TCREUR_Public/060818.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

             Friday, August 18, 2006, Vol. 7, No. 164        

                            Headlines



A U S T R I A

AFA: Creditors' Meeting Slated for August 30
AQUADOMUS WELLNESS: Linz Court Orders Business Shutdown
BAU & WOHNBERATUNG: Vienna Court Orders Business Shutdown
BAUPUNKT: Vienna Court Orders Business Shutdown
GULU: Claims Registration Period Ends August 22

IHRE LIESL: Creditors' Meeting Slated for August 23
KARL ZIZKOVSKY: Creditors' Meeting Slated for August 24
KRSTO ILIC: Claims Registration Period Ends August 22
SKY7: Claims Registration Period Ends August 30
T & S: Creditors' Meeting Slated for August 24

WIG: Creditors' Meeting Slated for August 24


D E N M A R K

AGCO CORPORATION: Moody's Holds B1 Senior Subor. Notes' Rating


F I N L A N D

METSO CORP: To Supply Equipment to Xstrata Plc's Mt. Isa Mine


F R A N C E

ALCATEL SA: Inks Deal with China's Ministry of Public Security
EUROTUNNEL GROUP: Defaults on EUR350,000 Interest Payment
EUROTUNNEL S.A.: Default Prompts S&P to Cut Sr. Debt Rating to D


G E R M A N Y

AMERICAN AXLE: S&P Rates New US$50-Mln Senior Term Loan at BB
BAUTEC GESELLSCHAFT: Creditors' Meeting Slated for September 12
BRENNTAG HOLDING: Buy-Out Spurs Moody's to Change Rating Outlook
CAFE MAGNUS: Claims Registration Ends September 1
ET ELECTROTECHNOLOGY: Claims Registration Ends September 6

KADS LTD.: Claims Registration Ends September 18
KEGLERHEIM MARKRANSTADT: Claims Registration Ends September 7
LEIPERTMEDIA GMBH: Claims Registration Ends September 5
REIMERS KONSTRUKTIONSTECHNIK: Claims Registration Ends Aug. 29
W.I.M. INTERNATIONALE: Claims Registration Ends September 11

WOHLFARTH LOGISTICS: Claims Registration Ends August 23
ZINGREFE GMBH: Claims Registration Ends September 11


I T A L Y

POPOLARE ITALIANA: Investors Agree to Buy All New Shares


K A Z A K H S T A N

AIB: Creditors Must File Claims by Sept. 13
BATS-SERVIS: Creditors Must File Claims by Sept. 13
BAYZEN TEXTILE: Creditors Must File Claims by Sept. 13
GLAVNOYE AGENTSTVO: Almaty Court Rules on Bankruptcy
JANA-JOL: Proof of Claim Deadline Slated for Sept. 13

PATP: Proof of Claim Deadline Slated for Sept. 13
SBS AGRO: Claims Registration Ends Sept. 13
SENTR U-1: Claims Registration Ends Sept. 13
TAZA-AIMAK: Creditors' Claims Due Sept. 13
TRANSPROEKT: Creditors' Claims Due Sept. 13


K Y R G Y Z S T A N

MELIORATOR: Public Auction Scheduled for Aug. 22


L U X E M B O U R G

BRENNTAG HOLDING: Buy-Out Spurs Moody's to Withdraw B2 Rating
EVRAZ GROUP: Reports 2nd Quarter Results of Major Subsidiaries


N E T H E R L A N D S

AVIALL INC: Launches Tender Offering for 7-5/8% Senior Notes
CALPINE CORP: Court Approves Pacific Gas Settlement Agreement
YUKOS OIL: Foreign Executives Subject to Russian Criminal Probe


N O R W A Y

FALCONBRIDGE LTD: Xstrata Acquires 67.8% of the Company's Shares


R U S S I A

AGRO-CONTINENT: Stavropol Court Starts Bankruptcy Supervision
BAGAEVSKIY: Court Names Kh. Khasanov as Insolvency Manager
BEKOVO-AGRO-TEKHNIKA: V. Fedoseev to Manage Insolvency Assets
DEPUTATSK-TIN: Court Names V. Boldin as Insolvency Manager
ENISEYSK-COAL: Khakasiya Court Starts Bankruptcy Supervision

EXPOBANK: Moody's Assigns E+ Financial Strength Rating
LESOZAVODSK-AGRO-PROM-SERVICE: Bankruptcy Supervision Starts
NASLEDNITSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision
NOGLIKSKAYA GAS: Court Starts External Management Procedure
NOVOLIPETSK STEEL: Declares Interim Dividend for 2006

OLA-AUTO-TRANS: Court Names N. Alekseeva as Insolvency Manager
REIMPEX SAMARA TRANSIT: A. Romanova to Manage Insolvency Assets
REINFORCED CONCRETE: S. Golyanskiy to Manage Insolvency Assets
SLAVIC VILLAGE: Court Names V. Kryslova as Insolvency Manager

SPIRIT: Novosibirsk Court Starts Bankruptcy Supervision
WINERY BALTIKA: Kaliningrad Court Starts Bankruptcy Supervision
YUKOS OIL: Foreign Executives Subject to Russian Criminal Probe


S W I T Z E R L A N D

724 SOLUTIONS: Court Gives Final Approval on Plan of Arrangement


U K R A I N E

ANTRATSIT-REGION: Donetsk Court Starts Bankruptcy Supervision
APEDEMAK: Harkiv Court Names Sergij Moroz as Insolvency Manager
AVTODETAL: Court Names Yevgen Shevtsov as Insolvency Manager
CENTROSTALKONSTRUKTSIYA-1: Olena Zolotoverh to Liquidator Assets
ELITMIKS: Donetsk Court Names E. Golub as Liquidator

GUTA: Lviv Court Starts Bankruptcy Supervision
INTEM: Kyiv Court Starts Bankruptcy Supervision
MRIYA: Kyiv Court Names G. Serputko as Insolvency Manager
KANTSERIVKA: Court Names Igor Bondarenko as Insolvency Manager
PROCREDIT UKRAINE: Fitch Affirms Foreign Currency IDR at BB-

TEHPROMSERVICE: Court Names Nataliya Chesnova as Liquidator
TRANS SERVICE D: Court Names Irina Senchenko as Liquidator


U N I T E D   K I N G D O M

1ST ONSITE: Taps Purnells as Joint Administrators
4 CONVENIENCE: Brings In David Elliott to Liquidate Assets
ABITIBI-CONSOLIDATED: Suspends Second Quarter Dividend Payment
AMAZON PERSONNEL: Calls In Liquidator from Marriotts LLP
ANTUR CWM: Hires J. Burkinshaw to Liquidate Assets

APOLLO COACHWORKS: Appoints Fisher Partners as Administrators
ARROW ELECTRONICS: Earns US$92.8 Million in 2006 Second Quarter
AVIALL INC: Launches Tender Offering for 7-5/8% Senior Notes
BREEZE CLEANING: Nominates Gary Stones as Liquidator
CERYPSA U.K.: Names John Paul Bell as Administrator

COLLINS & AIKMAN: Plans to Turn Over Collateral to Mayer Textile
COLLINS & AIKMAN: Panel Seeks Supply Contract Info from Ford, GM
COLLINS & AIKMAN: Panel Wants to Conduct Rule 2004 Probe on GECC
COMPUTABILITY UK: Appoints J. Lowes as Liquidator
CONNECT TEC: Taps Louise Donna Baxter to Liquidate Assets

CRYSTALEYES LIMITED: Taps Begbies Traynor to Administer Assets
D & G TEMPERATURE: Ian William Kings Leads Liquidation Procedure
DANBURY FOODS: Names Martin Pickard as Administrator
DOVEBOURNE LIMITED: Names Liquidator from Centrum Recovery
EUROTUNNEL GROUP: Defaults on EUR350,000 Interest Payment

EUROTUNNEL S.A.: Default Prompts S&P to Cut Sr. Debt Rating to D
FENWAY BUILDERS: Creditors Approve Voluntary Liquidation
FIELDHAZEL LIMITED: Joint Liquidators Take Over Operations
GENERAL METAL: Creditors Ratify Liquidator's Appointment
H AND M: Creditors Confirm Joint Liquidators' Appointment

IPTEST LIMITED: Bibby Factors Hires Tenon Recovery as Receivers
KBR PRINTING: Mounting Liabilities Prompt Voluntary Liquidation
KD 5 DRONFIELD: Governor & Co. Taps Kroll as Receivers
L P HIRE: Nominates Joint Liquidators from Abbot Fielding
MAYSTAR CORP.: Brings In BDO Stoy as Joint Administrators

MICROPLUS COMPUTER: Names Vantis as Joint Administrators
MILLAR MANAGEMENT: Hires Liquidator from Begbies Traynor
MULTIFOLDERS LIMITED: Taps Joint Liquidators from Insol House
ORGANICINDIA.CO.UK: Hires Joint Administrators from UHY
PAUL LEE: Names Simon Thornton Liquidator

PURPOSEFIELD LIMITED: Names William Batty as Administrator
QUALITY KEBAB: Creditors' Meeting Slated for August 21
RALPH COOMBES: Creditors Appoint Liquidator from Baker Tilly
REMLAP FENCING: Creditors Confirm Voluntary Liquidation
SAFE PALLET: Creditors' Meeting Slated for August 24

SAY CONSTRUCTION: Taps Geoffrey Martin to Administer Assets
SCAFFOLD ACCESS: Appoints Geoffrey Martin as Administrators
SHADEWELD LIMITED: Brings In Begbies Traynor as Administrators
SIMS FLOWERS: Hires CRG Insolvency as Administrator
SPOTLIGHTS LIMITED: Brings In Administrators from Buchanans

SUN GRACE: Brings In Moore Stephens as Joint Administrators
VICTORIA OFFICE: Brings In BDO Stoy as Joint Administrators
YOUNGS DEVELOPMENTS: Creditors Resolve to Voluntary Liquidation

                            *********


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


AFA: Creditors' Meeting Slated for August 30
--------------------------------------------
Creditors owed money by LLC AFA (FN 48724d) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Aug.30 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Court of Cologne
         Room 1240
         12th Floor
         Main Building
         Luxemburger Road 101
         50939 Cologne, Germany

Headquartered in Salzburg, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 2 SEU 2/06s) was opened at the Cologne Court on
June 7.  The case is docketed under Case No. #71 IN 197/06.  
Andreas Ringstmeier serves as the court-appointed property
manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstrasse 13
         50672 Cologne, Germany
         Tel: 022/650 660
         Fax: +4922650661


AQUADOMUS WELLNESS: Linz Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Linz entered an order on June 27 closing the
business of LLC Aquadomus Wellness (FN 251877h).  Court-
appointed property manager German Storch determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Mag. German Storch
         Buergerstrasse 62
         4020 Linz, Austria
         Tel: 0732/661861
         Fax: 0732/661861-19
         E-mail: ra-storch@nextra.at     

Headquartered in Ansfelden, Austria, the Debtor declared
bankruptcy on June 22 (Bankr. Case No. 38 S 30/06z).  


BAU & WOHNBERATUNG: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered an order on June 27 closing
the business of LLC Bau & Wohnberatung (FN 139410s).  Court-
appointed property manager Eva Riess determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Eva Riess
         c/o Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01-0
         E-mail: law@riess.co.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 21 (Bankr. Case No. 2 S 103/06v).  Nikolaus Vogt
represents Dr. Riess in the bankruptcy proceedings.


BAUPUNKT: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered an order on June 27 closing
the business of KEG Baupunkt Nenad Njagojevic (FN 252721z).  
Court-appointed property manager Gerhard Bauer determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         E-mail: ra-g.bauer@aon.at      

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 9 (Bankr. Case No. 2 S 98/06h).  


GULU: Claims Registration Period Ends August 22
-----------------------------------------------
Creditors owed money by Construction LLC Gulu (FN 261546b) have
until Aug. 22 to file written proofs of claims to court-
appointed property manager Ulrike Bauer at:

         Dr. Ulrike Bauer
         c/o Mag. Michael Rebasso
         Elizabeth Route 26
         1010 Vienna, Austria
         Tel: 587 78 20
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Sept. 5 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 27 (Bankr. Case No. 45 S 42/06i).  Michael Rebasso
represented Dr. Bauer in the bankruptcy proceedings.


IHRE LIESL: Creditors' Meeting Slated for August 23
---------------------------------------------------
Creditors owed money by LLC Ihre Liesl Graf-Frisur (FN 144676i)
are encouraged to attend the creditors' meeting at 10:00 a.m. on
Aug.23 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 28 (Bankr. Case No. 4 S 105/06b).  Ulrike Bauer serves
as the court-appointed property manager of the bankrupt estate.   
Michael Rebasso represents Dr. Bauer in the bankruptcy
proceedings.

The property manager and her representative can be reached at:

         Dr. Ulrike Bauer
         c/o Mag. Michael Rebasso
         Elizabeth Route 26
         1010 Vienna, Austria
         Tel: 587 78 20
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at


KARL ZIZKOVSKY: Creditors' Meeting Slated for August 24
-------------------------------------------------------
Creditors owed money by LLC Karl Zizkovsky (FN 33328m) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Aug. 24 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 27 (Bankr. Case No. 5 S 89/06g).  Johanna Abel-Winkler
serves as the court-appointed property manager of the bankrupt
estate.   Norbert Abel represents Mag. Winkler in the bankruptcy
proceedings.

The property manager and her representative can be reached at:

         Mag. Johanna Abel-Winkler
         c/o Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna, Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at


KRSTO ILIC: Claims Registration Period Ends August 22
-----------------------------------------------------
Creditors owed money by KEG Krsto Ilic (FN 148576w) have until
Aug. 22 to file written proofs of claims to court-appointed
property manager Kurt Bernegger at:

         Dr. Kurt Bernegger
         c/o Mag. Waltraud Kohlfuerst
         Jacquingasse 21
         1030 Vienna, Austria
         Tel: 799 15 80
         Fax: 796 59 14
         E-mail: kanzlei@bernegger-wt.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 5 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 28 (Bankr. Case No. 2 S 105/06p).  Waltraud Kohlfuerst
represents Dr. Bernegger in the bankruptcy proceedings.


SKY7: Claims Registration Period Ends August 30
-----------------------------------------------
Creditors owed money by LLC Sky7 (FN 261846v) have until Aug. 30
to file written proofs of claims to court-appointed property
manager Christoph Brandweiner at:

         Dr. Christoph Brandweiner
         Reichenhaller Str. 9
         5020 Salzburg, Austria
         Tel: 0662/844450
         Fax: 0662/844450-31
         E-mail: kanzlei@dr-brandweiner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 13 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Hall 256
         2nd Floor
         Salzburg, Austria

Headquartered in Hallwang, Austria the Debtor declared
bankruptcy on June 27 (Bankr. Case No. 44 S 21/06x).  Manager
Gernot Pischel represents the Debtor in the bankruptcy
proceedings.


T & S: Creditors' Meeting Slated for August 24
----------------------------------------------
Creditors owed money by LLC T & S (FN 201510p) are encouraged to
attend the creditors' meeting at 3:05 p.m. on Aug. 24 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         2nd Floor
         Graz, Austria

Headquartered in Fehring, Austria, the Debtor declared
bankruptcy on June 27 (Bankr. Case No. 25 S 34/06x).  Michael
Berghofer serves as the court-appointed property manager of the
bankrupt estate.  Emil Bacher and Martin Schober represents the
Debtor in the bankruptcy proceedings.

The property manager can be reached at:

         Mag. Michael Berghofer
         Bismarck Route 8
         8330 Feldbach, Austria
         Tel: 03152/2506
         Fax: 03152/4979
         E-mail: feldbach@reifundpartner.at

The Debtor's representatives can be reached at:

         Dr. Martin Schober, Attorney
         Hauptplatz 11
         2700 Viennese New City, Austria

         Emil Bacher, Liquidator
         Schwarzwaldstrasse 39
         D-78549 Spaichingen, Austria


WIG: Creditors' Meeting Slated for August 24
--------------------------------------------
Creditors owed money by LLC WIG (FN 267215p) are encouraged to
attend the creditors' meeting at 2:50 p.m. on Aug. 24 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         2nd Floor
         Graz, Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on June 27 (Bankr. Case No. 25 S 54/06p).  Erwin
Fidler serves as the court-appointed property manager of the
bankrupt estate.  Helmut Heissenberger represents the Debtor in
the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Erwin Fidler
         Schildbach 111
         8230 Hartberg, Austria
         Tel: 03332/6005300
         Fax: 03332/6005350
         E-mail: advocare@fidler.at


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D E N M A R K
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AGCO CORPORATION: Moody's Holds B1 Senior Subor. Notes' Rating
--------------------------------------------------------------
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 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 was
only 2.1x, and debt 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
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 he
majority of its assets have been pledged as collateral under its
revolving credit facility and a US$400 million term loan.

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


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F I N L A N D
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METSO CORP: To Supply Equipment to Xstrata Plc's Mt. Isa Mine
-------------------------------------------------------------
Metso Minerals will supply grinding, crushing and screening
equipment to Xstrata Plc's Mt. Isa Mine operation in Queensland,
Australia.

The value of the order is approximately EUR20 million.  The
delivery will be completed by end of 2007.

The order comprises a SAG mill with dual drive 2 x 5,750 kW and
two ball mills with dual drives 2 x 5,750 kW each, a cone
crusher and a discharge vibrating screen, complemented by
installation services and spare parts.  The equipment is for
expanding the mine operation with a new lead and zinc
concentrator plant.

With deposits in silver, lead, zinc and copper, Mt. Isa mine is
considered highly productive.  Following this expansion it will
become the world's third largest zinc mine producing 800,000
tonnes of zinc concentrate annually.

                       About Xstrata

Xstrata plc (LSE: XTA) -- http://www.xstrata.com/-- is a major
global diversified mining group, listed on the London and
Swissstock exchanges.  The Group is and has approximately 24,000
employees worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

                           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.


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F R A N C E
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ALCATEL SA: Inks Deal with China's Ministry of Public Security
--------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) has been awarded a
contract by China's Ministry of Public Security to deploy a next
generation network.

It is the second nation-wide NGN network deployed by a
government organization in China, following the one deployed by
Alcatel for the China State Council Information Office in 2005.

Under the terms of the contract, Alcatel will provide an
integrated IP communication solution to meet the large capacity
needs of the Ministry and provide efficient and secure
communications across 32 provinces and cities.  In addition to
rich telephony features, the network also supports a wide
variety of advanced IP-based multimedia services, such as
presence-enhanced phone book, which enables a user to see a
contact's current availability, push-to-show, which enables a
user to see a contact's agenda or video conference, push-to-talk
and instant messaging.

Upon the completion of the project by the end of September 2006,
the staff of the Ministry of Public Security of China will be
able to enjoy interactive and multimedia services including
video telephony, video conferencing, Find-Me Follow-Me; which
enables a user to receive calls anytime, anywhere through any
device, voice virtual private network (VPN) and soft phone
applications.

The new network, including the IMS-compliant Alcatel 5020
Softswitch and Alcatel OmniPCX Enterprise, will significantly
enhance the organization's operating efficiency with assured
quality and performance, while maintaining a seamless connection
with the existing voice networks in the second-layer cities.

Ma Xiaodong, Chief Engineer, Information & Communication
Department Ministry of Public Security of China said, "We are
partnering with Alcatel to help us define the optimal way
forward for our traditional voice networks. Not only will the
quality and efficiency of our work be enhanced with reliable and
advanced communications, but Alcatel's industry leading
solutions will also support the development of our networks now
and in the future."

"Reliability and confidentiality are of utmost importance for a
governmental organizations. Leveraging Alcatel's leadership in
both traditional and next-generation voice and data, we are
confident to provide a comprehensive and tailor-made NGN
solution that effectively meet these requirements," said Michel
Rahier, President of Alcatel's fixed communications activities.

                        About Alcatel

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

                         *     *     *

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


EUROTUNNEL GROUP: Defaults on EUR350,000 Interest Payment
---------------------------------------------------------
Eurotunnel Group is capitalizing on its safeguard protection to
negotiate the restructuring of its GBP6.18 billion debt as it
defaulted Wednesday on a EUR350,000 interest payment on a
tranche of its senior secured bank debt, Reuters reports.

According to the report, the default was expected after
Eurotunnel disclosed it wouldn't pay further interest payments.

"Following the initiation of the safeguard procedure, all
repayments of debt and interest are frozen until a solution is
reached -- we just carry on with the negotiations," Eurotunnel
spokesman John Keefe was quoted by Reuters as saying.

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

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

The French bankruptcy process will allow for the company's
operations to run in the ordinary course of business similar to
a Chapter 11 proceeding in the U.S.

                      About the Company

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

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

                        *     *     *

                       Company Crisis

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

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


EUROTUNNEL S.A.: Default Prompts S&P to Cut Sr. Debt Rating to D
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'C' its
long-term senior secured debt rating on Anglo-French Channel
Tunnel infrastructure operator Eurotunnel S.A.'s GBP240 million
senior secured bank loan, due 2012.  At the same time, the
rating was removed from CreditWatch where it was placed on
Feb. 9, 2004.
    
"The downgrade follows today's default on the scheduled interest
payment of about EUR350,000 on a tranche of the senior secured
bank debt," said Standard & Poor's credit analyst Jan Willem
Plantagie.

"Although the payment was ordinarily payable yesterday, given it
was a bank holiday in France the payment requirement moved to
today."

Eurotunnel has confirmed it will not be making the interest
payments.
     
On Aug. 2, the Paris court granted the request that Eurotunnel
and 17 related entities be placed under the protection of the
French law, "procedure de sauvegarde".  Eurotunnel confirmed it
has sufficient cash to make the payment, but under the safeguard
proceedings Eurotunnel is stayed from making the interest
payment.

At the same time, the following debt ratings on the
nonguaranteed Class A, B, and C notes issued by related special-
purpose vehicle (SPV) Fixed-Link Finance B.V. (FLF1) remain on
CreditWatch with negative implications:

   -- Class A senior secured debt, rated 'C';
   -- Class B subordinated debt, rated 'C'; and
   -- Class C junior subordinated debt, rated 'C'.
     
In addition, the 'C' long-term debt rating on related SPV Fixed-
Link Finance 2 B.V.'s (FLF2) nonguaranteed senior secured notes
remains on CreditWatch with negative implications.
     
All of the ratings were placed on CreditWatch on Feb. 9, 2004,
following the announcement of unspecified debt restructuring,
and reflecting our concerns about intensifying competition in
the cross-Channel travel market.
     
FLF1 and FLF2 do not fall under the "procedure de sauvegarde"
but they will also be affected by the stay on debt payments at
Eurotunnel during the safeguard proceedings.  Various debt
tranches issued by Eurotunnel provide the assets of the FLF
vehicles.  

FLF 2 has no dedicated liquidity facility available.  The next
debt payment at FLF 2 is due in February 2007.  If no agreement
is reached by February 2007, and the French court prolongs the
stay on Eurotunnel's debt payments, the debt rating on FLF 2
will be lowered to 'D', and MBIA Assurance S.A., which
guarantees GBP620 million of the GBP740 million of notes issued
by FLF2, will be required to step in to make the debt service
payments.
     
FLF 1 also made its debt service payments in August 2006 and,
similar to FLF 2, has to make its next debt service payments in
February 2007.  It has dedicated reserve facilities available.
The risk of an imminent default at FLF 1 is therefore lower than
at FLF 2.

"Negotiations between Eurotunnel and its creditors will
continue, although now with the involvement of judicial
administrators," said Mr. Plantagie.

"Standard & Poorr's will continue our discussions with
management and monitor developments."   


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


AMERICAN AXLE: S&P Rates New US$50-Mln Senior Term Loan at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).

American Axle's recently completed term loan credit facility
provided the ability to issue this incremental term loan.  
Proceeds from the new term loan will be used to reduce
borrowings under the company's revolving credit facility.

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.  
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.

The ratings on American Axle reflect the risks associated with
the company's heavy dependence on the General Motors Corp. (GM;
B/Watch Neg/B-3) SUVs and pickup trucks, current relatively
narrow product range, and American Axle's exposure to cyclical
and competitive markets.  These factors are tempered by American
Axle's high market shares, high-value-added product portfolio,
and good R&D capabilities.
     
Ratings List:

American Axle & Manufacturing Inc.:

   -- Corporate credit rating: BB/Negative/--
   -- Senior unsecured debt: BB

American Axle & Manufacturing Holdings Inc.:

   -- Corporate credit rating: BB/Negative/--
   -- Senior unsecured debt: BB


Rating Assigned:

American Axle & Manufacturing Inc.:

   -- US$50 million senior unsecured term loan*: BB

  * Guaranteed by American Axle & Manufacturing Holdings Inc.


BAUTEC GESELLSCHAFT: Creditors' Meeting Slated for September 12
---------------------------------------------------------------
The court-appointed provisional administrator for BauTec
Gesellschaft fuer schluesselfertiges Bauen mbH, Joachim Voigt-
Salus, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:10 a.m. on Sept. 12.

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 9:30 a.m. on Dec. 19 at the same
venue.

Creditors have until Oct. 26 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against BauTec Gesellschaft fuer schluesselfertiges
Bauen mbH on July 26.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         BauTec Gesellschaft fuer schluesselfertiges Bauen mbH
         Guertelstr. 29 A/30
         10247 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


BRENNTAG HOLDING: Buy-Out Spurs Moody's to Change Rating Outlook  
----------------------------------------------------------------
Moody's Investors Service changed the outlook from Stable to
Negative on all ratings of Brenntag and assigned (P)B2 corporate
family rating at Brenntag Holding GmbH & Co. KG, a (P) B2 rating
to its new senior facilities and (P)B3 to the new second lien
facilities.  The corporate family rating of Brenntag Luxco has
been withdrawn following the announced secondary buy-out of the
group.

Moody's issues provisional ratings in advance of the amendment
of certain terms and conditions of the existing facilities and
in anticipation of changes in the structure of the group that
the buy out is likely to entail, these ratings only represent
Moody's preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the securities.  A definitive
rating may differ from a provisional rating.

The rating action follows a recent company announcement of the
secondary buy-out of Brenntag by funds advised by BC Partners, a
private equity group.  Brenntag is raising additional EUR356
million of debt to finance the buy-out transaction, while the
new shareholders are contributing EUR 855 million in equity to
fund the acquisition.

Since its LBO in 2004, Brenntag has continued to increase the
level of indebtedness as a result of a recapitalization,
material strategic acquisitions and now following the secondary
LBO.  Given the size of gross debt levels, the ongoing gross
interest burden is expected to consume the majority of operating
cash flows leaving limited residual funds -- post modest capital
expenditure -to de-leverage.   The ability of Brenntag to
deliver strong organic growth in the U.S. and European markets
and stronger EBITDA and cash flow generation is central to any
future improvements in credit metrics over the next 12 months,
notably to bring the level of Total Debt/EBITDA (post minority
interest) to below 6.5-times and improve FFO/Interest Expense to
above 2-times, which Moody's considers more comfortable for the
current category.

Moody's acknowledges that to date, Brenntag's operations have
shown resilience and stability; management has been able to
increase volumes and improve pricing, which have been bolstered
by regional acquisitions and a supportive cyclical upturn in the
North American market.  In its expectations of improvements in
leverage, Moody's has also incorporated approximately EUR8
million of cash flow from integration synergies in 2006 and it
is assumed that system integration of the recently acquired
companies will continue to positively influence operating
measures.  Brenntag's liquidity remains satisfactory with
EUR200 million revolver available and c. EUR124 million in cash
pro-forma of the transaction.

The change in the outlook to Negative reflects the negative
shift in Brenntag's credit metrics as a result of the secondary
buy-out, as well as anticipation of further M&A, as
EUR235 million pre-funded acquisition facility is expected to
remain available to Brenntag.  Should Brenntag encounter slower
than anticipated growth in the U.S. and European markets or
raise additional debt that would preclude the Company from
reducing its leverage to sustainably below x6.5 times and
improve FFO/Interest Expense to above 2-times in the next 12
months, the ratings may be downgraded.

Moody's rating actions:

Brenntag Luxco SCA

   -- B2 Corporate Family Rating - withdrawn;

Brenntag Holding GmbH & Co. KG

   -- (P) B2 Corporate Family Rating;

Brenntag Holding GmbH & Co. KG and its subsidiaries

   -- Existing Senior Secured Facilities rated at B2;

   -- New Senior Secured Facilities rated at (P) B2;

   -- Existing Second Lien Facility rated at B3; and

   -- New Second Lien Facilities rated at (P) B3.

Based in Muelheim, Germany, Brenntag is a leading distributor of
industrial and specialty chemicals that in 2005 generated
consolidated actual sales of approximately EUR5.2 billion (EUR
1.5 billion in 1Q 2006) and EBITDA of EUR 301 million (EUR 87
million in 1Q 2006, excluding the impact of the acquisitions of
Albion, Schweizerhall and LA Chemical).


CAFE MAGNUS: Claims Registration Ends September 1
-------------------------------------------------
Creditors of Cafe MAGNUS GmbH have until Sept. 1 to register
their claims with court-appointed provisional administrator
Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The Debtor can be contacted at:

         Cafe MAGNUS GmbH
         Zuelpicher Str. 48
         50674 Cologne, Germany

         Attn: Izzet Buelent Uzun, Manager
         Luxemburger Road 251
         50939 Cologne, Germany

The administrator can be contacted at:

         Andreas Amelung
         Mediapark 6 B
         50670 Cologne, Germany


ET ELECTROTECHNOLOGY: Claims Registration Ends September 6
----------------------------------------------------------
Creditors of ET Electrotechnology GmbH have until Sept. 6 to
register their claims with court-appointed provisional
administrator Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Sept. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against ET Electrotechnology GmbH on July 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ET Electrotechnology GmbH
         Shipyard Route 7
         45881 Gelsenkirchen, Germany

         Attn: Uwe Roth, Manager
         Reinersweg 6
         45894 Gelsenkirchen, Germany

The administrator can be contacted at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen, Germany
         Tel: 0201/437760
         Fax: 02014377620


KADS LTD.: Claims Registration Ends September 18
------------------------------------------------
Creditors of KADS Ltd. & Co. KG have until Sept. 18 to register
their claims with court-appointed provisional administrator
Wolfgang Kalker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W126
         1. Stick
         William Route 21
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
KADS Ltd. & Co. KG on July 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         KADS Ltd. & Co. KG
         Auelsweg 22
         53797 Lohmar, Germany

The administrator can be contacted at:

         Wolfgang Kalker
         Koelnstr. 135
         53757 Sankt Augustin, Germany
         Tel: 02241/ 90600
         Fax: 02241/ 906090


KEGLERHEIM MARKRANSTADT: Claims Registration Ends September 7
-------------------------------------------------------------
Creditors of Betreibergesellschaft Keglerheim Markranstadt mbH
have until Sept. 7 to register their claims with court-appointed
provisional administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Leipzig
         Hall 145
         Leipzig, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Leipzig opened bankruptcy proceedings
against Betreibergesellschaft Keglerheim Markranstadt mbH on
July 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Betreibergesellschaft Keglerheim Markranstadt mbH
         Weststr. 24
         04420 Markranstadt, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Kathe-Kollwitz-Road 9
         04109 Leipzig, Germany
         

LEIPERTMEDIA GMBH: Claims Registration Ends September 5
-------------------------------------------------------
Creditors of LEIPERTmedia GmbH have until Sept. 5 to register
their claims with court-appointed provisional administrator
Harald Kroth.

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 Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe, 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 Karlsruhe opened bankruptcy proceedings
against LEIPERTmedia GmbH on July 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         LEIPERTmedia GmbH
         Attn: Markus Leipert and Ingo Jager
         Menzinger Str. 18
         76703 Kraichtal, Germany

The administrator can be contacted at:

         Harald Kroth
         Eisenbahnstr. 19-23
         77855 Achern, Germany
         Tel: 07841/7080


REIMERS KONSTRUKTIONSTECHNIK: Claims Registration Ends Aug. 29
--------------------------------------------------------------
Creditors of Reimers Konstruktionstechnik GmbH have until
Aug. 29 to register their claims with court-appointed
provisional administrator Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 26 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, 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 Hanover opened bankruptcy proceedings
against Reimers Konstruktionstechnik GmbH on July 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Reimers Konstruktionstechnik GmbH
         Attn: Helmut Hartge, Manager
         Berliner Avenue 45
         30855 Langenhagen, Germany

The administrator can be contacted at:

         Ralph Buenning
         Karl-Wiechert-Avenue 1c
         30625 Hanover, Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99


W.I.M. INTERNATIONALE: Claims Registration Ends September 11
------------------------------------------------------------
Creditors of W.I.M. Internationale Moebelspedition GmbH have
until Sept. 11 to register their claims with court-appointed
provisional administrator Bettina Balling.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Oct. 11 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Room 5.103
         1st Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy
proceedings against W.I.M. Internationale Moebelspedition GmbH
on July 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         W.I.M. Internationale Moebelspedition GmbH
         Sonnenstr. 18
         63785 Obernburg, Germany

The administrator can be contacted at:

         Bettina Balling
         Alte Poststr. 59
         63801 Kleinostheim, Germany
         Tel: 06027/40690
         Fax: 06027/4069500


WOHLFARTH LOGISTICS: Claims Registration Ends August 23
-------------------------------------------------------
Creditors of Wohlfarth Logistics GmbH have until Aug. 23 to
register their claims with court-appointed provisional
administrator Friedemann U. Schade.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Sept. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Palace Garden 4
         38518 Gifhorn, 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 Gifhorn opened bankruptcy proceedings
against Wohlfarth Logistics GmbH on July 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Wohlfarth Logistics GmbH
         Attn: Ulrich Grupp, Manager
         Dammstoffwerk 100
         38524 Sassenburg, Germany

The administrator can be contacted at:

         Friedemann U. Schade
         Tiergarten 18
         30559 Hanover, Germany
         Tel: 05119548036
         Fax: 05119548411


ZINGREFE GMBH: Claims Registration Ends September 11
----------------------------------------------------
Creditors of Zingrefe -- GmbH have until Sept. 11 to register
their claims with court-appointed provisional administrator
Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Halle-Saalkreis
         Hall 1.044
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against Zingrefe -- GmbH on July 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Zingrefe -- GmbH
         John-Schehr-Road 8
         06132 Halle, Germany

         Attn: Gerhard Zingrefe, Manager
         Wachtelweg 81
         06130 Halle, Germany

The administrator can be contacted at:

         Dr. Volkhard Frenzel
         Magdeburger Str. 23
         D-06112 Halle, Germany
         Tel: 0345/231110
         Fax: 0345/2311199


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


POPOLARE ITALIANA: Investors Agree to Buy All New Shares
--------------------------------------------------------
The option offer related to the share capital increase resolved
by Banca Popolare Italiana Soc. Coop's Board of Directors of
May 18, on foot of the delegation conferred on it by the
Extraordinary Shareholders' meeting of April 26, has been
completed with great success.

After the rights that had not been exercised were offered on the
stock exchange between July 28, and Aug. 3, a further 1,733,634
shares were in fact subscribed.

The capital increase has therefore now been completed with full
subscription of the 105,795,900 shares issued, for a total
amount of EUR719.4 million, without any need to call on the
guarantee put forward by Mediobanca -- Banca di Credito
Finanziaria S.p.A.

                  About Banca Popolare Italiana

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

                        *     *     *

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


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


AIB: Creditors Must File Claims by Sept. 13
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
subjected LLP Production Enterprise AIB (RNN 531500000518) to
compulsory liquidation on June 19.

Creditors have until Sept. 13 to submit written proofs of claim
to the Liquidation Commission at:

         Room 208
    Jansugurova Str. 113a
    Taldykorgan
    Almaty Region
         Kazakhstan
         Tel: 8 (3282) 24-19-77


BATS-SERVIS: Creditors Must File Claims by Sept. 13
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Bats-Servis insolvent.

Creditors have until Sept. 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktobe Region
         Altynsarina Str. 31
    Aktobe
    Aktobe Region
    Kazakhstan
    Tel: 8 (3132) 21-30-32


BAYZEN TEXTILE: Creditors Must File Claims by Sept. 13
------------------------------------------------------
LLP Bayzen Textile has declared insolvency.  Creditors have
until Sept. 13 to submit written proofs of claim to:

         LLP Bayzen Textile
         Kazybek bi Str. 40/85-70
    Almaty, Kazakhstan
    Tel: 8 (3272) 60-12-35


GLAVNOYE AGENTSTVO: Almaty Court Rules on Bankruptcy
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
JSC The Main Agency of Air Communications Glavnoye Agentstvo
Vozdushnyh Soobsheni insolvent on June 19.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 13 to submit written proofs of claim
at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Chaplygina Str. 5
    Almaty, Kazakhstan
    Tel: 8 (3007) 44-68-21


JANA-JOL: Proof of Claim Deadline Slated for Sept. 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Jana-Jol insolvent.

Creditors have until Sept. 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktobe Region
         Altynsarina Str. 31
    Aktobe
    Aktobe Region
    Kazakhstan
    Tel: 8 (3132) 21-30-32


PATP: Proof of Claim Deadline Slated for Sept. 13  
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP PATP insolvent.

Creditors have until Sept. 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktobe Region
         Altynsarina Str. 31
    Aktobe
    Aktobe Region
    Kazakhstan
    Tel: 8 (3132) 21-30-32


SBS AGRO: Claims Registration Ends Sept. 13
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP SBS Agro insolvent on June 20.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Sept. 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Chaplygina Str. 5
    Almaty, Kazakhstan
    Tel: 8 (3007) 44-68-21


SENTR U-1: Claims Registration Ends Sept. 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Sentr U-1 insolvent on June 19.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Sept. 13 to submit written proofs of claims
at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Chaplygina Str. 5
    Almaty, Kazakhstan
    Tel: 8 (3007) 44-68-21


TAZA-AIMAK: Creditors' Claims Due Sept. 13
------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Taza-Aimak insolvent on June 21.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl Region
         Suleimanova Str. 11a (17)
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-76-49


TRANSPROEKT: Creditors' Claims Due Sept. 13
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Transproekt insolvent on June 20.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Sept. 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Chaplygina Str. 5
    Almaty, Kazakhstan
    Tel: 8 (3007) 44-68-21


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


MELIORATOR: Public Auction Scheduled for Aug. 22
------------------------------------------------
The bidding organizer and insolvency manager of the OJSC
Meliorator will auction the company's properties to the public
at 10:00 a.m. on Aug. 22 at:

         Administrative Building of OJSC Meliorator
    Krasnodarskaya Str. 62
    Sokuluk
    Chui Region
    Kyrgyzstan

The assets for sale include the company's:

   -- manufacturing buildings,
   -- administrative building,
   -- canteen building,
   -- storage facilities,
   -- transformer substation,
   -- reservoirs and other support equipment.

The starting price for the properties is set at KGS3,215,500.  

Interested bidders have until 10:00 a.m. on Aug. 21 to deposit
an amount equivalent to 10% of the starting price to the
settlement account of:

         OJSC Meliorator
    Settlement Account No. 12901118880022961
    Branch of Settlement and Saving Company in Sokuluk
    BIK 129011

or to the cashier of OJSC Meliorator.   

Participants may submit their bids at:

         Administrative Building of OJSC Meliorator
    Krasnodarskaya Str. 62
    Sokuluk
    Chui Region
    Kyrgyzstan
         Tel: (+996 3134) 4-28-60
              (0-502) 55-27-33
              (0-543) 91-98-17


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


BRENNTAG HOLDING: Buy-Out Spurs Moody's to Withdraw B2 Rating
-------------------------------------------------------------
Moody's Investors Service changed the outlook from Stable to
Negative on all ratings of Brenntag and assigned (P)B2 corporate
family rating at Brenntag Holding GmbH & Co. KG, a (P) B2 rating
to its new senior facilities and (P)B3 to the new second lien
facilities.  The corporate family rating of Brenntag LuxUhas
been withdrawn following the announced secondary buy-out of the
group.

Moody's issues provisional ratings in advance of the amendment
of certain terms and conditions of the existing facilities and
in anticipation of changes in the structure of the group that
the buy out is likely to entail, these ratings only represent
Moody's preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the securities.  A definitive
rating may differ from a provisional rating.

The rating action follows a recent company announcement of the
secondary buy-out of Brenntag by funds advised by BC Partners, a
private equity group.  Brenntag is raising additional EUR356
million of debt to finance the buy-out transaction, while the
new shareholders are contributing EUR 855 million in equity to
fund the acquisition.

Since its LBO in 2004, Brenntag has continued to increase the
level of indebtedness as a result of a recapitalization,
material strategic acquisitions and now following the secondary
LBO.  Given the size of gross debt levels, the ongoing gross
interest burden is expected to consume the majority of operating
cash flows leaving limited residual funds -- post modest capital
expenditure -to de-leverage.   The ability of Brenntag to
deliver strong organic growth in the U.S. and European markets
and stronger EBITDA and cash flow generation is central to any
future improvements in credit metrics over the next 12 months,
notably to bring the level of Total Debt/EBITDA (post minority
interest) to below 6.5-times and improve FFO/Interest Expense to
above 2-times, which Moody's considers more comfortable for the
current category.

Moody's acknowledges that to date, Brenntag's operations have
shown resilience and stability; management has been able to
increase volumes and improve pricing, which have been bolstered
by regional acquisitions and a supportive cyclical upturn in the
North American market.  In its expectations of improvements in
leverage, Moody's has also incorporated approximately EUR8
million of cash flow from integration synergies in 2006 and it
is assumed that system integration of the recently acquired
companies will continue to positively influence operating
measures.  Brenntag's liquidity remains satisfactory with
EUR200 million revolver available and c. EUR124 million in cash
pro-forma of the transaction.

The change in the outlook to Negative reflects the negative
shift in Brenntag's credit metrics as a result of the secondary
buy-out, as well as anticipation of further M&A, as
EUR235 million pre-funded acquisition facility is expected to
remain available to Brenntag.  Should Brenntag encounter slower
than anticipated growth in the U.S. and European markets or
raise additional debt that would preclude the Company from
reducing its leverage to sustainably below x6.5 times and
improve FFO/Interest Expense to above 2-times in the next 12
months, the ratings may be downgraded.

Moody's rating actions:

Brenntag Luxco SCA

   -- B2 Corporate Family Rating - withdrawn;

Brenntag Holding GmbH & Co. KG

   -- (P) B2 Corporate Family Rating;

Brenntag Holding GmbH & Co. KG and its subsidiaries

   -- Existing Senior Secured Facilities rated at B2;

   -- New Senior Secured Facilities rated at (P) B2;

   -- Existing Second Lien Facility rated at B3; and

   -- New Second Lien Facilities rated at (P) B3.

Based in Muelheim, Germany, Brenntag is a leading distributor of
industrial and specialty chemicals that in 2005 generated
consolidated actual sales of approximately EUR5.2 billion (EUR
1.5 billion in 1Q 2006) and EBITDA of EUR 301 million (EUR 87
million in 1Q 2006, excluding the impact of the acquisitions of
Albion, Schweizerhall and LA Chemical).


EVRAZ GROUP: Reports 2nd Quarter Results of Major Subsidiaries
--------------------------------------------------------------
Evraz Group S.A. disclosed that its major Russian operating
subsidiaries have filed their financial results with the Federal
Financial Markets Service of the Russian Federation for the
second quarter ended June 30, 2006.  

The major subsidiary companies include:

   -- OAO Nizhny Tagil Iron and Steel Plant (NTMK);

   -- OAO West Siberian Iron and Steel Plant (Zapsib);

   -- OAO Kachkanarsky Mining and Processing Integrated Works
(KGOK), and

   -- OAO Vysokogorsky Mining and Processing Integrated Works -
VGOK).

NTMK reported net profit of RUR4,377 million in the second
quarter of 2006 compared with net profit of RUR4,914 million in
the first quarter of 2005.  Revenue for the second quarter of
2006 was RUR18,723 million versus revenue of RUR20,652 million
in the second quarter of 2006.

In the second quarter of 2006 Zapsib's net profit was RUR3,434
million compared with RUR1,243 million net profit in the second
quarter of 2005.  Revenue for the second quarter of 2006 was
RUR18,310 million compared with revenue of RUR14,733 million for
the same period in 2005.

KGOK's net profit for the second quarter of 2006 was RUR1,106
million compared with net profit of RUR2,371 million in the
second quarter of 2005.  Revenue for the second quarter of 2006
was RUR3,759 million compared with revenue of RUR4,916 million
for the same period a year ago.

VGOK reported net profit of RUR224 million in the second quarter
of 2006 versus net profit of RUR395 million in the second
quarter of 2005.  Revenue for the second quarter of 2006 was
RUR1,243 million compared with revenue of RUR1,580 million in
the same period last year.

Highlights:

   -- higher profit at NTMK is attributable to higher prices and
reduced costs.  NTMK's net profit for the second quarter
of 2006 increased by 60 % compared with the first quarter
of 2006 due to higher prices for steel products.  Despite
a decrease in costs of iron ore and coking coal, net
profit decreased  slightly year-on-year due to a decline
in vanadium slag  prices in the second quarter of 2006.

   -- ZapSib performance improved due to higher volumes, price
increases and effective cost management.  Recovering steel
prices was the main factor for improved performance in the
second quarter of 2006 versus the first quarter of 2006.  
Profit year-on-year at ZapSib also  benefited from an
increase in production volumes and more effective
control of costs.

   -- KGOK and VGOK net profit year-on-year decreased,
principally due to a decline in iron ore prices.
  The profit year-on-year was impacted by lower domestic
prices for iron ore.  In the second quarter of 2006
average iron ore prices decreased by around 30 % compared
with the second quarter of 2005.  Iron ore prices were
stable for the second quarter of 2006 versus the first
quarter of 2006.

The financial results for the second quarter ended June 30,
2006, were prepared in accordance with Russian Accounting
Standards (RAS).

The reporting of RAS accounts for Russian operating subsidiaries
is a regulatory requirement in Russia.  RAS accounting results
differ materially from, and are not comparable to financial
statements prepared in accordance with IFRS.  The RAS results of
Evraz's major Russian subsidiaries are not indicative of the
financial condition or performance of these companies'
operations, or of the Group under IFRS.  

For information with respect to Evraz's financial condition and
operating results, reference should be made only to the Group's
consolidated financial statements prepared according to IFRS.
Each year, the Group publishes consolidated financial statements
to IFRS - for six months ending June 30 and for the year ending
December 31.

                      About the Company

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 by TCR-Europe on June 22, Fitch Ratings affirmed
Luxembourg-based Evraz Group S.A.'s Issuer Default and senior
unsecured ratings 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.


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


AVIALL INC: Launches Tender Offering for 7-5/8% Senior Notes
------------------------------------------------------------
Aviall Inc. commenced a cash tender offer for any and all of its
outstanding 7-5/8% Senior Notes due 2011 (CUSIP No. 05366BAB8).  

There are US$200 million in original aggregate principal amount
of Notes outstanding.

In conjunction with the tender offer, the Company is soliciting
the consent of holders of at least a majority in aggregate
outstanding principal amount of the Notes to amendments to the
indenture under which the Notes were issued.  If adopted, the
amendments would eliminate substantially all of the restrictive
covenants and certain events of default contained in the
indenture.  

The terms and conditions of the tender offer are set forth in an
Offer to Purchase and Consent Solicitation Statement dated
August 14.  The tender offer will expire at 5:00 p.m., New York
City time, on Sept. 12, unless extended or earlier terminated as
described in the Offer.  Holders of the Notes cannot tender
their Notes without delivering their consents to the amendments
and cannot deliver consents without tendering their Notes.

As described in the Offer, the Total Consideration for each
US$1,000 principal amount of Notes validly tendered and
purchased in the Offer will be a price determined by reference
to the bid-side yield to maturity of the 3.625% U.S. Treasury
Note due June 30, 2007 as of 10:00 a.m., New York City time, on
Aug. 25, 2006, unless extended, plus 50 basis points.  The Total
Consideration includes a consent payment of US$30 per US$1,000
principal amountof Notes that will be payable to holders who
validly tender their Notes and deliver consents on or prior to
5:00 p.m., New York City time, on Aug. 25, 2006, unless extended
and their Notes are accepted for purchase.

Holders who validly tender Notes after the Consent Payment
Deadline but on or prior to the Expiration Time will be entitled
to receive the Tender Offer Consideration, which is equal to the
Total Consideration less the consent payment.  In either case,
tendering holders will receive accrued and unpaid interest from
the most recent payment of semi-annual interest preceding the
Payment Date up to, but not including, the Payment Date.

The tender offer is subject to the satisfaction of certain
conditions, including:

   -- the consummation of the acquisition of the Company by The
      Boeing Company, as announced on May 1, 2006;

   -- the receipt of the requisite consents from the holders of
      at least a majority in aggregate principal amount of Notes
      and the execution of a supplemental indenture giving
      effect to the proposed amendments to the indenture for
      the Notes described above; and

   -- certain other customary conditions.

Headquartered in Dallas, U.S.A., with customer service centers
located in North America, Europe and Asia, Aviall Inc. (NYSE:
AVL) -- http://www.aviall.com/-- is the world's largest  
independent provider of new aviation parts and related
aftermarket services.

Aviall markets and distributes products for approximately 220
manufacturers and offers approximately 700,000 catalog items.
Aviall also offers a full line of aviation batteries, hoses,
wheels and brakes, and paint services.

                        *     *     *

As reported on the Troubled Company Reporter on May 3, 2006,
Standard & Poor's Ratings Services placed its ratings on Aviall
Inc., including the 'BB' corporate credit rating, on CreditWatch
with positive implications.

As reported on the Troubled Company Reporter on Mar. 22, 2006,
Moody's Investors Service raised the ratings Aviall, Inc.,
Corporate Family Rating to Ba2 from Ba3, prompted by a
continuing trend towards improvement in operating results as
well as by the company's recent successful win of a long term
distribution agreement with Smiths Aerospace LLC.  The rating
outlook has been changed to stable from positive.


CALPINE CORP: Court Approves Pacific Gas Settlement Agreement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the Settlement Agreement between Calpine Corp. and its
debtor-affiliates and Pacific Gas & Electric Company.

As reported in the Troubled Company Reporter on July 20, Calpine
Gilroy Cogen LP operates a 130-megawatts cogeneration facility.  
In 1983, Gilroy and Pacific Gas & Electric Company entered into
a Power Purchase Agreement.

In 1999, the parties executed an agreement for termination and
buy-out of standard offer.  The PPA was terminated in October
2002.

As consideration for the Termination Agreement, the parties
agreed that PG&E would make monthly termination payments of not
more than US$20,700,000 per year for 14 years and eight months
commencing on Feb. 28, 2000, with the last payment due on
Sept. 30, 2014.

Under the Termination Agreement, PG&E reserved and was granted
certain rights of set-off against the Termination Agreement
Payments.

In November 2003, Gilroy sold the receivable stream associated
with the Termination Agreement Payments.  The Termination
Agreement Payments Receivable was subject to those rights of
set-off reserved by PG&E under the Termination Agreement.

Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
related that Calpine Corporation and Gilroy indemnified the
purchaser of the Termination Agreement Payments Receivable
against any set-offs PG&E may make against the Termination
Agreement Payments.  The Purchaser was also granted a security
interest in the Gilroy Facility, and was given the right to
foreclose on the Gilroy Facility if Calpine and Gilroy fail to
honor their guaranty obligations.

Mr. Cieri noted that for the passed years, PG&E, Gilroy and
other power generators have been involved in a dispute regarding
certain historical rates charged by Gilroy and other power
generators under certain types of contracts with PG&E.

The Termination Agreement provided that if Gilroy is found to
have any liability to PG&E under the Pricing Dispute, PG&E would
be authorized to offset Gilroy's liability against PG&E's
Termination Payments.

Using the methodology advocated by PG&E in the Pricing Dispute,
PG&E's asserted damages against Gilroy under the Pricing Dispute
could exceed US$40,000,000, Mr. Cieri notes.

Calpine disputed liability and does not agree with PG&E's
calculations.  However, any finding of liability by Gilroy on
account of the Pricing Dispute could result in a dollar-for-
dollar reduction in the Termination Payments, and could trigger
dollar-for-dollar guaranty obligations on the part of Gilroy and
Calpine with respect to the Termination Agreement Payments
Receivable, Mr. Cieri pointed out.

Furthermore, Mr. Cieri said that because the purchaser of the
Termination Agreement Payments Receivable was granted a security
interest in the Gilroy Facility, any guaranty obligations could
constitute secured debt.

Thus, Calpine and Gilroy negotiated with PG&E in an attempt to
minimize Gilroy's secured debt exposure.

Accordingly, the parties agreed that:

   (a) Calpine's King City Plant, a non-debtor entity, will be
       the proxy for the Gilroy Plant;

   (b) Gilroy will pay PG&E, for the next 54 months, the amount
       equal to US$0.975 per MWh of electricity delivered to
       PG&E from the King City Plant;

   (c) the settlement will be deemed null and void if no
       approval from the Court or the California Public
       Utilities Company is received before Dec. 31, 2006,
       unless otherwise agreed by the parties; and

   (d) they will mutually release all claims and causes of
       action arising from the Settled Issues.

A full-text copy of the PG&E Settlement Agreement is available
for free at http://ResearchArchives.com/t/s?de2   
                         
                       About Calpine Corp.

Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com -- supplies customers and communities  
with electricity from clean, efficient, natural gas-fired and
geothermal power plants.  Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces.  Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.  The company also operates in The Netherlands.

The Company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri,
Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert
G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in
their restructuring efforts.  Michael S. Stamer, Esq., at Akin
Gump Strauss Hauer & Feld LLP, represents the Official Committee
of Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
US$26,628,755,663 in total assets and US$22,535,577,121 in total
liabilities.  (Calpine Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


YUKOS OIL: Foreign Executives Subject to Russian Criminal Probe
---------------------------------------------------------------
The Russian Prosecutor General's Office has launched a criminal
case against former OAO Yukos Oil Co. President Steven Theede
and three other executives, accusing them of money laundering
and embezzlement, according to published reports.

The Russian authorities allege that Mr. Theede, along with:

   -- Bruce Misamore, former manager of Yukos Finance BV;

   -- David Godfrey, Yukos's former managing adviser; and

   -- Tim Osborne, a director of Group Menatep, Yukos's largest
      shareholder,

used a Dutch-based foundation to illegally gain control of US$10
billion in company assets beyond the reach of liquidation
proceedings, the Washington Post relates.

In a statement posted in its Web site, the prosecutors said the
four "took advantage of their official positions to steal and
legalize property that had been trusted to them, which caused
considerable damage to the owner."

Claire Davidson, a spokeswoman for Yukos's former management,
said that overseas assets were placed in a Netherlands
foundation in accordance with Dutch law, to ensure that proceeds
from their sale would be distributed only to creditors
recognized in Dutch court, Andrew E. Kramer writes for The New
York Times.  

Ms. Davidson said Yukos has registered its overseas assets in
the Netherlands, which amounted to roughly US$2 billion, Mr.
Kramer reports.

According to BBC News, the investigation was announced after a
Dutch court refused to grant Russian liquidators full control
over Yukos's Dutch subsidiary.  It also refused to allow Eduard
Rebgun, appointed by a Moscow bankruptcy court to handle the
Debtor's liquidation, the right to veto more than US$1.3 million
in deals, BBC relates.

The Moscow Arbitration Court has recognized a combined US$16.2
billion in claims from the tax authorities and state-owned OAO
Rosneft Oil Co. while Dutch courts have recognized a US$750
million claim by a GML subsidiary (formerly Menatep) and a
US$482 million claim by Rosneft, the Times reports.

                           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 $9.35 billion, as
payment for $27.5 billion in tax arrears for 2000- 2003.  
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than $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 $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 $1.49 billion Share Sale and Purchase
Agreement with PKN Orlen S.A., Poland's largest oil refiner, for
its Mazeikiu ownership stake.  The move was made a day after the
Manhattan Court lifted an order barring Yukos from selling its
controlling stake in the Lithuanian oil refinery.

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

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


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


FALCONBRIDGE LTD: Xstrata Hikes Equity Stake to 92.1%
-----------------------------------------------------
Xstrata plc has disclosed that 257,700,100 common shares of
Falconbridge Limited had been validly deposited to Xstrata's
offer to acquire all Falconbridge common shares not already
owned by the company.

Xstrata has taken up and accepted for payment all shares
tendered, which represent approximately 67.8% of the issued and
outstanding Common Shares on a fully diluted basis.  Xstrata now
beneficially owns 349,922,526 Common Shares or approximately
92.1% of the issued and outstanding Common Shares on a fully
diluted basis.  Payment will be made to shareholders who have
tendered their shares on or before Aug. 17, 2006.

In line with Xstrata's intention to acquire 100% of Falconbridge
as soon as possible, the company has also extended the expiry
date of its all-cash offer to enable the remaining Falconbridge
shareholders to receive prompt payment of the same CDN$62.50 per
share consideration under the offer.  The offer will now expire
at midnight (Vancouver time) on Aug. 25, 2006.  All other terms
and conditions of Xstrata's offer described in its offer and
offering circular dated May 18, 2006, as varied, amended, and
supplemented, remain unchanged.  Xstrata intends to acquire all
Common Shares not tendered to the offer following the expiry of
the offer pursuant to a compulsory acquisition or subsequent
acquisition transaction.

Xstrata has now taken effective control of Falconbridge and both
management teams are working closely together to facilitate a
smooth and swift integration of the two businesses.

Falconbridge shareholders with questions or requests for copies
of the documents, may contact:

           Kingsdale Shareholder Services Inc.
           Tel: 1-866-639-7993

Banks and brokers should call at 416-867-2272.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global  
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

                     About Falconbridge

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

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carries Standard & Poor's BB+ rating.


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


AGRO-CONTINENT: Stavropol Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Stavropol Region has commenced
bankruptcy supervision procedure on CJSC Agro-Continent.  The
case is docketed under Case No. A63-2335/05-s5.

The Temporary Insolvency Manager is:

         V. Sizonenko
         Post User Box 251
         400005 Volgograd 5
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Continent
         Sakharnogo Zavoda 2
         Izobilnyj
         Stavropol Region
         Russia


BAGAEVSKIY: Court Names Kh. Khasanov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. Kh.
Khasanov as Insolvency Manager for LLC Winery Bagaevskiy
(TIN/KPP 6150032210/615001001).  He can be reached at:

         Kh. Khasanov
         Apartment 23
         Kirpichnaya Str. 60
         Novocherkassk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A53-4336/06-S2-7.

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Winery Bagaevskiy
         Moskovskaya Str. 57
         Bagaevskaya St.
         Rostov Region
         Russia


BEKOVO-AGRO-TEKHNIKA: V. Fedoseev to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Fedoseev
as Insolvency Manager for OJSC Bekovo-Agro-Tekhnika.  He can be
reached at:

         V. Fedoseev
         Shmidta Str. 4
         Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-11579/2005-184b/12b.

The Debtor can be reached at:

         OJSC Bekovo-Agro-Tekhnika
         Bekovo
         Penza Region
         Russia


DEPUTATSK-TIN: Court Names V. Boldin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed Mr.
V. Boldin as Insolvency Manager for OJSC Deputatsk-Tin.  He can
be reached at:

         V. Boldin
         Post User Box 101/5
         680023 Khabarovsk-23
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-4268/05.

The Debtor can be reached at:

         OJSC Deputatsk-Tin
         Arktika 30
         Deputatskiy
         Ust-Yanskiy Ulus
         678540 Sakha Republic-Yakutiya
         Russia


ENISEYSK-COAL: Khakasiya Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Khakasiya Republic has commenced
bankruptcy supervision procedure on LLC Eniseysk-Coal.  The case
is docketed under Case No. A74-1530/2006.

The Temporary Insolvency Manager is:

         O. Baziev
         Sovetskaya Str. 54
         Chernogorsk
         655162 Khakasiya Republic
         Russia

The Debtor can be reached at:

         LLC Eniseysk-Coal
         Gogolya Str. 103a
         Chernogorsk
         655150 Khakasiya Republic
         Russia


EXPOBANK: Moody's Assigns E+ Financial Strength Rating
------------------------------------------------------
Moody's Investors Service assigned these global scale ratings
with stable outlook to Expobank:

   -- B3 long-term and Not-Prime short-term foreign currency
deposit ratings; and

   -- E+ financial strength rating.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa2.ru long-term national scale credit rating to the bank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa2.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Expobank's financial strength rating is underpinned by its
position as one of the leaders in the plastic cards business in
Russia with 463,000 cards issued, 55 agent bank clients, 323
ATMs installed (including 115 of agent banks) and merchant
acquiring services provided to 1674 companies at mid-2006.  Fees
on plastic cards operations and settlements are the major
component of the bank's commission income.  Expobank has also
built up a niche franchise in operations with precious metals:
it is currently among top ten Russian banks participating in the
gold market.

Other positive rating drivers include:

   -- firm positions in booming market segments servicing
restaurant chains and food retailers in Moscow, and

   -- a capable management team comprising a number of highly
qualified professionals.

The bank's FSR is constrained by a large exposure to related
parties, which at year-end 2005 was equal to 78% of
shareholders' equity.  Such a high volume of lending to related
parties, as well as a special arrangement with the bank's
ultimate controllers providing them with a certain investment
guarantee arouses concerns over the quality of a part of the
bank's capital.  Significant single-party concentrations on both
sides of the bank's balance sheet also weigh negatively on its
ratings.  At year-end 2005, the twenty largest borrowers made up
73% of the bank's loan portfolio, while the top twenty
depositors accounted for 47% of total customer funds.

Other negative rating drivers are:

   -- insufficient track record of good financial performance as
the bank suffered losses under IFRS in 2003 and   
demonstrated modest profitability in 2004, and

   -- exposure to market risk due to substantial involvement in
securities trading.

The B3/NP foreign currency deposit ratings do not incorporate
possible support from the bank's shareholders.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain.  Given the bank's size and
market position, any support from the Russian financial
authorities is unlikely.

Expobank is headquartered in Moscow, Russian Federation.  The
bank reported total assets of US$440 million and shareholders'
equity of US$63 million in accordance with IFRS as of
Dec. 31, 2005.  According to Interfax, Expobank ranked 85th in
terms of total assets and 88th in terms of capital among Russian
banks as at March 1, 2006.


LESOZAVODSK-AGRO-PROM-SERVICE: Bankruptcy Supervision Starts
------------------------------------------------------------
The Arbitration Court of Primorye Region has commenced
bankruptcy supervision procedure on OJSC Lesozavodsk-Agro-Prom-
Service.  

The case is docketed under Case No. A51-5407/2006/11-131.

The Temporary Insolvency Manager is:

         O. Babyuk
         Post User Box 35
         Ussuriysk-10
         692510 Primorye Region
         Russia

The Debtor can be reached at:

         OJSC Lesozavodsk-Agro-Prom-Service
         Kurskaya Str. 1.
         Lesozavodsk
         Primorye Region
         Russia


NASLEDNITSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region has commenced
bankruptcy supervision procedure on CJSC Naslednitskoye.  The
case is docketed under Case No. A76-1159/2006-55-22.

The Temporary Insolvency Manager is:

         S. Shtajda
         Post User Box 197
         Sovetskaya Str. 1/5
         Chaykovskiy
         617762 Perm Region Russia
         Tel/Fax: (34241) 6-13-88, 6-07-41

The Debtor can be reached at:

         CJSC Naslednitskoye
         Novostroiki Str. 3
         Naslednitskiy
         Bredinskiy Region
         457345 Chelyabinsk Region
         Russia


NOGLIKSKAYA GAS: Court Starts External Management Procedure
-----------------------------------------------------------
The Arbitration Court of Sakhalin Region has commenced external
management bankruptcy procedure on OJSC Noglikskaya Gas Electric
Station (TIN 6513012267).  The case is docketed under Case No.
A59-2907/05-S4.

The External Insolvency Manager is:

         V. Biryukov
         Post User Box 1/17
         Main Post Office
         680000 Khabarovsk Region
         Russia

The Debtor can be reached at:

         OJSC Noglikskaya Gas Electric Station
         Post User Box 40
         Nogliki
         694450 Sakhalin Region
         Russia


NOVOLIPETSK STEEL: Declares Interim Dividend for 2006
-----------------------------------------------------
OJSC Novolipetsk Steel's Board of Directors recommended for the
approval of shareholders an interim dividend in respect of the
first six months of 2006 of RUR1.5 per ordinary share (1 Global
Depositary Share = 10 ordinary shares).

Payment of the dividend is subject to shareholder' approval at
the Extraordinary General Meeting of NLMK on Sept. 29.  The
payment procedure is exercised in accordance with the following
cash dividend process:

   -- NLMK transfers funds for dividend payments on Global
Depositary Shares (GDSs) to the depositary bank on Nov.
23.  Depositary bank sets payment date no later than 5
days after receipt of funds.  Dividends on GDSs will be
paid, by default, in U.S. dollars based on USD/RUR spot
F/X rate on the day of currency conversion by the
depositary bank.

   -- dividends on ordinary shares are paid within three months
after the approval at the Extraordinary General Meeting of
NLMK.

The Board of Directors approved a record date for the half-
yearly dividend of Aug. 16 (00.00).

                       About the Company

Headquartered in the Lipetsk Region of the Russian Federation,
Novolipetsk Steel (LSE: NLMK), a Russian open joint-stock
company, was established as a state owned enterprise in 1931 and
was privatized in 1993, as part of the Russian privatization
program.  NLMK is the fourth largest Russian steel producer in
terms of tonnage.  It operates an integrated plant with complete
metallurgical cycle with a total crude steel output of 9.1
million tons (in 2004).  About 73% of NLMK's output is exported,
mainly to South East Asia (representing 21% of exports), the
European Union (29%) and North America (23%).

                        *     *     *

As reported in TCR-Europe on July 14, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russia-
based steelmaker OJSC Novolipetsk Steel to 'BB+' from 'BB'.  The
outlook is stable.  The Russia national scale rating was also
raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


OLA-AUTO-TRANS: Court Names N. Alekseeva as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Magadan Region appointed Ms. N.
Alekseeva as Insolvency Manager for OJSC Ola-Auto-Trans.  She
can be reached at:

         N. Alekseeva
         Office 81
         Proletarskaya Str. 12
         685000 Magadan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1009/06-11B.

The Debtor can be reached at:

         OJSC Ola-Auto-Trans
         Melioratorov Str. 1
         Ola
         Olskiy Region
         Magadan Region
         Russia


REIMPEX SAMARA TRANSIT: A. Romanova to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Samara Region appointed Ms. A. Romanova
as Insolvency Manager for CJSC Financial Company Reimpex Samara
Transit, Trust and Investments (TIN 6316055864).  She can be
reached at:

         A. Romanova
         Post User Box 15360
         433009 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-4336/2006.

The Debtor can be reached at:

         CJSC Financial Company Reimpex Samara
         Transit, Trust and Investments
         Maslennikova Pr., 25.
         443056 Samara Region
         Russia


REINFORCED CONCRETE: S. Golyanskiy to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed S.
Golyanskiy as Insolvency Manager for LLC Factory of Reinforced
Concrete Constructions (TIN 0277063160).  

He can be reached at:

         S. Golyanskiy
         Post User Box 58
         OPS-9
         Nefteyugansk
         628309 Tyumen Region
         Russia
         Tel/Fax: 8-34612-725-65

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-50188/05-G-KhRM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Factory of Reinforced Concrete Constructions
         Gorkogo Str. 83
         Ufa
         450112 Bashkortostan Republic
         Russia


SLAVIC VILLAGE: Court Names V. Kryslova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Samara Region appointed Ms. V. Kryslova
as Insolvency Manager for CJSC Agricultural Industrial Company
Slavic Village.  She can be reached at:

         V. Kryslova
         Apartment 60
         Demokraticheskaya Str. 3
         443031 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-30015/2005.

The Debtor can be reached at:

         CJSC Agricultural Industrial Company Slavic Village
         Komsomolskaya Str. 90
         Krasnyj Yar
         Krasnoyarskiy Region
         446370 Samara Region
         Russia


SPIRIT: Novosibirsk Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Novosibirsk Region has commenced
bankruptcy supervision procedure on OJSC Spirit.  The case is
docketed under Case No. A45-10075/06-06-29-158.

The Temporary Insolvency Manager is:

         S. Lebedev
         Office 7
         Kamenskaya Str. 64a
         630091 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Spirit
         Omskaya Str. 1
         Kuybyshev
         632381 Novosibirsk Region
         Russia


WINERY BALTIKA: Kaliningrad Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Kaliningrad Region has commenced
bankruptcy supervision procedure on LLC Winery Baltika.
The case is docketed under Case No. A21-1217/2006.  

The Temporary Insolvency Manager is:

         V. Zubak
         Room 19
         Inzhenernaya Str. 2
         Kaliningrad Region
         Russia
         Tel: 8-4012-57-87-50

The Debtor can be reached at:

         Winery Baltika
         Room 19
         Inzhenernaya Str. 2
         Kaliningrad Region
         Russia
         Tel: 8-4012-57-87-50


YUKOS OIL: Foreign Executives Subject to Russian Criminal Probe
---------------------------------------------------------------
The Russian Prosecutor General's Office has launched a criminal
case against former OAO Yukos Oil Co. President Steven Theede
and three other executives, accusing them of money laundering
and embezzlement, according to published reports.

The Russian authorities allege that Mr. Theede, along with:

   -- Bruce Misamore, former manager of Yukos Finance BV;

   -- David Godfrey, Yukos's former managing adviser; and

   -- Tim Osborne, a director of Group Menatep, Yukos's largest
      shareholder,

used a Dutch-based foundation to illegally gain control of US$10
billion in company assets beyond the reach of liquidation
proceedings, the Washington Post relates.

In a statement posted in its Web site, the prosecutors said the
four "took advantage of their official positions to steal and
legalize property that had been trusted to them, which caused
considerable damage to the owner."

Claire Davidson, a spokeswoman for Yukos's former management,
said that overseas assets were placed in a Netherlands
foundation in accordance with Dutch law, to ensure that proceeds
from their sale would be distributed only to creditors
recognized in Dutch court, Andrew E. Kramer writes for The New
York Times.  

Ms. Davidson said Yukos has registered its overseas assets in
the Netherlands, which amounted to roughly US$2 billion, Mr.
Kramer reports.

According to BBC News, the investigation was announced after a
Dutch court refused to grant Russian liquidators full control
over Yukos's Dutch subsidiary.  It also refused to allow Eduard
Rebgun, appointed by a Moscow bankruptcy court to handle the
Debtor's liquidation, the right to veto more than US$1.3 million
in deals, BBC relates.

The Moscow Arbitration Court has recognized a combined US$16.2
billion in claims from the tax authorities and state-owned OAO
Rosneft Oil Co. while Dutch courts have recognized a US$750
million claim by a GML subsidiary (formerly Menatep) and a
US$482 million claim by Rosneft, the Times reports.

                           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 $9.35 billion, as
payment for $27.5 billion in tax arrears for 2000- 2003.  
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than $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 $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 $1.49 billion Share Sale and Purchase
Agreement with PKN Orlen S.A., Poland's largest oil refiner, for
its Mazeikiu ownership stake.  The move was made a day after the
Manhattan Court lifted an order barring Yukos from selling its
controlling stake in the Lithuanian oil refinery.

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

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


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


724 SOLUTIONS: Court Gives Final Approval on Plan of Arrangement
----------------------------------------------------------------
The Ontario Superior Court of Justice has issued the final order
approving 724 Solutions Inc.'s plan of arrangement whereby 724
Holdings, Inc., an affiliated entity of Austin Ventures, would
acquire all the outstanding common shares of 724 Solutions not
owned by Austin Ventures or John J. Sims, the Company's Chief
Executive Officer.  

In so issuing the final order, the Court determined, based upon
the evidence presented, that the terms and conditions of the
arrangement are fair and reasonable to the parties affected.

The arrangement was completed on Aug. 15, subject to
satisfaction of other closing conditions.  Upon closing of the
arrangement, holders of common shares will receive US$3.34 per
common share and holders of options having an exercise price
less than US$3.34 will receive a cash payment in an amount per
share equal to the difference between US$3.34 and the exercise
price, and all outstanding options will be cancelled.

                       About 724 Solutions

Based in Santa Barbara, California, 724 Solutions Inc. (TSX:SVN)
(Pink Sheets:SVNX) -- http://www.724.com/-- delivers technology  
and solutions that allow mobile network operators and virtual
network operators to rapidly deploy flexible and open next
generation IP-based network and data services.  724 Solutions is
a global company with development operations in Canada and
Switzerland.

At March 31, 2006, the Company's balance showed a stockholders'
deficit of US$321,000, compared to a deficit of US$2,382,000 at
Dec. 31, 2005.


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


ANTRATSIT-REGION: Donetsk Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Antratsit-Region (code EDRPOU
31906999) on May 26.  

The case is docketed under Case No. 42/98 b.  

The Temporary Insolvency Manager is:

         Anatolij Dmitrichenko
         Cheluskintsiv Str. 107/45
         83000 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Antratsit-Region
         Artema Str. 1-a
         83086 Donetsk Region
         Ukraine


APEDEMAK: Harkiv Court Names Sergij Moroz as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Harkiv Region appointed Sergij Moroz as
Liquidator/Insolvency Manager for LLC Apedemak (code EDRPOU
33605965).  He can be reached at:

         Sergij Moroz
         Kotlova Str. 205
         61000 Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. 39/157-05.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Apedemak
         Shevchenko Str. 235
         Harkiv Region
         Ukraine


AVTODETAL: Court Names Yevgen Shevtsov as Insolvency Manager
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Yevgen
Shevtsov as Liquidator/Insolvency Manager for OJSC Avtodetal
(code EDRPOU 00232294).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 22.  

The case is docketed under Case No. B 24/141/06.

         He can be reached at:  
         Yevgen Shevtsov
         a/b 3925
         49069 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:

         OJSC Avtodetal1
         Robocha Str. 23-v
         49000 Dnipropetrovsk Region
         Ukraine


CENTROSTALKONSTRUKTSIYA-1: Olena Zolotoverh to Liquidator Assets
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Olena Zolotoverh as
Liquidator/Insolvency Manager for LLC Centrostalkonstruktsiya-1
(code EDRPOU 31820922).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 195/2b-2006.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Centrostalkonstruktsiya-1
         Levanevskij Str. 85-A
         Bila Tserkva
         09100 Kyiv Region
         Ukraine


ELITMIKS: Donetsk Court Names E. Golub as Liquidator
----------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. E. Golub as
Liquidator/Insolvency Manager for LLC Elitmiks (code EDRPOU
33621273).  He can be reached at:  

         E. Golub
         Illich Str. 83
         83003 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 22.  The case is docketed
under Case No. 42/124.

The Debtor can be reached at:

         LLC Elitmiks
         Zaovrazhna Str. 29/5
         83047 Donetsk Region
         Ukraine


GUTA: Lviv Court Starts Bankruptcy Supervision
----------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on CJSC Guta (code EDRPOU 00290417) on
April 14.  The case is docketed under Case No. 6/59-4/95.  

The Temporary Insolvency Manager is:

         Diana Shlapak
         Ogiyenko Str. 9/5
         Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         CJSC Guta
         Hodovichi
         Strijskij District
         82428 Lviv Region
         Ukraine


INTEM: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Innovating-Scientific-Production
Firm Intem (code EDRPOU 16473775) on June 27.  The case is
docketed under Case No. 201/2b-2006.

The Temporary Insolvency Manager is:

         Olena Zzolotoverh
         Igoreva Str. 15
         Kalinivka
         07443 Kyiv Region
         Brovari District
         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 Innovating-Scientific-Production Firm Intem
         Igoreva Str. 15
         Kalinivka
         07443 Kyiv Region
         Brovari District
         Ukraine


MRIYA: Kyiv Court Names G. Serputko as Insolvency Manager
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. G. Serputko as
Liquidator/Insolvency Manager for Agricultural LLC Mriya (code
EDRPOU 03753645).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Mriya
         Vilhovets
         Boguslavskij District
         Kyiv Region
         Ukraine


KANTSERIVKA: Court Names Igor Bondarenko as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Igor
Bondarenko as Liquidator/Insolvency Manager for CJSC Kantserivka
(code EDRPOU 13610409).  He can be reached at:  

         Igor Bondarenko
         Mayakovskij Avenue 12/31
         Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 21.  The case is docketed
under Case No. 25/119/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         CJSC Kantserivka
         Shidna Str. 6
         Petrivske
         Zaporizhya District
         70421 Zaporizhya Region
         Ukraine


PROCREDIT UKRAINE: Fitch Affirms Foreign Currency IDR at BB-
------------------------------------------------------------
Fitch Ratings assigned ProCredit Bank Ukraine a National Long-
term AAA rating with a Stable Outlook.  Procredit Ukraine's
other ratings are affirmed at foreign currency Issuer Default
BB-, Short-term B, local currency Issuer Default BB and Short-
term B, Individual D and Support 3.  The Outlooks on the IDRs
are Stable.

At the same time, Fitch has assigned ProCredit Ukraine's
upcoming four-year UAH175 million bond issue, with a two-year
put option, an expected National Long-term AAA rating.  The
final rating is contingent upon receipt of final documentation
conforming materially to information already received.

The bank's obligations under the issue will rank at least pari
passu with the claims of other senior unsecured creditors of
ProCredit Ukraine, save those preferred by relevant legislation.
Under Ukrainian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-2005, retail
deposits accounted for 32% of ProCredit Ukraine's non-equity
funding, according to the bank's IFRS accounts.

ProCredit Ukraine's ratings reflect the potential support
available from its shareholders, if needed.  Fitch's view of the
strong propensity of the bank's 60% owner, Frankfurt-based
ProCredit Holding AG, to provide support considers the
centralization of the bank's control functions and risk
management policies and procedures with the parent and the
bank's high degree of integration with the ProCredit group.

However, the Country Ceiling BB- of Ukraine limits the extent to
which support can be factored into the foreign currency IDR and
country risks also affect the local currency IDR.  The
Individual rating reflects the bank's small size and credit and
operational risks associated with its expansion.  However,
capitalization is currently acceptable, asset quality has been
good to date, liquidity is satisfactory and profitability is
improving.

ProCredit Ukraine forms part of a global network of 19 banks set
up by private and public investors to provide financing to
micro- and small- to medium-sized enterprise customers in
developing markets in Eastern Europe, Latin America and Africa.

At end-May 2006 group total assets amounted to around EUR2.5
billion.  PCH is responsible for group administration, strategy,
risk management controls and supervision.  In addition to PCH,
ProCredit Ukraine's other shareholders are the European Bank for
Reconstruction and Development and Western NIS Enterprise Fund,
both of which have a 20% stake in the bank.


TEHPROMSERVICE: Court Names Nataliya Chesnova as Liquidator
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Nataliya
Chesnova as Liquidator/Insolvency Manager for LLC Tehpromservice
(code EDRPOU 31155019).  She can be reached at:  

         Nataliya Chesnova
         a/b 2047
         49033 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. B 26/161/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Tehpromservice
         Dzerzhinskij Str. 1/65
         49000 Dnipropetrovsk Region
         Ukraine


TRANS SERVICE D: Court Names Irina Senchenko as Liquidator
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Irina
Senchenko as Liquidator for LLC Trans Service D (code EDRPOU
31381525).  He can be reached at:  

         Irina Senchenko
         Petrovskij Avenue 50-A/33
         49017 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 13.  The case is docketed
under Case No. B 40/140/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Trans Service D
         Peremogi Str. 37/100
         20 Rokiv
         49127 Dnipropetrovsk Region
         Ukraine


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


1ST ONSITE: Taps Purnells as Joint Administrators
-------------------------------------------------
Susan Purnell and Leigh-Jane Holmes of Purnells were appointed
joint administrators of 1st Onsite Security Limited (Company
Number 04077944) on July 18.

The administrators can be reached at:

         Purnells
         St. Marks House
         3 Gold Tops
         Newport
         South Wales NP 20 4PG
         United Kingdom
         Tel: 01633 214712
         Fax: 01633 246599

1st Onsite Security Limited can be reached at:

         Unit 1-4
         Woodlands Workshops
         Coedcae Lane
         Pontyclun
         Mid Glamorgan CF729DW
         United Kingdom
         Tel: 01443 224 750
         Fax: 01443 231 171


4 CONVENIENCE: Brings In David Elliott to Liquidate Assets
----------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed Liquidator of
4 Convenience Limited on May 24 by resolutions of members and
creditors.

The company can be reached at:

         4 Convenience Limited
         Marina Dr
    Hoo
    Rochester
    Kent ME3 9TQ
    United Kingdom
    Tel: 01634 254 341


ABITIBI-CONSOLIDATED: Suspends Second Quarter Dividend Payment
--------------------------------------------------------------
Abitibi Consolidated Inc. reported second quarter net earnings
of US$157 million.  This compares to a loss of US$43 million
recorded in the second quarter of 2005.  

Included in the quarter's results are after-tax specific items:
a gain on translation of foreign currencies of US$130 million
and a positive income tax adjustment of US$63 million, related
to the reduction in the Canadian federal income tax rate.

In conjunction with the release of its second quarter results,
the Company disclosed that it:

   -- intends to proceed with an IPO of an Ontario hydro income
      fund;

   -- plans to acquire remaining interest in Augusta Newsprint
      Company;

   -- intend to sell woodlands to be acquired with Augusta
      Newsprint Company; and

   -- will suspend quarterly dividend.

The operating profit in the quarter is US$48 million, compared
with an operating profit of US$57 million in the same quarter of
2005.

The reduction of operating profit from continuing operations is
mainly attributable to the strength of the Canadian dollar,
lower prices in the Wood Products segment and higher cost of
products sold in the Commercial Printing Papers segment.  These
were partially offset by higher prices in the Company's two
paper segments and lower amortization.  The 10.8% appreciation
of the Canadian dollar, compared to the US dollar, is estimated
to have had an unfavorable impact of US$83 million on the
quarterly operating results, compared to the same period last
year.

"The Operations Review undertaken in 2005 is yielding the
desired results.  In both Q1 and Q2, we have generated increased
newsprint EBITDA and margins on reduced sales volumes.  In fact,
we shipped 13% less newsprint in the second quarter yet
increased EBITDA by 19%, compared to the same quarter last
year," said John Weaver, President and CEO.

The Company intends to proceed with an initial public offering
of an income fund that would hold a minority interest in all of
Abitibi-Consolidated's Ontario hydroelectric assets.  The income
fund is intended to be the Company's growth vehicle in energy
generation.  Subject to receipt of the necessary licenses and
approvals, the offering would be expected to close in the fourth
quarter of 2006.

Subject to the closing of the IPO, the Company also intends to
exercise its option to acquire the remaining 47.5% interest in
Augusta Newsprint Company, a company operating a newsprint mill
in Augusta, Georgia.  This transaction should close during the
fourth quarter of 2006.  Concurrently, Abitibi-Consolidated
intends to proceed with the sale of 55,000 acres of woodlands
related to the Augusta operation.

The Company is also suspends quarterly dividend.  "Albeit a
difficult decision, this is the right action given today's
context," stated Mr. Weaver.

The Company's four actions are expected by themselves to further
reduce debt starting in 2007 as well as provide liquidity and
improve profitability.  "We all recognize that this is a
challenging time and we remain committed to doing what it takes
to return the Company to profitability and to fully realize the
intrinsic value of our assets," added Mr. Weaver.

Abitibi-Consolidated is a global leader in newsprint and
commercial printing papers as well as a major producer of wood
products, serving clients in some 70 countries from its 45
operating facilities.  Abitibi-Consolidated is among the largest
recyclers of newspapers and magazines in North America,
diverting annually approximately 1.9 million tons of waste paper
from landfills.  It also ranks first in Canada in terms of total
certified woodlands.

                         *     *     *

As reported in the Troubled Company Reporter on May 1, Dominion
Bond Rating Service confirmed the ratings of Abitibi-
Consolidated Inc., and Abitibi-Consolidated Company of Canada at
BB (low).


AMAZON PERSONNEL: Calls In Liquidator from Marriotts LLP
--------------------------------------------------------
Anthony Harry Hyams of Marriotts LLP was appointed Liquidator of
Amazon Personnel Limited at an extraordinary general meeting on
May 18.

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

The company can be reached at:

         Amazon Personnel Limited
    6a Junction Mews
    London W2 1PN
    United Kingdom
    Tel: 020 7706 9345


ANTUR CWM: Hires J. Burkinshaw to Liquidate Assets
--------------------------------------------------
J. Burkinshaw was appointed Liquidator of Antur CWM TAF/TYWI
Limited on May 24 by resolutions of members and creditors.

The company can be reached at:

         Antur CWM TAF/TYWI Limited
    St. Clears Business Park
    Tenby Road
    St. Clears
    Carmarthen
    Dyfed SA334JW
    United Kingdom
    Tel: 01994 230 003
    Web: http://www.brobeca.co.uk
         http://www.ynnisirgar.org.uk


APOLLO COACHWORKS: Appoints Fisher Partners as Administrators
-------------------------------------------------------------
Stephen M. Katz and David Birne of Fisher Partners were
appointed joint administrators of Apollo Coachworks Limited
(Company Number 04108063) on July 17.

The administrators can be reached at:

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

Headquartered in Hertfordshire, United Kingdom, Apollo
Coachworks Limited maintains and repairs cars.


ARROW ELECTRONICS: Earns US$92.8 Million in 2006 Second Quarter
-------------------------------------------------------------
Arrow Electronics, Inc., reported second quarter 2006 net income
of US$92.8 million on sales of US$3.44 billion, compared with
net income of US$58.4 million on sales of US$2.77 billion in the
second quarter of 2005.  The 24% increase in sales year-over-
year included 14% organic growth and 10% growth as a result of
acquisitions.   

Operating income in the second quarter of 2006 and 2005 was
US$163.1 million and US$118.8 million, respectively.

Arrow's net income for the first six months of 2006 was US$174.3
million on sales of US$6.63 billion, compared with net income of
US$115.6 million on sales of US$5.49 billion in the first six
months of 2005.

"We once again had an excellent quarter as our ongoing
initiatives, coupled with favorable conditions in the
marketplace, led to record second quarter sales and earnings in
excess of our expectations.  We also delivered our highest
second quarter return on invested capital in ten years," said
William E. Mitchell, Chairman, President and Chief Executive
Officer.  

"We continue on our path of consistent execution with 14
consecutive quarters of year-over-year sales growth, and we are
very proud of our progress in driving operational excellence
into all parts of our business."

Worldwide components sales of US$2.76 billion increased 6%
sequentially and 27% over last year, while operating income
increased 11% sequentially and 42% over last year.  Sales on a
pro forma basis, including Ultra Source Technology Corp. in the
second quarter of 2005, increased 20% year-over-year.  "Each of
our components businesses around the world achieved sequential
growth and impressive year-over-year increases in sales and
operating income," stated Mr. Mitchell.  

"In North America, sales reached their highest level since the
first quarter of 2001, while we drove operating expenses as a
percentage of sales down 150 basis points year-over-year.  Sales
in Europe reached all-time highs while improving operating
income almost 60% year-over-year, and Asia/Pacific sales broke
records again with significant improvements in profitability,"
added Mr. Mitchell.

Worldwide computer products sales increased 17% sequentially in
this seasonally strong quarter, and increased 14% year-over-
year.  Sales for the Enterprise Computing Solutions business on
a pro forma basis, including DNSint.com AG in the second quarter
of 2005, decreased 2% year-over-year.  "Our enterprise computing
business continued to demonstrate solid profitability and
returns.

Growth was driven by strong performance in storage, industry
standard servers, and our European enterprise business, offset
by weakness in the broad proprietary server market and software
in North America," said Mr. Mitchell.

The company's results for the second quarter of 2006 and 2005
include these items that impact their comparability:

   -- during the second quarter of 2006, the company recorded
      US$3.1 million of restructuring charges.  Included in the
      restructuring charges is approximately US$2.4 million
      related to previously announced actions the company has
      committed to take in an ongoing effort to improve its
      operating efficiencies.  These previously announced
      actions are expected to generate annual cost savings of
      approximately US$6 million beginning in 2007.  The
      estimated restructuring charges to be recorded over the
      next several quarters associated with these actions total
      approximately US$1 million;

   -- during the second quarter of 2005, the company recorded
      restructuring charges related to additional actions to
      better optimize the use of its mainframe, reduce real
      estate costs, be more efficient in its distribution
      centers, and to be more productive in the amount of
      US$4.8 million;

   -- during the second quarter of 2005, the company
      repurchased, through a series of transactions,
      US$80.8 million accreted value of its zero coupon
      convertible debentures due in 2021, which could have been
      put to the company in February 2006.  The related loss on
      the repurchase, including the premium paid and the write-
      off of related deferred financing costs, aggregated
      US$1.7 million;

   -- at July 1, 2005, the company determined that an other-
      than-temporary decline in the fair value of an investment
      occurred, and, accordingly, during the second quarter of
      2005, the company recorded a loss on the write-down of an
      investment of US$3 million.

"We expect the components market to return to more normal,
steady conditions in the third quarter after having experienced
an uptick in demand over the last few quarters.  Based upon the
information known to us today, we anticipate traditional
seasonality for our businesses next quarter, as markets remain
rational and disciplined in all of the regions in which we
operate.  In Asia/Pacific, we expect to see an uptick in demand
in preparation for the typical holiday build.  Both Europe,
because of its extended holiday period, and Enterprise Computing
Solutions, due to typical third quarter seasonality, are
expected to see a drop off in activity levels.  In North
American components, fewer shipping days may cause a
corresponding drop in sales," said Paul J. Reilly, Senior Vice
President and Chief Financial Officer.  

"We believe this will result in sales between US$3.275 and
US$3.425 billion for the upcoming quarter.  We anticipate
worldwide components sales between US$2.67 and US$ 2.77 billion
and sales for worldwide computer products to be between US$605
and US$655 million. Earnings per share on a diluted basis,
including the impact of expensing stock options in accordance
with FASB Statement No. 123(R) estimated at approximately US$.02
per share, are expected to be in the range of US$.68 to US$.72,
excluding any charges.  Excluding the impact of restructuring
and other charges, and the expensing of stock options, diluted
earnings per share for the third quarter are expected to
increase 35% to 42% from last year's third quarter," added Mr.
Reilly.

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- is a global provider of products,  
services and solutions to industrial and commercial users of
electronic components and computer products.  Arrow serves as a
supply channel partner for nearly 600 suppliers and more than
130,000 original equipment manufacturers, contract manufacturers
and commercial customers through a global network of over 270
locations in 53 countries and territories.

                         *     *     *            

Arrow Electronics carries Fitch's 'BB+' issuer default rating.  
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


AVIALL INC: Launches Tender Offering for 7-5/8% Senior Notes
------------------------------------------------------------
Aviall Inc. commenced a cash tender offer for any and all of its
outstanding 7-5/8% Senior Notes due 2011 (CUSIP No. 05366BAB8).  

There are US$200 million in original aggregate principal amount
of Notes outstanding.

In conjunction with the tender offer, the Company is soliciting
the consent of holders of at least a majority in aggregate
outstanding principal amount of the Notes to amendments to the
indenture under which the Notes were issued.  If adopted, the
amendments would eliminate substantially all of the restrictive
covenants and certain events of default contained in the
indenture.  

The terms and conditions of the tender offer are set forth in an
Offer to Purchase and Consent Solicitation Statement dated
August 14.  The tender offer will expire at 5:00 p.m., New York
City time, on Sept. 12, unless extended or earlier terminated as
described in the Offer.  Holders of the Notes cannot tender
their Notes without delivering their consents to the amendments
and cannot deliver consents without tendering their Notes.

As described in the Offer, the Total Consideration for each
US$1,000 principal amount of Notes validly tendered and
purchased in the Offer will be a price determined by reference
to the bid-side yield to maturity of the 3.625% U.S. Treasury
Note due June 30, 2007 as of 10:00 a.m., New York City time, on
Aug. 25, 2006, unless extended, plus 50 basis points.  The Total
Consideration includes a consent payment of US$30 per US$1,000
principal amountof Notes that will be payable to holders who
validly tender their Notes and deliver consents on or prior to
5:00 p.m., New York City time, on Aug. 25, 2006, unless extended
and their Notes are accepted for purchase.

Holders who validly tender Notes after the Consent Payment
Deadline but on or prior to the Expiration Time will be entitled
to receive the Tender Offer Consideration, which is equal to the
Total Consideration less the consent payment.  In either case,
tendering holders will receive accrued and unpaid interest from
the most recent payment of semi-annual interest preceding the
Payment Date up to, but not including, the Payment Date.

The tender offer is subject to the satisfaction of certain
conditions, including:

   -- the consummation of the acquisition of the Company by The
      Boeing Company, as announced on May 1, 2006;

   -- the receipt of the requisite consents from the holders of
      at least a majority in aggregate principal amount of Notes
      and the execution of a supplemental indenture giving
      effect to the proposed amendments to the indenture for
      the Notes described above; and

   -- certain other customary conditions.

Headquartered in Dallas, U.S.A., with customer service centers
located in North America, Europe and Asia, Aviall Inc. (NYSE:
AVL) -- http://www.aviall.com/-- is the world's largest  
independent provider of new aviation parts and related
aftermarket services.

Aviall markets and distributes products for approximately 220
manufacturers and offers approximately 700,000 catalog items.
Aviall also offers a full line of aviation batteries, hoses,
wheels and brakes, and paint services.

                        *     *     *

As reported on the Troubled Company Reporter on May 3, 2006,
Standard & Poor's Ratings Services placed its ratings on Aviall
Inc., including the 'BB' corporate credit rating, on CreditWatch
with positive implications.

As reported on the Troubled Company Reporter on Mar. 22, 2006,
Moody's Investors Service raised the ratings Aviall, Inc.,
Corporate Family Rating to Ba2 from Ba3, prompted by a
continuing trend towards improvement in operating results as
well as by the company's recent successful win of a long term
distribution agreement with Smiths Aerospace LLC.  The rating
outlook has been changed to stable from positive.


BREEZE CLEANING: Nominates Gary Stones as Liquidator
----------------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of Breeze
Cleaning (Wales) Limited on May 25 after creditors agreed to
voluntarily wind up the company.

The company can be reached at:

         Breeze Cleaning (Wales) Limited
    Unit 3
    Beeches Industrial Estate
    Coedcae Lane
    Pontyclun
    Mid Glamorgan CF72 9DY
    United Kingdom
         Tel: 01443 239510


CERYPSA U.K.: Names John Paul Bell as Administrator
---------------------------------------------------
John Paul Bell of Clarke Bell was named administrator of Cerypsa
U.K. Limited (Company Number 04255432) on July 13.

The administrator can be reached at:

         Clarke Bell
         Parsonage Chambers
         3 The Parsonage
         Manchester M3 2HW
         United Kingdom
         Tel: 0161 907 4044
         Fax: 0161 907 4086
         E-mail: clarkebell@mac56.com

Headquartered in Manchester, United Kingdom, Cerypsa U.K.
Limited distributes ceramic tiles.


COLLINS & AIKMAN: Plans to Turn Over Collateral to Mayer Textile
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
previously approved a stipulation between Collins & Aikman
Corporation, its debtor-affiliates and Mayer Textile Machine
Corporation regarding the adequate protection of a secured claim
filed by Mayer.  The Debtors are required to pay Mayer monthly
adequate protection payments of US$20,000.

The Debtors are winding down their Fabrics Business and
production will cease shortly.  Mayer has security interest in
the equipment used in the Fabrics business.  Since the Debtors
will not need the Collateral when production ceases, the
Collateral will need to be sold or returned to Mayer.

After a lengthy marketing process, no entities offered to pay
more for the Collateral than Mayer's secured claims.  In this
regard, the Debtors and Mayer agreed that after the Debtors are
done using the Collateral, they would return it to Mayer in
exchange for Mayer waiving its claims.

The Debtors ask the Court to approve a stipulation with Mayer
regarding the Collateral return.  The Stipulation provides that:

   -- the Debtors stipulate to the validity and first priority
      of Mayer's liens on the Collateral and the Mayer Claim
      Amounts;

   -- while the Debtors maintain possession of the Collateral,

      (i) the Debtors will maintain the Collateral in reasonably
      good working order and will make or seek to make
      reasonable repairs,

      (ii) the Debtors will keep the Collateral insured, and

      (iii) Mayer may inspect and re- the Collateral;

   -- the Debtors will provide Mayer with the right to repossess
      the Collateral no later than October 1, 2006, at no cost
      to the Debtors, and unless Mayer elects not to repossess
      the Collateral, the Debtors will not sell, transfer, lease
      or otherwise dispose of any of the Collateral without
      Mayer's prior written consent;

   -- if Mayer repossesses the Collateral, adequate protection
      payments by the Debtors to Mayer will cease and Mayer will
      waive any claim against the Debtors;

   -- if Mayer elects not to repossess the Collateral and the
      Debtors sell the Collateral, Mayer will be:

      (a) allowed to credit bid, and

      (b) entitled to a right of first refusal for an amount no
      less than such offer;

   -- if Mayer does not repossess the Collateral, Mayer will
      retain its claims against the Debtors, which will be
      allowed in accordance with Section 506 of the Bankruptcy
      Code.  If the Collateral is sold, all proceeds -- net of
      reasonable expenses of the sale -- up to the amount of the
      Mayer Claim Amounts will be turned over to Mayer and
      applied against Mayer's claim; and

   -- in no event will Mayer be liable for any excise, sales and
      other taxes or charges relating to the Collateral for any
      period that the Debtors had possession of the Collateral.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leadingsupplier of instrument panels, automotive fabric,
plastic-basedtrim, and convertible top systems.  The Company has
a workforce of approximately 23,000 and a network of more than
100 technical centers, sales offices and manufacturing sites in
17 countries throughout the world.  The Company has operations
in the U.K., Germany, Czech Republic, Italy, Spain, the
Netherlands, France and Sweden.

The Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. CaseNo. 05-55927).  
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A
in its restructuring.  Lazard Freres & Co., LLC, provides the
Debtor with investment banking services.  Michael S. Stammer,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Panel Seeks Supply Contract Info from Ford, GM       
----------------------------------------------------------------
Pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure, the Official Committee of Unsecured Creditors of
Collins & Aikman Corporation and its debtor-affiliates want to
conduct examinations and obtain documents from the Debtors'
three largest customers, Ford Motor Corporation, General Motors
Corporation, and DaimlerChrysler Corporation, and their advisors
including Stout Risius Ross, Inc., and BBK, Ltd.

The Committee wishes to obtain additional evidence relating to
potential causes of action that may be asserted against these
principal customers under applicable fraudulent transfer and
antitrust laws.

In particular, the Committee wants information concerning
prepetition terms and conditions under which the Debtors
supplied goods and services to the Principal Customers and the
extent to which the Debtors were provided with reasonably
equivalent value in exchange for them.  In addition, the
Committee wants to investigate whether the Principal Customers
exchanged competitively sensitive information concerning pricing
and other terms of their dealings with the Debtors.

Thomas B. Radom, Esq., at Butzel Long, in Bloomfield Hills,
Michigan, explains that the Debtors are heavily dependent on the
Principal Customers.  Before the Petition Date, the Debtors had
no choice but to supply them pursuant to burdensome and
unprofitable contracts that are a continuing cause of the
Debtors' liquidity crisis.  The Committee believes that the
Debtors' performance under those contracts gave rise to numerous
causes of action.  In addition, the Committee believes that the
Principal Customers may have unlawfully coordinated their
behavior vis-a-vis the Debtors.

Mr. Radon relates that the Committee requires the information to
acquit adequately and appropriately its fiduciary obligations to
the Debtors' unsecured creditors.

Accordingly, the Committee asks the U.S. Bankruptcy Court for
the Eastern District of Michigan to:

   -- permit it to serve on the Principal Customers requests
      for documents;

   -- require the Principal Customers to produce the documents
      responsive to the requests; and

   -- direct each Principal Customer to appoint a corporate
      designee most knowledgeable about the topics requested and
      require that designee to submit to an examination.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leadingsupplier of instrument panels, automotive fabric,
plastic-basedtrim, and convertible top systems.  The Company has
a workforce of approximately 23,000 and a network of more than
100 technical centers, sales offices and manufacturing sites in
17 countries throughout the world.  The Company has operations
in the U.K., Germany, Czech Republic, Italy, Spain, the
Netherlands, France and Sweden.

The Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. CaseNo. 05-55927).  
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A
in its restructuring.  Lazard Freres & Co., LLC, provides the
Debtor with investment banking services.  Michael S. Stammer,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Panel Wants to Conduct Rule 2004 Probe on GECC
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Collins &
Aikman Corporation and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the Eastern District of Michigan
to investigate whether Ford Motors Corporation, General Electric
Capital Corporation and GE Capital De Mexico, S. De R. L. De
C.V., have engaged in conduct that would give rise to claims in
favor of the Debtors' estates.

In particular, the Committee asks the Court to:

   (a) permit it to serve on Ford, GECC, and GE Mexico requests
       for documents pursuant to Rule 2004 of the Federal Rules
       of Bankruptcy Procedure;

   (b) require Ford, GECC, and GE Mexico to produce the document
       responsive to the requests; and

   (c) direct each party to appoint a corporate designee most
       knowledgeable of the topics and require the designee to
       submit to examination.

Before the Petition Date, GECC, through its Mexican subsidiary
GE Mexico, provided certain financing to Collins & Aikman
Hermosillo, S.A. de C.V., the Debtors' subsidiary in Mexico that
manufactures certain parts for Ford.

Postpetition, GE Mexico threatened to commence an action in
Mexico to foreclose upon Collins & Aikman Hermosillo's assets.  
The Committee believes that Ford has had discussions with GECC
or GE Mexico regarding the proposed foreclosure and the
possibility of Ford purchasing the plant from GECC following the
foreclosure.

The Committee wants to obtain documents from Ford, GECC, and GE
Mexico concerning the Hermosillo Plant and any contemplated
transactions pursuant to which Ford would acquire that plant.  
The Committee wants to determine whether GECC and GE Mexico
assisted or encouraged Ford to take any action with respect to
the Hermosillo Plant or Collins & Aikman Hermosillo, and whether
those actions were tortuous.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leadingsupplier of instrument panels, automotive fabric,
plastic-basedtrim, and convertible top systems.  The Company has
a workforce of approximately 23,000 and a network of more than
100 technical centers, sales offices and manufacturing sites in
17 countries throughout the world.  The Company has operations
in the U.K., Germany, Czech Republic, Italy, Spain, the
Netherlands, France and Sweden.

The Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. CaseNo. 05-55927).  
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A
in its restructuring.  Lazard Freres & Co., LLC, provides the
Debtor with investment banking services.  Michael S. Stammer,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPUTABILITY UK: Appoints J. Lowes as Liquidator
-------------------------------------------------
J. Lowes was appointed Liquidator of Computability (U.K.)
Limited (formerly t/a Venture) on May 23 by resolutions of
members and creditors.

The company can be reached at:

         Computability (U.K.) Limited
    23 Holt Road
    Fakenham
    Norfolk NR21 8BW
    United Kingdom
    Tel: 01328 856272


CONNECT TEC: Taps Louise Donna Baxter to Liquidate Assets
---------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Connect Tec Limited on May 18 by resolutions of members and
creditors.

The company can be reached at:

         Connect Tec Limited
    2a Aries House
    Straight Bit
    Flackwell Heath
    High Wycombe
    Buckinghamshire HP109NB
    United Kingdom
    Tel: 01628 533 076


CRYSTALEYES LIMITED: Taps Begbies Traynor to Administer Assets
--------------------------------------------------------------
Paul Michael Davis and Nicholas Roy Hood of Begbies Traynor were
appointed joint administrators of Crystaleyes Limited (Company
Number 04222973) on July 14.

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

Crystaleyes Limited can be reached at:

         Windmill House
         91-93 Windmill Road
         Sunbury-On-Thames
         Middlesex TW16 7EF
         United Kingdom


D & G TEMPERATURE: Ian William Kings Leads Liquidation Procedure
----------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
D & G Temperature Control Limited on May 18 by resolutions of
members and creditors.

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

The company can be reached at:

         Park View House
    32 Saltwell View
    Gateshead
    Tyne And Wear NE8 4NT
    United Kingdom
    Tel: 0191 268 1789


DANBURY FOODS: Names Martin Pickard as Administrator
----------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed administrator
of Danbury Foods Ltd. (Company Number 03300912) on July 18.

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

Headquartered in Maldon, United Kingdom, Danbury Foods Ltd.
wholesales meat.


DOVEBOURNE LIMITED: Names Liquidator from Centrum Recovery
----------------------------------------------------------
David Field of Centrum Recovery was named Liquidator of
Dovebourne Limited on May 22 by resolutions of members and
creditors.

The company can be reached at:

         Dovebourne Limited
    Harts Hill Road
    Thatcham
    Berkshire RG18 4NX
    United Kingdom
    Tel: 01635 867277


EUROTUNNEL GROUP: Defaults on EUR350,000 Interest Payment
---------------------------------------------------------
Eurotunnel Group is capitalizing on its safeguard protection to
negotiate the restructuring of its GBP6.18 billion debt as it
defaulted Wednesday on a EUR350,000 interest payment on a
tranche of its senior secured bank debt, Reuters reports.

According to the report, the default was expected after
Eurotunnel disclosed it wouldn't pay further interest payments.

"Following the initiation of the safeguard procedure, all
repayments of debt and interest are frozen until a solution is
reached -- we just carry on with the negotiations," Eurotunnel
spokesman John Keefe was quoted by Reuters as saying.

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

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

The French bankruptcy process will allow for the company's
operations to run in the ordinary course of business similar to
a Chapter 11 proceeding in the U.S.

                      About the Company

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

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

                        *     *     *

                       Company Crisis

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

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


EUROTUNNEL S.A.: Default Prompts S&P to Cut Sr. Debt Rating to D
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'C' its
long-term senior secured debt rating on Anglo-French Channel
Tunnel infrastructure operator Eurotunnel S.A.'s GBP240 million
senior secured bank loan, due 2012.  At the same time, the
rating was removed from CreditWatch where it was placed on
Feb. 9, 2004.
    
"The downgrade follows today's default on the scheduled interest
payment of about EUR350,000 on a tranche of the senior secured
bank debt," said Standard & Poor's credit analyst Jan Willem
Plantagie.

"Although the payment was ordinarily payable yesterday, given it
was a bank holiday in France the payment requirement moved to
today."

Eurotunnel has confirmed it will not be making the interest
payments.
     
On Aug. 2, the Paris court granted the request that Eurotunnel
and 17 related entities be placed under the protection of the
French law, "procedure de sauvegarde".  Eurotunnel confirmed it
has sufficient cash to make the payment, but under the safeguard
proceedings Eurotunnel is stayed from making the interest
payment.

At the same time, the following debt ratings on the
nonguaranteed Class A, B, and C notes issued by related special-
purpose vehicle (SPV) Fixed-Link Finance B.V. (FLF1) remain on
CreditWatch with negative implications:

   -- Class A senior secured debt, rated 'C';
   -- Class B subordinated debt, rated 'C'; and
   -- Class C junior subordinated debt, rated 'C'.
     
In addition, the 'C' long-term debt rating on related SPV Fixed-
Link Finance 2 B.V.'s (FLF2) nonguaranteed senior secured notes
remains on CreditWatch with negative implications.
     
All of the ratings were placed on CreditWatch on Feb. 9, 2004,
following the announcement of unspecified debt restructuring,
and reflecting our concerns about intensifying competition in
the cross-Channel travel market.
     
FLF1 and FLF2 do not fall under the "procedure de sauvegarde"
but they will also be affected by the stay on debt payments at
Eurotunnel during the safeguard proceedings.  Various debt
tranches issued by Eurotunnel provide the assets of the FLF
vehicles.  

FLF 2 has no dedicated liquidity facility available.  The next
debt payment at FLF 2 is due in February 2007.  If no agreement
is reached by February 2007, and the French court prolongs the
stay on Eurotunnel's debt payments, the debt rating on FLF 2
will be lowered to 'D', and MBIA Assurance S.A., which
guarantees GBP620 million of the GBP740 million of notes issued
by FLF2, will be required to step in to make the debt service
payments.
     
FLF 1 also made its debt service payments in August 2006 and,
similar to FLF 2, has to make its next debt service payments in
February 2007.  It has dedicated reserve facilities available.
The risk of an imminent default at FLF 1 is therefore lower than
at FLF 2.

"Negotiations between Eurotunnel and its creditors will
continue, although now with the involvement of judicial
administrators," said Mr. Plantagie.

"Standard & Poorr's will continue our discussions with
management and monitor developments."   


FENWAY BUILDERS: Creditors Approve Voluntary Liquidation
--------------------------------------------------------
Creditors of Fenway Builders Limited approved on May 18
resolutions for voluntary liquidation and the appointment of
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited as Joint Liquidators of the company.

The company can be reached at:

         Fenway Builders Limited
         13 Millgate
    Wigan
    Lancashire WN1 1YB
    United Kingdom
    Tel: 01942 238 789


FIELDHAZEL LIMITED: Joint Liquidators Take Over Operations
----------------------------------------------------------
Paul A. Whitwam and Gary E. Blackburn of BWC Business
Solutions were appointed Joint Liquidators of Fieldhazel Limited
on May 24 by resolutions of members and creditors.

The company can be reached at:

         Fieldhazel Limited
    Unit 12
    Farfield Park
    Manvers
    Rotherham
    South Yorkshire S63 5DB
    United Kingdom
    Tel: 01709 879 063


GENERAL METAL: Creditors Ratify Liquidator's Appointment
--------------------------------------------------------
Freddy Khalastchi of Harris Lipman LLP was appointed Liquidator
of The General Metal Spinners Limited on May 23 after creditors
agreed to voluntarily wind up the company.

The voluntary liquidation was confirmed and the appointment of
Liquidator was ratified at a subsequent meeting of creditors
held on the same day.

The company can be reached at:

         General Metal Spinners Limited
    Wheatley Terrace Road
    Erith
    Kent DA8 2AS
    United Kingdom
    Tel: 01322 335 175


H AND M: Creditors Confirm Joint Liquidators' Appointment
---------------------------------------------------------
Peter Jones and Roderick Withinshaw of Royce Peeling Green
Limited were appointed Joint Liquidators of H and M Art Dealers
Limited at an extraordinary general meeting on May 9.

The appointment was confirmed at a meeting of creditors held on
May 22.

The company can be reached at:

         H and M Art Dealers Limited
    32 Bridge Street
    Bolton Bl1 2EH
    United Kingdom
    Tel: 01204 365 556


IPTEST LIMITED: Bibby Factors Hires Tenon Recovery as Receivers
---------------------------------------------------------------
Bibby Factors International Limited appointed S. J. Parker and
T. J. Binyon of Tenon Recovery joint administrative receivers of
Iptest Limited (Company Number 3900382) on Aug. 4.

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

Headquartered in Guildford, United Kingdom, Iptest Ltd.
manufactures electrical equipment.


KBR PRINTING: Mounting Liabilities Prompt Voluntary Liquidation
---------------------------------------------------------------
A resolution for the voluntary liquidation of KBR Printing and
Stationery Limited was passed at an extraordinary general
meeting of the company's members on May 16.

The company could no longer continue its business due to
liabilities.

The company can be reached at:

         KBR Printing and Stationery Limited
    1733-17 Pershore Road
    Kings Norton
    Birmingham B30 3DT
    United Kingdom
         Tel: 0121 459 3940


KD 5 DRONFIELD: Governor & Co. Taps Kroll as Receivers
------------------------------------------------------
The Governor and Company of the Bank of Scotland appointed
Philip Francis Duffy and Stuart Charles Mackellar of Kroll
Limited joint administrative receivers of KD 5 Dronfield Limited
(Company Number 04256672) on Aug. 8.

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

KD 5 Dronfield Limited can be reached at:

         The Akademy
         Callywhite Lane
         Dronfield
         Derbyshire S18 2XR
         United Kingdom


L P HIRE: Nominates Joint Liquidators from Abbot Fielding
---------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of L P Hire Limited at an extraordinary
general meeting on May 19 after creditors decided to voluntarily
wind up the company.

The company can be reached at:

         L P Hire Limited
    11 Spearman Street
    London SE184DG
    United Kingdom
    Tel: 020 8317 2595


MAYSTAR CORP.: Brings In BDO Stoy as Joint Administrators
---------------------------------------------------------
Geoffrey Stuart and Antony David Nygate of BDO Stoy Hayward LLP
were appointed joint administrators of Maystar Corp. U.K. Ltd.
(Company Number 05286292) on July 13.

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

Headquartered in London, United Kingdom, Maystar Corp. U.K. Ltd.
is engaged in food processing.


MICROPLUS COMPUTER: Names Vantis as Joint Administrators
--------------------------------------------------------
Peter Wastell and Michael Young of Vantis PLC were appointed
joint administrators of Microplus Computer Consultants Limited
(Company Number 03081274) on July 18.

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

Headquartered in Hertfordshire, United Kingdom, Microplus
Computer Consultants Limited -- http://www.microplus.co.uk/--  
is an IT Consultancy and U.K. Software Distributor with
consistently high levels of customer satisfaction and referrals.


MILLAR MANAGEMENT: Hires Liquidator from Begbies Traynor
--------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Millar Management Limited at an extraordinary general meeting
on May 18.

The company can be reached at:

         Millar Management Limited
    21 Presley Way
    Crownhill
    Milton Keynes MK8 0ES
    United Kingdom
    Tel: 01908 261 122


MULTIFOLDERS LIMITED: Taps Joint Liquidators from Insol House
-------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Multifolders Limited on
May 22 by resolutions of members and creditors.

The company can be reached at:

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


ORGANICINDIA.CO.UK: Hires Joint Administrators from UHY
-------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint administrators of Organicindia.Co.UK Limited
(Company Number 03999999) on July 18.

The administrators can be reached at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159

Headquartered in Enfield, United Kingdom, Organicindia.Co.UK
Limited manufactures ready meals.


PAUL LEE: Names Simon Thornton Liquidator
-----------------------------------------
Simon Thornton was appointed Liquidator of Paul Lee Carpentry
Limited on May 19 by resolutions of members and creditors.

The company can be reached at:

         Paul Lee Carpentry Limited
    Unit G1
    Innsworth Lane
    Innsworth Technology Park
    Gloucester Gl3 1DL
    United Kingdom
    Tel: 01452 544 780
         01452 544 782


PURPOSEFIELD LIMITED: Names William Batty as Administrator
----------------------------------------------------------
William Antony Batty of Antony Batty and Company was named
administrator of Purposefield Limited (Company Number 04306579)
on July 7.

The administrator can be reached at:

         Antony Batty & Company
         3 Field Court
         Grays Inn
         London WC1R 5EF
         United Kingdom
         Tel: 020 7831 1234
         Fax: 020 7430 2727
         E-mail: antonybatty@hotmail.com  

Purposefield Limited can be reached at:

         5 Millfield Road
         Edgware
         Middlesex HA8 0DJ
         United Kingdom
         Tel: 020 8952 5249


QUALITY KEBAB: Creditors' Meeting Slated for August 21
------------------------------------------------------
Creditors of Quality Kebab Limited (Company Number 04140910)
will meet at 12:00 noon on Aug. 21 at:

         Ashcrofts
         601 High Road
         Leytonstone
         London E11 4PA
         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, today at:

         H. S. Johal
         Joint Administrator
         Ashcrofts
         601 High Road
         Leytonstone
         London E11 4PA
         United Kingdom
         Tel: 0208 556 2888
         Fax: 0208 556 8886
         E-mails: harjinderjohal@ashcrofts.net  
                   

RALPH COOMBES: Creditors Appoint Liquidator from Baker Tilly
------------------------------------------------------------
Creditors of Ralph Coombes Limited appointed Matthew Richard
Meadley Wild of Baker Tilly as Liquidator of the company on
May 22.

The company can be reached at:

         Ralph Coombes Limited
    82a Wey Hill
    Haslemere
    Surrey GU271HS
    United Kingdom
    Tel: 01428 643 182


REMLAP FENCING: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Freddy Khalastchi of Harris Lipman LLP was appointed as
Liquidator of Remlap Fencing Systems Limited on May 23 after
creditors opted to voluntarily wind up the company.

The voluntary liquidation was confirmed and the appointment of
Liquidator was ratified at a subsequent meeting of creditors
held on the same day.

The company can be reached at:

         Remlap Fencing Systems Limited
    Park Farm Road
    Birling
    The Grain Store
    West Malling
    Kent ME195JZ
    United Kingdom
    Tel: 01634 241 222


SAFE PALLET: Creditors' Meeting Slated for August 24
----------------------------------------------------
Creditors of Safe Pallet Distribution Limited (Company Number
00582835) will meet at 10:00 noon on Aug. 24 at:

         The Premier Travel Inn
         Bishopsgate
         7-11 Lower Mosley Street
         Manchester M2 3DW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 23 at:

         Philip Francis Duffy and Simon Wilson
         Joint Administrators
         Ashcrofts
         Kroll Limited
         The Observatory
         Chapel Walks
         Manchester
         Lancashire M2 1HL
         United Kingdom
         Tel: 0161 838 4500
         Fax: 0161 838 4501

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


SAY CONSTRUCTION: Taps Geoffrey Martin to Administer Assets
-----------------------------------------------------------
John Twizell and Geoffrey Martin of Geoffrey Martin & Co. were
appointed joint administrators of Say Construction Limited
(Company Number 05428858) on July 17.

The administrators can be reached at:

         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire LS1 2SP
         United Kingdom
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

Headquartered in Leeds, United Kingdom, Say Construction Limited
is engaged in general construction and civil engineering.


SCAFFOLD ACCESS: Appoints Geoffrey Martin as Administrators
-----------------------------------------------------------
John Twizell and Geoffrey Martin of Geoffrey Martin & Co. were
appointed joint administrators of Scaffold Access Yorkshire
Limited (Company Number 05131146) on July 17.

The administrators can be reached at:

         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire LS1 2SP
         United Kingdom
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

Scaffold Access Yorkshire Limited can be reached at:

         54 Bootham
         York YO3 07XZ
         United Kingdom
         Tel: 01904 767 323


SHADEWELD LIMITED: Brings In Begbies Traynor as Administrators
--------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor were appointed joint administrators of Shadeweld Limited
(Company Number 01881762) on July 14.

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

Headquartered in Hertfordshire, United Kingdom, Shadeweld
Limited supplies and fits flooring.


SIMS FLOWERS: Hires CRG Insolvency as Administrator
---------------------------------------------------
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed administrator of Sims Flowers Limited
(Company Number 04592403) on July 12.

The administrator can be reached at:

         CRG Insolvency & Business Recovery
         Suite 4
         Alexandra Dock Business Centre
         Fishermans Wharf
         Grimsby
         Lincolnshire DN31 1UL
         United Kingdom
         Tel: 01472 250001

Sims Flowers Limited can be reached at:

         Europa House
         Modder Street
         Scunthorpe
         South Humberside DN16 2SH
         United Kingdom


SPOTLIGHTS LIMITED: Brings In Administrators from Buchanans
-----------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans were
appointed joint administrators of Spotlights (U.K.) Limited
(Company Number 04687921) on July 18.

The administrators can be reached at:

         Buchanans
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         United Kingdom
         Tel: 023 8022 1222

Spotlights (U.K.) Limited can be reached at:

         16 Albert Road
         Bournemouth BH1 1BZ
         United Kingdom
         Tel: 01202 292 998
         Fax: 01202 295 796


SUN GRACE: Brings In Moore Stephens as Joint Administrators
-----------------------------------------------------------
Simon Paterson and David R. Elliott of Moore Stephens LLP were
appointed joint administrators of Sun Grace Limited (Company
Number 2914817) on July 17.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

Headquartered in London, United Kingdom, Sun Grace Limited
manufactures wood furniture.


VICTORIA OFFICE: Brings In BDO Stoy as Joint Administrators
-----------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward were appointed joint administrators of Victoria Office
Equipment Ltd. (Company Number 03676004) on July 14.

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

Headquartered in Bristol, United Kingdom, Victoria Office
Equipment Ltd. -- http://www.victoria-office.co.uk/-- supplies  
and repairs photocopiers.


YOUNGS DEVELOPMENTS: Creditors Resolve to Voluntary Liquidation
---------------------------------------------------------------
Creditors of Youngs Developments Limited resolved on May 23 to
voluntarily liquidate the company's assets.

James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions were appointed Joint Liquidators.

The company can be reached at:

         Youngs Developments Limited
    221 West Street
    Portchester
    Fareham
    Hampshire PO169UA
    United Kingdom
    Tel: 01329 820 333

                           *********

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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