TCREUR_Public/060828.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

            Monday, August 28, 2006, Vol. 7, No. 170    

                            Headlines


A U S T R I A

GRAFICA TEXTILDRUCK: Creditors' Meeting Slated for September 7
I.B.H.: Claims Registration Period Ends August 31
IMPULS-PROMOTION: Creditors' Meeting Slated for September 7
LEONARDO GASTRO: Claims Registration Period Ends August 31
MEC.COM: Claims Registration Period Ends August 31

NANO: Claims Registration Period Ends September 4


B E L G I U M

SOLUTIA EUROPE: Completes US$74.5MM Asset Sale to Dishman Pharma


F I N L A N D

BENEFON OYJ: Inks Three-Year Partnership Deal with Geowell Oy


F R A N C E

SNC SUMMERSUN: U.S. Court Grants Relief Under Chapter 15


G E R M A N Y

A.B.I. BAU: Claims Registration Ends September 7
ACUCELL-PHARMA: Claims Registration Ends August 31
DRUCKHAUS GROSSMANN: Claims Registration Ends August 30
HOTEL IM DRACHENLAND: Claims Registration Ends September 5
L & P INTERNET: Claims Registration Ends September 1
MALEREI UND DESIGN: Claims Registration Ends September 6

MOEBEL GRAF: Creditors' Meeting Slated for September 20
PCI PRINTWARE: Claims Registration Ends August 31
W. KRAUTER: Claims Registration Ends September 8
WOBI WOHNMOBILE: Claims Registration Ends September 5


I T A L Y

ALITALIA SPA: Inks Transport Deal with Italian Armed Forces


K A Z A K H S T A N

ATK-TRANSAVTO: Creditors Must File Claims by Sept. 15
GAO LI: Creditors Must File Claims by Sept. 15
JAN BOTA-2003: Proof of Claim Deadline Slated for Sept. 19
JANDOS: Claims Registration Ends Sept. 19
SAV TECHNIC: Creditors' Claims Due Sept. 20


L U X E M B O U R G

NORTEL NETWORKS: Unit Inks US$1.6 Mil. Court Records System Pact


N E T H E R L A N D S

GETRONICS NV: Completes Sale of Regional Units to Kapsch
KONINKLIJKE AHOLD: Giant Food Unit Unveils Expansion Plan


N O R W A Y

FALCONBRIDGE LTD: Fails to Register Sale to Dominican Tax Dept.


R U S S I A

AGRO-SERVICE: Tula Court Starts Bankruptcy Supervision
BORODINO: Smolensk Court Orders Reorganization
BRASOVSKAYA FURNITURE: Court Starts Bankruptcy Supervision
CIT FINANCE: Profitability Prompts S&P to Lift Rating to CCC+
DEMYANSKIY: Novgorod Court Starts Bankruptcy Supervision

ELABUZHSKIY FACTORY: Court Names B. Surov as Insolvency Manager
GAZPROM OAO: Gains License to Develop Tetersky Field
GRAIN: Bryansk Court Names A. Anikin as Insolvency Manager
INZENSKAYA FURNITURE: N. Korchagin to Manage Insolvency Asssets
IZH-MASH-STROY: Court Names R. Gibadullin as Insolvency Manager

KHOTYNETSKAYA: Orel Court Names Y. Vnukov as Insolvency Manager
MORDOVSKIY BECON-ARDATOV: Mr. V. Pustakin to Manage Assets
NORD FOREST: Komi Court Names N. Vaneeva as Insolvency Manager
NOVOUZENSKIY: Saratov Court Starts Bankruptcy Supervision
OSTROGOZHSKIY: Voronezh Court Starts Bankruptcy Supervision

QUARTZ: Moscow Court Names A. Popov as Insolvency Manager
ROSNEFT OIL: To Issue Additional Shares Via Stock Conversion
ROSNEFT OIL: Shares Added to Russia's RTS Index
SHARYPOVSKIY HOUSE-BUILDING: E. Gavrilets to Manage Assets
SHUYSKIY COMBINE: Court Names A. Provorov as Insolvency Manager

SRETENSKIY SHIPYARD: Chita Court Starts Bankruptcy Supervision
SYSOLSKAYA: Komi Court Starts Bankruptcy Supervision
TATNEFT OAO: Lack of Information Spurs S&P to Withdraw B- Rating
TULA-AGRO-RESOURCE: Tula Court Starts Bankruptcy Supervision
VNESHTORGBANK JSC: Arranges Syndicated Loan for Slavinvestbank

YASNOGORSK-SEL-KHOZ-KHIMIYA: A. Popov to Manage Assets
ZARYA: Voronezh Court Starts Bankruptcy Supervision
ZHUKOVSKIY BICYCLE: Bryansk Court Starts Bankruptcy Supervision


S W E D E N

SANMINA-SCI: Fitch Lowers Issuer Default Rating to B+ from BB-


T U R K E Y

FINANSBANK A.S.: Moody's Keeps D+ Financial Strength Rating


U K R A I N E

AGROSVIT: Kyiv Court Names District Tax Agency as Liquidator
ANTEY: Court Names Olga Shikilo as Insolvency Manager
ANTIKA: Harkiv Court Starts Bankruptcy Supervision
M-DAK: Court Names Denis Matvejchuk as Insolvency Manager
PRIKARPATTYA-MYASO: Lviv Court Names Sergij Muha as Liquidator

PROGRES: AR Krym Court Starts Bankruptcy Supervision
RIVNE FURNITURE: Rivne Court Starts Bankruptcy Supervision
SAVRANSKA SILGOSPHIMIYA: Court Names Sergij Ananyev Liquidator
SMACHNOGO: Zaporizhya Court Starts Bankruptcy Supervision
UKRENERGOHIMIZOLATSIYA: Court Starts Bankruptcy Supervision

UKREXIMBANK: Moody's Rates Loan Participation Notes at Ba2
VIKSTAR: Kyiv Court Names District Tax Agency as Liquidator
ZELENYANKA: Vinnitsya Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ACORN WIRELESS: Taps Liquidator from Wilkins Kennedy
ADVANCED METAL: Gagen Dulari Sharma Leads Liquidation Procedure
ADVANCED SECURITY: Appoints Stephen P. J. White as Liquidator
BARNSLEY INDUSTRIAL: Creditors Confirm Voluntary Liquidation
BARR LABORATORIES: Integration Cues Moody's to Put Ba1 Ratings

BIRMINGHAM BASKETBALL: Joint Liquidators Take Over Operations
BLUESTONE SECURITIES: Fitch Rates GBP4.2 Million Notes at BB
BONDRIGHT ROOFING: Hires Liquidator from Valentine & Co.
BROWN SUGAR: Creditors' Meeting Slated for August 30
CARRINGTON HOTELS: Taps Andrew David Rosler as Administrator

CODAEX U.K.: Appoints Lines Henry as Administrators
D.S. BAXTER: Brings In Stephen Franklin to Liquidate Assets
DCM CONSTRUCTION: Nominates Lawrence I. Freedman as Liquidator
DECKS DIRECT: Names Administrators from Vantis
ELMEC RECRUITMENT: Appoints Gerald Irwin to Liquidate Assets

FEDERAL-MOGUL: Underwriters Want to Carry Discovery on Travelers
FORD MOTOR: Opening Alliance Talks with Renault-Nissan's CEO
GENES LIMITED: Brings In Moore Stephens as Administrators
INTERNATIONAL POWER: Improved Results Cue S&P to Revise Outlook
ISOFT GROUP: FSA to Launch Formal Probe on Acctg. Irregularities

JBS WOODCRAFT: Claims Filing Period Ends Sept. 4
HAIRDRESSING AND BEAUTY: Names Sabia Sahota Liquidator
HARDING AND YORKE: Taps Hazlewoods to Administer Assets
K.J.M. SOLUTIONS: Appoints Joint Liquidators to Wind Up Business
L A G CEILINGS: Calls In Liquidator from Carter Clark

MARTON ENGINEERING: Taps Administrators from Poppleton & Appleby
MJE ENGINEERING: Brings In Liquidator from Begbies Traynor
NORTEL NETWORKS: Unit Inks US$1.6 Mil. Court Records System Pact
OLYMPUS COACHCRAFT: Hires Alex Kachani to Liquidate Assets
OPTIMAL GROUP: Nominates Zafar Igbal to Liquidate Assets

PLASTIC FANTASTIC: Names Andrew David Rosler as Administrator
PRECISION GROUP: Calls In Joint Liquidators from Wilson Field
PRESTIGE POOL: Hires Joint Liquidators from Elwell Watchorn
PRECISION VARIONICS: Hires Administrators from Deloitte & Touche
PRG POWERHOUSE: Brings In BDO Stoy to Administer Assets

R.I.O. FREIGHT: Brings In DTE Leonard to Administer Assets
RED INTERIORS: Hires Joint Liquidators from Royce Peeling Green
REFCO INC: Official Committees Create Joint Subcommittee
REFCO INC: US Trustee Reconstitutes Official Creditors Committee
RENTOKIL INITIAL: Posts GBP562.8-Mln Equity Deficit at June 30

RISK SOLUTIONS: Creditors Confirm Liquidators' Appointment
ROTARY DIES: Claims Registration Ends Nov. 7
RYDE LAUNDRY: Taps Portland Business as Administrators
SANG SAHAEE: Liquidator Sets Sept. 21 Claims Bar Date
SCANAGRAPHICS LIMITED: Nominates Liquidator from Stones & Co.

SCOTTISH RE: Declares Dividend on Perpetual Preferred Shares
SPECTRUM MARKETING: Creditors Ratify Liquidator's Appointment
STANDFITTING U.K.: Names Norman Cowan as Administrator
STRATOS GLOBAL: Weak Prospect Spurs Moody's to Change Outlook
SWIVEL PRODUCTIONS: Hires Poppleton & Appleby as Administrators

TECHNICAL BUILDING: Nominates Liquidators from Abbot Fielding
TEMP-STAFF U.K.: Taps Liquidator from Sharma & Co.
TKL COATINGS: Appoints Administrators from Leonard Curtis
TOP TONE: Calls In Liquidator from DebtMatters Ltd.
TOP WOK: Taps Joint Administrators from Lines Henry

TRAKWARE LIMITED: Creditors Confirm Liquidator's Appointment
TRINITY DECO: Appoints Paul John Webb to Liquidate Assets
VERNBERRY LIMITED: HSBC Appoints BDO Stoy as Receivers
VNU NV: GE Executive David Calhoun Named as CEO & Chairman
WHITESTONE MANAGEMENT: Appoints P.R. Dewey as Administrator

WISEPENNY DISTRIBUTION: Brings In Administrators from Menzies
WORLD WIDE: Taps UHY Hacker Young to Administer Assets

                            *********

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


GRAFICA TEXTILDRUCK: Creditors' Meeting Slated for September 7
--------------------------------------------------------------
Creditors owed money by LLC Grafica Textildruck (FN 269047h) are
encouraged to attend the creditors' meeting at 9:10 a.m. on
Sept. 7 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         1st Floor
         Feldkirch, Austria

Headquartered in Bludesch-Gais, Austria, the Debtor declared
bankruptcy on July 6 (Bankr. Case No. 13 S 32/06w).  Bernd
Widerin serves as the court-appointed property manager of the
bankrupt estate.  Hans Widerin represents Mag. Widerin in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Bernd Widerin
         c/o Dr. Hans Widerin
         Rathausgasse 6
         6700 Bludenz, Austria
         Tel: 05552/65093-0
         Fax: 05552/65093-6
         E-mail: rechtsanwaelte@widerin.at   


I.B.H.: Claims Registration Period Ends August 31
-------------------------------------------------
Creditors owed money by LLC I.B.H. (FN 215855i) have until
Aug. 31 to file written proofs of claims to court-appointed
property manager Wolfgang Dlaska at:

         Mag. Wolfgang Dlaska
         Bridgehead Lane 1
         8020 Graz, Austria
         Tel: 0316/833840-377
         Fax: 0316/833840-305
         E-mail: office@lawoffice.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:10 p.m. on Sept. 11 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria the Debtor declared bankruptcy on
July 6 (Bankr. Case No. 26 S 69/06a).  The Debtor will be
represented by its manager Mag. Friedrich Filzmaier in the
bankruptcy proceedings.


IMPULS-PROMOTION: Creditors' Meeting Slated for September 7
-----------------------------------------------------------
Creditors owed money by LLC Impuls-Promotion (FN 198422y) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Sept. 7 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 6 (Bankr. Case No. 2 S 113/06i).  Michael Neuhauser
serves as the court-appointed property manager of the bankrupt
estate.  Stefan Jahns represents Mag. Neuhauser in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Michael Neuhauser
         c/o Mag. Stefan Jahns
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         E-mail: officewien@aaa-law.at


LEONARDO GASTRO: Claims Registration Period Ends August 31
----------------------------------------------------------
Creditors owed money by LLC Leonardo Gastro (FN 220053h) have
until Aug. 31 to file written proofs of claims to court-
appointed property manager Regina Schedlberger at:

         Dr. Regina Schedlberger
         Andritzer Reichsstrasse 42
         8045 Graz - Andritz, Austria
         Tel: 0316/695100
         Fax: 0316/6951009
         E-mail: regina.schedlberger@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 p.m. on Sept. 11 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria the Debtor declared bankruptcy on
July 6 (Bankr. Case No. 26 S 71/06w).  Werner Freistatter and
Peter Freistatter - managers, represent the Debtor in the
bankruptcy proceedings.


MEC.COM: Claims Registration Period Ends August 31
--------------------------------------------------
Creditors owed money by LLC Mec.com (FN 171730w) have until
Aug. 31 to file written proofs of claims to court-appointed
property manager Helmut Fetz at:

         Dr. Helmut Fetz
         Main Place 11
         8700 Leoben, Austria
         Tel: 03842-42751
         Fax: 03842-42751-40
         E-mail: office@fetz-fetz.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 13 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Leoben
         3 Area IV
         2nd Floor
         Leoben, Austria

Headquartered in Aumuehl, Austria the Debtor declared bankruptcy
on July 6 (Bankr. Case No. 17 S 53/06x).  


NANO: Claims Registration Period Ends September 4
-------------------------------------------------
Creditors owed money by LLC Nano (FN 221175h) have until Sept. 4
to file written proofs of claims to court-appointed property
manager Josef Hofinger at:

         Mag. Josef Hofinger
         Rossmarkt 20
         4710 Grieskirchen, Austria
         Tel: 07248/66347
         Fax: 07248/62013
         E-mail: anwaelte@hofinger-menschick.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 14 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Str.12
         Wels, Austria

Headquartered in Linz, Austria the Debtor declared bankruptcy on
July 6 (Bankr. Case No. 20 S 85/06k).  


=============
B E L G I U M
=============


SOLUTIA EUROPE: Completes US$74.5MM Asset Sale to Dishman Pharma
----------------------------------------------------------------
Solutia Europe S.A./N.V., a subsidiary of Solutia Inc.,
completed the sale of its Pharmaceutical Services business,
comprised principally of SESA's subsidiary CarboGen Amcis AG --
http://www.carbogen-amcis.com/

Dishman Pharmaceuticals and Chemicals Limited and its
subsidiaries have purchased 100% of the stock of CarboGen Amcis
AG, as well as certain other assets used in the Pharmaceutical
Services business, for approximately US$74.5 million, subject to
a working capital adjustment.

The Pharmaceutical Services business provides seamless drug
development and commercialization services for leading
pharmaceutical and biotechnology companies.  During the year
2005, the business had sales of approximately CHF80 million.  
The Pharmaceutical Services business has world-class research
and development facilities at three sites in Switzerland: Aarau,
Bubendorf, and Neuland. All intellectual property, patents and
trademarks, customer contracts, as well as employees of the
Pharmaceutical Services business are included in the
transaction.

                  About Dishman Pharmaceuticals

Headquartered in Ahmedabad, India, Dishman Pharmaceuticals and
Chemicals Limited -- http://www.dishmangroup.com/-- is a  
globally focused company involved in the manufacture of APIs
(active pharmaceutical ingredients), API intermediates,
quaternary compounds and fine chemicals.  Dishman has exports
spanning all continents.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.  
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of
Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey
Howard & Zukin Capital provides the Creditors' Committee with
financial advice.  (Solutia Bankruptcy News, Issue No. 65;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in TCR-Europe on July 26, Standard & Poor's Ratings
Services assigned its 'B' long-term and short-term corporate
credit ratings to Belgium-based specialty chemicals group
Solutia Europe S.A./N.V.  S&P said the outlook is developing.

At the same time, Standard & Poor's assigned its 'B' senior
secured debt rating to the proposed EUR200 million term loan to
be issued by SESA subsidiary Solutia Services International SCA,
with a recovery rating of '4', indicating Moody's expectations
of marginal recovery of principal (25%-50%) in an event of
default.  The loan will be used to refinance existing bonds
issued by SESA.


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


BENEFON OYJ: Inks Three-Year Partnership Deal with Geowell Oy
-------------------------------------------------------------
Benefon Oyj disclosed of a global partnership with Finnish
tracking technology company Geowell Oy.

Under the agreement, Benefon:

   -- will have the sole and exclusive rights to design and
      manufacture integrated GPS/GSM Tracking Devices for
      Geowell.  

   -- appoints Geowell as its global distributor for such
      special variants of its TWIG branded devices.

The projected value of this three-year contract is estimated to
be EUR10-EUR12 million.

Benefon's all-in-one "Geowell Hunter" solution, is designed for
hunters and outdoor enthusiasts, and uses GPS technology to
allow real-time monitoring and tracking of either a hunting dog,
or other outdoor colleagues.  The "Geowell Hunter" technology
makes hunting faster, easier and safer by allowing the outdoor
user to locate their dog's precise position and navigate through
their surroundings to this position.

In the event of an emergency as well, the user can use the same
GPS tracking technology on the TWIG device to communicate their
precise position to a rescue team.

The new "Geowell Hunter" solution for TWIG devices uses maps of
Europe, pre-installed on an SD card, to allow the outdoor user
to easily track a tagged dog -- even if it is hundreds of
kilometers away, to a location accurate to within a few meters.  
In addition, transmitters mounted on the dog's special harness
allow the user to hear for themselves noises of prey nearby or
close to the dog.

"We're delighted with our worldwide manufacturing partnership
with Geowell," Benefon CEO Jonathan Bate said.  "This agreement
between the two companies demonstrates our ongoing commitment to
providing our partners and end-user customers alike with the
best GPS technology, products and services on the market."

Mika Heinioe, Managing Director of Geowell, confesses being very
excited about the August agreement.  "We are very happy that we
are able to continue our five-year relationship with Benefon and
the Benefon unique expertise in manufacturing GPS/GSM devices
will enable Geowell now to expand the use of our "Geowell
Hunter" application products even more globally."

                          About Geowell

Headquartered in Helsinki, Finland, Geowell Oy --
http://www.geowell.net/-- develops and markets GPS/GSM based  
positioning solutions for animal tracking.

                          About Benefon

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions  
saving lives, securing assets and improving field management.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 in total assets and
EUR7.30 million in total liabilities, resulting in a EUR2.33
million stockholders' deficit.


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


SNC SUMMERSUN: U.S. Court Grants Relief Under Chapter 15
--------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for
the Southern District of New York issued an order granting
S.N.C. Summersun et cie and its debtor-affiliates relief under
chapter 15 of the U.S. Bankruptcy Code.

Gilles Gauthier, in his capacity as foreign representative for
the Debtors, filed the chapter 15 petition in the Manhattan
court on May 4.

Judge Bernstein also entered an order granting recognition of
the foreign proceedings, allowing Mr. Gauthier to seek the
orderly sale of the New York property under Section 363 of the
Bankruptcy Code.

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-U.S. proceedings
might obtain relief, including injunctive relief, in the United
States, expands the powers of U.S. Bankruptcy Courts, and
enhances the rights of both U.S. and non-U.S. creditors.

Headquartered in Valbonne, France, S.N.C. Summersun et cie is a
partnership company formed under French commercial law for the
purpose of purchasing, managing and operating real estate.  It
owns two 32-floor towers located at 14 Rue de Theatre in Paris,
France.  S.A. and S.A.R.L. are partners in S.N.C.

Madlyn Gleich Primoff, Esq., at Kaye Scholer LLP, represents Mr.
Gauthier in the chapter 15 case.  As of May 4, 2006, the Debtors
estimated more than US$100 million in assets and liabilities.


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


A.B.I. BAU: Claims Registration Ends September 7
------------------------------------------------
Creditors of A.B.I. Bau GmbH have until Sept. 7 to register
their claims with court-appointed provisional administrator
Ulrich Beret.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.307
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against A.B.I. Bau GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         A.B.I. Bau GmbH
         Attn: Neriman Afsin, Manager
         Riedeselstrasse 56
         64283 Darmstadt, Germany

The administrator can be contacted at:

         Ulrich Beret
         Birkenweg 24
         64295 Darmstadt, Germany
         Tel: 06151/66729-0
         Fax: 06151/66729-20
         E-mail: darmstadt@ltb-anwaelte.de


ACUCELL-PHARMA: Claims Registration Ends August 31
--------------------------------------------------
Creditors of Acucell-Pharma GmbH have until Aug. 31 to register
their claims with court-appointed provisional administrator
Petra Fuchs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 13 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         District Court Building
         Homburger Road 18
         61169 Friedberg (Hessen), 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 Friedberg (Hessen) opened bankruptcy
proceedings against Acucell-Pharma GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Acucell-Pharma GmbH
         Attn: Herbert Tebruegge, Manager
         Diesel route 7
         61239 Ober-Moerlen, Germany

The administrator can be contacted at:

         Petra Fuchs
         Shepherd Lane 17
         60313 Frankfurt, Germany
         Tel: 069/138107-0
         Fax: 069/138107-10


DRUCKHAUS GROSSMANN: Claims Registration Ends August 30
-------------------------------------------------------
Creditors of Druckhaus Grossmann GmbH have until Aug. 30 to
register their claims with court-appointed provisional
administrator Ulrich Bert.

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 Darmstadt
         Hall 14
         1st Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against Druckhaus Grossmann GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Druckhaus Grossmann GmbH
         Attn: Hajo Grossmann, Manager
         Rotboell 6
         64331 Weiterstadt, Germany

The administrator can be contacted at:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt, Germany
         Tel: 06151/66729-0
         Fax: 06151/66729-20
         E-mail: darmstadt@ltb-anwaelte.de


HOTEL IM DRACHENLAND: Claims Registration Ends September 5
----------------------------------------------------------
Creditors of Hotel im Drachenland GmbH have until Sept. 5 to
register their claims with court-appointed provisional
administrator Alexander Hoepfner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.312
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against Hotel im Drachenland GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hotel im Drachenland GmbH
         Attn: Margitta Monika Seitz, Manager
         Volkerstr. 1
         64689 Grasellenbach, Germany

The administrator can be contacted at:

         Dr. Alexander Hoepfner
         Darmstadter Str. 43
         64646 Heppenheim, Germany
         Tel: 06252/6739988
         Fax: 06252/6739989


L & P INTERNET: Claims Registration Ends September 1
----------------------------------------------------
Creditors of L & P Internet Versand GmbH have until Sept. 1 to
register their claims with court-appointed provisional
administrator Kaufmann Erich Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against L & P Internet Versand GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         L & P Internet Versand GmbH
         Huelsenbusch 39
         59063 Hamm, Germany

         Attn: Harald Berghoff, Manager
         Wichernstr. 27
         59063 Hamm, Germany

The administrator can be contacted at:

         Kaufmann Erich Hoelzemann
         Goethestrasse 2
         59065 Hamm, Germany


MALEREI UND DESIGN: Claims Registration Ends September 6
--------------------------------------------------------
Creditors of Malerei und Design Richter GmbH have until Sept. 6
to register their claims with court-appointed provisional
administrator Florian Stapper.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Room 030
         Leipzig, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Leipzig opened bankruptcy proceedings
against Malerei und Design Richter GmbH on July 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Malerei und Design Richter GmbH
         Attn: Ralf Richter, Manager
         West 29
         04435 Schkeuditz/OT Doelzig, Germany

The administrator can be contacted at:

         Dr. Florian Stapper
         Karl-Heine-Str. 16
         04229 Leipzig, Germany
         

MOEBEL GRAF: Creditors' Meeting Slated for September 20
-------------------------------------------------------
The court-appointed provisional administrator for Moebel Graf
OHG, Hans A. Brauer, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:20 a.m. on Sept. 20.

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

         The District Court of Bitburg
         Hall 128
         Court Road 2/4
         54634 Bitburg, Germany

The Court will also verify the claims set out in the
administrator's report at 2:00 p.m. on Nov. 6 at the same venue.

Creditors have until Oct. 31 to register their claims with the
court-appointed provisional administrator.

The District Court of Bitburg opened bankruptcy proceedings
against Moebel Graf OHG on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Moebel Graf OHG
         Bahnhofstr. 7
         54608 Bleialf, Germany

         Attn: Thomas Aigner, Manager
         Steinackerring 11
         54608 Bleialf, Germany

The administrator can be reached at:

         Hans-A. Brauer
         Jahnstr. 1
         D-54550 Daun, Germany


PCI PRINTWARE: Claims Registration Ends August 31
-------------------------------------------------
Creditors of PCI Printware Components Industries GmbH have until
Aug. 31 to register their claims with court-appointed
provisional administrator Wilhelm Oelert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.312
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against PCI Printware Components Industries GmbH on July 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         PCI Printware Components Industries GmbH
         Attn: Stephan Gelling, Manager
         Field Route 8
         64347 Griesheim, Germany

The administrator can be contacted at:

         Wilhelm Oelert
         Baustrasse 17
         64372 Ober-Ramstadt, Germany
         Tel: 06154/630848
         Fax: 06154/630850


W. KRAUTER: Claims Registration Ends September 8
------------------------------------------------
Creditors of W. Krauter Elektro und Tiefbau GmbH have until
Sept. 8 to register their claims with court-appointed
provisional administrator Janine Pfaff.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Oct. 20 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Room 201
         Building B
         II. Stick
         Wetherstr. 1
         35578 Wetzlar, 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 Wetzlar opened bankruptcy proceedings
against W. Krauter Elektro und Tiefbau GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         W. Krauter Elektro und Tiefbau GmbH
         Attn: Wilhelm Krauter Jr., Manager
         Riemannstrasse 78
         35606 Solms, Germany

The administrator can be contacted at:

         Janine Pfaff
         Wertherstrasse 14A
         35578 Wetzlar, Germany
         Tel: 06441/94820
         Fax: 06441/948222
         E-mail: kanzlei@wsr-net.de


WOBI WOHNMOBILE: Claims Registration Ends September 5
-----------------------------------------------------
Creditors of Wobi Wohnmobile GmbH have until Sept. 5 to register
their claims with court-appointed provisional administrator
Joachim Stumpf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 14
         1st Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against Wobi Wohnmobile GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Wobi Wohnmobile GmbH
         Attn: Axel Quittschau, Manager
         Werner Heisenberg Route 4
         68519 Viernheim, Germany

The administrator can be contacted at:

         Joachim Stumpf
         Lindberghstrasse 7
         64625 Bensheim, Germany
         Tel: 06251/984171
         Fax: 06251/984173


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


ALITALIA SPA: Inks Transport Deal with Italian Armed Forces
-----------------------------------------------------------
Alitalia S.p.A. won the tender put out by the Italian Defence
Ministry regarding air transportation services for Armed Forces
personnel.

Under the agreement, which was signed following the adjudication
procedure, Alitalia will use its own aircraft to carry Armed
Forces personnel bound for operational missions, exercises or
training activities, to destinations anywhere in the world
(domestic, international and intercontinental).
  
The agreement was reached thanks to Alitalia's flexible approach
and its ability to meet the specific needs of the Inter-forces
Operational Command (COI), and forms part of a collaboration
program already underway with the Defense Ministry in the cargo
transport sector. As such, it represents a further example of
carefully planned and structured cooperation aimed at increasing
the scale and quality of public services provided by the
Company.  

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


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


ATK-TRANSAVTO: Creditors Must File Claims by Sept. 15
-----------------------------------------------------
LLP ATK-Transavto has declared insolvency.  Creditors have until
Sept. 15 to submit written proofs of claim to:

         LLP ATK-Transavto
         Kargaly
    Jambyl District
    Almaty Region
    Kazakhstan


GAO LI: Creditors Must File Claims by Sept. 15
----------------------------------------------
LLP Gao Li has declared insolvency.  Creditors have until
Sept. 15 to submit written proofs of claim to:

         LLP Gao Li
         Room 3
    Gogol Str.2
    Almaty, Kazakhstan


JAN BOTA-2003: Proof of Claim Deadline Slated for Sept. 19
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Jan Bota insolvent on June 5 without the
introduction of the bankruptcy proceedings.

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

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


JANDOS: Claims Registration Ends Sept. 19
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Jandos (RNN 090200002495) insolvent on July 11.

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

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


SAV TECHNIC: Creditors' Claims Due Sept. 20
-------------------------------------------
LLP Sav Technic International has declared insolvency.  
Creditors have until Sept. 20 to submit written proofs of claim
to:

         LLP Sav Technic International
         6th Floor
    Dostyk Ave. 105
    Almaty, Kazakhstan


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


NORTEL NETWORKS: Unit Inks US$1.6 Mil. Court Records System Pact
----------------------------------------------------------------
Nortel Government Solutions will continue development and
operational support of a sophisticated records system for the
Fairfax County, Virginia Circuit Court under a five-year
agreement valued at US$1.6 million.

First implemented in 1996, the Fairfax County Courts Automated
Recording System provides more than 1,400 users each day with
automated access to more than 31 million recorded images and
corresponding indexes dating back to 1742.

CARS was initially designed for the Land Records department, but
later enhanced with the help of Nortel Government Solutions to
include the Judgments, Public Services and Probate Departments.
The system is now used by banks, title examiners, law offices,
mortgage companies and county agencies.

Nortel Government Solutions developed and implemented the
integrated scanning, point-of-sale, verification, storage and
retrieval capabilities that enable CARS to capture images and
index data.  The system has been maintained and enhanced by
Nortel Government Solutions for the past 10 years.

"CARS has been a big success for Fairfax County," Chuck Saffell,
chief executive officer, Nortel Government Solutions, said.  
"This new agreement is a testament to our performance in
maintaining and enhancing the system for the past 10 years, and
a vote of confidence in our ability to evolve and improve it
with new technology over the next five years."
   
               About Nortel Government Solutions

Headquartered in Fairfax, Virginia, Nortel Government Solutions
-- http://www.nortelgov.com/-- is a U.S. company wholly-owned  
by Nortel(x).  It offers a one-stop shop for solutions designed
to improve workforce productivity, reduce operating costs, and
streamline inter-agency communications.  Nortel Government
Solutions is a network-centric integrator.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers 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
=====================


GETRONICS NV: Completes Sale of Regional Units to Kapsch
--------------------------------------------------------
Getronics N.V. revealed that the sale of its operations in
Austria, the Czech Republic, Slovakia and Poland to the Kapsch
Group has been successfully concluded following all due
regulatory checks.  

The sale will result in Kapsch becoming a strategic business
partner for Getronics in the region, through which Getronics
will continue to ensure the continued high level of service to
its international clients in those countries.

                           About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V. --
http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.  
Its shares are traded on Euronext Amsterdam.

                        *     *     *

As reported in TCR-Europe on Aug 8, kept Dutch IT services group
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.
      
As reported in TCR-Europe on Aug. 4, Moody's Investors Service
downgraded Getronics' corporate family rating to B2 from B1 and
placed the ratings on review for possible downgrade following
the company's announcement of half year results showing a
widening of net losses and fall in margins below the company's
expectations.  Concurrently the rating on the EUR100 million
senior unsecured convertible Dutch bonds due 2008 has been
downgraded to Caa1 from B3.  


KONINKLIJKE AHOLD: Giant Food Unit Unveils Expansion Plan
---------------------------------------------------------
Giant Food, a U.S. unit of Koninklijke Ahold N.V., revealed its
store expansion and remodeling plan for the balance of 2006.

This is the initial phase of a multi-year effort to reposition
Giant through new capital investments throughout its market
area.  In 2006, eight new and replacement stores will be opened
and six major remodels completed.

Earlier this year, Giant opened its expanded and remodeled Van
Ness store in the District of Columbia and its first new
prototype store in Millville, Delaware.  Giant is opening its
first new Super Giant prototype store in the Baltimore-
Washington metro area in Dunkirk, Maryland on Aug. 25, 2006.  

By the end of 2006, Giant will open new stores in Bowie, Chevy
Chase and Urbana, Maryland and in Haymarket and Ryan Park,
Virginia and remodel stores in Bear, Delaware, Easton and
Elkridge, Maryland, and Alexandria, Gainesville, and Woodbridge,
Virginia.

As part of its overall 2006 store program, Giant will also close
several smaller, outdated stores for which new investment was
not considered a practical alternative.  Existing or new Giant
stores are expected to effectively service their customers
currently shopping at these stores. Also, the Giant store
associates affected by these store closings will have an
opportunity to work in other Giant stores.

The seven stores to be closed before the end of 2006 are the
Someplace Special store in McLean, Virginia, the Giant Drug
store in Salisbury, Maryland and Giant supermarkets in Bowie
(Laurel-Bowie Road), Edgewood, Salisbury (North Salisbury
Blvd.), and Wilde Lake-Columbia, Maryland and Annandale,
Virginia.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,  
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


FALCONBRIDGE LTD: Fails to Register Sale to Dominican Tax Dept.
---------------------------------------------------------------
Falconbridge Ltd. has not registered its sale to Xstrata plc
with the Dominican Republic's Tax Department, the DR1 Newsletter
reports.

DR1 relates that the Tax Department asked Falconbridge Limited
on July 19 to register the sale.

Falconbridge Limited sold most of its outstanding stock to
Xstrata for US$20 billion, through the Toronto Exchange, DR1
notes.  The sale includes 85% of Falconbridge Dominicana.

The Tax Department may fine Falconbridge for not registering the
sale, DR1 states.

                       About Xstrata

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

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

                     About Falconbridge

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

Falconbridge has sales offices in Beijing, China, and Tokyo,
Japan, as well as a recycling plant in Penang, Malaysia.

                        *    *    *

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


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


AGRO-SERVICE: Tula Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Tula Region has commenced bankruptcy
supervision procedure on OJSC Agro-Service (TIN 7116020231).  
The case is docketed under Case No. A68-265/B-5.

The Temporary Insolvency Manager is:

         V. Polyakova
         Post User Box 255
         300002 Tula Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Service
         Komsomolskoye Shosse 4
         Novomoskovsk
         301661 Tula Region
         Russia


BORODINO: Smolensk Court Orders Reorganization
----------------------------------------------
The Arbitration Court of Smolensk Region has commenced external
management bankruptcy procedure on CJSC Rudnyanskiy Food Combine
Borodino.  

The case is docketed under Case No. A62-2258/2005(654-N/05).

The External Insolvency Manager is:

         M. Vasilega
         Room 6
         Dzerzhinskogo Str. 18/2
         214000 Smolensk Region
         Russia

The Debtor can be reached at:

         CJSC Rudnyanskiy Food Combine Borodino
         Leninskiy Per. 11
         Rudnya
         216790 Smolensk Region
         Russia


BRASOVSKAYA FURNITURE: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Bryansk Region has commenced bankruptcy
supervision procedure on OJSC Brasovskaya Furniture Factory.  
The case is docketed under Case No. A09-3529/06-8.

The Temporary Insolvency Manager is:

         Y. Kayturov
         Office 312
         Kanatnyj Per. 5
         Bryansk Region Russia

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Brasovskaya Furniture Factoryy
         Lesozavodskaya Str. 17
         Lokot
         Brasovskiy Region
         242300 Bryansk Region
         Russia


CIT FINANCE: Profitability Prompts S&P to Lift Rating to CCC+
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based Investment Bank CIT
Finance to 'CCC+' from 'CCC'.  At the same time, the 'C' short-
term counterparty credit rating was affirmed.  The outlook is
stable.

"The upgrade reflects CIT Finance's longer track records of high
profitability and its increased capitalization following a
capital increase and profit retention," said Standard & Poor's
credit analyst Elena Romanova.
     
Positive rating factors include the favorable economic
environment in Russia and CIT Finance's adequate position in the
domestic brokerage business.   The ratings are constrained,
however, by CIT Finance's high market risk from its large
trading business, high related-party exposure, and still-limited
franchise.

Over the past few years, CIT Finance has expanded its brokerage
and investment banking services and developed a fund management
arm.

CIT Finance provides brokerage services, but its main source of
revenues comes from its proprietary trading, mainly in equities-
-a highly risky practice in the volatile Russian market.
     
The bank's financial performance has been very strong in the
past 18 months, largely driven by the strong performance and
high volatility of the Russian stock market.  The bank's
revenues remain concentrated and reliant on successful trading
operations.

"The stable outlook balances the bank's high risk profile due to
its involvement in trading with its current efforts to develop
its customer franchise and diversify its revenues," added Ms.
Romanova.

The ratings could be raised if the bank reduces its related-
party concentration, diversifying its revenue structure and
customer base.   A significant risk factor remains CIT
Finance's high exposure on the Russian securities market on both
sides of its balance sheet, and the consequent high
vulnerability of its financial performance.   A negative rating
action would follow in the event of a major decline in its
performance or capitalization.


DEMYANSKIY: Novgorod Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Novgorod Region has commenced
bankruptcy supervision procedure on Municipal Enterprise
Agricultural Flax Factory Demyanskiy.  The case is docketed
under Case No. A44-729/2006-4k.

The Temporary Insolvency Manager is:

         G. Kanunnikov
         Apartment 3
         Novoluchanskaya Str. 32
         173003 Velikiy Novgorod Region
         Russia

The Debtor can be reached at:

         Municipal Enterprise Agricultural Flax Factory
         Demyanskiy
         Lnozavodskiy Per. 9a
         Demyansk
         175310 Novgorod Region
         Russia


ELABUZHSKIY FACTORY: Court Names B. Surov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. B.
Surov as Insolvency Manager for LLC Elabuzhskiy Factory of
Reinforced-Concrete Goods.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-23340/2005-SG4-26.

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         LLC Elabuzhskiy Factory of Reinforced-Concrete Goods
         Stroiteley Str. 25
         Elabuga
         423600 Tatarstan Republic
         Russia


GAZPROM OAO: Gains License to Develop Tetersky Field
----------------------------------------------------
Gazprom OAO has been declared the winner of an auction for the
license to explore and develop the Tetersky prospect located in
Krasnoyarsk Krai.

The auction was held in the city of Krasnoyarsk.

The Tetersky prospect is located 50 km east of the Sobinskoye
field.  Krasnoyarskgazdobycha, a wholly owned subsidiary of
Krasnoyarskgazprom, holds the upstream licence for the field.  
The recoverable D1 hydrocarbon resources of the Tetersky
prospect amount to 150 mtce.

As part of a draft Development Program for an integrated gas
extraction, transmission and supply network in Eastern Siberia
and the Far East, a gas production centre is planned for the
platform of the Sobinskoye field in Krasnoyarsk Krai.  This plan
takes into account potential gas exports to China and other Asia
Pacific countries.

                          About Gazprom

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

                          *     *     *

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

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

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


GRAIN: Bryansk Court Names A. Anikin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. A. Anikin
as Insolvency Manager for CJSC Grain.  

He can be reached at:

         A. Anikin
         Elktrozavodskaya Str. 7
         600009 Vladimir Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-2978/06-27.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         CJSC Grain
         Trubchevskiy Region
         Bryansk Region
         Russia


INZENSKAYA FURNITURE: N. Korchagin to Manage Insolvency Asssets
---------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Mr. N.
Korchagin as Insolvency Manager for OJSC Inzenskaya Furniture
Factory.  He can be reached at:

         N. Korchagin
         Krymova Str. 12
         432071 Ulyanovsk Region
         Russia

The Debtor can be reached at:

         OJSC Inzenskaya Furniture Factory
         Inza
         Ulyanovsk Region
         Russia


IZH-MASH-STROY: Court Names R. Gibadullin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. R.
Gibadullin as Insolvency Manager for OJSC Izh-Mash-Stroy.  

He can be reached at:

         R. Gibadullin
         Post User Box 3497
         Izhevsk
         426034 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-1951/2006-G29.

The Debtor can be reached at:

         OJSC Izh-Mash-Stroy
         Orsovskaya Str. 1
         Izhevsk
         Udmurtiya Republic
         Russia


KHOTYNETSKAYA: Orel Court Names Y. Vnukov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. Y. Vnukov as
Insolvency Manager for LLC Agro Company Khotynetskaya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-7540/05-16b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         LLC Agro Company Khotynetskaya
         Zvezda
         Khotynenskiy Region
         Orel Region
         Russia


MORDOVSKIY BECON-ARDATOV: Mr. V. Pustakin to Manage Assets
----------------------------------------------------------
The Arbitration Court of Mordoviya Republic appointed Mr. V.
Pustakin as Insolvency Manager for CJSC Mordovskiy Becon-Ardatov
(TIN/KPP 1301062891/130101001).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A39-8817/05-8/7.

The Arbitration Court of Mordoviya Republic is located at:

         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         CJSC Mordovskiy Becon-Ardatov
         Rabochaya Str. 65
         Ardatov
         431860 Mordoviya Republic
         Russia


NORD FOREST: Komi Court Names N. Vaneeva as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Komi Republic appointed Ms. N. Vaneeva
as Insolvency Manager for CJSC Nord Forest.  He can be reached
at:

         N. Vaneeva
         Karla Marksa Str. 206-2
         Syktyvkar
         Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-3525/06-3B.

The Debtor can be reached at:

         CJSC Nord Forest
         Syktyvkar, Dyrnos.
         Komi Republic
         Russia


NOVOUZENSKIY: Saratov Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on CJSC Butter-Making Plant Novouzenskiy.  
The case is docketed under Case No. A67-176B/06-32.

The Temporary Insolvency Manager is:

         L. Pilipenko
         Post User Box 1188
         410028 Saratov Region
         Russia

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Butter-Making Plant Novouzenskiy
         Zavodskaya Str. 28
         Novokuznetsk
         413382 Saratov Region
         Russia


OSTROGOZHSKIY: Voronezh Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on OJSC Meat Combine
Ostrogozhskiy.  

The case is docketed under Case No. A14-4771/2006 119/27b.  

The Temporary Insolvency Manager is:

         V. Dyachkov
         Post User Box 28
         394077 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Ostrogozhskiy
         Ostrogozhsk
         Voronezh Region


QUARTZ: Moscow Court Names A. Popov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Popov as
Insolvency Manager for CJSC Company Quartz (TIN 7706063809).  He
can be reached at:

         A. Popov
         Post User Box 345
         Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-20815/06-103-229B.  

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Company Quartz
         Krymskiy Val 8
         Moscow Region
         Russia


ROSNEFT OIL: To Issue Additional Shares Via Stock Conversion
------------------------------------------------------------
The Board of Directors of OAO Rosneft Oil Co. approved a
decision to issue additional stock by converting ordinary and
preferred shares of the company's 12 subsidiaries to Rosneft
shares, RIA Novosti relates.  The shareholders have approved the
conversion of their shares to Rosneft stock on July 2

As reported in TCR-Europe on June 13, Rosneft shareholders
decided to increase the company's charter capital on June 7 by
placing  7,438,514,449 additional common shares with a par value
of RUR0.01 each, through the conversion of common and preferred
shares in various
Rosneft companies.

These companies include:

   -- Rosneft-Krasnodarneftegaz;
   -- Rosneft-Purneftegaz;
   -- Rosneft-Sakhalinmorneftegaz;
   -- Rosneft-Stavropolneftegaz;
   -- Yuganskneftegaz;
   -- Rosneft Komsomolsk Refinery;
   -- Rosneft Tuapse Refinery;
   -- Rosneft-Arkhangelsknefteprodukt;
   -- Rosneft-Nakhodkanefteprodukt; and
   -- Rosneft-Tuapsenefteprodukt.

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

                        *     *     *

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


ROSNEFT OIL: Shares Added to Russia's RTS Index
-----------------------------------------------
OAO Rosneft Oil Co. and VSMPO-AVISMA common shares are to be
included in the RTS Index, as of Sept. 15.

This decision was taken by the RTS Information Committee on
Aug. 17, 2006.

The committee has determined the coefficients taking into
account the free float factors of Rosneft securities 0.1, and
those of the VSMPO-AVISMA Corporation 0.25.

Apart from these shares, free-float factors were determined for
the companies NTMK and Severstal.

Due to the inclusion of the new shares, the shares in Rosneft-
Purneftgas (PFGS) and Nizhnekamskneftekhim (NKNC) have been
removed from the RTS Index.

The RTS Index, the official Stock Exchange Indicator, is a
commonly acknowledged icon in the development of Russian stock
trading activity. It is quoted along with the free-float factor
for the shares of 50 companies.  The Index limits a company's
share to 15%.  The Futures contract is the most popular type of
contract on FORTS, its share comprising 30% of the FORTS trading
volume in terms of monetary value.

The RTS Index is one of the global benchmarks administered by
Standard & Poor's (S&P).  S&P has exclusive rights for
distributing, introducing, granting permission for use,
promoting on the market and publishing this key index for
Russian stock trading.
                          About Rosneft

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

                        *     *     *

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


SHARYPOVSKIY HOUSE-BUILDING: E. Gavrilets to Manage Assets
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. E.
Gavrilets as Insolvency Manager for OJSC Sharypovskiy House-
Building Combine.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-29381/2005.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Sharypovskiy House-Building Combine
         Ashpyl Location
         Sharypovo
         662320 Krasnoyarsk Region
         Russia


SHUYSKIY COMBINE: Court Names A. Provorov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A.
Provorov as Insolvency Manager for OJSC Shuyskiy Combine of
Grain Products (OGRN 1033700511481).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1313/05-14B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Shuyskiy Combine of Grain Products
         Zavokzalnaya Str. 1
         Shuya
         155900 Ivanovo Region
         Russia


SRETENSKIY SHIPYARD: Chita Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Chita Region has commenced bankruptcy
supervision procedure on LLC Sretenskiy Shipyard (TIN
7519003221).  The case is docketed under Case No. A76-36716/05-
52-336.

The Temporary Insolvency Manager is:

         I. Dolgikh
         Post User Box 1089
         672000 Chita Region
         Russia

The Debtor can be reached at:

         LLC Sretenskiy Shipyard
         Zavodskaya Str. 19
         Kokuy
         Sretenskiy Region
         673530 Chita Region
         Russia


SYSOLSKAYA: Komi Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Komi Republic has commenced bankruptcy
supervision procedure on LLC Agro Company Sysolskaya.  The case
is docketed under Case No. A29-3548/06-3B.

The Temporary Insolvency Manager is:

         I. Mun
         Post User Box 901
         Syktyvkar
         167000 Komi Republic
         Russia

The Debtor can be reached at:

         LLC Agro Company Sysolskaya
         Vizinga,
         Sysolskiy Region
         Sovetskaya Str. 25
         168100 Komi Republic
         Russia

TATNEFT OAO: Lack of Information Spurs S&P to Withdraw B- Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' long-term
corporate credit rating on Russia-based oil company Tatneft OAO.
The rating had been placed on CreditWatch with negative
implications on April 14, due to a continuing lack of consistent
information on the company's financial position.
     
"The rating withdrawal reflects a lack of information on the
company's consolidated financial position and its strategy,"
said Standard & Poor's credit analyst Tatiana Kordyukova.
     
For the third year in succession Tatneft has substantially
delayed publishing its audited U.S. GAAP accounts, which have
been much more belated compared with those of local peers.
The 2004 accounts were published in June 2006, and the 2005
financials are not yet available.   

The nature of the company's relationships with the government of
the Republic of Tatarstan and other related parties is also
unclear and there is a lack of clarity regarding financing of
the major Nizhnekamsk refinery project (for a total estimated
cost of US$4.8 billion).

Hence, although the rating withdrawal does not necessarily
indicate a deterioration of the company's credit quality, the
limited scope of information available does not allow us to
determine Tatneft's current credit standing and evaluate
creditors' risks.   As a result of the withdrawal, Tatneft will
no longer be subject to Standard & Poor's surveillance.


TULA-AGRO-RESOURCE: Tula Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Tula Region has commenced bankruptcy
supervision procedure on OJSC Tula-Agro-Resource.  The case is
docketed under Case No. A68-241/B-06.

The Temporary Insolvency Manager is:

         G. Voropaev
         Arsenalnaya Str. 1D
         300002 Tula Region Russia

The Debtor can be reached at:

         OJSC Tula-Agro-Resource (TKT)
         Ryazanskaya Str. 20
         Tula Region
         Russia


VNESHTORGBANK JSC: Arranges Syndicated Loan for Slavinvestbank
--------------------------------------------------------------
JSC Vneshtorgbank and CJSC IMB have been appointed as the
Mandated Lead Arrangers and Bookrunners for a RUR500-million
debt syndication for Slavinvestbank Ltd. (Russia).

The loan bears a fixed interest rate of 9.5% p.a. and has a
maturity of 364 days.

Slavinvestbank Ltd., founded in 1994 is a universal bank, which
supports the development of corporate business and private
enterprise, and provides banking services to both individuals
and to companies and also partnership programs to other banks.

In February 2006 the Bank was ranked 79th in Russia by the
Bankers' Almanac.

JSC Bank TuranAlem owns 15.63% of the Bank's equity. A further
84.16% is held in trust management with LLC TuranAlem Capital, a
company established in 2004 by the sole shareholder, Bank
TuranAlem.  Through employing corporate management, TuranAlem
Capital working jointly with Bank TuranAlem is able influence
the activities of Slavinvestbank.

In June 2005 the Bank was assigned the "B1" long-term rating for
foreign currency deposits, Non-prime short-term rating and "E+"
financial strength rating by Moody's Investors Service, all with
"stable" outlook.  In December 2005 Moody`s Interfax Rating
Agency assigned the national rating "A2.ru" to the Bank.
Simultaneously Moody's confirmed the Bank's current
international rating.

                      About the Company

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.  

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

At the beginning of 2006, VTB purchased a 98% stake in the Bank
Mriya located in Ukraine.  VTB has operated under a full banking
License No. 1000 from the Central Bank of the Russian Federation
since 1990.  With 23,145 employees as of Dec. 31, 2005, the
Group operates in the commercial banking sector including
deposit taking and commercial lending, support of clients'
export/import transactions, foreign exchange, securities
trading, and trading in derivative financial instruments.  The
Government of the Russian Federation is the main shareholder of
VTB and owns through the Federal Property Management Agency
99.9% of its registered share capital.  

                        *     *     *

As reported in TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


YASNOGORSK-SEL-KHOZ-KHIMIYA: A. Popov to Manage Assets
------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. A. Popov as
Insolvency Manager for OJSC Yasnogorsk-Sel-Khoz-Khimiya (TIN
7136001452).  He can be reached at:

         A. Popov
         Post User Box 345
         Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-1872/06-159B.

The Debtor can be reached at:

         OJSC Yasnogorsk-Sel-Khoz-Khimiya
         P. Dobrynina 1
         Yasnogorsk
         Tula Region
         Russia


ZARYA: Voronezh Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on CJSC Zarya.  The case is
docketed under Case No. A14-5362-2006/139/20b.

The Temporary Insolvency Manager is:

         E. Shur
         Molodyezhnaya Str. 2A
         Nizhniy Kislyay
         Buturlinovskiy Region
         397535 Voronezh Region Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Zarya
         Molodyezhnaya Str. 2A
         Nizhniy Kislyay
         Buturlinovskiy Region
         397535 Voronezh Region
         Russia


ZHUKOVSKIY BICYCLE: Bryansk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Bryansk Region has commenced bankruptcy
supervision procedure on OJSC Zhukovskiy Bicycle Factory.  The
case is docketed under Case No. A09-2885/06-27.

The Temporary Insolvency Manager is:

         M. Panteleev
         Post User Box 66
         242012 Bryansk Region
         Russia

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Zhukovskiy Bicycle Factory
         Kalinina Str. 1
         Zhukovka
         242700 Bryansk Region
         Russia


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


SANMINA-SCI: Fitch Lowers Issuer Default Rating to B+ from BB-
--------------------------------------------------------------
Fitch Ratings downgraded Sanmina-SCI Corp.:

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

Fitch also placed Sanmina's IDR, as well as these ratings, on
Rating Watch Negative:

   -- Senior subordinated debt 'B+'
   -- First lien senior secured credit facility 'BB+'

Additionally, Fitch initiated a 'RR1' recovery rating for
Sanmina's senior secured credit facility, and a 'RR4' for the
senior subordinated debt.  Fitch's action affects approximately
$1.5 billion of outstanding debt securities.

The downgrade reflects:

   * Sanmina's weaker financial profile and lower financial
     flexibility relative to peers;

   * Fitch's expectations for further delays in improving
     operating performance combined with weaker than anticipated
     sales growth trends; and

   * limited prospects for meaningful strengthening of credit
     protection measures.

Fitch anticipates total debt adjusted for rent expense and
limited recourse on sales of accounts receivables will remain at
approximately US$2 billion through the intermediate term, among
the highest of its peer group, as Fitch expects Sanmina to
refinance its primary near-term maturities with long-term debt.

While refinancing will improve Sanmina's liquidity position, it
also will extend catalysts for debt reduction through 2009, when
the company's US$400 million 6.75% senior subordinated notes
become callable.

Fitch revised Sanmina's Rating Outlook to Negative from Stable
in December 2005 due to pressured operating metrics and the
company's lack of debt reduction.  The ratings are supported by:

   * Fitch's expectation for longer term industry growth trends
     driven in part by increased penetration of the
     manufacturing and design outsourcing model;

   * Sanmina's strong historical relationships with tier-one
     customers; and

   * the significant scale and scope of the company's
     operations.

The Negative Rating Watch primarily reflects:

   * Sanmina's delayed filing of its 10Q and compliance
     certificates for the quarter ended July 1, 2006;

   * the resultant technical default under the terms of the
     subordinated and convertible indentures (the banks provided
     a compliance waiver through the cure period for both the
     credit facility and receivables sales agreement) and non-
     compliance with NASDAQ's filing requirements (the company
     continues to be listed on the exchange pending a decision
     by NASDAQ's Listing Qualifications Panel); and

   * the company's ongoing internal investigation by a special
     committee comprised of board members, independent outside
     legal counsel, and accounting consultants into the
     company's stock option administration practices dating back
     to Jan. 1, 1997.

The Negative Rating Watch also considers the heightened
refinancing risk related to the aforementioned US$525 million
convertible subordinated notes due March 2007.  

Fitch believes that a resolution of the stock option
investigation, a satisfactory filing of Sanmina's 10Q and
compliance certificates, and further insight into the company's
refinancing plans, would resolve the Negative Rating Watch
status.

Fitch anticipates further delays in meaningful operating EBIT
margin expansion due to ongoing industry-wide excess capacity,
continued program specific demand volatility, and sustained
pricing pressures related to Sanmina's personal computing
business.

In addition, Sanmina's components businesses and the company's
efforts to increase vertical integration have demonstrated
improvement but Fitch expects this effort to remain a relatively
small portion of total sales through the intermediate term.  
Fitch expects Sanmina's operating EBIT margins to increase to
nearly 2.5% over the intermediate-term from 2.3% for the latest
12 months ended April 1, 2006, and 2.1% in both fiscal years
2005 and 2004.

The lack of a significant improvement in profitability has been
compounded by declining sales trends which are expected to
stabilize in FY 2007 ending Oct. 1, 2007.  Fitch expects sales
for FY 2006 to be down 6.5%, well below beginning of the year
forecasts of 5%-10% growth despite relatively stable industry
demand.

Sanmina has been negatively affected by the company's
meaningfully higher exposure to the lower growth rates and more
uneven demand patterns of communications equipment and computing
end markets, which continue to represent approximately 80% of
current revenues (among the least diversified in the industry).  
Revenue from faster growing non-traditional end markets has not
offset the decline in Sanmina's core markets.

Fitch estimates Sanmina's sales will grow approximately 5% for
FY 2007 despite potential further sales declines from Lenovo, a
top customer for Sanmina, based on the assumption that the
company will gain further traction in non-traditional markets
with some stabilization expected in the communications and
computing segments.

As a result, Fitch expects credit protection measures to remain
near current levels through FY 2007.  Total adjusted leverage is
expected to be 4.5x for FY 2006 and 4.3x for FY 2007, down from
4.8x for FY 2005.  Interest coverage is estimated to be near 3x
over the same period with the potential for higher interest
costs related to Sanmina's expected refinancing offsetting
modest profitability expansion.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence,
recovery rates for its creditors, will be maximized in a
restructuring scenario (going concern) rather than a liquidation
scenario.  An estimate of Sanmina's enterprise value as a going
concern under a distressed scenario requires an estimation of:
1) a percentage discount to apply to the LTM EBITDA that would
likely trigger a distressed scenario and 2) an appropriate
EBITDA multiple to apply to this stressed EBITDA to derive an
estimate of enterprise value.

Fitch applies 15% discount to LTM EBITDA based on an estimate of
Sanmina's current fixed charge coverage ratio of 2.6x versus the
minimum 1.75x required under its bank credit facility.  Fitch
then applies a 4x distressed EBITDA multiple to reflect Fitch's
expectations that Sanmina's current multiple of 6.3x would
contract under a stressed scenario.  

That leads to a distressed enterprise value estimate of
approximately US$1 billion, providing the basis for a waterfall
analysis to determine recovery ratings.  The 'RR1' recovery
rating for Sanmina's secured bank facility reflects Fitch's
belief that 100% recovery is realistic.  The 'RR4' recovery
rating for the subordinated debt reflects Fitch's estimate that
a recovery of 31%-50% would be achievable.

Fitch believes liquidity was pressured as of July 1, 2006, and
supported by approximately US$563 million of cash and
equivalents and an undrawn US$500 million senior secured
revolving credit facility due 2008, which is not available for
refinancing purposes.  Sanmina's US$200 million receivables
sales facility due 2007 also supports liquidity.  

Total debt was approximately US$1.5 billion at July 1, 2006, and
consisted primarily of:

   1) US$525 million 3% convertible subordinated notes due
      March 2007;

   2) US$400 million of 6.75% senior subordinated notes due
      March 2013 (callable in 2009); and

   3) US$600 million of 8.125% senior subordinated notes due
      March 2016.


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


FINANSBANK A.S.: Moody's Keeps D+ Financial Strength Rating
-----------------------------------------------------------
Moody's raised the local currency deposit ratings of Finansbank
A.S. to A3/Prime-2 with a stable outlook from Baa3/Prime-3.  The
rating action reflects the acquisition by the National Bank of
Greece, currently rated at A2/Prime-1/C, of a 46% stake in
Finansbank A.S.  By imputing a high likelihood of potential
support from NBG, the ratings for Finansbank A.S. were uplifted
to within one notch of those of its new strategic shareholder.

This rating action concludes the rating review initiated in
April 2006, following the agreement signed between NBG and the
FIBA Group, Finansbank's former majority owner, to sell a 46% in
Finansbank stake to NBG.

As part of the transaction, Finansbank has also sold its
international operations, Finans International Holding N.V. (a
Netherlands-based holding company that was 100% directly owned
by Finansbank, and which owns majority stakes in other financial
institutions, such as Finansbank Holland N.V. and Finansbank
Russia), as well as Finansbank Romania S.A. (28.05% directly
owned by Finansbank) back to FIBA Holding A.S.  Also as part of
the transaction, Finansbank A.S. of Turkey has bought back
99.99% of the shares of Finansbank Malta Ltd. from Finans
International Holding N.V.

As required under Turkish regulations, NBG will launch a
mandatory tender offer for the remaining 44.3% of the ordinary
share capital of Finansbank, excluding the 9.68% of Finansbank,
which will be retained by the FIBA Group.  In the event that NBG
does not acquire a majority stake in Finansbank A.S. via the
public tender offer, FIBA Holding will sell additional shares of
Finansbank A.S. to NBG to ensure that it obtains a minimum of
50% plus one share of Finansbank A.S.

Finansbank's D+ financial strength rating remains unchanged with
a stable outlook, while its foreign currency deposit ratings,
currently at B1/Not-Prime, remain constrained by the country
ceiling for such deposits in Turkey and will continue to
increase in line with any increase in the country ceiling.  

In upgrading the local currency deposit ratings to A3/P-2,
Moody's highlights its expectation that the NBG Group has the
ability and willingness to provide external support in the event
of need to Finansbank, at a level higher than was previously the
case. Moody's notes that Finansbank's A3/P-2 ratings are not
constrained by the A3 local currency deposit ceiling for Turkey.

Headquartered in Istanbul, Turkey, Finansbank A.S. had assets of
TRY17.075 billion (EUR8.4 billion and US$10.6 billion,
respectively) on an unconsolidated basis as at June 30, 2006.


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


AGROSVIT: Kyiv Court Names District Tax Agency as Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Solomyanskij District of Kyiv Region as Liquidator
for LLC Scientific-Production Firm Agrosvit (code EDRPOU
21499966).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 5.  The case is docketed
under Case No. 15/405-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production Firm Agrosvit
         Metalistiv Str. 17
         03057 Kyiv Region
         Ukraine
         Liquidator


ANTEY: Court Names Olga Shikilo as Insolvency Manager
-----------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Olga
Shikilo as Liquidator/Insolvency Manager for LLC Production-
Commercial Firm Antey (code EDRPOU 19429266) on June 26.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
B 26/47/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Production-Commercial Firm Antey
         Elektrozavodska Str. 37/3
         Krivij Rig
         Dnipropetrovsk Region
         Ukraine


ANTIKA: Harkiv Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on CJSC Antika (code EDRPOU 24284723) on
May 26.  The case is docketed under Case No. B-39/59-06.

The Temporary Insolvency Manager is:

         Dmitro Zadruzhnij
         Druzhbi Str. 68
         Visokij
         Harkiv District
         Harkiv Region
         Ukraine

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:

         CJSC Antika
         Chervonopraporna Str. 8
         61002 Harkiv Region
         Ukraine


M-DAK: Court Names Denis Matvejchuk as Insolvency Manager
---------------------------------------------------------
The Economic Court of Donetsk Region appointed Denis Matvejchuk
as Liquidator/Insolvency Manager for LLC M-Dak (code EDRPOU
31317664).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 13.  The case is docketed
under Case No. 5/80 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC M-Dak
         Mizhnarodna Str. 61-A
         Mariupol
         87510 Donetsk Region
         Ukraine


PRIKARPATTYA-MYASO: Lviv Court Names Sergij Muha as Liquidator
--------------------------------------------------------------
The Economic Court of Lviv Region appointed Sergij Muha as
Liquidator/Insolvency Manager for Prikarpattya-Myaso (code
EDRPOU 30478403).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 20.  The case is docketed
under Case No. 6/38-5/38.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Prikarpattya-Myaso
         Promislova Str. 50/52
         79024 Lviv Region
         Ukraine


PROGRES: AR Krym Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on CJSC Agrofirm Progres (code EDRPOU
30939981) on June 29.  The case is docketed under Case No.
29/8470-2006.

The Temporary Insolvency Manager is:

         Olga Pokidko
         Office 5
         Karl Libkneht Str. 7
         Simferopol
         95000 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:

         CJSC Agrofirm Progres
         Lenin Str. 14
         Yarke
         Dzhankoj District
         AR Krym Region
         Ukraine


RIVNE FURNITURE: Rivne Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Rivne Region commenced bankruptcy
supervision procedure on OJSC Rivne Furniture Factory (code
EDRPOU 00275458) on May 25.  

The case is docketed under Case No. 8/60.

The Temporary Insolvency Manager is:

         Igor Litvin
         Sirko 23/27
         79052 Lviv Region
         Ukraine

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         OJSC Rivne Furniture Factory
         Petro Mogila Str. 28
         33000 Rivne Region
         Ukraine


SAVRANSKA SILGOSPHIMIYA: Court Names Sergij Ananyev Liquidator
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Sergij Ananyev as
Liquidator/Insolvency Manager for OJSC Savranska Silgosphimiya.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 7.  The case is docketed
under Case No. 7/50-06-1505.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         OJSC Savranska Silgosphimiya
         Phone (097) 312-86-65


SMACHNOGO: Zaporizhya Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Zaporizhya Food Company Smachnogo
(code EDRPOU 30105942).  The case is docketed under Case No.
19/117/06.

The Temporary Insolvency Manager is:

         Sergij Vasiltsov
         Office 407         
         Pratsi Avenue 33/55
         Berdyansk
         71118 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Zaporizhya Food Company Smachnogo
         Stulnevo
         Chernigivskij District
         71220 Zaporizhya Region
         Ukraine


UKRENERGOHIMIZOLATSIYA: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on Ukrenergohimizolatsiya (code EDRPOU
31543090) on July 3.  

The case is docketed under Case No. 10/111-06.

The Temporary Insolvency Manager is:

         Lina Demets
         Peremogi Str. 27A/57
         40-richya
         Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Ukrenergohimizolatsiya
         Botanichna Str. 30
         Vinnitsya Region
         Ukraine


UKREXIMBANK: Moody's Rates Loan Participation Notes at Ba2
----------------------------------------------------------
Moody's Investors Service assigned a rating of Ba2 to Loan
Participation Notes to be issued on a limited recourse basis by
Credit Suisse International for the sole purpose of funding a
loan to Ukreximbank.  The outlook for the rating is stable.

The holders of the notes will be relying for repayment solely
and exclusively on the ability of Ukreximbank to make payments
under the loan agreement.  Moody's Ba2 rating is based on the
fundamental credit quality of Ukreximbank, a wholly state-owned
bank which, as well as acting as government agent, is engaged in
commercial banking activities and ranked fifth-largest bank in
Ukraine in terms of total assets as at June 30, 2006.

The rating also reflects the probability of a sovereign default
implied by Ukraine's B1 (stable outlook) foreign currency bond
rating, and the likelihood that in the event of default the
Ukrainian government could impose a debt moratorium on its own
foreign currency obligations.

The rating also addresses the risk that such a moratorium might
include foreign currency loans and that these notes in
particular, being dependent upon loan payments by Ukreximbank,
might be affected.  Given that the banking system is an arm of
the government's monetary and foreign exchange policy, Moody's
believes that credits dependent upon bank performance may have a
lower probability of having such payments exempted from a
moratorium than would, for example, those of a major exporter.
The Ba2 rating thus indicates the joint probabilities of default
that are contained in Ukraine's foreign currency ceiling and the
stand-alone rating of the security.

The obligations of Ukreximbank to make payments under the loan
agreement will rank at all times at least pari-passu with the
claims of all other unsubordinated creditors of the borrower,
save for those claims that are preferred by any relevant law.
According to Ukrainian legislation, accounts of individuals (19%
of Ukreximbank's total liabilities at end-June 2006) are ranked
senior in right of payment to the claims under the loan
agreement.  The loan agreement contains a cross-acceleration
clause as well as covenants that limit mergers, disposals and
transactions with affiliates.

According to Moody's, the notes might be eligible for early
redemption by the noteholders if the bank's ratings were to be
downgraded as a result of the Ukrainian government's intention
to cease its ownership or control of the bank.  While the
likelihood of the occurrence of a mishandled privatization is
relatively low, this clause might have adverse liquidity
implications for the bank and might exert additional downward
pressure on its ratings in such a situation.

Ukreximbank is headquartered in Kyiv, Ukraine, and reported
total consolidated assets of US$2.5 billion in accordance with
IFRS as at 30 June 2006.


VIKSTAR: Kyiv Court Names District Tax Agency as Liquidator
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Solomyanskij District of Kyiv Region as Liquidator
for for LLC Vikstar (code EDRPOU 30679107).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 5.  The case is docketed
under Case No. 15/404-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Vikstar
         Metalistiv Str. 17
         03057 Kyiv Region
         Ukraine


ZELENYANKA: Vinnitsya Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Temporary Insolvency
Manager for LLC Zelenyanka (code EDRPOU 30803508).  The case is
docketed under Case No. 10/64-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Zelenyanka
         Krizhopil District
         24626 Vinnitsya Region
         Ukraine


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


ACORN WIRELESS: Taps Liquidator from Wilkins Kennedy
----------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed Liquidator
of Acorn Wireless Limited on Aug. 9 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Acorn Wireless Limited
    40 Eddington Road
    Bracknell
    Berkshire RG128GF
    United Kingdom
    Tel: 0870 770 2912
    Web:  http://www.acornwireless.co.uk/


ADVANCED METAL: Gagen Dulari Sharma Leads Liquidation Procedure
---------------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of
Advanced Metal Finishing Engineering Limited on Aug. 2 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Advanced Metal Finishing Engineering Limited
    Unit 1-2
    Reliance Trading Estate
    Chestom Road
    Bilston
    West Midlands WV14 0RD
    United Kingdom
    Tel: 01902 490931


ADVANCED SECURITY: Appoints Stephen P. J. White as Liquidator
-------------------------------------------------------------
Stephen P. J. White of White & Co. was appointed Liquidator of
Advanced Security Integration Limited on July 27 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Advanced Security Integration Limited
    Unit 7
    Blackburn Technology Management Centre
    Challenge Way
    Green Bank Technology
    Blackburn
    Lancashire BB1 5QB
    United Kingdom
    Tel: 01254 290066


BARNSLEY INDUSTRIAL: Creditors Confirm Voluntary Liquidation
------------------------------------------------------------
John Russell and Andrew Philip Wood of The P&A Partnership were
appointed Liquidators of Barnsley Industrial Training Centre
Limited on July 27 for the purposes of the company's voluntary
winding-up.

The resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Philip Wood were confirmed at a meeting
of creditors held on the same day.

The company can be reached at:

         Barnsley Industrial Training Centre Limited
         Ravens House
    Pond Street
    Barnsley
    South Yorkshire S70 1NQ
    United Kingdom
    Tel: 01226 240 286


BARR LABORATORIES: Integration Cues Moody's to Put Ba1 Ratings
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 Corporate Family Rating
and Ba1 senior unsecured credit facility ratings to Barr
Laboratories, Inc.  The credit agreement is guaranteed by Barr
Pharmaceuticals, Inc.  The rating outlook is positive.  In
addition, Moody's assigned a Speculative Grade Liquidity rating
of SGL-2.

The ratings are being assigned in conjunction with Barr's US$2.3
billion tender offer for Croatian-based Pliva d.d., a
manufacturer of generic pharmaceutical products and active
pharmaceutical ingredients for the European and U.S. markets.
The combined organization will have revenues of approximately
US$2.5 billion.

The Ba1 rating reflects the application of Moody's Global
Pharmaceutical Rating Methodology, with consideration given to
Barr's large presence as a generic drug manufacturer.   Using
the methodology, Barr's rating appears to fall in the low to mid
"Baa" range during 2006 and 2007 (pro forma for the Pliva
acquisition).   This model-based rating is somewhat higher than
the actual Ba1 rating being assigned.   

The difference primarily reflects Moody's belief that the
integration of Pliva could pose above-average risk, particularly
because of Barr's prior focus solely within the U.S. markets.   
Moody's anticipates the integration to be a highly challenging
process as the international operations will need to be
compliant with Section 404 of the Sarbanes-Oxley Act by the end
of 2007.

The rating outlook is positive.  If Pliva is successfully
integrated, Moody's believes that Barr's business profile and
franchise could support an investment grade rating.

Over the next 12 to 18 months, Barr's rating could be upgraded
if the following occur:

   -- successful integration of the Pliva acquisition including
demonstration of SOX requirements;

   -- refinancing of the 364-day US$500 million capital markets
facility;

   -- reduction in debt, which would be supported by successful
new product launches and growth in free cash flow; and

   -- improvement in credit ratios to levels solidly within the
"Baa" ranges outlined in Moody's Global Pharmaceutical
Rating Methodology.

In addition, Moody's believes that more clearly defined capital
structure targets or credit ratio metrics would support positive
rating pressure.

Conversely, the ratings could face downward pressure if the
ratios of CFO/Debt and FCF/Debt decline below the high end of
the "Ba" ranges specified in Moody's Global Pharmaceutical
Rating Methodology, i.e. 25% CFO/Debt and 15% FCF/Debt.

Although not expected in the near term, scenarios that could
cause the combined company to operate below those ratios
include:

   -- an unexpected problem in the integration of Pliva causing
a business disruption;

   -- faster than expected price erosion combined with few
launches of new products; or

   -- an additional debt-financed acquisition.

Ratings assigned:

*Barr Laboratories, Inc.  

   -- Ba1 Corporate Family Rating;

   -- Ba1 senior unsecured Term Loan A of US$2 billion due 2011;

   -- Ba1 senior unsecured Capital Markets Facility of US$500
million due 2007;

   -- Ba1 senior unsecured Revolving Credit Facility of US$300
million due 2011; and

   -- SGL-2 Speculative Grade Liquidity rating.

Headquartered in Woodcliff Lake, NJ, Barr Pharmaceuticals, Inc.
[NYSE: BRL] is one of the five largest companies specializing in
the U.S. generic pharmaceutical market.  The company reported
US$1.3 billion of net revenues for the fiscal year ended June
30, 2006.  Barr Laboratories, Inc. is a wholly owned subsidiary
of Barr Pharmaceuticals, Inc.


BIRMINGHAM BASKETBALL: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Paul A. Whitwam and Gary E. Blackburn of BWC Business Solutions
were appointed Joint Liquidators of Birmingham Basketball
Limited on Aug. 11 for the purposes of the creditors' voluntary
winding-up.

The company can be reached at:

         Birmingham Basketball Limited
    Broad Street
    Birmingham B1 2EA
    United Kingdom
    Tel: 0121 246 6022


BLUESTONE SECURITIES: Fitch Rates GBP4.2 Million Notes at BB
------------------------------------------------------------
Fitch Ratings assigned final ratings to Bluestone Securities
2006-1's GBP220 million mortgage-backed floating rate notes due
in 2043:

   -- GBP105 million Class A1 notes: AAA;
   -- EUR133.5 million Class A2 notes: AAA;
   -- EUR21.3 million Class B notes: A;
   -- EUR9.8 million Class C notes: BBB;
   -- GBP4.2 million Class D notes: BB; and
   -- GBP0.78 million Class E notes: B.

This is Bluestone's third issuance from the shelf that it
established in December 2004 for the purpose of securitizing
non-conforming residential mortgage loan portfolios purchased by
Redstone Mortgages PLC from third-party originators in the U.K.  
Unlike the previous issues, the underlying collateral is
originated by Amber Homeloans - a wholly owned subsidiary of
Skipton Building Society (rated A/F1) and Beacon Homeloans.

The final ratings for this series are based on the quality of
the collateral, the available credit enhancement, the
underwriting and origination processes of Amber Homeloans and
Beacon Homeloans and the servicing capabilities of Homeloan
Management Ltd. as primary servicer and Western Mortgage Service
Limited as portfolio servicer replacement and the sound legal
structure of the transaction.

The 12.55% credit enhancement for the Class A notes is provided
by the subordination of the Class B (6.5%), Class C (3%), Class
D notes (1.9%) and Class E notes (0.35%), and an initial and
target reserve fund of 0.8% of the initial note balance.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


BONDRIGHT ROOFING: Hires Liquidator from Valentine & Co.
--------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Bondright Roofing Limited on Aug. 10 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Bondright Roofing Limited
    Bracken Hill Stud Farm
         Fawley Green
         Fawley
         Henley-On-Thames
         Oxfordshire RG9 6JA
         United Kingdom
    Tel: 0800 169 2361


BROWN SUGAR: Creditors' Meeting Slated for August 30
----------------------------------------------------
Creditors of Brown Sugar (Durham) Limited (Company Number
4572268) will meet at 10:00 a.m. on Aug. 30 at:

         Baker Tilly
         1 St. James' Gate
         Newcastle upon Tyne NE1 4AD
         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:

         Gerald Maurice Krasner
         Administrator
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 242 0098


CARRINGTON HOTELS: Taps Andrew David Rosler as Administrator
------------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited was
named administrator of Carrington Hotels & Leisure Services
Limited (Company Number 05225107) on July 27.

The administrator can be reached at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom
         Tel: 0800 731 2433

Carrington Hotels & Leisure Services Limited can be reached at:

         2 Lissadel Street
         Salford
         Lancashire M6 6AP
         United Kingdom


CODAEX U.K.: Appoints Lines Henry as Administrators
---------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
joint administrators of Codaex U.K. Ltd. (Company Number
03846906) on July 31.

The administrators can be reached at:

         Lines Henry
         27 The Downs
         Altrincham
         Cheshire WA14 2QD
         United Kingdom
         Tel: 0161 929 1905

Headquartered in Cambridgeshire, United Kingdom, Codaex U.K.
Ltd. distributes compact discs.


D.S. BAXTER: Brings In Stephen Franklin to Liquidate Assets
-----------------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of D.S. Baxter Plastering Contractors Limited on
July 28 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         D.S. Baxter Plastering Contractors Limited
    Unit 13
    Cowlairs
    Nottingham NG5 9RA
    United Kingdom
    Tel: 0115 975 7673


DCM CONSTRUCTION: Nominates Lawrence I. Freedman as Liquidator
--------------------------------------------------------------
Lawrence I. Freedman of Hodgsons of was nominated Liquidator of
DCM Construction U.K. Limited on Aug. 10 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         DCM Construction U.K. Limited
    152a Butterstile Lane
    Prestwich
    Manchester M25 9TJ
    United Kingdom
    Tel: 0161 773 5533


DECKS DIRECT: Names Administrators from Vantis
----------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis PLC
were appointed joint administrators of Decks Direct Limited
(Company Number 3943000) on Aug. 2.

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

Decks Direct Limited can be reached at:

         P.O. Box 621
         Aylesbury
         Buckinghamshire HP19 9ZR
         United Kingdom
         Tel: 01296 718 624
         Fax: 01296 718 621


ELMEC RECRUITMENT: Appoints Gerald Irwin to Liquidate Assets
------------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Elmec Recruitment Services Limited on Aug. 9 for the purposes of
the creditors' voluntary winding-up.

The company can be reached at:

         Elmec Recruitment Services Limited
    2 College Street
    Higham Ferrers
    Rushden
    Northamptonshire NN108DZ
    United Kingdom
    Tel: 01933 227 444


FEDERAL-MOGUL: Underwriters Want to Carry Discovery on Travelers
----------------------------------------------------------------
Since at least November 2004, the Plan Proponents -- Federal-
Mogul Corp. and its debtor-affiliates, the Official Committee of
Asbestos Claimants and the Legal Representative for Future
Asbestos Claimants -- and the Debtors' various insurers, Certain
Underwriters at Lloyd's, London and Certain London Market
Companies have been negotiating insurance neutrality language to
limit the areas of dispute between and among the insurers and
the Plan Proponents, Christopher M. Winter, Esq., at Duane
Morris LLP, in Wilmington, Delaware, relates.

According to Mr. Winter, substantial progress has been made with
respect to policies of insurance that may be implicated in
asbestos personal injury claims asserted against Debtor Federal-
Mogul Products, Inc.  However, the London Underwriters and the
Plan Proponents have reached an impasse with respect to two
other lines of insurance coverage -- the Fel-Pro Line of
Coverage and the Vellumoid Line of Coverage -- that would be
affected by confirmation of the Plan.

The London Underwriters want to continue negotiating the
neutrality language for the Fel-Pro and Vellumoid Lines of
Coverage.  However, their lack of any data on the Fel-Pro and
Vellumoid Claims make the negotiations exceeding difficult.

Among others, Mr. Winter notes that the Disclosure Statement
describing the Debtors' Third Amended Plan of Reorganization
states only that, as of the Petition Date, 33,625 asbestos
personal injury claims had been asserted against Fel-Pro, and
61,528 asbestos personal injury claims had been asserted against
Vellumoid.  Nothing more is known about them.

Moreover, the Ballot Summary filed in connection with voting on
the Third Amended Plan of Reorganization re-sent to the Court on
July 14, 2006, shows that there were 87,184 claims outstanding
against Fel-Pro and 149,948 claims outstanding against Federal-
Mogul, presumably due to the activities of its Vellumoid
division.

Pursuant to the proposed Trust Distribution Procedures to be
adopted at confirmation, Fel-Pro and Vellumoid Claims are to be
tendered directly to the insurers for defense or settlement, and
are not subject to the TDP claims handling procedures and
payment schedules established for the FMP Claims.

The London Underwriters, however, as excess insurers, have no
duty to defend claims, or to pay defense costs with respect to
claims that are not covered under their policies.

The London Underwriters need to know:

   -- the nature and extent of the Fel-Pro and Vellumoid Claims;
      and

   -- the extent to which the primary insurers on the Fel-Pro
      and Vellumoid Lines of Coverage have defended and paid the
      claims and eroded their policy limits.

Pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure, the London Underwriters seek Judge Fitzgerald's
permission to examine and obtain documents from The Travelers
Indemnity Company, Travelers Casualty and Surety Company, and
certain affiliates, with respect to the Fel-Pro Claims and the
Vellumoid Claims.

Travelers is a primary insurer of Debtors Felt Products
Manufacturing Company and Federal-Mogul Corporation.

Without the discovery, the London Underwriters cannot evaluate
how the Trust Distribution Procedures would change the London
Underwriters' risk or negotiate insurance neutrality language
with respect to the Fel-Pro and Vellumoid Lines of Coverage, Mr.
Winter maintains.

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)


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'.  Fitch said 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.  Moody's said the outlook for the
ratings is negative.


GENES LIMITED: Brings In Moore Stephens as Administrators
---------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Genes (U.K.) Limited
(Company Number 3570653) and Genes Retail Limited (Company
Number 05354596) on July 28.

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

Headquartered in Bromsgrove, United Kingdom, Genes (U.K.)
Limited and Genes Retail Limited retails clothes wear.


INTERNATIONAL POWER: Improved Results Cue S&P to Revise Outlook
---------------------------------------------------------------    
Standard & Poor's Ratings Services revised its outlook on U.K.-
based global power developer International Power PLC to positive
from stable, reflecting the company's robust financial
performance.  At the same time, the 'BB-' long-term corporate
credit rating was affirmed.
     
"The outlook revision is based on IPR's improved financial
performance in the first half of 2006, which exceeded its
projections," said Standard & Poor's credit analyst William
Ferara.

"Furthermore, we expect cash receipts from IPR's investments to
remain robust over the short term."

Continued strong operational performance, a largely unchanged
asset mix, and a sufficient level of contracted power over the
short term also support IPR's improved credit quality.
     
The rating on IPR continues to reflect its reliance on dividends
from contracted power plant investments in emerging markets and
from noncontracted power plants.  Overall cash flow quality from
IPR's projects remains somewhat uncertain, despite some
improvement in the company's long-term contracted power
positions.  

IPR benefits from a diverse and geographically widely spread
asset base that uses various types of fuel and has no particular
reliance on dividends from a single asset.  IPR also
demonstrates strong operational performance at plant level, with
only limited proprietary trading--although it has no significant
retail presence to act as a hedge.

Recourse debt at the parent level is very low.  In addition, IPR
receives the majority of its cash flows from countries with
investment-grade sovereign ratings.  Standard & Poor's does not
expect IPR's overall cash flow quality (that is, dividends
received from investments, weighted by risk) to change
materially.  The company will likely continue to grow through
investments in individual projects.

"If parent cash receipts are sustained at their increased level,
cash flow quality improves, and/or there is any reduction in
parent-level debt, Standard & Poor's could raise the rating,"
said Mr. Ferara.

"In contrast, a decline in projected parent cash receipts, or a
noticeably more aggressive dividend policy, could lead us to
revise the outlook back to stable."

Large, debt-funded acquisitions or a significant deterioration
in cash quality or parent cash receipts could trigger a
downgrade, although Standard & Poor's regards this as unlikely.    
  

ISOFT GROUP: FSA to Launch Formal Probe on Acctg. Irregularities
----------------------------------------------------------------
The Financial Services Authority will be undertaking a more
formal investigation into possible accounting irregularities at
iSOFT Group plc, which may take months to complete.  

The initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005.  The
Group has submitted the findings, which contained grounds for a
more formal investigation, to the British regulator.

According to the company, Deloitte was appointed as the Group's
auditor in July 2005 and was not therefore acting for the Group
during the period covered by the investigation.  After the
initial review, the Board suspended Steve Graham, the Group's
Commercial Director, pending the outcome of the formal
investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years 2004 and 2005 in
accordance with the accounting policy in force at that time.  
The irregularities uncovered to date do not appear to have
affected the Group's cash position.  

                  Disposal of Non-Core Assets

As part of the review of its financial position, the Group is
considering the disposal of several non-core assets, including
freehold properties.  On May 31, the Group announced the
disposal of its Swiss operations to Nexus Medizinesoftware und
Systeme AG.  That operation had revenues of less than GBP5
million last year, but generated a loss of GBP700,000.  The sale
and purchase agreement will allow iSOFT to focus on its key
markets, while at the same time retaining the right to sell its
strategic product offering LORENZO into that market in due
course.

The Group is also carrying out an extensive consolidation of
U.K. locations following the merger with Torex and some further
rationalization of its locations.  The Group owns two freehold
properties that will be divested as soon as possible.

                   Streamlining the Cost Base

The Group has been taking, and continues to take, action to re-
align its operating costs with future revenue expectations.  As
part of this process, it is examining in detail the operating
cost structure of each of its operations, both in the U.K. and
internationally, to identify areas for cost reduction and
improved organizational efficiency.  The Group is targeting to
reduce its total operating cost base from an annual run rate of
just over GBP209 million at May 1, 2006, to below GBP185 million
by the end of the current financial year.  The current run-rate
is higher than the total actual cost incurred for the year just
ended because the Group has increased significantly its level of
development resources to support both existing and future
applications.

As part of the plan to reduce costs, the Group entered into a
consultation process with employees in the U.K. in early May
2006 and it is likely that at least 150 employees, representing
approximately 15% of total headcount in the UK, will be made
redundant.  The cost of this action will be about GBP3 million,
but is expected to reduce the current annual cost base by
approximately GBP6 million.

The Group also intends to reduce staff levels in some of its
international operations and has taken steps to reduce sub-
contract and overhead costs as part of the financial year 2007
budget review process.  The total cost of action already in hand
to reduce the cost base, which will be taken as a one-time
charge in the year ending April 30, 2007, is estimated to be at
least GBP7 million.

The Board has appointed Ken Lever, Non-Executive Director, as
Senior Independent Director, and Eurfyl ap Gwilym, Non-Executive
Director, as Chairman of the Remuneration Committee, effective
immediately.  

Headquartered in Manchester, United Kingdom, iSOFT Group plc --
http://www.isoftplc.com/-- supplies advanced medical software  
applications for the healthcare sector.  Its products are used
by more than 8,000 organizations in 27 countries for managing
patient information and driving improvements in healthcare
services.  In international markets, the Group has a strong
presence in Germany, The Netherlands, Spain and Asia Pacific.


JBS WOODCRAFT: Claims Filing Period Ends Sept. 4
------------------------------------------------
Creditors of JBS Woodcraft Limited, which is being voluntarily
wound up, are required, on or before Sept. 4, to send their
names and addresses, with particulars of the debts or claims, to
appointed Joint Liquidator David Moore of Begbies Traynor at:

         David Moore
    Begbies Traynor
    No 1 Old Hall Street
    Liverpool L3 9HF
    United Kingdom

The company can be reached at:

         JBS Woodcraft Limited
    Unit D
    Stopgate Lane
    Walton
    Liverpool
    Merseyside L9 6AN
    United Kingdom
    Tel: 0151 523 1443


HAIRDRESSING AND BEAUTY: Names Sabia Sahota Liquidator
------------------------------------------------------
Sabia Sahota of BBK Partnership was appointed Liquidator of The
Hairdressing and Beauty Equipment Centre Limited on Aug. 10 for
the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         The Hairdressing and Beauty Equipment Centre Limited
    262 Holloway Road
    London N7 6NE
    United Kingdom
    Tel: 020 7607 7475


HARDING AND YORKE: Taps Hazlewoods to Administer Assets
-------------------------------------------------------
Philip John Gorman and Peter Richard James Frost of Hazlewoods
LLP were appointed joint administrators of Harding and Yorke
Group PLC (Company Number 04013177), Empathy Solutions Limited
(Company Number 04416117), Empathy Rating Index Company Limited
(Company Number 03988423) and Harding and Yorke Limited (Company
Number 02783216) on July 31.

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

Headquartered in Abingdon, United Kingdom, Harding and Yorke
Group PLC, Empathy Solutions Limited, Empathy Rating Index
Company Limited and Harding and Yorke Limited are engaged in
advertising and business management consultancy.


K.J.M. SOLUTIONS: Appoints Joint Liquidators to Wind Up Business
----------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed Joint Liquidators of
K.J.M. Solutions Limited on July 28 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         K.J.M. Solutions Limited
    37b Catherington Lane
    Waterlooville
    Hampshire PO8 9HT
    United Kingdom
    Tel: 023 9259 9602
    Web: http://www.kjm-initiatives.com/


L A G CEILINGS: Calls In Liquidator from Carter Clark
-----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of L A G
Ceilings Limited on July 27 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         L A G Ceilings Limited
    Unit 7
    Dicker Mill
    Hertford
    Hertfordshire SG137AE
    United Kingdom
    Tel: 01992 500 533


MARTON ENGINEERING: Taps Administrators from Poppleton & Appleby
----------------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed joint administrators of Marton Engineering
Services Limited (Company Number 3567443) on Aug. 2.

The administrators can be reached at:

         Poppleton & Appleby
         32 High Street
         Manchester
         Greater Manchester M4 1QD
         United Kingdom
         Tel: 0161 834 7025
         Fax: 0161 833 1548
         E-mail: insol@pandamanchester.co.uk

Headquartered in Oldham, United Kingdom, Marton Engineering
Services Limited is engaged in metal fabrication.


MJE ENGINEERING: Brings In Liquidator from Begbies Traynor
----------------------------------------------------------
Michael Francis Stevenson of Begbies Traynor was appointed
Liquidator of MJE Engineering Limited on Aug. 14 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         MJE Engineering Limited
    Unit 17
    Sandleheath Industrial Estate
    Old Brickyard Road
    Sandleheath
    Fordingbridge
    Hampshire SP6 1PA
    United Kingdom
    Tel: 01425 657 414


NORTEL NETWORKS: Unit Inks US$1.6 Mil. Court Records System Pact
----------------------------------------------------------------
Nortel Government Solutions will continue development and
operational support of a sophisticated records system for the
Fairfax County, Virginia Circuit Court under a five-year
agreement valued at US$1.6 million.

First implemented in 1996, the Fairfax County Courts Automated
Recording System provides more than 1,400 users each day with
automated access to more than 31 million recorded images and
corresponding indexes dating back to 1742.

CARS was initially designed for the Land Records department, but
later enhanced with the help of Nortel Government Solutions to
include the Judgments, Public Services and Probate Departments.
The system is now used by banks, title examiners, law offices,
mortgage companies and county agencies.

Nortel Government Solutions developed and implemented the
integrated scanning, point-of-sale, verification, storage and
retrieval capabilities that enable CARS to capture images and
index data.  The system has been maintained and enhanced by
Nortel Government Solutions for the past 10 years.

"CARS has been a big success for Fairfax County," Chuck Saffell,
chief executive officer, Nortel Government Solutions, said.  
"This new agreement is a testament to our performance in
maintaining and enhancing the system for the past 10 years, and
a vote of confidence in our ability to evolve and improve it
with new technology over the next five years."
   
               About Nortel Government Solutions

Headquartered in Fairfax, Virginia, Nortel Government Solutions
-- http://www.nortelgov.com/-- is a U.S. company wholly-owned  
by Nortel(x).  It offers a one-stop shop for solutions designed
to improve workforce productivity, reduce operating costs, and
streamline inter-agency communications.  Nortel Government
Solutions is a network-centric integrator.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers 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
$2 billion notes.  S&P said the outlook is stable.


OLYMPUS COACHCRAFT: Hires Alex Kachani to Liquidate Assets
----------------------------------------------------------
Alex Kachani of Crawfords was appointed Liquidator of Olympus
Coachcraft Limited on Aug. 7 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Coachcraft Limited
         Griffin Court
    201 Chapel Street M12 6HH
    United Kingdom
    Tel: 0161 273 4259


OPTIMAL GROUP: Nominates Zafar Igbal to Liquidate Assets
--------------------------------------------------------
Zafar Iqbal of Cooper Young was nominated Liquidator of Optimal
Group Limited on Aug. 14 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Optimal Group Limited
    Rivington House
    82 Great Eastern Street
    London EC2A3JF
    United Kingdom
    Tel: 020 7749 7240


PLASTIC FANTASTIC: Names Andrew David Rosler as Administrator
-------------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited was
appointed administrator of Plastic Fantastic Records Limited
(Company Number 04771372) on July 31.

The administrator can be reached at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom
         Tel: 0800 731 2433

Headquartered in London, United Kingdom, Plastic Fantastic
Records Limited wholesales tapes, compact discs and cassettes.


PRECISION GROUP: Calls In Joint Liquidators from Wilson Field
-------------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of Precision Group Limited on Aug. 9 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Precision Group Limited
         Broxbournebury Mansions
         White Stubbs Lane
         Broxbourne
         Hertfordshire EN10 7PY
         United Kingdom
         Tel: 01992 466280   


PRESTIGE POOL: Hires Joint Liquidators from Elwell Watchorn
-----------------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn
& Saxton LLP were appointed Joint Liquidators of Prestige Pool
Floor Limited on July 28 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Prestige Pool Floor Limited
    The Gables
    Dewes Green Road
    Berden
    Bishop's Stortford
    Hertfordshire CM231AN
    United Kingdom
    Tel: 01279 777 782


PRECISION VARIONICS: Hires Administrators from Deloitte & Touche
----------------------------------------------------------------
Robin David Allen, Dominic Lee Zoong Wong and Stephen Anthony
John Ramsbottom of Deloitte & Touche LLP were appointed joint
administrators of Precision Varionics International Limited
(Company Number 02823139) on July 28.

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 Swindon, United Kingdom, Precision Varionics
International Limited manufactures electrical equipment.


PRG POWERHOUSE: Brings In BDO Stoy to Administer Assets
-------------------------------------------------------
Martha H. Thompson, Simon Michaels and Shay Bannon of BDO Stoy
Hayward LLP were appointed joint administrators of PRG
Powerhouse Limited (Company Number 04866250) on Aug. 1.

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.

PRG Powerhouse Limited can be reached at:

         Newcomen Road
         Doncaster
         South Yorkshire DN5 8LZ
         United Kingdom
         Tel: 01302 786 678


R.I.O. FREIGHT: Brings In DTE Leonard to Administer Assets
----------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of R.I.O. Freight Limited (Company Number
2259119) on July 31.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Headquartered in Manchester, United Kingdom, R.I.O. Freight
Limited is engaged road transport.


RED INTERIORS: Hires Joint Liquidators from Royce Peeling Green
---------------------------------------------------------------
Peter Jones and Roderick M. Withinshaw of Royce Peeling Green
Limited were appointed Joint Liquidators of Red Interiors
(Wilmslow) Limited on July 28 for the purposes of the creditors'
voluntary winding-up.

The company can be reached at:

         Red Interiors (Wilmslow) Limited
    Churchgate House
    Water Lane
    Wilmslow
    Cheshire SK9 5AR
    United Kingdom
    Tel: 01625 539 855


REFCO INC: Official Committees Create Joint Subcommittee
--------------------------------------------------------
In a stipulation approved by the U.S. Bankruptcy Court for the
Southern District of New York, members of the Official Committee
of Unsecured Creditors of Refco Inc., and its debtor-affiliates,
and the Additional Official Committee, along with Marc S.
Kirschner, the Chapter 11 trustee for Refco Capital Markets,
Ltd., agree that:

   (1) The Official Committees will create a joint subcommittee
       composed of the appointed and then serving members of the
       Official Committee and the Additional Official Committee.
       The Joint Subcommittee will represent the interests of
       all unsecured creditors in the Debtors' Chapter 11 cases
       with respect to all issues other than with respect to
       asset allocation, intercompany claim, and Chapter 11 plan
       issues between RCM and the other Debtors.

   (2) The Joint Subcommittee and its members will be subject to
       bylaws of the original nine-member committee, as agreed
       to and accepted by the Original Committee on Nov. 14,
       2005, including the obligation to maintain information
       confidentiality and deliberations of the Joint
       Subcommittee.  However, those may be disclosed to certain
       professionals retained by each of the Official Committees
       and the Joint Subcommittee.

   (3) Each of the Official Committees and the Joint
       Subcommittee will be deemed to have retained and will be
       permitted to use the services of all professionals
       previously retained by the Original Committee, including
       Milbank, Tweed, Hadley & McCloy LLP, Houlihan, Lokey,
       Howard & Zukin LLC, and Kasowitz Benson Torres & Friedman
       LLP.  However, Milbank will not be retained as counsel by
       the Additional Official Committee without prior written
       consent of both the Official Committees.

       None of the professionals retained by any of the Official
       Committees will act as attorneys or financial advisors
       for any individual member of the Official Committee or
       the Additional Official Committee, or any other creditor
       in any matter relating to the Debtors' cases.  The
       Stipulation will not limit the right of each of the
       Official Committees to seek to retain additional
       professionals pursuant to Section 1103(a) of the
       Bankruptcy Code.

   (4) The Official Committees and the Joint Subcommittee will
       be permitted to use the Original Committee Professionals
       to assist the parties with respect to fact finding and
       analysis on matters in respect of which the Original
       Committee Professionals have performed.

       The RCM Trustee will be permitted access to all financial
       information and analysis prepared by the Original
       Committee Professionals.  The RCM Trustee may, although
       not on the basis of an advisor-client relationship,
       consult with the Original Committee Professionals
       concerning information and analysis and may also request
       that those professionals prepare reports and financial
       models to assist him with respect to fact finding and
       analysis on certain matters.

       None of the Official Committees, the Joint Subcommittee
       or the RCM Trustee may use any of the Original Committee
       Professionals as expert witnesses in litigation adverse
       to any of the other Parties.  However, if both of the
       Official Committees expressly consent, any of the
       Official Committees or the Joint Subcommittee may use the
       Original Committee Professionals as expert witnesses in
       litigation adverse to the RCM Trustee.

The Parties further clarify that that the Stipulation is not
intended to create an advisor-client relationship between the
Original Committee Professionals and the RCM Trustee with
respect to the Original Committee Professionals' factfinding and
analysis.

The Official Committees, the Joint Subcommittee, the Debtors and
the U.S. Trustee will not object to the retention of or seek
disqualification of any of the professionals engaged by any or
all of the Official Committees or the Joint Subcommittee based
on access given by any of the professionals to the RCM Trustee,
or services rendered by any professional to the Official
Committees or the Joint Subcommittee.  The RCM Trustee will not
seek to disqualify any professionals based on his access to
those professionals.

Nothing in the Stipulation will be deemed to limit the right of
any of the Parties, the Debtors, or the U.S. Trustee to oppose
the retention of or to seek disqualification of a professional
for an actual conflict of interest.  The Parties and the
Official Committee members consent to Kasowitz's retention as
general counsel to the Additional Committee, provided that a
proper application for that retention will be made to the
Bankruptcy Court.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6 (Bankr. S.D.N.Y. Case
Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News, Issue
No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: US Trustee Reconstitutes Official Creditors Committee
----------------------------------------------------------------
Diana G. Adams, the acting United States Trustee for Region 2,
further reconstitutes the Official Committee of Unsecured
Creditors as of August 3, 2006, to enable its members to meet
their fiduciary obligations to their constituents.

The U.S. Trustee appoints additional members to the Creditors
Committee to represent the interests of Refco Capital Markets,
Ltd. account holders asserting claims against the "Other Refco
Debtors" for, among others:

   * wrongful interference with contract and prospective
     economic advantage;

   * common law conversion and law fraud;

   * aiding and abetting fraud and breach of fiduciary duty

   * constructive trust;

   * unjust enrichment;

   * violations of federal and state securities laws and the
     "RICO" Act and other causes and similarly situated
     claimants.

The Additional Committee is composed of:

   1. VR Global Partners, L.P.
      Avora Business Park
      77 Sadovnicheskaya Nab. Building 1
      Moscow, Russia 115035
      Attention: Richard Deitz
      Phone: (011) 709-578-78181

   2. Premier Bank International N.V.
      Abraham Veerstraatt 7-A
      Willemstad, Curazao, Netherlands Antilles
      Attention: Richard Levinson, U.S. Representative
      Phone: (59-99) 461-3967 or 465-7708

   3. Everest Asset Management, Inc.
      1100 North 4th Street, Suite 143
      Fairfield, Iowa 52556
      Attention: Peter Lamoureux, President
      Phone: (641) 472-5500

   4. Fimex International Ltd.
      375 Park Avenue
      New York, New York 10152
      Attention: David Martinez
      Phone: (212) 593-4500

   5. Markwood Investments, Ltd.
      Via Lovanio 19
      Rome, Italy 00198
      Attention: Salvador Frieri
      Phone: (212) 408-5100

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, the Court appointed Marc S. Kirschner as Refco
Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner is
represented by Bingham McCutchen LLP.  RCM is Refco's operating
subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6 (Bankr. S.D.N.Y. Case
Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News, Issue
No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


RENTOKIL INITIAL: Posts GBP562.8-Mln Equity Deficit at June 30
--------------------------------------------------------------
Rentokil Initial plc released its unaudited interim financial
results for the six months ended June 30, 2006.

Rentokil reported net profit of GBP134.7 million in the first
half of 2006 compared with net profit of GBP64 million in the
first of half of 2005.

In the first half of 2006, revenue from continuing businesses
grew by 10.5%, 3.5% of which was organic.  Revenue was higher
across all divisions other than textiles and washroom services
where it was flat.  Despite this, operating profit was down in
all divisions other than pest control and City Link, resulting
in group operating profit falling by 9.7%.

In the first half of 2006, adjusted operating profit fell by
9.6% at constant rates.  Profit before tax and amortization of
customer lists fell by 6.7%, benefiting from a lower interest
charge.  

Statutory revenue (at actual exchange rates) increased by 11.1%
in the half to GBP1,018.6 million.  Statutory operating profit
fell by 10.0% to GBP121.9 million and statutory profit before
income tax of GBP102.1 million was 6.8% lower than last year.

Contract portfolio in the first half was up 5.4%, 1.2% of which
was organic.

Interim dividend for 2006 maintained at 2.13 pence per share.

At June 30, 2006, the Company's balance sheet showed GBP562.8
million in stockholders' deficit, compared with a GBP844.5
million stockholders' deficit at June 30, 2005.  

Doug Flynn, Chief Executive Officer of Rentokil Initial, said
"The financial results for the first half are in line with our
expectations.  We have made progress against our priorities to
drive top line growth and improve customer retention.  We
continue to improve our strategic position in a number of
markets.

"In addition, we are giving much greater attention to
productivity and process improvement.  This will take us further
to achieving our sequential goals of firstly restarting revenue
growth, then stabilizing and increasing profits and finally
working towards margin expansion.

"As a result of current market and trading conditions in the
textiles and washroom services division, we have reduced our
full year profit expectations for that business.  We expect the
second half performance for textiles and washroom services to be
broadly flat with the first half.  We still expect our other
divisions to demonstrate improving profit trends during the
second half (before one-off items).  As a result of the
initiatives taken in 2005 and 2006, we anticipate that the group
will return to modest profit growth in 2007," Mr. Flynn added.

                     Operating Highlights

In the first half of the year, significant progress has been
made against these goals in some areas; customer retention in
continental European pest control has improved considerably and
similar improvements were achieved by European washroom and some
parts of Asia Pacific, particularly Malaysia.  

                    Strategic Highlights

In the first half, the Company continued to provide clear
strategic focus and investment priorities within the group and
to build stronger strategic positions within our businesses.

The transformation of City Link progressed well during the half
and is now ahead of schedule.  This program involves the buy-
back and integration of franchisee-owned businesses and the
introduction of a new business model as we change from primarily
a franchisor to a fully integrated parcels business.  

The Company has created a platform for growth in pest control in
the U.S. following the acquisition of JC Ehrlich on March 1.  A
further eighteen companies and businesses were also acquired
during the first half.  

In Asia Pacific, a strong core management team is now in place,
which is allowing us to play a bigger and more dynamic role in
this high growth region.  Pink Healthcare was acquired at the
end of June, consolidating our position in the Australian
washroom market.  Other first half acquisitions include Lease-a-
plant, Akarana and Pest Free Service in New Zealand and Oki Dust
Mat in China.  

The Company entered an agreement to acquire the CWS branded
washroom and dust mat businesses in Australia, Hong Kong, South
Korea, Malaysia, the Philippines and Singapore.

The U.K. linen and workwear business has been treated as
discontinued along with the U.K., Canadian, Belgian and U.S.
manned guarding businesses.

U.K. linen and workwear was closed on April 30.  The sales of
the U.K., Canadian and Belgian manned guarding businesses were
completed during the first half for a gross consideration of
GBP105 million.

Headquartered in England, United Kingdom, Rentokil Initial PLC -
- http://www.rentokil-initial.com/-- is one of the largest    
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.


RISK SOLUTIONS: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed Joint Liquidators of Risk Solutions Security Services
Limited on Aug. 4 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:

         Risk Solutions Security Services Limited
    2-4 Chepstow Road
    Newport
    Gwent NP198EA
    United Kingdom
    Tel: 01633 840 333
    Web: http://www.risksecurity.co.uk/


ROTARY DIES: Claims Registration Ends Nov. 7
--------------------------------------------
Creditors of Rotary Dies Limited, which is being voluntarily
wound up, are required, on or before Nov. 7, 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 Tina Bullock of
Crossfields at:

         Tina Bullock
    Crossfields
         85-87 High Street West
    Glossop
    Derbyshire SK13 8AZ
    United Kingdom

The company can be reached at:

         Rotary Dies Limited
    Unit 4 Woodpecker House
    Peakdale Road    
    Brookfield Industrial Estate
    Glossop
    Derbyshire SK136LQ
    United Kingdom
    Tel: 01457 862 333


RYDE LAUNDRY: Taps Portland Business as Administrators
------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of Ryde Laundry Limited (Company Number 4697329) on Aug. 2.

The administrators can be reached at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk

Ryde Laundry Limited can be reached at:

         Unit D11
         Newport Road
         Spithead Business Centre
         Sandown
         Isle of Wight PO36 9PH
         United Kingdom
         Tel: 01983 405 111
         Fax: 01983 400 329


SANG SAHAEE: Liquidator Sets Sept. 21 Claims Bar Date
-----------------------------------------------------
Creditors of Sang Sahaee Glazing Company Ltd., which is being
voluntarily wound up, are required, on or before Sept. 21, 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
C. H. I. Moore of K J Watkin & Co. at:

         C. H. I. Moore
    K J Watkin & Co.
    Emerald House
    20-22 Anchor Road
    Aldridge
    Walsall WS9 8PH
    United Kingdom

The company can be reached at:

         Sang Sahaee Glazing Company Ltd.
    Unit 7 Hockley Brook Trade Estate
    South Road Avenue
    Birmingham B18 5JR
    United Kingdom
    Tel: 0121 515 2868


SCANAGRAPHICS LIMITED: Nominates Liquidator from Stones & Co.
-------------------------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of
Scanagraphics Limited on Aug. 4 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Scanagraphics Limited
    Unit 2
    Pacific Road
    Pacific Business Park
    Cardiff
    South Glamorgan CF245HJ
    United Kingdom
    Tel: 029 2049 3711
    Web:  http://www.scannagraphics.co.uk/


SCOTTISH RE: Declares Dividend on Perpetual Preferred Shares
------------------------------------------------------------
The Board of Directors of Scottish Re Group Limited (NYSE: SCT)
declared a cash dividend of US$0.4531 per Perpetual Preferred
Share outstanding, to be paid on Oct. 15, 2006, to Perpetual
Preferred Share shareholders of record as of the close of
business on Oct. 2, 2006.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--  
offers reinsurance of life insurance, annuities and annuity-type
products through its operating companies in Bermuda, Charlotte,
North Carolina, Grand Cayman Dublin, Ireland, and Windsor,
United Kingdom.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.

                           *    *    *

As reported in TCR-Europe on Aug. 7, Fitch Ratings initiated
these rating actions:

Scottish Re Group Limited

    -- IDR downgraded to 'BBB-' from 'BBB';

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

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

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

All ratings remain on Rating Watch Negative.

Moody's Investor Services downgraded to Ba2 from Baa2 the senior
unsecured debt rating of Scottish Re Group Limited following the
Company's profit warning.  The rating agency also downgraded to
Baa2 from A3 the insurance financial strength ratings of the
company's core insurance subsidiaries, Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc. All
debt and IFS ratings of Scottish Re remain on negative outlook.

These ratings were downgraded and remain on negative outlook:

Scottish Re Group Limited:

   -- Senior Unsecured, to Ba2 from Baa2;
   -- Senior Unsecured Shelf, to (P)Ba2 from (P)Baa2;
   -- Subordinate Shelf, to (P)Ba3 from (P)Baa3;
   -- Junior subordinate Shelf, to (P)B1 from (P)Ba1;
   -- Preferred Stock, to B1 from Ba1;
   -- Preferred Shelf, to (P)B1 from (P)Ba1

A.M. Best likewise downgraded the ICR of Scottish Re to "bb+"
from "bbb-".  A.M. Best Co. also downgraded the financial
strength rating to B++ from A- and the issuer credit ratings to
"bbb+" from "a-" of the primary operating insurance subsidiaries
of Scottish Re Group Limited (Scottish Re) (Cayman Islands).

All FSR and debt ratings have been placed under review with
negative implications.

The FSR has been downgraded to B++ from A- and the ICRs have
been downgraded to "bbb+" from "a-" and placed under review with
negative implications for these subsidiaries of Scottish Re
Group Limited:

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd;
  -- Scottish Re (U.S.), Inc.;
  -- Scottish Re Life Corporation;
  -- Scottish Re Limited; and
  -- Orkney Re, Inc.

The ICR has been downgraded to "bb+" from "bbb-" and placed
under review with negative implications for Scottish Re Group
Limited.

These debt ratings have been downgraded and placed under review
with negative implications:

Scottish Re Group Limited

   -- "bb+" from "bbb-" on US$115 million 4.5% senior
      unsecured convertible notes, due 2022;

   -- "bb-" from "bb" on US$143 million 5.875% of hybrid
      capital units, due 2007; and

   -- "bb-" from "bb" on US$125 million non-cumulative
      preferred shares;

Stingray Pass-thru Trust

   -- "bbb+" from "a-" on US$325 million senior unsecured
      pass-thru certificates, due 2012

These indicative ratings for debt securities under the shelf
registration have been downgraded and placed under review with
negative implications:

Scottish Re Group Limited

   -- "bb-" from "bb" on preferred stock;
   -- "bb" from "bb+" on subordinated debt; and
   -- "bb+" from "bbb-" on senior unsecured debt.

Scottish Holdings Statutory Trust II and III

   -- "bb" from "bb+" on preferred securities.

Standard & Poor's Ratings Services placed its 'BBB- counterparty
credit rating on Scottish Re Group Ltd. on CreditWatch with
negative implications.  Standard & Poor's also said that it
placed its various ratings on Scottish Re's operating
subsidiaries and other related entities on CreditWatch negative.

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


SPECTRUM MARKETING: Creditors Ratify Liquidator's Appointment
-------------------------------------------------------------
Daniel Plant of SFP was appointed Liquidator of Spectrum
Marketing Solutions Limited on Aug. 7 for the purposes of the
company's voluntary winding-up.

The resolutions for the voluntary liquidation and the
appointment of Daniel Plant as Liquidator were ratified at a
meeting of creditors held on the same day.

The company can be reached at:

         Spectrum Marketing Solutions Limited
    1 The Courtyard
    Mulberry Green
    Harlow
    Essex CM170EL
    United Kingdom
    Tel: 01279 780 000
    Web: http://www.promoteyourbusiness.co.uk/


STANDFITTING U.K.: Names Norman Cowan as Administrator
------------------------------------------------------
Norman Cowan of Wilder Coe was appointed administrator of
Standfitting U.K. Limited (Company Number 05591251) on July 28.

The administrator can be reached at:

         Wilder Coe
         12th Floor
         Southgate House
         St. George's Way
         Stevenage
         Hertfordshire SG1 1HG
         United Kingdom
         Tel: 01438 847 200
         Fax: 01438 847 150
         E-mail: insol@wildercoe.co.uk

Standfitting U.K. Limited can be reached at:

         233-236 Nestles Avenue
         Hayes
         Middlesex UB3 4QG
         United Kingdom
         Tel: 020 8569 1078
         Fax: 020 8569 1035


STRATOS GLOBAL: Weak Prospect Spurs Moody's to Change Outlook
-------------------------------------------------------------
Moody's Investors Service changed the ratings outlook for
Stratos Global Corporation to negative from stable. At the same
time, Moody's affirmed the company's ratings, including its B1
Corporate Family, B1 Senior Secured and B2 Senior Unsecured
Ratings, as well as its SGL-3 Speculative Grade Liquidity
rating.

The rating action follows Stratos' weaker than anticipated
results over the last two quarters to Moody's previous
expectations.   In Moody's opinion, this has increased Stratos'
execution risks to generating free cash flow and reducing
leverage levels, which are required to sustain current ratings.

While the integration of the Xantic acquisition is apparently
progressing well, this positive development is being
overshadowed by difficult market conditions resulting in
declining revenue and margin compression.   In order for current
ratings to hold, Moody's needs to gain confidence that Stratos
can reduce its costs to sufficiently offset these pressures and
market conditions need to show signs of improvement.

Stratos Global Corporation is a global provider of mobile and
fixed satellite-based communications services, with headquarters
in St John's, Newfoundland, Canada, and executive offices in
Bethesda, Maryland.


SWIVEL PRODUCTIONS: Hires Poppleton & Appleby as Administrators
---------------------------------------------------------------
Stephen James Wainwright and Stephen Lord of Poppleton & Appleby
were appointed joint administrators of Swivel Productions Ltd.
(formerly John K Philips Transport Limited) (Company Number
02003563) on Aug. 3.

The administrators can be reached at:

         Poppleton & Appleby
         32 High Street
         Manchester
         Greater Manchester M4 1QD
         United Kingdom
         Tel: 0161 834 7025
         Fax: 0161 833 1548
         E-mail: insol@pandamanchester.co.uk

Headquartered in Merseyside, United Kingdom, Swivel Productions
Ltd. are haulage contractors.


TECHNICAL BUILDING: Nominates Liquidators from Abbot Fielding
-------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Technical Building Integration Limited on
July 28 for the purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Technical Building Integration Limited
    Silvanis House
    Station Road
    High Wycombe
    Buckinghamshire HP136AD
    United Kingdom
    Tel: 01753 472 930


TEMP-STAFF U.K.: Taps Liquidator from Sharma & Co.
--------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of
Temp-Staff (U.K.) Limited on Aug. 9 for the purposes of the
creditors' voluntary winding-up.

The company can be reached at:

         Temp-Staff (U.K.) Limited
    Keric House
    197 Hagley Road
    Birmingham B16 9RD
    United Kingdom
    Tel: 0121 454 1333


TKL COATINGS: Appoints Administrators from Leonard Curtis
---------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of TKL Coatings Limited (Company Number
05301503) on July 31.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

TKL Coatings Limited can be reached at:

         Bank Hill Street
         Oldham
         Lancashire OL4 1HR
         United Kingdom


TOP TONE: Calls In Liquidator from DebtMatters Ltd.
---------------------------------------------------
Ian Nigel Millington of Debtmatters Ltd. was appointed
Liquidator of Top Tone Cleaners Limited on July 26 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Top Tone Cleaners Limited
    307-309 High Street
    Slough SL1 1BD
    United Kingdom
    Tel: 01753 523 452


TOP WOK: Taps Joint Administrators from Lines Henry
---------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
joint administrators of Top Wok (AUL) Ltd. (Company Number
4132832) on Aug. 1.

The administrators can be reached at:

         Lines Henry
         27 The Downs
         Altrincham
         Cheshire WA14 2QD
         United Kingdom
         Tel: 0161 929 1905

Headquartered in Cheshire, United Kingdom, Top Wok (AUL) Ltd. is
a Chinese restaurant.


TRAKWARE LIMITED: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
Liquidator of Trakware Limited on July 24 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:

         The Business Centre
    Edward Street
    Redditch
    Worcestershire B97 6HA
    United Kingdom
    Tel: 01527 769 700
    Web: http//www.trakware.co.uk/


TRINITY DECO: Appoints Paul John Webb to Liquidate Assets
---------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
appointed Liquidator of Trinity Deco Limited on July 27 for the
purposes of the creditors' voluntary winding-up.

The company can be reached at:

         Trinity Deco Limited
         5 Westfield Close
         Dorridge
         Solihull
         West Midlands B93 8DY
         United Kingdom
         Tel: 01564 773 483


VERNBERRY LIMITED: HSBC Appoints BDO Stoy as Receivers
------------------------------------------------------
HSBC Bank PLC appointed Dermot Justin Power and Matthew Dunham
of BDO Stoy Hayward LLP joint administrative receivers of
Vernberry Limited (Company Number 03658381) on Aug. 15.

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 Oldham, United Kingdom, Vernberry Limited is a
restaurant.


VNU NV: GE Executive David Calhoun Named as CEO & Chairman
----------------------------------------------------------
VNU Group B.V. disclosed that David L. Calhoun, Vice Chairman of
General Electric Company, has been named Chairman of the
Executive Board and Chief Executive Officer of VNU by the
company's Supervisory Board.  He succeeds Rob Ruijter, who has
served as interim CEO since June 13 and who will continue as
VNU's Chief Financial Officer.

Mr. Calhoun comes to VNU from his position as Vice Chairman of
General Electric Company and President and Chief Executive
Officer, GE Infrastructure, where he was responsible for GE's
Aviation, Energy, Oil and Gas, Transportation and Water units,
businesses with combined revenues of US$47 billion expected in
2006 and over 85,000 employees.

In a joint statement, the members of VNU's Supervisory Board
said, "We are very pleased to welcome David Calhoun to VNU.  
David has spent more than 27 years at GE where he has built a
world-class record of success.  He is superbly qualified to take
VNU to the next level of growth and performance, as the company
works efficiently and cohesively to enhance the value of its
services, and pursues its many exciting strategic opportunities
in the years ahead."

"I am delighted to join VNU and I'm impressed by the strength of
its franchises and the depth of its capabilities in each of its
marketing information, media information, business publications
and trade show units," said Mr. Calhoun.  "VNU enjoys leading
positions in the global market for mission-critical business
information.  With growing demand for information and insights
that help businesses understand consumers and markets in an
increasingly complex and rapidly changing world, VNU's prospects
have never been stronger.  I look forward to working with the
worldwide VNU organization to develop its next-generation
business solutions and to create the next chapter of VNU's
success."

During his GE career, Mr. Calhoun distinguished himself in a
number of senior leadership positions across a variety of global
businesses.  He became a Vice Chairman of GE in 2005, overseeing
the newly formed Infrastructure group, the largest of GE's six
business segments.

In 2003, Mr. Calhoun was named President and CEO of GE
Transportation.  In 2000, he was appointed President and CEO of
GE Aircraft Engines.  Before that, he served as President and
CEO of GE Employers Reinsurance Company, GE Lighting, and GE
Transportation Systems.  From 1994 to 1995, he served as
President of GE Plastics for the Pacific region.

Mr. Calhoun joined GE in 1979 as a member of GE's highly
respected Financial Management Program.  He rose to the
Corporate Audit staff and became manager of programs and
planning in 1986.  He was then asked to lead GE Capital's
marketing programs for leveraged buyouts, followed by a similar
role at GE Plastics.  He later was named vice president of GE
Corporate Audit Staff and was elected an officer of the company.  

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers   
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in TCR-Europe on July 20, Moody's Investors Service
downgraded the Corporate Family Rating of VNU NV to B2 from B1
and its senior unsecured debt ratings to Caa1 from B1.  This
concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


WHITESTONE MANAGEMENT: Appoints P.R. Dewey as Administrator
-----------------------------------------------------------
P. R. Dewey of Dewey & Co. was appointed administrator of
Whitestone Management Limited (Company Number 4927305) on
Aug. 4.

The administrator can be reached at:

         Dewey & Co.
         17 St. Andrews Crescent
         Cardiff
         Glamorgan CF10 3DB
         United Kingdom
         Tel: 029 2022 2244
         Fax: 029 2022 2223  
         E-mail: peter@dewey.demon.co.uk

Headquartered in South Glamorgan, United Kingdom, Whitestone
Management Limited -- http://www.whitestonemanagementltd.com/--  
are specialists in the following fields: design & build
projects, project management, commercial & industrial building,
private & social housing, facilities management, utilities and
specialist construction activities.


WISEPENNY DISTRIBUTION: Brings In Administrators from Menzies
-------------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Wisepenny Distribution Limited (Company Number 05730381) on
Aug. 1.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.

Headquartered in Bromsgrove, United Kingdom, Wisepenny
Distribution Limited wholesales confectionery.


WORLD WIDE: Taps UHY Hacker Young to Administer Assets
------------------------------------------------------
Andrew Andronikou and Peter Kubik of UHY Hacker Young were
appointed joint administrators of World Wide Currencies Limited
(Company Number 04944516) on July 27.

The administrators can be reached at:

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

Headquartered in Kent, United Kingdom, World Wide Currencies
Limited -- http://www.wwcurr.com/-- exists to meet the growing  
demand for more competitive foreign currency exchange and
currency planning services.

                           *********

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

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

                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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