TCREUR_Public/060817.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 17, 2006, Vol. 7, No. 163   

                            Headlines


A U S T R I A

AUSTRO: Eyes 20% Claims Recovery for Creditors
DMX: Property Manager Declares Insufficient Assets
DUDIC: Vienna Court to Approve Property Manager's Decision
HELAG: Vienna Court Orders Closing of Business
ISGT SCHADENBEARBEITUNG: Vienna Court Orders Closing of Business

KERION: Vienna Court Orders Business Shutdown
MEMO-PUTZ: Innsbruck Court Orders Closing of Business
ROBERT LUDWIG: Vienna Court Orders Closing of Business
ROHR-RETTUNG: Vienna Court Orders Closing of Business
STEINBERGER: Vienna Court Orders Closing of Business

V.P.M.: Vienna Court Suspends Compensation Payment Process


D E N M A R K

TDC A/S: Lowers Broadband Rates to Strengthen Market Position


F I N L A N D

METSO CORP: Aker Unit's Acquisition Reaches Second EU Review


F R A N C E

GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France


G E O R G I A

METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results


G E R M A N Y

BAUUNTERNEHMUNG EWALD: Claims Registration Ends August 29
COMDATA GMBH: Claims Registration Ends August 29
DISTANCE MODEVERTRIEB: Claims Registration Ends August 28
EPF EURO-PLAY: Claims Registration Ends September 8
HEIZUNGSBAU MATTHESS: Claims Registration Ends September 5

HHM INTERNATIONAL: Creditors' Meeting Slated for September 6
M + S IMMOBILIEN: Claims Registration Ends September 6
PROSERV DIENSTLEISTUNGEN: Claims Registration Ends August 31
SACHSENSTERN BUSINESS: Claims Registration Ends August 28
VIBRO-FORCE: Claims Registration Ends September 8


H U N G A R Y

PANNONPLAST NYRT: Hikes Synergon Stake to 13.5% for US$3.6 Mln


I R E L A N D

ELAN CORP: Cuts Second Quarter Net Loss to US$90.5 Million


I T A L Y

POPOLARE DI INTRA: Fitch Downgrades Individual Rating to E


K A Z A K H S T A N

AIZERE: Creditors Must File Claims by Sept. 12
AK-BIDAI: Creditors Must File Claims by Sept. 8
AKORD-LTD: Mangistau Court Opens Bankruptcy Proceedings
EURO-STROI LTD: Proof of Claim Deadline Slated for Sept. 12
GARANT: Mangistau Court Starts Bankruptcy Procedure

GRISI: Proof of Claim Deadline Slated for Sept. 8
H.A.I: Claims Registration Ends Sept. 12
REAL-RESURS: Mangistau Court Begins Bankruptcy Proceedings
TURAN: Creditors' Claims Due Sept. 8
VIP AVIA: Creditors' Claims Due Sept. 12

ZARS: Mangistau Court Commences Bankrupty Proceedings


K Y R G Y Z S T A N

OSHYN: Proof of Claim Deadline Slated for Sept. 28


N O R W A Y

AKER KVAERNER: Unit's Sale to Metso Oyj Reaches Second EU Review


R U S S I A

AIRCRAFT REPAIR 24: Court Commences Bankruptcy Supervision
ALTAY RAYPO: Khakasiya Court Starts Bankruptcy Supervision
BURYAT-YANGUTSKIY WOOD-PROM-KHOZ: P. Zhdanov to Manage Assets
EVRAZ GROUP: Principal Owners Complete Sale of Indirect Interest
GAZPROM: Marketing Arm Sets up Units in U.S. & France

KHARANUTSKIY COAL: Irkutsk Court Starts Bankruptcy Supervision
KRASNOYARSK-LES-PROM-STROY: E. Sapozhnikova to Manage Assets
METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results
NORTH-WEST: Names Organizers of RUB2 Billion 4th Bond Loan
NOVATEK OAO: Declares RUB1.6 Billion Interim First Half Dividend

OSTROGOZHSKIY ELEVATOR: A. Alekseeva to Manage Insolvency Assets
PETROL SERVICE: Court Names A. Protopopov as Insolvency Manager
PYATEROCHKA HOLDING: Eyes Rebranding of New Combined Entity
RED GRAIN-GROWER: Court Names V. Fisher as Insolvency Manager
RUS': Voronezh Court Names E. Shur as Insolvency Manager

STUD CHESMENSKIY: Court Names A. Gladkov as Insolvency Manager
TOLID: Court Names S. Bychkovskiy as Insolvency Manager
TRANS-SIBERIAN CARGO: Court Starts Bankruptcy Supervision
UST-ILIMSKIY BREWERY: Court Starts Bankruptcy Supervision
VISHNEVSKOYE: Court Names D. Kozlov as Insolvency Manager

VNESHTORGBANK JSC: Fitch Affirms C/D Individual Rating
YUKOS OIL: Eduard Rebgun Assures Transparent Liquidation Process


S W I T Z E R L A N D

HCA INC: Moody's Says Leveraged Buyout May Result in Downgrade


U K R A I N E

ENERGOKOMPLEKT: District Tax Agency to Liquidate Assets
ENERGOPOSTACHZBUT: Kyiv Court Starts Bankruptcy Supervision
GEORGIYIVSKE: Donetsk Court Names T. Zhevnova as Liquidator
INGER: Kyiv Court Names Denis Malusko as Insolvency Manager
KRASNODONVUGILLYA: Lugansk Court Starts Bankruptcy Supervision

OVIOLA: Court Names Svitlana Babich as Insolvency Manager
PARITET: Court Names Ludmila Zayikina as Insolvency Manager
RENAISSANCE: Court Names Ludmila Pustovalova as Liquidator
TOKARCHUK: Zaporizhya Court Names V. Ishenko as Liquidator
YAVA: Dnipropetrovsk Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

A.K. RESPONSE: Appoints Liquidator from Critchleys
AGCO CORP: Moody's Affirms Low-B Ratings and Changes Outlook
AUTOPRUFE LIMITED: Creditors Resolve to Voluntary Liquidation
BASIL FREIGHT: Joint Liquidators Take Over Operations
BIG GIRL: Nominates Andreas Georgiou Kakouris as Liquidator

BRENTWOOD TYRES: Confirms Peter George Byatt Liquidator
BRETT VALLEY: Placed Into Voluntary Liquidation
CHAUCER HOLDINGS: A.M. Best Keeps bb+ Rating on GBP20-Mln Loan
COLT TELECOM: Names Lakh Jemmet as Managing Director for U.K.
CORUS GROUP: Deutsche Bank AG Acquires 3.02% Equity Stake

ESHER PROPERTY: Taps Joint Liquidators from Gibson Hewitt
GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France
GMAC LLC: Pending Sale Spurs S&P to Keep Rating on CreditWatch
HENLEY SPRING: Nominates Paul John Webb as Liquidator
HOT FAVOURITES: Hires David Wald to Liquidate Assets

INN DIRECT: Probe Results Prompt Compulsory Liquidation
JJ TOYS: Peter Maurice Levy Leads Liquidation Procedure
LIVERPOOL PLUS: Taps Jonathan R. Booth to Liquidate Assets
MARKEL CORP: Moody's Assigns Low-B Ratings to Subordinated Debt
MAXOL UK: Names Liquidator to Wind Up Business

ORPINGTON STEREO: Brings In Joint Liquidators from Gibson Hewitt
PRESTIGE MOTOR: Taps Liquidator from Singla & Co.
PRIMUS TELECOM: June 30 Balance Sheet Upside-Down by US$464 Mln
REDLINE RECRUITMENT: Taps PKF as Joint Administrators
REFCO INC: Eight Refco LLC Claimants Can File Consolidated Claim

REFCO INC: Chapter 7 Trustee Can Sublease Space to F.S. Trading
REFCO: Chapter 11 Trustee Hires Conyers Dill as Bermuda Counsel
RUDE WERCS: Hires Joint Liquidators from BDO Stoy Howard
RYACK TRANSPORT: Creditors' Meeting Slated for August 21
SATELLITE SHOWCASE: Calls In Liquidator from Tenon Recovery

SELECTIVE PERSONNEL: Names Peter Bridger Liquidator
TYWIRE BUILDERS: Creditors Confirm Liquidator's Appointment
UK-EURO GROUP: Court Orders Liquidation Following CIB Probe
WELCOME INTERIORS: Nominates Liquidator from Simmonds & Company
WINDERMERE VI: S&P Assigns BB Rating to Class E Notes

ZEN FUTURES: Appoints J. Clark As Liquidator

* Upcoming Meetings, Conferences and Seminars


                            *********

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


AUSTRO: Eyes 20% Claims Recovery for Creditors
----------------------------------------------
Creditors of LLC Austro will receive 20% on account of their
claim after the Trade Court of Vienna approves the final
decision of the property manager.

Headquartered in Vienna, Austria, the Debtor 's bankruptcy case
(Bankr. Case No. 38 S 18/06h) was removed from (Bankr. Case No.
36 S 68/03t) on March 6.


DMX: Property Manager Declares Insufficient Assets
--------------------------------------------------
Dr. Andrea Simma, the court-appointed property manager for LLC
DMX (FN 90977s), declared on June 26 that the Debtor's property
is insufficient to cover creditors' claim.

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

Headquartered in Vienna, the Debtor declared bankruptcy on
April 18 (Bankr. Case No. 5 S 62/06m).  Dr. Guenther Hoedl
represents Dr. Simma in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Andrea Simma
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at


DUDIC: Vienna Court to Approve Property Manager's Decision
----------------------------------------------------------
The Trade Court of Vienna declared on June 26 that it would
approve court-appointed property manager Dr. Johannes Leon's
decision for Construction LLC Dudic (FN 231460h).

On Jan. 27, Dr. Leon disclosed that the Debtor's assets are
insufficient for covering creditors' claims.

The property manager and his representative can be reached at:

         Dr. Johannes Leon
         c/o Dr. Peter Zens
         Reichsratsstrasse 7
         1010 Vienna, Austria
         Tel: 534 90-0
         Fax: 534 90 - 50
         E-mail: office@leonlaw.at  

Headquartered in Vienna, the Debtor declared bankruptcy on
Jan. 11 (Bankr. Case No. 5 S 2/06p).  Peter Zens represents Dr.
Leon in the bankruptcy proceedings.


HELAG: Vienna Court Orders Closing of Business
----------------------------------------------
The Trade Court of Vienna entered an order on June 23 closing
the business of Construction LLC Helag (FN 218416a).  Court-
appointed property manager Hans Rant determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Hans Rant
         c/o Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at   

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 4 S 88/06b).  Kurt Freyler represents
Dr. Rant in the bankruptcy proceedings.


ISGT SCHADENBEARBEITUNG: Vienna Court Orders Closing of Business
----------------------------------------------------------------
The Trade Court of Vienna entered an order on June 23 closing
the business of LLC ISGT Schadenbearbeitung (FN 123018i).  
Court-appointed property manager Brigitte Stampfer determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30
         E-mail: ra-stampfer@utanet.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 22 (Bankr. Case No. 2 S 17/06x).


KERION: Vienna Court Orders Business Shutdown
---------------------------------------------
The Trade Court of Vienna entered an order on June 26 closing
the business of LLC Kerion (FN 98084t).  Court-appointed
property manager Georg Freimueller 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 Freimueller
         c/o Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at   

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 2 (Bankr. Case No. 3 S 65/06p).  Erwin Senoner represents
Dr. Freimueller in the bankruptcy proceedings.


MEMO-PUTZ: Innsbruck Court Orders Closing of Business
-----------------------------------------------------
The Land Court of Innsbruck entered an order on June 23 closing
the business of KEG Memo-Putz Mehmet GUER (FN 217609p).  Court-
appointed property manager Birgit Hermann-Kraft determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager and her representative can be reached at:

         Mag. Birgit Hermann-Kraft
         C/o Dr. Manfred Dallago
         Oberer Stadtplatz 5a
         6330 Kufstein, Austria
         Tel: 05372/61 81 3
         Fax: 05372/61 81 34
         E-mail: hermann@ad-voc.at  

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on May 2 (Bankr. Case No. 9 S 13/06w).   Manfred
Dallago represents Dr. Hermann-Kraft in the bankruptcy
proceedings.


ROBERT LUDWIG: Vienna Court Orders Closing of Business
------------------------------------------------------
The Trade Court of Vienna entered an order on June 26 closing
the business of LLC Robert Ludwig (FN 217703b).  Court-appointed
property manager Christian Bachmann 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. Christian Bachmann
         c/o Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna, Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. 3 S 69/06a).  


ROHR-RETTUNG: Vienna Court Orders Closing of Business
-----------------------------------------------------
The Trade Court of Vienna entered an order on June 26 closing
the business of LLC Rohr-Rettung Scheed (FN 31071v).  Court-
appointed property manager Hans Rant determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 27 (Bankr. Case No. 38 S 35/06h).  


STEINBERGER: Vienna Court Orders Closing of Business
----------------------------------------------------
The Trade Court of Vienna entered an order on June 26 closing
the business of LLC Steinberger (FN 105809b).  Court-appointed
property manager Karl Schirl 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. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna, Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 4 (Bankr. Case No. 5 S 58/06y).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


V.P.M.: Vienna Court Suspends Compensation Payment Process
----------------------------------------------------------
The Trade Court of Vienna suspended the compensation payment
process of Construction LLC V.P.M. (FN 238562b) on June 26.

The bankruptcy case of the Debtor (Bankr. Case No. 45 Sa 2/06g)
is joined to (Bankr. Case No. 45 S 41/06t) on the same date.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 11.   Richard Proksch is the court-appointed
compensation manager of the bankrupt estate.  Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.

The compensation manager and his representative can be reached
at:

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


=============
D E N M A R K
=============


TDC A/S: Lowers Broadband Rates to Strengthen Market Position
-------------------------------------------------------------
TDC A/S is lowering its Broadband rates by as much as 20
percent.  The move is part of its intensified pursuit of the
broadband market, which will also include significantly higher
speeds in coming years.

"The domestic broadband market is marked by fierce competition
and a considerable number of providers," Gert Rieder, Director
at TDC Residential, said.  "By lowering rates and offering
higher speeds, we will strengthen our position in a broadband
market characterized by heavy growth."

The reduction in rates will be introduced in two steps.  From
Aug. 28, TDC Broadband rates will be lowered for new residential
customers.  For new business customers, TDC Broad Professional
rates will be lowered as from Oct. 1.  

Existing customers will also benefit from the change in rates as
they will automatically be upgraded to a higher speed without
being charged a higher monthly subscription charge.  Customers
who have the highest speed today, will be granted a price
reduction.

Focus will primarily be on increased download speeds.  This
means that data can be downloaded from the Internet faster.  The
higher speed offers residential customers better opportunities
of downloading music and video-on-demand, among other things.
Business customers will profit from the higher speeds as well.

Examples of coming changes:

Residential:

TDC Broadband 1024 Kbps download and 128 Kbps upload
Current price: DKK359 per month
New price as from Aug. 28: DKK299 per month  

Business:

TDC Broadband Professional 8 Mbps download and 768 Kbps upload
Current price: DKK800, exclusive of Danish VAT per month
New price as from Oct. 1: DKK699, exclusive of Danish VAT

The new prices as per Aug. 28 are available at Erhverv and
Privat.

On Aug. 1, TDC launched 20 Mbps to more than 40 percent of the
country.  Later this year, TDC will launch 50 Mbps.

As reported in TCR-Europe on Aug. 11, TDC Solutions' revenue in
the second quarter of 2006 increased 2.5% to DKK5.3 billion, and
EBITDA amounted to DKK1.6 billion, up 3.7%, due to a combination
of disciplined cost control and continued growth in the sale of
broadband solutions, with the number of xDSL customers reaching
776,000, up 25.2% on the same quarter in 2005.

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in  
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's
Issuer Default Rating at BB- with Stable Outlook and senior
secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


=============
F I N L A N D
=============


METSO CORP: Aker Unit's Acquisition Reaches Second EU Review
------------------------------------------------------------
Metso Corp.'s application for the clearance of its purchase
agreement of Aker Kvaerner's Pulping and Power businesses has
been extended into the second phase in the EU review process.  

The European Commission has indicated that it has identified
certain potential competition issues in the markets for pulp
mill equipment.  Metso and Aker Kvaerner continue to cooperate
constructively with the Commission to lift any doubt that might
exist and to solve any potential competition concerns.

Both Metso and Aker Kvaerner continue to believe that the
acquisition does not pose significant competition issues.  
Furthermore, the companies believe that it will create synergies
and development potential that will benefit customers in the
future. The second phase will involve the continuation of the
European Commission's review of the acquisition for a period up
to 90 working days, with possible extensions.

The acquisition of Aker Kvaerner's Pulping and Power businesses
fits well with Metso's strategy of profitable growth.  Kvaerner
Power's products and services, i.e. chemical recovery systems
for the pulping industry and power generation solutions, are not
part of Metso's current offering.  The pulping equipment and
related services delivered by Kvaerner Pulping are mainly
complementary to Metso's current fiber technology offering.

                      About Aker Kvaerner

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

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

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *

As reported in TCR-Europe on April 11, Standard & Poor's
Services revised its outlook on Finland-based machinery and
engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


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


GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France
--------------------------------------------------------
Gazprom Marketing & Trading Ltd., part of the OAO Gazprom Group
of companies, has registered in June this year its Houston-based
Gazprom Marketing & Trading U.S.A. Inc. and Paris-based Gazprom
Marketing & Trading France SAS subsidiaries.

Gazprom Marketing & Trading U.S.A., Inc. will be engaged on
behalf of OAO Gazprom in LNG and natural gas marketing
operations in the USA as well contribute to expanding the
Group's presence in the USA on a long-term basis.

John Hattenberger has been named as the Managing Director of
Gazprom Marketing & Trading U.S.A., Inc.

Gazprom Marketing & Trading France S.A.S. has been founded to
supply natural gas to French end consumers and solidify the
Gazprom Group's standing in various sectors of the French energy
industry. Mr. Yuri Virobian has been appointed as the President
of Gazprom Marketing & Trading France SAS.

Entering the Gazprom Group of companies, Gazprom Marketing &
Trading Ltd. was established in the U.K. in 1999.  In August
2005, the company entered with Shell Western B.V. and BG Group
into an agreement to supply LNG to the US market. The first LNG
carrier arrived at the Cove Point regasification terminal
(Maryland, U.S.A.) on Sept. 2, 2005.

In November 2005, Gazprom Marketing & Trading Ltd. signed an LNG
supply agreement with Gaz de France, MED LNG & GAS and Shell. An
LNG carrier was sold to Shell Western LNG and supplied to the
Cove Point regasification terminal in early December 2005.

In April 2006, Gazprom Marketing & Trading Ltd. effectuated the
first LNG shipment to the U.K.-based Isle of Grain terminal. LNG
was purchased from Gaz de France and sold to British Petroleum
owning capacity at the reception terminal. The LNG supply volume
averaged 140 thousand cubic meters (equivalent to some 85
million cubic meters of natural gas).

In order to promote direct sales to U.K. final customers,
Gazprom Marketing & Trading Ltd. acquired in June 2006 the gas
retail business of Pennine Natural Gas Limited.

Mr. John Hattenberger graduated from the University of Minnesota
as the Bachelor of Science in Chemical Engineering.  Mr.
Hattenberger has been overseeing natural gas and LNG supply, gas
exploration, production and marketing in Marathon Oil, El Paso
Global LNG, TransCanada Pipelines Ltd., BP. Prior to his
appointment as the Managing Director of Gazprom Marketing &
Trading USA, Inc. Mr. Hattenberger has been promoting the
Gazprom Group's LNG business in the U.S.A.

Mr. Yuri Virobian graduated from the Moscow State Institute of
Foreign Relations and has a 14-year business experience with
Soyuzgazexport in France and Russia.  Over a 12-year period Mr.
Virobian has been the Commercial Director with Prodintern SA and
Rokol SA. In 2004, Mr. Virobian was named as the Head of the
Gazexport representative office in France.

                          About Gazprom

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

                          *     *     *

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

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

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


=============
G E O R G I A
=============


METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results
----------------------------------------------------------
Metromedia International Group, Inc. (OTCBB: MTRM Common Stock
and PINK SHEETS MTRMP Preferred Stock), has elected to postpone
issuance of preliminary financial results, through Dec. 31,
2005, for its Magticom business venture as previously proposed
in its July 13 press release.

The Company remains committed to releasing preliminary prior
period Magticom financial results as soon as all related
material information can be disclosed in suitable detail and
presently expects such information release will be possible
before the end of September 2006.  Furthermore, the Company does
not intend making further public comment on these matters until
a full and comprehensive statement can be released.


                  About Metromedia International

Headquartered in Charlotte, North Carolina, Metromedia
International Group -- http://www.metromedia-group.com/--  
through its subsidiary, Metromedia International
Telecommunications, owns interests in telecom and cable TV
operations in Russia, Georgia, and elsewhere in Eastern Europe.

Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and
radio broadcast businesses.  The Company's core businesses
includes Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


BAUUNTERNEHMUNG EWALD: Claims Registration Ends August 29
---------------------------------------------------------
Creditors of Bauunternehmung Ewald Kiebert GmbH & Co. KG have
until Aug. 29 to register their claims with court-appointed
provisional administrator Thomas Joswig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 17 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 Darmstadt
         Room 4.311
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against Bauunternehmung Ewald Kiebert GmbH & Co. KG on July 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bauunternehmung Ewald Kiebert GmbH & Co. KG
         Otto-Hesse-Str. 19/T3
         64293 Darmstadt, Germany

         Attn: Juergen Grabow, Manager
         24 Residence les Pierres Hautes
         57320 Bouzonville, France

The administrator can be contacted at:

         Thomas Joswig
         Besselstrasse 2-4
         68219 Mannheim, Germany
         Tel: 0621/845578-0
         Fax: 0621/845578-10


COMDATA GMBH: Claims Registration Ends August 29
------------------------------------------------
Creditors of ComData GmbH have until Aug. 29 to register their
claims with court-appointed provisional administrator Markus M.
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 10 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against ComData GmbH on July 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ComData GmbH
         Attn: Wolfram Schlueter, Manager
         Bahnsteig 2 a
         09224 Chemnitz OT Gruena, Germany

The administrator can be contacted at:

         Markus M. Merbecks
         Ludwigstr. 58
         09113 Chemnitz, Germany
         E-mail: ramerbecks@aol.com


DISTANCE MODEVERTRIEB: Claims Registration Ends August 28
---------------------------------------------------------
Creditors of Distance Modevertrieb GmbH have until Aug. 28 to
register their claims with court-appointed provisional
administrator Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Duesseldorf
         Area A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against Distance Modevertrieb GmbH on July 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Distance Modevertrieb GmbH
         Falkenweg 13
         41468 Neuss, Germany

         Attn: Dieter Hugo Spottock, Manager
         Wildenbruchstr. 60
         40545 Duesseldorf, Germany

The administrator can be contacted at:

         Dr. Paul Fink
         Rhine Place 1
         40213 Duesseldorf, Germany
         

EPF EURO-PLAY: Claims Registration Ends September 8
---------------------------------------------------
Creditors of EPF Euro-Play Herne Freizeitstatten GmbH have until
Sept. 8 to register their claims with court-appointed
provisional administrator Werner F. Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 17 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
         Meeting Room 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 EPF Euro-Play Herne Freizeitstatten GmbH on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         EPF Euro-Play Herne Freizeitstatten GmbH
         Bielefelder Str. 100
         44625 Herne, Germany

         Attn: Mario Langhof, Manager
         Dresdner Str. 24
         45699 Herten, Germany

The administrator can be contacted at:

         Werner F. Muehlenbrock
         Bahnhofstr. 46
         45879 Gelsenkirchen, Germany
         

HEIZUNGSBAU MATTHESS: Claims Registration Ends September 5
----------------------------------------------------------
Creditors of Heizungsbau Matthess GmbH have until Sept. 5 to
register their claims with court-appointed provisional
administrator Markus Schadler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         Law Courts Prince Road 21
         Chemnitz, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against Heizungsbau Matthess GmbH on July 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Heizungsbau Matthess GmbH
         Attn: Karlheinz Matthess, Manager
         Garden Route 12
         09619 Sayda, Germany

The administrator can be contacted at:

         Dr. Markus Schadler
         Eckstrasse 1
         09113 Chemnitz, Germany
         E-mail: RA-GRAUER-CHEMNITZ@T-ONLINE.DE


HHM INTERNATIONAL: Creditors' Meeting Slated for September 6
------------------------------------------------------------
The court-appointed provisional administrator for HHM
International Warenhandel GmbH & Co. KG, Christoph Schulte-
Kaubruegger, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m., on
Sept. 6.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:15 a.m., on Dec. 13 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against HHM International Warenhandel GmbH & Co. KG
on July 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HHM International Warenhandel GmbH & Co. KG
         Charlottenstr. 79/80
         10117 Berlin, Germany

         Attn: Hans Helmuth Moeltgen, Manager
         Vivaldistr. 1
         04319 Leipzig, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


M + S IMMOBILIEN: Claims Registration Ends September 6
------------------------------------------------------
Creditors of M + S Immobilien Bautrager GmbH have until Sept. 6
to register their claims with court-appointed provisional
administrator Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 10 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against M + S Immobilien Bautrager GmbH on July 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         M + S Immobilien Bautrager GmbH
         Koenneritzstr. 15
         01067 Dresden, Germany

The administrator can be contacted at:

         Barbara Fritzer
         Louis Braille Road 1
         01099 Dresden, Germany
         Web: http://www.ra-fritzer.de/


PROSERV DIENSTLEISTUNGEN: Claims Registration Ends August 31
------------------------------------------------------------
Creditors of ProServ Dienstleistungen und Immobilienmanagement
GmbH have until Aug. 31 to register their claims with court-
appointed provisional administrator Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), 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 Frankfurt opened bankruptcy proceedings
against ProServ Dienstleistungen und Immobilienmanagement GmbH
on July 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ProServ Dienstleistungen und Immobilienmanagement GmbH
         Luebecker Str. 10
         16341 Panketal, Germany

The administrator can be contacted at:

         Dr. Christoph Junker
         Fuggerstr. 24
         10777 Berlin, Germany


SACHSENSTERN BUSINESS: Claims Registration Ends August 28
---------------------------------------------------------
Creditors of Sachsenstern Business Centers GmbH have until
Aug. 28 to register their claims with court-appointed
provisional administrator Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 9 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against Sachsenstern Business Centers GmbH on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Sachsenstern Business Centers GmbH
         Saxonia Avenue 9
         01723 Kesselsdorf, Germany

The administrator can be contacted at:

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


VIBRO-FORCE: Claims Registration Ends September 8
-------------------------------------------------
Creditors of Vibro-Force GmbH have until Sept. 8 to register
their claims with court-appointed provisional administrator
Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Bochum
         Meeting Room A 29
         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 Vibro-Force GmbH on July 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Vibro-Force GmbH
         Wullener Field 21
         58454 Witten, Germany

         Attn: Sebastian Burges, Manager
         Hommelohstr. 40
         48454 Witten, Germany

The administrator can be contacted at:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke, Germany


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


PANNONPLAST NYRT: Hikes Synergon Stake to 13.5% for US$3.6 Mln
--------------------------------------------------------------
Plastic manufacturer Pannonplast Nyrt. acquired 892,556 shares
in Synergon Informatika Rt. at HUF860 apiece, Bloomberg News
says.

The HUF768-million (US$3.6 million) share purchase effectively
increased Pannonplast's holdings in Synergon from 4.2% to 13.5%.  
The transaction was Pannonplast's first share buy in Synergon
since May.

Two Pannoplast investors, Lazarus Vagyonkezelo Zrt. and Benji
Invest Befektetesi es Ingatlanforgalmazoi Kft. also bought 1.8-
and three-percent stakes in Synergon.

The company allocated HUF10 billion to invest in eastern
European companies to boost earnings despite declining demand
for plastic product, Denes Gyimothy, Pannonplast Chief Financial
Officer told Bloomberg News in July.

                       About Pannonplast

Headquartered in Budapest, Hungary, Pannonplast Nyrt.
-- http://www.pannonplast.hu/-- manufactures plastic products  
from PVC, polypropylene, polyethylene and other raw materials.  
The company produces pipe systems, PVC flooring, insulating
materials, foils, packaging materials, barrels, bottles, boxes
and plastic tools.

Pannonplast posted net losses of HUF959.3 million in 2002,
HUF1.84 billion in 2003, HUF1.94 billion in 2004 and HUF253.1
million in 2005.  The company attributed the decline to the sale
of its Pannonpipe unit and the latter's Romanian subsidiary.  


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


ELAN CORP: Cuts Second Quarter Net Loss to US$90.5 Million
----------------------------------------------------------
Elan Corp. plc released its pro-forma consolidated results for
the second quarter and first half ended June 30, 2006.

Elan posted US$90.5 million in net loss on US$136.4 million in
total revenues for the second quarter of 2006, markedly better
than US$142.6 million in net loss on US$118.6 million in
revenues for the second quarter of 2005.

The company registered US$123.8 million in net loss on US$270.7
million in total revenues for the first half of 2006, markedly
better than US$258.2 million in net loss on US$221.3 million in
revenues for the first half of 2005.

The decrease in net loss is principally due to strong growth in
product revenue, improved operating margins and the inclusion in
2005 of a charge associated with retiring debt early, partially
offset by the impact of expensing share-based compensation in
the second quarter of 2006 and the inclusion in 2005 of a gain
on the divestment of Zonegran.

Effective January 1, 2006, Elan adopted the provisions of SFAS
123R, which requires share-based compensation to be measured
using a fair value method and expensed over the requisite
service period.  The adoption of SFAS 123R resulted in a charge
for share-based compensation of US$13.5 million for the second
quarter of 2006, which is comprised of US$1.1 million of cost of
goods sold, US$8.1 million of selling, general and
administrative (SG&A) expense, and US$4.3 million of research
and development (R&D) expense.


"The second quarter, once again, reflected our continued
discipline and focus on delivering tangible business results,"
Kelly Martin, Elan's president and chief executive officer,
said.  "We recently received approval in the U.S. and Europe to
make Tysabri available to patients suffering from MS.  We have
been diligently working to have this effective treatment
available to patients and their physicians.  We believe that
Tysabri will play a significant role as a treatment alternative
for patients suffering from this chronic and debilitating
disease.  

"We also have made important advances in all areas of our
business, recently demonstrated by our alliances with Abbott in
nanotechnology and Archemix in autoimmune.  We continue to
actively evaluate and pursue both internal and external
opportunities that will reinforce our strategic focus,
strengthen our capabilities and generate value as we move the
enterprise forward."

"We are very pleased to report another solid quarter with strong
progress across all of our business and development activities
and a 37% reduction in net losses," Shane Cooke, Elan's
executive vice president and chief financial officer, said.  "We
reported a 15% increase in revenues, improved operating margins
and, excluding costs and revenues associated with Tysabri,
adjusted EBITDA was positive for the third consecutive quarter.  
Since the end of the quarter, we have launched Tysabri in
Germany, Ireland, UK and Sweden and re-introduced it in the US."

Mr. Cooke added, "With the approval of Tysabri and the
improvements we have made to the business, we are now entering
into a new and exciting phase in the development of Elan.  We
are confident that revenues from Tysabri will drive our return
to profitability."

A full-text copy of Elan Corp.'s second quarter result is
available free-of-charge at http://researcharchives.com/t/s?fc6

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology     
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to Tysabri.  
Total revenue decreased 31% to US$102.7 million in the first
quarter of 2005 from US$148.3 million in the first quarter of
2004.

As reported in the TCR-Europe on June 19, Moody's Investors
Service revised the outlook on the of Elan to stable
from negative.  At the same time, Moody's affirmed Elan's
ratings, including the B3 corporate family rating.  

These rating actions follow the recent FDA decision to approve
Tysabri for resumed marketing in the U.S.  The stable outlook
reflects Moody's current assumption that with a reasonably
successful Tysabri re-launch, Elan is more likely to meet its
2008 debt maturities with a combination of internal funds and
refinancing in the event of a shortfall.

Moody's expects that the market acceptance of Tysabri will be a
critical factor driving any future changes in Elan's credit
rating.

Ratings affirmed:

Elan Corporation, plc

   -- B3 corporate family rating

Elan Finance plc

   -- B3 fixed-rate senior notes of US$850 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

   -- B3 floating rate senior notes of US$300 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

Athena Neurosciences Finance, LLC

   -- B3 senior notes of US$613 million due 2008 (guaranteed by
      Elan Corporation, plc and subsidiaries)


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


POPOLARE DI INTRA: Fitch Downgrades Individual Rating to E
----------------------------------------------------------
Fitch downgraded Banca Popolare di Intra's Individual rating to
E from D/E.  The bank's other are affirmed at Issuer Default BB,
Short-term B and Support 3.  The Outlook is Stable.

The rating action reflects the loss of EUR84 million for H106
reported by BPI, which caused its Tier 1 capital ratio to fall
to 3.6%, below the Baca d'Italia's regulatory minimum of 4%.

For Fitch, the decline of the Tier 1 ratio to below the
regulatory minimum signifies that the bank requires external
support - the definition of an E Individual rating.  BPI's BB
IDR, Short-term B and Support 3 reflect the moderate probability
that the bank will receive support in case of need.  BPI's IDR
has a Stable Outlook as it is at its Support floor.

The loss in H106 came as a result of a further EUR25 million
provision against legal risks and a EUR78 million loan
impairment charge.  Corporate governance and reputational
problems weakened BPI's operating revenues and legal and
advisory expenses weighed on costs.  

These adverse events have affected BPI's reputation, causing an
outflow of customer funding since 2005 and weakening its
liquidity position.  Management is acting to strengthen both
liquidity and capitalization.

Fitch notes that as a result of these losses, BPI is highly
likely to be acquired by another bank and most probably by one
of the five Italian cooperative banks that have expressed an
interest in it.  An acquisition by a stronger bank would most
likely influence BPI's BB Issuer Default rating favorably, while
BPI's Individual rating should benefit from an injection of
capital and operational improvements brought by the acquiring
bank.

BPI expects the conversion into equity of EUR85 million
convertible bonds that mature by end-November 2006 to allow it
to fulfill minimum regulatory capital requirements by end-2006.

The five banks interested in acquiring BPI are:

   -- Banco Popolare di Verona e Novara (A+/F1/B/3),
   -- Banca Popolare dell'Emilia Romagna (A-/F2/B/C/3),
   -- Banca Popolare di Vicenza (A-/F2/C/3),
   -- Veneto Banca (A-/F2/B/C/3) and
   -- Credito Valtellinese.  

BPI expects to receive binding offers in September 2006 and to
choose a partner by the end of that month.

In June 2006, BPI appointed a new chairman and a new general
manager and in July 2006 renewed its board, who are jointly
tackling the bank's inherited problems.

BPI's asset quality has deteriorated sharply since August 2005
following the default of its largest borrower.  At end-June
2006, net impaired loans were equal to a concerning 147% of the
bank's equity.  However, the bank has increased allowances on
its impaired loans to an adequate 66%.

BPI is a small cooperative bank based in Piedmont in northern
Italy.  It provides retail banking services and is closely
linked with the local economy.  At end-2005, it operated 80
branches and employed 1,106 staff.  BPI is a limited-liability
cooperative bank, with about 30,000 shareholders limited to one
vote each.


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


AIZERE: Creditors Must File Claims by Sept. 12
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Aizere insolvent.

Creditors have until Sept. 12 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Nurmahmanova Str. 31
    Micro District Taugul-3
         Almaty, Kazakhstan
    Tel: 8 (3272) 56-97-68


AK-BIDAI: Creditors Must File Claims by Sept. 8
-----------------------------------------------
LLP Production-Commercial Firm Ak-Bidai has declared insolvency.  
Creditors have until Sept. 8 to submit written proofs of claim
to:

         LLP Production-Commercial Firm Ak-Bidai
         Rabochaya Str. 69
    Petropavlovsk
    North Kazakhstan Region
    Kazakhstan


AKORD-LTD: Mangistau Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Akord-Ltd on
July 7.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
    Aktau
    Mangistau Region
    Kazakhstan
    Tel: 8 (3292) 41-22-37


EURO-STROI LTD: Proof of Claim Deadline Slated for Sept. 12
-----------------------------------------------------------
LLP Euro-Stroi Ltd. has declared insolvency.  Creditors have
until Sept. 12 to submit written proofs of claim to:

         LLP Euro-Stroi Ltd
         Ordjonikidze Str. 6a
    Almaty, Kazakhstan
    Tel: 8 (3272) 71-34-16
         8 (3007) 13-18-48


GARANT: Mangistau Court Starts Bankruptcy Procedure
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region commenced bankruptcy proceedings against LLP Garant on
July 7.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
    Aktau
    Mangistau Region
    Kazakhstan
    Tel: 8 (3292) 41-22-37


GRISI: Proof of Claim Deadline Slated for Sept. 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Grisi insolvent on June 13.  A temporary
insolvency manager has been appointed.

Creditors have until Sept. 8 to submit written proofs of claim
to:

         LLP Grisi
         Office 35
    Mihaelisa Str. 1
    Ust-Kamenogorsk
    East Kazakhstan Region
    Kazakhstan


H.A.I: Claims Registration Ends Sept. 12
----------------------------------------
LLP H.A.I has declared insolvency.  Creditors have until
Sept. 12 to submit written proofs of claim to:

         LLP H.A.I
         Micro District Jetysu-2 3-45
    Almaty, Kazakhstan
    Tel: 8 (3272) 46-25-77


REAL-RESURS: Mangistau Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Real-Resurs insolvent on June 20.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Sept. 12 to submit written proofs of claim
to:

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


TURAN: Creditors' Claims Due Sept. 8
------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Turan insolvent.  

Creditors have until Sept. 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktobe Region
         Altynsarina Str. 31
    Aktobe
    Aktobe Region
    Kazakhstan


VIP AVIA: Creditors' Claims Due Sept. 12
----------------------------------------
LLP Vip Avia has declared insolvency.  Creditors have until
Sept. 12 to submit written proofs of claim to:

         LLP Vip Avia
         Ordjonikidze Str. 6a
    Almaty, Kazakhstan
    Tel: 8 (3272) 71-34-16
         8 (3007) 13-18-48


ZARS: Mangistau Court Commences Bankrupty Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Firm Zars on
July 11.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
    Aktau
    Mangistau Region
    Kazakhstan
    Tel: 8 (3292) 41-22-37


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


OSHYN: Proof of Claim Deadline Slated for Sept. 28
--------------------------------------------------
LLC Oshyn has declared insolvency.  Creditors have until
Sept. 28 to submit written proofs of claim to:

         LLC Oshyn
    Suyunbaeva Str. 43
    Osh
    Osh Region
    Kyrgyzstan


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


AKER KVAERNER: Unit's Sale to Metso Oyj Reaches Second EU Review
----------------------------------------------------------------
Metso Corp.'s application for the clearance of its purchase
agreement of Aker Kvaerner's Pulping and Power businesses has
been extended into the second phase in the EU review process.  

The European Commission has indicated that it has identified
certain potential competition issues in the markets for pulp
mill equipment.  Metso and Aker Kvaerner continue to cooperate
constructively with the Commission to lift any doubt that might
exist and to solve any potential competition concerns.

Both Metso and Aker Kvaerner continue to believe that the
acquisition does not pose significant competition issues.  
Furthermore, the companies believe that it will create synergies
and development potential that will benefit customers in the
future. The second phase will involve the continuation of the
European Commission's review of the acquisition for a period up
to 90 working days, with possible extensions.

The acquisition of Aker Kvaerner's Pulping and Power businesses
fits well with Metso's strategy of profitable growth.  Kvaerner
Power's products and services, i.e. chemical recovery systems
for the pulping industry and power generation solutions, are not
part of Metso's current offering.  The pulping equipment and
related services delivered by Kvaerner Pulping are mainly
complementary to Metso's current fiber technology offering.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

Moody's said the outlook on all is stable.


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


AIRCRAFT REPAIR 24: Court Commences Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Khabarovsk Region has commenced
bankruptcy supervision procedure on OJSC Aircraft Repair Factory
24 of Civil Aviation (TIN 2721109417, OGRN 1032700333951).  
The case is docketed under Case No. A 73-4143/2006-9.

The Temporary Insolvency Manager is:

         E. Kruchinina
         Post User Box 10/12
         Central Post Office
         680000 Khabarovsk Region
         Russia

The Debtor can be reached at:

         OJSC Aircraft Repair Factory 24 of Civil Aviation
         Post User Box 10/12
         Central Post Office
         680000 Khabarovsk Region
         Russia


ALTAY RAYPO: Khakasiya Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Khakasiya republic has commenced
bankruptcy supervision procedure on LLC Bakery of Altay Raypo.  
The case is docketed under Case No. A74-1486/2006.

The Temporary Insolvency Manager is:

         I. Morlang
         Lenina Str. 62a-10
         660049 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Bakery of Altay Raypo
         Belyj Yar.
         Altay Region
         Russia


BURYAT-YANGUTSKIY WOOD-PROM-KHOZ: P. Zhdanov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. P. Zhdanov
as Insolvency Manager for OJSC Buryat-Yangutskiy Wood-Prom-Khoz
(TIN 8505001466).  He can be reached at:

         P. Zhdanov
         Post User Box 16
         Post Office 8
         Usolye-Sibirskoye
         665458 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-9637/06-29.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Buryat-Yangutskiy Wood-Prom-Khoz
         Gagarina Str.
         Enisey
         Osinskiy Region
         Ust-Urdynskiy BAO
         669212 Irkutsk Region
         Russia


EVRAZ GROUP: Principal Owners Complete Sale of Indirect Interest
----------------------------------------------------------------
The Evraz Group S.A. has completed the sale of a substantial
indirect interest in the Company by its principal owners.  

As a result, the conditions specified by resolutions taken at an
Evraz Group Shareholders EGM, held July 24, have been fulfilled.  
The resolution that are in full force and effect are:

   -- Articles of Incorporation have been amended; and

   -- the Board of Directors of Evraz Group S.A. has been
      reformed.

                          About Evraz

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in Russia.  In
2004, Evraz produced 13.7 million tons of crude steel.  Evraz's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region, and West Siberian and
ovokuznetsk (in Siberia).

                        *     *     *

As reported in TCR-Europe on June 22, Fitch affirmed
Luxembourg-based Evraz Group S.A.'s Issuer Default and senior
unsecured of BB- and its Short-term B rating.

Evraz Group's 8-1/4% notes due November 2015 carry Moody's
Investors Service's (P)B2 rating, Standard & Poor's B+ rating
and Fitch's BB- rating.


GAZPROM: Marketing Arm Sets up Units in U.S. & France
-----------------------------------------------------
Gazprom Marketing & Trading Ltd., part of the Gazprom Group of
companies, has registered in June this year its Houston-based
Gazprom Marketing & Trading U.S.A., Inc. and Paris-based Gazprom
Marketing & Trading France SAS subsidiaries.

Gazprom Marketing & Trading U.S.A., Inc. will be engaged on
behalf of OAO Gazprom in LNG and natural gas marketing
operations in the USA as well contribute to expanding the
Group's presence in the USA on a long-term basis.

Mr. John Hattenberger has been named as the Managing Director of
Gazprom Marketing & Trading U.S.A., Inc.

Gazprom Marketing & Trading France S.A.S. has been founded to
supply natural gas to French end consumers and solidify the
Gazprom Group's standing in various sectors of the French energy
industry. Mr. Yuri Virobian has been appointed as the President
of Gazprom Marketing & Trading France SAS.

Entering the Gazprom Group of companies, Gazprom Marketing &
Trading Ltd. was established in the U.K. in 1999.  In August
2005, the company entered with Shell Western B.V. and BG Group
into an agreement to supply LNG to the US market. The first LNG
carrier arrived at the Cove Point regasification terminal
(Maryland, U.S.A.) on Sept. 2, 2005.

In November 2005, Gazprom Marketing & Trading Ltd. signed an LNG
supply agreement with Gaz de France, MED LNG & GAS and Shell. An
LNG carrier was sold to Shell Western LNG and supplied to the
Cove Point regasification terminal in early December 2005.

In April 2006, Gazprom Marketing & Trading Ltd. effectuated the
first LNG shipment to the U.K.-based Isle of Grain terminal. LNG
was purchased from Gaz de France and sold to British Petroleum
owning capacity at the reception terminal. The LNG supply volume
averaged 140 thousand cubic meters (equivalent to some 85
million cubic meters of natural gas).

In order to promote direct sales to U.K. final customers,
Gazprom Marketing & Trading Ltd. acquired in June 2006 the gas
retail business of Pennine Natural Gas Limited.

Mr. John Hattenberger graduated from the University of Minnesota
as the Bachelor of Science in Chemical Engineering.  Mr.
Hattenberger has been overseeing natural gas and LNG supply, gas
exploration, production and marketing in Marathon Oil, El Paso
Global LNG, TransCanada Pipelines Ltd., BP. Prior to his
appointment as the Managing Director of Gazprom Marketing &
Trading USA, Inc. Mr. Hattenberger has been promoting the
Gazprom Group's LNG business in the U.S.A.

Mr. Yuri Virobian graduated from the Moscow State Institute of
Foreign Relations and has a 14-year business experience with
Soyuzgazexport in France and Russia.  Over a 12-year period Mr.
Virobian has been the Commercial Director with Prodintern SA and
Rokol SA. In 2004, Mr. Virobian was named as the Head of the
Gazexport representative office in France.

                          About Gazprom

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

                          *     *     *

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

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

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


KHARANUTSKIY COAL: Irkutsk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on OJSC Kharanutskiy Coal Open Mine.  The
case was docketed under Case No. A19-12734/06-29.

The Temporary Insolvency Manager is:

         K. Sobolev
         Post User Box 176
         664011 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Kharanutskiy Coal Open Mine
         Dzerzhinskogo Str. 1
         664003 Irkutsk Region
         Russia


KRASNOYARSK-LES-PROM-STROY: E. Sapozhnikova to Manage Assets
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Ms. E.
Sapozhnikova as Insolvency Manager for OJSC Krasnoyarsk-Les-
Prom-Stroy.  She can be reached at:

         E. Sapozhnikova
         Post User Box 1162
         660016 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A33-22081/2005.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Krasnoyarsk-Les-Prom-Stroy
         Gorkogo Str. 114
         Lesosibirsk
         662549 Krasnoyarsk Region
         Russia


METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results
----------------------------------------------------------
Metromedia International Group, Inc. (OTCBB: MTRM Common Stock
and PINK SHEETS MTRMP Preferred Stock), has elected to postpone
issuance of preliminary financial results, through Dec. 31,
2005, for its Magticom business venture as previously proposed
in its July 13 press release.

The Company remains committed to releasing preliminary prior
period Magticom financial results as soon as all related
material information can be disclosed in suitable detail and
presently expects such information release will be possible
before the end of September 2006.  Furthermore, the Company does
not intend making further public comment on these matters until
a full and comprehensive statement can be released.


                  About Metromedia International

Headquartered in Charlotte, North Carolina, Metromedia
International Group -- http://www.metromedia-group.com/--  
through its subsidiary, Metromedia International
Telecommunications, owns interests in telecom and cable TV
operations in Russia, Georgia, and elsewhere in Eastern Europe.

Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and
radio broadcast businesses.  The Company's core businesses
includes Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


NORTH-WEST: Names Organizers of RUB2 Billion 4th Bond Loan
----------------------------------------------------------
Following decisions made by its Board of Directors' Strategic
Development and Audit Committees, JSC North-West Telecom is to
issue a fourth bond loan in Q4 2006 worth a total of RUB2
billion.

The loan funds are to be used for refinancing the existing
indebtedness and financing the Company's investment program.

The selection process for arrangers of the issue was conducted
as part of preparations for the transaction.  The winners of the
closed tender -- ING Bank (Eurasia) ZAO and OJSC Joint-Stock
Commercial Bank Svyaz-Bank -- were assigned the status of Co-
Organizers of JSC NWT's 4th bond issue.  
  
The basic preliminary features of the issue are:

Name of securities: Coupon documentary, non-convertible bearer
                     bonds with mandatory centralized storage

Value of the issue: RUB2 billion
Par value per bond: RUB1,000
Maturity period:    5 years
Interest rate:      determined on the contest basis for the
                     whole maturity period at the time of
                     placement

Type of placement:  open subscription
Trade organizer:    CJSC Stock Exchange, Moscow International
                     Currency Exchange

                  About North-West Telecom

OAO North-West Telecom (OTC: NWTEY; RTS: SPTL) is one of
Russia's major telecommunication companies, and the leading
operator in the North-West Federal District, providing
traditional telephone services, as well as Internet and advanced
data services.  NWT originated from the merger of 10 regional
fixed line operators and is ranked among the Financial Times'
Top 100 major Eastern European companies.  NWT ranks eighth in
Standard & Poor's Transparency Index of the 50 largest MICEX-
listed companies and fifth in the S & P Corporate governance
rating.  NWT international debt is rated by S&P B+ with stable
outlook and domestic debt ruA+.

                        *     *     *

As reported in TCR-Europe on Aug. 14, Fitch affirmed Russia-
based OAO North-West Telecoms' Issuer Default rating at B+ with
a Stable Outlook and Short-term rating at B.

The reflect NWT's dominant market position as a regional
incumbent telecoms operator.  The company controls about 76% of
the local services market and is well positioned to retain its
dominance in this segment.  Although its market share is strong,
it is smaller in the corporate segment where it controls about
55% of fixed lines.  


NOVATEK OAO: Declares RUB1.6 Billion Interim First Half Dividend
----------------------------------------------------------------
The Board of Directors of OAO Novatek has declared an interim
six-month dividend, for shareholders registered at the close of
business July 31.  This was set at RUB0.55 per share of ordinary
stock, post share split, or RUB5.50 per Global Depositary
Receipt.  The total interim dividend amounts to
RUB1,669,968,300.

The Board of Directors has scheduled an Extraordinary
Shareholder Meeting to approve the interim dividend through
remote voting.  The deadline for acceptance of completed ballots
is Sept. 11, 2006, and the interim dividend is payable 60 days
following shareholder approval.

                        About Novatek

Headquartered in Moscow, OAO Novatek is Russia's second largest
gas company after state-controlled Gazprom, and the largest of
the country's independent gas producers.  

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


OSTROGOZHSKIY ELEVATOR: A. Alekseeva to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Alekseeva as Insolvency Manager for OJSC Ostrogozhskiy Elevator.  

He can be reached at:

         A. Alekseeva
         Post User Box 606.
         394036 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-3028/2005-17/16b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Ostrogozhskiy Elevator
         Rabochaya Str. 55.
         Ostrogozhskiy Region
         Voronezh Region
         Russia


PETROL SERVICE: Court Names A. Protopopov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Protopopov as Insolvency Manager for CJSC Petrol Service Ltd.  
He can be reached at:

         A. Protopopov
         Sadovaya Str. 31
         Podgornoye
         Rossoshanskiy Region
         Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-3171-2006 75/7b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Petrol Service Ltd.
         Prosteeva Str. 10/53
         Rossosh
         Voronezh Region
         Russia


PYATEROCHKA HOLDING: Eyes Rebranding of New Combined Entity
-----------------------------------------------------------
Pyaterochka Holding N.V. plans to select a new name for the
holding company following the company's merger with Perekriostok
Holdings Limited, Russia's leading supermarket chain.

"Pyaterochka Holding N.V. is currently considering a number of
options for the new name of the combined entity," Lev Khasis,
Group Chief Executive Officer of Pyaterochka Holding N.V. said.  
"One of the ideas is currently being discussed internally, but a
final decision on a new name for the holding company will not be
made until September.  I cannot say with confidence today which
name the Supervisory Board will choose.

"The rebranding is only related to the name of Pyaterochka
Holding NV -- the chains Pyaterochka and Perekrestok will
continue to work under their respective banners.  We are
developing two different formats, each with its own brand
identity; therefore it would not make sense to unite them under
a single banner.  In addition, the name recognition of both
Pyaterochka and Perekrestok is close to 100%, and it would not
be sensible to change the names of such well-known brands."

Pyaterochka Holding NV will announce the new name selected for
the holding this autumn.

Headquartered in the Netherlands, Pyaterochka Holding N.V. is a
leading Russian food retailer operating a large store network
largely covering the Moscow region and St. Petersburg but also
with a good presence in other Russian regions through its
franchise operations.  The company has recently acquired two of
its successful regional franchise operations -- in Yekaterinburg
and Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on Aug. 7, Standard & Poor's Services
affirmed its 'BB-' long-term corporate credit rating on
Pyaterochka Holding N.V., the owner of Russia's largest grocery
retail network.

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale on
Pyaterochka's guaranteed operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior
unsecured and senior secured debt issued by related entity
Pyaterochka Finance have also been affirmed.

All were removed from CreditWatch with negative
implications, where they had been placed on April 12, following
Pyaterochka's announced acquisition of Russia's leading
supermarket chain Perekrestok.  S&P said the outlook is
negative.

In April 2006, Moody's Investors Service placed the Ba3
corporate family rating and the Aa3.ru national scale rating of
Pyaterochka Holding N.V. under review for possible downgrade.  


RED GRAIN-GROWER: Court Names V. Fisher as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. V.
Fisher as Insolvency Manager for CJSC Red Grain-Grower.  He can
be reached at:

         V. Fisher
         Aerovokzalnaya Str. 19
         660022 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-7516/20063.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Red Grain-Grower
         Aerovokzalnaya Str. 19
         660022 Krasnoyarsk Region
         Russia


RUS': Voronezh Court Names E. Shur as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. E. Shur
as Insolvency Manager for CJSC Rus'.  He can be reached at:

         E. Shur
         Ust'-Muravlyanka
         Repyevskiy Region
         396391 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-29210-2005/193/20b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Rus'
         Ust'-Muravlyanka
         Repyevskiy Region
         396391 Voronezh Region
         Russia


STUD CHESMENSKIY: Court Names A. Gladkov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Gladkov as Insolvency Manager for OJSC Stud Chesmenskiy.  He can
be reached at:

         A. Gladkov
         Kotovskogo Str. 2
         Bobrov
         397702 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A14-3384/2006 86/27b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Stud Chesmenskiy
         Chesmenka
         Bobrovskiy Region
         Voronezh Region
         Russia


TOLID: Court Names S. Bychkovskiy as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. S.
Bychkovskiy as Insolvency Manager for CJSC Engineer Centre
Tolid.  He can be reached at:

         S. Bychkovskiy
         Post User Box 5223
         650055 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-4637/06-4.

The Debtor can be reached at:

         CJSC Engineer Centre Tolid
         Ordzhonikidze Str. 13
         Kemerovo Region
         Russia


TRANS-SIBERIAN CARGO: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on LLC Trans-Siberian Cargo Company.  The
case is docketed under Case No. A19-9515/06-29.

The Temporary Insolvency Manager is:

         Y. Nikonov
         Post User Box 242
         664003 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         LLC Trans-Siberian Cargo Company
         Nizhnyaya Naberezhnaya Str. 12 B
         Irkutsk Region
         Russia


UST-ILIMSKIY BREWERY: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on CJSC Ust-Ilimskiy Brewery (TIN
3817004086).  

The case is docketed under Case No. A 19-10245/06-29.

The Temporary Insolvency Manager is:

         S. Reshernikov
         Post User Box 103
         664025 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Ust-Ilimskiy Brewery
         Post User Box 235
         Bratskaya Str. 2
         Ust-Ilimsk
         666671 Irkutsk Region
         Russia


VISHNEVSKOYE: Court Names D. Kozlov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. D. Kozlov
as Insolvency Manager for LLC Breeding Factory Vishnevskoye.  He
can be reached at:  

         D. Kozlov
         Studenetskaya Quay 20
         Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-4645/05-18.

The Debtor can be reached at:

         LLC Breeding Factory Vishnevskoye
         Solnechnaya
         Ustyinskiy
         Morshanskiy Region
         Tambov Region
         Russia


VNESHTORGBANK JSC: Fitch Affirms C/D Individual Rating
------------------------------------------------------
Fitch assigned JSC Vneshtorgbank, Russia's second largest state-
owned bank a National Long-term AAA rating with a Stable
Outlook.  VTB's other are affirmed at Issuer Default BBB+ with
Outlook Stable, Short-term F2, Individual C/D and Support 2.

VTB's reflect the strong potential support it can expect to
receive from the Russian government, if needed.  The Individual
rating reflects the bank's considerable franchise in Russia,
satisfactory liquidity and asset quality and relatively
diversified funding base.  However, it also considers VTB's
reduced capital ratios, potential impairment of the loan book in
view of rapid growth, increased operational risk due to new
acquisitions and the still high, albeit reduced, volatility of
earnings.


YUKOS OIL: Eduard Rebgun Assures Transparent Liquidation Process
----------------------------------------------------------------
Eduard Rebgun, the liquidator for OAO Yukos Oil Co., rejected
calls for the oil firm's financial state to be assessed by
foreign experts insisting that the figures used in determining
the firm's insolvency are correct, AFX News Limited reports.

"All my accounting is based on the figures that Yukos itself has
provided," Mr. Rebgun said in an interview with the Vedomosti
business paper.  "According to my calculations, if Yukos were to
pay off its debts from its current earnings, it would take 2,992
months or 249 years."

In his report to creditors, Mr. Rebgun estimated Yukos's debts
at US$18.26 billion and assets at US$17.72 billion despite
management protests that the firm is solvent and is worth at
least US$30 billion.

On July 25, creditors voted to liquidate what was once Russia's
biggest oil producer.  Subsequently, the Moscow Arbitration
Court upheld the vote and declared the firm bankrupt on Aug. 1.

According to AFX, Mr. Rebgun has dismissed criticisms
surrounding the company's bankruptcy saying the liquidation
process would be legal and transparent.

"I will do everything strictly in accordance with the law," Mr.
Rebgun said.

Critics have accused Mr. Rebgun of spearheading the
dismemberment of the oil company for political reasons, AFX
relates.

                           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.


=====================
S W I T Z E R L A N D
=====================


HCA INC: Moody's Says Leveraged Buyout May Result in Downgrade
--------------------------------------------------------------
In connection with its rating review for possible downgrade
of HCA, Inc., Moody's Investors Service said that the proposed
financing of the leveraged buyout of HCA could result in a
downgrade of the Corporate Family Rating as low as the mid
single B rating category.

Moody's preliminary view is based on information HCA recently
filed with the SEC that includes discussion about the amounts
and types of financing that could be used to close the proposed
transaction. Moody's notes that the ultimate financing for the
transaction could differ from that disclosed and, therefore,
will maintain the current HCA ratings, which were placed on
review for possible downgrade on July 24, 2006, until such
financing becomes certain.

The potential for a multiple notch downgrade of the Corporate
Family Rating reflects the significant increase in financial
leverage expected to result from the proposed transaction. Based
on the information provided in the SEC filings, Moody's
estimates that the pro forma adjusted debt to adjusted EBITDA
would exceed 6.7 times for the twelve months ended June 30,
2006. Additionally, the pro forma interest coverage, measured as
the ratio of adjusted EBITDA less capital expenditures to
estimated interest expense, would be relatively weak at just
over 1.0 time for the twelve months ended June 30, 2006.
Financial leverage of this magnitude would be expected to result
in a significant decrease in financial flexibility in a period
in which the acute care hospital sector faces challenges from
weak volume trends and increasing exposure to uninsured and
under-insured patients.

"The financing plan disclosed in the SEC filing calls for a
significant amount of new secured debt that will have a priority
claim over HCA's existing unsecured, unguaranteed notes," said
Dean Diaz, Vice President, Senior Analyst.

The transaction is still subject to shareholder approval, Hart-
Scott-Rodino Antitrust provisions and customary closing
conditions. Additionally, alternative proposals may still be
solicited by the company under the terms of the agreement.
Moody's will therefore continue its review of HCA's existing
ratings and may undertake interim rating actions as more
information becomes available.

HCA, Inc. is a holding company that owns and operates hospitals
and related health care entities through various affiliates. At
June 30, 2006, HCA owned and operated 176 hospitals, 92
freestanding surgery centers and facilities that provide
extensive outpatient and ancillary services.


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


ENERGOKOMPLEKT: 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 CJSC Energokomplekt (code EDRPOU 23522936).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 6.  The case is docketed
under Case No. 15/347-b.

The Economic Court of Kyiv Region is located at

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Energokomplekt
         40-richya Zhovtnya Avenue 88
         03040 Kyiv Region
         Ukraine


ENERGOPOSTACHZBUT: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC ENERGOPOSTACHZBUT (code EDRPOU
31351490).  The case is docketed under Case No. 23/47-b.  

The Temporary Insolvency Manager is:

         O. Sherban
         Chervonoarmijska Str. 23/b-222
         01004 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Energopostachzbut
         Chervonoarmijska Str. 23/b-222
         01004 Kyiv Region
         Ukraine


GEORGIYIVSKE: Donetsk Court Names T. Zhevnova as Liquidator
-----------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. T. Zhevnova
as Liquidator/Insolvency Manager for Agricultural LLC
Georgiyivske (code EDRPOU 30845045).  He can be reached at:

         T. Zhevnova
         Koval Str. 84/46
         83000 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
42/103 B.

The Debtor can be reached at:

         Agricultural LLC Georgiyivske
         Koval Str. 84/46
         83000 Donetsk Region
         Ukraine


INGER: Kyiv Court Names Denis Malusko as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Denis Malusko as
Liquidator/Insolvency Manager for LLC Inger (code EDRPOU
32421579).  

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. 23/242-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 INGER

         Saperno-Slobidska Str. 25
         03039 Kyiv Region
         Ukraine


KRASNODONVUGILLYA: Lugansk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on OJSC Krasnodonvugillya (code EDRPOU
20278335) on May 30.  

The case is docketed under Case No. 21/52 b

The Temporary Insolvency Manager is:

         M. Horoshevskij
         Cheluskintsiv Str. 143/85
         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 Krasnodonvugillya
         Komsomolska Str. 5
         Krasnodon
         Lugansk Region
         Ukraine


OVIOLA: Court Names Svitlana Babich as Insolvency Manager
---------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Svitlana
Babich as Liquidator/Insolvency Manager for LLC Oviola (code
EDRPOU 32627459).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. B 24/132-06.

She can be reached at:

         Svitlana Babich
         Karl Marks Avenue 65/205
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine


PARITET: Court Names Ludmila Zayikina as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Ludmila
Zayikina as Liquidator/Insolvency Manager for LLC Paritet (code
EDRPOU 32388076).  She can be reached at:

         Ludmila Zayikina
         Melnikov Str. 2/10
         01001 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 15.  The case is docketed
under Case No. B 40/113/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Paritet
         Zaporizke shose Str. 74/341
         49000 Dnipropetrovsk Region
         Ukraine


RENAISSANCE: Court Names Ludmila Pustovalova as Liquidator
----------------------------------------------------------
The Economic Court of AR Krym Region appointed Ludmila
Pustovalova as Liquidator/Insolvency Manager for LLC Renaissance
(code EDRPOU 32100349).  The Court commenced bankruptcy
proceedings against the company after finding it insolvent on
June 22.  The case is docketed under Case No. 2-26/4027-2006.

She can be reached at:

         Ludmila Pustovalova
         Lenin Str. 44-a/15
         Vilino
         Bahchisaraj District
         98433 AR Krym Region
         Russia

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Renaissance
         Kujbishev Str. 4/64
         Simferopol
         95034 AR Krym Region
         Russia


TOKARCHUK: Zaporizhya Court Names V. Ishenko as Liquidator
----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. V. Ishenko
as Liquidator/Insolvency Manager for LLC Production-Commercial
Firm Tokarchuk.  He can be reached at:

         V. Ishenko
         Melitopol, a/b 21
         Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 7.  The case is docketed
under Case No. 25/116/06.

The Debtor can be reached at:

         LLC Production-Commercial Firm Tokarchuk
         Dekabristiv Str. 52
         Melitopol
         72304 Zaporizhya Region
         Ukraine


YAVA: Dnipropetrovsk Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Yava (code EDRPOU 20278335).  The
case is docketed under Case No. B 15/167/05.

The Temporary Insolvency Manager is:

         Tetyana Mihajlidi
         Olejnikov Str. 7/63
         Krivij Rig
         50050 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Yava
         Kosmonavtiv Str. 43
         Krivij Rig
         50071 Dnipropetrovsk Region
         Ukraine


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


A.K. RESPONSE: Appoints Liquidator from Critchleys
--------------------------------------------------
Anthony John Harris of Critchleys was appointed Liquidator of
A.K. Response Limited on May 16 by resolutions of members and
creditors.

The company can be reached at:

         A.K. Response Limited
         Unit N11
    Troon Business Center
    Humberstone La
    Leicestershire LE4 7JW
    United Kingdom
    Tel: 0116 246 0589


AGCO CORP: Moody's Affirms Low-B Ratings and Changes Outlook
------------------------------------------------------------
Moody's Investors Service affirmed AGCO Corporation's Ba2
corporate family rating and B1 senior subordinated rating, and
changed the company's outlook to stable from negative.  

The affirmation and change in outlook reflect Moody's
expectation that the company's successful cost reduction and
working capital management initiatives will support further
improvement in free cash flow and key credit metrics, despite
the severe slowdown in Latin American agricultural equipment
markets and the more moderate declines in North American and
European markets.  

The outlook also anticipates that one of AGCO's key near-term
financial priorities will be utilizing free cash flow to
strengthen its balance sheet by reducing debt or increasing cash
reserves.  

In addition, the rating agency expects that any material
shareholder enhancement initiatives will be undertaken only to
the extent that free cash generation remains strong, and that
such initiatives would still allow for further improvement in
credit metrics.

The agricultural equipment market consists of three global
players including AGCO and a number of regional competitors.  A
key component of AGCO's operating strategy has been to act as a
consolidator by steadily undertaking acquisitions and
aggressively reducing costs through restructuring programs as
the acquired operations were integrated.  Throughout this
process AGCO has largely preserved its position as an assembler
with a relatively low degree of vertical integration and fixed
costs.  

Moody's believes that AGCO has established a globally
competitive product line and a solid distribution system.
Consequently, further strategic and large tactical acquisitions
are unlikely.  In addition, the progress AGCO has made in
lowering its cost structure and reducing inventory levels should
enable it to improve operating margins despite the downturn in
agricultural equipment markets, particularly Latin America.

As a result of the current downturn in demand, AGCO's operating
performance has eroded and credit metrics are weak for the
current rating level.  For the last twelve months to June 2006
operating margins declined to 5.2% from 6.1% in 2004,
EBIT/interest was only 2.1x, and debt/EBITDA was a relatively
high 5.1x.  Importantly, however, free cash flow has remained
positive and approximated US$100 million for the LTM to June --
excluding the transfer of interest bearing wholesale receivables
to it finance joint venture.  

Although overall demand through 2006 will remain near or
modestly below recent levels, Moody's believes that the benefits
of AGCO's operational restructurings are gaining traction.  As a
result, credit metrics should begin to show steady improvement
and should position the company more solidly within the Ba2
rating category, with interest coverage approaching 2.5x,
debt/EBITDA falling below 4.5x, and free cash flow approaching
US$150 million.

Notwithstanding Moody's expectation that AGCO's credit metrics
will improve, the company will continue to face considerable
cyclicality in its markets, as evidenced by the current downturn
and by the company's current focus on strengthening its balance
sheet.  Moreover, while AGCO benefits from approximately US$100
million in annual free cash flow and a largely unutilized US$300
million revolving credit facility, the robustness of the
company's liquidity position is moderated by limited head room
under the revolver's financial covenants and by the fact that
the majority of its assets have been pledged as collateral under
its revolving credit facility and a US$400 million term loan.

AGCO Corporation, headquartered in Duluth, GA, is a global
designer, manufacturer and distributor of agricultural equipment
and related replacement parts.


AUTOPRUFE LIMITED: Creditors Resolve to Voluntary Liquidation
-------------------------------------------------------------
Creditors of Autoprufe Limited resolved on May 22 to voluntarily
liquidate the company's assets.

Subsequently, Richard Frank Simms and Martin Richard Buttriss of
Insol House were appointed Joint Liquidators.

The company can be reached at:

         Autoprufe Limited
    Bodmin Road
    Coventry CV2 5DB
    United Kingdom
    Tel: 024 7661 2318


BASIL FREIGHT: Joint Liquidators Take Over Operations
-----------------------------------------------------
Jason James Godefroy and Paul John Clark of Menzies Corporate
Restructuring were appointed Joint Liquidators of Basil Freight
Limited on May 17 by members and creditors.

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

The company can be reached at:

         Basil Freight Limited
    14 Roberts Road
    Basildon
    Essex SS156AY
    United Kingdom
    Tel: 01268 542 233


BIG GIRL: Nominates Andreas Georgiou Kakouris as Liquidator
-----------------------------------------------------------
Andreas Georgiou Kakouris was nominated Liquidator of Big Girl
Limited on May 17 after creditors opted to voluntarily wind up
the company.

The company can be reached at:

         Big Girl Limited
    35 Grafton Way
    London W1T 5DB
    United Kingdom
    Tel: 020 7388 9825


BRENTWOOD TYRES: Confirms Peter George Byatt Liquidator
-------------------------------------------------------
Peter George Byatt was appointed Liquidator of Brentwood Tyres
Limited at an extraordinary general meeting on May 22.

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

The company can be reached at:

         Brentwood Tyres Limited
    18 Gresham Road
         Brentwood
    Essex CM14 4HN
         United Kingdom
         Tel: 01277 215 521


BRETT VALLEY: Placed Into Voluntary Liquidation
-----------------------------------------------
Creditors of Brett Valley Joinery Limited placed the company
into voluntary liquidation on May 17.

Steven M. Law of Ensors was appointed Liquidator.

The company can be reached at:

         Brett Valley Joinery Limited
    Pound Lane
    Hadleigh
    Ipswich IP7 5EQ
    United Kingdom
    Tel: 01473 824 410
         Web: http://www.brettvalley.co.uk/  


CHAUCER HOLDINGS: A.M. Best Keeps bb+ Rating on GBP20-Mln Loan
--------------------------------------------------------------
A.M. Best Co. affirmed the Best's Syndicate Rating of A and the
issuer credit rating of a of Lloyd's Syndicate 1084.  

At the same time, A.M. Best affirmed the ICR of bbb- of Chaucer
Holdings PLC, the ultimate parent company of the syndicate's
managing agency, Chaucer Syndicates Limited, and the debt rating
of bb+ on the GBP20-million subordinated convertible 8.5% 2008
loan stock of Chaucer Holdings PLC.  The outlook for all remains
stable.

The syndicate benefits from the financial strength of the
Lloyd's market, which underpins the security of all Lloyd's
syndicates.  The are based on A.M. Best's specific syndicate
criteria.

The also reflect the syndicate's strong prospective operating
performance.  A.M. Best anticipates adequate performance at near
break-even when the 2005 year of account is closed, reflecting
substantial losses from the U.S. hurricanes.

However, a return to strong profitability is anticipated in
2006, reflecting improvement in rates for several of the
syndicate's specialist lines of business.  The syndicate is
likely to particularly benefit from market firming for U.S.
property, marine excess of loss and marine energy business.

A.M. Best believes that syndicate 1084 has an excellent business
profile within Lloyd's, supported by its leadership position on
a substantial proportion of its business.  CSL is the third-
largest managing agent within Lloyd's (as measured by its
managed capacity of GBP919 million [USD1.7 billion] in 2006) and
underwrites a well diversified international account.


COLT TELECOM: Names Lakh Jemmet as Managing Director for U.K.
-------------------------------------------------------------
Colt Telecom Group S.A.'s Lakh Jemmett, managing director for
Strategic Markets will become the new managing director for the
U.K.  The appointment is with immediate effect as Tim Wort
leaves the company by mutual consent to pursue other interests.

Mr. Jemmett has nearly 25 years telecom experience and, during
his two years as its managing director, has made Strategic
Markets the best performing region of COLT's business.

Henri van der Vaeren, COLT's managing director for Benelux steps
up to the role of managing director for Strategic Markets.

The two managing directors will report to COLT's Group Chief
Executive Jean-Yves Charlier.

"Lakh is a seasoned professional with extensive telecoms
experience and industry knowledge which will be invaluable in
helping to grow our business in the U.K., given the strategic
importance of this market," Jeans-Yves Charlier commented.

Mr. Charlier added, "Henri has been very successful in growing
COLT's business in the Benelux region and is well equipped to
take on this expanded role and build on Lakh's success."

"I would like to thank Tim for the contribution he has made in
developing our business in the U.K. as the organization has gone
through a period of major change.  We wish him well for the
future," he concluded.

Strategic Markets in one of COLT's four geographic areas that
includes Austria, Belgium/Luxembourg, Denmark, Ireland, Italy,
The Netherlands, Portugal, Spain, Sweden and Switzerland. The
other three geographic areas are the U.K., France and
Germany.

Headquartered in London, United Kingdom, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                          *     *     *

As reported in TCR-Europe on Aug. 8, Standard & Poor's Services
raised its long-term corporate credit rating on European
business telecommunications provider COLT Telecom Group Ltd. to
'B' from 'B-'.  The issue on COLT's existing senior unsecured
notes were also raised to 'B' from 'B-' and removed from
CreditWatch.
     
At the same time, Standard & Poor's assigned its 'B' long-term
corporate credit rating to COLT Telecom Group S.A., the new
ultimate parent of COLT.  The outlook is stable.

As reported in TCR-Europe onn July 28, Moody's Investors Service
upgraded the rating of COLT Telecom Group Ltd.'s senior notes to
B2 from B3 following the successful completion of the equity
offering by COLT Telecom Group S.A.

Concurrently Moody's assigned a B2 corporate family rating to
COLT S.A. and removed the B3 corporate family rating of COLT
Telecom Group Ltd.


CORUS GROUP: Deutsche Bank AG Acquires 3.02% Equity Stake
---------------------------------------------------------
Corus Group plc received notification from Deutsche Bank AG
London that, in accordance with Section 198-202 of the UK
Companies Act 1985, Deutsche Bank AG and its subsidiary
companies have a notifiable interest in 27,084,028 ordinary
shares amounting to 3.02% of Corus Group plc's issued share
capital.  

Part of this holding may relate to hedging arrangements for
customer transactions.

Deutsche Bank AG is a corporation domiciled in Frankfurt,
Germany, of which Deutsche Bank AG London is a branch.

                   About Corus Group

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

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

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

                        *     *     *

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

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

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

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

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

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

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

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


ESHER PROPERTY: Taps Joint Liquidators from Gibson Hewitt
---------------------------------------------------------
Lynn Gibson and Robert David Hewitt of Gibson Hewitt were
appointed Joint Liquidators of Esher Property Preservation
Limited on May 19.

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

The company can be reached at:

         Esher Property Preservation Limited
    Esher Station Sidings
    Station Road
    Esher
    Surrey KT10 8DY
    United Kingdom
    Tel: 020 8398 0710


GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France
--------------------------------------------------------
Gazprom Marketing & Trading Ltd., part of the Gazprom Group of
companies, has registered in June this year its Houston-based
Gazprom Marketing & Trading U.S.A., Inc. and Paris-based Gazprom
Marketing & Trading France SAS subsidiaries.

Gazprom Marketing & Trading U.S.A., Inc. will be engaged on
behalf of OAO Gazprom in LNG and natural gas marketing
operations in the USA as well contribute to expanding the
Group's presence in the USA on a long-term basis.

Mr. John Hattenberger has been named as the Managing Director of
Gazprom Marketing & Trading U.S.A., Inc.

Gazprom Marketing & Trading France S.A.S. has been founded to
supply natural gas to French end consumers and solidify the
Gazprom Group's standing in various sectors of the French energy
industry. Mr. Yuri Virobian has been appointed as the President
of Gazprom Marketing & Trading France SAS.

Entering the Gazprom Group of companies, Gazprom Marketing &
Trading Ltd. was established in the U.K. in 1999.  In August
2005, the company entered with Shell Western B.V. and BG Group
into an agreement to supply LNG to the US market. The first LNG
carrier arrived at the Cove Point regasification terminal
(Maryland, U.S.A.) on Sept. 2, 2005.

In November 2005, Gazprom Marketing & Trading Ltd. signed an LNG
supply agreement with Gaz de France, MED LNG & GAS and Shell. An
LNG carrier was sold to Shell Western LNG and supplied to the
Cove Point regasification terminal in early December 2005.

In April 2006, Gazprom Marketing & Trading Ltd. effectuated the
first LNG shipment to the U.K.-based Isle of Grain terminal. LNG
was purchased from Gaz de France and sold to British Petroleum
owning capacity at the reception terminal. The LNG supply volume
averaged 140 thousand cubic meters (equivalent to some 85
million cubic meters of natural gas).

In order to promote direct sales to U.K. final customers,
Gazprom Marketing & Trading Ltd. acquired in June 2006 the gas
retail business of Pennine Natural Gas Limited.

Mr. John Hattenberger graduated from the University of Minnesota
as the Bachelor of Science in Chemical Engineering.  Mr.
Hattenberger has been overseeing natural gas and LNG supply, gas
exploration, production and marketing in Marathon Oil, El Paso
Global LNG, TransCanada Pipelines Ltd., BP. Prior to his
appointment as the Managing Director of Gazprom Marketing &
Trading USA, Inc. Mr. Hattenberger has been promoting the
Gazprom Group's LNG business in the U.S.A.

Mr. Yuri Virobian graduated from the Moscow State Institute of
Foreign Relations and has a 14-year business experience with
Soyuzgazexport in France and Russia.  Over a 12-year period Mr.
Virobian has been the Commercial Director with Prodintern SA and
Rokol SA. In 2004, Mr. Virobian was named as the Head of the
Gazexport representative office in France.

                          About Gazprom

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

                          *     *     *

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

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

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


GMAC LLC: Pending Sale Spurs S&P to Keep Rating on CreditWatch
--------------------------------------------------------------
Standard & Poor's Services said its rating on GMAC LLC, formerly
General Motors Acceptance Corp., remain on CreditWatch, where
they were placed on Oct. 3, 2005, pending completion of General
Motors Corp.'s planned sale of 51% of its ownership interest in
GMAC to a consortium led by Cerberus Capital Management.  Upon
completion of the sale, Standard & Poor's is likely to raise the
to 'BB+/B-1'.
     
"Several key closing conditions have recently been satisfied,
including the Pension Benefit Guaranty Corp.'s assurance that it
would not, as a result of the GMAC transaction, take action
under ERISA to terminate GM's pension plans or impose liability
on the purchaser or GMAC," explained Standard & Poor's credit
analyst Scott Spritzen.

In addition, Cerberus was granted U.S. FTC anti-trust approval
for the transaction, and GMAC finalized a US$10 billion funding
facility with Citigroup.


HENLEY SPRING: Nominates Paul John Webb as Liquidator
-----------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Henley Spring Company Limited on May 19
after creditors decided to voluntarily wind up the company.

The company can be reached at:

         Henley Spring Company Limited
    Unit 2
    32 Crooks Lane
    Studley
    Warwickshire B80 7QX
    United Kingdom
    Tel: 01527 857 446


HOT FAVOURITES: Hires David Wald to Liquidate Assets
----------------------------------------------------
David Wald of D Wald & Co. was appointed Liquidator of Hot
Favourites Limited on May 22 after creditors opted to
voluntarily wind up the company.

The company can be reached at:

         Hot Favourites Limited
    15a Howard Drive
    Borehamwood
    Hertfordshire WD6 2NY
    United Kingdom
    Tel: 020 8953 3534


INN DIRECT: Probe Results Prompt Compulsory Liquidation
-------------------------------------------------------
Inn Direct Ltd. went into compulsory liquidation on July 26
following an investigation by the Companies Investigation Branch
of the Insolvency Service.

The petition to wind up the company in the public interest was
presented on June 9 under the provisions of Section 124A of The
Insolvency Act 1986 following enquiries conducted under the
provisions of Section 447 of the Companies Act 1985.

Bradford-based Inn Direct Limited claimed to offer a unique
high-quality recruitment and training service for people looking
to manage public houses.  Client were induced into paying a fee
of GBP5,000 plus VAT for services which included training and
guaranteed placement of their choice from a selection of 1,000
public houses.

During its investigation, CIB found that Inn Direct Limited had
misled its clients.  The company's promises of customer choice
and a placement were not guaranteed, because Inn Direct Limited
could only find placements in a limited number of public houses
operated by companies already under the control of an associated
company from which Inn Direct Limited had previously taken over
the recruitment business.

CIB's investigation also found that, the company failed to keep
adequate accounting and general records.  This made it
impossible to establish the full extent and nature of the
company's income and expenditure or determine if it had placed
all its clients in public houses as promised.

The manner in which Inn Direct Limited traded was similar to
that of Tudor Inns Limited, which had traded between August 2001
and December 2002.  Tudor Inns Limited went into compulsory
liquidation on April 18, 2005.


JJ TOYS: Peter Maurice Levy Leads Liquidation Procedure
-------------------------------------------------------
Peter Maurice Levy of Levy & Partners was appointed Liquidator
of JJ Toys Limited on May 9 by resolutions of members and
creditors.

The company can be reached at:

         JJ Toys Limited
         5 Station Road
    Gerrards Cross
    Buckinghamshire SL9 8ES
    United Kingdom
    Tel: 01753 882952


LIVERPOOL PLUS: Taps Jonathan R. Booth to Liquidate Assets
----------------------------------------------------------
Jonathan R. Booth of Parkin S. Booth & Co. was appointed
Liquidator of Liverpool Plus Limited on May 16 by resolutions of
members and creditors.

The company can be reached at:

         Liverpool Plus Limited
    19 Castle Street
    Liverpool L2 4SX
    United Kingdom
    Tel: 0151 242 5566


MARKEL CORP: Moody's Assigns Low-B Ratings to Subordinated Debt
---------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating to the
planned US$100 to US$150 million of senior debentures to be
issued by Markel Corporation.  The notes constitute a drawdown
from an existing shelf registration statement, and the majority
of proceeds are expected to be used to repay the company's
Junior Subordinated Debentures, callable Jan. 1, 2007.  The
outlook for the rating is stable.

The rating reflects the company's strong position in specialty
and excess and surplus property & casualty segments, with a
well-diversified mix of specialty and niche businesses.  Moody's
believes that MKL is well positioned to take advantage of
relatively strong, though softening, market conditions in the
commercial lines sector.  

The company also benefits from solid underwriting results in its
North American and Specialty segments, and has a high quality,
liquid fixed income investment portfolio.  

The company's strengths are offset to a degree by:

   -- its exposure to volatile and long-tailed lines of
business,

   -- relatively high underwriting and financial leverage,
significant exposure to catastrophes, and

   -- a recent history of poor performance in its international
segment.

Markel's debt issuance will have a moderate impact on the
company's financial leverage over the next two quarters, with
Moody's adjusted debt-to-capital rising to 38% from its current
level of 34%.  While this metric is high in relation to
similarly rated peers, Moody's expects leverage to decline over
the medium term.  Interest coverage is strong at approximately
8x. Parent company liquidity is also robust given significant
cash and liquid investments at the ultimate holding company.
Going forward, Moody's expects the holding company to maintain
cash coverage of interest at the holding company of at least 2x
or higher.

Moody's also assigned provisional to securities that may be
issued under the company's multi-seniority shelf registration:

Markel Corporation

   -- provisional senior unsecured debt at(P)Baa3,

   -- provisional subordinated and junior subordinated debt at
(P)Ba1, and

   -- provisional preferred stock at (P)Ba2.

Moody's last rating action on Markel occurred on Dec. 2, 2005,
when Moody's withdrew the provisional for two universal shelves
that were no longer effective because of their full utilization
and lack of remaining capacity.

Markel Corporation, headquartered in Glen Allen, Virginia, is an
insurance holding company for both US and international
subsidiaries that underwrite specialty property and casualty
insurance coverages and programs.  For the six months ending
June 30, 2006, Markel reported net written premium of
US$1.1 billion and net income of US$167 million.  As of
June 30, 2006, shareholders' equity was US$1.7 billion.


MAXOL UK: Names Liquidator to Wind Up Business
----------------------------------------------
Gerald Irwin of Irwin & Company was named Liquidator of Maxol UK
Limited on May 19 by resolutions of members and creditors.

The company can be reached at:

         Maxol UK Limited
    Acorn House
    22 High Street
    Sutton Coldfield
    West Midlands B72 1UX
    United Kingdom
    Tel: 0121 321 3231


ORPINGTON STEREO: Brings In Joint Liquidators from Gibson Hewitt
----------------------------------------------------------------
Lynn Gibson and Robert David Hewitt of Gibson Hewitt were
appointed Joint Liquidators of Orpington Stereo Car Limited on
May 18.

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

The company can be reached at:

         Orpington Stereo Car Limited
    90 High Street
    Orpington
    Kent BR6 0JY
    United Kingdom
    Tel: 01689 891 521


PRESTIGE MOTOR: Taps Liquidator from Singla & Co.
-------------------------------------------------
Surjit Kumar Singla of Singla & Co. was appointed Liquidator of
Prestige Motor Works Limited on May 22 after creditors resolved
to wind up the company.

The company can be reached at:

         Prestige Motor Works Limited
    15-16 Liddell Road
    London NW6 2EW
    United Kingdom
    Tel: 020 7372 8811


PRIMUS TELECOM: June 30 Balance Sheet Upside-Down by US$464 Mln
---------------------------------------------------------------
PRIMUS Telecommunications Group, Incorporated, filed its second
quarter financial statements for the three months ended June 30,
2006, with the Securities and Exchange Commission on Aug. 9,
2006.

The Company reported a US$219.954 million net loss on
US$252.323 million of net revenues for the second quarter ended
June 30, 2006, compared with US$44.189 million net loss on
US$290.638 million of net revenues for the same period in 2005.

                     United States and Other

United States and Other net revenue decreased US$4.3 million or
8.3% to US$47.3 million for the three months ended June 30,
2006, from US$51.6 million for the three months ended June 30,
2005.  The decrease is primarily attributed to a decrease of
US$7.7 million in retail voice services (including declines in
residential and small business voice services, prepaid services,
and wireless), and an US$800,000 decrease in Internet services.  
These decreases were partially offset by an increase of US$2.0
million in carrier services, and an increase of US$2.0 million
in retail VOIP services.

Canada

Canada net revenue increased US$7.2 million or 11.6% to
US$70.1 million for the three months ended June 30, 2006, from
US$62.9 million for the three months ended June 30, 2005.  The
increase is primarily attributed to an increase of US$6.0
million in VOIP and wireless services, a US$1.4 million increase
in prepaid services, and a US$1.0 million increase in Internet
services.  These increases were partially offset by a decrease
of US$1.1 million in retail voice services.  The strengthening
of the Canadian dollars against the U.S. dollars accounted for a
US$6.7 million increase to revenue, and which reflects changes
in the exchange rates for the three months ended June 30, 2006,
to the three months ended June 30, 2005.

Europe

European net revenue decreased US$31.2 million or 36.0% to
US$55.3 million for the three months ended June 30, 2006, from
US$86.5 million for the three months ended June 30, 2005.  

The decrease is primarily attributable to a decrease of US$15.7
million in prepaid services (including decreases of US$13.9
million in the Netherlands and US$1.9 million in Sweden), a
US$14.2 million decrease in carrier services due to reductions
in lower margin sales, and a decrease of US$1.1 million for
retail voice services.  During the second quarter 2006, the
Company restructured the majority of its retail prepaid services
business into a wholesale business.  The weakening of the
European currencies against the U.S. dollar accounted for an
US$800,000 decrease to revenue, when comparing the exchange
rates for the three months ended June 30, 2006, to the three
months ended June 30, 2005.

Asia-Pacific

Asia-Pacific net revenue decreased US$10.2 million or 11.3% to
US$79.5 million for the three months ended June 30, 2006, from
US$89.7 million for the three months ended June 30, 2005.  The
decrease is primarily attributable to a US$6.8 million decrease
in residential voice services, a US$6.0 million decrease in
dial-up Internet services, a US$1.5 million decrease in other
retail services (including declines in wireless and other
services).  

These decreases were partially offset by a US$3.4 million
increase in Australia DSL services, and an increase of
US$600,000 in business services.  The weakening of the
Australian dollars against the U.S. dollars accounted for a
US$2.6 million decrease to revenue, which reflects changes in
the exchange rates for the three months ended June 30, 2006, to
the three months ended June 30, 2005.

At June 30, 2006, the Company's balance sheet showed
US$414.262 million in total assets and US$878.377 million in
total liabilities, resulting in a US$464.115 million
stockholders' deficit, as compared with US$236.334 million
deficit at Dec. 31, 2005.

The Company's June 30 balance sheet also showed strained
liquidity with US$232.205 million in total current assets
available to pay US$266.680 million in total current liabilities
coming due within the next 12 months.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?f73

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 19, 2006,
Deloitte & Touche LLP expressed substantial doubt about PRIMUS
Telecommunications Group, Incorporated's ability to continue as
a going concern after auditing the Company's financial
statements for the fiscal year ended Dec. 31, 2005.  The
auditing firm pointed to the Company's recurring losses from
operations, the maturity of US$23.6 million of the 5-3/4%
convertible subordinated debentures due February 2007, negative
working capital, and stockholders' deficit.

                           About PRIMUS

Based in McLean, Virginia, PRIMUS Telecommunications Group,
Incorporated (NASDAQ: PRTL) -- http://www.primustel.com/-- is  
an integrated communications services provider offering
international and domestic voice, voice-over-Internet protocol,
Internet, wireless, data and hosting services to business and
residential retail customers and other carriers located
primarily in the United States, Canada, Australia, the United
Kingdom and western Europe.  PRIMUS provides services over its
global network of owned and leased transmission facilities,
including approximately 350 points-of-presence throughout the
world, ownership interests in undersea fiber optic cable
systems, 16 carrier-grade international gateway and domestic
switches, and a variety of operating relationships that allow it
to deliver traffic worldwide.

                           *     *     *

As reported in the Troubled Company Reporter on April 7, 2006,
Standard & Poor's Services lowered its on
PRIMUS Telecommunications Group Inc., including the corporate
credit rating, which was downgraded to 'CCC' from 'CCC+'.  S&P
said the outlook is negative.


REDLINE RECRUITMENT: Taps PKF as Joint Administrators
-----------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (U.K.) LLP were
appointed joint administrators of Redline Recruitment Limited
(Company Number 3738037), Redline Recruitment (Bradford) Limited
(Company Number 4151344) and Redline Recruitment (Manchester)
Limited (Company Number 4254029) on July 11.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of U.K.'s  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Redline Recruitment Limited, Redline Recruitment (Bradford)
Limited and Redline Recruitment (Manchester) Limited are
recruitment consultants.


REFCO INC: Eight Refco LLC Claimants Can File Consolidated Claim
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorizes certain entities that expressed intent to file
similar proofs of claim against Refco, LLC, to lodge a single
master proof of claim that will be deemed to have been filed
against the Debtor on their behalf.

The Refco Claimants include:

   * Bersec International, LLC,
   * Cargill Investor Services Limited,
   * Haut Commodities, LLC,
   * Kroeck & Associates, LLC,
   * Lind-Waldock Financial Partners, LLC,
   * Lind-Waldock Securities LLC,
   * Marshall Metals, LLC, and
   * New Refco Group Ltd., LLC.

Nothing will prohibit the Refco Claimants from filing individual
proofs of claim in lieu of a Master Proof of Claim against Refco
LLC.

In a separate order, Judge Drain grants Skadden, Arps, Slate,
Meagher & Flom LLP, until 5:00 p.m. on Oct. 17, 2006, to file
a proof of claim against Refco LLC for professional services
rendered before Nov. 25, 2005.

                       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/).


REFCO INC: Chapter 7 Trustee Can Sublease Space to F.S. Trading
---------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
California gave Albert Togut, the Chapter 7 Trustee overseeing
the liquidation of Refco, LLC's estate, authority to assume and
assign the Sublease to S. French Enterprises, Inc., dba F.S.
Trading.

Refco LLC subleases a portion of the 47th floor of a building at
1 North Wacker Drive, in Chicago, Illinois, from Citadel
Investment Group, L.L.C.  The lease is for five years, from
Dec. 1, 2003, through Nov. 30, 2008.

The Sublease calls for payment of:

   (a) $4,463.13 per month through Nov. 30, 2004;

   (b) $4,583.75 per month from Dec. 1, 2004, through
       Nov. 30, 2005;

   (c) $4,704.38 per month from Dec. 1, 2005, through
       Nov. 30, 2006;

   (d) $4,825 per month from Dec. 1, 2007, through
       Nov. 30, 2007; and

   (e) $4,945.63 per month from Dec. 1, 2007, through
       Nov. 30, 2008.

Refco LLC is also required to pay a portion of taxes and
operating expenses, including certain utility costs.

Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of Refco, LLC's estate, evaluated the Sublease to ensure that it
remained subject to possible assumption and assignment to Man
Financial, Inc., which acquired Refco's regulated commodities
futures merchant business and certain contracts.  However, Man
advised Mr. Togut that it did not want to take an assignment of
the Sublease.

The Chapter 7 Trustee says assuming and assigning the lease will
minimize the Refco LLC estate's liabilities and maximize its
Assets.

FS Trading is willing to assume the Sublease, including Refco
LLC's obligations to pay the monthly rent for the remainder of
the Sublease term, Scott E. Ratner, Esq., at Togut, Segal &
Segal LLP in New York, informs the Court.

Mr. Ratner also notes that Citadel is willing to accept FS
Trading as replacement tenant, including the payment of rent
directly from -- and the performance of any other obligations
under the Sublease by -- FS Trading.

                         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 $16.5 billion in assets and $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/).


REFCO: Chapter 11 Trustee Hires Conyers Dill as Bermuda Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorizes Marc Kirschner, the Chapter 11 trustee overseeing the
Refco Capital Markets, Ltd.'s estate, to employ Conyers Dill &
Pearman, as his special Bermuda counsel.

Judge Robert Drain rules that if Conyers Dill seeks a waiver to
represent Russia Growth Fund Ltd., on any matter in which the
counsel would be adverse to RCM, and the RCM Trustee chooses not
to grant the requested waiver, then:

   (i) Conyers Dill may withdraw from further representation of
       RCM and may represent RGF on any matter; and

  (ii) neither RCM nor the RCM Trustee will assert, or permit
       anyone on RCM's behalf to assert, that Conyers Dill's
       prior representation of RCM should disqualify it from
       representing RGF in any manner.

Conyers Dill may be compensated in accordance with an engagement
letter with the RCM Trustee, subject to applicable requirements
for payment of fees and disbursements.  No party may challenge
Conyers Dill's fees under Section 328(c) of the Bankruptcy Code
to the extent the Bermuda counsel provides services to RGF
consistent with the provisions of the Order and the Agreement.

Tina L. Brozman, Esq., at Bingham McCutchen LLP in New York,
tells the Court that on October 19, 2005, RCM and Refco Global
Finance, Ltd., filed voluntary winding up petitions in Bermuda.
On October 26, 2005, the Bermuda court appointed joint
provisional liquidators in the Bermuda Proceedings.

Conyers Dill will:

  (1) advise the Trustee with respect to his powers and duties
      under Bermuda law in the management and operation of RCM's
      business and properties;

  (2) attend meetings and negotiate with representatives of
      creditors and other parties-in-interest of RCM in Bermuda
      and advise and consult on the conduct of the case,
      including all of the legal and administrative requirements
      of operating in a provisional liquidation parallel to a
      U.S. bankruptcy proceeding;

  (3) take all necessary actions to protect and preserve the RCM
      estate, including the prosecution of actions on its
      behalf, the defense of any actions commenced against it,  
      negotiations concerning all litigation in which RCM and
      the Trustee may be involved in Bermuda and objections to
      claims filed in Bermuda against the estate;

  (4) interface and coordinate with the joint provisional
      liquidators and any analogous parties that may be
      appointed under the laws of various jurisdictions;

  (5) prepare on behalf of the Trustee all motions,
      applications, answers, orders, reports and papers
      necessary to the administration in Bermuda of the RCM
      estate;

  (6) negotiate and prepare on the Trustee's behalf, a scheme of
      arrangement or other resolution of the RCM estate,
      explanatory statements and all related agreements and
      documents and take any necessary action on behalf of RCM
      to obtain approval of the scheme or other resolution of
      the RCM estate; and

  (7) appear before the Bermuda Supreme Court, the Bermuda
      Court of Appeal, Bermuda Magistrate Courts and Bermuda
      regulatory bodies and protect the interests of RCM's
      estate before the Bermuda courts and regulators.

Robin J. Mayor, Esq., a partner at Conyers Dill, is one of the
lead professionals from her firm performing services to the
Trustee.  Ms. Mayor charges US$575 per hour her services.

Other Conyers Dill expected to be primarily involved in the case
and their current hourly rates are:

      Professional         Designation    Hourly Rate
      ------------         -----------    -----------
      David Cooke          Partner           US$605
      Paul Smith           Counsel           US$575
      Daina Casling        Associate         US$350
      Guy Cooper           Associate         US$340

The firm's customary rates are:

      Designation          Hourly Rate
      -----------          -----------
      Partners             US$420 - US$620
      Associates           US$300 - US$540

Ms. Mayor assures the Court that Conyers Dill does not represent
any interest materially adverse to RCM, its creditors and its
estate.

                       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/).


RUDE WERCS: Hires Joint Liquidators from BDO Stoy Howard
--------------------------------------------------------
Geoffrey Stuart Kinlan and Anthony David Nygate of BDO Stoy
Howard LLP were appointed Joint Liquidators of Rude Wercs
Limited on May 9.

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

The company can be reached at:

         Rude Wercs Limited
    296 Railway Arches
    Cambridge Heath Road
    London E2 9HA
    United Kingdom
    Tel: 020 7729 4815


RYACK TRANSPORT: Creditors' Meeting Slated for August 21
--------------------------------------------------------
Creditors of Ryack Transport Limited (Company Number 05346576)
will meet at 12:00 noon on Aug. 21 at:

         DTE House
         Hollins Mount
         Bury BL9 8AT
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 18 at:

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

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


SATELLITE SHOWCASE: Calls In Liquidator from Tenon Recovery
-----------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Satellite Showcase Limited on May 12 by resolutions of members
and creditors.

The company can be reached at:

         Satellite Showcase Limited
    Unit4
    Ashley Estate
    Carr Wood Road
    Castleford WF104SR
    United Kingdom
    Tel: 01977 553 562


SELECTIVE PERSONNEL: Names Peter Bridger Liquidator
---------------------------------------------------
Peter Bridger was named Liquidator of Selective Personnel
Servies Limited on April 28 by resolutions of members and
creditors.

The company can be reached at:

         Selective Personnel Limited
    15 Market Place
    Wantage
    Oxfordshire Ox128BQ
    United Kingdom
    Tel: 01235 770 703


TYWIRE BUILDERS: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Gerard Keith Rooney of Rooney Associates was appointed
Liquidator of Tywire Builders Limited on May 22.

Subsequently, creditors confirmed the appointment on the same
day.

The company can be reached at:

         Tywire Builders Limited
    434 Wellington Road North
    Stockport
    Cheshire SK4 5AD
    United Kingdom
    Tel: 0161 431 7922


UK-EURO GROUP: Court Orders Liquidation Following CIB Probe
-----------------------------------------------------------
UK-Euro Group PLC was placed under compulsory liquidation by the
High Court on July 26 following an investigation by the
Companies Investigation Branch of The Insolvency Service.

The petition to wind up the company in the public interest was
presented on July 11, 2005, under section 447 of the Companies
Act 1985.  The Official Receiver was appointed provisional
liquidator by the court to protect and preserve the assets and
financial records of the company.

UK-Euro Group PLC raised over GBP5 million from a public
offering to fund the development and production of an emissions
control system to extract harmful gases.

Even though the product was never fully developed and the
company failed to sell a single product, CIB's investigations
found that UK-Euro Group PLC still paid out commissions to an
"Investor Relations Team" of between 30% to 35% from the money
it raised by selling shares.

"The way in which the affairs of the company were conducted from
the start to finish was a fraud on the public, deliberately
perpetrated by Mr. Thomas [sic]," said Edward Bartley Jones QC,
the High Court who heard the case.

Before standing down their investigations, to allow CIB to
complete their enquiries, the Financial Services Authority
obtained a restraining order to prevent Mr. Thomas, one of UK
Euro PLC's directors, from cold calling the investors.

CIB's Investigation also found that the company's primary
activity during its life was not the development and sale of
emissions control systems, but the raising of monies from the
public from the sale of its shares.  

The Company primarily utilized its funds either in the payment
of commissions or in loans to subsidiaries or in paying salaries
to Mr. Thomas, which the company could not support as UK-Euro
Group PLC never sold a single unit.

Headquartered in Neath, United Kingdom, UK-Euro Group PLC --
http://www.simplydemocracy.net/-- has an exclusive license to  
develop a revolutionary pollution emission control system with
applications in automotive, industry and domestic situations.   


WELCOME INTERIORS: Nominates Liquidator from Simmonds & Company
---------------------------------------------------------------
Gordon Allan Mart Simmonds of Simmonds & Company was nominated
Liquidator of Welcome Interiors Limited after creditors agreed
to voluntarily wind up the company.

The company can be reached at:

         Welcome Interiors Limited
    Unit A1
    Manfred Street
    Erskine Industrial Estate
    Liverpool L6 1AU
    United Kingdom
    Tel: 0151 261 1475


WINDERMERE VI: S&P Assigns BB Rating to Class E Notes
-----------------------------------------------------
Standard & Poor's Services removed from CreditWatch with
positive implications and affirmed the on the class B, C, D, and
E commercial mortgage-backed floating-rate notes issued by
Windermere VI CMBS PLC.  At the same time, the on the class A2
notes were affirmed.
  
The on the class B, C, D, and E notes were placed on CreditWatch
positive on June 16 due to loan prepayments.
  
At closing, the issued notes were backed by 10 loans originated
by the U.K. branch of Lehman Brothers Commercial Paper Inc. and
the London branch of Lehman Brothers Bankhaus AG.  They were
secured by 28 commercial properties in the U.K., of which 74%
are in Greater London.  The underlying loan portfolio had
significant loan concentration, with one loan representing over
20% of the portfolio balance and three loans representing over
60%.
  
Two of the loans, the LB Edinburgh House Portfolio and the
Canary Wharf loan, made partial prepayments at the January 2006
interest payment date.  Further prepayments were made at the
April 2006 interest payment date by the Mid City Place loan, the
Canary Wharf loan, and the 15 West Ferry Circus loan.  All three
loans are now fully prepaid.
  
As at the April 2006 interest payment date, the underlying
portfolio had paid down 61% of its initial balance.  As a result
of these prepayments, the class A1 notes have been fully
redeemed.  Scheduled amortization as at the July 2006 interest
payment date has further reduced the balance by 1% to 62% of its
initial balance.  
  
The prepayment funds from the LB Edinburgh House Portfolio, Mid
City Place, and 15 West Ferry Circus loans were allocated to the
notes pro rata, and the Canary Wharf prepayments were allocated
sequentially, with the result that credit enhancement and
leverage levels for the class A1, A2, B, C, D, and E notes
improved.
  
Although the credit enhancement and leverage levels appear to be
sufficient to raise the on the notes, any rise is constrained by
the increase in the exit LTV ratio levels.  The loan portfolio
is now characterized by increased loan concentration, with the
largest three remaining loans (Maltings Shopping Centre, LB
Edinburgh House Portfolio, and Cornmill Shopping Centre)
representing 70% of the portfolio.
  
Positive rating actions are further constrained by the increased
exposure to both the Cornwall Shopping Centre and Victoria
Square Shopping Centre loans, with the risk that either one of
these may be the last remaining loan in the transaction.  If
this happens, it could lead to shortfalls on the class E notes.
There is no available funds cap incorporated in this transaction
so the losses will be attributed to the class E noteholders.
  
The Maltings Shopping Centre, the largest loan in the pool, is
secured by an uncovered shopping center in St Albans city center
and was the fourth largest loan at closing.  It now represents
28% of the pool.  This is a part-amortizing loan with a current
DSCR of 0.99x and a high LTV ratio of 88% based on our
underwritten values.  However, this loan has additional debt in
the form of B-notes so the whole loan LTV ratio is 93.9%.
  
The borrower made a top-up payment of GBP20,754 to ensure
covenant compliance for the forward-looking ICR test.  This was
required because the ICR is due to step up from 105% to 110% at
the October 2006 test date, which now falls within the
projection period.  Without the top-up payment, the ICR in
October 2006 will be 1.07x, which will breach the requirement of
1.10x.  Under the loan agreement, the borrower can make up to
four consecutive top-up payments before an event of default
occurs.  Two top-up payments have already been made.
  
                    Windermere VI CMBS PLC
           GBP704.3 Million Commercial Mortgage-Backed
                     Floating-Rate Notes
  
       Removed From CreditWatch And Affirmed
  
                               
       Class                   Rating
       -----                   ------
                       To               From
                       --               ----
       B               AA               AA/Watch Pos
       C               A                A/Watch Pos
       D               BBB              BBB/Watch Pos
       E               BB               BB/Watch Pos
  
       Rating Affirmed
  
       A2              AAA


ZEN FUTURES: Appoints J. Clark As Liquidator
--------------------------------------------
J. Clark of Carter Clark was appointed Liquidator of Zen Futures
Limited on May 16 by resolutions of members and creditors.

The company can be reached at:

         Zen Futures Limited
    River Reach
    31-35 High Street
    Kingston Upon Thames
    Surrey KT1 1LF
    United Kingdom
         Tel: 020 8541 1400


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
August 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

August 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      4th Annual Alberta Golf Tournament
         Kananaskis Country Golf Course, Kananaskis, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

September 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Business Mixer
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

September 7-8, 2006
   EUROMONEY
      Leveraged Finance
         Hotel Rey Juan Carlos I, Barcelona, Spain
            Contact: http://www.euromoneyplc.com/

September 7-8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Saratoga Regional Conference
         Gideon Putnam Hotel, Saratoga Springs, New York
            Contact: http://www.turnaround.org/

September 7-9, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Wynn Las Vegas, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

September 8-9, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         London, England
            Contact: http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBA, Secaucus, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Formal Event
         Long Island, New York
            Contact: http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Function
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

September 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Formal Event - Major Speaker to be Announced
         Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

September 13-15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Texas Regional Conference
         Hyatt Regency Resort & Spa
            Lost Pines, TX
               Contact: 870-760-7116 or    
                  http://www.turnaround.org/

September 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Kick-Off Reception
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

September 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BOK Review - Management
         Gardner Carton & Douglas, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

September 17-24, 2006
   NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
      Optional Alaska Cruise
         Seattle, Washington
            Contact: 800-929-3598 or http://www.nabt.com/

September 19-20, 2006
   STRATEGIC RESEARCH INSTITUTE
      2nd Annual Euro Distressed Debt Summit
         Le Meridien Parkhotel, Frankfurt, Germany
            Contact: http://www.srinstitute.com/

September 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Bankers Club, Miami, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Workshop With US
      Bankruptcy Judges Hale, Nelms and Lynn
         Belo Mansion - The Pavilion, Dallas, TX
            Contact: http://www.turnaround.org/

September 24, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring the Troubled High Tech Company
         Arizona
            Contact: http://www.turnaround.org/

September 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Education Program with NYIC Joint Reception
         CFA/RMA/IWIRC
            Woodbridge Hilton, Iselin, NJ
               Contact: http://www.turnaround.org/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Cross Border Business Restructuring and
         Turnaround Conference
            Banff, Alberta
               Contact: http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 10, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Center Club, Baltimore, Maryland
            Contact: 703-912-3309 or http://www.turnaround.org/

October 11, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 11-14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      2006 Annual Conference
         Milleridge Cottage, Long Island, New York
            Contact: 312-578-6900; http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
             Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than $3
per share in public markets.  At first glance, this list may
look like the definitive compilation of stocks that are ideal to
sell short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

                           *********

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

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

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

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

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

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


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