TCREUR_Public/060824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R       

                           E U R O P E

            Thursday, August 24, 2006, Vol. 7, No. 168              

                            Headlines


A U S T R I A

BARILE: Property Manager Claims Insufficient Assets
COGIDATA EDV: Vienna Court Orders Closing of Business
DWS: Court of Weiner Neustadt Orders Business Closure
EIGNER TRANSPORT: Eisenstadt Court Orders Closing of Business
EMGO: Property Manager Claims Insufficient Assets

G-TRUCKS: Klagenfurt Court Orders Business Shutdown
PFEIFFER: Court of Weiner Neustadt Orders Closing of Business
SKY7: Salzburg Court Orders Business Shutdown


F I N L A N D

RADNOR HOLDINGS: Files for Chapter 11 Protection to Sell Assets
RADNOR HOLDINGS: Case Summary & 30 Largest Unsecured Creditors


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: C. Nolting to Head Management Board
AMS GMBH: Claims Registration Ends September 22
CB MEZZCAP: Moody's Rates EUR7.7-Million Class E Notes at Ba1
DIPLOM-INGENIEUR: Claims Registration Ends September 15
EVO VERWALTUNGS: Claims Registration Ends September 20

FELIX STRASSENBAU: Claims Registration Ends September 19
HJS INGENIEURGESELLSCHAFT: Claims Registration Ends September 15
MSM WIRTSCHAFTSDIENST: Claims Registration Ends September 15
ROLAND RADOLA: Claims Registration Ends September 18
STEP BAUBETREUUNGSGESELLSCHAFT: Claims Bar Date Ends Sept. 14

T.O.R. ENGINEERING: Claims Registration Ends September 22
TISCALI DEUTSCHLAND: Parent Mulls Sale of German & Dutch Units


I R E L A N D

TOWER RECORDS: Files Chapter 22 Petition to Sell All Assets
TOWER RECORDS: Case Summary & 40 Largest Unsecured Creditors


I T A L Y

TISCALI SPA: Mulls Sale of German & Dutch Units


K A Z A K H S T A N

BANK TURANALEM: Fitch Keeps Foreign Currency IDR at BB+
KAZNEFTTRANZIT: Creditors Must File Claims by Sept. 21
MAKSIMUS-005: Creditors Must File Claims by Sept. 21
MOLJAN LTD: Proof of Claim Deadline Slated for Sept. 21
OTRAR: South Kazakhstan Court Opens Bankruptcy Proceedings

VOSTOKNEFTEBITUM: Claims Registration Ends Sept. 26
YUGENERGOSYSTEMS: Claims Registration Ends Sept. 21
YUGSTROYINDUSRTRIA: Creditors' Claims Due Sept. 21


K Y R G Y Z S T A N

EDELVEIS-GRATSIA: Creditors Must File Claims by Sept. 28


N E T H E R L A N D S

DUTCHESS VI: Moody's Rates EUR15-Mln Class E Notes at Ba3
TISCALI NETHERLANDS: Parent Mulls Sale of German & Dutch Units


P O L A N D

NETIA SA: Second Quarter Unusually Challenging, CFO Says
NETIA SA: Revenue & EBITDA Decline Spurs S&P to Revise Outlook


R U S S I A

ALIAS: Khabarovsk Court Names P. Kuzminets as Insolvency Manager
AVIAKOR-FURNITURE: Court Names E. Ivanov as Insolvency Manager
DZHAGANASSKIY: Court Starts Bankruptcy Supervision
EXPRESS-KOMPLEKT: Stavropol Court Starts Bankruptcy Supervision
GAZPROM OAO: Supplies First LNG Cargo to Japan

GRAIN-IMPEX: Rostov Court Starts Bankruptcy Supervision
GRANTA: Rostov Court Starts Bankruptcy Supervision
HYDROSTROITEL: Udmurtiya Court Starts Bankruptcy Supervision
INNOKENTYEVKA: Court Names Mr. D. Zhalnin as Insolvency Manager
IRKUTSKAYA HOUSE: Court Names T. Buldareva as Insolvency Manager

KALININSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Starts
KURTAMYSHSKOYE GRAIN: D. Ustyuzhanin to Manage Insolvency Assets
NIZHNETAGILSKIY: Court Names E. Rokhlin as Insolvency Manager
NOVOALTAYSKOYE TRANSPORT: Court Starts Bankruptcy Supervision
OSTROGOZHSKIY BRICKWORKS: V. Dyachkov to Manage Assets

ROSNEFT OAO: Units Buy Out Minority Shareholders Amid Merger
RYB-KHOZ BELOVSKIY: Court Names D. Churkin as Insolvency Manager
SAMARSKIY STEEL: Court Names S. Rakitin as Insolvency Manager
SEVAKSKIY TRACTOR: Amur Court Starts Bankruptcy Supervision
TECHNOLOGY AND DESIGN: A. Fedotov to Manage Insolvency Assets

VOSKHOD: St. Petersburg Court Starts Bankruptcy Supervision
WOOD INDUSTRY: Kostroma Court Starts Bankruptcy Supervision
YUKOS OIL: Politics Behind Criminal Probe, Steven Theede Says
ZOLOTUKHINSKIY REFINERY: P. Naumenko to Manage Insolvency Assets


T U R K E Y

FINANSBANK A.S.: Fitch Upgrades Foreign Currency IDR to BB
TURKIYE IS: Fitch Lifts Issuer Default Ratings to BB+


U K R A I N E

AGRO-SLAV: Court Names Volodimir Shamshur as Insolvency Manager
EPOTEH: Kyiv Court Names O. Dobrodub as Insolvency Manager
INTERGAZ-ZAPORIZHYA: Ishenko Dmitro to Liquidate Assets
LIGNAKOM: Mikolaiv Court Names Volodimir Shamshur as Liquidator
MONOLIT-HOLDING: Court Names Olena Zorina as Insolvency Manager

NATMAR: Lviv Court Commences Bankruptcy Supervision
NORTH-EAST INDUSTRIAL: Oleksandr Shevich to Liquidate Assets
POKROVSKIJ RAJAGROHIM: Court Starts Bankruptcy Supervision
PROD-EXPRESS: Court Names Olena Zorina as Insolvency Manager
PUTIVLTEPLOENERGO: Sumi Court Starts Bankruptcy Supervision

RABUSTA: Court Names Volodimir Kapustin as Insolvency Manager
RAJSILGOSPENERGO: Court Names I. Dudlov as Insolvency Manager
SHABALINIVSKIJ ALCOHOL: Court Starts Bankruptcy Supervision
TORCHIN: Vinnitsya Court Names L. Demets as Insolvency Manager
ZHOVTNEVA AGROPROMTEHNIKA: O. Fomitskij to Liquidator Assets


U N I T E D   K I N G D O M

A.G.F. ELECTRICAL: Hires Liquidator from Ward & Co.
ARENDA MAREB: Taps David R. Acland to Liquidate Assets
ASTON DESIGNS: Moira Fitzpatrick Leads Liquidation Procedure
AZONIC ASSOCIATES: Brings In Liquidator from Begbies Traynor
BASKERVILLE PRESS: Appoints BDO Stoy as Joint Administrators

BIGLINK.BIZ LIMITED: Names Gerard Nicholas Ratcliffe Liquidator
CAPITONIS LIMITED: Names Clive Morris as Administrator
CASTLEGATE 279: Brings In Begbies Traynor to Administer Assets
CHATEAU POURCEL: Appoints Administrators from David Rubin
CLASSIC CARE: Claims Filing Period Ends Sept. 8

COLLINS & AIKMAN: Gains Panel's Support Over GM Tooling Dispute
COOL LINK: Creditors Confirm Liquidator's Appointment
COOKERS DIRECT: Appoints A. J. Clark to Liquidate Assets
CST MEDICAL: Brings In Tenon Recovery as Administrators
D F JOINERY: Claims Filing Period Ends Sept. 7

DMIST TECHNOLOGIES: Hires Begbies Traynor as Administrators
ECONOMY POLYTHENE: Claims Registration Ends Sept. 20
ELEVATION EVENTS: Appoints Administrators from Kroll
EMMERSON KERR: Hires Joint Liquidators from Lines Henry
ENVOY U.K.: GE Heller Taps Mazars as Administrative Receivers

FASHION BASE: Appoints N. Koumettou as Liquidator
FEDERAL-MOGUL: 51 U.K. Debtors to File Voluntary Arrangements
FOILA LIMITED: Joint Liquidators Take Over Operations
FOTOLAB EXPRESS: Claims Registration Ends Oct. 2
FRANKLYNN DEVELOPMENTS: Taps Begbies Traynor as Administrators

GEMINI PRINT: Creditors Confirm Liquidator's Appointment
GLOBAL 20: Brings In Administrators from Tenon Recovery
GLOBAL ACCESS: Creditors' Claims Due Sept. 8
HDK ACCIDENT: Hires Stephen Franklin to Liquidate Assets
IYONDER LIMITED: Brings In Administrators from Menzies

JOHN ROBERTS: Creditors' Claims Due Nov. 30
LIVEWIRES LIMITED: Appoints Andrew Rosler as Administrator
MAGUIRE CIVIL: Brings In Claire Dwyer to Administer Assets
MENSWEAR AGENCY: Taps Liquidator from SPW Poppleton & Appleby
MG ROVER: BMW Confirms Sale of Rover Marque to Mystery Buyer

MODA MENSWEAR: Brings In Joint Liquidators from Vantis
NEXT LEVEL: Appoints Liquidator to Wind Up Business
NTL INC: In Talks With Four Buyout Firms Over Possible Takeover
ONE SMALL: Taps Robert Day to Liquidate Assets
ORBITSWING LIMITED: Appoints M.S.E. Solomons as Liquidator

ORCA WELLNESS: Peter O'Hara Leads Liquidation Procedure
PRW ELECTRICAL: Names Nigel Spearing as Administrator
R. E. WILLIS: Names Eileen T. F. Sale to Liquidate Assets
RADNOR HOLDINGS: Files for Chapter 11 Protection to Sell Assets
RADNOR HOLDINGS: Case Summary & 30 Largest Unsecured Creditors

REMBRANDT I: Fitch Affirms BB- Rating to EUR5-Mln Class V Notes
RENLIK TRADING: Creditors Confirm Liquidators Appointment
RUSSELL & PORTERS: Claims Registration Ends Oct. 2
SCOTTISH RE: Fitch Downgrades Issuer Default Rating to BB
SMARTIRE SYSTEMS: BDO Dunwoody Replaces KPMG as Accountants

STIRLING COOKE: High Court Sanctions Scheme Arrangement
STITCHES OF MALTON: Claims Filing Period Ends Aug. 28
TIMBER TRUSS: Brings In Administrators from Deloitte & Touche
TYLER MASON: Brings In Liquidator from Begbies Traynor
VALHI INC: Weak Profile Prompts S&P to Cut Credit Rating to BB-

VIC SCULLY: Liquidator Sets Sept. 12 Claims Bar Date

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BARILE: Property Manager Claims Insufficient Assets
---------------------------------------------------
Mag. Dominik Baurecht, the court-appointed property manager for
Trade LLC Barile (FN 224950i), declared on July 5 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 9 (Bankr. Case No. 2 S 97/06m).  Wolfgang Gerhard Zorn
represents Mag. Baurecht in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Dominik Baurecht
         c/o Dr. Wolfgang Gerhard Zorn
         Weihburggasse 4/22
         1010 Vienna, Austria
         Tel: 533 66 61-77
         Fax: 533 66 61-10
         E-Mail: baurecht@gnbz.at  


COGIDATA EDV: Vienna Court Orders Closing of Business
-----------------------------------------------------
The Trade Court of Vienna entered an order on June 29 closing
the business of KEG Cogidata EDV - Service Fuerst (FN 4222i).  
Court-appointed property manager Peter Schulyok determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 24 (Bankr. Case No. 2 S 67/06z).  Georg Unger
represents Dr. Schulyok in the bankruptcy proceedings.


DWS: Court of Weiner Neustadt Orders Business Closure
-----------------------------------------------------
The Land Court of Weiner Neustadt entered an order on July 5
closing the business of LLC DWS (FN 124161s).  Court-appointed
property manager Wilhelm Hausler determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Wilhelm Hausler
         Neunkirchner Road 17
         2700 Weiner Neustadt, Austria
         Tel: 02622/23221
         Fax: 02622/23221-22
         E-mail: wilhelm.haeusler@rechtsexperte.at

Headquartered in Theresienfeld, Austria, the Debtor declared
bankruptcy on April 7 (Bankr. Case No. 11 S 40/06b).  
Dr. Martin Schober represents the Debtor in the bankruptcy
proceedings.

The Debtor's representative can be reached at:

         Dr. Martin Schober
         Hauptplatz 11
         2700 Weiner Neustadt, Austria


EIGNER TRANSPORT: Eisenstadt Court Orders Closing of Business
-------------------------------------------------------------
The Land Court of Eisenstadt entered an order on July 3 closing
the business of LLC Eigner Transport (FN 82534z).  Court-
appointed property manager Astrid Haider determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Mag. Astrid Haider
         Neusiedlerstrasse 24-26
         7000 Eisenstadt, Austria
         Tel: 02682/66666
         Fax: 02682/66966
         E-mail: haider@thr.at       

Headquartered in Burgenland, Austria, the Debtor declared
bankruptcy on May 19 (Bankr. Case No. 26 S 53/06f).  


EMGO: Property Manager Claims Insufficient Assets
-------------------------------------------------
Dr. Guenther Hoedl, the court-appointed property manager for LLC
EMGO (FN 214568t), declared on June 30 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 11, 2005 (Bankr. Case No. 2 S 147/05p).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         E-Mail: Hoedl@anwaltsteam.at


G-TRUCKS: Klagenfurt Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Klagenfurt entered an order on June 29
shutting down the business of LLC G-Trucks (FN 249807p).  Court-
appointed property manager Gerhard Kurt Kochwalter determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Dr. Gerhard Kurt Kochwalter
         Alter Place 25
         2nd Floor
         9020 Klagenfurt, Austria
         Tel: 0463/56 122
         Fax: 0463/56122-15
         E-mail: kochw@chello.at    

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on June 20 (Bankr. Case No. 41 S 67/06k).  


PFEIFFER: Court of Weiner Neustadt Orders Closing of Business
-------------------------------------------------------------
The Trade Court of Weiner Neustadt entered an order on June 29
closing the business of LLC Pfeiffer (FN 95509f).  Court-
appointed property manager Wilhelm Hausler determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr Wilhelm Hausler
         Neunkirchner Road 17
         2700 Weiner Neustadt, Austria
         Tel: 02622/23221
         Fax: 0262223221-22
         E-mail: lawyers@rechtsexperte.at  

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on May 3 (Bankr. Case No. 10 S 35/06k).  


SKY7: Salzburg Court Orders Business Shutdown
---------------------------------------------
The Land Court of Salzburg entered an order on June 29 shutting
down the business of LLC Sky7 (FN 261846v).  Court-appointed
property manager Christoph Brandweiner determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

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

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


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


RADNOR HOLDINGS: Files for Chapter 11 Protection to Sell Assets
---------------------------------------------------------------
Radnor Holdings Corp. and 21 of its affiliates filed for
chapter 11 protection in the U.S. Bankruptcy Court for the
District of Delaware on Aug. 21, 2006.

Paul D. Ridder, the Company's Vice-President, Chief Financial
Officer and Assistant Secretary tells the Court that the Debtors
have a highly leveraged capital structure, as a result of both
operational decisions and circumstances beyond their control.
Specifically, during 2005 and 2006, the Debtors launched certain
new products in response to customer requirements and an effort
to improve profitability.  Although the new product launches
were successful and the Debtors obtained valuable customer
contracts as a result, the Debtors made significant expenditures
related to the new products, including investments in equipment
and research.  To make such expenditures and meet operating
expenses, the Company incurred substantial debt.  A significant
percentage of that debt is at variable interest rates that have
steadily risen.  

When the Debtors filed for bankruptcy, the principal amount of
their secured indebtedness was in excess of $201 million,
consisting of:

    * a prepetition term loan under which approximately
      $118.5 million is outstanding,

    * a prepetition revolving facility under which approximately
      $63.4 million is outstanding, and

    * additional secured debt of approximately $19.2 million
      outstanding under miscellaneous secured credit documents.  

The Debtors also have unsecured bond indebtedness in the
principal amount of $135 million, an unsecured note in the
principal amount of $7 million in connection with the
acquisition of the Debtors' plastics manufacturing operations in
2003, and approximately $47.2 million in unpaid ordinary course
trade debt, including certain accrued expenses.

             Operational and Financial Difficulties

Mr. Ridder adds that over the past 12 months, the Debtors have
experienced an unprecedented increase in raw material prices and
escalating energy costs.  Specifically, the Company's products
require a variety of raw materials, including styrene monomer
and pentane in the production of expandable polystyrene (EPS),
and plastic resins such as polystyrene and polypropylene for the
manufacture of plastic packaging products.  Each of these raw
materials is petrochemical based.  Thus, escalating
petrochemical and petrochemical derivatives product prices have
significantly increased the cost of the raw materials the
Company uses to produce its products, which increased costs the
Debtors have not been able to fully pass through to their
customers.  Moreover, even when the Debtors were able to pass
costs through to customers, they experienced a lag between the
increase in cost and the benefit of the increased prices.

The rising cost of energy (both crude oil and natural gas) also
increased the Debtors' operating expenses, including shipping
costs and the cost of running their manufacturing facilities. As
a result, the Debtors' operating margins have suffered,
notwithstanding the fact that the Debtors have been able to
increase the average selling prices of certain of their
products, Mr. Ridder says.

Mr. Ridder contends that the Debtors' highly leveraged capital
structure has limited not only their ability to respond to
thoseconditions, but also their ability to exploit business
opportunities and respond to unpredictable business challenges,
such as the 2005 Gulf Coast hurricanes.

                Prepetition Restructuring Efforts

Earlier this year, the Company undertook more aggressive
measures to improve operating performance and address its
liquidity concerns.  In particular, the Debtors began to
implement a company-wide cost reduction program.  These efforts
included consolidating the Debtors' Jacksonville, Florida
manufacturing operation into other plants, and reducing the
Debtors' workforce by approximately 10%.  The Debtors have also
made strides in improving manufacturing efficiencies and
reducing nonoperating costs.  Although the Debtors benefited
from these initiatives, their liquidity problems continued,
according to Mr. Ridder.

By June of this year, the Debtors had been advanced
approximately $20 million in excess of permitted advances under
the Prepetition Revolving Facility.  Accordingly, on June 15,
2006, the Debtors publicly announced that they had reached an
agreement with National City Business Credit, Inc. -- the
Prepetition Revolving Agent -- and Bank of America, N.A. as
syndication agent and KeyBank, National Association, pursuant to
which the Debtors agreed to undertake efforts to reduce the Over
Advance in exchange for such lenders' agreement to forbear from
exercising rights and remedies on account of the Over Advance.   
NCBC, BofA and Keybank are the Original Prepetition Revolving
Lenders.

                         Sale Process

At the same time, the Debtors began evaluating strategic
alternatives, and engaged Lehman Brothers as their financial
advisor to advise and assist with the evaluation of such
alternatives.  Lehman immediately commenced due diligence and
worked with the Company to develop a preliminary business plan
for 2006 and 2007.  Based on that plan, the Debtors and their
financial advisers pursued a variety of transactions, including
an equity or capital infusion as well as a sale of all or a
portion of the Company's business.  In addition, Lehman began to
search for debtor-in-possession financing, in the event that the
Company determined to commence Chapter 11 cases.

Although the Company and Lehman contacted numerous potentially
interested parties regarding financing and sales, it became
apparent that the Prepetition Term Loan Agent was the most
likely potential purchaser of the Debtors' assets and that the
Original Prepetition Revolving Lenders were the most likely
providers of debtor in possession financing.

Accordingly, the Debtors and their advisors approached
Tennenbaum Capital Partners, LLC, regarding its interest in
serving as a "stalking horse" bidder in a bankruptcy court-
supervised sale of the Debtors' business.  At the same time, the
Debtors began to negotiate the terms and conditions of a debtor
in possession financing facility with the Original Prepetition
Revolving Lenders.

                    Negotiations with Lenders

While negotiating the terms of a stalking horse bid, the Debtors
entered into the First Amendment to the Agreement Regarding
Loans, dated as of July 18, 2006, pursuant to which the
Prepetition Revolving Agent and the Prepetition Revolving
Lenders agreed to continue to fund the Debtors, and forbear from
exercising rights and remedies, through July 27, 2006.  The
primary purposes of the First Amendment were to afford the
Debtors an opportunity to negotiate the stalking horse agreement
and to arrange debtor in possession financing by proving the
Company with additional liquidity of $3.2 million.  

In connection with the First Amendment, the Prepetition Term
Loan Agent and the Prepetition Term Loan Lenders entered into an
intercreditor agreement, dated July 18, 2006, with the
Prepetition Revolving Agent and the Original Prepetition
Revolving Lenders, pursuant to which the Prepetition Term Loan
Lenders contractually agreed to subordinate to the Increased
Overadvance.  Subsequently, the Debtors and the Prepetition
Revolving Agent and the Original Prepetition Revolving Lenders
extended the forbearance period through July 31, 2006.

On August 1, 2006, the Current Prepetition Revolving Lender
purchased the interests of the Original Prepetition Revolving
Lenders with respect to the Prepetition Revolving Facility, and
concurrently therewith provided the Debtors with additional
liquidity of $5 million and a forbearance through August 21,
2006.  The Debtors used the additional time and liquidity
provided by the Current Prepetition Revolving Lenders to further
explore their restructuring alternatives, and negotiate the
terms of a stalking horse agreement with the Prepetition Term
Loan Agent and the terms of debtor in possession financing with
the Current Prepetition Revolving Lenders.

The Debtors' efforts culminated in the Debtors entering into two
agreements.  The first is a stalking horse asset purchase
agreement, pursuant to which the Debtors would sell
substantially all of their assets, subject to higher and better
offers, to TR Acquisition Company, Inc., an affiliate of the
Prepetition Term Loan Agent.  The second agreement is a debtor
in possession financing credit agreement that provides the
Debtors with sufficient liquidity to commence a bankruptcy court
supervised sale process that will enable the Debtors to maximize
value for creditors and other interested parties through a sale
of substantially all of its assets or some other restructuring
alternative.

Accordingly, the Debtors filed for bankruptcy to use the section
363 sale process as a means to maximize value and provide
themselves with a vehicle to explore any and all of their
restructuring alternatives, Mr. Ridder explains.

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation -- http://www.radnorholdings.com/-- is a private  
holding company.  The Company's domestic operations are
conducted through Radnor's wholly owned subsidiaries, WinCup
Holdings, Inc., WinCup Texas, Ltd., and StyroChem U.S., Ltd.  
The Company's subsidiaries manufacture and distribute a broad
line of disposable foodservice products in the United States,
and specialty chemical products worldwide.  In Europe, the
company has its operations in Finland, Denmark, Germany, Poland,
Russia, Spain, the Czech Republic and the United Kingdom.


RADNOR HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Radnor Holdings Corporation
             150 Radnor Chester Road, Suite A300
             Radnor, Pennsylvania 19087

Bankruptcy Case No.: 06-10894

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Benchmark Holdings, Inc.                   06-10895
      Radnor Asset Management, Inc.              06-10896
      Radnor Chemical Corporation                06-10897
      Radnor Delaware II, Inc.                   06-10898
      Radnor Investments II, Inc.                06-10899
      Radnor Investments III, Inc.               06-10900
      Radnor Investments, Inc.                   06-10901
      Radnor Investments, L.L.C.                 06-10902
      Radnor Management Delaware, Inc.           06-10904
      Radnor Management, Inc.                    06-10905
      StyroChem Delaware, Inc.                   06-10906
      StyroChem Europe Delaware, Inc.            06-10907
      StyroChem GP, L.L.C.                       06-10908
      StyroChem LP, L.L.C.                       06-10909
      StyroChem U.S., Ltd.                       06-10910
      WinCup Europe Delaware, Inc.               06-10911
      WinCup GP, L.L.C.                          06-10912
      WinCup Holdings, Inc.                      06-10913
      WinCup LP, L.L.C.                          06-10914
      WinCup RE, L.L.C.                          06-10915
      WinCup Texas, Ltd.                         06-10916

Type of Business: The Debtor manufactures and distributes
                  a broad line of disposable food service
                  products in the United States, and specialty
                  chemicals worldwide.
                  See http://www.radnorholdings.com/

Chapter 11 Petition Date: August 21, 2006

Court: District of Delaware

Judge: Peter J. Walsh

Debtors' Counsel: Gregg M. Galardi, Esq.
                  Mark L. Desgrosseilliers, Esq.
                  Skadden, Arps, Slate, Meagher
                  One Rodney Square
                  Wilmington, DE 19899
                  Tel: (302) 651-3000
                  Fax: (302) 651-3001

Total Assets: $361,454,000

Total Debts:  $325,300,000

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

   Entity                               Claim Amount
   ------                               ------------
   Unsecured Bondholders                   $135,000,000
   U.S. Trust
   Attn: Constantine Hromych
   123 South Broad Street
   Philadelphia, PA 19109
   Tel: (215) 772-1500
   Fax: (215) 772-7620

   Polar Plastics                            $9,035,257
   P.O. Box 428
   Mount Mourne, NC 28123
   Tel: (336) 784-8880
   Fax: (336) 785-1815

   Lyondell Chemical Company                 $8,349,001
   Attn: Dominic Ching
   2640 Collections Drive Center
   Chicago, IL 60693
   Tel: (713) 309-4726
   Fax: (713) 309-7595

   Nova Chemicals Inc.                       $6,709,672
   Nova c/o Citibank N.A.
   P.O. Box 2399
   Carol Stream, IL 60132-2
   Tel: (412) 490-4000
   Fax: (412) 490-4155

   Total Petrochemicals USA, Inc.            $2,329,605
   P.O. Box 932437
   Atlanta, GA 31193
   Tel: (713) 483-5451
   Fax: (713) 483-5466

   Formosa Plastics Corp.                    $1,994,735
   P.O. Box 7062
   Los Angeles, CA 90074
   Tel: (973) 992-2090
   Fax: (973) 992-9627

   WeyerHaeuser                              $1,440,090
   Attn: Steven R. Rogel
   Box 75146
   Charlotte, NC 28275
   Tel: (704) 334-5222
   Fax: (253) 924-3380

   Swift Transportation                      $1,354,562
   Attn: Brian Alexander
   P.O. Box 643116
   Cincinnati, OH 45264
   Tel: (800) 446-4051
   Fax: (614) 308-2385

   WS Packaging Group                        $1,354,562
   1102 Jefferson St.
   Algoma, WI 54201
   Tel: (800) 236-3424
   Fax: (920) 487-5644

   South Hampton Resources, Inc.               $698,152
   FM 418 West
   Silsbee, TX 77656
   Tel: (409) 385-14000
   Fax: (409) 385-2453

   Temple Inland                               $666,450
   1000 Erwin Thompson Dr.
   Minden, LA 71055
   Tel: (512) 434-3739
   Fax: (512) 434-3750

   KHS                                         $639,4029
   880 Bahcall Court
   Waukesha, WI 83186
   Tel: (262) 786-2188
   Fax: (262) 786-2155

   Exelon Energy Inc.                          $546,317
   21425 Network Place
   Chicago, IL 60673
   Tel: (877) 617-8593
   Fax: (877) 212-2630

   Service Transport                           $510,298
   P.O. Box 751418
   Houston, TX 77275
   Tel: (713) 209-2500
   Fax: (713) 209-2656

   Richlen Construction                        $453,745
   115 Aspen Drive
   Pacheco, CA 94553
   Tel: (415) 904-0900
   Fax: (415) 904-0905

   Waller Logistics                            $446,136
   Attn: Robert Waller
   P.O. Box 872835
   Kansas City, MO 64187
   Tel: (816) 629-3400
   Fax: (816) 629-3460

   Brady Services                              $445,346
   Attn: Jim Brady
   1915 Church Street
   Greensboro, NC 27405
   Tel: (336) 510-6404
   Fax: (336) 378-0677

   M&N Plastics Inc.                           $416,170
   Attn: Robert Waller
   2706 S. Turkey Creek Rd.
   Plant City, FL 33566
   Tel: (503) 252-8811
   Fax: (503) 252-6796

   Bright Transportation                       $406,609
   Attn: Paul Miller
   P.O. Box 348
   South Holland, IL 60473

   Eagle Express                               $386,786
   Attn: Danny Fulmah
   P.O. Box 348
   South Holland, IL 60473
   Tel: (708) 333-8401
   Fax: (708) 333-4747

   Heartland Express                           $360,310
   Attn: Larry Byrd
   2777 Heartland Dr.
   Coralville, IA 52241
   Tel: (319) 545-2728
   Fax: (319) 545-1349

   Enbridge Gathering                          $318,135
   Attn: Kurt Knight
   2358 Payshare Circle
   Chicago, IL 60674
   Tel: (972) 367-2640
   Fax: (214) 750-7120

   Temple Inland                               $312,357
   1000 Erwin Thompson Dr.
   Minden, LA 71055
   Tel: (512) 434-7339
   Fax: (512) 434-3750

   Tango Transport                             $296,815
   Attn: Laurence Vaugn
   P.O. Box 11407
   Birmingham, AL 35246
   Tel: (800) 368-0599
   Fax: (318) 683-4454

   Dolphin Cartage                             $294,961
   Attn: Andy Gegtmeyer
   2832 Eagle Way
   Chicago, IL 60678
   Tel: (773) 767-1234
   Fax: (773) 767-7610

   National Freight                            $292,223
   Attn: Leon Cobb
   P.O. Box 12852
   Philadelphia, PA 19101
   Tel: (856) 691-7000
   Fax: (856) 794-4653

   Integrated Packaging                       $263,304
   P.O. Box 23680
   Newark, NJ 07189
   Tel: (732) 247-5200
   Fax: (732) 247-9559

   Plastic Packaging Inc.                     $249,414
   P.O. Box 245
   Aberdeen, NC 28315
   Tel: (828) 328-2466
   Fax: (828) 322-1830

   Transco Lines                              $235,642
   Attn: Danny Fulmah
   P.O. Box 1400
   Russelville, AR 72811
   Tel: (479) 967-5700
   Fax: (479) 968-3373

   Suez Energy Resources                      $228,837
   P.O. Box 25237
   Lehigh Valley, PA 18002-5237
   Tel: (713) 636-0000
   Fax: (713) 636-1364


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


ALLGEMEINE HYPOTHEKENBANK: C. Nolting to Head Management Board
--------------------------------------------------------------
Dr. Claus Nolting will take over as Chairman of the Management
Board of Allgemeine HypothekenBank Rheinboden A, effective
Oct. 1.

He will succeed Dr. Karsten von Koeller, whose mandate was
limited to the period of restructuring initiated after the
change of ownership.  Dr. Nolting's key task will be to
implement the new business concept developed in the last few
months.

Dr. Nolting is 55 years old and holds a doctorate in law.  He
joined Bayerische Vereinsbank AG in 1989.  From 1996 to 2002 he
had various board-level responsibilities, most recently at
HypoVereinsbank AG (HVB).  From 2001 he was also Chairman of the
Managing Board of HVB Real Estate Bank AG.  After leaving the
HVB Group, Dr. Nolting practiced law and acted as a consultant.

                      About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and   
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                        *     *     *

As reported in TCR Europe on April 26, Fitch Ratings placed
Allgemeine Hypothekenbank Rheinboden's Short-term F3 and Support
2 ratings, BBB- senior unsecured obligations, and BB+
subordinated obligations on Rating Watch Negative.  It assigned
AHBR an Issuer Default Rating of BBB-, which is also put on RWN.  
The IDR, which replaces the Long-term rating, applies to those
obligations for which Fitch expects potential support to be
forthcoming.  

At the same time, the bank's Individual rating is upgraded to
D/E from E and remains on Rating Watch Positive.  In addition,
Fitch affirmed AHBR's outstanding public sector Pfandbriefe at
AAA while the AA+ rated mortgage Pfandbriefe was placed on RWN.  
The agency downgraded AHBR's participation rights maturing in
December 2005 through to December 2008 to C/RR6 on the Recovery
Rating Scale and removed them from RWN, following the
publication of its 2005 losses.  Genussscheine maturing after
December 2008 are affirmed at CC/RR5 and removed from RWN.

As reported in TCR Europe on Dec. 20, 2005, Standard & Poor's
Ratings Services removed its 'BB+' counterparty credit ratings
on AHBR from CreditWatch, where they were first placed on Oct.
25, 2005.  In addition, Standard & Poor's affirmed its 'BB+/B'
counterparty credit and senior unsecured ratings on AHBR, and
raised the ratings on subordinated debt issued by AHBR to 'BB-'
from 'B'.  The outlook is negative.  At the same time, the 'AAA'
ratings on senior secured Offentliche Pfandbriefe and
Hypothekenpfandbriefe issued by AHBR were affirmed.


AMS GMBH: Claims Registration Ends September 22
-----------------------------------------------
Creditors of AMS GmbH have until Sept. 22 to register their
claims with court-appointed provisional administrator Johannes
Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Aachen opened bankruptcy proceedings
against AMS GmbH on July 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AMS GmbH
         Elchenrather Str. 4
         52146 Wuerselen, Germany

         Attn: Hubert Willms, Manager
         Adalbertsteinweg 250
         52066 Aachen, Germany

The administrator can be contacted at:

         Johannes Klefisch
         Rotter Bruch 6
         52068 Aachen, Germany


CB MEZZCAP: Moody's Rates EUR7.7-Million Class E Notes at Ba1
-------------------------------------------------------------
Moody's Investors Service confirmed the ratings of these Notes
issued by CB MezzCap Limited Partnership:

   -- EUR20,000,000 Class B Floating Rate Notes: Aa2;
   -- EUR10,500,000 Class C Floating Rate Notes: A2;
   -- EUR14,500,000 Class D Floating Rate Notes: Baa2; and
   -- EUR7,700,000 Class E Floating Rate Notes: Ba1.

The under review for possible downgrade rating actions on
May 30 were triggered by the insolvency of NICI AG on
May 16.  The exposure of NICI AG in the transaction portfolio
amounts to EUR10 million, which is approximately 5.01%.  

In the meantime, the Issuer was able to sell the Participation
Right of NICI AG to a third party at 85% of its nominal value.  
Under this circumstance, all ratings will hold.  Moody's thus
confirmed the rating of the tranches.

The rating of Class A Floating Rate Notes issued by CB MezzCap
remains unaffected.


DIPLOM-INGENIEUR: Claims Registration Ends September 15
-------------------------------------------------------
Creditors of Diplom-Ingenieur Karl Steinemer Hustein
Oelfeuerungsbau-GmbH have until Sept. 15 to register their
claims with court-appointed provisional administrator Dieter
Pampfer.

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

The meeting of creditors will be held at:

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

The District Court of Aachen opened bankruptcy proceedings
against Diplom-Ingenieur Karl Steinemer Hustein Oelfeuerungsbau-
GmbH on July 17.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Diplom-Ingenieur Karl Steinemer Hustein          
         Oelfeuerungsbau-GmbH
         Attn: Hans Rademacher, Manager         
         Hubertusplatz 12
         52064 Aachen, Germany

The administrator can be contacted at:

         Dieter Pampfer
         Pricker Road 8
         52146 Wuerselen, Germany


EVO VERWALTUNGS: Claims Registration Ends September 20
------------------------------------------------------
Creditors of EVO Verwaltungs GmbH have until Sept. 20 to
register their claims with court-appointed provisional
administrator Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 25 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 Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against EVO Verwaltungs GmbH on July 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         EVO Verwaltungs GmbH
         Badeteichstr. 5
         39126 Magdeburg, Germany

         Attn: Jens Kingal, Manager
         Dr.-Wilhelm-Hoeck-Ring 85
         38239 Salzgitter, Germany

The administrator can be contacted at:

         Ruediger Bauch
         Schleinufer 11
         39104 Magdeburg, Germany
         Tel: 0391/5354-0
         Fax: 0391/5354-100
         E-mail: RBauch@schubra.de


FELIX STRASSENBAU: Claims Registration Ends September 19
--------------------------------------------------------
Creditors of Felix Strassenbau GmbH have until Sept. 19 to
register their claims with court-appointed provisional
administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Felix Strassenbau GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Felix Strassenbau GmbH
         Hermann-Albertz-Road 200
         46045 Oberhausen, Germany

         Attn: Joerg Felix, Manager
         Westhoffstrasse 74
         46149 Oberhausen, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg, Germany


HJS INGENIEURGESELLSCHAFT: Claims Registration Ends September 15
----------------------------------------------------------------
Creditors of HJS Ingenieurgesellschaft Anlagenbau GmbH have
until Sept. 15 to register their claims with court-appointed
provisional administrator Kay Hassler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:31 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 Flensburg
         Hall A 220
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against HJS Ingenieurgesellschaft Anlagenbau GmbH on July 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HJS Ingenieurgesellschaft Anlagenbau GmbH
         Attn: Juergen Schroeder, Manager
         Ballastkai 9
         24937 Flensburg, Germany

The administrator can be contacted at:

         Dr. Kay Hassler
         Wrangelstrasse 17-19
         24937 Flensburg, Germany


MSM WIRTSCHAFTSDIENST: Claims Registration Ends September 15
------------------------------------------------------------
Creditors of MSM Wirtschaftsdienst GmbH have until Sept. 15 to
register their claims with court-appointed provisional
administrator Ulrich Josephs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel, 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 Kassel opened bankruptcy proceedings
against MSM Wirtschaftsdienst GmbH on July 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         MSM Wirtschaftsdienst GmbH
         Slope Route 12
         34289 Zierenberg Burghasungen, Germany

         Attn: Harald Muench, Manager
         Amselstrasse 2
         34308 Bad Emstal, Germany

The administrator can be contacted at:

         Ulrich Josephs
         Wilhelmshoeher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312
         E-mail: inso@dithmar-westhelle.de


ROLAND RADOLA: Claims Registration Ends September 18
----------------------------------------------------
Creditors of ROLAND RADOLA GmbH have until Sept. 18 to register
their claims with court-appointed provisional administrator
Werner F. Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 ROLAND RADOLA GmbH on July 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ROLAND RADOLA GmbH
         Doerdelmannhof 43
         45886 Gelsenkirchen, Germany

         Attn: Roland Radola, Manager
         Pfefferackerstr. 50
         45894 Gelsenkirchen, Germany

The administrator can be contacted at:

         Werner F. Muehlenbrock
         Bahnhofstr. 46
         45879 Gelsenkirchen, Germany
         Tel: 0209/1779520
         Fax: 0209-1779529


STEP BAUBETREUUNGSGESELLSCHAFT: Claims Bar Date Ends Sept. 14
-------------------------------------------------------------
Creditors of STEP Baubetreuungsgesellschaft mbH have until
Sept. 14 to register their claims with court-appointed
provisional administrator Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 STEP Baubetreuungsgesellschaft mbH on July 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         STEP Baubetreuungsgesellschaft mbH
         Amsinckstrasse 70
         20097 Hamburg, Germany

The administrator can be contacted at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11/15
         22761 Hamburg, Germany
         Tel: 899560
         Fax: 8995610


T.O.R. ENGINEERING: Claims Registration Ends September 22
---------------------------------------------------------
Creditors of T.O.R. Engineering GmbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Joachim Klein II.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against T.O.R. Engineering GmbH on July 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         T.O.R. Engineering GmbH
         Attn: Erich Holthausen Bergisch Gladbach and
         Wolfhard Neuland Koeln, Managers
         Siebenmorgen 43
         51427 Bergisch Gladbach, Germany

The administrator can be contacted at:

         Joachim Klein II
         Hansaring 79 - 81
         50670 Cologne, Germany


TISCALI DEUTSCHLAND: Parent Mulls Sale of German & Dutch Units
--------------------------------------------------------------
Tiscali S.p.A. considers selling its German and Dutch units to
finance its Internet TV service in the U.K., The Business says.

Tiscali, The Business reports, is holding advance talks with:
   
   -- Arcor AG,
   -- United Internet AG,
   -- Royal KPN N.V. and
   -- Versatel Telecom International N.V.

for the sale of Tiscali Deutschland, which is reportedly at a
decline.  

For the first quarter of 2006, the German unit posted EUR2.8
million in losses on EUR19.7 million in revenues, compared with
less than EUR1 million in losses on EUR23 million in revenues
for the same period in 2005.  Tiscali has hired UBS AG to manage
the sale, which could earn EUR50 million for the group, Reuters
cites sources privy to the matter.

According to Reuters, Tiscali wants to focus more on the
stronger Italian and U.K. markets for Internet TV service.  The
company also considers selling Tiscali Netherlands.

As reported in TCR-Europe on Aug. 23, Tiscali acquired Video
Networks International Ltd., merging their U.K. market
operations.

Tiscali S.p.A. would control 88.5% of Tiscali U.K., while VNIL
would own 11.5%.  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.

                          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.


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


TOWER RECORDS: Files Chapter 22 Petition to Sell All Assets
-----------------------------------------------------------
MTS Inc., dba Tower Records, and its subsidiaries disclosed its
intent to sell the Company through a Section 363 process under
Chapter 11 of the U.S. Bankruptcy Code.  This process, which is
subject to court approval, sets in motion a timeline of events
that will ultimately insure a sale of the Company within
approximately 60 days of the filing date.

According to Joseph D'Amico, Tower's recently named CEO, the
filing is a necessary vehicle to execute his commitment to sell
the Company.  

"Tower Records has conducted an extensive sale process and this
step will allow buyers to complete a sale in time for the
holiday season while maximizing the value for stakeholders,"  
Mr. D'Amico said.  

In March of 2006, the Company retained Houlihan Lokey Howard &
Zukin as its marketing and sales agent.  The Company is
evaluating Letters of Intent from parties interested in
acquiring the Company.  Mr. D'Amico stated, "Potential parties
seeking to acquire Tower Records recognize the strength of the
brand and its unique position within the marketplace, making it
a very attractive opportunity."

                          DIP Financing

The Company also entered into an US$85 million Debtor-in-
Possession Financing with its current bank group led by CIT as
agent.  This financing will fund its operations and purchases of
new product while the Company completes the sale.  Tower has
also been able to renegotiate delivery terms for product with
the trade.  

"The trade has always supported Tower through difficult times
and we recognize that their support is imperative to the
consummation of a transaction," Mr. D'Amico commented.

                       About Tower Records

Headquartered in Sacramento, California, Tower Records --
http://www.towerrecords.com/-- owns and operates 89 stores in  
the U.S. with 144 additional stores run by licensees in nine
different countries including Hong Kong, Malaysia, Philippines,
Republic of Ireland, Israel, Colombia, Ecuador and Mexico.  The
Company opened one of the first Internet music stores on America
Online in June 1995 and followed a year later with the launch of
Tower.com.  

The Debtor and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394) due to heavy debt incurred during its aggressive
expansion in the 1990s, growing competition from mass
discounters, and internet piracy.  It has exited Argentina,
Canada and the United Kingdom market and has sold off its
profitable Japanese operation, which has split off from the main
chain and is now an independent entity.

The Debtors filed its second Chapter 11 bankruptcy protection on
Aug. 20 (Bankr. Del. Case No. 06-10891).  Mark D. Collins, Esq.,
of Richards Layton & Finger, represents the Debtors in the
reorganization proceedings.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.


TOWER RECORDS: Case Summary & 40 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: M T S, Incorporated
             dba Tower Records
             2500 Del Monte Street
             West Sacramento, California 95691

Bankruptcy Case No.: 06-10891

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Three A's Holdings, L.L.C.                 06-10886
      Jeremy's Holdings, L.L.C.                  06-10887
      Tower Direct, LLC                          06-10888
      33rd Street Records, Incorporated          06-10889
      Pipernick Corp.                            06-10890
      Columbus & Bay, Inc.                       06-10892
      R.T. Records, Incorporated                 06-10893

Type of Business: The Debtor is a retailer of music in the U.S.,
                  with nearly 100 company-owned music, book, and
                  video stores.  
                  See http://www.towerrecords.com/

                  The Company and its affiliates previously
                  filed for chapter 11 protection on Feb. 9,
                  2004 (Bankr. D. Del. Lead Case No. 04-10394).

Chapter 11 Petition Date: August 20, 2006

Court: District of Delaware

Judge: Brendan Linehan Shannon

Debtor's Counsel: Mark D. Collins, Esq.
                  Richards Layton & Finger
                  One Rodney Square
                  P.O. Box 551
                  Wilmington, Delaware 19899
                  Tel: (302) 651-7531
                  Fax: (302) 651-7701

                            Estimated Assets    Estimated Debts
                            ----------------    ---------------
M T S, Incorporated         More than US$100      More than
US$100
                            Million             Million

Three A's Holdings, L.L.C.US$10 Million to    US$50 Million to
                          US$50 Million       US$100 Million

Jeremy's Holdings, L.L.C. US$500,000 to       US$500,000 to
                          US$1 Million        US$1 Million

Tower Direct, LLC         US$1 Million to     US$1 Million to
                          US$10 Million       US$10 Million

33rd Street Records,      US$100,000 to       US$100,000 to
Incorporated              US$500,000          US$500,000

Pipernick Corp.           US$0 to US$50,000     US$0 to
US$50,000

Columbus & Bay, Inc.      US$0 to US$50,000     US$0 to
US$50,000

R.T. Records, IncorporatedUS$0 to US$50,000     US$0 to
US$50,000

Debtors' Consolidated List of 40 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Six Degrees Records           Trade Debt            US$1,898,564
540 Hampshire St.
San Francisco, CA 94110

International Periodical      Trade Debt            US$1,282,247
Beth Oja
350 N. Orleans St.
Suite 6458
Chicago, IL 60654

Super D/Phantom Imp.          Trade Debt              US$846,823
James Navales
17822 Gillette Ave. #A
Irvine, CA 92614

Harmonia Mundi U.S.           Trade Debt              US$791,218
Christine Rodriguez
1117 Chestnut Street
Burbank, CA 91506

Ingram Entertainment          Trade Debt              US$760,084
Karen Carter
Two Ingram Blvd.
La Vergne, TX 37086

Entertainment U.K. Ltd.       Trade Debt              US$758,584
Gary Woods
Auriol Drive
Greenford Park
Greenford, Middlesex
UK UB6 0DS

Image Entertainment           Trade Debt              US$750,593
Kristi Katilavas
20525 Nordhoff St., Ste. 200
Chatsworth, CA 91311

City Hall Records             Trade Debt              US$595,441
David Evans
101 Glacier Point Rd.
Suite C
San Rafael, CA 94901

Allegrio Corp.                Trade Debt              US$548,458
Linda Richardson
14134 N.E. Airport Way
Portland, OR 97230

Select-O-Hits, Inc.           Trade Debt              US$524,514
Denise Johnson
1981 Fletcher Creek Dr.
Memphis, TN 38133

Baker & Taylor Book Sherry    Trade Debt              US$437,452
1205 Payshpere Circle
Chicago, IL 60674

Ventura Home Entertainment    Trade Debt              US$427,712
Cheryl Hernandez
2590 Conejo Spectrum St.
Thousand Oaks, CA 91320

MSI Music Corp.               Trade Debt              US$407,115
Roger Pena
14620 NW 60th Ave.
Miami Lakes, FL 33014

Gotham Distributing Corp.     Trade Debt              US$389,492
60 Portland Rd.
Conshohocken, PA 19428

Music Video Distib.           Trade Debt              US$333,831
David Bruno
H-840 422 Business Center
Oaks, PA 19456

C.E.D. Entertainment Dist.    Trade Debt              US$323,948
1035 S. Semoran Blvd.
Bldg #2, Ste. 1049
Winter Park, FL 32792

Model Distributors            Trade Debt              US$300,475
Howard Schisler
318 West 39th St., 9th Fl.
New York, NY 10018

BCI Eclipse Co. LLC           Trade Debt              US$287,104
NW5186
P.O. Box 1450
Minneapolis, MN 55485

Telarc International          Trade Debt              US$274,888
Karen Burns
23307 Commerce Park Rd.
Cleveland, OH 44122

HEP CAT Dist.                 Trade Debt              US$233,058

Lincoln West Partners         Trade Debt              US$231,357

Maxell Corp. of America       Trade Debt              US$227,852

Brown Bear Music Marketing    Trade Debt              US$225,673

Sedgwick Rd. Inc.             Trade Debt              US$213,919

Emmis Communications - KPWR   Trade Debt              US$208,505

Musicrama, Inc.               Trade Debt              US$207,571

New York Times                Trade Debt              US$206,415

Mountain Apple Co.            Trade Debt              US$201,560

Baker & Taylor Video          Trade Debt              US$197,970

Wab Management Ltd.           Trade Debt              US$192,938

Innovative Distribution       Trade Debt              US$190,224
Network

Big Daddy Music Dist.         Trade Debt              US$188,304

Albany Music Dist.            Trade Debt              US$182,408

RetailVision                  Trade Debt              US$181,208

Hal Leonard Publ. C           Trade Debt              US$178,493

Speedimpex USA, Inc.          Trade Debt              US$171,093

Redeye Distribution           Trade Debt              US$170,125

TDK Electronics Cor.          Trade Debt              US$167,189

Ingram Book Co.               Trade Debt              US$160,905

Import Images                 Trade Debt              US$153,199


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


TISCALI SPA: Mulls Sale of German & Dutch Units
-----------------------------------------------
Tiscali S.p.A. considers selling its German and Dutch units to
finance its Internet TV service in the U.K., The Business says.

Tiscali, The Business reports, is holding advance talks with:
   
   -- Arcor AG,
   -- United Internet AG,
   -- Royal KPN N.V. and
   -- Versatel Telecom International N.V.

for the sale of Tiscali Deutschland, which is reportedly at a
decline.  

For the first quarter of 2006, the German unit posted EUR2.8
million in losses on EUR19.7 million in revenues, compared with
less than EUR1 million in losses on EUR23 million in revenues
for the same period in 2005.  Tiscali has hired UBS AG to manage
the sale, which could earn EUR50 million for the group, Reuters
cites sources privy to the matter.

According to Reuters, Tiscali wants to focus more on the
stronger Italian and U.K. markets for Internet TV service.  The
company also considers selling Tiscali Netherlands.

As reported in TCR-Europe on Aug. 23, Tiscali acquired Video
Networks International Ltd., merging their U.K. market
operations.

Tiscali S.p.A. would control 88.5% of Tiscali U.K., while VNIL
would own 11.5%.  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.

                          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
===================


BANK TURANALEM: Fitch Keeps Foreign Currency IDR at BB+
-------------------------------------------------------
Fitch Ratings affirmed the ratings of Kazakhstan's Bank
TuranAlem at foreign currency Issuer Default BB+, foreign
currency Short-term B, local currency Issuer Default BBB-, local
currency Short-term F3, Support 3 and Individual C/D.  The
Outlooks on the Issuer Default ratings are Stable.

The IDR, Short-term and Support ratings reflect the moderate
probability of support being forthcoming, in case of need, from
the Kazakhstani authorities.  The Individual rating reflects the
risks of the bank's rapid loan growth and ongoing CIS expansion,
significant loan concentrations and certain weaknesses in the
operating environment.  However, it also considers BTA's
substantial domestic franchise, reasonable performance and
liquidity, quite diversified funding and fairly low market risk
appetite.

The support floors for BTA's IDRs depend on the sovereign's
capacity and propensity to provide support in the event of need.
Upside for the support floors is capped at BBB-, given Fitch's
view of the authorities' propensity to support banks of BTA's
size.  

The Stable Outlooks on BTA's IDRs reflect those on the
sovereign's IDRs.  Downward pressure on BTA's Individual rating
could result should loan impairment and loss levels continue to
increase, or if growing international exposure materially
affects capital and/or asset quality.

BTA is the second largest commercial bank in Kazakhstan, with
top three positions in all major markets segments.  BTA's
shareholder structure is un-transparent, but Fitch understands
that the bank is controlled by a number of Kazakhstani
investors.


KAZNEFTTRANZIT: Creditors Must File Claims by Sept. 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Kaznefttranzit insolvent on
June 28.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaeva Str.24
    Shymkent
    South Kazakhstan Region
    Kazakhstan


MAKSIMUS-005: Creditors Must File Claims by Sept. 21
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Maksimus-005 insolvent on
June 30.  Creditors have until Sept. 21 to submit written proofs
of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaeva Str.24
    Shymkent
    South Kazakhstan Region
    Kazakhstan


MOLJAN LTD: Proof of Claim Deadline Slated for Sept. 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Moljan Ltd. insolvent on June 29.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaeva Str.24
    Shymkent
    South Kazakhstan Region
    Kazakhstan


OTRAR: South Kazakhstan Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
JSC Otrar on June 1.


VOSTOKNEFTEBITUM: Claims Registration Ends Sept. 26
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Vostokneftebitum insolvent on June 22.

Creditors have until Sept. 26 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 206
    Myzy Str. 2-1
    Ust-Kamenogorsk
    East Kazakhstan Region
    Kazakhstan


YUGENERGOSYSTEMS: Claims Registration Ends Sept. 21
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Yugenergosystems insolvent on
June 29.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaeva Str.24
    Shymkent
    South Kazakhstan Region
    Kazakhstan


YUGSTROYINDUSRTRIA: Creditors' Claims Due Sept. 21
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Yugstroyindusrtria insolvent on
June 29.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaeva Str.24
    Shymkent
    South Kazakhstan Region
    Kazakhstan


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


EDELVEIS-GRATSIA: Creditors Must File Claims by Sept. 28
--------------------------------------------------------
LLC Edelveis-Gratsia has declared insolvency.  Creditors have
until Sept. 28 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-00-71.


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


DUTCHESS VI: Moody's Rates EUR15-Mln Class E Notes at Ba3  
---------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the Notes of DUTCHESS VI CLO B.V., a limited purpose vehicle
incorporated under the laws of The Netherlands:

   -- EUR215,000,000 Class A-1 First Priority Senior Secured
Floating Rate Notes due 2022: Aaa;

   -- EUR125,000,000 Revolving Loan Facility: Aaa;

   -- EUR35,000,000 Class B Second Priority Deferrable Secured
Floating Rate Notes due 2022: Aa2;

   -- EUR25,000,000 Class C Third Priority Deferrable Secured
Floating Rate Notes due 2022: A2;

   -- EUR32,500,000 Class D Forth Priority Deferrable Secured
Floating Rate Notes due 2022: Baa3; and

   -- EUR15,000,000 Class E Fifth Priority Deferrable Secured
Floating Rate Notes due 2022: Ba3.

EUR52,500,000 Class F Secured Income Notes due 2022 have been
issued but not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity date of each Class of Notes.

These ratings are based upon:

   -- an assessment of the credit quality and of the   
diversification of the assets to be included in the
portfolio;

   -- An assessment of the eligibility criteria, reinvestment
criteria and portfolio limits applicable to the future
additions to the portfolio;

   -- the overcollateralisation of the notes;

   -- the protection against losses through the subordination of
the more junior classes of notes to the more senior   
classes of notes;

   -- the expertise of Babson Capital Europe Ltd. in the   
management of senior secured loans and mezzanine loans;
and

   -- the legal and structural integrity of the transaction.

DUTCHESS VI CLO B.V. is a managed CLO relating to a
EUR 489,600,000 portfolio of senior secured loans, mezzanine
loans and special debt securities.  The portfolio will be
managed by Babson Capital Europe Ltd.

A large portion of the portfolio has already been acquired at
the closing date and the remaining portion will be acquired
during the one-year ramp-up period in compliance with portfolio
guidelines which include, among other tests, diversity score,
weighted average rating factor and weighted average spread.

Thereafter, the portfolio of securities will be actively managed
and the portfolio manager may advise the issuer to buy or sell
collateral debt securities.  Any addition or removal of
collateral debt securities will be subject to a number of
portfolio criteria.


TISCALI NETHERLANDS: Parent Mulls Sale of German & Dutch Units
--------------------------------------------------------------
Tiscali S.p.A. considers selling its German and Dutch units to
finance its Internet TV service in the U.K., The Business says.

Tiscali, The Business reports, is holding advance talks with:
   
   -- Arcor AG,
   -- United Internet AG,
   -- Royal KPN N.V. and
   -- Versatel Telecom International N.V.

for the sale of Tiscali Deutschland, which is reportedly at a
decline.  

For the first quarter of 2006, the German unit posted EUR2.8
million in losses on EUR19.7 million in revenues, compared with
less than EUR1 million in losses on EUR23 million in revenues
for the same period in 2005.  Tiscali has hired UBS AG to manage
the sale, which could earn EUR50 million for the group, Reuters
cites sources privy to the matter.

According to Reuters, Tiscali wants to focus more on the
stronger Italian and U.K. markets for Internet TV service.  The
company also considers selling Tiscali Netherlands.

As reported in TCR-Europe on Aug. 23, Tiscali acquired Video
Networks International Ltd., merging their U.K. market
operations.

Tiscali S.p.A. would control 88.5% of Tiscali U.K., while VNIL
would own 11.5%.  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.

                        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.


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


NETIA SA: Second Quarter Unusually Challenging, CFO Says
--------------------------------------------------------
Netia SA disclosed that on Aug. 22, Standard & Poor's Ratings
Services revised its outlook on the Company to negative from
stable due to marked revenue and EBITDA deterioration in the
first half of 2006.  At the same time, Netia's "B+" long-term
corporate credit rating was affirmed.

As reported in TCR-Europe on Aug. 14, Revenues for the first
half of 2006 were PLN421.7 million (EUR104.3 million),
representing a year-on-year decrease of 4%.  Revenues for the
second quarter of 2006 were PLN203.3 million (EUR50.3 million),
representing a year-on-year decrease of 9%.

EBITDA for the first half of 2006 was PLN117.2 million (EUR29
million), representing an EBITDA margin of 27.8%.  EBITDA for
the second quarter of 2006 was PLN58.4 m (EUR14.5 million),
representing an EBITDA margin of 28.8%.  

Accordingly, EBITDA for the first of half of 2006 adjusted by
the above one-off item amounted to PLN106.8 million
(EUR26.4 million), representing an adjusted EBITDA margin of
25.3%.  Adjusted EBITDA for the second quarter of 2006 was PLN48
million (EUR11.9 million), representing an adjusted EBITDA
margin of 23.6%.

Jon Eastick, Netia's Chief Financial Officer, commented, "The
second quarter was unusually challenging for Netia.  Difficult
market conditions in fixed voice services impacted our entire
industry, and were the main driver behind the year on year and
sequential decline in our revenue and EBITDA.  Fewer profitable
opportunities in interconnection services and a pause in the
growth trend of wholesale revenues also affected our results
this quarter."

                      About the Company

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line    
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


NETIA SA: Revenue & EBITDA Decline Spurs S&P to Revise Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Poland-based, alternative fixed-line telecommunications operator
Netia S.A. to negative from stable due to marked revenue and
EBITDA deterioration in the first half of 2006.  At the same
time, the 'B+' long-term corporate credit rating on Netia was
affirmed.

"The outlook revision reflects Standard & Poor's concerns over
the negative revenue trend in Netia's core direct voice
business, which has not been offset by revenue growth from other
services," said Standard & Poor's credit analyst Michael
O'Brien.

"Netia's half-year 2006 EBITDA dropped 38.5% year-on-year due to
higher competition, and this caused a drop in direct voice
revenues and a shift in revenue mix toward lower-margin data,
wholesale, and interconnection services."
     
Although Netia has experienced financial improvements during the
past two years, these have been tempered by the sharp drop in
the company's lease-adjusted EBITDA margin in the first half of
2006 to 26.3% from 40.3%.  In addition, the company is incurring
higher costs associated with the rollout of worldwide-
interoperability-for-microwave-access (WiMax) technology.  This
strategy should, if successful, boost the company's coverage and
ability to provide services without relying on the
infrastructure of the incumbent fixed-line operator
Telekomunikacja Polska S.A. over the medium term.

"Persistent meaningful declines in EBITDA, as a result of
competition-driven revenue mix changes and higher
interconnection costs, could lead to operational cash flow
underperformance or an impairment of Netia's liquidity," said
Mr. O'Brien.  "This in turn could lead to a downgrade."
     
The company's shareholder returns should not put a financial
constraint on the company to an extent that would jeopardize its
business position or strategic plans, including its investments
in WiMax technology.  Although Netia has a good track record of
integrating acquisitions, possible further acquisitions of other
alternative telecoms assets in Poland requiring debt financing
would need to be undertaken prudently.  Incurrence of
significant debt would have to be accompanied by a stabilization
of EBITDA to maintain the ratings.
     
Conversely, if Netia were to stabilize its operating performance
during the second half of 2006 and early 2007, the outlook could
be revised back to stable.


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


ALIAS: Khabarovsk Court Names P. Kuzminets as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed
Mr. P. Kuzminets as Insolvency Manager for OJSC Engineering
Company Alias.  He can be reached at:

         P. Kuzminets
         Office 307
         Volochaevskaya Str. 181-b
         680038 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-2736/2006-36.

The Debtor can be reached at:

         OJSC Engineering Company Alias
         Starosokolniki
         Novosokolnicheskiy Region
         Khabarovsk Region
         Russia


AVIAKOR-FURNITURE: Court Names E. Ivanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. E. Ivanov
as Insolvency Manager for CJSC Aviakor-Furniture (TIN
6312015807).  He can be reached at:

         E. Ivanov
         Moskovskoye Shosse
         Kievskaya Str. 1
         443013 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-3716/2006-40.

The Debtor can be reached at:

         CJSC Aviakor-Furniture
         Pskovskaya Str. 32
         443052 Samara Region
         Russia


DZHAGANASSKIY: Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Karachaevo-Cherkessiya Republic has
commenced bankruptcy supervision procedure on CJSC
Dzhaganasskiy.  The case is docketed under Case No. A25-478/
06-3.

The Temporary Insolvency Manager is:

         A. Bidzhiev
         Umara Alieva Str. 72
         Cherkessk
         369000 Karachaevo-Cherkessiya Republic
         Russia

The Debtor can be reached at:

         CJSC Dzhaganasskiy
         Kurortnaya Str. 5
         USt. Dzheguta
         Karachaevo-Cherkessiya Republic
         Russia


EXPRESS-KOMPLEKT: Stavropol Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Stavropol Region has commenced
bankruptcy supervision procedure on CJSC Express-Komplekt (TIN
2635026735).  The case is docketed under Case No. A63-4865/
2006-S5.

The Temporary Insolvency Manager is:

         V. Zotyev
         Nikhimachevskiy Per. 64
         344010 Rostov-na-Donu Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Express-Komplekt
         Kulakova Str. 5
         Stavropol Region
         Russia


GAZPROM OAO: Supplies First LNG Cargo to Japan
----------------------------------------------
The transaction was effectuated via Gazprom Marketing & Trading
Ltd., which is part of the Gazprom Group of companies.

The LNG was purchased from Mitsubishi Corporation, which had
bought it from Celt (a joint venture between Mitsubishi
Corporation and Tokyo Electric Power).  This successful trading
operation between Gazprom and Mitsubishi Corporation has become
an initial step for Gazprom to gain access to the liquefied gas
market of Asia Pacific.

145,000 cubic meters of LNG (equivalent to some 92 million cubic
meters of natural gas) were supplied ex-ship to the Chubu
Electric Power-owned Chita LNG terminal.

The Asia Pacific market is of strategic importance for Gazprom
and the Company places therefore special emphasis on gas
deliveries to this region.  Gazprom is keen to occupy a firm
position in the Asian market, both in terms of long-term
pipeline gas supply and by developing a relatively new business
segment for the Company - LNG trade.

                          About Gazprom

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

                          *     *     *

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

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

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


GRAIN-IMPEX: Rostov Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Rostov Region has commenced bankruptcy
supervision procedure on LLC Grain-Impex (TIN 6154079643).  The
case is docketed under Case No. A53-3910/2006-S2-7.

The Temporary Insolvency Manager is:

         T. Koshina
         Gogolevskiy Per. 6
         Taganrog
         347900 Rostov Region
         Russia

The Debtor can be reached at:

         LLC Grain-Impex
         Gogolevskiy Per. 6
         Taganrog
         347900 Rostov Region
         Russia


GRANTA: Rostov Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Rostov Region has commenced bankruptcy
supervision procedure on LLC Granta (TIN 6144007544, OGRN 10261-
2-24783).  The case is docketed under Case No. A53-3573/2006-
S2-33.

The Temporary Insolvency Manager is:

         I. Shirshov
         Apartment 103
         Belaya Kalitva
         Entuziastov Str. 7
         347042 Rostov Region
         Russia

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         LLC Granta
         Lermontova Str. 51
         Gukovo
         346310 Rostov Region
         Russia


HYDROSTROITEL: Udmurtiya Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic has commenced
bankruptcy supervision procedure on OJSC Hydrostroitel.  The
case is docketed under Case No. A71-002324/2006-G21.

The Temporary Insolvency Manager is:

         M. Abrosimov
         Poyma Str. 73
         Izhevsk
         426028 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Hydrostroitel
         Koroleva Str. 14
         427260 Udmurtiya Republic
         Russia


INNOKENTYEVKA: Court Names Mr. D. Zhalnin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed
Mr. D. Zhalnin as Insolvency Manager for OJSC Wood-Processing
Company Innokentyevka.  He can be reached at:

         Mr. D. Zhalnin
         Post User Box 74/7
         680030 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A16-3921/2006-36.

The Debtor can be reached at:

         OJSC Wood-Processing Company Innokentyevka
         Lenina Str. 4.
         Innokentyevka
         Nanayskiy Region
         Khabarovsk Region
         Russia


IRKUTSKAYA HOUSE: Court Names T. Buldareva as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed
Ms. T. Buldareva as Insolvency Manager for CJSC Irkutskaya House
Building Company (TIN 3811051594).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-12637/06-8.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Irkutskaya House Building Company
         Baykalskaya Str. 203a
         664075 Irkutsk Region
         Russia


KALININSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Starts
------------------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on OJSC Kalininskoye Repair-
Technical Enterprise.  

The case is docketed under Case No. A32-10852/06-37/357 b.

The Temporary Insolvency Manager is:

         L. Lavrinenko
         Post User Box 5563
         350059 Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Kalininskoye Repair-Technical Enterprise
         Severnaya Str. 148.
         Krasnodar Region
         Russia


KURTAMYSHSKOYE GRAIN: D. Ustyuzhanin to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. D.
Ustyuzhanin as Insolvency Manager for OJSC Kurtamyshskoye Grain
Receiving Enterprise.  

He can be reached at:

         D. Ustyuzhanin
         K. Myagotina Str. 117/ 21
         Kurgan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-8808/05.

The Debtor can be reached at:

         OJSC Kurtamyshskoye Grain Receiving Enterprise
         Proletarskaya Str. 1a
         Kurtamysh
         Kurgan Region
         Russia


NIZHNETAGILSKIY: Court Names E. Rokhlin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed
Mr. E. Rokhlin as Insolvency Manager for LLC Meat Combine
Nizhnetagilskiy (TIN 6623002078).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-36140/2005-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         LLC Meat Combine Nizhnetagilskiy
         Krasnoznamennaya Str. 75
         Nizhniy Tagil
         622022 Sverdlovsk Region
         Russia


NOVOALTAYSKOYE TRANSPORT: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Altay Region has commenced bankruptcy
supervision procedure on OJSC Novoaltayskoye Transport
Enterprise.  The case is docketed under Case No. A03-4910/06-b.

The Temporary Insolvency Manager is:

         M. Suetin
         Kommunisticheskaya Str. 118
         Novoaltaysk
         658087 Altay Region
         Russia

The Debtor can be reached at:

         OJSC Novoaltayskoye Transport Enterprise
         Kommunisticheskaya Str. 118
         Novoaltaysk
         658087 Altay Region
         Russia


OSTROGOZHSKIY BRICKWORKS: V. Dyachkov to Manage Assets
------------------------------------------------------
The Arbitration Court of Voronezh Region appointed
Mr. V. Dyachkov as Insolvency Manager for LLC Ostrogozhskiy
Brickworks.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-3551/2006 94/7b.

The Debtor can be reached at:

         LLC Ostrogozhskiy Brickworks
         Ostrogozhsk
         Voronezh Region

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia


ROSNEFT OAO: Units Buy Out Minority Shareholders Amid Merger
------------------------------------------------------------
Three units of state-owned oil company Rosneft OAO bought out
minority investors amid the units' incoming merger into the
parent company.

Units that bought out its minority stockholders include:

   -- OAO Rosneft-Tuapse Oil Refinery: bought out RUB32.3
      million worth of minority shares from investors opposed to
      the merger or abstained from voting on June 2;

   -- OAO Rosneft-Stavropolneftegaz: bought out 106 common and
      319 preferred shares from minority shareholders for
      RUB1.3 million; and

   -- OAO Rosneft-Arkhangelsknefteproduct: bought out
      RUB23.8 million worth of minority shares.

On June 19, Rosneft revealed the reconsolidation of all but one
of its 12 major units in relation to its multi-billion pound
initial public offering.

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

                        *     *     *

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


RYB-KHOZ BELOVSKIY: Court Names D. Churkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. D. Churkin
as Insolvency Manager for CJSC Ryb-Khoz Belovskiy.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-3160/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Ryb-Khoz Belovskiy
         Ilek
         Belovskiy Region
         302916 Kursk Region
         Russia


SAMARSKIY STEEL: Court Names S. Rakitin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Samara Region appointed
Mr. S. Rakitin as Insolvency Manager for OJSC Samarskiy Steel
Works (TIN 6318100946).  He can be reached at:

         S. Rakitin
         Maltseva Pr. 7
         443022 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-24666/2005.

The Debtor can be reached at:

         OJSC Samarskiy Steel Works
         Maltseva Pr. 7
         443022 Samara Region
         Russia


SEVAKSKIY TRACTOR: Amur Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Amur Region has commenced bankruptcy
supervision procedure on OJSC Sevakskiy Tractor Repair Factory.
The case is docketed under Case No. A04-2197/06-7/60 B.

The Temporary Insolvency Manager is:

         G. Chmutina
         Sv. Innokentiya Per. 13
         Blagoveshensk
         657000 Amur Region
         Russia

The Debtor can be reached at:

         OJSC Sevakskiy Tractor Repair Factory
         Zagorodnaya Str. 9
         Sivaki
         Magdachevskiy Region
         676145 Amur Region
         Russia


TECHNOLOGY AND DESIGN: A. Fedotov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Fedotov as
Insolvency Manager for CJSC Technology and Design.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-19839/06-88-106B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Technology and Design
         Building 3
         Sumskaya Str. 12
         117525 Moscow Region
         Russia


VOSKHOD: St. Petersburg Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
has commenced bankruptcy supervision procedure on CJSC Building
Company Voskhod.  The case is docketed under Case No. A56-57118/
2005.

The Temporary Insolvency Manager is:

         S. Sedov
         Vidanskaya Str. 15-V.
         Petrozavodsk
         Leningrad Region
         Russia

The Debtor can be reached at:

         CJSC Building Company Voskhod
         Moskovskiy Pr. 107
         St. Petersburg Region
         Russia


WOOD INDUSTRY: Kostroma Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Kostroma Region has commenced
bankruptcy supervision procedure on Municipal Enterprise Wood
Industry Complex.  

The case is docketed under Case No. A31-2032/2006-12.

The Temporary Insolvency Manager is:

         S. Timoshkov
         Nekrasova Str. 47
         Kologriv
         Kostroma Region
         Russia

The Debtor can be reached at:

         Municipal Enterprise Wood Industry Complex
         Nekrasova Str. 47
         Kologriv
         Kostroma Region
         Russia


YUKOS OIL: Politics Behind Criminal Probe, Steven Theede Says
-------------------------------------------------------------
Ex-Yukos Oil Co. President Steven Theede believed politics are
behind last week's announcement that he and three other foreign
executives were being investigated by Russian Prosecutors for
allegations of money laundering and embezzlement, Tom Fowler
writes for The Houston Chronicle.

Mr. Theede said he and the other former Yukos executives have
been very open about their actions with the company in recent
years, the paper relates.

"Unfortunately, what I've discovered in Russia is that what
matters is not doing the right thing but doing what the Russian
authorities want you to do," Mr. Theede told the paper.

As reported in TCR-Europe on Aug. 21, the Russian Prosecutor
General's Office launched a criminal case against former Mr.
Theede, along with:

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

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

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

The prosecutors alleged that the executives used a Dutch-based
foundation to illegally gain control of US$10 billion in company
assets beyond the reach of the liquidation proceedings.

Mr. Theede has denied the charges against them and questioned
how prosecutors came up with a US$10 billion figure, Mr. Fowler
reports.  

In a TCR-Europe report on Aug. 17, Eduard Rebgun, in his
capacity as court-appointed insolvency manager for Yukos, fired
Messrs. Misamore and Godfrey of Dutch-based Yukos Finance BV,
asserting that the executives stood against the interests of
shareholders and held talks without his blessing.  The decision,
which Mr. Rebgun claims was authorized by shareholders, paved
the way for creditors to get control of Yukos Finance's main
assets, including:

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

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

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

                           About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an   
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.  
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
a bankruptcy suit in the Moscow Arbitration Court in an attempt
to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
0775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

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

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


ZOLOTUKHINSKIY REFINERY: P. Naumenko to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. P. Naumenko
as Insolvency Manager for CJSC Zolotukhinskiy Refinery.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-13961/05 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Zolotukhinskiy Refinery
         Zolotukhinskiy Region
         Kursk Region
         Russia


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


FINANSBANK A.S.: Fitch Upgrades Foreign Currency IDR to BB
----------------------------------------------------------
Fitch Ratings upgraded Finansbank A.S.'s ratings to foreign
currency Issuer Default BB from BB-, local currency Issuer
Default BB+ from BB-, National Long-term AA from A, and Support
3 from 4.  

The foreign currency Issuer Default rating is now at Turkey's
Country Ceiling.  The Rating Watch Positive on the above ratings
has been removed.  A Positive Outlook is assigned to the foreign
and local currency IDRs and the Outlook for the National rating
is Stable.  The bank's other ratings are affirmed at Short-term
B and Individual C/D.  

This follows the announcement from Finansbank on Aug. 18 that
the Greece-based National Bank of Greece has acquired 46% of
Finansbank's shares from Fiba Group in line with the share
purchase agreement signed on April 3.

The upgrades reflect Finansbank's recent ownership change and
consequently improved creditworthiness within the Turkish
banking system.  The revision in the Support rating reflects
Fitch's opinion that there is a high propensity of support from
a highly rated strategic partner NBG should the need arise.
However, the ability to do so could be constrained by Turkey's
BB country ceiling, resulting in a moderate probability of
support.

NBG will now make an offer to minority shareholders in
accordance with the relevant regulatory requirements to purchase
the remaining 44.3% of the bank, excluding 9.68% of the shares
retained by the Fiba Group.  If NBG ends up acquiring less than
a 4% plus one share at the tender offer, Fiba Group will sell to
NBG sufficient amount of shares so that NBG will achieve a 50%
plus one stake at Finansbank.

Finansbank has also completed the sale of majority of its
international participations for a gain of TRY546.2 million,
which is expected to support profitability and capitalization.
This would give the bank the flexibility to expand the loan
portfolio over the near term without significant capital
pressure.

Fitch also expects the change of ownership at Finansbank to
result in better access to longer-term and cheaper sources of
funding.  Finansbank's ultimate ability to grow will be
determined by how much capital NBG decides to maintain in Turkey
and the potential asset quality problems that might arise from
the current rapid portfolio expansion.

NBG is the largest bank in Greece by total assets, offering a
full range of banking services.  At end-2005, the group had 570
domestic banking branches and 21,581 staff.  Finansbank is the
ninth largest bank in Turkey in terms of assets and provides
corporate, commercial and retail banking services through its
262 branches and 7,013 personnel at end-H106.


TURKIYE IS: Fitch Lifts Issuer Default Ratings to BB+
-----------------------------------------------------
Fitch Ratings has upgraded Isbank's local currency Issuer
Default ratings to 'BB+' from 'BB', and National ratings to
'AA(tur)' from 'AA-(tur)'.  Isbank's Short-term foreign and
local currency ratings are affirmed at 'B'.  

The Outlooks on the foreign and local currency IDRs remain
Positive and the Outlook on National rating remains Stable.
Fitch Ratings has also affirmed Isbank's Individual at 'C' and
Support at '4'.  

Fitch Ratings has also upgraded Isbank's foreign currency Issuer
Default ratings to 'BB' from 'BB-'.  The rating action follows
the upgrade of Country Ceiling ratings for Turkey from 'BB-' to
'BB'.

As reported in TCR-Europe on Aug. 21, the upgrade in Isbank's
local currency IDR and National rating reflects the improvements
in the quality of capital, better asset quality, further
enlargement of its franchise, stability of its well distributed
core deposits base and funding diversification.  Rapid loan
growth and a volatile operating environment balance this.

Isbank became the largest bank in Turkey at end-H106 in terms of
total bank-only assets with the second largest branch network of
875 domestic branches.  It provides a full range of corporate,
commercial and retail banking services.  At end-H106, about 41%
of the bank was held by Isbank Pension Fund, 30.4% are publicly
traded and 28.1% represented by Ataturk's shares.


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


AGRO-SLAV: Court Names Volodimir Shamshur as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed
Volodimir Shamshur as Liquidator/Insolvency Manager for LLC
Agro-Slav (code EDRPOU 32283474).  He can be reached at:

         Volodimir Shamshur
         Stalingradu Avenue 17/47
         Geroiv
         54025 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 3.  The case is docketed
under Case No. 2/167/05.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Agro-Slav
         Olejnikov Str. 28/14
         Mikolaiv Region
         Ukraine


EPOTEH: Kyiv Court Names O. Dobrodub as Insolvency Manager
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Dobrodub as
Liquidator/Insolvency Manager for LLC Epoteh (code EDRPOU
32302863).  He can be reached at:

         O. Dobrodub
         Office 18
         Bogomolets Str. 4
         01601 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 6.  The case is docketed
under Case No. 15/243-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Epoteh
         Saksaganskij Str. 53/80
         01033 Kyiv Region
         Ukraine


INTERGAZ-ZAPORIZHYA: Ishenko Dmitro to Liquidate Assets
-------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Ishenko Dmitro
as Liquidator/Insolvency Manager for CJSC Intergaz-Zaporizhya
(code EDRPOU 20472592).  He can be reached at:

         Ishenko Dmitro
         a/b 1
         Bronzos Str. 43/16
         Melitopol
         72309 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 25/102/06.  

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         CJSC Intergaz-Zaporizhya
         Ukraini Str. 40
         40 rokiv Radyanskoi
         69035 Zaporizhya Region
         Ukraine


LIGNAKOM: Mikolaiv Court Names Volodimir Shamshur as Liquidator
---------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed
Volodimir Shamshur as Liquidator/Insolvency Manager for OJSC
Lignakom (code EDRPOU 23399223).  He can be reached at:

         Volodimir Shamshur
         Stalingradu Avenue 17/47
         Geroiv
         54025 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 5/322/05.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Lignakom
         Faleivska Str. 91-a
         Mikolaiv Region
         Ukraine


MONOLIT-HOLDING: Court Names Olena Zorina as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Olena Zorina as
Liquidator/Insolvency Manager for LLC Monolit-Holding (code
EDRPOU 31356263).  She can be reached at:

         Olena Zorina
         Dnipra Str. 34-a/239
         Geroiv
         04214 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 23.  The case is docketed
under Case No. 43/371.

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 Monolit-Holding
         Chervonotkatska Str. 27-a
         02094 Kyiv Region
         Ukraine


NATMAR: Lviv Court Commences Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Natmar (code EDRPOU 23959355) on
May 26.  The case is docketed under Case No. 6/85-29/132.

The Temporary Insolvency Manager is

         Volodimir Yatsik
         Peremogi Str. 40/29
         Kamyanka-Buzka
         80400 Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Natmar
         General Chuprinka Str. 110/10
         79052 Lviv Region
         Ukraine


NORTH-EAST INDUSTRIAL: Oleksandr Shevich to Liquidate Assets
------------------------------------------------------------
The Economic Court of Sumi Region appointed Oleksandr Shevich as
Liquidator/Insolvency Manager for CJSC Corporation North-East
Industrial Group (code EDRPOU 30959369).  He can be reached at:

         Oleksandr Shevich
         20 rokiv Peremogi Str. 7
         Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 15.  The case is docketed
under Case No. 7/108-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         CJSC Corporation North-East Industrial Group
         Gagarin Str. 1
         Shostka
         Sumi Region
         Ukraine


POKROVSKIJ RAJAGROHIM: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on OJSC Pokrovskij Rajagrohim (code EDRPOU
01073828) on June 27.  The case is docketed under Case No.
B15/111-06.

The Temporary Insolvency Manager is

         Romanov Kostyantin
         a/b 3740
         49064 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Pokrovskij Rajagrohim
         Pokrovske
         Dnipropetrovsk Region
         Ukraine


PROD-EXPRESS: Court Names Olena Zorina as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Olena Zorina as
Liquidator/Insolvency Manager for LLC Prod-Express (code EDRPOU
31517275).  She can be reached at:

         Olena Zorina
         Dnipra Str. 34-a/239
         Geroiv
         04214 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 23.  The case is docketed
under Case No. 43/370.

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 Prod-Express
         Sosura Str. 5
         02090 Kyiv Region
         Ukraine


PUTIVLTEPLOENERGO: Sumi Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Putivlteploenergo (code EDRPOU
31359133) on June 7.  The case is docketed under Case No.
8/328-06.

The Temporary Insolvency Manager is:

         Sergij Soldatkin
         a/b 30
         40014 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Putivlteploenergo
         Karl Marks Str. 64
         Puitvl
         41500 Sumi Region
         Ukraine


RABUSTA: Court Names Volodimir Kapustin as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Harkiv Region appointed Volodimir Kapustin
as Liquidator/Insolvency Manager for LLC Rabusta (code EDRPOU
33288740).  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-39/71-06.

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 Rabusta
         Morozov Str. 11
         Harkiv Region
         Ukraine


RAJSILGOSPENERGO: Court Names I. Dudlov as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. I. Dudlov
as Liquidator/Insolvency Manager for LLC Rajsilgospenergo (code
EDRPOU 03369912).  He can be reached at:

         I. Dudlov
         Komsomolska Str. 28
         Primorsk
         Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 16/30/06.

The Debtor can be reached at:

         LLC Rajsilgospenergo
         Golubenko Str. 16
         Primorsk
         Zaporizhya Region
         Ukraine


SHABALINIVSKIJ ALCOHOL: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on State Enterprise Shabalinivskij Alcohol
Plant (code EDRPOU 03375332) on June 9.  The case is docketed
under Case No. 4/241 B.

The Temporary Insolvency Manager is

         I. Pchelintseva
         Shors Str. 10/48
         Chernigiv Region
         Ukraine

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Shabalinivskij Alcohol Plant
         Zavodska Str. 1-a
         Ivanivka
         Borznyanskij District
         Chernigiv Region
         Ukraine


TORCHIN: Vinnitsya Court Names L. Demets as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Mr. L. Demets
as Liquidator/Insolvency Manager for LLC Torchin (code EDRPOU
31346517).  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. 10/95-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Torchin
         Torchin
         Hmilnitskij District
         Vinnitsya Region
         Ukraine


ZHOVTNEVA AGROPROMTEHNIKA: O. Fomitskij to Liquidator Assets
------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mr. O. Fomitskij
as Liquidator/Insolvency Manager for OJSC Zhovtneva
Agropromtehnika (code EDRPOU 00905758).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 20.  

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Zhovtneva Agropromtehnika
         Voskresenske
         Zhovtnevij District
         Mikolaiv Region
         Ukraine


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


A.G.F. ELECTRICAL: Hires Liquidator from Ward & Co.
---------------------------------------------------
Lyn Marie Green of Ward & Co. was appointed Liquidator of A.G.F.
Electrical Limited on Aug. 2 for the purposes of the voluntary
winding-up.

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

The company can be reached at:

         A.G.F. Electrical Limited
         Unit 116
    Telsen Indstrial Centre
    Birmingham B6 4TN
    United Kingdom
    Tel: 0121 359 3772


ARENDA MAREB: Taps David R. Acland to Liquidate Assets
------------------------------------------------------
David R. Acland of Begbies Traynor was appointed Liquidator of
Arenda Mareb Limited on July 31 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Arenda Mareb Limited
    Mclintock & Partners
    2 Hilliards Court
    Chester Business Park
    Chester CH4 9PX
    United Kingdom
    Tel: 01948 830 599


ASTON DESIGNS: Moira Fitzpatrick Leads Liquidation Procedure
------------------------------------------------------------
Moira C. Fitzpatrick of MCF Business Rescue and Insolvency was
appointed Liquidator of Aston Designs Limited on July 21 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Aston Designs Limited
    Unit B2
         Country House Estate
    Whimple
    Exeter
    Devon EX5 2NL
    United Kingdom
    Tel: 01404 822 772


AZONIC ASSOCIATES: Brings In Liquidator from Begbies Traynor
------------------------------------------------------------
David R. Acland of Begbies Traynor was appointed Liquidator of
Azonic Associates Limited on Aug. 3 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Azonic Associates Limited
    30 St. Lukes Road
    Southport
    Merseyside PR9 0SH
    United Kingdom
    Tel: 01704 545 440


BASKERVILLE PRESS: Appoints BDO Stoy as Joint Administrators
------------------------------------------------------------
Andrew Howard Beckingham and Dermot Brendan Coakley of BDO Stoy
Hayward LLP were appointed joint administrators of Baskerville
Press Limited (Company Number 3518882) on July 21.

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

Headquartered in Salisbury, United Kingdom, Baskerville Press
Limited is engaged in printing.


BIGLINK.BIZ LIMITED: Names Gerard Nicholas Ratcliffe Liquidator
---------------------------------------------------------------
Gerard Nicholas Ratcliffe of Debtmatters Limited was appointed
Liquidator of Biglink.Biz Limited on Aug. 9 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

        Biglink.Biz Limited
   183-185 North Road
   Preston PR1 1YQ
   United Kingdom
   Tel: 01254 278 757


CAPITONIS LIMITED: Names Clive Morris as Administrator
------------------------------------------------------
Clive Morris of Marshal Peters Limited was named administrator
of Capitonis Limited (Company Number 04812212) on July 26.

The administrator can be reached at:

         Marshall Peters Limited
         Wood Lane
         Heskin
         Chorley
         Lancashire PR7 5PA
         United Kingdom
         Tel: 01257 452 021
         Fax: 01257 450 951

Capitonis Limited can be reached at:

         Portland Chambers
         55 Portland Street
         Southport
         Merseyside PR8 1HN
         United Kingdom
         Tel: 01704 534 888


CASTLEGATE 279: Brings In Begbies Traynor to Administer Assets
--------------------------------------------------------------
Richard Albert Brock Saville and Peter A. Blair of Begbies
Traynor were appointed joint administrators of Castlegate 279
Limited (Company Number 4838650) on June 14.

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

Castlegate 279 Limited can be reached at:

         Glaisdale Drive East
         Nottingham NG8 4LX
         United Kingdom
         Tel: 0115 929 9422


CHATEAU POURCEL: Appoints Administrators from David Rubin
---------------------------------------------------------
Asher Miller and David Rubin of David Rubin & Partners were
appointed joint administrators of Chateau Pourcel U.K. Limited
(Company Number 04972687) on July 21.

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

Headquartered in London, United Kingdom, Chateau Pourcel U.K.
Limited is a restaurant.


CLASSIC CARE: Claims Filing Period Ends Sept. 8
-----------------------------------------------
Creditors of Classic Care Services Limited have until Sept. 8 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of the Solicitors (if any) to
appointed Joint Liquidators Ian Michael Rose and Robert Michael
Young of Begbies Traynor at:

         Ian Michael Rose
    Robert Michael Young
    Begbies Traynor
    The Old Barn
    Caverswall Park
    Caverswall Lane
    Stoke on Trent ST3 6HP
    United Kingdom

The company can be reached at:

         Classic Care Services Limited
    9 The Courts
    Felixstowe
    Suffolk IP11 7TP
    United Kingdom
    Tel: 01394 272900   


COLLINS & AIKMAN: Gains Panel's Support Over GM Tooling Dispute
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Collins &
Aikman Corporation and its debtor-affiliates agrees with the
Debtors' conclusion that, pursuant to Rule 7001 of the Federal
Rules of Bankruptcy Procedure, General Motors Corporation's
request to obtain possession of certain tooling must be coursed
through an adversary proceeding.

GM is seeking a "contingent" lift stay to take possession of all
tooling related to a particular purchase order upon the
happening of certain speculative future events.  Under the
tooling purchase orders, upon GM's payment of amounts properly
invoiced by the Debtors and validly due, GM would own the
Tooling.  GM asserted it had paid all the amounts due to the
Debtors and as a consequence, the Tooling is GM's property and
the Debtors' obligation to turn the Tooling over to GM was
absolute and unconditional.

The Debtors sought to dismiss GM's request to obtain possession
of the tooling.  The Debtors argued that GM has failed to remit
all amounts due for the Tooling and that the request is not
properly the subject of a motion, but rather an adversary
proceeding, which GM has failed to commence.

Michael S. Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, points out that although GM attempts to disguise
its request to recover property as a lift stay request, it seeks
"immediate access to and possession of the Tooling."

This is clearly an action to recover property, Mr. Stamer says.

"GM plainly seeks not merely a cursory adjudication as to
whether it has a colorable claim to the Tooling, but an order of
this Court granting it the authority to access the Debtors'
facilities to take immediate possession of Tooling," argues Mr.
Stamer.

Mr. Stamer explains that a determination of these issues
requires the commencement of an adversary proceeding resulting
in a trial on the merits, during which GM must submit evidence
substantiating its claims.

Accordingly, the Committee asks the Court to approve the
Debtors' request to dismiss GM's Lift Stay Motion.

                    GM Responds to Objections

Scott A. Wolfson, Esq., at Honigman Miller Schwartz and Cohn
LLP, in Detroit, Michigan, argues that the Debtors' dismissal
request:

   -- misinterprets the fundamental purpose of a lift stay
      request;

   -- ignores express provisions of the Federal Rules of
      Bankruptcy Procedure; and

   -- fails to address GM's specific requests.

Mr. Wolfson explains that GM never asserted that approval of its
request would give it immediate possession of the Tooling.  
Instead, GM asked the Court to lift the automatic stay to take
all "necessary actions" to recover the Tooling upon the
occurrence of certain events.  These "necessary actions" may
include filing a complaint in state court for a final
adjudication of GM's interest in the Tooling and ultimately
recovery by GM, Mr. Wolfson says.

Mr. Wolfson contends that GM does not request recovery of the
Tooling; the determination of the validity, priority or extent
of its interest in the Tooling; and a declaratory judgment.

No adversary proceeding is required for disposition of the
Tooling Request because the Court need only determine whether GM
has presented a colorable claim to lift the automatic stay, Mr.
Wolfson notes.

If the Court wants to consider the Debtors' claims and defenses
as they relate to GM's interest in the Tooling, the Court may do
so without requiring an adversary proceeding, maintains Mr.
Wolfson.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 37;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000)


COOL LINK: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of Cool Link Limited on Aug. 10 for the purposes of
the voluntary winding-up.

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

The company can be reached at:

         Cool Link Limited
    7 Waterways Business Centre
    Navigation Drive
    Enfield
    Middlesex EN3 6JJ
    United Kingdom
    Tel: 01992 787 196
    Web: http://coollinkltd.com/  
        http://refrigeration-manufacturers.near2.me.uk/  
        http://www.coollinkltd.com/


COOKERS DIRECT: Appoints A. J. Clark to Liquidate Assets
--------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Cookers
Direct Limited on Aug. 1 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Cookers Direct Limited
    132a The Grove
    London E15 1NS
    United Kingdom
    Tel: 020 8519 4466


CST MEDICAL: Brings In Tenon Recovery as Administrators
-------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of CST Medical Limited (Company
Number 4140126) on July 24.

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

Headquartered in Shipley, United Kingdom, CST Medical Limited
wholesales pharmaceutical goods.


D F JOINERY: Claims Filing Period Ends Sept. 7
----------------------------------------------
Creditors of D F Joinery Limited have until Sept. 7 to send
their names and addresses and particulars of their claims to
appointed Joint Liquidators Matthew Colin Bowker and David
Antony Willis of Jacksons Jolliffe Cork at:

         Matthew Colin Bowker
    David Antony Willis
    Jacksons Jolliffe Cork
    33 George Street
    Wakefield WF1 1LX
    United Kingdom

The company can be reached at:

         D F Joinery Limited
    Field Mills
    Red Doles Lane
    Huddersfield HD2 1YG
    United Kingdom
    Tel: 01484 536 000


DMIST TECHNOLOGIES: Hires Begbies Traynor as Administrators
-----------------------------------------------------------
G. N. Lee and P. Stanley of Begbies Traynor were appointed joint
administrators of Dmist Technologies Limited (Company Number
04395921) on July 27.

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.  

Dmist Technologies Limited can be reached at:

         70-72 Sackville Street
         Manchester M1 3NJ
         United Kingdom


ECONOMY POLYTHENE: Claims Registration Ends Sept. 20
----------------------------------------------------
Creditors of Economy Polythene Products Limited have until
Sept. 20 to send their names and addresses, with particulars of
debts or claims, and the names and addresses of the Solicitors
(if any), to appointed Liquidator Ashok K. Bhardwaj at:

         Ashok K. Bhardwaj
    47-49 Green Lane
    Northwood
    Middlesex HA6 3AE
    United Kingdom

The company can be reached at:

         Economy Polythene Products Limited
    High Street
    Enfield
    Middlesex EN3 4DU
    United Kingdom
    Tel: 020 8805 6292
    Web: http://www.ecopoly.com/  


ELEVATION EVENTS: Appoints Administrators from Kroll
----------------------------------------------------
Alastair Paul Beveridge, Peter Mark Saville and Andrew John
Pepper of Kroll Limited were appointed joint administrators of
Elevation Events Group PLC (Company Number 05118013), Elevation
Event Production Limited (Company Number 02898608), Elevation La
Dolce Vita International Limited (Company Number 05343000) and
Elevation La Dolce Vita Limited (Company Number 03609074) on
July 28.

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

Headquartered in Oxfordshire, United Kingdom, Elevation Events
Group PLC, Elevation Event Production Limited Elevation La Dolce
Vita International Limited and Elevation La Dolce Vita Limited
manages events.


EMMERSON KERR: Hires Joint Liquidators from Lines Henry
-------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Liquidators of Emmerson Kerr Limited on Aug. 8 for the purposes
of the creditors' voluntary winding-up.

The company can be reached at:

         Emmerson Kerr Limited
    Suite 66-67
    Atlantic Business Centre
    Atlantic Street
    Broadheath
    Altrincham
    Cheshire WA14 5NQ
         United Kingdom
    Tel: 0161 926 3676


ENVOY U.K.: GE Heller Taps Mazars as Administrative Receivers
-------------------------------------------------------------
GE Heller London appointed Alistair Steven Wood and Simon David
Chandler of Mazars LLP joint administrative receivers of Envoy
U.K. Limited (Company Number 4447827) on Aug. 9.

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

Headquartered in London, United Kingdom, Envoy U.K. Limited
manufactures and wholesales paper stationery and other
intermediate goods.


FASHION BASE: Appoints N. Koumettou as Liquidator
-------------------------------------------------
N. Koumettou of AlexanderLawsonJacobs was appointed Liquidator
of Fashion Base Limited on Aug. 4 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Fashion Base Limited
    22 Marylebone High Street
    London W1U 4PF
    United Kingdom
    Tel: 020 7224 0097


FEDERAL-MOGUL: 51 U.K. Debtors to File Voluntary Arrangements
-------------------------------------------------------------
As previously reported, the U.K. Global Settlement approved by
the U.S. Bankruptcy Court for the District of Delaware Agreement
resolved issues between Federal-Mogul Corp. and its debtor-
affiliates and the other co-plan proponents on the one hand, and
the administrators of Federal-Mogul's affiliates in the United
Kingdom, on the other hand, as to the reorganization of the U.K.
Debtors.

The cornerstone of the U.K. Global Settlement Agreement is that
the Administrators will propose company voluntary arrangements
for certain of the U.K. Debtors.

Initially, the Administrators intended to propose CVAs for the
20 principal U.K. Debtors.  However, after negotiations over the
past several months, the Administrators agreed to propose CVAs
for 51 of the U.K. Debtors, which comprise virtually all of the
U.K. Debtors that have material assets or third-party
liabilities, Scotta E. McFarland, Esq., at Pachulski Stang Ziehl
Young Jones & Weintraub LLP, in Wilmington, Delaware, relates.

The CVAs will principally be funded by cash held by the U.K.
Debtors and cash that was transferred to the Administrators in
exchange for certain intercompany loan notes held by T&N
Limited, one of the U.K. Debtors.

Pursuant to the CVAs, the holders of most claims against the
U.K. Debtors will receive a payment under the CVAs in
satisfaction of their claims.  The Debtors believe that the CVAs
becoming effective will be the most important step in
facilitating the conclusion of the U.K. Debtors' administration
proceedings.

                  CVA Meeting Set for Sept. 7

The Administrators have scheduled for September 7, 2006,
meetings of creditors and shareholders to consider approval of
the CVAs, in Manchester, England.  If the CVAs are approved at
those meetings, the CVAs could become effective as soon as mid-
October 2006, after the expiration of a statutorily required 28-
day waiting period.

The U.K. Global Settlement Agreement provided that the CVAs
would contain certain indemnities from Federal-Mogul, to fund
the payment of dividends and various classes of claims under the
CVAs.  Specifically, the Global Settlement and the CVAs provided
for an indemnity -- the FMC Revenue Indemnity -- on the part of
Federal-Mogul to cover the payment of:

   -- claims for U.K. corporation tax against any CVA Company
      that rank as an expense of the administration of that CVA
      Company; and

   -- dividends on other claims for U.K. corporation tax against
      all of the CVA Companies, as well as the payment of U.K.
      corporation tax claims against those U.K. Debtors that did
      not propose CVAs.

T&N Limited also agreed to grant a similar indemnity after the
conclusion of its U.K. administration proceedings.

The U.K. Global Settlement Agreement and the CVAs also provided
for an indemnity on Federal-Mogul's part to fund the payment of
any costs relating to asbestos property damage claims and the
dividends payable on the claims that may be allowed under the
CVAs, to the extent the costs and dividends are together in
excess of GBP5.5 million (approximately $10 million) -- the APD
Indemnity.  

Ms. McFarland asserts that the FMC Revenue Indemnity and the APD
Indemnity benefit the Debtors in that they allow for
indeterminate classes of claims against the CVA Companies to be
addressed under and compromised by the CVAs, yet the Debtors are
not required to fund large reserves for the claims that might,
given the unknown scope of the claims, take some time to refund
in the event claims to draw on the reserves never materialize.

During the negotiation process of the terms of the CVAs, the
Plan Proponents and the Administrators agreed to a number of
compromises, beyond those contemplated under the U.K. Global
Settlement Agreement, concerning the terms of the CVAs.

Three of the compromises are:

   1. the Ancillary CVA Indemnity;
   2. the Long Tail Liability Claims Indemnity; and
   3. the Tax Neutrality Undertaking.

By this motion, the Debtors ask the Court to authorize Federal-
Mogul to enter into and perform the three compromises.

                      Ancillary CVA Indemnity

The first of the relevant compromises concerns the granting by
Federal-Mogul of an indemnity to cover unsecured claims, if any,
that might be brought in the CVAs of two of the U.K. Debtors --
F-M UK Holding Limited and Federal-Mogul Global Growth Limited.

The two companies are the senior-most U.K. holding companies
within the Federal-Mogul corporate family and conduct no
manufacturing or distribution operations of their own.  Given
the unique position of the two companies within the Federal-
Mogul group corporate structure, both have different creditor
profiles and classes of claims against them than the other U.K.
Debtors covered by the CVAs.

F-M UK Holding Limited has prepetition bank claims, surety
claims, and noteholder claims asserted against it, while
Federal-Mogul Global has in excess of $1.3 billion in
intercompany claims against it.  

The Debtors have determined that F-M UK Holding Limited and
Federal-Mogul Global's distinctiveness require an individualized
structure for the CVAs, as opposed to integrating the terms of
the CVAs for those companies into the principal CVA document.
The Administrators also made it clear that they were only
willing to accept the inclusion of the two companies into the
joint CVA if Federal-Mogul were willing to establish substantial
cash reserves for potential unsecured claims against those
companies, which was an undesirable alternative from Federal-
Mogul's perspective.

To address these issues, the Plan Proponents and the
Administrators agreed that the two companies would have separate
CVAs proposed for them.  According to Ms. McFarland, the CVAs
for those two companies are structurally similar to and
containing many of the same provisions as the CVAs jointly being
proposed for the other 49 CVA Companies.

The Plan Proponents and the Administrators further agreed that
general unsecured claims against both companies, if any, would
not require a reserve to be established out of which they may be
paid, but could instead be funded by an indemnity to be given by
Federal-Mogul.

The Ancillary CVA Indemnity will cover the payment of an
appropriate dividend on any general unsecured claims that may
successfully be asserted against F-M UK Holding Limited or
Federal-Mogul Global and certain fixed payments of GBP1.00
payable on account of certain other claims under the Ancillary
CVAs.  The Ancillary CVA Indemnity is capped at the realizable
value of the assets of each of those companies.

The Debtors believe that there are few or no general third-party
unsecured claims against either F-M UK Holding Limited or
Federal-Mogul Global Growth Limited.  Hence the Debtors expect
that the Ancillary CVA Indemnity is likely to be called very
infrequently, and may ultimately be called only to pay the
limited GBP1.00 amounts payable to certain claims under the
CVAs.  

The Debtors anticipate that general unsecured claims against
Federal-Mogul Global will be paid a 3% dividend, while general
unsecured claims against F-M UK Holding at a 0.24%dividend.

               Long Tail Liability Claims Indemnity

The second compromise concerns the establishment under the
Principal CVAs of the Lone Tail Liability Claims Indemnity.  The
parties agree that certain claims that were contingent at the
Petition Date, but which crystallized after the date of the U.K.
Global Settlement Agreement -- the Lone Tail Liability Claims --
should be compromised under the CVAs and, hence, paid a dividend
rather than in full.

The Administrators believe that the claims are beyond the scope
of those that they agreed would be paid out of the reserves to
be established under the CVAs, and that as a result the Debtors
should bear responsibility for funding the payment of any
dividends to be paid out on account of the Long Tail Liability
Claims.  The Plan Proponents agreed that the Debtors should
assume the responsibility.

However, rather than provide a cash reserve for the potential
claims, the Plan Proponents and the Administrators agreed that
the Debtors could fund the claims through the grant of an
indemnity covering the dividends to be payable on the claims.

The Long Tail Liability Claims Indemnity provides that in the
event that any Long Tail Liability Claims are allowed under the
CVAs, the supervisors of the CVAs will be entitled to call on
the Long Tail Liability Claims Indemnity to fund the payment of
any Long Tail Liability Claims.

The CVAs identify only a single claim, which relates to the
proposed termination of the lease relating to the facility
currently leased by Federal-Mogul Sealing Systems (Slough)
Limited, as a Long Tail Liability Claim.  That lease has not yet
been terminated by FMSS-Slough, however, and as a result the
ultimate amount of the claim is unknown, although the Debtors
estimate that the cost of terminating the lease is in the range
of GBP2 million to GBP2.5 million.  The CVAs project a 27%
dividend on general unsecured claims against FMSS-Slough.

Assuming the breach-of-lease claim is ultimately treated as a
Long Tail Liability Claim, the amount payable under the Long
Tail Liability Claims indemnity would be around GBP540,000 to
GBP675,000.  If the claim is not treated as a Long Tail
Liability Claim, however, it would be payable in full, Ms.
McFarland points out.

The Debtors admit that other potential Long Tail Liability
Claims may emerge as the claims process under the CVAs unfolds.

                  Federal-Mogul Tax Undertaking

The third compromise relates to an undertaking to be given by
Federal-Mogul in connection with certain "tax neutrality"
provisions in the CVAs.  The CVAs contain exceptionally detailed
and intricate provisions intended to ensure that any commutation
of the Hercules Policy -- a GBP500 million policy that covers
Debtor T&N Limited and certain other Debtors for losses relating
to asbestos personal injury claims -- or settlement of
associated claims has no adverse tax consequences to the
Debtors.

In connection with the tax neutrality provisions of the CVAs,
Federal-Mogul has provided an undertaking that commits it to
perform some obligations, which relate to the commutation of the
Hercules Policy or settlement of related claims.  Pursuant to
the undertaking, Federal-Mogul agrees to perform two principal
obligations:

   1. The determination of a reserve or other provision for U.K.
      taxes in the event that a request is made by the U.K.
      Asbestos Trustee and the U.S. Asbestos Trust to settle or
      commute the Hercules Policy; and

   2. The preparation of a draft application under HM Revenue &
      Customs Code of Practice 10.  

T&N is not required under the CVAs to enter into any agreement
settling or commuting the Hercules Policy unless the settlement
or commutation is tax neutral in the United Kingdom to T&N and
each of the other entities covered by the Hercules Policy.

There may be uncertainty as to the amount of any future charge
to U.K. tax in respect of asbestos-related receipts.  To address
that uncertainty, the CVAs require Federal-Mogul to calculate a
reasonably prudent provision or reserve for U.K. tax in respect
of the asbestos-related receipts, to the extent that Federal-
Mogul reasonably considers that the provision or reserve can
properly be quantified.

In the event that the U.K. Asbestos Trustee and the U.S.
Asbestos Trust disagree either with the amount that Federal-
Mogul calculates, the disagreement will be referred to a firm of
accountants to be agreed by the parties or, failing in that
agreement, to be appointed by the President of the Institute of
Chartered Accountants in England and Wales.  That determination
of the firm will be binding on each of Federal-Mogul, the U.K.
Asbestos Trustee and the U.S. Asbestos Trust.

The draft application, Ms. McFarland relates, will seek
confirmation from the U.K. taxing authorities that the effect of
any commutation of or settlement of claims under the Hercules
Policy in accordance with the CVAs would be U.K. tax neutral for
U.K. corporation tax purposes for all entities covered by the
Hercules Policy, which are taxpayers in the United Kingdom.

           Debtors to Comply with Other CVA Obligations

In addition, the Debtors seek the Court's authority to:

   a. comply with their obligations under the CVAs and    
      associated documents; and

   b. enter into and perform any other transactions ancillary to
      the CVAs and associated documents that may be necessary to
      give effect to the CVAs.

The Debtors and the other Plan Proponents have negotiated for
the inclusion of these provisions into the CVAs to ensure that
Federal-Mogul is properly informed regarding various matters
relating to the CVAs and has the ability to consider and raise
issues concerning the matters.

According to Ms. McFarland, Federal-Mogul's consent is required
on a number of issues throughout the CVAs.

The Debtors seek authority to perform any other tasks incidental
to the CVAs in anticipation of possible other limited tasks that
will be needed to be performed so that the CVAs may become
effective.

                      About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan
Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley
Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski,
Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and $8.86 billion in liabilities.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley
Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath &
Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq.,
and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.  (Federal-Mogul
Bankruptcy News, Issue No. 112; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FOILA LIMITED: Joint Liquidators Take Over Operations
-----------------------------------------------------
Paul A. Whitwam and Gary E. Blackburn of BWC Business Solutions
were appointed Joint Liquidators of Foila Limited on Aug. 10 for
the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Foila Limited
    Valley House
    Hookstone Road
    Hornbeam Park
    Harrogate
    North Yorkshire HG2 8QT
    United Kingdom
    Tel: 01423 810 480


FOTOLAB EXPRESS: Claims Registration Ends Oct. 2
------------------------------------------------
Creditors of Fotolab Express Limited have until Oct. 2 to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
the Solicitors (if any), to appointed Liquidator Barry Peter
Knights of Knights & Company at:

         Barry P Knights
         Knights & Company
    Milford House
    43-55 Milford Street
    Salisbury
    Wiltshire SP1 2BP
    United Kingdom

The company can be reached at:

         Fotolab Express Limited
    11-15 Market Street
    Guildford
    Surrey GU1 4LB
    United Kingdom
    Tel: 01483 300 754


FRANKLYNN DEVELOPMENTS: Taps Begbies Traynor as Administrators
--------------------------------------------------------------
W. John Kelly and Mark Robert Fry of Begbies Traynor were
appointed joint administrators of Franklynn Developments
(Haywards Heath) Limited (Company Number 04993669) on July 26.

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 London, United Kingdom, Franklynn Developments
(Haywards Heath) Limited is engaged in property developments.


GEMINI PRINT: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of Gemini Print Finishing Limited (formerly Issueterm
Limited) on Aug. 2 for the purposes of the voluntary winding-up.

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

The company can be reached at:

         Gemini Print Finishing Limited
    Unit 9
    Bloomsgrove Industrial Estate
    Nottingham
    Nottinghamshire NG7 3JB
    United Kingdom
    Tel: 0115 970 8086


GLOBAL 20: Brings In Administrators from Tenon Recovery
-------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Global 20 PLC (Company Number
3098150) on July 19.

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

Headquartered in Warwick, United Kingdom, Global 20 PLC is
engaged in telecommunications.


GLOBAL ACCESS: Creditors' Claims Due Sept. 8
--------------------------------------------
Creditors of Global Access Technology Limited have until Sept. 8
to send in their names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
the Solicitors (if any), to appointed Liquidator David Hudson of
Begbies Traynor at:

         David Hudson
    Begbies Traynor
    The Old Exchange
    234 Southchurch Road
    Southend-on-Sea
    Essex SS1 2EG
    United Kingdom

The company can be reached at:

         Global Access Technology Limited
    Beechwood
    Lime Tree Way
    Chineham
    Basingstoke
    Hampshire RG248WA
    United Kingdom
    Tel: 01256 374 930
    Web: http://fm04.atalink.co.uk/
              http://www.aprimatic.co.uk/


HDK ACCIDENT: Hires Stephen Franklin to Liquidate Assets
--------------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of HDK Accident Repair Centre Limited on Aug. 8 for
the purposes of the voluntary winding-up.

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

The company can be reached at:

         HDK Accident Repair Centre Limited
    Bryson House
    131 Church Elm Lane
    Dagenham Essex RM109RR
    United Kingdom


IYONDER LIMITED: Brings In Administrators from Menzies
------------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Iyonder
Limited (Company Number 04502047) on July 28.

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

Headquartered in Hertfordshire, United Kingdom, Iyonder Limited
supplies wireless Internet.


JOHN ROBERTS: Creditors' Claims Due Nov. 30
-------------------------------------------
Creditors of John Roberts (Bakery) Limited have until Nov. 30 to
send their names and addresses with particulars of their debts
or claims to appointed Liquidator Thomas Dixon of Haines Watts
at:

         Thomas Dixon
    Haines Watts
    York House
    York Street
    Manchester M2 3BB
    United Kingdom

The company can be reached at:

         John Roberts (Bakery) Limited
    12 Nicholas Street
    Chester CH1 2NX
    United Kingdom
    Tel: 01352 750 451


LIVEWIRES LIMITED: Appoints Andrew Rosler as Administrator
----------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited was
appointed administrator of Livewires (Activity Centres) Limited
(Company Number 05035130) on July 26.

The administrator can be reached at:

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

Headquartered in Wrexham, United Kingdom, Livewires Limited --
http://www.livewires-online.co.uk/-- is an activity center for  
children.


MAGUIRE CIVIL: Brings In Claire Dwyer to Administer Assets
----------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
administrator of Maguire Civil Engineering Limited (Company
Number 03593534) on July 27.

The administrator can be reached at:

         Jones Lowndes Dwyer LLP
         John Swift Building
         19 Mason Street
         Manchester
         Greater Manchester M4 5FT
         United Kingdom
         Tel: 0161 832 9454
         Fax: 0161 832 9455
         E-mail: clairedwyer@joneslowndesdwyer.co.uk

Maguire Civil Engineering Limited can be reached at:

         The Brickyard
         Hudcar Lane
         Bury
         Lancashire BL9 6HD
         United Kingdom
         Tel: 0161 761 3888
         Fax: 0161 761 4888


MENSWEAR AGENCY: Taps Liquidator from SPW Poppleton & Appleby
-------------------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
Liquidator of Menswear Agency Limited on Aug. 2 for the purposes
of the creditors' voluntary winding-up.

The company can be reached at:

         Menswear Agency Limited
         207 Regent Street
    London W1B 4ND
    United Kingdom
    Tel: 020 7439 6031


MG ROVER: BMW Confirms Sale of Rover Marque to Mystery Buyer
------------------------------------------------------------
BMW AG confirmed it has sold the rights to the Rover brand name
to an unnamed buyer, BBC News discloses.  BMW has been looking
to sell the Rover trademark after former BMW-unit MG Rover's
collapse in April 8, 2005.  

MG Rover was bought by Nanjing Automobile Group last year with
Shanghai Automotive Industry Corp. retaining the design rights
to two Rover models, and Ford holding the first option over the
brand after it bought Land Rover in 2000.  BMW retained the
rights to the Rover brand name after selling the business in
2000 to Phoenix Venture Holdings for GBP10 million.

According to the report, BMW has been in talks with several
parties in recent months, including Nanjing Automobile and
Shanghai Automotive.

SAIC intends to pay about GBP11 million (US$20.8 million) for
the Rover brand names, The Wall Street Journal says citing media
reports.

Ford Motor will have the right of first refusal before the
rights sale will be finalized.  A BMW spokesman declined to
reveal when the 90-day period will expire.

"We have been in discussions with several parties over the sale
of the Rover trademark and we have now closed a deal with one of
these parties," a BMW spokesman was quoted by BBC as saying.

Headquartered at Longbridge, Birmingham, U.K., MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles    
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corporation,
failed to materialize.  It appointed Ian Powell, Tony Lomas and
Rob Hunt, partners in PricewaterhouseCoopers, as joint
administrators.  The crisis left 6,000 people jobless, and
caused a domino effect on related businesses, particularly in
the West Midlands.  

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.

In July 2005, Nanjing bought the assets of both MG Rover and
Powertrain Ltd. for GBP53 million.  Nanjing has started shipping
equipment from Longbridge to China and was reportedly close to a
deal with SAIC to manufacture the Rover 25 and Powertrain
engines.  


MODA MENSWEAR: Brings In Joint Liquidators from Vantis
------------------------------------------------------
P. Atkinson and G. Mummery of Vantis Redhead French Limited were
appointed Joint Liquidators of Moda Menswear Limited on July 26
for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Moda Menswear Limited
    233 High Street
    Berkhamsted
    Hertfordshire HP4 1AD
    United Kingdom
    Tel: 01442 876 200


NEXT LEVEL: Appoints Liquidator to Wind Up Business
---------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed Liquidator
of Next Level Healthcare Limited on Aug. 1 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         Next Level Healthcare Limited
    Unit 8
    Acorn Park Industrial Estate
    Charlestown
    Shipley
    West Yorkshire BD177SW
    United Kingdom
    Tel: 01274 865 589


NTL INC: In Talks With Four Buyout Firms Over Possible Takeover
---------------------------------------------------------------
NTL Inc. is in talks with a group of four buyout firms
including:

   -- Providence Equity Partners Inc.
   -- Blackstone Group LP
   -- Kohlberg Kravis Roberts & Co., and
   -- Cinven Ltd.

about a potential offer for Britain's biggest cable-television
company, Bloomberg News reports citing two unnamed sources.

According to the sources, the firms are contemplating a takeover
bid as NTL faces growing competition from British Sky
Broadcasting Group Plc and BT Group Plc.

"The company is an attractive target for private equity" because
of its cash flow and assets, Aryeh Bourkoff, an analyst at UBS
AG in New York, told Bloomberg.

In March 2005, NTL received and rejected several unofficial
takeover bids from private equity firms.

The Times reports that at least two investors are planning to
write NTL CEO Steve Burch to complain about the board's decision
to reject a US$32-a-share offer in 2005.

As previously reported in TCR-Europe, NTL opened itself to a
private equity offer on Aug. 8 after sustaining a significant
drop in customers.

In the company's financial report for the second quarter ending
June 30, 2006, net customer disconnections are 18,900 compared
with 25,800 net customer additions in the first quarter and
62,500 net customer additions for the second quarter in 2005.

According to the report, the group declined an unofficial GBP8
billion takeover offer from a consortium including Apax
Partners, Cinven and Permira last year, claiming that it was
below the company's worth. Since then, NTL's share price dropped
from US$27.25 to US$22.76.

                     About Providence Equity

Providence Equity Partners Inc. is a private investment firm
specializing in equity investments in communications and media
companies around the world.  The principals of Providence Equity
manage funds with over US$9 billion in equity commitments,
including Providence Equity Partners V, a US$4.25 billion
private equity fund, and have invested in more than 80 companies
operating in over 20 countries.  Providence Equity currently has
offices in Providence, Rhode Island, London, England, and New
York, New York.

                  About Blackstone Group

The Blackstone Group -- http://www.blackstone.com/-- a global  
private investment and advisory firm, was founded in 1985.  The
firm has raised a total of more then US$63 billion for
alternative asset investing since its formation.  The Blackstone
Group's core businesses are Private Equity Investing, Private
Real Estate Investing, Corporate Debt Investing, Hedge Funds,
Mutual Fund Management, Private Placement, Marketable
Alternative Asset Management, and Investment Banking Advisory
Services.  

                           About KKR

Kohlberg Kravis Roberts & Co., one of the world's largest and
most successful private equity firms, has completed buyout
transactions that are among the most complex in history.  The
firm's investment approach, however, is fundamentally simple:
KKR acquires industry-leading companies and works with
management to improve them and create shareholder value.

                          About Cinven

Established in 1977, Cinven Ltd. is one of the most prominent
and successful investors in the European buyout market.

                          About NTL Inc.

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is  
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of U.K. homes and 85% of U.K.
businesses.  

                         *     *     *

In July 2006, Fitch Ratings assigned NTL Cable PLC's US$550
million 10-year senior notes a rating of B and a Recovery Rating
of RR5.  NTL Cable's existing senior notes were removed from
Rating Watch Negative, and downgraded to B.  At the same time,
Fitch affirmed NTL Inc.'s Issuer Default rating at B+ with
Stable Outlook and its Short-term rating at B.  NTL Investment
Holdings Limited's GBP5.275 billion senior secured credit
facilities were affirmed at BB+ and Recovery Rating RR1.


ONE SMALL: Taps Robert Day to Liquidate Assets
----------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
Liquidator of One Small Step Limited on Aug. 3 for the purposes
of the creditors' voluntary winding-up.

The company can be reached at:

         One Small Step Limited
    Great Sutton Street
    London EC1V 0DU
    United Kingdom
    Tel: 020 7490 2001


ORBITSWING LIMITED: Appoints M.S.E. Solomons as Liquidator
----------------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
Liquidator of Orbitswing Limited on July 27 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         Orbitswing Limited
    207 Regent Street
    London W1B 4ND
    United Kingdom
    Tel: 020 7494 0050
    Web: http://www.inlondon.com/


ORCA WELLNESS: Peter O'Hara Leads Liquidation Procedure
-------------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of Orca
Wellness Limited on July 31 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Orca Wellness Limited
    1a Howdenshire Way
    Knedlington Road
    Howden
    Goole
    North Humberside DN147HZ
    United Kingdom
    Tel: 01430 432 144


PRW ELECTRICAL: Names Nigel Spearing as Administrator
-----------------------------------------------------
Nigel A. Spearing of Spearing Insolvency was appointed
administrator of PRW Electrical Services Limited (Company Number
03495170) on July 24.

The administrator can be reached at:

         Spearing Insolvency
         Mulberry House
         John Street
         Stratford-Upon-Avon
         Warwickshire CV37 6UB
         United Kingdom
         Tel: 01789 299299  

Headquartered in Avon, United Kingdom, PRW Electrical Services
Limited installs electrical wiring.


R. E. WILLIS: Names Eileen T. F. Sale to Liquidate Assets
---------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of R.E. Willis Limited on Aug. 2 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         R.E. Willis Limited
    365 Park Road
    Hockley
    Birmingham B18 5SR
    United Kingdom
    Tel: 0121 458 7124


RADNOR HOLDINGS: Files for Chapter 11 Protection to Sell Assets
---------------------------------------------------------------
Radnor Holdings Corp. and 21 of its affiliates filed for
chapter 11 protection in the U.S. Bankruptcy Court for the
District of Delaware on Aug. 21, 2006.

Paul D. Ridder, the Company's Vice-President, Chief Financial
Officer and Assistant Secretary tells the Court that the Debtors
have a highly leveraged capital structure, as a result of both
operational decisions and circumstances beyond their control.
Specifically, during 2005 and 2006, the Debtors launched certain
new products in response to customer requirements and an effort
to improve profitability.  Although the new product launches
were successful and the Debtors obtained valuable customer
contracts as a result, the Debtors made significant expenditures
related to the new products, including investments in equipment
and research.  To make such expenditures and meet operating
expenses, the Company incurred substantial debt.  A significant
percentage of that debt is at variable interest rates that have
steadily risen.  

When the Debtors filed for bankruptcy, the principal amount of
their secured indebtedness was in excess of $201 million,
consisting of:

    * a prepetition term loan under which approximately
      $118.5 million is outstanding,

    * a prepetition revolving facility under which approximately
      $63.4 million is outstanding, and

    * additional secured debt of approximately $19.2 million
      outstanding under miscellaneous secured credit documents.  

The Debtors also have unsecured bond indebtedness in the
principal amount of $135 million, an unsecured note in the
principal amount of $7 million in connection with the
acquisition of the Debtors' plastics manufacturing operations in
2003, and approximately $47.2 million in unpaid ordinary course
trade debt, including certain accrued expenses.

             Operational and Financial Difficulties

Mr. Ridder adds that over the past 12 months, the Debtors have
experienced an unprecedented increase in raw material prices and
escalating energy costs.  Specifically, the Company's products
require a variety of raw materials, including styrene monomer
and pentane in the production of expandable polystyrene (EPS),
and plastic resins such as polystyrene and polypropylene for the
manufacture of plastic packaging products.  Each of these raw
materials is petrochemical based.  Thus, escalating
petrochemical and petrochemical derivatives product prices have
significantly increased the cost of the raw materials the
Company uses to produce its products, which increased costs the
Debtors have not been able to fully pass through to their
customers.  Moreover, even when the Debtors were able to pass
costs through to customers, they experienced a lag between the
increase in cost and the benefit of the increased prices.

The rising cost of energy (both crude oil and natural gas) also
increased the Debtors' operating expenses, including shipping
costs and the cost of running their manufacturing facilities. As
a result, the Debtors' operating margins have suffered,
notwithstanding the fact that the Debtors have been able to
increase the average selling prices of certain of their
products, Mr. Ridder says.

Mr. Ridder contends that the Debtors' highly leveraged capital
structure has limited not only their ability to respond to
thoseconditions, but also their ability to exploit business
opportunities and respond to unpredictable business challenges,
such as the 2005 Gulf Coast hurricanes.

                Prepetition Restructuring Efforts

Earlier this year, the Company undertook more aggressive
measures to improve operating performance and address its
liquidity concerns.  In particular, the Debtors began to
implement a company-wide cost reduction program.  These efforts
included consolidating the Debtors' Jacksonville, Florida
manufacturing operation into other plants, and reducing the
Debtors' workforce by approximately 10%.  The Debtors have also
made strides in improving manufacturing efficiencies and
reducing nonoperating costs.  Although the Debtors benefited
from these initiatives, their liquidity problems continued,
according to Mr. Ridder.

By June of this year, the Debtors had been advanced
approximately $20 million in excess of permitted advances under
the Prepetition Revolving Facility.  Accordingly, on June 15,
2006, the Debtors publicly announced that they had reached an
agreement with National City Business Credit, Inc. -- the
Prepetition Revolving Agent -- and Bank of America, N.A. as
syndication agent and KeyBank, National Association, pursuant to
which the Debtors agreed to undertake efforts to reduce the Over
Advance in exchange for such lenders' agreement to forbear from
exercising rights and remedies on account of the Over Advance.   
NCBC, BofA and Keybank are the Original Prepetition Revolving
Lenders.

                         Sale Process

At the same time, the Debtors began evaluating strategic
alternatives, and engaged Lehman Brothers as their financial
advisor to advise and assist with the evaluation of such
alternatives.  Lehman immediately commenced due diligence and
worked with the Company to develop a preliminary business plan
for 2006 and 2007.  Based on that plan, the Debtors and their
financial advisers pursued a variety of transactions, including
an equity or capital infusion as well as a sale of all or a
portion of the Company's business.  In addition, Lehman began to
search for debtor-in-possession financing, in the event that the
Company determined to commence Chapter 11 cases.

Although the Company and Lehman contacted numerous potentially
interested parties regarding financing and sales, it became
apparent that the Prepetition Term Loan Agent was the most
likely potential purchaser of the Debtors' assets and that the
Original Prepetition Revolving Lenders were the most likely
providers of debtor in possession financing.

Accordingly, the Debtors and their advisors approached
Tennenbaum Capital Partners, LLC, regarding its interest in
serving as a "stalking horse" bidder in a bankruptcy court-
supervised sale of the Debtors' business.  At the same time, the
Debtors began to negotiate the terms and conditions of a debtor
in possession financing facility with the Original Prepetition
Revolving Lenders.

                    Negotiations with Lenders

While negotiating the terms of a stalking horse bid, the Debtors
entered into the First Amendment to the Agreement Regarding
Loans, dated as of July 18, 2006, pursuant to which the
Prepetition Revolving Agent and the Prepetition Revolving
Lenders agreed to continue to fund the Debtors, and forbear from
exercising rights and remedies, through July 27, 2006.  The
primary purposes of the First Amendment were to afford the
Debtors an opportunity to negotiate the stalking horse agreement
and to arrange debtor in possession financing by proving the
Company with additional liquidity of $3.2 million.  

In connection with the First Amendment, the Prepetition Term
Loan Agent and the Prepetition Term Loan Lenders entered into an
intercreditor agreement, dated July 18, 2006, with the
Prepetition Revolving Agent and the Original Prepetition
Revolving Lenders, pursuant to which the Prepetition Term Loan
Lenders contractually agreed to subordinate to the Increased
Overadvance.  Subsequently, the Debtors and the Prepetition
Revolving Agent and the Original Prepetition Revolving Lenders
extended the forbearance period through July 31, 2006.

On August 1, 2006, the Current Prepetition Revolving Lender
purchased the interests of the Original Prepetition Revolving
Lenders with respect to the Prepetition Revolving Facility, and
concurrently therewith provided the Debtors with additional
liquidity of $5 million and a forbearance through August 21,
2006.  The Debtors used the additional time and liquidity
provided by the Current Prepetition Revolving Lenders to further
explore their restructuring alternatives, and negotiate the
terms of a stalking horse agreement with the Prepetition Term
Loan Agent and the terms of debtor in possession financing with
the Current Prepetition Revolving Lenders.

The Debtors' efforts culminated in the Debtors entering into two
agreements.  The first is a stalking horse asset purchase
agreement, pursuant to which the Debtors would sell
substantially all of their assets, subject to higher and better
offers, to TR Acquisition Company, Inc., an affiliate of the
Prepetition Term Loan Agent.  The second agreement is a debtor
in possession financing credit agreement that provides the
Debtors with sufficient liquidity to commence a bankruptcy court
supervised sale process that will enable the Debtors to maximize
value for creditors and other interested parties through a sale
of substantially all of its assets or some other restructuring
alternative.

Accordingly, the Debtors filed for bankruptcy to use the section
363 sale process as a means to maximize value and provide
themselves with a vehicle to explore any and all of their
restructuring alternatives, Mr. Ridder explains.

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation -- http://www.radnorholdings.com/-- is a private  
holding company.  The Company's domestic operations are
conducted through Radnor's wholly owned subsidiaries, WinCup
Holdings, Inc., WinCup Texas, Ltd., and StyroChem U.S., Ltd.  
The Company's subsidiaries manufacture and distribute a broad
line of disposable foodservice products in the United States,
and specialty chemical products worldwide.  In Europe, the
company has its operations in Finland, Denmark, Germany, Poland,
Russia, Spain, the Czech Republic and the United Kingdom.


RADNOR HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Radnor Holdings Corporation
             150 Radnor Chester Road, Suite A300
             Radnor, Pennsylvania 19087

Bankruptcy Case No.: 06-10894

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Benchmark Holdings, Inc.                   06-10895
      Radnor Asset Management, Inc.              06-10896
      Radnor Chemical Corporation                06-10897
      Radnor Delaware II, Inc.                   06-10898
      Radnor Investments II, Inc.                06-10899
      Radnor Investments III, Inc.               06-10900
      Radnor Investments, Inc.                   06-10901
      Radnor Investments, L.L.C.                 06-10902
      Radnor Management Delaware, Inc.           06-10904
      Radnor Management, Inc.                    06-10905
      StyroChem Delaware, Inc.                   06-10906
      StyroChem Europe Delaware, Inc.            06-10907
      StyroChem GP, L.L.C.                       06-10908
      StyroChem LP, L.L.C.                       06-10909
      StyroChem U.S., Ltd.                       06-10910
      WinCup Europe Delaware, Inc.               06-10911
      WinCup GP, L.L.C.                          06-10912
      WinCup Holdings, Inc.                      06-10913
      WinCup LP, L.L.C.                          06-10914
      WinCup RE, L.L.C.                          06-10915
      WinCup Texas, Ltd.                         06-10916

Type of Business: The Debtor manufactures and distributes
                  a broad line of disposable food service
                  products in the United States, and specialty
                  chemicals worldwide.
                  See http://www.radnorholdings.com/

Chapter 11 Petition Date: August 21, 2006

Court: District of Delaware

Judge: Peter J. Walsh

Debtors' Counsel: Gregg M. Galardi, Esq.
                  Mark L. Desgrosseilliers, Esq.
                  Skadden, Arps, Slate, Meagher
                  One Rodney Square
                  Wilmington, DE 19899
                  Tel: (302) 651-3000
                  Fax: (302) 651-3001

Total Assets: $361,454,000

Total Debts:  $325,300,000

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

   Entity                               Claim Amount
   ------                               ------------
   Unsecured Bondholders                   $135,000,000
   U.S. Trust
   Attn: Constantine Hromych
   123 South Broad Street
   Philadelphia, PA 19109
   Tel: (215) 772-1500
   Fax: (215) 772-7620

   Polar Plastics                            $9,035,257
   P.O. Box 428
   Mount Mourne, NC 28123
   Tel: (336) 784-8880
   Fax: (336) 785-1815

   Lyondell Chemical Company                 $8,349,001
   Attn: Dominic Ching
   2640 Collections Drive Center
   Chicago, IL 60693
   Tel: (713) 309-4726
   Fax: (713) 309-7595

   Nova Chemicals Inc.                       $6,709,672
   Nova c/o Citibank N.A.
   P.O. Box 2399
   Carol Stream, IL 60132-2
   Tel: (412) 490-4000
   Fax: (412) 490-4155

   Total Petrochemicals USA, Inc.            $2,329,605
   P.O. Box 932437
   Atlanta, GA 31193
   Tel: (713) 483-5451
   Fax: (713) 483-5466

   Formosa Plastics Corp.                    $1,994,735
   P.O. Box 7062
   Los Angeles, CA 90074
   Tel: (973) 992-2090
   Fax: (973) 992-9627

   WeyerHaeuser                              $1,440,090
   Attn: Steven R. Rogel
   Box 75146
   Charlotte, NC 28275
   Tel: (704) 334-5222
   Fax: (253) 924-3380

   Swift Transportation                      $1,354,562
   Attn: Brian Alexander
   P.O. Box 643116
   Cincinnati, OH 45264
   Tel: (800) 446-4051
   Fax: (614) 308-2385

   WS Packaging Group                        $1,354,562
   1102 Jefferson St.
   Algoma, WI 54201
   Tel: (800) 236-3424
   Fax: (920) 487-5644

   South Hampton Resources, Inc.               $698,152
   FM 418 West
   Silsbee, TX 77656
   Tel: (409) 385-14000
   Fax: (409) 385-2453

   Temple Inland                               $666,450
   1000 Erwin Thompson Dr.
   Minden, LA 71055
   Tel: (512) 434-3739
   Fax: (512) 434-3750

   KHS                                         $639,4029
   880 Bahcall Court
   Waukesha, WI 83186
   Tel: (262) 786-2188
   Fax: (262) 786-2155

   Exelon Energy Inc.                          $546,317
   21425 Network Place
   Chicago, IL 60673
   Tel: (877) 617-8593
   Fax: (877) 212-2630

   Service Transport                           $510,298
   P.O. Box 751418
   Houston, TX 77275
   Tel: (713) 209-2500
   Fax: (713) 209-2656

   Richlen Construction                        $453,745
   115 Aspen Drive
   Pacheco, CA 94553
   Tel: (415) 904-0900
   Fax: (415) 904-0905

   Waller Logistics                            $446,136
   Attn: Robert Waller
   P.O. Box 872835
   Kansas City, MO 64187
   Tel: (816) 629-3400
   Fax: (816) 629-3460

   Brady Services                              $445,346
   Attn: Jim Brady
   1915 Church Street
   Greensboro, NC 27405
   Tel: (336) 510-6404
   Fax: (336) 378-0677

   M&N Plastics Inc.                           $416,170
   Attn: Robert Waller
   2706 S. Turkey Creek Rd.
   Plant City, FL 33566
   Tel: (503) 252-8811
   Fax: (503) 252-6796

   Bright Transportation                       $406,609
   Attn: Paul Miller
   P.O. Box 348
   South Holland, IL 60473

   Eagle Express                               $386,786
   Attn: Danny Fulmah
   P.O. Box 348
   South Holland, IL 60473
   Tel: (708) 333-8401
   Fax: (708) 333-4747

   Heartland Express                           $360,310
   Attn: Larry Byrd
   2777 Heartland Dr.
   Coralville, IA 52241
   Tel: (319) 545-2728
   Fax: (319) 545-1349

   Enbridge Gathering                          $318,135
   Attn: Kurt Knight
   2358 Payshare Circle
   Chicago, IL 60674
   Tel: (972) 367-2640
   Fax: (214) 750-7120

   Temple Inland                               $312,357
   1000 Erwin Thompson Dr.
   Minden, LA 71055
   Tel: (512) 434-7339
   Fax: (512) 434-3750

   Tango Transport                             $296,815
   Attn: Laurence Vaugn
   P.O. Box 11407
   Birmingham, AL 35246
   Tel: (800) 368-0599
   Fax: (318) 683-4454

   Dolphin Cartage                             $294,961
   Attn: Andy Gegtmeyer
   2832 Eagle Way
   Chicago, IL 60678
   Tel: (773) 767-1234
   Fax: (773) 767-7610

   National Freight                            $292,223
   Attn: Leon Cobb
   P.O. Box 12852
   Philadelphia, PA 19101
   Tel: (856) 691-7000
   Fax: (856) 794-4653

   Integrated Packaging                       $263,304
   P.O. Box 23680
   Newark, NJ 07189
   Tel: (732) 247-5200
   Fax: (732) 247-9559

   Plastic Packaging Inc.                     $249,414
   P.O. Box 245
   Aberdeen, NC 28315
   Tel: (828) 328-2466
   Fax: (828) 322-1830

   Transco Lines                              $235,642
   Attn: Danny Fulmah
   P.O. Box 1400
   Russelville, AR 72811
   Tel: (479) 967-5700
   Fax: (479) 968-3373

   Suez Energy Resources                      $228,837
   P.O. Box 25237
   Lehigh Valley, PA 18002-5237
   Tel: (713) 636-0000
   Fax: (713) 636-1364


REMBRANDT I: Fitch Affirms BB- Rating to EUR5-Mln Class V Notes
---------------------------------------------------------------
Fitch Ratings affirmed Rembrandt I Synthetic CDO Limited's notes
due 2011.

   -- EUR7,800,000 Class I secured notes (ISIN XS0171178154) at   
      AAA;

   -- EUR19,500,000 Class II secured notes (ISIN XS0171178238)
      at AA;

   -- EUR11,310,000 Class III secured notes (ISIN XS0171178311)
      at A;

   -- EUR17,550,000 Class IV secured notes (ISIN XS0171178584)
      at BBB-;

   -- EUR3,250,000 Class V-A secured notes (ISIN XS0171178667)
      at BB-;

   -- EUR1,820,000 Class V-B secured notes (ISIN XS0171179046)
      at BB-; and

   -- EUR65,000,000 combination notes (ISIN XS0172108317) at A-.

This transaction is a synthetic collateralized debt obligation
backed by collateral securities funded by the net proceeds of
the notes.  Rembrandt, a special purpose vehicle, is
incorporated under the laws of Jersey.  The notes have a
scheduled maturity in June 2011 and absorb the credit risk of a
credit default swap with Morgan Stanley Capital Services, Inc.

The credit default swap relates to a reference portfolio of 106
corporate reference entities.  The reference entities may be
substituted, subject to certain eligibility criteria.  These
substitution decisions are made by Fortis Investments as
investment manager.

The affirmations are due to the increased seasoning of the
transaction, which has offset negative credit migration in the
reference portfolio.  There have been no credit events to date;
however, the weighted average Fitch rating deteriorated to a
BBB+/BBB rating from A-/BBB+ at the February 2005 rating action.

As of 17 July 2006, the portfolio's weighted average rating
factor is at the covenant maximums of 10.5.  As of today, the
portfolio contains four speculative-grade reference entities
compared to two at the time of the February 2005 rating action.
The seasoning is depicted by the decline in Weighted Average
Life to 4.82 years from 6.31 in February 2005.  Due to this
seasoning, the credit enhancement levels are still sufficient to
withstand Fitch's stress tests at the current ratings.


RENLIK TRADING: Creditors Confirm Liquidators Appointment
---------------------------------------------------------
Timothy Simon Cockcroft of Timothy S. Cockcroft was appointed
Liquidator of Renlik Trading Co. Limited on July 26 for the
purposes of the company's voluntary wind-up.

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

The company can be reached at:

         Renlik Trading Co. Limited
    Unit 24-25 The Old Malthouse
    Springfield Road
    Grantham
    Lincolnshire NG317BG
    United Kingdom
    Tel: 01476 577 244


RUSSELL & PORTERS: Claims Registration Ends Oct. 2
--------------------------------------------------
Creditors of Russell & Porters Limited have until Oct. 2 to send
in their names, addresses and descriptions, full particulars of
debts or claims, and the names and addresses of the Solicitors
(if any), to appointed Liquidator Gerald Frederick Davis of
Heathcote & Coleman at:

         Gerald Frederick Davis
    Heathcote House
    136 Hagley Road
    Edgbaston
    Birmingham B16 9PN
    United Kingdom

The company can be reached at:

         Russell & Porters Limited
    19 Temple Street
    Birmingham B2 5BG
    United Kingdom
    Tel: 0121 631 2176


SCOTTISH RE: Fitch Downgrades Issuer Default Rating to BB
---------------------------------------------------------
Fitch Ratings downgraded Scottish Re Group Ltd.'s (NYSE:SCT)
ratings as:

Scottish Re Group Ltd.

   -- Issuer default rating (IDR) to BB from BBB-.

Operating subsidiaries:

   -- Insurer financial strength (IFS) to BBB from BBB+.

All ratings remain on Rating Watch Negative.

The ratings action follows an update of SCT's liquidity and
collateral position, which now appears tighter than Fitch had
previously anticipated.  At this date, Fitch does not believe
that SCT has sufficient liquidity, without concessions from its
bank group, to fund the repayment of the US$115 million in
convertible notes in December 2006.

Since Fitch's most recent rating action on Aug. 1, SCT's primary
operating subsidiary, Scottish Annuity & Life Insurance (Cayman)
Ltd. (SALIC), has drawn down US$265 million in funds under the
Stingray Investor Trust liquidity facility both to confirm the
availability of this source and for use in unwinding existing
funding agreements with rating triggers.  

SALIC is also pursuing other liquidity sources, including
surplus relief transactions. At this date the liquidity and
collateral position at SALIC appears solid through March 31,
2007.

A key issue now is the considerable uncertainty surrounding
SALIC's ability to dividend funds to SCT or access credit
available under its bank facilities.  While SALIC is attempting
to resolve the issue with the bank syndicate, SCT is pursuing
its own avenues to raise capital and is engaged in finding a
buyer for the company.

While Fitch believes the actuarial appraisal will indicate
significant value in the underlying business, the timing of a
potential sale as well as any other the other actions being
pursued by the company is uncertain.  As such the ratings could
be lowered further and remain on Rating Watch Negative.

The following ratings remain on Rating Watch Negative:

Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS downgraded to BBB from BBB+.

Scottish Re (U.S.) Inc.

   -- IFS downgraded to BBB from BBB+.

Scottish Re Limited

   -- IFS downgraded to BBB from BBB+.

Scottish Re Group Limited

   -- IDR downgraded to BB from BBB-;

   -- 4.5% US$115 million senior convertible notes downgraded to
      BB- from BB+;

   -- 5.875% US$142 million hybrid capital units downgraded to
      B+ from BB;

   -- 7.25% US$125 million non-cumulative perpetual preferred
      stock downgraded to B+ from BB.


SMARTIRE SYSTEMS: BDO Dunwoody Replaces KPMG as Accountants
-----------------------------------------------------------
SmarTire Systems, Inc., has accepted the resignation of KPMG
LLP, as the Company's independent registered public accounting
firm and engaged BDO Dunwoody LLP, as its new independent
registered public accounting firm for the fiscal year ending
July 31, 2006.

The Company's Audit Committee made the decision to change
independent accountants and that decision was approved, ratified
and adopted by the Company's Board of Directors.

The Company disclosed that, the audit report of KPMG on the
consolidated financial statements as of and for the year ended
July 31, 2004, did not contain an adverse opinion or disclaimer
of opinion and was not qualified or modified as to uncertainty,
audit scope, or accounting principles but was modified as to
uncertainty due to substantial doubt regarding the Company's
ability to continue as a going concern.  The audit report of
KPMG on the consolidated financial statements as of and for the
year ended July 31, 2005 did not contain an adverse opinion or
disclaimer of opinion and was not qualified, but was modified as
to uncertainty due to substantial doubt regarding the Company's
ability to continue as a going concern.

The Company also disclosed that BDO will perform procedures
related to the financial statements included in the Company's
quarterly reports on Form 10-QSB, beginning with, and including,
the quarter ended Oct. 31, 2006.  The Company's Audit Committee
considered BDO's experience and expertise related to public
companies traded on the Over-the-Counter Bulletin Board as well
as reviewed auditor independence issues and existing commercial
relationships with BDO.  The Audit Committee concluded that BDO
has no commercial relationship that would impair its
independence and had the appropriate expertise that the Company
required regarding its current operations.

                     About BDO International

BDO International is a worldwide network of public accounting
firms, called BDO Member Firms, serving international clients.
Each BDO Member Firm is an independent legal entity in its own
country.

At Sept. 30, 2005, the 93 BDO member firms in 105 countries
employed 27,828 professionals in 601 offices throughout Europe,
North and Southern Africa, North America and the Caribbean,
Latin America, the Middle East and the Asia Pacific region.

                  About Smartire Systems Inc.

Based in British Columbia, Canada, SmarTire Systems Inc. (OTC
Bulletin Board: SMTR) -- http://www.smartire.com/-- develops  
and markets technically advanced tire pressure monitoring
systems for the transportation and automotive industries that
monitor tire pressure and tire temperature.  Its TPMSs are
designed for improved vehicle safety, performance, reliability
and fuel efficiency.  The Company has three wholly owned
subsidiaries: SmarTire Technologies Inc., SmarTire USA Inc. and
SmarTire Europe Limited.  In Europe, SmarTire is headquartered
in Oxfordshire, United Kingdom.

                         Going Concern

In an addendum to its audit report, KPMG pointed to the
Company's uncertainty in meeting its current operating and
capital expense requirements after auditing the Company 's
financial statements for the fiscal years ended July 31, 2005
and 2004.  


STIRLING COOKE: High Court Sanctions Scheme Arrangement
-------------------------------------------------------
The High Court of Justice in England and Wales sanctioned on
July 27 the scheme of arrangement between Stirling Cooke Brown
Insurance Brokers Limited and its scheme creditors in the
pursuant to section 425 of the Companies Act 1985.

The Scheme became effective on July 28, when a copy of the Order
sanctioning the Scheme was filed with the registrar of
companies.

Scheme Creditors must submit completed Claim Forms by 5:00 p.m.
on Sept. 29 to be considered in the Scheme.  Creditors are
requested to send Claim Forms to the Joint Scheme administrators
at:

         ProcewaterhouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         Fax: +44 (0) 20 7212 6316

Failure to return claim forms on the Bar Date will attribute a
nil value on the Scheme Liabilities owed to that scheme
creditor.

A blank Claim Form is available for download from the Web site
at: http://www.StirlingCookeBrown.co.uk/


STITCHES OF MALTON: Claims Filing Period Ends Aug. 28
-----------------------------------------------------
Creditors of Stitches of Malton Limited have until Aug. 28 to
send their names and addresses and particulars of their claims
to appointed Joint Liquidators Matthew Colin Bowker and David
Antony Willis of Jacksons Jollife Cork at:

         Matthew Colin Bowker
    David Antony Willis
    Jacksons Jolliffe Cork
    33 George Street
         Wakefield WF1 1LX
    United Kingdom

The company can be reached at:

         Stitches of Malton Limited
    17 Market Place
    Malton
    North Yorkshire YO177LP
    United Kingdom
    Tel: 01653 694 442


TIMBER TRUSS: Brings In Administrators from Deloitte & Touche
-------------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint administrators of
Timber Truss Systems Limited (Company Number 04518728) on
July 26.

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

Headquartered in Cornwall, United Kingdom, Timber Truss Systems
Limited designs and manufactures roof trusses.


TYLER MASON: Brings In Liquidator from Begbies Traynor
------------------------------------------------------
Richard Andrew Segal of Begbies Traynor was appointed Liquidator
of Tyler Mason Limited on Aug. 1 for the purposes of the
creditors' voluntary winding-up proceedings.

The company can be reached at:

         Tyler Mason Limited
    Chasteyns
    Horse & Groom Lane
    Chelmsford CM2 8PJ
    United Kingdom
    Tel: 01245 259 136


VALHI INC: Weak Profile Prompts S&P to Cut Credit Rating to BB-  
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Valhi Inc. and its indirect subsidiary Kronos
International Inc. to 'BB-' from 'BB'.  At the same time,
Standard & Poor's lowered its rating on Kronos' EUR400 million
senior secured notes issue due 2013 to 'B' from 'B+'.  All
ratings remain on CreditWatch with negative implications, where
they were placed earlier this year in connection with an adverse
verdict in a Rhode Island lead pigment lawsuit.
      
"The downgrade reflects deterioration in operating trends versus
our previous expectations, a modest weakening of the financial
profile due to increased share repurchases, and continued
concern regarding the potential negative implications stemming
from the lead litigation," said Standard & Poor's credit analyst
Wesley E. Chinn.

During the second quarter of 2006, the company experienced
higher raw material and energy costs and weakening titanium
dioxide (Ti02) product pricing and mix.  When coupled with
lingering economic uncertainties for the second half of 2006,
this could continue to compress margins in Valhi's chemicals
segment and limit the free cash flow necessary to maintain its
financial profile.  The chemicals segment accounts for
approximately 86% of the company's total sales.
     
The ratings on Valhi reflect the company's limited business
diversity, exposure to cyclical commodity product cycles, and an
aggressive financial profile.  These factors are mitigated by
the company's well-established position among the leading global
TiO2 producers and a niche component products business through
its CompX International Inc. subsidiary.  In the TiO2 segment,
Valhi benefits from good geographic diversity, environmentally
compliant proprietary chloride process technology, and
competitive cost positions.

With about US$1.4 billion in sales, Valhi is a holding company
that derives the majority of its revenue and operating profits
from its ownership in Kronos Worldwide Inc., the world's fifth-
largest producer of TiO2.

On Feb. 22, 2006, a jury in Rhode Island found Valhi's
subsidiary NL Industries Inc., along with Sherwin-Williams Co.
and Millennium Chemicals Inc., liable for creating a public
nuisance by making lead-based paints decades ago.  Possible
damages could be substantial, although the extent to which an
adverse ruling would affect Valhi or the credit quality of its
other subsidiaries is uncertain.  The verdict found the
defendants responsible for the abatement of lead-based paint,
which has been banned in the U.S. since 1978 because of serious
health issues caused by lead poisoning.  Some estimates have
placed the number of affected homes in Rhode Island in the range
of 200,000 to 300,000 and cleanup costs of US$2 billion to US$3
billion.  

The cost of abatement in Rhode Island is still highly uncertain
at this time as the judge presiding over the trial will
determine the specifics of that program.  Product liability
insurance related to lead poisoning would be a mitigating factor
when assessing potential outlays for claims and defense costs,
but the extent of effective coverage, relative to the potential
obligations, is unknown.
     
Standard & Poor's expects to resolve the CreditWatch when
additional details of the abatement program are known.  These
include the possible dollar magnitude for the removal of lead
paint, lead paint removal procedures, and bonding requirements
of the appeals process.  The CreditWatch resolution would also
take into consideration the risk of additional lawsuits or other
pending legal actions against Valhi or its subsidiaries.  

In the interim, Standard & Poor's could lower the ratings if
there are prospects for extended adverse market conditions,
further deterioration of operating profitability and the
financial profile, or continued aggressive shareholder
initiatives.


VIC SCULLY: Liquidator Sets Sept. 12 Claims Bar Date
----------------------------------------------------
Creditors of Vic Scully Tyres Limited have until Sept. 12 to
send in their names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
the Solicitors (if any) to appointed Liquidator Alison M. Byrne
of Byrne Associates at:

         Alison M. Byrne
    Byrne Associates
    Suite 3
    Farleigh House
    Farleigh Court
    Old Weston Road
    Flax Bourton BS48 1UR
    United Kingdom

The company can be reached at:

         Vic Scully Tyres Limited
    Unit 16a
    Barton Hill Trading Estate
    Herapath Street
    Bristol BS5 9RD
    United Kingdom
    Tel: 0117 954 1585


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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


                           *********

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *