TCREUR_Public/060815.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 15, 2006, Vol. 7, No. 161

                            Headlines


A U S T R I A

D&J ENTERTAINMENT: Creditors' Meeting Slated for August 24
RETL: Wels Court Orders Closing of Business
SENDER: Creditors' Meeting Slated for August 17
V.P.M.: Claims Registration Period Ends August 22


F R A N C E

EUROTUNNEL GROUP: Paris Court Appoints Judicial Administrators


G E R M A N Y

ANTON OSSWALD: Claims Registration Ends September 5
ASB-REINIGUNGSGESELLSCHAFT: Claims Registration Ends September 6
B. WENGORSCH: Claims Registration Ends September 6
COSMO CONSULT: Claims Registration Ends September 8
EINKAUFSGESELLSCHAFT DEUTSCHER: Claims Filing Ends Sept. 6

IMPERIAL SPORTS: Claims Registration Ends September 15
ENAS ELEKTROTECHNIK: Claims Registration Ends September 6
KEYOWA GMBH: Claims Registration Ends September 10
MENSCH-TIER-GARTEN RITTERGUT: Claims Registration Ends Sept. 11
SIBBE ELEKTROANLAGENBAU: Claims Registration Ends September 1

TUI AG: Weak Performance Spurs Moody's to Review Low -B Ratings
VISTEON CORP: Earns US$50 Million in Second Quarter 2006


I T A L Y

PARMALAT SPA: Board Reviews First Half 2006 Preliminary Results


K A Z A K H S T A N

JERMOLA: Creditors Must File Claims by Sept. 11
ORIENT-ENERGO: Proof of Claim Deadline Slated for Sept. 11
STATE INSURANCE: Moody's Lifts Financial Strength Rating to Baa1


N E T H E R L A N D S

ARGO PANTES: Amsterdam Court Rules on Bankruptcy
STATS CHIPPAC: Earns US$18 Million Net Income in Second Quarter
STATS CHIPPAC: Now Listed With NASDAQ Global Select Market


R O M A N I A

ARDAF SA: Shareholders Need EUR51.5-Mln to Continue Operations


R U S S I A

AUTO-TRANS: Voronezh Court Starts Bankruptcy Supervision
BALAKHTINSKIY AGRO: E. Kazyurin to Manage Assets
BAR-COIL: Kareliya Court Names N. Surmin as Insolvency Manager
BEREZOVSKOYE: Court Names Y. Melyakov as Insolvency Manager
BOLKHOVSKIY ENGINEERING: A. Volchkov to Manage Assets

CEDAR: Kirov Court Starts Bankruptcy Supervision
CONFECTIONARY GUBERNSKAYA: V. Vologzhin to Manage Assets
ENERGETIK: Krasnoyarsk Court Starts Bankruptcy Supervision
GRANITE: Kareliya Court Names N. Surmin as Insolvency Manager
KEMEROVSKIY WINERY: Kemerovo Court Starts Bankruptcy Supervision

KOLPNYANSKAYA: Orel Court Starts Bankruptcy Supervision
LIVNY-GAS-STROY: Orel Court Starts Bankruptcy Supervision
METAL-PLAST: Penza Court Starts Bankruptcy Supervision
RUBY: Perm Court Names A. Tarabrin as Insolvency Manager
SELIVANOVSKIY WOOD-COMBINE: N. Kochugov to Manage Assets

TERON-OIL: Moscow Court Names I. Mamatov as Insolvency Manager
VITA-TRANSPORT: Court Names I. Stepanov as Insolvency Manager
VTOR-MET: Kursk Court Names A. Zabornyj as Insolvency Manager
YUKOS OIL: Court to Decide on Bankruptcy Ruling on Aug. 23
YUKOS OIL: Appellate Court Reduces Tax Claims by US$1.6 Billion


U K R A I N E

LVIV' CENTRAL: Lviv Court Starts Bankruptcy Supervision
MTK: Court Names Oleksij Zabrodin as Insolvency Manager
MUSTANG: Court Commences Bankruptcy Supervision
PARITET: Court Names Ivan Popov as Insolvency Manager
ROSNAFTOPRODUKT: Court Starts Bankruptcy Supervision

STIROL: Moody's Puts B3 Corp. Family Rating Under Review
UKRTORG: Court Names LLC Dnipropromtehbud as Liquidator
ULYANOVSKE BREAD: Court Names Sergij Bragar as Liquidator


U N I T E D   K I N G D O M

ARENA ZME: Appoints Milner Boardman as Joint Administrators
ASSIST MAINTENANCE: Names David Horner as Administrator
BENJYS GROUP: Taps Deloitte & Touche to Administer Assets
BOLTON SIGNS: Brings In Administrators from Cresswall
BURALL LIMITED: Appoints Grant Thornton as Administrators

BURGESS BOOKS: Creditors Opt to Voluntarily Liquidate Assets
CENTRAL CRANE: Names Alisdair Findlay as Administrator
CONSTELLATION BRANDS: Moody's Rates Credit Facilities at Low-B
CORBY WINDOWS: Taps Baker Tilly to Administer Assets
DESIGN & DISPLAY: Hires Atherton Bailey as Administrators

DIVINE INNOVATION: Hires Joint Liquidators from PKF (UK) LLP
EURO MEDICARE: Brings In Begbies Traynor as Administrators
EUROTUNNEL GROUP: Paris Court Appoints Judicial Administrators
FIREFLY SPECIAL: J. Harvey Madden Leads Liquidation Procedure
FLEXTRONICS INT'L: Earns US$85 Million in First Quarter 2006

FORD MOTOR: Investing US$1 Billion in Michigan Facilities
GSD SECURITY: Appoints James Bonney as Liquidator
GRANDACTION LIMITED: Hires Liquidator from Butcher Woods
GREAT NORTH: Sea Containers Extends Financial Support
GREAT NORTH: Bleak Prospect Prompts Sea Container to Mull Sale

INGLEY CONSTRUCTION: Names Liquidator to Wind Up Business
J A LEESON: Brings In Liquidator from Mazars LLP
J.F.BARDOLPH: Appoints Liquidator from Geoffrey Martin & Co.
LIQUID IT: Creditors Confirm Joint Liquidators' Appointment
LOADBACK LIMITED: Nominates Liquidator from Stones & Co.

M W PENSIONS: Calls In Liquidator from Butcher Woods
MACKENZIE ASBESTOS: Taps David Paul Hudson to Liquidate Assets
MIDLANDS TRADING: Joint Liquidators Take Over Operations
MOBILE PHONE: Names Alan Simon Liquidator
MORTONS LABELS: Creditors Confirm Voluntary Liquidation

MOSAIC CARE: Taps Liquidator from Marlor Walls
NOVELIS INC: Lenders Extend Waiver Period Until Sept. 18
PROACT UK: Creditors Resolve to Voluntary Liquidation
SEA CONTAINERS: Restructuring Program Continues as Planned
SEA CONTAINERS: Restructuring Spurs S&P to Keep Junk Rating

STATS CHIPPAC: Earns US$18 Million Net Income in Second Quarter
STATS CHIPPAC: Now Listed With NASDAQ Global Select Market
WEST'S ENGINEERING: Creditors' Meeting Slated for August 18

* Large Companies with Insolvent Balance Sheets

                            *********

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


D&J ENTERTAINMENT: Creditors' Meeting Slated for August 24
----------------------------------------------------------
Creditors owed money by LLC D&J Entertainment (FN 257800v) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Aug. 24 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 26 (Bankr. Case No. 5 S 86/06s).  Josef Ebner serves as
the court-appointed property manager of the bankrupt estate.
Andrea Eisner represents Dr. Ebner in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

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


RETL: Wels Court Orders Closing of Business
-------------------------------------------
The Land Court of Wels entered an order on June 23 closing the
business of LLC RETL (FN 144569b).  Court-appointed property
manager Heinz Haupl determined that the continuing operation of
the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Heinz Haupl
         Stockwinkl 18
         4865 Nussdorf am Attersee, Austria
         Tel: 07666/8300-0
         Fax: 07666/8300-5
         E-mail: office@anwaltskanzlei-nussdorf.at

Headquartered in Attersee, Austria, the Debtor declared
bankruptcy on June 19 (Bankr. Case No. 20 S 75/06i).


SENDER: Creditors' Meeting Slated for August 17
-----------------------------------------------
Creditors owed money by LLC Sender (FN 66364w) are encouraged to
attend the creditors' meeting at 10:00 a.m. on Aug. 17 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         Feldkirch, Austria

Headquartered in Lustenau, Austria, the Debtor declared
bankruptcy on June 26 (Bankr. Case No. 14 S 28/06i).  Gerhard
Mueller serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Gerhard Mueller
         Maria-Theresien-Road 8
         6890 Lustenau, Austria
         Tel: 05577/88644
         Fax: 05577/88644-3
         E-mail: kanzlei@grabher-mueller.jet2web.ataon.at


V.P.M.: Claims Registration Period Ends August 22
-------------------------------------------------
Creditors owed money by Construction LLC V.P.M. (FN 238562b)
have until Aug. 22 to file written proofs of claims to court-
appointed property manager Richard Proksch at:

         Dr. Richard Proksch
         c/o Dr. Edmund Roehlich
         Heumarkt 9/I/11
         1030 Vienna, Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 5 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 2102
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 26 (Bankr. Case No. 45 S 41/06t).  Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.


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


EUROTUNNEL GROUP: Paris Court Appoints Judicial Administrators
--------------------------------------------------------------
The Paris Commercial Court appointed Maitre Laurent Le Guerneve
and Maitre Emmanuel Hess as Judicial Administrators for
Eurotunnel Group.  They are jointly responsible for assisting
the group's management in order to present to the Court and the
Creditors a recovery plan for the business.

As previously reported, Eurotunnel obtained on Aug. 2 an order
placing the channel operator under the protection of the Court
pursuant to the new safeguard legislation (Procedure de
sauvegarde).

The procedure is designed to protect 17 of the companies, which
form Eurotunnel, from their creditors while seeking to
facilitate the design and implementation of a restructuring plan
necessary for Eurotunnel to carry on as a going concern.  Such
plan could result from ongoing negotiations with Eurotunnel's
lenders.

The court has also appointed Maitre Jean-Claude Pierrel and
Maitre Valerie Leloup-Thomas as Judicial Representatives to:

   -- represent creditors;

   -- oversee the compilation of the complete list of
      Eurotunnel's liabilities; and

   -- audit the accuracy of claims with the possibility of only
      admitting part thereof and/or contest some of them.

The court designated Bernard Soutumier as overseeing judge
(juge-commissaire) and Jean-Philippe Klotz as deputy.  Mr.
Soutumier is tasked to ensure a speedy application of the
procedure and the protection of the interests of all the
parties.

The procedure is initially opened for a period of six months.

The Judicial Administrators will contact known creditors to
invite them to declare their debts.  Creditors are informed that
they must declare their debts to the Judicial Representatives
within two months of the publication date of the judgment.
Creditors outside France are provided with a further two months
to do so.

By virtue of Council Regulation (EC) 1348/2000 of May 29, 2000,
the judgments of the Paris Commercial Court are applicable in
respect of companies within Eurotunnel, which are registered in
England & Wales.

                     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.


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


ANTON OSSWALD: Claims Registration Ends September 5
---------------------------------------------------
Creditors of Anton Osswald Gesellschaft mit beschrankter Haftung
have until Sept. 5 to register their claims with court-appointed
provisional administrator Dipl.-Kfm. Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Kempten
         Residenzplatz 4-6
         87435 Kempten
         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 Kempten opened bankruptcy proceedings
against Anton Osswald Gesellschaft mit beschrankter Haftung on
July 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Anton Osswald Gesellschaft mit beschrankter Haftung
         Hartnagel 2
         87439 Kempten
         Germany

The administrator can be contacted at:

         Dipl.-Kfm. Arndt Geiwitz
         Bahnhofstrasse 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/970180
         Fax: 0731/97018650


ASB-REINIGUNGSGESELLSCHAFT: Claims Registration Ends September 6
----------------------------------------------------------------
Creditors of ASB-Reinigungsgesellschaft mbH have until Sept. 6
to register their claims with court-appointed provisional
administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Sept. 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C205
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against ASB-Reinigungsgesellschaft mbH on July 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         ASB-Reinigungsgesellschaft mbH
         Hochfeldstr. 85
         47053 Duisburg
         Germany

         Ali Kemal Bahcivan, Manager
         Hochfeldstr. 101
         47053 Duisburg
         Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany


B. WENGORSCH: Claims Registration Ends September 6
--------------------------------------------------
Creditors of B. Wengorsch Bau GmbH have until Sept. 6 to
register their claims with court-appointed provisional
administrator Niklas Lutcke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg
         Hall 20a
         District Court Building
         Homburger Road 18
         61169 Friedberg (Hessen)
         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 Friedberg (Hessen) opened bankruptcy
proceedings against B. Wengorsch Bau GmbH on June 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         B. Wengorsch Bau GmbH
         Schottener Strasse 35
         35410 Hungen
         Germany

         Attn: Benedikt Wengorsch, Amanager
         Obertorstrasse
         35410 Hungen
         Germany

The administrator can be contacted at:

         Niklas Lutcke
         Carl-Theodor-Reiffenstein-Platz 6
         60313 Frankfurt
         Germany
         Tel: 069/4056697-45
         Fax: 069/4056697-12
         E-mail: niklas.luetcke@dithmar-westhelle.de


COSMO CONSULT: Claims Registration Ends September 8
---------------------------------------------------
Creditors of Cosmo Consult Commerce GmbH have until Sept. 8 to
register their claims with court-appointed provisional
administrator Dipl.-Kaufmann Erich Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Sept. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The Debtor can be contacted at:

         Cosmo Consult Commerce GmbH
         Gottlieb Daimler Str. 2
         59439 Holzwickede
         Germany

         Bodo Clever, Manager
         Gottlieb Daimler Str. 2
         59439 Holzwickede
         Germany

The administrator can be contacted at:

         Dipl.-Kaufmann Erich Hoelzemann
         Goethestrasse 2
         59065 Hamm
         Germany


EINKAUFSGESELLSCHAFT DEUTSCHER: Claims Filing Ends Sept. 6
----------------------------------------------------------
Creditors of Einkaufsgesellschaft deutscher Getreidebrennereien
GmbH have until Sept. 6 to register their claims with court-
appointed provisional administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 10, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Dortmund opened bankruptcy proceedings
against Einkaufsgesellschaft deutscher Getreidebrennereien GmbH
on July 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Einkaufsgesellschaft deutscher
         Getreidebrennereien GmbH
         Hemmerder Dorfstr. 43
         59427 Unna
         Germany

         Michael Bruns, Manager
         Hermann-Loens-Weg 18
         48317 Drensteinfurt
         Germany

The administrator can be contacted at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany


IMPERIAL SPORTS: Claims Registration Ends September 15
------------------------------------------------------
Creditors of Imperial Sports GmbH & Co.have until Sept. 15 to
register their claims with court-appointed provisional
administrator Dr. Kay Hassler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 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 Flensburg
         Hall A 220
         Flensburg
         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 Flensburg opened bankruptcy proceedings
against Imperial Sports GmbH & Co. on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Imperial Sports GmbH & Co. KG
         Attn: Falk Redlich, Manager
         Industriestrasse 13
         24848 Kropp
         Germany

The administrator can be contacted at:

         Dr. Kay Hassler
         Wrangelstrasse 17-19
         24937 Flensburg
         Germany


ENAS ELEKTROTECHNIK: Claims Registration Ends September 6
---------------------------------------------------------
Creditors of ENAS - Elektrotechnik GmbH have until Sept. 6 to
register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 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 ENAS - Elektrotechnik GmbH on July 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         ENAS - Elektrotechnik GmbH
         Westkirchener Strasse 90
         59320 Ennigerloh
         Germany

         Ursula Aufderheide, Manager
         Oelder Str. 81
         59320 Ennigerloh
         Germany

The administrator can be contacted at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster
         Germany


KEYOWA GMBH: Claims Registration Ends September 10
--------------------------------------------------
Creditors of KEYOWA GmbH have until Sept. 10 to register their
claims with court-appointed provisional administrator Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:52 a.m. on Sept. 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne
         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 Cologne opened bankruptcy proceedings
against KEYOWA GmbH on June 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         KEYOWA GmbH
         Gottfried-Hagen-Str. 60
         51105 Cologne

The administrator can be contacted at:

         Dr. Ralf Sinz
         Zeughausstrasse 28-38
         50667 Cologne
         Germany


MENSCH-TIER-GARTEN RITTERGUT: Claims Registration Ends Sept. 11
---------------------------------------------------------------
Creditors of Mensch-Tier-Garten Rittergut Hoppensen gGmbH have
until Sept. 4 to register their claims with court-appointed
provisional administrator Thomas Kehe.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Road 8
         37073 Goettingen
         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 Goettingen opened bankruptcy proceedings
against Mensch-Tier-Garten Rittergut Hoppensen gGmbH on July 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Mensch-Tier-Garten Rittergut Hoppensen gGmbH
         Attn: Alexander Tyka, Manager
         Am Rittergut 2
         37586 Dassel
         Germany

The administrator can be contacted at:

         Thomas Kehe
         Braunschweiger Strasse 15a
         38723 Seesen
         Tel: 05381/93560
         Fax: 05381/935644


SIBBE ELEKTROANLAGENBAU: Claims Registration Ends September 1
-------------------------------------------------------------
Creditors of Sibbe Elektroanlagenbau GmbH have until Sept. 1 to
register their claims with court-appointed provisional
administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund
         Germany

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

The District Court of Dortmund opened bankruptcy proceedings
against Sibbe Elektroanlagenbau GmbH on July 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Sibbe Elektroanlagenbau GmbH
         Attn: Christian Sibbe
         Neu-Iserlohn-Str. 17
         33288 Dortmund
         Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany


TUI AG: Weak Performance Spurs Moody's to Review Low -B Ratings
---------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Ba2/B1 ratings of TUI Aktiengesellschaft as a
result of the company's announcement that the Shipping
division's full-year earnings for 2006 will be impacted by
higher operating costs and lower-than-expected freight rates.

The ratings affected by the review are TUI's Ba2 Corporate
Family Rating, the Ba2 Senior Unsecured Long-Term ratings, and
the B1 Subordinated ratings.

Moody's rating review is prompted principally by the anticipated
impact on credit metrics of TUI's weaker-than-expected operating
performance in the first half of 2006 and the change in the
full-year outlook for the Shipping division.

Moody's cautions that the company may not succeed in de-
leveraging the business as quickly as had been expected when the
initial rating was assigned.  As a result, Moody's is concerned
that credit metrics may not improve to the levels previously
anticipated, i.e. that Gross Adjusted Debt to EBITDAR moves to
below 5.8 and that Retained Cash Flow to Net Adjusted debt
progressively strengthens over the intermediate term.

The rating review will focus on:

   -- TUI's operating performance in the Shipping division,
including the anticipated evolution of freight rates,
bunker costs and transport volumes;

   -- the progress of the integration of CP Ships and related
synergies and one-off costs;

   -- the anticipated booking levels and operating performance
in the company's Tourism division;

   -- the anticipated evolution of TUI's credit metrics over the
intermediate term; and

   -- any management reassessment of capital expenditure,
funding plans and capital structure over the short and
intermediate term.

Moody's most recent rating action on TUI was a change to
negative from stable in the rating outlook on the Ba2/B1 ratings
on June 7.

Headquartered in Hanover, Germany, TUI is Europe's largest
integrated tourism group and a leading provider of container
shipping services, with sales of EUR18.2 billion in 2005.


VISTEON CORP: Earns US$50 Million in Second Quarter 2006
--------------------------------------------------------
Visteon Corp. reported its second quarter results demonstrating
continued progress toward achieving its three-year improvement
plan.  For the second quarter 2006, Visteon reported US$50
million of net income, compared with a US$1.2 billion loss in
the second quarter 2005.

"We are pleased with our strong second quarter results and our
momentum in implementing our three-year plan," said Michael F.
Johnston, chairman and chief executive officer.  "Our operating
results were better than both the second quarter of 2005 and the
first quarter of this year, and we continue to make solid
progress in our restructuring efforts, in improving our base
operations and in growing our global business."

                  Second Quarter 2006 Results

For the second quarter 2006, product sales were US$2.86 billion
and services sales were US$138 million.  Sales for the same
period a year ago totaled US$5.0 billion.  Product sales were
lower by US$2.14 billion due to the Oct. 1, 2005, transaction
with Ford that transferred 23 Visteon facilities to Automotive
Components Holdings, LLC, a Ford-managed business entity.

Visteon's net income of US$50 million for the current quarter
included US$22 million of non-cash asset impairments related to
the company's restructuring actions and an extraordinary gain of
US$8 million associated with the acquisition of a lighting
facility in Mexico.  Also as previously indicated, Visteon
recognized a US$49 million benefit in the quarter related to the
relief of post-employment benefits for Visteon salaried
employees associated with two ACH manufacturing facilities
transferred to Ford Motor Company.  Income tax expense of US$17
million in the quarter included a US$14 million benefit from the
restoration of deferred tax assets related to the company's
Brazilian operations.

EBIT-R, as defined, was US$119 million for the second quarter
2006, an increase of US$47 million from the US$72 million
reported in the first quarter 2006.  EBIT-R for the second
quarter 2005 was a loss of US$33 million.

                        Half-Year Results

For the first half 2006, product sales were US$5.7 billion and
services sales were US$283 million.  More than half of the
company's product sales were generated from customers other than
Ford, demonstrating continued progress in diversifying Visteon's
customer base.  Sales for the same period a year ago totaled
US$10.0 billion, of which non-Ford sales were 35 percent.
Product sales were lower by US$4.3 billion due to the sale of
certain plants in North America pursuant to the ACH transactions
completed in October 2005.

Visteon's net income of US$53 million for the first six months
reflects improved operating performance and the financial
benefit of the ACH transactions with Ford.  The half-year
results include US$22 million of non-cash asset impairments
related to the company's restructuring actions and an
extraordinary gain of US$8 million associated with the
acquisition of a lighting facility in Mexico.  Also as
previously indicated, Visteon recognized a cumulative benefit of
US$72 million in the first half of 2006 related to the relief of
post-employment benefits for Visteon salaried employees
associated with two ACH manufacturing facilities transferred to
Ford.

For the first half 2005, Visteon reported a net loss of US$1.401
billion. These results included US$1.176 billion of non-cash
asset impairments.

EBIT-R for the first half 2006 totaled US$191 million,
increasing US$329 million from a first half 2005 EBIT-R loss of
US$138 million.

             Free Cash Flow and Financing Activities

Free cash flow of US$10 million for the quarter was an
improvement of US$127 million over the first quarter 2006.  Free
cash flow was lower than the second quarter 2005 in which
Visteon received the benefit of accelerated payment terms from
Ford as part of the funding agreement.

During the second quarter 2006, Visteon closed on a seven-year
US$800 million secured term loan.  Proceeds from the loan were
used to repay amounts outstanding under the company's existing
credit facilities that were scheduled to expire in June 2007,
including a US$350 million 18-month term loan and a US$241
million delayed draw term loan.

In connection with this financing, Visteon repaid US$50 million
of borrowings under the company's US$772 million multi-year
secured revolving credit facility and reduced the amount
available under that facility to US$500 million.  Visteon
expects to eliminate the multi-year revolver upon completion of
new U.S. and European five-year revolving credit facilities.
The company has received commitments for these facilities
totaling US$700 million from JPMorgan Chase Bank, N.A. and
Citigroup Global Markets Inc., and expects to complete these
transactions in the third quarter, subject to market conditions.

Proceeds were also used to repurchase US$150 million of the
company's 8.25 percent notes that are due in 2010.  This
repurchase resulted in a gain of US$8 million in the second
quarter which was offset by expense associated with debt
issuance costs related to the extinguished credit facilities.

As of June 30, 2006, Visteon had US$836 million of cash and
total debt of US$2.0 billion and was well within the limits of
its financial covenants in its existing credit facilities.

"Effectively managing the drivers of free cash flow is a top
priority for everyone within the Visteon organization," said
James F. Palmer, executive vice president and chief financial
officer.  "We are taking steps at every level to continue
strengthening our cash flow position, while appropriately
investing in the business for the future."

                        New Business Wins

The company continues to win new business from a diverse range
of customers across each of the company's key product lines.
Significant wins in North America include DaimlerChrysler
programs in Climate and Lighting and a program with an Asian
vehicle manufacturer in Interiors.  Additionally during this
period, Visteon was awarded Climate business in Asia from
Hyundai and in Europe from Ford.

"Our business wins speak to the strength of our focused product
portfolio and our ability to deliver the innovation and quality
our customers expect," said Donald J. Stebbins, president and
chief operating officer.  "These wins demonstrate that we are
executing on every aspect of our three-year plan, including
growing the business through product innovation, customer
diversification, profitable sales growth and leveraging
technology for global competitive advantage."

                           Outlook

Third quarter 2006 is expected to be challenging, reflecting
seasonally low production volumes globally.  Visteon is raising
its estimate for 2006 full year EBIT-R to a range of US$170
million to US$200 million.  Additionally, the company still
expects to generate about US$50 million of free cash flow and
expects 2006 full-year product sales of approximately US$11.0
billion.

"Our momentum and the actions we are taking to address the
business dynamics we are facing give us confidence that we will
continue to make progress in achieving and, where possible,
accelerating our three-year plan," Mr. Johnston added.  "We are
increasing our outlook for earnings, reaffirming our outlook for
positive free cash flow and reiterating our expectation for
continued year-over-year improvement during the three-year
improvement plan."

At June 30, 2006, Visteon's balance sheet showed USUS$57 million
in positive equity, compared with a USUS$48 million deficit at
Dec. 31, 2005.

                      About the Company

Visteon Corp. (NYSE: VC) is a leading global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen,
Germany; the company has more than 170 facilities in 24
countries and employs approximately 47,000 people.

                        *     *     *

As reported in TCR-Europe on June 19, Fitch Ratings placed a
rating of B/RR1 to the senior secured bank debt announced by
Visteon Corp.

In addition, Fitch affirmed Visteon's Senior unsecured debt at
CCC-/RR5.  The Issuer Default Rating is unchanged at CCC.  Fitch
said the Rating Outlook is Negative.


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


PARMALAT SPA: Board Reviews First Half 2006 Preliminary Results
---------------------------------------------------------------
Parmalat S.p.A.'s Board of Director, with the chairmanship of
Raffaele Picella, has examined the preliminary figures at
June 30, 2006.

These figures confirm that the Company's operating performance
is continuing to improve.

                         The Group

In the first half of 2006, consolidated net revenues totaled
EUR1.97 billion, or 6.8% more than the EUR1.84 billion booked in
the same period last year.

EBITDA increased by 21.4% to EUR159.9 million, compared with
EUR131.7 million at June 30, 2005.  The return on sales was also
up, rising to 8.1% (7.1% in 2005) also due to lower provisioning
equal to a reduction by EUR6 million compared to 2005.

This improvement mainly reflects a strong performance in Italy,
Africa and Venezuela and favorable developments in foreign
exchange parities, particularly the exchange rate of the
Canadian dollar versus the euro.

A breakdown of the results by country:

                           First Half 2006
                            (In Millions)
                                                       As a %
                                                         Net
                         Net Revenues     EBITDA       Revenues
                          ---------      --------      --------
   Italy                   EUR585.0       EUR48.1         8.2
   Canada                     648.1          54.1         8.4
   Australia                  218.4          14.7         6.7
   Africa (consolidated)      178.2          19.4        10.9
   Spain                       99.7           2.2         2.2
   Portugal                    39.0           4.1        10.5
   Russia                      26.5           3.9        14.8
   Romania                      5.5           1.2        21.7
   Nicaragua                   13.2           2.0        14.9
   Cuba                         3.6           1.0        28.0
   Venezuela                   91.1          15.0        16.4
   Ecuador                      1.0          (0.3)      (28.1)
   Colombia                    55.5           5.5         9.9
   Other                        8.1         (10.9)        n.a.
                         ----------      --------       --------
   Group                 EUR1,972.8      EUR159.9         8.1
                         ==========      ========       ========

Specifically:

   -- in Italy, following the optimization of product mix, which
      caused a sales decrease of non typical products for an
      amount of EUR19.6 million, consolidated revenues totaled
      EUR585.0 million, slightly less (-2.2%) than the EUR598.0
      million reported in the first half of 2005.  The reason
      for this shortfall is a decrease in revenues from the sale
      of non-Core Program  products, which had a negative impact
      of EUR19.6 million, offset in part by higher sales of
      functional/healthy living products with greater added
      value.  The optimization of product mix, coupled with a
      strict cost control policy, produced an expansion in
      EBITDA, which rose to EUR48.1 million, or EUR10.7 million
      more than in the first six months of 2005 (EUR37.4
      million).  The return on sales also improved, rising from
      6.3% in 2005 to 8.2% this year.

   -- in Canada, consolidated revenues, aided also by the
      positive impact of a favorable exchange rate, increased to
      EUR648.1 million, a gain of 7.4% compared with the
      EUR603.4 million booked in the first half of 2005.

      EBITDA improved to EUR54.1 million, or EUR10.3 million
      more (+23.2%) than the EUR43.9 million earned in the first
      six months of 2005, causing the return on sales to rise to
      8.4% (7.3% in 2005).  Even though there were fewer
      delivery and billing days than in the first half of 2005
      (one week less), the Canadian operations were able to
      report higher revenues and EBITDA thanks to a price
      increase implemented earlier in the year and a change in
      the product mix.

   -- in Australia, consolidated revenues reached EUR218.4
      million at June 30, 2006, up 13.6% from the EUR192.2
      million booked in the first six months of 2005.  EBITDA
      decreased by EUR1.7 million, falling from EUR16.4 million
      to EUR14.7 million.  The return on sales contracted by
      1.8%.  The decrease of EBITDA will be recovered during the
      following semester due to the improvement of product mix
      and to targeted publicity expenses.

   -- in Africa, consolidated revenues were up a healthy 19.5%,
      rising from EUR149.1 million in the first half of 2005 to
      EUR178.2 million in the same period this year.  EBITDA
      were also up (from EUR15.4 million to EUR19.4 million) and
      the return on sales improved from 10.3% to 10.9%.  An
      increase in unit sales, made possible by a rapidly growing
      local economy, and a change in product mix accounted for
      this improvement.

Aside from the Spanish companies, which are continuing to
experience a difficult situation, the operations in the other
countries reported excellent operating results compared with the
first half of 2005.  The companies in South America (Colombia
and Venezuela) performed especially well.

At June 30, 2006, the Group's net financial position showed
indebtedness of EUR316.5 million, down sharply from the EUR369.3
million owed at the end of 2005.  The net indebtedness of the
Venezuelan operations alone amounted to about EUR150 million.

                            Parmalat S.p.A.

The Group's Parent Company reported net revenues of EUR504.5
million, or 4% less than the EUR525.7 million booked in the
first half of 2005.  In this case as well, lower sales of non-
core products, offset in part by higher shipments of
functional/healthy living products with greater added value,
account for this decrease.  EBITDA totaled EUR32 million, a gain
of EUR8.6 million compared with the EUR23.4 million earned in
the first six months of 2005.  The return on sales rose to 6.3%,
compared with 4.5% in 2005.

This improvement was made possible by a greater preponderance of
functional/healthy living products within the product mix and by
the fact that the loss incurred by the network of Group-owned
licensees, which in 2005 was included in the EBITDA of the
Group's Parent Company, is now being allocated to Parmalat
Distribuzione Alimenti (a company that is being reorganized to
increase its efficiency), which is part of the Italian Strategic
Business Unit.

During the first half of 2006, net financial assets decreased
from EUR324.5 million to EUR291.6 million, even though the
Company's operations were cash flow positive.  The decrease is
attributable to extraordinary transactions, which included the
payment of preferential and pre-deduction claims by the Group's
Parent Company, expenses incurred in connection with the
extraordinary administration proceedings and legal fees, offset
only in part by nonrecurring gains and dividends received from
subsidiaries.

                           *     *     *

Parmalat says the first half 2006 results will be approved on
Sept. 13, 2006, for submission to the shareholders meeting.  In
addition, the approved results will be presented to the
financial community in a meeting to be held in Milan, Italy.
The meeting will represent the start of a road show planned to
take place in the last two weeks of September.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

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

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


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


JERMOLA: Creditors Must File Claims by Sept. 11
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Jermola insolvent.

Creditors have until Sept. 11 to submit written proofs of claim
to:

         LLP Jermola
         8 Marta Str. 4
         Borovoi
         Mendykarinsky District
    Kostanai Region
    Kazakhstan
    Tel: 8 (2432) 10-30


ORIENT-ENERGO: Proof of Claim Deadline Slated for Sept. 11
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Orient-Energo insolvent on June 19.

Creditors have until Sept. 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Gogol Str. 177a
    Kostanai
    Kostanai Region
    Kazakhstan


STATE INSURANCE: Moody's Lifts Financial Strength Rating to Baa1
----------------------------------------------------------------
Moody's Investors Service upgraded the insurance financial
strength rating of the State Insurance Corporation for the
Insurance of Export Credit and Investment of Kazakhstan (Kecic)
to Baa1 from Ba1.  This concludes the review for possible
upgrade announced in our press release on July 12.  The outlook
on the new rating is stable.

Headquartered in Almaty, Kazakhstan, Kecic was founded in August
2003 and started operations in February 2004.  It is 100% owned
by the Republic of Kazakhstan and is mandated to be the primary
provider of export credit insurance in the country, both
commercial and political.  In addition, Kecic is writing inward
reinsurance business in the Kazakh market.

Commenting on the upgrade, Moody's said that a key factor that
added positive pressure on the rating was the upgrade of
Kazakhstan's foreign currency bond rating to Baa2 from Baa3 on
June 9.

Furthermore, Moody's said that the company's current plans
foresaw a more limited rate of growth than previously expected,
ensuring that the company's strong capitalization will be
maintained.

Finally, Moody's concluded that Kecic enjoyed very substantial
support from the Government of Kazakhstan, as a result of which
the degree of implied support for the purposes of Moody's GRI
(Government Related Issuer) methodology was increased from 20%
to 60%.

In accordance with Moody's GRI (Government Related Issuer)
rating methodology, the current rating of Kecic reflects a
combination of the following inputs:

   -- baseline credit assessment of 9 (on a scale of 1 to 21,
where 1 represents the lowest credit risk),

   -- 100% dependence, reflecting the company's operating and
financial proximity to the Government

   -- 60% support, reflecting the importance of Kecic in its
capacity as Export Credit Agency (ECA), somewhat offset by
its status as an underwriter of inwards reinsurance
business which is associated with more limited support
from the Government.

Moody's said that further upward pressure on Kecic's rating was
highly unlikely to develop in the absence of positive rating
actions on the Republic of Kazakhstan bond ratings.

Commenting on what could move Kecic's rating down, Moody's
mentioned:

   -- faster than expected growth, particularly in the non-core
inwards reinsurance business,

   -- failure to develop adequate risk management systems to
accommodate growing exposure,

   -- a change in asset allocation strategy resulting in a
decline of the credit quality of invested assets, as well
as

   -- any evidence of weakening support by the Government of
Kazakhstan.

The date of the preceding rating action was July 12, when
Kecic's insurance financial strength rating was placed on review
for possible upgrade.

Kecic had shareholders equity of KZT8,792.8 million and total
assets of KZT9,038.4 million as of Dec. 31, 2005.  For FY 2005,
it reported net income of KZT205.5 million.


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


ARGO PANTES: Amsterdam Court Rules on Bankruptcy
------------------------------------------------
An Amsterdam court has approved the bankruptcy petition filed by
Indo Plus BV against Argo Pantes Finance BV, a subsidiary of
Indonesia's PT Argo Pantes Tbk, AFX News Limited reports citing
XFN-Asia as its source.

Creditors have until Sept. 11 to submit their written proofs of
claims to the company's administrator, Sjoerd Postma, at:

         Sjoerd Postma
         Delflandlaan 1
         Postbus 1031
         1000 BA Amsterdam
         Netherlands
         Tel: +31 (0)20 2060700
         Fax: +31 (0)20 2060750
         E-mail: SPostma@devos.nl

The first meeting of creditors will be held on Sept. 12 at the
administrator's address.

                     About Argo Pantes

Headquartered in Jakarta, Indonesia, PT Argo Pantes Tbk
manufactures textile.  The Company is comprised of four business
units: Spinning, Yarn Dying, Weaving and Dying Finishing.  It
sells its products to both domestic and international markets,
including countries in Asia, North America and Europe.  The
Company also operates one production facility in each of
Tangerang and Bekasi.

The Company's subsidiaries include Argo Pantes Finance B.V.,
Argo Pantes (HK) Ltd. and PT Mega Sentra Propertindo, which are
engaged in the financial services, sales and general trading
industries.


STATS CHIPPAC: Earns US$18 Million Net Income in Second Quarter
---------------------------------------------------------------
STATS ChipPAC Ltd. has announced results for the second quarter
ended June 30, 2006.

Revenue for the three months ended June 30, 2006 increased 58%
to US$418.1 million, compared with US$264.3 million of revenues
in the same quarter a year ago or an increase of 8% compared to
the prior quarter.

On a U.S. GAAP basis, net income for the three months ended
June 30, 2006, was US$18.0 million, compared with a US$15.1
million net loss in the same quarter a year ago. US GAAP results
for the second quarter of 2006 include US$16.0 million in
special items and costs associated with the merger of STATS and
ChipPAC.

US GAAP results for the second quarter of 2005 include US$14.1
million in special items and costs associated with the merger of
STATS and ChipPAC.  Excluding the special items and including
certain adjustments, non-US GAAP adjusted net income for the
three months ended June 30, 2006 was US$34.1 million, compared
with a net loss of US$1.0 million in the same quarter a year
ago. Results for the second quarter of 2006 include
approximately US$2.8 million in share-based compensation
expenses as required under SFAS 123(R).

                            Outlook

Tan Lay Koon, president and chief executive officer of STATS
ChipPAC said, "In terms of guidance for the third quarter of
2006, we expect revenue in the third quarter of 2006 will be
approximately 2% to 7% lower than the second quarter of 2006,
with US GAAP net income in the range of US$13.0 million to
US$24.0 million, which represents US GAAP net income per diluted
ADS of US$0.06 to US$0.11, including the impact of US$0.02 per
ADS for the expensing of share-based compensation and the impact
of approximately US$0.01 per ADS due to restructuring activities
in the quarter.  Non-US GAAP adjusted net income is expected to
be in the range of US$21.5 million to US$32.5 million or in the
range of US$0.10 to US$0.15 per diluted ADS, including the
impact of US$0.02 per ADS for the expensing of share-based
compensation.  Non-US GAAP adjusted net income is calculated
without the effect of certain merger and integration expenses,
purchase accounting adjustments and restructuring activities."

A full-text copy of STATS ChipPac's second quarter financials is
available at no charge at http://ResearchArchives.com/t/s?f92

                      About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in South Korea,
Singapore, China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                        *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credrit Rating effective on October 7, 2004.


STATS CHIPPAC: Now Listed With NASDAQ Global Select Market
----------------------------------------------------------
STATS ChipPAC Ltd. disclosed the listing of its shares in the
new NASDAQ Global Select Market.

The NASDAQ Global Select Market has the highest initial listing
standards of any exchange in the world based on financial and
liquidity requirements.  Prior to the change, the company had
been listed on the NASDAQ National Market.

Beginning July 3, NASDAQ-listed companies will be classified
under three listing tiers - NASDAQ Global Select Market, NASDAQ
Global Market, and NASDAQ Capital Market.  NASDAQ also plans to
launch indexes based on these new tiers.

Tan Lay Koon, president and chief executive officer, STATS
ChipPAC, "Achieving the NASDAQ Global Select market designation
is the latest acknowledgement of STATS ChipPAC's global
leadership, our support of the world's most prestigious and
innovative customers, and our commitment to our investors."

NASDAQ announced the new three tier listing classification in
February 2006.  All three market tiers will maintain rigorous
listing and corporate governance standards.

                      About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in South Korea,
Singapore, China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                        *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credrit Rating effective on October 7, 2004.


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


ARDAF SA: Shareholders Need EUR51.5-Mln to Continue Operations
--------------------------------------------------------------
Shareholders of Asigurare Reasigurare Ardaf S.A. decided to
raise the company's share capital by RON181.2 million (EUR51.5
million) in cash contributions in order for the company to stay
afloat, Ziarul Financiar reports.

The company's shareholders include, among others:

   -- Ovidiu Tender, through Tender SA company (70.69%);

   -- Clairmont Holding Ltd., an offshore of Cyprus held by
      Firebird investment fund (12.71%); and

   -- Raiffeisen Zentralbank Austria (10.19%).

According to the report, the company's shareholders also opted
to oust the members of its Board of Directors.

                   Receivership Procedure

On July 18, Comisiei de Supraveghere a Asigurarilor, Romania's
Insurance Monitoring Commission, 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.

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
===========


AUTO-TRANS: Voronezh Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on CJSC Auto-Trans.  The case
is docketed under Case No. A14-3857-2006/88/27b.

The Temporary Insolvency Manager is:

         A. Sushkov
         Post User Box 54
         394030 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Auto-Trans
         Petropavlovka
         Petropavlovskiy Region
         Voronezh Region
         Russia


BALAKHTINSKIY AGRO: E. Kazyurin to Manage Assets
------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. E.
Kazyurin as Insolvency Manager for OJSC Balakhtinskiy Agro
Service (TIN 2403004700).  He can be reached at:

         E. Kazyurin
         Post User Box 12305
         660041 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A33-7239/2006.

The Debtor can be reached at:

         OJSC Balakhtinskiy Agro Service
         Surikova Str. 1
         Balakhta
         Balakhtinskiy Region
         662340 Krasnoyarsk Region
         Russia


BAR-COIL: Kareliya Court Names N. Surmin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. N.
Surmin as Insolvency Manager for OJSC Fuel Company Bar-Coil.  He
can be reached at:

         N. Surmin
         Post User Box 171
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A26-2262/2006-18.

The Debtor can be reached at:

         OJSC Fuel Company Bar-Coil
         Petrozavodsk
         Kareliya Republic
         Russia


BEREZOVSKOYE: Court Names Y. Melyakov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. Y.
Melyakov as Insolvency Manager for CJSC Berezovskoye (TIN
3605000266).  He can be reached at:

         Y. Melyakov
         Sredne-Moskovskaya Str. 6a
         Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A14-2625/2006/32/27b.

The Debtor can be reached at:

         CJSC Berezovskoye
         Chekhova Str. 18a
         Buturlinovka
         Voronezh Region
         Russia


BOLKHOVSKIY ENGINEERING: A. Volchkov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. A. Volchkov
as Insolvency Manager for CJSC Bolkhovskiy Engineering Factory.
He can be reached at:

         A. Volchkov
         3rd Kurskaya Str. 15
         302004 Orel Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A48-6977/05-17B.

The Debtor can be reached at:

         CJSC Bolkhovskiy Engineering Factory
         K. Marksa Str. 2
         Bolkhov
         303142 Orel Region
         Russia


CEDAR: Kirov Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Kirov Region has commenced bankruptcy
supervision procedure on LLC Cedar (TIN 4314004290).  The case
is docketed under Case No. A28-139/06-181/20.

The Temporary Insolvency Manager is:

         V. Krygin
         Post User Box 1836
         20 os
         610020 Kirov Region
         Russia

The Debtor can be reached at:

         LLC Cedar
         Gagarina Str. 26
         Kumyeny
         Kirov Region
         Russia


CONFECTIONARY GUBERNSKAYA: V. Vologzhin to Manage Assets
--------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. V.
Vologzhin as Insolvency Manager for CJSC Confectionary
Gubernskaya (TIN 3808100241).  He can be reached at:

         V. Vologzhin
         Post User Box 406
         S. Razina Str. 23
         664025 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A19-10997/06-29.

The Debtor can be reached at:

         CJSC Confectionary Gubernskaya
         Kashtakovskaya Str. 17
         664019 Irkutsk Region
         Russia


ENERGETIK: Krasnoyarsk Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on OJSC Energetik.  The case
was docketed under Case No. A33-30949/2005.

The Temporary Insolvency Manager is:

         S. Vasilyev
         Post User Box 20647
         660017 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Energetik
         Prombaza SDK-7
         Pionernyj Location
         Sharypovo
         662320 Krasnoyarsk Region
         Russia


GRANITE: Kareliya Court Names N. Surmin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed N. Surmin
as Insolvency Manager for LLC Granite.  He can be reached at:

         N. Surmin
         Post User Box 171
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A26-2245/2006-183.

The Debtor can be reached at:

         LLC Granite
         Belomorsk
         Kareliya Republic
         Russia


KEMEROVSKIY WINERY: Kemerovo Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Kemerovo Region has commenced
bankruptcy supervision procedure on OJSC Kemerovskiy Winery.
The case is docketed under Case No. A27-8694/2006-4 k.

The Temporary Insolvency Manager is:

         E. Nemkina
         Stroiteley Avenue 44-159
         650003 Kemerovo Region
         Russia

The Debtor can be reached at:

         OJSC Kemerovskiy Winery
         Bakha Str. 15.
         650905 Kemerovo Region
         Russia


KOLPNYANSKAYA: Orel Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on Agro Company Kolpnyanskaya.  The case
was docketed under Case No. A48-1166/06-17B.

The Temporary Insolvency Manager is:

         E. Galstyan
         Sovkhoznaya Str. 18A
         Lipetsk Region
         Russia

The Debtor can be reached at:

         Agro Company Kolpnyanskaya
         Sovetskaya Str. 14
         Kolpny
         Orel Region
         Russia


LIVNY-GAS-STROY: Orel Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on OJSC Livny-Gas-Stroy.  The case was
docketed under Case No. A48-1488/06-20B.

The Temporary Insolvency Manager is:
         V. Goltsov
         Office 24
         Gorkogo Str. 45
         302028 Orel Region Russia

The Debtor can be reached at:

         OJSC Livny-Gas-Stroy
         Industrialnaya Str. 2G.
         Livny
         Orel Region
         Russia


METAL-PLAST: Penza Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Penza Region has commenced bankruptcy
supervision procedure on CJSC Factory Metal-Plast.  The case is
docketed under Case No. A29-2424/06-3B.

The Temporary Insolvency Manager is:

         D. Altukhov
         Room 612
         Ryazanskaya Str. 1
         300026 Tula Region Russia

The Debtor can be reached at:

         CJSC Factory Metal-Plast
         Serdobskaya Str. 1
         Kolyshley
         Penza Region
         Russia


RUBY: Perm Court Names A. Tarabrin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. A. Tarabrin
as Insolvency Manager for CJSC Ruby.  He can be reached at:

         A. Tarabrin
         Gorkogo Str. 60-5
         614060 Perm Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No.  A50-7904/2006-B.

The Debtor can be reached at:

         CJSC Ruby
         Mekhanicheskaya Str. 11
         Chusovoy
         618204 Perm Region
         Russia


SELIVANOVSKIY WOOD-COMBINE: N. Kochugov to Manage Assets
--------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. N.
Kochugov as Insolvency Manager for OJSC Selivanovskiy Wood-
Combine.  He can be reached at:

         N. Kochugov
         Universitetskaya Str. 6
         600024 Vladimir Region
         Russia
         Tel/Fax: 8(4922) 340678

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A11-17933/2005-K1-93B/3B.

The Debtor can be reached at:

         OJSC Selivanovskiy Wood-Combine
         Krasnaya Gorbatka
         Selivanovskiy Region
         601384 Vladimir Region
         Russia


TERON-OIL: Moscow Court Names I. Mamatov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Mamatov
as Insolvency Manager for CJSC Teron-Oil.  He can be reached at:

         I. Mamatov
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow Region Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A40-67115/05-123-153 B.

The Debtor can be reached at:

         CJSC Teron-Oil
         Building 1
         B. Yakimanka Str. 25-27/2
         119049 Moscow Region
         Russia


VITA-TRANSPORT: Court Names I. Stepanov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Stepanov as
Insolvency Manager for CJSC Insurance Company Vita-Transport
(TIN 7708088968).  He can be reached at:

         I. Stepanov
         Office 218
         Moskovskaya Str. 127
         429820 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A40-15415/06-101-65 B.

The Debtor can be reached at:

         CJSC Insurance Company Vita-Transport
         Room 1
         Asheulov Per. 9
         107045 Moscow Region
         Russia


VTOR-MET: Kursk Court Names A. Zabornyj as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. A. Zabornyj
as Insolvency Manager for CJSC Vtor-Met.  He can be reached at:

         A. Zabornyj
         S. Razina Str. 96.
         305000 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A35-3158/06 g.

The Debtor can be reached at:

         CJSC Vtor-Met
         S. Razina Str. 96
         305000 Kursk Region
         Russia


YUKOS OIL: Court to Decide on Bankruptcy Ruling on Aug. 23
----------------------------------------------------------
The Arbitration Court of Moscow will hear on Aug. 23 the
legitimacy of a creditors' decision to recognize OAO Yukos Oil
Co. bankrupt and start liquidation proceedings, ANTARA News
reports.

The Hon. Pavel Markov of the Moscow Arbitration Court upheld the
July 25 vote by creditors to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt on
Aug. 1.  Company executives filed a motion with the court
against the vote on the same day.

The court also appointed former Yukos temporary manager Eduard
Rebgun as bankruptcy receiver.

As reported in TCR-Europe on Aug. 2, Yukos's creditors, led by
the Federal Tax Service and state-owned OAO Rosneft Oil Company,
will oversee the liquidation and distribution of the company's
assets.

                           About Yukos

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

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

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

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
0775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

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


YUKOS OIL: Appellate Court Reduces Tax Claims by US$1.6 Billion
---------------------------------------------------------------
The Arbitration Appeal Court in Moscow has reduced the Federal
Tax Service's claims against OAO Yukos Oil Co. from RUB353.8
billion (US$13.2 billion) to RUB$311.8 billion (US$11.6
billion), RIA Novosti relates.

According to the report, the court's decision partially upheld
Yukos's motion against a RUB108 billion claim the tax agency was
demanding in back taxes for 2004.

As widely reported, the Hon. Pavel Markov of the Moscow
Arbitration Court declared what was once Russia's largest oil
producer bankrupt on Aug. 1 upholding a creditors' July 25 vote
to liquidate the company.

Up to US$16.6 billion in claims have been asserted against the
company by its creditors, among others:

         Yuganskneftegas        US$4.07 billion
         Federal Tax Service    US$11.6 billion
         OAO Rosneft Oil Co.    US$482 million

As reported in TCR-Europe on Aug. 10, Russian prosecutors have
accused former Yukos officials of embezzling money by securing a
US$4.5 billion loan from its Luxembourg-based unit and major
creditor, Yukos Capital SARL, through legal entities affiliated
with the company.

According to the report, investigators alleged that the ex-Yukos
officials masterminded a plan to sell crude oil through trading
companies Fargoil and Ratibor under their control, acting both
as fictitious owners and buyers.

                           About Yukos

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

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

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

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
0775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

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

On July 25, Yukos creditors voted to liquidate the oil firm
after rejecting a management rescue plan, which valued the
company's assets at about US$30 billion.  This would have
permitted Yukos to continue its operations and attempt to pay
off US$18 billion in debts through asset sales.


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


LVIV' CENTRAL: Lviv Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on CJSC Lviv' Central Department Store
(code EDRPOU 01560474) on June 22.  The case is docketed under
Case No. 6/97-8/172.

The Temporary Insolvency Manager is:

         Yaroslav Onushkanich
         Strijska Str. 71 b/3
         Lviv Region Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         CJSC Lviv' Central Department Store
         Danilishin Str. 6
         79007 Lviv Region
         Ukraine


MTK: Court Names Oleksij Zabrodin as Insolvency Manager
-------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Oleksij
Zabrodin as Liquidator/Insolvency Manager for LLC MTK (code
EDRPOU 31051186).  He can be reached at:

         Oleksij Zabrodin
         a/b 6335
         69121 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 25/130/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC MTK
         Zhukovskij Str. 82
         69095 Zaporizhya Region
         Ukraine


MUSTANG: Court Commences Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Auto Transport Company Mustang
(code EDRPOU 32462070) on April 11.  The case is docketed under
Case No. 12/3-06.

The Temporary Insolvency Manager is:

         Shevich Oleksandr
         Office 1418
         Nezalezhnosti Square, 1
         Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

       Shevchenko Avenue, 18/1
         Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Auto Transport Company Mustang
         Kurska Str. 26
         Sumi Region
         Ukraine


PARITET: Court Names Ivan Popov as Insolvency Manager
-----------------------------------------------------
The Economic Court of Donetsk Region appointed Ivan Popov as
Liquidator/Insolvency Manager for LLC Insurance Company Paritet
(code EDRPOU 33186453).  He can be reached at:

         Ivan Popov
         Tayozhna Str. 1
         Makiyivka
         86123 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 5/112 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Insurance Company Paritet
         Shevchenko Str. 23
         Makiyivka
         86157 Donetsk Region
         Ukraine


ROSNAFTOPRODUKT: Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on CJSC Rosnaftoprodukt (code EDRPOU
24895846).  The case is docketed under Case No. 5/149-05.

The Temporary Insolvency Manager is:

         Lina Demets
         40-richya Peremogi Str. 27A/57
         Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         CJSC Rosnaftoprodukt
         Pogrebishe
         22200 Vinnitsya Region
         Ukraine


STIROL: Moody's Puts B3 Corp. Family Rating Under Review
--------------------------------------------------------
Moody's Investors Service placed the B3 corporate family rating
of OJSC Concern Stirol and the B3 rating on the loan
participation notes issued by UkrChem Capital BV under review
for possible downgrade.

The rating action has been prompted by recently released audited
2005 financial results which indicated that the company was in
breach of a number of covenants under both a US$10 million bank
loan and the US$125million loan participation notes, giving the
bank and note investors the right to accelerate the repayment.

The review will focus upon:

   -- availability of cash to meet possible acceleration of
repayments; and

   -- impact of such possible acceleration on company's funding
flexibility and liquidity profile.

OKSC Concern Stirol is a leading Ukrainian manufacturer of
ammonia and its derivatives, with sales at FYE 2005 of
UAH2.3 billion.


UKRTORG: Court Names LLC Dnipropromtehbud as Liquidator
-------------------------------------------------------
The Economic Court of Donetsk Region appointed LLC
Dnipropromtehbud (code EDRPOU 33159943) as Liquidator for LLC
Ukrtorg (code EDRPOU 32743975).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 17.  The case is docketed
under Case No. 27/79 B.

The Liquidator can be reached at:

         LLC Dnipropromtehbud
         Novoukrainska Str. 28/1
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrtorg
         Hirurgichna Str. 22
         83096 Donetsk Region
         Ukraine


ULYANOVSKE BREAD: Court Names Sergij Bragar as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Bragar as
Liquidator/Insolvency Manager for LLC Ulyanovske Bread Receiving
Enterprise (code EDRPOU 33193345).  He can be reached at:

         Sergij Bragar
         Harkivske shose Str. 2/6
         02160 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 21.  The case is docketed
under Case No. 23/97-b.

The Debtor can be reached at:

         LLC Ulyanovske Bread Receiving Enterprise
         Kostyantinivska Str. 37-A
         04071 Kyiv Region
         Ukraine


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


ARENA ZME: Appoints Milner Boardman as Joint Administrators
-----------------------------------------------------------
Colin Burke and Gary Corbett of Milner Boardman & Partners were
appointed joint administrators of Arena ZME Limited (Company
Number 2592742) on July 14.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Headquartered in Nottingham, United Kingdom, Arena ZME Limited
-- http://www.arenazme.co.uk/-- manufactures plastic products.


ASSIST MAINTENANCE: Names David Horner as Administrator
-------------------------------------------------------
David Anthony Horner of David Horner & Co. was named
administrator of Assist Maintenance Services Limited (Company
Number 04142373) on July 12.

David Horner & Co. -- http://www.davidhornerandco.co.uk/-- is a
firm of insolvency practitioners based at three different
locations, which together cover the whole of Yorkshire and the
North East.  It also has offices in York, Doncaster and
Middlesbrough.  The firm offers practical advice and solutions
to all types of businesses, individuals and creditors, often
enabling formal insolvency to be avoided.

Headquartered in County Durham, United Kingdom, Assist
Maintenance Services Limited provides labor services.


BENJYS GROUP: Taps Deloitte & Touche to Administer Assets
---------------------------------------------------------
Nicholas Guy Edwards and Lee Antony Manning of Deloitte & Touche
LLP were appointed joint administrators of Benjys Group Holdings
Limited (Company Number 04006739), BGL Realisations Limited
(Company Number 01975878) and BDL Realisations Limited (Company
Number 04840882) on July 14.

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

Headquartered in London, Benjys Group Holdings Limited, BGL
Realisations Limited and BDL Realisations Limited are sandwich
retailers.


BOLTON SIGNS: Brings In Administrators from Cresswall
-----------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of Bolton Signs
Contractors Limited (Company Number 02575303) on June 22.

The administrators can be reached at:

         Cresswall Associates Limited
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

Bolton Sign Contractors Limited can be reached at:

         Unit 4 Bradshaw Works
         Printers Lane
         Bolton BL2 3DW
         United Kingdom
         Tel: 01204 594 700
         Fax: 01204 595 424


BURALL LIMITED: Appoints Grant Thornton as Administrators
---------------------------------------------------------
Andrew David Conquest and Ian Stewart Carr of Grant Thornton
U.K. LLP were appointed joint administrators of Burall Limited
(Company Number 02215687) on July 13.

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Headquartered in Wisbech, United Kingdom, Burall Limited
supplies print and packaging products.


BURGESS BOOKS: Creditors Opt to Voluntarily Liquidate Assets
------------------------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
Liquidator of Burgess Books (Hitchin) Limited after creditors
opted on May 18 to voluntarily wind up the company.

The company can be reached at:

         Burgess Books (Hitchin) Limited
    1 Churchyard
    Hitchin
    Hertfordshire SG5 1HR
    United Kingdom
    Tel: 01462 452 108
    Fax: 01462 452 108
    Web: http://www.hitchin-directory.co.uk/
         http://www.lion-publishing.co.uk/


CENTRAL CRANE: Names Alisdair Findlay as Administrator
------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed administrator
of Central Crane & Hoist Limited (Company Number 03763029) on
July 13.

The administrator can be reached at:

         Findlay James
         Saxon House
         Saxon Way
         Cheltenham
         Gloucestershire GL52 6QX
         United Kingdom
         Tel: 01242 576555
         Fax: 01242 576999
         E-mail: ajf@finjam.com

Headquartered in West Midlands, United Kingdom, Central Crane &
Hoist Limited is engaged in crane hire.


CONSTELLATION BRANDS: Moody's Rates Credit Facilities at Low-B
--------------------------------------------------------------
Moody's Investors Service assigned a (P) Ba2 rating to
Constellation Brands, Inc.'s new shelf and concurrently, a Ba2
rating to Constellation's new US$500 million senior unsecured
note, due 2016.  Constellation's existing ratings are not
affected by these actions, and have been affirmed.  The ratings
outlook remains negative.

The notes will be fully and unconditionally guaranteed by the
subsidiaries that are guarantors under Constellation Brands
senior bank credit facility.  Proceeds from the debt issuance
are to be used to reduce a corresponding amount of borrowings
under the revolver and permanent reduction in term loans.
Moody's assessment of Constellation's liquidity remains
unchanged given that free cash flow is expected to be pressured
throughout the next twelve months thus offsetting the benefits
of the refinancing.

Moody's previous rating action on Constellation was the June 15
rating affirmation and assignment of bank facility ratings
Following the Vincor acquisition.

Constellation's ratings remain constrained by its aggressive
acquisition strategy, which gives rise to considerable
integration and event risk and high pro forma financial
leverage.

Offsetting these risks are:

   -- Constellation's scale and market diversification,

   -- its broad portfolio of brands covering the wine, spirits
and imported beer categories at all price points, and

   -- franchise strength and growth potential, and solid
profitability and efficiency.

The ratings also consider the company's demonstrated ability to
quickly integrate acquisitions, repay debt and restore credit
metrics.  Leverage improvement following the most recent
acquisition will be further delayed due to the company's
recently announced restructuring program Fiscal 2007 Wine Plan,
which will reduce cash flow due to one time cash charges of
approximately US$40 million and increased capital spending of
approximately US$25 million.  These projects are expected to
reduce net operating expenses by approximately US$5 million in
fiscal 2008 and by more than US$15 million annually beginning in
fiscal 2009.

Despite the shortfall in expected free cash flow to debt levels,
the ratings affirmation reflects Moody's belief that such
tightening should be temporary given the longer term benefit of
the announced restructuring plan.  The negative ratings outlook
continues to reflect Moody's concern about Constellation's
aggressive acquisition strategy, integration risk, and the
resulting pressures on its financial and business profile.

Any further deviation from current financial or strategic
expectations could result in a downgrade of the ratings.  Upward
rating movement - absent an exogenous event - is unlikely at
this time.  Stabilization of the outlook could result over time
from evidence that the company has successfully integrated
Vincor, sufficiently paid down debt and is committed to
sustained levels of improved credit metrics.

Ratings assigned:

Shelf ratings:

   -- Senior unsecured: (P) Ba2;
   -- Subordinated: (P) Ba3;
   -- Preferred stock: (P) B1; and
   -- US$500 million senior unsecured debt issuance due 2016:
Ba2.

Ratings affirmed:

   -- US$3.5 billion secured (stock pledge only) bank credit
facilities consisting of a US$1.2 billion Term Loan A due
June 2011: Ba2;

   -- US$1.8 billion Term Loan B due June 2013: Ba2;

   -- US$500 million revolving credit facility due June 2011$3.5
billion senior secured bank facilities: Ba2;

   -- US$200 million 8% senior unsecured notes, due 2008: Ba2;

   -- GBP80 million 8.5% senior unsecured notes, due 2009: Ba2;

   -- GBP75 million 8.5% senior unsecured notes, due 2009: Ba2;

   -- US$250 million 8.125% senior subordinated notes, due 2012:
Ba3;

   -- Corporate Family Rating: Ba2; and

   -- The SGL-2 Speculative Grade Liquidity rating.

Headquartered in Fairport, New York, Constellation Brands, Inc.
is a leading international producer and marketer of beverage
alcohol brands with a broad portfolio across the wine, spirits,
and imported beer categories.  For the fiscal year ended
February 28, 2006, consolidated net revenue was approximately
US$4.6 billion.  Vincor International Inc. is one of the world's
top ten wine companies with revenue for the twelve months ended
Dec. 31, 2005 exceeding C$724 million.


CORBY WINDOWS: Taps Baker Tilly to Administer Assets
----------------------------------------------------
Graham Paul Bushby, Bruce Alexander Mackay and Michael David
Rollings of Baker Tilly were appointed joint administrators of
Corby Windows Limited (Company Number 05187442), Corwin Limited
(Company Number 02669417) and Rockingham Glass Limited (Company
Number 02860823) on July 13.

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 Northamptonshire, United Kingdom, Corby Windows
Limited, Corwin Limited and Rockingham Glass Limited --
http://www.cwg-uk.com/-- is engaged in windows installation.


DESIGN & DISPLAY: Hires Atherton Bailey as Administrators
---------------------------------------------------------
Macolm Peter Fillmore and Ranjit Bajjon of Atherton Bailey LLP
Were appointed joint administrators of Design & Display Systems
Limited (Company Number 04647038) on July 12.

Headquartered in West Sussex, Atherton Bailey --
http://www.athertonbailey.com/-- is a U.K. insolvency practice
with an innovative and effective approach to tackling both
business rescue and recovery and personal financial problems.

Design & Display Systems Limited can be reached at:

         Bridge House
         181 Queen Victoria Street
         London EC4V 4DZ
         United Kingdom
         Tel: 020 8652 5221


DIVINE INNOVATION: Hires Joint Liquidators from PKF (UK) LLP
------------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
Joint Liquidators of Divine Innovation Limited on May 12 by
resolutions of members and creditors.

The company can be reached at:

         Divine Innovation Limited
         38 Countesthorpe Road
    Wigston
    Leicestershire LE184PF
    United Kingdom
    Tel: 0116 247 7105
    Fax: 0116 277 3419
    Web: http://www.divineinnovations.co.uk/


EURO MEDICARE: Brings In Begbies Traynor as Administrators
----------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Begbies Traynor were
appointed joint administrators of Euro Medicare Clinic Ltd.
(Company Number 03599073) on July 11.

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

Headquartered in Newcastle Upon Tyne, United Kingdom, Euro
Medicate Clinic Ltd. -- http://www.emc-ne.co.uk/-- is a private
medical clinic.


EUROTUNNEL GROUP: Paris Court Appoints Judicial Administrators
--------------------------------------------------------------
The Paris Commercial Court appointed Maitre Laurent Le Guerneve
and Maitre Emmanuel Hess as Judicial Administrators for
Eurotunnel Group.  They are jointly responsible for assisting
the group's management in order to present to the Court and the
Creditors a recovery plan for the business.

As previously reported, Eurotunnel obtained on Aug. 2 an order
placing the channel operator under the protection of the Court
pursuant to the new safeguard legislation (Procedure de
sauvegarde).

The procedure is designed to protect 17 of the companies, which
form Eurotunnel, from their creditors while seeking to
facilitate the design and implementation of a restructuring plan
necessary for Eurotunnel to carry on as a going concern.  Such
plan could result from ongoing negotiations with Eurotunnel's
lenders.

The court has also appointed Maitre Jean-Claude Pierrel and
Maitre Valerie Leloup-Thomas as Judicial Representatives to:

   -- represent creditors;

   -- oversee the compilation of the complete list of
      Eurotunnel's liabilities; and

   -- audit the accuracy of claims with the possibility of only
      admitting part thereof and/or contest some of them.

The court designated Bernard Soutumier as overseeing judge
(juge-commissaire) and Jean-Philippe Klotz as deputy.  Mr.
Soutumier is tasked to ensure a speedy application of the
procedure and the protection of the interests of all the
parties.

The procedure is initially opened for a period of six months.

The Judicial Administrators will contact known creditors to
invite them to declare their debts.  Creditors are informed that
they must declare their debts to the Judicial Representatives
within two months of the publication date of the judgment.
Creditors outside France are provided with a further two months
to do so.

By virtue of Council Regulation (EC) 1348/2000 of May 29, 2000,
the judgments of the Paris Commercial Court are applicable in
respect of companies within Eurotunnel, which are registered in
England & Wales.

                     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.


FIREFLY SPECIAL: J. Harvey Madden Leads Liquidation Procedure
-------------------------------------------------------------
J. Harvey Madden was appointed Liquidator of Firefly Special
Vehicles Limited on May 8 by resolutions of members and
creditors.

The company can be reached at:

         Firefly Special Vehicles Limited
    1 Regent Court
    Walkerville Industrial Estate
    Catterick Garrison
    North Yorkshire DL9 4XE
    United Kingdom
    Tel: 01748 831 177
    Fax: 01748 831 188
    Web: http://www.firevehicles.co.uk/


FLEXTRONICS INT'L: Earns US$85 Million in First Quarter 2006
------------------------------------------------------------
For the first quarter ended June 30, 2006, Flextronics
International Ltd. reported net sales from continuing operations
of US$4.1 billion, which represents an increase of US$236
million, or 6%, over the first quarter ended June 30, 2005.

"There has been a reacceleration of significant growth in our
core EMS business, which includes design, vertically-integrated
manufacturing services, components and logistics," Mike
McNamara, Flextronics' chief executive officer said.  "Fiscal
2006 was a very strong year in terms of incremental business
wins from both new and existing customers.  As a result, we
exceeded revenue and earnings expectations in the June quarter
and have increased our revenue growth rate expectations for
fiscal 2007 to approximately 25%."

Excluding intangibles amortization, restructuring and other
charges which includes stock based compensation, net income for
the first quarter ended June 30, 2006 increased 4% to US$104
million, compared to US$100 million, in the year ago quarter.

After-tax amortization, restructuring and other charges which
includes stock based compensation amounted to US$19 million in
the current quarter compared to US$41 million in the year ago
quarter.

GAAP net income amounted to US$85 million, in the first quarter
ended June 30, 2006, compared to US$59 million, in the year ago
quarter.

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide.  Its European locations include
operations in Finland, Hungary, Sweden and the United Kingdom.

                        *    *    *

As reported in the Troubled Company Reporter on Nov 16, 2004,
Moody's Investors Service assigned a Ba2 rating to Flextronics
International Ltd.'s US$500 million 6.25% senior subordinated
notes, due 2014.  At the same time, the company was assigned a
liquidity rating of SGL-1, reflecting Flextronics' significant
on-hand liquidity, unfettered access to the sizeable US$1.1
billion revolver and the expectation for generating moderately
positive free cash flow (pre-Nortel payments) over the next
twelve months.

As reported in the Troubled Company Reporter on Nov. 12, 2004,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Flextronics' private offering of US$500 million, senior
subordinated notes due 2014.  The notes were offered under Rule
144A, with registration rights.  Proceeds of the offering will
be used to repay outstanding debt under its revolving credit
facilities and for general corporate purposes.  The company's
'BB+/Stable/--' corporate credit rating was affirmed.


FORD MOTOR: Investing US$1 Billion in Michigan Facilities
---------------------------------------------------------
Ford Motor Company will increase the pace of new product
introductions and respond to fast-changing consumer-buying
trends as it accelerates its Way Forward turnaround plan and
considers investing up to US$1 billion in several of the
company's Michigan facilities.

Mark Fields, Ford's president of the Americas, disclosed, on
Aug. 9, 2006, to industry leaders at the Center for Automotive
Research's 41st annual Management Briefing Seminars.

"We are rebuilding our business for the future with an emphasis
on more new products faster -- and that includes more customer
features and advanced technologies throughout our entire
lineup," said Mr. Fields.  "Even as we reduce our overall
capacity in line with demand and make the tough but necessary
cutbacks throughout our business to secure our future, we are
not retreating one bit from the necessary investments to bring
out more products for our customers.  The competitive landscape
and our future demand it."

      Investments on Manufacturing Expansion & New Products

Ford's potential US$1 billion investment would be dedicated to
expanding flexible manufacturing at several Ford facilities in
Michigan and be used for the research and development of future
products, advanced powertrain technologies and hybrid vehicles.
The investment is being considered in partnership with a
Michigan Economic Development Corporation incentive package
designed to encourage investment in the state and retain jobs.

"Today, the auto industry represents the single greatest engine
of economic activity in the world.  And nowhere is the impact
more profound than here in our back yard," Mr. Fields said.
"Ford is proud to be part of Michigan, and our work to keep
Ford's future part of this great state's future underscores our
serious commitment to the people and the communities that have
helped make us great for more than a century."

The new investments are not yet finalized, Mr. Fields said, but
Ford will continue to work with the state and the company's
various facilities, and make decisions as part of its Way
Forward turnaround plan.

"There is no vision for Michigan's new economy that does not
include Ford cars and trucks designed, engineered and made in
Michigan," said Michigan Governor Jennifer M. Granholm.  "For
more than a century, Ford and the state of Michigan have been
partners, and today we are affirming that our partnership will
continue far into the future."

                    More New Products Faster

As part of plans to accelerate its turnaround, Ford will
emphasize the introduction of new products as core to going
"further and faster" throughout its business.

"We'll have more to say on the specifics of what we're
accelerating in September.  But I can confirm that our plans
include more new products, features and technologies throughout
our lineup," said Mr. Fields.  "We have nine new Ford and
Lincoln Mercury products going on sale in the next six months
alone, and we are rebuilding our business for the future with an
emphasis on new products."

Among the new products are the Ford Shelby GT -- on sale in
January -- and Lincoln MKS flagship sedan, which will arrive in
showrooms in 2008.

                         Ford Shelby GT

The 4.6-liter, 325-horsepower Ford Shelby GT will occupy a niche
between the Mustang GT and the Ford Shelby GT500 both in
performance and appearance.  It is a retail version of the Ford
Shelby GT-H Mustang developed for Hertz that was the surprise
hit
of the 2006 New York International Auto Show.

"We know the combination of Mustang and Shelby is magic, and we
proved it again when we revealed the Ford Shelby GT-H. The car
received such rave reviews that our dealers and customers asked
for a version of their own," Mr. Fields explained.  "We
listened, and we're delivering."

The Ford Shelby GT will be on sale in January.

                           Lincoln MKS

The Lincoln MKS full-size flagship sedan will be based on the
concept vehicle first shown at the North American International
Auto Show in January.

"The Lincoln MKS will take Lincoln craftsmanship and comfort
beyond anything we've built before," Mr. Fields said.  "Its
design communicates power, motion and speed, and it will be
packed with more technology and features than any Lincoln before
it."

One new technology on the Lincoln flagship comes straight from
Ford racing and the Ford GT: a capless fuel filler.  It
eliminates the inconvenience of forgetting to put the gas cap
back on after refueling and is better for the environment
because no gas fumes escape.

Ford's industry first technology that eliminates the fuel filler
cap was originally put into production on the Ford GT and is set
to debut across the company's product lineup starting with the
2008 Lincoln MKS.  The capless system is a tangible example of
how Ford is developing innovative product solutions to satisfy
the unmet needs of consumers.

The Lincoln MKS will be the next major step in establishing
Lincoln as America's luxury brand.  Lincoln is building momentum
-- with retail sales up 8% for the first half of 2006.  The new
Lincoln MKS flagship is designed to continue to introduce a new
face of Lincoln to the American public, building on the
hallmarks of design, a business class experience and a smooth,
confident ride.

                          Fuel Economy

Ford has identified two customer trends that will take future
products across the auto industry into new directions.  The
first is a growing, worldwide demand for sustainability and a
smart energy policy.  The second is a set of profound
demographic changes already affecting the auto industry that
will accelerate during the next decade.

"Consumers are speaking loud and clear.  They're telling us that
the social and environmental trade-offs associated with
automobiles are increasingly unacceptable," said Mr. Fields.
"They want cleaner, safer, more efficient vehicles that don't
compromise on function or value.  The auto companies best able
to deliver vehicles that meet these needs will reap the rewards
of increased market share and the financial rewards of
technology innovation and leadership."

Ford research shows that the percentage of Americans who say
they are very concerned about the environment is approximately
70%, up nearly 10 points in the last five years.  Fuel
efficiency is now among the top three purchase drivers, along
with quality and safety.

The rapid rise of fuel prices also has accelerated another trend
that began with the aging of the Baby Boomer generation, Mr.
Fields said.

"Baby Boomers are downsizing every aspect of their lives -
including their homes - and they are moving to smaller cars,
crossovers, small SUVs and small premium utilities," Mr. Fields
added.  "They're also buying fewer medium and large SUVs -- a
trend that actually started in 2003 and accelerated last year,
when gas prices increased."

This population shift will result in dramatic growth for
crossovers and small cars, as well as for premium utility
vehicles, Fields explained.  People-movers -- including medium
and large SUVs and minivans -- will decline because there will
be a smaller pool of family-oriented buyers purchasing vehicles
that their aging parents had been driving.

"The lesson we take from this tectonic shift is that listening
to our customers has never been more important.  We as an
industry can't sit back and complain about these changes.  We
have to act on them - and quickly," Mr. Fields said.  "The old
saying 'If you build it, they will buy it' needs to be put to
rest.  'If they will buy it, we will build it' is the way we
need to approach the future."

      Products for New Customers and a Changing Marketplace

With the fast-changing marketplace and the rise in demand for
more fuel-efficient vehicles, Ford has kicked off its new-model
year with a lineup of new cars, crossovers, hybrids, SUVs and
trucks that puts the company in its best position ever to
attract new customers.

"Ford never has been in a better position than this model year
to compete for customers in an environment of rising gas prices
and higher demand for more power, more performance and more
features," said Mr. Fields.  "We're also leading the way with
bold American designs and innovations in our new vehicles
hitting the market this summer and fall."

Key new products include:

   * Ford Edge and Lincoln MKX crossovers, which are expected to
     shake up this fast growing market when they go on sale in
     November.

   * Ford Shelby GT500, which is now on sale as the most
     powerful production Mustang ever.

   * Lincoln MKZ, with its new 3.5-liter V-6 engine -- which
     eventually will power one of every five Ford and Lincoln
     Mercury vehicles.

   * Ford Expedition, Expedition EL and Lincoln Navigator, which
     go on sale in September, and the new Lincoln Navigator L in
     December.  The new SUVs offer more standard safety
     equipment, best-in-class towing for Expedition, a usable
     third row and additional cargo space.

   * Ford Explorer Sport Trac, which is now on sale with one of
     the segment's only V-8 engines.

   * Ford F-150 with increased towing to a best-in-class 10,500
     pounds, new FX2 Sport edition and new 6.5-foot box for the
     Super Crew.

   * New all-wheel-drive versions of the popular Ford Fusion,
     Mercury Milan and Lincoln MKZ -- a technology that more
     than half of new buyers say they want in their next
     vehicle.

Ford also this year is: delivering more standard safety
equipment on more vehicles, with a focus on rapidly increasing
standardization of side air bags and side air curtains; doubling
the number of vehicles available with DVD-based navigation
systems; and quadrupling the number of vehicles available with
SIRIUS satellite radio.

Drivers can now easily plug their iPod into the car thanks to
new audio features being introduced in new 2007-model Ford and
Lincoln Mercury vehicles.

Ford also is responding to the skyrocketing customer demand to
bring electronic devices into cars and trucks by building in
iPod connectivity in half of the Ford and Lincoln Mercury
lineup.  The company predicts that iPod and other MP3 player
sales will reach 132 million units in 2009 -- more than double
the 57.7 million sold in 2005.

For the 2007-model year, built-in auxiliary audio-input jacks
will be offered on the Ford Edge, Explorer, Expedition, Mustang,
Fusion, Sport Trac, Ranger, F-150, Mercury Milan, Mountaineer,
Lincoln MKX, Lincoln MKZ, Navigator and Lincoln Mark LT.  The
jacks allow customers to bring any iPod or other MP3 player with
a standard 3.5-millimeter audio output into their vehicle and
play it through the audio system.

In addition, early next year, Ford and Lincoln Mercury dealers
throughout the U.S. will begin offering Ford's TripTunes
Advanced audio system -- an iPod integration feature that
provides drivers with top sound quality and recharging at the
same time.  TripTunes Advanced allows the driver to store the
iPod in the vehicle's glove box and select music using the
steering wheel or radio controls -- including shuffling songs
and skipping between tracks and play lists.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company (NYSE:
F) -- http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents.  With about
300,000 employees and more than 100 plants 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.

                          *     *     *

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.


GSD SECURITY: Appoints James Bonney as Liquidator
-------------------------------------------------
James Bonney of BN Jackson Norton was appointed Liquidator of
GSD Security Services Limited on May 11 after creditors agreed
to voluntarily wind up the company.

The company can be reached at:

         GSD Security Services Limited
    Unit 5F Kendal Road
    Shrewsbury
    Shropshire SY1 4EN
    United Kingdom
    Tel: 01743 465 115
    Fax: 01753 465 116
    Web: http://www.gsd-security.net/


GRANDACTION LIMITED: Hires Liquidator from Butcher Woods
--------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
Liquidator of Grandaction Limited at an extraordinary general
meeting on May 16.

The appointment was confirmed at a meeting of creditors held on
the same day.

The company can be reached at:

    Grandaction Limited
    Unit 3
    Stamford Street
    Stourbridge
    West Midlands DY8 4HR
    United Kingdom
    Tel: 01384 442 525
    Fax: 01384 444 959


GREAT NORTH: Sea Containers Extends Financial Support
-----------------------------------------------------
Sea Containers Ltd. is providing certain financial support
arrangements for its UK rail subsidiary, Great North Eastern
Railway.

Under the franchise agreement, there is a bond in favor of the
U.K. Department for Transport (DfT) securing GNER's performance
under the agreement.  This can be used by the DfT in limited
circumstances for specific purposes.  A bank has issued the bond
pursuant to a facility with GNER, which the Company has
guaranteed.  The amount of the performance bond is currently
US$27.5 million (GBP15.3 million) rising to US$51.7 million
(GBP28.7 million) in May 2007.

It is a condition of the franchise that GNER has in place a
US$54 million(GBP30 million) standby credit facility during the
term of the franchise, callable by GNER in the event of
liquidity need.  The Company has provided this facility to GNER,
but it is undrawn as of press time.

It is also a condition of the franchise that GNER has an US$18
million(GBP10 million) overdraft facility to provide additional
working capital if needed.  This facility is provided by a bank
and guaranteed by the Company.  To date, no funds had been
drawn.

                  GNER's Underperformance

Sea Containers has disclosed that GNER has underperformed the
financial projections in its franchise plan.

The most important variance to date arises from a shortfall in
passenger revenue, but additional pressure on financial
performance is expected from higher costs as well.

Passenger Revenue

In the first 14 months of the new franchise to June 30, 2006,
several significant events outside GNER's control have
materially adversely affected GNER's financial results over that
period and its future prospects over the franchise period.
These include:

   -- the terrorist activity in London in July 2005;

   -- the decision by the U.K. Office of Rail Regulation to
      allow additional open access operators to compete with
      GNER;

   -- a weakening in the U.K. GDP growth;

   -- significant increases in electricity prices; and

   -- improvement in Network Rail's performance.

Passenger revenue for the period May 1, 2005 to June 30, 2006
was US$918 million (GBP510 million; unaudited).  This represents
a 3.3% increase compared to the projected 9.9% increase in the
franchise plan, causing passenger revenue to be US$60 million
(GBP33 million) lower than projected for the 14-month period.
GNER believes that just more than half of the shortfall is due
to the July 2005 terrorist activity in London.  GNER was
disproportionately affected by the terrorist activity compared
to other UK rail operators due to GNER's greater dependence on
the long-distance travel market to and from London and the focus
of the terrorist activity around Kings Cross Station in London.
A claim has been submitted to the DfT for the partial recovery
of lost revenue under the force majeure mechanism of the
franchise agreement.  This mechanism will not compensate GNER
fully, however, and the DfT has not concluded its review of that
claim GNER expects that its revenue projections may also be
materially adversely affected in the future by the ORR's
decision in connection with open access arrangements for
competitors, recently upheld by the High Court in London.

                   Infrastructure Payments

GNER's ability to meet its original projections will also be
materially impacted by the variable infrastructure payments to
or from Network Rail, which are largely outside GNER management
control.  The two components of the infrastructure payment
relates to:

   (1) payments to GNER by Network Rail for its performance
       failure or disruption to timetable through planned
       maintenance work by Network Rail; and

   (2) payments from GNER to Network Rail for providing improved
       rail infrastructure performance.

Network Rail's performance is now expected to be better than
anticipated in GNER's franchise plan so that net payments to
Network Rail should continue at a higher level than planned.

                    Electricity Charges

A further issue, which is likely to affect materially GNER's
profitability relates to electricity charges.  These rose in
April 2006 by 26%, considerably more than forecast in GNER's
franchise plan.  GNER has also received initial notification
that a further 65% increase is likely to occur in April 2007,
far in excess of the assumptions made at the time of the bid.
Taken together the 2006 increase and expected 2007 increase
would have an average annual cost impact compared with the
original franchise plan assumption of approximately US$20
million (GBP11 million) per annum from April 2007.  GNER
understands there is a further increase possible in April 2008.

Although GNER management has begun to implement initiatives to
reduce aggregate controllable costs, these costs are not
sufficiently large to provide scope for improvements, which
could significantly offset the potential shortfall in
profitability relating to the factors described above.  In light
of this, GNER currently expects to make a profit or loss result
much lower than the net profit margin before tax of 3.75%
originally estimated in its plan.

In order to make dividend payments to the Company, GNER must
earn distributable profits and also meet certain financial
criteria under the franchise agreement.  GNER does not presently
expect to make any dividend payments for the short to medium
term.

The Company has raised with the DfT the financial impact on GNER
of these adverse factors and will discuss them further, although
the timing and outcome of these discussions with the DfT are
uncertain, as is the future value of the GNER franchise to Sea
Containers.

Under the direction of Bob MacKenzie, who becomes Executive
Chairman of GNER on Aug. 31, GNER will continue to seek to grow
revenue and reduce operating costs.  In the meantime, GNER
continues to exceed its operating performance criteria and
delivers excellent customer service.

                           About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

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

                        *     *     *

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

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

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

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


GREAT NORTH: Bleak Prospect Prompts Sea Container to Mull Sale
--------------------------------------------------------------
Train operator Great North Eastern Railway is reportedly a
target of a takeover deal by a rival, The Scotsman says.

Sea Containers Ltd., GNER's parent, admitted the train operator
has been underperforming financially -- particularly a shortfall
in passenger revenue and higher costs.  Sea Containers, The
Scotsman reports, said it might place GNER on the sale table.

Following the announcement, Sea Containers received approaches
from a number of potential buyers, including some U.K. transport
companies.  According to the report, a rival company -- likely
FirstGroup, Stagecoach, Virgin, or National Express -- also made
an approach.

Aside from the sale, Sea Container is also reviewing other
options that include cost cutting.  Bob MacKenzie, Sea
Container's CEO and GNER's executive chairman, mulls asking the
Department for Transport a discount for its GBP1.3 billion
franchise fee over the next ten years, The Scotsman adds.

The DfT, however, will not renegotiate railway franchises.
"There cannot be a re-negotiation, but there are many ways of
skinning a cat and it is not beyond the DfT to think if a way
that this can be done without breaking the rules," an industry
source told the Scotsman.

Should the mulled sale goes on, Sea Container might not be able
to sell GNER at a favorable price, due to the train operator's
declining profitability, Douglas Friedli of The Scotsman says.

GNER could also return its franchise to the DfT, but would incur
a GBP15-million penalty.

                           About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

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

                        *     *     *

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

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

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

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


INGLEY CONSTRUCTION: Names Liquidator to Wind Up Business
---------------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed Liquidator of
Ingley Construction Limited at an extraordinary general meeting
on May 15.

Subsequently, creditors confirmed the appointment on the same
day.

The company can be reached at:

         Ingley Construction Limited
    2 Old Road
    Branston
    Burton-on-Trent
    Staffordshire DE143ET
    Tel: 01283 512 605


J A LEESON: Brings In Liquidator from Mazars LLP
------------------------------------------------
Creditors of J A Leeson Limited ((t/a Simkins & Leeson)
appointed Martin Dominic Pickard of Mazars LLP as Liquidator of
the company at an extraordinary general meeting on May 16.

The company can be reached at:

         J.A. Leeson Limited
    Ivinghoe Business Centre
    Blackburn Road
    Houghton Regis
    Dunstable
    Bedfordshire LU5 5BQ
    United Kingdom
    Tel: 01582 472 933


J.F.BARDOLPH: Appoints Liquidator from Geoffrey Martin & Co.
------------------------------------------------------------
Stephen Goderski of Geoffrey Martin & Co. was appointed
Liquidator of J.F. Bardolph & Partners Limited (t/a Bardolph
Aircraft Tools) on May 17 by resolutions of members and
creditors.

         J.F. Bardolph & Partners Limited
    Silverthorne Road
    London SW8 3HE
    United Kingdom
    Tel: 020 7622 4435
    Fax: 020 7720 4852
    Web: http://www.bardolph.co.uk/


LIQUID IT: Creditors Confirm Joint Liquidators' Appointment
-----------------------------------------------------------
Creditors of Liquid IT Limited confirmed the appointment of
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery as Joint
Liquidators of the company on May 4.

The company can be reached at:

         Liquid IT Limited
    Bristol & West House
    Post Office Road
    Bournemouth
    Dorset BH1 1BL
    United Kingdom
    Tel: 0870 754 7843
    Web: http://www.liquidittech.co.uk/


LOADBACK LIMITED: Nominates Liquidator from Stones & Co.
--------------------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of Loadback
Limited at an extraordinary general meeting of members on
May 17.

The company can be reached at:

         Loadback Limited
     Unit 8B
    Bedwas House Industrial Estate
    Bedwas
    Caerphilly
    Mid Glamorgan CF838DW
    United Kingdom
    Tel: 029 2045 2111


M W PENSIONS: Calls In Liquidator from Butcher Woods
----------------------------------------------------
The appointment of Roderick Graham Butcher of Butcher Woods as
Liquidator of M W (Pensions & Investments) Limited was confirmed
at a meeting of creditors on May 16.

The company can be reached at:

         M W (Pensions & Investments) Limited
    8-9 Lovat Lane
    London EC3R8DW
    United Kingdom
    Tel: 020 7621 1133
    Fax: 020 7621 0203


MACKENZIE ASBESTOS: Taps David Paul Hudson to Liquidate Assets
--------------------------------------------------------------
David Paul Hudson of Begbies Traynor was appointed Liquidator of
MacKenzie Asbestos Air Monitoring Limited on May 16 after
creditors decided to voluntarily wind up the company.

The company can be reached at:

         MacKenzie Asbestos Air Monitoring Limited
    Benfleet Business Centre
    184 High Road
    Benfleet
    Essex SS7 5LD
    United Kingdom
    Tel: 01268 795 100
    Fax: 01268 795 119


MIDLANDS TRADING: Joint Liquidators Take Over Operations
--------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of Midlands Trading
Limited on May 17 by resolutions of members and creditors.

The company can be reached at:

         Midlands Trading Limited
    Uttoxeter Road
    Mickleover
    Derby DE3 9GE
    United Kingdom
    Tel: 01332 518 096


MOBILE PHONE: Names Alan Simon Liquidator
-----------------------------------------
Alan Simon was appointed Liquidator of Mobile Phone (U.K.)
Limited after creditors resolved on May 17 to voluntarily wind
up the company.

The company can be reached at:

    Mobile Phone (U.K.) Limited
    377 Mare Street
    London E8 1HR
    United Kingdom
    Tel: 020 8525 9445


MORTONS LABELS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Mortons (Labels) Limited confirmed on May 17
resolutions for voluntary liquidation and the appointment of
Andrew Philip Wood and John Russell of The P&A Partnership as
Liquidators of the company.

The company can be reached at:

         Mortons (Labels) Limited
    Unit 11
    Denny Road
    King's Lynn
    Norfolk PE304HG
    United Kingdom
    Tel: 01553 763 847
    Fax: 01553 766 182


MOSAIC CARE: Taps Liquidator from Marlor Walls
----------------------------------------------
E. Walls of Marlor Walls was appointed Liquidator of Mosaic Care
Services Limited on May 18 by resolutions of members and
creditors.

The company can be reached at:

         Mosaic Care Services Limited
    174 Newcastle Road
    Sunderland SR5 1NW
    United Kingdom
    Tel: 01665 510 531


NOVELIS INC: Lenders Extend Waiver Period Until Sept. 18
--------------------------------------------------------
Lenders under Novelis Inc.'s Credit Agreement have agreed to
extend until Sept. 18, 2006, the deadline for filing the
company's 2005 Annual Report on Form 10-K and its 2006 first
quarter report on Form 10-Q.

The filing deadlines for these two reports had become
accelerated to Aug. 18, 2006, following the receipt of an
effective notice of default on July 21, in connection with the
Company's Senior Notes due 2015.

The Credit Agreement lenders also agreed to extend the deadlines
for filing the Company's 2006 second and third quarter reports
on Form 10-Q.  The second quarter report will be due the earlier
of 59 days after the receipt of a new notice of default, should
one occur in connection with the second quarter filings, and
Nov. 30, 2006.

The third quarter report will be due the earlier of 30 days
after the receipt of a new notice of default, should one occur
in connection with the third quarter filings, and Dec. 29, 2006.

Based in Atlanta, Georgia, Novelis Inc. (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis Europe provides its markets with value-added sheet and
light gauge products through a network of 14 plants.

The construction and industrial market represents Novelis
Europe's largest end-use application.  The company supplies
plain and painted sheet for building products such as roofing,
siding, panel walls and shutters.

In addition, Novelis Europe is a global leader in the production
of lithographic sheet, a specialized product requiring technical
production.  It is a leading supplier as well of foil and
beverage can sheet in Europe, and is one of the major suppliers
for ultra thin gauge foil for aseptic liquid packaging for milk
and juices.  And finally, Novelis is a leading supplier to the
European transportation end-use market.

Furthermore, Novelis is a leading recycler of aluminum with
Europe's largest dedicated beverage can recycling plant at
Latchford, U.K.

                        *    *    *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  In a related rating action, Moody's changed Novelis
Inc's speculative grade liquidity rating to SGL-3 from SGL-2.
Novelis Corporation's Ba2 senior secured bank credit facility
rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


PROACT UK: Creditors Resolve to Voluntary Liquidation
-----------------------------------------------------
Creditors of Proact U.K. Limited resolved on May 9 to
voluntarily wind up the company.

Ian Franses of Ian Franses Associates was appointed Liquidator.

The company can be reached at:

         Proact U.K. Limited
    Aura House
    53 Oldridge Road
    London SW128PP
    United Kingdom
    Tel: 020 8672 8896
    Fax: 020 8672 9848


SEA CONTAINERS: Restructuring Program Continues as Planned
----------------------------------------------------------
Sea Containers Ltd. is providing updates on its operations and
financial position including its UK rail subsidiary, Great North
Eastern Railway.  The Company has not yet completed its 2005
annual report on SEC Form 10-K or its first and second 2006
quarterly reports on SEC Form 10-Q.

Commenting on Sea Containers' current financial position, Bob
MacKenzie, President and Chief Executive Officer, said: "Our
priority is to tackle the underperforming operations, simplify
and reduce the cost base and place the Company on a sound
footing through necessary financial restructuring.  GNER in
particular faces significant challenges, as outlined below, and
I believe the original projections for the franchise now appear
optimistic.  I intend to devote attention over the coming months
to address this situation, spending time in the business and
with the U.K. Government's Department for Transport.

"Armed with the business plan which the Company has prepared
over the past few months, we are now able to engage in dialogue
with financial stakeholders and embark on the active phase of
our restructuring program.  We are pleased to have achieved the
sale of Silja within the desired timeframe and that the disposal
of other ferry and non-core assets is well underway.  Both
partners in the GE SeaCo joint venture are firmly focused on
improving the competitiveness through reduced cost and improved
technology.  But the anticipation that we will not be able to
pay the senior notes due on October 15, unless we have adequate
working capital and can be sure of our ability to pay the other
public notes maturing in subsequent years, puts a critical time
pressure on the restructuring process.  Although the seas are
rough, we are navigating a route through this."

         Cash Flow during the First Six Months of 2006

Sea Containers' total consolidated cash position at June 30,
2006 was US$178 million.  Of this amount, approximately US$79
million was restricted as security for obligations to third
parties, and approximately US$57 million was held in
subsidiaries and could not be remitted back to the Company for
various legal, regulatory or bank covenant reasons.  The
combined US$136 million (US$79 million restricted plus US$57
million not readily available) is described herein as
unavailable cash while the remaining US$42 million at June 30,
2006, is described as free cash.  The Company has not applied
this free cash to retire its public notes and is treating it as
available to meet ongoing operating requirements.  Management
regards the measure of free cash as a useful indicator of
liquidity while progressing its financial restructuring plans.

At July 31, 2006, the Company's total cash was approximately
$144 million, a reduction of $34 million from total cash of $178
million at June 30, 2006.  Of the $144 million at July 31, 2006,
$64 million was unavailable cash and $80 million was free cash.
Unavailable cash has therefore reduced by $72 million, and free
cash has increased by $38 million.

The reduction in unavailable cash reflected principally the
application of restricted cash of $51 million to repay partially
one of the Company's secured container debt facilities.  A
further $7 million was paid from restricted cash to repay
partially a second secured container debt facility.  In
addition, there was a release from unavailable cash to free cash
of $14 million held within Silja on completion of the sale.

The main contribution to the increase in free cash during July
was $65 million from the sale of Silja, offset by payment of
$14 million to settle the GE SeaCo arbitration with GE Capital
and a $13 million net outflow for operating, interest and
capital expenditure payments.

                      Status of Ferry Sales

As reported on July 19, 2006, the Company completed the sale of
its Baltic ferry subsidiary Silja Oy Ab and the six vessels
deployed on Silja's core routes.

Sea Containers has separately completed the sale of the Walrus,
Rapide and SuperSeaCat 1 for a total of $48 million, all of
which was used to repay debt secured by the vessels

Sea Containers is continuing its efforts to sell its remaining
ferry assets and businesses and is in active dialogue with a
number of parties regarding the sale of several of its vessels.
To maximize value, the Company may decide to continue operating
or chartering certain vessels for a period of time before
ultimately selling them.  The Company estimates that the ferry
vessels shown in the table above are presently valued in a range
$127 million to $137 million.

At July 31, 2006, Sea Containers had $610 million of
consolidated debt outstanding associated with these businesses:

            Business                       Debt Outstanding
            --------                       ----------------
            Rail (largely GNER)               $15 Million
            Containers                        $140 Million
            Ferries                           $68 Million
            Public Notes                      $385 Million
            Other                             $2 Million
                                            ----------------
            Total                             $610 Million

In addition to the outstanding debt to financial institutions
and public note holders, the Company has a $20 million unsecured
liability to a shipyard that is due for payment by Sept. 29.

Except for GNER, the Company is either the primary obligor or
the guarantor of substantially all of this outstanding debt.

Pursuant to a forbearance agreement signed earlier this year
with one of its container banking syndicates, the Company
formally granted a security interest over cash balances held on
deposit with the banks over which the banks had legal rights of
set off.  The Company further agreed in exchange for continued
forbearance to apply the pledged cash, after the completion of
the Silja sale, to repay in part secured debt outstanding to the
syndicate. Accordingly, after Silja was sold, the Company repaid
approximately $51 million of debt secured by containers.

The Company is in active discussions with a number of financial
institutions to refinance its existing container debt
facilities.  The primary purpose of a refinancing would be to
replace liquidity used to repay secured container debt following
the Silja sale.

The Company remains in default under many of its secured credit
facilities due to breaches of certain financial covenants and
other requirements contained in these facilities.  The Company's
secured and other credit facilities also generally include
cross-default provisions so that non-compliance with a covenant
in one secured credit facility constitutes a default under
substantially all other credit facilities.  No lender has taken
any action to exercise remedies in respect of any events of
default, and the Company is in continuing discussions with its
remaining lenders regarding such defaults.

The Company is also in default under various covenants in its
public note indentures including failure to apply asset sale
proceeds to retire public notes.  As previously reported on June
12, 2006, the Company has not made an "excess proceeds offer"
under those indentures to retire public notes.  The Company's
free cash balance at July 31, 2006 of $80 million included the
benefit of approximately $100 million of excess proceeds as
described in its news release of June 12, 2006.  No action has
been taken against the Company under the public note indentures.

The Company has prepared a business plan which includes certain
strategic and financial alternatives for the Company, including
a potential refinancing or permanent restructuring of the
Company's unsecured financial obligations.  The Company has
provided financial projections and other information under
confidentiality agreements to advisors who act for an ad hoc
committee of public note holders and, separately, to advisors
for pension trustees.  The Company intends in the next few weeks
to begin discussions with these advisors in respect of a
potential restructuring of the Company's unsecured financial
obligations.

The Company is due to pay the $115 million principal amount of
its 10% senior notes on October 15.  Payment will not be made
unless the Company concludes that it will be able to pay in full
when due its other public notes maturing in 2008, 2009 and 2012
and all other unsecured creditors, and to retain sufficient
working capital.  The interest coupon on the Company's 7.875%
senior notes due on August 15 will be paid.

                  GNER's Underperformance

Sea Containers has disclosed that GNER has underperformed the
financial projections in its franchise plan.

The most important variance to date arises from a shortfall in
passenger revenue, but additional pressure on financial
performance is expected from higher costs as well.

Passenger Revenue

In the first 14 months of the new franchise to June 30, 2006,
several significant events outside GNER's control have
materially adversely affected GNER's financial results over that
period and its future prospects over the franchise period.
These include:

   -- the terrorist activity in London in July 2005;

   -- the decision by the U.K. Office of Rail Regulation to
      allow additional open access operators to compete with
      GNER;

   -- a weakening in the U.K. GDP growth;

   -- significant increases in electricity prices; and

   -- improvement in Network Rail's performance.

Passenger revenue for the period May 1, 2005 to June 30, 2006
was US$918 million (GBP510 million; unaudited).  This represents
a 3.3% increase compared to the projected 9.9% increase in the
franchise plan, causing passenger revenue to be US$60 million
(GBP33 million) lower than projected for the 14-month period.
GNER believes that just more than half of the shortfall is due
to the July 2005 terrorist activity in London.  GNER was
disproportionately affected by the terrorist activity compared
to other UK rail operators due to GNER's greater dependence on
the long-distance travel market to and from London and the focus
of the terrorist activity around Kings Cross Station in London.
A claim has been submitted to the DfT for the partial recovery
of lost revenue under the force majeure mechanism of the
franchise agreement.  This mechanism will not compensate GNER
fully, however, and the DfT has not concluded its review of that
claim GNER expects that its revenue projections may also be
materially adversely affected in the future by the ORR's
decision in connection with open access arrangements for
competitors, recently upheld by the High Court in London.

Infrastructure Payments

GNER's ability to meet its original projections will also be
materially impacted by the variable infrastructure payments to
or from Network Rail, which are largely outside GNER management
control.  The two components of the infrastructure payment
relates to:

   (1) payments to GNER by Network Rail for its performance
       failure or disruption to timetable through planned
       maintenance work by Network Rail; and

   (2) payments from GNER to Network Rail for providing improved
       rail infrastructure performance.

Network Rail's performance is now expected to be better than
anticipated in GNER's franchise plan so that net payments to
Network Rail should continue at a higher level than planned.

Electricity Charges

A further issue, which is likely to affect materially GNER's
profitability relates to electricity charges.  These rose in
April 2006 by 26%, considerably more than forecast in GNER's
franchise plan.  GNER has also received initial notification
that a further 65% increase is likely to occur in April 2007,
far in excess of the assumptions made at the time of the bid.
Taken together the 2006 increase and expected 2007 increase
would have an average annual cost impact compared with the
original franchise plan assumption of approximately US$20
million (GBP11 million) per annum from April 2007.  GNER
understands there is a further increase possible in April 2008.

Although GNER management has begun to implement initiatives to
reduce aggregate controllable costs, these costs are not
sufficiently large to provide scope for improvements, which
could significantly offset the potential shortfall in
profitability relating to the factors described above.  In light
of this, GNER currently expects to make a profit or loss result
much lower than the net profit margin before tax of 3.75%
originally estimated in its plan.

In order to make dividend payments to the Company, GNER must
earn distributable profits and also meet certain financial
criteria under the franchise agreement.  GNER does not presently
expect to make any dividend payments for the short to medium
term.

The Company has raised with the DfT the financial impact on GNER
of these adverse factors and will discuss them further, although
the timing and outcome of these discussions with the DfT are
uncertain, as is the future value of the GNER franchise to Sea
Containers.

Under the direction of Bob MacKenzie, who becomes Executive
Chairman of GNER on Aug. 31, GNER will continue to seek to grow
revenue and reduce operating costs.  In the meantime, GNER
continues to exceed its operating performance criteria and
delivers excellent customer service.

                    Financial Support for GNER

Sea Containers Ltd. is providing certain financial support
arrangements for its UK rail subsidiary, Great North Eastern
Railway.

Under the franchise agreement, there is a bond in favor of the
U.K. Department for Transport (DfT) securing GNER's performance
under the agreement.  This can be used by the DfT in limited
circumstances for specific purposes.  A bank has issued the bond
pursuant to a facility with GNER, which the Company has
guaranteed.  The amount of the performance bond is currently
US$27.5 million (GBP15.3 million) rising to US$51.7 million
(GBP28.7 million) in May 2007.

It is a condition of the franchise that GNER has in place a
US$54 million(GBP30 million) standby credit facility during the
term of the franchise, callable by GNER in the event of
liquidity need.  The Company has provided this facility to GNER,
but it is undrawn as of press time.

It is also a condition of the franchise that GNER has an US$18
million(GBP10 million) overdraft facility to provide additional
working capital if needed.  This facility is provided by a bank
and guaranteed by the Company.  To date, no funds had been
drawn.

                      About Sea Containers

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

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

                        *     *     *

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

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

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

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


SEA CONTAINERS: Restructuring Spurs S&P to Keep Junk Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on Sea
Containers Ltd., including the 'CCC-' corporate credit rating,
remain on CreditWatch with negative implications.  Ratings were
lowered to current levels May 1; they were initially placed on
CreditWatch with negative implications on Aug. 25, 2005.

The CreditWatch update follows Sea Containers' update today on
its operational and financial restructuring efforts, including
the statement that it will not pay its US$115 million due
Oct. 15, on the 10% senior notes unless the company concludes
that it will be able to pay its other public notes maturing in
2008, 2009, and 2012, and all other unsecured creditors, and
retain sufficient working capital.

Sea Containers also said it intends in the next few weeks to
begin discussions with advisors in respect of a potential
restructuring of the company's unsecured financial obligations.

"If a restructuring is undertaken that does not provide full
value to the noteholders, we would lower our ratings on the
affected notes to 'D' and the corporate credit rating to 'SD'
(selective default)," said Standard & Poor's credit analyst
Betsy Snyder.

Sea Containers provided also an update on various other ongoing
restructuring efforts:

   -- sale of its Silja ferry unit was completed July 19, and
proceeds applied to reduce debt which has declined by
US$648 million since Dec. 31, 2005, to US$610 million at
July 31, 2006;

   -- three ferries were sold for US$48 million, which was used
to repay secured debt on the vessels, and the company is
seeking to sell other ferries with an estimated value of
US$127 million to US$137 million;

   -- cash used in operating activities was US$88 million for
the first six months of the year, almost double the US$46
million cash consumption of the prior-year period; and

   -- the Great North Eastern Railway is significantly
underperforming original projections, due to lower-than-
forecast revenues, including the effect of terrorist
attacks in London in July 2005 and higher-than-forecast
costs.

The company noted also that it remains in covenant default on
various debt instruments, including its public notes, though no
creditors has taken action to exercise remedies.


STATS CHIPPAC: Earns US$18 Million Net Income in Second Quarter
---------------------------------------------------------------
STATS ChipPAC Ltd. has announced results for the second quarter
ended June 30, 2006.

Revenue for the three months ended June 30, 2006 increased 58%
to US$418.1 million, compared with US$264.3 million of revenues
in the same quarter a year ago or an increase of 8% compared to
the prior quarter.

On a US GAAP basis, net income for the three months ended
June 30, 2006, was US$18.0 million, compared with a US$15.1
million net loss in the same quarter a year ago. US GAAP results
for the second quarter of 2006 include US$16.0 million in
special items and costs associated with the merger of STATS and
ChipPAC.

US GAAP results for the second quarter of 2005 include US$14.1
million in special items and costs associated with the merger of
STATS and ChipPAC.  Excluding the special items and including
certain adjustments, non-US GAAP adjusted net income for the
three months ended June 30, 2006 was US$34.1 million, compared
with a net loss of US$1.0 million in the same quarter a year
ago. Results for the second quarter of 2006 include
approximately US$2.8 million in share-based compensation
expenses as required under SFAS 123(R).

                            Outlook

Tan Lay Koon, president and chief executive officer of STATS
ChipPAC said, "In terms of guidance for the third quarter of
2006, we expect revenue in the third quarter of 2006 will be
approximately 2% to 7% lower than the second quarter of 2006,
with US GAAP net income in the range of US$13.0 million to
US$24.0 million, which represents US GAAP net income per diluted
ADS of US$0.06 to US$0.11, including the impact of US$0.02 per
ADS for the expensing of share-based compensation and the impact
of approximately US$0.01 per ADS due to restructuring activities
in the quarter.  Non-US GAAP adjusted net income is expected to
be in the range of US$21.5 million to US$32.5 million or in the
range of US$0.10 to US$0.15 per diluted ADS, including the
impact of US$0.02 per ADS for the expensing of share-based
compensation.  Non-US GAAP adjusted net income is calculated
without the effect of certain merger and integration expenses,
purchase accounting adjustments and restructuring activities."

A full-text copy of STATS ChipPac's second quarter financials is
available at no charge at http://ResearchArchives.com/t/s?f92

                      About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in South Korea,
Singapore, China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                        *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credrit Rating effective on October 7, 2004.


STATS CHIPPAC: Now Listed With NASDAQ Global Select Market
----------------------------------------------------------
STATS ChipPAC Ltd. disclosed the listing of its shares in the
new NASDAQ Global Select Market.

The NASDAQ Global Select Market has the highest initial listing
standards of any exchange in the world based on financial and
liquidity requirements.  Prior to the change, the company had
been listed on the NASDAQ National Market.

Beginning July 3, NASDAQ-listed companies will be classified
under three listing tiers - NASDAQ Global Select Market, NASDAQ
Global Market, and NASDAQ Capital Market.  NASDAQ also plans to
launch indexes based on these new tiers.

Tan Lay Koon, president and chief executive officer, STATS
ChipPAC, "Achieving the NASDAQ Global Select market designation
is the latest acknowledgement of STATS ChipPAC's global
leadership, our support of the world's most prestigious and
innovative customers, and our commitment to our investors."

NASDAQ announced the new three tier listing classification in
February 2006.  All three market tiers will maintain rigorous
listing and corporate governance standards.

                      About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in South Korea,
Singapore, China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                        *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credrit Rating effective on October 7, 2004.


WEST'S ENGINEERING: Creditors' Meeting Slated for August 18
-----------------------------------------------------------
Creditors of West's Engineering Design Limited (Company Number
04315337) will meet at 12:00 noon on Aug. 18 at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury BL9 8AT
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 17 at:

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

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


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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

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


                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *