a debt relief quota of 80%, the sum claimed by Strabag for
the Expressway No. 1/Lot 11 and Basrah International Airport
construction projects amounting to EUR454.4 million including
interest goes down to a basic sum of EUR91.4 million.
Settlement of the rescheduled claims by a one-off payment in the
first quarter of 2006 brought the sum of EUR59.5 million.  This
amount was EUR2.4 million over the valuation, which had been
activated in the Strabag AG balance sheet since the year 1995,
and was used to reduce borrowing requirements.

                     Walter-Bau Takeover

As Dr. Birtel further reported, retroactive to the 1 April 2005
cut-off date, Strabag has acquired the DIWIDAG-Holding GmbH plus
three newly established subsidiaries from the insolvency assets
of Walter Bau-AG.  With the purchase of the Heilit-Woerner-
Group, Strabag AG has become significantly strengthened not only
regionally, but also in the business fields of concrete traffic
areas, rail construction, environmental technology, and landfill
construction.  According to Dr. Birtel these acquisitions have
made it possible to further extend market leadership in German
traffic way construction.

In addition, effective as per June 1, 2005, the Austrian parent
company Strabag SE has purchased a 53.6% participation in Ed.
Zublin AG, the well-reputed building and civil-engineering
company.  In the meantime this has been increased to 57.3%.
Towards the end of the year under review, Strabag AG's
Supervisory and Executive Boards have therefore resolved to sell
Strabag's building and civil engineering segment -- including
the subsidiary and participation companies operating within this
segment -- to Ed. Zublin AG and focus its activities in Germany
on traffic way construction.

                     Prospects for 2006

Strabag AG's business numbers continued to follow a positive
trend in the first five months of 2006.  In the domestic market,
the order inflow rose by a total of 17% despite the declining
development in the building segment caused by the transfer to
Ed. Zublin AG.  Construction output and orders on hand were
similarly two digits higher than the previous year's level.

Dr. Birtel said that the Group plans a slight reduction in
performance for 2006 due to the sale of the building and civil
engineering segment.  However, this forecast does not take
possible company acquisitions in the road construction sector,
such as the recent purchase of the Preusse Group, into account.
A positive result in the Group is targeted for the current
financial year.

The General Meeting was still underway at the time of this press
release.  However according to Dr. Birtel it can be assumed that
items on the agenda to be voted on, including several counter-
motions, would be decided as hoped for by the management.

                        About Strabag

Headquartered in Spittal, Austria, Strabag SE --
http://www.strabag.at/-- is the largest construction company in
the country with EUR9.8 billion in revenues and 40,000 employees
in 2005.  The group offers services including architecture and
engineering, tunneling, and general construction.  Strabag has
operations in Austria, Germany, and Hungary and in other
countries in Central and Eastern Europe.

                        *     *     *

As reported in the TCR-Europe on June 1, Standard & Poor's
Ratings Services raised its corporate credit rating on Austrian
engineering and construction group Strabag SE to 'BB+' from 'BB'
due to the group's solid business performance.  S&P said the
outlook is stable.

At the same time, the rating on Strabag's senior unsecured
EUR150 million notes issued at the Strabag SE level under the
EUR500 million medium term note program was raised to 'BB+' from
'BB'.

Conversely, additional major debt-financed acquisitions could
put negative pressure on the ratings.


TANDAKO: Claims Registration Period Ends August 2
-------------------------------------------------
Creditors owed money by LLC Tandako (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 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).


TITAN: Claims Registration Period Ends August 2
-----------------------------------------------
Creditors owed money by LLC Titan (FN 260519t) have until Aug. 2
to file written proofs of claims to court-appointed property
manager Michael Neuhauser at:

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

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 39/06y).


TSE PROMBERGER: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Gerhard Goetschhofer, the court-appointed property manager
for KEG TSE Promberger (FN 238440y), declared on June 13 that
the Debtor does not have enough assets to pay off creditors.

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

Headquartered in Gmunden, Austria, the Debtor declared
bankruptcy on Nov. 29, 2005 (Bankr. Case No. 20 S 127/05k).

The property manager can be reached at:

         Dr. Gerhard Goetschhofer
         Schloss Place 15
         4655 Vorchdorf, Austria
         Tel: 07614/7575
         Fax: 07614/7575-14
         E-mail: rechtsanwalt@goetschhofer.at


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


AUDILUX GMBH: Claims Registration Ends August 9
-----------------------------------------------
Creditors of Audilux GmbH have until Aug. 9 to register their
claims with court-appointed provisional administrator
Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Sept. 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The Debtor can be contacted at:

         Audilux GmbH
         Erbacher Road 33
         65346 Eltville, Germany

         Attn: Robert Dam, Manager
         Kwartaalstraat 19
         1300 BB Almere Holland,Netherlands

The administrator can be contacted at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden, Germany
         Tel: 0611/15040
         Fax: 0611/301774


CZARNECKI BETEILIGUNGS: Claims Registration Ends August 10
----------------------------------------------------------
Creditors of Czarnecki Beteiligungs GmbH have until Aug. 10 to
register their claims with court-appointed provisional
administrator Harald Hess.

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 Kaiserslautern
         Hall 8
         Station Route 24
         67655 Kaiserslautern, 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 Kaiserslautern opened bankruptcy
proceedings against Czarnecki Beteiligungs GmbH on June 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Czarnecki Beteiligungs GmbH
         Attn: Thomas S. Czarnecki, Manager
         Kaiserbergring 30
         67657 Kaiserslautern, Germany

The administrator can be contacted at:

         Dr. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz, Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28


DEKO ART: Claims Registration Ends August 7
-------------------------------------------
Creditors of DEKO Art Mueller GmbH have until Aug. 7 to register
their claims with court-appointed provisional administrator Olaf
Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 DEKO Art Mueller GmbH on June 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DEKO Art Mueller GmbH
         Wehlener Str. 18
         01279 Dresden, Germany

The administrator can be contacted at:

         Olaf Seidel
         Weisseritzstrasse 3
         01067 Dresden, Germany
         Web: http://www.worako.de/


GELSA HANDELS: Claims Registration Ends August 17
-------------------------------------------------
Creditors of Gelsa Handels GmbH have until Aug. 17 to register
their claims with court-appointed provisional administrator
Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 30, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293, 2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany

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

The District Court of Essen opened bankruptcy proceedings
against Gelsa Handels GmbH on July 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Gelsa Handels GmbH
         Attn: Ursula Adamowski, Manager
         Beisenstr. 34
         45894 Gelsenkirchen, Germany

The administrator can be contacted at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen, Germany
         Tel: 0209/179890
         Fax: +492091485096


HORVAT INDUSTRIEMONTAGEN: Claims Registration Ends August 7
-----------------------------------------------------------
Creditors of Horvat Industriemontagen GmbH have until Aug. 7 to
register their claims with court-appointed provisional
administrator Juergen Rabe.

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

The meeting of creditors will be held at:

         The District Court of Eschwege
         Meeting Room 2
         1. Stock
         Friedr. Wilh. Road 39
         37269 Eschwege, 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 Eschwege opened bankruptcy proceedings
against Horvat Industriemontagen GmbH on July 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Horvat Industriemontagen GmbH
         Attn: Stanislav Horvat, Manager
         Heideweg 3
         37287 Wehretal, Germany

The administrator can be contacted at:

         Juergen Rabe
         Tischbeinstrasse 24
         34121 Kassel, Germany
         Tel: 0561/21036
         Fax: 0561/25550


IMMERGUT DEUTSCHE: Claims Registration Ends August 14
-----------------------------------------------------
Creditors of Immergut Deutsche Sahnegesellschaft mbH have until
Aug. 14 to register their claims with court-appointed
provisional administrator Harald Busshardt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Immergut Deutsche Sahnegesellschaft mbH on July 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Immergut Deutsche Sahnegesellschaft mbH
         Chemnitzer Str. 46
         01187 Dresden, Germany

The administrator can be contacted at:

         Harald Busshardt
         Boltenhagener Place 9
         01109 Dresden, Germany
         Web: http://www.schubra.de/


MM MARKETING: Claims Registration Ends August 9
-----------------------------------------------
Creditors of MM Marketing GmbH have until Aug. 9 to register
their claims with court-appointed provisional administrator
Tanja Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Sept. 20, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Meeting Room C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against MM Marketing GmbH on July 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MM Marketing GmbH
         Market Route 80-82
         46045 Oberhausen, Germany

         Attn: Knuth Mussmann, Manager
         Obchodna 6
         SVK-0000 Zelnc Pri Trnave

The administrator can be contacted at:

         Tanja Bueckmann
         Lindnerstr. 165
         46149 Oberhausen, Germany


OBERLEY BUEROSYSTEME: Claims Registration Ends August 2
-------------------------------------------------------
Creditors of Oberley Buerosysteme Vertriebsgesellschaft fuer
Buero- und Datentechnik mbH have until Aug. 2 to register their
claims with court-appointed provisional administrator Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Aug. 23, 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 Oberley Buerosysteme Vertriebsgesellschaft fuer Buero-
und Datentechnik mbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Oberley Buerosysteme Vertriebsgesellschaft
         fuer Buero- und Datentechnik mbH
         Wilhelmstr. 24
         59067 Hamm, Germany

         Attn: Dirk Oberley, Manager
         Gerstenwinkel 7
         59514 Welver, Germany

The administrator can be contacted at:

         Stephan Heinrichsmeyer
         Spiekergasse 6-8
         33330 Guetersloh, Germany


PROVIDE-A 2003-1: S&P Places BB Rating on Watch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
the class B, C, and D credit-linked notes in the German RMBS
transaction Provide-A 2003-1 PLC and the class B, C, D, and E
credit-linked notes in Provide-A 2004-1 PLC on CreditWatch with
positive implications.

"Both CreditWatch placements follow an initial review of the
most recent information on both transactions received by us,"
said Standard & Poor's credit analyst Viktor Milev.

"Based on this analysis, the likelihood of a positive rating
action in these transactions has increased.  Levels of credit
enhancement available to the classes of notes placed on
CreditWatch positive have further increased as amortization has
lowered the pool factor to 73.81% for Provide-A 2003-1 and
76.41% for Provide-A 2004-1, respectively.  The underlying
collateral has demonstrated a solid performance since closing."

Mr. Milev added: "Standard & Poor's will now carry out a more
detailed analysis of the transaction to investigate whether any
or all of these notes can attain a higher rating.  The results
of this review and any changes in the ratings are expected
within 60 to 90 days."

Both Provide-A 2003-1 and Provide-A 2004-1 are synthetic,
partially funded RMBS transactions consisting of funded credit-
linked notes and unfunded senior CDSs.  The 2003-1 transaction
uses a synthetic threshold amount as first-loss protection, but
Provide-A 2004-1 has a non-rated class F note as a first-loss
piece.  The reference pools are portfolios of residential
mortgages, which had reduced to EUR2.29 billion for Provide-A
2003-1 and EUR2.67 billion for Provide-A 2004-1, respectively,
according to the most recent transaction report.

Loss allocation in both transactions has been marginal so far
and does not exceed 0.01% of the original pool principal
balances.  The outstanding balances of the loans in credit
events do not exceed the first-loss protection available in both
Provide-A 2003-1 and Provide-A 2004-1.

                        Ratings List

        Class                   Rating
        -----                   ------
                     To                         From
                     --                         ----

                     Provide-A 2003-1 PLC
         EUR387.75 Million Credit-Linked Notes and
         EUR2.64 Billion Senior Credit Default Swap

    Ratings Placed On CreditWatch With Positive Implications

        B            AA/Watch Positive          AA
        C            A/Watch Positive           A
        D            BBB/Watch Positive         BBB

                     Provide-A 2004-1 PLC
           EUR374.75 Million Credit-Linked Notes

    Ratings Placed On CreditWatch With Positive Implications

        B            AA/Watch Positive          AA
        C            A/Watch Positive           A
        D            BBB/Watch Positive         BBB
        E            BB/Watch Positive          BB


RAUMINHALT GMBH: Claims Registration Ends August 8
--------------------------------------------------
Creditors of Rauminhalt GmbH have until Aug. 8 to register their
claims with court-appointed provisional administrator Thomas
Beck.

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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Rauminhalt GmbH on July 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Rauminhalt GmbH
         Attn: Annette Katrin Seidel, Manager
         Gerichtsstr. 6
         01796 Pirna, Germany

The administrator can be contacted at:

         Thomas Beck
         Selliner Road 6-8
         01109 Dresden, Germany
         Web: http://www.pfefferle.de/


STRABAG SE: German Unit Earns EUR19.6 Million for 2005
------------------------------------------------------
Strabag AG, the German unit of Austrian construction group
Strabag S.E., released its results for the financial year 2005.

Output increased by 27% to EUR4.3 billion and the operating
result to EUR39.5 million.  In general, the business year was
marked by the new acquisition of DYWIDAG-Holding with its
subsidiaries and by the resultant restructuring measures.  Dr
Thomas Birtel, Chairman of the Executive Board named Strabag
AG's plan to focus on the core business activity of road
construction as the most important strategic decision taken in
2005.

                     2005 Financial Year

The company's progress in numbers was uniformly positive:
orders received rose by 5.8% compared with the previous year, or
by EUR221 million to EUR4.01 billion.  In Germany, Strabag was
able to show an increase of 4%, with a rise of approximately 7%
in the international market through the 35% participation in the
Bau Holding Beteiligungs AG.  Not counting the participations in
Austria, at 56% the share of the road construction segment in
the overall order intake was four percentage points over the
prior year's value.

In the 2005 financial year construction output reached a total
sum of EUR4.34 billion, which corresponds to a significant
increase of 27%.  In the road construction segment a rise in
output of roughly 5% was achieved even without the growth
resulting from acquisition of the Heilit+Woerner Group.  When
including the acquisition, growth in comparison to the previous
year's value reached a total of 41.2%.

Taking Heilit+Woerner's international business activities in
Poland and the Czech Republic into account, the total output
performed abroad could be raised by 29% compared with the
previous year.  All in all, the proportion of construction
output achieved abroad by the Strabag Group in 2005 amounted to
44% (43% in 2004).

In comparison with the previous year the number of employees
rose by an average of 6% over the year, reaching 11 079.
Contrary to the general trend in the German business sector,
training places offered by Strabag remained at a high level.  In
2005, 440 young people were trained so that more vocational
training places were taken up than originally foreseen.

At EUR39.5 million, the operating result comprising the result
prior to interest and taxes together with the participation
result has nearly quadrupled in 2005.  Operationally, the road
construction segment almost achieved the high previous year's
level, in the Austrian participations segment the proportional
equity-result of the BHB rose from EUR8.4 million to EUR23.8
million.

In accordance with the IFRS (International Financial Reporting
Standards), the pre-tax Group result (EBT) of STRABAG AG,
Cologne, amounted to EUR23.2 million (previous year EUR-3.5
million).  The result after taxes (EAT) amounted to EUR19.6
million (previous year -EUR5.8 million).

In the past financial year Strabag AG's individual financial
statements prepared in accordance with the German Commercial
Code (HGB), showed an annual net profit of EUR5.0 million in the
past year taking into consideration a profit carried forward of
EUR10.1 million and a net loss for the year of -EUR5 million.
Contrary to the original intention to plough back profits, the
Executive and Supervisory Boards have proposed to the General
Meeting that a dividend of EUR0.60 per share be paid out,
corresponding to a total dividend of EUR2,418,000, and that the
remaining annual net profit be carried forward to new account.

                         Iraq Deal

Due to the Paris Club's resolution at the end of 2004 to give
Iraq a debt relief quota of 80%, the sum claimed by Strabag for
the Expressway No. 1/Lot 11 and Basrah International Airport
construction projects amounting to EUR454.4 million including
interest goes down to a basic sum of EUR91.4 million.
Settlement of the rescheduled claims by a one-off payment in the
first quarter of 2006 brought the sum of EUR59.5 million.  This
amount was EUR2.4 million over the valuation, which had been
activated in the Strabag AG balance sheet since the year 1995,
and was used to reduce borrowing requirements.

                     Walter-Bau Takeover

As Dr. Birtel further reported, retroactive to the 1 April 2005
cut-off date, Strabag has acquired the DIWIDAG-Holding GmbH plus
three newly established subsidiaries from the insolvency assets
of Walter Bau-AG.  With the purchase of the Heilit-Woerner-
Group, Strabag AG has become significantly strengthened not only
regionally, but also in the business fields of concrete traffic
areas, rail construction, environmental technology, and landfill
construction.  According to Dr. Birtel these acquisitions have
made it possible to further extend market leadership in German
traffic way construction.

In addition, effective as per June 1, 2005, the Austrian parent
company Strabag SE has purchased a 53.6% participation in Ed.
Zublin AG, the well-reputed building and civil-engineering
company.  In the meantime this has been increased to 57.3%.
Towards the end of the year under review, Strabag AG's
Supervisory and Executive Boards have therefore resolved to sell
Strabag's building and civil engineering segment -- including
the subsidiary and participation companies operating within this
segment -- to Ed. Zublin AG and focus its activities in Germany
on traffic way construction.

                     Prospects for 2006

Strabag AG's business numbers continued to follow a positive
trend in the first five months of 2006.  In the domestic market,
the order inflow rose by a total of 17% despite the declining
development in the building segment caused by the transfer to
Ed. Zublin AG.  Construction output and orders on hand were
similarly two digits higher than the previous year's level.

Dr. Birtel said that the Group plans a slight reduction in
performance for 2006 due to the sale of the building and civil
engineering segment.  However, this forecast does not take
possible company acquisitions in the road construction sector,
such as the recent purchase of the Preusse Group, into account.
A positive result in the Group is targeted for the current
financial year.

The General Meeting was still underway at the time of this press
release.  However according to Dr. Birtel it can be assumed that
items on the agenda to be voted on, including several counter-
motions, would be decided as hoped for by the management.

                        About Strabag

Headquartered in Spittal, Austria, Strabag SE --
http://www.strabag.at/-- is the largest construction company in
the country with EUR9.8 billion in revenues and 40,000 employees
in 2005.  The group offers services including architecture and
engineering, tunneling, and general construction.  Strabag has
operations in Austria, Germany, and Hungary and in other
countries in Central and Eastern Europe.

                        *     *     *

As reported in the TCR-Europe on June 1, Standard & Poor's
Ratings Services raised its corporate credit rating on Austrian
engineering and construction group Strabag SE to 'BB+' from 'BB'
due to the group's solid business performance.  S&P said the
outlook is stable.

At the same time, the rating on Strabag's senior unsecured
EUR150 million notes issued at the Strabag SE level under the
EUR500 million medium term note program was raised to 'BB+' from
'BB'.

Conversely, additional major debt-financed acquisitions could
put negative pressure on the ratings.


TERRA-PLANT: Claims Registration Ends August 4
----------------------------------------------
Creditors of Terra-Plant GmbH have until Aug. 4 to register
their claims with court-appointed provisional administrator
Wolfgang Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 24, 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 Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         450 Hanau, 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 Hanau opened bankruptcy proceedings
against Terra-Plant GmbH on June 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Terra-Plant GmbH
         Attn: Detlef Link, Manager
         Karl-Eidmann-Road 9
         63486 Bruchkoebel, Germany

The administrator can be contacted at:

         Wolfgang Jung
         Rhonstr. 5
         63526 Erlensee, Germany
         Tel: 06183/2666
         Fax: 06183/71979


TS CO.MIT: Fitch Places Final B Rating on EUR6.3 Million Notes
--------------------------------------------------------------
Fitch Ratings assigned TS Co.mit One GmbH's issue of EUR503
million of floating-rate notes final ratings as:

   -- EUR446,300,000 Class A: AAA;
   -- EUR15,000,000 Class B: AA;
   -- EUR13,900,000 Class C: A;
   -- EUR10,200,000 Class D: BBB;
   -- EUR11,300,000 Class E: BB; and
   -- EUR6,300,000 Class F: B.

The ratings of the Class A notes address the timely payment of
interest and the ultimate repayment of principal.  The ratings
of the Class B to Class F notes address the ultimate payment of
interest and principal according to the terms of the notes.
Under the cash flow scenarios applied, the Class B to Class F
notes are able to receive timely payment of interest.

The ratings are based on the quality of the collateral, the
available credit enhancement, the priority of payments (which
incorporate an excess cash trapping mechanism), and the sound
legal and financial structure of the transaction.  Credit
enhancement for the Class A to E notes is provided by
subordination, the reserve account and available excess spread.
Credit enhancement for the Class F notes is provided by the
reserve account and excess spread.

The scheduled maturity of all Classes of notes is June 2011, and
the legal maturity is June 2013.

This transaction is a cash securitization of loans certified by
certificates of indebtedness to German small and medium-size
enterprises.  The transaction is the first true-sale
securitization of Commerzbank-originated loans via the True Sale
International platform.

The portfolio comprises senior unsecured loan instruments that
are either amortizing or have a bullet maturity.  The loans have
been specifically designed to be refinanced via a securitization
and therefore contain standardized characteristics.  The
transaction will be static and will amortize relatively quickly,
with a weighted average life of around 2.6 years.

Subject to certain tests being met, the notes will amortize pro-
rata as long as more than 50% of the initial pool balance is
outstanding.  To assess the credit quality of the portfolio,
Fitch used a mapping approach to Commerzbank's internal rating
system.  Based on the mapping, the agency deems the average
credit quality of the SME portfolio to be equivalent to a rating
of BBB-/BB+.


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


SCOTTISH RE: Expects to Post US$130-Million Second Quarter Loss
---------------------------------------------------------------
Scottish Re Group Limited (NYSE: SCT) expects to report a net
operating loss available to ordinary shareholders of around
US$130 million for the second quarter ended June 30, 2006.

The Company said the loss for the quarter is principally related
to a valuation allowance on deferred tax assets of approximately
US$112 million combined with these factors:

   -- reduction in estimated premium accruals;

   -- increased retrocession costs;

   -- write-down of deferred acquisition costs due to higher
      than expected lapse rates on certain fixed annuity
      treaties; and

   -- severance and retirement costs and other non-recurring
      operating expenses.

The Company expects earnings for its third and fourth fiscal
quartersto be lower than the Company's previously announced
guidance.  The reduction in earnings guidance is due to lower
than expected new business volumes, higher than anticipated
retrocession costs and income tax expense due to the inability
to recognize future deferred tax benefits.

On July 28, 2006, the Board of Directors suspended the ordinary
share dividend.

Scottish Re will release earnings for the second quarter ended
June 30, 2006 on Aug. 3, 2006, after 4:00 p.m., New York time.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Grand Cayman
Dublin, Ireland, and Windsor, United Kingdom.  At March 31,
2006, the reinsurer's balance sheet showed US$12.2 billion
assets and US$10.8 billion in liabilities.

                           *    *    *

On July 31, 2006, Fitch Ratings cut Scottish Re's issuer default
rating to BBB from A-, and lowered its insurer financial
strength rating one notch to A-.  Fitch rates the reinsurer's
hybrid and preferred securities at BB+.


SCOTTISH RE: Fitch Downgrades Default Rating to BBB from A-
-----------------------------------------------------------
Fitch has downgraded Scottish Re's (NYSE:SCT) operating
subsidiaries as follows:

   -- Issuer Default Rating (IDR) to 'BBB' from 'A-';
   -- Insurer financial strength (IFS) to 'A-' from 'A'.

All ratings have been placed on Rating Watch Negative.

The rating action follows SCT's announcement that it expects to
report a loss for the three months ending June 30, 2006.  This
loss follows disappointing results in the first quarter of 2006
relative to management's plans.  Performance over the past
several years has been characterized as moderate compared to
Fitch's rating expectations, and has reflected the challenges
associated with rapid growth and successive acquisitions.

The rating action also reflects certain unfavorable liquidity
trends, including the need during the second quarter to raise
outside funding to inject additional capital into the U.S.
subsidiary after state regulators indicted a portion of the
capital benefits from a Regulation XXX life securitization made
in 2005, via special purpose entity Orkney Re, needed to be
reversed.

The company is also facing higher strain on its business than
anticipated.  SCT may need to fund a cash put option related to
US$115 million of senior convertible notes later this year, but
the company has indicated that it has more than adequate
availability between internal cash resources and its existing
credit facilities to fund this payment without and effect on its
operations.

Fitch expects to update its analysis and ratings following
discussions with management this week, and a review of the final
earnings announcement.  It is possible SCT's ratings could be
reduced further in the near-term following that review.

SCT is an insurance holding company with operations primarily
focused on global life and annuity reinsurance.  Total gross
face amount of reinsurance in force was US$1.02 trillion at Dec.
31, 2005.  Operations are conducted in subsidiaries located in
Bermuda, Charlotte, North Carolina, Dublin Ireland, Grand Cayman
and Windsor, England.

Fitch has downgraded these ratings and placed them on Rating
Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS to 'A-' from 'A'.

Scottish Re (U.S.) Inc.

   -- IFS to 'A-' from 'A'.

Scottish Re Limited

   -- IFS to 'A-' from 'A'.

Scottish Re Group Limited

   -- IDR to 'BBB' from 'A-';

   -- 4.5% US$115 million senior convertible notes to 'BBB-'
      from 'BBB+';

   -- 5.875% US$142 million hybrid capital units to 'BB+' from
      'BBB'; and

   -- 7.25% US$125 million non-cumulative perpetual preferred
      stock to 'BB+' from 'BBB'.


SCOTTISH RE: Names Paul Goldean as Interim CEO
----------------------------------------------
The Board of Directors of Scottish Re Group Limited (NYSE: SCT)
appointed Paul Goldean, Executive Vice President and General
Counsel, to the position of interim Chief Executive Officer,
effective immediately.

Mr. Goldean replaces Scott E. Willkomm, who has resigned his
position as President and Chief Executive Officer for the global
life reinsurance specialist.

Glenn Schafer, Chairman of the Board of Directors, said the
Board has appointed a special committee, The Office of the
Chairman, to assist executive management in directing the
company in the near term.  The committee will include two
longtime insurance industry executives, Bill Caulfeild-Browne
and Mr. Schafer, as well as Mr. Goldean.

"I am looking forward to working with the Office of the Chairman
and tapping the long-term experience, knowledge and insights of
both Glenn and Bill," said Mr. Goldean.

Mr. Schafer retired as Vice Chairman of Pacific Life Insurance
Company at the end of 2005, having joined the company in 1986.
During his tenure, Mr. Schafer served as Chief Financial Officer
and President and added the Vice Chairman role for the last ten
months of his career at Pacific Life.

Mr. Caulfeild-Browne was the Chief Operating Officer (U.S.) for
Swiss Re Life and Health North America from 1996 to 1998. He was
Chief Operating Officer and a director of The Mercantile and
General Life Reassurance
Company, U.S., from 1990 to 1996.

Mr. Goldean joined the Company in February 2002 as its Senior
Vice President and General Counsel. Prior to joining the
Company, Mr. Goldean worked at Jones, Day, Reavis & Pogue where,
among other things, he acted as outside counsel to the Company.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Grand Cayman
Dublin, Ireland, and Windsor, United Kingdom.  At March 31,
2006, the reinsurer's balance sheet showed US$12.2 billion
assets and US$10.8 billion in liabilities.

                           *    *    *

On July 31, 2006, Fitch Ratings cut Scottish Re's issuer default
rating to BBB from A-, and lowered its insurer financial
strength rating one notch to A-.  Fitch rates the reinsurer's
hybrid and preferred securities at BB+.


VALLAURIS II: Moody's Rates EUR8.9-Mln Class IV Notes at Ba2
------------------------------------------------------------
Moody's assigned these ratings to four classes of notes issued
by Vallauris II CLO PLC, an Irish special purpose company:

   -- EUR187,800,000 Class I Senior Floating Rate Notes, due
2022: Aaa;

   -- EUR52,300,000 Class II Senior Floating Rate Notes, due
2022: Aa2;

   -- EUR25,400,000 Class III Mezzanine Deferrable Interest
Floating Rate Notes, due 2022: Baa2; and

   -- EUR8,900,000 Class IV Mezzanine Deferrable Interest
Floating Rate Notes, due 2022: Ba2.

EUR32,200,000 Subordinated Notes, due 2022 have been issued but
will not be rated.

The ratings address the expected loss posed to investors by the
legal final maturity in 2022.  Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks, such as those associated with the timing of principal
prepayments and other market risks, have not been addressed and
may have a significant effect on yield to investors.

These provisional ratings are based upon:

   -- An assessment of the eligibility criteria and portfolio
guidelines applicable to the future additions to the
portfolio;

   -- The protection against losses through the subordination of
the more junior classes of notes to the more senior
classes of notes;

   -- The par coverage and interest coverage tests, which divert
cash flows towards senior notes;

   -- The hedging strategy to be implemented to cover currency
and interest rate risk;

   -- The expertise of Natexis Banques Populaires S.A. as
collateral manager; and

   -- The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR300
million, comprised primarily of European loans, mostly senior
secured loans, but also second lien loans, mezzanine loans and
whole business securitizations.  This portfolio is dynamically
managed by Natexis Banques Populaires S.A.

At closing approximately 65% of the portfolio has been acquired
and the remaining portion of the portfolio will be acquired
during the 12 months ramp-up period in compliance with portfolio
guidelines and interim targets which include, among other tests,
a diversity score test, a weighted average rating factor test, a
weighted average recovery rate test and a weighted average
spread test.

Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to buy or sell assets
in the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.

The transaction is arranged by Natexis Banques Populaires S.A.
and Dresdner Kleinwort Wasserstein.


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


ALITALIA SPA: Cuts Net Debt to EUR896 Million in June 2006
----------------------------------------------------------
Alitalia S.p.A., in compliance with instructions from Italy's
Securities and Exchange Commission (CONSOB), releases
information relating to its net debt as of June 30, 2006, as
well as any debts falling due for Alitalia and the Group.

It should be pointed out that, in line with CONSOB
recommendations, data regarding current portions of amounts
falling due within 12 months are no longer classified under
medium-/long-term indebtedness, but now form part of data
relating to short-term financial debt.

These observations on the most important changes that have taken
place during the two periods in question refer to the situation
for the Group.  However, given the preponderance of Alitalia
within the whole Group, these observations are in fact
representative of the parent company's performance alone.

The Group's net debt as of June 30, 2006, amounted to EUR896
million, showing a reduction in net indebtedness of EUR18
million (-2.0%) compared to the situation on May 31, 2006.

The net debt of the parent company Alitalia as of June 30, 2006,
amounted to EUR870 million, showing a reduction (-2.2%) compared
to the situation on May 31, 2006, and including short-term net
financial credits for subsidiaries.

The Group's cash-to-hand and short-term financial credits show a
reduction mainly caused by a medium-long term investment (18
months) by approximately EUR55 million in order to obtain a
better return and therefore improve the overall liquidity
management.

It should be noted that as of June 30, 2006, there were several
leasing contracts at the Group level, referring almost entirely
to fleet aircraft mostly held by the parent company amounting to
EUR148 million, whose capital share, including lease closure
value, amounted to EUR164 million.

By comparison, the same figure as of May 31, 2006, amounted to
EUR168 million; the corresponding figures for the parent company
on May 31, 2006, amounted to EUR152 and EUR27 million
respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During June 2006, repayments were made of medium/long-term
financing amounting to about EUR23 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on June 30, 2006, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on June 30, 2006,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to some
airport management companies for disputed debts amounting to a
total of EUR83 million on June 30, 2006.

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- nine injunctions issued by an airport management company
      for a total of about EUR21.8 million (9 decrees);

   -- another supplier has issued an injunction for about
      EUR470,000 relating to claims for unfulfilled contractual
      obligations;

   -- a further injunction has been issued by an IT services
      supplier for about EUR812,000;

   -- another injunction has been issued by a professional
      studio for EUR534,000;

   -- a contractor for restructuring work has issued an
      injunction for about EUR635,000; and

   -- there are injunctions issued by two suppliers for a total
      of around EUR40,000.

Except for the above, there are no other injunction orders or
executive actions undertaken by creditors notified as of June
30, 2006, nor are there any threats by suppliers to suspend
operations.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


POPOLARE ITALIANA: Investors Agree to Buy 98.4% of New Shares
-------------------------------------------------------------
Banca Popolare Italiana disclosed that its asset strengthening
operation has been successfully completed.  From the provisional
data in the bank's possession, almost 98.4% of the capital
increase has already been subscribed to, for a total amount of
EUR707.6 million.

Of the shares concerned by the capital increase and which were
offered between July 3 and 21 as options to the shareholders and
convertible bond holders under the May 18 resolution of the
Banca Popolare Italiana's Board of Directors, as approved on the
Extraordinary Shareholders' meeting on April 29, more than 104
million have been subscribed at a price of EUR6.80, of which
EUR3.00 in share premium, for a total amount of approximately
EUR707.6 million.

Pursuant to Article 2441, paragraph 3, of the Civil Code, any
rights not exercised will be offered on the Stock Exchange, the
offer being managed by Centrosim S.p.A. on behalf of Banca
Popolare Italiana, in the sessions of July 28 and 31, and
Aug. 1, 2 and 3.  All of the rights will be put on offer in the
first session, whereas any amounts not placed in the previous
days will be offered at the sessions following the first.

The relative new ordinary shares will have to be subscribed by
and no later than Aug. 4, 2006, under pain of forfeiture.

The Information Prospectus, containing information about the
investment, is available from the head offices of Borsa Italiana
S.p.A and at the Issuer's head offices.

With its capital increase successfully completed, Banca Popolare
Italiana is preparing to also complete the other extraordinary
operation included in the 2006-2009 Business Plan, i.e. the
rationalization of the corporate structure in which Reti
Bancarie and Bipielle Investimenti are to be merged into Banca
Popolare Italiana.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.   The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in TCR-Europe on April 3, Fitch Ratings downgraded
Banca Popolare Italiana's Issuer Default and Short-term ratings
to BBB from BBB+ and F3 from F2 respectively.  Its Individual
and Support rating are affirmed at C and 3 respectively.   Its
senior debt and trust preferred stock are also downgraded to BBB
and BB+ respectively from BBB+ and BBB-.  The Issuer Default,
Short-term and Individual ratings are removed from Rating Watch
Negative.   A Stable Outlook is assigned for the Issuer Default
rating.


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


GAB: Creditors Must File Claims by Aug. 25
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Gab insolvent on May 31.

Creditors have until Aug. 25 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Furmanova Str. 174b
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-11-94


IDG: Creditors Must File Claims by Aug. 25
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP IDG insolvent on May 18.

Creditors have until Aug. 25 to submit written proofs of claim
to:

         LLP IDG
         Satpayeva Str. 6a-28
         Almaty, Kazakhstan
         Tel: 8 (3272) 64-07-65
              8 (3332) 14-52-28


KAZKOMMERTS FINANCE: Fitch Rates US$200-Mln Notes at Final BB
-------------------------------------------------------------
Fitch Ratings assigned Kazkommerts Finance 2 B.V.'s recent
8.625% US$200-million issue of limited recourse loan
participation notes due July 2016, with interest rate step-up in
2011, a final Lont-term rating of BB.

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


KUAT JETYSAIKURYLYS: Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against OJSC
Kuat Jetysaikurylys.


ROMUL INVEST: Proof of Claim Deadline Slated for Aug. 25
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Romul Invest insolvent on May 25.

Creditors have until Aug. 25 to submit written proofs of claim
to:

         LLP Romul Invest
         Room 11
         Building of the Bus Station
         Micro District 28
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 41-15-89


STALKER: Proof of Claim Deadline Slated for Aug. 25
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Stalker insolvent on June 5 without the
introduction of the bankruptcy proceedings.

Creditors have until Aug. 25 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-06-50


TAUEKEL-98: Claims Registration Ends Aug. 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Tauekel-98 insolvent on May 3.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 25 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl Region
         Jeltoksan Str. 112
         Taraz
         Jambyl Region
         Kazakhstan
         Tel: 8 (3262) 43-08-15


TRANSOIL SERVIS: Claims Registration Ends Aug. 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Transoil Servis Limited insolvent on May 31.

Creditors have until Aug. 25 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Furmanova Str. 174b
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-11-94


VEKTA-PV: Creditors' Claims Due Aug. 25
---------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Vekta-PV insolvent on June 1.

Creditors have until Aug. 25 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Tolstogo Str. 84-57
         Pavlodar
         Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 46-90-72


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


ALTYN: Creditors' Meeting Slated for Aug. 7
-------------------------------------------
Creditors of LLC Agricultural Farm Altyn will convene at 11:00
a.m. on Aug. 7 at:

         Room 108
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

Creditors must submit written proofs of claim and be registered
within seven days before starting of the meeting to temporary
insolvency manager.

Proxies must have authorization to vote.

The Inter-District Court of Bishkek for Economic Issues
commenced bankruptcy proceedings against the company (Case No.
ED-443/05 mbs) after declaring it insolvent on June 5.

The Temporary Insolvency Manager is:

         Mr. Tsoi Nester-Yen
         Tel: (+996 312) 21-67-25
              (0-502) 57-27-10


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


DUTCH MORTGAGE: Moody's Lifts EUR5-Million Class D Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service upgraded 10 Classes of Notes issued by
four Dutch Issuers of Residential Mortgage-Backed Securities.

The classes of Notes affected are:

Dutch Mortgage Portfolio Loans II B.V.

   -- Class B, EUR17 Million Mezzanine Mortgage-Backed Notes
due 2036: to Aa2 from A2;

   -- Class C, EUR13 Million Junior Mortgage-Backed Notes due
2036; to A2 from Baa2; and

   -- Class D, EUR5 Million Subordinated Notes due 2036: to
Ba1 from Ba2.

Dutch Mortgage Portfolio Loans III B.V.

   -- Class B, EUR20 Million Mezzanine Mortgage-Backed Notes
due 2035: to Aa1 from A2; and

   -- Class C, EUR22 Million Junior Mortgage-Backed Notes due
2035: to A2 from Baa2.

Saecure 3 B.V.

   -- Class B, EUR30 Million Mezzanine Mortgage-Backed Notes due
2070: to Aa2 from A2; and

   -- Class C, EUR12 Million Junior Mortgage-Backed Notes due
2070: to A3 from Baa2.

Saecure 4 B.V.

   -- Class B, EUR13.5 Million Mezzanine Mortgage-Backed Notes
due 2069: to Aa1 from Aa3;

   -- Class C, EUR31.5 Million Mezzanine Mortgage-Backed Notes
due 2069: to Aa2 from A1; and

   -- Class D, EUR27 Million Junior Mortgage-Backed Notes due
2069: to A2 from Baa2.

These rating actions are prompted by better than anticipated
collateral performance, the increased credit enhancement and the
strength of the Dutch housing market since the portfolios were
originated.

Despite the more difficult current economic environment in the
Netherlands, the mortgage pools have performed above
expectations with low delinquencies and negligible losses.  Some
upgrades of tranches were also triggered by the increased credit
enhancement due to amortization of the mortgage pool.


KONINKLIJKE AHOLD: Drs. Oud Withdraws Appeal on Fraud Suit
----------------------------------------------------------
Drs. W.C.M. Oud voluntarily withdrew with prejudice his appeal
against the final order and judgment by Hon. Catherine C. Blake
of the U.S. District Court for the District of Maryland,
approving Royal Ahold N.V.'s agreement with the lead plaintiffs
to settle the securities class action, "In re Royal Ahold N.V.
Securities & ERISA Litigation."

The court entered a final order and judgment approving Royal
Ahold's settlement of the suit for US$1.1 billion (EUR937
million) in June.

                        Case Background

The lawsuit stems from a 2003 accounting scandal that forced the
company to restate earnings by US$1.1 billion over three years.
Most of the problems were related to inflated earnings at the
company's U.S. Foodservice subsidiary in Columbia.  It alleged
that Ahold N.V. misled investors by presenting an inaccurate
financial picture of the company to stockholders and inflating
the price of its common stock.

It alleged claims against Ahold and Ahold USA, Inc., Ahold USA
Holdings, Inc., U.S. Foodservice, Inc., Cees Van der Hoeven,
Michiel Meurs, Henny de Ruiter, Cor Boonstra, James L. Miller,
Mark Kaiser, Michael Resnick, Tim Lee, Robert G. Tobin, William
J. Grize, Roland Fahlin, Jan G. Andreae, ABN AMRO Rothschild,
Goldman Sachs International, Merrill Lynch International, ING
Bank N.V., Rabo Securities N.V., and Kempen & Co. N.V. based
upon the matters that Ahold first announced on Feb. 24, 2003
(Class Action Reporter, Nov. 30, 2005).

The settlement of the suit covers Ahold, its subsidiaries and
affiliates, the individual defendants and the underwriters.

It resolves all securities law claims against Ahold, and all
other defendants, other than Deloitte & Touche entities.  The
settlement is global in nature and is designed to provide a
recovery to all persons who purchased Ahold common stock and/or
American Depository Receipts from July 30, 1999 through Feb. 23,
2003, regardless of where such persons live or purchased their
Ahold shares.

The settlement must be approved by at least 180 million shares
from about 800 million qualifying shares.  The average payment
is estimated to be US$1.51 per Fund A share and 40 cents per
share for Fund B shares, according to court documents.  Claims
are to be made about 12 months after the court's final approval
(Class Action Reporter, Jan. 10, 2006).  The company, though,
denies any wrongdoing in the settlement.

The suit is "In re Royal Ahold N.V. Securities Litigation, Case
No. 1:03-md-01539-CCB," filed in the U.S. District Court for the
District of Maryland under Judge Catherine C. Blake.

Representing the plaintiffs are:

     (1) Andrew J. Entwistle of Entwistle and Cappucci, 299 Park
         Ave., New York, NY 1171, Phone: 12128947200, Fax:
         12128947251, E-mail: aentwistle@entwistle-law.com;

     (2) Daniel L. Berger of Bernstein Litowitz Berger and
         Grossmann, 1285 Avenue of the Americas, New York, NY
         10019, Phone: 12125541406, Fax: 12125541444, E-mail:
         dan@blbglaw.com;

     (3) Conor R. Crowley of Much Shelist Freed Denenberg Ament
         and Rubenstein PC, 191 N. Wacker Dr., Ste. 1800,
         Chicago, IL 60606, Phone: 13125212725, Fax:
         13125212100, E-mail: ccrowley@muchshelist.com;

     (4) Seth D. Goldberg of Seth D. Goldberg PC, 5335 Wisconsin
         Ave. NW Ste. 440, Washington, DC 20015, Phone:
         12022430594, Fax: 12026865517;

     (5) Robert Ira Harwood of Wechsler Harwood, LLP, 488
         Madison Ave., Suite 801, New York, NY 10022, Phone:
         12129357400, Fax: 12127533630, E-mail:
         rharwood@whesq.com;

     (6) Fred Taylor Isquith of Wolf Haldenstein Adler Freeman
         and Herz, LLP, 270 Madison Ave., New York, NY 10016,
         Phone: 12125454600, Fax: 12125454653;

     (7) Andrew J. Levander of Dechert, LLP, 30 Rockefeller
         Plz., New York, NY 10112, Phone: 12126983500, Fax:
         12126983599, E-mail: andrew.levander@dechert.com;

     (8) Lester Levy of Wolf, Popper, Ross, Wolf & Jones,
         845 Third Ave., New York, NY 10022;

     (9) Christopher Lometti and Frank R Schirripa of Schoengold
         and Sporn, PC, 19 Fulton St., Ste. 406, New York, NY
         10038, Phone: 12129640046, Fax: 12122678137;

    (10) Charles J. Piven of Charles J. Piven, PA, The World
         Trade Center, 401 E. Pratt St., Ste. 2525, Baltimore,
         MD 21202, Phone: 14103320030, Fax: 14106851300, E-mail:
         piven@pivenlaw.com;

    (11) Jonathan M. Plasse of Goodkind Labaton Rudoff and
         Sucharow, LLP, 100 Park Ave., New York, NY 10017-5563,
         Phone: 12129070863, Fax: 12128837063;

    (12) Ronald B. Rubin of Rubin and Rubin Chtd, One Church
         St., Ste. 301, Rockville, MD 20850, Phone: 13016109700,
         Fax: 13016109716, E-mail: rrubin@rrubin.com;

    (13) Samuel Howard Rudman of Lerach Coughlin Stoia Geller
         Rudman and Robbins, LLP, 200 Broadhollow Rd., Ste. 406,
         Melville, NY 11747, Phone: 16313677100, Fax:
         16313671173, E-mail: srudman@lerachlaw.com;

    (14) Robert S. Schachter of Zwerling Schachter and Zwerling,
         LLP, 41 Madison Ave., New York, NY 10010, Phone:
         12122233900, Fax: 12123715969, E-mail:
         rschachter@zsz.com;

    (15) Steven G Schulman of Milberg Weiss Bershad and Schulman
         LLP, One Pennsylvania Plz., 49th Fl., New York, NY
         10119-0165, Phone: 12125945300, Fax: 12128681229, E-
         mail: sschulman@milbergweiss.com;

    (16) Steven Donald Silverman of Silverman and Thompson, 201
         N. Charles St., 26th Fl., Baltimore, MD 21201, Phone:
         14103852225, Fax: 14105472432, E-mail:
         ssilverman@mdattorney.com;

    (17) Ralph M. Stone of Shalov Stone and Bonner, LLP, 485
         Seventh Ave., New York, NY 10018, Phone: 12122394340;
         and

    (18) Steven J. Toll of Cohen Milstein Hausfeld and Toll,
         PLLC, 1100 New York Ave., NW West Tower, Ste. 500,
         Washington, DC 20005, Phone: 12024084600, Fax:
         12024084699, E-mail: stoll@cmht.com.

Representing the defendants are:

     (1) John Arak Freedman of Arnold and Porter, 555 12th St.,
         NW Washington, DC 20004-1202, Phone: 12029425000, Fax:
         12029425999, E-mail: john_freedman@aporter.com;

     (2) Gerard J Gaeng of Rosenberg Martin Funk and Greenberg,
         LLP, 25 S. Charles St., Ste. 2115, Baltimore, MD 21201-
         3305, Phone: 14107276600, Fax: 14107271115, E-mail:
         ggaeng@rosenbergmartin.com;

     (3) Glenn M. Kurtz of White and Case, LLP, 1155 Avenue of
         the Americas, New York, NY 10036, Phone: 12128198200,
         Fax: 12123548113, E-mail: gkurtz@whitecase.com;

     (4) Richard A. McGuirk and Carolyn G. Nussbaum of Nixon
         Peabody, LLP, Clinton Sq., P.O. Box 31051, Rochester,
         NY 14603, Phone: 15852631000, Fax: 15852631600, E-mail:
         rmcguirk@nixonpeabody.com and
         cnussbaum@nixonpeabody.com;

     (5) Charles P. Scheeler of DLA Piper Rudnick Gray Cary US,
         LLP, 6225 Smith Ave., Baltimore, MD 21209-3600, Phone:
         14105803000, Fax: 14105803001, E-mail:
         charles.scheeler@dlapiper.com; and

     (6) Alexandre de Gramont of Crowell and Moring, LLP, 1001
         Pennsylvania Ave., NW Washington, DC 20004-2595, Phone:
         12026242500, Fax: 12026285116, E-mail:
         adegramont@crowell.com

                         About Ahold

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

                        *     *     *

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


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


AKER KVAERNER: Signs US$84-Million Supply Deal with Petrobras
-------------------------------------------------------------
Aker Kvaerner has been awarded a two-year frame agreement to
supply subsea christmas trees to Brazil's national oil company
Petrobras.  The contract has a value of approximately US$84
million.

The scope of work comprises 30 subsea christmas trees with
associated tools.  First call-off is to comprise 9 dual-bore
christmas trees designed to 2000 metre water depth plus
associated sets of tools.  Deliveries are to be completed from
Aker Kvaerner's facility in Curitiba, Brazil, for delivery in
the next 12 months.  The duration of the frame agreement is two
years, with an option to extend by one year.

Aker Kvaerner's dual-bore subsea Christmas tree will be
delivered to Petrobras in Brazil.

"This award confirms not only Aker Kvaerner's performance and
close cooperation with Petrobras on previous similar projects,
but also Aker Kvaerner's established position as a strong
supplier of christmas trees in Brazil," says Raymond Carlsen
executive vice president, Aker Kvaerner Subsea.

Aker Kvaerner has extensive experience delivering subsea trees
in Brazil, having delivered more than 130 subsea christmas trees
to Petrobras since the start of operations in Brazil.

                         About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. -- http://www2.petrobras.com.br/ingles/index.asp-- remains
a significant oil producer, with output of more than 2 million
barrels of oil equivalent per day, as well as a major
distributor of oil products.  The company also owns oil
refineries and oil tankers.  Petrobras is renowned for its
leadership in development of advanced technology from deepwater
and ultra-deep water oil production.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


FALCONBRIDGE: Inco Unable to Get Required Shareholder Support
-------------------------------------------------------------
Inco Limited reported that its tender offer to acquire all of
the outstanding common shares of Falconbridge Limited expired at
midnight (Vancouver time) on July 27, 2006.

At the time of expiration, the minimum tender condition of
50.01% of the Falconbridge common shares had not been satisfied,
and the company has therefore elected to terminate its offer.
Inco has instructed CIBC Mellon Trust Company, the depositary
for the offer, to promptly return all shares tendered.

"Though a large number of Falconbridge shareholders supported
our offer, unfortunately it wasn't enough," said Scott Hand,
Chairman and Chief Executive Officer of Inco.  "This is
disappointing news for the many people at Inco and Falconbridge
who have worked very hard to realize this transaction and create
what we believe would have been a truly great mining company.  I
thank everyone for the many long hours and effort they have
contributed.  But the Falconbridge shareholders have spoken, and
we're moving on.  I wish Derek Pannell and his team all the best
going forward."

"While we may not have achieved the transaction that we
originally hoped for, our shareholders have benefited since we
began this process, as our share price has increased by 73% from
when we originally announced our transaction on October 11,
2005," Mr. Hand said.

"Inco's attention now turns to completing our two-way
transaction with Phelps Dodge to create a global powerhouse in
nickel and copper," he said.  "Based on the combined company's
premier asset base, the outlook for sustained long-term high
metals prices and strong cash flows, the two-way combination is
a winning option for the shareholders of both companies.  We
also believe that it is clearly superior to the competing bid
for Inco put forward by Teck Cominco."

Under the terms of the Phelps Dodge transaction, Inco
shareholders will receive 0.672 shares of Phelps Dodge stock,
plus CDN$20.25 per share in cash for each share of Inco stock.
The implied value of the Phelps Dodge offer currently stands at
CDN$79.81, based on the closing price of the Phelps Dodge common
stock on the New York Stock Exchange and the U.S./Canadian
dollar exchange rate on July 27, 2006.

Phelps Dodge Inco will be the world's second largest nickel
producer, one of the world's largest copper producers, and a
leading producer of molybdenum and cobalt, with a world-class
portfolio of growth projects in nickel and copper.

"Nickel and copper are both trading at or near record price
levels," said Mr. Hand.  "They are the two metals with the best
supply-demand fundamentals going forward, and are the two metals
that China needs but does not produce in any significant
quantities," he said.  "Phelps Dodge Inco will be ideally
positioned to make the most of the strong markets we foresee for
both metals over the near and long term."

As previously disclosed, the corporate office and the new
company's copper division will be headquartered in Phoenix.
Inco Nickel, the new company's nickel division, will be
headquartered in Toronto.

Under the terms of Inco's agreement with Falconbridge, an
enhanced expense payment of US$150 million is payable by
Falconbridge to Inco as a result of the failure to meet the
minimum tender condition of the Inco offer.  A further break-up
fee of US$300 million will be payable by Falconbridge to Inco in
the event that Xstrata completes its proposed acquisition of
Falconbridge.

Inco had also entered into a definitive agreement with
Falconbridge and LionOre Mining International Ltd. covering the
sale of the Nikkelverk refinery and related assets to LionOre,
which was conditional on Inco taking up and paying for the
Falconbridge common shares pursuant to its offer.  Under the
agreement with LionOre, a break-up fee of US$32.5 million is
payable by Inco to LionOre as a result of the Falconbridge
transaction not having been completed.

                        About Phelps Dodge

Headquartered in Phoenix, Arizona, Phelps Dodge Corp. (NYSE: PD)
-- http://www.phelpsdodge.com/-- produces copper and molybdenum
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company and its two divisions,
Phelps Dodge Mining Co. and Phelps Dodge Industries, employ
approximately 13,500 people worldwide.

                         About Inco Ltd.

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

                      About Falconbridge

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

                        *    *    *

As reported in the Troubled Company Reporter on July 24, 2006,
Standard & Poor's Ratings Services revised the CreditWatch
implications on Inco Ltd. and Falconbridge Ltd. to developing
from positive after Phelps Dodge Corp. (BBB/Watch Neg/A-2)
announced an increase in the debt-financed cash consideration
for the two companies.  CreditWatch with developing implications
means the ratings may be raised, lowered, or affirmed.

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

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


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


AGRO-KHIM-SERVICE: M. Sevryukov to Manage Assets
------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. M. Sevryukov
as Insolvency Manager for OJSC Agro-Khim-Service.  He can be
reached at:

         M. Sevryukov
         Seregina Str. 20
         305018 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-3011/05 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Khim-Service
         Fosforitnaya Str. 1
         Dmitriev
         Kursk Region
         Russia


ENISEYSKIY FLAX FACTORY: D. Glushkov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. D.
Glushkov as Insolvency Manager for CJSC Eniseyskiy Flax Factory.
He can be reached at:

         D. Glushkov
         P. Zheleznyaka Str. 17
         660133 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6257/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Eniseyskiy Flax Factory
         Babushkina Str. 1
         Eniseysk
         663180 Krasnoyarsk Region
         Russia


FLANGE: Perm Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on OJSC Flange.  The case was docketed
under Case No. A50-6206/2006-B.

The Temporary Insolvency Manager is:

         V. Pototskaya
         Office 27
         Vokzalnaya Str. 9
         Chaykovskiy
         617763 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         OJSC Flange
         Kirova Str. 1
         Yugo-Kamskiy
         614526 Perm Region
         Russia


KULESHOVSKOYE: Court Names M. Ferafontov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kaliningrad Region appointed Mr. M.
Ferafontov as Insolvency Manager for CJSC Kuleshovskoye.  He can
be reached at:

         M. Ferafontov
         Post User Box 195
         Sovetsk
         239750 Kaliningrad Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A21-1308/2006.

The Debtor can be reached at:

         CJSC Kuleshovskoye
         Khlebnikovo
         Krasnokamenskiy Region
         238730 Kaliningrad Region
         Russia


MINE KASHPIRSKAYA: Court Names A. Bespalov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. A. Bespalov
as Insolvency Manager for CJSC Mine Kashpirskaya.  He can be
reached at:

         A. Bespalov
         Let Oktyabrya Str. 4
         Komsomolskiy 50
         Kinelskiy Region
         446412 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-5904/2005-13.

The Debtor can be reached at:

         CJSC Mine Kashpirskaya
         Novokashpirskiy
         Syzran
         Samara Region
         Russia


OBOYANSKIY MEAT: Court Names N. Shuvarin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. N. Shuvarin
as Insolvency Manager for OJSC Oboyanskiy Meat Combine (TIN
4616000083).  He can be reached at:

         N. Shuvarin
         Room 406
         Dzerzhinskogo Str. 68
         305001 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-2291/06g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Oboyanskiy Meat Combine
         Oboyan
         306230 Kursk Region
         Russia


PRAVDINSKOYE MILK: M. Ferafontov to Manage Assets
-------------------------------------------------
The Arbitration Court of Kaliningrad Region appointed Mr. M.
Ferafontov as Insolvency Manager for LLC Pravdinskoye Milk (TIN
3923002732).  He can be reached at:

         M. Ferafontov
         Post User Box 195
         Sovetsk
         239750 Kaliningrad Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A21-10163/2005 g.

The Debtor can be reached at:

         LLC Pravdinskoye Milk
         Shevchenko
         Pravdinskiy Region
         238400 Kaliningrad Region
         Russia


ROS-GOS-STRAKH IMMOVABLE: Y. Guzhenko to Manage Assets
------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. Y. Guzhenko as
Insolvency Manager for OJSC Ros-Gos-Strakh Immovable Property.
He can be reached at:

         Mr. Y. Guzhenko
         Post User Box 33
         127473 Moscow Region
         Russia
         Tel: 955-25-51

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-13387/06-73-42B.

The Debtor can be reached at:

         OJSC Ros-Gos-Strakh Immovable Property
         Nastasyinskiy Per. 2
         103006 Moscow Region
         Russia


RUBY: Tyumen Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
supervision procedure on LLC Ruby.  The case is docketed under
Case No. A70-606/3-06.

The Temporary Insolvency Manager is:

         S. Lashin
         Post User Box 2699
         644099 Omsk Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         LLC Ruby
         Sadovaya 188
         Golyshmanovo
         Tyumen Region
         Russia


SAMARSKIY BAKERY 3: Court Names D. Korobkov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. D. Korobkov
as Insolvency Manager for Unitary Enterprise of Samara Samarskiy
Bakery 3.  He can be reached at:

         D. Korobkov
         Post User Box 9520
         443013 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 55-20751/2005.

The Debtor can be reached at:

         Unitary Enterprise of Samara Samarskiy Bakery 3
         Shosseynaya Str. 1
         443015 Samara Region
         Russia


SERGO-IVANOVSKIY BRICKWORKS: A. Gabidullin to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Mr. A.
Gabidullin as Insolvency Manager for OJSC Sergo-Ivanovskiy
Brickworks.  He can be reached at:

         A. Gabidullin
         Stroiteley Str. 96.
         Tarusa
         249100 Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-1346/2006 (789-N/06).

The Debtor can be reached at:

         OJSC Sergo-Ivanovskiy Brickworks
         Gagarinskiy Region
         Smolensk Region
         Russia


SERNURSKAYA: Court Names E. Eliseeva as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Ms. E.
Eliseeva as Insolvency Manager for OJSC Agro Company
Sernurskaya.  She can be reached at:

         E. Eliseeva
         M. Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A38-7916-11/230-2005 (11/4-06).

The Debtor can be reached at:

         OJSC Agro Company Sernurskaya
         Kommunisticheskaya Str. 58.
         Sernur
         Sernurskiy Region
         Mariy El Republic
         Russia


YUGO-VOSTOK-SAN-TEKH-MONTAZH: Bankruptcy Supervision Begins
-----------------------------------------------------------
The Arbitration Court of Voronezh Region will convene at 10:30
a.m. on Aug. 10 to hear the bankruptcy supervision procedure of
CJSC Factory Yugo-Vostok-San-Tekh-Montazh.  The case is docketed
under Case No. A14-2906-2006/44/7b.

The Temporary Insolvency Manager is:

         A. Kuznetsov
         Moskovskiy Pr.
         93/2, Office 3.
         394053 Voronezh Region Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Factory Yugo-Vostok-San-Tekh-Montazh
         Bazovaya Str. 1.
         Voronezh Region
         Russia


YUKOS OIL: Gazprom & Slovak Gov't. Eye 49% Stake in Transpetrol
---------------------------------------------------------------
OAO Gazprom and the Slovak government are both eyeing a 49%
equity stake in Slovakian pipeline firm Transpetrol from Yukos'
Dutch subsidiary Yukos Finance B.V. during talks in London,
according to published reports.

The Slovak government, which holds the remaining 51% in
Transpetrol, wants to re-acquire the stake it sold to Yukos in
2002 in order to reinforce its influence over the company, the
Economy Ministry told Interfax Thursday.

"The Slovak government is trying to reinforce its position in
Transpetrol and to buy a 49% stake back from Yukos," Slovak
Economy Minister spokesman Branislav Zvara said.

The Slovak government can veto until mid-2007 any effort of the
Russian company to sell its stake, CTK Czech News Agency
relates.

Mr. Zvara said it is awaiting the outcome of today's bankruptcy
hearing that might determine what Yukos would do with its stake.

"At present, we cannot foresee the Yukos decision and we have
not been yet informed about its future plans with the stake.
The Slovak government will decide whether it supports the Yukos
plan only after it knows the details," Mr. Zvara said.

                  Gazprom Hammers Out Offer

Meanwhile, Yukos' spokeswoman Claire Davidson confirmed to
Interfax that Gazprom is considering the purchase of the
Transpetrol stake for US$105 million.

Konstantin Chuichenko, the head of the Gazprom legal department,
told Ria Novosti that "joint work on the acquisition of a 49%
stake in Transpetrol is continuing."

"Considering that this asset is under the ownership of Yukos
overseas subsidiaries," Mr. Chuichenko said, "the possibility of
concluding this deal, given that the court decides on the
company's liquidation Aug. 1, cannot be ruled out even after
this decision."

According to Mr. Chuichenko, a Yukos decision to sell its stake
in Transpetrol to Gazprom for US$105 million came after talks
between the two parties.

Yukos's creditors voted last week to liquidate the company
rejecting management plans to reorganize what was once Russia's
largest oil producer.

Russian daily Vedomosti says that Yukos has evaluated its stake
in Transpetrol at US$80 million to US$100 million, which Yukos
purchased in 2002 for US$74 million.

Yukos rejected Gazprom's bid last week to acquire Yukos's 20%
stake in Gazprom Neft (fka Sibneft).  As reported in TCR-Europe
on July 24, Gazprom has launched an offer to buy the stake at a
price lower than the US$13 billion Yukos paid for a 72% stake in
Sibneft from Millhouse Capital in October 2005.

                      About Transpetrol

Transpetrol operates the Slovak part of the Druzhba oil pipeline
through which about 10 million tons of Russian oil flow to
western Europe annually.

                        About Yukos

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

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

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

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

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


YURGINSKAYA INDUSTRIAL: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
supervision procedure on OJSC Yurginskaya Industrial Company.
The case was docketed under Case No. A-2301/3-06.

The Temporary Insolvency Manager is:

         O. Leontyeva
         Respubliki Str. 143a
         Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Yurginskaya Industrial Company
         Yurginskaya
         Tyumen Region
         Russia


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


VSEOBECNA UVEROVA: Fitch Affirms Individual Rating at C
-------------------------------------------------------
Fitch Ratings upgraded the Issuer Default Rating of Banca
Intesa's 96.5%-held Slovakia-based subsidiary Vseobecna Uverova
Banka to A+ from A and affirmed its Short-term, Individual and
Support ratings at F1, C and 1, respectively.

Fitch has upgraded Banca Intesa's Issuer Default rating to AA-
from A+ and its Short-term rating to F1+ from F1.  The bank's
other ratings are affirmed at Individual B and Support 2.
Following the upgrade, the Outlook on the IDR is now Stable.

At the same time, the agency upgraded Banca Intesa's preferred
securities to A+ from A-, upper and lower tier 2 securities to
A+ from A-, and tier 3 securities to A+ from A-, in line with
Fitch's notching policy.

The ratings for Banca Intesa's other Central and Eastern
European subsidiaries are affirmed.

"The upgrade of Banca Intesa's IDR and Short-term rating reflect
a structural improvement in the bank's performance based on a
more sharply focused approach to its leading franchise in Italy
and its increasingly profitable presence in Central and Eastern
Europe," Christian Scarafia, Senior Director at Fitch's
Financial Institutions team disclosed.

In December 2005, Fitch changed the Outlook on the bank to
Positive and since then Banca Intesa has reported good
performance with an operating profit of EUR1.2 billion in Q106,
equal to an operating return on equity of around 28%, benefiting
from business growth as well as from low credit cost.  The bank
should be well positioned to benefit from its strengthened group
structure to improve its performance further over the medium
term by expanding its operations.

As part of its successful restructuring between 2002 and 2004,
the group has greatly reduced its exposure to credit and market
risks and improved risk management functions.  Following the
sale of its portfolio of impaired loans in 2005, asset quality
has improved sharply, and gross impaired loans accounted for
4.89% of gross loans at end-March 2006.  At the same time, the
group strengthened its capitalization to reach a good Tier 1
ratio of 7.83% at end-March 2006.

Although it has a leading share in its domestic market, Banca
Intesa remains relatively small compared with its international
peers, and the bank is a clear candidate for further
consolidation of the banking sector.  In Fitch's opinion, a
merger with another sizeable banking group should, if following
a clear business plan, allow for significant synergies and
enable the bank to reach a size comparable with its European
peers.

VUB is the second largest bank in Slovakia, with over EUR6
billion in assets and 1.8 million customers as of end-2005.
Banca Intesa bought the bank in a privatization in 2001 and
currently has a 96.5% stake.

Hungary-based Central European International Bank's IDR is A
with Stable Outlook, Short-term F1+, Individual B and Support 1.

Croatia-based Privredna Banka Zagreb's Support Rating at 2.

As CIB's IDR and Privredna Banka Zagreb's Support rating are
constrained by their respective Country Ceilings of A and BBB-
respectively, the upgrade of Banca Intesa has no rating impact.


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


ECOLOGICAL SYSTEMS: Court Names Sergij Yegorenkov as Liquidator
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Yegorenkov as
Liquidator/Insolvency Manager for LLC Ecological Systems and
Technologies (code EDRPOU 13672712).  He can be reached at:

         Sergij Yegorenkov
         a/b 149
         01133 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 31.  The case is docketed
under Case No. 40/11b-06.

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 Ecological Systems and Technologies
         Kashtanova Str. 1
         Obuhiv
         Kyiv Region
         Ukraine


FORUM BANK: Moody's Assigns B2 Local Currency Deposit Rating
------------------------------------------------------------
Moody's Investors Service assigned these ratings to Forum Bank
(Ukraine):

   -- B2 long-term local currency deposit rating (positive
outlook);

   -- Not Prime short-term local currency deposit rating; and

   -- A1.ua long-term national scale rating.

According to Moody's, the B2/NP global scale local currency
ratings reflect global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
A1.ua national scale rating reflects the standing of the bank's
credit quality relative to its domestic peers.

The ratings reflect:

   -- Forum's dynamic growth compared to peers;

   -- strengthening of the bank's corporate franchise;

   -- announced strategy of diversification into retail,

   -- continued high pace of regional expansion, which brings
the bank closer to full territorial coverage;

   -- satisfactory level of liquidity; and

   -- good economic capitalization.

The rating also takes in to account:

   -- the difficult operating environment in Ukraine;

   -- low likelihood of external support to the bank in case of
difficulty;

   -- still low (albeit improving) territorial coverage, which
constrain the bank's existing franchise;

   -- high client concentration on both sides of the balance
sheet; and

   -- the possibility that the bank's aggressive growth in
lending activity may undermine the quality of its loan
portfolio.

The positive outlook on the bank's local currency long-term
deposit rating captures Moody's expectation of further
strengthening of the bank's corporate franchise, achieving a
full territorial coverage, reducing loan and deposit
concentration, continued diversification into retail market and
improving the bank's profitability.

Headquartered in Kyiv, Ukraine, Forum Bank had IFRS total assets
of UAH3.7 billion (US$ 0.74 billion) at end-2005 and posted a
net profit of UAH28.6 million (US$5.7 million) at end-2005.


GRLIVKA' AUTO 11432: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Grlivka' Auto Transport Enterprise
11432 (code EDRPOU 03563927) on May 10.  The case is docketed
under Case No. 5/82 B.

The Temporary Insolvency Manager is:

         N. Tarasenko
         Internatsionalna Str. 83
         Gorlivka
         84601 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Grlivka' Auto Transport Enterprise 11432
         Internatsionalna Str. 83
         Gorlivka
         84601 Donetsk Region
         Ukraine


LEVADA-AGRO: Court Names V. Nesvit as Insolvency Manager
--------------------------------------------------------
The Economic Court of Poltava Region appointed Mr. V. Nesvit as
Liquidator/Insolvency Manager for Agricultural LLC Levada-Agro
(code EDRPOU 31428950).  He can be reached at:

         V. Nesvit
         Room 18
         Nezalezhnosti Square 1-B
         36003 Poltava Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 25.  The case is docketed
under Case No. 8/333.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Levada-Agro
         Krasnogorivka
         Velikobagachanskij District
         Poltava Region
         Ukraine


MARIYA: Court Names Volodimir Parkulab as Liquidator
----------------------------------------------------
The Economic Court of Harkiv Region appointed Volodimir Parkulab
as Liquidator/Insolvency Manager for LLC Mariya (code EDRPOU
30753494).  He can be reached at:

         Volodimir Parkulab
         Universitetska Str. 9
         61003 Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 6.  The case is docketed
under Case No. B-31/11-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Mariya
         Peremogi Avenue 67/464
         61174 Harkiv Region
         Ukraine


MIMMASHBUD-2: Court Names Yevgen Chuprun as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Sumi Region appointed Yevgen Chuprun as
Liquidator/Insolvency Manager for Building-Erection Enterprise
Mimmashbud-2 (code EDRPOU 14026374).  He can be reached at:

         Yevgen Chuprun
         Room 49-A
         Petropavlivska Str. 74
         Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 13.  The case is docketed
under Case No. 6/18-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         Building-Erection Enterprise Mimmashbud-2
         Skryabin Str. 38
         40020 Sumi Region
         Ukraine


NADDNIPRYANSKA PRAVDA: Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on OJSC Publishers Naddnipryanska Pravda
(code EDRPOU 05905734) on May 10.  The case is docketed under
Case No. 6/100-B-06.

The Temporary Insolvency Manager is:

         I. Hlibejchuk
         a/b 5
         73022 Herson Region
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         OJSC Publishers Naddnipryanska Pravda
         Mikolaivske Shose Str. 5th km
         73000 Herson Region
         Ukraine


ORIANA: Court Names I. Kovalskij as Insolvency Manager
------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Mr. I.
Kovalskij as Liquidator/Insolvency Manager for OJSC Oriana (code
EDRPOU 00131558).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 3.  The case is docketed under
Case No. b-7/23.

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Oriana
         Kalush
         77300 Ivano-Frankivsk Region
         Ukraine


POLISSYA: Court Names Mr. O. Krutous as Liquidator
--------------------------------------------------
The Economic Court of Zhitomir Region appointed Mr. O. Krutous
as Liquidator/Insolvency Manager for LLC Insurance Company
Polissya (code EDRPOU 33136816).  He can be reached at:

         O. Krutous
         Office 202
         Putyatinski Square 2
         Zhitomir Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 1.  The case is docketed
under Case No. 7/104-B.

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         LLC Insurance Company Polissya
         Pershogo Travnya Str. 43-E
         Korosten
         11500 Zhitomir Region
         Ukraine


SOLID CONSUMER: Court Names Andrij Fedorchenko as Liquidator
------------------------------------------------------------
The Economic Court of Harkiv Region appointed Andrij Fedorchenko
as Liquidator/Insolvency Manager for State Production Complex
Solid Consumer Waste Conversion Specialized Plant (code EDRPOU
05514436).  He can be reached at:

         Andrij Fedorchenko
         Room 411
         Romen Rolan Str. 12
         61058 Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 25.  The case is docketed
under Case No. B-19/84-05.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         State Production Complex
         Solid Consumer Waste Conversion Specialized Plant
         Gagarin Avenue 360
         61031 Harkiv Region
         Ukraine


TEHKOMUNIKATSIYI-2004: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Tehkomunikatsiyi-2004 (code EDRPOU
33251752).  The case is docketed under Case No. 127/14 b-06.

The Temporary Insolvency Manager is:

         O. Sherban
         a/b 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Tehkomunikatsiyi-2004
         Sholudenko Str. 19
         Vishgorod
         07300 Kyiv Region
         Ukraine


TEHNOGEM: Odessa Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on JSCCT Tehnogem (code EDRPOU 21003008).
The case is docketed under Case No. 7/126-06-4784.

The Temporary Insolvency Manager is:

         Yevgenij Grib
         a/b 13
         Academic Korolyov Str. 81/1-60
         65122 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         JSCCT Tehnogem
         Mayakovskij Str. 63
         Bilgorod-Dnistrovskij
         67701 Odessa Region
         Ukraine


* Revenue Rise Spurs S&P to Lift Kyiv's Credit Rating to BB-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on the City of Kyiv of 'BB-' from 'B+'; Kyiv is
the capital of the Republic of Ukraine.  The outlook is stable.

"The upgrade reflects the city's growing revenues and sound
financial performance," said Standard & Poor's credit analyst
Boris Kopeykin.

"In addition, Kyiv's position as Ukraine's economic, financial,
and cultural center, together with high liquidity, support the
rating."

The rating on Kyiv continues to be constrained, however, by
Kyiv's relatively high foreign currency debt, limited fiscal
flexibility due to the central government's control of major
revenues, and evolving interbudgetary relations.

The rating on the city also reflects significant infrastructure
financing needs and the need to further improve management
sophistication and transparency.

Kyiv's relatively high debt exposes the city to high foreign
exchange risk.  Direct debt, however, stabilized at 55% of
operating revenues at year-end 2005, and is expected to remain
at this level until at least 2007.  Although there could be
further bond issuance in 2007, the city's rapidly growing
revenues would offset any debt increase.

The city's revenues grew almost 50% in 2005, fueled by strong
economic growth and better tax collection, and revenue growth is
expected to be at least 10% in 2006.  Consequently, the city
maintains a strong operating performance, with operating
balances averaging 24% of operating revenues for the past four
years, and reaching more than 40% in 2005.  In 2006, a strong
25%-30% operating surplus and a moderate deficit after capital
expenditures at 10%-15% of total revenues are expected, due to
an extensive capital expenditures program.

Standard & Poor's expects that Kyiv's growing economy and
investments will continue to support the city's revenue growth.
Debt is expected to stabilize at less than 70% of revenues by
the end of 2008.

"Continued sound financial performance and implementation of
important capital projects could have a positive influence on
the rating level in the future," said Mr. Kopeykin.

"If the city's debt grows faster than expected, however, and
financial performance in 2006 is worse than anticipated, the
rating could come under pressure.  In addition, changes in the
overall Ukrainian environment and sovereign ratings could lead
to future rating actions on the city."


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


A.C.I.I. LIMITED: Creditors' Meeting Slated for August 4
--------------------------------------------------------
Creditors of A.C.I.I. Limited (Company Number 03961036) 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. 4 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.


BROWN SUGAR: Names Administrator from Bartfields
------------------------------------------------
Gerald Maurice Krasner of Bartfields (U.K.) Limited was named
administrator of Brown Sugar (Durham) Limited (Company Number
4572268) on June 26.

The administrator can be reached at:

         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 234 3208
         E-mail: gerald.krasner@bartfield.co.uk

Heaadquartered in Leeds, United Kingdom, Bartfields Chartered
Accountants -- http://www.bartfield.co.uk/-- offers full
accountancy and business consultancy services to owner managed
and family owned businesses.

Brown Sugar (Durham) Limited can be reached at:

         111 Westgate Road
         Newcastle Upon Tyne NE1 4AG
         United Kingdom


COOMBS QUALITY: Brings In CBA as Joint Administrators
-----------------------------------------------------
Neil Richard Gibson and Neil Charles Money of CBA were appointed
joint administrators of Coombs Quality Bakers Limited (Company
Number 00788690) on July 3.

CBA -- http://www.cba-insolvency.co.uk/-- is a small compact
group of experts specializing only in the fields of corporate
and personal insolvency.

Headquartered in Leicester, United Kingdom, Coombs Quality
Bakers Limited bakes and sells bread, pastry and cakes.


DAMAGEMENT LIMITED: Appoints Vantis as Joint Administrators
-----------------------------------------------------------
Geoffrey Paul Rowley and Sidney Hopper of Vantis were appointed
joint administrators of Damagement Limited (Company Number
03546781) on June 29.

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

Damagement Limited can be reached at:

         The Exchange
         26 Haslucks Green Road
         Shirley
         Solihull
         West Midlands B90 2EL
         United Kingdom
         Tel: 0121 771 3452


EURUS LTD: S&P Assigns BB Rating to US$150-Mln Notes
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
secured debt ratings to the US$150 million principal at-risk
variable-rate notes issued by Eurus Ltd.

This transaction allows certain Hannover Re companies to obtain
fully collateralized protection against high severity losses
incurred from European windstorms.

The issuer is a special-purpose Cayman Islands-exempted company
whose ordinary shares are held in a charitable trust.

                   Issuance Structure

Eurus invested the US$150 million issuance proceeds in high-
quality assets, which were placed in a collateral account.
Eurus swaps the total return of the assets with BNP Paribas in
exchange for quarterly LIBOR-based payments.

Simultaneous to the issuance of the notes, Eurus entered into an
ISDA-based counterparty contract with Hannover Rückversicherung
AG, E+S Rückversicherung AG, and Hannover Re Bermuda Ltd.,
comparable to a retrocession contract.  This provides Hannover
Re with fully collateralized protection against high severity,
per occurrence losses from European windstorms.

The periodic payments received from Hannover Re under the
counterparty contract and the proceeds from the total return
swap with BNP Paribas are used to make the scheduled interest
payments to the holders of the notes.  The notes pay an annual
coupon of LIBOR plus 625 bps quarterly in arrears.  Further,
Hannover Re pays the issuer's up-front and ongoing expenses in
connection with the security issuance.

              Principal Reduction Definition

The reduction of principal under the notes is tied to an index
calculated by EQECAT Inc. following windstorms in Belgium,
Denmark, France, Germany, Ireland, The Netherlands, and the U.K.
After a windstorm occurs, EQECAT, in its role as event
calculation agent, uses the wind speeds measured at certain
recording stations to calculate an index value.  The index is
used to determine whether or not a principal reduction to the
noteholders has occurred, and the amount of that reduction.

If this situation occurs, assets in the collateral account are
sold to fund the payment to Hannover Re, and the principal
amount of the notes is reduced.  Noteholders suffer a scaled
principal reduction if the index value exceeds a pre-agreed
attachment level and until a pre-agreed exhaustion level is
reached.  Any payment to Hannover Re does not necessarily bear
any direct or indirect correlation to actual losses incurred by
Hannover Re.

A significant part of the rating analysis took account of an
assessment of European windstorm occurrence probabilities as
modelled by EQECAT.  Further, the ratings on the notes are based
upon the creditworthiness of Hannover Rückversicherung AG and
its core subsidiaries as payer of their obligations under the
counterparty contract and BNP Paribas as the TRS counterparty.

EQECAT's proprietary model was used to determine the probability
of a first-dollar loss for the notes.  The estimated initial
one-year annual attachment probability for the notes is 2.00%.
Although the notes only have a term of 32 months, they
effectively provide protection to Hannover Re over three
windstorm seasons, with a probability of attachment over the
term of 6.85%.

Each year, Hannover Re has the option to reset the weightings
for the index calculating stations to adjust for changes in its
portfolio mix.  The probability of attachment after reset would
be the initial one-year probability of 2.00%.

                     Extension Events

Hannover Re has the option of extending the maturity of the
notes in monthly intervals up to three months.  The spread above
LIBOR during this time will be 50 bps.

In addition to structuring the transaction, BNP Paribas and
Lehman Brothers are the joint lead managers and bookrunners.


GENERAL MOTORS: Unit Gets US$6 Million Settlement from ePlus
------------------------------------------------------------
ePlus Inc. settled a lawsuit with GMAC Commercial Finance, LLC.
The financial terms of the settlement includes a cash payment of
US$6 million from ePlus to GMAC that ePlus has paid.

GMAC filed a suit against ePlus Group, Inc., on Jan. 4, 2005,
seeking repayment of three underlying non-recourse promissory
notes totaling approximately US$10,646,000.  Including interest
and legal fees, the total claim sought by GMAC was approximately
US$13.4 million.  The trial was to begin on July 24, 2006.

The suit was in connection with an alleged breach of warranties
regarding an assignment of debt on a non-recourse basis from
ePlus Group, Inc., as lessor, for leases with lessee Cyberco
Holdings, Inc.

In June 2006, one of the principals of Cyberco pled guilty to
fraud, money laundering, and conspiracy.  Cyberco, related
affiliates, and at least one principal are in Chapter 7
bankruptcy, and no future payments are expected from Cyberco.
The U.S. Attorney asserted that Cyberco defrauded 40 financial
institutions of US$90 million.

The Company stated that although it believed it had a strong
case on the law and facts, the pre-trial process created an
unusual amount of uncertainty because there were no pre-trial
rulings on motions regarding issues of law, fact or contract
interpretations.  Therefore, on advice of counsel, the Company
decided a settlement was in its best interest.  The Company
believes the after-tax net cash outflow resulting from the
settlement will be approximately US$3.6 million.  The
settlement, which was unanticipated, has been recorded in the
year ended March 31, 2006.

                            About ePlus

Headquartered in Herndon, Virginia, ePlus, Inc. (Nasdaq NM:
PLUS) -- http://www.eplus.com/-- provides Enterprise Cost
Management solutions to information technology, finance,
procurement, operations, and supply chain professionals who want
to reduce the costs of finding, purchasing, managing, and
financing information technology goods and services.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                           *     *     *

As reported in the Troubled Company Reporter on April 7, 2006
Moody's Investors Service reviews for possible downgrade General
Motors Acceptance Corporation's Ba1 long-term rating and
Residential Capital Corporation's Baa3 long-term and Prime-3
short-term ratings will continue.

As reported in the Troubled Company Reporter on April 5, 2006,
Standard & Poor's Ratings Services held its ratings on General
Motors Acceptance Corp. ('BB/B-1') and on GMAC's subsidiary,
Residential Capital Corp. ('BBB-/A-3'), on CreditWatch with
developing implications.


HARBOURMASTER PRO-RATA: Fitch Rates EUR17.5 Mln Notes at BB
-----------------------------------------------------------
Fitch Ratings placed Harbourmaster Pro-Rata CLO 2 B.V.'s
upcoming issue of EUR602 million floating- and fixed-rate notes
due 2022 expected ratings.  The transaction, an European
arbitrage collateralized loan obligation, is a securitization of
primarily senior secured loans.

   -- EUR150 million Class A1VF variable funding floating-rate
      notes: AAA;

   -- EUR199 million Class A1T floating-rate notes: AAA;

   -- EUR120 million Class A2 floating-rate notes: AAA;

   -- EUR43.5 million Class A3 floating-rate notes: AA;

   -- EUR6 million Class A4E floating-rate notes: A;

   -- EUR6.75 million Class A4F fixed-rate notes: A;

   -- EUR2 million Class B1E floating-rate notes: BBB;

   -- EUR14.5 million Class B1F fixed-rate notes: BBB;

   -- EUR17.5 million Class B2 floating-rate notes: BB;

   -- EUR42.75 million Class C subordinated notes: not rated;

   -- EUR15 million Class S1 combination notes: BBB;

   -- EUR15 million Class S2 combination notes: BBB;

   -- EUR3 million Class S3 combination notes: BBB; and

   -- EUR6 million Class S4 combination notes: A-.

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

The expected ratings of the Class A1VF, A1T and A2 notes address
ultimate repayment of principal at maturity and timely payment
of interest according to the terms of the notes.  For all other
rated Classes of notes, the expected ratings address ultimate
payment of principal and interest, including any deferred
interest, at maturity according to the terms of the notes.

The expected ratings on the Class S1, S2 and S3 combination
notes address the ultimate payment of principal from funds
received on their respective components.  The expected rating of
the Class S4 combination notes addresses the ultimate payment of
principal and interest at a coupon rate of 0.25% on the
outstanding rated balance.

The expected ratings are based on the quality and diversity of
the portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  The said guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.

Fitch assigned Harbourmaster a CDO Asset Manager Rating of 2
('CAM2') for leveraged loans in September 2004 that was affirmed
in November 2005, based on the manager's strong credit
underwriting and workout experience.  The expected ratings are
also based on the credit enhancement provided to the various
Classes of notes, which consists of the subordinated notes,
structural protection covenants and excess spread.

The deal is one of the first transactions that include exposure
to the revolving delayed draw down credit facilities of European
leveraged loans and follows the issue of Harbourmaster Pro-Rata
CLO 1 in June 2006.  This transaction is the eighth European CLO
to be managed by Harbourmaster Capital Limited.

This is one of the first European arbitrage CLOs that enable the
manager to have larger exposure to the traditionally bank-
dominated revolving credit facility and term loan A portion of
European leveraged loan transactions.  The multi-currency nature
of the revolving credit facilities is addressed through the
multi-currency Class A1VF variable funding note and several
foreign exchange hedging mechanisms.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance will be used to purchase a portfolio of primarily
European senior secured loans.


HN EDWARDS: Appoints Joint Administrators from Kroll
----------------------------------------------------
Peter M. Saville and Andrew J. Pepper of Kroll Limited were
appointed joint administrators of HN Edwards and Partners
Limited (Company Number 00519018) on June 30.

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

Headquartered in Basingstoke, United Kingdom, HN Edwards and
Partners Limited is engaged in general construction and civil
engineering.


IMPACT RECRUITMENT: Creditors Pass Winding Up Resolution
--------------------------------------------------------
Creditors of Impact Recruitment Solutions Limited passed on
May 2 a resolution to wind up the company's operations.

Martin C. Hepworth of Businesscare Solutions Ltd. was appointed
Liquidator.

The company can be reached at:

         Impact Recruitment Solutions Limited
         City House
         96 High Road
         Beeston
         Nottingham
         Nottinghamshire NG9 2LF
         United Kingdom
         Tel: 0115 922 8111


INCO LTD: Drops Falconbridge Bid; Continues Phelps Dodge Merger
---------------------------------------------------------------
Inco Limited reported that its tender offer to acquire all of
the outstanding common shares of Falconbridge Limited expired at
midnight (Vancouver time) on July 27, 2006.

At the time of expiration, the minimum tender condition of
50.01% of the Falconbridge common shares had not been satisfied,
and the company has therefore elected to terminate its offer.
Inco has instructed CIBC Mellon Trust Company, the depositary
for the offer, to promptly return all shares tendered.

"Though a large number of Falconbridge shareholders supported
our offer, unfortunately it wasn't enough," said Scott Hand,
Chairman and Chief Executive Officer of Inco.  "This is
disappointing news for the many people at Inco and Falconbridge
who have worked very hard to realize this transaction and create
what we believe would have been a truly great mining company.  I
thank everyone for the many long hours and effort they have
contributed.  But the Falconbridge shareholders have spoken, and
we're moving on.  I wish Derek Pannell and his team all the best
going forward."

"While we may not have achieved the transaction that we
originally hoped for, our shareholders have benefited since we
began this process, as our share price has increased by 73% from
when we originally announced our transaction on October 11,
2005," Mr. Hand said.

"Inco's attention now turns to completing our two-way
transaction with Phelps Dodge to create a global powerhouse in
nickel and copper," he said.  "Based on the combined company's
premier asset base, the outlook for sustained long-term high
metals prices and strong cash flows, the two-way combination is
a winning option for the shareholders of both companies.  We
also believe that it is clearly superior to the competing bid
for Inco put forward by Teck Cominco."

Under the terms of the Phelps Dodge transaction, Inco
shareholders will receive 0.672 shares of Phelps Dodge stock,
plus CDN$20.25 per share in cash for each share of Inco stock.
The implied value of the Phelps Dodge offer currently stands at
CDN$79.81, based on the closing price of the Phelps Dodge common
stock on the New York Stock Exchange and the U.S./Canadian
dollar exchange rate on July 27, 2006.

Phelps Dodge Inco will be the world's second largest nickel
producer, one of the world's largest copper producers, and a
leading producer of molybdenum and cobalt, with a world-class
portfolio of growth projects in nickel and copper.

"Nickel and copper are both trading at or near record price
levels," said Mr. Hand.  "They are the two metals with the best
supply-demand fundamentals going forward, and are the two metals
that China needs but does not produce in any significant
quantities," he said.  "Phelps Dodge Inco will be ideally
positioned to make the most of the strong markets we foresee for
both metals over the near and long term."

As previously disclosed, the corporate office and the new
company's copper division will be headquartered in Phoenix.
Inco Nickel, the new company's nickel division, will be
headquartered in Toronto.

Under the terms of Inco's agreement with Falconbridge, an
enhanced expense payment of US$150 million is payable by
Falconbridge to Inco as a result of the failure to meet the
minimum tender condition of the Inco offer.  A further break-up
fee of US$300 million will be payable by Falconbridge to Inco in
the event that Xstrata completes its proposed acquisition of
Falconbridge.

Inco had also entered into a definitive agreement with
Falconbridge and LionOre Mining International Ltd. covering the
sale of the Nikkelverk refinery and related assets to LionOre,
which was conditional on Inco taking up and paying for the
Falconbridge common shares pursuant to its offer.  Under the
agreement with LionOre, a break-up fee of US$32.5 million is
payable by Inco to LionOre as a result of the Falconbridge
transaction not having been completed.

                  Phelps Dodge's Statement

Phelps Dodge Corp. (NYSE: PD) issued a statement regarding the
results of the tender offer by Inco Ltd. (TSX, NYSE: N) to
Falconbridge Ltd. (TSX, NYSE: FAL) shareholders to purchase all
outstanding common shares of Falconbridge.  The deadline for
Falconbridge shareholders to tender their shares was 3:00 a.m.
eastern time, July 28.

J. Steven Whisler, chairman and chief executive officer of
Phelps Dodge, said: "We are disappointed that less than 50.01%
of Falconbridge shareholders chose to tender their shares in
support of Inco's offer and participate in the new Phelps Dodge
Inco.  However, we are excited about our agreed combination with
Inco, which will create both the world's leading base metals
company and a must-own stock for investors who want exposure to
our leading positions in copper and nickel.  With an excellent
outlook for sustained high copper and nickel prices, Phelps
Dodge Inco will have tremendous earnings and cash flow
potential.  Our combination with Inco will be immediately and
meaningfully accretive to cash flow and accretive to earnings in
2008, using our base case commodity price assumptions."

Phelps Dodge's agreed offer for Inco consists of CDN$20.25 plus
0.672 Phelps Dodge shares for each Inco share.  As of the close
of business on Thursday, July 27, the implied value of Phelps
Dodge's offer for Inco is CDN$79.83 per share.

                      About Falconbridge

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

                      About Phelps Dodge

Headquartered in Phoenix, Arizona, Phelps Dodge Corp. (NYSE: PD)
-- http://www.phelpsdodge.com/-- produces copper and molybdenum
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company and its two divisions,
Phelps Dodge Mining Co. and Phelps Dodge Industries, employ
approximately 13,500 people worldwide.

                         About Inco Ltd.

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

                       *    *    *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INCO LTD: Consents to OSC's Cease Trade Order on Rights Plan
------------------------------------------------------------
Inco Limited and Teck Cominco Limited consented to a cease trade
order, made on July 20, 2006, by the Ontario Securities
Commission, whereby the Company's Rights Plan will cease to
apply as of Aug. 16, 2006.

The Company has a shareholder rights plan administered under the
Shareholder Rights Plan Agreement with CIBC Mellon Trust
Company, as rights agent.  The rights issued under the rights
plan are attached to and trade with its common shares.  The
rights plan was to remain in effect until October 2008.

                        About Teck Cominco

Based in Vancouver, British Columbia, Teck Cominco Limited
(TSX:TCK.A; TCK.B; NYSE:TCK) mines, produces and refines gold,
copper, zinc, lead, molybdenum, niobium, silver and
metallurgical coal.  The Company operates in Canada, the United
States and Peru.

                          About Inco Ltd.

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

                           *    *    *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INTERNATIONAL POWER: Fitch Keeps BB on Issuer Default Rating
------------------------------------------------------------
Fitch Ratings affirmed International Power PLC's Issuer Default
Rating at BB.  The Outlook is Stable.  The company currently has
no capital markets senior unsecured debt, other than an in-the-
money convertible bond due 2023 and a recently issued
convertible due 2013.

In Fitch's view, if IPR were to issue senior unsecured bonds,
these would be rated BB+, provided IPR's financial and business
profile remained the same.  This single notch uplift above the
IDR reflects the agency's view of above-average recovery
prospects in the event of default.

IPR is a U.K. holding company for a portfolio of international
power assets.  Debt finance at the subsidiaries is non-recourse
to IPR and almost all of the assets are project financed.  For
groups financed in this manner, Fitch focuses on debt and cash-
flows at the holding company rather than for the consolidated
group, since the holding company has limited access to the
subsidiaries' assets other than the dividends and no, or
limited, liability associated with the subsidiaries' debts.

The holding company's 2005 receipts were less than Fitch had
anticipated, although the timing of subsidiary payments over the
year-end period accounted for most of this difference.  Fitch,
however, anticipates that receipts will be significantly higher
in 2006 and beyond.  Fitch's analysis of IPR includes a review
of downside scenarios that significantly cut the level of
distributions received.

These scenarios also assumed that some new debt is drawn down by
IPR to fund investments, which subsequently do not deliver
distributions.  A key downside scenario was the analysis of the
holding company financial profile excluding any receipts from
merchant assets.  In all the scenarios, examined by Fitch, the
company continued to comply with its financial covenants.

Earlier this month, IPR announced the completion of the
acquisition of Coleto Creek, a 623MW coal-fired power station in
Texas, for a total consideration of US$1.14 billion.  In common
with IPR's other assets, Coleto Creek was financed by non-
recourse borrowing with a debt-to-equity ratio of 75:25,
characteristic for such assets.  IPR's recent issue of a EUR230
million convertible bond largely replenished the holding
company's cash balances following its equity investment in this
acquisition.

The ratings benefit from IPR's relatively conservative debt
levels and management's prudent approach to expansion of the
business and its financing.  Unlike several of its peers, IPR
has not aggressively pursued double leverage - the use of
holding company debt to fund the "equity" in subsidiaries,
associates or joint ventures which are, themselves,
predominantly debt funded.

IPR has a high level of contingent liabilities and guarantees
compared to its debt.  At December 2005, the IPR had issued
guarantees and indemnities of GBP358 million relating to bid
bonds, performance bonds and letters of credit to support growth
and expansion projects and to support trading activities of
merchant plants.

Such contingent liabilities are normal for a power plant
development business.  In addition, IPR granted a put option to
Mitsui & Co. Ltd. over 70% of US$300 million in preference
shares issued in connection with the acquisition of some assets
from Edison Mission Energy in 2004.

The Stable Outlook reflects Fitch's expectation that management
will maintain its prudent acquisition and financing strategy.


ISCA LANDSCAPES: Brings In Liquidator from Begbies Traynor
----------------------------------------------------------
I. E. Walker of Begbies Traynor was appointed Liquidator of Isca
Landscapes Limited during an extraordinary general meeting on
May 3.

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

Isca Landscapes Limited:

         4 Windsor Close
         Exeter
         EX4 4BA
         United Kingdom
         Tel: 01392 477 917


LANDMARK MORTGAGE: Fitch Rates GBP6-Million Class D Notes at BB
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Landmark Mortgage
Securities No.1 PLC's GBP200 million (U.K. residential)
mortgage-backed floating rate notes.

   -- GBP-equivalent 168.6 Mln Class A notes due 2038: AAA;
   -- Class A detachable coupons due 2011: AAA;
   -- GBP-equivalent 17.8 Mln Class B notes due 2038: A;
   -- GBP-equivalent 7.6 Mln Class C notes due 2038: BBB; and
   -- GBP-equivalent 6 Mln Class D notes due 2038: BB.

The collateral underlying the notes in this transaction consists
solely of originations from Amber Home Loans, Unity Mortgages
and Infinity Home Loans.

The final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Amber, Unity and Infinity, the primary servicing capabilities of
Homeloan Management Limited and the special servicing
capabilities of Investec and the sound legal structure of the
transaction.

Credit enhancement for the Class A notes totals 16.9% and will
be provided by the subordination of the Class B (8.9%), Class C
(3.6%), Class D (3%) and an initial reserve fund of 1.2% (GBP2.4
million) of the initial issue size.  The reserve fund is
expected to increase to a target amount of 1.5%.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.  The cash flow
tests showed that each Class of notes could withstand loan
losses at a level corresponding to the related stress scenario
without incurring any principal loss or interest shortfall and
can retire principal by legal final maturity.


LES WILSON: Hires Joint Liquidators from KPMG
---------------------------------------------
Richard James Philpott and Mark Jeremy Orton of KPMG were
appointed Joint Liquidators of Les Wilson (Haulage) Limited
during an extraordinary general meeting on May 3.

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.

Les Wilson (Haulage) Limited can be reached at:

         Heanor Gate Road
         Heanor Gate
         Heanor
         Derbyshire DE757RJ
         United Kingdom
         Tel: 01773 768 860
         Fax: 01773 531 080


LEVEL 3: Creditors Opt to Liquidate Assets
------------------------------------------
Creditors of Level 3 Leisure Limited opted to voluntarily
liquidate the company's assets during an extraordinary general
meeting on May 2.

David Field of Centrum Recovery was appointed Liquidator.

The company can be reached at:

         Level 3 Leisure Limited
         57-59 High Street
         Kettering
         Northamptonshire NN168SY
         United Kingdom
         Tel: 01536 525 337
         Web: http://www.lev3l.co.uk/


LONDON RACERS: Appoints Robert M. Woolfson as Liquidator
--------------------------------------------------------
Robert M. Woolfson was appointed Liquidator of London Racers
Limited by resolutions of members and creditors passed on
April 28.

The company can be reached at:

         London Racers Limited
         13 New North Street
         London WC1N3PJ
         United Kingdom
         Tel: 020 7420 5900
         Fax: 020 7420 5901


MANAGERIAL CONSTRUCTION: Creditors Resolve to Liquidation
---------------------------------------------------------
Creditors of Managerial Construction Limited resolved to
voluntarily liquidate the company's assets on April 28.

Alan Simon, Langley Group LLP was appointed Liquidator.

The company can be reached at:

         Managerial Construction Limited
         Curzon House
         24 High Street
         Banstead
         Surrey SM7 2LJ
         United Kingdom
         Tel: 01737 277 064


MEDSTAR CYMRU: Names David Kaye as Administrator
------------------------------------------------
David N. Kaye of Crawfords was named administrator of Medstar
Cymru Limited (Company Number 04076311) on June 20.

The administrator can be contacted at:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829
         E-mail: akachani@aol.com

Headquartered in Cardiff, United Kingdom, Medstar Cymru Limited
is engaged in medical services.


NATURAL WORLD: Creditors Nominate Liquidator
--------------------------------------------
Creditors of Natural World Foods Limited nominated Peter Alan
Langard as Liquidator during an extraordinary general meeting on
May 8.

The company can be reached at:

         Natural World Foods Limited
         23 Central Square
         High Street
         Erdington
         Birmingham B23 6RY
         United Kingdom
         Tel: 0121 681 3838


NORCOSSE HOLDINGS: Financial Woes Trigger Liquidation
-----------------------------------------------------
Creditors of Norcosse Holdings Limited chose to voluntarily wind
up the company after proving that it could no longer continue
its operations due to liabilities.

John Kelmanson and Elias Parourou of The Kelmanson Partnership
were appointed Joint Liquidators.

The company can be reached at:

         Norcosse Holdings Limited
         Catterhall La
         Godalming
         Surrey GU7 1XE
         United Kingdom
         Tel: 01483 521 400


ONE STOP: Begins Liquidation Procedure
--------------------------------------
One Stop Recruitment (Widnes) Limited is liquidating its assets
after creditors passed on April 26 a resolution to wind up the
company.

Simon Atkins of Mackenzie Goldberg Johnson Limited was appointed
Liquidator.

The company can be reached at:

         One Stop Recruitment (Widnes) Limited
         83A Albert Road
         Widnes
         Cheshire WA8 6JS
         United Kingdom
         Tel: 0151 257 9090
         Fax: 0151 420 0055


PANODIA PRODUCTS: Hires Joint Administrators from Menzies
---------------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Panodia Products Limited (Company Number 05078054) on June 23.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries. MRI, which is ranked
8th amongst the leading international accounting associations,
achieved global revenues of US$1,800 million in 2003.

Panodia Products Limited can be reached at:

         Unit 6
         Birch
         Kembrey Park
         Swindon
         Wiltshire SN2 8UU
         United Kingdom
         Tel: 01793 401 930
         Fax: 01793 401 931


PEL LIMITED: Appoints Joint Administrators from Kroll
-----------------------------------------------------
A.J. Wolstenholme and R.A. Maxwell of Kroll Limited were
appointed joint administrators of PEL Limited (Company Number
05494624), PEL Building Services Limited (Company Number
03287284), PEL Investments Limited (Company Number 04052267),
PEL Project Management Limited (Company Number 03070318) and PEL
Stadium Seating Limited (Company Number 02480572)

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

The companies can be reached at:

         Express House
         2-6 Baches Street
         London N1 6DL
         United Kingdom


RECTRON PLC: Paul Appleton Leads Liquidation Procedure
------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Rectron PLC after creditors resolved to wind up the company
on May 5.

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

Rectron PLC can be reached at:

         5-6 Northfield Drive
         Northfield
         Milton Keynes MK150DQ
         United Kingdom
         Tel: 01908 235 600
         Fax: 01908 235 320
         Web: http://www.rectron.co.uk/


REFCO INC: Files First Amended Schedules and Liabilities
--------------------------------------------------------
Six Refco Inc. Debtors delivered amended schedules of assets and
liabilities and statements of financial affairs to the
Bankruptcy Court.

Refco Capital, LLC, revised its Schedule B (Personal Property)
to report US$181,360,834 in intercompany receivables.  Refco
Capital LLC's scheduled personal assets now aggregate
US$2,262,322,970.

Refco Capital LLC also disclosed that it reconciled intercompany
accounts with Refco, LLC.  In addition, subsequent to Oct. 17,
2005, an additional US$40,200,000 of Refco Capital LLC assets
were recovered by Refco LLC resulting in a net due from Refco
LLC of US$78,700,000 as of Nov. 25, 2005.

Refco Capital LLC revised its Schedule F (Creditors Holding
Unsecured Nonpriority Claims) to report a US$1,309,689 reduction
in its accounts payable, and a US$95,868,127 increase in its
intercompany liabilities.  Refco Capital LLC's Schedule F
obligations now total US$2,614,322,171.

Refco Capital LLC filed a revised statement to disclose
prepetition payments made to creditors and insiders.

A full-text copy of Refco Capital LLC's amended schedules is
available at no charge at http://ResearchArchives.com/t/s?ea0

A full-text copy of Refco Capital LLC's amended statement is
available at no charge at http://ResearchArchives.com/t/s?ea1

Refco, Inc., made technical changes to its schedules.  Refco
Inc. removed certain footnotes, and corrected misspelled items
and wrong addresses.  Refco also made changes to certain entries
in its Schedule G (Executory Contracts and Unexpired Leases).

Refco Inc. amended its statement to disclose that it paid
US$231,262,500 to Wells Fargo Bank, N.A., within the 90-day
period before the Petition Date.  Refco Inc. also disclosed
payments made to insiders within the one-year period immediately
before the Petition Date, including US$41,116,134 in aggregate
payment to Thomas H. Lee & Affiliates.

A full-text copy of Refco Inc.'s amended schedules is available
at no charge at http://ResearchArchives.com/t/s?ea2

A full-text copy of Refco Inc.'s amended statement is available
at no charge at http://ResearchArchives.com/t/s?ea3

Refco Capital Markets, Ltd., revised its Schedule B (Personal
Property) to disclose US$52,203,066 in intercompany receivables.
RCM's scheduled personal assets now total US$5,999,021,704.

RCM reconciled intercompany accounts with Refco Securities, LLC.
In addition, subsequent to Oct. 17, 2005, certain securities
transactions were terminated, resulting in a net due to Refco
Securities LLC of US$81,100,000 as of Nov. 30, 2005.

RCM also scheduled US$103,247,195 in unsecured non-priority
claims.  Its Schedule F obligations now total US$5,366,962,476.

RCM revised its statement to disclose prepetition payments made
to creditors and insiders.

A full-text copy of RCM'S amended schedules is available at no
charge at http://ResearchArchives.com/t/s?ea2

A full-text copy of RCM's amended statement is available at no
charge at http://ResearchArchives.com/t/s?ea4

Refco Group Ltd., LLC, filed amended schedules to reflect
changes in intercompany receivables and intercompany
liabilities.  The Debtor's total scheduled assets and debts
remain the same.

A full-text copy of Refco Group Ltd.'s amended schedules is
available at no charge at http://ResearchArchives.com/t/s?ea5

Refco Finance, Inc., and Kroeck & Associates, LLC, made
technical changes to their schedules.

A full-text copy of Refco Finance's amended schedules is
available at no charge at http://ResearchArchives.com/t/s?ea6

A full-text copy of Kroeck & Associates' amended schedules is
available at no charge at http://ResearchArchives.com/t/s?ea7

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported USUS$16.5 billion in assets and USUS$16.8 billion in
debts to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 34; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: Investors Trade US$69.9 Million Claims in Bankruptcy
---------------------------------------------------------------
More than US$69,900,000 in claims against the Refco estates have
changed hands since the Petition Date.

Investors capitalized on the decision of about 50 Refco
claimants to cash in on their claims now instead of waiting for
the U.S. Bankruptcy Court for the Southern District of New York
to confirm a plan of reorganization for Refco, to recover what
they're owed.

                        Total Claims
   Investor               Acquired      % Acquired
   --------             ------------    ----------
   Abadi & Co.         US$27,523,369    39% +++++++++++++++++++-
   Contrarian Funds       15,572,016    22% ++++++++++++
   Hain Capital            8,823,133    13% ++++++-
   Deutsche Bank           8,781,246    13% ++++++-
   Fimex Int'l             4,206,762     6% +++
   DK Acquisition          1,374,812     2% +
   QVT Fund LP.            1,006,491     2% +
   Others                  3,992,643     5% ++-

Abadi & Co. was the biggest spender, taking home US$27,523,369
in aggregate claims from 11 claimants, including:

   Transferor                           Claim Amount
   ----------                           ------------
   NKB Investments Ltd.                US$11,303,266
   Aldesa Valores Puesto                   1,961,934
   Atlantic Global                         2,143,762
   Union Bank for Savings& Investment      2,063,000

Hain Capital Holdings LLC filed on Jan. 13, the first notice of
transfer agreement pursuant to Rule 3001(e) of the Federal Rules
of Bankruptcy Procedure, after acquiring an US$858,014 claim by
Arbitrade 2003.  Hain also bought claims from five other
claimants, including a US$6,000,000 claim by Prism Ltd.

Contrarian Funds LLC acquired four claims totaling US$7,603,741
from Denali Master Fund LP and a US$7,968,275 claim from KPC
Corp.  Deutsche Bank Securities, Inc., bought US$8,781,246 in
claims from Frankfurt FX, LP, Alphix Co. Ltd., and North Hills
Management LLC.

Fimex International got two US$2,000,000 claims from Abadi & Co.
QVT Fund bought claims from Ralph Hervarac, Inc., and Hibernia
Investment & Finance, S.A.  DK Acquisition got a US$1,374,812
claim by Capital Returns.

Other investors that purchased claims against Refco are:

   Investor             Total Amount
   --------             ------------
   SPCP Group LLC         US$965,361
   Dresdner Bank AG        751,768
   ASM Capital II, LP      213,832
   Trade-Debt.net           74,934
   ASM Capital, LP          72,950
   Argo Partners            36,228
   Liquidity Solutions       5,171

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported USUS$16.5 billion in assets and USUS$16.8 billion in
debts to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 34; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


SALES INITIATIVES: Names Roderick John Weston Liquidator
--------------------------------------------------------
Roderick John Weston of Mazars LLP was named Liquidator of Sales
Initiatives Limited after creditors passed a resolution to wind
up the company on May 5.

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

Sales Initiatives Limited can be reached at:

         Westmead House
         123 Westmead Road
         Sutton
         Surrey SM1 4JH
         United Kingdom
         Tel: 020 8288 8872
         Fax: 020 8288 8873


SCOTTISH RE: Expects to Post US$130-Million Second Quarter Loss
---------------------------------------------------------------
Scottish Re Group Limited (NYSE: SCT) expects to report a net
operating loss available to ordinary shareholders of around
US$130 million for the second quarter ended June 30, 2006.

The Company said the loss for the quarter is principally related
to a valuation allowance on deferred tax assets of approximately
US$112 million combined with these factors:

   -- reduction in estimated premium accruals;

   -- increased retrocession costs;

   -- write-down of deferred acquisition costs due to higher
      than expected lapse rates on certain fixed annuity
      treaties; and

   -- severance and retirement costs and other non-recurring
      operating expenses.

The Company expects earnings for its third and fourth fiscal
quartersto be lower than the Company's previously announced
guidance.  The reduction in earnings guidance is due to lower
than expected new business volumes, higher than anticipated
retrocession costs and income tax expense due to the inability
to recognize future deferred tax benefits.

On July 28, 2006, the Board of Directors suspended the ordinary
share dividend.

Scottish Re will release earnings for the second quarter ended
June 30, 2006 on Aug. 3, 2006, after 4:00 p.m., New York time.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Grand Cayman
Dublin, Ireland, and Windsor, United Kingdom.  At March 31,
2006, the reinsurer's balance sheet showed US$12.2 billion
assets and US$10.8 billion in liabilities.

                           *    *    *

On July 31, 2006, Fitch Ratings cut Scottish Re's issuer default
rating to BBB from A-, and lowered its insurer financial
strength rating one notch to A-.  Fitch rates the reinsurer's
hybrid and preferred securities at BB+.


SCOTTISH RE: Fitch Downgrades Default Rating to BBB from A-
-----------------------------------------------------------
Fitch has downgraded Scottish Re's (NYSE:SCT) operating
subsidiaries as follows:

   -- Issuer Default Rating (IDR) to 'BBB' from 'A-';

   -- Insurer financial strength (IFS) to 'A-' from 'A'.

All ratings have been placed on Rating Watch Negative.

The rating action follows SCT's announcement that it expects to
report a loss for the three months ending June 30, 2006.  This
loss follows disappointing results in the first quarter of 2006
relative to management's plans.  Performance over the past
several years has been characterized as moderate compared to
Fitch's rating expectations, and has reflected the challenges
associated with rapid growth and successive acquisitions.

The rating action also reflects certain unfavorable liquidity
trends, including the need during the second quarter to raise
outside funding to inject additional capital into the U.S.
subsidiary after state regulators indicted a portion of the
capital benefits from a Regulation XXX life securitization made
in 2005, via special purpose entity Orkney Re, needed to be
reversed.

The company is also facing higher strain on its business than
anticipated.  SCT may need to fund a cash put option related to
US$115 million of senior convertible notes later this year, but
the company has indicated that it has more than adequate
availability between internal cash resources and its existing
credit facilities to fund this payment without and effect on its
operations.

Fitch expects to update its analysis and ratings following
discussions with management this week, and a review of the final
earnings announcement.  It is possible SCT's ratings could be
reduced further in the near-term following that review.

SCT is an insurance holding company with operations primarily
focused on global life and annuity reinsurance.  Total gross
face amount of reinsurance in force was US$1.02 trillion at Dec.
31, 2005.  Operations are conducted in subsidiaries located in
Bermuda, Charlotte, North Carolina, Dublin Ireland, Grand Cayman
and Windsor, England.

Fitch has downgraded these ratings and placed them on Rating
Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS to 'A-' from 'A'.

Scottish Re (U.S.) Inc.

   -- IFS to 'A-' from 'A'.

Scottish Re Limited

   -- IFS to 'A-' from 'A'.

Scottish Re Group Limited

   -- IDR to 'BBB' from 'A-';

   -- 4.5% US$115 million senior convertible notes to 'BBB-'
      from 'BBB+';

   -- 5.875% US$142 million hybrid capital units to 'BB+' from
      'BBB'; and

   -- 7.25% US$125 million non-cumulative perpetual preferred
      stock to 'BB+' from 'BBB'.


SCOTTISH RE: Names Paul Goldean as Interim CEO
----------------------------------------------
The Board of Directors of Scottish Re Group Limited (NYSE: SCT)
appointed Paul Goldean, Executive Vice President and General
Counsel, to the position of interim Chief Executive Officer,
effective immediately.

Mr. Goldean replaces Scott E. Willkomm, who has resigned his
position as President and Chief Executive Officer for the global
life reinsurance specialist.

Glenn Schafer, Chairman of the Board of Directors, said the
Board has appointed a special committee, The Office of the
Chairman, to assist executive management in directing the
company in the near term.  The committee will include two
longtime insurance industry executives, Bill Caulfeild-Browne
and Mr. Schafer, as well as Mr. Goldean.

"I am looking forward to working with the Office of the Chairman
and tapping the long-term experience, knowledge and insights of
both Glenn and Bill," said Mr. Goldean.

Mr. Schafer retired as Vice Chairman of Pacific Life Insurance
Company at the end of 2005, having joined the company in 1986.
During his tenure, Mr. Schafer served as Chief Financial Officer
and President and added the Vice Chairman role for the last ten
months of his career at Pacific Life.

Mr. Caulfeild-Browne was the Chief Operating Officer (U.S.) for
Swiss Re Life and Health North America from 1996 to 1998. He was
Chief Operating Officer and a director of The Mercantile and
General Life Reassurance
Company, U.S., from 1990 to 1996.

Mr. Goldean joined the Company in February 2002 as its Senior
Vice President and General Counsel. Prior to joining the
Company, Mr. Goldean worked at Jones, Day, Reavis & Pogue where,
among other things, he acted as outside counsel to the Company.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Grand Cayman
Dublin, Ireland, and Windsor, United Kingdom.  At March 31,
2006, the reinsurer's balance sheet showed US$12.2 billion
assets and US$10.8 billion in liabilities.

                           *    *    *

On July 31, 2006, Fitch Ratings cut Scottish Re's issuer default
rating to BBB from A-, and lowered its insurer financial
strength rating one notch to A-.  Fitch rates the reinsurer's
hybrid and preferred securities at BB+.


SMIT & CO.: Names Michael Bowell as Administrator
-------------------------------------------------
Michael Bowell of MBI Equity Limited was appointed administrator
of Smit & Co. Limited (Company Number 341122) on June 30.

The administrator can be reached at:

         MBI Equity Limited
         Second Floor, Suite 5
         Tunsgate Square
         98-110 High Street
         Guildford
         Surrey GU1 3HE
         United Kingdom
         Tel: 0845 310 2776
         Fax: 0845 450 4464
         E-mail: info@mbiequity.co.uk

Smit & Co. Limited can be reached at:

         Unit 1
         Eastern Road
         Aldershot
         Hampshire GU12 4TD
         United Kingdom
         Tel: 01252 342 626
         Fax: 01252 311 700


SOURCE TECHNOLOGY: Joint Liquidators Take Over Operations
---------------------------------------------------------
Carl Stuart Jackson and Duncan Robert Beat of Tenon Recovery
were appointed Joint Liquidators of Source Technology Limited
after creditors agreed to wind up the company on May 3.

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

Source Technology Limited can be reached at:

         Unit E1
         Fort Wallington Industrial Estate
         Military Road
         Fareham
         Hampshire PO168TT
         United Kingdom
         Tel: 01329 233 622


WEB WORKS: Appoints Ian William Kings as Administrator
------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of The Web Works New Media Limited (Company Number 02715102) on
June 29.

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

The Web Works New Media Limited can be reached at:

         Newcastle Technopole
         Kings Manor
         Newcastle Upon Tyne NE1 6PA
         United Kingdom
         Fax: 0191 201 8202


WYSEMARK LTD: Taps Ian William Kings to Liquidate Assets
--------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Wysemark Limited after creditors decided to wind up the company
on April 27.

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

Wysemark Limited can be reached at:

         Leyburn
         North Yorkshire DL8 4WZ
         United Kingdom
         Tel: 078 0172 0155


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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

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


                           *********


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

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

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

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

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

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


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