TCREUR_Public/060823.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, August 23, 2006, Vol. 7, No. 167

                            Headlines


A U S T R I A

A.M.V.: Claims Registration Period Ends August 24
BAUMEISTER MULLY: Begins Compensation Payment
BEDNARCIKOVA ANDREA: Vienna Court Orders Closing of Business
ELEKTRO POSITIV: Claims Registration Period Ends August 24
HOLZCONZEPT TISCHLEREI: Creditors' Meeting Slated for Sept. 5

KOLOSS: Creditors' Meeting Slated for August 28
LIBO: Creditors' Meeting Slated for August 28
SEEB: Claims Registration Period Ends August 24


F R A N C E

BANQUE ESPIRITO: Fitch Affirms Individual Rating at C/D
SAKS INC: Andrew Jennings Steps Down as Saks Fifth President


G E R M A N Y

ANCORA VERSICHERUNGS: BaFin Wants Insolvency Procedure to Begin
AXONMEDIA GMBH: Claims Registration Ends September 13
DRUCKEREI BOEKAMP: Claims Registration Ends September 13
GRUNDSTUECKSGEMEINSCHAFT KISSMER: Claims Bar Date Ends Sept. 12
HASE IT: Creditors Meeting Slated for September 18

HMS WIELAND: Claims Registration Ends September 13
KIRSCHBAUM EXECUTIVE: Claims Registration Ends September 15
KOMMANDITGESELLSCHAFT LAHMANN: Claims Registration Ends Sept. 14
QUINTING GMBH: Claims Registration Ends September 18
VISUAL MANAGEMENT: Claims Registration Ends September 12

VITESSE SEMICONDUCTOR: Rejects Debt Acceleration Notice
ZEITARBEIT SCHNEEVOGT: Claims Registration Ends September 15


I T A L Y

FIAT SPA: European Commission Okays AFIN Leasing Takeover
TISCALI SPA: Merges U.K. Operations with Video Networks


K A Z A K H S T A N

ALISA: Creditors Must File Claims by Sept. 20
ASYL MORA: Creditors Must File Claims by Sept. 20
BN-MANGISTAU: Proof of Claim Deadline Slated for Sept. 19
BERKUT I K: Proof of Claim Deadline Slated for Sept. 19
INTERKOKS: Karaganda Court Opens Bankruptcy Proceedings

JEZENERGO: Claims Registration Ends Sept. 21
KAZ PECK: Claims Registration Ends Sept. 21
TARYK-TI: Astana Court Begins Bankruptcy Proceedings
URALSKY OSETROVYI: Creditors' Claims Due Sept. 21


K Y R G Y Z S T A N

MP AKVA: Proof of Claim Deadline Slated for Sept. 28


N E T H E R L A N D S

ARGO PANTES: Restructures US$253.6-Mln Debt with Bank Mandiri


N O R W A Y

NORSKE SKOG: Second-Quarter Net Loss Widens to NOK180 Million
NORSKE SKOG: High Second-Quarter Loss Spurs 1,000 Job Cuts


R U S S I A

AGRO-COMBINE: Court Names S. Romanchin as Insolvency Manager
ALEKSINO-SEL-KHOZ-KHIMIYA: A. Laptev to Manage Insolvency Assets
BELORETSKIY BUTTER-CHEESE-COMBINE: Court Starts Reorganization
BOBROV-TINNED-GOODS: A. Zapryagaev to Manage Insolvency Assets
CHUKHLOMSKIY WOOD-COMBINE: V. Saurenko to Manage Assets

CRYSTAL: Kursk Court Commences Reorganization Process
DUBYAZSKIY BRICKWORKS: Court Names F. Safin Insolvency Manager
DZERZHINSK-HOLDING: M. Trubachev to Manage Insolvency Assets
EAST-SIBERIAN STOCK: Irkutsk Court Starts Bankruptcy Supervision
EMETSKIY BAKERY: Court Names Y. Pirogov as Insolvency Manager

FERTILITY: Orenburg Court Starts Bankruptcy Supervision
KALMANSKOYE GRAIN: Court Starts Bankruptcy Supervision
KRASNOARMEYSKIY POTTERY: A. Gurchenko to Manage Assets
KRASNOYARSKOYE: Court Names O. Kondrusov as Insolvency Manager
MARKOVSKIY: Kursk Court Names Y. Akulshin as Insolvency Manager

METAL-HARDWARE: Moscow Court Starts Bankruptcy Supervision
MINERALOVOSKIY LIQUEUR: Court Starts Bankruptcy Supervision
MOTORIST: Orel Court Commences Bankruptcy Supervision
NOVOSOKOLNICHESKIY: Court Names G. Fedorov as Insolvency Manager
PROGRESS: Court Names R. Sharifullin as Insolvency Manager

PROM-INVEST: Stavropol Court Starts Bankruptcy Supervision
SAYAN-ALCO: Tatarstan Court Starts Bankruptcy Supervision
SERPUKHOVSKAYA STOCKING: V. Golov to Manage Insolvency Assets
SIB-FARM-INVEST: Court Names I. Gorn as Insolvency Manager
TAVRICHESKIY BRICKWORKS: A. Kuzmin to Manage Assets

TRANSNEFT OAO: Court Lifts Trading Ban on Preferred Shares
TYVA-GRAIN-PRODUCT: Tyva Court Starts Bankruptcy Supervision
UST-ORDYNSKOYE TRANSPORT: P. Solynin to Manage Insolvency Assets


S W E D E N

SANMINA-SCI: Noteholders' Trustee Warns of Indenture Violations


T U R K E Y

FORD OTOSAN: Fitch Keeps Local Currency Default Rating at BB+
TROY CAPITAL: Fitch Puts Final B+ Rating on EUR200-Mln Notes


U K R A I N E

ALTA: Kyiv Court Names O. Valentsionova as Insolvency Manager
ELIS: Harkiv Court Names Volodimir Kapustin as Liquidator
GAYCHUR: Court Names Volodimir Ivannikov as Insolvency Manager
HMILNIKRAJAGROTEHSERVICE: Court Names L. Demets as Liquidator
LENDRICH: Court Names Kojchev Vadim as Insolvency Manager

PIVDENAGRO: Court Names Nataliya Sahanenko as Insolvency Manager
RAJDUGA: Court Names Larisa Timofeyeva as Insolvency Manager
TAS-INVESTBANK: Global Default Cues Moody's to Assign B2 Rating


U N I T E D   K I N G D O M

A.I.N. MANUFACTURING: Appoints Tony Freeman as Liquidator
ACACIA FLOWER: Names P. B. Wood as Administrator
ALMAC METAL: Board Appoints Timothy Calverley as Liquidator
ARGO PANTES: Restructures US$253.6-Mln Debt with Bank Mandiri
AVANTICARE LIMITED: Hires Administrators from Geoffrey Martin

BARTLETT CATERING: Brings In UHY Hacker to Administer Assets
BLUE-CHIP COMPUTER: Taps Asher Miller to Liquidate Assets
BLUE NOTE: Appoints Begbies Traynor as Administrators
BRITISH AIRWAYS: Sells Travel Clinic Business to MASTA
BUFFET DIRECT: Joint Liquidators Take Over Operations

C B SERVICES: Creditors Appoint Liquidator from ThorntonRones
CAMBRIDGE MOTORSPORT: Hires Smith & Williamson as Administrators
CIVIL ENGINEERING: Taps Andrew James Nichols as Administrator
COLIN WHITE: Appoints Grant Thornton as Joint Administrators
EDUCATION INTERFACE: Hires Administrators from Rothman Pantall

FIRST CHOICE: Brings In Joint Liquidators from Mazars LLP
FISHERS LIMITED: Creditors' Meeting Slated for September 6
FIXINGSFAST LIMITED: Hires Colin Burke to Liquidate Assets
FORD MOTOR: S&P Puts US Suppliers' Ratings on Watch Negative
FORD MOTOR: S&P Puts Related Loan Ratings on Watch Negative

H.J. HEINZ: Restructuring Plan Prompts Moody's to Cut Ratings
IBC RECOVERY: J. Harvey Madden Leads Liquidation Procedure
JPN BUSINESS: Names Peter O'Hara to Liquidate Assets
JULIAN REED: Calls In Joint Liquidators from Wilson Field
KIDS COCKTAILS: Taps Joint Liquidators from KPMG LLP

MCBRIEN CIVILS: Appoints Administrators from Moore Stephens
MILLAR MCCOWAN: Falls into Receivership; Buyers Queue
NARBOROUGH ENGINEERING: Names Joint Liquidators for Winding-Up
NEW MERSEY: Brings In Joint Liquidators from Begbies Traynor
NEWFRAME CONSERVATORIES: Hires Ian C. Brown to Liquidate Assets

NEXUS YORKSHIRE: Appoints Joint Liquidators to Wind Up Business
PELLS CONFECTIONERY: Creditors Confirm Liquidators' Appointment
PETER MARTIN: Claims Filing Period Ends Nov. 4
PREM-FAB LIMITED: Names Administrator from Haines Watts
PROVALIS PLC: Legal Director to Leave Firm Following Liquidation

RALTEX LIMITED: Claims Registration Ends Sept. 2
REDMAN JONES: Brings In Administrators from Begbies Traynor
REDWING SATELLITE: Appoints Vantis as Joint Administrators
REED AUTOMOTIVE: Appoints Hurst Morrison to Administer Assets
RUSSCOTT CONSERVATION: Names Andrew Appleyard as Administrator

SCO GROUP: Creditors' Claims Due Sept. 29
SCOTTISH RE: Liquidity Needs Spurs Moody's to Cut Rating to Ba3
SIESTA LEISURE: Gagen Dulari Sharma Leads Liquidation Procedure
SOFA ZOO: Appoints Paul James Fleming to Liquidate Assets
SPEED 9105: Creditors Appoint Liquidator from Bishop Fleming

STANDARD AERO: Profit Uncertainty Spurs S&P to Affirm B+ Rating
STORM DISPLAY: Brings In Butcher Woods to Administer Assets
T JENNINGS: Liquidator Sets Sept. 15 Claims Bar Date
TACHOGRAPH BUREAUX: Calls In Liquidator from Sanderlings LLP
TEC ELECTRICAL: H. J. Sorsky Leads Liquidation Procedure

TEKNE CONSTRUCTION: Names Terry Christopher Evans Liquidator
TISCALI UK: Merges with Video Networks International
TRADE QUOTA: Claims Registration Ends Sept. 14
U.K. TABLE: Appoints Administrators from Chantrey Vellacott
USP BRANDS: Creditors' Meeting Slated for August 24

VISKASE COS: Strained Liquidity Spurs S&P to Junk Ratings
WENTWORTH HAULAGE: Taps Liquidator from Parkin S. Booth & Co.
WISE METALS: Business Loss Prompts Moody's to Cut Rating to Caa3
WORLD MAN: Appoints Administrators from RE10
WORLD WIDE: Brings In Administrators from Wilkins Kennedy

XPLICIT U.K.: Brings In Gagen Dulari Sharma to Liquidate Assets

                            *********

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


A.M.V.: Claims Registration Period Ends August 24
-------------------------------------------------
Creditors owed money by LLC A.M.V. (FN 73818g) have until
Aug. 24 to file written proofs of claims to court-appointed
property manager Martina Simlinger-Haas at:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna, Austria
         Tel: 713 99 46
         E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 7 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 2 S 109/06a).


BAUMEISTER MULLY: Begins Compensation Payment
---------------------------------------------
The Trade Court of Vienna ordered on June 29 the start of
compensation payment for the creditors of LLC Baumeister Mully
(FN 245318m).

Headquartered in Vienna, Austria the Debtor's bankruptcy case
(Case No. 45 Sa 3/06d) was joined to (Case No. 45 S 44/06 h) on
July 29.   Stefan Jahns serves as the court-appointed
compensation manager of the estate.

The compensation manager can be reached at:

         Mag. Stefan Jahns
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50
         Fax: 536 50 14
         E-mail: officewien@aaa-law.at


BEDNARCIKOVA ANDREA: Vienna Court Orders Closing of Business
------------------------------------------------------------
The Trade Court of Vienna entered an order on June 29 closing
the business of KEG Bednarcikova Andrea (FN 262642p).  Court-
appointed property manager Felix Stortecky has determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager can be reached at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Place 2
         1010 Vienna, Austria
         Tel: 513 88 37
         Fax: 514 35 40
         E-mail: ra-stortecky@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 14 (Bankr. Case No. 45 S 39/06y).


ELEKTRO POSITIV: Claims Registration Period Ends August 24
----------------------------------------------------------
Creditors owed money by LLC Elektro Positiv (FN 65395w) have
until Aug. 24 to file written proofs of claims to court-
appointed property manager Richard Proksch at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 7 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 2 S 111/06w).  Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.


HOLZCONZEPT TISCHLEREI: Creditors' Meeting Slated for Sept. 5
-------------------------------------------------------------
Creditors owed money by LLC Holzconzept Tischlerei (FN 124723t)
are encouraged to attend the creditors' meeting at 11:40 a.m. on
Sept. 5 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor
         Old Building
         St. Poelten, Austria

Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on July 5 (Bankr. Case No. 14 S 104/06v).  Gerhard
Taufner serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Gerhard Taufner
         Bahnhofstrasse 5
         3390 Melk, Austria
         Tel: 02752/52466
         Fax: 02752/52574
         E-mail: rechtsanwalt.taufner@taufner.at


KOLOSS: Creditors' Meeting Slated for August 28
-----------------------------------------------
Creditors owed money by LLC Koloss (FN 254536v) are encouraged
to attend the creditors' meeting at 9:45 a.m. on Aug. 28 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 30 (Bankr. Case No. 3 S 92/06h).  Stefan Langer serves
as the court-appointed property manager of the bankrupt estate.
Annemarie Kosesnik-Wehrle represents Dr. Langer in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 712 63 02
              713 61 92
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at


LIBO: Creditors' Meeting Slated for August 28
---------------------------------------------
Creditors owed money by LLC Libo (FN 254901f) are encouraged to
attend the creditors' meeting at 10:15 a.m. on Aug. 28 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 3 S 94/06b).  Walter Kainz serves as
the court-appointed property manager of the bankrupt estate.
Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna, Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


SEEB: Claims Registration Period Ends August 24
-----------------------------------------------
Creditors owed money by LLC Seeb (FN 234171w) have until Aug. 24
to file written proofs of claims to court-appointed property
manager Susanne Fruhstorfer at:

         Dr. Susanne Fruhstorfer
         c/o Dr. Michael Guenther
         Seilerstaette 17
         1010 Vienna, Austria
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Sept. 7 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 6 S 41/06f).  Michael Guenther
represents Dr. Fruhstorfer in the bankruptcy proceedings.


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


BANQUE ESPIRITO: Fitch Affirms Individual Rating at C/D
-------------------------------------------------------
Fitch Ratings affirmed Banque Espirito Santo et de la Venetie's
ratings at Issuer Default BBB+ with Stable Outlook, Short-term
F2, Individual C/D and Support 2.

BESV is 40%-owned by Banco Espirito Santo (rated A+/F1),
Portugal's third-largest banking group.  BESV is not strategic
for BES but it shares the group name and senior management.
BESV's IDR, Short-term rating and Support rating are driven by
the high probability of support from BES to BESV, should this be
required.  The bank's performance is improving year-on-year but
its Individual rating is constrained by its small size and niche
business.

"BESV's management has demonstrated an ability to seize
opportunities and maintain a flexible approach to business
development," Janine Dow, Senior Director at Fitch's Financial
Institutions team noted.

BESV participates in leveraged finance transactions, trade
finance between Portugal and France as well as specialized
commercial real estate lending.  At the operating level, BESV is
moving in the right direction.  Loans are growing, margins have
improved in line with increased sophistication and cost-cutting
measures have produced a significant improvement in the
cost/income ratio (around 50% in 2005 versus 58% in 2004).

BESV has successfully reduced its dependence on shareholders for
funding; at end-June 2006 only 12.5% of its funding came from
the BES group.  BESV's main shareholders have undertaken to the
French regulators to ensure adequate capital adequacy ratios and
this provides considerable comfort.

BESV's other shareholders are Espirito Santo Financiere (42%,
based in Luxembourg and wholly owned by Espirito Santo Financial
Group (rated A-/F2) and Prospettive (18%), a vehicle controlled
by Italy's Sanpaolo IMI (rated AA-/F1+).


SAKS INC: Andrew Jennings Steps Down as Saks Fifth President
------------------------------------------------------------
Saks Inc. disclosed the resignation of Andrew Jennings as
President of Saks Fifth Avenue Enterprises.  Stephen I. Sadove,
Chief Executive Officer of Saks Inc., will assume responsibility
for the majority of Jennings's direct reports.

Mr. Jennings, who joined SFAE as President in February 2004, has
made a personal decision to leave SFAE and return overseas,
where he spent the majority of his distinguished 30-year retail
career.  Reflecting on his tenure at SFAE, Mr. Jennings noted,
"I will always value my time at Saks Fifth Avenue and have great
confidence in the future of this legendary American brand."

Mr. Sadove commented, "I respect Andrew's decision, and he has
graciously agreed to a month-long transition to make this a
smooth and orderly process.  Andrew has made many contributions
to SFAE which have helped position the Company for renewed
growth and profitability.  Andrew's deep operating experience
and disciplined management style have made him a valued
colleague.  We appreciate his contributions to the business and
wish him the very best."

The Company does not intend to replace Mr. Jennings's role
within the Company at this time.  The majority of his direct
reports will report to Mr. Sadove.  Mr. Sadove noted, "We have a
talented, experienced, and focused leadership team in place at
SFAE, and I am confident that we will be able to continue to
improve our operating performance and create shareholder value
with this business."

                         About Saks Inc.

Based in Birmingham, Alabama, Saks Incorporated (NYSE: SKS) --
http://www.saksincorporated.com/-- operates Saks Fifth Avenue
Enterprises, which consists of 55 Saks Fifth Avenue stores, 50
Saks Off 5th stores, and Saks.com.  The Company also operates 39
Parisian stores and 57 Club Libby Lu specialty stores.

                          *     *     *

As reported in the Troubled Company Reporter on July 31, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and senior unsecured ratings on Birmingham, Alabama-based
department store company Saks Inc.  The ratings were removed
from CreditWatch, where they had been placed with developing
implications in April 2005.  S&P said the outlook is positive.


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


ANCORA VERSICHERUNGS: BaFin Wants Insolvency Procedure to Begin
---------------------------------------------------------------
Germany's Federal Financial Supervisory Authority, BaFin,
officially requested the opening of an insolvency procedure over
the assets of Hamburg-based Ancora Versicherungs-AG.

The request was submitted to a Hamburg court on Aug. 15 shortly
after the agency received information concerning the insurer's
excessive indebtedness, Dow Jones reports citing a BaFin
spokesman.

The regulator said significant losses on non-performing loans
and illiquid assets ate up the company's EUR1.8 million equity
capital, Dow Jones relates.  Attempts to find a buyer for the
company's assets were unsuccessful.

The Hamburg public prosecutor's office is currently
investigating into allegations of false accounting and an
alleged breach of trust against the insurer.

According to the regulator, 17,000 insurance policies will end a
month after the opening of insolvency proceedings.

Headquartered in Hamburg, Germany, Ancora --
http://www.ancora.de/-- is engaged in fire, liability and
transport insurance services with customers that include
logistic companies, discotheques, gambling arcades and
restaurants.


AXONMEDIA GMBH: Claims Registration Ends September 13
-----------------------------------------------------
Creditors of AxonMedia GmbH have until Sept. 13 to register
their claims with court-appointed provisional administrator
Wolf-Ruediger von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 AxonMedia GmbH on July 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AxonMedia GmbH
         William-Shakespeare-Ring 9
         45470 Muelheim an der Ruhr
         Germany

         Attn: Frank Breuer, Manager
         William-Shakespeare-Ring 13
         45470 Muelheim an der Ruhr
         Germany

The administrator can be contacted at:

         Dr. Wolf-Ruediger von der Fecht
         Goldstr. 1
         47051 Duisburg
         Germany


DRUCKEREI BOEKAMP: Claims Registration Ends September 13
--------------------------------------------------------
Creditors of Druckerei Boekamp GmbH & Co. KG have until Sept. 13
to register their claims with court-appointed provisional
administrator Thomas Bandl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 4 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 Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Druckerei Boekamp GmbH & Co. KG on July 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Druckerei Boekamp GmbH & Co. KG
         Wankelstrasse 2
         33449 Langenberg, Germany

The administrator can be contacted at:

         Thomas Bandl
         Thesings Avenue 16
         33332 Guetersloh, Germany


GRUNDSTUECKSGEMEINSCHAFT KISSMER: Claims Bar Date Ends Sept. 12
---------------------------------------------------------------
Creditors of Grundstuecksgemeinschaft Kissmer GbR have until
Sept. 12 to register their claims with court-appointed
provisional administrator Jens Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Marburg/Lahn
         Hall 157
         District Court Building
         Universitatsstrasse 48
         35037 Marburg/Lahn, 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 Marburg/Lahn opened bankruptcy proceedings
against Grundstuecksgemeinschaft Kissmer GbR on July 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Grundstuecksgemeinschaft Kissmer GbR
         Schwimmbad 16
         35274 Kirchhain, Germany

         Attn: Sonja Kissmer, Manager
         Riedestrasse 4
         35274 Kirchhain, Germany

         Klaus-Peter Kissmer, Manager
         Niederrheini Road 9
         35274 Kirchhain, Germany

The administrator can be contacted at:

         Jens Fischer
         Lechstrasse 7
         35260 Stadtallendorf, Germany
         Tel: 06428/449710
         Fax: 06428/449711


HASE IT: Creditors Meeting Slated for September 18
--------------------------------------------------
The court-appointed provisional administrator for Hase IT GmbH,
Norbert Oberdiek, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Sept. 18.

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

         The District Court of Saarbruecken
         Area Hall 24
         2nd Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Oct. 25 at the same
venue.

Creditors have until Oct. 11 to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be reached at:

         Hase IT GmbH
         Neunkircher Road 56
         66450 Bexbach, Germany

         Attn: Hardo Hase, Manager
         Otto-Hahn-Route 2
         66450 Bexbach, Germany

The administrator can be reached at:

         Norbert Oberdiek
         Mathias Iven Road 10
         66117 Saarbruecken, Germany
         Tel: 0681/ 954 120
         Fax: 0681/ 954 1222


HMS WIELAND: Claims Registration Ends September 13
--------------------------------------------------
Creditors of HMS Wieland GmbH have until Sept. 13 to register
their claims with court-appointed provisional administrator
Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Dortmund opened bankruptcy proceedings
against HMS Wieland GmbH on July 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         HMS Wieland GmbH
         Bodelschwingher Str. 203
         44357 Dortmund, Germany

         Attn: Rainer Dudziak, Manager
         Albertstr. 8
         44623 Herne, Germany

         Rainer Wieland, Manager
         Mosselde 76 a
         44357 Dortmund, Germany

The administrator can be contacted at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund, Germany


KIRSCHBAUM EXECUTIVE: Claims Registration Ends September 15
-----------------------------------------------------------
Creditors of Kirschbaum Executive Resulting GmbH have until
Sept. 15 to register their claims with court-appointed
provisional administrator Josef Nachmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 24 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 Kirschbaum Executive Resulting GmbH on July 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kirschbaum Executive Resulting GmbH
         Bavariaring 10
         80336 Munich, Germany

The administrator can be contacted at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich, Germany
         Tel: 089/24217737
         Fax: 089/24217738


KOMMANDITGESELLSCHAFT LAHMANN: Claims Registration Ends Sept. 14
----------------------------------------------------------------
Creditors of Kommanditgesellschaft Lahmann Baugesellschaft mbH &
Co. have until Sept. 14 to register their claims with court-
appointed provisional administrator Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Oct. 13 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, 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 Hamburg opened bankruptcy proceedings
against Kommanditgesellschaft Lahmann Baugesellschaft mbH & Co.
on July 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Kommanditgesellschaft Lahmann Baugesellschaft mbH & Co.
         Griegstrasse 75
         22764 Hamburg, Germany

The administrator can be contacted at:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg, Germany
         Tel: 303010
         Fax: 30301435


QUINTING GMBH: Claims Registration Ends September 18
----------------------------------------------------
Creditors of Quinting GmbH & Co. KG have until Sept. 18 to
register their claims with court-appointed provisional
administrator Johannes Graute.

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

The meeting of creditors will be held at:

         The District Court of 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 Quinting GmbH & Co. KG on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Quinting GmbH & Co. KG
         Kleine Ruhrau 20
         45279 Essen, Germany

The administrator can be contacted at:

         Dr. Johannes Graute
         III. Hagen 30
         45127 Essen, Germany
         Tel: 02 01/10953


VISUAL MANAGEMENT: Claims Registration Ends September 12
--------------------------------------------------------
Creditors of Visual Management GmbH have until Sept. 12 to
register their claims with court-appointed provisional
administrator Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, 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 Hamburg opened bankruptcy proceedings
against Visual Management GmbH on July 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Visual Management GmbH
         Liebigstrasse 72
         22113 Hamburg, Germany

         Attn: Michael Blumkowski, Manager
         Dahmsdorf 42
         23619 Zarpen, Germany

The administrator can be contacted at:

         Dr. Tjark Thies
         Domstrasse 15
         20095 Hamburg, Germany
         Tel: 41522416


VITESSE SEMICONDUCTOR: Rejects Debt Acceleration Notice
-------------------------------------------------------
Vitesse Semiconductor Corp. has received a purported
acceleration notice from the trustee for Vitesse's US$96.7
million aggregate principal amount of 1.5% Convertible
Subordinated Debentures due 2024.

Vitesse believes that it is not in default with respect to the
Debentures and, therefore, any attempt to accelerate the payment
of the Debentures is invalid.  Negotiations to resolve the
dispute continue with a majority of the holders of the
Debentures, who have agreed to instruct the Trustee to forbear
from taking any further action with respect to the Debentures
for a period of 14 days.

As previously disclosed, the trustee with respect to the
Debentures essentially has asserted that a default occurred when
Vitesse failed to make its SEC filings on time.  Vitesse
believes that it has fully complied with its obligations under
the indenture for the Debentures and that there is no
requirement in that indenture for Vitesse to make its SEC
filings in a timely fashion.  Thus, Vitesse rejected the
trustee's purported notice of default on May 26, 2006, and
rejects the trustee's attempt to accelerate payment of the
Debentures.

Though Vitesse does not believe there has been a default with
respect to the Debentures, it continues to negotiate a
resolution with the holders of a majority of the Debentures to
avoid the potential costs and uncertainties of a protracted
dispute.

"We are disappointed by the decision of the Debenture holders to
attempt to accelerate the debt," said Chris Gardner, the CEO of
Vitesse.  "Vitesse made a good faith offer to resolve this
dispute.  Unfortunately, the demands by some of the holders of
the Debentures have far exceeded anything that we would consider
reasonable under the circumstances.  We continue to negotiate in
good faith for a resolution to this issue, but as we have said,
we will not accept a negotiated settlement if we feel it unfair
to Vitesse or to our shareholders."

                      About the Company

Headquartered in Camarillo, California, Vitesse Semiconductor
Corp. (Pink Sheets:VTSS) -- http://www.vitesse.com/-- designs,
develops and markets a diverse portfolio of high-performance,
cost-competitive semiconductor solutions forcommunications and
storage networks worldwide.  Engineering excellence and
dedicated customer service distinguish Vitesse as an industry
leader in Gigabit Ethernet LAN, Ethernet-over-SONET, Fibre
Channel, Serial Attached SCSI, Optical Transport, and other
applications.  Vitesse innovation empowers customers to deliver
superior products for Enterprise, Access, Metro, and Core
applications.

                        *     *     *

Since 2002, Vitesse carries Moody's Investors Service's BI Long-
Term Issuer Rating at B1.  The Company's 4% convertible
subordinated debentures are rated at B3.


ZEITARBEIT SCHNEEVOGT: Claims Registration Ends September 15
------------------------------------------------------------
Creditors of Zeitarbeit Schneevogt- Niekamp GmbH have until
September 15 to register their claims with court-appointed
provisional administrator Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 6 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 Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Zeitarbeit Schneevogt- Niekamp GmbH on July 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Zeitarbeit Schneevogt- Niekamp GmbH
         Attn: Dagmar Schneevogt, Manager
         Bismarckstr. 3
         32545 Bad Oeynhausen, Germany

The administrator can be contacted at:

         Marianne Poeppel
         Ringstr. 95
         32427 Minden, Germany


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


FIAT SPA: European Commission Okays AFIN Leasing Takeover
---------------------------------------------------------
The European Commission has granted clearance under the E.U.
Merger Regulation to the acquisition of sole control of AFIN
Leasing A.G. by Iveco International Trade Finance S.A., a unit
of Fiat S.p.A.

IITF deals with the trading of IVECO commercial vehicles in East
European Countries.  AFIN is active in the financial leasing and
stock financing for IVECO vehicles in Czech Republic, Slovak
Republic, Hungary, Estonia and Lithuania.  The operation was
examined under the simplified merger review procedure.

                      About Afin Leasing

Headquartered in Vienna, Austria, Afin Leasing AG --
http://www.afinleasing.com/-- operates cross-border leasing
operations for Iveco in the Central and Eastern Europe,
particularly.

                          About Iveco

Headquartered in Turin, Italy, Iveco S.p.A. --
http://www.iveco.com/-- manufactures commercial vehicles, fire
and rescue vehicles, buses, specialty vehicles, and engines.
Brands include Iveco (light-, medium-, and heavy-duty trucks),
Iveco Motors (marine, automotive, and industrial engines), Iveco
Magirus (fire fighting apparatus), Astra (construction
vehicles), Seddon Atkinson (waste collection vehicles), and
Irisbus (buses).  The company, a unit of Fiat S.p.A. sells its
products through a network of nearly 850 dealers worldwide.

                        About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported in TCR-Europe on Aug. 8, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Italian
industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the same
time, Standard & Poor's affirmed its 'B' short-term rating on
Fiat.  S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


TISCALI SPA: Merges U.K. Operations with Video Networks
-------------------------------------------------------
Tiscali S.p.A. and Video Networks International Ltd. have
reached an agreement whereby their respective U.K. market
operations would be fully integrated.

Pursuant to this agreement, Video Networks International Ltd
(VNIL) would contribute 100% of their U.K. operations -- Video
Networks Ltd (VNL) -- into Tiscali U.K. Ltd., fully owned
subsidiary of Tiscali S.p.A., in exchange for an interest in
Tiscali U.K.

As a result, Tiscali S.p.A. would control 88.5% of Tiscali U.K.,
while VNIL would own 11.5%. The agreement is expected to become
effective in August 2006, upon fulfillment of certain technical
conditions.

Furthermore, the shareholding of VNIL in Tiscali U.K. could be
increased to up to 20% if certain performance targets are
reached.  Tax losses carried forward would also be contributed
to Tiscali U.K. by VNIL at a discount and payable on a deferred
basis and according to their expected utilisation in the future.

Tiscali S.p.A. has the right to acquire and VNIL to sell VNIL's
stake in Tiscali U.K. starting from three years after closing or
earlier upon certain trigger events.

Following this integration, Tiscali U.K. will immediately have
more than 1.3 million DSL customers, of which 350,000 customers
are taking voice and broadband, over 45,000 will be IPTV
subscribers, and an unbundled local loop network covering over
300 BT exchanges with in excess of 220,000 ULL customers.

Video Networks currently provides TV and video services under
its Homechoice brand, to its broadband subscriber base using its
state of the art IPTV platform. Homechoice has 45,000 customers,
mostly taking triple play (broadband, telephone and TV) which
pay on average GBP500 a year.  VNL has an annual turnover of
approximately GBP18 million.

Homechoice's premium offering includes content from all the
major Hollywood studios delivering a library of over 1,000
movies, over 5,000 interactive music videos via the award-
winning V:MX service as well as a full bouquet of pay TV
channels.

Tiscali U.K. will market these IPTV services as part of a
compelling product proposition including voice, data, television
(IPTV) and other on-demand video services. Tiscali UK's strategy
will also be to enhance its current wholesale DSL product by
adding IPTV to the proposition and syndicating this on a 'white
label' basis.

"This agreement represents a very important step for the Tiscali
Group not only in the U.K. market, where Tiscali's position
would be further strengthened, but also in the other markets,
allowing Tiscali to position itself as a true Triple Play
operator," Tommaso Pompei, CEO of the Tiscali Group, said.  "The
Triple Play offer in the U.K. will be launched by the end of the
year and will be immediately followed by the launch of the
service in Italy and then in the other markets."

"This agreement further underlines Tiscali's position as a
leading investor and innovator in the U.K. market, Mary Turner,
CEO of Tiscali U.K., said.  "This will put us in a strong
position to offer our customers an exciting and compelling
package of existing and next generation communication and
entertainment services."

"This agreement will allow many more consumers nationally to
experience VNL's market-leading IPTV offer as part of a
compelling triple play bundle of services," Roger Lynch,
Chairman and CEO of VNL who will head the syndication business
and join the board of directors of Tiscali U.K. following
completion of the transaction, said.  "It also gives significant
additional capabilities to develop and promote the growing IPTV
syndication business in the U.K. and abroad, which will be an
important growth driver."

                      About Video Networks

Headquartered in London, United Kingdom, Video Networks
International Ltd. -- http://www.videonetworks.com/-- provides
entertainment through its interactive TV, video-on-demand (VOD)
and broadband service, marketed under the brand name Homechoice.
The company is controlled by Microsoft co-founder Chris Larson.
Its other shareholders include Walt Disney, Sony and Warner
Brothers.

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.   Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


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


ALISA: Creditors Must File Claims by Sept. 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Alisa insolvent.

Creditors have until Sept. 20 to submit written proofs of claim
at:

         Kutuzov Str. 91-1
    Pavlodar
    Pavlodar Region
    Kazakhstan
    Tel: 8 (3182) 54-98-55


ASYL MORA: Creditors Must File Claims by Sept. 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Asyl Mora insolvent.

Creditors have until Sept. 20 to submit written proofs of claim
at:

         Kutuzov Str. 91-1
    Pavlodar
    Pavlodar Region
    Kazakhstan
    Tel:  8 (3182) 54-98-55


BN-MANGISTAU: Proof of Claim Deadline Slated for Sept. 19
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP BN-Mangistau insolvent.

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

         Building of former Kindergarten 51
    Micro District 27
    Aktau
    Mangistau Region
    Kazakhstan


BERKUT I K: Proof of Claim Deadline Slated for Sept. 19
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Berkut I K insolvent on June 5 without the
introduction of the bankruptcy proceedings.

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

         Gogol Str. 177a
    Kostanai
    Kostanai Region


INTERKOKS: Karaganda Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against JSC Interkoks on
June 10.


JEZENERGO: Claims Registration Ends Sept. 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared CJSC Jezenergo insolvent.

Creditors have until Sept. 21 to submit written proofs of claim
at:

         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


KAZ PECK: Claims Registration Ends Sept. 21
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Kazakh-Indian Joint Venture Kaz Peck Ltd. insolvent on
June 9.

Creditors have until Sept. 21 to submit written proofs of claim
at:

         Satbaev Str. 6a-28
    Almaty, Kazakhstan
    Tel: 8 (3272) 64-07-65
         8 (3332) 14-52-28


TARYK-TI: Astana Court Begins Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana
commenced bankruptcy proceedings against LLP Taryk-ti on
June 10.


URALSKY OSETROVYI: Creditors' Claims Due Sept. 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared JSC Uralsky Sturgeon Fishing Factory Uralsky
Osetrovyi Rybovodnyi Zavod insolvent on June 19.

Creditors have until Sept. 21 to submit written proofs of claim
at:

         Boat-yard by the name of Chapaev, 63
    Uralsk
    West Kazakhstan Region
    Kazakhstan
    Tel: 8 (3112) 28-09-21


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


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

Inquiries can be addressed to (+996 3222) 3-18-45.


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


ARGO PANTES: Restructures US$253.6-Mln Debt with Bank Mandiri
-------------------------------------------------------------
PT Bank Mandiri (Persero) Tbk is signing a preliminary agreement
with Argo Manunggal Group on the restructuring of its IDR2.3
trillion (US$253.6 million) debt with the bank, Antara News
said.

The Antara reports that a Bank Mandiri official said earlier
that the Argo Group has shown goodwill in settling its debts and
expects to sign a preliminary debt restructuring agreement soon,
adding that the preliminary agreement is basically for the
debtor to show its commitment to settling its debts.

Argo Manunggal's debts will be settled through two options --
asset settlement or rescheduling of sustained debts.

The report, carried by Bisnis Indonesia, also quoted an unnamed
source as saying that another debtor of Bank Mandiri, Domba Mas
Group will soon settle its liabilities worth IDR1.99 trillion.

                       About Bank Mandiri

Headquartered in Jakarta, Indonesia, PT Bank Mandiri (Persero)
Tbk's -- http://www.bankmandiri.co.id/-- services include:
Internet banking, consumer banking, commercial banking and
corporate banking.  The bank's subsidiaries consist of: Bank
Mandiri (Europe) Limited, which is the bank's representative in
Europe; PT Bank Syariah Mandiri, which is a bank within the
syariah banking system; PT Usaha Gedung Bank Dagang Negara,
which is a property management company; PT Mandiri Sekuritas,
which is an investment management company, and PT Bumi Daya
Plaza, which is a property management company.  The bank is
supported by 10 regional offices, 54 hub offices, 98 community
offices, 334 spoke offices, 423 cash offices, four international
offices and one representative office.  The bank has overseas
operations in the Cayman Islands, China, Hong Kong, London, and
Singapore.

As reported in TCR-Europe on Aug. 15, an Amsterdam court has
approved the bankruptcy petition filed by Indo Plus B.V. against
Argo Pantes Finance B.V., a subsidiary of Indonesia's PT Argo
Pantes Tbk.  Indo Pus B.V., a Dutch-based company and Deutsche
Bank filed the bankruptcy suit due to Argo Pantes' payment
default over a US$12 million debt.

Argo Pantes booked lower sales at IDR932.53 billion for the full
year of 2005, and posted a reduced loss at IDR87.24 billion.

Argo Pantes has an outstanding debt of US$198.68 million to 18
creditors of which Bank Madiri is the largest with US$92
million.  The company is currently working out a debt
restructuring through equity conversion.

                      Going Concern Doubt

In its Annual Report for the year 2005, Hidajat Rahardjo of Ijin
Akuntan Publik -- the company's independent auditors -- said
that these factors raise substantial doubt about their ability
to continue as going concerns:

   * the company and its subsidiaries deferred the payment of a
     portion of the principal and interest due on their debts
     and failed tomaintain their debt to net worth ratios as
     required by the debt agreements.  These conditions enable
     the creditors to demand that the debts become immediately
     due and payable.

   * the company and its subsidiaries incurred deficit amounting
     to IDR1,451,834,884,000 as of December 31, 2005 because of
     operating losses, foreign exchange losses and significant
     interest expense from previous years.

   * in addition, the company did not record the financing
     charges on bank loans and notes payables which are under
     intensive negotiations for restructuring with concerned
     parties.

The ability of the company and subsidiaries to continue as going
concern is dependent upon the company's implementation of the
following measures:

   i. cost control will be implemented in every aspect of the
      company in order to keep the company's profitability and
      competitiveness;

  ii. recondition its weaving, spinning and utility machineries;

iii. maintain and maximize production capacity performance;

  iv. search and develop new markets for the company's high
      value added products;

   v. maintain and improve good relationships with customers;
      and

  vi. improve coordination, communication and information flows
      to fulfill customers' satisfaction.

                         *     *     *

As reported in Troubled Company Reporter-Asia Pacific on
May 22, Moody's Investors Service has upgraded Bank Mandiri's
long-term deposit rating to B2 from B3, with a stable outlook.

Bank Mandiri's short-term deposit rating of Not-Prime, and bank
financial strength rating of E+ are unaffected.

A subsequent TCR-AP report on May 29, 2006 reports that Moody's
upgraded these ratings of Bank Mandiri Persero (P.T.),
Cayman Islands under the revised foreign currency ceilings:

   -- Subordinated debt rating: to Ba3 from B1 with stable
      outlook; and

   -- Senior debt rating: to Ba3 from B1 with stable outlook.

Another TCR-AP report on May 24, 2006 further says that Fitch
Ratings affirmed Bank Mandiri's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

Moody's said the outlook for the ratings is stable.


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


NORSKE SKOG: Second-Quarter Net Loss Widens to NOK180 Million
-------------------------------------------------------------
Norske Skogindustrier ASA released its financial results for the
second quarter ended June 30, 2006,

For the second quarter of 2006, Norske Skog posted NOK180
million in net losses on NOK6.77 billion in revenues, compared
with NOK8 million in net losses on NOK6.43 billion in revenues
for the same period in 2005.

"The result remains weak, but it is roughly as expected in
overall terms, comments chief executive Christian Rynning-
Tønnesen.  Despite relatively good demand for magazine paper in
Europe, the market is difficult with excess capacity and
pressure on prices.  That has resulted in very poor earnings in
this area.  The other regions, and particularly Australasia,
improved their operating earnings from the first quarter."

As of June 30, 2006, Norske Skog had NOK47.5 billion in totals
assets, NOK26.8 billion in total liabilities and NOK21.8 billion
in total shareholders' equity.

Markets and Costs

Generally speaking, newsprint made good progress in volume terms
in most of Norske Skog's markets.  Demand in Europe was 4%
higher in the first half than in the same period of last year,
and 20% up in the former Eastern bloc countries.  South America
increased so far this year by roughly 10% and Asia by just under
1%. Demand for newsprint was weak in China at the start of the
year, but has since recovered and considering the first half
year in total, China was almost on a par with the same period of
2005.  Australasian demand declined by roughly 4%.

The strengthening of the Norwegian krone is calculated to have
had a negative effect of NOK50 million in the second quarter
compared with the first quarter.  Energy costs remained high,
but levelled off in continental Europe and declined from an
exceptionally high level in New Zealand.  The power requirements
of Norske Skog's Norwegian mills are now fully covered under
long-term contracts following the transfer of the contracts held
by Norske Skog Union to the other mills.

Health and Safety

A fatal accident occurred at the Norske Skog Golbey mill in
France in early July, and a full internal investigation of this
tragic incident has been initiated.  The lost-time injury
frequency per million working hours was 1.1 for the 12-month
period from 1 July 2005 to 30 June 2006.

Organization

The board appointed Christian Rynning-Toennesen as the new
president and CEO on 6. June.  At the same time, Andreas Enger
was appointed as the new CFO.

An extensive reorganization was approved in early July.  Its
main elements are reducing the corporate management from 11 to 8
members and turning the mills as separate business units.

                          2006 Outlook

Norske Skog is maintaining earlier statements that operating
earnings (before special items) are expected to be improved
somewhat in the second half year.  The positive elements are
primarily the reduced costs in the Australasia region after the
completion of an extensive restructuring programme, and
Australian price increases on 1 July. In addition, the positive
effect on fixed costs from closing Norske Skog Union will also
be felt in the second half year.  Prices for magazine paper in
Europe and newsprint in China are expected to remain under
pressure. Currency effects and high energy costs will also
continue to present major challenges.

                        About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.

                        *     *     *

As reported in TCR-Europe on April 24, Moody's Investors Service
downgraded to Ba1 from Baa3 the senior unsecured debt ratings of
Norske Skogindustrier ASA and assigned a Corporate Family Rating
of Ba1.  The rating outlook is stable.

Issuer: Norske Skogindustrier ASA

Downgrades:

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
      from Baa3

Assignments:

   -- Corporate Family Rating, Assigned Ba1

Outlook Actions:

   -- Outlook, Changed To Stable From Rating Under Review


NORSKE SKOG: High Second-Quarter Loss Spurs 1,000 Job Cuts
----------------------------------------------------------
Norske Skogindustrier ASA would slash 11% of its 9,400-strong
work force to cut cost and recover from its high second-quarter
loss, Bloomberg News says.

Christian Rynning-Toennesen, Norske Skog chief executive, said
the company would cut around 1,000 jobs, mostly administrative
personnel and some factory workers.  The company also plans to
reduce production at its South Korean mills, citing falling
demand.

"Demand for newsprint in South Korea has declined about 20
percent over the past four years, creating a need to reduce
production capacity in that country," Norske Skog was cited by
the Associated Press as saying.

Norske Skog's second-quarter net loss swelled to NOK180 million
this year from NOK8 million in the same period in 2005.  The
group has been suffering from declining prices, which fell 20%
in five due to excessive supply, Bloomberg News reports.

"Despite relatively good demand for magazine paper in Europe,
the market is difficult with excess capacity and pressure on
prices," Mr. Rynning-Toennesen said.

"They're cutting plenty of people but keeping the assets in
place, so this does nothing to address supply and demand -- and
they have underperforming mills big time," Lars Kjellberg of
Credit Suisse London noted.

                        About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.

                        *     *     *

As reported in TCR-Europe on April 24, Moody's Investors Service
downgraded to Ba1 from Baa3 the senior unsecured debt ratings of
Norske Skogindustrier ASA and assigned a Corporate Family Rating
of Ba1.  The rating outlook is stable.

Issuer: Norske Skogindustrier ASA

Downgrades:

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
      from Baa3

Assignments:

   -- Corporate Family Rating, Assigned Ba1

Outlook Actions:

   -- Outlook, Changed To Stable From Rating Under Review


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


AGRO-COMBINE: Court Names S. Romanchin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Romanchin
as Insolvency Manager for CJSC Land Company Agro-Combine.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-1879/06-16b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         CJSC Land Company Agro-Combine
         S. Shaumyana Str. 35
         302028 Orel Region
         Russia


ALEKSINO-SEL-KHOZ-KHIMIYA: A. Laptev to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. A. Laptev as
Insolvency Manager for OJSC Aleksino-Sel-Khoz-Khimiya.  He can
be reached at:

         A. Laptev
         Room 612
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-253/B-05.

The Debtor can be reached at:

         OJSC Aleksino-Sel-Khoz-Khimiya
         Lomonosova Str. 43
         Aleksin
         301360 Tula Region
         Russia


BELORETSKIY BUTTER-CHEESE-COMBINE: Court Starts Reorganization
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
external management bankruptcy procedure on OJSC Beloretskiy
Butter-Cheese-Combine.

The case is docketed under Case No. A07-48022/05-G-KhRM.

The External Insolvency Manager is:

         D. Karavaev
         Okt.Revolyutsii Str. 67
         Ufa
         450057 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Beloretskiy Butter-Cheese-Combine
         Tyulenina Str. 30
         Beloretsk
         Bashkortostan Republic
         Russia


BOBROV-TINNED-GOODS: A. Zapryagaev to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Zapryagaev as Insolvency Manager for OJSC Bobrov-Tinned-Goods.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-3121/2006 63/7b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Bobrov-Tinned-Goods
         Truda Str. 15
         Bobrov
         397702 Voronezh Region
         Russia


CHUKHLOMSKIY WOOD-COMBINE: V. Saurenko to Manage Assets
-------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. V.
Saurenko as Insolvency Manager for LLC Chukhlomskiy Wood-Combine
(TIN/KPP 4429002531/442901001).  He can be reached at:

         V. Saurenko
         Lunacharskogo Str. 29
         Nerekhta
         157800 Kostroma Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-4253/18.

The Debtor can be reached at:

         LLC Chukhlomskiy Wood-Combine
         Gerasimovo
         Chukhloma
         157130 Kostroma Region
         Russia


CRYSTAL: Kursk Court Commences Reorganization Process
-----------------------------------------------------
The Arbitration Court of Kursk Region has commenced external
management bankruptcy procedure on OJSC Factory Crystal.
The case is docketed under Case No. A35-5124/05 g.

The External Insolvency Manager is:

         I. Kalyapin
         Leninskiy Pr. 13
         394029 Voronezhm
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Factory Crystal
         Entuziastov Str. 10
         Zheleznogorsk
         307178 Kursk Region
         Russia


DUBYAZSKIY BRICKWORKS: Court Names F. Safin Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. F.
Safin as Insolvency Manager for CJSC Dubyazskiy Brickworks.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-42027/2005-SG4-27.

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         CJSC Dubyazskiy Brickworks
         Vysokogorskiy Region
         Tatarstan Republic
         Russia


DZERZHINSK-HOLDING: M. Trubachev to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. M.
Trubachev as Insolvency Manager for LLC Agro Company Dzerzhinsk-
Holding.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-8217/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Agro Company Dzerzhinsk-Holding
         Mayakovskogo Str. 18
         Dzerzhinskoye
         Krasnoyarsk Region
         Russia


EAST-SIBERIAN STOCK: Irkutsk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on OJSC East-Siberian Stock Company (TIN
38048457).  The case is docketed under Case No. A19-9876/06-29.

The Temporary Insolvency Manager is:

         A. Melnik
         Polenova Str. 37-49
         664007 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 East-Siberian Stock Company
         Rossiyskaya Str. 12
         664025 Irkutsk Region
         Russia


EMETSKIY BAKERY: Court Names Y. Pirogov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. Y.
Pirogov as Insolvency Manager for Municipal Enterprise Emetskiy
Bakery (TIN 2923000973).  He can be reached at:

         Y. Pirogov
         Dzerzhinskogo Str. 70/1
         Plesetsk
         164260 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-21111/05-6.

The Debtor can be reached at:

         Municipal Enterprise Emetskiy Bakery
         Goncharovskogo Str. 37
         Emetsk
         Kholmogorskiy Region
         164537 Arkhangelsk Region
         Russia


FERTILITY: Orenburg Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Orenburg Region has commenced
bankruptcy supervision procedure on OJSC Fertility.  The case is
docketed under Case No. A47-15478/2005-14 GK.

The Temporary Insolvency Manager is:

         P. Ryabichev
         Post User Box 18
         Zainsk
         423521 Tatarstan Republic
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Fertility
         Koptyazhevo
         Buguruslanskiy Region
         Orenburg Region
         Russia


KALMANSKOYE GRAIN: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Altay Region has commenced bankruptcy
supervision procedure on LLC Kalmanskoye Grain Receiving
Enterprise.  The case is docketed under Case No. A03-4615/06-B.

The Temporary Insolvency Manager is:

         V. Menyaylo
         Post User Box 3503
         Barnaul
         656049 Altay Region
         Russia

The Debtor can be reached at:

         LLC Kalmanskoye Grain Receiving Enterprise
         Uch-Balta
         Moshkovskiy Region
         Altay Region
         Russia


KRASNOARMEYSKIY POTTERY: A. Gurchenko to Manage Assets
------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Gurchenko as Insolvency Manager for OJSC Krasnoarmeyskiy
Pottery.

He can be reached at:

         A. Gurchenko
         B.K azachya Str. 23/27
         410012 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-201B/05-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Krasnoarmeyskiy Pottery
         Kirpichnogo Zavoda Str. 30
         Krasnoarmeysk
         Saratov Region
         Russia


KRASNOYARSKOYE: Court Names O. Kondrusov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. O.
Kondrusov as Insolvency Manager for CJSC Agricultural Enterprise
Krasnoyarskoye.  He can be reached at:

         O. Kondrusov
         Post User Box 25
         630078 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-25612/05-29/319.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Enterprise Krasnoyarskoye
         Sovetskaya Str. 32
         Krasnyj Yar
         633271 Novosibirsk Region
         Russia


MARKOVSKIY: Kursk Court Names Y. Akulshin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. Y. Akulshin
as Insolvency Manager for OJSC Spirit Distillery Markovskiy.  He
can be reached at:

         Y. Akulshin
         Institutskaya Str. 32 e
         305021 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-11776/05 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Spirit Distillery Markovskiy
         Glushkovskiy Region
         Kursk Region
         Russia


METAL-HARDWARE: Moscow Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Moscow Region has commenced bankruptcy
supervision procedure on LLC Factory Metal-Hardware.  The case
is docketed under Case No. A41-K2-8930/06.

The Temporary Insolvency Manager is:

         A. Suchkov
         Seligerskaya Str. 28-82
         127247 Moscow Region Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Factory Metal-Hardware
         Lunacharskogo Str. 32
         Serpukhov
         142200 Moscow Region
         Russia


MINERALOVOSKIY LIQUEUR: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Stavropol Region has commenced
bankruptcy supervision procedure on CJSC Mineralovoskiy Liqueur
-Vodka Factory (TIN 2630016236).  The case is docketed under
Case No. A63-6087/06-S5.

The Temporary Insolvency Manager is:

         A. Zhidenko
         Office 19
         45 Parallel Str. 26
         355000 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Mineralovoskiy Liqueur -Vodka Factory
         1st Promyshlennyj Proezd 12
         4th km Vostochnaya Prom.Zona
         Mineralovskiy Region
         Stavropol Region Russia


MOTORIST: Orel Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on OJSC Motorist.  The case is docketed
under Case No. A48-2036/06-17b.

The Temporary Insolvency Manager is:

         I. Novikova
         Building 1
         Moskovskoye Shosse 137
         302025 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Motorist
         Novaya Str. 1
         Khomutovo
         Orel Region
         Russia


NOVOSOKOLNICHESKIY: Court Names G. Fedorov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. G. Fedorov
as Insolvency Manager for OJSC Flax Factory Novosokolnicheskiy.
He can be reached at:

         G. Fedorov
         Apartment 21
         Chekhova Str. 1A
         180016 Pskov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-431/2005/4.

The Debtor can be reached at:

         OJSC Flax Factory Novosokolnicheskiy
         Starosokolniki
         Novosokolnicheskiy Region
         Pskov Region
         Russia


PROGRESS: Court Names R. Sharifullin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. R.
Sharifullin as Insolvency Manager for OJSC Progress (TIN
0202002995).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-8754/05-G-FLE.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Progress
         Pobedy Str. 1A
         Alshevskiy Region
         452120 Bashkortostan Republic
         Russia


PROM-INVEST: Stavropol Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Stavropol Region has commenced
bankruptcy supervision procedure on CJSC Prom-Invest.  The case
is docketed under Case No. A63-5667/06-S5.

The Temporary Insolvency Manager is:

         N. Rudenko
         Office 4
         Lermontova Str. 434
         Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Prom-Invest
         Kulakova Str. 8
         Stavropol Region
         Russia


SAYAN-ALCO: Tatarstan Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on OJSC Sayan-Alco.  The case
is docketed under Case No. A69-667/06-11.

The Temporary Insolvency Manager is:

          S. Sagan
         Zavodskaya Str. 2
         Kyzyl
         667000 Tyva Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

         Room 12, Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Sayan-Alco
         Zavodskaya Str. 2
         Kyzyl
         667000 Tyva Republic
         Russia


SERPUKHOVSKAYA STOCKING: V. Golov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. V. Golov as
Insolvency Manager for OJSC Serpukhovskaya Stocking Making
Factory (TIN 5043000318).  He can be reached at:

         V. Golov
         Office 34
         Rozhdestvenskiy Avenue 5/7
         107045 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-18380/05.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Serpukhovskaya Stocking Making Factory
         Beregovaya Str. 21
         Serpukhov
         142204 Moscow Region
         Russia


SIB-FARM-INVEST: Court Names I. Gorn as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Sib-Farm-Invest.  He can be reached
at:

         I. Gorn
         Post User Box 2513
         634045 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-3766/06.

The Debtor can be reached at:

         CJSC Sib-Farm-Invest
         S. Lazo Str. 4
         636063 Tomsk Region
         Russia


TAVRICHESKIY BRICKWORKS: A. Kuzmin to Manage Assets
---------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. A. Kuzmin as
Insolvency Manager for LLC Tavricheskiy Brickworks.  He can be
reached at:

         A. Kuzmin
         K. Marksa Pr. 34A - 508
         644042 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-4250/2006.

The Debtor can be reached at:

         LLC Tavricheskiy Brickworks
         Tavricheskoye KhPP
         Tavricheskiy Region
         Omsk Region
         Russia


TRANSNEFT OAO: Court Lifts Trading Ban on Preferred Shares
----------------------------------------------------------
A Russian court has lifted a ban halting the trade for the
preferred shares of OAO Transneft, Greg Walter writes for The
Wall Street Journal.

Transneft's shares, valued not less than US$3 billion at the
time, stopped trading in May over a continuing investigation
into the privatization of the company by its former management,
Mr. Walter relates.  According to the report, the ban may remain
in place because an appeal against the court's decision to
overturn the trading halt is pending.

The Russian government owns all of Transneft's common, or
voting, stock, which makes up about 75% of the total capital,
the WSJ reveals.

                     About the Company

Tatneft JSC explores for, produces, refines and markets crude
oil.  The company operates a chain of retain gasoline filling
stations and exports some of its petrochemical products to
former Soviet Union countries and Europe.

                        *     *     *

Tatneft carries Standard & Poor's BB+ local and foreign issuer
credit ratings.


TYVA-GRAIN-PRODUCT: Tyva Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Tyva Republic has commenced bankruptcy
supervision procedure on OJSC Tyva-Grain-Product.  The case is
docketed under Case No. A69-816/05-9.

The Temporary Insolvency Manager is:

         L. Sitkina
         Yubileynaya Str. 18-53
         Chernogorsk
         655158 Khakasiya Republic
         Russia

The Debtor can be reached at:

         OJSC Tyva-Grain-Product
         Yubileynaya Str. 18-53
         Chernogorsk
         655158 Khakasiya Republic
         Russia


UST-ORDYNSKOYE TRANSPORT: P. Solynin to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. P. Solynin
as Insolvency Manager for OJSC Ust-Ordynskoye Transport
Enterprise.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-9196/06-49.

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 Ust-Ordynskoye Transport Enterprise
         Let Oktyabrya Str. 44.
         Ust-Ordynskiy 50
         Ekhirit-Bulagatskiy Region
         665129 Irkutsk Region
         Russia


===========
S W E D E N
===========


SANMINA-SCI: Noteholders' Trustee Warns of Indenture Violations
---------------------------------------------------------------
Sanmina-SCI Corp. received letters from its noteholders' trustee
stating that the Company has violated certain indenture
provisions as a result of its failure to file its Quarterly
Report on Form 10-Q for the quarter ended July 1, 2006, with the
U.S. Securities and Exchange Commission and the trustee.

In a regulatory filing with the SEC, the trustee for the holders
of the company's:

   -- US$400 million aggregate outstanding principal amount of
      6-3/4% Senior Subordinated Notes due 2013; and

   -- US$600 million aggregate outstanding principal amount of
      8.125% Senior Subordinated Notes due 2016,

issued the letters.  The company said it would not file its
Quarterly Report by the filing deadline as a result of the
ongoing investigation by the special committee of the Company's
Board of Directors of the Company's stock option administration
practice and policies.

The indentures for the notes provide that the default could be
cured when the delayed report is filed by Sept. 14.  The
indentures also provide that the default, if not cured by that
date, would give certain holders and the trustee the right to
accelerate the maturity of the notes.

The Company is currently in discussions with certain holders of
the notes and expects to commence shortly a consent solicitation
of waivers of any default.

Headquartered in San Jose, California, Sanmina-SCI Corporation
is one of the largest electronics contract manufacturing
services companies providing a full spectrum of integrated,
value added solutions.  In Europe, the company has operations in
Finland, France, Ireland, Germany, Sweden, Hungary, and Spain.

                        *     *     *

As reported in TCR-Europe on Aug. 16, Moody's Investors Service
placed the ratings of Sanmina-SCI Corp. on review for possible
downgrade following the announcement by the Company updating the
status of the on-going investigation into its stock option
administration practices and confirming that Sanmina will not be
able to file with the U.S. Securities and Exchange Commission
its 10-Q for the quarter ended July 1, 2006, by the required
deadline as result of the investigation.

The investigations are on-going and inconclusive and the
Company cannot quantify their potential impact on its financial
statements at this time.  However, Moody's notes that Sanmina
will most likely breach a financial covenant in its bond
indenture requiring it to file financial statements in a timely
manner.  The current delay could place Sanmina in a technical
default with its creditors.

At the same time, Standard & Poor's Ratings Services placed its
'BB-' corporate credit and other ratings on San Jose,
California-based Sanmina-SCI Corp. on CreditWatch with negative
implications.


===========
T U R K E Y
===========


FORD OTOSAN: Fitch Keeps Local Currency Default Rating at BB+
-------------------------------------------------------------
Fitch Ratings affirmed Turkey-based Ford Otosan's local currency
Issuer Default rating at BB+.  The rating Outlook remains
Negative.

The rating action follows the downgrade of Ford Motor Company's
IDR to B from B+ on Aug. 18.  The downgrade was based on Fitch's
concerns about negative cash flows related to restructuring
costs, working capital outflows, market share losses, which
could all contribute to an erosion of liquidity at FMC.

The downgrade of FMC does not have any direct and immediate
impact on FO's financial profile or its ability to continue its
production and delivery operations in Turkey.  However, FO's
export sales, representing 47% of 2005 revenues, remain
dependent on FMC's international distribution network in Europe.

Over FY05, FO has gained further market share and maintained its
leadership in the domestic market, which grew by 5%. As of end-
1H06, FO's domestic sales volumes grew 14%, outperforming the 7%
growth seen in the Turkish market.  FO remained the overall
automotive market leader with its 17% share (as of July 2006) in
Turkey.

It reported US$1.95 billion revenues and US$256 million EBITDA
(at 13% EBITDA margin) in H106.  FO continues to service a
stable overall market for light commercial vehicles in Europe.
FO was the export volume leader among Turkish manufacturers with
163,000 units in 2005 (with US$2.1 billion export revenues).

FO reported 3% year on year growth in its export sales volumes
in H106.  The current capacity expansion at FO's plant to
280,000 units from 240,000 units and new product development
programs, costing an estimated US$315 million investment during
2005-2007, is being financed mostly by the company's own cash
flows.  This supports Fitch's assessment of FO's good sales
growth prospects, cash generation ability and financial
independence from FMC.

The Negative Outlook reflects the brand ownership, shareholder
relationship as well as the export sales network dependence
between FO and FMC, indicating that further deterioration of
FMC's rating could negatively affect FO's rating.  Such effect
will be assessed on a case-by-case basis, and any future rating
or Outlook change in FMC would prompt a review of FO's rating.

FMC and Koc Group of Turkey exercise joint control in FO with a
41% stake each, while the remaining 18% is quoted on the
Istanbul Stock Exchange.


TROY CAPITAL: Fitch Puts Final B+ Rating on EUR200-Mln Notes
------------------------------------------------------------
Fitch Ratings assigned Troy Capital S.A.'s EUR200 million 9.5%
coupon paying guaranteed loan participation notes maturing in
2011 a final senior unsecured B+ rating and a final Recovery
Rating of RR4.

This rating action follows a review of the final terms and
conditions conforming to information already received when Fitch
assigned the expected rating of B+ on July 24, as well as
receipt of satisfactory legal opinions.

Troy Capital has the sole purpose of using the LPN proceeds to
finance a loan to Turkish-based Yasar Holding A.S. ("Yasar") as
evidenced by a loan agreement, the rights and benefits of which
are charged to the benefit of LPN noteholders.

The B+ rating of the LPNs is in line with Yasar's foreign
currency and local currency Issuer Default ratings, both B+,
published on 29 June 2006.  An initial seven of Yasar's
subsidiaries guarantee its obligations in respect of the loan,
on an unconditional, irrevocably joint and several basis.

The guarantees are senior unsecured obligations of each
guarantor and the guarantors must constitute 75% of the Yasar
group's consolidated assets or revenues.  Proceeds from the LPNs
are being used primarily to refinance debt within the Yasar
group of companies.

The terms and conditions of the loan agreement include a
limitation on the group's debt, using a maximum consolidated
leverage ratio of 4.5x (actual YE05 equivalent pro forma at YE05
exchange rates: 4x).  This is consistent with group's intentions
to de-leverage over the next four to five years rather than
increase leverage further.

There are also certain restrictions on dividend payments by
Yasar.  Furthermore, upon asset sales by the obligors - Yasar
and the guarantors - of the loan agreement above a certain
amount, noteholders can request that these proceeds be used to
prepay their LPNs at par.

In the event of a change of control relating to Yasar Holdings
A.S., noteholders have the right to require the issuer to prepay
their LPNs. There are also covenants relating to transactions
with affiliates, mergers and disposals as described in the loan
agreement.


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


ALTA: Kyiv Court Names O. Valentsionova as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Ms. O. Valentsionova
as Liquidator/Insolvency Manager for LLC Architectral-Building
Company Alta (code EDRPOU 32556650).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 5.  The case is docketed
under Case No. 43/403.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Architectral-Building Company Alta
         Yaroslavska Str. 58
         Kyiv Region
         Ukraine


ELIS: Harkiv Court Names Volodimir Kapustin as Liquidator
---------------------------------------------------------
The Economic Court of Harkiv Region appointed Volodimir Kapustin
as Liquidator/Insolvency Manager for LLC Elis (code EDRPOU
30036193).  He can be reached at:

         Volodimir Kapustin
         Kronshtadtska Str. 138
         Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 5.  The case is docketed
under Case No. B-39/72-06.

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 Elis
         Morozov Str. 11
         Harkiv Region
         Ukraine


GAYCHUR: Court Names Volodimir Ivannikov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Volodimir
Ivannikov as Liquidator/Insolvency Manager for Agricultural CJSC
Gaychur (code EDRPOU 03749069).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 13.  The case is docketed
under Case No. 16/29/06.

He can be reached at:

         Volodimir Ivannikov
         Office 14
         Shmidt Str. 18
         Berdyansk
         71100 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         Agricultural CJSC Gaychur
         Kujbishevskij District
         Lenin Str. 167
         Novoukrainka
         71012 Zaporizhya Region
         Ukraine


HMILNIKRAJAGROTEHSERVICE: Court Names L. Demets as Liquidator
-------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Mr. L. Demets
as Liquidator/Insolvency Manager for OJSC
Hmilnikrajagrotehservice (code EDRPOU 00902234).  He can be
reached at:

         L. Demets
         a/b 5894
         21016 Vinnitsya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 20.  The case is docketed
under Case No. 10/91-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         OJSC Hmilnikrajagrotehservice
         Privokzalna Str. 7
         Hmilnik
         20000 Vinnitsya Region
         Ukraine


LENDRICH: Court Names Kojchev Vadim as Insolvency Manager
---------------------------------------------------------
The Economic Court of Odessa Region appointed Kojchev Vadim as
Liquidator/Insolvency Manager for LLC Lendrich (code EDRPOU
33017676).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 8.  The case is docketed
under Case No. 2/140-06-5121.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Lendrich
         Katerininska Str. 27
         Odessa Region
         Ukraine


PIVDENAGRO: Court Names Nataliya Sahanenko as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Odessa Region appointed Nataliya Sahanenko
as Liquidator/Insolvency Manager for LLC Pivdenagro (code EDRPOU
32972659).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 8.  The case is docketed
under Case No. 2/141-06-5122.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Pivdenagro
         Katerininska Str. 27
         Odessa Region
         Ukraine


RAJDUGA: Court Names Larisa Timofeyeva as Insolvency Manager
------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Larisa
Timofeyeva as Liquidator/Insolvency Manager for JSCOT Rajduga
(code EDRPOU 02971104).  She can be reached at:

         Larisa Timofeyeva
         a/b 179
         54017 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 11.  The case is docketed
under Case No. 5/312/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         JSCOT Rajduga
         Stepna Str. 2
         54003 Mikolaiv Region
         Ukraine


TAS-INVESTBANK: Global Default Cues Moody's to Assign B2 Rating
---------------------------------------------------------------
Moody's Investors Service assigned an A3.ua long-term National
Scale Rating to Ukraine's TAS-Investbank.  Moody's has also
assigned B2 long-term senior unsecured debt rating as well as an
A3.ua NSR to the local currency-(hryvnia) denominated bonds to
be issued by TAS-Investbank, which will represent a senior
unsecured claim on the bank.

The planned issue size is UAH100 million (approximately US$20
million) with a final maturity of five years.  The outlook on
the B2 global scale rating is stable, while the bank's NSR
carries no specific outlook.

According to Moody's, the B2 global scale local currency rating
reflects global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
A3.ua national scale rating reflects the standing of the bank's
credit quality relative to its domestic peers.

Moody's B2 rating for the bonds is based on TAS-Investbank's
fundamental credit quality and factors in its ability to fulfil
its long-term obligations, including those associated with the
put option that the bondholders will, according to the terms of
the issue, be able to exercise in order to sell the bonds back
to the bank on the first, second, third and fourth anniversaries
of the issue.  Moody's notes that if the bank's credit quality
were to deteriorate at these times, exercise of the put options
might exert additional pressure on its financial condition.

Headquartered in Kyiv, Ukraine, TAS-Investbank reported total
consolidated assets of US$229 million under IFRS as of 31
Dec. 31, 2005.  TAS-Investbank is majority-owned by a local
businessman and politician (who holds a number of other business
interests in Ukraine) and by members of his family.


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


A.I.N. MANUFACTURING: Appoints Tony Freeman as Liquidator
---------------------------------------------------------
Tony Freeman of Tony Freeman & Company was appointed Liquidator
of A.I.N. Manufacturing Limited (formerly Codestop Limited) on
Aug. 2 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         A.I.N. Manufacturing Limited
    4 Pendleside
    Lomeshaye Industrial Estate
    Nelson
    Lancashire BB9 6RY
    United Kingdom
    Tel: 01282 602 702


ACACIA FLOWER: Names P. B. Wood as Administrator
------------------------------------------------
P. B. Wood of Barringtons Limited was named administrator of
Acacia Flower Supplies Limited (Company Number 04518604) on
July 31.

The administrator can be reached at:

         Barringtons Limited
         Richmond House
         570-572 Etruria Road
         Basford
         Newcastle Under Lyme
         Staffordshire ST5 0SU
         United Kingdom
         Tel: 01782 713700
         Fax: 01782 713379
         E-mail: pbw@barraccount.co.uk

Headquartered in Stafford, United Kingdom, Acacia Flower
Supplies Limited wholesales and retails flowers.


ALMAC METAL: Board Appoints Timothy Calverley as Liquidator
-----------------------------------------------------------
The Board of Directors of Almac Metal Services Limited appointed
Timothy Calverley of Haines Watts as Liquidator of the company
on July 31 for the purposes of the creditors' voluntary winding-
up.

The company can be reached at:

         Almac Metal Services Limited
    Elland Terrace
    Leeds LS119NW
    United Kingdom
    Web: http://www.metstock.com/


ARGO PANTES: Restructures US$253.6-Mln Debt with Bank Mandiri
-------------------------------------------------------------
PT Bank Mandiri (Persero) Tbk is signing a preliminary agreement
with Argo Manunggal Group on the restructuring of its IDR2.3
trillion (US$253.6 million) debt with the bank, Antara News
said.

The Antara reports that a Bank Mandiri official said earlier
that the Argo Group has shown goodwill in settling its debts and
expects to sign a preliminary debt restructuring agreement soon,
adding that the preliminary agreement is basically for the
debtor to show its commitment to settling its debts.

Argo Manunggal's debts will be settled through two options --
asset settlement or rescheduling of sustained debts.

The report, carried by Bisnis Indonesia, also quoted an unnamed
source as saying that another debtor of Bank Mandiri, Domba Mas
Group will soon settle its liabilities worth IDR1.99 trillion.

                       About Bank Mandiri

Headquartered in Jakarta, Indonesia, PT Bank Mandiri (Persero)
Tbk's -- http://www.bankmandiri.co.id/-- services include:
Internet banking, consumer banking, commercial banking and
corporate banking.  The bank's subsidiaries consist of: Bank
Mandiri (Europe) Limited, which is the bank's representative in
Europe; PT Bank Syariah Mandiri, which is a bank within the
syariah banking system; PT Usaha Gedung Bank Dagang Negara,
which is a property management company; PT Mandiri Sekuritas,
which is an investment management company, and PT Bumi Daya
Plaza, which is a property management company.  The bank is
supported by 10 regional offices, 54 hub offices, 98 community
offices, 334 spoke offices, 423 cash offices, four international
offices and one representative office.  The bank has overseas
operations in the Cayman Islands, China, Hong Kong, London, and
Singapore.

As reported in TCR-Europe on Aug. 15, an Amsterdam court has
approved the bankruptcy petition filed by Indo Plus B.V. against
Argo Pantes Finance B.V., a subsidiary of Indonesia's PT Argo
Pantes Tbk.  Indo Pus B.V., a Dutch-based company and Deutsche
Bank filed the bankruptcy suit due to Argo Pantes' payment
default over a US$12 million debt.

Argo Pantes booked lower sales at IDR932.53 billion for the full
year of 2005, and posted a reduced loss at IDR87.24 billion.

Argo Pantes has an outstanding debt of US$198.68 million to 18
creditors of which Bank Madiri is the largest with US$92
million.  The company is currently working out a debt
restructuring through equity conversion.

                      Going Concern Doubt

In its Annual Report for the year 2005, Hidajat Rahardjo of Ijin
Akuntan Publik -- the company's independent auditors -- said
that these factors raise substantial doubt about their ability
to continue as going concerns:

   * the company and its subsidiaries deferred the payment of a
     portion of the principal and interest due on their debts
     and failed tomaintain their debt to net worth ratios as
     required by the debt agreements.  These conditions enable
     the creditors to demand that the debts become immediately
     due and payable.

   * the company and its subsidiaries incurred deficit amounting
     to IDR1,451,834,884,000 as of December 31, 2005 because of
     operating losses, foreign exchange losses and significant
     interest expense from previous years.

   * in addition, the company did not record the financing
     charges on bank loans and notes payables which are under
     intensive negotiations for restructuring with concerned
     parties.

The ability of the company and subsidiaries to continue as going
concern is dependent upon the company's implementation of the
following measures:

   i. cost control will be implemented in every aspect of the
      company in order to keep the company's profitability and
      competitiveness;

  ii. recondition its weaving, spinning and utility machineries;

iii. maintain and maximize production capacity performance;

  iv. search and develop new markets for the company's high
      value added products;

   v. maintain and improve good relationships with customers;
      and

  vi. improve coordination, communication and information flows
      to fulfill customers' satisfaction.

                         *     *     *

As reported in Troubled Company Reporter-Asia Pacific on
May 22, Moody's Investors Service has upgraded Bank Mandiri's
long-term deposit rating to B2 from B3, with a stable outlook.

Bank Mandiri's short-term deposit rating of Not-Prime, and bank
financial strength rating of E+ are unaffected.

A subsequent TCR-AP report on May 29, 2006 reports that Moody's
upgraded these ratings of Bank Mandiri Persero (P.T.),
Cayman Islands under the revised foreign currency ceilings:

   -- Subordinated debt rating: to Ba3 from B1 with stable
      outlook; and

   -- Senior debt rating: to Ba3 from B1 with stable outlook.

Another TCR-AP report on May 24, 2006 further says that Fitch
Ratings affirmed Bank Mandiri's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

Moody's said the outlook for the ratings is stable.


AVANTICARE LIMITED: Hires Administrators from Geoffrey Martin
-------------------------------------------------------------
Stephen Hull and John Twizell of Geoffrey Martin & Co. were
appointed joint administrators of Avanticare Limited (Company
Number 04854887) on July 19.

The administrators can be reached at:

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

Avanticare Limited can be reached at:

         The Studio Hatherlow House
         Hatherlow
         Romiley
         Stockport
         Cheshire SK6 3DY
         United Kingdom
         Tel: 0161 406 0044


BARTLETT CATERING: Brings In UHY Hacker to Administer Assets
------------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint administrators of Bartlett Catering Equipment
Limited (Company Number 05562099) on July 25.

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 London, United Kingdom, Bartlett Catering
Equipment Limited -- http://www.bartlettcatering.co.uk/-- is an
independent of catering equipment in the U.K., Bartlett has a
wide reputation for quality, range and value for money.


BLUE-CHIP COMPUTER: Taps Asher Miller to Liquidate Assets
---------------------------------------------------------
Asher Miller of David Rubin & Partners was appointed Liquidator
of Blue-Chip Computer Solutions Limited on Aug. 1 for the
purposes of the creditors' voluntary winding-up proceedings.

The company can be reached at:

         Blue-Chip Computer Solutions Limited
    324 Bensham Lane
    Thornton Heath
    Surrey CR7 7EQ
    United Kingdom
    Tel: 020 8239 6999


BLUE NOTE: Appoints Begbies Traynor as Administrators
-----------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Begbies Traynor were
appointed joint administrators of Blue Note (Luton) Limited
(Company Number 05575902) on July 12.

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

Headquartered in Leeds, United Kingdom, Blue Note (Luton)
Limited manages bar/function room.


BRITISH AIRWAYS: Sells Travel Clinic Business to MASTA
------------------------------------------------------
British Airways Plc has agreed to sell its Travel Clinic
business to MASTA (Medical Advisory Services for Travellers
Abroad).

British Airways owns and operates one Travel Clinic in central
London, located at 213 Piccadilly.  The clinic provides expert
travel health advice and treatment to the traveling public,
including a comprehensive immunization service and a wide range
of anti-malarial drugs.  The clinic sees approximately 28,000
customers per year and provides over 34,000 inoculations,
including Yellow Fever and Hepatitis A.

BA Travel Clinic at Piccadilly will be closed from Aug. 18.
After this date, the business will be transferred to MASTA, who
will become British Airways Preferred Partner for travel health
services.

                       About MASTA

MASTA is a travel health provider with a network of Travel
Clinics across the U.K.  They have been providing expert
healthcare services to the traveling public for over 20 years,
and their services include Travel Health briefs, travel
vaccines, malaria prophylaxis, and other related travel health
products.

The closest MASTA Travel Clinic to the old BA Piccadilly Travel
Clinic is situated in Oxford Circus at 52 Margaret Street,
London W1W 8SQ.

                    About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BUFFET DIRECT: Joint Liquidators Take Over Operations
-----------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery were appointed Joint Liquidators of Buffet Direct
Limited on July 31 for the purposes of the creditors' voluntary
wind-up.

The company can be reached at:

         Buffet Direct Limited
    47 Surrey Close
    Corby
    Northamptonshire NN172TG
    United Kingdom
    Tel: 01536 263 267


C B SERVICES: Creditors Appoint Liquidator from ThorntonRones
-------------------------------------------------------------
Creditors of C B Services Kent Limited appointed Richard Rones
of ThorntonRones on Aug. 3 for the purposes of the voluntary
wind-up.

The company can be reached at:

         C B Services Kent Limited
    Station Road
    Faversham
    Kent ME13 8EB
    United Kingdom
    Tel: 01795 590751


CAMBRIDGE MOTORSPORT: Hires Smith & Williamson as Administrators
----------------------------------------------------------------
Gregory Andrew Palfrey and Ian John Allan of Smith & Williamson
were appointed joint administrators of Cambridge Motorsport
Limited (Company Number 04329969) on July 28.

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

Headquartered in Letchworth, United Kingdom, Cambridge
Motorsports Limited repairs, maintains and sells cars.


CIVIL ENGINEERING: Taps Andrew James Nichols as Administrator
-------------------------------------------------------------
Andrew James Nichols of Redman Nichols was named administrator
of Civil Engineering & Construction Limited (Company Number
4157976) on July 28.

The administrator can be reached at:

         Redman Nichols
         Maclaren House
         Skerne Road
         Driffield
         East Yorkshire YO25 6PN
         United Kingdom
         Tel: 01377 257788
         Fax: 01377 249119
         E-mail: andrew.nichols@redman-nichols.co.uk

Civil Engineering & Construction Limited can be reached at:

         Saint Marks Square
         English Street
         Hull HU3 2DQ
         United Kingdom


COLIN WHITE: Appoints Grant Thornton as Joint Administrators
------------------------------------------------------------
David Robert Thurgood and Andrew Lawrence Hosking of Grant
Thornton U.K. LLP were appointed joint administrators of Colin
White Construction Limited (Company Number 03308837) on July 27.

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

Headquartered in Staines, United Kingdom, Colin White
Construction Limited is engaged in general construction.


EDUCATION INTERFACE: Hires Administrators from Rothman Pantall
--------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of Education Interface Limited
(Company Number 02662707) on July 18.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.

Education Interface Limited can be reached at:

         Groves Ho
         Whitehorse Street
         Baldock
         Hertfordshire SG7 6QF
         United Kingdom
         Tel: 01462 499 599
         Fax: 01462 499 555


FIRST CHOICE: Brings In Joint Liquidators from Mazars LLP
---------------------------------------------------------
Tim Alan Askham and Paul Charlton of Mazars LLP were appointed
Joint Liquidators of First Choice Vending Limited on July 19 for
the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         First Choice Vending Limited
    427 Liverpool Road
    Southport
    Merseyside PR8 3BW
    United Kingdom
    Tel: 01704 577 990


FISHERS LIMITED: Creditors' Meeting Slated for September 6
----------------------------------------------------------
Creditors of Fishers (Norwich) Limited (Company Number 00428512)
will meet at 10:30 a.m. on Sept. 6 at:

         McTear Williams & Wood
         90 St. Faiths Lane
         Norwich NR1 1NE
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 30 at:

         C. Williams
         Joint Administrator
         McTear Williams & Wood
         90 St. Faiths Lane
         Norwich NR1 1NE
         United Kingdom
         Tel: 01603 877540
         Fax: 01603 877549
         E-mail: mail@mw-w.com


FIXINGSFAST LIMITED: Hires Colin Burke to Liquidate Assets
----------------------------------------------------------
Colin Burke of Milner Boardman & Partners was appointed
Liquidator of FixingsFast Limited on Aug. 2 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         FixingsFast Limited
    3 Ebenezer Street
    Rock Ferry
    Birkenhead
    Merseyside CH42 1NH
    United Kingdom
    Tel: 0151 644 8860


FORD MOTOR: S&P Puts US Suppliers' Ratings on Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on eight
U.S. auto suppliers on CreditWatch with negative implications.
The CreditWatch placements reflect the agency's decision to
review these companies' ratings in light of Ford Motor Co.'s
announcement that it will sharply lower its North American
production in the second half of 2006, with the largest cuts
coming in the fourth quarter.

Ford's production of light trucks in the fourth quarter will be
down 155,000 units, or 28%, versus fourth-quarter 2005
production.  Most of these companies already had negative
outlooks prior to the Ford announcement.

These cuts will adversely affect on several fronts those
suppliers with substantial Ford exposure.  Fourth-quarter cash
flow and liquidity will likely be reduced from previous
expectations, perhaps significantly.  The magnitude of the
reduction in liquidity will depend on other calls on cash in the
quarter, availability under existing bank facilities, and any
mitigating actions, although such offsets within the quarter may
be limited.

The long-term effect on supplier ratings will depend on Ford's
ability to stem its market share losses, which will drive 2007
production levels.  Ford's very dramatic fourth-quarter
production cuts may turn out to be an alternative to lesser cuts
extending over several quarters into 2007.  But the negative
effect on cash flow and liquidity in the fourth quarter will
increase challenges for certain suppliers in 2007, regardless of
whether more stable production levels occur in 2007.

The suppliers placed on CreditWatch have some combination of
significant sales to Ford, vulnerable liquidity positions, or
credit profiles already weak for their ratings.  Some will have
to contend with the Ford cuts while also trying to manage higher
energy and raw material costs, significant new-product launches,
and their own internal restructuring activities.  Many other
auto suppliers not placed on CreditWatch today are likely to
face similar challenges for the remainder of 2006, but most have
greater flexibility within their ratings to withstand the
challenges.

Standard & Poor's will assess the effect of Ford's announcement
in light of the other business challenges facing the companies
placed on CreditWatch.  Standard & Poor's expects to conclude
its reviews within the next two months.

Ratings placed on CreditWatch with negative implications:

                                    To                 From
                                    --                 ---
Citation Corp.
                               B-/Watch Neg/--    B-/Negative/--

Cooper-Standard Automotive Inc.
                               B+/Watch Neg/--    B+/Stable/--

Hayes Lemmerz International Inc.
                               B-/Watch Neg/--    B-/Negative/--

Mark IV Industries Inc.
                               B+/Watch Neg/--    B+/Negative/--

Metaldyne Corp.
                               B/Watch Neg/--     B/Negative/--

Plastech Engineered Products Inc.
                               B+/Watch Neg/--    B+/Negative/--

Visteon Corp.
                              B+/Watch Neg/B-2   B+/Negative/B-2

Yazaki International Corp.
                           BBB-/Watch Neg/A-3 BBB-/Negative/A-3


FORD MOTOR: S&P Puts Related Loan Ratings on Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 10 U.S.
single-issue synthetic ABS transactions related to Ford Motor
Co. and Ford Motor Credit Co. on CreditWatch with negative
implications.

The Aug. 18, 2006, placement of the ratings on Ford and its
related entities on CreditWatch does not have any immediate
rating impact on the Ford-related ABS supported by collateral
pools of consumer auto loans or auto wholesale loans.

Each of the securitizations with ratings placed on CreditWatch
negative is weak-linked to the long-term corporate credit,
senior unsecured debt, or preferred stock ratings for Ford or
Ford Credit.  Either Ford or Ford Credit provides the underlying
collateral or referenced obligations in the affected
securitizations.

The Aug. 18, 2006, placement of Ford, Ford Credit, and all
related entities on CreditWatch reflects Standard & Poor's
decision to review the ratings in light of the sharply lower
production schedule recently announced for light trucks in the
fourth quarter.

            Ratings Placed on CreditWatch Negative

Corporate Backed Trust Certificates Ford Motor Co.
Debenture-Backed Series 2001-36 Trust

                      Rating
Class    To               From      Role
-----    --               ----      ----
A-1      B+/Watch Neg     B+        Underlying collateral
A-2      B+/Watch Neg     B+        Underlying collateral

Corporate Backed Trust Certificates, Ford Motor Co. Note-Backed
Series 2003-6 Trust

A-1      B+/Watch Neg     B+        Underlying collateral

CorTS Trust for Ford Debentures


Certs    B+/Watch Neg     B+        Underlying collateral

CorTS Trust II for Ford Notes

Certs    B+/Watch Neg     B+        Underlying collateral

Freedom Certificates US Autos Series 2004-1 Trust

A        B+/Watch Neg     B+        Underlying collateral
X        B+/Watch Neg     B+        Underlying collateral

PPLUS Trust Series FMC-1


Certs    B+/Watch Neg     B+        Underlying collateral

PreferredPLUS Trust Series FRD-1

Certs    B+/Watch Neg     B+        Underlying collateral

SATURNS Trust No. 2003-5

Units    B+/Watch Neg     B+        Underlying collateral

Trust Certificates (TRUCs) Series 2002-1 Trust

A-1     B+/Watch Neg      B+        Underlying collateral

STEERS Credit-Backed Trust Series 2002-3 F

Certs    CCC+/Watch Neg   CCC+      Referenced obligation


H.J. HEINZ: Restructuring Plan Prompts Moody's to Cut Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt ratings
of H.J. Heinz Company and retained its negative rating outlook.
At the same time, the Baa2 senior unsecured debt rating and Baa3
preferred stock rating of its subsidiaries were lowered.  The
Prime-2 short-term rating of H.J. Heinz Company was affirmed.

This rating action concludes the review that began on June 5,
following Heinz's announcement of a 16.7% dividend increase and
its plan to repurchase US$1 billion of its shares over the next
two years as part of a new aggressive restructuring plan.  This
latest plan was crafted in response to an earlier, even more
aggressive, proposal submitted to the Heinz board by an investor
group led by shareholder Nelson Peltz (Trian Group) who controls
5.4% of Heinz's shares.  The Peltz team could win seats on the
board of directors, an issue that is expected to be settled next
month after all the ballots are tallied.

The downgrade reflects:

   1) Heinz's adoption of a more aggressive financial policy
that includes a high dividend payout and debt-financed
share repurchases;

   2) overall weak credit metrics for the Baa category that are
likely to deteriorate further due to higher debt levels;
and

   3) the risk of greater short-term shareholder focus at the
expense of bondholders following the challenges to
existing management strategy mounted by the Trian Group.

The global strength of the Heinz brand, moderate product and
geographic diversity, good cash flow generation and strong
liquidity are all better than Heinz's assigned senior unsecured
rating of Baa2.

However, Heinz's ratings are driven down by:

   -- uneven performance in key operating segments, such as U.S.
foodservice, and in Europe;

   -- an inconsistent business strategy, in Moody's view, that
has led to a series of major restructurings, acquisitions
and asset sales; and

   -- an aggressive financial policy that has favored
shareholders at a time when debt protection has been
deteriorating, and which scores at the Ba level.

The negative outlook reflects the uncertain outcome of ongoing
challenges to the current management team being mounted by
Nelson Peltz's Trian Group, which could result in more
aggressive financial policy, greater risk in the execution of
its operating strategy, and changes in management direction.
Heinz has little cushion in the ratings for further share
repurchases, large acquisitions, or weakening operating
performance.

A downgrade could occur if financial policy were to become more
aggressive and/or the execution risk in the company's operating
strategy were to increase as a result of shareholder challenges
to the current management team and board.  Additionally, ratings
could be lowered if there were deterioration in Heinz's core
businesses, or if the company were unable to achieve the
operating performance goals outlined in its plan.
Quantitatively, ratings could be lowered if Retained Cash
Flow/Net Debt fell below 12% or EBIT/Interest fell materially
below 4.0.

The ratings outlook could return to stable if Heinz demonstrated
stability in the composition and operating performance of its
core portfolio; and moderated its financial policy to strike a
more equitable balance between shareholder and bondholder
interests.  Quantitatively, Heinz would need to achieve Retained
Cash Flow/Net Debt of at least 15% and EBIT/Interest approaching
5.0 before the outlook would stabilize.

Ratings downgraded:

   * H.J. Heinz Company

      -- Senior unsecured debt to Baa2 from Baa1;

   * H.J. Heinz Finance Company

      -- Senior unsecured debt to Baa2 from Baa1 under full
         guarantee of H.J. Heinz Company;

      -- Preferred stock to Ba1 from Baa3

   * H.J. Heinz Finance U.K. PLC

      -- Senior unsecured debt to Baa2 from Baa1 under full
    guarantee of H.J. Heinz Company;

Ratings affirmed:

   * H.J. Heinz Company

      -- Short-term debt at Prime-2;

   * H.J. Heinz Finance Company

      -- Short-term debt at Prime-2 under full guarantee of H.J.
    Heinz Company;

   * H.J. Heinz B.V.

      -- Short-term debt at Prime-2 under full guarantee of H.J.
    Heinz Company;

   * H.J. Heinz Finance U.K. PLC

      -- Short-term debt at Prime-2 under full guarantee of H.J.
    Heinz Company; and

   * H.J. Heinz Company of Canada Limited

      -- Short-term debt at Prime-2 under full guarantee of H.J.
    Heinz Company.

Founded in 1869, H. J. Heinz Company is a leading marketer and
producer of branded foods in ketchup, condiments, sauces, meals,
soups, seafood, snacks and infant foods.  Key brands include
Heinz(R) Ketchup, sauces, soups, beans, pasta and infant foods,
Ore-Ida(R) French Fries and roasted potatoes, Boston Market(R)
and Smart Ones(R) meals and Plasmon(R) baby food.  Heinz's 50
companies have number-one or number-two brands in 200 countries.
H.J. Heinz Company is located in Pittsburgh, Pennsylvania.


IBC RECOVERY: J. Harvey Madden Leads Liquidation Procedure
----------------------------------------------------------
J. Harvey Madden was appointed Liquidator of IBC Recovery
Services Limited on Aug. 3 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         IBC Recovery Services Limited
    28 Brewsdale Road
    North Ormesby
    Middlesbrough
    Cleveland TS3 6JZ
    United Kingdom
    Tel: 01642 249 844


JPN BUSINESS: Names Peter O'Hara to Liquidate Assets
----------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of JPN
Business Services Limited on Aug. 2 for the purposes of the
creditors' voluntary wind-up.

The company can be reached at:

         JPN Business Services Limited
    Main Street
    Bingley
    West Yorkshire BD162HL
    United Kingdom
    Tel: 01274 567 479


JULIAN REED: Calls In Joint Liquidators from Wilson Field
---------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of Julian Reed Limited on Aug. 1 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         Julian Reed Limited
    17 Middleton Drive
    Pinner
         Middlesex HA5 2PQ
    United Kingdom
         Tel: 01923 452 299


KIDS COCKTAILS: Taps Joint Liquidators from KPMG LLP
----------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed Joint Liquidators of Kids Cocktails Limited on Aug. 2
for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Kids Cocktails Limited
    1 Levens Road
    Hazel Grove
    Stockport
    Cheshire SK7 5DL
    United Kingdom
    Tel: 0161 483 7600


MCBRIEN CIVILS: Appoints Administrators from Moore Stephens
-----------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens Corporate
Recovery were appointed joint administrators of McBrien Civils
Limited (Company Number 02883962) on July 27.

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

Headquartered in Aylesbury, United Kingdom, McBrien Civils
Limited is engaged in construction and civil engineering.


MILLAR MCCOWAN: Falls into Receivership; Buyers Queue
-----------------------------------------------------
Millar McCowan Ltd., makers of Highland Toffee and Pan Drops,
has gone into receivership, a year after its predecessors went
out of administration, Craig Brown and Hamish Rutherford writes
for the Scotsman.

The company, a merger of restructured John Millar & Sons Ltd.
and McCowan's Ltd., had struggled with restructuring cost, the
Scotsman reports.  The group, which has PricewaterhouseCoopers
as its receivers, has fired 149 employees at its Stenhousemuir
and Broxburn manufacturing sites.

"I am very disappointed that we have not been able to keep both
sites running, and I am particularly sorry for the loyal
employees who have faced a lot of anxious moments over the last
two years," Graham Wallace, chief executive of Millar McCowan,
said.  "This is a difficult and competitive sector of the U.K.
confectionery market and so, unfortunately, we cannot keep
something running that is not working commercially."

Graham Martin, receiver from PwC, confirmed receiving "serious
interest" from around four parties.  Mr. Martin confirmed that
Millar McCowan's former management team, which includes Mr.
Graham, has also expressed interest in keeping the company
intact.

Mr. Martin, however, expressed doubt whether a sale would
materialize.

As reported in TCR-Europe on March 14, 2005, McCowan's Ltd. went
into receivership after failing to overcome financial
difficulties caused by adverse currency movement, increase in
prices of raw material and poor wheat harvest.  A month later,
the firm was sold to Sally Gardens, a company set up by Graham
Wallace and Andy Allan.

As reported in TCR-Europe on May 20, 2005, John Millar and Sons
called in receivers from PricewaterhouseCoopers, after suffering
aggressive pricing from supermarkets, raw material costs, and
heightened competition from imports.

In June 2005, McCowan's bought out John Millar & Sons and
relaunched business under Millar McCowan Ltd.

Headquartered in Broxburn, United Kingdom, Millar McCowan Ltd.
-- http://www.millar-mccowan.com/-- manufactures and supplies
traditional sweets and confectionery in the U.K. sugar
confectionery market.  The company focus is currently around the
core brands of WHAM, Highland Toffee, Pan Drops and a new range
of soft, chewy Bonbons.


NARBOROUGH ENGINEERING: Names Joint Liquidators for Winding-Up
--------------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of Narborough Engineering Services Limited on Aug. 3
for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Narborough Engineering Services Limited
    98a-98b Coventry Road
    Narborough
    Leicester LE192GB
    United Kingdom
    Tel: 0116 284 8960


NEW MERSEY: Brings In Joint Liquidators from Begbies Traynor
------------------------------------------------------------
David Moore and Gary Lee of Begbies Traynor were appointed Joint
Liquidators of New Mersey Motor Company Limited on Aug. 4 for
the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         New Mersey Motor Company Limited
    Pacific Chambers
    11-13 Victoria Street
    Liverpool L2 5QQ
    United Kingdom
    Tel: 0151 280 4695


NEWFRAME CONSERVATORIES: Hires Ian C. Brown to Liquidate Assets
---------------------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed Liquidator
of Newframe Conservatories Limited on Aug. 2 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         Newframe Conservatories Limited
    Unit 6
    Crofts Business Park
    Bromborough
    Wirral
    Merseyside CH62 3NY
    United Kingdom
    Tel: 0151 343 0990


NEXUS YORKSHIRE: Appoints Joint Liquidators to Wind Up Business
---------------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
Joint Liquidators of Nexus (Yorkshire) Limited on Aug. 2 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Nexus (Yorkshire) Limited
         Suite 2
    19a Cheapside
    Wakefield
    West Yorkshire WF1 2SD
    United Kingdom
    Tel: 01924 831 188


PELLS CONFECTIONERY: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------------
Nigel Price and Mark Bowen of Moore Stephens LLP were appointed
Joint Liquidators of Pells Confectionery Limited on July 24 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:

         Pells Confectionery Limited
    2-6 Conway Road
    Newport
    Gwent NP198PA
    United Kingdom
    Tel: 01633 271 273


PETER MARTIN: Claims Filing Period Ends Nov. 4
----------------------------------------------
Creditors of Peter Martin Lighting Design Limited, which is
being voluntarily wound up, are required, on or before Nov. 4,
to send in their names, addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their Solicitors (if any), to appointed Joint Liquidator
Gareth W. Roberts of Hurst Morrison Thomson CR LLP at:

         Gareth W. Roberts
    Hurst Morrison Thomson CR LLP
    5 Fairmile
    Henley-on-Thames
    Oxfordshire RG9 2JR
    United Kingdom

The company can be reached at:

         Peter Martin Lighting Design Limited
    Unit 1
    Lincoln Road
    Cressex Business Park
    High Wycombe
    Buckinghamshire HP123RB
    United Kingdom
    Tel: 01494 464 363


PREM-FAB LIMITED: Names Administrator from Haines Watts
-------------------------------------------------------
Colin Nicholls of Haines Watts was named administrator of Prem-
Fab Limited (Company Number 04262956) on July 13.

Headquartered in Manchester, United Kingdom, Haines Watts --
http://www.hwca.com/-- is a national U.K. business advisory and
accountancy firm with a network of practices strategically
placed throughout England, Wales and Scotland, offering tax and
general business advice.

Headquartered in Worcester, United Kingdom, Prem-Fab Limited
fabricates aluminum.


PROVALIS PLC: Legal Director to Leave Firm Following Liquidation
----------------------------------------------------------------
Lee Greenbury, legal director and sole in-house lawyer for
Provalis plc, will leave the firm after eight years following
the company's decision to liquidate its assets, Husnara Begum
writes for The Lawyer.

According to the report, Mr. Greenbury will continue as director
of some of the company's subsidiaries throughout the liquidation
process, which will be subject to a shareholder vote scheduled
for Sept. 5.

As reported in TCR-Europe on Aug. 11, Provalis agreed to sell
its medical diagnostics business for effective consideration of
GBP1.6 million through the sale of the entire issued share
capital of its subsidiary, PB Diagnostics Limited to Bio-Metrics
(U.K.) Limited, a subsidiary of Bio-Rad Laboratories, Inc.,
subject to shareholder approval.  The company previously
disclosed technical problems with its in2it diabetes monitor and
disappointing sales at its pharmaceuticals business.

                     About the Company

Headquartered in Flintshire, United Kingdom, Provalis plc (LSE:
PRO) -- http://www.provalis.com/-- is an international Medical
Diagnostics group.  The company is comprised of two separate
operating businesses:

   -- Provalis Diagnostics Limited - develops, manufactures and
      sells medical diagnostic products for chronic disease
      management for world markets.  The business' principal
      products are in2it A1c and Glycosal both diabetes
      diagnostic tests.

   -- Provalis Healthcare Limited - sold and marketed its own,
      and third party, branded, prescription medicines in the
      U.K. and Ireland to GPs and hospitals through a regionally
      managed sales force.

                        *     *     *

For the six months ended Dec. 31, 2005, the company posted
GBP4.8 million in net losses, compared with a GBP1.7 million net
loss for the same period in 2004.  For the year ended June 30,
2005, the company posted GBP5.3 million in net losses.

For the six-month period, the company also experienced strained
liquidity with GBP3.3 million in assets available to pay GBP6.5
million of debts due within the year.


RALTEX LIMITED: Claims Registration Ends Sept. 2
------------------------------------------------
Creditors of Raltex Limited, which is being voluntarily wound
up, are required, on or before Sept. 2, to send in their names,
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to appointed Liquidator Stephen P. J. White at:

         Stephen P. J. White
         Suite 508
    Daisyfield Business Centre
    Appleby Street
    Blackburn BB1 3BL
    United Kingdom


REDMAN JONES: Brings In Administrators from Begbies Traynor
-----------------------------------------------------------
Paul Stanley and Gary N. Lee of Begbies Traynor were appointed
joint administrators of Redman Jones & Partners Limited (Company
Number 02451131) on July 28.

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 Salford, United Kingdom, Redman Jones &
Partners Limited is engaged in marketing and advertising.


REDWING SATELLITE: Appoints Vantis as Joint Administrators
----------------------------------------------------------
G. Mummery and J. S. French of Vantis PLC were appointed joint
administrators of Redwing Satellite Solutions Limited (Company
Number 03479114) on July 31.

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

Headquartered in Herts, United Kingdom, Redwing Satellite
Solutions Limited -- http://www.redwingsat.com/-- provides
world-class telephony, Internet and data solutions, via mobile
or fixed satellite technology, to any location across the globe.


REED AUTOMOTIVE: Appoints Hurst Morrison to Administer Assets
-------------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Reed Automotive
Limited (Company Number 02459966) on July 26.

The administrators can be reached at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Headquartered in Witney, United Kingdom, Reed Automotive Limited
distributes automotive parts.


RUSSCOTT CONSERVATION: Names Andrew Appleyard as Administrator
--------------------------------------------------------------
Andrew Appleyard of Haines Watts was appointed administrator of
Russcott Conservation Limited (Company Number 03197892) on
July 27.

Headquartered in Manchester, United Kingdom, Haines Watts --
http://www.hwca.com/-- is a national U.K. business advisory and
accountancy firm with a network of practices strategically
placed throughout England, Wales and Scotland, offering tax and
general business advice.  Its experienced tax accountants,
business advisors and special service teams will help its
clients with every aspect of its business.

Headquartered in Solihull, United Kingdom, Russcott Conservation
Limited is engaged in stonemasonry and building restoration.


SCO GROUP: Creditors' Claims Due Sept. 29
-----------------------------------------
Creditors of The SCO Group Limited, which is being voluntarily
wound up, are required, on or before Sept. 29, to prove their
debts by sending written statements of the amounts they claim to
be due to them from the company appointed Joint Liquidator Paul
John Clark of Menzies Corporate Restructuring at:

         Paul John Clark
    Menzies Corporate Restructuring
    43-45 Portman Square
    London W1H 6LY
    United Kingdom

The company can be reached at:

         The SCO Group Limited
    3 Bishops Square Business Park
    Hatfield
    Hertfordshire AL109NA
    United Kingdom
    Tel: 01707 226 014


SCOTTISH RE: Liquidity Needs Spurs 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.


SIESTA LEISURE: Gagen Dulari Sharma Leads Liquidation Procedure
---------------------------------------------------------------
Gagen Dulari Sharma was appointed Liquidator of Siesta Leisure
Limited on July 25 for the purposes of the creditors' voluntary
winding-up.

The company can be reached at:

         Siesta Leisure Limited
    Ivy Mill
    Lorne Street
    Farnworth
    Bolton BL4 7LW
    United Kingdom
    Tel: 01204 572 000
     Web: http://www.siestaleisure.co.uk/


SOFA ZOO: Appoints Paul James Fleming to Liquidate Assets
---------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator of Sofa Zoo Limited on Aug. 2 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Sofa Zoo Limited
    19-20 Tanning Court
    Warrington WA1 2HF
    United Kingdom
    Tel: 01925 232 777
    Web: http://www.firstchoicemobility.co.uk/
         http://www.sofawarehouse.co.uk/


SPEED 9105: Creditors Appoint Liquidator from Bishop Fleming
------------------------------------------------------------
Creditors of Speed 9105 Limited appointed J A O'Sullivan, of
Bishop Fleming as Liquidator of the company on July 31 for the
purposes of the voluntary winding-up.

The company can be reached at:

         Speed 9105 Limited
    30 City Road
    London EC1Y2AB
    United Kingdom
    Tel: 01736 874 857


STANDARD AERO: Profit Uncertainty Spurs S&P to Affirm B+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Standard Aero Holdings Inc. from CreditWatch with negative
implications, where they were placed Jan. 27.  At the same time,
Standard & Poor's affirmed its ratings, including its 'B+' long-
term corporate credit rating, on the company.  The outlook is
negative, reflecting expectations of future earnings pressure as
a result of the recent renegotiation of a key contract.

Standard Aero is one of the leading independent providers of
maintenance, repair, and overhaul of aerospace engines.  It has
primary operations in the U.S. and Canada, with smaller
facilities in Europe and Singapore.  About three-quarters of its
sales are in the U.S.

Standard Aero's annual revenues are approximately US$750
million, and are split about equally between its military and
commercial segments.  A significant risk to its military
business is the concentration of revenues.

"Approximately 30% of total corporate revenues relate to its
role as a subcontractor to Kelly Aviation Center LP to provide
MRO services to T-56 engines, which powers the U.S. C-130
military fleet," said Standard & Poor's credit analyst Kenton
Freitag.

"This contract was subject to a dispute that was recently
resolved.  As a result of price concessions, Standard & Poor's
expects that the contract will become materially less profitable
to Standard Aero," Mr. Freitag added.

The contract will, however, enable Standard Aero to provide
exclusive MRO services until at least 2010, with options
potentially to 2014.

The negative outlook reflects lingering uncertainty about future
levels of profitability, given recent price concessions on its
key contract with Kelly Aviation Center, and potential concerns
about remaining compliant with financial covenants in 2007.
Should operating profits fall materially in the next 18 months,
a downgrade could result.  Conversely, if the company is able to
maintain or improve current levels of profitability and
alleviate covenant concerns, the outlook could be revised to
stable.


STORM DISPLAY: Brings In Butcher Woods to Administer Assets
-----------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of Storm Display Limited (Company Number 03000508)
on July 24.

The administrator can be reached at:

         Butcher Woods
         79 Caroline Street
         Birmingham
         West Midlands B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk

Headquartered in Warwickshire, United Kingdom, Storm Display
Limited -- http://www.stormdisplay.co.uk/-- specializes in all
purpose built stands from exhibitions, special events and
conferences to product launches, stage sets, shop fittings and
hospitality interiors.


T JENNINGS: Liquidator Sets Sept. 15 Claims Bar Date
----------------------------------------------------
Creditors of T Jennings Limited, which is being voluntarily
wound up, are required, on or before Sept. 15, to send their
names and addresses and particulars of their debts or claims,
and the names and addresses of their Solicitors (if any), to
appoint Liquidator R. J. Elwell of Elwell Watchorn & Saxton LLP
at:

         R. J. Elwell
    Elwell Watchorn & Saxton LLP
    109 Swan Street
    Sileby
    Leicestershire LE12 7NN
    United Kingdom

The company can be reached at:

         T Jennings Limited
    Highfields Works
    John Street
    Hinckley
    Leicestershire LE10 1UX
    United Kingdom
    Tel: 01455 618555


TACHOGRAPH BUREAUX: Calls In Liquidator from Sanderlings LLP
------------------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed Liquidator of
Tachograph Bureaux Limited on Aug. 2 for the purposes of the
creditors' volutnay winding up

The company can be reached at:

         Tachograph Bureaux Limited
    Lodge Farm
    Kineton
    Warwick CV350JH
    United Kingdom
    Tel: 01926 641 224


TEC ELECTRICAL: H. J. Sorsky Leads Liquidation Procedure
--------------------------------------------------------
H. J. Sorsky of TEC Electrical Limited was appointed Liquidator
of TEC Electrical Limited on Aug. 4 for the purposes of the
creditors' voluntary winding-up proceedings.

The company can be reached at:

         TEC Electrical Limited
    12-14 Carlton Place
    Southampton SO152EA
    United Kingdom
    Tel: 023 8029 2530


TEKNE CONSTRUCTION: Names Terry Christopher Evans Liquidator
------------------------------------------------------------
Terry Christopher Evans was appointed Liquidator of Tekne
Construction Company Limited on July 27 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Tekne Construction Company Limited
    14 Langley Road
    Poole
    Dorset BH149AD
    United Kingdom
    Tel: 01202 752 121


TISCALI UK: Merges with Video Networks International
----------------------------------------------------
Tiscali S.p.A. and Video Networks International Ltd. have
reached an agreement whereby their respective U.K. market
operations would be fully integrated.

Pursuant to this agreement, Video Networks International Ltd
(VNIL) would contribute 100% of their U.K. operations -- Video
Networks Ltd. (VNL) -- into Tiscali U.K. Ltd., fully owned
subsidiary of Tiscali S.p.A., in exchange for an interest in
Tiscali U.K.

As a result, Tiscali S.p.A. would control 88.5% of Tiscali U.K.,
while VNIL would own 11.5%. The agreement is expected to become
effective in August 2006, upon fulfillment of certain technical
conditions.

Furthermore, the shareholding of VNIL in Tiscali U.K. could be
increased to up to 20% if certain performance targets are
reached.  Tax losses carried forward would also be contributed
to Tiscali U.K. by VNIL at a discount and payable on a deferred
basis and according to their expected utilisation in the future.

Tiscali S.p.A. has the right to acquire and VNIL to sell VNIL's
stake in Tiscali U.K. starting from three years after closing or
earlier upon certain trigger events.

Following this integration, Tiscali U.K. will immediately have
more than 1.3 million DSL customers, of which 350,000 customers
are taking voice and broadband, over 45,000 will be IPTV
subscribers, and an unbundled local loop network covering over
300 BT exchanges with in excess of 220,000 ULL customers.

Video Networks currently provides TV and video services under
its Homechoice brand, to its broadband subscriber base using its
state of the art IPTV platform. Homechoice has 45,000 customers,
mostly taking triple play (broadband, telephone and TV) which
pay on average GBP500 a year.  VNL has an annual turnover of
approximately GBP18 million.

Homechoice's premium offering includes content from all the
major Hollywood studios delivering a library of over 1,000
movies, over 5,000 interactive music videos via the award-
winning V:MX service as well as a full bouquet of pay TV
channels.

Tiscali U.K. will market these IPTV services as part of a
compelling product proposition including voice, data, television
(IPTV) and other on-demand video services. Tiscali UK's strategy
will also be to enhance its current wholesale DSL product by
adding IPTV to the proposition and syndicating this on a 'white
label' basis.

"This agreement represents a very important step for the Tiscali
Group not only in the U.K. market, where Tiscali's position
would be further strengthened, but also in the other markets,
allowing Tiscali to position itself as a true Triple Play
operator," Tommaso Pompei, CEO of the Tiscali Group, said.  "The
Triple Play offer in the U.K. will be launched by the end of the
year and will be immediately followed by the launch of the
service in Italy and then in the other markets."

"This agreement further underlines Tiscali's position as a
leading investor and innovator in the U.K. market, Mary Turner,
CEO of Tiscali U.K., said.  "This will put us in a strong
position to offer our customers an exciting and compelling
package of existing and next generation communication and
entertainment services."

"This agreement will allow many more consumers nationally to
experience VNL's market-leading IPTV offer as part of a
compelling triple play bundle of services," Roger Lynch,
Chairman and CEO of VNL who will head the syndication business
and join the board of directors of Tiscali U.K. following
completion of the transaction, said.  "It also gives significant
additional capabilities to develop and promote the growing IPTV
syndication business in the U.K. and abroad, which will be an
important growth driver."

                      About Video Networks

Headquartered in London, United Kingdom, Video Networks
International Ltd. -- http://www.videonetworks.com/-- provides
entertainment through its interactive TV, video-on-demand (VOD)
and broadband service, marketed under the brand name Homechoice.
The company is controlled by Microsoft co-founder Chris Larson.
Its other shareholders include Walt Disney, Sony and Warner
Brothers.

                          About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.  Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


TRADE QUOTA: Claims Registration Ends Sept. 14
----------------------------------------------
Creditors of Trade Quota Limited, which is being voluntarily
wound up, are required, on or before Sept. 14, to prove their
debts by sending in written statements of the amount they claim
to be due to them from the company to appointed Joint
Liquidators Peter James Hughes-Holland and Frank Wessely of
Vantis at:

         Peter James Hughes-Holland
    Frank Wessely
    Vantis
    81 Station Road
    Marlow
    Buckinghamshire SL7 1NS
    United Kingdom

The company can be reached at:

         Trade Quota Limited
    8 Brooklands Close
    Sunbury-On-Thames
    Middlesex TW167DX
    United Kingdom
    Tel: 01932 777 850


U.K. TABLE: Appoints Administrators from Chantrey Vellacott
-----------------------------------------------------------
David John Oprey and Kenneth William Touhey of Chantrey
Vellacott DFK were appointed joint administrators of U.K. Table
Tennis Limited (Company Number 01689094) on July 27.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.

Headquartered in London, United Kingdom, U.K. Table Tennis
Limited imports table tennis equipment.


USP BRANDS: Creditors' Meeting Slated for August 24
---------------------------------------------------
Creditors of USP Brands Limited will meet at 10:00 a.m. on
Aug. 24 at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds LS1 4DW
         United Kingdom

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

         H. Smith
         Joint Administrator
         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         West Yorkshire LS1 4DW
         United Kingdom
         Tel: 0113 231 3332
         Fax: 0113 231 3183

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


VISKASE COS: Strained Liquidity Spurs S&P to Junk Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior secured debt ratings on Viskase Cos. Inc. to 'CCC'
from 'B-'.  As of June 30, 2006, Darien, Ill.-based Viskase had
total debt outstanding of about US$113 million.

All ratings remain on CreditWatch with negative implications.
The ratings were initially placed on CreditWatch on May 5, 2005,
following Viskase's announcement that its Board of Directors
engaged Harris Williams Advisors to evaluate strategic
alternatives, including debt and/or equity financings, the sale
of the company, and a rights offering.

"The rating actions reflect ongoing concerns regarding the
company's strained liquidity given its upcoming interest
payments and the deterioration in Viskase's highly leveraged
financial profile," said Standard & Poor's credit analyst Robyn
Shapiro.

At Aug. 10, 2006, the company had a small cash balance and
availability of US$7.5 million under its US$20 million revolving
credit facility. Standard & Poor's expects liquidity to remain
strained, given negative cash flow from operations and sizable
interest payments of about US$10 million in December 2006 and
May 2007 on its 11.5% senior secured notes.  Additionally, the
company's 8% subordinated notes become cash-pay in 2007.

Standard & Poor's expects to resolve the CreditWatch as soon as
more information becomes available related to the company's
strategic direction, or if liquidity deteriorates further to the
extent that would result in lower ratings.

The restructuring process of the company's finishing operations
hurt Viskase's recent operating performance.  The company is
relocating finishing operations from a facility in Indiana to a
facility in Mexico in order to achieve operating cost
reductions.  Because of the machine movements related to the
restructuring, sales volumes have been lower than expected.

In addition, the total cost of the restructuring includes
approximately US$16 million of cash expenditures as well as
US$10 million in capital expenditures (as of June 30, 2006, the
company had made capital expenditures of about U$9 million).
The company expects to complete the restructuring by the end of
2006.

Viskase remains highly leveraged.  As of June 30, 2006, total
adjusted debt to EBITDA was about 7x and the key ratio of funds
from operations to total adjusted debt was about 3%.  Standard &
Poor's adjusts debt to include capitalized operating leases and
unfunded pension and postretirement benefits obligations,
resulting in a significant increase to the debt load.  Viskase's
unfunded position related to pension and other postretirement
employee benefit obligations is substantial, at US$66 million as
of Dec. 31, 2005.

With annual sales greater than US$200 million, Viskase is a
global producer of nonedible cellulosic, fibrous, and plastic
casings used to prepare and package processed meat products.


WENTWORTH HAULAGE: Taps Liquidator from Parkin S. Booth & Co.
-------------------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed Liquidator
of Wentworth Haulage Limited on Aug. 3 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Wentworth Haulage Limited
    West End
    Ashton
    Chester
    Cheshire CH3 8DG
    United Kingdom
    Tel: 01829 751 650


WISE METALS: Business Loss Prompts Moody's to Cut Rating to Caa3
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Wise Metals
Group LLC, lowering the company's corporate family rating to
Caa3 from Caa1 and the rating for its 10.25% senior secured
notes to Ca from Caa1.  Wise Metals' speculative grade liquidity
rating of SGL-4 was affirmed and the rating outlook continues to
be negative.

The downgrades were prompted by Wise Metals' announcement that
it will lose the beverage can sheet business of one of its major
customers, Crown Cork & Seal, for the fourth quarter of 2006 and
for all of 2007.  Sales to Crown including both beverage can and
food can sheet, which the company will continue to supply,
represented about 20% of net sales in 2005.

Moody's believes it will be difficult to replace the lost Crown
beverage can volumes as nearly all aluminum can sheet customers
negotiated new sales agreements over the last year and have
firmed up much of their near-term volume requirements with their
various suppliers.

Furthermore, sales of other commercial products may not be as
profitable as the Crown can sheet business was expected to be.
Wise Metals has limited liquidity and its debt has nearly
doubled over the last two years, reaching US$334 million at June
30, 2006.  This is a very high level of debt for a business
that, in good times, earns a conversion margin of only 4 to 5
cents per pound.

Over the last two years, Wise Metals' operating margins and
liquidity have been negatively impacted by rising prices for
aluminum, natural gas and other materials.  Most of its can
sheet sales agreements, at least until recently, did not allow
the full pass-through of higher aluminum prices if they exceeded
certain amounts, which has been the case as aluminum prices have
skyrocketed.

Wise Metals and its competitors have been successful in
negotiating new can sheet sales agreements (generally effective
January 2007) that eliminated aluminum-related price ceilings
and Moody's had been expecting Wise Metals' margins to improve
in 2007.  However, Moody's believes it will be hard for the
company to offset the impact of a material decline in volume,
and we now expect losses to continue in 2007.

High aluminum prices have also raised Wise Metals' working
capital investment and necessitated regular increases to its
revolving credit facility in order to maintain adequate
liquidity.  The company has also sold about US$16 million of
accounts receivables.  Nevertheless, liquidity is tight, as
indicated by the SGL-4 rating.

The negative outlook reflects a high likelihood of financial
distress and eventual restructuring over the next 12 months.
Moody's could revise the outlook and rating upward if the
company is successful in replacing its lost sales volumes,
demonstrates the ability to consistently earn conversion margins
in excess of its interest and capex requirements, and solidifies
its liquidity position and revolver covenant cushions.

The rating for Wise Metals' senior secured notes was lowered to
Ca, one notch below the corporate family rating, in recognition
of the ever-increasing amount of revolver borrowings, which are
secured by accounts receivable and inventory, and the likelihood
that investor losses on the notes will be very high if there
should be a default.  The notes are secured by a first priority
lien on fixed assets and a second priority lien, junior to the
lien securing the revolver, on A/R and inventory.

Moody's last rating action on Wise Metals was a year ago when
its corporate family and note ratings were lowered to Caa1 from
B2.

Wise Metals Group LLC produces aluminum can sheet and packaging
products from a casting and rolling facility in Muscle Shoals,
Alabama and owns several recycling centers throughout the US.
The company has its headquarters in Linthicum, Maryland.


WORLD MAN: Appoints Administrators from RE10
--------------------------------------------
Nimish Patel and Bijal Shah of RE10 Limited were appointed joint
administrators of World Man Hotel & Industrial Cleaning Limited
(Company Number 03532856) on July 31.

The administrators can be reached at:

         RE10
         Trinity House
         Heather Park Drive
         Wembley
         Middlesex HA0 1SU
         United Kingdom
         Tel: 870 787 2346

World Man Hotel & Industrial Cleaning Limited can be reached at:

         18 Delamere Road
         Hayes
         Middlesex UB4 0NL
         United Kingdom
         Tel: 020 8848 0155
         Fax: 020 8848 0109


WORLD WIDE: Brings In Administrators from Wilkins Kennedy
---------------------------------------------------------
Simon James Underwood and Keith Aleric Stevens of Wilkins
Kennedy were appointed on Jan. 31 joint administrators of:

   -- World Wide Recruitment Holdings Limited (Company Number
      3911774),

   -- Millennium Personnel Services Healthcare Limited (Company
      Number 4167223),

   -- Worldwide Recruitment Group Limited (Company Number
      3908136),

   -- Microcom Limited (Company Number 4208914),

   -- Nursing Professionals Limited (Company Number 2774484),

   -- Reg 1 Limited (Company Number 4646102), and

   -- Reg2co Limited (Company Number 4646133).

The administrators can be reached at:

         Wilkins Kennedy
         Bridge House
         London Bridge
         London SE1 9QR
         United Kingdom
         Tel: 020 7403 1877
         Fax: 020 7403 1605


XPLICIT U.K.: Brings In Gagen Dulari Sharma to Liquidate Assets
---------------------------------------------------------------
Gagen Dulari Sharma was appointed Liquidator of Xplicit (U.K.)
Limited on July 27 for the purposes of the creditors' voluntary
winding-up proceedings.

The company can be reached at:

         Xplicit (U.K.) Limited
    412 High Street
    Smethwick
    West Midlands B66 3PJ
    United Kingdom
    Tel: 01332 204 107

                           *********

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

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

                           *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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prior written permission of the publishers.

Information contained herein is obtained from sources believed
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