TCREUR_Public/060822.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 22, 2006, Vol. 7, No. 166    

                            Headlines


A U S T R I A

FRIEDRICH HESS: Claims Registration Period Ends August 28
IVAN GULA: Property Manager Declares Insufficient Assets
KARL ZIZKOVSKY: Creditors' Meeting Slated for August 24
MANIV: Creditors' Meeting Slated for August 30
ONKO: Creditors' Meeting Slated for August 28

PROKON - CHRISTIAN: Claims Registration Period Ends August 25
VWS - LOGOPACK: Court of Viennese Orders Closing of Business
ZACH: Claims Registration Period Ends August 28


G E R M A N Y

FRANKYS HOSPITALITY: Claims Registration Ends September 11
G A D MODEVERTRIEBS: Claims Registration Ends September 13
GERHARD BERGMUELLER: Claims Registration Ends September 12
GIANLUCA GMBH: Claims Registration Ends September 5
HOLLICH GMBH: Claims Registration Ends September 11

HOWA ELEKTRO: Claims Registration Ends September 8
KARSTADTQUELLE AG: Mulls Starting Mail-Order Pharmacy
KUHN SCHWEISSTECHNIK: Claims Registration Ends September 5
MICHAEL KREISSL: Claims Registration Ends September 10
POLYLINE KANALSANIERUNG: Claims Registration Ends September 14

S & K AUTOVERWERTUNG: Claims Registration Ends September 15
TRM CORP: Incurs US$4.5 Million Net Loss in Second Quarter
VOLKWAGEN AG: Mexican Workers Strike Over Failed Wage Talks
VISTEON: Ford's Cutback to Affect Visteon Cash Flow, Fitch Says


I R E L A N D

DEKANIA EUROPE: Fitch Rates EUR12-Mln Class E Notes at BB
EIRCOM GROUP: Acquisition Arrangement with BCM Takes Effect


K A Z A K H S T A N

DANAR: Creditors Must File Claims by Sept. 19
EFFEKT: Creditors Must File Claims by Sept. 19
KARAGANDA-ASTYK: Proof of Claim Deadline Slated for Sept. 19
IMPERIA-2005: Proof of Claim Deadline Slated for Sept. 19
LABEAN T: Claims Registration Ends Sept. 19

OTAN-PV: Claims Registration Ends Sept. 19
TABYS-2030: Creditors' Claims Due Sept. 19
TAFAM: Creditors' Claims Due Sept. 19
UALI: Creditors' Claims Due Sept. 19


K Y R G Y Z S T A N

MIRAS AIR: Claims Registration Ends Sept. 28


M A C E D O N I A

PROCREDIT MACEDONIA: Fitch Affirms Foreign Currency IDR at BB+


N E T H E R L A N D S

FORD CAPITAL: Fitch Lowers Issuer Default Rating to B
REGENT'S PARK: S&P Rates EUR11.5-Mln Class E Notes at BB-


R U S S I A

ABV-INVEST: Samara Court Names I. Ryumin as Insolvency Manager
ALROSA CO: Moody's Lifts Ratings on Senior Notes to Ba2
BALAKHTINSKOYE: Court Names V. Lebedev as Insolvency Manager
BIRYUSINSKIY HYDROLYTIC: Court Starts Bankruptcy Supervision
CATHODE: Bryansk Court Starts Bankruptcy Supervision

CHUNSKAYA MACHINE-TECHNOLOGICAL: Bankruptcy Supervision Starts
DIARY KOTOVSKIY 2: Court Names E. Slushkin as Insolvency Manager
KANTEMIROVSKIY FACTORY: A. Zapryagaev to Manage Assets
EAST-SIBERIAN MANUFACTURE: V. Safonov to Manage Assets
ELNAYA-AGRO-TEKH-SERVICE: S. Lavrentyeva to Manage Assets

ENERGOMET: Novosibirsk Court Starts Bankruptcy Supervision
INZHAVINO-AGRO-PROM-KHIMIYA: A. Dudenkov to Manage Assets
KLINTSOVSKIY MEAT COMBINE: L. Vashenkova to Manage Assets
KRITOVSKOYE: Krasnoyarsk Court Starts Bankruptcy Supervision

KRIVTSY-WOOD: N. Malashkina to Manage Insolvency Assets
KUMENSK-AGRO-PROM-MEKH-MONTAGE: Bankruptcy Supervision Starts
LUNINSKIY: Penza Court Names S. Putyutin as Insolvency Manager
MICHURINA-TRUDOBELIKOVSKIY: Court Starts Bankruptcy Supervision
MORSHANSKAYA GARMENT: L. Vasilyev to Manage Insolvency Assets

NEFTEPOLIS: Improved Investments Spur S&P to Lift Ratings to B+
RODINA: Lipetsk Court Commences Bankruptcy Supervision
ROSNEFT OAO: Earns US$2.17 Billion in First Half 2006
RURAL BUILDER: Court Names I. Gorn as Insolvency Manager
SARBOYAN: Novosibirsk Court Starts Bankruptcy Supervision

SEDELNIKOVSKIY: Omsk Court Starts Bankruptcy Supervision
SELOGVOZH-WOOD: Court Names Mr. I. Mun as Insolvency Manager
SIBERIA: Court Names V. Makarov as Insolvency Manager
SNEZHKA: Bryansk Court Names M. Dyakonov as Insolvency Manager
SURGUT-OIL-PROM-STORY: Court Starts Reorganization Process

TATNEFT: Notifies NYSE on Delisting of Ordinary Shares & ADRs
TELECOM: Moscow Court Names E. Semenova as Insolvency Manager
TRUST-GRAIN-PRODUCT: N. Biryukova to Manage Insolvency Assets


S W I T Z E R L A N D

CONVERIUM HOLDING: Obtains US$250 Million Loan From Bank Group


U K R A I N E

BUDZHAK: Odessa Court Starts Bankruptcy Supervision
CRYSTAL: Donetsk Court Starts Bankruptcy Supervision
KAMYANETS-PODILSKIJ PLANT: Court Commences Sanction Procedure
LISOVA PISNYA: Court Names M. Vereshak as Insolvency Manager
SONATA: Harkiv Court Names Leonid Kvok as Liquidator

STIROL OJSC: Fitch Lowers Issuer Default Rating to B-
UKRAINE-AGRO: Court Names M. Vereshak as Insolvency Manager
VOINSKE: AR Krym Court Names Vasil Kuhta as Insolvency Manager
ZERNOPRODUKT: Court Names Mr. V. Nesvit as Insolvency Manager


U N I T E D   K I N G D O M

ADLINK INTERNATIONAL: Claims Registration Ends Nov. 4
ADTEC SUPPLIES: Claims Filing Period Ends Nov. 30
ASHFORD & CRANBROOK: Hires Liquidator from McCabe Ford Williams
BLIGHTS BUILDERS: Brings In Bishop Fleming as Administrators
BROMLY PRE SCHOOL: Taps Ian C. Brown to Liquidate Assets

BUSINESS CENTRE: Calls In Joint Liquidators from Mazars LLP
CAPAS CONCEPT: Brings In Administrators from Harris Lipman
CAPERS LIMITED: Joint Liquidators Take Over Operations
CEILING SUPPLIES: Taps Joint Administrators from Kroll
CIRCA U.K.: Creditors Confirm Joint Liquidators' Appointment

COLLINS & AIKMAN: Delays Form 10-Q and Form 10-K Filing
COLLINS & AIKMAN: 10-3/4% Bonds' Price Plummets to All-Time Low
DI-AL EUSION: Taps Hazlewoods to Administer Assets
EASTWOOD AUTOPOINT: Taps Joint Administrator from PKF
EDINBURGH CRYSTAL: Taps Administrators from Deloitte & Touche

EIRCOM GROUP: Acquisition Arrangement with BCM Takes Effect
ENGAGE RECRUITMENT: Names Martin C. Armstrong as Administrator
EXPRESS HR: Hires Menzies as Joint Administrators
FAWCETTS GARAGE: Hires Joint Administrators from Grant Thornton
FCE BANK: Fitch Downgrades Issuer Default Rating to B

FILM PROVOKED: Appoints T. Papanicola as Administrator
FORD MOTOR: Plans to Expand & Accelerate Restructuring Plan
FORD MOTOR: Restructuring Prompts Moody's to Review Ratings
FORD MOTOR: Production Cuts Spur S&P to Review Low-B Ratings
FORD MOTOR: Fitch Lowers Issuer Default Rating to B

FOUNDRY SUPPLIES: Taps Joint Liquidators from Deloitte & Touche
GLAMOUR SOFA: Appoints Joint Administrators from Begbies Traynor
GUARDIAN DOORS: Brings In Administrators from KPMG
HERBERT HYDRACENTRE: Taps Administrators from Begbies Traynor
GREENWOOD SCHOOLS: A. J. Clark Leads Liquidation Procedure

HILLBROOK MANAGEMENT: Creditors Confirm Liquidator's Appointment
JAYCREST LIMITED: Hires T. Papanicola to Liquidate Assets
JIMMY JACKSON: Creditors Ratify Liquidator's Appointment
LA MAISON: Appoints Joint Liquidators from Wilson Field
KIDS & CO.: Brings In Administrators from Begbies Traynor

M & K CATERING: Liquidator Sets Nov. 2 Claims Bar Date
MAARS 2000: Hires Begbies Traynor as Joint Administrators
MARQUETTE US/EUROPEAN: Moody's Rates Class E Notes at Ba2
PENGUIN PLASTICS: Claims Filing Period Ends Nov. 30
PENWELD FABRICATIONS: Taps Administrators from Bishop Fleming

QUANTUM BUSINESS: Names Joint Liquidators to Wind Up Business
REACT RECRUITMENT: Hires Joint Liquidators from BDO Stoy Howard
REPUTABLE GEARS: Names Asher Miller to Liquidate Assets
RUTLAND ENVIRONMENT: Brings In N. Koumettou to Liquidate Assets
SEAFRESH LIMITED: Names Gerald Krasner as Administrator

SCOTTISH RE: In Active Talks Over Strategic Alternatives
SCOTTISH RE: Liquidity Needs Spur Moody's to Cut Rating to Ba3
SCOTTISH RE: Financial Stress Prompts S&P to Cut Rating to B+
SELECT GAUGES: Appoints Moira Fitzpatrick to Administer Assets
SPORTS BETTING: Names Administrators from UHY Hacker Young

SVP HOLDINGS: Moody's Rates First Lien Bank Facilities at Low-B
TELTRONICS INC: Equity Deficit Widens to US$2.7 Mln at June 30
TRANS-CONTINENTAL:  Appoints Clive Morris as Liquidator
TRM CORP: Incurs US$4.5 Million Net Loss in Second Quarter
UIC INSURANCE: Meeting for Scheme Creditors Slated for Sept. 25

WELLSPACE LTD.: Brings In Begbies Traynor as Administrators
WINDERMERE VIII: Fitch Rates GBP24.29-Mln Class E Notes at BB

* Large Companies with Insolvent Balance Sheets


                            *********

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


FRIEDRICH HESS: Claims Registration Period Ends August 28
---------------------------------------------------------
Creditors owed money by LLC Friedrich Hess (FN 123166b) have
until Aug. 28 to file written proofs of claims to court-
appointed property manager Robert Klein at:

         Dr. Robert Klein
         Main Place 11
         Atrium Top 16 A
         7400 Oberwart, Austria
         Tel: 03352/31543
         Fax: 03352/31543-20
         E-mail: klein@lawcenter.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 11 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Neusiedl am See, Austria, the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 26 S 63/06a).  


IVAN GULA: Property Manager Declares Insufficient Assets
--------------------------------------------------------
Dr. Martina Simlinger-Haas, the court-appointed property manager
for KEG Ivan Gula (FN 258313y), declared on July 5 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 12 (Bankr. Case No. 4 S 78/06g).  

The property manager can be reached at:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna, Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-Mail: ra.reisnerstr.3@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.

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. Abel-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, Germany
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at


MANIV: Creditors' Meeting Slated for August 30
----------------------------------------------
Creditors owed money by LLC Maniv (FN 259251b) 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 Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg, Austria

Headquartered in Gerasdorf/Seyring, Austria, the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 36 S 65/06k).  Ferdinand
Bruckner serves as the court-appointed property manager of the
bankrupt estate.  Elisabeth Zonsics-Kral represents Dr. Bruckner
in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Ferdinand Bruckner
         c/o Dr. Elisabeth Zonsics-Kral
         Schubertstrasse 10/3/5/9
         2100 Korneuburg, Germany
         Tel: 02262/724 37
         Fax: 02262/729 39 15
         E-mail: bruckner@raedrb-drz.at  
                 widhalm@raedrb-drz.at  


ONKO: Creditors' Meeting Slated for August 28
---------------------------------------------
Creditors owed money by LLC Onko (FN 215438x) are encouraged to
attend the additional creditors' meeting at 12:00 noon on
Aug. 28 on the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 20 (Bankr. Case No. 6 S 16/06d).  Erwin Senoner serves
as the court-appointed property manager of the bankrupt estate.  
Georg Freimueller represents Dr. Senoner in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Road 21
         1080 Vienna, Germany
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail:  kanzlei@jus.at       
  

PROKON - CHRISTIAN: Claims Registration Period Ends August 25
-------------------------------------------------------------
Creditors owed money by LLC Prokon - Christian Lipp (FN 137154y)
have until Aug. 25 to file written proofs of claims to court-
appointed property manager Johann Kahrer at:

         Dr. Johann Kahrer
         c/o Dr. Christian Haslinger
         Dr. Dorfwirth-Str. 3
         4910 Ried im Innkreis, Austria
         Tel: 07752 / 87255
         Fax: 07752 / 84810
         E-mail: office@kahrer-haslinger.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 30 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         1st Floor
         Ried im Innkreis, Austria

Headquartered in Ried im Innkreis, Austria the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 17 S 26/06i).  Christian
Haslinger represents Dr. Kahrer in the bankruptcy proceedings.


VWS - LOGOPACK: Court of Viennese Orders Closing of Business
------------------------------------------------------------
The Land Court of Viennese New City entered an order on July 5
closing the business of LLC VWS - Logopack (FN 55187h).  Court-
appointed property manager Guenther Viehboeck determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager and his representative can be reached at:

         Dr. Guenther Viehboeck
         c/o Mag. Maria-Christina Nau
         Station place 1a/1/5
         2340 Moedling, Austria
         Tel: 02236/22050
         Fax: 02236/49239
         E-mail: office@viehboeck.at   

Headquartered in Voesendorf, Austria, the Debtor declared
bankruptcy on May 11 (Bankr. Case No. 10 S 41/06t).  Maria-
Christina Nau represents Dr. Viehboeck in the bankruptcy
proceedings.


ZACH: Claims Registration Period Ends August 28
-----------------------------------------------
Creditors owed money by LLC Zach (FN 125536m) have until Aug. 28
to file written proofs of claims to court-appointed property
manager Adalbert Hausmann at:

         Mag. Adalbert Hausmann
         Esterhazyplatz 6a
         7000 Eisenstadt, Austria
         Tel: 02682/64044
         Fax: 02682/64044 30
         E-mail: ra.schreiner@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 11 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Neckenmarkt, Austria the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 26 S 64/06y).  Radel
Stampf Supper, the manager, represents the Debtor in the
bankruptcy proceedings.


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


FRANKYS HOSPITALITY: Claims Registration Ends September 11
----------------------------------------------------------
Creditors of Frankys Hospitality and Event Consulting GbR have
until Sept. 11 to register their claims with court-appointed
provisional administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Duisburg
         Area C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duisburg opened bankruptcy proceedings
against Frankys Hospitality and Event Consulting GbR on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Frankys Hospitality and Event Consulting GbR
         Gesellschaft des buergerlichen Rechts
         Alte Schleuse 1
         45468 Muelheim an der Ruhr, Germany

         Attn: Tobias Volkmann, Manager
         Bleichstr. 14
         45468 Muelheim an der Ruhr, Germany

         Richard Reichenbach, Manager
         Leineweberstr. 2
         45468 Muelheim an der Ruhr, Germany

The administrator can be contacted at:

         Dirk Hammes
         William Yard Avenue 75
         47800 Krefeld, Germany


G A D MODEVERTRIEBS: Claims Registration Ends September 13
----------------------------------------------------------
Creditors of G A D Modevertriebs GmbH have until Sept. 13 to
register their claims with court-appointed provisional
administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 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 G A D Modevertriebs GmbH on July 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         G A D Modevertriebs GmbH
         Bamlerstr. 69
         45141 Essen, Germany

         Attn: Georgios Stavrakis and Konstantinos Vlachakis
         Pilotystr. 69
         45147 Essen, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         Heinrich-Held-Str. 16
         45133 Essen, Germany
         Tel: 0201 330550
         Fax: 0201 3305511


GERHARD BERGMUELLER: Claims Registration Ends September 12
----------------------------------------------------------
Creditors of Gerhard Bergmueller Malereibetriebsgesellschaft mbH
have until Sept. 12 to register their claims with court-
appointed provisional administrator Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 12 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against Gerhard Bergmueller Malereibetriebsgesellschaft mbH on
July 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Gerhard Bergmueller Malereibetriebsgesellschaft mbH
         Meglingerstr. 45
         81477 Munich, Germany

The administrator can be contacted at:

         Dr. Kurt Bruder
         Herzog-Wilhelm-Str. 17/IV
         80331 Munich, Germany


GIANLUCA GMBH: Claims Registration Ends September 5
---------------------------------------------------
Creditors of Gianluca GmbH have until Sept. 5 to register their
claims with court-appointed provisional administrator Ralf
Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on Oct. 2 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 Siegen
         Hall 009
         Ground Floor
         Principal Establishment
         Berliner Road 21-22
         57072 Siegen, 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 Siegen opened bankruptcy proceedings
against Gianluca GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Gianluca GmbH
         Station Route 40
         57072 Siegen, Germany

         Attn: Nuran Sadi, Manager
         Jahnstrasse 9
         57584 Scheuerfeld, Germany

The administrator can be contacted at:

         Dr. Ralf Bornemann
         Godesberger Avenue 125-127
         53175 Bonn, Germany
         Tel: 0228/8100056
         Fax: 0228/81000820


HOLLICH GMBH: Claims Registration Ends September 11
---------------------------------------------------
Creditors of Hollich GmbH have until Sept. 11 to register their
claims with court-appointed provisional administrator Wilhelm
Wessel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Sept. 22 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall E
         1. Stick         
         Jungfernstieg 3
         23701 Eutin, 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 Eutin opened bankruptcy proceedings
against Hollich GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Hollich GmbH
         Attn: Frank Pyttlik, Manager
         Neustaedter Road 22
         23743 Groemitz, Germany

The administrator can be contacted at:

         Dr. Wilhelm Wessel
         Roeckstrasse 1
         23568 Luebeck, Germany


HOWA ELEKTRO: Claims Registration Ends September 8
--------------------------------------------------
Creditors of Howa Elektro GmbH have until Sept. 8 to register
their claims with court-appointed provisional administrator
Bernd Statz.

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 Hanau
         Area E09
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, 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 Hanau opened bankruptcy proceedings
against Howa Elektro GmbH on July 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Howa Elektro GmbH
         Attn: Waldemar Hohmann, Manager
         Forest Route 5
         36396 Steinau a.d.Strasse, Germany

The administrator can be contacted at:

         Bernd Statz
         Muehlstrasse 25
         D-63526 Erlensee, Germany
         Tel: 06183/900370
         Fax: 06183/900371


KARSTADTQUELLE AG: Mulls Starting Mail-Order Pharmacy
-----------------------------------------------------
Department store and mail order group KarstadtQuelle AG
considers launching a mail-order pharmacy, Bloomberg News cites
Sunday news journal Euro am Sonntag.

KarstadtQuelle, Euro am Sonntag reports, is reviewing a legal
framework for launching the mail-order pharmacy business, which
is similar to Dutch online pharmacy DocMorris.  The group
currently owns mail order units Quelle and neckermann.de.

Meanwhile, KarstadtQuelle also plans to keep its department
stores open until 10 p.m. on Fridays and Saturdays in December,
taking advantage of a new legislation, company spokesman Joerg
Howe was cited by Euro am Sonntag as saying.  

                       KarstadtQuelle

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

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

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


KUHN SCHWEISSTECHNIK: Claims Registration Ends September 5
----------------------------------------------------------
Creditors of Kuhn Schweisstechnik fuer Baumaschinen GmbH have
until Sept. 5 to register their claims with court-appointed
provisional administrator Bardo M. Sigwart.

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 Darmstadt
         Room 4.309
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against Kuhn Schweisstechnik fuer Baumaschinen GmbH on July 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kuhn Schweisstechnik fuer Baumaschinen GmbH
         Attn: Siegfried Adolf, Jens and Ralf Kuhn, Managers
         Industrial Road 11
         65474 Bischofsheim, Germany

The administrator can be contacted at:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim, Germany
         Tel: 06155/60930
         Fax: 06155/66297


MICHAEL KREISSL: Claims Registration Ends September 10
------------------------------------------------------
Creditors of Michael Kreissl GmbH Gipser- & Stukkateurgeschaft
have until Sept. 10 to register their claims with court-
appointed provisional administrator Christiane Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 11 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Heidelberg
         Hall 12
         Ground Floor
         Kurfuerstenanlage 21
         69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings
against Michael Kreissl GmbH Gipser- & Stukkateurgeschaft on
July 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Michael Kreissl GmbH Gipser- & Stukkateurgeschaft
         Attn: Michael Kreissl, Manager
         Hauptstr. 14
         69226 Nussloch, Germany

The administrator can be contacted at:

         Dr. Christiane Seidel
         Breitspiel 9
         69126 Heidelberg, Germany
         Tel: 06221/31130
         Fax: 06221/311311


POLYLINE KANALSANIERUNG: Claims Registration Ends September 14
--------------------------------------------------------------
Creditors of PolyLine Kanalsanierung GmbH & Co. KG have until
Sept. 14 to register their claims with court-appointed
provisional administrator Udo Feser.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against PolyLine Kanalsanierung GmbH & Co. KG on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         PolyLine Kanalsanierung GmbH & Co. KG
         Blankenburger Road 05
         16341 Zepernick, Germany

The administrator can be contacted at:

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin, Germany
         

S & K AUTOVERWERTUNG: Claims Registration Ends September 15
-----------------------------------------------------------
Creditors of S & K Autoverwertung GmbH have until Sept. 15 to
register their claims with court-appointed provisional
administrator Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Sept. 28 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, 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 Erfurt opened bankruptcy proceedings
against S & K Autoverwertung GmbH on July 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         S & K Autoverwertung GmbH
         Attn: Gerd Suske, Manager
         Boilstadter Str. 22
         99867 Gotha, Germany

The administrator can be contacted at:

         Horst Helberg
         Selliner Str. 6-8
         01109 Dresden, Germany


TRM CORP: Incurs US$4.5 Million Net Loss in Second Quarter
----------------------------------------------------------
TRM Corp. filed its financial results for the second quarter
ended June 30, 2006, with the U.S. Securities and Exchange
Commission on Aug. 9, 2006.

For the three months ended June 30, 2006, the Company incurred a
US$4.5 million net loss on US$27.5 million of net revenues,
compared to US$2.9 million of net income on US$32 million of net
revenues in 2005.

The Company had cash and cash equivalents of US$10.5 million at
June 30, 2006, compared to US$9.7 million at Dec. 31, 2005, and
net working capital of US$7.8 million at June 30, 2006, compared
to a net working capital deficit of US$89.2 million at Dec. 31,
2005.  The working capital deficit as of Dec. 31, 2005, was
principally caused by the classification of all of our former
debt facility as a current liability due to the Company's
default.  Restricted cash at June 30, 2006, includes US$4.5
million held by Bank of America as collateral for cash
obligations under a treasury management program.

The Company believes that as of June 30, 2006, the remaining
cost of upgrading the ATMs it owns to comply with new industry
standards known as triple DES will be approximately US$2.4
million.  These costs will be capitalized and depreciated over
the remaining life of each asset.  As of June 30, 2006,
approximately 40% of the Company's ATMs in the United States
were compliant with triple DES.  The Company has received an
extension of the deadline to upgrade its ATMs to comply with
these new standards to Dec. 31, 2007.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?fe4

                           About TRM Corp

Headquartered in Portland, Oregon, TRM Corporation (NASDAQ:
TRMM) -- http://www.trm.com/-- is a consumer services company  
that provides convenience ATM and photocopying services in high-
traffic consumer environments.  TRM's ATM and copier customer
base has grown to over 35,000 retailers throughout the United
States and over 46,200 locations worldwide, including 6,400
locations across the United Kingdom and over 4,900 locations in
Canada.  TRM operates one of the largest multi-national ATM
networks in the world, with over 22,000 locations deployed
throughout the United States, Canada, Great Britain, including
Northern Ireland and Germany.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on TRM Corporation to 'CCC' from 'B+' and revised its
CreditWatch placement to developing from negative.  The
downgrade reflected the weakened status of the company's loan
agreement.

Moody's Investors Service downgraded the corporate family rating
of TRM Corporation to Caa1 from B2 and assigned a negative
outlook.


VOLKWAGEN AG: Mexican Workers Strike Over Failed Wage Talks
-----------------------------------------------------------
Volkswagen AG's 9,600 factory workers in Mexico went on strike
Friday after rejecting the company's offer on a 4% pay hike plus
a 0.5% increase in food coupons.

As widely reported, the Mexican workers demanded an 8.5% salary
increase.  

"We will look for a better offer on both salaries and benefits,"
union leader Jose Luis Rodriguez was quoted by Reuters as
saying.

"If the company invests in state-of-the-art technology, it also
has to invest in the quality of our jobs.  The workers want to
be working, but we also want salaries to improve our quality of
life," the union leader underscored.

In an interview with Bloomberg News, Volkswagen's director of
corporate relations Thomas Karig said that the company will
attempt to resolve the issue as soon as it can to resume
production of about 1,450 cars per day.

The plant, which makes the New Beetles, produced approximately
300,000 vehicles last year.  If the strike drags on, it could
affect Mexico's industrial output, which is dependent on the
automobile sector.

Meanwhile, not all workers are happy with the strike.

"Some of us are not happy because there were people who agreed
with the percentage increase," said one worker outside the plant
who asked not to be named by Reuters.  About 46% of union
members voted in favor of Volkswagen's offer.

Headquartered in Wolfsburg, Germany, the Volkswagen Group
-- http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


VISTEON: Ford's Cutback to Affect Visteon Cash Flow, Fitch Says
---------------------------------------------------------------
The announcement by Ford Motor Co. regarding significant
cutbacks to the fourth quarter production schedule should
adversely affect Visteon Corp.'s operating and cash flow
performance for 2006.  Although Visteon continues to reduce its
exposure to global Ford production volumes, financial results
over the near term will remain leveraged to Ford production in
North America and Europe.

Fitch believes Visteon will be free cash flow negative in 2006
and challenged to produce free cash flow in 2007 owing to lower
sustained production levels at Ford, Visteon's extended
restructuring program, and industry pressures.  Visteon's Issuer
Default Rating (IDR) of CCC is unaffected, as the risk of
unanticipated Ford production cuts had already been factored
into the rating.

Visteon's recent bank agreements have addressed near-term
maturity and liquidity issues.  Non-Ford contract wins will help
to support revenues over the near term, but are unlikely to
offset the impact of Ford production cuts.  Given revenue
pressures, high commodity costs, an extended restructuring
program, and an uncertain cost structure, a reversion to
sustained positive cash flow will be a challenge.

As reported by TCR-Europe on June 19, Fitch Ratings affirmed
Visteon's Senior unsecured debt at CCC-/RR5.  The Issuer Default
Rating is unchanged at CCC.  Fitch said the Rating Outlook is
Negative.  In addition, Fitch placed a rating of B/RR1 to the
senior secured bank debt announced by Visteon Corp.  


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


DEKANIA EUROPE: Fitch Rates EUR12-Mln Class E Notes at BB
---------------------------------------------------------
Fitch Ratings assigned Dekania Europe CDO II P.L.C.'s upcoming
issue of EUR275.5 million notes due 2037 expected ratings.

The transaction is a cash flow securitization of predominantly
subordinated debt instruments issued by European insurance
companies, banks and real estate companies.  The collateral
manager is Dekania Capital Management LLC, an affiliate of Cohen
Bros. & Company LLC.

   -- EUR165 million Class A1 floating-rate notes: AAA;
   -- EUR30 million Class A2 floating-rate notes: AAA;
   -- EUR26 million Class B floating-rate notes: AA;
   -- EUR28 million Class C floating-rate notes: A;
   -- EUR14.5 million Class D fixed-rate notes: BBB; and
   -- EUR12 million Class E floating-rate notes: BB.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings on the Class A (A1 and A2) notes address
the timely payment of interest and the ultimate repayment of
principal according to the terms and conditions of the notes.
For Classes B, C, D and E, the expected ratings address the
ultimate repayment of cumulative interest and principal in
accordance with the terms and conditions of the notes.

The expected ratings are based on the credit quality of the
collateral, available credit enhancement achieved through
overcollateralization, performance tests, the application of
excess spread, the collateral manager's administrative
capabilities and the sound financial and legal structure of the
transaction.  

To estimate the cumulative gross default rate of the collateral,
Fitch's insurance and financial institutions group conducted a
credit assessment of all the obligors for which no public credit
rating is available.

The issuer is a company with limited liability, incorporated
under the laws of Ireland.  The proceeds from the note issuance
will be used to purchase a portfolio of trust preferred
securities issued by primarily banks and insurance companies.


EIRCOM GROUP: Acquisition Arrangement with BCM Takes Effect
-----------------------------------------------------------
The orders issued by the High Court of Justice in England and
Wales on Aug. 17 sanctioning the Scheme and confirming the
Capital Reduction to effect the recommended acquisition by BCM
Ireland Holdings Limited of all of the Ordinary shares (other
than those already held by BCMIH) and Convertible Preference
Shares in eircom Group PLC have been delivered to and registered
with the Registrar of Companies and therefore the Scheme has now
become effective.

All existing Convertible Preference Shares and Ordinary Shares
(other than those Ordinary Shares held by shareholders who had
made valid elections under the Preference Share Alternative
which will be transferred to BCMIH and those Ordinary Shares
already held by BCMIH which will continue to be held by BCMIH)
have been cancelled.  The listing of the Ordinary Shares on the
Official Lists maintained by the Financial Services Authority
and Irish Stock Exchange Limited and their trading on the
markets for listed securities of London Stock Exchange plc and
Irish Stock Exchange Limited have also been cancelled.

In respect of the consideration due from BCMIH under the Scheme,
checks will be dispatched (for certificated holdings) or payment
will be made through CREST (for uncertificated holdings) by not
later than 6:00 p.m. (London time) on Sept. 1.  BCMIH Preference
Shares will be allotted and issued to those holders who made
valid elections under the Preference Share Alternative by not
later than 6:00 p.m. (London time) on Sept. 1.  Reduction to
effect the recommended acquisition by BCM Ireland Holdings
Limited of all of the Ordinary Shares (other than those already
held by BCMIH) and Convertible Preference Shares in the Company.

As previously reported in TCR-Europe, shareholders of eircom
Group PLC have voted to accept the US$8 billion offer of BCM
Ireland Holdings Limited for the issued share capital in eircom
at a Court Meeting and an associated Eaordinary General Meeting
of eircom shareholders on July 26.

The offer for the acquisition of the issued capital in eircom is
through a scheme of arrangement under section 425 of the United
Kingdom Companies Act.

Under the terms of the Cash Offer, eircom's ordinary
shareholders will receive EUR2.20 in cash for each eircom Group
PLC Ordinary Share held.

                    About Eircom Group PLC

Headquartered in Dublin, Ireland, eircom Group PLC --
http://eircom.net/-- is the principal provider of fixed-line  
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                           *    *    *

As reported in TCR-Europe on Aug. 7, Moody's Investors Service
downgraded the Corporate Family Rating of eircom Group plc to
Ba3 from Ba2.  

Moody's also downgraded the rating of Valentia
Telecommunications Unlimited's EUR550 million unsecured notes
due 2013 to B2 from Ba3 and the rating of eircom Funding plc's
EUR285 million and US$250 million senior subordinated notes due
2013 to B2 from B1.

Moody's Investors Service assigned a Ba2 corporate family rating
to eircom Group plc.  Concurrently Moody's changed the rating
outlook to negative from stable.

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Valentia Telecommunications upc to 'BB-' from 'BB+'.


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


DANAR: Creditors Must File Claims by Sept. 19
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Danar insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
         Karaganda
    Karaganda Region
    Kazakhstan


EFFEKT: Creditors Must File Claims by Sept. 19
----------------------------------------------
LLP Effekt has declared insolvency.  Creditors have until
Sept. 19 to submit written proofs of claim to:

         LLP Effekt
         Jaiau- Musa Str. 1-227
    Pavlodar Region, Kazakhstan


KARAGANDA-ASTYK: Proof of Claim Deadline Slated for Sept. 19
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Karaganda-Astyk insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


IMPERIA-2005: Proof of Claim Deadline Slated for Sept. 19
---------------------------------------------------------
LLP Imperia-2005 has declared insolvency.  Creditors have until
Sept. 19 to submit written proofs of claim to:

         LLP Imperia-2005
         Jibek Jolu Str. 24
    Aksukent
    Sairamsk District
    South Kazakhstan Region
    Kazakhstan


LABEAN T: Claims Registration Ends Sept. 19
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Labean T insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


OTAN-PV: Claims Registration Ends Sept. 19
------------------------------------------
LLP Otan-PV has declared insolvency.  Creditors have until
Sept. 19 to submit written proofs of claim to:

         LLP Otan-PV
         East Industrial Zone
    Pavlodar, Kazakhstan
    Tel:   8 (3182) 33-37-88


TABYS-2030: Creditors' Claims Due Sept. 19
------------------------------------------
LLP Tabys-2030 has declared insolvency.  Creditors have until
Sept. 19 to submit written proofs of claim to:

         LLP Tabys-2030
         Jana Uiym
    District Toleybisk
    South Kazakhstan Region
    Kazakhstan


TAFAM: Creditors' Claims Due Sept. 19
-------------------------------------
LLP Tafam has declared insolvency.  Creditors have until
Sept. 19 to submit written proofs of claim to:

         LLP Tafam
         K. Marks Str. 326
    Pavlodar, Kazakhstan


UALI: Creditors' Claims Due Sept. 19
------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Uali insolvent on June 5 without the introduction
of the bankruptcy proceedings.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         4th Floor
    Gogol Str. 177a
    Kostanai
    Kostanai Region
    Kazakhstan
          

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


MIRAS AIR: Claims Registration Ends Sept. 28
--------------------------------------------
LLC Miras Air Cargo Handlings has declared insolvency.  
Creditors have until Sept. 28 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 69-23-10.


=================
M A C E D O N I A
=================


PROCREDIT MACEDONIA: Fitch Affirms Foreign Currency IDR at BB+
--------------------------------------------------------------
Fitch Ratings affirmed ProCredit Bank Macedonia's ratings at
foreign currency Issuer Default BB+, Short-term foreign currency
B, local currency Issuer Default BB+, Short-term local currency
B, Individual D/E, and Support 3.  The Outlooks on both the
Issuer Default ratings are Stable.

The IDR, Short-term and Support ratings reflect the moderate
potential support available from its owners, in particular,
ProCredit Holding AG ("PCH", rated BBB-) in case of need.  The
Stable Outlook assigned to ProCredit Macedonia's foreign
currency IDR reflects the Stable Outlook assigned to PCH's
foreign currency IDR.

"The bank continues to expand rapidly, but so far growth appears
to have been prudently managed," Chris Birney, Director with
Fitch's Financial Institutions group disclosed.

"The percentage of loans in arrears is rising but remains below
the average for ProCredit banks in Europe.  Given the bank's
rapid expansion of deposit and loan market share, it appears
that the ProCredit model is a good fit for the Macedonian
market," Mr. Birney added.

Given the bank's high level of shareholder funding, it will need
to demonstrate a greater ability to fund itself and generate
sufficient capital for growth to prompt an upgrade of the
Individual rating.

ProCredit Macedonia started operations in July 2003 and received
a full banking license at end-2004.  The bank had total assets
of EUR87 million as of end-May 2006, with approximately 16,000
loans outstanding and 63,000 deposit accounts.  Around 2,000
loans are disbursed per month.

PCH has a controlling stake (53.3%) in ProCredit Macedonia.
Other shareholders include Kreditanstalt fuer Wiederaufbau
(rated AAA), which is state-guaranteed and one of Germany's
largest banks, as well as one of the largest development banks
in Europe; European Bank for Reconstruction and Development
("EBRD"); the Netherlands Development Finance Company
(Nederlands Financierings - Maatschappij voor
Ontwikkelingslanden N.V.) and International Finance Corporation
(part of the World Bank Group).

The ProCredit banks were established to provide financing to
micro- and SME customers.  The ProCredit network consists of 19
banks in Eastern Europe, Latin America and Africa with total
assets of EUR2.5 billion as of end-May 2006.  PCH is responsible
for all major group functions, including strategic decisions,
risk management controls and group supervision.


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


FORD CAPITAL: Fitch Lowers Issuer Default Rating to B
-----------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to B from B+.  Fitch
also lowers the Ford's senior unsecured rating to B+/RR3 from
BB-/RR3 and Ford Credit's senior unsecured rating to BB-/RR2
from BB/RR2/.  The Rating Outlook remains Negative.

The downgrade is based on the significant production cutbacks in
the third and fourth quarter that reflect persistent share
losses across key product categories.  Negative cash flows,
including restructuring costs, could exceed US$7 billion in
2006, including working capital and restructuring outflows.

Cash outflows related to restructuring actions will continue in
2007, although operating losses could moderate as cost reduction
efforts are realized.  Sustained market share losses or a
decline in economic conditions through 2007 would result in
continued high levels of cash outflows and erosion of liquidity.
Although liquidity remains adequate, progress in achieving
structural cost reductions and maintaining the confidence of
trade creditors will remain critical over the near term.

Implicit in the production cutbacks are expectations of
continued weak pickup sales that have resulted in extended
inventories.  Volume declines in Ford's pickup segment, along
with continued declines in mid-size and large SUVs, are likely
to accelerate revenue declines and negative cash flows in 2006.

Although continued share losses and price erosion were
anticipated as a result GM's upcoming refreshed pickup line and
the start-up of Toyota's new pickup plant, vulnerability to this
segment has increased as a result of high gas prices, a
potential slowdown in economic conditions, and a contracting
construction segment.  

Ford has demonstrated recent growth in certain car segments,
where industry sales have been migrating, but volumes and
profitability in these segments will be insufficient in the
short-term to offset the decline in higher-margin mid-size and
large SUVs and pickups.  Ford's product pipeline is modest over
the near term, although two crossover products to be introduced
in 2006 (the Ford Edge and Lincoln MKX) are expected to
partially offset continued share erosion.

Ford's RR3 Recovery Rating reflects good recovery prospects of
50-70% in the event that the company is forced to seek
protection under Chapter 11.  Recovery values benefit from
Ford's holdings in Mazda, operations in Asia and South America,
very modest recoveries from Premier Automotive Group operations,
and 100% ownership in Ford Credit.

Recovery for senior unsecured holders also benefits from being
in a superior position to the Capital Trust II securities (which
represents approximately 29% of consolidated debt).  Recovery
values associated with Ford Credit are likely to decline as Ford
Credit's balance sheet shrinks and repatriated capital is used
to finance operating losses.  

Fitch's recovery analysis also projects that due to declining
market share and low current capacity utilization, at least one
additional assembly plant will be shut down.

Fitch's recovery scenario incorporates a Chapter 11 filing of
North American operations only, and would result in significant
claims from working capital liabilities in addition to unsecured
debtholders.  Fitch also factored in liabilities related to on
and off-balance sheet liabilities that could augment claims.

Fitch did not factor in claims related to potential termination
or alteration of legacy OPEB and pension costs.  In the event of
a filing, Fitch anticipates that Ford would not attempt to
terminate its pension plans.  Changes to OPEB liabilities, are
expected to be negotiated as part of a new labor agreement in
the event of a Chapter 11 filing, without resulting in claims
against the estate.

The restructured enterprise value includes reduced production
volumes, and structural cost reductions to an extent that a 3%
operating margin could be achieved in North America.

Declining revenues are unlikely to reverse through 2007 due to
market share losses and declining mix.  Despite modest progress
on the cost side, the pace of cost reductions is not expected to
keep up with revenue losses, thereby continuing negative cash
flows.  Over the intermediate-term, reducing inventories and
producing closer to demand will enhance even-flow production and
production efficiencies, and reduce reliance on ruinous
incentive programs.

However, lower production levels, coupled with already weak
capacity utilization, ill increase short-term cash outflows and
heighten the urgency of achieving substantive structural cost
reductions.

Ford's production cutbacks will also heighten operating and
financial stresses throughout the supply chain, increasing the
risks of further bankruptcies or other supply disruptions.
Supply chain stresses are expected to result in increased risks
of financial support and will limit the potential for any cost
savings to accrue to Ford over the near term from the
restructuring of the supply base.

Ford Credit's (FMCC) IDR remains linked to those of Ford due to
the close business relationship between them.  Fitch expects
FMCC's earnings and dividends to decline noticeably in 2006
primarily due to lower receivables outstanding and margins.  
FMCC has benefited from lower provision expense, as the quality
of its receivables pool has increased, but the pace of these
improvements is expected to slow going forward.

Fitch believes that FMCC maintains a good degree of liquidity
relative to its rating.  Supporting this is FMCC's ability to
sell or securitize a broad spectrum of assets such as retail
finance, lease, and wholesale loans.  Moreover, FMCC continues
to hold high cash balances and its assets mature faster than its
debt.  

FMCC's RR2 Recovery Rating indicates superior recovery prospects
on unsecured debt resulting from solid unencumbered asset
protection, although discounted to account for stressed
performance and/or disposition.

Fitch downgrades these ratings with a Negative Rating Outlook:

Ford Motor Co.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Motor Credit Co.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

FCE Bank PLC:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Capital B.V.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Credit Canada Ltd.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Motor Capital Trust II:

   -- Preferred stock to CCC+/RR6 from B-/RR6.

Ford Holdings, Inc.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Motor Co. of Australia:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Credit Australia Ltd.:

  -- Issuer Default Rating (IDR) to B from B+;
  -- Senior debt to BB- from BB.

PRIMUS Financial Services (Japan):

   -- Issuer Default Rating (IDR) to B from B+.

Ford Credit de Mexico, S.A. de C.V.:

   -- Issuer Default Rating (IDR) to B from B+.

Ford Motor Credit Co. of New Zealand:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Credit Co S.A. de CV:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Fitch also affirms the following short-term ratings:

Ford Motor Credit Co.:

   -- Commercial Paper B.

FCE Bank PLC:

   -- Commercial Paper and short-term debt B.

Ford Credit Canada Ltd.:

   -- Commercial Paper B.

Ford Credit Australia Ltd.:

   -- Commercial Paper B.

Ford Motor Credit Co. of New Zealand:

   -- Commercial Paper B.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.


REGENT'S PARK: S&P Rates EUR11.5-Mln Class E Notes at BB-
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR445 million fixed- and floating-rate
notes issued by Regent's Park CDO B.V., an SPE.  At the same
time Regent's Park CDO will issue EUR55 million of unrated
notes.

Regent's Park CDO will invest the proceeds of the notes in a
portfolio of predominantly senior leveraged loans.  The
transaction will have a reinvestment period of six years.
  
The preliminary ratings reflect:

   -- Commensurate credit enhancement in the form of
overcollateralization and subordination;

   -- A diversified collateral pool of loans and derivative
financial instruments;

   -- Currency risk protections;

   -- Strong collateral investment guidelines;

   -- The expected bankruptcy-remoteness of the issuer; and

   -- Various amortization triggers.
  
Blackstone Debt Advisors L.P. is the collateral manager on the
transaction.  This will be the ninth Standard & Poor's rated CLO
that Blackstone has managed, and Blackstone's second European
CLO transaction following Hyde Park CDO B.V., which closed in
February 2006.
  
                       Ratings List
                  Regent's Park CDO B.V.
         EUR500 Million Fixed- And Floating-Rate Notes
  
                          Prelim.        Prelim.
           Class          rating         amount (Mil. EUR)
           -----          ------         ------
           A              AAA            327.5
           B(1)           AA             43.5
           C              A-             42.5
           D              BBB-           20.0
           E              BB-            11.5
           F(2)           NR             55.0
  
           Combo Notes(3)
  
           P              NR             TBD
           Q              NR             TBD
           R              NR             TBD
           S              NR             TBD
           T              NR             TBD
  
       (1) The class B notes may be split into a floating- and
           fixed-interest rate portion.

       (2) The class F notes are subordinated.

       (3) The amounts of the combination notes are not included
           in the total issuance amount.

           NR-Not rated.

           TBD-To be determined.
  

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


ABV-INVEST: Samara Court Names I. Ryumin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. I. Ryumin
as Insolvency Manager for LLC Invest Company Abv-Invest.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-2620/2006.

The Debtor can be reached at:

         LLC Invest Company Abv-Invest
         Tolyatti
         Samara Region
         Russia


ALROSA CO: Moody's Lifts Ratings on Senior Notes to Ba2
-------------------------------------------------------
Moody's Investors Service upgraded ratings on ALROSA's senior
notes from Ba3 to Ba2.  The Outlook is stable.

The ratings on the existing notes issued by ALROSA Finance S.A
have been upgraded from Ba3 to Ba2 to reflect a sustained
reduction of the share of secured debt in the Company's
financing structure.  Moody's notes, however, that indenture
documentation includes a provision allowing ALROSA to raise
significant secured project finance facilities to support its
international operations.

The stable outlook reflects Moody's unchanged assumptions about
the diamond market and the expectation that ALROSA will
successfully complete and start-up new underground mines to
replace depleting open pit eaction, and will continue to improve
production efficiencies to offset additional cost associated
with the underground mining.  The stable outlook also reflects
Moody's expectation that ALROSA will continue to strengthen its
direct sales at the international diamond market and will start
to redirect its export sales from DeBeers.

In 2005, ALROSA performed in line with Moody's expectations,
reporting improvement in revenues and EBITDA on the back of
steady growth in diamond prices and sustained its margins in
spite of the significant inflation in Rouble-based COGS and
additional costs incurred as the company continues to develop
its proprietary distribution operations.

ALROSA continues to invest extensively in the underground mines
to replace its open-pit mining in the medium future.  The
Company also makes significant payments to the regional
government of the Republic of Sakha, which have a bearing on
FCF, which remains mildly negative.

In accordance with Moody's GRI rating methodology, the corporate
family rating of ALROSA Company Ltd. reflects the combination of
these inputs:

   -- baseline credit assessment of 14 (on a scale of 1 to 21,
where 1 represents lowest credit risk);

   -- Baa2 foreign currency rating of the Russian Federation;

   -- low dependence;

   -- Medium support.

The ratings of ALROSA may be upgraded if Moody's assessment of
the support available to ALROSA from the Russian state is
positively reviewed to reflect an increasing participation of
the Federal Government in the ownership of the Company.

Ratings affected:

   -- US$500 million guaranteed notes at ALROSA Finance S.A.
maturing November 2014 upgraded to Ba2 from Ba3; and

   -- US$500 million guaranteed notes at ALROSA Finance S.A.
maturing June 2008 upgraded to Ba2 from Ba3.

Moody's last rating action on ALROSA Co Ltd. was on
June 23, 2005, when the rating agency upgraded ALROSA's
corporate family rating and ratings on the notes from B1/B2 to
Ba2/Ba3 as a result of the application of the GRI rating
methodology.

ALROSA Company Ltd. is the second largest diamond mining company
in the world.  In 2005, the Company reported Revenues of
RUR96.8 billion (US$3.4 billion equivalent) and EBITDA of
RUR36.3 billion (US$1.3 billion equivalent).


BALAKHTINSKOYE: Court Names V. Lebedev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. V.
Lebedev as Insolvency Manager for CJSC Balakhtinskoye.  He can
be reached at:

         V. Lebedev
         Post User Box 4
         Berezovka
         Berezovskiy Region
         662521 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Balakhtinskoye
         Lenina Str. 1
         Chistoye Pole
         Balakhtinskiy Region
         662340 Krasnoyarsk Region
         Russia


BIRYUSINSKIY HYDROLYTIC: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on OJSC Biryusinskiy Hydrolytic Factory
(TIN 3817004086).  

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

The Temporary Insolvency Manager is:

         S. Reshetnikov
         Post User Box 103
         664025 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Biryusinskiy Hydrolytic Factory
         Post User Box 235
         Bratskaya Str. 2
         Ust-Ilimsk
         666671 Irkutsk Region
         Russia


CATHODE: Bryansk Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Bryansk Region has commenced bankruptcy
supervision procedure on LLC Cathode (TIN 3235016276).  The case
is docketed under Case No. A09-16548/05-8.

The Temporary Insolvency Manager is:

         I. Medvedev
         Post User Box 66
         241012 Bryansk Region Russia

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         LLC Cathode
         Moskovskiy Pr. 106
         241004 Bryansk Region
         Russia


CHUNSKAYA MACHINE-TECHNOLOGICAL: Bankruptcy Supervision Starts
--------------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on CJSC Chunskaya Machine-Technological
Station (TIN 3844004310).  The case is docketed under Case No.
A19-6646/06-29.

The Temporary Insolvency Manager is:

         N. Vlasenko
         Post User Box 161
         664025 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Chunskaya Machine-Technological Station
         Tsentralnaya Str. 1
         Novochunka
         Chunskiy Region
         665530 Irkutsk Region
         Russia


DIARY KOTOVSKIY 2: Court Names E. Slushkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. E.
Slushkin as Insolvency Manager for LLC Diary Kotovskiy 2 (TIN
3414013578).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-6305/06-s50.

The Debtor can be reached at:

         LLC Diary Kotovskiy 2
         Chernyshevskogo Str. 2
         Kotovo
         403810 Volgograd Region
         Russia


KANTEMIROVSKIY FACTORY: A. Zapryagaev to Manage Assets
------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Zapryagaev as Insolvency Manager for CJSC Kantemirovskiy Factory
of Building Materials.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A 14-3173-2006-77/7b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Kantemirovskiy Factory of Building Materials
         Pobedy Str. 30
         Kantemirovka
         Voronezh Region
         Russia


EAST-SIBERIAN MANUFACTURE: V. Safonov to Manage Assets
------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. V. Safonov
as Insolvency Manager for CJSC East-Siberian Manufacture.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-11889/06-38.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC East-Siberian Manufacture
         Gogolya Str. 2
         664005 Irkutsk Region
         Russia


ELNAYA-AGRO-TEKH-SERVICE: S. Lavrentyeva to Manage Assets
---------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Ms. S.
Lavrentyeva as Insolvency Manager for OJSC Elnaya-Agro-Tekh-
Service.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-1979/2006 (879-N/06).

The Debtor can be reached at:

         OJSC Elnaya-Agro-Tekh-Service
         Smolenskiy Bolshak Str. 26
         Elnya
         216330 Smolensk Region
         Russia


ENERGOMET: Novosibirsk Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Novosibirsk Region has commenced
bankruptcy supervision procedure on CJSC Energomet.

The Temporary Insolvency Manager is:

         T. Grishpina
         Post User Box 75
         630033 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:

         CJSC Energomet
         Berdsk.
         Novosibirsk Region
         Russia


INZHAVINO-AGRO-PROM-KHIMIYA: A. Dudenkov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. A. Dudenkov
as Insolvency Manager for OJSC Inzhavino-Agro-Prom-Khimiya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-7931/05-18.

The Debtor can be reached at:

         OJSC Inzhavino-Agro-Prom-Khimiya
         Zavodskaya Str. 23
         Inzhavino
         Tambov Region
         Russia


KLINTSOVSKIY MEAT COMBINE: L. Vashenkova to Manage Assets
---------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Ms. L.
Vashenkova as Insolvency Manager for OJSC Klintsovskiy Meat
Combine (TIN 3217000788).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A09-2478/06-8.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Klintsovskiy Meat Combine
         Zavodskaya Str. 23
         Klintsy
         243140 Bryansk Region
         Russia


KRITOVSKOYE: Krasnoyarsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on OJSC Kritovskoye.  The case
is docketed under Case No. A33-8479/2006.

The Temporary Insolvency Manager is:

         A. Timoshkevich
         Post User Box 16795
         662074 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Kritovskoye
         Kritovo
         Bogotolskiy Region
         Krasnoyarsk Region
         Russia


KRIVTSY-WOOD: N. Malashkina to Manage Insolvency Assets
-------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Ms. N.
Malashkina as Insolvency Manager for OJSC Krivtsy-Wood (TIN
1015004465).  She can be reached at:

         N. Malashkina
         Gogolya Str. 56
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-9781/2005-13.

The Debtor can be reached at:

         OJSC Krivtsy-Wood
         Gogolya Str. 56
         Petrozavodsk
         185035 Kareliya Republic
         Russia


KUMENSK-AGRO-PROM-MEKH-MONTAGE: Bankruptcy Supervision Starts
-------------------------------------------------------------
The Arbitration Court of Kirov Region has commenced bankruptcy
supervision procedure on OJSC Kumensk-Agro-Prom-Mekh-Montage.
The case is docketed under Case No. A28-138/06-149/24.

The Temporary Insolvency Manager is:

         Mr. A. Gasparyan
         Apartment 72
         Poleva Str. 6/1
         Kstovo
         607650 Nizhniy Novogorod Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Kumensk-Agro-Prom-Mekh-Montage
         Apartment 72
         Poleva Str. 6/1
         Kstovo
         607650 Nizhniy Novogorod Region
         Russia
         

LUNINSKIY: Penza Court Names S. Putyutin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. S. Putyutin
as Insolvency Manager for OJSC FOOD Combine Luninskiy.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-12117/2005-216B/10.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Food Combine Luninskiy
         Sovetskaya Str. 134
         Lunino
         Penza Region
         Russia


MICHURINA-TRUDOBELIKOVSKIY: Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on CJSC Michurina-
Trudobelikovskiy (TIN 23360114844).  The case is docketed under
Case No. A-32-30482/2005-44/431-B.

The Temporary Insolvency Manager is:

         A. Gubin
         Krasnaya Str. 1
         Novoukrainskoye
         Gulkevichskiy Region
         352165 Krasnodar Region Russia

The Debtor can be reached at:

         CJSC Michurina-Trudobelikovskiy
         Mazurenko Str. 58
         Trudobelikovskiy
         Krasnoarmeyskiy Region
         353811 Krasnodar Region
         Russia


MORSHANSKAYA GARMENT: L. Vasilyev to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. L. Vasilyev
as Insolvency Manager for OJSC Morshanskaya Garment Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-10501/05-21.

The Debtor can be reached at:

         OJSC Morshanskaya Garment Factory
         Morshansk
         Tambov Region
         Russia


NEFTEPOLIS: Improved Investments Spur S&P to Lift Ratings to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
Russia-based insurer Neftepolis Insurance Co. LLC to 'B+' from
'B', and its Russia national scale rating on Neftepolis to
'ruA+' from 'ruA'.  The outlook is stable.  
     
"The upgrade reflects a considerable improvement in the credit
quality of Neftepolis' investment portfolio," said Standard &
Poor's credit analyst Tatiana Grineva.
     
The ratings reflect high industry and country risk factors and
Neftepolis' weak financial flexibility.  These negatives are
mitigated, however, by Neftepolis' marginal and improved quality
of investments, solid track record of good operating
performance, potentially strong position and ability to go from
strength to strength in its oil-related insurance niche, and
strong management team.   

The stable outlook reflects these expectations of Standard &
Poor's:
     
   -- Neftepolis is expected to be successfully integrated
within SOGAZ Insurance Group and ongoing parental support
should be provided for Neftepolis' growth and development,
including financial support if such a need arises.
     
   -- the commercial book is expected to represent significantly
more than 50% of gross premiums written where Neftepolis
has competitive advantages, particularly in its oil-
related insurance niche.

   -- although Rosneft is to remain as one of Neftepolis'
major clients, reliance on Rosneft's premium income is
expected to lessen, with the company expected to
contribute less than 30% to overall gross premium income.

   -- Good profitability levels are expected to be maintained.
     
   -- The quality of the investment portfolio is expected to be
maintained at least at its current level.
     
The ratings may be raised if the potential benefits arising from
Neftepolis' merger with SOGAZ are realized.  The ratings may be
lowered, however, should some of the expectations outlined above
continuously fail to materialize in the medium term; in
particular, deterioration in capitalization or in the quality of
the investment portfolio.


RODINA: Lipetsk Court Commences Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Lipetsk Region has commenced bankruptcy
supervision procedure on LLC Agro Company Rodina.  The case is
docketed under Case No. A36-827/2006.

The Temporary Insolvency Manager is:

         A. Gulynskiy
         Voroshilova Str. 11-92
         398059 Lipetsk Region
         Russia

The Arbitration Court of Lipetsk Region is located at:

         Skorokhodova Str. 2
         398019 Lipetsk Region
         Russia

The Debtor can be reached at:

         LLC Agro Company Rodina
         Grunin Vorlog
         Stanovlyanskiy Region
         Lipetsk Region
         Russia


ROSNEFT OAO: Earns US$2.17 Billion in First Half 2006
-----------------------------------------------------
OAO Rosneft released its pro-forma consolidated results for the
first half of 2006.

Rosneft increased its first-half net profit by 60% to US$2.17
billion and hiked its revenues by 41.7% to US$10.9 billion in
revenues.

The company attributed the growth to:

   -- the 35% increase in Urals price to US$61.5 per barrel in
      first half 2006; and

   -- the 8.1% increase in crude output at Rosneft's production
      unit, coupled with growing output volumes on Sakhalin-1.

Rosneft also noted positive dynamics in refining volumes and as
a result higher sales of refining products.

The group's operating margin for the first half of 2006 amounted
to 22.9% while net margin stood at 19.9%.


                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum  
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services raised its long-term corporate credit and senior
unsecured debt ratings on Russia-based OJSC Oil Company Rosneft
to 'BB' from 'B+'.  S&P said the outlook is stable.


RURAL BUILDER: Court Names I. Gorn as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. I.
Gorn as Insolvency Manager for OJSC Rural Builder.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-7914/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Rural Builder
         Lomonosova Str. 4
         Minusinsk
         Krasnoyarsk Region
         Russia


SARBOYAN: Novosibirsk Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Novosibirsk Region has commenced
bankruptcy supervision procedure on CJSC Sarboyan.  The case is
docketed under Case No. A45-10206/06-48/152.

The Temporary Insolvency Manager is:

         Y. Gomerov
         Post User Box 325
         Krasnoobsk
         630501 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:

         CJSC Sarboyan
         Uch-Balta
         Moshkovskiy Region
         Novosibirsk Region
         Russia


SEDELNIKOVSKIY: Omsk Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on OJSC Agro-Chemical Service of
Agriculture Sedelnikovskiy (TIN 5533001141).  The case is
docketed under Case No. A46-7241/2006.

The Temporary Insolvency Manager is:

         V. Ratkovskiy
         13th Floor
         K. Libknekhta Str. 35
         644043 Omsk Region Russia

The Debtor can be reached at:

         OJSC Agro-Chemical Service of Agriculture          
         Sedelnikovskiy
         Gorkogo Str. 34.
         Sedelnikovo
         Sedelnikovskiy Region
         646480 Omsk Region
         Russia


SELOGVOZH-WOOD: Court Names Mr. I. Mun as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. I. Mun as
Insolvency Manager for CJSC Selogvozh-Wood.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-2126/06-3B.

The Debtor can be reached at:

         CJSC Selogvozh-Wood
         Selegvozh
         Udorskiy Region
         169258 Komi Republic
         Russia


SIBERIA: Court Names V. Makarov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. V.
Makarov as Insolvency Manager for OJSC Siberia.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-2075/06-4/5.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Siberia
         Tsentralnaya Str. 1
         Zimovye
         Cherepanovskiy Region
         Novosibirsk Region
         Russia


SNEZHKA: Bryansk Court Names M. Dyakonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. M.
Dyakonov as Insolvency Manager for LLC Poultry Farm Snezhka (TIN
3201005734).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-12543/05-27.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         LLC Poultry Farm Snezhka
         Putevka
         241519 Bryansk Region
         Russia


SURGUT-OIL-PROM-STORY: Court Starts Reorganization Process
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region has
commenced external management bankruptcy procedure on OJSC
Surgut-Oil-Prom-Stroy.  The case is docketed under Case No.
A75-9810/2005.

The External Insolvency Manager is:

         N. Furman
         Griboedova Str. 1
         Surgut
         628414 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Surgut-Oil-Prom-Stroy
         30 Let Pobedy Str. 19
         Surgut
         Tyumen Region
         Russia


TATNEFT: Notifies NYSE on Delisting of Ordinary Shares & ADRs
-------------------------------------------------------------
OAO Tatneft notified the New York Stock Exchange on Aug. 18 of
its determination to withdraw the ordinary shares of the Company
and American Depositary Shares representing them from listing on
the NYSE.  The Company expects to file Form 25 with the U.S.
Securities and Exchange Commission to withdraw the Company's
securities from listing on the NYSE on or about Sept. 4.

The delisting from the NYSE was approved by the Board of
Directors of the Company on June 30, and a copy of the relevant
resolution of the Board of Directors was furnished to the SEC on
Form 6-K on June 30.

As reported in TCR-Europe on July 6, the Board also agreed to
the proposed amendments to the deposit agreement with the Bank
of New York and to enter into an additional deposit agreement
with the bank of New York with respect to the establishment of
new deposit facility.

As announced by the Company in its June 26 press release, the
decision to delist from the NYSE and, when circumstances permit,
to terminate the registration with the SEC had been taken
following a review of the appropriateness of maintaining
multiple international listings.   The Company is the only major
Russian issuer to have a listing in both London and New York.
Given the increase in recent years in costs associated with the
registration of the Company's securities with the SEC, a
decision was made to concentrate international trading of the
Company's equity securities in London.

Following the delisting from the NYSE, the ADSs redesignated as
GlobalDepositary Receipts will continue to trade on the London
Stock Exchange and the Ordinary Shares will continue to trade on
the major Russian stock exchanges (MICEX and RTS).  The Company
has not arranged for listing and/or registration of the
Company's securities on another U.S. securities exchange or for
quotation of the Company's securities on any other quotation
medium in the United States.


Headquartered in Tatarstan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- is a vertically integrated oil   
company being one of the major companies in the Russian fuel and
energy complex.  Tatneft is a holding company whose assets
include an oil-and-gas producing complex, oil and gas processing
facilities and petrochemical facilities.  It specializes in the
sales of oil products and petrochemical products, as well as
banking, insurance and service companies.

                        *     *     *

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed
Tatarstan-based Tatneft's Outlook to Positive from Stable.  It's
Issuer Default and Short-term ratings are affirmed at B.

The revised Outlook is based on Fitch's expectations that
Tatneft will be able to significantly enhance its business
profile with the commissioning of its new refinery at
Nizhnekamsk.  The new refinery is designed to address the two
problems that have beset the Russian oil industry, through the
efficient refining of sour crude oil and improving the quality
of Russian export crude.


TELECOM: Moscow Court Names E. Semenova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. E. Semenova as
Insolvency Manager for LLC Building Company Telecom (TIN
7734123129).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-56388/04-36-37B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Building Company Telecom
         Generala Karbysheva Avenue 13
         123154 Moscow Region
         Russia


TRUST-GRAIN-PRODUCT: N. Biryukova to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. N. Biryukova as
Insolvency Manager for OJSC National Grain Company Trust-Grain-
Product (TIN 7702054747).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-20273/06-95-218B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC National Grain Company Trust-Grain-Product
         Building 1
         1st Koptelskiy Per. 9
         Moscow Region
         Russia


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


CONVERIUM HOLDING: Obtains US$250 Million Loan From Bank Group
--------------------------------------------------------------
Converium Holding A.G. has secured a US$250 million letter of
credit facility from a leading European banking group, at market
conditions and available to Converium Ltd with immediate effect.

The facility is uncollateralized.  It will be used primarily to
support third party claims related to the underwriting business.

"Our ability to arrange this major uncollateralized facility
testifies to the renewed strength of Converium's balance sheet,"
Paolo De Martin, Chief Financial Officer, said.  "From a
business perspective, the facility further enhances our
competitive position as we prepare for the forthcoming year-end
treaty renewals."

Converium has made it a policy not to provide any quarterly or
annual earnings guidance and it will not update any past
outlooks for full-year earnings.  It will, however, continue to
provide investors with perspectives on its value drivers,
certain financial guidance for the full year, its strategic
initiatives and those factors critical to understanding its
business and operating environment.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual  
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.  Converium employs about 600 people
in 20 offices around the globe and is organized into four
business segments: Standard Property & Casualty Reinsurance,
Specialty Lines and Life & Health Reinsurance, which are based
principally on ongoing global lines of business, as well as the
Run-Off segment, which primarily comprises the business from
Converium Reinsurance (North America) Inc., excluding the U.S.
originated aviation business portfolio.

                        *     *     *

Following its publication of its 2005 year-end results, restated
financial information for the periods 1998 to 2004, and for each
quarter from March 31, 2003, to June 2005, Fitch Ratings
affirmed Converium AG's Insurer Financial Strength BBB- rating
and removed it from Rating Watch Negative on which it had been
placed since Nov. 4, 2005.

Fitch also affirmed other ratings within Converium group and
also withdrawn them from RWN:

  a) Converium AG IFS affirmed at BBB-;
  b) Converium AG IDR affirmed at BBB-;
  c) Converium Insurance Limited affirmed at IFS BBB-;
  d) Converium Ruckversicherungs AG affirmed at IFS BBB-;
  e) Converium Holding AG IDR affirmed at BB; and
  f) Converium Finance S.A.'s USD 200 million subordinated debt
     due 2032 affirmed at BB+.


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


BUDZHAK: Odessa Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on LLC Budzhak (code EDRPOU 25419409) on
June 23.  The case is docketed under Case No. 2/162-06-5959.

The Temporary Insolvency Manager is:

         Vladislav Ivanov
         a/b 46
         65011 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Budzhak
         Serpnya Str. 88
         Bolgrad, 25
         68720 Odessa Region
         Ukraine


CRYSTAL: Donetsk Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Trade Company Crystal (code EDRPOU
30207119) on May 15.  

The case is docketed under Case No. 27/81 B.

The Temporary Insolvency Manager is:

         Yurij Hovrin]
         a/b 282
         Sumi 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 Trade Company Crystal
         Shmidt Str. 3
         Kostyantinivka
         85102 Donetsk Region
         Ukraine


KAMYANETS-PODILSKIJ PLANT: Court Commences Sanction Procedure
-------------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced a sanction
procedure against OJSC Kamyanets-Podilskij Plant Electron on
June 19.  The case is docketed under Case No. 13/233-B.

The Sanction Manager is:

         Svyatoslav Badik
         Dragomanov Str. 10-a/29
         01103 Kyiv Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Kamyanets-Podilskij Plant Electron
         Kamyanets-Podilskij
         Marshal Harchenko Str. 22-b
         32300 Hmelnitskij Region
         Ukraine


LISOVA PISNYA: Court Names M. Vereshak as Insolvency Manager
------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. M.
Vereshak as Liquidator/Insolvency Manager for LLC Nursery
Sanitary Center Lisova Pisnya (code EDRPOU 24514347).  He can be
reached at:

         M. Vereshak
         Kostyantin Velikij Str. 16/16
         69002 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 12.  The case is docketed
under Case No. 25/74/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Nursery Sanitary Center Lisova Pisnya
         Bogatir
         Yakimivka District
         72534 Zaporizhya Region
         Ukraine


SONATA: Harkiv Court Names Leonid Kvok as Liquidator
----------------------------------------------------
The Economic Court of Harkiv Region appointed Leonid Kvok as
Liquidator/Insolvency Manager for LLC Sonata (code EDRPOU
25465734).  

         Leonid Kvok
         Yelizarov Str. 11/32
         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. B-19/86-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Sonata
         Yelizarov Str. 11/32
         Harkiv Region
         Ukraine


STIROL OJSC: Fitch Lowers Issuer Default Rating to B-
-----------------------------------------------------
Fitch Ratings downgraded Ukraine-based OJSC Stirol's Issuer
Default rating to B- from B.  The US$125 million limited
recourse notes issued by UkrChem Capital B.V. have also been
downgraded to senior unsecured B- from B.  The B rating, remain
on Rating Watch Negative, initially assigned on July 5.

The downgrade reflects Fitch's concern that Stirol's
profitability could be further reduced as a result of natural
gas price increase and the overall uncertainty over the
direction of natural gas prices in 2007.  Stirol's interim H106
results prepared under Ukrainian accounting standards show
significant deterioration of profitability due to a hike in the
gas prices.  It reported sales of UAH1.2 billion (US$245
million) and operating profits of UAH178.4 million (US$35.7
million), up 4% and down 45%, respectively on H105.

The downgrade also reflects the poor quality and lack of
timeliness of Stirol's financial disclosure.  Stirol published
its FY05 audited IFRS accounts on Aug. 7.  This timing
represents a slightly longer-than-one month delay to the
original 180 days from the year-end, stipulated in the bond
documentation, but within the cure period that was set to expire
on Aug. 8.

The accounts disclosed breaches of a number of non-financial
covenants on Stirol's loan agreements, which could result in
lenders as well as note investors demanding immediate repayments
on both its US$10 million bank loan and US$125 million notes
issued by UkrChemCapital B.V. for the sole purpose of financing
a loan from Moscow Narodny Bank Limited (MNB rated
BBB/Stable/F3) to Stirol.

All ratings remain on RWN to reflect Stirol's failure to obtain
covenant waivers to date.  As a consequence, in the FY05
accounts auditors classified the abovementioned debt instruments
as short-term.  Currently the risk of accelerated repayment
initiated by lenders is mitigated by the company's adequate
liquidity position.  Stirol has advised Fitch that it has
sufficient funds to meet its repayment obligations.

Fitch expects the RWN to be resolved upon provision by Stirol of
evidence that covenant waivers have been obtained.


UKRAINE-AGRO: Court Names M. Vereshak as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. M.
Vereshak as Liquidator/Insolvency Manager for LLC Ukraine-Agro
(code EDRPOU 31788341).  He can be reached at:

         M. Vereshak
         Kostyantin Velikij Str. 16/16
         69002 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 7.  The case is docketed
under Case No. 16/25/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Ukraine-Agro
         Novoivanivka
         Novo
         Mikolaivskij District
         70110 Zaporizhya Region
         Ukraine


VOINSKE: AR Krym Court Names Vasil Kuhta as Insolvency Manager
--------------------------------------------------------------
The Economic Court of AR Krym Region appointed Vasil Kuhta as
Liquidator/Insolvency Manager for Agricultural LLC Voinske (code
EDRPOU 00850112).  He can be reached at:

         Vasil Kuhta
         a/b 2745
         Simferopol
         95048 AR Krym Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 3.  The case is docketed
under Case No. 20/5909-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Voinske
         70-richya Zhovtnya Str. 1
         Voinka
         96033 Krasnoperekopskij District
         Ukraine


ZERNOPRODUKT: Court Names Mr. V. Nesvit as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Poltava Region appointed Mr. V. Nesvit as
Liquidator/Insolvency Manager for LLC Zernoprodukt (code EDRPOU
32084034).  He can be reached at:

         V. Nesvit
         Room 18
         Nezalezhnosti Square 1-B
         36003 Poltava Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 7/109.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Zernoprodukt
         Kizlivka
         Chornuhinskij District
         Poltava Region
         Ukraine


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


ADLINK INTERNATIONAL: Claims Registration Ends Nov. 4
-----------------------------------------------------
Creditors of Adlink International Limited, which is being
voluntarily wound up, are required to send in their names,
addresses and descriptions, full particulars of debts or claims,
and the names and addresses of Solicitors, if any, on or before
Nov. 4 to appointed Liquidator Jeremy Berman at:

         Jeremy Berman
    76 New Cavendish Street
    London W1G 9TB
    United Kingdom

The company can be reached at:

         Adlink International Limited
    7-11 Kensington High Street
    London W8 5NP
    United Kingdom
    Tel: 020 7376 1996


ADTEC SUPPLIES: Claims Filing Period Ends Nov. 30
-------------------------------------------------
Creditors of Adtec Supplies Limited, which is being voluntarily
wound up, have until Nov. 30 to send in their names, addresses
and descriptions, full particulars of debts or claims, and the
names and addresses of Solicitors, if any, to appointed
Liquidator E. Walls of Marlor Walls at:

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

The company can be reached at:

         Adtec Supplies Limited
    Unit 1
    Newburn Industrial Estate
    Shelley Road
    Newcastle Upon Tyne NE159RT
    United Kingdom
    Tel: 0191 264 6976


ASHFORD & CRANBROOK: Hires Liquidator from McCabe Ford Williams
---------------------------------------------------------------
Amanda Janice Ireland of McCabe Ford Williams was appointed
Liquidator of Ashford & Cranbrook Roofing Limited on Aug. 3 for
the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Ashford & Cranbrook Roofing Limited
    3 Linden Road
    Ashford
         Kent TN24 8BT
    United Kingdom
    Tel: 0800 0565465


BLIGHTS BUILDERS: Brings In Bishop Fleming as Administrators
------------------------------------------------------------
J. O'Sullivan and S. T. Talby of Bishop Fleming were appointed
joint administrators of Blights Builders Limited (Company Number
4813957) on July 24.

With offices in Bristol, Exeter, London, Plymouth, Torbay and
Truro, United Kingdom, Bishop Fleming --
http://www.bishopfleming.co.uk/-- is one of the biggest firms  
of Chartered Accountants for South West U.K. businesses that
demand expert accounting and financial accounts management.

Headquartered in Devon, United Kingdom, Blights Builders Limited
is a building contractor.


BROMLY PRE SCHOOL: Taps Ian C. Brown to Liquidate Assets
--------------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed Liquidator
of Bromley Pre School Day Nursery Limited on Aug. 3 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Bromley Pre School Day Nursery Limited
    76 Circular Drive
    Chester CH4 8LX
    United Kingdom
    Tel: 01352 763 229


BUSINESS CENTRE: Calls In Joint Liquidators from Mazars LLP
-----------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
Joint Liquidators of Business Centre (Leeds) Limited on Aug. 1
for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Business Centre (Leeds) Limited
    7-8 New Pudsey Square
    Stanningley
    Pudsey
    West Yorkshire LS286PX
    United Kingdom
    Tel: 0113 239 4111


CAPAS CONCEPT: Brings In Administrators from Harris Lipman
----------------------------------------------------------
Freddy Khalastchi and Michaela Joy Hall of Harris Lipman LLP
were appointed joint administrators of Capas Concept Limited
(Company Number 04692719) on July 21.

The administrators can be reached at:

         Harris Lipman LLP
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London N20 0YZ
         United Kingdom
         Tel: (020) 8446 9000
         Fax: (020) 8446 9537

Headquartered in London, United Kingdom, Capas Concept Limited
manages restaurant and bar.


CAPERS LIMITED: Joint Liquidators Take Over Operations
------------------------------------------------------
John Kelmanson and Elias Paourou were appointed Joint
Liquidators of Capers Limited on Aug. 4 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Capers Limited
    48a King Street
    Twickenham
    TW1 3SH United Kingdom
    Tel: 020 8538 9944
    Web: http://www.capers.ltd.uk/


CEILING SUPPLIES: Taps Joint Administrators from Kroll
------------------------------------------------------
R. A. H. Maxwell and S. C. E. Mackellar of Kroll Limited were
appointed joint administrators of Ceiling Supplies Limited
(Company Number 04854425) on July 20.

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.

Ceiling Supplies Limited can be reached at:

         Bowesfield Industrial Estate
         Stockton-On-Tees
         Cleveland TS18 3HJ
         United Kingdom
         Tel: 01642 611 335
         Fax: 01642 611 336


CIRCA U.K.: Creditors Confirm Joint Liquidators' Appointment
------------------------------------------------------------
Mark Roach and Graham Randall of BDO Stoy Hayward LLP were
appointed Liquidators of Circa U.K. Transport LLP on Aug. 7 by
resolutions of partners and creditors.

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

The company can be reached at:

         Circa U.K. Transport LLP
    33A Ganton Way
    Techno Trading Estate
    Swindon SN2 8ES
    United Kingdom
    Tel: 01793 611 406


COLLINS & AIKMAN: Delays Form 10-Q and Form 10-K Filing
-------------------------------------------------------
Stacy Fox, executive vice president, chief administrative
officer and general counsel for Collins & Aikman Corp., reports
in a regulatory filing with the Securities and Exchange
Commission that the company is unable to file on time its Form
10-Q with financial statements for the fiscal quarter ended
June 30, 2006, and Form 10-K with financial statements for the
year ended December 31, 2005.

Ms. Fox explains that the company's independent auditors, KPMG
LLP, are unable to complete their audit of the 2004 and 2005
financial statements and review of subsequent interim financial
statements because:

   (i) of the ongoing independent investigation of controls over
       financial reporting and review of certain accounting
       issues that are expected to require a restatement of
       certain previously reported periods; and

  (ii) the company filed for Chapter 11 bankruptcy.

Collins & Aikman also has not filed its Form 10-Q for the fiscal
quarters ended March 31, 2005, June 30, 2005, September 30,
2005, and March 31, 2006, and Form 10-K for the fiscal year
ended December 31, 2004.

Collins & Aikman anticipates changes in its results of
operations based on the impact of the accounting issues, Ms. Fox
says.  In addition, and in light of its bankruptcy filing, the
company also anticipates that there will be a significant change
in the results of operations from the corresponding period for
the prior year, but is unable to currently assess the amount of
the change as a result of the ongoing restructuring process,
according to Ms. Fox.

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 leading supplier of instrument panels, automotive fabric,
plastic-based trim, 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 and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 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
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 37;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: 10-3/4% Bonds' Price Plummets to All-Time Low
---------------------------------------------------------------
Prices at which the 10-3/4% Senior Notes due 2011 issued by
Collins & Aikman Products Co. have fallen to all-time lows on
Aug. 11, 2006, -- trading dipped to 10 cents-on-the dollar.

Pricing data from Bloomberg shows trades occurred near these
prices since Collins & Aikman filed for Chapter 11 protection:

   Week Ending   Indicative Bond Pricing
   -----------   -----------------------
   11-Aug-2006   10.000 +++++
   04-Aug-2006   15.750 +++++++
   28-Jul-2006   21.000 ++++++++++
   14-Jul-2006   24.250 ++++++++++++
   07-Jul-2006   30.000 +++++++++++++++
   30-Jun-2006   30.688 +++++++++++++++
   23-Jun-2006   30.563 +++++++++++++++
   16-Jun-2006   30.500 +++++++++++++++
   09-Jun-2006   39.000 +++++++++++++++++++
   02-Jun-2006   45.000 ++++++++++++++++++++++
   26-May-2006   35.000 +++++++++++++++++
   19-May-2006   34.000 +++++++++++++++++
   12-May-2006   37.500 ++++++++++++++++++
   05-May-2006   35.500 +++++++++++++++++
   28-Apr-2006   33.000 ++++++++++++++++
   21-Apr-2006   33.000 ++++++++++++++++
   14-Apr-2006   31.250 +++++++++++++++
   07-Apr-2006   32.500 ++++++++++++++++
   31-Mar-2006   33.000 ++++++++++++++++
   24-Mar-2006   30.500 +++++++++++++++
   17-Mar-2006   32.500 ++++++++++++++++
   10-Mar-2006   30.500 +++++++++++++++
   03-Mar-2006   27.500 +++++++++++++
   24-Feb-2006   28.125 ++++++++++++++
   17-Feb-2006   30.000 +++++++++++++++
   10-Feb-2006   31.000 +++++++++++++++
   03-Feb-2006   29.500 ++++++++++++++
   27-Jan-2006   30.000 +++++++++++++++
   20-Jan-2006   33.500 ++++++++++++++++
   13-Jan-2006   39.000 +++++++++++++++++++
   06-Jan-2006   43.000 +++++++++++++++++++++
   30-Dec-2005   42.000 +++++++++++++++++++++
   23-Dec-2005   44.000 ++++++++++++++++++++++
   16-Dec-2005   42.250 +++++++++++++++++++++
   09-Dec-2005   42.000 +++++++++++++++++++++
   02-Dec-2005   43.500 +++++++++++++++++++++
   25-Nov-2005   44.330 ++++++++++++++++++++++
   18-Nov-2005   43.000 +++++++++++++++++++++
   11-Nov-2005   45.750 ++++++++++++++++++++++
   04-Nov-2005   49.038 ++++++++++++++++++++++++
   28-Oct-2005   47.000 +++++++++++++++++++++++
   21-Oct-2005   48.000 ++++++++++++++++++++++++
   14-Oct-2005   48.000 ++++++++++++++++++++++++
   07-Oct-2005   50.771 +++++++++++++++++++++++++
   30-Sep-2005   44.000 ++++++++++++++++++++++
   23-Sep-2005   42.375 +++++++++++++++++++++
   16-Sep-2005   41.500 ++++++++++++++++++++
   09-Sep-2005   40.000 ++++++++++++++++++++
   02-Sep-2005   36.000 ++++++++++++++++++
   26-Aug-2005   36.875 ++++++++++++++++++
   19-Aug-2005   36.250 ++++++++++++++++++
   12-Aug-2005   30.000 +++++++++++++++
   05-Aug-2005   29.688 ++++++++++++++
   29-Jul-2005   29.500 ++++++++++++++
   22-Jul-2005   27.000 +++++++++++++
   15-Jul-2005   29.500 ++++++++++++++
   08-Jul-2005   29.625 ++++++++++++++
   24-Jun-2005   28.875 ++++++++++++++
   17-Jun-2005   41.000 ++++++++++++++++++++
   10-Jun-2005   39.500 +++++++++++++++++++
   03-Jun-2005   43.500 +++++++++++++++++++++
   27-May-2005   41.000 ++++++++++++++++++++
   20-May-2005   40.000 ++++++++++++++++++++
   13-May-2005   47.250 +++++++++++++++++++++++
   06-May-2005   71.000 +++++++++++++++++++++++++++++++++++

At the close of trading on August 14, prices of the 10-3/4%
Senior Notes slightly increased to 11 cents-on-the-dollar.

The 10-3/4% Senior Notes were issued in an Exchange Offer in
June 2002.  A full-text copy of the Prospectus circulated in
connection with the US$500 million Exchange Offer is available
at no charge at http://researcharchives.com/t/s?fd6

In his letter to shareholders for the fiscal quarter ending
April 30, 2005, Martin J. Whitman, Co-Chief Investment Officer &
Portfolio Manager of Third Avenue Value Fund, disclosed that the
Fund started to aggressively acquire Collins and Aikman's
10-3/4% Senior Notes following the company's chapter 11 filing.  
"At the time of this writing, Third Avenue holds US$250,750,000
Principal Amount of Collins and Aikman Seniors, or slightly over
half of the outstanding issue," Mr. Whitman indicated, making
Third Avenue the largest holder of the Senior Notes.

For the five years and nine months through September 2004, Mr.
Whitman told the Fund's shareholders, Collins and Aikman's
annual operating income before non-recurring charges ranged from
a low of US$61,500,000 in 2001 to a high of US$224,600,000 in
2002.  Annual interest charges for the Collins and Aikman
Seniors together with the Collins and Aikman Subordinates total
US$107,000,000 per year.  In Chapter 11, Mr. Whitman indicated,
these US$107,000,000 of cash costs are eliminated, offset in
part by professional costs in Chapter 11 should range from about
US$4 million to US$6 million per month.

Mr. Whitman was hopeful that Collins & Aikman could be
reorganized in Chapter 11 relatively quickly, perhaps in as
little as 180 days.  Mr. Whitman envisioned a plan of
reorganization that would reinstate secured debt, deliver 90% of
the new common stock to holders of Senior Debt, give 10% of the
new common stock to subordinated debtholders, wipe out the
existing shareholders, and provide management with options for
5% of the new common stock.

"If future annual operating income is to average, say,
$150,000,000 then the Fund would have acquired its position in
the new Collins and Aikman Common Stock at probably less than
five times earnings.  If Collins and Aikman can get annual
operating income up to US$200,000,000, the PE ratio for TAVF
would decline to around three times," Mr. Whitman told
shareholders in early 2005.

Mr. Whitman pointed out two "very real risks" in the Collins &
Aikman investment to Third Avenue shareholders:

   (1) Reorganization Risk.  If TAVF and other creditors
       can not relatively quickly reorganize Collins and
       Aikman along the lines outlined above, and a
       protracted Chapter 11 ensues, the bulk of the values
       in Collins and Aikman probably will belong to the
       professionals -- lawyers and investment bankers --
       not to pre-petition creditors.  Unknowns, such as a
       need to renegotiate labor contracts, could prolong
       the Chapter 11 proceeding, even if the Company, itself,
       is cooperating with TAVF and other holders of Collins
       and Aikman Seniors.  Old Collins and Aikman Common
       would be wiped out in any event.

   (2) Business Risk.  Maybe operating income for this
       automotive supplier will never again approach the
       average levels of the past six years.  75% of Collins
       and Aikman revenues come from the "Big Three"
       automobile manufacturers who have been losing
       market penetration.  Also, much of the company's
       raw materials costs are in resins where prices are
       correlated to the price of oil.  A persistent margin
       squeeze may be a fact of life.

David Barse, as a TAVF representative, chairs the Official
Committee of Unsecured Creditors in Collins & Aikman's
chapter 11 cases.

"Collins and Aikman is a considerably more troubled debtor than
we had assumed based on Pre-Chapter 11 public filings," Mr.
Whitman indicated in another letter to Third Avenue shareholders
in 2005.  "The situation may be difficult to work out, but I
think the odds favor Third Avenue becoming the dominant common
shareholder in a reorganized, and feasible, Collins and Aikman.
There are, of course, no guaranties.  In our long history of
investing in distressed debt, our most successful investments
were full of Collins and Aikman type unpleasant surprises that
arose immediately subsequent to Chapter 11 filings. The eventual
workouts, though, were spectacular for Nabors Industries,
Danielson Holding Corporation and Kmart."

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 leading supplier of instrument panels, automotive fabric,
plastic-based trim, 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 and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 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
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 37;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DI-AL EUSION: Taps Hazlewoods to Administer Assets
-----------------------------------------------------
Philip John Gorman and Peter Richard James Frost of Hazlewoods
LLP were appointed joint administrators of Di-al Eusion Tools
Limited (Company Number 03973430) on July 19.

Hazlewoods -- http://www.hazlewoods.co.uk-- offers a service  
that sets it apart from other chartered accountancy firms.   It
is highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax.  The firm employs 150
staff.

Headquartered in Gloucester, United Kingdom, Di-al Eusion Tools
Limited manufactures eusion tooling.


EASTWOOD AUTOPOINT: Taps Joint Administrator from PKF
-----------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint administrators of Eastwood Autopoint Limited (Company
Number 01652313) on July 21.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the U.K.'s  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  

Headquartered in Nottingham, United Kingdom, Eastwood Autopoint
Limited is engaged in freight transport.


EDINBURGH CRYSTAL: Taps Administrators from Deloitte & Touche
-------------------------------------------------------------
John C. Reid and Ian A. Brown of Deloitte & Touche LLP were
appointed joint administrators of The Edinburg Crystal Glass
Company Limited (Company Number 02531757) on July 24.

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

Headquartered in Somerset, United Kingdom, The Edinburg Crystal
Glass Company Limited manufactures hollow glass.


EIRCOM GROUP: Acquisition Arrangement with BCM Takes Effect
-----------------------------------------------------------
The orders issued by the High Court of Justice in England and
Wales on Aug. 17 sanctioning the Scheme and confirming the
Capital Reduction to effect the recommended acquisition by BCM
Ireland Holdings Limited of all of the Ordinary shares (other
than those already held by BCMIH) and Convertible Preference
Shares in eircom Group PLC have been delivered to and registered
with the Registrar of Companies and therefore the Scheme has now
become effective.

All existing Convertible Preference Shares and Ordinary Shares
(other than those Ordinary Shares held by shareholders who had
made valid elections under the Preference Share Alternative
which will be transferred to BCMIH and those Ordinary Shares
already held by BCMIH which will continue to be held by BCMIH)
have been cancelled.  The listing of the Ordinary Shares on the
Official Lists maintained by the Financial Services Authority
and Irish Stock Exchange Limited and their trading on the
markets for listed securities of London Stock Exchange plc and
Irish Stock Exchange Limited have also been cancelled.

In respect of the consideration due from BCMIH under the Scheme,
checks will be dispatched (for certificated holdings) or payment
will be made through CREST (for uncertificated holdings) by not
later than 6:00 p.m. (London time) on Sept. 1.  BCMIH Preference
Shares will be allotted and issued to those holders who made
valid elections under the Preference Share Alternative by not
later than 6:00 p.m. (London time) on Sept. 1.  Reduction to
effect the recommended acquisition by BCM Ireland Holdings
Limited of all of the Ordinary Shares (other than those already
held by BCMIH) and Convertible Preference Shares in the Company.

As previously reported in TCR-Europe, Shareholders of eircom
Group PLC have voted to accept the US$8 billion offer of BCM
Ireland Holdings Limited for the issued share capital in eircom
at a Court Meeting and an associated Eaordinary General Meeting
of eircom shareholders on July 26.

The offer for the acquisition of the issued capital in eircom is
through a scheme of arrangement under section 425 of the United
Kingdom Companies Act.

Under the terms of the Cash Offer, eircom's ordinary
shareholders will receive EUR2.20 in cash for each eircom Group
PLC Ordinary Share held.

                    About Eircom Group PLC

Headquartered in Dublin, Ireland, eircom Group PLC --
http://eircom.net/-- is the principal provider of fixed-line  
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                           *    *    *

As reported in TCR-Europe on Aug. 7, Moody's Investors Service
downgraded the Corporate Family Rating of eircom Group plc to
Ba3 from Ba2.  

Moody's also downgraded the rating of Valentia
Telecommunications Unlimited's EUR550 million unsecured notes
due 2013 to B2 from Ba3 and the rating of eircom Funding plc's
EUR285 million and US$250 million senior subordinated notes due
2013 to B2 from B1.

Moody's Investors Service assigned a Ba2 corporate family rating
to eircom Group plc.  Concurrently Moody's changed the rating
outlook to negative from stable.

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Valentia Telecommunications upc to 'BB-' from 'BB+'.


ENGAGE RECRUITMENT: Names Martin C. Armstrong as Administrator
--------------------------------------------------------------
Martin C. Armstrong of Turpin Barker Armstrong was named
administrator of Engage Recruitment Ltd. (Company Number
04102473) on July 10.

Headquartered in Surrey, United Kingdom, Turpin Barker Armstrong
-- http://www.turpinba.co.uk/-- is an independent four Partner  
firm of accountants, dedicated to ensuring our clients achieve
their goals, maximizing profits and minimizing taxation
liabilities.

Headquartered in Crawley, United Kingdom, Engage Recruitment
Limited -- http://www.engage-recruitment.com/-- is a specialist  
office placement company, which was formed in 2000 by a number
of experienced consultants from within the recruitment industry.


EXPRESS HR: Hires Menzies as Joint Administrators
-------------------------------------------------
Paul John Clark and Andrew John Duncan of Menzies Corporate
Restructuring were appointed joint administrators of Express HR
Limited (Company Number 03218325) and Express HR Solutions
Limited (Company Number 03461647) on July 20.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries. MRI, which is ranked
8th amongst the leading international accounting associations,
achieved global revenues of US$1,800 million in 2003.

Headquartered in Horsham, United Kingdom, Express HR Solutions
Limited and Express HR Limited -- http://www.expresshr.com/--  
are leading providers of innovative solutions for the
Recruitment and HR Industries.


FAWCETTS GARAGE: Hires Joint Administrators from Grant Thornton
---------------------------------------------------------------
Nigel Ruddock and Martin Gilbert Ellis of Grant Thornton U.K.
LLP were appointed joint administrators of Fawcetts Garage 2000
Limited (Company Number 0417716) on July 18.

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  

Headquartered in Berkshire, United Kingdom, Fawcetts Garage 2000
Limited is engaged in motor retailing.


FCE BANK: Fitch Downgrades Issuer Default Rating to B
-----------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to B from B+.  Fitch
also lowers the Ford's senior unsecured rating to B+/RR3 from
BB-/RR3 and Ford Credit's senior unsecured rating to BB-/RR2
from BB/RR2/.  The Rating Outlook remains Negative.

The downgrade is based on the significant production cutbacks in
the third and fourth quarter that reflect persistent share
losses across key product categories.  Negative cash flows,
including restructuring costs, could exceed US$7 billion in
2006, including working capital and restructuring outflows.

Cash outflows related to restructuring actions will continue in
2007, although operating losses could moderate as cost reduction
efforts are realized.  Sustained market share losses or a
decline in economic conditions through 2007 would result in
continued high levels of cash outflows and erosion of liquidity.
Although liquidity remains adequate, progress in achieving
structural cost reductions and maintaining the confidence of
trade creditors will remain critical over the near term.

Implicit in the production cutbacks are expectations of
continued weak pickup sales that have resulted in extended
inventories.  Volume declines in Ford's pickup segment, along
with continued declines in mid-size and large SUVs, are likely
to accelerate revenue declines and negative cash flows in 2006.

Although continued share losses and price erosion were
anticipated as a result GM's upcoming refreshed pickup line and
the start-up of Toyota's new pickup plant, vulnerability to this
segment has increased as a result of high gas prices, a
potential slowdown in economic conditions, and a contracting
construction segment.  

Ford has demonstrated recent growth in certain car segments,
where industry sales have been migrating, but volumes and
profitability in these segments will be insufficient in the
short-term to offset the decline in higher-margin mid-size and
large SUVs and pickups.  Ford's product pipeline is modest over
the near term, although two crossover products to be introduced
in 2006 (the Ford Edge and Lincoln MKX) are expected to
partially offset continued share erosion.

Ford's RR3 Recovery Rating reflects good recovery prospects of
50-70% in the event that the company is forced to seek
protection under Chapter 11.  Recovery values benefit from
Ford's holdings in Mazda, operations in Asia and South America,
very modest recoveries from Premier Automotive Group operations,
and 100% ownership in Ford Credit.

Recovery for senior unsecured holders also benefits from being
in a superior position to the Capital Trust II securities (which
represents approximately 29% of consolidated debt).  Recovery
values associated with Ford Credit are likely to decline as Ford
Credit's balance sheet shrinks and repatriated capital is used
to finance operating losses.  

Fitch's recovery analysis also projects that due to declining
market share and low current capacity utilization, at least one
additional assembly plant will be shut down.

Fitch's recovery scenario incorporates a Chapter 11 filing of
North American operations only, and would result in significant
claims from working capital liabilities in addition to unsecured
debtholders.  Fitch also factored in liabilities related to on
and off-balance sheet liabilities that could augment claims.

Fitch did not factor in claims related to potential termination
or alteration of legacy OPEB and pension costs.  In the event of
a filing, Fitch anticipates that Ford would not attempt to
terminate its pension plans.  Changes to OPEB liabilities, are
expected to be negotiated as part of a new labor agreement in
the event of a Chapter 11 filing, without resulting in claims
against the estate.

The restructured enterprise value includes reduced production
volumes, and structural cost reductions to an extent that a 3%
operating margin could be achieved in North America.

Declining revenues are unlikely to reverse through 2007 due to
market share losses and declining mix.  Despite modest progress
on the cost side, the pace of cost reductions is not expected to
keep up with revenue losses, thereby continuing negative cash
flows.  Over the intermediate-term, reducing inventories and
producing closer to demand will enhance even-flow production and
production efficiencies, and reduce reliance on ruinous
incentive programs.

However, lower production levels, coupled with already weak
capacity utilization, ill increase short-term cash outflows and
heighten the urgency of achieving substantive structural cost
reductions.

Ford's production cutbacks will also heighten operating and
financial stresses throughout the supply chain, increasing the
risks of further bankruptcies or other supply disruptions.
Supply chain stresses are expected to result in increased risks
of financial support and will limit the potential for any cost
savings to accrue to Ford over the near term from the
restructuring of the supply base.

Ford Credit's (FMCC) IDR remains linked to those of Ford due to
the close business relationship between them.  Fitch expects
FMCC's earnings and dividends to decline noticeably in 2006
primarily due to lower receivables outstanding and margins.  
FMCC has benefited from lower provision expense, as the quality
of its receivables pool has increased, but the pace of these
improvements is expected to slow going forward.

Fitch believes that FMCC maintains a good degree of liquidity
relative to its rating.  Supporting this is FMCC's ability to
sell or securitize a broad spectrum of assets such as retail
finance, lease, and wholesale loans.  Moreover, FMCC continues
to hold high cash balances and its assets mature faster than its
debt.  

FMCC's RR2 Recovery Rating indicates superior recovery prospects
on unsecured debt resulting from solid unencumbered asset
protection, although discounted to account for stressed
performance and/or disposition.

Fitch downgrades these ratings with a Negative Rating Outlook:

Ford Motor Co.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Motor Credit Co.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

FCE Bank PLC:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Capital B.V.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Credit Canada Ltd.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Motor Capital Trust II:

   -- Preferred stock to CCC+/RR6 from B-/RR6.

Ford Holdings, Inc.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Motor Co. of Australia:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Credit Australia Ltd.:

  -- Issuer Default Rating (IDR) to B from B+;
  -- Senior debt to BB- from BB.

PRIMUS Financial Services (Japan):

   -- Issuer Default Rating (IDR) to B from B+.

Ford Credit de Mexico, S.A. de C.V.:

   -- Issuer Default Rating (IDR) to B from B+.

Ford Motor Credit Co. of New Zealand:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Credit Co S.A. de CV:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Fitch also affirms the following short-term ratings:

Ford Motor Credit Co.:

   -- Commercial Paper B.

FCE Bank PLC:

   -- Commercial Paper and short-term debt B.

Ford Credit Canada Ltd.:

   -- Commercial Paper B.

Ford Credit Australia Ltd.:

   -- Commercial Paper B.

Ford Motor Credit Co. of New Zealand:

   -- Commercial Paper B.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.


FILM PROVOKED: Appoints T. Papanicola as Administrator
------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of The Film Provoked Limited (Company Number 05310268) on
July 19.

The administrator can be reached at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Headquartered in Harrow, United Kingdom, The Film Provoked
Limited is engaged in motion picture and video production.


FORD MOTOR: Plans to Expand & Accelerate Restructuring Plan
-----------------------------------------------------------
Ford Motor Co. plans to expand and accelerate the implementation
of its restructuring program named Way Forward, The Wall Street
Journal reports, citing people familiar with the Company's
plans.

The Company is planning to close more factories, cut more
management jobs by another 10% to 30% and reduce benefits as it
reels from a US$254 million net loss for the second quarter of
2006.  The original plan called for termination of 30,000
employees and shutting down of 14 plants by 2012.

               Cuts North American Output by 21%
                     to Hasten Turnaround

The Company is reducing North American fourth-quarter production
by 21% -- or 168,000 units -- compared with the fourth quarter a
year ago.  The revised plan also reduces the company's third-
quarter plan by 20,000 units.

Bill Ford, the company's chairman and CEO, outlined the decision
to cut production in a note to employees, explaining the
decision is part of broader efforts to accelerate the Company's
North American turnaround and saying full details of additional
actions will be disclosed in September.

"We know this decision will have a dramatic impact on our
employees, as well as our suppliers," Bill Ford told employees.  
"This is, however, the right call for our customers, our dealers
and our long-term future."

For full-year 2006, Ford now plans to produce 3.048 million
vehicles at its North American assembly plants -- 1.134 million
cars and 1.914 million trucks -- a 9% reduction from 2005.

The revised production plan is expected to sharply reduce the
supply of several models and reduce pressure on sales incentives
and dealer inventory carrying costs.  The plan also reflects
expectations for lower industry sales of light trucks and truck-
based sport utility vehicles, as high gasoline prices are
expected to continue to encourage demand for more fuel-efficient
passenger cars and crossovers.

Mark Fields, executive vice president and Ford's president of
The Americas, said the "tough-but-important" reduction in
production plans underscores the seriousness with which the
company is approaching its North American turnaround.

"We are basing our business plans on the customer, and we are
determined to match production and inventories with consumer
demand," Mr. Fields said.  "In doing so, we'll reduce incentive
spending and inventory carrying costs for our dealers -- with
the intent to improve residual values for our customers and
stabilize operating patterns for our plants and our suppliers."

The new production plan will result in downtime at several
assembly plants between now and the end of the year, including:
St. Thomas, Ontario (Ford Crown Victoria and Mercury Grand
Marquis), Chicago (Ford Five Hundred and Freestyle and Mercury
Montego), Wixom, Michigan (Lincoln Town Car), Louisville,
Kentucky (Ford Explorer and Mercury Mountaineer), Michigan Truck
in Wayne, Michigan (Ford Expedition and Lincoln Navigator), Twin
Cities, Minnesota (Ford Ranger) and all F-Series truck plants
(Kansas City, Missouri; Norfolk, Virginia, Dearborn and Kentucky
Truck in Louisville).

These plants are expected to operate on straight time or
overtime based on consumer demand: Hermosillo, Mexico (Ford
Fusion, Mercury Milan and Lincoln MKZ), AutoAlliance
International in Flat Rock, Michigan (Ford Mustang), Oakville,
Ontario (Ford Edge, Lincoln MKX and Ford Freestar), Wayne,
Michigan (Ford Focus), Kansas City, Missouri (Ford Escape and
Mercury Mariner), Ohio Assembly in Avon Lake, Ohio (Ford
Econoline) and Atlanta (Ford Taurus).

As reported in the Troubled Company Reporter on Aug. 4, 2006,
the Company hired Kenneth H.M. Leet as a strategic advisor to
Bill Ford, the Company's chairman and chief executive officer.  
The Company is trying to achieve its profitability and market
share goals using a two-pronged approach:

      (a) cut costs; and
      (b) increase revenue.  

To increase its market share, the Company plans to introduce
more products by investing up to US$1 billion in several of the
company's Michigan facilities.

Amendments to the restructuring plan will be deliberated by the
Company's board of directors on Sept. 14, 2006.  Formal
announcements will come a week after that.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- is the world's third largest automobile  
manufacturer.  The Company manufactures and distributes
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                         *     *     *

As reported in the Troubled Company Reporter on July 31, 2006,
Dominion Bond Rating Service lowered on July 21, 2006, Ford
Motor Company's long-term debt rating to B from BB, and lowered
its short-term debt rating to R-3 middle from R-3 high.

DBRS also lowered Ford Motor Credit Company's long-term debt
rating to BB(low) from BB, and confirmed Ford Credit's short-
term debt rating at R-3(high).

DBRS maintained a negative outlook for Ford Motor Company and
Ford Credit.

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

As reported in the Troubled Company Reporter on June 12, 2006,
Fitch downgraded long-term ratings for both Ford Motor Company
and Ford Motor Credit Company with a Negative Rating Outlook,
and assigned these Recovery Ratings:

  Ford:

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

  FMCC:

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

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

As reported in the Troubled Company Reporter on July 3, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Ford Motor Co. and related units to 'B+' from 'BB-'
and affirmed its 'B-2' short-term rating.  The ratings were
removed from CreditWatch, where they were placed on May 25,
2006, with negative implications.  S&P said the outlook is
negative.


FORD MOTOR: Restructuring Prompts Moody's to Review Ratings
-----------------------------------------------------------
Moody's Investors Service is reviewing these ratings of
Ford Motor Company and Ford Motor Credit Company for possible
downgrade:

Ford Motor Company

   -- B2 corporate family rating; and

   -- B2 senior unsecured and Caa1 subordinate ratings.

Ford Motor Credit Company

   -- Ba3 corporate family rating; and

   -- Ba3 senior unsecured rating.
  
The company's Speculative Grade Liquidity Rating has been
affirmed at SGL-1, indicating very good liquidity over the next
12 month period.

The review follows Ford's announcement that as part of the
acceleration of its Way Forward restructuring program it will
significantly reduce production levels in its North American
operations for the second half of 2006 in response to the
continued erosion in the truck and SUV markets.

Moody's also expects that a more aggressive employee attrition
program will be an important element of the Way Forward plan.
The rating agency believes that the announced production cuts,
in combination with an accelerated attrition program and a
continuing market shift away from trucks and SUVs, will
contribute to a significantly negative cash flow during 2006.
Nevertheless, the company's current cash position and available
bank credit facilities provide good liquidity relative to the
company's near term cash requirements.

Moody's review of Ford is focusing on the degree to which the
company's accelerated Way Forward plan will reestablish the
competitiveness of its North American operations and preserve
liquidity in the face of significant near-term cash requirements
and more aggressive competition from Asian manufacturers.  The
review will consider the company's rating relative to those of
key peers, and to the extent a rating downgrade is necessary it
is unlikely to be more than one rating notch.

Ford expects to announce the details of the revised
restructuring plan in September, and Moody's anticipates that
the resolution of the review will coincide with the announcement
of the revised plan.  

Key elements of the plan could include initiatives to:

   -- pull forward new product introductions in the car and
crossover segments;

   -- optimize the number of vehicle platforms;

   -- accelerate material costs reduction plans; and

   -- pursue options for various asset sales.

Bruce Clark, a senior vice president with Moody's said, "The
truck and SUV markets are falling out from under Ford much more
quickly than it expected and consequently the company will have
to accelerate almost every aspect of the original Way Forward
plan.  But during the near-term, a significant amount of cash
will likely be consumed until the plan begins to gain any real
traction."

The rating agency notes that Ford has approximately
US$23.6 billion cash and short-term VEBA balances to help cover
future cash requirements.

Moody's review of Ford Credit's long-term ratings reflects the
linkages that exist between it and its parent.  A further
weakening at Ford would have a negative impact on Ford Credit's
stand-alone credit profile.

Moody's currently maintains a two notch rating differential
between Ford and Ford Credit based upon Moody's view that loss
severity in the event of default for Ford Credit would be
meaningfully lower than for Ford.  This two notch rating
differential is not expected to be reduced as a result of this
ratings review.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
leading global auto manufacturer.  Ford Motor Credit Company is
one of the world's largest captive finance companies.


FORD MOTOR: Production Cuts Spur S&P to Review Low-B Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term and
'B-2' short-term ratings on Ford Motor Co., Ford Motor Credit
Co., and related entities on CreditWatch with negative
implications.  The 'BB-' long-term rating and 'B-2' short-term
ratings on FCE Bank PLC, Ford Motor Credit's European bank, were
also placed on CreditWatch with negative implications,
reflecting its linkage to the Ford rating.

The Ford CreditWatch placement reflects our decision to review
the ratings in light of the sharply lower production schedule
just announced for light trucks in the fourth quarter, down
155,000 units, or 28%, versus fourth-quarter production in 2005.  
These cuts, along with the very likely significant cost
reductions to be announced in September, reveal the magnitude of
turnaround efforts needed to deal with Ford's deteriorating
product mix, lower market share, and excess production capacity
in North America.
      
"The lower production will have a significant negative effect on
Ford's cash flow in the fourth quarter," said Standard & Poor's
credit analyst Robert Schulz.  

Although Ford's North American automotive operations are cash-
flow negative, Ford's liquidity should still be sufficient
relative to near-term requirements, as the company has a large
liquidity position.

Standard & Poor's plans to resolve this review by the end of
September.  As part of this review, Standard & Poor's will meet
with Ford's management to discuss the company's evolving plans
to address the heightened challenges it faces in North America.


FORD MOTOR: Fitch Lowers Issuer Default Rating to B
---------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to B from B+.  Fitch
also lowers the Ford's senior unsecured rating to B+/RR3 from
BB-/RR3 and Ford Credit's senior unsecured rating to BB-/RR2
from BB/RR2/.  The Rating Outlook remains Negative.

The downgrade is based on the significant production cutbacks in
the third and fourth quarter that reflect persistent share
losses across key product categories.  Negative cash flows,
including restructuring costs, could exceed US$7 billion in
2006, including working capital and restructuring outflows.

Cash outflows related to restructuring actions will continue in
2007, although operating losses could moderate as cost reduction
efforts are realized.  Sustained market share losses or a
decline in economic conditions through 2007 would result in
continued high levels of cash outflows and erosion of liquidity.
Although liquidity remains adequate, progress in achieving
structural cost reductions and maintaining the confidence of
trade creditors will remain critical over the near term.

Implicit in the production cutbacks are expectations of
continued weak pickup sales that have resulted in extended
inventories.  Volume declines in Ford's pickup segment, along
with continued declines in mid-size and large SUVs, are likely
to accelerate revenue declines and negative cash flows in 2006.

Although continued share losses and price erosion were
anticipated as a result GM's upcoming refreshed pickup line and
the start-up of Toyota's new pickup plant, vulnerability to this
segment has increased as a result of high gas prices, a
potential slowdown in economic conditions, and a contracting
construction segment.  

Ford has demonstrated recent growth in certain car segments,
where industry sales have been migrating, but volumes and
profitability in these segments will be insufficient in the
short-term to offset the decline in higher-margin mid-size and
large SUVs and pickups.  Ford's product pipeline is modest over
the near term, although two crossover products to be introduced
in 2006 (the Ford Edge and Lincoln MKX) are expected to
partially offset continued share erosion.

Ford's RR3 Recovery Rating reflects good recovery prospects of
50-70% in the event that the company is forced to seek
protection under Chapter 11.  Recovery values benefit from
Ford's holdings in Mazda, operations in Asia and South America,
very modest recoveries from Premier Automotive Group operations,
and 100% ownership in Ford Credit.

Recovery for senior unsecured holders also benefits from being
in a superior position to the Capital Trust II securities (which
represents approximately 29% of consolidated debt).  Recovery
values associated with Ford Credit are likely to decline as Ford
Credit's balance sheet shrinks and repatriated capital is used
to finance operating losses.  

Fitch's recovery analysis also projects that due to declining
market share and low current capacity utilization, at least one
additional assembly plant will be shut down.

Fitch's recovery scenario incorporates a Chapter 11 filing of
North American operations only, and would result in significant
claims from working capital liabilities in addition to unsecured
debtholders.  Fitch also factored in liabilities related to on
and off-balance sheet liabilities that could augment claims.

Fitch did not factor in claims related to potential termination
or alteration of legacy OPEB and pension costs.  In the event of
a filing, Fitch anticipates that Ford would not attempt to
terminate its pension plans.  Changes to OPEB liabilities, are
expected to be negotiated as part of a new labor agreement in
the event of a Chapter 11 filing, without resulting in claims
against the estate.

The restructured enterprise value includes reduced production
volumes, and structural cost reductions to an extent that a 3%
operating margin could be achieved in North America.

Declining revenues are unlikely to reverse through 2007 due to
market share losses and declining mix.  Despite modest progress
on the cost side, the pace of cost reductions is not expected to
keep up with revenue losses, thereby continuing negative cash
flows.  Over the intermediate-term, reducing inventories and
producing closer to demand will enhance even-flow production and
production efficiencies, and reduce reliance on ruinous
incentive programs.

However, lower production levels, coupled with already weak
capacity utilization, ill increase short-term cash outflows and
heighten the urgency of achieving substantive structural cost
reductions.

Ford's production cutbacks will also heighten operating and
financial stresses throughout the supply chain, increasing the
risks of further bankruptcies or other supply disruptions.
Supply chain stresses are expected to result in increased risks
of financial support and will limit the potential for any cost
savings to accrue to Ford over the near term from the
restructuring of the supply base.

Ford Credit's (FMCC) IDR remains linked to those of Ford due to
the close business relationship between them.  Fitch expects
FMCC's earnings and dividends to decline noticeably in 2006
primarily due to lower receivables outstanding and margins.  
FMCC has benefited from lower provision expense, as the quality
of its receivables pool has increased, but the pace of these
improvements is expected to slow going forward.

Fitch believes that FMCC maintains a good degree of liquidity
relative to its rating.  Supporting this is FMCC's ability to
sell or securitize a broad spectrum of assets such as retail
finance, lease, and wholesale loans.  Moreover, FMCC continues
to hold high cash balances and its assets mature faster than its
debt.  

FMCC's RR2 Recovery Rating indicates superior recovery prospects
on unsecured debt resulting from solid unencumbered asset
protection, although discounted to account for stressed
performance and/or disposition.

Fitch downgrades these ratings with a Negative Rating Outlook:

Ford Motor Co.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Motor Credit Co.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

FCE Bank PLC:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Capital B.V.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Credit Canada Ltd.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Motor Capital Trust II:

   -- Preferred stock to CCC+/RR6 from B-/RR6.

Ford Holdings, Inc.:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Motor Co. of Australia:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to B+ from BB-.

Ford Credit Australia Ltd.:

  -- Issuer Default Rating (IDR) to B from B+;
  -- Senior debt to BB- from BB.

PRIMUS Financial Services (Japan):

   -- Issuer Default Rating (IDR) to B from B+.

Ford Credit de Mexico, S.A. de C.V.:

   -- Issuer Default Rating (IDR) to B from B+.

Ford Motor Credit Co. of New Zealand:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Ford Credit Co S.A. de CV:

   -- Issuer Default Rating (IDR) to B from B+;
   -- Senior debt to BB- from BB.

Fitch also affirms the following short-term ratings:

Ford Motor Credit Co.:

   -- Commercial Paper B.

FCE Bank PLC:

   -- Commercial Paper and short-term debt B.

Ford Credit Canada Ltd.:

   -- Commercial Paper B.

Ford Credit Australia Ltd.:

   -- Commercial Paper B.

Ford Motor Credit Co. of New Zealand:

   -- Commercial Paper B.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.


FOUNDRY SUPPLIES: Taps Joint Liquidators from Deloitte & Touche
---------------------------------------------------------------
Neil Matthews and Ian Brown of Deloitte & Touche LLP were
appointed Joint Liquidators of Foundry Supplies Limited on
Aug. 28 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Foundry Supplies Limited
    Foundry Yard
    Bellingham
    Hexham
    Northumberland NE482DA
    United Kingdom
    Tel: 01434 220 873


GLAMOUR SOFA: Appoints Joint Administrators from Begbies Traynor
----------------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Glamour Sofa Ltd.
(Company Number 05530300) on July 21.

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 Bristol, United Kingdom, Glamour Sofa Ltd.
retails furniture.


GUARDIAN DOORS: Brings In Administrators from KPMG
--------------------------------------------------
Allan Watson Graham and Richard James Philpott of KPMG LLP were
appointed joint administrators of Guardian Doors Limited
(Company Number 05198324) on July 18.

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

Guardian Doors Limited can be reached at:

         29 Warwick Road
         Coventry
         West Midlands CV1 2ES
         United Kingdom


HERBERT HYDRACENTRE: Taps Administrators from Begbies Traynor
-------------------------------------------------------------
Julie Anne Palmer and Michael Francis Stevenson of Begbies
Traynor were appointed joint administrators of Herbert
Hydracentre Limited (Company Number 2565270) on July 25.

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.  

Herbert Hydracentre Limited can be reached at:

         The Warehouse
         Siloh Road
         Landore
         Swansea SA1 2NT
         United Kingdom
         Tel: 01792 798 810
         Fax: 01792 798 818


GREENWOOD SCHOOLS: A. J. Clark Leads Liquidation Procedure
----------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of
Greenwood Schools Supplies & Services Limited on Aug. 3 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Greenwood Schools Supplies & Services Limited
    111 Lower Addiscombe Road
    Croydon CR0 6PU
    United Kingdom
    Tel: 020 8656 6440
    Web: http://biz.educationfizz.co.uk/  
        http://www.croydonsundayfootballleague.co.uk/


HILLBROOK MANAGEMENT: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------------
Jane Walker of Errington Walker Limited was appointed Liquidator
of Hillbrook Management Limited on Aug. 4 for the purposes of
the creditors' voluntary winding-up.

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

The company can be reached at:

         Hillbrook Management Limited
    Kings House
    Falkland Close
    Charter Avenue Industrial Estate
    Coventry CV4 8AU
    United Kingdom
    Tel: 024 7646 7777


JAYCREST LIMITED: Hires T. Papanicola to Liquidate Assets
---------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Jaycrest Limited on Aug. 3 by resolutions of members and
creditors.

The company can be reached at:

         Jaycrest Limited
    Birmingham Road
    Great Barr
    Birmingham
    West Midlands B43 6NW
    United Kingdom
    Tel: 0121 358 2111


JIMMY JACKSON: Creditors Ratify Liquidator's Appointment
--------------------------------------------------------
Members of Jimmy Jackson Heating & Plumbing Engineers Limited
appointed John Paul Bell of Clarke Bell as Liquidator of the
company for the purposes of the creditors' voluntary winding-up.

Subsequently, the appointment was ratified by creditors.

The company can be reached at:

         Jimmy Jackson Heating & Plumbing Engineers Limited
    42 Rainford Road
    Billinge
    Wigan
    Lancashire WN5 7PF
    United Kingdom
    Tel: 01744 892 629


LA MAISON: Appoints Joint Liquidators from Wilson Field
-------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed
Liquidators of LA Maison Limited on Aug. 3 for by resolutions of
members and creditors.

The company can be reached at:

         LA Maison Limited
    83 Darlton Drive
    Arnold
    Nottingham
    Nottinghamshire NG5 7LX
    United Kingdom
    Tel: 0800 9524736   
    Web: http://www.lamaisonltd.co.uk/  


KIDS & CO.: Brings In Administrators from Begbies Traynor
---------------------------------------------------------
G. N. Lee and S. L. Conn of Begbies Traynor were appointed joint
administrators of Kids & Co. (Playcentres) Limited (Company
Number 04444953) on July 24.

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.  

Kids & Co. (Playcentres) Limited can be reached at:

         76 Wellington Road South
         Stockport
         Cheshire SK1 3SU
         United Kingdom


M & K CATERING: Liquidator Sets Nov. 2 Claims Bar Date
------------------------------------------------------
Creditors of M & K Catering Supplies Limited, which is being
voluntarily wound up, have until Nov. 2 to send in their full
names, addresses and descriptions, full particulars of debts or
claims, and the names and addresses of Solicitors, if any, to
appointed Liquidator Kevin Brown of Allan House at:

         Kevin Brown
    Allan House
    10 John Princes Street
    London W1G 0AH
    United Kingdom

The company can be reached at:

         M & K Catering Supplies Limited
    113 Cowley Hill
    Borehamwood
    Hertfordshire WD6 5NA
    United Kingdom
    Tel: 020 8207 5363


MAARS 2000: Hires Begbies Traynor as Joint Administrators
---------------------------------------------------------
G. N. Lee and S. L. Conn of Begbies Traynor were appointed joint
administrators of Maars 2000 Limited (Company Number 04791113)
on July 24.

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.  

Maars 2000 Limited can be reached at:

         Office 2
         16 New Street
         Stourport-on-Severn
         Worcestershire DY13 8UW
         United Kingdom


MARQUETTE US/EUROPEAN: Moody's Rates Class E Notes at Ba2
---------------------------------------------------------
Moody's Investors Service assigned these ratings to notes issued
by Marquette US/European CLO, P.L.C.:

   -- US$103,905,000 Class A-1A Senior Secured Floating Rate
Dollar Notes Due 2020: Aaa;

   -- US$11,545,000 Class A-1B Senior Secured Floating Rate
Dollar Notes Due 2020: Aaa;

   -- EUR86,151,000 Class A-2 Senior Secured Floating Rate Euro
Notes Due 2020: Aaa;

   -- US$2,550,000 Class B-1 Senior Secured Floating Rate Dollar
Notes Due 2020: Aa2;

   -- EUR7,500,000 Class B-2 Senior Secured Floating Rate Euro
Notes Due 2020: Aa2;

   -- US$10,000,000 Class C-1 Secured Floating Rate Dollar Notes
Due 2020: A2;

   -- EUR7,937,000 Class C-2 Secured Floating Rate Euro Notes
Due 2020: A2;

   -- US$9,500,000 Class D-1 Secured Floating Rate Dollar Notes
Due 2020: Baa2;

   -- EUR7,540,000 Class D-2 Secured Floating Rate Euro Notes
Due 2020: Baa2;

   -- US$3,000,000 Class E-1 Secured Floating Rate Dollar Notes
Due 2020: Ba2; and

   -- EUR2,381,000 Class E-2 Secured Floating Rate Euro Notes
Due 2020: Ba2.

According to Moody's, the ratings reflect the ultimate return to
an investor of principal and interest, and are based primarily
on the expected loss posed to noteholders relative to the
promise of receiving the present value of such payments.  

Moody's also analyzed the risk of diminishment of cashflows from
the underlying portfolio of debt due to defaults, the
characteristics of these assets and the safety of the
transaction's structure.

The collateral of the Issuer consists primarily of speculative-
grade senior secured loans, which may be denominated in US
Dollars, Euros, and up to 5% of the total portfolio in Sterling
Pounds.  

The transaction is managed by LightPoint Capital Management LLC
and Ixis Corporate & Investment Bank.


PENGUIN PLASTICS: Claims Filing Period Ends Nov. 30
---------------------------------------------------
Creditors of Penguin Plastics (North East) Limited, which is
being voluntarily wound up, are required to send in names,
addresses and descriptions, full particulars of debts or claims,
and the names and addresses of, if any, on or before Nov. 30 to
appointed Liquidator of E. Walls of Marlor Walls at:

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

The company can be reached at:

         Unit 1
    Newburn Industrial Estate
    Shelley Road
    Newcastle Upon Tyne NE159RT
    United Kingdom
    Tel: 0191 267 3333


PENWELD FABRICATIONS: Taps Administrators from Bishop Fleming
-------------------------------------------------------------
Jeremiah Anthony O'Sullivan and Samuel Jonathan Talby of Bishop
Fleming were appointed joint administrators of Penweld
Fabrications Limited (Company Number 02727275) on July 20.

With offices in Bristol, Exeter, London, Plymouth, Torbay and
Truro, United Kingdom, Bishop Fleming --
http://www.bishopfleming.co.uk/-- is one of the biggest firms  
of Chartered Accountants for South West U.K. businesses that
demand expert accounting and financial accounts management.

Headquartered in Cornwall, United Kingdom, Penweld Fabrications
Limited is engaged in metal fabrication.


QUANTUM BUSINESS: Names Joint Liquidators to Wind Up Business
-------------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of Quantum Business
Growth Limited on Aug. 7 by resolutions of members and
creditors.

The company can be reached at:

         Quantum Business Growth Limited
    The Minster Chambers
    Church Street
    Southwell
    Nottinghamshire NG250HD
    United Kingdom
         Tel: 01636 819 442
    Web: http://quantum-business-growth.co.uk/
  

REACT RECRUITMENT: Hires Joint Liquidators from BDO Stoy Howard
---------------------------------------------------------------
Graham David Randall and Mark Peter George Roach of BDO Stoy
Hayward LLP were appointed Joint Liquidators of React
Recruitment (SW) Bristol Ltd. on Aug. 4 for the purposes of the
creditors' voluntary winding-up.

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

The company can be reached at:

         React Recruitment (SW) Bristol Ltd.
    89 High Street
    Hanham
    Bristol
    Avon BS153QG
    United Kingdom
    Tel: 0117 961 9944


REPUTABLE GEARS: Names Asher Miller to Liquidate Assets
-------------------------------------------------------
Asher Miller of David Rubin & Partners was appointed Liquidator
of Reputable Gears & Components (Ashford) Limited on Aug. 3 for
the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         The Reputable Gears & Components (Ashford) Limited
    Unit 9 Old Surrenden Farm
    Kent TN263DL
    United Kingdom
    Tel: 01233 820 122


RUTLAND ENVIRONMENT: Brings In N. Koumettou to Liquidate Assets
---------------------------------------------------------------
N. Koumettou of AlexanderLawsonJacobs was appointed Liquidator
of Rutland Environment Limited on July 28 by resolutions of
members and creditors.

The company can be reached at:

         Rutland Environment Limited
    54-58 River Road
    Barking
    Essex IG110DW
    United Kingdom
    Tel: 020 8507 9442


SEAFRESH LIMITED: Names Gerald Krasner as Administrator
-------------------------------------------------------
Gerald Maurice Krasner of Bartfields (U.K.) Limited was named
administrator of Seafresh (U.K.) Limited (Company Number
4182267) on July 19.

The administrator can be reached at:

         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 234 3208
         E-mail: gerald.krasner@bartfield.co.uk

Headquartered in London, United Kingdom, Seafresh (U.K.) Limited
wholesales meat and meat products.


SCOTTISH RE: In Active Talks Over Strategic Alternatives
--------------------------------------------------------
Scottish Re Group Limited responded to the recent actions taken
by Standard & Poor's Ratings Services and Moody's Investor
Service to lower the Company's credit ratings as a result of a
short-term tightening of Scottish Re's liquidity.

On Aug. 18, S&P lowered its counterparty credit and financial
strength ratings on Scottish Re's operating subsidiaries from
BBB+ to BBB- and lowered its counterparty credit rating on
Scottish Re Group Limited from BB+ to B+.

On Aug. 21, Moody's lowered Scottish Re's senior unsecured debt
rating from Ba2 to Ba3 and also downgraded the insurance
financial strength ratings of the Company's core insurance
subsidiaries, Scottish Annuity & Life Insurance Company Ltd. and
Scottish Re, Inc., from Baa2 to Baa3.

Commenting on the actions taken by S&P and Moody's, Paul
Goldean, interim Chief Executive Officer of Scottish Re Group
Limited said, "The downgrades are in response to Scottish Re's
disclosure in its recent second-quarter 2006 Form 10-Q filing,
which indicated that the Company's short-term liquidity and
collateral sources are tight and that the Company is in active
discussions regarding capital and liquidity alternatives.  At
this time, it is important for shareholders to be aware that all
of Scottish Re's regulated entities are capitalized in excess of
their required minimum.  Scottish Re's underlying business is
sound, as both S&P and Moody's noted, and the Company's
mortality experience remains in line with expectations."

"We continue to actively pursue the previously announced
strategic alternatives and remain confident in the Company's
ability to execute one or more of these strategic alternatives,"
Mr. Goldean concluded.

S&P and Moody's stated that the Company's ratings would remain
on review until capital has been raised, the liquidity situation
has been resolved, and the company's strategic alternatives have
been clarified.  Scottish Re anticipates similar announcements
to be made by other ratings agencies.

                     Credit Facilities

On July 14, 2005, Scottish Annuity & Life Insurance Company
(Cayman) Ltd., Scottish Re (Dublin) Limited, Scottish Re (U.S.),
Inc. and Scottish Re Limited entered into a US$200 million,
three-year revolving unsecured senior credit facility with a
syndicate of banks.  This facility replaced a 364-day facility,
which was due to mature in October 2005, and may be increased to
an aggregate principal amount of US$300.0 million with the
consent of the participating banks.  As of June 30, 2006, there
was US$148.6 million of unused commitment under the facility.

"In light of our second quarter results and recent ratings
downgrades, we are not certain at this time whether the lenders
under this facility, and the facility referred to below, will
honor their commitment to fund any borrowing requests and if so
whether they will insist upon collateral for any such funding,"
the company disclosed in its regulatory filing.  "We are
currently in discussions with representatives of the bank
syndicate regarding this credit facility."

On Aug. 18, 2005, Scottish Re (Dublin) Limited entered into a
US$30 million three-year revolving, unsecured letter of credit
facility with a syndicate of banks.  The credit facility may be
increased to an aggregate principal amount of US$50 million with
the consent of the participating banks.  The facility is a
direct financial obligation of Scottish Re (Dublin) Limited,
however, Scottish Annuity & Life Insurance Company (Cayman) Ltd.
has guaranteed the payment obligations of Scottish Re (Dublin)
Limited.  Outstanding letters of credit under this facility
amounted to US$10.0 million at June 30, 2006.  As of June 30,
2006, there was US$20 million of unused commitment under the
facility.

The financial covenants of these facilities require that:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
      maintain a minimum amount of consolidated shareholders'
      equity (during any four quarter period, US$750.0 million
      plus 50% of consolidated net income for the period plus
      50% of any increases to shareholders' equity during the
      period), maintain the ratio of unencumbered assets to
      aggregate borrowings under the facilities of 1.2 times
      borrowings; and

   -- Scottish Re Group Limited to maintain a minimum amount of
      consolidated shareholders' equity (during any four quarter
      period, US$760.0 million plus 50% of consolidated net
      income for the period plus 50% of any increases to
      shareholders' equity during the period) and a debt to
      capitalization ratio of less than 30%.

For the purposes of computing the financial covenants, the
collateral facilities and their associated costs are excluded.  
The facilities also contain certain covenants on borrowing
entities in respect of, among other things, dividends or loans
to the parent, debt incurrence and affiliate transactions.

Failure to comply with the requirements of the credit facilities
would, subject to grace periods, result in an event of default
and we would be required to repay any outstanding borrowings.  
At June 30, 2006, Scottish Annuity & Life Insurance Company
(Cayman) Ltd. and Scottish Re Group Limited said they were in
compliance with the financial covenants.

                   About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Dublin,
Ireland, Grand Cayman, and Windsor, England.  At March 31, 2006,
the reinsurer's balance sheet showed USUS$12.2 billion assets
and USUS$10.8 billion in liabilities.


SCOTTISH RE: Liquidity Needs Spur Moody's to Cut Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Ba2 the senior
unsecured debt rating of Scottish Re Group Limited and also
downgraded to Baa3 from Baa2 the insurance financial strength
ratings of the company's core insurance subsidiaries, Scottish
Annuity & Life Insurance Company (Cayman) Ltd. (SALIC) and
Scottish Re (U.S.), Inc.  The ratings have been placed on review
for possible further downgrade.

Moody's stated that Scottish Re's collateral and liquidity needs
are greater than had been anticipated at the time of its last
rating action on July 31, when the rating agency downgraded the
ratings of Scottish Re and its subsidiaries following the
company's profit warning.

According to Scott Robinson, Vice President and Senior Credit
Officer at Moody's, "the company needs to raise capital or
secure collateral to manage through its impending liquidity
needs over the near term."

He added that "while we believe a sale of the company is likely,
the timing is uncertain, and there is a risk that the company
could run out of liquidity prior to a sale."

Moody's highlighted the Aug. 14 draw down of funds under the
Stingray Investor Trust as an indication that the liquidity
position of Scottish Re is extremely tight.  Liquidity needs
include those that can be anticipated and projected to a varying
degree of confidence, such as truing up reserve collateral
trusts and other collateral requirements, operating expenses,
debt servicing and debt repayments, as well as unanticipated
liquidity needs that could result from any unexpected
deterioration in the financial condition of the company.

As Moody's has previously commented, there is a significant
amount of uncertainty surrounding Scottish Re's ability to
access the US$168.6 million of additional credit available under
its two unsecured 3-year bank facilities.  There are also
limitations under the bank agreement on monies being transferred
from SALIC to Scottish Re (holding company).  Thus, to pay off
the US$115 million outstanding 4.5% convertible notes that are
putable at par in December, the company needs to raise money at
the holding company level or resolve the issue with the bank
syndicate, potentially by collateralizing or paying down some or
all of the outstanding amount on the facility.

The company has stated that it is working with various parties
on securing additional capital and freeing up
liquidity/collateral over the near-term.  These include standard
reinsurance and surplus relief reinsurance, private equity, or
asset based financing type transactions.

Robinson further added that "any such transactions would be only
temporary solutions, providing Scottish Re with additional
liquidity and collateral that could support the company through
the sales process."

He continued, "there is a reasonable possibility the company
will secure additional capital; however, further downgrades are
likely if the company is unable to close any such transactions
over the very near term."

Moody's emphasized that the company likely represents an
attractive acquisition target for a variety of buyers, including
those seeking value in the enforce blocks of business, as well
as those seeking to gain a foothold in the U.S. life reinsurance
market.  Additionally, the company has a significant net
operating loss as well as the ability to generate additional net
operating losses, which could be of significant economic benefit
for certain buyers (U.S. taxpayers).

Notwithstanding the likelihood of a sale, the rating agency
highlighted that given the complicated nature of the business
and the company structure, the timing of any sale is uncertain.
Also, recently filed class action lawsuits could cause
additional difficulties.

Ratings downgraded and placed on review for possible further
downgrade:

Scottish Re Group Limited:

   -- Senior Unsecured to Ba3 from Ba2;
   -- Senior Unsecured Shelf to (P)Ba3 from (P)Ba2;
   -- Subordinate Shelf to (P)B1 from (P)Ba3;
   -- Preferred Stock to B2 from B1;
   -- Preferred Shelf to (P)B2 from (P)B1;

Scottish Holdings Statutory Trust II:

   -- Preferred Shelf to (P)B1 from (P)Ba3;

Scottish Holdings Statutory Trust III:

   -- Preferred Shelf to (P)B1 from (P)Ba3;

Scottish Annuity & Life Ins Co (Cayman) Ltd.:

   -- IFSR to Baa3 from Baa2 ;

Premium Asset Trust Series 2004-4:

   -- Senior Secured to Baa3 from Baa2;

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

   -- IFSR to Baa3 from Baa2; and

Stingray Pass-Through Certificates:

   -- To Baa3 from Baa2.

Rating affirmed and placed on review for downgrade:

Scottish Re Group Limited

   -- Junior Subordinate Shelf at (P)B1.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda; it also has
significant operations in Charlotte, NC, Denver, CO and Windsor,
England.  On June 30, 2006, Scottish Re reported assets of
US$14.6 billion and shareholders' equity of US$1.2 billion.


SCOTTISH RE: Financial Stress Prompts S&P to Cut Rating to B+
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty
credit rating on Scottish Re Group Ltd. to 'B+' from 'BB+'.

In addition, Standard & Poor's lowered its counterparty credit
and financial strength ratings on Scottish Re's operating
subsidiaries to 'BBB-' from 'BBB+'.  All of these ratings remain
on CreditWatch with negative implications, where they were
placed on July 31.

In addition, the ratings on several securitization transactions
related to Scottish Re have been lowered and remain on
CreditWatch with negative implications.
      
"The ratings were lowered reflecting our concerns that the
group's access to credit facilities is more limited than
Standard & Poor's had previously believed," explained Standard &
Poor's credit analyst Neil Strauss.

This conclusion was acknowledged by the company in its recent
representations in its recently filed second-quarter 2006 10-Q.
Liquidity sources have decreased such that the holding company's
liquidity situation has been impaired.

"It is our belief that without additional capital, the company
is likely to be unable to satisfy future needs, including
potential debt redemption in December 2006," added Mr. Strauss.
     
The company disclosed in their just filed 10-Q that while as of
June 30, 2006, there was significant unused commitment under a
US$200 million bank credit facility, in light of second-quarter
results and recent downgrades, there was uncertainty whether the
lenders under this facility, and other facilities, would honor
commitments to fund any borrowing requests and if so whether
they would insist upon collateral for funding.

The holding company's liquidity is further strained by the
existing credit facility, which contains restrictions on the
ability of Scottish Annuity & Life Insurance Co. (Cayman) Ltd.
and certain of its operating subsidiaries to pay dividends or
make loans to the holding company.  This means that although the
operating coverage may be generating strong cash flows, and have
strong current liquid assets, dividends to the holding company
are severely restricted, given current conditions.
     
The operating companies' liquidity position is better than that
of the holding company.  In fact, the inability to dividend from
the operating companies to the holding company makes the
operating company's financial position somewhat more protected.
However, financial stress at the group level will indirectly
adversely impact the operating company's ability to write new
business until Scottish Re's longer term financial security
situation is more certain.  Thus, our downgrade at the operating
companies was two notches versus three for the holding company
ratings.

Standard & Poor's continues to believe that there is substantial
value in the underlying businesses in the operating companies,
however, the franchise has been impaired by the continuing
recurring disclosures of the operational issues at Scottish Re
and the company will need to find funding sources to fund
ongoing business.

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


SELECT GAUGES: Appoints Moira Fitzpatrick to Administer Assets
--------------------------------------------------------------
Moira C. Fitzpatrick of MCF Business Rescue and Insolvency was
named administrator of Select Gauges and Calibration Ltd.
(Company Number 5257577) on July 21.

The administrator can be reached at:

         MCF Business Rescue and Insolvency
         Matford Business Centre
         Matford Park Road
         Exeter EX2 8ED
         United Kingdom

Headquartered in Exeter, United Kingdom, Select Gauges and
Calibration Ltd. manufactures precision gauges.


SPORTS BETTING: Names Administrators from UHY Hacker Young
----------------------------------------------------------
Andrew Andronikou and Peter Kubik of UHY Hacker Young were
appointed joint administrators of Sports Betting Media Limited
(Company Number 05492759) on July 20.

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 Longdon, United Kingdom, Sports Betting Media
Limited is a sports publisher.


SVP HOLDINGS: Moody's Rates First Lien Bank Facilities at Low-B
---------------------------------------------------------------
Moody's assigned a B1 rating to SVP Holdings Ltd.'s corporate
family and a B1 rating to its proposed US$315 million first lien
bank facility comprised of a US$75 million first lien revolving
credit facility and a US$240 million first lien term loan
facility.  The rating outlook was stable.

SVP is revising the structure, which will now include US$280
million of first lien credit facilities comprised of:
   
   (a) a US$50 million revolving credit facility;
   (b) a US$160 million A Term Loan Facility; and
   (c) a US$70 million B Term Loan Facility.

The borrowing group and security arrangements will remain
substantially unchanged from the previously rated transaction,
and all three facilities will benefit equally and ratably from
the proposed guarantee and security structure.  The revolving
credit facility and the A Term Loan will have priority repayment
rights over the B Term Loan if certain mandatory prepayment
events occur.

The revised structure does not result in any material change in
credit metrics for the company and the B1 corporate family
rating has been affirmed.  The proposed first lien credit
facilities will be secured by liens on substantially all assets
in the U.S., and pledges of shares of various overseas operating
companies and intermediate holding companies as well as a
guarantee from SVP Holdings Ltd., the ultimate parent company.
The first lien credit facilities will comprise substantially all
debt of the company and therefore have been rated B1, the same
as the corporate family rating.

The B1 rating reflects the company's leading market position in
the global consumer sewing machine market, geographic diversity
and breadth of distribution.  The acquisition of VSM expanded
the company's position in the middle and higher segments of the
market which complements the company's position in the entry
level primarily through the Singer brand.  

SVP's ratings are constrained by its high financial leverage,
which is at levels consistent with the rating category, the
associated integration risks the company will need to manage in
the acquisition of VSM, a company of comparable size as the
heritage Singer business, as well as the challenges of
implementing the expected supply chain efficiencies.

The stable rating outlook reflects Moody's expectation that the
company will maintain financial metrics appropriate for the
rating category and that the company will achieve cost savings
in this merger through reduction of duplicate administrative
functions as well as supply chain realignment.  

The rating outlook also incorporates expectations that the
company's revenues will remain stable, consistent with category
growth since the late 1990's though the category had been in
decline prior to that time.  

There is limited upward rating pressure at this time, however if
the company demonstrates consistent cash flow generation which
is used to de-lever the balance sheet the rating outlook could
be lifted to positive.  Downward rating pressure could result
from the failure to achieve a seamless integration of VSM, a
decline in sales due to competition or falling consumer demand,
or adoption of credit negative shareholder initiatives.

Ratings affirmed:

SVP Holdings Ltd.

   -- Corporate Family Rating at B1

Ratings assigned:

   -- US$50 million first lien revolving credit facility at B1;
   -- US$160 million first-lien bank A Term Loan at B1; and
   -- US$70 million first-lien B Term Loan at B1.

Ratings withdrawn:

   -- US$75 million First lien bank Revolving Credit Facility at
B1; and

   -- US$240 million First-lien bank term loan at B1.

Headquartered in Hamilton, Bermuda, SVP Holdings Ltd. is the
world's largest manufacturer, marketer and distributor of
consumer sewing machines.  Products are sold under the Singer,
Husqvarna, Viking and Pfaff brands in 188 countries.


TELTRONICS INC: Equity Deficit Widens to US$2.7 Mln at June 30
--------------------------------------------------------------
Teltronics Inc.'s balance sheet at June 30, 2006 showed total
assets of US$14.9 million and total liabilities of US$17.6
million resulting in a total shareholders' deficit of US$2.7
million.  The Company's shareholders' deficit stood at US$2.6
million as of Dec. 31, 2005.  

The Company disclosed that sales for the three months ended
June 30, 2006 were US$11.5 million as compared to US$12.97
million reported for the same period in 2005.  Sales for the six
months ended June 30, 2006 were US$21.79 million, as compared to
US$22.74 million, reported for the same period in 2005.  Gross
profit margin for the three months ended June 30, 2006 was 44%,
as compared to 43.2% for the same period in 2005.  Gross profit
margin for the six months ended June 30, 2006 was 41.6%, as
compared to 43.4% for the same period in 2005.

The Company also disclosed that net income for the three months
ended June 30, 2006 was US$755,000 as compared to net income of
US$1.19 million for the same period in 2005.  The net income for
the six months ended June 30, 2006 was US$195,000, as compared
to a net income of US$955,000 for the same period in 2005.  The
net income available to common shareholders for the three months
ended June 30, 2006 was US$592,000, as compared to net income of
US$1.03 million for same period in 2005.  The net loss available
to common shareholders for the six months ended June 30, 2006
was US$131,000, as compared to net income of US$633,000 for the
same period in 2005.

Headquartered in Sarasota, Florida, Teltronics, Inc. (OTCBB:
TELT) -- http://www.teltronics.com/-- provides communications  
solutions and services for businesses.  The Company manufactures
telephone switching systems and software for small-to-large size
businesses and government facilities.  Teltronics offers a full
suite of Contact Center solutions -- software, services and
support -- to help their clients satisfy customer interactions.  
Teltronics also provides remote maintenance hardware and
software solutions to help large organizations and regional
telephone companies effectively monitor and maintain their voice
and data networks.  The Company serves as an electronic contract
manufacturing partner to customers in the U.S. and overseas.  In
Europe, the company holds its headquarters in Bedfordshire, U.K.


TRANS-CONTINENTAL:  Appoints Clive Morris as Liquidator
-------------------------------------------------------
Clive Morris was appointed Liquidator of Trans-Continental
Technologies Limited on Aug. 7 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Trans-Continental Technologies Limited
    Block A Barons Ct
    Manchester Road
    Wilmslow
    Cheshire SK9 1BQ
    United Kingdom
    Tel: 01625 520 069


TRM CORP: Incurs US$4.5 Million Net Loss in Second Quarter
----------------------------------------------------------
TRM Corp. filed its financial results for the second quarter
ended June 30, 2006, with the U.S. Securities and Exchange
Commission on Aug. 9, 2006.

For the three months ended June 30, 2006, the Company incurred a
US$4.5 million net loss on US$27.5 million of net revenues,
compared to US$2.9 million of net income on US$32 million of net
revenues in 2005.

The Company had cash and cash equivalents of US$10.5 million at
June 30, 2006, compared to US$9.7 million at Dec. 31, 2005, and
net working capital of US$7.8 million at June 30, 2006, compared
to a net working capital deficit of US$89.2 million at Dec. 31,
2005.  The working capital deficit as of Dec. 31, 2005, was
principally caused by the classification of all of our former
debt facility as a current liability due to the Company's
default.  Restricted cash at June 30, 2006, includes US$4.5
million held by Bank of America as collateral for cash
obligations under a treasury management program.

The Company believes that as of June 30, 2006, the remaining
cost of upgrading the ATMs it owns to comply with new industry
standards known as triple DES will be approximately US$2.4
million.  These costs will be capitalized and depreciated over
the remaining life of each asset.  As of June 30, 2006,
approximately 40% of the Company's ATMs in the United States
were compliant with triple DES.  The Company has received an
extension of the deadline to upgrade its ATMs to comply with
these new standards to Dec. 31, 2007.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?fe4

                           About TRM Corp

Headquartered in Portland, Oregon, TRM Corporation (NASDAQ:
TRMM) -- http://www.trm.com/-- is a consumer services company  
that provides convenience ATM and photocopying services in high-
traffic consumer environments.  TRM's ATM and copier customer
base has grown to over 35,000 retailers throughout the United
States and over 46,200 locations worldwide, including 6,400
locations across the United Kingdom and over 4,900 locations in
Canada.  TRM operates one of the largest multi-national ATM
networks in the world, with over 22,000 locations deployed
throughout the United States, Canada, Great Britain, including
Northern Ireland and Germany.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on TRM Corporation to 'CCC' from 'B+' and revised its
CreditWatch placement to developing from negative.  The
downgrade reflected the weakened status of the company's loan
agreement.

Moody's Investors Service downgraded the corporate family rating
of TRM Corporation to Caa1 from B2 and assigned a negative
outlook.


UIC INSURANCE: Meeting for Scheme Creditors Slated for Sept. 25
---------------------------------------------------------------
The High Court of Justice of England and Wales directed UIC
Insurance Company Limited (formerly The Universal Insurance
Company Limited) to hold a Scheme Creditors meeting at 3:00 p.m.
on Sept. 25 at:

         Tower Room
         The London Underwriting Centre
         3 Minster Court
         Mincing Lane
         London EC3R 7DD
         United Kingdom

The meeting will convene for the purpose of considering and
approving a scheme of arrangement pursuant to section 425 of the
Companies Act 1985 proposed to be made between UIC and its
Scheme Creditors.

All Scheme Creditors are requested to attend the meeting either
in person or by proxy.  Registration will commence at 2:30 p.m.
and will end at 2:45 p.m.  

Court-appointed chairman of the meeting Ipe Jacob or Richard
White of Grant Thornton U.K. LLP will address scheme creditors
on the scheme during the meeting and will report the result of
the meeting to the Court.

The documentation and information regarding the scheme,
including the vote registration and proxy forms may be obtained
from the Web site at: http://www.uic-gt.com/

or on request from:

         Chiltington International Limited
         Attn: David Burns
         8-10 St. Saviours Wharf
         23-25 Mill Street
         London SE1 2BE
         United Kingdom
         Tel: +44 (0) 207 394 0321
         Fax: +44 (0) 207 252 0306
         E-mail: uic@chiltington.co.uk

Scheme Creditors are requested to return their completed and
signed Vote Registration and Proxy Forms to Chiltington by
4:00 p.m. on Sept. 20.  Alternatively, Scheme Creditors may hand
their Vote Registration and Proxy Form in at the registration
desk prior to the Meeting if attending in person or by proxy.  

Any Scheme Creditor who has any question concerning the action
should contact Chiltington.

If approved by the requisite majority of Scheme Creditors, the
Scheme will be subject to the subsequent approval of the Court.


WELLSPACE LTD.: Brings In Begbies Traynor as Administrators
-----------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Begbies Traynor were
appointed joint administrators of Wellspace (Luton) Ltd.
(Company Number 04897135) on July 19.

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.  

Wellspace (Luton) Ltd. can be reached at:

         c/o Buckle Barton Sanderson House
         Station Road
         Horsforth
         Leeds LS18 5NL


WINDERMERE VIII: Fitch Rates GBP24.29-Mln Class E Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned final ratings to Windermere VIII PLC's
GBP1,037,790,000 commercial mortgage-backed floating-rate notes
due 2015.

   -- GBP220,000,000 Class A1: AAA;
   -- GBP558,500,000 Class A2: AAA;
   -- GBP57,500,000 Class A3: AAA;
   -- GBP61,500,000 Class B: AA;
   -- GBP62,000,000 Class C: A;
   -- GBP54,000,000 Class D: BBB; and
   -- GBP24,290,000 Class E: BB.

The final ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  They
address the timely payment of interest on the notes and the
ultimate repayment of principal by final legal maturity in April
2015.

This transaction is a securitization of eight loans secured by a
portfolio of 52 office properties located in London (80%) and
across England, Wales and Scotland (20%).  The initial weighted
average loan-to-value is 74.9%, amortizing to 73.7% at notes
maturity.  U.K. government entities (rated AAA/F1+) account for
20.2% of the passing rent and the Class A1 and Class A2 notes
have been "time-tranched", so that the Class A1 will be more
sensitive to prepayments and the Class A2 will feature a higher
expected average life than the Class A1.

Initial credit enhancement for each Class of notes is provided
by subordination of those Classes of notes junior to them.
Accordingly, the credit enhancement afforded to each Class of
notes is: 25% to Class A1 and A2, 19.4% to Class A3, 13.5% to
Class B, 7.5% to Class C and 2.3% to Class D.  The Class E
notes, as first loss piece, do not benefit from any credit
enhancement through subordination.

Interest on the notes will be paid quarterly in arrears on each
payment date, commencing Oct. 15.  The notes benefit from a
liquidity facility of GBP62.3 million and that reduces over time
in line with the outstanding principal balance or as a result of
an appraisal reduction mechanism.


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$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.


                 * * * End of Transmission * * *