TCREUR_Public/060816.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

           Wednesday, August 16, 2006, Vol. 7, No. 162      

                            Headlines


A U S T R I A

A BIS Z: Salzburg Court Orders Closing of Business
A TEC: Klagenfurt Court Orders Closing of Business
CELESTE CAFE: Vienna Court Orders Closing of Business
CHRISTIAN WAGNER: Vienna Court Orders Closing of Business
EBO NEWORAL: Vienna Court Orders Closing of Business


F R A N C E

ATARI INC: Posts US$7.1 Million Net Loss in First Quarter 2006


G E R M A N Y

11-8-45 INFORMEDIA: Claims Registration Ends September 6
ACKERMANN SPEDITION: Claims Registration Ends September 7
ALERIS INTERNATIONAL: Board of Directors Okay Aurora Merger Pact
ANKA SCHMUCKVERTRIEBS: Claims Registration Ends August 17
CLIMATECH AKTIENGESELLSCHAFT: Claims Registration Ends Aug. 30

DUERR AG: Cuts First-Half Net Loss to EUR3.3 Million
HUSS MASCHINENFABRIK: Financial Woes Prompt Insolvency Filing
HV DIRECT: Claims Registration Ends August 24
RACE DIRECT: Claims Registration Ends September 1
SCHNITZLER GMBH: Claims Registration Ends August 29

SWEN HEINRICHS: Claims Registration Ends September 1
TEN HAAF: Claims Registration Ends August 20
ULRICH BRUENEMANN: Claims Registration Ends August 30
VISTEON CORP: Closes US$675 Million Five-Year Credit Facilities


G R E E C E

OVERSEAS SHIPHOLDING: Earns US$60.2 Million in Second Quarter
OVERSEAS SHIPHOLDING: Inks Partnership Pact with TransCanada
OVERSEAS SHIPHOLDING: Moody's Assigns Ba1 Unsecured Debt Rating


I T A L Y

PARMALAT: Parma Court Approves Boschi's Composition of Creditors
PARMALAT USA: Wants Court to Extend Claims Objection Deadline


K A Z A K H S T A N

JSC KAZTRANSOIL: Fitch Affirms Default Rating at BB+
KAIR: Proof of Claim Deadline Slated for Sept. 11
URISKY ELEVATOR: Creditors Must File Claims by Sept. 11


N E T H E R L A N D S

GETRONICS NV: Posts EUR41-Million Loss for First Half 2006
KONINKLIJKE AHOLD: Two Investors Seek Sale of U.S. Units
KONINKLIJKE AHOLD: Posts EUR10.5 Billion in First-Half Revenues


P O L A N D

BANK ZACHODNI: Fitch Affirms Individual Rating at C


R U S S I A

ARAMILSKIY FACTORY: L. Korovnikova to Manage Insolvency Assets
BARNAULSKIY FACTORY: Altay Court Starts Bankruptcy Supervision
CHILDREN FASHION: M. Vasilega to Manage Insolvency Assets
COM-INVEST: Moscow Court Names M. Vasilega as Insolvency Manager
ELA-TRADE: Court Names Y. Suzdalev as Insolvency Manager

GAS-STROY: Court Names S. Sentyurin as Insolvency Manager
KORENNOYE: Voronezh Court Starts Bankruptcy Supervision
KURTAMYSHSKAYA FURNITURE: S. Sokolov to Manage Insolvency Assets
MICHURINSKIY FOOD: Court Names V. Filatov as Insolvency Manager
MIKHAYLOVSKIY LIME: A. Kashkurov to Manage Insolvency Assets

RODNIK: Krasnodar Court Starts Bankruptcy Supervision
RZHEVSKIY FACTORY: Court Starts Bankruptcy Supervision
SIBAY-BREAD: Court Names O. Shakhova as Insolvency Manager
SUAL: Sustainable Performance Spurs S&P to Affirm BB- Rating
YUMAS: Khanty-Mansiyskiy Court Starts Bankruptcy Supervision

YUKOS OIL: Eduard Rebgun Terminates Dutch Unit's Management
YUKOS OIL: PKN Orlen Hopeful on Mazeikiu Nafta Purchase Deal


S E R B I A   &   M O N T E N E G R O

U.S. STEEL: Earns US$404 Million in Second Quarter 2006


S L O V A K   R E P U B L I C

U.S. STEEL: Earns US$404 Million in Second Quarter 2006


U K R A I N E

AGROPROMPOSTACH: Cherkassy Court Starts Bankruptcy Supervision
BARS: Kyiv Court Names Dmitro Luchenko as Insolvency Manager
DEKSUM: Kyiv Court Names Denis Malusko as Insolvency Manager
DONBAS-FOREST: Court Names Yaroslav Derevyanchenko as Liquidator
EKONOMFINANS: Court Names Eduard Davidov as Insolvency Manager

EUROPE: Kyiv Court Names Olena Tsiganenko as Liquidator
FIESTA-INVEST: Court Names Vyacheslav Rabushko as Liquidator
FINKOM: Mikolaiv Court Names Eduard Davidov as Liquidator
LEMANS: Odessa Court Names G. Fedorovska as Insolvency Manager
MARKETING-CENTER: Zaporizhya Court Starts Bankruptcy Supervision

NEKTAR-AGRO: Court Names Viktoriya Cherepenko as Liquidator
UKRSTOCKDEALING: Court Names District Tax Agency as Liquidator
VORONTSOV: Court Names District Tax Agency to Liquidate Assets
UKRGAZGRUP: Kyiv Court Starts Bankruptcy Supervision
UNI-TRADE-SHIPPING AGENCY: Ludmila Zayikina to Liquidate Assets

VERTIKAL: Court Names Vyacheslav Rabushko as Insolvency Manager
ZAPORIZHYA' TERRITORIAL: Court Starts Bankruptcy Supervision
ZOLOTE YAJTSE: Harkiv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ALERIS INTERNATIONAL: Board of Directors Okay Aurora Merger Pact
AMANDA G LTD: Appoints Philip Simons as Liquidator
APOLLO VIDEO: Creditors' Meeting Slated for August 22
BRITISH INFLUENCE: Taps Andrew Rosler to Administer Assets
CITIZEN SECURITY: Creditors' Meeting Slated for August 23

DAMONT AUDIO: Nominates C. M. Iacovides as Liquidator
DOUGLAS POINT: Creditors Confirm Joint Liquidators' Appointment
EXEL RECRUITMENT: Brings In P&A Partnership as Administrators
H. BROWN: Hires Joint Administrators from Begbies Traynor
JOHN FLETCHER: Creditors Appoint Joint Liquidators

JOHN PARRY: Taps Kroll Limited to Administer Assets
KEY CONTRACTS: Creditors' Meeting Slated for August 22
LARCHCLOUD LIMITED: Names Roderick Graham Butcher Liquidator
LEAF & CARVER: Taps Melvyn L. Rose to Liquidate Assets
LOCAL AD: Brings In Joint Liquidators from Wilson Pitts

LOVE TM: Creditors Resolve to Voluntary Liquidation
MAC GOODS: Creditors Agree to Voluntary Winding-Up
MAGDON LIMITED: Brings In Liquidator from Butcher Woods
MISKIN PLANT: Hires Kroll Limited as Joint Administrators
MONACTIVE LIMITED: Creditors' Meeting Slated for August 24

MOSAIC CARE: Claims Filing Period Ends Sept. 30
MOTORING 4 LIMITED: Names Andrew Fender as Administrator
NBTY INC: S&P Upgrades Bank Loan Rating to BB+ From BB
ODYSSEY RE HOLDINGS: Earns US$202 Mil. in Quarter Ended June 30
OVERSEAS SHIPHOLDING: Earns US$60.2 Million in Second Quarter

OVERSEAS SHIPHOLDING: Inks Partnership Pact with TransCanada
OVERSEAS SHIPHOLDING: Moody's Assigns Ba1 Unsecured Debt Rating
P & N CONTRACTORS: Stephen P. J. Whites Leads Liquidation
PAGEBOY SERVICES: Brings In Unity Business as Administrators
PREMIER PORTABLE: Hires Administrators from Smith & Williamson

PSL LIMITED: Appoints P&A Partnership as Joint Administrators
R.T. STEWARD: Brings In Grant Thornton as Administrators
RAVENSTONE PARTNERSHIP: Hires Joint Liquidators from Insol House
RAWCLIFFE HOMES: Appoints Administrators from Begbies Traynor
RAYLEIGH ENGINEERING: Placed Into Voluntary Liquidation

REFCO INC: Davidson Kempner Offering to Buy Refco Capital Claims
REFCO INC: Investors Buy US$69.9 Million in Claims
REFCO INC: Court Extends Lease Decision Period Until Sept. 12
SCORPION SECURITY: Joint Liquidators Take Over Operations
SEJOUR LIMITED: Taps Marriotts & David Rubin as Administrators

SMC.TECH LIMITED: Taps Joint Liquidators from PKF (UK) LLP
STUART SECURITY: Appoints Harrisons as Joint Administrators
SYLHET FOODS: Creditors Pass Winding Up Resolution
TECHNICAL COLOUR: Hires Administrators from Begbies Traynor
U.K. CONSTRUCTION: Hires UHY Hacker Young as Administrators

UNIVERSAL AERIAL: Brings In KPMG to Administer Assets
V R FROZEN: Nominates Joint Liquidators from Abbott Fielding
WHITE TOWER: Fitch Keeps BB Rating on GBP2.5-Mln Class E Notes
WOW LIMITED: Creditors Opt to Voluntar Liquidation

* Fitch Says Central Europe's Oil Refineries Face Supply Risk

                            *********


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


A BIS Z: Salzburg Court Orders Closing of Business
--------------------------------------------------
The Land Court of Salzburg entered an order on June 23 closing
the business of LLC A bis Z (FN 245687f).  Court-appointed
property manager Peter Perner determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Peter Perner
         Karolingerstrasse 1
         5020 Salzburg, Austria
         Tel: 0662/826661
         Fax: 0662/826661-10
         E-mail: office@dr-perner.at

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 23 S 38/06t).  


A TEC: Klagenfurt Court Orders Closing of Business
--------------------------------------------------
The Land Court of Klagenfurt entered an order on June 23 closing
the business of LLC A TEC Advanced Process Technologies (FN
124536t).  Court-appointed property manager Gerhard Brandl
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Gerhard Brandl
         Kardinalschuett 7
         9020 Klagenfurt, Austria
         Tel: 0463/55577
         Fax: 0463/502191
         E-mail: rechtsanwalt@kanzlei-brandl.at  

Headquartered in Eberstein, Austria, the Debtor declared
bankruptcy on June 20 (Bankr. Case No. 41 S 66/06p).  


CELESTE CAFE: Vienna Court Orders Closing of Business
-----------------------------------------------------
The Trade Court of Vienna entered an order on June 22 closing
the business of LLC Celeste Cafe (FN 73450s).  Court-appointed
property manager Johannes Jaksch determined that the continuing
operation of the business would reduce the value of the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 20 (Bankr. Case No. 2 S 66/06b).  Alexander Schoeller
represents Dr. Jaksch in the bankruptcy proceedings.


CHRISTIAN WAGNER: Vienna Court Orders Closing of Business
---------------------------------------------------------
The Trade Court of Vienna entered an order on June 23 closing
the business of LLC Christian Wagner (FN 239038b).  Court-
appointed property manager Georg Unger determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Georg Unger
         c/o Dr. Arno Maschke
         Mariahilfer Road 50
         1070 Vienna, Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: schulyok-unger@csg.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 24 (Bankr. Case No. 5 S 76/06w).  Arno Maschke represents
Dr. Unger in the bankruptcy proceedings.


EBO NEWORAL: Vienna Court Orders Closing of Business
----------------------------------------------------
The Trade Court of Vienna entered an order on June 22 closing
the business of LLC Ebo - Neworal (FN 34335v).  Court-appointed
property manager Wolfgang Pitzal determined that the continuing
operation of the business would reduce the value of the estate.

The property manager and his representative can be reached at:

         Dr. Wolfgang Pitzal
         c/o  Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna, Austria
         Tel: 587 31 11
              587 31 12
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at   

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 20 (Bankr. Case No. 2 S 65/06f).   Hannelore Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


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


ATARI INC: Posts US$7.1 Million Net Loss in First Quarter 2006
--------------------------------------------------------------
Atari Inc. filed its first fiscal quarter financial statements
for the three months ended June 30, 2006, with the U.S.
Securities and Exchange Commission on Aug. 9.

The Company reported a US$7.114 million net loss on US$19.474
million of net revenues for the first fiscal quarter ended
June 30, 2006, compared with a US$32.817 million net loss on
US$23.877 million of net revenues for the same period in 2005.

The Company said the net loss is the result of the lack of new
products released in the current quarter combined with soft
sales on its catalogue product.

At June 30, 2006, the Company's balance sheet showed US$143.670
million in total assets, US$70.458 million in total liabilities,
and US$73.212 million in total stockholders' equity.

The Company's June 30 balance sheet showed strained liquidity
with US$66.398 million in total current assets available to pay
US$69.789 million in total current liabilities.

                    Need for Additional Funding

On May 31, the Company's credit facility with HSBC Business
Credit (USA) Inc. expired and no alternative method of short-
term financing has been established.  

Historically, the Company has relied on Infogrames Entertainment
S.A., the Company's majority stockholder, to provide limited
financial support; however, as IESA continues to address its own
financial condition, its ability to fund its subsidiaries'
operations, including Atari, remains limited.  Atari said there
can be no assurance that it will ultimately receive any funding
from IESA.

Atari is exploring various alternatives to improve its financial
position and secure other sources of financing.  Those
possibilities include a new credit facility, new arrangements to
license intellectual property, the sale of selected intellectual
property rights and sale of development studios.

To reduce working capital requirements and further conserve
cash, it needs to take additional actions in the near-term,
which may include further personnel reductions and suspension of
certain development projects.  These actions may or may not
prove to be consistent with the Company's long-term strategic
objectives.

Since April 2006, the Company raised approximately US$9 million
through sales of a certain intellectual property, and subsequent
to June 30, 2006, Atari sold the Driver intellectual property,
as well as certain assets of its wholly owned studio,
Reflections Interactive Ltd., to a third party for approximately
US$24 million.  However, these amounts are insufficient to fully
address the uncertainties of Atari's financial position.  The
Company continues to seek additional funding.

Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?f6e

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 3, 2006,
Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all  
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include hard-core, genre-defining franchises such
as The Matrix(TM) (Enter The Matrix and The Matrix: Path of
Neo), and Test Drive(R); and mass-market and children's
franchises such as Nickelodeon's Blue's Clues(TM) and Dora the
Explorer(TM), and Dragon Ball Z(R).  Atari, Inc. is a majority-
owned subsidiary of France-based Infogrames Entertainment SA
(Euronext - ISIN: FR-0000052573), the largest interactive games
publisher in Europe.


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


11-8-45 INFORMEDIA: Claims Registration Ends September 6
--------------------------------------------------------
Creditors of 11-8-45 Informedia GmbH have until Sept. 6 to
register their claims with court-appointed provisional
administrator Jens M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.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 Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against 11-8-45 Informedia GmbH on July 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         11-8-45 Informedia GmbH
         Ruhr Avenue 185
         45136 Essen, Germany

         Attn: Georg Clemens Block, Manager
         Anemonenweg 4
         45133 Essen, Germany

The administrator can be contacted at:

         Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen, Germany
         Tel: 0201 438740

         
ACKERMANN SPEDITION: Claims Registration Ends September 7
---------------------------------------------------------
Creditors of Ackermann Spedition GmbH have until Sept. 7 to
register their claims with court-appointed provisional
administrator Friedrich von Kaltenborn-Stachau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 28 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg, 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 Lueneburg opened bankruptcy proceedings
against Ackermann Spedition GmbH on July 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Ackermann Spedition GmbH
         Attn: Bernd Ackermann, Manager
         Appenstedter Way 61-65
         21217 Seevetal, Germany

The administrator can be contacted at:

         Friedrich von Kaltenborn-Stachau
         Jungfernstieg 30
         20354 Hamburg, Germany
         Tel: 040/35006-0
         Fax: 040/35006176
         E-mail: friedrich.von.kaltenborn@brInet.com


ALERIS INTERNATIONAL: Board of Directors Okay Aurora Merger Pact
----------------------------------------------------------------
Aleris International Inc.'s Board of Directors unanimously
approved the Agreement and Plan of Merger with Aurora
Acquisition Merger Sub, Inc.

On Aug. 7, 2006, the Company entered into an Agreement and Plan
of Merger pursuant to which Aurora Acquisition Holdings, Inc.'s
wholly owned subsidiary, Aurora Merger, will merge with and into
Aleris.  Aleris will continue as the surviving corporation and
becoming a wholly owned subsidiary of Aurora Holdings.  Aurora
Holdings is owned by affiliates of Texas Pacific Group.

Pursuant to the Merger Agreement:

    * each outstanding share of common stock of Aleris other
      than shares owned by Aurora Holdings, Aurora Merger Sub or
      any subsidiary of Aurora Holdings or Aleris,

    * shares held in the treasury of Aleris, and

    * shares held by any stockholders who are entitled to and
      who properly exercise appraisal rights under Delaware law,

will be cancelled and converted into the right to receive
US$52.50 in cash, without interest.

The Merger Agreement also provides for a post-signing "go-shop"
period which permits Aleris to solicit competing acquisition
proposals until 12:01 a.m. on Sept. 7, from any person
who directly or indirectly through a controlled entity
manufactures or fabricates metals and is not a discretionary
private equity fund or other discretionary investment vehicle.

A full-text copy of the Agreement and Merger Plan dated Aug. 7
is available for free at http://ResearchArchives.com/t/s?f6b

                  About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
rolled aluminum products and is a global leader in aluminum
recycling and the production of specification alloys.  The
company also manufactures value-added zinc products that include
zinc oxide, zinc dust and zinc metal.  The Company operates 42
production facilities in the United States, Brazil, Germany,
Mexico and Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported in TCR-Europe on Aug. 11, Standard & Poor's Ratings
Services placed its 'BB-' corporate credit and other ratings on
Beachwood, Ohio-based Aleris International Inc. on CreditWatch
with negative implications.

The rating action follows the announcement that Texas Pacific
Group has come to an agreement to acquire the outstanding stock
of Aleris for approximately US$1.7 billion plus assume or repay
approximately US$1.6 billion of debt.  The CreditWatch placement
reflects our concerns of additional debt in the capital
structure.  Details of Texas Pacific's financing for this
acquisition were not disclosed.


ANKA SCHMUCKVERTRIEBS: Claims Registration Ends August 17
---------------------------------------------------------
Creditors of ANKA Schmuckvertriebs GmbH have until Aug. 17 to
register their claims with court-appointed provisional
administrator Frank Imberger.

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 Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, 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 Bochum opened bankruptcy proceedings
against ANKA Schmuckvertriebs GmbH on July 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         ANKA Schmuckvertriebs GmbH
         Attn: Recai Guer and Irfan Karaduman, Managers
         Konrad Adenauer Place 5-6
         44787 Bochum, Germany

         Volker Winkelmeier, Manager
         Castroper Hellweg 49
         44805 Bochum, Germany

The administrator can be contacted at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum, Germany
         

CLIMATECH AKTIENGESELLSCHAFT: Claims Registration Ends Aug. 30
--------------------------------------------------------------
Creditors of CLIMATECH Aktiengesellschaft have until Aug. 30 to
register their claims with court-appointed provisional
administrator Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Leipzig
         Hall 145
         Leipzig, 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 Leipzig opened bankruptcy proceedings
against CLIMATECH Aktiengesellschaft on July 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         CLIMATECH Aktiengesellschaft
         Attn: Andreas Ebert, Manager
         Stoehrerstr. 7
         04347 Leipzig, Germany

The administrator can be contacted at:

         Dr. Juergen Wallner
         Karl Heine Road 25B
         04229 Leipzig, Germany


DUERR AG: Cuts First-Half Net Loss to EUR3.3 Million
----------------------------------------------------
Duerr AG released its financial results for the first half ended
June 30, 2006.

The Duerr Group's incoming orders increased in the first six
months of 2006 by 16% on the previous year's period (EUR728.4
million) to EUR845.3 million.  The improvement was mainly driven
by growth in the Paint and Assembly Systems division.  The
Measuring and Process Systems division showed incoming orders up
4% in the first half of the year; the first quarter's decline
was more than offset in the second quarter.  Incoming orders
from Asia rose 76.5% on the previous year.  We received
strategically important orders from Southern Europe in the
second quarter.  Business in the Americas held steady at an
unsatisfactory level.

Consolidated sales in the first six months of 2006 came to
EUR626.3 million and was thus 4.7% below the previous year's
level (EUR656.9 million), as expected.  The main reason for was
relatively weak incoming orders in the second half of 2005,
which found expression at a time lag in sales.  Orders on hand
stood at EUR929.9 million on June 30, 2006, which was EUR206.4
million more than at the end of 2005.
Earnings significantly improved

The gross margin rose on annual average to date by 0.6
percentage points to 17%.  The main reason for the plus was
already realized efficiency gains and the service business,
whose importance is growing.  The decline of selling and
administrative costs in the second quarter also deserves
mention.  

The costs of implementing FOCUS, for which we were unable to
create provisions last year due to IFRS accounting rules, are
stated separately at EUR3.7 million.  EBITDA reached EUR16.4
million in the first six months of 2006 (previous year: EUR14.7
million), and EBIT doubled from EUR3.0 million in the previous
year's period to EUR6.0 million.

Interest expenses declined by EUR5.2 million on the first half
of 2005 to EUR13.1 million.  Net financial debt amounted to
EUR122.2 million on June 30, 2006, compared with EUR334.0
million on the same date last year.  The net loss at the end of
the first six months of 2006 came to EUR-3.3 million (previous
year: EUR-12.5 million).  

In the second quarter of 2006, positive earnings after taxes of
EUR1.3 million were achieved after EUR-5.9 million in the
previous year's period, despite significantly lower reported
sales (down by EUR46.6 million to EUR317.0 million).  The equity
ratio rose significantly to 23% as of June 30, 2006 (June 30,
2005: 18%).

"We are satisfied with the development in the year to date.  
Notwithstanding the expected decline of sales in the second
quarter, we improved earnings and were in the black," Ralf
Dieter, CEO of Duerr AG commented.  "Thanks to the FOCUS
measures, we made visible progress on improving our cost
structure in the second quarter.  We expect a significant upturn
of sales in the second half of the year, based on the strong
incoming orders of the first half.  We should also make further
earnings progress".

Process Improvement in FOCUS's Implementation Phase

All FOCUS projects have already started up on schedule.  In the
framework of these projects, our internal processes have been
examined for improvement potential.  Implementing that potential
in the FOCUS projects is the company's top priority.  Eight of
the projects were already completed by March 31 of this year.  
Another five were wrapped up in the second quarter of 2006.
Outlook

Because of the positive demand trend in modernization and
service business and for new plants, especially from Asia and
Eastern Europe, Duerr expects higher incoming orders in 2006
than in the previous year.  Sales in 2006 will be at least at
the previous year's level.  Duerr expects a significant increase
of operating earnings for 2006 because of the initiated FOCUS
measures.  Net interest results will improve compared with 2005.  
Overall, the company expects slightly positive earnings for
2006, which will remain a year of transition and implementation.  
Our medium-term return target is 4% based on earnings before
taxes and 8% based on EBITDA.

                           About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en/-- supplies products, systems, and  
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

Duerr AG's 9-3/4% senior subordinated notes due 2011 carry
Moody's Investors Service's Caa1 rating and Standard & Poor's
CCC+ rating.


HUSS MASCHINENFABRIK: Financial Woes Prompt Insolvency Filing
-------------------------------------------------------------
HUSS Maschinenfabrik GmbH & Co. KG was forced to file for
insolvency on Aug. 1, after it was unable to obtain credit
extensions from its lenders.  The company said it has used up
its credit line, which included bank guarantees, at the end of
July 2006.

The company's insolvency practitioner, the senior management and
its investor are consulting in an effort to secure and maintain
jobs, products and the HUSS brand for the world market.  

The filing, similar to a chapter 11 proceeding in the United
States, has come about as part of the company's restructuring
and refinancing relating to the involvement of a new investor.  
This, the company said, will ensure the continuation of HUSS in
a much stronger financial position.

Headquartered in Bremen, Germany, HUSS Maschinenfabrik GmbH &
Co. KG was one of the largest, and most popular amusement ride
manufacturer in the world.  Founded in 1919, the company
originally manufactured equipment for ships, but diversified out
into the production of amusement rides in 1969.  As of 2006,
this was the sole business of the company.
         
         
HV DIRECT: Claims Registration Ends August 24
---------------------------------------------
Creditors of HV Direct-Marketing GmbH have until Aug. 24 to
register their claims with court-appointed provisional
administrator Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke, 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 Syke opened bankruptcy proceedings against
HV Direct-Marketing GmbH on July 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         HV Direct-Marketing GmbH
         Attn: Volker Hauptvogel, Manager
         Buersteler Road 4
         28816 Stuhr, Germany

The administrator can be contacted at:

         Dr. Christian Willmer
         George Route 5
         D-27283 Verden, Germany
         Tel: 04231/884-0
         Fax: 04231/884-55
         

RACE DIRECT: Claims Registration Ends September 1
-------------------------------------------------
Creditors of Race Direct GmbH have until Sept. 1 to register
their claims with court-appointed provisional administrator Ralf
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg, 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 Lueneburg opened bankruptcy proceedings
against Race Direct GmbH on July 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Race Direct GmbH
         Attn: Mathias Stolzenberg, Manager
         Beedenbosteler Way 3
         29229 Celle, Germany

The administrator can be contacted at:

         Ralf Mueller
         c/o Wasner & Mueller
         Veersser Str. 41
         29525 Uelzen, Germany
         Tel: 0581/16006
         Fax: 0581/17159
         

SCHNITZLER GMBH: Claims Registration Ends August 29
---------------------------------------------------
Creditors of Schnitzler GmbH have until Aug. 29 to register
their claims with court-appointed provisional administrator
Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Sept. 22 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 Augsburg
         Law Courts
         Meeting Room 149
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Schnitzler GmbH on July 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Schnitzler GmbH
         Attn: Schnitzler Eugen-Andreas, Manager
         Dinkelstrasse 2
         86845 Grossaitingen, Germany

The administrator can be contacted at:

         Christian Plail
         c/o SKP Partnerschaftsgesellschaft
         Eserwallstr. 1-3
         86150 Augsburg, Germany


SWEN HEINRICHS: Claims Registration Ends September 1
----------------------------------------------------
Creditors of Swen Heinrichs Putz Stuck Akustik Altbausanierung
GmbH & Co. KG have until Sept. 1 to register their claims with
court-appointed provisional administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Oct. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Aachen opened bankruptcy proceedings
against Swen Heinrichs Putz Stuck Akustik Altbausanierung GmbH &
Co. KG on July 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Swen Heinrichs Putz Stuck Akustik
         Altbausanierung GmbH & Co. KG
         Attn: Swen Heinrichs, Manager
         Schellerwinkel 16
         52222 Stolberg, Germany

The administrator can be contacted at:

         Johannes Klefisch
         Rotter Bruch 6
         52068 Aachen, Germany
         

TEN HAAF: Claims Registration Ends August 20
--------------------------------------------
Creditors of ten Haaf Sicherheitsprodukte GmbH & Co. KG have
until Aug. 20 to register their claims with court-appointed
provisional administrator Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 18 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 Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg, 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 Arnsberg opened bankruptcy proceedings
against ten Haaf Sicherheitsprodukte GmbH & Co. KG on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ten Haaf Sicherheitsprodukte GmbH & Co. KG
         Attn: Friedrich ten Haaf, Manager
         Huenenburg 28
         59823 Arnsberg, Germany

The administrator can be contacted at:

         Dr. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund, Germany
         

ULRICH BRUENEMANN: Claims Registration Ends August 30
-----------------------------------------------------
Creditors of Ulrich Bruenemann-Kamper GmbH have until Aug. 30 to
register their claims with court-appointed provisional
administrator Hubertus Bange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 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 Ulrich Bruenemann-Kamper GmbH on July 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Ulrich Bruenemann-Kamper GmbH
         Attn: Ulrich Bruenemann-Kamper, Manager
         Holzhausener Road 1
         49536 Lienen, Germany

The administrator can be contacted at:

         Hubertus Bange
         Kardinal-von-Galen-Str. 5
         48268 Greven, Germany


VISTEON CORP: Closes US$675 Million Five-Year Credit Facilities
---------------------------------------------------------------
Visteon Corp. has closed on new European and U.S. five-year
revolving credit facilities with an aggregate availability of up
to US$675 million.  The facilities replaced the company's multi-
year secured revolving credit facility of US$500 million
expiring in June 2007.

Citigroup Global Markets Inc., JPMorgan Securities Inc. and UBS
Securities LLC led the European receivables securitization of
US$325 million.

JPMorgan Securities Inc. and Citigroup Global Markets Inc. led
the U.S. secured revolver of US$325 million.

"Closing on these facilities completes the financing we
undertook earlier in the year, including a seven-year US$800
million secured term loan completed in June," James F. Palmer,
Visteon executive vice president and chief financial officer
disclosed.

"The completion of our financing activities provides us with
additional flexibility as we focus on implementing our three-
year plan," Mr. Palmer added.

                        About the Company

Visteon Corp. (NYSE: VC)-- http://www.visteon.com/-- 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.


===========
G R E E C E
===========


OVERSEAS SHIPHOLDING: Earns US$60.2 Million in Second Quarter
-------------------------------------------------------------
Overseas Shipholding Group Inc. reported results for the
second fiscal quarter of 2006.

As of June 30, 2006, net income was US$60.2 million, down 47%
from US$114.2 million in the same period a year earlier. The
year ago quarter benefited from gains on vessel sales of US$13.2
million, compared with a loss of US$3.5 million, in the current
quarter.

EBITDA for the second quarter declined 38% to US$109.1 million
from US$176.3 million in the second quarter of 2005.  TCE
revenues in the quarter decreased by 5% to US$216.3 million from
US$228.6 million in the second quarter of 2005.

For the six months ended June 30, 2006, the Company reported net
income of US$188.6 million, a 32% decline from net income of
US$279.1 million, recorded in the first half of 2005.  Net
income for the first half of 2005 benefited from gains on ship
disposals of US$26.1 million, compared with a loss of US$3.6
million for the same period in fiscal 2006.  EBITDA for the
first six months of 2006 was US$289.2 million, a 28% decrease
from US$399.7 million in the first half of 2005.  TCE revenues
for the six months of 2006 increased less than 1% to US$496.4
million from US$495.8 million in the first half of 2005.

Morten Arntzen, president and chief executive officer, stated,
"It was another quarter of strong performance in each of our
sectors. In what is generally a seasonally weak quarter, our
crude oil tanker fleet, which is entirely double hull, continued
to benefit from the tanker market's greater discrimination
against single hull tankers and from the tight oil markets
across the globe. During the same period, we continued to
produce steady results from our Product and U.S. segments, while
also building a bigger book of longer term time charters."  

Mr. Arntzen continued, "We continue to generate strong cash
flow, have nearly US$350 million in cash and tax-effected
Capital Construction Fund and US$1.8 billion of credit, all
available for future growth initiatives and our stock buyback
program."

                           About OSG

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the Company is committed to setting high standards of
excellence for its quality, safety and environmental programs.  
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 9, Moody's
Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.


OVERSEAS SHIPHOLDING: Inks Partnership Pact with TransCanada
------------------------------------------------------------
Overseas Shipholding Group Inc. disclosed a strategic
partnership agreement with TransCanada CNG Technologies Ltd, a
subsidiary of TransCanada Corp.

Under the agreement, the Company will own and operate a new type
of tanker vessel, capable of moving large quantities of
compressed natural gas using TransCanada's patented technology
for the design, construction and operation of Gas Transport
Modules for the transportation of CNG from stranded gas fields
throughout the world.

Morten Arntzen, president and chief executive officer, said, "We
are very excited about working with TransCanada on both the
development of these unique gas carriers and the projects for
which they are intended.  As the world seeks alternative energy
resources and fuel substitutions, this proprietary technology is
a real breakthrough for facilitating the recovery of natural gas
from fields that were once not cost effective to reach." Mr.
Arntzen continued, "Combining TransCanada's unique technology
with OSG's in-depth knowledge of marine transportation and
vessel construction, will enable our respective companies to be
the first to develop an efficient and commercially viable CNG
vessel."

                       About TransCanada

TransCanada (NYSE, TSX: TRP) is a leader in the responsible
development and reliable operation of North American energy
infrastructure.  TransCanada's network of more than 41,000
kilometres (25,600 miles) of wholly owned pipeline transports
the majority of Western Canada's natural gas production to key
Canadian and U.S. markets.  A growing independent power
producer, TransCanada owns, or has interests in, approximately
6,700 megawatts of power generation in Canada and the United
States.

                           About OSG

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the Company is committed to setting high standards of
excellence for its quality, safety and environmental programs.  
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 9, Moody's
Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.


OVERSEAS SHIPHOLDING: Moody's Assigns Ba1 Unsecured Debt Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.

The ratings reflect Overseas Shipholding's leading market
position as an operator of one of the world's largest tanker
fleets.  The Company derives approximately 75% of revenue from
transporting crude oil at spot market rates.  The high recent
market rates have produced cyclically strong financial results
for the Company.  With EBIT margins of about 40%, Debt of about
3x and EBIT of almost 4x, OSG's metrics are consistent with its
Ba1 debt ratings when applying Moody's methodology for the
Global Shipping industry.

The Company has repaid a substantial portion of the debt
incurred from the February 2005 acquisition of Stelmar Shipping
Ltd. and reported debt is down from the pre-acquisition levels.  
However, Overseas Shipholding increased the number of vessels
chartered-in over this time and entered into large sale
transactions for other vessels, resulting in a moderate increase
in indebtedness with almost no change in leverage.  The ratings
consider the highly cyclical nature of the shipping sector and
anticipate a modest weakening of the credit metrics as shipping
rates normalize over time.

In addition, Overseas Shareholding's fleet growth, expected to
be financed by charter-in agreements, could increase future
leverage, particularly during a cyclical trough in tanker rates.
Recognizing the sharp shipping cycles and the planned fleet
growth, OSG maintains strong liquidity, which supports the
ratings.  The ratings are also constrained by the yet to be
resolved investigation and recent indictment by the United
States Department of Justice regarding alleged violations
concerning maintenance of books and records with respect to the
handling of waste oils on some of the company's vessels.

The change in outlook to stable from negative reflects Moody's
view that demand for OSG's shipping services is likely to remain
solid over the next 12 to 18 months. World demand for crude oil
and refined products is strong and, working to OSG's advantage,
there are longer ton-mile trades due to continuing demand in the
Far East and geographic imbalances between refinery capacity and
end use markets.  The stable outlook also considers that
approximately 25% of OSG's revenues are under time charters
averaging three years. OSG is expected to maintain strong
liquidity through cash on hand, the Capital Contribution Fund,
and a large, long term revolving credit facility, which is
undrawn at this time.

The ratings could be downgraded if Debt is sustained above 4x,
or if EBIT falls below 3x. Downward rating pressure could also
result if OSG completes a significant debt-financed acquisition,
which weakens the credit metrics for a sustained period of time,
if it undertakes a more expansive charter-in fleet growth
strategy, or if lower rates take hold resulting in sustained
negative free cash flow.  Favorable rating action could result
if Debt is sustained below 2x while EBIT is sustained above 5x.  
A change in the chartering strategy resulting in a significant
reduction of the company's exposure to the spot market, by
fixing at least 50 percent of the crude carriers on long-term
time charters, would likely change OSG's risk profile and could
provide the impetus for an upgrade.

                           About OSG

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the Company is committed to setting high standards of
excellence for its quality, safety and environmental programs.  
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.


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


PARMALAT: Parma Court Approves Boschi's Composition of Creditors
----------------------------------------------------------------
The Court of Parma entered an order validating the Composition
with Creditors proposed by the Extraordinary Commissioner of
Boschi Luigi e Figli S.p.A. in Extraordinary Administration
pursuant to art. 4 bis of Law No. 166 of July 5, 2004, and
Legislative Decree No 119 of May 3, 2004, as amended.

Due to the validation of the Composition with Creditors,
Boschi Luigi e Figli S.p.A. is no longer considered insolvent
and will be included in the area of consolidation of the
Parmalat Group starting from the third quarter 2006.

                         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.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


PARMALAT USA: Wants Court to Extend Claims Objection Deadline
-------------------------------------------------------------
Parmalat USA Corp., Milk Products of Alabama, LLC, and
Farmland Dairies, LLC, together with the Farmland Unsecured
Creditors' Trust, ask the U.S. Bankruptcy Court for the Southern
District of New York to reconsider its last order extending
their Claim Objection Deadline, and, to the extent necessary,
the Confirmation Order, to permit them to file objections to
recently discovered claims.

The confirmed Plan of Reorganization of Farmland Dairies LLC,
and Plans of Liquidation of Parmalat USA Corp. and Farmland
Stremicks Sub, LLC -- formerly known as Milk Products of Alabama
-- established the deadlines for the Debtors to object to
claims:

    -- Aug. 11, 2005, for Farmland and MPA; and
    -- Sept. 23, 2005, for Parmalat USA.

Through various extension requests, the Court extended the U.S.
Debtors' Claim Objection Deadline to December 16, 2005.

Bankruptcy Services LLC, the Debtors' official claims agent, has
informed the U.S. Debtors of its discovery of five proofs of
claim filed electronically on the Court's electronic case filing
system, David M. LeMay, Esq., at Chadbourne & Parke LLP, in New
York, relates.  Two claims were filed by Sun Company, Inc., and
the remaining three by the City of New York Department of
Finance.

The procedures and instructions for filing a proof of claim on
ECF, which can be found at the Court's official Web site,
provide very specific instructions when it is appropriate to
file a claim electronically, Mr. LeMay notes.

Pursuant to the Instructions, an attorney should not proceed
with the filing of a claim on the ECF in certain situations,
including on bankruptcy cases with claims agent, in which
instance, the attorney should refer to the bar date notice or
contact the claims agent.

The U.S. Debtors believe that the Claimants of the
Electronically Filed Claims received actual notice of the Bar
Date.

Mr. LeMay points out that the Bar Date Notice and the Bar Date
Order unambiguously provide that all creditors must submit a
proof of claim "in writing" so that any the claim is received on
or before the Bar Date.

"A plain reading of the Instructions and Bar Date Order clearly
demonstrates that the Electronically Filed [Claims] must be
disallowed and expunged," Mr. LeMay asserts.

Even if the Electronically Filed Claims were improperly filed
and should be disallowed and expunged on that basis alone, the
U.S. Debtors further contend that the Claims lack merit and
assert liabilities that are absent from the Debtors' books and
records.

However, because no objection was filed to the Claims by the
Claim Objection Deadline, the Claims are deemed allowed pursuant
to Section 502(a) of the Bankruptcy Code.

The U.S. Debtors believe that reconsideration is warranted under
the circumstances.

                         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.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


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


JSC KAZTRANSOIL: Fitch Affirms Default Rating at BB+
----------------------------------------------------
Fitch Ratings changed the Kazakhstan-based oil pipeline monopoly
company JSC KazTransOil's Outlook to Positive from Stable.  Its
Issuer Default rating is affirmed at BB+ and Short-term rating
at B.

The Positive Outlook foresees a gradual improvement in KTO's
credit ratios as the company begins to generate revenue from the
newly completed Atasu-Alashankou pipeline and further reduces
debt.  Higher cash flow from operations, combined with lower
capital expenditure, is expected to return the company to a
positive free cash flow position in 2006.

KTO's free cash flow deteriorated in 2005 as a result of costs
incurred by its joint venture with China's CNPC, the Kazakhstan-
Chinese Pipeline LLP, for the construction of the Atasu-
Alashankou trunk pipeline.

KTO's IDR is supported by the strategic importance of the
company to Kazakhstan's oil transportation infrastructure.  It
owns and operates 6,486 km of oil pipelines and controls at
least 60% of the total oil transportation volume.  KTO, which is
classified as a natural monopoly in Kazakhstan, charges its
customers a flat tariff for shipments through its pipeline.

KTO has had stable tariffs since 2000, with an average of
KZT2,413 per ton per 1,000 km.  For supplies to the domestic
market, the company uses a discount ratio of 0.54.  The amount
of the tariff is set by the Anti Monopoly Agency of Kazakhstan
and is based primarily on KTO's costs for maintaining and
operating the pipeline.

As such, this regulated tariff regime means upside profit growth
for the company is limited.  However, Fitch notes the expected
additional earnings from the new Atasu-Alashankou pipeline, as
well as from an increase in water transportation tariffs.  

The additional crude oil transportation volumes of around 10
million tons should help to support the company's already
existing customer base, which presently guarantees transit of up
to 20 million tons of Kazakhstan's oil via the Russian Transneft
pipeline system per year.  Of this volume of oil, 15 million
tons are allocated to the Atyrau-Samara pipeline and up to 5
million tons to the Makhachkala-Tikhoretsk pipeline.

KTO's financial policy can be categorized as moderate.  The
company's US$150 million Eurobond matured in July 2006 and was
fully discharged.  At the present time, the company does not
intend to issue any new Eurobonds, as future capital expenditure
will be fully funded with cash generated from operations.

Additionally, KTO's MunaiTas subsidiary plans to make an early
repayment on a US$15 million credit facility, further reducing
the group's consolidated debt.  At the end of 2006, KTO expects
to have consolidated total debt of US$175 million versus US$267
million in 2005.

KTO has been the monopoly owner and operator of the Republic of
Kazakhstan's oil pipeline network since 1997 and is the main
provider of point-to-point oil export routing.  As such it plays
a crucial role in the development of Kazakhstan's oil reserves.
KTO also owns and operates 2,434 km of water pipelines and is in
charge of water transportation to the Atyrau and Mangistau
areas.


KAIR: Proof of Claim Deadline Slated for Sept. 11
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Company Kair insolvent on June 14.

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

         LLP Company Kair
         Proletarskaya Str. 93-47
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


URISKY ELEVATOR: Creditors Must File Claims by Sept. 11
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared OJSC Urisky Elevator on June 13.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         OJSC Urisky Elevator
         Gagarina Str. 166a
         Kostanai
         Kostanai Region
    Kazakhstan
    Tel: 8 (3142) 54-55-60


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


GETRONICS NV: Posts EUR41-Million Loss for First Half 2006
----------------------------------------------------------
Getronics N.V. released its financial results for the first half
ended June 30, 2006.

Financial Highlights

   -- total revenue increased by 11% to EUR1.34 billion (H1
      2005: EUR1.21 billion);

   -- service revenue increased by 16% to EUR1.16 billion (H1
      2005: EUR1 billion), while product revenue decreased by
      13% to EUR180 million (H1 2005: EUR207 million);   

   -- total service revenue growth on a comparable basis was
      1.3% in H1 2006;

   -- there was good service revenue growth on a comparable
      basis in:

         -- the Netherlands (6.2%),
         -- rest of Europe (4.7%),
         -- Latin America (4.1%),
         -- APAC (2.3%),
         -- North America (-16.6%).

      The drop in North America was due to the loss in 2005 of
      substantial parts of two major contracts (Wachovia, BP) as
      reported in previous announcements;

   -- EBITAE decreased to EUR34 million (H1 2005: EUR52 mln),
      resulting in an EBITAE margin of 2.5% (H1 2005: 4.3%);

   -- this decline in profitability was partly the result of
      continued price pressure, higher use of external
      contractors and some poor performing contracts.  In
      addition, the Company suffered from the loss of
      substantial parts of two major contracts in North America
      and the first half results were negatively impacted by a
      number of major contracts in transition. Also the EBITAE
      in the first half 2005 included a pension related net
      benefit of EUR14 million in Japan, which explains part of
      the decrease;

   -- the operating result decreased to EUR15 million (H1 2005:
      EUR45 million) and includes EUR9 million acquisition
      integration expenses and EUR8 million amortisation of
      acquired intangible assets;

   -- net result from continuing operations amounted to EUR16
      million (H1 2005: EUR7 million) including EUR24 million
      tax benefit;

   -- net result from total operations amounted to -EUR41
      million (H1 2005: -EUR14 million), including the -EUR57
      million net result from discontinued operations (net of an
      income tax gain of EUR26 million) that was recorded
      following the sale of the Italian operations completed on
      June 22, 2006;

   -- earnings per ordinary share from continuing operations was
      EUR0.13 (H1 2005: EUR0.06) and EPS from total operations
      was -EUR0.33 (H1 2005: -EUR0.15); and

   -- cash flow used in operating activities was EUR142 million
      in the first half of 2006 (H1 2005: EUR160) including
      EUR35 million for the Italian discontinued operations.        
      The Italian discontinued operations also led to a -EUR42
      million investing cash flow which includes EUR44 million
      cash transferred to the buyer and -EUR41 million financing
      cash flow relating to repayment of Italian borrowings.


   1) The consolidated results include PinkRoccade's results as
      of March 14, 2005.  Pursuant to the Company's decision to
      sell the Italian operations, the results of the Italian
      operating company are reported in the condensed
      consolidated financial statements as 'discontinued
      operations.'  Accordingly, the results of 2005 and 2006 as
      presented throughout the Operating and Financial Review
      are excluding the Italian operations, unless stated
      otherwise.

Key Business Highlights

   -- the Company's focus on providing global, standardized,
      future-ready workspace services is starting to pay off,
      with significant new global wins achieved over the past 12
      to 18 months, creating a healthy backlog of international
      business worth more than EUR1 billion;

   -- in the first half of 2006, Getronics achieved major global
      wins with Barclays and ING. Barclays awarded the Company a
      five-year contract worth approximately EUR200 million for
      Workspace Management Services, Application Services and
      Technology Transformation Services.  This was the largest
      Ever order won by Getronics within the Financial Services
      sector.  In the case of ING, the Preferred Supplier Team
      (PST) (including Accenture, Atos Origin, Getronics and
      KPN) signed a Memorandum of Understanding with ING for the
      outsourcing of workplace service provisions of 53,000 ING
      employees in Europe. The expected contractual value for
      the PST is in excess of EUR800 million and has a five year
      duration;

   -- 2006 is an important year of transition for Getronics, as
      the Company continues to invest in its services portfolio,
      in transitioning several major new contracts, in
      strengthening its international bid support process as
      well as its infrastructure for global service delivery to
      international clients.  This is the primary reason why the
      increased service revenue growth in the majority of
      regions and countries (with the exception of North
      America) has not yet converted into improved
      profitability;

   -- Getronics has launched its Breakout Program for its global
      managed services operations in order to increase
      efficiency, streamline operations and to help accelerate
      the move to remote or near-shore working.  The resulting
      service model will involve a client-intimate structure
      that enables sales and account management to quickly
      respond to client issues, identifying and solving business
      and technical problems near the client at the front end,
      with a remote global service delivery model at the back
      end.  This will involve a headcount reduction of more than
      1,000 FTEs.

                           Outlook

Continued emphasis will be put on increasing the Company's
effectiveness at marketing and delivering its portfolio of
services.  Sustainable profitable growth in service revenue will
be pursued by demonstrating the benefits of Getronics' remote
managed services and global delivery model to large national and
international clients.  

In areas where Getronics has decided to divest its direct
operations, the Company remains dedicated to ensuring a
sustained high level of services to its clients through its
carefully selected partners and through its
global service delivery model.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.  
Its shares are traded on Euronext Amsterdam.

                        *     *     *

As reported in TCR-Europe on Aug 8, kept Dutch IT services group
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.
      
As reported in TCR-Europe on Aug. 4, Moody's Investors Service
downgraded Getronics' corporate family rating to B2 from B1 and
placed the ratings on review for possible downgrade following
the company's announcement of half year results showing a
widening of net losses and fall in margins below the company's
expectations.  Concurrently the rating on the EUR100 million
senior unsecured convertible Dutch bonds due 2008 has been
downgraded to Caa1 from B3.  


KONINKLIJKE AHOLD: Two Investors Seek Sale of U.S. Units
--------------------------------------------------------
Funds managed by Paulson & Co. Inc. and Centaurus Capital Ltd.
are jointly investigating options to create value for the
benefit of various Koninklijke Ahold N.V. stakeholders.

Paulson and Centaurus hold an aggregated interest of
approximately 6.4% in the issued ordinary shares of Koninklijke
Ahold N.V.

Paulson and Centaurus believe that the Company needs drastic
strategic action to deliver shareholder value.  

"We believe keeping Ahold's disparate retail and wholesale
interests together diminishes shareholder value and limits the
operating potential of the individual businesses," Paulson and
Centaurus said in a joint statement.  

The companies further believe that one of the best strategic
actions to take for the future prospects of the Company and for
enhancing shareholder value is to sell Ahold's U.S. businesses
and become a pure play European retailer.

"Our analysis, supported by numerous analysts and our financial
adviser, based on publicly available information, indicates that
by adopting a restructuring plan Ahold could be worth in excess
of EUR9 per share.

"For this purpose, Paulson and Centaurus will seek to enter into
a constructive dialogue with Ahold and exchange views with other
stakeholders in the company," they continued.

Paulson and Centaurus have retained ING Corporate Finance as
their financial advisor and Freshfields Bruckhaus Deringer as
their legal advisor.

According to Bloomberg News, Ahold's Stop & Shop, Tops and Giant
chains -- which accounts for two-thirds of the Dutch retailer's
sales -- struggled in the second quarter to compete with Wal-
Mart Stores Inc.

                         About Centaurus

Headquartered in London, United Kingdom, Centaurus Capital Ltd.
-- http://www.centaurus-capital.com/-- manages private  
investment management in Europe.  The company invests in equity
and credit securities of companies that are undergoing
significant corporate events or are experiencing other major
changes, as well as "deep value investments" in securities that
we believe are undervalued relative to their fundamental or
intrinsic value, or which we expect to appreciate, should a
particular event take place.

                          About Paulson

Headquartered in New York, U.S.A., Paulson & Co. Inc. --
http://www.paulsonco.com/-- manages approximately US$2.9  
billion of assets on behalf of U.S. and international investors.  
The firm was established in 1994 by John Paulson.

                           About Ahold

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

                        *     *     *

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


KONINKLIJKE AHOLD: Posts EUR10.5 Billion in First-Half Revenues
----------------------------------------------------------------
Koninklijke Ahold N.V. posted consolidated net sales of EUR 10.5
billion for the second quarter of 2006 -- virtually unchanged
from the same period last year.  Excluding exchange rate
changes, net sales were up 2.2%.

Market conditions remained competitive and, particularly in the
United States, energy costs continued to impact consumer
behavior.  Gross margin in Ahold's United States retail arenas
will be positively impacted by further improvements at Giant-
Landover as well as store portfolio rationalization at Tops.
Although the multi-unit foodservice business is growing faster
than the broadline foodservice business, U.S. Foodservice
continues to make solid progress to meet its full year 2006
operating margin target.

Sales performance

Stop & Shop/Giant-Landover

   -- net sales in the arena increased 1.3% to US$3.9 billion.  
      Excluding the net sales to BI-LO/Bruno's (US$23 million in
      2005), net sales increased 1.9%;

   -- identical sales decreased 0.5% at Stop & Shop (1.7%
      excluding gasoline net sales) and 0.9% at Giant-Landover;

   -- comparable sales decreased 0.2% at Stop & Shop and 0.4% at
      Giant-Landover.

Giant-Carlisle/Tops

   -- net sales in the arena decreased 3.9% to US$1.4 billion;

   -- identical sales increased 5% at Giant-Carlisle (2.4%
      excluding gasoline net sales), but decreased 5.3% at Tops
      (6.9% excluding gasoline net sales);

   -- comparable sales increased 7.3% at Giant-Carlisle, but
      decreased 4.5% at Tops.

Albert Heijn

   -- net sales in the arena increased 8.5% to EUR 1.7 billion.

   -- net sales increased 8.8% to EUR 1.5 billion at Albert
      Heijn.

   -- identical sales increased 6.8% at Albert Heijn.

Central Europe

   -- net sales increased 2.7% to EUR 423 million -- an increase
      more than explained by acquisitions and favorable exchange
      rate changes, partially offset by the change in the
      accounting period from three months to 12 weeks (EUR 28
      million); and

   -- identical sales for the arena fell 6.3%.

Schuitema

   -- net sales increased 4.4% to EUR 767 million; and

   -- Identical sales increased 4.3%.

U.S. Foodservice

   -- net sales at U.S. Foodservice increased 2.3% to US$4.4
      billion although the year-over-year increase was
      negatively impacted by approximately 1% as a result of
      exiting the Sofco business in the third quarter of 2005.
      Inflation had a negligible impact on quarterly
      comparisons;

   -- net sales at USF Broadline increased 1.8% to US$3.8
      billion;

   -- net sales at North Star Foodservice increased 5.4% to
      US$586 million;

Unconsolidated Joint Ventures and Associates

   -- net sales of unconsolidated joint ventures and associates
      increased 4.4%. Excluding the impact of currency, net
      sales increased 4.3%

                         About Ahold

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

                        *     *     *

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


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


BANK ZACHODNI: Fitch Affirms Individual Rating at C
---------------------------------------------------
Fitch Ratings affirmed Poland-based Bank Zachodni WBK's ratings
at Issuer Default A, Short-term F1, Individual C and Support 1.  
The Outlook is Positive.

"The bank is performing well, with improving asset quality, good
profitability and strong capitalization," Chris Birney, Director
with Fitch's Financial Institutions Group disclosed.

He added, "The asset management and brokerage businesses are
boosting earnings and improving revenue diversification, while
the long-awaited return of corporate loan growth signals
improved prospects."

Fitch also notes that as the bank grows more confident in its
risk management systems, it has been relaxing some of its credit
granting procedures, with lengthening maturities for corporate
lending and rapid growth of higher-risk asset classes such as
cash retail loans.  Additionally, an increasing portion of the
loan portfolio consists of mortgage and other retail loans,
which have a short history in Poland and have not been tested
through a full economic cycle.

The Issuer Default, Short-term and Support ratings are based on
the extremely high potential for support fromWBK's controlling
shareholder, Allied Irish Banks (AIB, rated AA- /Stable
Outlook). WBK's Issuer Default rating is currently constrained
by the Country Ceiling A for Poland.

AIB is one of the largest banks in Ireland, with EUR8.4 billion
of equity at end-2005.  It employs over 24,000 people in more
than 700 offices worldwide.  AIB built a 60.1% stake in WBK
between 1995 and 1996.  

In 1999 AIB acquired 80% of Bank Zachodni SA from the Polish
State Treasury and in 2001 merged the two banks to createWBK, in
which AIB currently has a 70.5% stake.

BZWBK is Poland's fifth largest bank by assets.  The Bank
operated through 372 branches and had 7,798 full-time employees
at end-June 2006.


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


ARAMILSKIY FACTORY: L. Korovnikova to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Ms. L.
Korovnikova as Insolvency Manager for LLC Aramilskiy Factory of
Reinforced Concrete Products.  She can be reached at:  

         L. Korovnikova
         Post User Box 177
         620062 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-7575/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         LLC Aramilskiy Factory of Reinforced Concrete Products
         Oktyabrskaya Str. 171
         Aramil
         Sverdlovsk Region
         Russia


BARNAULSKIY FACTORY: Altay Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Altay Region has commenced bankruptcy
supervision procedure on OJSC Barnaulskiy Factory of Fuel
Apparatus.  The case is docketed under Case No. A03-4592/06B.

The Temporary Insolvency Manager is:

         A. Lyutyj
         Post User Box 103
         119415 Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Barnaulskiy Factory of Fuel Apparatus
         Kalinina Str. 28.
         Barnaul
         656037 Altay Region
         Russia


CHILDREN FASHION: M. Vasilega to Manage Insolvency Assets
---------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for CJSC Garment Factory Children Fashion
(TIN 7725049327).  He can be reached at:

         M. Vasilega
         Post User Box 100
         105318 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-17211/06-44-161B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Garment Factory Children Fashion
         5th Kozhukhovskaya Str. 1/11
         Moscow Region
         Russia


COM-INVEST: Moscow Court Names M. Vasilega as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for CJSC Com-Invest (TIN 7725047873).  He can
be reached at:

         M. Vasilega
         Post User Box 100
         105318 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-17202/06-44-153B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Com-Invest
         Avtozavodskaya Str. 17
         Moscow Region
         Russia


ELA-TRADE: Court Names Y. Suzdalev as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. Y.
Suzdalev as Insolvency Manager for CJSC Ela-Trade.  

He can be reached at:

         Y. Suzdalev
         Post User Box 23
         620048 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-8731/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Ela-Trade
         Lenina Str. 180
         Bisert'
         Nizhneserginskiy Region
         623250 Sverdlovsk Region
         Russia


GAS-STROY: Court Names S. Sentyurin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. S.
Sentyurin as Insolvency Manager for CJSC Gas-Stroy.  He can be
reached at:  

         S. Sentyurin
         Myagotina Str. 163a-62
         Koli
         640000 Kurgan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A34-6200/05.

The Debtor can be reached at:

         CJSC Gas-Stroy
         Chekhova Str. 2
         Kurgan Region
         Russia


KORENNOYE: Voronezh Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on CJSC Korennoye.  The case is
docketed under Case No. A14-4335-2006 124/20b.

The Temporary Insolvency Manager is:

         V. Neskromnykh
         Post User Box 12
         Kalach
         397600 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Korennoye
         Lenina Str. 48
         Korennoye
         Kalacheevskiy Region
         397615 Voronezh Region
         Russia


KURTAMYSHSKAYA FURNITURE: S. Sokolov to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. S. Sokolov
as Insolvency Manager for OJSC Kurtamyshskaya Furniture Factory.  
He can be reached at:

         S. Sokolov
         Proizvodstvennaya Str. 14b
         Kurtamysh
         641430 Kurgan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A34-1438/2006.

The Debtor can be reached at:

         OJSC Kurtamyshskaya Furniture Factory
         Konstitutsii Str. 42
         Kurtamysh
         Kurtamyshskiy Region
         Kurgan Region
         Russia


MICHURINSKIY FOOD: Court Names V. Filatov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. V. Filatov
as Insolvency Manager for LLC Michurinskiy Food Combine
Resource.  He can be reached at:

         V. Filatov
         Office 19
         Astrakhanskaya Str. 1
         392005 Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-2784/05-21.

The Debtor can be reached at:

         LLC Michurinskiy Food Combine Resource
         Zavoronezhskoye
         Michurinskiy Region
         Tambov Region
         Russia


MIKHAYLOVSKIY LIME: A. Kashkurov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Kashkurov as Insolvency Manager for CJSC Mikhaylovskiy Lime Pit.  
He can be reached at:

         A. Kashkurov
         Post User Box 171
         620062 Sverdlovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-9329/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Mikhaylovskiy Lime Pit
         Izvestkovaya Str. 1a
         Mikhaylovsk
         Nizhneserginskiy Region
         Sverdlovsk Region
         Russia


RODNIK: Krasnodar Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on OJSC Health Centre Rodnik
(TIN 2301006151).  

The case is docketed under Case No. A-32-9516/2006-1/295-B.

The Temporary Insolvency Manager is:

         I. Ysko
         Post User Box 5973.
         350007 Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Health Centre Rodnik
         Pionerskiy Pr. 30
         Anapa
         353456 Krasnodar Region
         Russia


RZHEVSKIY FACTORY: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Sverdlovsk Region has commenced
bankruptcy supervision procedure on CJSC Rzhevskiy Factory of
Metal-Roll.  

The case was docketed under Case No. A60-9230/2006-S11.

The Temporary Insolvency Manager is:

         R. Palivoda
         Krasnoflottsev Str. 6a-204
         620017 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         CJSC Rzhevskiy Factory Of Metal-Roll
         Office 112
         Lunacharskogo Str. 194
         620020 Ekaterinburg Region
         Russia


SIBAY-BREAD: Court Names O. Shakhova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Ms. O.
Shakhova as Insolvency Manager for OJSC Sibay-Bread (TIN
0267005232).  She can be reached at:

         O. Shakhova
         Lenina Pr. 21v
         454091 Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-50895/2005-52-358.

The Debtor can be reached at:

         OJSC Sibay-Bread
         K. Marksa Str. 2
         Bolkhov
         303142 Chelyabinsk Region
         Russia


SUAL: Sustainable Performance Spurs S&P to Affirm BB- Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Russia-based vertically integrated
aluminum company Sual International Ltd., reflecting sustainable
performance.  The Russia national scale rating was also affirmed
at 'ruAA-'.  The outlook is stable.
     
"The ratings on Sual are constrained by the company's ambitious
investment plans; exposure to aluminum price fluctuations; and
by the risks of operating in Russia, where most of the company's
cash-generating assets are based," said Standard & Poor's credit
analyst Elena Anankina.

"Key positive rating factors are Sual's low cost position and
self-sufficiency in bauxite and alumina, which support
profitability and cash flow generation through the cycle."

Sual is a midsize aluminum company operating a diversified
production base of five aluminum smelters, three facilities
combining alumina refining and smelting, and two bauxite mines.
In 2005, on the back of favorable aluminum prices, its revenues
totaled US$2.57 billion mostly export, EBITDA stood at US$600
million on 1.05 million tons of primary aluminum, and free
operating cash flow was US$64 million despite capital
expenditures increasing to US$260 million.  This enabled Sual to
retain stable debt.  

At Dec. 31, 2005, adjusted debt was US$759 million including
US$647 million of on-balance-sheet debt, US$15 million in asset
retirement obligations, US$78.5 million in guarantees, and US$18
million in postretirement obligations.

In the next couple of years, Standard & Poor's expects that
Sual's operating cash flow will benefit from high aluminum
prices, while debt including off-balance-sheet continues to grow
due to capital investment projects.  Standard & Poor's believes
that--given the location of the company's assets--Sual will
likely retain its cost advantage.  

Standard & Poor's will monitor the extent to which uncertainties
related to the ongoing reform of Russia's electricity and
railway sectors affect Sual's cost position, and whether the
company's strategy of actively managing electricity price risks
through investment will prove successful.

"The key rating driver is the implementation of the company's
investment plan," Ms. Anankina added.

"Rating upside will depend on Sual's progress with its capital
expenditure projects, particularly the benefits of the expansion
of the Irkaz smelter and efficiency improvements at other
plants."

No significant debt-financed acquisitions or projects, except
for the expansion of Irkaz and greenfield construction at Komi,
the company's joint venture, are factored into the ratings and
outlook.  If the company undertakes significant debt-financed
projects, the ratings or outlook might come under pressure.  


YUMAS: Khanty-Mansiyskiy Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region has
commenced bankruptcy supervision procedure on Open-Joint Stock
National Enterprise Yumas.  The case was docketed under Case No.
A75-1817/2006.

The Temporary Insolvency Manager is:

         A. Reshetnik
         Apartment 168
         2nd Location 24
         Nyagan
         628681 Tyumen Region
         Russia

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         Open-Joint Stock National Enterprise Yumas
         Yumas
         Kondinskiy Region
         Khanty-Mansiyskiy Autonomous Region


YUKOS OIL: Eduard Rebgun Terminates Dutch Unit's Management
-----------------------------------------------------------
Eduard Rebgun, in his capacity as court-appointed insolvency
manager for OAO Yukos Oil Co., fired Bruce Misamore and David
Godfrey of Dutch-based Yukos Finance BV hours after a Dutch
court ruling on Aug. 11, MosNews says.

"They stood against the interests of shareholders," Mr. Rebgun
told Interfax.  "They held talks, while I was completely
sidelined.  I considered that unacceptable and made a decision
to change the managers," Mr. Rebgun said.

Mr. Rebgun said Yukos shareholders authorized the decision hours
after the Amsterdam court ruled that he was within his rights to
call for an extraordinary meeting to discharge the managers,
MosNews discloses.

The decision paved the way for creditors to take control of
Yukos Finance's main assets, including:

   -- a 54-percent stake in Lithuanian refinery Mazeikiu Nafta
      AB, worth almost US$1.5 billion; and

   -- a 49-percent stake in Transpetrol, worth between US$100
      million and US$200 million.

Mr. Rebgun's lawyers argued in court that Messrs. Misamore and
Godfrey had moved the Dutch assets in 2005 to Yukos
International U.K. BV, which then transferred its shares to
Stichting Administratiekantoor Yukos International in exchange
for certificates, in order to keep them out of creditors' reach,
MosNews relates.

As reported in TCR-Europe on May 30, Yukos and Poland's largest
oil refiner signed a share sale and purchase agreement on May 26
wherein PKN will acquire the 53.7% stake in Mazeikiu Nafta for
US$1.49 billion.  At the same time, PKN Orlen will purchase the
Lithuanian government's 30.66% stake in Mazeikiu.  Under the
agreement, PKN will have the right to walk away from the
transaction by the end of the year if Mazeikiu's value falls
significantly.

The Slovakian government, which holds the remaining 51% in
Transpetrol, indicated earlier this month that it is trying to
reinforce its position in Transpetrol by re-acquiring a 49%
stake it sold to Yukos in 2002.

                           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.

The Hon. Pavel Markov of the Moscow Arbitration Court upheld
creditors' vote to liquidate Yukos Oil and declared what was
once Russia's biggest oil firm bankrupt on Aug. 1.  The expected
court ruling paves the way for the company's liquidation and
auction.


YUKOS OIL: PKN Orlen Hopeful on Mazeikiu Nafta Purchase Deal
------------------------------------------------------------
Poland's PKN Orlen said that a change of management at bankrupt
OAO Yukos Oil Co. was unlikely to influence Orlen's agreed
purchase of Lithuanian oil refinery Mazeikiu Nafta AB, Reuters
reports.

Eduard Rebgun, in his capacity as court-appointed insolvency
manager for Yukos, has fired Bruce Misamore and David Godfrey of
Dutch-based Yukos Finance BV on Aug. 11 after they failed to
involve him in foreign asset sales.

"The agreement was signed and is in force," Orlen spokesman
Dawid Piekarz was quoted by Reuters as saying.  "We don't
believe that this should have any impact."

Yukos and Poland's largest oil refiner signed a share sale and
purchase agreement on May 26 wherein PKN will acquire the 53.7%
stake in Mazeikiu Nafta for US$1.49 billion.  At the same time,
PKN Orlen will purchase the Lithuanian government's 30.66% stake
in Mazeikiu.  Under the agreement, PKN will have the right to
walk away from the transaction by the end of the year if
Mazeikiu's value falls significantly.

The company is awaiting regulatory approval from the
Antimonopoly Committee of Ukraine and the appropriate antitrust
authorities in the United States before the deal's expected
completion early next year.  PKN does not expect that the
requirement to obtain additional consents in Ukraine and the US
will delay the closing of the transaction or increase the risks
for the successful closing.

In a press conference last week, PKN Management Board President
Igor Chalupiec said that the acquisition price of Mazeikiu
Nafta, specified in the agreements concluded with Yukos
International U.K. BV and the Lithuanian government, is a fixed
price and may be reduced only in the event of payment of
dividends from the 2005 profit to the existing shareholders.

                      Mazeikiu Financing

Orlen is negotiating with bank lenders to secure financing for
the US$2.34 billion purchase of Mazeikiu Nafta, Mark Miler of
Bloomberg News cited Orlen Finance Director Pawel Szymanski as
saying.  Mr. Szymanski said he expects an agreement on the
financing "within weeks", Bloomberg relates.

                       About PKN Orlen

Headquartered in Poland, PKN Orlen operates three refineries
located in Plock, Trzebinia and Jedlicze.  It processes mainly
URAL blend crude oil, shipped from Russia via the Friendship
pipeline.  Alternative supplies of crude oil to Plock may be
sourced via the Pomerania pipeline, which connects the fuel
reloading facility on the Baltic Sea with the Plock refinery.  
PKN ORLEN's retail network in Poland is made of 1,326 company
owned stations, 504 affiliated stations and 87 franchised
stations.  

                         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.

The Hon. Pavel Markov of the Moscow Arbitration Court upheld
creditors' vote to liquidate Yukos Oil and declared what was
once Russia's biggest oil firm bankrupt on Aug. 1.  The expected
court ruling paves the way for the company's liquidation and
auction.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


U.S. STEEL: Earns US$404 Million in Second Quarter 2006
-------------------------------------------------------
United States Steel Corp. reported a net income of US$404
million, second quarter 2006, compared to first quarter 2006
net income of US$256 million and second quarter 2005 net income
of US$249 million

"Solid demand in our key end markets, outstanding operating
performance, strong shipments and firming prices, particularly
in spot markets, resulted in an excellent second quarter with
earnings significantly higher than both the previous quarter and
the same quarter last year," Commenting on results, U. S. Steel
Chairman and CEO John P. Surma said.  "We operated at high rates
of production capability in the U.S. and Europe, reflecting an
outstanding performance by our people and the benefits of our
recent capital programs."

The company reported second quarter 2006 income from operations
of US$514 million, compared with income from operations of
US$369 million in the first quarter of 2006 and US$421 million
in the second quarter of 2005.

The income tax provision in the second quarter of 2006 included
a favorable adjustment of US$15 million, or 12 cents per diluted
share, related to the 2005 estimated tax accrual.

During the second quarter of 2006, our 7% Series B Mandatory
Convertible Preferred Shares automatically converted into common
stock, increasing our common stock outstanding by approximately
16 million shares.  The Company repurchased 1.9 million shares
of common stock for US$117 million during the second quarter,
bringing the total shares repurchased to 7.7 million for US$371
million since our repurchase program was authorized in July
2005.

           Reportable Segments and Other Businesses

Management believes segment income from operations is a
key measure in evaluating company performance. U. S. Steel's
reportable segments and Other Businesses reported segment income
from operations of US$579 million in the second quarter of 2006,
compared with US$429 million in the first quarter of 2006 and
US$495 million in the second quarter of 2005.

The increase in second quarter 2006 Flat-rolled income from
operations compared to the first quarter mainly resulted from
higher average realized prices and shipment volumes.  Costs
remained in line with first quarter levels as lower energy and
outage costs were offset by higher raw material and profit-based
costs.  The improvement in European operating results was due
primarily to higher prices and record shipments.  Tubular
operating results remained strong, but declined as expected from
the first quarter due to scheduled maintenance outages, which
were completed as planned.

                           Outlook

"We expect continued strong operating results for our three
reportable segments in the third quarter of 2006," Commenting on
U. S. Steel's outlook, Surma said.  "Healthy steel consumption
levels are expected during the quarter along with further
increases in flat-rolled prices in the U.S. and in Europe."

For Flat-rolled, the Company expects increased third quarter
2006 average realized prices, partially offset by increased
costs for raw materials and outages, and shipments are expected
to be comparable to second quarter levels.

Third quarter average realized prices are also expected to
improve for U. S. Steel Europe, partially offset by higher
costs, primarily for raw materials.  Shipments are expected to
remain at second quarter levels.  In Serbia, the Company is
currently involved in discussions with our employees, unions and
government agencies regarding a workforce reduction plan that
may be initiated as early as the third quarter.

Shipments and average realized prices for the Tubular segment in
the third quarter of 2006 are expected to be in line with second
quarter levels, and costs are expected to improve due mainly to
lower outage costs.

                      About the Company

U.S. Steel (NYSE: X) -- http://www.ussteel.com/-- through its   
domestic operations, is engaged in the production, sale and
transportation of steel mill products, coke, and iron- bearing
taconite pellets; the management of mineral resources; real
estate development; and engineering and consulting services and,
through its European operations, which include U. S. Steel
Kosice, located in Slovakia, and U. S. Steel Balkan located in
Serbia, in the production and sale of steel mill products.  
Certain business activities are conducted through joint ventures
and partially owned companies.  United States Steel Corporation
is a Delaware corporation.

                        *     *     *

As reported on the Troubled Company Reporter on July 31, 2006,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Pittsburgh, Pennsylvania-
based United States Steel Corp. on CreditWatch with positive
implications.

As reported on the Troubled Company Repoter on March, 23, 2006,
Moody's Investors Service upgraded the ratings for United States
Steel Corporation, raising the company's corporate family rating
to Ba1 from Ba2.  In a related rating action, Moody's affirmed
US Steel's SGL-1 speculative grade liquidity rating.  The
upgrade reflects the company's significantly strengthened
operating margins and coverage ratios, its improved capital
structure, and its greater geographic diversification.  As a
result, Moody's views the company as better placed to cope with
the inherent cyclicality of its markets and the high operating
leverage ofits asset base.  Moody's said the rating outlook is
stable.


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


U.S. STEEL: Earns US$404 Million in Second Quarter 2006
-------------------------------------------------------
United States Steel Corp. reported a net income of US$404
million, second quarter 2006, compared to first quarter 2006
net income of US$256 million and second quarter 2005 net income
of US$249 million

"Solid demand in our key end markets, outstanding operating
performance, strong shipments and firming prices, particularly
in spot markets, resulted in an excellent second quarter with
earnings significantly higher than both the previous quarter and
the same quarter last year," Commenting on results, U. S. Steel
Chairman and CEO John P. Surma said.  "We operated at high rates
of production capability in the U.S. and Europe, reflecting an
outstanding performance by our people and the benefits of our
recent capital programs."

The company reported second quarter 2006 income from operations
of US$514 million, compared with income from operations of
US$369 million in the first quarter of 2006 and US$421 million
in the second quarter of 2005.

The income tax provision in the second quarter of 2006 included
a favorable adjustment of US$15 million, or 12 cents per diluted
share, related to the 2005 estimated tax accrual.

During the second quarter of 2006, our 7% Series B Mandatory
Convertible Preferred Shares automatically converted into common
stock, increasing our common stock outstanding by approximately
16 million shares.  The Company repurchased 1.9 million shares
of common stock for US$117 million during the second quarter,
bringing the total shares repurchased to 7.7 million for US$371
million since our repurchase program was authorized in July
2005.

           Reportable Segments and Other Businesses

Management believes segment income from operations is a
key measure in evaluating company performance. U. S. Steel's
reportable segments and Other Businesses reported segment income
from operations of US$579 million in the second quarter of 2006,
compared with US$429 million in the first quarter of 2006 and
US$495 million in the second quarter of 2005.

The increase in second quarter 2006 Flat-rolled income from
operations compared to the first quarter mainly resulted from
higher average realized prices and shipment volumes.  Costs
remained in line with first quarter levels as lower energy and
outage costs were offset by higher raw material and profit-based
costs.  The improvement in European operating results was due
primarily to higher prices and record shipments.  Tubular
operating results remained strong, but declined as expected from
the first quarter due to scheduled maintenance outages, which
were completed as planned.

                           Outlook

"We expect continued strong operating results for our three
reportable segments in the third quarter of 2006," Commenting on
U. S. Steel's outlook, Surma said.  "Healthy steel consumption
levels are expected during the quarter along with further
increases in flat-rolled prices in the U.S. and in Europe."

For Flat-rolled, the Company expects increased third quarter
2006 average realized prices, partially offset by increased
costs for raw materials and outages, and shipments are expected
to be comparable to second quarter levels.

Third quarter average realized prices are also expected to
improve for U. S. Steel Europe, partially offset by higher
costs, primarily for raw materials.  Shipments are expected to
remain at second quarter levels.  In Serbia, the Company is
currently involved in discussions with our employees, unions and
government agencies regarding a workforce reduction plan that
may be initiated as early as the third quarter.

Shipments and average realized prices for the Tubular segment in
the third quarter of 2006 are expected to be in line with second
quarter levels, and costs are expected to improve due mainly to
lower outage costs.

                      About the Company

U.S. Steel (NYSE: X) -- http://www.ussteel.com/-- through its   
domestic operations, is engaged in the production, sale and
transportation of steel mill products, coke, and iron- bearing
taconite pellets; the management of mineral resources; real
estate development; and engineering and consulting services and,
through its European operations, which include U. S. Steel
Kosice, located in Slovakia, and U. S. Steel Balkan located in
Serbia, in the production and sale of steel mill products.  
Certain business activities are conducted through joint ventures
and partially owned companies.  United States Steel Corporation
is a Delaware corporation.

                        *     *     *

As reported on the Troubled Company Reporter on July 31, 2006,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Pittsburgh, Pennsylvania-
based United States Steel Corp. on CreditWatch with positive
implications.

As reported on the Troubled Company Repoter on March, 23, 2006,
Moody's Investors Service upgraded the ratings for United States
Steel Corporation, raising the company's corporate family rating
to Ba1 from Ba2.  In a related rating action, Moody's affirmed
US Steel's SGL-1 speculative grade liquidity rating.  The
upgrade reflects the company's significantly strengthened
operating margins and coverage ratios, its improved capital
structure, and its greater geographic diversification.  As a
result, Moody's views the company as better placed to cope with
the inherent cyclicality of its markets and the high operating
leverage ofits asset base.  Moody's said the rating outlook is
stable.


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


AGROPROMPOSTACH: Cherkassy Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on OJSC Talne' Commercial-Production
Enterprise Agroprompostach (code EDRPOU 00908716).  The case is
docketed under Case No. 01/2424.

The Temporary Insolvency Manager is:

         Igor Nogovskij
         Blagovisna Str. 414/1
         Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         OJSC Talne' Commercial-Production Enterprise
         Agroprompostach
         Vokzalna Str. 190
         Talne
         20400 Cherkassy Region
         Ukraine


BARS: Kyiv Court Names Dmitro Luchenko as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Dmitro Luchenko as
Liquidator/Insolvency Manager for LLC Bars (code EDRPOU
24884050).  He can be reached at:

         Dmitro Luchenko
         Barabashova Str. 38/603
         61168 Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 19.  The case is docketed
under Case No. 126/14 b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Bars
         Kiyivska Str. 1-V
         Bagrin
         Vasilkivskij District
         Kyiv Region
         Ukraine


DEKSUM: Kyiv Court Names Denis Malusko as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Denis Malusko as
Liquidator/Insolvency Manager for LLC Deksum (code EDRPOU
31808842).  Denis Malusko as Liquidator/Insolvency Manager

He can be reached at:

         Denis Malusko
         Lukyanivska Str. 63/48
         04071 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 5.  The case is docketed
under Case No. 23/243-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Deksum
         40-richya Zhovtnya Avenue 120
         03127 Kyiv Region
         Ukraine


DONBAS-FOREST: Court Names Yaroslav Derevyanchenko as Liquidator
----------------------------------------------------------------
The Economic Court of Donetsk Region appointed Yaroslav
Derevyanchenko as Liquidator/Insolvency Manager for LLC Donbas-
Forest (code EDRPOU 23778713).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 5/76 b.

He can be reached at:

         Yaroslav Derevyanchenko
         Office 6
         50-richya SRSR Str. 139
         83100 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Donbas-Forest
         Lagutenko Str. 1
         83086 Donetsk Region
         Ukraine


EKONOMFINANS: Court Names Eduard Davidov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Eduard Davidov
as Liquidator/Insolvency Manager for LLC Ekonomfinans (code
EDRPOU 32093489).  He can be reached at:

         Eduard Davidov
         Kintseva Str. 10
         54007 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 10/359/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ekonomfinans
         Sevastopolska Str. 49
         Mikolaiv Region
         Ukraine


EUROPE: Kyiv Court Names Olena Tsiganenko as Liquidator
-------------------------------------------------------
The Economic Court of Kyiv Region appointed Olena Tsiganenko as
Liquidator/Insolvency Manager for LLC Europe (code EDRPOU
32416312).  She can be reached at:

         Olena Tsiganenko
         Mayakovskij Avenue 7-a/141
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
200/2b-2006.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Europe
         Mala Kiltseva Str.10/1
         Sofiyivska Borshagivka
         Kievo-Svyatoshinskij District
         08131 Kyiv Region
         Ukraine


FIESTA-INVEST: Court Names Vyacheslav Rabushko as Liquidator
------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Vyacheslav
Rabushko as Liquidator/Insolvency Manager for LLC Fiesta-Invest
(code EDRPOU 30952179).  He can be reached at:

         Vyacheslav Rabushko
         Fuchik Str. 14
         Melitopol
         72319 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. 25/30/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Fiesta-Invest
         Pivnichnij lane, 2
         Melitopol
         72312 Zaporizhya Region
         Ukraine


FINKOM: Mikolaiv Court Names Eduard Davidov as Liquidator
---------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Eduard Davidov
as Liquidator/Insolvency Manager for LLC Finkom (code EDRPOU
32543091).  He can be reached at:

         Eduard Davidov
         Kintseva Str. 10
         54007 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 10/357/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Finkom
         Lenin Avenue 93
         Mikolaiv Region
         Ukraine


LEMANS: Odessa Court Names G. Fedorovska as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Ms. G. Fedorovska
as Liquidator/Insolvency Manager for LLC Lemans (code EDRPOU
33558030).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 19.  The case is docketed
under Case No. 24/82-06/4413.

She can be reached at:

         Ms. G. Fedorovska
         Marshal Zhukov Avenue 87-b/19
         65114 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Lemans
         Pershogo Travnya Str. 3
         Illichivsk
         68001 Odessa Region
         Ukraine


MARKETING-CENTER: Zaporizhya Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on Scientific-Production LLC Marketing-
Center (code EDRPOU 32130483) on June 20.  The case is docketed
under Case No. 16/36/06.

The Temporary Insolvency Manager is:

         Bichkivskij Oleksij
         Peremogi Str. 40/7981
         69001 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         Scientific-Production LLC Marketing-Center
         Shaumyan Str. 2-B
         Berdyansk
         71100 Zaporizhya Region
         Ukraine


NEKTAR-AGRO: Court Names Viktoriya Cherepenko as Liquidator
-----------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Viktoriya
Cherepenko as Liquidator/Insolvency Manager for LLC Nektar-Agro
(code EDRPOU 31309302).  He can be reached at:

         Viktoriya Cherepenko
         Moskovska Str. 54a
         54017 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 19.  The case is docketed
under Case No. 14/23/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Nektar-Agro
         Lenino
         Bashtanskij District
         Mikolaiv Region
         Ukraine


UKRSTOCKDEALING: Court Names District Tax Agency as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Golosiyivskij District of Kyiv Region as
Liquidator for LLC Ukrstockdealing (code EDRPOU 30866568).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 6.  The case is docketed
under Case No. 15/203-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrstockdealing
         Budindustrii Str. 5
         01013 Kyiv Region
         Ukraine


VORONTSOV: Court Names District Tax Agency to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Golosiyivskij District of Kyiv Region as
Liquidator for LLC Trade House Vorontsov (code EDRPOU 31863180).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
15/829-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Vorontsov
         Stelmah Str. 10-a
         Kyiv Region
         Ukraine


UKRGAZGRUP: Kyiv Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on CJSC Holding Company Ukrgazgrup (code
EDRPOU 30467543) on May 19.  The case is docketed under Case No.
43/787.

The Temporary Insolvency Manager is:

         Shnit Petro
         Knyazhij Zaton Str. 11/135
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Holding Company Ukrgazgrup
         Zabolotnij Str. 20-a
         03187 Kyiv Region
         Ukraine


UNI-TRADE-SHIPPING AGENCY: Ludmila Zayikina to Liquidate Assets
---------------------------------------------------------------
The Economic Court of Odessa Region appointed Ludmila Zayikina
as Liquidator/Insolvency Manager for LLC Uni-Trade-Shipping
Agency (code EDRPOU 32394205).  

She can be reached at:

         Ludmila Zayikina
         Office 203
         Velika Arnautska Str. 2-a
         65012 Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 15.  The case is docketed
under Case No. 7/152-06-5633.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Uni-Trade-Shipping Agency
         Krimska Str. 72-A/9
         65117 Odessa Region
         Ukraine


VERTIKAL: Court Names Vyacheslav Rabushko as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Vyacheslav
Rabushko as Liquidator/Insolvency Manager for LLC Vertikal (code
EDRPOU 31177101).  He can be reached at:

         Vyacheslav Rabushko
         Fuchik Str. 14
         Melitopol
         72319 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. 25/312.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Vertikal
         Vosmogo Bereznya Str. 43/5
         Melitopol
         72319 Zaporizhya Region
         Ukraine


ZAPORIZHYA' TERRITORIAL: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on OJSC Zaporizhya' Territorial Fuel
Concern (code EDRPOU 01884656) on June 23.  The case is docketed
under Case No. 22/246.  

The Temporary Insolvency Manager is:

         Podkolzina Lubov
         Centralnij Lane 7
         Oleksandrivsk
         Lugansk Region
         Ukraine

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         OJSC Zaporizhya' Territorial Fuel Concern
         Smolenska Str. 130
         Lugansk Region
         Ukraine


ZOLOTE YAJTSE: Harkiv Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on Agricultural LLC Zolote Yajtse (code
EDRPOU 30957487) on June 13.  The case is docketed under Case
No. B-19/74-06.

The Temporary Insolvency Manager is:

         Volodimir Shuba
         Gamarnik Str. 5
         61003 Harkiv Region
         Ukraine

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Zolote Yajtse
         Molodizhna Str. 20
         Zamiske
         Valkivskij District
         Harkiv Region
         Ukraine


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


ALERIS INTERNATIONAL: Board of Directors Okay Aurora Merger Pact
----------------------------------------------------------------
Aleris International Inc.'s Board of Directors unanimously
approved the Agreement and Plan of Merger with Aurora
Acquisition Merger Sub, Inc.

On Aug. 7, the Company entered into an Agreement and Plan
of Merger pursuant to which Aurora Acquisition Holdings, Inc.'s
wholly owned subsidiary, Aurora Merger, will merge with and into
Aleris.  Aleris will continue as the surviving corporation and
becoming a wholly owned subsidiary of Aurora Holdings.  Aurora
Holdings is owned by affiliates of Texas Pacific Group.

Pursuant to the Merger Agreement:

    * each outstanding share of common stock of Aleris other
      than shares owned by Aurora Holdings, Aurora Merger Sub or
      any subsidiary of Aurora Holdings or Aleris,

    * shares held in the treasury of Aleris, and

    * shares held by any stockholders who are entitled to and
      who properly exercise appraisal rights under Delaware law,

will be cancelled and converted into the right to receive
US$52.50 in cash, without interest.

The Merger Agreement also provides for a post-signing "go-shop"
period which permits Aleris to solicit competing acquisition
proposals until 12:01 a.m. on Sept. 7, 2006, from any person
who directly or indirectly through a controlled entity
manufactures or fabricates metals and is not a discretionary
private equity fund or other discretionary investment vehicle.

A full-text copy of the Agreement and Merger Plan dated Aug. 7
is available for free at http://ResearchArchives.com/t/s?f6b

                  About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
rolled aluminum products and is a global leader in aluminum
recycling and the production of specification alloys.  The
company also manufactures value-added zinc products that include
zinc oxide, zinc dust and zinc metal.  The Company operates 42
production facilities in the United States, Brazil, Germany,
Mexico and Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported in TCR-Europe on Aug. 11, Standard & Poor's Ratings
Services placed its 'BB-' corporate credit and other ratings on
Beachwood, Ohio-based Aleris International Inc. on CreditWatch
with negative implications.

The rating action follows the announcement that Texas Pacific
Group has come to an agreement to acquire the outstanding stock
of Aleris for approximately US$1.7 billion plus assume or repay
approximately US$1.6 billion of debt.  The CreditWatch placement
reflects our concerns of additional debt in the capital
structure.  Details of Texas Pacific's financing for this
acquisition were not disclosed.


AMANDA G LTD: Appoints Philip Simons as Liquidator
--------------------------------------------------
Philip Simons of Langley Group LLP was appointed Liquidator of
Amanda G Limited on May 17 by resolutions of members and
creditors.

The company can be reached at:

         Amanda G Limited
    11 Rosemont Road
    London NW3 6NG
    United Kingdom
    Tel: 020 3112 0116
    Web: http://www.technomarine.com/


APOLLO VIDEO: Creditors' Meeting Slated for August 22
-----------------------------------------------------
Creditors of Apollo Video Film Hire Limited (Company Number
02445361) will meet at 2:00 p.m. on Aug. 22 at:

         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY
         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. 21 at:

         David Rubin
         Joint Administrator
         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY
         United Kingdom
         Tel: 020 8343 5900
         Fax: 020 8446 2994

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


BRITISH INFLUENCE: Taps Andrew Rosler to Administer Assets
----------------------------------------------------------
Andrew Rosler of Ideal Corporate Solutions Ltd. was appointed
administrator of The British Influence Limited (Company Number
05138517) on July 13.

The administrator can be reached at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom

Headquartered in Southam, United Kingdom, The British Influence
Limited manufactures outer wear for ladies.


CITIZEN SECURITY: Creditors' Meeting Slated for August 23
---------------------------------------------------------
Creditors of Citizen Security Services Limited (Company Number
05508648) will meet at 11:00 a.m. on Aug. 23 at:

         St James Building
         79 Oxford Street
         Manchester M1 6HT
         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. 22 at:

         Robert Edward Caunce Cook
         Administrator
         UHY Hacker Young
         St. James Building
         79 Oxford Street
         Manchester M1 6HT
         United Kingdom
         Tel: 0161 236 6936
         Fax: 0161 228 0117
         E-mail: e.cook@uhy-uk.com


DAMONT AUDIO: Nominates C. M. Iacovides as Liquidator
-----------------------------------------------------
C. M. Iacovides of Jeffreys Henry Jacobs was nominated
Liquidator of Damont Audio Limited on May 8.

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

The company can be reached at:

         Damont Audio Limited
    20-30 Blyth Road
    Hayes
    Middlesex UB3 1BY
    United Kingdom
    Tel: 020 8573 5122


DOUGLAS POINT: Creditors Confirm Joint Liquidators' Appointment
---------------------------------------------------------------
Creditors of Douglas Point Consulting Limited confirmed on
May 18 the appointment Neil Charles Money and Neil Richard
Gibson of CBA as Joint Liquidators of the company.

The company can be reached at:

         Douglas Point Consulting Limited
    Desford Road
    Newtown Unthank
    Leicester LE9 9FL
    United Kingdom
    Tel: 0870 429 6495


EXEL RECRUITMENT: Brings In P&A Partnership as Administrators
-------------------------------------------------------------
Christopher Michael White and Derek Leslie Woolley of The P&A
Partnership were appointed joint administrators of Exel
Recruitment Limited (Company Number 03000598) on July 10.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.

Headquartered in Derbyshire, United Kingdom, Exel Recruitment
Limited is engaged in labor recruitment.


H. BROWN: Hires Joint Administrators from Begbies Traynor
---------------------------------------------------------
Timothy John Edward Delder and Paul Michael Davis of Begbies
Traynor were appointed joint administrators of H. Brown (Fulham)
Limited (Company Number 00370566) on July 12.

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.  

H. Brown (Fulham) Limited can be reached at:

         7 Waterside Way
         London SW17 0HB
         United Kingdom
         Tel: 020 8944 0999
         Fax: 020 8944 5551


JOHN FLETCHER: Creditors Appoint Joint Liquidators
--------------------------------------------------
Creditors of John Fletcher & Co. Limited appointed Peter O'Hara
and Simon Weir of O'Hara & Co. as Joint Liquidators of the
company on May 18.

The company can be reached at:

         John Fletcher & Co. Limited
    Unit 13B
    Climax Works
    Garnet Road
    Leeds LS115JY
    United Kingdom
    Tel: 0113 276 5141


JOHN PARRY: Taps Kroll Limited to Administer Assets
---------------------------------------------------
Simon Wilson and Philip Francis Duffy of Kroll Limited were
appointed joint administrators of John Parry (Timber) Limited
(Company Number 02681972) on July 14.

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

Headquartered in Liverpool, United Kingdom, John Parry (Timber)
Limited is engaged in sawmill, plane and impregnation wood.


KEY CONTRACTS: Creditors' Meeting Slated for August 22
------------------------------------------------------
Creditors of Key Contracts U.K. Limited (Company Number
04958146) will meet at 11:00 a.m. on Aug. 22 at:

         The Thistle Hotel Victoria
         Buckingham Palace Road
         London SW1W 0SJ
         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. 21 at:

         I. P. Sykes and G. W. Rhodes
         Joint Administrators
         Begbies Traynor
         2-3 Pavilion Buildings
         Brighton BN1 1EE
         United Kingdom
         Tel: 01273 747847
         Fax: 01273 747743

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.  


LARCHCLOUD LIMITED: Names Roderick Graham Butcher Liquidator
------------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
Liquidator of Larchcloud Limited on May 17.

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

The company can be reached at:

         Larchcloud Limited
    Unit 1
    Buntsford Park Road
    Bromsgrove
    Worcestershire B60 3DX
    United Kingdom
    Tel: 01527 576 000


LEAF & CARVER: Taps Melvyn L. Rose to Liquidate Assets
------------------------------------------------------
Melvyn L. Rose of Elliot, Woolfe & Rose was appointed Liquidator
of Leaf & Carver (Electical Services) Limited on May 18 by
resolutions of members and creditors.

The company can be reached at:

         Leaf & Carver (Electical Services) Limited
    323A Kennington Road
    London SE114QE
    United Kingdom
    Tel: 020 7735 8434


LOCAL AD: Brings In Joint Liquidators from Wilson Pitts
-------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Wilson Pitts were appointed
Joint Liquidators of The Local Ad Mag Limited on May 3 by
resolutions of members and creditors.

The company can be reached at:

         The Local Ad Mag Limited
    21 Market Place
    Wetherby
    West Yorkshire LS226LQ
    United Kingdom
    Tel: 01937 588 473
    Fax: 01937 588 203


LOVE TM: Creditors Resolve to Voluntary Liquidation
---------------------------------------------------
Creditors of Love TM Limited resolved on May 15 to voluntarily
liquidate the company's assets.

Elizabeth Arakapiotis of Kallis & Co. was appointed Liquidator.

The company can be reached at:

         Love TM Limited
    1 Curtain Place
    London EC2A3AN
    United Kingdom
    Tel: 020 7689 7353


MAC GOODS: Creditors Agree to Voluntary Winding-Up
--------------------------------------------------
Creditors of Mac Goods Limited agreed on May 19 to voluntarily
wind up the company.

Ninos Koumettou of Alexander Lawson & Co. was appointed
Liquidator.

The company can be reached at:

         Mac Goods Limited
    7 Bradford Mall
    Saddlers Centre
    Walsall WS1 1YT
    United Kingdom
    Tel: 077 9157 1319


MAGDON LIMITED: Brings In Liquidator from Butcher Woods
-------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
Liquidator of Magdon Limited on May 17.

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

The company can be reached at:

         Magdon Limited
    7 Oak Street
    Quarry Bank
    Brierley Hill
    West Midlands DY5 2JG
    United Kingdom
    Tel: 01384 480450


MISKIN PLANT: Hires Kroll Limited as Joint Administrators
---------------------------------------------------------
Peter M. Saville and Andrew J. Pepper of Kroll Limited were
appointed joint administrators of Miskin Plant & Tool Hire
Company Limited (Company Number 02202309) on July 13.

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

Headquartered in Hertfordshire, United Kingdom, Miskin Plant &
Tool Hire Company Limited is engaged in rental of construction
equipment.


MONACTIVE LIMITED: Creditors' Meeting Slated for August 24
----------------------------------------------------------
Creditors of Monactive Limited (Company Number 03544763) will
meet at 10:30 a.m. on Aug. 24 at:

         Courtyard Hotel
         Padworth Lane
         Bath Road
         Reading RG7 5HT
         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. 23 at:

         Graham Bushby
         Joint Administrator
         Baker Tilly
         5th Floor
         Exchange House
         446 Midsummer Boulevard
         Central Milton Keynes MK9 2EA
         United Kingdom
         Tel: 01908 687 800
         Fax: 01908 687 801

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.


MOSAIC CARE: Claims Filing Period Ends Sept. 30
-----------------------------------------------
Creditors of Mosaic Care Services Limited have until Sept. 30 to
send in their names, addresses and descriptions, full
particulars of debts and claims, and the names and addresses of
solicitors (if any) to appointed Liquidator E. Walls of Marlor
Walls at:

         E. Walls
    Marlor Walls
    C12 Marquis Court
    Marquis Way
    Team Valley
    Gateshead NE11 0RU
    United Kingdom

The company can be reached at:

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


MOTORING 4 LIMITED: Names Andrew Fender as Administrator
--------------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed administrator of
Motoring 4 Limited (Company Number 04079696) on July 11.

The administrator can be reached at:

         Sanderlings LLP
         Sanderling House
         1071 Warwick Road
         Acocks Green
         Birmingham B27 6QT
         United Kingdom
         Tel: 0870 243 0540

Headquartered in West Midlands, United Kingdom, Motoring 4
Limited sells motor vehicle parts.


NBTY INC: S&P Upgrades Bank Loan Rating to BB+ From BB
------------------------------------------------------
Standard & Poor's Ratings Services raised its bank loan rating
for Bohemia, New York-based NBTY Inc., to 'BB+' from 'BB', and
raised the recovery rating to '1' from '2'.  At the same time,
Standard & Poor's revised its outlook to stable from negative
and affirmed the 'BB' corporate credit rating and all other
ratings on NBTY.

The '1' recovery rating indicates the expectation of a full
recovery of principal in the event of a default.  Approximately
US$227.4 million of total debt was outstanding at June 30, 2006.

"The higher ratings reflect the expectation of lenders' full
recovery of principal on the company's US$160.4 million senior
secured credit facility in a simulated payment default scenario
because of a meaningful level of bank debt repayment over the
past year," said Standard & Poor's credit analyst Alison
Sullivan.  "The outlook revision reflects the company's improved
financial profile and credit measures resulting from reduced
debt levels."

NBTY repaid US$207 million of debt in the first nine months of
fiscal 2006 and an additional US$10 million in July.  The
company is expected at minimum to maintain these lower debt
levels and may further reduce leverage as a result of its
continuing efforts to lower inventories and improve working
capital.

NBTY is a vertically integrated vitamin, mineral, and supplement
manufacturer and marketer, with a strong retail presence in the
U.K.

S&P expects that continued promotional activity to capture
market share will suppress material margin improvement through
fiscal 2006.  However, S&P expects margins to stabilize at the
current levels over the near term and do not expect any further
margin erosion.

"In the event that the company's financial policy becomes more
aggressive, or margins are further depressed, we could revise
the outlook to negative," Ms. Sullivan said.


ODYSSEY RE HOLDINGS: Earns US$202 Mil. in Quarter Ended June 30
---------------------------------------------------------------
Odyssey Re Holdings Corp. reported net income available to
common shareholders of US$202.4 million for the quarter ended
June 30, 2006, compared with a US$51.1 million net income for
the quarter ended June 30, 2005.

Net income available to common shareholders for the six months
ended June 30, 2006 was US$361.8 million, compared to US$82.6
million for the comparable period of 2005.

Total shareholders' equity was US$1.83 billion at June 30, 2006,
an increase of US$208.5 million compared to total shareholders'
equity of US$1.62 billion at Dec. 31, 2005.

Commenting on the second quarter, Andrew A. Barnard, the
Company's president and chief executive officer, stated, "We
achieved the highest level of earnings this quarter in our
history as we continued to benefit from solid underwriting and
investment performance. Book value per share has increased 13.6%
to date in 2006, allowing us to continue the momentum in
compounding book value by 15% over the long term."

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  OdysseyRe operates through its
subsidiaries, Odyssey America Reinsurance Corporation, Hudson
Insurance Company, Hudson Specialty Insurance Company,
Clearwater Insurance Company, Newline Underwriting Management
Limited and Newline Insurance Company Limited.  The Company
underwrites through offices in the United States, London, Paris,
Singapore, Toronto and Mexico City.  Odyssey Re Holdings Corp.
is listed on the New York Stock Exchange under the symbol ORH.

                        *    *    *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


OVERSEAS SHIPHOLDING: Earns US$60.2 Million in Second Quarter
-------------------------------------------------------------
Overseas Shipholding Group Inc. reported results for the
second fiscal quarter of 2006.

For the quarter ended June 30, 2006, net income was
US$60.2 million, down 47% from US$114.2 million in the same
period a year earlier. The year ago quarter benefited from gains
on vessel sales of US$13.2 million, compared with a loss of
US$3.5 million, in the current quarter.

EBITDA for the second quarter declined 38% to US$109.1 million
from US$176.3 million in the second quarter of 2005.  TCE
revenues in the quarter decreased by 5% to US$216.3 million from
US$228.6 million in the second quarter of 2005.

For the six months ended June 30, 2006, the Company reported net
income of US$188.6 million, a 32% decline from net income of
US$279.1 million, recorded in the first half of 2005.  Net
income for the first half of 2005 benefited from gains on ship
disposals of US$26.1 million, compared with a loss of US$3.6
million for the same period in fiscal 2006.  EBITDA for the
first six months of 2006 was US$289.2 million, a 28% decrease
from US$399.7 million in the first half of 2005.  TCE revenues
for the six months of 2006 increased less than 1% to US$496.4
million from US$495.8 million in the first half of 2005.

Morten Arntzen, president and chief executive officer, stated,
"It was another quarter of strong performance in each of our
sectors. In what is generally a seasonally weak quarter, our
crude oil tanker fleet, which is entirely double hull, continued
to benefit from the tanker market's greater discrimination
against single hull tankers and from the tight oil markets
across the globe. During the same period, we continued to
produce steady results from our Product and U.S. segments, while
also building a bigger book of longer term time charters."  

Mr. Arntzen continued, "We continue to generate strong cash
flow, have nearly US$350 million in cash and tax-effected
Capital Construction Fund and US$1.8 billion of credit, all
available for future growth initiatives and our stock buyback
program."

                           About OSG

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the Company is committed to setting high standards of
excellence for its quality, safety and environmental programs.  
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 9, Moody's
Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.


OVERSEAS SHIPHOLDING: Inks Partnership Pact with TransCanada
------------------------------------------------------------
Overseas Shipholding Group Inc. disclosed a strategic
partnership agreement with TransCanada CNG Technologies Ltd, a
subsidiary of TransCanada Corp.

Under the agreement, the Company will own and operate a new type
of tanker vessel, capable of moving large quantities of
compressed natural gas using TransCanada's patented technology
for the design, construction and operation of Gas Transport
Modules for the transportation of CNG from stranded gas fields
throughout the world.

Morten Arntzen, president and chief executive officer, said, "We
are very excited about working with TransCanada on both the
development of these unique gas carriers and the projects for
which they are intended.  As the world seeks alternative energy
resources and fuel substitutions, this proprietary technology is
a real breakthrough for facilitating the recovery of natural gas
from fields that were once not cost effective to reach." Mr.
Arntzen continued, "Combining TransCanada's unique technology
with OSG's in-depth knowledge of marine transportation and
vessel construction, will enable our respective companies to be
the first to develop an efficient and commercially viable CNG
vessel."

                       About TransCanada

TransCanada (NYSE, TSX: TRP) is a leader in the responsible
development and reliable operation of North American energy
infrastructure.  TransCanada's network of more than 41,000
kilometres (25,600 miles) of wholly owned pipeline transports
the majority of Western Canada's natural gas production to key
Canadian and U.S. markets.  A growing independent power
producer, TransCanada owns, or has interests in, approximately
6,700 megawatts of power generation in Canada and the United
States.

                           About OSG

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the Company is committed to setting high standards of
excellence for its quality, safety and environmental programs.  
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 9, Moody's
Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.


OVERSEAS SHIPHOLDING: Moody's Assigns Ba1 Unsecured Debt Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.

The ratings reflect Overseas Shipholding's leading market
position as an operator of one of the world's largest tanker
fleets.  The Company derives approximately 75% of revenue from
transporting crude oil at spot market rates.  The high recent
market rates have produced cyclically strong financial results
for the Company.  With EBIT margins of about 40%, Debt of about
3x and EBIT of almost 4x, OSG's metrics are consistent with its
Ba1 debt ratings when applying Moody's methodology for the
Global Shipping industry.

The Company has repaid a substantial portion of the debt
incurred from the February 2005 acquisition of Stelmar Shipping
Ltd. and reported debt is down from the pre-acquisition levels.  
However, Overseas Shipholding increased the number of vessels
chartered-in over this time and entered into large sale
transactions for other vessels, resulting in a moderate increase
in indebtedness with almost no change in leverage.  The ratings
consider the highly cyclical nature of the shipping sector and
anticipate a modest weakening of the credit metrics as shipping
rates normalize over time.

In addition, Overseas Shareholding's fleet growth, expected to
be financed by charter-in agreements, could increase future
leverage, particularly during a cyclical trough in tanker rates.
Recognizing the sharp shipping cycles and the planned fleet
growth, OSG maintains strong liquidity, which supports the
ratings.  The ratings are also constrained by the yet to be
resolved investigation and recent indictment by the United
States Department of Justice regarding alleged violations
concerning maintenance of books and records with respect to the
handling of waste oils on some of the company's vessels.

The change in outlook to stable from negative reflects Moody's
view that demand for OSG's shipping services is likely to remain
solid over the next 12 to 18 months. World demand for crude oil
and refined products is strong and, working to OSG's advantage,
there are longer ton-mile trades due to continuing demand in the
Far East and geographic imbalances between refinery capacity and
end use markets.  The stable outlook also considers that
approximately 25% of OSG's revenues are under time charters
averaging three years. OSG is expected to maintain strong
liquidity through cash on hand, the Capital Contribution Fund,
and a large, long term revolving credit facility, which is
undrawn at this time.

The ratings could be downgraded if Debt is sustained above 4x,
or if EBIT falls below 3x. Downward rating pressure could also
result if OSG completes a significant debt-financed acquisition,
which weakens the credit metrics for a sustained period of time,
if it undertakes a more expansive charter-in fleet growth
strategy, or if lower rates take hold resulting in sustained
negative free cash flow.  Favorable rating action could result
if Debt is sustained below 2x while EBIT is sustained above 5x.  
A change in the chartering strategy resulting in a significant
reduction of the company's exposure to the spot market, by
fixing at least 50 percent of the crude carriers on long-term
time charters, would likely change OSG's risk profile and could
provide the impetus for an upgrade.

                           About OSG

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the Company is committed to setting high standards of
excellence for its quality, safety and environmental programs.  
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.


P & N CONTRACTORS: Stephen P. J. Whites Leads Liquidation
---------------------------------------------------------
Stephen P. J. White of White & Co. was appointed Liquidator of
P & N Contractors and Developers Limited on May 17 by
resolutions of members and creditors.

The company can be reached at:

         P & N Contractors and Developers Limited
    Villiers Street Works
    Villiers Street
    Burnley
    Lancashire BB115EH
    United Kingdom
    Tel: 01282 441 065


PAGEBOY SERVICES: Brings In Unity Business as Administrators
------------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Business
Services LLP were appointed joint administrators of Pageboy
Services (U.K.) Ltd. (Company Number 01424291), Starfinder Ltd.
(Company Number 01576555) and Senator Communications Ltd.
(Company Number 04036951) on July 13.

The joint administrators can be reached at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Headquartered in Liverpool, United Kingdom, Pageboy Services
(U.K.) Ltd., Starfinder Ltd. and Senator Communications Ltd. are
engaged in call center activities.


PREMIER PORTABLE: Hires Administrators from Smith & Williamson
--------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson were appointed joint administrators of Premier
Portable Systems Limited (Company Number 4827442) on July 11.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Headquartered in Coulsdon, United Kingdom, Premier Portable
Systems Limited manufactures metal structures and parts.


PSL LIMITED: Appoints P&A Partnership as Joint Administrators
-------------------------------------------------------------
Christopher Michael White and Brendan Ambrose Guilfoyle of The
P&A Partnership were appointed joint administrators of PSL
(Yorks) Limited (Company Number 03001550) on July 10.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.

Headquartered in Selby, United Kingdom, PSL (Yorks) Limited
offers tank testing, inspection and calibration services.


R.T. STEWARD: Brings In Grant Thornton as Administrators
--------------------------------------------------------
Ian Stewart Carr and Andrew David Conquest of Grant Thornton
U.K. LLP were appointed joint administrators of R.T. Steward
Transport Limited (Company Number 01068707) on July 7.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. 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 Essex, United Kingdom, R.T. Steward Transport
Limited is engaged in haulage and storage contracts.


RAVENSTONE PARTNERSHIP: Hires Joint Liquidators from Insol House
----------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of The Ravenstone Partnership
Limited on May 17 after creditors moved to voluntarily wind up
the company.

The company can be reached at:

         The Ravenstone Partnership Limited
    94 London Road
    Oadby
    Leicester LE2 5DJ
    United Kingdom
    Tel: 0116 299 3700


RAWCLIFFE HOMES: Appoints Administrators from Begbies Traynor
-------------------------------------------------------------
Steven Williams and David Acland of Begbies Traynor were
appointed joint administrators of Rawcliffe Homes Limited
(Company Number 05746136) on July 10.

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 Goole, United Kingdom, Rawcliffe Homes Limited
is engaged in property development.


RAYLEIGH ENGINEERING: Placed Into Voluntary Liquidation
-------------------------------------------------------
Creditors of Rayleigh Engineering Limited placed the company
into voluntary liquidation on May 19.

P. Atkinson and G. Mummery of Vantis Redhead French Limited were
appointed Joint Liquidators.

The company can be reached at:

         Rayleigh Enginering Limited
    19 Nobel Square
    Burnt Mills Industrial Estate
    Basildon
    Essex SS131LP
         United Kingdom
         Tel: 01268 728 380


REFCO INC: Davidson Kempner Offering to Buy Refco Capital Claims
----------------------------------------------------------------
Davidson Kempner Capital Management LLC is offering to buy:

    * scheduled and undisputed Securities Customer Claims (as
      that term is defined in the RCM Settlement Agreement)       
      against Refco Capital Markets, LTD, at a rate of 65 cents-
      on-the-dollar; and

    * scheduled and undisputed FX/Unsecured Claims  (as that
      term is defined in the RCM Settlement Agreement) against
      Refco Capital Markets, LTD, at a rate of 25 cents-on-the-      
      dollar.

This offer is valid through August 21, 2006, contingent on due
diligence, the price is subject to change based on events in the
bankruptcy and day-to-day news in the industry, and other
strings are attached.

For additional information, contact:

     Aileen M. Watson
     Davidson Kempner Capital Management LLC
     65 East 55th Street, 19th Floor
     New York, New York 10022
     Telephone (212) 446-4065
     Facsimile (646) 924-0465

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: Investors Buy US$69.9 Million in Claims
--------------------------------------------------
More than US$69,900,000 in claims against Refco, Inc., and its
debtor-affiliates' estates have changed hands since they filed
for bankruptcy.

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

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

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

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

Hain Capital Holdings LLC filed on January 13, 2006, the first
notice of transfer agreement pursuant to Rule 3001(e) of the
Federal Rules of Bankruptcy Procedure, after acquiring an
US$858,014 claim by Arbitrade 2003.  Hain also bought claims
from five other claimants, including a US$6,000,000 claim by
Prism Ltd.

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

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

Other investors that purchased claims against Refco are:

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

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: Court Extends Lease Decision Period Until Sept. 12
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended, until Sept. 12, 2006, the time within which Albert
Togut, the Chapter 7 trustee overseeing Refco, LLC's estate, may
assume or reject certain executory contracts.

The Chapter 7 trustee continues to identify and analyze
executory contracts to which the Chapter 7 Debtor is a
counterparty, to determine which contracts the estate will need
to assume or reject, Scott E. Ratner, Esq., at Togut, Segal &
Segal LLP, in New York, explains.

To date, Mr. Ratner tells the Court, the Refco LLC Trustee has
identified, evaluated and disposed of more than 700 executory
contracts, by either rejection or assumption and assignment of
the contracts to Man Financial, Inc.  Nearly all of the assumed
and assigned executory contracts involved broker agreements.

Approximately 70 executory contracts, mostly equipment or vendor
contracts, are still being evaluated and whose final disposition
has not yet been determined, Mr. Ratner reports.

Since the Chapter 7 Filing Date, the Refco LLC Trustee has met
all obligations imposed on Refco LLC's estate under Section 365
with respect to executory contracts, Mr. Ratner says.  The
Trustee also is performing all of the estate's obligations under
Refco LLC's Acquisition Agreement with Man Financial.

Mr. Ratner contends that Man Financial is entitled to receive
performance under, and the benefit of, certain of Refco LLC's
executory contracts for a specified period of time pursuant to
the Acquisition Agreement.

Mr. Ratner assures the Court that the Extension Request is (i)
without prejudice to the rights of any of the non-debtor
counterparties to seek, for cause shown, an earlier date upon
which the Refco LLC Trustee must assume or reject a specific
contract and (ii) without prejudice to the Trustee's right to
seek a further extension if necessary and appropriate.

                       About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/).


SCORPION SECURITY: Joint Liquidators Take Over Operations
---------------------------------------------------------
David Hill and John Davies of Begbies Traynor were appointed
Joint Liquidators of Scorpion Security Services Limited on
May 17 after creditors opted to voluntarily wind up the company.

The company can be reached at:

         Scorpion Security Services Limited
    The Gatehouse
    Dragon Parc
    Abercanaid
    Merthyr Tydfil
    Mid Glamorgan CF481PQ
    United Kingdom
    Tel: 01685 370 999
    Fax: 01685 370 555


SEJOUR LIMITED: Taps Marriotts & David Rubin as Administrators
--------------------------------------------------------------
Kevin T. Brown of Marriotts LLP and Paul Robert Appleton of
David Rubin & Partners were appointed joint administrators of
Sejour Limited (Company Number 04382049) on July 12.

The administrators can be reached at:

         Kevin T. Brown
         Marriotts LLP
         Allan House
         10 John Princes St
         London W1G 0JW
         Tel: 020 7495 2348  

         Paul Robert Appleton
         David Rubin & Partners
         26-28 Bedford Row
         London WC1R 4HE
         United Kingdom

Headquartered in London, United Kingdom, Sejour Limited is a
unisex hair salon.


SMC.TECH LIMITED: Taps Joint Liquidators from PKF (UK) LLP
----------------------------------------------------------
Edward T. Kerr and Ian J. Gould, of PKF (UK) LLP were appointed
Joint Liquidators of SMC.TECH Limited on May 16 by resolutions
of members and creditors.

The company can be reached at:

         SMC.TECH Limited
    Rearsby Business Park
    Gaddesby Lane
    Rearsby
    Leicester LE7 4YH
    United Kingdom
    Tel: 01664 424 900
    Fax: 01664 424 169


STUART SECURITY: Appoints Harrisons as Joint Administrators
-----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Stuart Security Limited (Company Number
04718613) on July 12.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.  

Headquartered in Reading, United Kingdom, Stuart Security
Limited is engaged in public security services.


SYLHET FOODS: Creditors Pass Winding Up Resolution
--------------------------------------------------
Sylhet Foods Limited passed on May 19 resolutions for voluntary
liquidation together with the appointment of Jamie Taylor of
Begbies Traynor as Liquidator.

The company can be reached at:

         Sylhet Foods Limited
    Unit 14-16
    Staffa Road
    Cromwell Industrial Estate
    London E10 7QZ
    United Kingdom
    Tel: 020 8532 8270


TECHNICAL COLOUR: Hires Administrators from Begbies Traynor
-----------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of Technical Colour Services Limited
(Company Number 4343078) on July 7.

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 Clwyd, United Kingdom, Technical Colour
Services Limited manufactures masterbatch plastics.


U.K. CONSTRUCTION: Hires UHY Hacker Young as Administrators
-----------------------------------------------------------
Robert Edward Caunce Cook and Nicholas Andrew Hancock of UHY
Hacker Young were appointed joint administrators of U.K.
Construction Services Limited (Company Number 04553094) on
July 14.

The administrators can be reached at:

         UHY Hacker Young
         St. James Building
         79 Oxford Street
         Manchester
         Greater Manchester M1 6HT
         United Kingdom
         Tel: 0161 236 6936
         Fax: 0161 228 0117
         E-mail: e.cook@uhy-uk.com

Headquartered in Essex, United Kingdom, U.K. Construction
Services Limited is engaged in general construction and civil
engineering.


UNIVERSAL AERIAL: Brings In KPMG to Administer Assets
-----------------------------------------------------
Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were
appointed joint administrators of Universal Aerial Platforms
Limited (Company Number 01575678) on July 14.

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

Headquartered in London, United Kingdom, Universal Aerial
Platforms Limited hires access platforms and lifts.


V R FROZEN: Nominates Joint Liquidators from Abbott Fielding
------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Liquidator of V R Frozen Foods Limited after creditors decided
to voluntarily wind up the company.

The company can be reached at:

         V R Frozen Foods Limited
    Unit A
         Gold Star Distribution Centre
    Neptune Close
    Medway City Estate
    Rochester
    Kent ME2 4LT
    United Kingdom
    Tel: 01634 290 432
    Fax: 01634 290 926


WHITE TOWER: Fitch Keeps BB Rating on GBP2.5-Mln Class E Notes
--------------------------------------------------------------
Fitch Ratings upgraded White Tower 2004-1 PLC's Class B and C
floating-rate notes due 2013 and affirmed others.

   -- GBP63.9 million Class A (XS0188956410) affirmed at AAA;

   -- GBP16 million Class B (XS0188957657) upgraded to AAA
      from AA;

   -- GBP9.3 million Class C (XS0188958036) upgraded to AA
      from A;

   -- GBP9.9 million Class D (XS0188958895) affirmed at BBB; and
   
   -- GBP2.5 million Class E (XS0188959356) affirmed at BB.

The upgrades reflect the significantly improved credit
enhancement following the prepayment of three of the five
original loans and the sequential allocation of the principal as
well as the overall good performance of the transaction.

The Millbank loan accounts for 86% of the current pool, compared
to 43% at closing.  The Millbank Tower, an office building in
Central London, is let to multiple tenants, many of which are
government-related and therefore highly rated.  The property is
currently 16% vacant, partly due to refurbishment and
modernization.

The GBP90 million loan started to amortize in October 2005 and
currently stands at GBP87.8 million, improving the loan-to-value
to 72% from 74%.  Despite the substantial vacancy rate, the
interest coverage ratio improved to 1.8x in July 2006 from 1.3x
in July 2004.  Millbank is scheduled to mature in 2010.

The GBP16.3 million Elm House loan has been paid down to GBP13.8
million as of July 2006, improving the LTV to 72% from 75%.
Since closing, the ICR improved slightly to 1.9x from 1.8x.  The
Elm House property is fully let to a government entity until
2012.  The loan will mature in 2008.

Although the concentration risk increased in terms of largest
loan (86%), property locations (100% London) and property type
(100% offices), the good performance of the two remaining loans,
the strong tenants in both properties and the improved credit
enhancement warrant an upgrade of the notes as described above.


WOW LIMITED: Creditors Opt to Voluntar Liquidation
--------------------------------------------------
Creditors of Wow Limited opted on May 16 to voluntarily
liquidate the company's assets.

Andrew McTear of McTear Williams & Wood was appointed
Liquidator.

The company can be reached at:

         Wow Limited
    9 Swan Lane
    Norwich
    Norfolk NR2 1HZ
    United Kingdom
    Tel: 01603 766 977


* Fitch Says Central Europe's Oil Refineries Face Supply Risk
-------------------------------------------------------------
Fitch Ratings disclosed that Central European oil refining
companies remain exposed to crude oil supply risk given their
strong dependence on deliveries from Russia.

While recent supply problems due to a leak in the northern
branch of the Druzhba pipeline were only experienced by
Lithuanian refinery Mazeikiu Nafta AB (rated B+, Rating Watch
Positive), most other refineries in the CE region are dependent
on pipeline supply from Russia.

This includes PKN Orlen S.A. (rated 'BBB', Rating Watch
Negative) and Grupa Lotos in Poland and MOL's refineries in
Hungary and Slovakia.  While all these refineries are able to
continue operations in the event of severe crude delivery
disruptions from Russia given their access to alternative
sources of crude, such a scenario would harm their refining
margins.

This is the case with MN, which is now purchasing Russian crude
oil from the Primorsk terminal close to St. Petersburg and
transporting it by tankers to its Butinge terminal in Lithuania.
This results in higher transportation costs when compared to
deliveries by pipeline.  If supplies of Russian crude oil by
pipeline to MN are not resumed within the next few weeks, this
could lead one to conclude that political rather than technical
reasons are to blame for the supply disruption, as the
Lithuanian refinery was recently acquired by Polish PKN and not
by a Russian oil company.

CE refineries' dependence on Russian crude is a combination of
historical reasons and refinery location on the pipeline from
Russia.  This is also driven by increasing price advantage of
Russian crude oil, which is sold at a discount to Brent oil (as
much as US$5/bbl in Q206).

It is Fitch's view that a mixture of political and economic
reasons are behind the interruptions of Russian crude oil and
gas supply to Central Europe experienced in the past two years.
The most notable examples were the suspension of crude oil
supply under long-term contracts by OAO Yukos in late 2004 and
lower gas supply to the European Union from Russia in January
2006.

However, Fitch views that intentional long-term supply
disruption to CE refineries is unlikely given that Russian oil
companies remain interested in exporting crude oil to this
region, given its price advantage over domestic sales and
difficulties to redirect such significant amounts of crude oil
into other export routes.

Fitch reflects the supply risk in its credit ratings for CE
refineries.  This is especially the case with pure refining and
marketing companies, such as MN or PKN, which do not operate in
oil exploration and production. Fitch notes that neither PKN nor
MOL has experienced any significant disruptions in crude oil
supply from Russia in the past 10 years.


                           *********


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 * * *