TCREUR_Public/060825.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, August 25, 2006, Vol. 7, No. 169                   

                            Headlines


A U S T R I A

AGENS CAR: Property Manager Declares Insufficient Assets
BODD: Vienna Court Orders Closing of Business
BRUCK TECHNOLOGIES: Claims Registration Period Ends August 28
ENGEL: Graz Court Closes Business Until August 31
GUELSEN: Claims Registration Period Ends September 12

KAUF-HAUS: Awaits Final Distribution & Closing Protocol
PERKAL & PARTNER: Vienna Court Orders Business Shutdown
STUKKATEUR: Property Manager Declares Insufficient Assets
V.A.G. SCHLACHER: Creditors' Meeting Slated for September 5
VIDOSAV PETRASKOVIC: Creditors' Meeting Slated for September 6

ZACH: Eisenstadt Court Orders Business Shutdown


B E L G I U M

FERRO CORP: Sells Specialty Plastics Business for US$133 Million


B U L G A R I A

JETFINANCE INT'L: S&P Assigns B/B Counterparty Creding Ratings


F R A N C E

ASYST TECHNOLOGIES: Rejects Claims of Indenture Default
NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network


G E R M A N Y

ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter
ASYST TECHNOLOGIES: Rejects Claims of Indenture Default
BANKGESELLSCHAFT BERLIN: Fitch Keeps Individual Rating at C/D
BAUCONZEPT & DESIGN: Claims Registration Ends September 27
BUELOWSTRASSE 9: Creditors' Meeting Slated for September 5

ELWEMA GMBH: Claims Registration Ends September 15
GRITZAN BAUAUSFUEHRUNG: Creditors' Meeting Slated for Sept. 21
LUCI'S MODE: Claims Registration End September 20
SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders
SPECTRUM BRANDS: Fitch Junks Rating on US$2.3 Billion Debt


I T A L Y

TEXCHEM RESOURCES: Obtains Approval to List Unit in SGX-ST


K A Z A K H S T A N

ALI-INFORM: Creditors Must File Claims by Sept. 15
DUNAIAGRO: Proof of Claim Deadline Slated for Sept. 15
JOLAUSHY & K: Creditors' Claims Due Sept. 15
MERUERT-LTD: Claims Registration Ends Sept. 15
ORION-T: Claims Filing Period Ends Sept. 15


K Y R G Y Z S T A N

GREEN GEM: Creditors Must File Claims by Sept. 28


L U X E M B O U R G

NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network


N E T H E R L A N D S

HARBOURMASTER PRO-RATA: Fitch Rates EUR17.5 Million Notes at BB


N O R W A Y

TELLER AS: Fitch Assigns BB+ Rating on Issuer Default


R O M A N I A

CFR MARFA: Financial Constraints Spur S&P to Cut Rating to B


R U S S I A

BRICKWORKS ABASHEVSKIY: V. Skorikov to Manage Assets
CONFECTIONARY IRKUTSKAYA: S. Ivasyuk to Manage Insolvency Assets
ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue
NORILSK NICKEL: Moody's Assigns Ba2 Rating on Notes Under Review
SHELEKHOVSKIY DIARY: I. Boldakov to Manage Insolvency Assets

SHOP OF TOYS: Court Names Sh. Fazailov as Insolvency Manager
STROY-INDUSTRY: Court Names O. Filippova as Insolvency Manager
WOOD-PROCESSING FACTORY 1: A. Ezhov to Manage Insolvency Assets
YAKUTSK-DIAMOND: Court Names Mr. K. Popov as Insolvency Manager
YUKOS OIL: Moscow Court Rejects Debtor's Bankruptcy Appeal

YUKOS OIL: Bankruptcy Administrator Taps E&Y to Prepare Sale


S W E D E N

SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders


T U R K E Y

FINANSBANK A.S.: Fiba Group Closes 46% Stake Sale to Greek Bank


U K R A I N E

ALFA BANK: Moody's Assigns E+ Financial Strength Rating
BAR BREAD: Regional Bankruptcy Agency to Liquidate Assets
BAR LIQUOR-VODKA: Regional Bankruptcy Agency to Liquidate Assets
KONONIVKA BREAD: Court Names Oleg Bilera as Insolvency Manager
KRIMPRODMASH-1: AR Krym Court Starts Bankruptcy Supervision

MOLODOVA: Court Names Anatolij Rovnij as Insolvency Manager
MONTAZH: Court Names Leonid Talan as Insolvency Manager
PEREMOGA: Harkiv Court Names M. Sorokin as Insolvency Manager
RAJAGROSHLYAHBUD: Regional Bankruptcy Agency to Liquidate Assets
SEBEK: Dnipropetrovsk Court Names Leonid Talan as Liquidator

TORIS: Kyiv Court Names Volodimir Sirota as Insolvency Manager
VIKTORIYA: Sumi Court Starts Bankruptcy Supervision
ZHITNITSYA PODILLYA: Bankruptcy Agency to Liquidator Assets


U N I T E D   K I N G D O M

A.R.E. LIMITED: Brings In Administrators from BDO Stoy
ABBEY SECURITY: Nominates Zafar Igbal as Liquidator
ACE CABS: Claims Filing Period Ends Sept. 15
AIRE VALLEY: Fitch Affirms BB Rating on Class D Notes
AIRTEC 2000: Appoints Tony Mitchell as Liquidator

ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter
ANGLIA VALE: Taps P&A to Administer Assets
AXS-ONE INC: June 30 Balance Sheet Upside-Down by US$7.08 Mln
BBB NETWORK: FSCS Affirms Default Declaration
BIG-TALK NETWORK: Claims Filing Period Ends Nov. 17

BRITANNIA ROLL: Appoints Joint Administrators from Buchanans
BRADSHAW BEDS: Joint Liquidators Take Over Operations
BRAYNSTON SQUARE: Brings In Joint Liquidators from KPMG LLP
BRIDGEMAN TANSEY: Claims Registration Ends Sept. 15
CATALYST AUTOMOTIVE: Appoints Begbies Traynor as Administrators

CLASSIQUE HOLIDAY: Names Martin Paul Halligan as Administrator
COLLINS & AIKMAN: Gains Panel's Support Over GM Tooling Dispute
COLLINS & AIKMAN: Bankruptcy Court Permits Sale of GE Equipment
CORNICHE MARKETING: Taps Joint Liquidators from Insol House
DAVISON BIRD: Taps Wilkins Kennedy as Joint Administrators

EAGLE SOLUTIONS: Appoints Liquidator from B & C Associates
EIRCOM FUNDING: To Redeem Outstanding 8.25% Sr. Sub. Notes
ENVOY U.K.: Calls In Joint Liquidators from Recovery hjs
FARNBOROUGH TOWN: Brings In Administrators from Begbies Traynor
FEDERAL-MOGUL: Wants to Enter Into Hercules Payment Agency Pact

FERRO CORP: Sells Specialty Plastics Biz for US$133 Million
FINE COLOUR: Creditors' Meeting Slated for September 12
FLOOR SANDING: Kikis Kallis Leads Liquidation Procedure
FORD MOTOR: Opening Alliance Talks with Renault-Nissan's CEO
G.M.S. SYSTEMS: Names Joint Liquidators from Lines Henry

G. T. ALMAX: Creditors' Meeting Slated for August 30
GENERAL MOTORS: Indian Unit to Enter Used-Car Business in 2007
GOLF AND LEISURE: Claims Registration Ends Oct. 9
HEAVENMADE FOODS: Bank of Scotland Appoints KPMG as Receivers
HYBRID 4: Appoints Joint Administrators from Begbies Traynor

ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue
IDEAL MACHINERY: Taps Asher Miller to Liquidate Assets
K & J LOCKIE: Hires Geoffrey Martin as Administrators
LED SCREEN: Names Administrators from Tenon Recovery
MP COMPUTERS: Creditors' Claims Due Aug. 31

MISS LONDON: Creditors' Claims Due Oct. 27
MONOPLAS INDUSTRIES: Creditors Must File Claims by Nov. 1
MONTCLAIRE LIMITED: Liquidator Sets Nov. 4 Claims Bar Date
NASHURST ELECTRONICS: Creditors Must File Claims by Sept. 12
NEW JARROLD: Appoints PwC to Administer Assets

OWEN SKIP: Appoints Joint Liquidators to Wind Up Business
PROFESSIONAL BRAND: Hires Liquidator from Centrum Recovery
QAONLINE LIMITED: Liquidator Sets Nov. 30 Claims Bar Date
SANS FRONTIERS: Hires T. Papanicola to Liquidate Assets
SAVAGE DESIGNS: Brings In Liquidator from HKM LLP

SKI RENTAL: Appoints Begbies Traynor to Administer Assets
SLIK FASTENERS: Appoints Administrators from Begbies Traynor
STARWORK LIMITED: Names Andrew T. Clay as Administrator
SUPPLYLANE LIMITED: Names T. Papanicola as Administrator
SWINBURNE JAMES: Taps David R. Acland to Liquidate Assets

TELL LIMITED: Creditors Confirm Liquidator's Appointment
THERMATECH TIMBER: Taps Administrators from Deloitte & Touche
TREVOR PRICE: Claims Registration Ends Nov. 9
TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit
WEST HEATH: Appoints Gerald Frederick Davis as Administrator

WINWARD COMPANY: Names Roderick Graham Butcher Liquidator
XTEC GLOBAL: Hires Joint Liquidators from Insol House
YAWFORGE LIMITED: Taps Kevin Thomas Brown to Liquidate Assets

                            *********

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A U S T R I A
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AGENS CAR: Property Manager Declares Insufficient Assets
--------------------------------------------------------
Mag. Herbert Premur, the court-appointed property manager for
LLC Agens Car Company Trading (FN 252914h), declared on June 30
that the Debtor's property is insufficient to cover creditors'
claim.

The Land Court of Klagenfurt is yet to rule on the property
manager's claim.

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on June 1 (Bankr. Case No. 41 S 27/06b).  

The property manager can be reached at:

         Mag. Herbert Premur
         Pierlstrasse 33
         9020 Klagenfurt, Austria
         Tel: 0463/55976
         Fax: 0463/55365
         E-Mail: herbert.premur@seeber-lawconsult.at


BODD: Vienna Court Orders Closing of Business
---------------------------------------------
The Trade Court of Vienna entered an order on July 3 closing the
business of LLC Bodd (FN 262025g).  Court-appointed property
manager Gerhard Bauer 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:

         Mag. Gerhard Bauer
         c/o Dr. Josef Ebner
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at
                 rae.ebner.eisner@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 25 (Bankr. Case No. 45 S 24/06t).  Josef Ebner
represents Mag. Bauer in the bankruptcy proceedings.


BRUCK TECHNOLOGIES: Claims Registration Period Ends August 28
-------------------------------------------------------------
Creditors owed money by LLC Bruck Technologies (FN 118741w) have
until Aug. 28 to file written proofs of claims to court-
appointed property manager Alexander Schoeller at:

         Dr. Alexander Schoeller
         c/o Dr. Stephan Riel
         Reischachstrasse 3/12A
         1010 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 11 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 3 (Bankr. Case No. 45 S 46/06b).  Stephan Riel
represents Dr. Schoeller in the bankruptcy proceedings.


ENGEL: Graz Court Closes Business Until August 31
-------------------------------------------------
The Land Court of Graz entered an order on June 29 closing the
business of LLC Engel (FN 68135z) until Aug. 31.  Court-
appointed property manager Gerhard Petrowitsch determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager can be reached at:

         Dr. Gerhard Petrowitsch
         Kadagasse 11
         8430 Leibnitz, Germany
         Tel: 03452/82837
         Fax: 03452/82837-7
         E-mail: ra.dr.petrowitsch@aon.at   

Headquartered in Tieschen, Austria, the Debtor declared
bankruptcy on April 10 (Bankr. Case No. 40 S 17/06g).  Nikolaus
Vogt represents Dr. Riess in the bankruptcy proceedings.  
Manager Erwin Johann Engel and firm of attorneys from Boehm &
Reckenzaun represent the Debtor in the bankruptcy proceedings.


GUELSEN: Claims Registration Period Ends September 12
-----------------------------------------------------
Creditors owed money by KEG Guelsen (FN 258666t) have until
Sept. 12 to file written proofs of claims to court-appointed
property manager Johannes Muehllechner at:

         Mag. Johannes Muehllechner
         Graben 21/3
         4020 Linz, Austria
         Tel: 0732/772200
         Fax: 0732/7722004
         E-mail: muehllechner@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 26 to consider the
adoption of the rule by revision.

The first meeting of creditors will be held at:

         The Land Court of Linz
         Hall 552
         5th Floor
         Linz, Austria

Headquartered in Kleintransport, Austria, the Debtor declared
bankruptcy on July 3 (Bankr. Case No. 38 S 32/06v).  


KAUF-HAUS: Awaits Final Distribution & Closing Protocol
-------------------------------------------------------
The Land Court of Leoben will close the bankruptcy case of LLC &
KEG Kauf-Haus (FN 219808y) following the Debtor's final
distribution to creditors.

The court-appointed property manager submitted a draft on the
property allocation to the court on June 30.  Under the
proposal, creditors will recover 6.2% on account of their claim.

Headquartered in Steiermark, Austria, the Debtor declared
bankruptcy on Aug. 29, 2005 (Bankr. Case No. 17 S 66/05g).  

The property manager can be reached at:

         Kreissl & Pichler & Walther Rechtsanwalte
         Rathausplatz 4
         8940 Liezen, Austria
         Tel: 03612-22997
         Fax: 03612-22997-83
         E-mail: hkp1@hkp1.at


PERKAL & PARTNER: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered an order on June 30 shutting
down the business of OEG Perkal & Partner (FN 222545y).  Court-
appointed property manager Walter Kainz 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. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna, Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at   

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 20 (Bankr. Case No. 6 S 58/06f).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


STUKKATEUR: Property Manager Declares Insufficient Assets
---------------------------------------------------------
Mag. Norbert Abel, the court-appointed property manager for LLC
Stukkateur (FN 198308f), declared on June 30 that the Debtor's
property is insufficient to cover creditors' claims.  As yet,
the business remains closed.

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 21 (Bankr. Case No. 5 S 84/06x).  Johanna Abel-Winkler
represents Mag. Abel in the bankruptcy proceedings.

The property manager and his representative can be reached at:

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


V.A.G. SCHLACHER: Creditors' Meeting Slated for September 5
-----------------------------------------------------------
Creditors owed money by LLC V.A.G. Schlacher Industriemontagen
(FN 198801f) are encouraged to attend the creditors' meeting at
9:00 a.m. on Sept. 5 to consider the adoption of the rule by
revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 18 (Bankr. Case No. 45 S 23/06w).  Kurt Bernegger
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Kurt Bernegger
         Jacquingasse 21
         1030 Vienna, Austria
         Tel: 799 15 80/0
         Fax: 796 59 14
         E-mail: kanzlei@bernegger-wt.com


VIDOSAV PETRASKOVIC: Creditors' Meeting Slated for September 6
--------------------------------------------------------------
Creditors owed money by KEG Vidosav Petraskovic (FN 168523d) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Sept. 6 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg, Austria

Headquartered in Fischamend, Austria, the Debtor declared
bankruptcy on July 3 (Bankr. Case No. 36 S 71/06t).  
Viktor Igali-Igalffy serves as the court-appointed property
manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Viktor Igali-Igalffy
         Landstrasser Main Street 34
         1030 Vienna, Austria
         Tel: 01/713 80 57
         Fax: 01/713 07 76
         E-mail: vii@aon.at  


ZACH: Eisenstadt Court Orders Business Shutdown
-----------------------------------------------
The Land Court of Eisenstadt entered an order on June 30
shutting down the business of LLC Zach (FN 125536m).  Court-
appointed property manager Adalbert Hausmann determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

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

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


=============
B E L G I U M
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FERRO CORP: Sells Specialty Plastics Business for US$133 Million
----------------------------------------------------------------
Ferro Corp. entered into an asset purchase agreement with
Olympic Plastics, Inc., a wholly owned subsidiary of Wind Point
Partners.

Under the agreement, Ferro has agreed to sell, and Olympic has
agreed to buy, substantially all of the assets of Ferro's
specialty plastics business, which develops and produces
customized thermoplastic compounds and alloys, plastic
colorants, gelcoats, and thermoset pastes that are marketed to
manufacturers in a broad range of markets.  In exchange for the
Business, Olympic will pay approximately US$133 million in cash
and will assume certain liabilities of the Business.  Further,
Olympic will enter into transition services agreements with
Ferro with respect to certain Business locations.

The sale is scheduled to close in the third quarter of 2006.

Ferro plans to use the sale proceeds to reduce outstanding debt.

"We are focused on transforming Ferro into a high-performance
company, both operationally and financially," said CEO James F.
Kirsch. "Our new management is moving aggressively to drive
profitability and to position our operations for accelerated
growth in new geographic and customer end markets.

"We continue to evaluate our business for divestment
opportunities with the goals of reducing debt and leveraging
technology and production synergies across a narrower set of
related, core businesses that have strong growth
characteristics."

The sale of Specialty Plastics is consistent with Ferro's
strategy to drive performance improvement and position the
Company for long-term growth.  The Company has been moving
aggressively to strengthen its financial results through
portfolio management, operational restructurings, business
streamlining and management realignment, as well as productivity
and pricing initiatives.  It recently announced that it is
embarking on a restructuring of the European operations of its
Inorganic Specialties businesses.  The restructuring is expected
to generate annualized savings of US$40 million to US$50 million
by the end of 2009.

A full-text copy of the Asset Purchase Agreement is available
for free at http://ResearchArchives.com/t/s?104c

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE:FOE)
-- http://www.ferro.com/-- produces performance materials for   
manufacturers, including coatings and performance chemicals.  
The Company has operations in 20 countries and has approximately
6,800 employees globally.  In Europe, the company maintains
operations in Belgium, France, Germany, Italy, Netherlands,
Portugal, Spain, and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on April 3, 2006,
Standard & Poor's Ratings Services lowered its ratings on Ferro
Corp., including its corporate credit rating to 'B+' from 'BB'.
All ratings remain on CreditWatch with negative implications,
where they were placed Nov. 18, 2005.


===============
B U L G A R I A
===============


JETFINANCE INT'L: S&P Assigns B/B Counterparty Creding Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B/B'
counterparty credit ratings to JetFinance International AD.  The
outlook is stable.

"The ratings reflect JetFinance's concentrated business in the
developing and fast-growing consumer finance market in Bulgaria,
which generically has a high risk/reward nature; its short
operating track record; and funding constraints," said Standard
& Poor's credit analyst Alise Ross.

Positive rating factors include the company's good market
position, an efficient and well-run business model, and strong
profitability and capitalization, although capitalization is
being eroded by rapid asset growth.

JetFinance's performance also benefits from positive economic
trends, however, after a rapid buildup of consumer debt in
Bulgaria recently, delinquency levels are starting to increase,
but remain at manageable levels.     

The stable outlook balances the well-run business model that
management has imposed, includes good risk-management systems,
and tight efficiency and strong capitalization, against the
high-risk nature of consumer finance in a fast-developing
business in a country that still has above-average industry and
economic risks.

The ratings on JetFinance could be raised if it continues to
maintain strong levels of profitability and asset quality,
robust levels of capitalization, and successfully diversifies
its funding and product range into less risky areas.

"A negative rating action would occur if JetFinance's
performance is severely affected by a deterioration of asset
quality, a lack of funding diversification to alleviate rollover
risk, or rapid loan growth that is not matched by appropriate
levels of capitalization," added Ms. Ross.


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F R A N C E
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ASYST TECHNOLOGIES: Rejects Claims of Indenture Default
-------------------------------------------------------
Asyst Technologies Inc. has dismissed reports that it has
defaulted on its convertible subordinated notes, Mark LaPedus
writes for EETimes.

U.S. Bank National Association, the trustee under the indenture
related to Asyst's 5-3/4% convertible subordinated notes due
2008, asserted that the firm is in default under the indenture
because of "the previously announced delays in filing its Form
10-K for the fiscal year ended March 31, 2006, and Form 10-Q for
the fiscal quarter ended June 30, 2006."

The company previously disclosed that it is not in a position to
report full financial results or file its delayed reports until
a special committee of independent directors completes its
previously announced inquiry into the company's past stock
option grants and practices, and the company and its independent
auditors complete the related accounting review.

The default will be cured if the delayed reports are filed
within 60 days or the default is waived by a majority of the
outstanding noteholders.  

"If an 'event of default' were to occur, the holders of the
notes, of which US$86.3 million principal amount is outstanding,
may accelerate maturity of the notes," according to Asyst.  
"Asyst does not agree with the trustee's assertion that the
delayed filing of the annual and quarterly reports is a default,
and reserves its rights to contest this and other aspects of
asserted default in the letter."

                   Nasdaq Delisting Notice

The Nasdaq Listing Qualifications Department informed Asyst on
Aug. 14, that it is not in compliance with the filing
requirements for continued listing on the Nasdaq Global Market
as set forth in Nasdaq Marketplace Rule 4310(c)(14).  The notice
came in light of the company's announcement relating to delayed
reports filing.

The company said it received a similar letter on June 30, 2006,
related to the delayed filing of its Form 10-K for the fiscal
year ended March 31, 2006.  It made a timely request for a
hearing before a Nasdaq Listings Qualifications Panel to address
that filing delay.  A hearing has been scheduled for Aug. 31,
2006.  The latest Nasdaq letter indicates that the company
should address at the hearing its views with respect to this
additional filing deficiency and that Nasdaq will consider this
matter in rendering a determination regarding the company's
continued listing on the Nasdaq Global Market.

The company expects at the Nasdaq hearing to request additional
time to remedy its filing delinquency; however there can be no
assurance that Nasdaq will grant additional time or that Nasdaq
will not seek to de-list the company's stock from the Nasdaq
Global Market.

Headquartered in Fremont, California, Asyst Technologies Inc. --
http://www.asyst.com/-- provides automation solutions for the  
semiconductor, flat panel display, and related industries
worldwide.  The company also maintains offices in France and
Germany.


NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network
----------------------------------------------------------------
Nortel Networks Corp. disclosed that Bouygues Telecom selected
Nortel as one of its suppliers for its national high-speed
mobile internet and voice network.

The Company disclosed that the advanced UMTS network, based on
its HSDPA technology, is being designed to provide customers in
France with services such as high-quality live TV, high
definition video on demand, MP3 streaming and multi-user mobile
gaming when it goes live in early 2007.

The Company also disclosed that the new 5-year contract
stipulates that it is Responsible for rolling out the network in
4 out of 6 of the Bouygues' operational regions in France;
including the Western, South Western, Northeastern and
Mediterranean regions.

"We have strong ties with Bouygues Telecom, having supplied
their network from their first GSM implementation through to our
EDGE solutions, and now we will help them take the important
next step to 3.5G," Michel Clement, the Company's president of
Southern Europe, said.  "Nortel's HSDPA technology allows mobile
operators to provide new real-time services that increase the
end-user's experience and helps build customer loyalty."

The Company is currently a key supplier of the Bouygues' EDGE
and GPRS networks.  The current infrastructure provides the
Bouygues with the appropriate foundation for the new network
upgrade.

The Company achieved the industry's first HSDPA mobile call in
January 2005.  It completed the first live test calls using a
commercial handset solution for HSDPA in March 2005.  In June
2005, the Company became the first wireless network supplier to
complete the TL9000 registration standard for Quality Management
System Requirements and Measurements across its HSDPA, UMTS and
GSM wireless infrastructure solutions.

In addition to Bouygues Telecom, the Company has worked with a
number of wireless operators on HSDPA deployments, including
Orange France, Vodafone Spain in Barcelona, during 3GSM World
Congress in February 2006, EDGE Wireless in the US, SKT and KTF
in Korea, Partner Communications in Israel, and Mobilkom
Austria.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.  
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries.

                           *     *     *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  S&P said the outlook is stable.


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


ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter
-------------------------------------------------------------
Aleris International Inc. reported record results for the second
quarter of 2006 and the six months ended June 30, 2006.

Operating income increased to a quarterly record of US$102.6
million for the second quarter of 2006 from last year's US$30.8
million, an increase of US$71.8 million, or 233%.

Second quarter net income was a record US$55.4 million, at an
estimated tax rate of 36.9%, compared with reported net income
of US$18.9 million in the second quarter of 2005, based on an
estimated tax rate of 9.8%.

Aleris reported second quarter 2006 revenues of US$1.01 billion.  
For the second quarter of 2005, Aleris reported revenues of
US$603.6 million.

Merger-related synergies from the Commonwealth acquisition and
company wide productivity initiatives aggregated US$15 million
for the quarter while synergies related to the 2005 acquisitions
totaled approximately US$11 million, exceeding the Company's
expectations.

The Company is raising its estimate of merger-related synergies
from the Commonwealth acquisition and company wide productivity
initiatives to be realized within 18 to 24 months of the merger
to US$65 million from US$50 million.

On Aug. 1, 2006 Aleris closed the acquisition of the downstream
aluminum business of Corus Group plc for a purchase price of
approximately US$887 million.  Simultaneously, the Company
entered into new credit agreements, the proceeds from which were
used to fund the acquisition and refinance substantially all of
the Company's existing indebtedness.  The Company expects to
incur charges in the third quarter of approximately US$53.5
million related to the refinancing.

Steven J. Demetriou, Chairman and Chief Executive Officer of
Aleris, said, "We are extremely pleased with the record results
we achieved for the second quarter of 2006 with operating income
increasing more than 200% from the prior-year period.  The
results not only exceeded our expectations but also reaffirmed
the strength of our businesses.  Our rolled products business
benefited from acquisitions, strengthened margins from improved
scrap spreads, the favorable FIFO impact of the rising London
Metal Exchange on a year- over-year basis and continued
productivity improvements.  Aluminum recycling increased the
momentum begun over the last several quarters, while zinc
continued to generate record earnings.  We are particularly
pleased with the impact of the acquisitions we made in 2005
which are contributing substantially to our increased
profitability."

                              Outlook

Mr. Demetriou said, "We are particularly pleased to have
completed the Corus acquisition, which should strengthen our
product portfolio, expand our global capabilities and contribute
significantly to our future profitability.  We welcome all 4,600
former Corus employees onto the Aleris team and look forward to
building a world-class global aluminum company.  In addition, we
remain focused on achieving maximum benefit from the original
Commonwealth merger and are again raising our estimated synergy
target to US$65 million from US$50 million to be achieved within
18 to 24 months of the original merger."

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?103C

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The Company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
Company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2006,
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on Aug. 10, 2006,
Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ASYST TECHNOLOGIES: Rejects Claims of Indenture Default
-------------------------------------------------------
Asyst Technologies Inc. has dismissed reports that it has
defaulted on its convertible subordinated notes, Mark LaPedus
writes for EETimes.

U.S. Bank National Association, the trustee under the indenture
related to Asyst's 5-3/4% convertible subordinated notes due
2008, asserted that the firm is in default under the indenture
because of "the previously announced delays in filing its Form
10-K for the fiscal year ended March 31, 2006, and Form 10-Q for
the fiscal quarter ended June 30, 2006."

The company previously disclosed that it is not in a position to
report full financial results or file its delayed reports until
a special committee of independent directors completes its
previously announced inquiry into the company's past stock
option grants and practices, and the company and its independent
auditors complete the related accounting review.

The default will be cured if the delayed reports are filed
within 60 days or the default is waived by a majority of the
outstanding noteholders.  

"If an 'event of default' were to occur, the holders of the
notes, of which US$86.3 million principal amount is outstanding,
may accelerate maturity of the notes," according to Asyst.  
"Asyst does not agree with the trustee's assertion that the
delayed filing of the annual and quarterly reports is a default,
and reserves its rights to contest this and other aspects of
asserted default in the letter."

                   Nasdaq Delisting Notice

The Nasdaq Listing Qualifications Department informed Asyst on
Aug. 14, that it is not in compliance with the filing
requirements for continued listing on the Nasdaq Global Market
as set forth in Nasdaq Marketplace Rule 4310(c)(14).  The notice
came in light of the company's announcement relating to delayed
reports filing.

The company said it received a similar letter on June 30, 2006,
related to the delayed filing of its Form 10-K for the fiscal
year ended March 31, 2006.  It made a timely request for a
hearing before a Nasdaq Listings Qualifications Panel to address
that filing delay.  A hearing has been scheduled for Aug. 31,
2006.  The latest Nasdaq letter indicates that the company
should address at the hearing its views with respect to this
additional filing deficiency and that Nasdaq will consider this
matter in rendering a determination regarding the company's
continued listing on the Nasdaq Global Market.

The company expects at the Nasdaq hearing to request additional
time to remedy its filing delinquency; however there can be no
assurance that Nasdaq will grant additional time or that Nasdaq
will not seek to de-list the company's stock from the Nasdaq
Global Market.

Headquartered in Fremont, California, Asyst Technologies Inc. --
http://www.asyst.com/-- provides automation solutions for the  
semiconductor, flat panel display, and related industries
worldwide.  The company also maintains offices in France and
Germany.


BANKGESELLSCHAFT BERLIN: Fitch Keeps Individual Rating at C/D
-------------------------------------------------------------
Fitch Ratings affirmed Bankgesellschaft Berlin's ratings at
Issuer Default BBB+ with Evolving Outlook, Short-term F2,
Support 2 and Individual C/D.

At the same time Fitch has affirmed its ratings to BGB's
subsidiary, Landesbank Berlin's ratings at Issuer Default BBB+
with Evolving Outlook, Short-term F2 and Support 2, as well as
LBB's guaranteed obligations at Long-term AAA.

BGB's Issuer Default rating is at its Support floor and takes
into account possible further support from the State of Berlin,
in case of necessity.  BGB's and LBB's Evolving Outlooks reflect
Fitch's view that potential support from Berlin could weaken
once the privatization process is completed, in 2007 at the
latest.  The bank's future ratings will be determined by the
terms of its privatization and its future ownership.

The Individual rating reflects the bank's turnaround
achievements, improved underlying profitability and
repositioning, as well as its strong market share in Berlin.  
The bank's main challenge is to improve the structure of its
capital base and revenue generation, as well as further reducing
problem loans and diversifying its asset base.

"BGB benefited from further reduction of administrative expenses
and moderate revenue growth mainly attributable to BGB's capital
market business.  The bank's operating profit more than doubled
in 2005 from a low level.  This trend continued in 2006, hence
we expect this year's results to even exceed 2005," Holger Horn
of Fitch's Banks team disclosed.

"However, the most important driver of this improvement was the
reduction in loan impairment charges.  Problem loans remain
substantial but are covered by reserves and collateral," Mr.
Horn added.

These exposure mostly refer to real estate assets that were
acquired before 2002, many of them in the 1990's.  Overall,
commercial real estate financing accounts for 36% of the group's
risk-weighted assets and the bank is showing high growth rates
in the national market.  Business expansion risk is somewhat
mitigated by the general perception that after years of value
declines, the real estate market has bottomed out in most
regions across Germany.

To prepare for the upcoming sale next year LBB was converted
into an Aktiengesellschaft (publicly listed company) effective
Jan. 1, 2006.  BGB will transfer all its operations to LBB
retrospectively from January 2006.

"Upon this transfer BGB will be renamed Landesbank Berlin
Holding AG and its ratings will be withdrawn; analytically LBB
will become the relevant entity," Mr. Horn said.

This transfer becomes effective after publication in the
commercial register, which is expected by end-August 2006.  LBB
will then encompass the bank's retail, real estate and
wholesale/capital market businesses.  For the purpose of
streamlining the still complex group structure and in particular
to comply with EC requirements, the number of participations was
further reduced.

Deutsche Bank announced the acquisition of Berliner Bank in
June 2006, which is expected to close at end-2006.  Furthermore,
the EC had demanded the transfer of the development bank
Investitionsbank Berlin, which was already spun off in 2004.  
BGB Ireland was closed in early 2005 and the sale of Weberbank
to WestLB AG was concluded in August 2005.


BAUCONZEPT & DESIGN: Claims Registration Ends September 27
----------------------------------------------------------
Creditors of bauconzept & design b.c.d. GmbH have until Sept. 27
to register their claims with court-appointed provisional
administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against bauconzept & design b.c.d. GmbH on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         bauconzept & design b.c.d. GmbH
         Attn: Waldemar Benke, Manager         
         Buender Road 373
         32120 Hiddenhausen, Germany

The administrator can be contacted at:

         Axel W. Bierbach
         Bunsenstr. 3
         32052 Herford, Germany


BUELOWSTRASSE 9: Creditors' Meeting Slated for September 5
----------------------------------------------------------
The court-appointed provisional administrator for Buelowstrasse
9 KG Kibus Geschaftsfuehrungs-GmbH & Co., Christoph Schulte-
Kaubruegger, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:35 a.m. on
Sept. 5.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:35 a.m. on Jan. 2, 2007 at the same
venue.

Creditors have until Nov. 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Buelowstrasse 9 KG Kibus Geschaftsfuehrungs-
GmbH & Co. on Aug. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Buelowstrasse 9 KG Kibus Geschaftsfuehrungs-GmbH & Co.
         Brabanter Road 18 - 20
         10713 Berlin, Germany

The administrator can be reached at:

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


ELWEMA GMBH: Claims Registration Ends September 15
--------------------------------------------------
Creditors of ELWEMA GmbH have until Sept. 15 to register their
claims with court-appointed provisional administrator Volker
Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen, 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 Aalen opened bankruptcy proceedings
against ELWEMA GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ELWEMA GmbH
         Attn: Michaela Manz, Manager
         Werkzeug- und Maschinenbau
         Dr.-Adolf-Schneider-Str. 21
         73479 Ellwangen, Germany

The administrator can be contacted at:

         Dr. Volker Grub
         Humboldtstr. 16
         70178 Stuttgart, Germany
         Tel: 0711/966890
         Fax: 0711/96689-99


GRITZAN BAUAUSFUEHRUNG: Creditors' Meeting Slated for Sept. 21
--------------------------------------------------------------
The court-appointed provisional administrator for Gritzan
Bauausfuehrung GmbH, Joachim Voigt-Salus, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:05 a.m. on Sept. 21.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:50 a.m. on Dec. 14 at the same
venue.

Creditors have until Oct. 30 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Gritzan Bauausfuehrung GmbH on July 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gritzan Bauausfuehrung GmbH
         Geraer Str. 29
         12209 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


LUCI'S MODE: Claims Registration End September 20
-------------------------------------------------
Creditors of Luci's Mode GmbH have until Sept. 20 to register
their claims with court-appointed provisional administrator
Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 231
         Marienring 13
         76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy
proceedings against Luci's Mode GmbH on July 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Luci's Mode GmbH
         Attn: Lucia Bork
         Reiterstr. 3
         76829 Landau in der Pfalz, Germany

The administrator can be contacted at:

         Martin Wiedemann
         Kanzlei feb Rechtsanwalte O3
         68161 Mannheim, Germany
         Tel: 0621/16680


SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders
-----------------------------------------------------------
Sanmina-SCI Corp. is soliciting consents from the holders of the
US$400 million aggregate outstanding principal amount of its
6-3/4% Senior Subordinated Notes due 2013 and the holders of the
US$600 million aggregate outstanding principal amount of its
8.125% Senior Subordinated Notes due 2016.

The Company is requesting a waiver, until Dec. 14, 2006, of
any default or event of default that may arise by virtue of the
Company's failure to file with the Securities and Exchange
Commission and furnish to the trustee and holders of notes,
certain reports required to be filed by the Company under the
Securities Exchange Act of 1934, as amended.

The Company also disclosed that, it has not yet filed with the
Securities and Exchange Commission its Quarterly Report on Form
10-Q for the fiscal quarter ended July 1, 2006.

The Company is offering a consent fee of US$16.25 in cash for
each US$1,000 in principal amount of its 6-3/4% Senior
Subordinated Notes due 2013.  The Company is offering a consent
fee of US$10 in cash for each US$1,000 in principal amount of
its 8.125% Senior Subordinated Notes due 2016.

The consent solicitation will expire at 5:00 p.m., New York City
time, on Sept. 6, 2006.  Holders may tender their consents to
the Tabulation Agent at any time before the expiration date.

The Company has retained Global Bondholder Services Corporation
to serve as its Information Agent and Tabulation Agent for the
consent solicitation.  Requests for documents should be directed
to Global Bondholder Services at (866) 470-3800 or (212)
430-3774.  

The Company has also retained Banc of America Securities LLC and
Citigroup Corporate and Investment Banking as joint solicitation
agents for the consent solicitation.

Questions concerning the terms of the consent solicitation must
be directed to:

                Banc of America Securities LLC
                (888) 292-0070; or
                (704) 388-4813

                Citigroup
                Corporate and Investment Banking
                (800) 558-3745; or
                (212) 723-6106 (collect).

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

                        *     *     *

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

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

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


SPECTRUM BRANDS: Fitch Junks Rating on US$2.3 Billion Debt
----------------------------------------------------------
Fitch Ratings has initiated rating coverage of Spectrum Brands,
Inc.:

   -- Issuer Default Rating (IDR) CCC;
   -- Senior secured bank facility B/RR1; and
   -- Senior subordinated debentures CCC-/RR5.

The Rating Outlook is Stable.  Approximately US$2.3 billion of
debt is covered by these actions.

The rating reflects SPC's high leverage with FFO adjusted
leverage of 8.06 times as well as debt/EBITDA of 7.68x for the
last 12 months ending July 2, 2006.  Much of SPC's US$2.3
billion in total debt was the result of seven acquisitions
completed since the fiscal year ended Sept. 30, 2003, with the
bulk occurring in 2005.

The acquisitions served to lessen the company's reliance on
essentially one product - the Rayovac battery.  However, poor
performance in batteries combined with high levels of
acquisition-related debt has hampered free cash flow which
declined from US$163.5 million at the FYE Sept. 30, 2005 to
US$22 million at the LTM ending July 2, 2006.

There has also been a declining trend in interest coverages
since the 2005 acquisitions.  EBITDA/interest has fallen
steadily from 3.09x at FYE03 to 1.75x at LTM July 2.  The
company's high leverage provided little flexibility for a myriad
of issues over the past two years: competitive actions in
grooming, a structural change in the European battery market,
retailer inventory adjustments in batteries and lawn & garden
during 2005 and 2006 in North America and escalating commodity
costs which served to more than offset restructuring savings and
price increases.

SPC is a leading provider of private label batteries in its
Europe/Rest of World (ROW) segment.  Batteries represent 70% of
this segment and about half is private label.  Private label is
growing rapidly, however margins are significantly less robust
than SPC's branded batteries and continues to be under pressure.

The Europe/ROW segment represented 29% of revenues and 30% of
operating income for the nine months ending July 3, 2005 with a
nine month operating margin of 14.6%.  For the comparable period
in 2006, revenues have declined 17% with operating profits down
43%.  Part of the revenue decline was the company walking away
from US$30 million in low-margined revenues.  

SPC intends to remain a private-label participant.  Given that
the pressure is expected to continue while the company works on
lowering its operating costs, profits from this key region is
expected to be a drag on the consolidated performance in the
near term.  

Additionally, while the company has hedged it zinc exposure
through the first half of FYE07, the reset in light of expected
tightness in the zinc market and other energy related costs will
contribute to margin pressure as well.  The current trajectory
in the near term appears negative without actions to provide
additional financial flexibility.

SPC's management has historically been able to achieve cost
savings ahead of schedule.  The company is in the process of
three separate actions -acquisition integration, flattening the
North American organization, and reorganizing its European
operation.  

These are expected to lead to cost savings of US$150 million by
2008.  The company reports that it is on track with all
initiatives.  The ability to execute on cost savings and the
company's leading brands are also encompassed in the ratings.
The company has had to amend their financial covenants twice in
the past year to address declining operations.

Thus, a concern is that continued declines in Europe which will
take several quarters to address, potential competitive actions
by participants who have substantially more resources, as well
as increased commodity costs still exist and could continue to
pressure margins and complying with covenants.  

SPC reports that it should comply with its covenants into the
foreseeable future but the ratios appear to be relatively tight.
SPC's ability to continue working well with its bank group is
necessary.

The Rating Outlook is Stable as the company has announced their
discomfort with the present levels of leverage given
underperformance against forecast and has hired Goldman Sachs to
evaluate potential asset sales.  The company's intent is to
review its line of business with a plan to begin executing asset
sales by next spring.  

Lines of businesses to be sold, cash flow lost and amount of
debt reduction is unknown at present.  The goal to de-leverage
is viewed positively in light of recent performance trends.
Incorporated into the Stable Outlook is the expectation that the
company will be able to receive waivers, if needed, from its
debt-holders.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes.  The recovery ratings for the bank facility benefit
from a substantial enterprise value which more than covers
maximum outstanding.

There is also covenants and conditions precedent to each loan
that provides protection and precludes sizeable amounts of debt
without sizeable increases in cash flow.  The senior
subordinated debentures reflect the expectation of below average
recovery prospects in a distressed case.

Virtually all of SPC's revenue growth from US$573 million in
FYE02 to the US$2.359 billion in FYE05 was derived from
acquisitions.  Revenues in the nine months ending July 2, 2006
also increased 13% to US$1.943 billion benefiting from late
FYE05 acquisitions.  It is to be noted however that if sales
were adjusted to assume that all acquisitions during 2005 were
treated as if they had been completed on the first day of fiscal
2005, net sales for the nine months would have declined 6%.

On an as reported basis, FYE05's gross margin declined 480bps to
37.9% due to mix (320bps) and purchase accounting inventory
value charges (160bps), which increased costs of goods, sold.
A normalized EBITDA margin with the 160bps added back would be
14%.  

However, poor performance in batteries and escalating commodity
costs during the nine months ending July 2, 2006 reduced the
EBITDA margin to 11.5% -250bps below prior year.  Thus while
leverage is down slightly to 7.7x from 7.9x at the end of the
fiscal year, LTM July 2, 2006 EBITDA/interest has continued to
weaken as the current fiscal year bears the full brunt of the
debt and interest rate increases as the financial covenants were
amended in December and May.

SPC is a global branded consumer products company with
operations in seven product categories: consumer batteries; lawn
and garden; pet supplies; electric shaving and grooming;
household insect control; electric personal care products, and
portable lighting.  Today, batteries represent just 33% of
global revenues from 90% in 2002 (41% derived internationally).


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


TEXCHEM RESOURCES: Obtains Approval to List Unit in SGX-ST
----------------------------------------------------------
The Singapore Exchange Limited granted Texchem Resources Berhad
a conditional eligibility-to-list its subsidiary Texchem-Pack
Holdings (S) Limited on the Singapore Exchange Securities
Trading Limited.

The listing approval is subject to the condition that the
eligibility-to-list is valid for three calendar months from
Aug. 18, 2006.

                    About Texchem Resources

Headquartered in Penang Malaysia, Texchem Resources Berhad
-- http://www.texchemgroup.com/-- is principally engaged in   
trading in industrial chemicals and other products. Other
activities include manufacturing of family care products and
household insecticides and distribution and marketing of a wide
range of consumer and family care products; manufacturing and
marketing of raw surimi, fishmeal, feedmeal and seafood
products; manufacturing and selling of packaging products for
the electronics, electrical, semiconductor and disk drive
industries and investment holding.  The Group's operations are
located in Malaysia, Thailand, Singapore, Indonesia, China,
Vietnam, Myanmar and Italy.

                        *     *     *

Texchem is currently undergoing a financial rationalization and
restructuring program, which involves the disposal of a number
of dormant subsidiaries.

As reported by the Troubled Company Reporter - Asia Pacific,
Texchme Resources, on March 25, 2005, applied to voluntarily
wind up Texchem-Pack.  The Company's members approved the
petition on March 23, 2006.


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


ALI-INFORM: Creditors Must File Claims by Sept. 15
--------------------------------------------------
LLP Ali-Inform has declared insolvency.   Creditors have until
Sept. 15 to submit written proofs of claim to:

         LLP Ali-Inform
         Micro District Merey, 1-5
    Kyzylorda, Kazakhstan


DUNAIAGRO: Proof of Claim Deadline Slated for Sept. 15
------------------------------------------------------
LLP Dunaiagro has declared insolvency.   Creditors have until
Sept. 15 to submit written proofs of claim to:

         LLP Dunaiagro
    Orenburgskaya Str.2-37
    Almaty, Kazakhstan  


JOLAUSHY & K: Creditors' Claims Due Sept. 15
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Jolaushy & K insolvent on June 23.

Creditors have until Sept. 15 to submit written proofs of claim
at:

         LLP Jolaushy & K
         Zelenaya Str. 40
    Baiserke
    Ilyisk District
    Almaty Region
    Tel: 8 (3333) 15-19-66


MERUERT-LTD: Claims Registration Ends Sept. 15
----------------------------------------------
LLP Meruent-Ltd. has declared insolvency.   Creditors have until
Sept. 15 to submit written proofs of claim to:

         LLP Meruent-Ltd
         Kosmonavtov Str.7-2
    Tekeli
    Almaty Region
    Kazakhstan


ORION-T: Claims Filing Period Ends Sept. 15
-------------------------------------------
LLP Orion-T has declared insolvency.   Creditors have until
Sept. 15 to submit written proofs of claim to:

         LLP Orion-T
         Jeltoksan Str.28-1
         Saryark District
    Astana, Kazakhstan


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


GREEN GEM: Creditors Must File Claims by Sept. 28
-------------------------------------------------
LLC Green Gem Traiding Ltd. has declared insolvency.  Creditors
have until Sept. 28 to submit written proofs of claim to:

         LLC Green Gem Traiding Ltd.
    K. Akiev Str.53-54
    Bishkek, Kyrgyzstan
    Tel:  (0-502) 38-65-94


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


NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network
----------------------------------------------------------------
Nortel Networks Corp. disclosed that Bouygues Telecom selected
Nortel as one of its suppliers for its national high-speed
mobile internet and voice network.

The Company disclosed that the advanced UMTS network, based on
its HSDPA technology, is being designed to provide customers in
France with services such as high-quality live TV, high
definition video on demand, MP3 streaming and multi-user mobile
gaming when it goes live in early 2007.

The Company also disclosed that the new 5-year contract
stipulates that it is Responsible for rolling out the network in
4 out of 6 of the Bouygues' operational regions in France;
including the Western, South Western, Northeastern and
Mediterranean regions.

"We have strong ties with Bouygues Telecom, having supplied
their network from their first GSM implementation through to our
EDGE solutions, and now we will help them take the important
next step to 3.5G," Michel Clement, the Company's president of
Southern Europe, said.  "Nortel's HSDPA technology allows mobile
operators to provide new real-time services that increase the
end-user's experience and helps build customer loyalty."

The Company is currently a key supplier of the Bouygues' EDGE
and GPRS networks.  The current infrastructure provides the
Bouygues with the appropriate foundation for the new network
upgrade.

The Company achieved the industry's first HSDPA mobile call in
January 2005.  It completed the first live test calls using a
commercial handset solution for HSDPA in March 2005.  In June
2005, the Company became the first wireless network supplier to
complete the TL9000 registration standard for Quality Management
System Requirements and Measurements across its HSDPA, UMTS and
GSM wireless infrastructure solutions.

In addition to Bouygues Telecom, the Company has worked with a
number of wireless operators on HSDPA deployments, including
Orange France, Vodafone Spain in Barcelona, during 3GSM World
Congress in February 2006, EDGE Wireless in the US, SKT and KTF
in Korea, Partner Communications in Israel, and Mobilkom
Austria.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.  
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries.

                           *     *     *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  S&P said the outlook is stable.


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


HARBOURMASTER PRO-RATA: Fitch Rates EUR17.5 Million Notes at BB
---------------------------------------------------------------
Fitch Ratings assigned Harbourmaster Pro-Rata CLO 2 B.V.'s issue
of EUR602 million floating- and fixed-rate notes due 2022 final
ratings.  The transaction, a European arbitrage collateralized
loan obligation, is a securitization of primarily senior secured
loans.

   -- EUR150 million Class A1VF variable funding floating-rate
      notes: AAA;

   -- EUR199 million Class A1T (XS0262176364) floating-rate
      notes: AAA;

   -- EUR120 million Class A2 (XS0262176794) floating-rate
      notes: AAA;

   -- EUR43.5 million Class A3 (XS0262176877) floating-rate
      notes: AA;

   -- EUR6 million Class A4E (XS0262177172) floating-rate notes:
      A;

   -- EUR6.75 million Class A4F (XS0262177255) fixed-rate notes:
      A;

   -- EUR2 million Class B1E (XS0262177339) floating-rate notes:
      BBB;

   -- EUR14.5 million Class B1F (XS0262640575) fixed-rate notes:
      BBB;

   -- EUR17.5 million Class B2 (XS0262177412) floating-rate
      notes: BB;

   -- EUR15 million Class S1 (XS0262178907) combination notes:
      BBB;

   -- EUR15 million Class S2 (XS0262179202) combination notes:   
      BBB;

   -- EUR3 million Class S3 (XS0262179384) combination notes:
      BBB; and

   -- EUR6 million Class S4 (XS0262179467) combination notes: A-

The ratings of the Class A1VF, A1T and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest according to the terms of the notes.  For all other
rated Classes of notes, the ratings address ultimate payment of
principal and interest, including any deferred interest, at
maturity according to the terms of the notes.  

The ratings assigned to the Class S1, S2 and S3 combination
notes address the ultimate payment of principal from funds
received on their components, while for the S4 combination notes
the rating addresses the ultimate payment of principal and
interest at a coupon rate of 0.25% on the outstanding rated
balance.

The ratings also take into account the quality and diversity of
the portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  The said guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.

Fitch assigned Harbourmaster a CDO Asset Manager Rating of 2 for
leveraged loans in September 2004 that was affirmed in November
2005, based on the manager's strong credit underwriting and
workout experience.  The ratings are also based on the credit
enhancement provided to the various Classes of notes, which
consists of the subordinated notes, structural protection
covenants and excess spread.

The deal is one of the first transactions that include exposure
to the revolving delayed draw down credit facilities of European
leveraged loans and follows the issue of Harbourmaster Pro-Rata
CLO 1 in June 2006.  This transaction is the eighth European CLO
to be managed by Harbourmaster Capital Limited.

This is one of the first European arbitrage CLOs that enable the
manager to have larger exposure to the traditionally bank-
dominated revolving credit facility and term loan A portion of
European leveraged loan transactions.  The multi-currency nature
of the revolving credit facilities is addressed through the
multi-currency Class A1VF variable funding note and several
foreign exchange hedging mechanisms.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance will be used to purchase a portfolio of primarily
European senior secured loans.


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


TELLER AS: Fitch Assigns BB+ Rating on Issuer Default
-----------------------------------------------------
Fitch Ratings assigned Norway-based Teller AS ratings of Issuer
Default BB+, Short-term B and Support 3 and affirmed its
Individual rating at C.  The Outlook on the Issuer Default
rating is Stable.

The IDR, Short-term rating and Individual rating reflect
Teller's strong franchise in the domestic card payment sector
and its low inherent credit risk operations.  They also consider
its small capital base, the potentially high operational risks
and the challenges it faces as the business expands, in an
increasingly competitive environment.

The Support rating is driven by Fitch's view that there is a
moderate probability that support could be forthcoming from
shareholders, or from the Norwegian government, given Teller's
place at the heart of Norway's card payment systems.

Historically, Teller operated exclusively with the Visa brand,
but since 2003 MasterCard services have been introduced and next
year, American Express services will also be offered. In light
of the positive market share gains already demonstrated by the
MasterCard operations, Fitch is confident that the multi-brand
strategy will help Teller to face the growing competition in its
home market.

Teller has no debt to service and does not require external
funding due to its seven-day deferred settlement, where payments
to merchants are made seven days on average after funds are
received from the issuing bank.  Risk management is adequate and
has enabled Teller to manage the increasing volume of
transactions with relatively low provisioning levels.  However,
Fitch notes there are operational challenges for the business as
it grows.

Although Teller's capital ratios are adequate, no capital charge
is required under Basel I for operational risk, Teller's primary
risk.  In absolute terms, capital is small but has strengthened
as a result of a Board decision not to make any dividend
distribution for the last two years.

The maintenance of this policy and the expected capital raising
in the last quarter of this year in relation to the Amex
contract, are sensible given the operational risk capital
requirement under Basel II.

Teller is owned by a group of 41 banks, which are all customers
of the company, the largest being DnB NOR Bank (A+/F1) with a
40% stake.  

Established in 1977, Teller provides Visa and MasterCard card
issuing services to banks, including transaction handling,
emergency cash cards, card-stop, authorizing, and fraud
detection.  Its business has grown rapidly and it supported
about five million cards at end-2005.

Teller's remaining business is multi-brand merchant acquiring.
It is a market leader in Norway with around 58,000 merchants.  
To diversify its business geographically, it also targets
merchants in Europe.  At end-2005, it employed 122 staff, all
based in Oslo.


=============
R O M A N I A
=============


CFR MARFA: Financial Constraints Spur S&P to Cut Rating to B
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on 100% Romanian-state-owned rail
freight company CFR Marfa S.A. to 'B' from 'B+'.  At the same
time, the rating was removed from CreditWatch, where it had been
placed, with negative implications, on March 16.  The outlook is
negative.

"The rating action reflects the constraints on direct state
financial support for Marfa under state-aid rules that will
apply on Romania's expected accession to the EU in 2007," said
Standard & Poor's credit analyst Eugene Korovin.  

"In addition, the risk of privatization has increased."

Standard & Poor's regards Marfa as a commercial entity, and
factors state support into its ratings on the company.  The
weakening of such support impairs Marfa's credit quality, which
increasingly depends on its stand-alone creditworthiness.  

The rating on Marfa is constrained by:

   -- continued deterioration of the company's market position u
nder strong competitive pressure from roads, river, and
other rail carriers;

   -- its aged rolling-stock fleet, which will require
significant capital expenditures over the medium term;
  
   -- refinancing risk associated with Marfa's EUR120 million
Eurobond, which falls due in December 2007; and

   -- poor information disclosure and late reporting under IFRS.

These risks are offset by:

   -- Marfa's strong, albeit weakening, position in the Romanian
transportation market;

   -- some probability of state support with regard to
refinancing of the Eurobond;

   -- improved financial performance, and

   -- adequate cash flow protection measures for the rating.

"Standard & Poor's has increasing concerns about the repayment
of Marfa's Eurobond," said Mr. Korovin.

"Failure to negotiate refinancing closer to the bond's due date
could result in a further downgrade."

A substantial delay in providing financial information,
including the already delayed 2005 financial report under IFRS,
will put further pressure on the rating.
     
"The rating could also be lowered if Marfa's financial profile
weakens over the medium term as a result of increased
competition after Romania's EU accession," added Mr. Korovin.

"A further deterioration in Marfa's rail traffic levels, and
limitations on the company's ability to pass on rising costs to
customers through tariff increases, will likely put pressure on
Marfa's profitability and cash-flow generation, and impair its
cash-flow protection."


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


BRICKWORKS ABASHEVSKIY: V. Skorikov to Manage Assets
----------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. V.
Skorikov as Insolvency Manager for LLC Brickworks Abashevskiy.  
He can be reached at:

         V. Skorikov
         Kirova Str. 64-68
         Novokuznetsk
         654018 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-5987/2006-4.

The Debtor can be reached at:

         LLC Brickworks Abashevskiy
         Strelochnyj Tupik 12
         Novokuznetsk
         564086 Kemerovo Region
         Russia


CONFECTIONARY IRKUTSKAYA: S. Ivasyuk to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. S. Ivasyuk
as Insolvency Manager for CJSC Confectionary Irkutskaya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-37560/05-38.  

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Confectionary Irkutskaya
         Partizanskaya Str. 36
         Irkutsk Region
         Russia


ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue
--------------------------------------------------------------
ICICI Bank has reportedly set an indicative yield range of 250
to 270 basis points above 10-year U.S. Treasuries for its first
hybrid tier-1 securities issue, Reuters reports, citing market
sources.

The issue size has not yet been fixed but sources disclose that
the Bank had planned to sell US$250 million in tier I perpetual
bonds, Reuters relates.

According to Reuters, the tier-I issue will be the first from an
Indian issuer since the central Bank authorized lenders in July
to raise capital overseas through hybrid instruments like
perpetual bonds.

The Bank has tapped JPMorgan, Merrill Lynch and Morgan Stanley
as joint bookrunners for the proposed perpetual issue that is
callable in 2016, Reuters says.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 17, 2006, Moody's Investors Service has assigned a Baa2
rating to the proposed tier I offer, while Standard & Poor's
rates it at BB-.

                        About ICICI Bank

ICICI Bank Limited -- http://www.icicibank.com/-- is a   
financial services group providing a variety of banking and
financial services, including project and corporate finance,
working capital finance, venture capital finance, investment
banking, treasury products and services, retail banking, broking
and insurance.  It also has interests in the software
development, software services and business process outsourcing
businesses.  The Company's operations have been classified into
three segments: Commercial Banking, Investment Banking and
Others.  ICICI Bank is headquartered in Mumbai, India.  It has
subsidiaries in the United Kingdom, Canada and Russia, branches
in Singapore and Bahrain, and representative offices in the
United States, China, United Arab Emirates, Bangladesh and South
Africa.

                        *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating
to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.



NORILSK NICKEL: Moody's Assigns Ba2 Rating on Notes Under Review
----------------------------------------------------------------
Moody's Investors Service placed Ba1 corporate family ratings of
Norilsk Nickel, Aa1.ru national scale rating and Ba2 rating on
its notes under review for possible upgrade.

The review was prompted by:

   -- Norilsk Nickel's strengthening credit profile in terms of
robust cash flows and low levels of absolute debt;

   -- the decision to divest its gold assets; and

   -- the overall flexibility afforded to the company from its
low cost operations.

The review will focus on:

   -- the developing operating and financial profile of
Norilsk Nickel;

   -- the Company's ability to continue to mitigate domestic
inflation and maintain its competitive cost position, as
well as the Company's sensitivity to movements in metal
(in particular nickel) prices and exchange rates;

   -- the developments associated with the company's corporate
governance and financial strategies; and

   -- the credit implications, on Norilsk, if any, of the
developing industrial policy in Russia in shaping the
long-term fundamentals of the mining and metals industry.

Moody's will also consider the current notching affecting the
unsecured bonds in the context of the progress being made by the
company to reduce priority debt in the capital structure.

In 2005 and 1H 2006, Norilsk Nickel performance was robust.  The
Company maintained its competitive cost position and further
improved profitability, supported by peak pricing for its key
commodities.  At the end of 2005, Norilsk Nickel leverage was
very low with Total Adjusted Debt / EBITDA of x0.3 as the
Company maintained low level of indebtedness at the peak of the
cycle, in spite of US$763 million stock repurchase and
acquisitions made in the energy sector.  The balance sheet
strength was further bolstered by US$922 million cash balance.

Norilsk Nickel is one of the world leading producers of nickel
and palladium and Russia's largest privately held mining company
benefiting from a high quality portfolio of assets and vast
reserves in nickel, copper, palladium as well as other metals.
In 2005, Norilsk Nickel produced 243 tones of nickel and 452
tonnes of copper and reported US$7.2 billion in Revenues and
US$3.2 billion in EBIT.


SHELEKHOVSKIY DIARY: I. Boldakov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. I.
Boldakov as Insolvency Manager for OJSC Shelekhovskiy Diary.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-12-63/06-29.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Shelekhovskiy Diary
         Kulutukskiy Trakt, 18.
         Shelekhov
         666034 Irkutsk Region
         Russia


SHOP OF TOYS: Court Names Sh. Fazailov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. Sh. Fazailov as
Insolvency Manager for CJSC Shop of Toys (TIN 7706006455).  He
can be reached at:

         Mr. Sh. Fazailov as Insolvency Manager
         Mira Pr. 101 V
         129085 Moscow Region
         Russia
         Tel: 785-69-65

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-20886/06-124-131B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Shop of Toys
         Room 3
         Krymskiy val 9
         117049 Moscow Region
         Russia


STROY-INDUSTRY: Court Names O. Filippova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Amur Region appointed Ms. O. Filippova
as Insolvency Manager for CJSC Stroy-Industry.  She can be
reached at:

         O. Filippova
         Pervomayskaya Str. 1
         Blagoveshensk
         Amur Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A04-10407/05-7/103 B.

The Debtor can be reached at:

         CJSC Stroy-Industry
         Gorkogo Str. 240/3
         Blagoveshensk
         Amur Region
         Russia


WOOD-PROCESSING FACTORY 1: A. Ezhov to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. A.
Ezhov as Insolvency Manager for LLC Wood-Processing Factory 1.  
He can be reached at:

         A. Ezhov
         Primorskoye Shosse 261-91
         197706 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-10826/2005-18.

The Debtor can be reached at:

         LLC Wood-Processing Factory 1
         Leningradskoye Shosse 64
         Lakhdenpokhya
         186730 Kareliya Republic
         Russia


YAKUTSK-DIAMOND: Court Names Mr. K. Popov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed Mr.
K. Popov as Insolvency Manager for CJSC Yakutsk-Diamond.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-8277/05.

He can be reached at:

         K. Popov
         Krupskoy Str. 35
         Yakutsk
         677007 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         CJSC yakutsk-diamond
         Room 403
         Kulakovskogo Str. 28
         Yakutsk
         677007 Sakha Republic-Yakutiya
         Russia


YUKOS OIL: Moscow Court Rejects Debtor's Bankruptcy Appeal
----------------------------------------------------------
The Moscow Arbitration Court rejected Wednesday OAO Yukos Oil
Co.'s appeal against an Aug. 1 bankruptcy ruling, upholding the
decision by creditors to liquidate the company, according to
published reports.

As previously reported in TCR-Europe, creditors voted on July 25
to liquidate what was once Russia's biggest oil firm rejecting a
management rescue plan that valued the company's assets at about
US$30 billion.  The vote came after bankruptcy manager Eduard
Rebgun said Yukos couldn't pay its debts in the time allotted by
law.  Subsequently, the court declared the oil firm bankrupt on
Aug. 1 after three years of litigation over back taxes.

The company is facing up to US$16.6 billion in claims filed by
more than 20 creditors including, among others:

         Yuganskneftegas        US$4.07 billion
         Federal Tax Service    US US$11.6 billion
         OAO Rosneft Oil Co.    US US$482 million

The Prosecutor General's Office launched a probe on Aug. 8 into
alleged fraud during the oil group's bankruptcy procedure.
Russian prosecutors have accused former Yukos officials of
embezzling money by securing a US$4.5 billion loan from Yukos
Capital SARL, a Luxembourg-based unit and major creditor for
Yukos, through legal entities affiliated with the company.

Investigators alleged that the ex-Yukos officials masterminded a
plan to sell crude oil through trading companies Fargoil and
Ratibor under their control, acting both as fictitious owners
and buyers, RIA Novosti relates.

According to the Russian news agency, Mr. Rebgun agreed with
investigators that Yukos Capital had offered Yukos its own
assets.  While Yukos was in external administration, Yukos
Capital filed a motion to participate in the first creditors'
meeting and filed claims against Yukos, which the court
subsequently rejected.

                           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.


YUKOS OIL: Bankruptcy Administrator Taps E&Y to Prepare Sale
------------------------------------------------------------
Eduard Rebgun, the bankruptcy administrator for OAO Yukos Oil
Co., has hired Gazprombank and Ernst & Young to help him prepare
the sale of the company's assets, The Moscow Times reports.

As previously reported in TCR-Europe, creditors voted on July 25
to liquidate what was once Russia's biggest oil firm rejecting a
management rescue plan that valued the company's assets at about
US$30 billion.  The vote came after bankruptcy manager Eduard
Rebgun said Yukos couldn't pay its debts in the time allotted by
law.  Subsequently, the court declared the oil firm bankrupt on
Aug. 1 after three years of litigation over back taxes.

Mr. Rebgun needs to sell off the firm's assets or refloat its
subsidiaries to raise enough cash to pay off at least US$16.6
billion in claims.

"There were talks [with Gazprombank] about what we need to do to
carry out all these procedures," Mr. Rebgun said.  "We realized
that they could offer what we needed, so we are going to
transfer [Yukos'] accounts to them."

Gazprombank is a unit of Gazprom, which tried to purchase
several Yukos assets on the eve of its bankruptcy, the paper
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.

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


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


SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders
-----------------------------------------------------------
Sanmina-SCI Corp. is soliciting consents from the holders of the
US$400 million aggregate outstanding principal amount of its
6-3/4% Senior Subordinated Notes due 2013 and the holders of the
US$600 million aggregate outstanding principal amount of its
8.125% Senior Subordinated Notes due 2016.

The Company is requesting a waiver, until Dec. 14, 2006, of
any default or event of default that may arise by virtue of the
Company's failure to file with the Securities and Exchange
Commission and furnish to the trustee and holders of notes,
certain reports required to be filed by the Company under the
Securities Exchange Act of 1934, as amended.

The Company also disclosed that, it has not yet filed with the
Securities and Exchange Commission its Quarterly Report on Form
10-Q for the fiscal quarter ended July 1, 2006.

The Company is offering a consent fee of US$16.25 in cash for
each US$1,000 in principal amount of its 6-3/4% Senior
Subordinated Notes due 2013.  The Company is offering a consent
fee of US$10 in cash for each US$1,000 in principal amount of
its 8.125% Senior Subordinated Notes due 2016.

The consent solicitation will expire at 5:00 p.m., New York City
time, on Sept. 6, 2006.  Holders may tender their consents to
the Tabulation Agent at any time before the expiration date.

The Company has retained Global Bondholder Services Corporation
to serve as its Information Agent and Tabulation Agent for the
consent solicitation.  Requests for documents should be directed
to Global Bondholder Services at (866) 470-3800 or (212)
430-3774.  

The Company has also retained Banc of America Securities LLC and
Citigroup Corporate and Investment Banking as joint solicitation
agents for the consent solicitation.

Questions concerning the terms of the consent solicitation must
be directed to:

                Banc of America Securities LLC
                (888) 292-0070; or
                (704) 388-4813

                Citigroup
                Corporate and Investment Banking
                (800) 558-3745; or
                (212) 723-6106 (collect).

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

                        *     *     *

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

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

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


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


FINANSBANK A.S.: Fiba Group Closes 46% Stake Sale to Greek Bank  
---------------------------------------------------------------
Finansbank's majority shareholder Fiba Group has finalized the
sale of 46% of the Bank's ordinary shares (nominal value of
ordinary shares is TRY575,000,000) and 100% of its founders'
shares to National Bank of Greece within the context of the
share purchase agreement signed on April 3.

NBG paid in cash US$2,323 million for 46% of the ordinary shares
in Finansbank (valuing 100% of the ordinary shares at US$5,050
million) and US$451 million for 100% of the founders' shares.

As part of the agreement, Finansbank has also completed the sale
of its international participations, Finans International
Holding N.V. (100% directly owned by Finansbank) and Finansbank
Romania S.A. (28.05% directly owned by Finansbank) to Fiba
Holding A.S. for US$600 million and bought back 99.99% of the
shares of Finansbank Malta Ltd. for US$48 million, from Finans
International Holding N.V.  From this sale, Finansbank recorded
TRY546.2 million in participation sale profit.  

NBG will submit an application to the Capital Markets Board of
Turkey for approval of a mandatory tender offer for the
remaining 44.3% of the ordinary share capital of Finansbank (eg,
excluding the 9.68% of Finansbank retained by the Fiba Group),
in accordance with the relevant regulatory requirements.  If NBG
acquires less than a 4% plus one ordinary share additional stake
in Finansbank during the Mandatory Offer, Fiba Holding and its
affiliates will sell to NBG sufficient ordinary shares, such
that NBG will achieve a 50% plus one ordinary share ownership
position in Finansbank.  Fiba Group's remaining 9.68% share is
subject to performance based put and call arrangements with NBG.

"We are delighted with the timely conclusion of this
transformational transaction for NBG, a transaction which
comprises a cornerstone of the strategy presented in our three
year business plan.  It heralds a turning point for the Group,"
Mr. Takis Arapoglou, Chairman and CEO of NBG, commented.

"This investment brings together NBG's leading position in the
SEE region and Finansbank's growth potential in the Turkish
Market.  The resulting synergies will accelerate the bank's
existing superior growth in the Turkish market and further
enhance its market leading profitability under the current
management," Mr. Husnu Ozyeoin, Chairman of Finansbank
commented.

As reported in TCR-Europe on April 6, Mr. Ozyegin will keep a
minority stake in the Company and will continue in his role as
Finansbank chairman.  In addition, the management team of
Finansbank will continue to manage Finansbank post the
completion of this transaction.

Finansbank will retain ownership of Finansbank Malta Ltd., a
corporate banking business used to support Finansbank's Turkish
banking operations.

Finansbank's shareholding structure after the share transfer
consists of:

   National Bank of Greece               46.00%
   Fiba Holding A.S.                      9.68%
   Public Shares                         44.32%

                        About NBG

Headquartered in Athens, Greece, National Bank of Greece, the
oldest and largest among Greek banks, provides investment
banking services, brokerage, insurance, asset management,
leasing and factoring.

                    About Finansbank

Headquartered in Turkey, Finansbank is the fifth largest private
bank Turkey according to its 2005 consolidated asset size of
US$14 billion.  On top of its banking operations in Turkey,
Finansbank has an extensive international banking network with
its subsidiaries in the Netherlands, Switzerland, Romania Russia
and Malta.  Finansbank provides a wide range of products and
services from commercial banking to private banking and
investment banking.  Finansbank with its staff of 10,300 people
operates in 12 countries with 287 branches.

                        *     *     *

As reported in TCR-Europe on July 6, Fitch Ratings affirmed
Turkey-based Finansbank A.S.'s ratings at foreign currency
Issuer Default BB-, Short-term foreign and local currency B and
Individual C/D.  Fitch said the Outlook on the foreign currency
Issuer Default rating is Positive.

At the same time, Fitch is keeping the bank's local currency IDR
BB-, National Long-term A and Support 4 ratings on the Rating
Watch Positive.  The RWP was initiated following the
announcement on April 3 from National Bank of Greece that is
planning to acquire a 46% controlling stake in the bank.


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


ALFA BANK: Moody's Assigns E+ Financial Strength Rating
-------------------------------------------------------
Moody's Investors Service has assigned these ratings to Alfa
Bank Ukraine:

   -- B2 long-term and Not-Prime short-term foreign currency
deposit ratings;

   -- B1 long-term and Not-Prime short-term local currency
deposit ratings;

   -- E+ financial strength rating;

   -- Aa2.ua long-term National Scale Rating.

The outlooks on all global scale ratings are stable, while the
bank's NSR carries no specific outlook.

According to Moody's, the global scale deposit ratings reflect
global default and loss expectation, while the Aa2.ua NSR
reflects the standing of the bank's credit quality relative to
its domestic peers.

Alfa Bank Ukraine until recently has been majority owned by one
of the largest private banks in Russia -- Alfa Bank.  Although
the shareholder structure of ABU is undergoing modifications,
the bank will still remain controlled by the same beneficial
owners of Alfa Group through different entities.  

Moody's believes that the parent bank/group would be willing to
support ABU's relatively small operations in case of need in
order not to jeopardize the confidence in the "Alfa" name that
has been built over the years.

Therefore ABU's long-term local currency deposit rating is
notched up to the B1 level based on implicit support the bank
may receive from affiliated companies; the Ba2 deposit rating of
Alfa Bank (Russia) is used as a proxy for evaluating the
capacity to provide such support, although this bank may not
necessarily be the supporting entity itself.

The bank's B2/Not-Prime foreign currency deposit ratings are
constrained by the country ceiling for such deposits and
primarily reflect the weak macroeconomic operating environment
and political volatility in Ukraine that result in a high level
of foreign currency transfer risk.

Moody's notes that the bank's E+ Financial Strength Rating
reflects ABU's narrow independent franchise in the Ukrainian
market, limited customer base to date -- which, however,
includes a number of first-class customers -- and its weak
financial fundamentals.

At the same time the bank's FSR is underpinned by the potential
to grow its franchise as well as by its access to Alfa Banking
Group resources and transfer of knowledge and skills, which
represents a significant advantage relative to other Ukrainian
banks of a similar size.

Headquartered in Kiev (Ukraine), ABU reported total IFRS assets
of US$422 million as at year-end 2005 and net loss of US$1.9 for
the year 2005.


BAR BREAD: Regional Bankruptcy Agency to Liquidate Assets
---------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for LLC
Bar Bread Receiving Enterprise (code EDRPOU 32090467).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 13.  The case is docketed
under Case No. 10/88-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Bar Bread Receiving Enterprise
         Vokzalna Str. 26
         Bar
         23000 Vinnitsya Region
         Ukraine


BAR LIQUOR-VODKA: Regional Bankruptcy Agency to Liquidate Assets
----------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for LLC
Bar Liquor-Vodka Plant (code EDRPOU 32697275).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 20.  The case is docketed
under Case No. 5/171-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Bar Liquor-Vodka Plant
         Lisova Str. 2
         Mizhlissya
         Bar District
         23032 Vinnitsya Region
         Ukraine


KONONIVKA BREAD: Court Names Oleg Bilera as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Oleg Bilera as
Liquidator/Insolvency Manager for OJSC Kononivka Bread Receiving
Enterprise (code EDRPOU 00956862).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 9.  The case is docketed
under Case No. 10-14-01/1765.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         OJSC Kononivka Bread Receiving Enterprise
         Poshtova Str. 2
         Kononivka
         Drabivskij District
         Cherkassy Region
         Ukraine
         

KRIMPRODMASH-1: AR Krym Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on LLC Krimprodmash-1 (code EDRPOU
32150651).  The case is docketed under Case No. 2-5/8045-2006.

The Temporary Insolvency Manager is:

         Larisa Petuhova
         Peremogi Avenue 235-A/3
         Simferopol
         95022 AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Krimprodmash-1
         Dzubanov Str. 11
         Simferopol
         95006 AR Krym Region
         Ukraine


MOLODOVA: Court Names Anatolij Rovnij as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Harkiv Region appointed Anatolij Rovnij as
Liquidator/Insolvency Manager for Agricultural LLC Agrofirm
Molodova (code EDRPOU 00852861).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 3.  The case is docketed
under Case No. B-24/64-06.

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:

         Agricultural LLC Agrofirm Molodova
         Solovyov Str. 19
         Molodova
         Vovchanskij District
         Harkiv Region
         Ukraine


MONTAZH: Court Names Leonid Talan as Insolvency Manager
-------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Leonid
Talan as Liquidator/Insolvency Manager for LLC Montazh (code
EDRPOU 19382889).  He can be reached at:

         Leonid Talan
         a/b 7
         49000 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 11.  The case is docketed
under Case No. B 24/176-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Montazh
         Peremogi Str. 44/1
         Naberezhna
         49000 Dnipropetrovsk Region
         Ukraine


PEREMOGA: Harkiv Court Names M. Sorokin as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Harkiv Region appointed Mr. M. Sorokin as
Liquidator/Insolvency Manager for Agricultural LLC Peremoga
(code EDRPOU 00708160).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 3.  The case is docketed
under Case No. B-39/155-06

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:

         Agricultural LLC Peremoga
         Lenin Str. 268
         Bogoduhiv
         Harkiv Region
         Ukraine


RAJAGROSHLYAHBUD: Regional Bankruptcy Agency to Liquidate Assets
----------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for LLC
Rajagroshlyahbud (code EDRPOU 03579414).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
10/61-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Rajagroshlyahbud
         Polyova Str. 2
         Tomashpil
         24200 Vinnitsya Region
         Ukraine
         Liquidator


SEBEK: Dnipropetrovsk Court Names Leonid Talan as Liquidator
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Leonid
Talan as Liquidator/Insolvency Manager for LLC Sebek (code
EDRPOU 33577383).  He can be reached at:

         Leonid Talan
         a/b 7
         49000 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 11.  The case is docketed
under Case No. B 24/177-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Sebek
         Shors Str. 4
         49033 Dnipropetrovsk Region
         Ukraine


TORIS: Kyiv Court Names Volodimir Sirota as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Volodimir Sirota as
Liquidator/Insolvency Manager for LLC Scientific-Production
Commercial Firm Toris (code EDRPOU 21502355).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 14.  The case is docketed
under Case No. 43/456.

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 Scientific-Production Commercial Firm Toris
         Zhovtnya Avenue 15-a
         40-richya
         03039 Kyiv Region
         Ukraine


VIKTORIYA: Sumi Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Agrofirm Viktoriya (code EDRPOU
30902144) on July 6.  

The case is docketed under Case No. 8/327-06.

The Temporary Insolvency Manager is:

         Sergij Polyakov
         Gorkij Str. 23/1-67
         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 Agrofirm Viktoriya
         Miru Str. 17
         Zhigajlivka
         Trostyanets District
         Sumi Region
         Ukraine


ZHITNITSYA PODILLYA: Bankruptcy Agency to Liquidator Assets
-----------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for LLC
Zhitnitsya Podillya (code EDRPOU 31250673).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
5/161-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Zhitnitsya Podillya
         Gorkij Str. 11
         Hmilnik
         22000 Vinnitsya Region
         Ukraine


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


A.R.E. LIMITED: Brings In Administrators from BDO Stoy
------------------------------------------------------
David Harry Gilbert and Dermot Coakley of BDO Stoy Hayward LLP
were appointed joint administrators of A.R.E. Limited (Company
Number 01124942) on July 25.

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 Surrey, United Kingdom, A.R.E. Limited sells
motor vehicle parts.


ABBEY SECURITY: Nominates Zafar Igbal as Liquidator
---------------------------------------------------
Zafar Iqbal of Cooper Young was nominated Liquidator of Abbey
Security Limited on Aug. 11 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Abbey Security Limited
    Eastern Way
    Bury St. Edmunds
    Suffolk IP327AB
    United Kingdom
    Tel: 01284 768 832
    Web: http://www.abbeysecurity.co.uk/


ACE CABS: Claims Filing Period Ends Sept. 15
--------------------------------------------
Creditors of Ace Cabs Limited, which is being voluntarily wound
up, are required, on or before Sept. 15, to send in their full
names, their addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator Lloyd Biscoe, of
Begbies Traynor at:

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

The company can be reached at:

         Ace Cabs Limited
    44 Duffield Road
    Chelmsford CM2 9RS
    United Kingdom
    Tel: 01245 478 100


AIRE VALLEY: Fitch Affirms BB Rating on Class D Notes
-----------------------------------------------------
Fitch Ratings affirmed Aire Valley master trust program's
previous two issues via Aire Valley Mortgages 2004-1 PLC and
Aire Valley Mortgages 2005-1 PLC, respectively.  This follows
the assignment of the final ratings to its third issue.  The
latest bonds are issued by Valley Mortgages 2006-1 PLC.

In rating the latest transaction, it is necessary to ensure that
the previous issuances from the master trust pass Fitch's stress
scenarios.

All Classes of notes are backed by mortgage loans secured by
residential properties in England, Scotland and Wales.

Aire Valley Mortgages 2004-1 PLC:

   -- Class A: AAA;
   -- Class B: AA;
   -- Class C: BBB; and
   -- Class D: BB.

Aire Valley Mortgages 2005-1 PLC:

   -- Class A: AAA;
   -- Class B: AA; and
   -- Class C: BBB.


AIRTEC 2000: Appoints Tony Mitchell as Liquidator
-------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
Liquidator of Airtec 2000 Limited on Aug. 9 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         Airtec 2000 Limited
    Unit 2 Exis Court
    Veasey Close
    Attleborough Fields Ind Est
    Nuneaton
    Warwickshire CV116RT
    United Kingdom
    Tel: 024 7634 3123


ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter
-------------------------------------------------------------
Aleris International, Inc. reported record results for the
second quarter of 2006 and the six months ended June 30, 2006.

Operating income increased to a quarterly record of US$102.6
million for the second quarter of 2006 from last year's US$30.8
million, an increase of US$71.8 million, or 233%.

Second quarter net income was a record US$55.4 million, at an
estimated tax rate of 36.9%, compared with reported net income
of US$18.9 million in the second quarter of 2005, based on an
estimated tax rate of 9.8%.

Aleris reported second quarter 2006 revenues of US$1.01 billion.  
For the second quarter of 2005, Aleris reported revenues of
US$603.6 million.

Merger-related synergies from the Commonwealth acquisition and
company wide productivity initiatives aggregated US$15 million
for the quarter while synergies related to the 2005 acquisitions
totaled approximately US$11 million, exceeding the Company's
expectations.

The Company is raising its estimate of merger-related synergies
from the Commonwealth acquisition and company wide productivity
initiatives to be realized within 18 to 24 months of the merger
to US$65 million from US$50 million.

On Aug. 1, 2006 Aleris closed the acquisition of the downstream
aluminum business of Corus Group plc for a purchase price of
approximately US$887 million.  Simultaneously, the Company
entered into new credit agreements, the proceeds from which were
used to fund the acquisition and refinance substantially all of
the Company's existing indebtedness.  The Company expects to
incur charges in the third quarter of approximately US$53.5
million related to the refinancing.

Steven J. Demetriou, Chairman and Chief Executive Officer of
Aleris, said, "We are extremely pleased with the record results
we achieved for the second quarter of 2006 with operating income
increasing more than 200% from the prior-year period.  The
results not only exceeded our expectations but also reaffirmed
the strength of our businesses.  Our rolled products business
benefited from acquisitions, strengthened margins from improved
scrap spreads, the favorable FIFO impact of the rising London
Metal Exchange on a year- over-year basis and continued
productivity improvements.  Aluminum recycling increased the
momentum begun over the last several quarters, while zinc
continued to generate record earnings.  We are particularly
pleased with the impact of the acquisitions we made in 2005
which are contributing substantially to our increased
profitability."

                              Outlook

Mr. Demetriou said, "We are particularly pleased to have
completed the Corus acquisition, which should strengthen our
product portfolio, expand our global capabilities and contribute
significantly to our future profitability.  We welcome all 4,600
former Corus employees onto the Aleris team and look forward to
building a world-class global aluminum company.  In addition, we
remain focused on achieving maximum benefit from the original
Commonwealth merger and are again raising our estimated synergy
target to US$65 million from US$50 million to be achieved within
18 to 24 months of the original merger."

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?103C

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The Company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
Company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2006,
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on Aug. 10, 2006,
Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ANGLIA VALE: Taps P&A to Administer Assets
------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Anglia Vale
Medical Limited (Company Number 0144401) on July 31.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Headquartered in Peterborough, United Kingdom, Anglia Vale
Medical Limited supplies medical equipment.


AXS-ONE INC: June 30 Balance Sheet Upside-Down by US$7.08 Mln
-------------------------------------------------------------
AXS-ONE Inc. reported a net loss of US$2.5 million for the
second quarter ended June 30, 2006, compared with a net loss of
US$4.4 million in the second quarter of last year.

Total revenues for the second quarter were US$8 million, an
increase of 6.8% compared with revenues of US$7.5 million for
the second quarter of 2005 and up 6.5% sequentially compared to
the US$7.5 million reported for the first quarter.

For the first six months of 2006, total revenues were
US$15.5 million compared with total revenues of US$15.5 million
for the first six months of 2005.  The net loss for the first
six months of 2006 was US$5.2 million, compared to a net loss of
US$7.5 million for the comparable prior-year period.

At June 30, 2006, the Company's balance sheet showed
US$9,799,000 in total assets and US$16,887,000 in total
liabilities, resulting in a US$7,088,000 stockholders' deficit.  

The Company completed the quarter with US$3.3 million in cash
and cash equivalents.  The Company's accounts receivable were
US$4.3 million as of June 30, and the company completed the
quarter with US$1.7 million of borrowing availability on its
US$4 million line of credit.

"While we saw an increase in deal closings during the second
quarter, specifically with our partner Sun Microsystems, our
reported results are below our expectations," commented Bill
Lyons, chairman and CEO of AXS-One.  "We continue to experience
lengthy sales cycles which resulted in a number of deals that
were anticipated to close being pushed out into subsequent
quarters.  However, recently released industry studies that
highlight AXS-One's complete integrated platform solution
validate our belief that our software is appropriately
positioned within this growing and dynamic market.  These
factors, combined with improved execution on our sales pipeline,
should allow us to grow revenues and continue our progress
toward a return to profitability."

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?1031

                       About AXS-ONE Inc.

AXS-One Inc. (AMEX: AXO) -- http://www.axsone.com/-- provides  
high performance Records Compliance Management solutions.  The
AXS-One Compliance Platform enables organizations to implement
secure, scalable and enforceable policies that address records
management for corporate governance, legal discovery and
industry regulations such as SEC17a-4, NASD 3010, Sarbanes-
Oxley, HIPAA, The Patriot Act and Gramm-Leach Bliley.  
Headquartered in Rutherford, New Jersey, AXS-One has offices
worldwide including in the United States, Australia, Singapore,
United Kingdom and South Africa.


BBB NETWORK: FSCS Affirms Default Declaration
---------------------------------------------
The Financial Services Compensation Scheme confirmed that BBB
Network Limited (fka Berkeley Independent Advisors Limited) has
been declared in default, Emma Ann Hughes writes for the
Financial Times Adviser.

The default opens the door for consumers to claim up to
GBP48,000 in compensation as a result of the firm's negligent
advice, Mr. Hughes relates.

"It is important for consumers to know that if they have had
dealings with this firm, and believe they may have lost money as
a result of negligent advice, they can contact us," FSCS CEO
Loretta Minghella said.

On Feb. 28, Berkeley Berry Birch plc completed the sale of the
businesses of Berkeley Independent Advisers Limited and Berry
Birch & Noble Financial Planning Limited to Tenet Group Limited.  
The total maximum consideration for the disposal is GBP2.3
million, comprising GBP1.15 million in respect of BIA and
GBP1.20 million in respect of BBN FP.   

Berkeley Birch's directors concluded in March 2006 that
administration would achieve a better result for the company's
creditors as a whole than a winding-up proceeding.  Accordingly,
Finbarr O'Connel from KPMG LLP was appointed administrator for
the company.

Meanwhile, Rob Hunt, Mark Hopkins and Mark Batten from
PricewaterhouseCoopers were appointed as joint administrators in
respect of Berkeley Birch's subsidiaries including:

   -- Berkeley Independent Advisers Limited;
   -- Berry Birch & Noble Financial Planning Limited; and
   -- Berry Birch & Noble Financial Planning (Weston) Limited,

all of which have sold their businesses and are no longer
trading.

In addition, Rob Hunt and Mark Hopkins have been appointed as
joint administrators of Berkeley Berry Birch Group Support
Services Limited.

Headquartered in Coventry, Berkeley Berry Birch Plc --
http://www.bbb.co.uk/-- was formerly known as Berry Birch &   
Noble Plc.  The Group's principal activity is that of an
investment holding company.  Its subsidiaries include the
provision of financial planning, employee benefits, insurance
broking services and the provision of support services to
independent financial advisers.  On January 2002, the Group
acquired Berkeley Financial Services Group PLC.  Its financial
services accounted for 87% of fiscal 2002 revenues and insurance
broking, 13%.


BIG-TALK NETWORK: Claims Filing Period Ends Nov. 17
---------------------------------------------------
Creditors of Big-Talk Network Limited, which is being
voluntarily wound up, are required, on or before Nov. 17, to
send in the full particulars of their debts or claims to
appointed Liquidator Mark Jonathan Botwood of Muras Baker Jones
at:

         Mark Jonathan Botwood
    Muras Baker Jones
    Regent House
    Bath Avenue
    Wolverhampton WV1 4EG
    United Kingdom

The company can be reached at:

         Big-Talk Network Limited
    65 High Street
    Bilston
    West Midlands WV140HH
    United Kingdom
    Tel: 01902 403 000


BRITANNIA ROLL: Appoints Joint Administrators from Buchanans
------------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans were
appointed joint administrators of Britannia Roll Manufacturing
Company Limited (Company Number 01082407) on July 31.

The administrators can be reached at:

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

Headquartered in Hove, United Kingdom, Britannia Roll
Manufacturing Company Limited manufactures printed paper and
cardboard.


BRADSHAW BEDS: Joint Liquidators Take Over Operations
-----------------------------------------------------
Ronald Stanley Harding and Richard John Elwell of Elwell
Watchorn & Saxton LLP were Joint Liquidators of Bradshaw Beds
Limited on Aug. 4 for the purposes of the creditors' voluntary
winding-up.

The company can be reached at:

         Bradshaw Beds Limited
    38-58 Queens Road
    Nottingham NG2 3AS
    United Kingdom
    Tel: 0115 986 9314


BRAYNSTON SQUARE: Brings In Joint Liquidators from KPMG LLP
-----------------------------------------------------------
Finbarr Thomas O'Connell and Jane Bronwen Moriarty of KPMG LLP
were appointed Joint Liquidators of Byranston Square Limited on
Aug. 7 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Byranston Square Limited
    Armadores House
         69-70 Mark Lane
    London EC3R 7HS
    United Kingdom
    Tel: 020 7480 4101


BRIDGEMAN TANSEY: Claims Registration Ends Sept. 15
---------------------------------------------------
Creditors of Bridgeman Tansey Associates Limited, which is being
voluntarily wound up, are required, on or before Sept. 15, to
prove their debts by sending written statements of the amounts
they claim to be due to them from the company to appointed
Liquidator Gary Bell of Cowgill Holloway Business Recovery LLP
at:

         Gary Bell
    Cowgill Holloway Business Recovery LLP
    Regency House
    45-51 Chorley New Road
    Bolton BL1 4QR
    United Kingdom

The company can be reached at:

         Bridgeman Tansey Associates Limited
    Eaton Place Business Centre
    114 Washway Road
    Sale
    Cheshire M33 7RF
    United Kingdom
    Tel: 0161 374 0713


CATALYST AUTOMOTIVE: Appoints Begbies Traynor as Administrators
---------------------------------------------------------------
Paul Finnity and Peter A. Balair of Begbies Traynor were
appointed joint administrators of Catalyst Automotive Limited
(Company Number 04104380) 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 Staffordshire, United Kingdom, Catalyst
Automotive Limited sells motor vehicles.


CLASSIQUE HOLIDAY: Names Martin Paul Halligan as Administrator
--------------------------------------------------------------
Martin Paul Halligan of MPH Recovery was named administrator of
Classique Holiday Homes Limited (Company Number 03350190) on
July 28.

The administrator can be reached at:

         MPH Recovery
         9 Campus Road
         Listerhills Science Park
         Bradford
         West Yorkshire BD7 1HR
         United Kingdom
         Tel: 01274 370070  

Headquartered in Sandholme, United Kingdom, Classique Holiday
Homes Limited manufactures static caravan holiday homes.


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)


COLLINS & AIKMAN: Bankruptcy Court Permits Sale of GE Equipment
---------------------------------------------------------------
In connection with the wind-down of their fabrics business and
other miscellaneous operations, Collins & Aikman Corporation and
its debtor-affiliates obtained authority from the U.S.
Bankruptcy Court for the Eastern District of Michigan to sell or
abandon equipment in which General Electric Capital Corporation
asserts an interest, pursuant to these procedures:

   (a) The Debtors will identify to GECC any Equipment that the
       Debtors claim to be economically obsolete or surplus to
       their needs.

   (b) The Debtors will give GECC seven days' notice of the
       opportunity to retain the Equipment.  The Debtors and
       GECC reserve their rights as to the value of any
       Equipment retained by GECC.

   (c) If GECC does not elect to retain the Equipment, the
       Debtors will sell the Equipment in a commercially
       reasonable manner to the highest bidder; provided that
       the Debtors are authorized to abandon the Equipment if it
       would be more economical for them.

In the event of any sale of the Equipment, the Debtors will
deposit and hold the proceeds in an interest bearing segregated
account pending further Court order or final resolution of
GECC's claims against the Debtors.

In the event that the Debtors' Master Lease Agreements with GECC
are re-characterized as secured financing agreements, the
Debtors' interest in the sale proceeds, if any, will be subject
to the terms and conditions of the Amended and Restated
Revolving Credit, Term Loan and Guaranty Agreement, dated as of
July 28, 2005.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CORNICHE MARKETING: Taps Joint Liquidators from Insol House
-----------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Corniche Marketing Limited
on Aug. 8 for the purposes of the creditors' voluntary winding-
up.

The company can be reached at:

         Corniche Marketing Limited
    Wandle House
    Riverside Drive
    Mitcham
    Surrey CR4 4BU
    United Kingdom
    Tel: 020 8648 1717
    Web: http://www.shopfittingdirectory.co.uk/


DAVISON BIRD: Taps Wilkins Kennedy as Joint Administrators
----------------------------------------------------------
Simon James Underwood and Keith Aleric Stevens of Wilkins
Kennedy were appointed on Jan. 31 joint administrators of:

   -- Davison Bird & Associates Limited (Company Number
      3299869),

   -- KP Personnel Limited (Company Number 2719100),

   -- Network Engineering Recruitment Limited (Company Number
      2504591),

   -- Driving Professionals Limited (Company Number 5004920),
      and

   -- Workbase Wesources Limited (Company Number 5078703).

The administrators can be reached at:

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

Headquartered in London, United Kingdom, Davison Bird &
Associates Limited, KP Personnel Limited, Network Engineering
Recruitment Limited, Driving Professionals Limited, and Workbase
Wesources Limited are engaged in labor recruitment services.


EAGLE SOLUTIONS: Appoints Liquidator from B & C Associates
----------------------------------------------------------
Jeffrey Mark Brenner, of B & C Associates was appointed
Liquidator of Eagle Solutions Limited on July 28 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Eagle Solutions Limited
    Ogan
    391 City Road
    London EC1V1NE
    United Kingdom
    Tel: 020 7249 5800


EIRCOM FUNDING: To Redeem Outstanding 8.25% Sr. Sub. Notes
----------------------------------------------------------
eircom Funding, the financing company of eircom Group PLC, will
redeem all of its outstanding 8.25% Senior Subordinated Notes
due 2013 pursuant to Section 3.1 of the Indenture and the last
paragraph of Section 7 of the Notes.

The principal amount of the Notes to be redeemed is the full
outstanding principal amount of the Notes.  The Redemption Date
will be Sept. 21.  The Redemption Price shall be equal to 100%
of the principal amount thereof plus the Applicable Premium and
accrued and unpaid interest and Additional Amounts, if any, to
the date of redemption.

The Notes called for redemption must be surrendered to the
Principal Paying Agent in order to collect the Redemption Price.

Unless the Issuer defaults in making the redemption payment,
interest on the Notes called for redemption ceases to accrue on
and after the Redemption Date and the only remaining right of
the Holders is to receive payment of the Redemption Price plus,
without duplication, accrued interest and Additional Amounts, if
any, to the Redemption Date upon surrender of the Notes to the
Paying Agent.

Redemption of the Notes is subject to the satisfaction of
certain conditions, including, but not limited to, the delivery
of documentation and the availability to the Issuer, together
with its affiliates, of funds sufficient to make payment for all
of the Notes called for redemption.  The Issuer reserves the
right, in its sole discretion, to waive any and all conditions
to the redemption of the Notes.

The Indenture dated Aug. 7, 2003, was entered into between
eircom funding, as the issuer and Valentia Telecommunications,
eircom Limited and Valentia Holdings Limited (now eircom Group
plc), as the guarantors, The Bank of New York, as trustee and
principal paying agent, The Bank of New York (Luxembourg) S.A.,
as Luxembourg paying agent, and AIB/BNY Fund Management
(Ireland) Limited, as Irish paying agent.

                   About Eircom Group PLC

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

                        *     *     *

As reported in TCR-Europe on Aug. 7, Moody's Investors Service
downgraded the Corporate Family Rating of eircom Group plc to
Ba3 from Ba2.  Moody's also downgraded the rating of Valentia
Telecommunications Unlimited's EUR550 million unsecured notes
due 2013 to B2 from Ba3 and the rating of eircom Funding plc's
EUR285 million and US$250 million senior subordinated notes due
2013 to B2 from B1.

The rating on the existing EUR1.4 billion senior secured credit
facilities was also downgraded to Ba3 and is expected to be
withdrawn once it is refinanced by a new EUR3.5 billion secured
credit facility.  These rating actions conclude the review for
possible downgrade initiated on May 23 following the
announcement by eircom that BCM Ireland Holdings Limited had
launched a full offer for the company.  The outlook on the
ratings is stable.

Moody's notes that BCM Ireland Holdings Limited, the financial
sponsor-owned entity that acquired eircom Group plc in a
leveraged buy-out, has tendered for the Valentia
Telecommunications Unlimited and eircom Funding plc bonds.  The
ratings of these bonds reflect Moody's assessment of the
potential credit risk for any bonds that are not tendered.
Moody's expects to rate shortly the new debt that BCMIH and its
parent BCM Ireland Finance Ltd. intend to issue.


ENVOY U.K.: Calls In Joint Liquidators from Recovery hjs
--------------------------------------------------------
Shane Biddlecombe and Gordon Johnston of Recovery hjs were
appointed Liquidators of Envoy U.K. Limited on Aug. 7 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Envoy U.K. Limited
    Lower Walsall Street
    Wolverhampton WV1 2ES
    United Kingdom
    Tel: 01902 457 152


FARNBOROUGH TOWN: Brings In Administrators from Begbies Traynor
---------------------------------------------------------------
Ian Michael Rose and Robert Michael Young of Begbies Traynor
were appointed joint administrators of Farnborough Town Football
& Social Club Limited (Company Number 02278768) 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.  

Farnborough Town Football & Social Club Limited can be reached
at:

         John Roberts Ground
         Cherrywood Road
         Farnborough
         Hampshire GU14 8UD
         United Kingdom
         Tel: 01252 541 469
         Fax: 01252 375 613


FEDERAL-MOGUL: Wants to Enter Into Hercules Payment Agency Pact
---------------------------------------------------------------
Federal-Mogul Corporation, T&N Limited, Ferodo America, Inc. and
Gasket Holdings Inc., together with the Official Committee of
Asbestos Claimants and Professor Eric D. Green, as the duly
appointed legal representative for future asbestos-related
personal injury claimants, seek the authority of the United
States Bankruptcy Court for the District of Delaware to enter
into a payment agency agreement relating to the Hercules
asbestos liability policy.

The core of the Hercules Agreement, James E. O'Neill, Esq., at
Pachulski Stang Ziehl Young Jones & Weintraub LLP, in
Wilmington, Delaware, says, is the provision of a mechanism for
distribution of recoveries obtained under the Hercules Policy
to:

   1. a trust to be established for the Debtors' U.K. and
      certain non-U.K. asbestos personal injury claimants; and

   2. a trust to be established for the Debtors' U.S. and
      certain non-U.S. asbestos personal injury claimants.

The distribution will be made in accordance with the division of
insurance recoveries that the Court previously approved as part
of the U.K. Global Settlement Agreement, Mr. O'Neill adds.

The Hercules Agreement is conditioned on the approval of the
U.K. Debtors' company voluntary arrangements that, among others,
establish the priority scheme of the distribution of the
Hercules Recoveries.

                         Hercules Policy

The Hercules Policy obligates the insurer to indemnify T&N for
all "Ultimate Net Loss" in excess of the retained limit, without
limitation, for claims made or brought on or after July 1, 1996,
that relate to the exposure of asbestos, asbestos products,
asbestos dust, or asbestos fibers that were mined, manufactured,
sold, installed or distributed prior to July 1, 1996.

The Policy covers liabilities of T&N as well as certain T&N
subsidiaries and subsidiary undertakings existing on July 1,
1996.  However, T&N is the sole policyholder and is the only
entity entitled to payment under the policy -- although it may
be the case that GHI and Ferodo are entitled to a certain
proportion of the Hercules Recoveries once they have been paid
to T&N.

The Hercules Policy has an aggregate limit of GBP500 million --
approximately US$895 million -- with a retained limit of
GBP690 million -- approximately US$1.235 billion.  The retained
limit has diminished to GBP361,802,160.  Thus, before either the
U.K. Asbestos Trust or the U.S. Asbestos Trust can access
coverage under the policy, the retention must be exhausted.

The Policy, purchased by T&N in 1996, is underwritten by T&N's
captive insurance company, Curzon Insurance, Ltd., and reinsured
by three reinsurance companies.

                 Hercules Payment Agency Agreement

The parties to the Hercules Agreement are:

   -- T&N

   -- the U.K. Administrators

   -- Phillip Rodney Sykes and Jeremy Mark Willmont;

   -- the T&N Asbestos Trustee Company Limited -- the U.K.
      Asbestos Trustee;

   -- the Asbestos Committee;

   -- the Futures Representative;

   -- Federal-Mogul; and

   -- Ferodo and GHI, potential additional beneficiaries.

Messrs. Sykes and Willmont will serve as payment agents under
the Hercules Agreement, acting solely as agents of T&N, the U.K.
Asbestos Trustee and the U.S. Asbestos Trust, once the U.S.
Asbestos Trustee has acceded to the Hercules Agreement.

The Hercules Agreement contemplates that after the creation of
the U.S. Asbestos Trust, the U.S. Asbestos Trustees will accede
to the Agreement.  Upon the trustee's accession, the U.S.
Asbestos Trust will be deemed to be a party in place of the
Asbestos Committee, the Futures Representative, Ferodo and GHI.

Even after they will be substituted by the U.S. Asbestos Trust,
the Asbestos Committee and the Futures Representative will
maintain rights to:

   a. consult with the Payment Agents and the U.K. Asbestos
      Trustee in determining an appropriate reserve to pay
      claims handling costs or costs associated with obtaining
      the Hercules Recoveries;

   b. act unanimously and instruct the Payment Agents in
      investing any funds held prior to the establishment of the
      U.S. Asbestos Trust;

   c. consult with the U.K. Asbestos Trustee regarding any
      remuneration to be paid to the Payment Agents;

   d. notify the Payment Agents if no further Hercules
      Recoveries will be paid; and

   e. together with T&N and the U.K. Asbestos Trustee, terminate
      either or both Payment Agent(s) and participate in the
      appointment of successor Payment Agents.

The competing interests of the U.S. and the U.K. Asbestos Trusts
and T&N in the Hercules Recoveries necessitate a structure where
the recoveries are administered and distributed by a third-
party, Mr. O'Neill tells the Court.  Pursuant to the terms of
the CVAs -- and, after it comes into effect, the Debtors' Plan
of Reorganization -- Mr. O'Neill says T&N will hold in trust all
recoveries obtained under the Hercules Policy for the ultimate
benefit of asbestos personal injury claimants.  If T&N should
receive any Hercules Recoveries, those amounts will be held in
trust by T&N for the Payment Agents.  Any Hercules Recoveries
received by T&N will be held by T&N in an account in its name --
the Hercules Receipt Account -- from which the Payment Agents
will have sole authority to transfer or withdraw funds.

The Payment Agents will collect all Hercules Recoveries into an
account to be established jointly in the names of the U.K.
Asbestos Trustee and the U.K. Asbestos Trust -- the Hercules
Waterfall Account.  The Payment Agents will give instructions to
the bank at which the Hercules Receipt Account is maintained to
transfer all funds in the Hercules Receipt Account to the
Hercules Waterfall Account on the day the funds are received,
ensuring that Hercules Recoveries are aggregated as soon as
possible into the Hercules Waterfall Account.

A full-text copy of the Hercules Agreement is available for free
at http://ResearchArchives.com/t/s?101e

              Agreement is Ministerial but Necessary

GHI and Ferodo are parties to the Hercules Agreement because
they may ultimately be determined to be entitled to a portion of
the Hercules Recoveries and, accordingly, have an interest in
preserving those recoveries pending the creation of the U.S.
Asbestos Trusts, Mr. O'Neill explains.

Federal-Mogul will enter into the Agreement as the parent
company of all of the Debtors, and because it has certain
responsibilities and rights under the Agreement.

The Debtors assert that entering into the Hercules Agreement is
largely ministerial, but nonetheless necessary.  The Agreement
provides for fair, third-party control over the Hercules
Recoveries are allocated as contemplated in the U.K. Global
Settlement, the CVAs and, when effective, the Debtors' Plan of
Reorganization.

Because the Debtors believe that the U.K. Asbestos Trust will be
established before the U.S. Asbestos Trust, they believe it is
necessary for the parties to enter into the Hercules Agreement
now and provide for the possibility that T&N may receive
Hercules Recoveries before the U.S. Trust is established.  
Hence, the Debtors, the Asbestos Committee and the Futures
Representative want to enter into the Agreement because it is
possible that the Hercules Recoveries will come into the Payment
Agents' control before the U.S. Asbestos Trust is established.

                      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 US$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 US$10.15
billion
in assets and US$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)


FERRO CORP: Sells Specialty Plastics Biz for US$133 Million
-----------------------------------------------------------
Ferro Corp. entered into an asset purchase agreement with
Olympic Plastics, Inc., a wholly owned subsidiary of Wind Point
Partners.

Under the agreement, Ferro has agreed to sell, and Olympic has
agreed to buy, substantially all of the assets of Ferro's
specialty plastics business, which develops and produces
customized thermoplastic compounds and alloys, plastic
colorants, gelcoats, and thermoset pastes that are marketed to
manufacturers in a broad range of markets.  In exchange for the
Business, Olympic will pay approximately US$133 million in cash
and will assume certain liabilities of the Business.  Further,
Olympic will enter into transition services agreements with
Ferro with respect to certain Business locations.

The sale is scheduled to close in the third quarter of 2006.

Ferro plans to use the sale proceeds to reduce outstanding debt.

"We are focused on transforming Ferro into a high-performance
company, both operationally and financially," said CEO James F.
Kirsch. "Our new management is moving aggressively to drive
profitability and to position our operations for accelerated
growth in new geographic and customer end markets.

"We continue to evaluate our business for divestment
opportunities with the goals of reducing debt and leveraging
technology and production synergies across a narrower set of
related, core businesses that have strong growth
characteristics."

The sale of Specialty Plastics is consistent with Ferro's
strategy to drive performance improvement and position the
Company for long-term growth.  The Company has been moving
aggressively to strengthen its financial results through
portfolio management, operational restructurings, business
streamlining and management realignment, as well as productivity
and pricing initiatives.  It recently announced that it is
embarking on a restructuring of the European operations of its
Inorganic Specialties businesses.  The restructuring is expected
to generate annualized savings of US$40 million to US$50 million
by the end of 2009.

A full-text copy of the Asset Purchase Agreement is available
for free at http://ResearchArchives.com/t/s?104c

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE:FOE)
-- http://www.ferro.com/-- produces performance materials for   
manufacturers, including coatings and performance chemicals.  
The Company has operations in 20 countries and has approximately
6,800 employees globally.  In Europe, the company maintains
operations in Belgium, France, Germany, Italy, Netherlands,
Portugal, Spain, and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on April 3, 2006,
Standard & Poor's Ratings Services lowered its ratings on Ferro
Corp., including its corporate credit rating to 'B+' from 'BB'.
All ratings remain on CreditWatch with negative implications,
where they were placed Nov. 18, 2005.


FINE COLOUR: Creditors' Meeting Slated for September 12
-------------------------------------------------------
Creditors of Fine Colour Packaging Limited (Company Number
01106147) will meet at 1:00 p.m. on Sept. 12 at:

         The Strathdon Thistle Hotel
         Derby Road
         Nottingham NG1 5FT
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 11 at:

         D. L. Z. Wong
         Joint Administrative Receiver         
         Deloitte & Touche LLP
         1 Woodborough Road
         Nottingham NG1 3FG
         United Kingdom
         Tel: +44 (0) 115 950 0511
         Fax: +44 (0) 115 959 0060

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.  


FLOOR SANDING: Kikis Kallis Leads Liquidation Procedure
-------------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed Liquidator of The
Floor Sanding Warehouse Limited on Aug. 8 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         The Floor Sanding Warehouse Limited
    Unit 3
    124-128 Brixton Hill
    Brixton
    London SW2 1RS
    United Kingdom
    Tel: 020 8678 8878
    Web: http://djembe.co.uk


FORD MOTOR: Opening Alliance Talks with Renault-Nissan's CEO
------------------------------------------------------------
Ford Motor Co.'s Chief Executive Officer William Clay Ford Jr.,
was in talks with Carlos Ghosn, the Chief Executive Officer of
Nissan-Renault, published reports say.  Renault-Nissan is a
collaboration between Nissan Motor Co., Ltd., and Renault S.A.

The talk is one of the many efforts Ford is undertaking to
improve its profitability and regain its market share.  Ford
incurred a US$254 million net loss for the second quarter of
2006.  In July 2006, reports came in that Ford was overtaken by
Toyota as the automaker with the 2nd biggest market share in the
world.  Toyota has 13%.  Ford came in third with 12.4%.  General
Motors still has the top spot though sales have been slipping.

The most recent effort was to offer credit to people with low
credit reports to get rid of excess auto inventory.  Any
potential bad debts in the future will be seen as a marketing
expense.

Recent restructuring efforts include:

   -- closing more factories;
   -- cutting more management jobs by another 10% to 30%; and
   -- reducing benefits

Renault-Nissan was first in talks with GM in July as one of GM's
shareholders aggressively pushed the idea for an alliance.  GM
and Renault-Nissan is on its first month of evaluating the
proposed three-way deal.  

Mr. Ford told BusinessWeek that Ford is not a stranger to
alliances.  Ford is currently on operational alliance with
Peugeot, GM and Mazda.  Mr. Ford, however, clarified that there
are no formal discussions about anything yet with other auto
companies.  But the proposed GM-Renault-Nissan alliance had
everybody thinking that they should all be talking about it.

                         About Ford Motor

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

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on July 21,
2006, Ford Motor Company's long-term debt rating to B from BB,
and lowered its short-term debt rating to R-3 middle from R-3
high.  DBRS also lowered Ford Motor Credit Company's long-term
debt rating to BB(low) from BB, and confirmed Ford Credit's
short-term debt rating at R-3(high).  

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

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

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


G.M.S. SYSTEMS: Names Joint Liquidators from Lines Henry
--------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of G.M.S. Systems Limited on Aug. 3 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         G.M.S. Systems Limited
    2 Park Road Estate
    Timperley
    Altrincham
    Cheshire WA145QH
    United Kingdom
    Tel: 0161 905 8430


G. T. ALMAX: Creditors' Meeting Slated for August 30
----------------------------------------------------
Creditors of G. T. Almax Limited (Company Number 01125395) will
meet at 12:00 a.m. on Aug. 30 at:

         Holiday Inn Express Hotel
         65 Lionel Street
         Birmingham B3 1JE
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 29 at:

         Mark Bowen
         Joint Administrator
         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         United Kingdom
         Tel: 0121 233 2557
         Fax: 0121 200 2558

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


GENERAL MOTORS: Indian Unit to Enter Used-Car Business in 2007
--------------------------------------------------------------
General Motors' Indian subsidiary is keen on venturing into the
used car business early next year, Business Line reports.

According to Business Line, GM India is currently forging a
joint venture with Automart India for the new business plan.

GM India expects Automart India to share its used-car business
know-how and provide the necessary training so the joint venture
could proceed in the shortest time possible, Business Line
relates.

The Company is yet to give a name to the new business as plans
are still in progress.

GM's decision came after rivals Toyota Kirloskar, Hyundai, and
Tata Motors, made known their intentions to foray into the used-
car business, Business Line adds.

                      About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's   
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries, including
India.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the 'B'
corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating -- on CreditWatch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery
Rating of 'RR1' to General Motor's new US$4.48 billion senior
secured bank facility.  The 'RR1' (recovery of 90%-100%) is
based on the collateral package and other protections that are
expected to provide full recovery in the event of a bankruptcy
filing.

On June 21, 2006, Moody's Investors Service assigned a B2 rating
to the secured tranches of the amended and extended secured
credit facility of up to US$4.5 billion being proposed by
General Motors Corporation, affirmed the company's B3 corporate
family and SGL-3 speculative grade liquidity ratings, and
lowered its senior unsecured rating to Caa1 from B3.  Moody's
said the rating outlook is negative.


GOLF AND LEISURE: Claims Registration Ends Oct. 9
-------------------------------------------------
Creditors of Golf and Leisure Breaks Limited, which is being
voluntarily wound up, are required, on or before Oct. 9, to send
in their full names, their addresses, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Helen Phillips of Phillips & Co. at:

         Helen Timothe Phillips
    Phillips & Co.
    21-23 Station Road
    Gerrards Cross
    Buckinghamshire SL9 8ES
    United Kingdom

The company can be reached at:

    Golf and Leisure Breaks Limited
         Golf House
    Greys Road
    Henley-On-Thames
    Oxfordshire RG9 1RY
    United Kingdom
    Tel:01491 576 861


HEAVENMADE FOODS: Bank of Scotland Appoints KPMG as Receivers
-------------------------------------------------------------
The Bank of Scotland appointed James Money and Allan Graham of
KPMG Restructuring joint administrative receivers of Heavenmade
Foods Limited (Company Number 04522476) on Aug. 11

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

Headquartered in London, United Kingdom, Heavenmade Foods
Limited processes and manufactures frozen food.


HYBRID 4: Appoints Joint Administrators from Begbies Traynor
------------------------------------------------------------
Kenneth Stephen Chalk and Simon Robert Haskew of Begbies Traynor
were appointed joint administrators of Hybrid 4 Limited (Company
Number 04067096) on Aug. 2.

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

Headquartered in Corsham, United Kingdom, Hybrid 4 Limited
develops software for pharmaceutical and healthcare industry.


ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue
--------------------------------------------------------------
ICICI Bank has reportedly set an indicative yield range of 250
to 270 basis points above 10-year U.S. Treasuries for its first
hybrid tier-1 securities issue, Reuters reports, citing market
sources.

The issue size has not yet been fixed but sources disclose that
the Bank had planned to sell US$250 million in tier I perpetual
bonds, Reuters relates.

According to Reuters, the tier-I issue will be the first from an
Indian issuer since the central Bank authorized lenders in July
to raise capital overseas through hybrid instruments like
perpetual bonds.

The Bank has tapped JPMorgan, Merrill Lynch and Morgan Stanley
as joint bookrunners for the proposed perpetual issue that is
callable in 2016, Reuters says.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 17, 2006, Moody's Investors Service has assigned a Baa2
rating to the proposed tier I offer, while Standard & Poor's
rates it at BB-.

                        About ICICI Bank

ICICI Bank Limited -- http://www.icicibank.com/-- is a   
financial services group providing a variety of banking and
financial services, including project and corporate finance,
working capital finance, venture capital finance, investment
banking, treasury products and services, retail banking, broking
and insurance.  It also has interests in the software
development, software services and business process outsourcing
businesses.  The Company's operations have been classified into
three segments: Commercial Banking, Investment Banking and
Others.  ICICI Bank is headquartered in Mumbai, India.  It has
subsidiaries in the United Kingdom, Canada and Russia, branches
in Singapore and Bahrain, and representative offices in the
United States, China, United Arab Emirates, Bangladesh and South
Africa.

                        *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating
to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.


IDEAL MACHINERY: Taps Asher Miller to Liquidate Assets
------------------------------------------------------
Asher Miller of David Rubin & Partners was appointed Liquidator
of Ideal Machinery Limited (formerly Vera Gold Limited) on
Aug. 8 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Ideal Machinery Limited
    Unit 1a
    Harwell Road
    Nuffield Industrial Estate
    Poole
    Dorset BH170GE
    United Kingdom
    Tel: 01202 678 666
         Web: http://www.ideal-machinery.com/


K & J LOCKIE: Hires Geoffrey Martin as Administrators
-----------------------------------------------------
Stephen Hull and John Twizell of Geoffrey Martin & Co. were
appointed joint administrators of K & J Lockie Limited (Company
Number 05090199) on July 25.

The administrators can be reached at:

         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire LS1 2SP
         United Kingdom
         Tel: 0113 244 5141
         Fax: 0113 242 3851

Headquartered in Mereyside, United Kingdom K & J Lockie Limited
-- http://www.kj-lockie.co.uk/-- manufactures paper stationery.


LED SCREEN: Names Administrators from Tenon Recovery
----------------------------------------------------
S. R. Thomas and S. J. Parker of Tenon Recovery were appointed
joint administrators of Led Screen Hire Company Ltd. (Company
Number 4637284) on July 28.

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

Led Screen Hire Company Ltd. can be reached at:

         Bonners Barn Norton Farm
         Selborne Road
         Alton
         Hampshire GU34 3NB
         United Kingdom
         Tel: 01420 511 115
         Fax: 01420 511 055


MP COMPUTERS: Creditors' Claims Due Aug. 31
-------------------------------------------
Creditors of MP Computers Supply Limited have until Aug. 31 to
send in their full names and addresses, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator Bruce Gomer Talfryn
Rees at:

         Bruce Gomer Talfryn Rees
    14 Tawe Business Village
    Swansea Enterprise Park
    Swansea SA7 9LA
    United Kingdom

The company can be reached at:

         MP Computers Supply Limited
    3 Kestrel Close
    Bridgend Ind Est
    Bridgend
    Mid Glamorgan CF313RW
    United Kingdom
    Tel: 01656 769 091
    Web: http://www.mpcomputersdirect.com/


MISS LONDON: Creditors' Claims Due Oct. 27
------------------------------------------
Creditors of Miss London Styles Limited, which is being
voluntarily wound up, are required, on or before Oct. 27, to
send their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidators Stewart Trevor Bennett and James Preston Bradney of
Berg Kaprow Lewis LLP at:

         Stewart Trevor Bennett
    James Preston Bradney
    Berg Kaprow Lewis LLP
    35 Ballards Lane
    London N3 1XW
    United Kingdom

The company can be reached at:

         Miss London Styles Limited
    11-13 Downham Road
    London N1 5AA
    United Kingdom
    Tel: 020 7275 8282


MONOPLAS INDUSTRIES: Creditors Must File Claims by Nov. 1
---------------------------------------------------------
Creditors of Monoplas Industries Limited, which is being
voluntarily wound up, are required, on or before Nov. 1, to
prove their debts by sending written statements of the amounts
they claim to be due to them from the company to appointed Joint
Liquidator J. N. R. Pitts of Begbies Traynor at:

         J. N. R. Pitts
    Begbies Traynor
    Glendevon House
    Hawthorn Park
    Coal Road
    Leeds LS14 1PQ
    United Kingdom

The company can be reached at:

         Monoplas Industries Limited
    Allen Wks
    Badger Lane
    Halifax
    West Yorkshire HX3 8PW
    United Kingdom
    Tel: 01422 201 161
    Web: http://www.recycle.mcmail.com/


MONTCLAIRE LIMITED: Liquidator Sets Nov. 4 Claims Bar Date
----------------------------------------------------------
Creditors of Montclaire Limited, which is being voluntarily
wound up, are required, on or before Nov. 4, to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator Kevin Thomas Brown
of Marriotts LLP at:

         Kevin Thomas Brown
    Marriotts LLP
    4th Floor
    Allan House
    10 John Princes Street
    London W1G 0AH
    United Kingdom

The company can be reached at:

         Montclaire Limited
    25 Suttons Lane
    Hornchurch
    Essex RM126RD
    United Kingdom
    Tel: 01708 471 563


NASHURST ELECTRONICS: Creditors Must File Claims by Sept. 12
------------------------------------------------------------
Creditors of Nashurst Electronics Limited, which is being
voluntarily wound up, are required, on or before Sept. 12, to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidator Mark Newman of Vantis Business Recovery Services at:

         Mark Newman
    Vantis Business Recovery Services
    Judd House
    16 East Street
    Tonbridge TN9 1HG
    United Kingdom

The company can be reached at:

         Nashurst Electronics Limited
    Mercury House
    Station Road
    Edenbridge
    Kent TN8 6HL
    Tel: 01732 868 686
    Web: http://www.nashurst.com/


NEW JARROLD: Appoints PwC to Administer Assets
----------------------------------------------
Stephen Mark Oldfield, Colin Michael Trevethyn Haig and David
Christian Chubb of PricewaterhouseCoopers LLP were appointed
joint administrators of New Jarrold Printing Limited (Company
Number 04976866) on Aug. 1.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

New Jarrold Printing Limited can be reached at:

         Holland CT
         The Close
         Norwich NR1 4DX
         United Kingdom
         Tel: 01603 660 661


OWEN SKIP: Appoints Joint Liquidators to Wind Up Business
---------------------------------------------------------
David Leighton Cockshott and Gary Edgar Blackburn of BWC
Business Solutions Limited were appointed Joint Liquidators of
Owen Skip Hire Limited on Aug. 4 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Owen Skip Hire Limited
    Lingard Lane
    Bredbury
    Stockport
    Cheshire SK6 2RN
    United Kingdom
    Tel: 0161 430 5650


PROFESSIONAL BRAND: Hires Liquidator from Centrum Recovery
----------------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of
Professional Brand Management Limited on Aug. 2 for the purposes
of the creditors' voluntary winding-up.

The company can be reached at:

         Professional Brand Management Limited
    Point 65 Business Centre
    Greenbank Road
    Blackburn BB1 3EA
    United Kingdom
    Tel: 01254 695 469


QAONLINE LIMITED: Liquidator Sets Nov. 30 Claims Bar Date
---------------------------------------------------------
Creditors of QAOnline Limited, which is being voluntarily wound
up, are required, on or before Nov. 30, to send in their full
names, their addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator Mark Jonathan
Botwood of Muras Baker Jones at:

         Mark Jonathan Botwood
    Muras Baker Jones
    Regent House
    Bath Avenue
    Wolverhampton WV1 4EG
    United Kingdom

The company can be reached at:

         QAOnline Limited
    19 Victoria Street
    Wolverhampton
    West Midlands WV1 3NP
    United Kingdom
    Tel: 01902 585 820
    Web: http://www.qaonline.co.uk/


SANS FRONTIERS: Hires T. Papanicola to Liquidate Assets
-------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Sans Frontieres Collection Limited on July 26 for the purposes
of the creditors' voluntary winding-up.

The company can be reached at:

         Sans Frontieres Collection Limited
    26 Danbury Street
    London N1 8JU
    United Kingdom
    Tel: 020 7454 1230


SAVAGE DESIGNS: Brings In Liquidator from HKM LLP
-------------------------------------------------
Kirankumar Mistry of HKM LLP was appointed Liquidator of Savage
Designs Limited on Aug. 3 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Savage Designs Limited
    8 Talbot Road
    Old Trafford
    Manchester
    Lancashire M16 0PF
    United Kingdom
    Tel: 0161 872 1899


SKI RENTAL: Appoints Begbies Traynor to Administer Assets
---------------------------------------------------------
David Paul Hudson and Lloyd Biscoe of Begbies Traynor were
appointed joint administrators of Ski Rental Shops Limited
(Company Number 02606619) 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 Crawley, United Kingdom, Ski Rental Shops
Limited hires and sells ski equipments.


SLIK FASTENERS: Appoints Administrators from Begbies Traynor
------------------------------------------------------------
G. N. Lee and S. L. Conn of Begbies Traynor were appointed joint
administrators of Slik Fasteners Limited (Company Number
00318811) on July 28.

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

Headquartered in Manchester, United Kingdom, Slik Fasteners
Limited -- http://www.slikzips.com/-- manufactures and supplies  
all types of zippers internationally.


STARWORK LIMITED: Names Andrew T. Clay as Administrator
-------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was named
administrators of Starwork Limited (Company Number 05078320) on
July 12.

The administrator can be reached at:

         Andrew Michaels & Co. Ltd.
         Concept House
         Brooke Street
         Cleckheaton
         Bradford BD19 3RY
         West Yorkshire
         Tel: 0870 750 5411
         Fax: 0870 750 5412
         E-mail: info@andrew-michaels.com

Starwork Limited can be reached at:

         4 Rivers House
         Fentiman Walk
         Fore Street
         Hertford SG14 1DB
         United Kingdom


SUPPLYLANE LIMITED: Names T. Papanicola as Administrator
--------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Supplylane Limited (Company Number 04680670) on July 31.

The administrator can be reached at:

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

Headquartered in Bristol, United Kingdom, Supplylane Limited is
engaged in freight transport.


SWINBURNE JAMES: Taps David R. Acland to Liquidate Assets
---------------------------------------------------------
David R. Acland of Begbies Traynor was appointed Liquidator of
Swinburne James Limited (formerly Wildcrown Trading Limited) on
Aug. 3 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Swinburne James Limited
    Telegraphic House
    Waterfront Quay
    Salford M50 3XW
    United Kingdom
    Tel: 0161 888 0888


TELL LIMITED: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Melanie R. Giles of JonesGiles Ltd. was appointed Liquidator of
Tell Limited on Aug. 8 for the purposes of the company's
voluntary winding-up.

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

The company can be reached at:

         Tell Limited
    Tamar Science Park
    Davy Road
    Plymouth PL6 8BX
    United Kingdom
    Tel: 01752 764 242
    Web:  http://www.protender.biz/  
         http://www.tamarconsultants.co.uk/  
         http://www.tell-com.com/  
         http://www.tellonline.com/


THERMATECH TIMBER: Taps Administrators from Deloitte & Touche
-------------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint administrators of
Thermatech Timber Structures Limited (Company Number 02784587)
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, Thermatech Timber
Structures Limited --
http://www.thermatechtimberstructures.co.uk/-- designs and  
manufactures timber frames for self-build development and
commercial buildings.


TREVOR PRICE: Claims Registration Ends Nov. 9
---------------------------------------------
Creditors of Trevor Price Music Limited, which is being
voluntarily wound up, are required, on or before Nov. 9, to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their Solicitors (if any) to appointed Liquidator George
Henry Wilson Griffith of George H. W. Griffith Ltd. at:

         George Henry Wilson Griffith
    George H. W. Griffith Ltd.
    Century House
    31 Gate Lane
    Boldmere
    Sutton B73 5TR
    United Kingdom

The company can be reached at:

         Trevor Price Music Limited
    18 Victoria Road
    Tamworth
    Staffordshire B79 7HR
    United Kingdom
    Tel: 01827 620 69
    Web: http://www.trinitymusic.co.uk/


TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit
-----------------------------------------------------------
Tru-Tech Holdings Berhad was not be able to make the monthly
deposit of MYR1,500,000 due on Aug. 17, 2006, into the sinking
fund account maintained for the purposes of redemption of the
MYR55,000,000 redeemable unsecured loan stock, due to Tru-Tech's
current tight cash flow position.

There has been no material development in respect of the
Company's default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as of June 30, 2006, is
MYR61,619,807.

                      About Tru-Tech Holdings

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.  Bursa Malaysia Securities
Berhad, on May 26, 2006, decided to suspend trading in the
securities of Tru-Tech Holdings Berhad from June 5, 2006, as the
Company has failed to regularize its financial condition
pursuant to the Bourse's Listing Requirements.

The Company's March 31, 2006, balance sheet showed total assets
of MYR43,930,000 and total liabilities of MYR131,614,000,
resulting into a stockholders' deficit of MYR87,684,000.


WEST HEATH: Appoints Gerald Frederick Davis as Administrator
------------------------------------------------------------
Gerald Frederick Davis of Heathcote & Coleman was appointed
administrator of West Heath Press Limited (Company Number
726711) on Aug. 2.

The administrator can be reached at:

         Heathcote & Coleman
         Heathcote House
         136 Hagley Road
         Birmingham
         West Midlands B16 9PN
         United Kingdom
         Tel: 0121 454 4141
         Fax: 0121 454 4949
         E-mail: gfd@heathcote-coleman.co.uk

West Heath Press Limited can be reached at:

         55 Mott Street
         Birmingham B19 3HE
         United Kingdom
         Tel: 0121 236 0507
         Fax: 0121 236 1088


WINWARD COMPANY: Names Roderick Graham Butcher Liquidator
---------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
Liquidator of The Windward Company Limited on Aug. 7 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         The Windward Company Limited
    Albion Wks
    Bryant Street
    Birmingham B18 4BH
    United Kingdom
    Tel: 0121 554 9881


XTEC GLOBAL: Hires Joint Liquidators from Insol House
-----------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Xtec Global Limited on
Aug. 9 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Xtec Global Limited
    The Mill
    Setch Road
    Blackborough End
    King's Lynn
    Norfolk PE32 1SL
    United Kingdom
    Tel: 01553 842264


YAWFORGE LIMITED: Taps Kevin Thomas Brown to Liquidate Assets
-------------------------------------------------------------
Kevin Thomas Brown of Marriotts LLP was appointed Liquidator of
Yawforge Limited on Aug. 2 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

    Yawforge Limited
    7 Mercers Place
    London W6 7BZ
    United Kingdom
    Tel: 020 7603 8608


                           *********

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.

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


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