TCREUR_Public/060803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 3, 2006, Vol. 7, No. 153

                            Headlines


A U S T R I A

FEURSTEIN: Creditors' Meeting Slated for August 9
HAMMERSCHMIDT MARTIN: Claims Registration Period Ends August 8
MUNAR: Creditors' Meeting by Compensation Payment Set for Aug. 8
PS GASTRONOMIE: Property Manager Declares Insufficient Assets
REDZIC: Vienna Court Orders Closing of Business

S & E: Claims Registration Period Ends August 4
X-GROUP: Property Manager Declares Insufficient Assets


B E L G I U M

SOLUTIA EUROPE: Completes Refinancing of EUR200 Million Notes


F R A N C E

ALCATEL SA: Provides Ethernet VPLS Service to Nextgen Networks
EUROTUNNEL GROUP: Paris Court Grants Safeguard Procedure
SAKS INC: Selling French Dept. Stores to Belk Inc. for US$285MM


G E R M A N Y

ALANAS SYSTEM: Claims Registration Ends August 22
BAY EUROKESSEL: Claims Registration Ends August 25
BRON IMMOBILIEN: Claims Registration Ends August 24
DENTAL-LABOR: Claims Registration Ends August 25
EUROSAT SERVICE: Creditors' Meeting Slated for August 24

GECO 2002: Moody's Lifts Rating on Class E Notes to Ba2
GUIDEGUIDE AG: Claims Registration Ends August 25
KARSTADTQUELLE AG: Selects Vinci Park to Operate Car Parks
MIDDEKE & HILLEBRAND: Claims Registration Ends August 25
MOEBELWERK KOETHEN: Claims Registration Ends August 24

NRG ENERGY: Fitch Lifts Ratings on Senior Notes to B+
TREND HAUSTECHNIK: Claims Registration Ends August 25
VOGELSBERGER & PARTNER: Claims Registration Ends August 23


I R E L A N D

SCOTTISH RE: Expresses Dissatisfaction on Ratings Actions


K A Z A K H S T A N

BEKNUR ABL: Creditors Must File Claims by Sept. 1
DOS: Creditors Must File Claims by Sept. 1
EHO: Creditors Must File Claims by Sept. 1
KAZTORGSOUZ: Proof of Claim Deadline Slated for Sept. 1
KAZTUR: Proof of Claim Deadline Slated for Sept. 1

KOISHAN & K: Creditors' Claims Due Sept. 1
MASHINO-TEHNOLOGICHESKAYA STANSIA: Creditors' Claims Due Sept. 1
NIGMAEKS: Claims Registration Ends Sept. 1
PK NUR-SERI: Claims Registration Ends Sept. 1
TMK-MAKTAMASH: Claims Registration Ends Sept. 1


K Y R G Y Z S T A N

ISSYK-KUL NARYN: Public Auction Scheduled for Aug. 16


L U X E M B O U R G

INTERNATIONAL INDUSTRIAL: Fitch Rates US$100-Mln Notes at B


N E T H E R L A N D S

CARLSON WAGONLIT: Moody's Rates Sr. Secured Facilities at Ba3
PROMUS II: Fitch Affirms EUR5.08-Mln Class E Debt Rating to BB-


P O L A N D

ING BANK: Fitch Affirms Individual Rating at C/D


R O M A N I A

ARDAF SA: Goes Into Receivership; Eyes EUR31-Mln Capital Hike


R U S S I A

AUDIT-CONSULT: Court Names A. Bagan as Insolvency Manager
BANK OF MOSCOW: Fitch Upgrades IDR to BBB & Keeps Individual D
BASKIN ROBBINS: Court Names A. Lantsov as Insolvency Manager
BRYANSK-BREAD-SERVICE: A. Sherbak to Manage Assets
DIARY: Court Names V. Suldin as Insolvency Manager

GAZPROM: Inks 50-Year Gas Plan with Petroleos de Venezuela
GENERAL INSURANCE: E. Kondratsikovskiy to Manage Assets
KARELSKIY 5: Court Starts Bankruptcy Supervision
KRASNOYARSKIY REGIONAL: B. Stepanov to Manage Assets
MARI-TUREKSKIY: Court Names V. Pochuev as Insolvency Manager

NOVOTROITSKIY REINFORCED: Court Starts Bankruptcy Supervision
SAYANSKAYA NIVA: Court Names S. Ivanov as Insolvency Manager
SHARYPOVSKIY BRICKWORKS: Court Starts Bankruptcy Supervision
SLAVSKIY CHEESE: Court Names O. Sapronov as Insolvency Manager
STAROMINSKIY BRICKWORKS: Court Starts Bankruptcy Supervision

TURGENEVSKAYA NIVA: Court Starts Bankruptcy Supervision
YUKOS OIL: Liquidation Spurs Moody's to Withdraws Ratings


S P A I N

OCA INC: Court OKs Amended & Restated Joint Disclosure Statement
OCA INC: SEC Has Until Aug. 11 to Contest Debt Dischargeability


U K R A I N E

AMERTSIT: Court Names V. Magalenets as Insolvency Manager
APRIORI: Court Names Roman Nesterenko as Insolvency Manager
BILOKURAKINE' MACHINE: Oleksandr Prosolupov Named as Liquidator
EKOKOMTRANS: Court Names Oleksandr Borodij as Liquidator
FINANCIAL CONSULTING: Oleksandr Palshin to Liquidate Assets

HMELNITSKOBLAGROLEASING: Sergij Shishkin to Liquidate Assets
NFPPI PERSPEKTIVA: Court Names E. Marchenko as Liquidator
SLOUN: Court Names Oleksandr Sedletskij as Insolvency Manager
UKRAINIAN SERVICE: Court Names Volodimir Tkachuk as Liquidator
ZAPCHASTINA TRADING: Court Names Chuprin Oleksandr as Liquidator


U N I T E D   K I N G D O M

A.M. DECORATORS: Taps John C. Moran to Liquidate Assets
AEOLUS CDO: S&P Assigns B Rating to EUR9.5-Mln Class E Notes
BRISTOL GOLF: Taps Graham Randall to Administer Assets
COLJON SERVICES: Claims Filing Period Ends Sept. 29
CORUS GROUP: Completes Sale of Aluminum Business to Aleris

COX THERMOFORMING: Hires Fisher Partners to Administer Assets
CRMS LIMITED: Creditors' Meeting Slated for August 7
DENRO HEATING: Taps Andrew Appleyard to Administer Assets
FACTORYCOVER LTD: Creditors Pass Winding Up Resolution
FORD MOTOR: Books US$123-Million Net Loss for 2nd Quarter 2006

GENBUILD LTD: Creditors Ratify Winding Up Resolution
GILBERT SONENTHAL: Appoints Baker Tilly to Administer Assets
GLOBAL CROSSING: S&P Affirms B- Corporate Credit Rating
GUS PLC: Bondholder Trustee Warns of Default Over Possible Split
HMV GROUP: Brian McLaughlin Resigns as Non-Executive Director

IDEAL HANDLING: Brings in Liquidators from Poppleton & Appleby
INEOS VINYLS: Buyout Prompts S&P to Lift Rating to B+
JAMAL DYNAMICS: Barclays Bank Hires BDO Stoy Receivers
JR INKJET: Brings In Wilkins Kennedy as Administrators
MOBILAIR STANSTEAD: Appoints Louise Donna Baxter as Liquidator

OPTIMUM RECRUITMENT: Creditors' Meeting Slated for August 8
OPTIMUM RECRUITMENT: Creditors' Meeting Slated for August 8
P.D.S. GOLD: Nominates Liquidator from Crawfords
PJ PERSONNEL: Financial Woes Prompt Voluntary Liquidation
PRYCE WILLIAMS: Names Moira C. Fitzpatrick Liquidator

SCOTTISH RE: Expresses Dissatisfaction on Ratings Actions
THINKDATA LTD: Creditors Confirm Joint Liquidators' Appointment
TSI TRANSMISSION: Brings In Fisher Partners to Administer Assets

                            *********


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


FEURSTEIN: Creditors' Meeting Slated for August 9
-------------------------------------------------
Creditors owed money by LLC Feurstein (FN 54622b) are encouraged
to attend the creditors' meeting at 10:55 a.m. on Aug. 9 and at
10:20 a.m. on Aug. 23 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben, Austria

Headquartered in Knittelfeld, Austria, the Debtor declared
bankruptcy on June 19 (Bankr. Case S 49/06h).  Heinz Pichler
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Heinz Pichler
         Burggasse 61
         8750 Judenburg, Austria
         Tel: 03572-82372
         Fax: 03572-82372-19
         E-mail: kanzlei-j@pichler-schuetz.at


HAMMERSCHMIDT MARTIN: Claims Registration Period Ends August 8
--------------------------------------------------------------
Creditors owed money by KEG Hammerschmidt Martin (FN 212245a)
have until Aug. 8 to file written proofs of claims to court-
appointed property manager Raoul Wagner at:

         Dr. Raoul Wagner
         City Hall Road 15/4
         1010 Vienna, Austria
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: office@hopmeier.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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 1606
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 19 (Bankr. Case No. 4 S 85/06m).


MUNAR: Creditors' Meeting by Compensation Payment Set for Aug. 8
----------------------------------------------------------------
Creditors owed money by KEG Munar (FN 217377y) are encouraged to
attend the creditors' meeting by compensation payment at 10:20
a.m. on Aug. 8.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor began compensation
proceedings on June 19 (Case 45 Sa 4/06a).  Ute Toifl serves as
the court-appointed compensation manager of the company.  Astrid
Haider represents Dr. Toifl in the compensation proceedings.

The compensation manager and his representative can be reached
at:

         Dr. Ute Toifl
         c/o Mag. Astrid Haider
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 535 46 11
         Fax: 535 46 11 11
         E-mail: toifl@thr.at
                 haider@thr.at


PS GASTRONOMIE: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Beate Sumper, the court-appointed property manager for LLC PS
Gastronomie (FN 245860i), declared on June 16 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 11 (Bankr. Case No. 6 S 48/06k).  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


REDZIC: Vienna Court Orders Closing of Business
-----------------------------------------------
The Trade Court of Vienna entered an order on June 16 closing
the business of KEG Redzic (FN 244544z).  Court-appointed
property manager Johannes Jaksch determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 12 (Bankr. Case No. 28 S 37/06d).


S & E: Claims Registration Period Ends August 4
-----------------------------------------------
Creditors owed money by LLC S & E (FN 238037f) have until Aug. 4
to file written proofs of claims to court-appointed property
manager Josef Kantner at:

         Dr. Josef Kantner
         c/o Dr. Andreas Ruetz
         Colingasse 8/I
         6020 Innsbruck, Austria
         Tel: 0512/571092
         Fax: 0512/57109215
         E-mail: office@forcher-mayr-kantner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Aug. 21 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Innsbruck, Austria the Debtor declared
bankruptcy on June 19 (Bankr. Case No. 19 S 62/06z).  Andreas
Ruetz represents Dr. Kantner in the bankruptcy proceedings.
Markus Kostner serves as the Debtor's representative.

The Debtor's representative can be reached at:

         Dr. Markus Kostner
         Schopfstrasse 6a
         6020 Innsbruck, Austria
         Tel: 0512/561570
         Fax: 0512/56157015
         E-mail: markus.kostner@aon.at


X-GROUP: Property Manager Declares Insufficient Assets
------------------------------------------------------
Dr. Manfred Opetnik, the court-appointed property manager for
LLC X-Group (FN 253640a), declared on June 16 that the Debtor
does not have enough assets to pay off creditors.

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

Headquartered in Bleiburg, Austria, the Debtor declared
bankruptcy on April 5 (Bankr. Case No. 41 S 43/06f).

The property manager can be reached at:

         Dr. Manfred Opetnik
         Main Place 2
         9100 Voelkermarket, Austria
         Tel: 04232/4170
         Fax: 04232/4170-3
         E-mail: kanzlei@ra-opetnik.at


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


SOLUTIA EUROPE: Completes Refinancing of EUR200 Million Notes
-------------------------------------------------------------
Solutia Inc.'s subsidiary, Solutia Europe SA/NV, through its
subsidiary Solutia Services International S.C.A./Comm. V.A.,
closed on a new EUR200 million loan due in 2011.

The new loan is priced at an adjustable rate of EURIBOR plus a
margin, which currently yields a rate of approximately 5.75% to
6.50%.  It replaces SESA's EUR200 million of 10% Senior Secured
Notes that were due in 2008, which were redeemed today at a 3%
redemption premium.  Citigroup Global Markets Limited has fully
underwritten the new loan.

"This new loan will result in significant interest savings for
Solutia," said Jim Sullivan, senior vice president and chief
financial officer, Solutia Inc.  "In addition, it provides us
with greater flexibility to divest non-core assets.  For
example, we are now able to complete the previously announced
sale of our Pharmaceutical Services business, which we expect to
occur later this month."

Headquartered in St. Louis, Mo., Solutia, Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications.  The
Company filed for chapter 11 protection on Dec. 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.

                        *     *     *

As reported in TCR-Europe on July 26, Standard & Poor's Ratings
Services assigned its 'B' long-term and short-term corporate
credit ratings to Belgium-based specialty chemicals group
Solutia Europe S.A./N.V.  S&P said the outlook is developing.

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


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


ALCATEL SA: Provides Ethernet VPLS Service to Nextgen Networks
--------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) has been selected by
Nextgen Networks, a specialist provider of high performance data
services, to provide Australia's first national Ethernet VPLS
(Virtual Private LAN Service) network, which will offer
Australian businesses the benefits of advanced virtual private
network (VPN) technology.

The Alcatel-based VPLS network allows businesses to operate
quality-controlled voice, video and data services across an
IP/MPLS-based infrastructure.

Customer benefits of Nextgen's VPLS service include:

   -- the flexibility of a single service at any location, with
      any-to-any connectivity in a national, secure, multipoint
      VPN (Virtual Private Network);

   -- support for the widest range of IT applications because
      the Layer 2 Ethernet VPN is protocol transparent to any
      Layer 3 IP application; customer control of how the
      network connects to a VPN and how the IP network layer is
      configured;

   -- support for real time and mission critical applications
      with packaged and standard offering of Quality of Service
      (QoS) profiles; and

   -- the lowest cost of ownership and operational simplicity
      with Ethernet connectivity and bundled pricing which is
      inclusive of most features.

The new network incorporates Alcatel's industry leading IP/MPLS-
based solutions, including the Alcatel 7750 Service Router,
across the seven capital cities of Australia, and setting a new
market standard for enabling the delivery of profitable national
Ethernet services and high-density aggregation over IP/MPLS-
based networks.

"Offering these new VPLS services demands an infrastructure that
is architected from the ground up with a focus on services and
not the traditional ports-based focus of previous generation
routers," said Peter Harrison, Nextgen Networks General Manager.
"We are looking to the Alcatel equipment to support a service-
rich architecture, provide the highest levels of service
assurance, and enable rapid service introduction and innovation.

"Based on the Alcatel solution, we will be able to deliver a
range of services that provide improved features and control for
data network owners and operators," added Mr. Harrison. "With
our new national VPLS services, we are now entering the
corporate market with what we believe to be the most advanced
corporate data networking product in Australia.

"Moving to IP is an essential and inevitable step toward
ensuring that companies can be competitive," said Basil Alwan,
resident of Alcatel's IP activities. "VPLS is the first in a new
wave of Ethernet connectivity for businesses in Australia,
leading to significant cost savings, greater control of end-user
networks and increased levels of service and security."

Worldwide, the Alcatel IP portfolio has been selected by more
than 130 service providers in 55 countries, including AT&T, BT,
Telia Sonera, Telefonica and China Telecom. According to Synergy
Research Group, Alcatel is #2 in the Services Edge Router
category in Q1 2006, with 18% market share, following four
consecutive quarters of market share gain.

                         About Nextgen

Headquartered in Australia, Nextgen Networks --
http://www.nextgennetworks.com.au/-- provides of high quality
data services for other carriers, service providers and
corporate and government customers.  Nextgen owns and operates
Australia's third largest long haul fibre network and a national
VPLS data-switching network.  Nextgen products include custom
fibre network builds, high capacity national data transmission
services, carrier grade co-location facilities and national
Layer 2 VPN services.


                          About Alcatel

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

                         *     *     *

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


EUROTUNNEL GROUP: Paris Court Grants Safeguard Procedure
--------------------------------------------------------
The Paris Commercial Court entered an order on Aug. 2 placing
Eurotunnel Group and its 17 affiliates under the Safeguard
procedure.

The decision granted Eurotunnel a six-month suspension from
interest and principal payments on its GBP6.2 billion debt,
Nicola Clark of International Herald Tribune reports.

The Court's decision also confirmed:

   -- the legal unicity of the business operating the Channel
      Tunnel is recognized;

   -- the business is not insolvent;

   -- the operation of the Tunnel and the commercialization of
      services will carry on as normal; and

   -- this procedure should help to reach a consensual agreement
      on restructuring.

The creditor committees envisaged by the legislation will be
constituted in the coming month.

Eurotunnel, aided by two judicial administrators, will
immediately re-engage in negotiations on the basis of its last
proposal of July 12.  There is now a convergence of views among
the principal creditors (Ad Hoc Committee and Deutsche Bank) who
consider that this proposal constitutes the basis for pursuing
negotiations that will lead to a reconciliation of their
positions.

Under the French law, if Eurotunnel failed to reach a court-
approved agreement with its creditors within the six-month
deadline, a judge can order the liquidation of the company's
assets to repay creditors.

"In a difficult context, the Paris Commercial Court has made a
positive decision which will protect the business and the public
service which it operates," Jacques Gounon, Eurotunnel Chairman
and Chief Executive disclosed.  "The Safeguard procedure decided
upon today is the final stage of a consensual negotiation.

"I am convinced that we now have the conditions necessary to
achieve a financial restructuring for the Eurotunnel within the
time allowed," Mr. Gounon added.

On July 13, Eurotunnel filed for judicial protection, within the
framework of the French law "procedure de sauvegarde".  The
decision was taken in light of the absence of consensus on
restructuring the company's GBP6.2 billion debt and at a time
when the French auditors had initiated a "Warning procedure" on
Feb. 12.

                     Restructuring Proposals

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

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

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

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

On July 12, Eurotunnel presented an ultimate proposal to reach a
compromise between the May 23 preliminary restructuring
agreement and the demands made by its subordinated creditors
represented by ARCO.

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

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

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

                        About the Company

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

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

                        Company Crisis

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

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


SAKS INC: Selling French Dept. Stores to Belk Inc. for US$285MM
---------------------------------------------------------------
Belk Inc. entered into a stock purchase agreement with Saks Inc.
to acquire 38 Parisian department stores with locations in nine
states in the Southeast and Midwest.

Two new Parisian stores are scheduled to open in fall 2006.
Upon completion of the transaction, which has been approved by
the boards of directors of both companies, Belk will operate a
total of 315 stores in 19 states.

"This is another excellent opportunity for Belk to expand its
store base and further strengthen our market leadership in
Alabama and other key markets within our existing footprint,"
said Tim Belk, chairman and CEO of Belk, Inc.  "Just as with the
earlier purchase of the Proffitt's and McRae's stores from Saks,
the Parisian stores are located in great markets and are similar
to Belk in many ways.  Parisian is known and respected for
offerings of top fashion brands and excellent customer and
community service."

Belk will pay $285 million for the ownership of the Parisian
stores and will assume operating leases of leased store
locations.  The stores generated a combined total sales volume
last year of $723 million.  The transaction is scheduled to
close on Oct. 2, 2006, and is subject to regulatory review and
other closing conditions.

The integration of the stores is expected to take 18 months, and
the company plans to re-brand the acquired stores as Belk in the
third quarter of 2007.

Belk will enter into a transition services agreement with Saks
Incorporated to provide certain support services for the
acquired Parisian stores, including information technology,
credit services and other back- office functions for a limited
period of time.  The company will continue to operate the
Parisian corporate offices and distribution center for a
transition period anticipated through March 2007.  During that
time, associates in these locations will either be offered
positions with Belk or will be given appropriate severance
packages.

Belk was advised in the transaction by Wachovia Securities.

The Parisian stores to be acquired by Belk are located in:
Alabama - Birmingham (2 stores), Decatur, Dothan, Florence,
Gadsden, Homewood, Hoover, Huntsville (2 stores), Mobile,
Montgomery, Trussville (opening fall 2006), Tuscaloosa; Arkansas
- Little Rock (opening fall 2006); Florida - Jacksonville,
Pensacola, Tallahassee; Georgia - Alpharetta, Atlanta (2
stores), Columbus, Douglasville, Duluth, Kennesaw, Lithonia,
Macon; Indiana - Indianapolis (2 stores); Michigan - Livonia,
Rochester Hills; Mississippi - Tupelo; Ohio - Beavercreek,
Cincinnati; South Carolina - Charleston, Columbia; Tennessee -
Chattanooga, Collierville, Franklin, Knoxville.

Belk purchased 47 Proffitt's and McRae's department stores from
Saks Incorporated in July 2005, and subsequently converted and
re-branded 38 of these stores to Belk in March 2006.

                        About Belk, Inc.

Headquartered in Charlotte, North Carolina, Belk, Inc. is a
privately-owned department store company with 277 stores located
in 16 states in the Southeast and Mid-Atlantic regions and
fiscal 2006 sales of $2.97 billion.  Founded by William Henry
Belk in 1888 in Monroe, North Carolina, the company is now in
its third generation of Belk family leadership.

                         About Saks Inc.

Based in Birmingham, Alabama, Saks Incorporated (NYSE: SKS) --
http://www.saksincorporated.com/-- operates Saks Fifth Avenue
Enterprises, which consists of 55 Saks Fifth Avenue stores, 50
Saks Off 5th stores, and Saks.com.  The Company also operates 39
Parisian stores and 57 Club Libby Lu specialty stores.

                          *     *     *

As reported in the Troubled Company Reporter on July 31, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and senior unsecured ratings on Birmingham, Alabama-based
department store company Saks Inc.  The ratings were removed
from CreditWatch, where they had been placed with developing
implications in April 2005.  S&P said the outlook is positive.


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


ALANAS SYSTEM: Claims Registration Ends August 22
-------------------------------------------------
Creditors of ALANAS system trading GmbH have until Aug. 22 to
register their claims with court-appointed provisional
administrator Hans-Joerg Graf.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against ALANAS system trading GmbH on July 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         ALANAS system trading GmbH
         Attn: Alexander Aschauer, Manager
         August-Klotz-Road 16 d
         52349 Dueren, Germany

The administrator can be contacted at:

         Dr. Hans-Joerg Graf
         Robert-Perthel-Road 49
         50739 Cologne, Germany


BAY EUROKESSEL: Claims Registration Ends August 25
--------------------------------------------------
Creditors of bay eurokessel GmbH have until Aug. 25 to register
their claims with court-appointed provisional administrator
Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 bay eurokessel GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         bay eurokessel GmbH
         Free Valley
         Gitterseer Str. 19
         01705 Freital, Germany

The administrator can be contacted at:

         Dr. Bruno Kuebler
         Nieritzstrasse 14
         01097 Dresden, Germany
         Web: http://www.kuebler-gbr.de/


BRON IMMOBILIEN: Claims Registration Ends August 24
---------------------------------------------------
Creditors of Bron Immobilien GmbH & Co. KG have until Aug. 24 to
register their claims with court-appointed provisional
administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Bron Immobilien GmbH & Co. KG on June 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Bron Immobilien GmbH & Co. KG
         Attn: Jan Bron, Manager
         Robert-Koch-Road 15
         48599 Gronau, Germany

The administrator can be contacted at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen, Germany


DENTAL-LABOR: Claims Registration Ends August 25
------------------------------------------------
Creditors of Dental-Labor Wienhold GmbH have until Aug. 25 to
register their claims with court-appointed provisional
administrator Ernst Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 15, 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 Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven, 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 Wilhelmshaven opened bankruptcy
proceedings against Dental-Labor Wienhold GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Dental-Labor Wienhold GmbH
         Parkstrasse 19
         26382 Wilhelmshaven, Germany

         Attn: Bernd Hilbert, Manager
         Weserstrasse 75
         26382 Wilhelmshaven, Germany

The administrator can be contacted at:

         Ernst Schroeder
         Montsstr. 12
         D-26382 Wilhelmshaven, Germany
         Tel: 04421/15060
         Fax: 04421/150678


EUROSAT SERVICE: Creditors' Meeting Slated for August 24
--------------------------------------------------------
The court-appointed provisional administrator for euroSAT
Service GmbH, Bjoern Gehde, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Aug. 24.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m., on Dec. 7 at the same
venue.

Creditors have until Oct. 7 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against euroSAT Service GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         euroSAT Service GmbH
         Sun Avenue 223
         12059 Berlin, Germany

The administrator can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin, Germany


GECO 2002: Moody's Lifts Rating on Class E Notes to Ba2
-------------------------------------------------------
Moody's upgraded these ratings of Notes issued by GECO 2002
Limited (amounts represent initial amounts):

   -- EUR15,400,000 Class A-4 Floating Rate Amortizing Credit-
Linked Notes, to Aaa from Aa1;

   -- EUR51,900,000 Class B Floating Rate Amortizing Credit-
Linked Notes, to Aa1 from Aa2;

   -- EUR51,800,000 Class C Floating Rate Amortizing Credit-
Linked Notes, to Aa2 from A2;

   -- EUR47,800,000 Class D Floating Rate Amortizing Credit-
Linked Notes, to Baa2 from Baa3; and

   -- EUR23,100,000 Class E Floating Rate Amortizing Credit-
Linked Notes, to Ba2 from Ba3.

In addition, the Class B Floating Rate Amortizing Credit-Linked
Notes are placed on review for potential upgrade.

The ratings of all other classes of Notes remain unaffected.  At
the same time, Moody's withdraws the ratings of the Class A-1+
Notes due to redemption in full.  Moody's notes that the Class B
rating is currently restricted by the rating of the Public
Sector Pfandbriefe issued by Hypo Real Estate Bank AG which
serve as collateral for this class of Notes.  The current review
of the Pfandbriefe for potential upgrade therefore has triggered
the review for potential upgrade of the Class B Notes.

GECO 2002 Limited is a synthetic German CMBS issuance sponsored
by Hypo Real Estate Bank AG.  The Notes issued are credit-linked
to a reference pool of commercial mortgages totaling
approximately EUR608.9 million as of May 31.  The reference pool
consists of 152 mortgages backed by 215 properties located
entirely in Germany.  GECO 2002 Limited has entered into a loss
guarantee agreement whereby Hypo Real Estate Bank AG as
originator of the mortgages, will receive payments to the extent
that principal losses are realized on the underlying pool of
mortgages.

The above-mentioned upgrades are based on these factors:

   -- an increase in credit enhancement for all classes of
Notes, driven by loan prepayments and the fully sequential
allocation of principal proceeds across the Notes;

   -- a significant reduction of arrears and credit events
outstanding, particularly one big reference claim of
EUR33.8 million being repaid in full;

   -- first losses allocated to the Junior CDS being in a range
anticipated by Moody's;

   -- the ongoing weak coverage ratios for a significant portion
of the reference portfolio; and

   -- the remaining credit events and loan arrears outstanding.


GUIDEGUIDE AG: Claims Registration Ends August 25
-------------------------------------------------
Creditors of guideguide AG have until Aug. 25 to register their
claims with court-appointed provisional administrator Manfred
Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Sept. 15, 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 Bad Neuenahr Arweiler
         Hall 4
         William Route 55-57
         53774 Bad Neuenahr Arweiler, 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 Bad Neuenahr Arweiler opened bankruptcy
proceedings against guideguide AG on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         guideguide AG
         Attn: Timo Kirstein, Manager
         Bonner Str. 10
         53424 Remagen-Rolandseck, Germany

The administrator can be contacted at:

         Manfred Kuersch
         Kirchstrasse 19
         D-53518 Adenau, Germany
         Tel: 02691/93283
         Fax: 02691/932840


KARSTADTQUELLE AG: Selects Vinci Park to Operate Car Parks
----------------------------------------------------------
The French Vinci Park is to be the new operator of Karstadt's
car parks.  The contract is for 70 car parks in 60 German cities
with more than 20,000 parking spaces and has a duration of 15
years, with a total volume of approximately EUR500 million (rent
and investments).

Vinci Park won out against many other interested parties.  An
element of the contract is that the new operator will
immediately begin a comprehensive modernization of the car parks
to be completed in 2008.

"The car parks are extremely important for our department
stores.  After all, a customer who uses this service
statistically stays longer and buys more," said Jörg Howe, the
Group's spokesman.  "This service will improve considerably with
the new operator.  Particular attention is to be given to the
wishes of women.  Karstadt is thus continuing to increase the
level of quality in its department stores as part of its
reorientation.  Karstadt will be receiving high rental income
from the new operator and at the same time can improve the
development and commercialization of its city center properties
in top locations."

In this transaction Societe Generale, Frankfurt and management
consultants JenACon, Dr. Joachim Arenth advised Karstadt
Warenhaus GmbH.

                           Vinci Park

Headquartered in Paris, France, Vinci Park --
http://www.vincipark.com/-- designs, finances, builds and
manages parking infrastructure and facilities for public and
private organizations around the world.  Operating in 12
countries and managing 810,000 parking spaces, Vinci Park is a
world leader in car park concessions and the number 1 operator
in Europe.

                         KarstadtQuelle

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- is the country's largest
department store and mail order group.  It has annual sales of
EUR15.5 billion and employs around 70,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.

In 2005, net financial liabilities were reduced by a third to
EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion
in the previous year.


MIDDEKE & HILLEBRAND: Claims Registration Ends August 25
--------------------------------------------------------
Creditors of Middeke & Hillebrand GbR have until Aug. 25 to
register their claims with court-appointed provisional
administrator Michael Hrubesch.

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

The meeting of creditors will be held at:

         The District Court of Traunstein
         Meeting Room C 001
         Herzog-Otto-Road 1
         83278 Traunstein, 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 Traunstein opened bankruptcy proceedings
against Middeke & Hillebrand GbR on June 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Middeke & Hillebrand GbR
         Chiemseestr. 25
         83242 Reit im Winkl, Germany

The administrator can be contacted at:

         Michael Hrubesch
         Mozartstr. 2
         83435 Bad Reichenhall, Germany
         Tel: 08651/9680-90
         Fax: 08651/9680-99


MOEBELWERK KOETHEN: Claims Registration Ends August 24
------------------------------------------------------
Creditors of Moebelwerk Koethen GmbH have until Aug. 24 to
register their claims with court-appointed provisional
administrator Thomas Georg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Sept. 5, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:10 a.m. on Oct. 16 at the same
venue.

The District Court of Aachen opened bankruptcy proceedings
against Moebelwerk Koethen GmbH on July 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Moebelwerk Koethen GmbH
         Attn: Heinz and Georg Eggerath, Managers
         Arensdorfer Way 2
         06366 Koethen, Germany

The administrator can be contacted at:

         Thomas Georg
         Juelicher Road 116
         52070 Aachen, Germany


NRG ENERGY: Fitch Lifts Ratings on Senior Notes to B+
-----------------------------------------------------
Fitch Ratings upgraded the ratings of NRG Energy's senior notes
to B+ from B and affirmed the company's issuer default rating
and all other instrument ratings.  The Rating Outlook is Stable.

The upgrade of the senior notes is in no way connected to the
recently announced share repurchase.  Rather, the upgrade of the
rating of the company's senior notes reflects increased expected
recovery for senior notes holder should the company default on
its debt.  The expectation of improved recoveries is driven
primarily by Fitch's expectation of continued high forward
natural gas prices.

While near term gas prices have declined significantly from the
very high prices prevailing following Hurricane Katrina, the
prices several years out have increased from those prevailing
earlier this year.

Forward gas prices are key inputs into Fitch's wholesale power
forecast that is used to derive valuations for the recovery
rating process.  Accordingly, the expectation of higher gas
prices in the future have resulted in improved recovery
prospects for the senior notes.

On Aug. 1, NRG announced a share repurchase program pursuant to
which the company expects to repurchase up to US$750 million of
the company's stock.  Phase I of the program entails the
repurchase of US$500 million of stock.

The repurchase will be effected through two newly formed
subsidiaries.  NRG will contribute US$166 million into the new
subsidiaries and they will raise non-recourse debt and preferred
stock totaling US$334 million.  The total proceeds of US$500
million will be used to execute the stock repurchase.

Given that the initial US$166 million contribution to the new
subsidiaries is a permitted payment pursuant to the restricted
payments provisions under the company's secured credit facility
and unsecured notes, and given the non-recourse nature of the
newly raised financing, Fitch views the proposed repurchase to
have no impact of the company's credit ratings.

Fitch stresses that NRG has the option, but no obligation to
support in any way the debt and preferred stock incurred by the
newly formed subsidiaries.  Should the company have the capacity
under its restricted payments tests and the prevailing stock
price be attractive, NRG can make the necessary contributions to
retire the outside financing.  Should this not be the case, the
shares held by the subsidiaries will be liquidated to retire the
debt and preferred stock.

Fitch stresses that it does not view the new subsidiary
structure as a credit enhancing structure.  Rather the timing of
the upgrade of the senior notes is coincidental to the
announcement of the repurchase and reflects only the periodic
review Fitch conducts on all the credits followed by Fitch.

NRG owns and operates a diverse portfolio of power-generating
facilities, primarily in Texas and the Northeast, South Central
and Western regions of the United States. Its operations include
baseload, intermediate, peaking, and cogeneration facilities,
thermal energy production and energy resource recovery
facilities.  NRG also has ownership interests in generating
facilities in Australia and Germany.

Fitch upgrades the following rating with a Stable Outlook:

   -- Senior notes to B+/RR3 from B/RR4.

Fitch affirms the following ratings with a Stable Outlook:

   -- Senior secured term loan B at BB/RR1;
   -- Senior secured revolving credit facility at BB/RR1;
   -- Convertible preferred stock at CCC+/RR6; and
   -- Issuer Default rating at B.


TREND HAUSTECHNIK: Claims Registration Ends August 25
-----------------------------------------------------
Creditors of Trend Haustechnik GmbH have until Aug. 25 to
register their claims with court-appointed provisional
administrator Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, Germany

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

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

The Debtor can be contacted at:

         Trend Haustechnik GmbH
         Attn: Karsten Lindner, Manager
         R. Breitscheid Road 34
         08280 Aue Germany

The administrator can be contacted at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau, Germany
         E-mail: widera@zwickau-net.de


VOGELSBERGER & PARTNER: Claims Registration Ends August 23
----------------------------------------------------------
Creditors of Vogelsberger & Partner Treuhandgesellschaft mbH
Wirtschaftspruefungs-, Steuerberatungsgesellschaft have until
Aug. 23 to register their claims with court-appointed
provisional administrator Peter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 13, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Vogelsberger & Partner Treuhandgesellschaft mbH
Wirtschaftspruefungs-, Steuerberatungsgesellschaft on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Vogelsberger & Partner Treuhandgesellschaft mbH
         Wirtschaftspruefungs-, Steuerberatungsgesellschaft
         Borsigstr. 34
         65205 Wiesbaden, Germany

         Attn: Helmut Vogelsberger, Manager
         Fischerweg 4
         56235 Ransbach-Baumbach, Germany

The administrator can be contacted at:

         Peter Klein
         Station Route 27-33
         65185 Wiesbaden, Germany
         Tel: 0611/166660
         Fax: 0611/1666677


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


SCOTTISH RE: Expresses Dissatisfaction on Ratings Actions
---------------------------------------------------------
Scottish Re Group Limited (NYSE: SCT), in response to ratings
actions taken by A.M. Best Co., Fitch Ratings, Moody's Investor
Service, and Standard & Poor's Rating Services, reveals that:

"While we are disappointed by the ratings actions taken by the
agencies yesterday, we would like to reassure our clients,
investors and creditors that we do not face any near-term
liquidity or solvency issues.

"All of our regulated entities are capitalized well in excess of
their minimum required levels.  Given our currently available
liquidity, we are confident in our ability to meet our
obligations with regards to the US$115 million outstanding 4.5%
convertible notes that are puttable to us at par on December 6,
2006.

"It should also be noted that we are not in violation of any of
the covenants associated with our outstanding debt and
convertible securities or back-up liquidity lines.  We have made
a concerted effort during the past 36 months to negotiate new
business without ratings triggers and have negotiated such terms
out of older treaties.

"Any treaties with rating triggers represent a de minimus amount
of our in-force business.  We will provide additional details
regarding each of these items during our earnings call on
Aug. 4, 8:30 a.m. EDT."

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--  
offers reinsurance of life insurance, annuities and annuity-type
products through its 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, 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+.

Moody's Investor Services downgraded to Ba2 from Baa2 the senior
unsecured debt rating of Scottish Re Group Limited following the
Company's profit warning.  The rating agency also downgraded to
Baa2 from A3 the insurance financial strength ratings of the
company's core insurance subsidiaries, Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc. All
debt and IFS ratings of Scottish Re remain on negative outlook.

These ratings were downgraded and remain on negative outlook:

Scottish Re Group Limited:

   -- Senior Unsecured, to Ba2 from Baa2;
   -- Senior Unsecured Shelf, to (P)Ba2 from (P)Baa2;
   -- Subordinate Shelf, to (P)Ba3 from (P)Baa3;
   -- Junior subordinate Shelf, to (P)B1 from (P)Ba1;
   -- Preferred Stock, to B1 from Ba1;
   -- Preferred Shelf, to (P)B1 from (P)Ba1

Scottish Holdings Statutory Trust II:

   -- Preferred Shelf to (P)Ba3 from (P)Baa3

Scottish Holdings Statutory Trust III:

   -- Preferred Shelf to (P)Ba3 from (P)Baa3

Scottish Annuity & Life Ins Co (Cayman) Ltd:

   -- IFSR to Baa2 from A3

Premium Asset Trust Series 2004-4:

   -- Senior Secured to Baa2 from A3

Scottish Re (U.S.), Inc.:

   -- IFSR to Baa2 from A3

Stingray Pass-Through Trust Senior Secured: To Baa2 from A3

A.M. Best likewise downgraded the ICR of Scottish Re to "bb+"
from "bbb-".  A.M. Best Co. also downgraded the financial
strength rating to B++ from A- and the issuer credit ratings to
"bbb+" from "a-" of the primary operating insurance subsidiaries
of Scottish Re Group Limited (Scottish Re) (Cayman Islands).

All FSR and debt ratings have been placed under review with
negative implications.

The FSR has been downgraded to B++ from A- and the ICRs have
been downgraded to "bbb+" from "a-" and placed under review with
negative implications for these subsidiaries of Scottish Re
Group Limited:

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd;
  -- Scottish Re (U.S.), Inc.;
  -- Scottish Re Life Corporation;
  -- Scottish Re Limited; and
  -- Orkney Re, Inc.

The ICR has been downgraded to "bb+" from "bbb-" and placed
under review with negative implications for Scottish Re Group
Limited.

These debt ratings have been downgraded and placed under review
with negative implications:

Scottish Re Group Limited

   -- "bb+" from "bbb-" on US$115 million 4.5% senior
      unsecured convertible notes, due 2022;

   -- "bb-" from "bb" on US$143 million 5.875% of hybrid
      capital units, due 2007; and

   -- "bb-" from "bb" on US$125 million non-cumulative
      preferred shares;

Stingray Pass-thru Trust

   -- "bbb+" from "a-" on US$325 million senior unsecured
      pass-thru certificates, due 2012

These indicative ratings for debt securities under the shelf
registration have been downgraded and placed under review with
negative implications:

Scottish Re Group Limited

   -- "bb-" from "bb" on preferred stock;
   -- "bb" from "bb+" on subordinated debt; and
   -- "bb+" from "bbb-" on senior unsecured debt.

Scottish Holdings Statutory Trust II and III

   -- "bb" from "bb+" on preferred securities.

Standard & Poor's Ratings Services placed its 'BBB- counterparty
credit rating on Scottish Re Group Ltd. on CreditWatch with
negative implications.  Standard & Poor's also said that it
placed its various ratings on Scottish Re's operating
subsidiaries and other related entities on CreditWatch negative.

The ratings will remain on CreditWatch until the capital has
been raised and the company's strategic alternatives have been
clarified.  As a result, the ultimate ratings will depend on the
resulting capital, liquidity, and business position of the
company.


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


BEKNUR ABL: Creditors Must File Claims by Sept. 1
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Beknur ABL insolvent on June 9.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaeva Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


DOS: Creditors Must File Claims by Sept. 1
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Dos insolvent on June 9.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 225
         Maulenova Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-46
              8 (3003) 37-52-95


EHO: Creditors Must File Claims by Sept. 1
------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared CJSC Eho insolvent on June 5.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Entuziastov Str. 100
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 62-40-06


KAZTORGSOUZ: Proof of Claim Deadline Slated for Sept. 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared CJSC Kaztorgsouz insolvent on June 8.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Entuziastov Str. 100
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 62-40-06


KAZTUR: Proof of Claim Deadline Slated for Sept. 1
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Construction Company Kaztur insolvent on June 5.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 225
         Maulenova Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-46
              8 (3003) 37-52-95


KOISHAN & K: Creditors' Claims Due Sept. 1
------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Koishan & K insolvent on June 9.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl Region
         Suleimanova Str. 11a (17)
         Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-25-52


MASHINO-TEHNOLOGICHESKAYA STANSIA: Creditors' Claims Due Sept. 1
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Machine-Technological Station Mashino-
Tehnologicheskaya Stansia insolvent on June 13 without the
introduction of the bankruptcy proceedings.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Dostyk Ave. 215
         Uralsk
         West Kazakhstan Region
         Kazakhstan


NIGMAEKS: Claims Registration Ends Sept. 1
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Nigmaeks insolvent on June 14.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 225
         Maulenova Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-46
              8 (3003) 37-52-95


PK NUR-SERI: Claims Registration Ends Sept. 1
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Trade House PK Nur-Seri insolvent
on June 5.  Subsequently, bankruptcy proceedings were introduced
at the company.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaeva Str. 24
    Shymkent
    South Kazakhstan Region
    Kazakhstan


TMK-MAKTAMASH: Claims Registration Ends Sept. 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP TMK-Maktamash insolvent on
June 5.  Subsequently, bankruptcy proceedings were introduced at
the company.

Creditors have until Sept. 1 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
    Ilyaeva Str. 24
         Shymkent
    South Kazakhstan Region
    Kazakhstan


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


ISSYK-KUL NARYN: Public Auction Scheduled for Aug. 16
-----------------------------------------------------
The Issyk-kul Naryn Territorial Department of the State Property
Committee will sell state properties through a public auction at
10:00 a.m. on Aug. 16 at:

         Building of the Issyk-Kul Naryn Territorial
         Department of the State Property Committee
         Baetova Str. 66
         Cholpon-Ata, Kyrgyzstan

The assets for sale are:

   -- Lot 1: part of the Ak-Tilek market in Karakol.  Starting
price is KGS2,311,607;

   -- Lot 2: former cattle market in Karakol.  Starting price is
KGS542,164;

   -- Lot 3: uncompleted construction of a hospital building in
Kadjisay.  Starting price is KGS180,000; and

   -- Lot 4: property complex of Jety- Oguz woodworking
enterprise in Chon- Jargylchak.  Starting price is
KGS355,237.

Interested bidders have until 4:00 p.m. on Aug. 15 to deposit an
amount equivalent to 10% of the starting price to the settlement
account of:

         The Issyk-kul Naryn Territorial Department of the
         State Property Committee
         Settlement Account No. 8164172080101001/403104103

Participants may submit their bids to:

         Settlement and Saving Company in Cholpon-Ata
         Cholpon-Ata, Kyrgyzstan
         MFO 129019
         Tel: (+996-3943) 4-29-21


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


INTERNATIONAL INDUSTRIAL: Fitch Rates US$100-Mln Notes at B
-----------------------------------------------------------
Fitch Ratings assigned International Industrial Bank Luxembourg
S.A.'s US$100 million issue of limited recourse three-year loan
participation notes, with an 18 month put option, a final
Recovery Rating of RR4 and a final Long-term B rating.

The notes are to be used solely for financing a loan to Russia's
International Industrial Bank CJSC, rated Issuer Default
B/Stable Outlook, Short-term B, Individual D, Support 5 and
National Long-term BBB-.  IIB Luxembourg S.A. will only pay
noteholders amounts received from IIB under the loan agreement.

The loan agreement states that the claims of the noteholders
will rank at least pari passu with the claims of other unsecured
creditors save those preferred by relevant laws.  Under Russian
law, the claims of retail depositors rank above those unsecured
creditors.

At end-2005, retail deposits accounted some 8% of IIB's total
consolidated liabilities, according to the bank's International
Financial Reporting Standards accounts.  Of these, the majority
was still on the balance sheet of IIB as opposed to that of M-
Plus, its retail banking subsidiary.

Covenants stipulate a minimum total capital adequacy ratio of
20%, restrict dividend payments to 50% of IFRS net income in any
year, and limit mergers and disposals by IIB.  They also
restrict share buy-backs and the repayment of subordinated debt
by IIB.

IIB is restricted from mergers or restructurings, which would
result in a negative rating action in respect of its credit
ratings or would have a material adverse affect on its business,
thereby impeding its ability to meet its obligations under the
loan agreement.

Covenants also specify that loans to related parties must not
exceed 50% of IFRS equity.  The terms of all transactions with
affiliated entities must also be no less favorable for IIB than
those of transactions with non-related parties, with a written
opinion to be provided by an independent appraiser in respect to
transactions with affiliated entities equal to more than
US$20 million.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by IIB.  In the event of
such securitization, Fitch notes that the nature and extent of
any over-collateralization would be assessed by the agency for
any potential impact on unsecured creditors.

IIB was established in 1992, and is one of the 20 largest banks
in Russia by total assets.  It is controlled by one person,
whose other interests include companies in the oil, defense,
shipbuilding, manufacturing and coal mining sectors, which fall
under the umbrella of United Industrial Corporation.

The bank's other beneficiaries include members of its senior
management.  IIB's key customers have historically included
medium to large corporates in the oil and gas, steel, alcohol,
leasing, chemistry, defense, energy and nuclear sectors.  IIB is
also developing its retail and SME banking operations and in May
2005 it acquired M-Plus, a small retail bank.


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


CARLSON WAGONLIT: Moody's Rates Sr. Secured Facilities at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Carlson Wagonlit BV and a (P)Ba3 rating to the company's
US$850 million senior secured credit facilities.  The rating
outlook is stable.

The secured facilities were arranged to partly fund:

   -- the acquisition of Accor's 50% stake in CWT by Carlson
Companies Inc. and One Equity Partners (OEP) for
US$465 million,

   -- a payment by CWT of a US$213 million exceptional dividend
to CCI,

   -- the purchase of the remaining minority interests in
Carlson Wagonlit France S.A. for $US57 million, and

   -- the pending acquisition of Navigant International Inc. by
CWT for $510 million including the assumption of
debt.

Navigant is a leading provider of business travel management
services worldwide, in particular in the North American market,
with reported revenues of around US$492 million in 2005.  The
overall funding package also includes a USD345 million mezzanine
bridge and USD216 million cash equity from OEP.

Moody's ratings factor CWT/Navigant's strong market position as
the second largest travel management company both globally and
in North America, behind American Express, and the diversity of
the company's sources of revenue, which include fees from a
broad base of corporate and institutional clients, payments from
transportation/lodging service suppliers as well as global
distribution systems.

Moreover, CWT has continued to adapt its business model to
mitigate changes to its income streams from structural shifts in
core industries such as airlines.  The current business model
and cost structure also now appears more resilient to negative
events as evidenced by the company's performance post 9/11.

The inherent cyclicality of business travel, correlated to air
traffic and GDP, however continues to influence consistency of
performance and constrains the ratings.  Moreover susceptibility
to exogenous shocks such as the spread of pandemic diseases or
terrorist attacks will remain a threat to the credit profile.
The threat of full disintermediation for corporate travel
services is viewed as unlikely albeit on-line migration is
expected to grow going forward.  The complex and value-added
level of service required for corporate travel programs
underpins this.

CWT does offer its corporate travel clients proprietary online
booking technology as well as it has resale agreements with
third party vendors to offer a full range of services towards
online adoption.  However, if online bookings are adopted more
rapidly than anticipated, pricing pressures could lead to
profitability erosion; CWT has to-date been able to adapt its
cost base to mitigate a material fall in margins.

The acquisition of Navigant is seen as modestly margin enhancing
and given the overlap between the two companies in the U.S there
is a ratings expectation that synergies will be realized.  It
also poses a number of execution risks given Navigant's size,
which is materially larger than previous CWT acquisitions.
Following the closure of the transaction and integration of
Navigant into CWT, Moody's also expects that past covenant
breaches and accounting irregularities at Navigant will not
recur.

Moody's also notes that CWT's credit metrics at closing are
weakly positioned in the Ba3 category but it is expected that,
over the next 12-24 months, Retained Cash Flow to Net Adjusted
Debt excluding one-off integration costs should improve to over
10% and remain above that level and Net Adjusted Debt to EBITDAR
should fall below 5x.  Positive rating pressure could occur if
the company is able to reduce its Net Adjusted Debt/EBITDAR to
around 4 times and increase Retained Cash Flow/Net Adjusted Debt
above 15%.

Moody's takes comfort from the material restrictions in terms of
financial indebtedness, acquisitions and dividend payments to be
inserted in the Senior Bank Debt agreement in addition to
financial covenants that are expected to provide a reasonable
cushion level.

The Senior Secured facilities benefit from guarantees and
security on assets provided by CWT's material subsidiaries.  The
(P) Ba3 rating, however takes into consideration the size of the
facilities in the context of the overall capital structure and
the relatively limited amount of tangible assets to meet
obligations in a distressed scenario.

The US$850 million senior secured debt package comprises these
facilities:

   -- a US$200 million Dutch senior term loan facility borrowed
by Carlson Wagonlit Sub Holding BV;

   -- a US$50 million French senior term loan facility borrowed
by CWT Europe Holdings SAS;

   -- a US$75 million U.K. senior term loan facility borrowed by
Carlson Wagonlit New Holdco Limited;

   -- a US$325 million senior term loan facility initially
borrowed by Horizon Merger Corp, which is expected to
merge with Navigant International, Inc.; and

   -- a US$200 million multi-borrower senior revolving credit
facility for general corporate and working capital
purposes.

CWT is the second largest travel management company in the
world, serving corporations of all sizes as well as government
institutions.  CWT reported revenues of approximately US$1.193
billion in 2005.


PROMUS II: Fitch Affirms EUR5.08-Mln Class E Debt Rating to BB-
---------------------------------------------------------------
Fitch Ratings affirmed all Promus II B.V.'s notes due 2017,
following a satisfactory performance review:

   -- EUR220,000,000 Class A senior secured notes: AAA;
   -- EUR47,500,000 Class B senior secured notes: AA-;
   -- EUR19,771,900 Class C senior secured notes: A-;
   -- EUR14,528,100 Class D senior secured notes: BBB;
   -- EUR5,077,800 Class E senior secured notes: BB-;
   -- EUR7,500,000 Class N combination notes: BBB;
   -- EUR12,000,000 Class P combination notes: BBB; and
   -- EUR5,000,000 Class W combination notes: BBB.

Promus II is a special purpose vehicle incorporated with limited
liability under the laws of The Netherlands.  The proceeds from
the note issuance were used to purchase a portfolio of leveraged
loans, mezzanine loans and high-yield bonds.  The portfolio is
managed by Intermediate Capital Management Ltd.

The affirmations are due to the portfolio's stable performance.
There have been no defaults to date and the transaction is
performing as expected.  The credit quality of the collateral
has been fairly stable since July 2005 as captured by the
Weighted Average Fitch Factor of 27.07 versus 25.38 as of the
review in July 2005, both corresponding to a B+/B rating.

The transaction continues to pass all portfolio profile and
coverage tests.  The transaction is still within the
reinvestment period until July 3, 2007.  Cashflow analysis shows
that the transaction can withstand Fitch's stress tests at the
current rating levels.

Promus II uses dynamic funding technology, which consists of
expanding funding and increasing leverage in line with portfolio
ramp-up.  Since closing in July 2002, there have been six
further tap issuances:

   -- in October 2002, EUR65 million Class A-1 floating rate and
      EUR5 million Class C-3 fixed notes;

   -- in March 2003, EUR5 million B-1 fixed rate notes;

   -- on July 9, 2003, EUR2 million Class A-1 and EUR1 million
      Class B-2 floating rate notes;

   -- on July 31, 2003, EUR10 million Class B-3 and EUR4 million
      Class C-4 fixed rate notes;

   -- in September 2003, EUR2 million Class C-5 floating rate
      notes;

   -- in February 2004, EUR153 million Class A-1, EUR31.5
      million Class B-4 and EUR2 million Class C-5 floating rate
      notes.

The rating of the revolving facility agreement was withdrawn at
the time of the tap issuance of February 2004.

The ratings of the Class A and Class B notes address the timely
payment of interest and ultimate payment of principal.  The
ratings of the Classes C, D and E notes address the ultimate
payment of interest and principal at maturity or, in the event
of optional redemption in full by the subordinated note-holders,
the repayment of the rated notes at par.

The ratings of the Classes N, P and W combination notes address
the ultimate payment of interest and principal at maturity or,
in the event of optional redemption in full by the subordinated
note-holders, the repayment of the rated notes at par.


===========
P O L A N D
===========


ING BANK: Fitch Affirms Individual Rating at C/D
------------------------------------------------
Fitch Ratings affirmed Polish ING Bank Slaski at IDR A with
Positive Outlook, Individual C/D, Short-term F1 and Support 1.
ING Bank Slaski's IDR is constrained by Poland's sovereign
ceiling.

At the same time, Fitch upgraded ING Bank's Issuer Default
rating and senior unsecured debt to AA from AA-, subordinated
debt to AA- from A+ and Individual rating to A/B from B.  The
bank's F1+ Short-term and 1 Support ratings are affirmed.  ING
Belgium's IDR is also upgraded to AA from AA-, while its
Individual B, Short-term F1+ and Support 1 ratings are affirmed.
The Outlooks of ING Bank and ING Belgium remain Stable.

The upgrades of the IDRs of ING Bank and ING Belgium reflect the
group's focus on improving profitability and generating growth,
by allocating capital where returns are most attractive and
disposing of businesses that are under performing or no longer
fit with the long-term plans.  Thus, the Asian cash equities
business, CenE Bankiers and ING BHF-Bank were sold in 2004,
Baring Asset Management was sold in 2005 and Williams de Broe
was sold in 2006.

This has freed capital to invest in organic growth essentially
through its direct banking business, ING Direct, which has been
successful and provides a route to expand in mature markets.
ING Direct is considered by ING Group as one of its three
"growth engines".

ING Bank's ratings also reflect its strong domestic franchise,
sound asset quality and adequate capitalization.  ING Bank is
the second largest retail bank in The Netherlands and the fourth
largest in Belgium.  A high proportion of mortgage lending and
the bank's focus on its home Benelux markets, where loss rates
have historically been low, underpins its sound asset quality.
Moreover, ING Bank's capital is adequate when compared to its
risk profile.

ING Bank is the banking arm of the Netherlands-based ING Groep
NV, one of Europe's largest financial services companies.  As
ING Group also has an insurance arm, ING Verzekeringen, it has
more financial flexibility to support ING Bank in case of
problems than a bank holding company whose only asset is the
bank itself.  ING Belgium is a fully owned Belgian subsidiary of
ING Bank.


=============
R O M A N I A
=============


ARDAF SA: Goes Into Receivership; Eyes EUR31-Mln Capital Hike
-------------------------------------------------------------
Asigurare Reasigurare Ardaf S.A. needs to raise EUR30.9 million
to its share capital in order to hasten its financial recovery,
Ziarul Financiar reports.

Comisiei de Supraveghere a Asigurarilor, Romania's Insurance
Monitoring Commission, ruled that Ardaf needs to have EUR44.9
million in equity while it is under receivership procedure.
Ardaf currently has EUR14 million in equity, owned by:

   -- Ovidiu Tender, via SC Tender S.A. (70.69%),
   -- Clairmont Holding Limited (12.71%),
   -- Raiffeisen Zentralbank Austria (10.19%), and
   -- minority stakeholders (6.45%).

Shareholders have until Sept. 30 to subscribe to Ardaf's new
shares, Octavian Manastireanu, chairman of the company' Board of
Directors, told Ziarul Financiar.

                   Receivership Procedure

On July 18, CSA placed Ardaf under special administration and
appointed lawyer Radu Cocea as receiver, derStandard reports.

CSA ruled that Ardaf has jeopardized the possibility of
satisfying its obligations to its clients and creditors,
derStandard relates.  The insurance commission said the proposed
measures were meant to boost Ardaf's financial recovery and
protect the rights of the insured.  CSA noted that Ardaf's
insurance contracts remains in force on under normal conditions.

"The recovery plan proposed by the CSA is very good and helps
Ardaf.  In theory, the company sees to its business as usual, we
sell policies, underwrite, and settle claims," Mr. Manastireanu
was quoted by Ziarul Financiar as saying.

Aside from the capital increase, CSA also outlined these
receivership measures:

   -- ban on investment;
   -- cost cuts on Ardaf's branches; and
   -- ban on the sale of any Ardaf assets.

"We were not planning to sell assets or make investments in the
upcoming period, anyway, so that CSA's list of prohibited things
does not affect our business," Mr. Manastireanu commented on
CSA's scheme.

Following CSA's ruling, market regulators suspended Ardaf shares
from trading on the Bucharest Stock Exchange.

Ardaf underwent similar proceedings in October 2005.  The group
recovered within two months following a EUR5 million capital
hike.

                         About Ardaf

Headquartered in Cluj-Napoca, Romania, Asigurare Reasigurare
Ardaf S.A. -- http://www.ardaf.ro/-- offers insurance
contracts, including all types of general facultative and life
insurance.  The company controls 5.28% of the Romanian insurance
market.


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


AUDIT-CONSULT: Court Names A. Bagan as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. A.
Bagan as Insolvency Manager for CJSC Audit-Consult.  He can be
reached at:

         A. Bagan
         Post User Box 20747
         660017 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6945/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Audit-Consult
         K. Marksa Str. 78.
         660049 Krasnoyarsk Region
         Russia


BANK OF MOSCOW: Fitch Upgrades IDR to BBB & Keeps Individual D
--------------------------------------------------------------
Fitch Ratings upgraded Bank of Moscow's Issuer Default rating to
BBB from BBB-.  The Outlook on the IDR remains Stable.  BOM's
other ratings are affirmed at Short-term F3, Support 2,
Individual D and National Long-term AA+ with Stable Outlook.

At the same time, Fitch has upgraded the bank's outstanding
senior unsecured debt to BBB from BBB- and the US$300 million
subordinated debt issue due 2015 to BBB- from BB+

The rating action follows yesterday's upgrade of the City of
Moscow's IDR to BBB+ from BBB.  BOM's IDR, Short-term, Support
and National Long-term ratings are driven by the strong
potential for support from the City of Moscow, its majority
shareholder.

The rating action reflects Fitch's view of the City of Moscow's
improved capacity to support BOM, if required.  BOM is 62%-owned
by the city and there are no plans at present for this stake to
fall below 50%, although imminent share issue is set to result
in a small reduction in the shareholding.

City officials also constitute a majority of the bank's Board of
Directors and there is a track record of capital contributions
and precautionary liquidity support being made available to BOM
by the city.  The bank also provides a range of banking services
to both the city and to parties closely connected with the city,
and is frequently involved in city programs.

Fitch comments that its view of the propensity of the City of
Moscow to support the bank, and hence the support floor for
BOM's IDR, will continue to depend, amongst other things, on the
bank's ownership by, and importance to, the City of Moscow.

Fitch also notes that any material changes in the relationship
between the city and the bank following the likely change in the
city mayor at end-2007 could have an impact on BOM's ratings,
although to date there has been no indication that any successor
would implement such changes.

BOM was established in 1994, and is now one of Russia's 10
largest banks.  While a significant share of BOM's business is
city-related, the bank is aiming to develop as a universal
institution, with a primary focus on third-party business.


BASKIN ROBBINS: Court Names A. Lantsov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Lantsov as
Insolvency Manager for CJSC Baskin Robbins Distribution Company
Limited.  He can be reached at:

         A. Lantsov
         Post User Box 58
         121614 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-14954/06-73-72B.

The Debtor can be reached at:

         CJSC Baskin Robbins Distribution Company Limited
         L. Tolstogo Str. 7-35
         119021 Moscow Region
         Russia


BRYANSK-BREAD-SERVICE: A. Sherbak to Manage Assets
--------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. A. Sherbak
as Insolvency Manager for LLC Bryansk-Bread-Service.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-2636/06-28.

The Debtor can be reached at:

         LLC Bryansk-Bread-Service
         Moskovskiy Location 49-A
         241035 Bryansk Region
         Russia


DIARY: Court Names V. Suldin as Insolvency Manager
--------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. V. Suldin
as Insolvency Manager for OJSC Diary.  He can be reached at:

         V. Suldin
         Michurina Str. 114-37
         443068 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-17350/2005-13.

The Debtor can be reached at:

         OJSC Diary
         Bogatoe
         Bogatovskiy Region
         Samara Region
         Russia


GAZPROM: Inks 50-Year Gas Plan with Petroleos de Venezuela
----------------------------------------------------------
Petroleos de Venezuela SA inked an agreement for the development
of a 50-year gas plan with Russia's state-controlled oil firm,
OAO Gazprom.

Gazprom, being the world's largest gas producer, will help
Petroleos de Venezuela work out a plan to develop its gas
industry.  The strategy will include development of the internal
market and regional interconnection.

Venezuela's minister of energy and petroleum Rafael Ramirez
disclosed to the Associated Press that the two state firms'
representatives will discuss potential incorporation of Gazprom
in the proposed US$20-billion South American gas pipeline.  The
8,000-km pipeline will run from Caracas to Buenos Aires.

                  About Petroleos de Venezuela

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                          About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/eng-- produces 94% of the country's
natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.   Standard &
Poor's Ratings Services raised on Jan. 17, 2006, its long-term
corporate credit rating on OAO Gazprom to 'BB+' from 'BB'.

                         *     *     *

As reported in TCR-Europe on Jan. 18, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on OAO
Gazprom to 'BB+' from 'BB'.

As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency ratings to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


GENERAL INSURANCE: E. Kondratsikovskiy to Manage Assets
-------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. E.
Kondratsikovskiy as Insolvency Manager for CJSC General
Insurance Agency (TIN 7709143756).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-14265/06-123-68 B.

The Debtor can be reached at:

         CJSC General Insurance Agency
         Building 2
         Stroykovskaya Str. 12
         109316 Moscow Region
         Russia


KARELSKIY 5: Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
will convene at 11:00 a.m. on Sept. 26 to hear the bankruptcy
supervision procedure on CJSC Karelskiy 5.  The case is docketed
under Case No. A56-14847/2006.

The Temporary Insolvency Manager is:

         A. Pankov
         Post User Box 7
         198334 St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Karelskiy 5
         Karelskiy Per. 5
         197183 St. Petersburg Region
         Russia


KRASNOYARSKIY REGIONAL: B. Stepanov to Manage Assets
----------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. B.
Stepanov as Insolvency Manager for OJSC Krasnoyarskiy Regional
Investment Centre.  He can be reached at:

         B. Stepanov
         Post User Box 28495
         660020 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6296/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Krasnoyarskiy Regional Investment Centre
         Krasnoyarskiy Rabochiy Pr. 144
         Krasnoyarsk Region
         Russia


MARI-TUREKSKIY: Court Names V. Pochuev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. V.
Pochuev as Insolvency Manager for OJSC Mari-Turekskiy Butter-
Cheese-Factory.  He can be reached at:

         V. Pochuev
         Potrebkooperatsii Str. 6
         610014 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-6367-11/185-2005.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Mari-Turekskiy Butter-Cheese-Factory
         Stroiteley Str. 8
         Mari-Turek
         Mariy El Republic
         Russia


NOVOTROITSKIY REINFORCED: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Orenburg Region has commenced
bankruptcy supervision procedure on LLC Novotroitskiy Reinforced
Concrete (TIN 5607015335).  The case is docketed under Case No.
A47-2958/06-14GK.

The Temporary Insolvency Manager is:

         O. Shevtsova
         Komsomolskaya Str. 126-51
         460006 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         LLC Novotroitskiy Reinforced Concrete
         Post User Box 82
         Stroygorodok
         Novotroitsk
         462353 Orenburg Region
         Russia


SAYANSKAYA NIVA: Court Names S. Ivanov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. S.
Ivanov as Insolvency Manager for CJSC Agro Company Sayanskaya
Niva.  He can be reached at:

         S. Ivanov
         Post User Box 28495
         660020 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6956/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Agro Company Sayanskaya Niva
         Lenina Str. 63A
         Sayansk
         Krasnoturanskiy Region
         Krasnoyarsk Region
         Russia


SHARYPOVSKIY BRICKWORKS: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on LLC Sharypovskiy Brickworks.
The case is docketed under Case No. A33-30950/2005.

The Temporary Insolvency Manager is:

         B. Stepanov
         Post User Box 28495
         660020 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Sharypovskiy Brickworks
         Building 45
         Berezovskiy
         Promploshadka Razreza
         Sharypovskiy Region
         Krasnoyarsk Region Russia


SLAVSKIY CHEESE: Court Names O. Sapronov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kaliningrad Region appointed Mr. O.
Sapronov as Insolvency Manager for OJSC Slavskiy Cheese Making
Factory.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A21-10664/2005g.

The Debtor can be reached at:

         OJSC Slavskiy Cheese Making Factory
         Sovetskaya Str. 91.
         Slavsk
         238600 Kaliningrad Region
         Russia


STAROMINSKIY BRICKWORKS: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on CJSC Starominskiy
Brickworks.  The case was docketed under Case No. A-32-
62623/2005-27/598-B.

The Temporary Insolvency Manager is:

         V. Grudkin
         Apartment 44
         Selezneva Str. 90
         350075 Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Starominskiy Brickworks:
         Promzona
         Starosminskaya Str.
         353600 Krasnodar Region
         Russia


TURGENEVSKAYA NIVA: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Orel Region will convene at 9:40 a.m.
on Sept. 13 to hear the bankruptcy supervision procedure on OJSC
Turgenevskaya Niva.  The case was docketed under Case No.
A48-1556/06-17b.

The Temporary Insolvency Manager is:

         P. Klimenko
         Arsenalnaya Str. 1D.
         300002 Tula Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Turgenevskaya Niva
         Spasskoye-Lutovinovo
         Mtsenskiy Region
         Orel Region
         Russia


YUKOS OIL: Liquidation Spurs Moody's to Withdraws Ratings
---------------------------------------------------------
Moody's Investors Service withdrew the Ca issuer and corporate
family ratings of Yukos Oil Company.

The action follows a recent creditors meeting, which
overwhelmingly voted in favor of asking the court to declare the
company bankrupt and initiate liquidation procedures.  Earlier,
Yukos's temporary administrator had valued the company's assets
at US$17.7 billion, thus insufficient to cover US$18.3 billion
of liabilities, most of which tax related.

Yukos's remaining assets include an approximate 10% stake in
Rosneft, a 20% stake in Gazprom Neft (formerly Sibneft), as well
as production capacity of around 490,000 barrels of oil per day,
5 refineries and more than 1,200 retail stations.  These assets
are likely to be the subject of trade sales and auctions over
the coming weeks.


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


OCA INC: Court OKs Amended & Restated Joint Disclosure Statement
----------------------------------------------------------------
The Honorable Jerry A. Brown of the U.S. Bankruptcy Court for
the Eastern District of Louisiana approved on July 24 the
Amended and Restated Joint Disclosure Statement explaining the
Joint Chapter 11 Plan filed by OCA, Inc., and its debtor-
affiliates.

The Court determined that the Disclosure Statement contains
adequate information -- the right amount of the right kind of
information necessary for creditors to make informed decisions
-- as required in Section 1125 of the Bankruptcy Code.

The primary purposes of the Plan are to:

   -- provide for the continued operation and renewed growth of
      the Debtors' businesses;

   -- rationalize the Debtors' debt structure by satisfying the
      senior lender claims through a new term loan facility and
      the issuance of 100% of the equity in the Reorganized OCA
      to the senior lenders (subject to the dilution by the
      Management Incentive Plan and the Doctors' Incentive
      Plan);

   -- provide for US$10 million in exit financing to repay the
      DIP Facility, pay the expenses of the bankruptcy cases and
      the allowed claims against the Debtors and to provide
      additional working capital for the Debtors' businesses;

   -- provide for new senior management and ownership of the
      Debtors; and

   -- provide distributions to holders of allowed claims and
      potential distributions to holders of equity interests and
      subordinated claims.

            Debt and Capital Structure Under the Plan

The Senior Lender will be issued 100% of the New Common Stock in
the Reorganized OCA (subject to the dilution by the Management
Incentive Plan and the Doctors' Incentive Plan) and will receive
ratable interests in the New Term Loan Facility in satisfaction
of the Senior Lender Claims.

The holders of Allowed General Unsecured Claims share ratably
in:

   (1) the General Unsecured Claims Pool, consisting of
       US$3,000,000 deposited by the Reorganized Debtors in the
       Unsecured Creditors' Trust;

   (2) several potential General Unsecured Deferred Payments
       (consisting of possible payments by the Reorganized
       Debtors to the Unsecured Creditors' Trust) upon the
       Reorganized Debtors achieving certain financial
       milestones; and

   (3) the Transferred Avoidance Action Proceeds (consisting of
       the net proceeds from the Transferred Avoidance Actions).

Depending on the amount of General Unsecured Claims that are
ultimately Allowed, and the Reorganized Debtors' performance,
Holders of Allowed General Unsecured Claims could conceivably
receive as much as 100% of the amount of their Allowed General
Unsecured Claims over time, but will in no instance receive more
than a full recovery on account of their Allowed General
Unsecured Claims, exclusive of interest accruing after the
Debtors' bankruptcy filing.

The existing common, and preferred, stock and any options in OCA
will be canceled.  However, if the classes comprising Equity
Interests and Subordinated Claims vote to accept the Plan, the
existing stockholders, together with the holders of allowed
Subordinated Claims will receive Equity and Subordinated Claims
Deferred Payments, which are potential payments (not securities)
based on the Reorganized OCA achieving certain milestones in the
future including the payment in full of Allowed General
Unsecured Claims.  The Reorganized Debtors will make Equity and
Subordinated Claims Deferred Payments, if any, to the Equity and
Subordinated Claims Trust.

                         Exit Financing

The Senior Lenders will provide up to US$10 million of exit
financing on the Effective Date of the Plan to repay the DIP
Facility incurred during the bankruptcy case, and to pay
administrative claims due to professionals and others, trade
creditors and other general unsecured creditors, as well as to
provide working capital for the Reorganized Debtors.

                            Deadlines

Objections to the Plan and ballots should be filed and served by
Aug. 28, 2006.  Ballots will be tabulated by the voting agent
and the certification of ballots will be prepared and filed by
Sept. 1, 2006.

The Court will consider confirmation of the Plan beginning at
10:00 a.m. on Sept. 5, 2006.  The confirmation hearing may be
continued after that from time to time.

A full-text copy of the Disclosure Statement is available for a
fee at:

  http://www.researcharchives.com/bin/download?id=060725223228

                            About OCA

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Debtor's client practices provide
treatment to patients throughout the United States and in Japan,
Mexico, Spain, Brazil and Puerto Rico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No.
06-10179).  Three debtor-affiliates also filed for bankruptcy
protection on June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).
William H. Patrick, III, Esq., at Heller Draper Hayden Patrick &
Horn, LLC, represents the Debtors.  Patrick S. Garrity, Esq.,
and William E. Steffes, Esq., at Steffes Vingiello & McKenzie
LLC represent the Official Committee of Unsecured Creditors.
Carmen H. Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B.
Cheatham, Esq., at Adams and Reese LLP represent the Official
Committee of Equity Security Holders.  When the Debtors filed
for protection from their creditors, they listed US$545,220,000
in total assets and US$196,337,000 in total debts.


OCA INC: SEC Has Until Aug. 11 to Contest Debt Dischargeability
----------------------------------------------------------------
The U.S. Securities and Exchange Commission has until Aug. 11 to
file a complaint or take whatever action against OCA Inc., and
its debtor-affiliates to determine the dischargeability of a
debt, if any, owing to the Commission pursuant to Section
1141(d)(6) of the Bankruptcy Code.

The U.S. Bankruptcy Court for the Eastern District of Louisiana
may extend the deadline if stipulated between the Debtors and
the Commission.

Section 1141(d)(6) of the Bankruptcy Code was recently amended
to provide that "the confirmation of a plan does not discharge a
debtor that is a corporation from any debt . . . (A) of a kind
specified in paragraph (2)(A) or (2)(B) of Section 523(a) that
is owed to a domestic governmental unit"

William H. Patrick III, Esq., at Heller, Draper, Hayden, Patrick
& Horn, LLC, told the Court that Section 1141(d)(6) contains no
provision requiring a governmental unit to seek Court
determination that the kind of debt specified is exempt from
discharge.  No known published decision has been issued and the
parties are not aware of any action in which a court has
determined whether affirmative action, such as required by
Section 523(c) of the Code, is applicable to a corporation
pursuant to Section 1141(d)(6) of the Code.  The staff of the
Securities and Exchange Commission does not concede to the
applicability of Section 523(c) to Section 1141(d)(6).  They are
currently investigating potential claims, if any, that the
Commission may assert against the Debtors, including whether the
Commission has claims that fall within Section 523(a)(2)(A) of
the Code.  The Commission staff has not filed a proof of claim
and is not required to do so until the governmental unit bar
date, Sept. 13, 2006.

The Commission staff needs the additional time to complete its
ongoing investigation to avoid being forced to make a premature
determination of whether a non-dischargeable claim lies against
the Debtor, Mr. Patrick asserted.

                            About OCA

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Debtor's client practices provide
treatment to patients throughout the United States and in Japan,
Mexico, Spain, Brazil and Puerto Rico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No.
06-10179).  Three debtor-affiliates also filed for bankruptcy
protection on June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).
William H. Patrick, III, Esq., at Heller Draper Hayden Patrick &
Horn, LLC, represents the Debtors.  Patrick S. Garrity, Esq.,
and William E. Steffes, Esq., at Steffes Vingiello & McKenzie
LLC represent the Official Committee of Unsecured Creditors.
Carmen H. Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B.
Cheatham, Esq., at Adams and Reese LLP represent the Official
Committee of Equity Security Holders.  When the Debtors filed
for protection from their creditors, they listed $545,220,000 in
total assets and $196,337,000 in total debts.


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


AMERTSIT: Court Names V. Magalenets as Insolvency Manager
---------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. V.
Magalenets as Liquidator/Insolvency Manager for Scientific-
Production Enterprise Amertsit (code EDRPOU 25538893).  He can
be reached at:

         Mr. V. Magalenets
         Peremogi Str. 44/1
         Naberezhna
         49094 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 10.  The case is docketed
under Case No. B 29/74/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         Scientific-Production Enterprise Amertsit
         Mechnikov Str. 16
         49070 Dnipropetrovsk Region
         Ukraine


APRIORI: Court Names Roman Nesterenko as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Roman
Nesterenko as Insolvency Manager for LLC Juridical Firm Apriori
(code EDRPOU 32774982).  He can be reached at:

         Roman Nesterenko
         Office 21
         Sherbakov Str. 56/7
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 9.  The case is docketed
under Case No. 43/325.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Juridical Firm Apriori
         Academic Bulahovskij Str. 30-b/36
         Kyiv Region
         Ukraine


BILOKURAKINE' MACHINE: Oleksandr Prosolupov Named as Liquidator
---------------------------------------------------------------
The Economic Court of Lugansk Region appointed Oleksandr
Prosolupov as Liquidator/Insolvency Manager for Agricultural LLC
Bilokurakine' Machine Technological Station (code EDRPOU
24185464).  He can be reached at:

         Oleksandr Prosolupov
         Ushakov Str. 9-a
         91048 Lugansk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Jan. 20.  The case is docketed
under Case No. 19/80 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Bilokurakine'
         Machine Technological Station
         Lenin Str. 85
         Bilokurakine
         92200 Lugansk Region
         Ukraine


EKOKOMTRANS: Court Names Oleksandr Borodij as Liquidator
--------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr Borodij as
Liquidator/Insolvency Manager for LLC Ekokomtrans (code EDRPOU
32422525).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. 15/70-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ekokomtrans
         Vasilkivska Str. 28
         03022 Kyiv Region
         Ukraine


FINANCIAL CONSULTING: Oleksandr Palshin to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr Palshin as
Liquidator/Insolvency Manager for JSCCT Financial Consulting
Group (code EDRPOU 24261297).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 6.  The case is docketed
under Case No. 15/838-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         JSCCT Financial Consulting Group
         Room 707
         Hreshatik Str. 16
         01012 Kyiv Region
         Ukraine


HMELNITSKOBLAGROLEASING: Sergij Shishkin to Liquidate Assets
------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Sergij
Shishkin as Liquidator/Insolvency Manager for
Hmelnitskoblagroleasing (code EDRPOU 32054104).  He can be
reached at:

         Sergij Shishkin
         Institutska Str. 17/3-47
         29000 Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 29.  The case is docketed
under Case No. 3/102-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Hmelnitskoblagroleasing
         Kapustin
         Hmelnitskij District
         Hmelnitskij Region
         Ukraine


NFPPI PERSPEKTIVA: Court Names E. Marchenko as Liquidator
---------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. E.
Marchenko as Liquidator/Insolvency Manager for LLC NFPPI
Perspektiva (code EDRPOU 30324864).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 9.  The case is docketed
under Case No. B 29/120/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC NFPPI Perspektiva
         Uzviz Kalinina 1
         49038 Dnipropetrovsk Region
         Ukraine


SLOUN: Court Names Oleksandr Sedletskij as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr Sedletskij
as Liquidator/Insolvency Manager for LLC Sloun (code EDRPOU
31173987).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 9.  The case is docketed
under Case No. 15/835-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Sloun
         Mateuk Str. 4
         Kyiv Region
         Ukraine


UKRAINIAN SERVICE: Court Names Volodimir Tkachuk as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Volodimir Tkachuk as
Liquidator/Insolvency Manager for CJSC Ukrainian Service Company
(code EDRPOU 24941523).  He can be reached at:

         Volodimir Tkachuk
         Office 2
         Laboratorna Str. 26-a
         03150 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 7.  The case is docketed
under Case No. 15/82-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Ukrainian Service Company
         Sevastopolya Str. 37
         Geroiv
         03061 Kyiv Region
         Ukraine


ZAPCHASTINA TRADING: Court Names Chuprin Oleksandr as Liquidator
----------------------------------------------------------------
The Economic Court of Harkiv Region appointed Chuprin Oleksandr
as Liquidator/Insolvency Manager for LLC Zapchastina Trading
(code EDRPOU 33677261).  He can be reached at:

         Oleksandr Chuprin
         Geroiv Pratsi Str. 70/219
         Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 7.  The case is docketed
under Case No. B-19/79-06.

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 Zapchastina Trading
         Geroiv Pratsi Str. 70/219
         Harkiv Region
         Ukraine


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


A.M. DECORATORS: Taps John C. Moran to Liquidate Assets
-------------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was appointed Liquidator
of A.M. Decorators (Merseyside) Limited on May 11.

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

A.M. Decorators (Merseyside) Limited can be reached at:

         Unit 1
    Wirral Business Centre
    Dock Road
    Birkenhead
    Merseyside CH411JW
         United Kingdom
    Tel: 0151 639 7457
    Fax: 0151 639 7457


AEOLUS CDO: S&P Assigns B Rating to EUR9.5-Mln Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR126 million secured credit-linked
floating-rate notes (Colonnade I) to be issued by Aeolus
CDO Ltd., a special purpose entity.

Standard & Poor's ratings address the likelihood that the
reference portfolio, when subjected to stressed conditions, can
still generate adequate cash flow to meet contractual payments
of interest and principal given the level of defaults expected
for the portfolio at a particular rating level.

The CDS was contracted with the issuer, Aeolus CDO, a Jersey SPE
meeting Standard & Poor's bankruptcy-remoteness criteria. T he
issuer itself will purchase protection against losses through
the issue of credit-linked notes referenced to that portfolio.

The proceeds of the credit-linked notes will be invested in
'AAAm' rated collateral securities to support the notes.  The
notes are secured over the collateral and agreements.

The transaction is a synthetic CDO with certain cash flow CDO
features.  Cash flows have been run to assess the level of
excess spread available and the overcollateralization and
interest coverage mechanics have been reviewed.  However, since
the ABS reference obligations are synthetically referenced, the
excess spread modeled in the cash flows and used to pay the
notes will actually come from the amounts paid quarterly by the
CDS counterparty to the issuer under the CDS.

                        Ratings List
                       Aeolus CDO Ltd.
             EUR126 Million Secured Credit-Linked
              Floating-Rate Notes (Colonnade I)

                           Prelim.        Prelim.
          Class            rating         amount (Mil. EUR)
          -----            -----          -----
          A                AAA            49.70
          B                AA             25.00
          C                A              12.50
          D                BBB-           13.80
          E                B               9.50
          Subordinated     NR             15.50

          NR-Not rated.


BRISTOL GOLF: Taps Graham Randall to Administer Assets
------------------------------------------------------
Graham David Randall of BDO Stoy Hayward LLP was named
administrator of The Bristol Golf Club Limited (Company Number
03621477) on July 3.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

The Bristol Golf Club Limited can be reached at:

         7-10 Chandos Street
         London W1G 9DQ
         United Kingdom
         Tel: 01454 620 000


COLJON SERVICES: Claims Filing Period Ends Sept. 29
---------------------------------------------------
Creditors of Coljon Services Limited have until Sept. 29 to send
in their names and addresses and particulars of their debt or
claims to appointed Liquidator Sandra McAlister at:

         Sandra McAlister
         H W Vaughan & Co.
         33 Heathfield
         Swansea SA1 6HD
         United Kingdom

The company can be reached at:

         Coljon Services Limited
         Cliftonville
         Pembrey
    Burry Port
    Dyfed SA160EZ
    United Kingdom
    Tel: 079 7384 7375


CORUS GROUP: Completes Sale of Aluminum Business to Aleris
----------------------------------------------------------
Corus Group PLC completed the sale of its aluminum rolled
products and extrusions businesses for a gross consideration of
EUR826 million to Aleris International Inc. effective Aug. 1.

Following the completion of external regulatory clearances,
Corus confirmed the receipt of net cash proceeds of EUR696
million, after deducting pension liabilities, net debt and
minority interests.  The sale proceeds will be used to
strengthen further the Group's balance sheet and develop the
carbon steel business.

On May 24, Corus and Aleris signed a definitive Share Purchase
agreement for the sale of the businesses.

                        About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- produces metal
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide.
Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

As reported by TCR-Europe on June 21, Standard & Poor's removed
Corus Group PLC's CreditWatch and raised its long-term corporate
credit rating to 'BB' from 'BB-', reflecting the group's
improved financial risk profile.  S&P said the Outlook is
stable.

The 'B' short-term corporate credit rating was also removed from
CreditWatch and was affirmed.  At the same time, Standard &
Poor's removed from CreditWatch and raised its senior secured
bank loan ratings on Corus to 'BB+' from 'BB', and its senior
unsecured debt ratings on Corus and Corus Finance PLC to 'BB-'
from 'B+'.

As reported by Troubled Company Reporter-Europe on March 23,
Fitch Ratings changed Corus Group PLC's Outlook to Positive from
Stable and affirmed the Issuer Default Rating at BB- following
the company's announcement of its 2005 results and plan to
dispose its aluminium business for EUR826 million.  Corus'
affirmed debt instruments include:

   a) Corus Group PLC EUR800 mln 7.5% senior notes B+;

   b) Corus Group PLC EUR307 mln 3.0% convertible bonds B+;

   c) Corus Finance PLC GBP200 mln 6.75% guaranteed bonds B+;
      and

   d) Corus Finance PLC EUR20 mln 5.375% guaranteed bonds B+.

As reported in the TCR-Europe on May 11, Moody's Investors
Service upgraded Corus Group plc's corporate family rating to
Ba2, upgraded its senior unsecured and supported unsecured
obligations to B1 and raised senior secured bank facility to
Ba1.


COX THERMOFORMING: Hires Fisher Partners to Administer Assets
-------------------------------------------------------------
Stephen Katz and Brian Johnson of Fisher Partners were appointed
joint administrators of Cox Thermoforming Limited (Company
Number 02460540) on July 3.

The administrators can be reached at:

         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

Headquartered in Tring, United Kingdom, Cox Thermoforming
Limited manufactures plastics


CRMS LIMITED: Creditors' Meeting Slated for August 7
----------------------------------------------------
Creditors of CRMS (Contracts) Limited (Company Number 02686043)
will meet at 11:00 a.m. on Aug. 7 at:

         KPMG LLP
         100 Temple Street
         Bristol BS1 6AG
         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. S. Pope
         Joint Administrator
         KPMG LLP
         100 Temple Street
         Bristol BS1 6AG
         United Kingdom
         Tel: (0117) 905 4000
         Fax: (0117) 905 4001

Headquartered in Bristol, United Kingdom, 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.


DENRO HEATING: Taps Andrew Appleyard to Administer Assets
---------------------------------------------------------
Andrew Appleyard of Haines Watts was appointed administrator of
Denro Heating and Construction Limited (Company Number 01500258)
on July 3.

Headquartered in Manchester, United Kingdom, Haines Watts --
http://www.hwca.com/-- is a national U.K. business advisory and
accountancy firm with a network of practices strategically
placed throughout England, Wales and Scotland, offering tax and
general business advice.  Its experienced tax accountants,
business advisors and special service teams will help its
clients with every aspect of its business.

Denro Heating and Construction Limited can be reached at:

         2 Brown Street
         Rotherham
         South Yorkshire S60 1JX
         United Kingdom
         Tel: 01709 518 980
         Fax: 01709 518 981


FACTORYCOVER LTD: Creditors Pass Winding Up Resolution
------------------------------------------------------
Creditors of FactoryCover Limited passed on May 11 a resolution
to voluntarily wind up the company's operations.

J. Harvey Madden of Taylor Rowlands was appointed Liquidator.

The company can be reached at:

         FactoryCover Limited
         Tofts Farm West Industrial Estate
    West Brenda Road
    Hartlepool
    Cleveland TS252BQ
    United Kingdom
    Tel: 01429 863 366
    Fax: 01429 263 188


FORD MOTOR: Books US$123-Million Net Loss for 2nd Quarter 2006
--------------------------------------------------------------
Ford Motor Company reported a net loss of US$123 million for
the second quarter of 2006 compared with net income of US$946
million, in the second quarter of 2005.

The Company disclosed that second quarter loss from continuing
operations was US$48 million, compared to a profit of US$936
million, in the same period a year ago.  Its second-quarter
total sales and revenue was US$42 billion, down Us$2.5 billion
from a year ago.

"We've seen an improvement in North America results in the
second quarter, but the external factors we face aren't going to
get any easier," said Chairman and Chief Executive Officer Bill
Ford. "Mark Fields (executive vice president and president - The
Americas) and his team have been working on plans to accelerate
their efforts.  Within the next 60 days, we'll be in a position
to discuss the additional actions we will be taking."

The Company also disclosed that special items reduced earnings
in the second quarter and its pre-tax effect included:

     -- a favorable adjustment of US$146 million to the first-
        quarter US$1.7 billion special charge pertaining to
        expected layoff and jobs bank benefits and voluntary
        termination packages based on agreements at its Atlanta
        Assembly Plant and St. Louis Assembly Plant for buyouts
        and employee relocation;

     -- a charge of US$171 million relative to additional
        personnel reduction programs, as well as a related
        charge of US$315 million relative to earlier
        retirements, enhanced benefits, and the accelerated
        recognition of future service costs associated with its
        U.S. hourly pension plan; and

     -- other gains of US$148 million associated with its equity
        interest in a non-recurring gain that Mazda realized on
        the transfer of its pension liabilities back to the
        Japanese government.

The Company further disclosed that it continues to have a strong
year-to-date sales growth in major international markets,
including a 100% increase in China, and a 75% increase in India.

                         About Ford Motor

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  The
Company manufactures and distributes automobiles in 200 markets
across six continents.  With more than 324,000 employees
worldwide, the company's core and affiliated automotive brands
include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda,
Mercury and Volvo.  Its automotive-related services include Ford
Motor Credit Company and The Hertz Corporation.  It has
operations all over the world including Germany and the United
Kingdom.

                      *     *     *

As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been confirmed at SGL-1, indicating very good liquidity over
the coming 12 month period.  Moody's said the outlook for the
ratings is negative.

As reported in the Troubled Company Reporter on June 12, Fitch
downgraded long-term ratings for both Ford Motor Company and
Ford Motor Credit Company with a Negative Rating Outlook, and
assigned these Recovery Ratings:

  Ford:

    -- Issuer Default Rating to 'B+' from 'BB'
    -- Senior unsecured to 'BB-/RR3' from 'BB'

  FMCC:

    -- Issuer Default Rating to 'B+' from 'BB'

Fitch also affirms FMCC's senior unsecured debt at 'BB/RR2'.

Standard & Poor's Ratings Services, on the other hand, lowered
its corporate credit rating on Ford Motor Co. and its related
units to 'B+' from 'BB-' and affirmed its 'B-2' short-term
rating.


GENBUILD LTD: Creditors Ratify Winding Up Resolution
----------------------------------------------------
Creditors of Genbuild Limited ratified on May 5 a resolution to
wind up the company together with the appointment of Alan H.
Tomlinson of Tomlinsons as Liquidator.

Tomlinsons -- http://www.tomlinsons.co.uk/-- is an independent
firm of Licensed Insolvency Practitioners with offices in
Manchester, Blackburn and London.  It specializes in all types
of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

Genbuild Limited can be reached at:

         2 East Cliff Gardens
         Preston PR1 3JG
         United Kingdom
         Tel: 01772 880 108


GILBERT SONENTHAL: Appoints Baker Tilly to Administer Assets
------------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly
of Baker Tilly were appointed joint administrators of Gilbert
Sonenthal Limited (Company Number 02671314) on June 28.

Headquartered in Birmingham, United Kingdom Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom.  The firm's annual fee income is over GBP168 million
and is part of a global network, which has 122 member firms in
85 countries as an independent member of Baker Tilly
International.

Headquartered in London, United Kingdom, Gilbert Sonenthal
Limited is engaged in real estate leasing and rentals.


GLOBAL CROSSING: S&P Affirms B- Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its corporate credit
rating on Global Crossing (U.K.) Telecommunications Ltd. (GCUK),
the parent company of Global Crossing (U.K.) Finance PLC.  The
outlook is stable.

At the same time, the 'B-' senior secured debt rating and
recovery rating of '5' on the US$200 million notes and the £105
million notes issued by related entity Global Crossing (U.K.)
Finance PLC were affirmed.  Both issues are guaranteed by GCUK.

"Although the group operates in a very dynamic and competitive
telecoms environment in the U.K., GCUK has managed to stabilize
its revenues and margins--despite price pressures and
overcapacity," said Standard & Poor's credit analyst Karim
Nadji.

"The group's operations--primarily derived from core voice and
data services--continued to benefit from a favorable regulatory
environment that has enabled a reduction of the cost of access
paid to BT."

The ratings on GCUK continue to remain constrained, however, by
high customer concentration, with 48% of its revenue coming from
five customers.  This is despite the group's customer base
consisting of long-term contracts.  In addition, despite a long-
dated maturity schedule, the group's high debt (GBP238 million
at March 31) remained flat compared with that reported at
Dec. 31, 2005, and does not give GCUK much financial
flexibility.

Standard & Poor's expects GCUK will retain all its important
clients, the loss of which could lead to revenue and margin
pressures.  Standard & Poor's also expects the group to maintain
adequate profitability and sufficient cash flow generation to
meet interest payments on its notes, despite a very competitive
business environment in the U.K. GCL should achieve positive
free cash flow generation in the second half of 2006.  This will
enable the group to start accumulating sufficient liquidity to
meet high bullet-debt payments of GBP206 million in 2014, less
any early repayments to noteholders in the interim.


GUS PLC: Bondholder Trustee Warns of Default Over Possible Split
----------------------------------------------------------------
HSBC Holdings Plc, the trustee for GUS Plc's bondholders, warns
that GUS will default on its GBP350 million 5.625% bonds due
2013 should shareholders approve a plan to split the company
into two, Steve Rothwell writes for Bloomberg News.

London-based GUS intends to separate its Experian credit-
information unit from the Argos and Homebase store divisions,
Mr. Rothwell reports citing a notice from HSBC Trustee (C.I.)
Ltd.

According to the report, the bond trustee's notice may give debt
holders more leverage in talks after they turned down the
company's bid to buy back the securities at their face value on
July 31.

"We're aware of the trustee's position and with the tender offer
announced yesterday are keen to resolve the situation for
bondholders concerned about an event of default," Rollo Head, an
external spokesman for the company, told Bloomberg.

Shareholders will vote on the proposed break-up on Aug. 29.

                        Tender Offer

GUS disclosed last week that it intends to make a tender offer
for its GBP350 million 5.625% notes due 2013 at a price of par
plus accrued interest.

The offer is intended to allow the exit from the Notes of
noteholders who are concerned that the demerger may give rise to
an event of default.  GUS intends to fund any repayment by means
of the bank facility which it has put in place for that purpose.

                      About the Company

Headquartered in London, England, GUS Plc --
http://www.gusplc.com/-- is a retail and business services
group.  Its activities comprise general merchandise retailing
through Argos Retail Group and information and customer
relationship management services through Experian.

ARG is the UK's leading multi-brand, multi-channel retailer.  It
has two major businesses, Argos and Homebase.

Experian is a global leader in the market for information
solutions.  It supports clients in more than 60 countries.


HMV GROUP: Brian McLaughlin Resigns as Non-Executive Director
-------------------------------------------------------------
HMV Group PLC's non-executive Director Brian McLaughlin will
step down from the Board after the close of business at the
Annual General Meeting on Sept. 28.  Mr. McLaughlin will,
thereafter, act as a consultant to the Board.

Mr. McLaughlin was appointed to the Board on March 23, 1999 and
became a non-executive Director in January 2006 after having
served as the Group's Chief Operating Officer since January
2001.  He spent almost all his working years with HMV having
originally joined as a sales assistant in 1968.

The Board of HMV is grateful for Mr. McLaughlin's contribution
to the Group and looks forward to continue working with him in
the future.

                            About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight
different countries under two powerful retail brands, HMV and
Waterstone's.  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Apr. 29, 2006, the company's balance sheet showed GBP2.4
million in stockholders' deficit, compared with a GBP14.4
million deficit at April 30, 2005.


IDEAL HANDLING: Brings in Liquidators from Poppleton & Appleby
--------------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed Liquidators of Ideal Handling Limited on May 9.

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

Ideal Handling Limited can be reached at:

         High Street
    Uppermill
    Oldham OL3 6AW
    United Kingdom
    Tel: 01457 879 990
    Fax: 01457 810 033
         Web: http://www.ideal-handling.com/


INEOS VINYLS: Buyout Prompts S&P to Lift Rating to B+
-----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on U.K.-based PVC producer Ineos Vinyls
Ltd. to 'B+' from 'B', following its acquisition by the Ineos
Group.  At the same time, the ratings were removed from
CreditWatch where they had been placed with positive
implications on May 26.  The outlook is stable.

The rating action reflects Ineos Vinyls' full integration into
the Ineos Group, after the successful 100% purchase completed in
July 2006.

"Ineos Vinyls will benefit in terms of financing, support, close
commercial links, and common, mutually beneficial projects,"
said Standard & Poor's credit analyst Khaled Zitouni.

Ineos Vinyls' total debt reached roughly EUR300 million in March
2006.

The ratings on Ineos Vinyls continue to reflect its exposure to
the low-margin, cyclical Western European PVC market; persisting
operating challenges resulting in limited EBITDA generation,
weak or nonexistent free operating cash flow (FOCF); and a
still-leveraged profile.  These weaknesses are partially offset
by adequate cash balances and the various types of support
provided by the Ineos Group.

The stable outlook reflects that on Ineos Group.

"Standard & Poor's expects that Ineos Group will continue to
benefit from good market cycles over the next two years, albeit
at lower levels than in 2005," said Mr. Zitouni.

Cyclical pressures could emerge between 2008 and 2010, partially
as a result of significant competition from new Middle East
production capacity.  Nevertheless, Standard & Poor's expects
Ineos to generate positive FOCF in the next few years, and to
make significant fixed-cost savings at Innovene.

The ratings could come under pressure if the group's FOCF
becomes significantly negative, if major issues arise at one of
its key plants, or if the next cyclical downturn arrives sooner
or is more pronounced than anticipated.

If Ineos Group successfully implements its business plan--which
is expected to deliver significant savings--and if currently
good cycles persist longer than expected, or the next cyclical
slump is more modest than anticipated, the ratings could be
positively affected.


JAMAL DYNAMICS: Barclays Bank Hires BDO Stoy Receivers
------------------------------------------------------
Barclays Bank PLC appointed Graham Randall and Simon Edward Jex
Girling of BDO Stoy Hayward LLP joint administrative receivers
of Jamal Dynamics Ltd. (Company Number 01343013) on July 21.

Headquartered in Bristol, United Kingdom, BDO Stoy Hayward --
http://www.bdo.co.uk/-- is the U.K. member firm of BDO
International, the world's fifth largest accountancy network
with more than 600 offices in 100 countries.  Its services
include: audit and assurance, business restructuring, corporate
finance, disputes and investigations, investment management,
risk assurance services, tax services, and valuations.

Headquartered in Mid Glamorgan, United Kingdom, Jamal Dynamics
Ltd. manufactures small electric motors.


JR INKJET: Brings In Wilkins Kennedy as Administrators
------------------------------------------------------
Simon James Underwood and Colin George Wiserman of Wilkins
Kennedy were appointed joint administrators of JR Inkjet Limited
(Company Number 03039120) on July 3.

The administrators can be reached at:

         Wilkins Kennedy
         Bridge House
         London Bridge
         London SE1 9QR
         United Kingdom
         Tel: 020 7403 1877
         Fax: 020 7403 1605
         E-mail: colin.wiseman@wilkinskennedy.com

Headquartered in Essex, United Kingdom, JR Inkjet Limited
supplies inkjet refill kits.


MOBILAIR STANSTEAD: Appoints Louise Donna Baxter as Liquidator
--------------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Mobilair (Stanstead) Limited on May 5.

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

Mobilair (Stanstead) Limited can be reached at:

         Woodgates Farm
         Woodgates End
         Dunmow
         Essex CM6 2BN
         United Kingdom
         Tel: 01279 851 800


OPTIMUM RECRUITMENT: Creditors' Meeting Slated for August 8
-----------------------------------------------------------
Creditors of Optimum Recruitment Services (East Midlands)
Limited (Company Number 05540979) will meet at 10:00 a.m. on
Aug. 8 at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire AL9 5BS
         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. 7 at:

         G. S. Kinlan
         Joint Administrator
         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire AL9 5BS
         United Kingdom
         Tel: 01707 255888
         Fax: 01707 255890

Headquartered in Hatfield, United Kingdom, BDO Stoy Hayward --
http://www.bdo.co.uk/-- is the U.K. member firm of BDO
International, the world's fifth largest accountancy network
with more than 600 offices in 100 countries.  Its services
include: audit and assurance, business restructuring, corporate
finance, disputes and investigations, investment management,
risk assurance services, tax services, and valuations.


OPTIMUM RECRUITMENT: Creditors' Meeting Slated for August 8
-----------------------------------------------------------
Creditors of Optimum Recruitment Services Ltd. (Company Number
03704709) will meet at 10:30 a.m. on Aug. 8 at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire AL9 5BS
         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. 7 at:

         G. S. Kinlan
         Joint Administrator
         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire AL9 5BS
         United Kingdom
         Tel: 01707 255888
         Fax: 01707 255890

Headquartered in Hatfield, United Kingdom, BDO Stoy Hayward --
http://www.bdo.co.uk/-- is the U.K. member firm of BDO
International, the world's fifth largest accountancy network
with more than 600 offices in 100 countries.  Its services
include: audit and assurance, business restructuring, corporate
finance, disputes and investigations, investment management,
risk assurance services, tax services, and valuations.


P.D.S. GOLD: Nominates Liquidator from Crawfords
------------------------------------------------
David Norman Kaye of Crawfords was nominated Liquidator of
P.D.S. (Gold Plating) Company Limited on May 5.

The company can be reached at:

         P.D.S. (Gold Plating) Company Limited
    Invincible Road
    Farnborough Trade Estate
    Farnborough
    Hampshire GU147QU
    United Kingdom
    Tel: 01252 515 757
    Fax: 01252 515 757


PJ PERSONNEL: Financial Woes Prompt Voluntary Liquidation
---------------------------------------------------------
PJ Personnel Limited is voluntarily liquidating its assets after
creditors proved that the company could no longer continue its
operations due to liabilities.

The company can be reached at:

         P J Personnel Limited
         Longferry House
         High Street
         Gravesend
         Kent DA11 0BH
         United Kingdom
         Tel: 01474 364366


PRYCE WILLIAMS: Names Moira C. Fitzpatrick Liquidator
-----------------------------------------------------
Moira C Fitzpatrick of MCF Business Rescue and Insolvency was
appointed Liquidator of Pryce Williams Limited on May 9.

The company can be reached at:

         Pryce Williams Limited
    Tamar Building
    Queen Anne Battery
    Plymouth PL4 0LP
    United Kingdom
    Tel: 01752 250 101


SCOTTISH RE: Expresses Dissatisfaction on Ratings Actions
---------------------------------------------------------
Scottish Re Group Limited (NYSE: SCT), in response to ratings
actions taken by A.M. Best Co., Fitch Ratings, Moody's Investor
Service, and Standard & Poor's Rating Services, reveals that:

"While we are disappointed by the ratings actions taken by the
agencies yesterday, we would like to reassure our clients,
investors and creditors that we do not face any near-term
liquidity or solvency issues.

"All of our regulated entities are capitalized well in excess of
their minimum required levels.  Given our currently available
liquidity, we are confident in our ability to meet our
obligations with regards to the US$115 million outstanding 4.5%
convertible notes that are puttable to us at par on December 6,
2006.

"It should also be noted that we are not in violation of any of
the covenants associated with our outstanding debt and
convertible securities or back-up liquidity lines.  We have made
a concerted effort during the past 36 months to negotiate new
business without ratings triggers and have negotiated such terms
out of older treaties.

"Any treaties with rating triggers represent a de minimus amount
of our in-force business.  We will provide additional details
regarding each of these items during our earnings call on Aug.
4, 8:30 a.m. EDT."

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--  
offers reinsurance of life insurance, annuities and annuity-type
products through its 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, 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+.

Moody's Investor Services downgraded to Ba2 from Baa2 the senior
unsecured debt rating of Scottish Re Group Limited following the
Company's profit warning.  The rating agency also downgraded to
Baa2 from A3 the insurance financial strength ratings of the
company's core insurance subsidiaries, Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc. All
debt and IFS ratings of Scottish Re remain on negative outlook.

These ratings were downgraded and remain on negative outlook:

Scottish Re Group Limited:

   -- Senior Unsecured, to Ba2 from Baa2;
   -- Senior Unsecured Shelf, to (P)Ba2 from (P)Baa2;
   -- Subordinate Shelf, to (P)Ba3 from (P)Baa3;
   -- Junior subordinate Shelf, to (P)B1 from (P)Ba1;
   -- Preferred Stock, to B1 from Ba1;
   -- Preferred Shelf, to (P)B1 from (P)Ba1

Scottish Holdings Statutory Trust II:

   -- Preferred Shelf to (P)Ba3 from (P)Baa3

Scottish Holdings Statutory Trust III:

   -- Preferred Shelf to (P)Ba3 from (P)Baa3

Scottish Annuity & Life Ins Co (Cayman) Ltd:

   -- IFSR to Baa2 from A3

Premium Asset Trust Series 2004-4:

   -- Senior Secured to Baa2 from A3

Scottish Re (U.S.), Inc.:

   -- IFSR to Baa2 from A3

Stingray Pass-Through Trust Senior Secured: To Baa2 from A3

A.M. Best likewise downgraded the ICR of Scottish Re to "bb+"
from "bbb-".  A.M. Best Co. also downgraded the financial
strength rating to B++ from A- and the issuer credit ratings to
"bbb+" from "a-" of the primary operating insurance subsidiaries
of Scottish Re Group Limited (Scottish Re) (Cayman Islands).

All FSR and debt ratings have been placed under review with
negative implications.

The FSR has been downgraded to B++ from A- and the ICRs have
been downgraded to "bbb+" from "a-" and placed under review with
negative implications for these subsidiaries of Scottish Re
Group Limited:

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd;
  -- Scottish Re (U.S.), Inc.;
  -- Scottish Re Life Corporation;
  -- Scottish Re Limited; and
  -- Orkney Re, Inc.

The ICR has been downgraded to "bb+" from "bbb-" and placed
under review with negative implications for Scottish Re Group
Limited.

These debt ratings have been downgraded and placed under review
with negative implications:

Scottish Re Group Limited

   -- "bb+" from "bbb-" on US$115 million 4.5% senior
      unsecured convertible notes, due 2022;

   -- "bb-" from "bb" on US$143 million 5.875% of hybrid
      capital units, due 2007; and

   -- "bb-" from "bb" on US$125 million non-cumulative
      preferred shares;

Stingray Pass-thru Trust

   -- "bbb+" from "a-" on US$325 million senior unsecured
      pass-thru certificates, due 2012

These indicative ratings for debt securities under the shelf
registration have been downgraded and placed under review with
negative implications:

Scottish Re Group Limited

   -- "bb-" from "bb" on preferred stock;
   -- "bb" from "bb+" on subordinated debt; and
   -- "bb+" from "bbb-" on senior unsecured debt.

Scottish Holdings Statutory Trust II and III

   -- "bb" from "bb+" on preferred securities.

Standard & Poor's Ratings Services placed its 'BBB- counterparty
credit rating on Scottish Re Group Ltd. on CreditWatch with
negative implications.  Standard & Poor's also said that it
placed its various ratings on Scottish Re's operating
subsidiaries and other related entities on CreditWatch negative.

The ratings will remain on CreditWatch until the capital has
been raised and the company's strategic alternatives have been
clarified.  As a result, the ultimate ratings will depend on the
resulting capital, liquidity, and business position of the
company.


THINKDATA LTD: Creditors Confirm Joint Liquidators' Appointment
---------------------------------------------------------------
Creditors of Thinkdata Limited confirmed the appointment of Neil
Charles Money and Neil Richard Gibson of CBA as Joint
Liquidators on May 8.

The company can be reached at:

         Thinkdata Limited
         Kestrel Ct
    Pacific Quays
    Broadway
    Salford M50 3UQ
    United Kingdom
    Tel: 0161 876 7862


TSI TRANSMISSION: Brings In Fisher Partners to Administer Assets
----------------------------------------------------------------
Stephen Katz and David Birne of Fisher Partners were appointed
joint administrators of TSI Transmission Limited (Company Number
03227609) on July 4.

The administrators can be contacted at:

         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

Headquartered in London, TSI Transmission Limited --
http://www.tsihost.co.uk/-- is engaged in radio and television
activities.

                           *********


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
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *