TCREUR_Public/060830.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, August 30, 2006, Vol. 7, No. 172

                            Headlines


A U S T R I A

B & M: Property Manager Claims Insufficient Assets
FMS SERVICE: Claims Registration Period Ends September 12
GEOLIT: Claims Registration Period Ends September 12
HANDELSAGENTUR E. LANGE: Claims Registration Period Ends Sept. 5
JOHANN SCHUETZ: Creditors' Meeting Slated for September 5

KRSTO ILIC: Vienna Court Orders Business Shutdown
LIBO: Vienna Court Shuts Down Montage Branch


F R A N C E

COREL CORP: Buying InterVideo Inc. for US$196 Million in Cash


G E R M A N Y

AGRAR- UND GEWERBEPARK: Claims Registration Ends September 19
AMERICAN AXLE: Earns US$20.4 Million in 2006 Second Quarter
ARTIC TROCKENBAU: Claims Registration Ends September 19
COGNIS GMBH: Weak Cash Flow Prompts S&P to Lower Rating to B
CREDE EXPERTO: Claims Registration Ends September 21

DIENSTLEISTUNG UND MARKETING: Claims Registration Ends Sept. 22
EMPIRICA WIRTSCHAFTS: Claims Registration Ends September 22
GEZEITENHAUS KLINIKUM: Claims Registration Ends September 20
INDIFLEX GMBH: Claims Registration Ends September 20
JAFRA WORLDWIDE: Strong Metrics Cue Moody's to Lift Ratings

LEAR CORP: Incurs US$6.4 Million Net Loss in Second Quarter 2006
MARK REISEN: Claims Registration Ends August 31
STEFAN KILVINGER: Claims Registration Ends September 22
VOLKSWAGEN AG: May Close One Factory in Brazil if Talks Fail
WEBER OBJEKTEINRICHTUNGEN: Creditors' Meeting Set for Sept. 20


K A Z A K H S T A N

A-TRANS: Creditors Must File Claims by Sept. 29
ALTAYENERGO: East Kazakhstan Court Begins Bankruptcy Proceedings
ASMETTROPIK: Creditors Must File Claims by Sept. 29
BUSINESS PRESS: Proof of Claim Deadline Slated for Sept. 29
CITY MANAGEMENT: Creditors' Claims Due Sept. 29

GMC LTD: Karaganda Court Begins Bankruptcy Proceedings
LENSTROYINVEST: East Kazakhstan Court Opens Bankruptcy Procedure
SMK-SERVICE: Claims Registration Ends Sept. 29


K Y R G Y Z S T A N

EVRASIATRANS: Proof of Claim Deadline Slated for Sept. 29


N E T H E R L A N D S

LFEC IV: Moody's Rates EUR7.4-Mln Class V Notes at (P)Ba3
LIBBEY INC: Posts US$9.6 Million Net Loss in 2006 Second Quarter


P O L A N D

AMERICAN AXLE: Earns US$20.4 Million in 2006 Second Quarter


P O R T U G A L

LIBBEY INC: Posts US$9.6 Million Net Loss in 2006 Second Quarter


R U S S I A

ABAN-AUTO-TRANS: Krasnoyarsk Court Starts Bankruptcy Supervision
BEREZNIKOVSKIY FACTORY: Perm Court Starts Bankruptcy Supervision
BIRYUSINSKIY HYDROLYTIC: A. Vampilov to Manage Assets
BUILDER: Court Names S. Rastegaev as Insolvency Manager
CHEREPANOVSKOYE TRANSPORT: R. Bolshakov to Manage Assets
CHUNA-PROM-KHOZ: Irkutsk Court Starts Bankruptcy Supervision

DZERZHINSKIY COMBINE: S. Vasilyev to Manage Insolvency Assets
GDOV-AGRO-PROM-KHIMIYA: M. Brylyev to Manage Insolvency Assets
FINLES: Irkutsk Court Names B. Safonov as Insolvency Manager
HYDRO-KOMLEKT: Moscow Court Starts Bankruptcy Supervision
INTER-ECONOMICAL MOVABLE: Court Starts Bankruptcy Supervision

KAZANOVSKOYE GRAIN: S. Bertunov to Manage Insolvency Assets
MED-SERVICE: Chelyabinsk Court Starts Bankruptcy Supervision
MIKHAYLOVSKOYE: Novosibirsk Court Starts Bankruptcy Supervision
NOVATEK OAO: Earns RUR3.5 Billion in Second Quarter 2006
NOVOETKULSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision

ONEZHSKAYA SHIPPING: I. Kutsevol to Manage Insolvency Assets
SEL-KHOZ-TEKHNIKA: A. Aleksandrov to Manage Insolvency Assets
UST KUT-WOOD: Court Names V. Safonov as Insolvency Manager
VIOLA: Perm Court Names V. Zabudskiy as Insolvency Manager
VVV LOGISTIC: Tatarstan Court Starts Bankruptcy Supervision

WOOD-PROM-KHOZ SREDNYAYA: Court Starts Bankruptcy Supervision
ZAGOT-GRAIN: Court Names V. Mayorov as Insolvency Manager
ZAPAD-URAL-WOOD: Court Names N. Usanin as Insolvency Manager


S W I T Z E R L A N D

NOVELIS INC: Bill Monahan Replaces Brian Sturgell as Interim CEO


U K R A I N E

AMVROSIYIVKA AUTO-TRANSPORT: Court Starts Bankruptcy Supervision
AYANT: Court Names Mihajlo Tsurika as Insolvency Manager
GENICHESK' FISH: Herson Court Starts Bankruptcy Supervision
KONTUR-ELECTRONIK: Court Names Mihajlo Tsurika as Liquidator
METALURG: Donetsk Court Starts Bankruptcy Supervision

SOFIYANKA: Dnipropetrovsk Court Starts Bankruptcy Supervision
SUMIHIMTEHNOLOGIYA: Court Names Dmitro Pehterev as Liquidator
UKRPROMBUD: Court Names Oleg Oprishko as Insolvency Manager
WINNER GROUP: Kyiv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

3D PUB: Claims Filing Period Ends Sept. 4
ABCO LIFTING: Brings In Administrators from Mercer & Hole
AMCHEM LIMITED: Creditors Confirm Liquidators' Appointment
AMERICAN AXLE: Earns US$20.4 Million in Second Quarter 2006
ASL SYSTEMS: Brings In Ian William King as Administrator

BODY LUSCIOUS: Appoints Kikis Kallis to Liquidate Assets
CEDAR CONSTRUCTION: Taps C. H. I. Moore to Liquidate Assets
CF FIREPLACES: Creditors Ratify Voluntary Liquidation
COBURN DIE: Eileen T. F. Sale Leads Liquidation Procedure
COLLINS & AIKMAN: US Court Allows US$3.9 Million MOBIS Sale

COLLINS & AIKMAN: Proceeds with Laminates Asset Sale to SW Foam
COREL CORP: Buying InterVideo Inc. for US$196 Million in Cash
CROMFORD BRIDGE: Creditors' Claims Due Oct. 31
CUSTOM KIT: Nominates Liquidator from Hodgsons
CUTFORTH GLASS: Nominates Liquidators from Abbott Fielding

D. M. MUSITANO: Taps Timothy Alexander Close as Administrator
DENHAM 2000: Hires Vantis PLC as Joint Administrators
ENTREPRIX LIMITED: Hires Ian Franses to Liquidate Assets
ESSENTIAL OFFICE: Hires Cresswall Associates as Administrators
FAST BUSINESS: Appoints Administrators from Smith & Partners

FORD MOTOR: Executive Committee Chairman Robert E. Rubin Resigns
FORD MOTOR: U.K. Executive A. Bamford Mulls Buying Jaguar Brand
FROSTY THE COURIER: Brings In Joint Liquidators from Lines Henry
GLOBAL CROSSING: Improved Results Spur Moody's to Lift Ratings
GLOBAL RESPONSE: Names P. R. Dewey as Administrator

GRAVEUREQUIP LIMITED: Joint Liquidators Take Over Operations
HALLCROFT RECRUITMENT: Claims Registration Ends Sept. 6
HAWK LOGISTICS: Calls In Joint Liquidators from Lines Henry
HEYWOOD MARKS: Nominates Lane Bednash as Liquidator
INCO LTD: Board Still Recommends Merger with Phelps Dodge

INDIGO CITY: Appoints Joint Administrators from Moore Stephens
IS TRAFFIC: Taps Liquidator from Begbies Traynor
ISOFT GROUP: Inks Revised Credit Agreement with Banks
JDI PROJECTS: Appoints Liquidator to Wind Up Business
LOGICOL TECHNICAL: Creditors Ratify Liquidator's Appointment

MAJIC PAINTS: Taps Joint Liquidators from Jones Giles Ltd.
MEADOW STREET: Appoints Begbies Traynor to Administer Assets
MOTT GRAVES: Creditors Confirm Liquidator's Appointment
NETCOM COMMUNICATIONS: Calls In Joint Liquidators from PwC
NEW JARROLD: Norfolk Magazine Printer Up for Sale

NIPPON CHAUFFEURS: Appoints Liquidator from Maidment Judd
NORTEL NETWORKS: To Provide GSM-R Network to Algerian STNF
OJI SERVICES: Brings In Joint Liquidators from Ashcrofts
ORGANIC EVOLUTION: Calls In Joint Liquidators from Baker Tilly
PALACE PANELS: Brings In Administrators from Tenon Recovery

PASTA SOLUTIONS: Names Christopher Laughton as Administrator
PLAN FILE: Hires Liquidator from Begbies Traynor
PRINTED CIRCUIT: Taps Administrators from Portland Business
PROCESSION SOFTWARE: Brings In Robert Day as Administrator
QUICKSTEP DESIGNS: Names Liquidator from Kallis & Co.

RADFORDS 2000: Liquidator Sets Sept. 28 Claims Bar Date
RADNOR HOLDINGS: Bankruptcy Spurs Moody's to Withdraw Ratings
REFCO INC: BofA Wants Final Approval on Cash Collateral Use
REFCO INC: Court Okays Rejection of Refco F/X Introducing Pacts
RICHPORT SERVICES: Hires Vantis Redhead as Administrators

SANDUSKY WALMSLEY: Papermaking Equipment Business Up for Sale
SIMULACRA MEDIA: Taps Kevin Goldfarb to Liquidate Assets
ST. PAUL'S: Brings In Begbies Traynor as Joint Administrators
STICKERMAN LIMITED: Names Peter Bridger Liquidator
THOMAS DAVIES: Brings In Liquidator from Shaw & Company

THRUXTON PRESS: Hires Liquidator from Roger Evans
TQF LIMITED: Appoints Joint Administrators from PwC
TYNE TUBE: Brings In Gerald Maurice Krasner as Administrator
VANILLA PUBLICATIONS: Appoints P. A. Roberts as Administrator
VIRTUAL WORLD: Golf Course Simulation Business Up for Sale

                            *********


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


B & M: Property Manager Claims Insufficient Assets
--------------------------------------------------
Dr. Menschick Roland, the court-appointed property manager for
LLC B & M (FN 157414 t), declared on July 13 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Rosenau, Austria the Debtor declared bankruptcy
on May 21 (Bankr. Case No. 20 S 222/03b).

The property manager can be reached at:

         Dr. Menschick Roland
         Rossmarkt 20
         4710 Grieskirchen, Austria
         Tel: 07248/66347
         Fax: 07248/62013
         E-mail: anwaelte@hofinger-menschick.at


FMS SERVICE: Claims Registration Period Ends September 12
---------------------------------------------------------
Creditors owed money by LLC FMS Service (FN 225763f) have until
Sept. 12 to file written proofs of claims to court-appointed
property manager Brigitte Stampfer at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 4 S 112/06g).


GEOLIT: Claims Registration Period Ends September 12
----------------------------------------------------
Creditors owed money by LLC Geolit (FN 254032b) have until
Sept. 12 to file written proofs of claims to court-appointed
property manager Andrea Eisner at:

         Mag. Andrea Eisner
         c/o Dr. Josef Ebner
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 29 94
         Fax: 512 29 04
         E-mail: rae.ebner.eisner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:05 a.m. on Sept. 26 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 4 S 114/06a).  Josef Ebner
represents Mag. Eisner in the bankruptcy proceedings.


HANDELSAGENTUR E. LANGE: Claims Registration Period Ends Sept. 5
----------------------------------------------------------------
Creditors owed money by LLC Handelsagentur E. Lange (FN 184846h)
have until Sept. 5 to file written proofs of claims to court-
appointed property manager Peter Bubits at:

         Mag. Peter Bubits
         c/o Mag. Andrea Prochaska
         Elizabeth Route 2
         2340 Moedling, Austria
         Tel: 02236/42210
         Fax: 02236/42210-25
         E-mail: peter.bubits@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Sept. 19 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Neudorf, Austria the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 11 S 70/06i).  An attorney from
Schatz & Partner will represent the Debtor in the bankruptcy
proceedings.  Andrea Prochaska will represent Mag. Bubits in the
bankruptcy proceedings.


JOHANN SCHUETZ: Creditors' Meeting Slated for September 5
---------------------------------------------------------
Creditors owed money by LLC Johann Schuetz (FN 163785k) are
encouraged to attend the creditors' meeting at 12:00 noon on
Sept. 5 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

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

Headquartered in Langmannersdorf, Austria, the Debtor declared
bankruptcy on June 6 (Bankr. Case No. 14 Sa 7/06d).  Friedrich
Nusterer serves as the court-appointed compensation manager of
the bankrupt estate.

The property manager can be reached at:

         Dr. Friedrich Nusterer
         Riemerplatz 1
         3100 St. Poelten, Austria
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-nusterer@aon.at


KRSTO ILIC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered an order on July 13 shutting
down the business of KEG Krsto Ilic (FN 148576w).  Court-
appointed property manager Kurt Bernegger determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 28 (Bankr. Case No. 2 S 105/06p).  Waltraud Kohlfuerst
represents Dr. Bernegger in the bankruptcy proceedings.


LIBO: Vienna Court Shuts Down Montage Branch
--------------------------------------------
The Trade Court of Vienna entered an order on June 30 shutting
down the business branch Montage of LLC Libo (FN 254901f).
Court-appointed property manager Walter Kainz determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 3 S 94/06b).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


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


COREL CORP: Buying InterVideo Inc. for US$196 Million in Cash
-------------------------------------------------------------
Corel Corporation and InterVideo, Inc., entered into a
definitive agreement for Corel to acquire InterVideo in an all-
cash transaction at a price of US$13 per share or US$196
million.

In 2005, InterVideo acquired a majority interest in Ulead, a
developer of video imaging and DVD authoring software for
desktop, server, mobile and Internet platforms.

By acquiring InterVideo, Corel is delivering on its strategy to
accelerate revenue and earnings growth by acquiring
complementary companies and technologies that will benefit from
Corel's global sales, marketing, and distribution capabilities.
With a robust product line, strategic partnerships with leading
OEM manufacturers, and an established presence in Asia Pacific
and Europe, InterVideo will provide Corel with added critical
mass to efficiently serve the growing consumer demand for
digital media software.  This acquisition is especially
strategic for Corel given InterVideo's strength in Asian
markets, including China, Taiwan and Japan regions that Corel
has targeted for expansion.  InterVideo's development centers
across China and Taiwan provide Corel with a solid base from
which to broaden its footprint in these key regions.

The companies share a common vision around delivering high
quality, full-featured software to consumers through leading
OEMs and Internet distribution channels.  The companies also
believe they will be able to realize meaningful efficiencies by
eliminating redundant operational expenses and public company
costs.

"We are pleased to announce Corel's latest acquisition as a
public company as we continue to execute our strategy to grow
both organically and through the acquisition of complementary
businesses that leverage our capabilities and scale in the
packaged software market," said David Dobson, CEO of Corel.
"With outstanding products, talented employees and deep
relationships with eight of the world's top ten PC
manufacturers, InterVideo represents a significant opportunity
for Corel to deliver enhanced value to our shareholders.  This
acquisition will also benefit customers and partners as we
expand our ability to provide flexible, bundled solutions that
meet the needs of today's digital media consumers."

The acquisition will be financed through a combination of
Corel's cash reserves, debt financing, and InterVideo's cash and
cash equivalents, which stood at approximately US$105 million as
of June 30, 2006.  The acquisition is subject to InterVideo
shareholder approval, regulatory approvals, and other customary
closing conditions. The transaction is expected to close in the
fourth quarter of 2006 and to be accretive in the second quarter
after closing.

Directors and executive officers of InterVideo, including Steve
Ro, Chinn Chin and Honda Shing, have entered into voting
agreements pursuant to which they have agreed to vote their
shares of InterVideo in favor of the merger.

                     About InterVideo, Inc.

Based in Fremont, California, InterVideo, Inc. (NASDAQ:IVII) --
http://www.intervideo.com/-- provides integrated digital and
high-definition multimedia and audio/video content solutions in
the PC, CE and wireless industries.  The company's broad suite
of integrated multimedia software products are designed to
enhance the consumer's entertainment experience, whether the
content is delivered to a home system, HDTV set, wireless
system, mobile or personal multimedia device.  InterVideo also
has major offices in Taiwan, Japan, Mainland China and around
the globe.

                         About Corel Corp

Headquartered in Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a
packaged software company with an estimated installed base of
over 40 million users.  The Company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international websites, and a global network of resellers and
retailers.  The Company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).
In Europe, the company has operations in France, Germany and the
United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on April 7, 2006,
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit and senior secured debt ratings to Corel Corp.

At the same time, Standard & Poor's assigned its 'B' bank loan
rating, with a recovery rating of '3', to the company's USUS$165
million first-lien senior secured bank facility.  The outlook is
positive.

As reported in the Troubled Company Reporter on April 11, 2006,
Moody's Investors Service assigned first time corporate family
rating of B3 to Corel Corporation and B3 ratings to Corel's
proposed senior secured term loan facility and senior secured
revolving credit facility.  Moody's also assigned a SGL-2
liquidity rating, reflecting good liquidity.  Combined proceeds
of US$90 million from the term loan and those of Corel's IPO
will be used to repay Corel's existing debt.  Moody's said the
rating outlook is stable.


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


AGRAR- UND GEWERBEPARK: Claims Registration Ends September 19
-------------------------------------------------------------
Creditors of Agrar- und Gewerbepark Delitzsch GmbH i.L. have
until Sept. 19 to register their claims with court-appointed
provisional administrator Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 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 Agrar- und Gewerbepark Delitzsch GmbH i.L. on Aug. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Agrar- und Gewerbepark Delitzsch GmbH i.L.
         Attn: Dr. Andre Gerth, Liquidator
         Ring 17 a
         04509 Krostitz OT Kupsal, Germany

The administrator can be contacted at:

         Dr. Lucas F. Floether
         Nikolaistr. 3-5
         04109 Leipzig, Germany


AMERICAN AXLE: Earns US$20.4 Million in 2006 Second Quarter
-----------------------------------------------------------
American Axle & Manufacturing Holdings Inc. reported
US$20.4 million of earnings for the second quarter of 2006.
This compares to earnings of US$18.9 million in the second
quarter of 2005.

AAM's second quarter earnings in 2006 reflect the impact of a
one-time non-cash charge of US$2.4 million to write off
unamortized debt issuance costs related to the cash conversion
of approximately US$128.4 million of AAM's Senior Convertible
Notes due 2024.  An additional US$21.6 million of these Notes
remain outstanding as of June 30, 2006.  AAM's second quarter
earnings in 2006 also reflect the impact of an unfavorable tax
adjustment of US$2.6 million related to the settlement of prior
year foreign jurisdiction tax liabilities.  AAM's earnings in
the second quarter of 2005 included a charge of US$8.9 million
related to voluntary lump-sum separation payments accepted by
162 hourly associates.

Net sales in the second quarter of 2006 were US$874.6 million as
compared to US$867.7 million in the second quarter of 2005.
Non-GM sales in the quarter were US$204.5 million and now
represent 23% of AAM's total sales.  On a year-to- date basis
through the second quarter of 2006, AAM's non-GM sales have
increased US$53.9 million or 15% over the prior year.

"In the second quarter of 2006, AAM benefited from strong demand
for GM's full-size utility vehicles and the increase in our
content appearing on these outstanding new vehicles.  We look
forward to supporting the launch of GM's new full-size pick-ups
later this year," said American Axle & Manufacturing Co-Founder,
Chairman of the Board & CEO, Richard E. Dauch.

"AAM is also looking forward to the launch of production at our
new regional manufacturing facilities in Changshu, China and
Olawa, Poland.  With the addition of these new low-cost
manufacturing facilities, as well as the continuing development
of our products supporting passenger car and crossover vehicle
applications, AAM is well positioned for profitable growth and
diversification in 2007 and beyond."

AAM sales in the quarter reflect an estimated 5% increase in
customer production volumes for the major full-size truck and
SUV programs it currently supports for GM and The Chrysler Group
as compared to the second quarter of 2005.  AAM estimates that
customer production volumes for its mid-sized pick- up truck and
SUV programs were down approximately 23% in the quarter on a
year-over-year basis.

AAM's content per vehicle increased by approximately 3% to
US$1,216 in the second quarter of 2006 as compared to US$1,185
in the second quarter of 2005.  This increase is due primarily
to the impact of new AAM content appearing on GM's full-size
utility vehicles, as well as production mix shifts favoring
AAM's axles and driveline systems for the Dodge Ram heavy-duty
series pick-ups and the four-wheel-drive HUMMER H3 in the mid-
size SUV segment.

Gross margin in the second quarter of 2006 was 10.3% as compared
to 9.8% in the second quarter of 2005.  Operating income was
US$40.5 million or 4.6% of sales in the quarter as compared to
US$36.4 million or 4.2% of sales in the second quarter of 2005.

Net sales in the first half of 2006 were US$1.7 billion,
approximately the same as the first half of 2005.  Gross margin
was 9.0% in the first half of 2006 as compared to 9.4% for the
first half of 2005.  Operating income for the first half of 2006
was US$55.5 million or 3.2% of sales as compared to US$62.1
million or 3.7% of sales for the first half of 2005.

AAM's gross margin and operating margin performance in the first
half of 2006 reflects the impact of higher non-cash expenses
related to depreciation, amortization, pension and
postretirement benefits and stock-based compensation.  Higher
fringe benefit costs, including supplemental unemployment
benefits paid to certain of AAM's hourly associates, also
pressured margins in the first half of 2006.

                     Recent Developments

On June 8, 2006, AAM received financing commitments for a
US$200 million senior unsecured term loan.  Proceeds from this
financing, which closed on June 28, 2006, will be used for
general corporate purposes and to finance payments made upon the
cash conversion of American Axle & Manufacturing Holdings, Inc.
Senior Convertible Notes due 2024.

AAM also disclosed on June 8, 2006 that it expects its full year
2006 earnings to be in the range of US$1.00 - US$1.10 per share
to reflect the anticipated impact of the term loan financing.

On May 31, 2006, AAM reported that it had purchased a
manufacturing building in Olawa, Poland.  In addition, AAM
purchased approximately 75 acres of land in an industrial park
adjacent to the building for future development.  AAM has
designed a new 170,000 square-foot, state-of-the-art
manufacturing plant for that site, to accommodate future
manufacturing requirements.  Operations will begin in late 2006.

                      About American Axle

American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, United Kingdom, Germany, India, Japan, Mexico,
Poland, Scotland and South Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


ARTIC TROCKENBAU: Claims Registration Ends September 19
-------------------------------------------------------
Creditors of ARTIC Trockenbau GmbH have until Sept. 19 to
register their claims with court-appointed provisional
administrator Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 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 ARTIC Trockenbau GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ARTIC Trockenbau GmbH
         Attn: Tino Albert, Manager
         Breitkopfstr. 22
         04317 Leipzig, Germany

The administrator can be contacted at:

         Dr. Lucas F. Floether
         Nikolaistr. 3-5
         04109 Leipzig, Germany


COGNIS GMBH: Weak Cash Flow Prompts S&P to Lower Rating to B
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based specialty chemicals
manufacturer Cognis GmbH and related entities to 'B' from 'B+',
owing to continuously weak cash flow coverage for the rating and
the shareholders' decision to maintain the company's current
financial structure.   The outlook is stable.
"The downgrade follows the deterioration in Cognis' cash flow
coverage, with funds from operations (FFO) to debt of only about
6% over the past two years and no significant improvement over
the past 12 months, compared with the 10%-15% required for the
rating," said Standard & Poor's credit analyst Tobias Mock.
Operating cash flow has benefited from somewhat improved
business conditions over the past 12 months, but increasing
lauric oil prices and low fatty alcohol prices may hinder any
further significant improvement in the coming years that will be
necessary to achieve adequate cash flow protection coverage.

In addition, higher spending for investments, driven by the
acquisition of Napro Pharma AS for about EUR30 million in
June 2006 and pre-buying of lauric oil, resulted in a negative
free cash flow generation in the first six months of 2006,
according to Standard & Poor's calculations.
The shareholders' strategic review has resulted in no change to
the current financial structure. Furthermore, as Standard &
Poor's includes the payment-in-kind (PIK) notes issued by Cognis
Holding GmbH in its assessment of Cognis' financial strength,
the company is significantly burdened.   This burden could
increase from 2008 because the PIK notes include a 200 basis
points step-up if Cognis is unable to post substantial
deleveraging in 2007, which looks increasingly unlikely.
The ratings reflect the group's high leverage following an LBO
in late 2001 and subsequent dividend payouts to shareholders
that were financed with debt, including the PIK notes issued in
January 2005.
"The stable outlook reflects our expectation of an improvement
in Cognis' operating cash flow, as it benefits from lower
restructuring costs, still favorable pricing of lauric oil in
contrast to crude oil, and solid demand in key end-markets,"
said Mr. Mock.
"Nevertheless, deleveraging is expected to be only modest in the
coming years."


CREDE EXPERTO: Claims Registration Ends September 21
----------------------------------------------------
Creditors of Crede Experto Deutschland GmbH have until Sept. 21
to register their claims with court-appointed provisional
administrator Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Crede Experto Deutschland GmbH on July 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Crede Experto Deutschland GmbH
         Weckmarkt 8
         60311 Frankfurt/Main, Germany

         Attn: Jiri Sandanus, Manager
         Nad Kazankou 57/172
         17100 Praha 7, Czech Republic

The administrator can be contacted at:

         Dr. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn, Germany
         Tel: 06173/93940
         Fax: 06173/939420


DIENSTLEISTUNG UND MARKETING: Claims Registration Ends Sept. 22
---------------------------------------------------------------
Creditors of Office Company Dienstleistung und Marketing GmbH
have until Sept. 22 to register their claims with court-
appointed provisional administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against Office Company Dienstleistung und Marketing GmbH on
Aug. 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Office Company Dienstleistung und Marketing GmbH
         Attn: Uwe Jensch, Manager
         Village Route 22
         14979 Kleinbeeren, Germany

The administrator can be contacted at:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam, Germany


EMPIRICA WIRTSCHAFTS: Claims Registration Ends September 22
-----------------------------------------------------------
Creditors of empirica wirtschafts- und sozialwissenschaftliche
Forschungs- und Beratungsgesellschaft mbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany

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

The District Court of Cologne opened bankruptcy proceedings
against empirica wirtschafts- und sozialwissenschaftliche
Forschungs- und Beratungsgesellschaft mbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         empirica wirtschafts- und sozialwissenschaftliche
         Forschungs- und Beratungsgesellschaft mbH
         Attn: Dr. Wolfgang Josef Steinle, Manager
         Subbelrather Str. 140
         50823 Cologne, Germany

The administrator can be contacted at:

         Dr. Wolfgang Delhaes
         Media Park 6 A
         50670 Cologne, Germany


GEZEITENHAUS KLINIKUM: Claims Registration Ends September 20
------------------------------------------------------------
Creditors of Gezeitenhaus Klinikum AG have until Sept. 20 to
register their claims with court-appointed provisional
administrator Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         2. Stick
         William Route 21
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
Gezeitenhaus Klinikum AG on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Gezeitenhaus Klinikum AG
         Attn: Dr. Manfred Nelting, Manager
         Venner Str. 55
         53177 Bonn, Germany

The administrator can be contacted at:

         Dr. Joerg Nerlich
         Sternstrasse 79
         53111 Bonn, Germany
         Tel: 0228/94 59 820
         Fax: 0228/94 59 829


INDIFLEX GMBH: Claims Registration Ends September 20
----------------------------------------------------
Creditors of Indiflex GmbH have until Sept. 20 to register their
claims with court-appointed provisional administrator Ulrich
Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 1 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 Indiflex GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Indiflex GmbH
         Attn: Oliver Schoene and Stephan Hoelscher, Managers
         Bauhof 16
         64807 Dieburg, 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


JAFRA WORLDWIDE: Strong Metrics Cue Moody's to Lift Ratings
-----------------------------------------------------------
Moody's Investors Service upgraded its ratings on Jafra
Worldwide Holdings (Lux), S.aR.L (Jafra) and its affiliates
including the company's corporate family rating and senior
subordinated notes rating.   These actions reflect the company's
robust business model in Mexico and strong financial metrics.
The rating outlook is stable.

Ratings upgraded:

   * Jafra Worldwide Holdings (Lux), S.aR.L

      -- Corporate family rating, from B1 to Ba3

   * Distribuidora Comercial Jafra, S.A. de C.V.

   * Jafra Cosmetics International, Inc

      -- US$130 million senior subordinated notes due 2011, from
         B3 to B2.

Jafra's Ba3 corporate family rating reflects the company's
strong financial metrics, free cash flow and leading market
share position in its core Mexican direct selling business
offset by the company's small scale and reliance on a single
market for the majority of its revenue and nearly all of the
company's cash flow.

The ratings also reflect management's experience in implementing
strategies to grow its consultant base, especially in core
markets, and improve productivity.   At the same time, Jafra and
Vorwerk have maintained prudent financial policies including
meaningful debt reduction through free cash flow and proceeds
from private equity issuances as well as by exiting unprofitable
markets in Latin America.

While Moody's recognizes the strategic value of company's plans
to diversify into other developing markets including Russia,
Indonesia and China, it notes the heightened competitive and
operational risks the company faces in achieving this much-
needed diversification.

In addition, competitive activity is likely to be heightened, as
Jafra will compete with both large, well-resourced players and
nimble regional providers of personal care products. Ultimately,
Jafra may not achieve the returns necessary to sustain
profitability in those markets without significant capital
investment and/or potential charges.

The Ba3 corporate family rating is also constrained by the
challenges faced in operating a multi-level direct selling
model, with the attendant risk of consultant turnover and
productivity.  These risks are further heightened by the
mismatch between company's peso-denominated revenues and
earnings against its dollar denominated debt obligations.

The stable outlook reflects Jafra's strong credit metrics and
leading market position in important direct selling markets such
as Mexico and Hispanic markets in the U.S. where the company has
been successful in building its consultant base, revenue and
cash flow.

Ratings are unlikely to increase over the near-term given the
significant operational and financial risks the company faces
implementing its global growth strategy.   Moody's believes that
Jafra is comfortably positioned within its rating category.
Important components of an eventual upgrade and/or outlook
revision would be profitable diversification into new markets to
reduce Jafra's reliance on Mexico, continued strong performance
and consultant gains in the company's core Mexican and Hispanic
operations in the U.S. as well as a prudent and measured
approach to refinancing its high coupon public debt.

The rating and/or outlook would be negatively impacted should
the company's financial performance deteriorate materially from
plan, political or currency shock to its core Mexican market
occurs, financial policies deviates significantly from its
prudent balance sheet management.  Deterioration in credit
metrics such that leverage exceeds 2x and/or free cash flow to
debt drops below 25%, would also result in ratings pressure.

Headquartered in Westlake Village, California, Jafra sells
fragrances, color cosmetics, skin and body care products, and
other personal care items through a network of over 470,000
self-employed consultants.   Revenues for the last twelve months
ending June 2006 totaled US$467 million.  Jafra's parent
company, Vorwerk & Co. KG, is a family-owned direct seller of
household appliances, carpets, industrial and financial
services, based in Wuppertal, Germany with annual revenues of
approximately US$2.8 billion.


LEAR CORP: Incurs US$6.4 Million Net Loss in Second Quarter 2006
----------------------------------------------------------------
Lear Corporation posted record net sales of US$4.8 billion and
pretax income of US$31.5 million, which included costs related
to restructuring actions, impairments, and other special items
of US$24 million, for the second quarter of 2006.  The results
for the second quarter of 2006 compare to year-earlier net sales
of US$4.4 billion and a pretax loss of US$50.4 million,
including costs related to restructuring actions and other
special items of US$79.5 million.

Net loss for the second quarter of 2006 was US$6.4 million.
This compares with a net loss of US$44.4 million, for the second
quarter of 2005.

Net sales were up from the prior year, primarily reflecting the
addition of new business globally, offset in part by lower
production on several Lear platforms in North America and
Europe.  Operating performance improved from the year earlier
results primarily due to the increase in net sales as well as
benefits from cost and operating efficiencies in the Company's
core businesses.  These improvements were offset in part by
higher raw material costs.

"The Lear team remains focused on improving quality and ensuring
flawless launch execution while we aggressively implement cost
improvement and operating efficiency initiatives," said Bob
Rossiter, Lear Chairman and Chief Executive Officer.  "Although
there are many challenges facing our industry, we are taking
aggressive actions to address these issues and further improve
our operating results.  We will continue to be product-line
focused; competitive on a global basis; and dedicated to working
collaboratively with our customers."

Free cash flow was positive US$800,000 for the second quarter of
2006. Net cash provided by operating activities was US$74.8
million.

Quality and customer satisfaction measures remain at high
levels, and the Company continued to win recognition from
customers around the world.  Second quarter awards include
"Supplier of the Year" from General Motors and Special
Recognition for Customer Service from Ford Motor Company.
Recognition was also received from Toyota, Mazda and Volkswagen
for excellence in quality and customer service.  Lear continues
to be ranked as the highest quality major seat supplier in the
2006 J. D. Power Seat Quality Report.

Lear also made progress on important strategic initiatives,
including the signing of a definitive agreement to contribute
substantially all of its European Interiors business to
International Automotive Components Group, LLC in return for a
34% equity interest, subject to adjustment, and the Company
continued to aggressively expand its business in Asia and with
Asian automakers globally.

During the quarter, Lear was awarded several new programs in
China, and in India, Lear won its first business with Tata
Motors.  In addition, Lear opened a new TACLE joint venture
facility in Sunderland, United Kingdom with its Japanese partner
Tachi-S, to support future vehicle programs with Nissan in
Europe.  This is Lear's third TACLE joint venture facility,
including a plant under construction in Mt. Juliet, Tennessee to
serve Nissan in North America and a facility in China to serve
Asia.  Lear's plant in Montgomery, Alabama is ramping up to full
production to supply seats for the all-new Hyundai Santa Fe
sport utility vehicle and another new location in San Antonio,
Texas will be supplying interior trim for the 2007 Toyota
Tundra.

                    Full-Year 2006 Outlook

For the full year of 2006, Lear expects record worldwide net
sales of approximately US$18 billion, reflecting primarily the
addition of new business globally, partially offset by
unfavorable platform mix.  Net sales guidance is up about US$300
million from the prior guidance reflecting primarily the
forecast for a stronger Euro.

Lear anticipates 2006 income before interest, other expense,
income taxes, impairments, restructuring costs and other special
items (core operating earnings) to be in the range of US$400 to
US$440 million, unchanged from the prior guidance.  This
compares with US$325 million a year ago.

Restructuring costs for 2006 are estimated to be in the range of
US$120 to US$150 million.  Interest expense is estimated to be
in the range of US$220 to US$230 million in 2006, compared with
US$183 million last year.

Pretax income before impairments, restructuring costs and other
special items is estimated to be in the range of US$120 to
US$160 million.  This compares with US$97 million last year.
Cash taxes are estimated to be within a range of US$80 to US$100
million, compared with US$113 million last year.

Free cash flow is expected to be in the range of positive US$50
to US$100 million, compared with negative US$419 million a year
ago.  This reflects improved earnings, lower capital spending,
reduced tooling and engineering costs and improved net working
capital, offset in part by higher cash costs for restructuring.
Net cash provided by operating activities for 2005 was US$561
million.

Capital spending in 2006 is estimated at approximately
US$400 million, down from last year's peak level due primarily
to lower launch activity.  Depreciation and amortization are
expected to be in the range of US$410 to US$420 million,
compared with US$393 million last year.

Industry production assumptions underlying Lear's financial
outlook include 15.7 million units in North America, which is
down slightly from a year ago, and 19 million units in Europe,
roughly flat with a year ago.


                           About Lear Corp

Headquartered in Southfield, Michigan, Lear Corporation
(NYSE: LEA) -- http://www.lear.com/-- supplies automotive
interior systems and components.  Lear provides complete seat
systems, electronic products and electrical distribution systems
and other interior products.

                          *     *     *

As reported in the Troubled Company Reporter on April 21, 2006,
Standard & Poor's affirmed the 'B+' rating on the US$1 billion
first-lien term loan.  Standard & Poor's corporate credit rating
on Lear Corp. is B+/Negative/B-2.  The speculative-grade rating
reflects the company's depressed operating performance caused by
severe industry pressures.


MARK REISEN: Claims Registration Ends August 31
-----------------------------------------------
Creditors of Mark Reisen GmbH have until Aug. 31 to register
their claims with court-appointed provisional administrator Marc
Schmidt-Thieme.

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

The meeting of creditors will be held at:

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

The Debtor can be contacted at:

         Mark Reisen GmbH
         Pfeiffersteg 4
         64385 Reichelsheim, Germany

         Attn: Harald Mark, Manager
         Bismarckstrasse 34
         64385 Reichelsheim, Germany

The administrator can be contacted at:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim, Germany
         Tel: 0621/87708-0
         Fax: 0621/8770820


STEFAN KILVINGER: Claims Registration Ends September 22
-------------------------------------------------------
Creditors of Stefan Kilvinger GmbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Hans Raab.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Oct. 23 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 Fuerth
         Room 216/II
         Office Building
         Baumenstrasse 28
         Fuerth, 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 Fuerth opened bankruptcy proceedings
against Stefan Kilvinger GmbH on July 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Stefan Kilvinger GmbH
         Widukindstr. 8
         90579 Langenzenn, Germany

The administrator can be contacted at:

         Hans Raab
         Marktstr. 1
         91448 Emskirchen, Germany
         Tel: 09104/829418
         Fax: 09104/829441


VOLKSWAGEN AG: May Close One Factory in Brazil if Talks Fail
------------------------------------------------------------
Volkswagen AG said last week it may have to close one of its
factories in Brazil if it fails to reach an agreement with labor
unions, Reuters reports.

Volkswagen has five factories in Brazil with approximately
21,000 workers.

Volkswagen is losing money in Brazil as the currency gained 61%
forcing the company to raise prices, which resulted to losses in
export profits.

Reuters says the European automaker's restructuring plan
involves laying off 3,600 people at the Anchieta plant in the
next two years, offering all of them severance packages.

But if the union rejects the plan, Volkswagen said it would
start by laying off 1,800 employees on Nov. 21, without
severance packages, Reuters says.

Eventually, Anchieta would be closed as it would no longer be
eligible for new investments that are needed to keep the plant
up and running.  The plant has 12,000 employees.

"It's imperative that the Anchieta plant receive new investments
in order to produce new models. If not, the reduction of its
workforce will have to be even larger than what we already
announced," Nilton Junior, VW Brazil's executive director for
corporate labor relations, said in a statement.

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

                        *    *    *

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

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

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


WEBER OBJEKTEINRICHTUNGEN: Creditors' Meeting Set for Sept. 20
--------------------------------------------------------------
The court-appointed provisional administrator for Weber
Objekteinrichtungen GmbH & Co. KG, Klaus Niemeyer, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on Sept. 20.

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

         The District Court of Osnabrueck
         N 301
         Branch
         Kollegienwall 10
         49074 Osnabrueck, Germany

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Nov. 29 at the same
venue.

Creditors have until Oct. 25 to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be reached at:

         Weber Objekteinrichtungen GmbH & Co. KG
         Attn: Jochen Spiering and Axel Weber, Manager
         Hannoversche Str. 46
         49084 Osnabrueck, Germany

The administrator can be reached at:

         Klaus Niemeyer
         Schillerstr. 20
         49074 Osnabrueck, Germany
         Tel: 0541/338500
         Fax: 0541/33850-50


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


A-TRANS: Creditors Must File Claims by Sept. 29
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has ordered to place LLP A-Trans into compulsory
liquidation.

Creditors have until Sept. 29 to submit written proofs of claim
to:

         LLP A-Trans
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


ALTAYENERGO: East Kazakhstan Court Begins Bankruptcy Proceedings
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against JSC Altayenergo
on July 7.


ASMETTROPIK: Creditors Must File Claims by Sept. 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has ordered to place LLP Asmettropik Company into
compulsory liquidation.

Creditors have until Sept. 29 to submit written proofs of claim
to:

         LLP Asmettropik Company
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


BUSINESS PRESS: Proof of Claim Deadline Slated for Sept. 29
-----------------------------------------------------------
LLP Business Press has declared insolvency.   Creditors have
until Sept. 29 to submit written proofs of claim to:

         LLP Business Press
    24 June Str. 27-406
    Almaty, Kazakhstan


CITY MANAGEMENT: Creditors' Claims Due Sept. 29
-----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has ordered on July 13 to place LLP City Management into
compulsory liquidation.

Creditors have until Sept. 29 to submit written proofs of claim
to:

         LLP City Management
         Dostyk Ave. 215
    Uralsk
    West Kazakhstan Region
    Kazakhstan


GMC LTD: Karaganda Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP GMC Ltd.
General Manufacturing Company.


LENSTROYINVEST: East Kazakhstan Court Opens Bankruptcy Procedure
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP
Lenstroyinvest on July 7.


SMK-SERVICE: Claims Registration Ends Sept. 29
----------------------------------------------
LLP SMK-Service (RNN 600700534063) has declared insolvency.
Creditors have until Sept. 29 to submit written proofs of claim
to:

         LLP SMK-Service
         Kazybek bi Str. 183-29
    Almaty, Kazakhstan


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


EVRASIATRANS: Proof of Claim Deadline Slated for Sept. 29
---------------------------------------------------------
CJSC Evrasiatrans declared insolvency.   Creditors have until
Sept. 29 to submit written proofs of claim to:

         CJSC Evrasiatrans
         Ibraimov Str. 115a
    Bishkek, Kyrgyzstan
    Tel: (+996 312) 24-17-50


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


LFEC IV: Moody's Rates EUR7.4-Mln Class V Notes at (P)Ba3
---------------------------------------------------------
Moody's assigned provisional credit ratings to these six classes
of Notes to be issued and one Revolving Facility to be entered
into by LFEC IV B.V., a Dutch special purpose company:
   -- EUR90,000,000 Class I-D Senior Floating Rate Delayed
Funding Notes due 2022: (P)Aaa;
   --(EUR94,300,000 Class I-N Senior Floating Rate Notes due
2022: (P)Aaa;
   -- EUR30,000,000 Revolving Facility: (P)Aaa;
   -- EUR26,300,000 Class II Senior Floating Rate Notes due
2022: (P)Aa2;
   -- EUR11,700,000 Class III Deferrable Mezzanine Floating Rate
Notes due 2022: (P)A2;
   -- EUR19,900,000 Class IV Deferrable Mezzanine Floating Rate
Notes due 2022: (P)Baa3; and
   -- EUR7,400,000 Class V Deferrable Mezzanine Floating Rate
Notes due 2022: (P)Ba3.
EUR 27,200,000 Subordinated Notes due 2022 are expected to be
issued but will not be rated by Moody's.
The provisional ratings address the expected loss posed to
investors by the legal final maturity in 2022. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.
These provisional ratings are based upon:
   -- An assessment of the eligibility criteria and portfolio
guidelines applicable to the future additions to the
portfolio;
   -- The protection against losses through the subordination of
the more junior classes of notes to the more senior
classes of notes;
   -- The overcollateralization of the Notes;
   -- The currency swap transactions, which insulate the Issuer
from the volatility of the foreign currency exchange rates
in respect of non-Euro denominated obligations;
   -- The expertise of the Leveraged Funds Group of BNP Paribas
as collateral manager; and
   -- The legal and structural integrity of the issue.
This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of EUR 301 million, comprised
primarily of senior secured loan obligations (at least 90% of
the portfolio) senior unsecured loan obligations and mezzanine
loans issued primarily by companies located in Western Europe.
This portfolio is dynamically managed by the Leveraged Funds
Group of BNP Paribas.
This portfolio will be partially acquired at closing date
(target 75%) and partially during the 365 days ramp-up period in
compliance with the Eligibility Criteria, the Portfolio Profile
Tests, the Coverage Tests and the Collateral Quality Tests.
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to buy or sell assets
in the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavor to assign definitive ratings.  A definitive rating (if
any) may differ from a provisional rating.
The transaction is arranged by BNP Paribas.


LIBBEY INC: Posts US$9.6 Million Net Loss in 2006 Second Quarter
----------------------------------------------------------------
Libbey Inc. reported a net loss of US$9.6 million for the second
quarter ended June 30, 2006, compared with a net loss of
US$900,000 in the prior year quarter.  The net loss for the
quarter included a total of US$13.4 million in special charges
related to the consolidation of two of its recently acquired
Mexican facilities and the write-off of finance fees.

The Company posted second quarter adjusted net income, excluding
special charges of US$3.9 million, as compared with US$3.4
million for the year-ago quarter.

Sales increased 9.3% to US$158 million from US$144.5 million in
the prior year second quarter.  The increase in sales was
primarily attributable to the consolidation of sales of Crisa,
the Company's former joint venture in Mexico, for the last two
weeks of June, a more than 10% increase in shipments to retail
and export glassware customers and shipments of Traex products,
an 8% increase in shipments of Royal Leerdam and Crisal products
and a 5% increase in sales to foodservice glassware customers.
Shipments of Syracuse China products were down approximately 8%
as the result of the work stoppage early in the quarter and
shipments of World Tableware products were down slightly.
Excluding Crisa's sales, sales were up 4.0% in total.

The Company reported a loss from operations of US$4.1 million
during the quarter, as compared to income from operations of
US$2.5 million in the year-ago quarter.  Income from operations,
excluding special charges, was US$11 million during the quarter,
as compared to US$8.9 million for the year-ago quarter.

                        Six-Month Results

For the six months ended June 30, 2006, sales increased 6.8% to
US$292.9 million from US$274.3 million in the year-ago period.
Excluding Crisa's sales during the last two weeks of June 2006,
sales increased 4% compared with the first six months of 2005.

This increase in sales was attributable to increases of at least
8% in shipments to foodservice glassware customers, retail
customers, export customers, Traex customers and Crisal
customers.  Sales of Royal Leerdam products increased almost 2%
as compared to the first six months of 2005.  Shipments to
industrial customers were down over 10% during the first half of
2006, while shipments of Syracuse China and World Tableware
products were down slightly.

Libbey reported a loss from operations of US$1.1 million during
the first six months of 2006 as compared to income from
operations of US$2.6 million during the year-ago period.
Adjusted income from operations, excluding special charges, was
US$14.1 million for the first six months of 2006, as compared to
US$12 million for the year-ago period.  Contributing to the
increase in adjusted income from operations were higher sales,
higher production activity and improved operating results at
Crisal in Portugal.

Equity earnings from Crisa were US$2 million on a pretax basis,
as compared to a pretax loss of US$200,000 in the year-ago
period.  The increased equity earnings were the result of
increased and more profitable sales, higher translation gain,
and lower natural gas and electricity costs.

For the first six months of 2006, the Company recorded a net
loss of US$9.1 million, compared with a net loss of US$2.5
million, in the year-ago period.

Year-to-date cash flow from operations increased US$8.9 million,
or 77.3% to US$20.4 million as compared to the year-ago period.
Contributing to the increase in operating cash flow were higher
earnings and a reduction in working capital.

Working capital, defined as inventories and accounts receivable
less accounts payable, increased by US$44.3 million from
US$170.3 million to US$214.6 million compared to June 30, 2005
due to the acquisition of Crisa.  Excluding working capital of
US$54.5 million at Crisa at June 30, 2006, the Company's working
capital was US$10.2 million lower than the year-ago period,
reflecting the Company's continued efforts to reduce its
investment in working capital.

John F. Meier, chairman and chief executive officer, commenting
on the quarter, said, "We are pleased with the addition of Crisa
to the Libbey family and with the strength of our core business
performance.  Sales to foodservice glassware customers were
strong and shipments to retail customers were especially robust.
We saw a solid performance from Crisa, our recently acquired
Mexican glass tableware operation." Meier also added, "With the
closing of our acquisition of the remaining 51% of Crisa on
June 16, 2006, we will now be including their results of
operations for the balance of 2006.  We are well into our
consolidation of the facilities in Mexico, and we look forward
to harvesting those future savings."  He added, "We expect third
and fourth quarter sales to increase by 4 to 5% as compared with
the pro forma third and fourth quarter sales in 2005.  Earnings
before interest, taxes, depreciation and amortization are
expected to be between US$18.5 million and US$19.5
million in each of the third and fourth quarters of 2006."

Libbey also confirmed that it is on schedule to begin production
in early 2007 at its new glass tableware production facility in
China.

                         About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.

                         *    *    *

Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc.  At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed US$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc.  Standard & Poor's said the outlook is
stable.


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


AMERICAN AXLE: Earns US$20.4 Million in 2006 Second Quarter
-----------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., reported
US$20.4 million of earnings for the second quarter of 2006.
This compares to earnings of US$18.9 million in the second
quarter of 2005.

AAM's second quarter earnings in 2006 reflect the impact of a
one-time non-cash charge of US$2.4 million to write off
unamortized debt issuance costs related to the cash conversion
of approximately US$128.4 million of AAM's Senior Convertible
Notes due 2024.  An additional US$21.6 million of these Notes
remain outstanding as of June 30, 2006.  AAM's second quarter
earnings in 2006 also reflect the impact of an unfavorable tax
adjustment of US$2.6 million related to the settlement of prior
year foreign jurisdiction tax liabilities.  AAM's earnings in
the second quarter of 2005 included a charge of US$8.9 million
related to voluntary lump-sum separation payments accepted by
162 hourly associates.

Net sales in the second quarter of 2006 were US$874.6 million as
compared to US$867.7 million in the second quarter of 2005.
Non-GM sales in the quarter were US$204.5 million and now
represent 23% of AAM's total sales.  On a year-to- date basis
through the second quarter of 2006, AAM's non-GM sales have
increased US$53.9 million or 15% over the prior year.

"In the second quarter of 2006, AAM benefited from strong demand
for GM's full-size utility vehicles and the increase in our
content appearing on these outstanding new vehicles.  We look
forward to supporting the launch of GM's new full-size pick-ups
later this year," said American Axle & Manufacturing Co-Founder,
Chairman of the Board & CEO, Richard E. Dauch.

"AAM is also looking forward to the launch of production at our
new regional manufacturing facilities in Changshu, China and
Olawa, Poland.  With the addition of these new low-cost
manufacturing facilities, as well as the continuing development
of our products supporting passenger car and crossover vehicle
applications, AAM is well positioned for profitable growth and
diversification in 2007 and beyond."

AAM sales in the quarter reflect an estimated 5% increase in
customer production volumes for the major full-size truck and
SUV programs it currently supports for GM and The Chrysler Group
as compared to the second quarter of 2005.  AAM estimates that
customer production volumes for its mid-sized pick- up truck and
SUV programs were down approximately 23% in the quarter on a
year-over-year basis.

AAM's content per vehicle increased by approximately 3% to
US$1,216 in the second quarter of 2006 as compared to US$1,185
in the second quarter of 2005.  This increase is due primarily
to the impact of new AAM content appearing on GM's full-size
utility vehicles, as well as production mix shifts favoring
AAM's axles and driveline systems for the Dodge Ram heavy-duty
series pick-ups and the four-wheel-drive HUMMER H3 in the mid-
size SUV segment.

Gross margin in the second quarter of 2006 was 10.3% as compared
to 9.8% in the second quarter of 2005.  Operating income was
US$40.5 million or 4.6% of sales in the quarter as compared to
US$36.4 million or 4.2% of sales in the second quarter of 2005.

Net sales in the first half of 2006 were US$1.7 billion,
approximately the same as the first half of 2005.  Gross margin
was 9.0% in the first half of 2006 as compared to 9.4% for the
first half of 2005.  Operating income for the first half of 2006
was US$55.5 million or 3.2% of sales as compared to US$62.1
million or 3.7% of sales for the first half of 2005.

AAM's gross margin and operating margin performance in the first
half of 2006 reflects the impact of higher non-cash expenses
related to depreciation, amortization, pension and
postretirement benefits and stock-based compensation.  Higher
fringe benefit costs, including supplemental unemployment
benefits paid to certain of AAM's hourly associates, also
pressured margins in the first half of 2006.

                     Recent Developments

On June 8, 2006, AAM received financing commitments for a
US$200 million senior unsecured term loan.  Proceeds from this
financing, which closed on June 28, 2006, will be used for
general corporate purposes and to finance payments made upon the
cash conversion of American Axle & Manufacturing Holdings, Inc.
Senior Convertible Notes due 2024.

AAM also disclosed on June 8, 2006 that it expects its full year
2006 earnings to be in the range of US$1.00 - US$1.10 per share
to reflect the anticipated impact of the term loan financing.

On May 31, 2006, AAM reported that it had purchased a
manufacturing building in Olawa, Poland.  In addition, AAM
purchased approximately 75 acres of land in an industrial park
adjacent to the building for future development.  AAM has
designed a new 170,000 square-foot, state-of-the-art
manufacturing plant for that site, to accommodate future
manufacturing requirements.  Operations will begin in late 2006.

                      About American Axle

American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, United Kingdom, Germany, India, Japan, Mexico,
Poland, Scotland and South Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


===============
P O R T U G A L
===============


LIBBEY INC: Posts US$9.6 Million Net Loss in 2006 Second Quarter
--------------------------------------------------------------
Libbey Inc. reported a net loss of US$9.6 million for the second
quarter ended June 30, 2006, compared with a net loss of
US$900,000 in the prior year quarter.  The net loss for the
quarter included a total of US$13.4 million in special charges
related to the consolidation of two of its recently acquired
Mexican facilities and the write-off of finance fees.

The Company posted second quarter adjusted net income, excluding
special charges of US$3.9 million, as compared with US$3.4
million for the year-ago quarter.

Sales increased 9.3% to US$158 million from US$144.5 million in
the prior year second quarter.  The increase in sales was
primarily attributable to the consolidation of sales of Crisa,
the Company's former joint venture in Mexico, for the last two
weeks of June, a more than 10% increase in shipments to retail
and export glassware customers and shipments of Traex products,
an 8% increase in shipments of Royal Leerdam and Crisal products
and a 5% increase in sales to foodservice glassware customers.
Shipments of Syracuse China products were down approximately 8%
as the result of the work stoppage early in the quarter and
shipments of World Tableware products were down slightly.
Excluding Crisa's sales, sales were up 4.0% in total.

The Company reported a loss from operations of US$4.1 million
during the quarter, as compared to income from operations of
US$2.5 million in the year-ago quarter.  Income from operations,
excluding special charges, was US$11 million during the quarter,
as compared to US$8.9 million for the year-ago quarter.

                        Six-Month Results

For the six months ended June 30, 2006, sales increased 6.8% to
US$292.9 million from US$274.3 million in the year-ago period.
Excluding Crisa's sales during the last two weeks of June 2006,
sales increased 4% compared with the first six months of 2005.

This increase in sales was attributable to increases of at least
8% in shipments to foodservice glassware customers, retail
customers, export customers, Traex customers and Crisal
customers.  Sales of Royal Leerdam products increased almost 2%
as compared to the first six months of 2005.  Shipments to
industrial customers were down over 10% during the first half of
2006, while shipments of Syracuse China and World Tableware
products were down slightly.

Libbey reported a loss from operations of US$1.1 million during
the first six months of 2006 as compared to income from
operations of US$2.6 million during the year-ago period.
Adjusted income from operations, excluding special charges, was
US$14.1 million for the first six months of 2006, as compared to
US$12 million for the year-ago period.  Contributing to the
increase in adjusted income from operations were higher sales,
higher production activity and improved operating results at
Crisal in Portugal.

Equity earnings from Crisa were US$2 million on a pretax basis,
as compared to a pretax loss of US$200,000 in the year-ago
period.  The increased equity earnings were the result of
increased and more profitable sales, higher translation gain,
and lower natural gas and electricity costs.

For the first six months of 2006, the Company recorded a net
loss of US$9.1 million, compared with a net loss of US$2.5
million, in the year-ago period.

Year-to-date cash flow from operations increased US$8.9 million,
or 77.3% to US$20.4 million as compared to the year-ago period.
Contributing to the increase in operating cash flow were higher
earnings and a reduction in working capital.

Working capital, defined as inventories and accounts receivable
less accounts payable, increased by US$44.3 million from
US$170.3 million to US$214.6 million compared to June 30, 2005
due to the acquisition of Crisa.  Excluding working capital of
US$54.5 million at Crisa at June 30, 2006, the Company's working
capital was US$10.2 million lower than the year-ago period,
reflecting the Company's continued efforts to reduce its
investment in working capital.

John F. Meier, chairman and chief executive officer, commenting
on the quarter, said, "We are pleased with the addition of Crisa
to the Libbey family and with the strength of our core business
performance.  Sales to foodservice glassware customers were
strong and shipments to retail customers were especially robust.
We saw a solid performance from Crisa, our recently acquired
Mexican glass tableware operation." Meier also added, "With the
closing of our acquisition of the remaining 51% of Crisa on
June 16, 2006, we will now be including their results of
operations for the balance of 2006.  We are well into our
consolidation of the facilities in Mexico, and we look forward
to harvesting those future savings."  He added, "We expect third
and fourth quarter sales to increase by 4 to 5% as compared with
the pro forma third and fourth quarter sales in 2005.  Earnings
before interest, taxes, depreciation and amortization are
expected to be between US$18.5 million and US$19.5
million in each of the third and fourth quarters of 2006."

Libbey also confirmed that it is on schedule to begin production
in early 2007 at its new glass tableware production facility in
China.

                         About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.

                         *    *    *

Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc.  At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed US$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc.  Standard & Poor's said the outlook is
stable.


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


ABAN-AUTO-TRANS: Krasnoyarsk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
supervision procedure on OJSC Aban-Auto-Trans.  The case is
docketed under Case No. A33-4631/2006.

The Temporary Insolvency Manager is:

         V. Emelyanov
         Post User Box 1162.
         660016 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Aban-Auto-Trans
         Aban
         Krasnoyarsk Region


BEREZNIKOVSKIY FACTORY: Perm Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Perm Region commenced bankruptcy
supervision procedure on LLC Bereznikovskiy Factory of
Reinforced-Concrete Constructions.  The case is docketed under
Case No. A 50-5112/2006-B.

The Temporary Insolvency Manager is:

         A. Boltakov
         Post User Box 6952
         614068 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Bereznikovskiy Factory of
         Reinforced-Concrete Constructions
         Lenina Pr. 82
         Berezniki
         618400 Perm Region
         Russia


BIRYUSINSKIY HYDROLYTIC: A. Vampilov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. A.
Vampilov as Insolvency Manager for OJSC Biryusinskiy Hydrolytic
Factory (TIN 3815000625).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-30116/05-29.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Biryusinskiy Hydrolytic Factory
         Gorkogo Str. 1
         Bityusinsk,
         Tayshetskiy Region
         655013 Irkutsk Region
         Russia


BUILDER: Court Names S. Rastegaev as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. S.
Rastegaev as Insolvency Manager for CJSC Builder.  He can be
reached at:

         S. Rastegaev
         Severnaya Str. 279
         350020 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-36307/2005-44/469-B.

The Debtor can be reached at:

         CJSC Builder
         Stepnaya Str. 2.
         352750 Krasnodar Region
         Russia


CHEREPANOVSKOYE TRANSPORT: R. Bolshakov to Manage Assets
--------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. R.
Bolshakov as Insolvency Manager for OJSC Cherepanovskoye
Transport Enterprise.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-45-20569/06-4/356.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Cherepanovskoye Transport Enterprise
         Tsytsarkina Str. 54
         Cherepanovo
         633521 Novosibirsk Region
         Russia


CHUNA-PROM-KHOZ: Irkutsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Irkutsk Region commenced bankruptcy
supervision procedure on OJSC Chuna-Prom-Khoz.  The case is
docketed under Case No. A19-45152/05-49.

The Temporary Insolvency Manager is:

         S. Ocheretnyuk
         Post User Box 146
         664025 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Chuna-Prom-Khoz
         Post User Box 146
         664025 Irkutsk Region
         Russia


DZERZHINSKIY COMBINE: S. Vasilyev to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. S.
Vasilyev as Insolvency Manager for LLC Dzerzhinskiy Combine of
Building Materials.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-8218/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Dzerzhinskiy Combine of Building Materials
         Dzerzhinskoye 120
         Dzerzhinskiy Region
         Krasnoyarsk Region
         Russia


GDOV-AGRO-PROM-KHIMIYA: M. Brylyev to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Mr. M. Brylyev as Insolvency Manager for CJSC Gdov-
Agro-Prom-Khimiya.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-15793/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Gdov-Agro-Prom-Khimiya
         Tsentralnaya Str. 4
         Otradnoye
         Kirovsk Region
         187330 Leningrad Region
         Russia


FINLES: Irkutsk Court Names B. Safonov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. B. Safonov
as Insolvency Manager for OJSC Timber Company Finles.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-8661/06-49.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Timber Company Finles
         Lenina Str. 18
         Irkutsk Region
         Russia


HYDRO-KOMLEKT: Moscow Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
supervision procedure on OJSC Hydro-Komlekt (TIN 5005001617).
The case is docketed under Case No. A41-K2-9905/05.

The Temporary Insolvency Manager is:

         N. Artemova
         Berezhkovskaya Quay 16
         GSP-5
         123995 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Hydro-Komlekt
         Zavodskaya Str. 1
         Voskresenskiy Region
         140230 Moscow Region
         Russia


INTER-ECONOMICAL MOVABLE: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Karachaevo-Cherkessiya Republic
commenced bankruptcy supervision procedure on OJSC Repair-
Building Inter-Economical Movable Mechanized Column.  The case
is docketed under Case No. A25-481/06-3.

The Temporary Insolvency Manager is:

         V. Karnaukhova
         Demidenko Str. 157
         Cherkessk
         Karachaevo-Cherkessiya Republic
         Russia

The Debtor can be reached at:

         OJSC Repair-Building Inter-Economical
         Movable Mechanized Column
         Pyatigorskoye Shosse 7A
         Cherkessk
         Karachaevo-Cherkessiya Republic
         Russia


KAZANOVSKOYE GRAIN: S. Bertunov to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Chita Region appointed Mr. S. Bertunov
as Insolvency Manager for OJSC Kazanovskoye Grain Receiving
Enterprise.  He can be reached at:

         Lazo Str. 9
         Pervomayskiy
         Shilkinskiy Region
         673390 Chita Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-2092/2006 B-401.

The Debtor can be reached at:

         OJSC Kazanovskoye Grain Receiving Enterprise
         Urozhaynaya Str. 26
         Kazanovo
         Shilkinskiy Region
         Chita Region
         Russia


MED-SERVICE: Chelyabinsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced bankruptcy
supervision procedure on LLC Med-Service.  The case is docketed
under Case No. A76-7487/2006-55-50.

The Temporary Insolvency Manager is:

         V. Starodumov
         Lenina Str. 147
         Verkhniy Ufaley
         456800 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         LLC Med-Service
         Verkhniy Ufaley
         Chelyabinsk Region
         Russia


MIKHAYLOVSKOYE: Novosibirsk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Novosibirsk Region commenced bankruptcy
supervision procedure on OJSC Mikhaylovskoye.  The case is
docketed under Case No. A45-9199/06-29/178.

The Temporary Insolvency Manager is:

         A. Titov
         Russkaya Str. 39
         630058 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Mikhaylovskoye
         Mikhaylovskiy
         Chulymskiy Region
         632588 Novosibirsk Region
         Russia


NOVATEK OAO: Earns RUR3.5 Billion in Second Quarter 2006
--------------------------------------------------------
OAO Novatek released its consolidated interim condensed
financial figures for second quarter and first half ended
June 30, 2006, and prepared according to International Financial
Reporting Standards.

For the second quarter of 2006, the company posted RUR3.5
billion in net profit on RUR12.2 billion in revenues, compared
to RUR5.6 billion in net profit on RUR8.9 billion in revenues
for the same period in 2005.

For the first half of 2006, the company posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.

In July 2006, Novatek registered a 1000:1 share split, which has
been given retroactive effect in the consolidated interim
condensed financial information.  The weighted average number of
shares outstanding for both periods is 3,036.306 million.

In the second quarter and first half ended June 30, 2006, profit
accruing to OAO Novatek's shareholders decreased compared to the
corresponding 2005 period due to gains realized from investment
disposals in oil- and gas-producing associate companies and
other non-core subsidiaries.

Excluding the effect of disposals for the 2005 periods profit
accruing to shareholders of Novatek in the second quarter and
first half ended June 30, 2006, increased by RUR577 million and
RUR2.0 billion respectively, net of income taxes, compared to
the corresponding 2005 periods.

In the second quarter and first half ended June 30, 2006,
natural gas sales increased, primarily due to boosted production
at our core fields.

Over the same periods this year, the company recorded 187,000
tons of stable gas condensate as "goods in transit" due to the
change in our export terms.  These volumes were recognized as
inventory until such time as they are delivered to the port of
destination.

As of June 30, 2006, OAO Novatek had RU80.5 billion in total
assets, RUR17.2 billion in total liabilities and RUR63.3 billion
in total equity.

                        About Novatek

Headquartered in Moscow, OAO Novatek (RTS: NVTK; LSE: NVTK;
NASDAQ: NVATY) is Russia's second largest gas company after
state-controlled Gazprom, and the largest of the country's
independent gas producers.

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


NOVOETKULSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced bankruptcy
supervision procedure on CJSC Novoetkulskoye (TIN 7443000059,
OGRN 1027402037068).

The case is docketed under Case No. A76-8508/2006-60-80.

The Temporary Insolvency Manager is:

         S. Sherstobitov
         Lermontova Str. 88
         Chesma
         457220 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Novoetkulskoye
         Novoetkulskiy
         Chesmenskiy Region
         457245 Chelyabinsk Region
         Russia


ONEZHSKAYA SHIPPING: I. Kutsevol to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. I.
Kutsevol as Insolvency Manager for OJSC Onezhskaya Shipping
Company (TIN 2906006196).  He can be reached at:

         I. Kutsevol
         Lomonosova Str. 102
         Severodvinsk
         164500 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 05-18666/05-21.

The Debtor can be reached at:

         OJSC Onezhskaya Shipping Company
         Kirova Str. 107
         Onega
         164840 Arkhangelsk Region
         Russia


SEL-KHOZ-TEKHNIKA: A. Aleksandrov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Aleksandrov as Insolvency Manager for OJSC Sel-Khoz-Tekhnika.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-350B/05-32.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika
         Nekrasova Str. 39
         Bazarnyj Karabulak
         412600 Saratov Region
         Russia


UST KUT-WOOD: Court Names V. Safonov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. V. Safonov
as Insolvency Manager for CJSC Ust Kut-Wood.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-12402/06-34.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Ust Kut-Wood
         Matrosova Str. 2.
         USt. Kut
         Irkutsk Region
         Russia


VIOLA: Perm Court Names V. Zabudskiy as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. V. Zabudskiy
as Insolvency Manager for CJSC Viola.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-8892/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         CJSC Viola
         Ermakova Str. 20
         Dobryanka
         618740 Perm Region
         Russia


VVV LOGISTIC: Tatarstan Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
supervision procedure on LLC VVV Logistic.  The case is docketed
under Case No. A-65-90151/2006-SG-4-16.

The Temporary Insolvency Manager is:

         F. Zinnatullin
         Post User Box 91
         Kazan
         Tatarstan Republic Russia

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         LLC Vvv Logistic
         Kazan
         Tatarstan Republic
         Russia


WOOD-PROM-KHOZ SREDNYAYA: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Perm Region commenced bankruptcy
supervision procedure on CJSC Wood-Prom-Khoz Srednyaya Usva.
The case is docketed under Case No. A50-46190/2005-B.

The Temporary Insolvency Manager is:

         A. Boltakov
         Post User Box 6952
         614068 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         CJSC Wood-Prom-Khoz Srednyaya Usva
         Vokzalnaya Str. 25
         Srednyaya Usva
         Gornozavodskiy Region
         618820 Perm Region
         Russia


ZAGOT-GRAIN: Court Names V. Mayorov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Yaroslavl Region appointed Mr. V.
Mayorov as Insolvency Manager for OJSC Zagot-Grain.  He can be
reached at:

         V. Mayorov
         Post User Box 410
         150051 Yaroslavl Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A82-3261/06-30-B/39.

The Debtor can be reached at:

         OJSC Zagot-Grain
         Deputatskaya Str. 31
         Gavrilov-Yam
         Yaroslavl Region
         Russia


ZAPAD-URAL-WOOD: Court Names N. Usanin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. N. Usanin as
Insolvency Manager for LLC Zapad-Ural-Wood.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-7903/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Zapad-Ural-Wood
         Vokzalnaya Str. 1.
         Osa
         Perm Region
         Russia


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


NOVELIS INC: Bill Monahan Replaces Brian Sturgell as Interim CEO
----------------------------------------------------------------
Novelis Inc.'s Board of Directors has decided to replace the
Company's President and Chief Executive Officer, Brian W.
Sturgell.  Effective immediately, William T. Monahan, Chairman
of Novelis' Board of Directors and the retired Chairman and
Chief Executive Officer of Imation Corporation, will serve as
Interim CEO until Mr. Sturgell's successor has been selected and
is in place.  The Board has commenced an external search for a
successor to Mr. Sturgell.

In light of Mr. Monahan's interim CEO responsibilities, the
Board has formed a temporary Office of the Chairman that
comprises Mr. Monahan and directors Clarence J. Chandran and
Edward A. Blechschmidt.  Mr. Sturgell will be available to
advise the Office of the Chairman during the transition period.
The executive team will now report directly to Mr. Monahan.

Mr. Monahan said, "The past eighteen months have been difficult
for Novelis.  During this period, we have had to address
significant challenges, including the impact of unprecedented
increases in metal prices and an extensive financial review and
restatement process.

"We deeply appreciate Brian's leadership in the creation of
Novelis as an independent company from a complex corporate spin-
off.  During his tenure, the Company began its transformation
into a public-markets, shareholder-focused enterprise, while
restructuring its financial organization and resolving complex
reporting issues.

"Novelis has excellent value-creating assets and opportunities,
and we have a strong management team in place.  We will
accelerate the building of our global market position and
leading product technologies to generate cash flow and deliver
shareholder value."

Based in Atlanta, Georgia, Novelis Inc. (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

                        *    *    *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corporation's Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


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


AMVROSIYIVKA AUTO-TRANSPORT: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Amvrosiyivka Auto-Transport
Enterprise (code EDRPOU 03116476) on May 22.  The case is
docketed under Case No. 5/91 B.

The Temporary Insolvency Manager is

         O. Nesterenko
         Tayozhna Str. 1
         Makiyivka
         86123 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Amvrosiyivka Auto-Transport Enterprise
         Frunze Str. 29
         Amvrosiyivka
         87300 Donetsk Region
         Ukraine


AYANT: Court Names Mihajlo Tsurika as Insolvency Manager
--------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mihajlo Tsurika
as Liquidator/Insolvency Manager for LLC Ayant (code EDRPOU
32459487).  He can be reached at:

         Mihajlo Tsurika
         General Karpenko Str. 2/1-41
         54038 Mikolaiv Region
         Ukraine

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 8.  The case is docketed
under Case No. 14/132/06.

The Debtor can be reached at:

         Ayant
         General Karpenko Str. 2/1-41
         54038 Mikolaiv Region
         Ukraine


GENICHESK' FISH: Herson Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on OJSC Genichesk' Fish Tin Plant (code
EDRPOU 00463148) on July 4.  The case is docketed under Case No.
5/98-B-06.

The Temporary Insolvency Manager is

         Sergij Kosenko
         Vijskovij lane, 6/1
         73000 Herson Region
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         OJSC Genichesk' Fish Tin Plant
         Sverdlov Str. 2
         Genichesk
         Herson Region
         Ukraine


KONTUR-ELECTRONIK: Court Names Mihajlo Tsurika as Liquidator
------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mihajlo Tsurika
as Liquidator/Insolvency Manager for LLC Kontur-Electronik (code
EDRPOU 31882858).  He can be reached at:

         Mihajlo Tsurika
         General Karpenko Str. 2/1-41
         54038 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 4.  The case is docketed
under Case No. 10/352/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Kontur-Electronik
         General Karpenko Str. 2/1-41
         54038 Mikolaiv Region
         Ukraine


METALURG: Donetsk Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Metalurg (code EDRPOU 30074030) on
June 16.  The case is docketed under Case No. 42/122 B.

The Temporary Insolvency Manager is

         Eduard Pertsov
         Metalurgijna Str. 47
         Makiyivka
         34706 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Metalurg
         Metalurgijna Str. 47
         Makiyivka
         34706 Donetsk Region
         Ukraine


SOFIYANKA: Dnipropetrovsk Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Agrofirm Sofiyanka (code EDRPOU
30493945) on July 13.  The case is docketed under Case No. B
24/174-06.

The Temporary Insolvency Manager is

         Denis Lihopyok
         a/b 37
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Sofiyanka
         Komsomolska Str. 52-a
         49041 Dnipropetrovsk Region
         Ukraine


SUMIHIMTEHNOLOGIYA: Court Names Dmitro Pehterev as Liquidator
-------------------------------------------------------------
The Economic Court of Sumi Region appointed Dmitro Pehterev as
Liquidator/Insolvency Manager for LLC Sumihimtehnologiya (code
EDRPOU 31311767).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 6.  The case is docketed
under Case No. 8/352-06.

He can be reached at:
         Dmitro Pehterev
         a/b 1407
         40032 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Sumihimtehnologiya
         Harkivska Str. 12
         40000 Sumi Region
         Ukraine


UKRPROMBUD: Court Names Oleg Oprishko as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Lviv Region appointed Oleg Oprishko as
Liquidator/Insolvency Manager for LLC Ukrprombud (code EDRPOU
32711875).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 6/31-8/54.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrprombud
         Naukova Str. 55/82
         Lviv Region
         Ukraine


WINNER GROUP: Kyiv Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Winner Group (code EDRPOU 33546135)
on July 13.  The case is docketed under Case No. 24/380-b.

The Temporary Insolvency Manager is

         Oleksandr Palshin
         a/b 254
         01030 Kyiv Region
         Ukraine

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 Winner Group
         Shors Str. 29
         01133 Kyiv Region
         Ukraine


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


3D PUB: Claims Filing Period Ends Sept. 4
-----------------------------------------
Creditors of The 3D Pub Company Limited have until Sept. 4 to
send their names and addresses and the particulars of their
claims to appointed Liquidator T. C. Evans of Rogers Evans at:

         T. C. Evans
    Roger Evans
    20 Brunswick Place
    Southampton SO15 2AQ
    United Kingdom

The company can be reached at:

    The 3D Pub Company Limited
    87 Wellingborough Road
    Finedon
    Wellingborough
    Northamptonshire NN9 5LG
    United Kingdom
    Tel: 01451 870 666


ABCO LIFTING: Brings In Administrators from Mercer & Hole
---------------------------------------------------------
Steven Leslie Smith and Christopher Laughton of Mercer & Hole
were appointed joint administrators of ABCO Lifting Equipment
Limited (Company Number 05080481) on Aug. 9.

The administrators can be reached at:

         Mercer & Hole
         International Press Center
         76 Shoe Lane
         London EC4A 3JB
         United Kingdom
         Tel: +44 (0) 20 7353 1597
         Fax: +44 (0) 20 7353 1748
         E-mail: london@mercerhole.co.uk
         Web site: http://www.mercerhole.co.uk

ABCO Lifting Equipment Limited can be reached at:

         11 Little Mundells
         Welwyn Garden City
         Hertfordshire AL7 1EW
         United Kingdom
         Tel: 01707 328 847
         Fax: 01707 328 136


AMCHEM LIMITED: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward, of Tenon Recovery were
appointed Joint Liquidators of Amchem Limited on June 9 for the
purposes of the company's voluntary winding-up.

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

The company can be reached at:

         Amchem Limited
    Centurion House
    Roman Way
    Coleshill
    Birmingham
    West Midlands B46 1HQ
    United Kingdom
    Tel: 01675 436 700


AMERICAN AXLE: Earns US$20.4 Million in Second Quarter 2006
-----------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., reported
US$20.4 million of earnings for the second quarter of 2006.
This compares to earnings of US$18.9 million in the second
quarter of 2005.

AAM's second quarter earnings in 2006 reflect the impact of a
one-time non-cash charge of US$2.4 million to write off
unamortized debt issuance costs related to the cash conversion
of approximately US$128.4 million of AAM's Senior Convertible
Notes due 2024.  An additional US$21.6 million of these Notes
remain outstanding as of June 30, 2006.  AAM's second quarter
earnings in 2006 also reflect the impact of an unfavorable tax
adjustment of US$2.6 million related to the settlement of prior
year foreign jurisdiction tax liabilities.  AAM's earnings in
the second quarter of 2005 included a charge of US$8.9 million
related to voluntary lump-sum separation payments accepted by
162 hourly associates.

Net sales in the second quarter of 2006 were US$874.6 million as
compared to US$867.7 million in the second quarter of 2005.
Non-GM sales in the quarter were US$204.5 million and now
represent 23% of AAM's total sales.  On a year-to- date basis
through the second quarter of 2006, AAM's non-GM sales have
increased US$53.9 million or 15% over the prior year.

"In the second quarter of 2006, AAM benefited from strong demand
for GM's full-size utility vehicles and the increase in our
content appearing on these outstanding new vehicles.  We look
forward to supporting the launch of GM's new full-size pick-ups
later this year," said American Axle & Manufacturing Co-Founder,
Chairman of the Board & CEO, Richard E. Dauch.

"AAM is also looking forward to the launch of production at our
new regional manufacturing facilities in Changshu, China and
Olawa, Poland.  With the addition of these new low-cost
manufacturing facilities, as well as the continuing development
of our products supporting passenger car and crossover vehicle
applications, AAM is well positioned for profitable growth and
diversification in 2007 and beyond."

AAM sales in the quarter reflect an estimated 5% increase in
customer production volumes for the major full-size truck and
SUV programs it currently supports for GM and The Chrysler Group
as compared to the second quarter of 2005.  AAM estimates that
customer production volumes for its mid-sized pick- up truck and
SUV programs were down approximately 23% in the quarter on a
year-over-year basis.

AAM's content per vehicle increased by approximately 3% to
US$1,216 in the second quarter of 2006 as compared to US$1,185
in the second quarter of 2005.  This increase is due primarily
to the impact of new AAM content appearing on GM's full-size
utility vehicles, as well as production mix shifts favoring
AAM's axles and driveline systems for the Dodge Ram heavy-duty
series pick-ups and the four-wheel-drive HUMMER H3 in the mid-
size SUV segment.

Gross margin in the second quarter of 2006 was 10.3% as compared
to 9.8% in the second quarter of 2005.  Operating income was
US$40.5 million or 4.6% of sales in the quarter as compared to
US$36.4 million or 4.2% of sales in the second quarter of 2005.

Net sales in the first half of 2006 were US$1.7 billion,
approximately the same as the first half of 2005.  Gross margin
was 9.0% in the first half of 2006 as compared to 9.4% for the
first half of 2005.  Operating income for the first half of 2006
was US$55.5 million or 3.2% of sales as compared to US$62.1
million or 3.7% of sales for the first half of 2005.

AAM's gross margin and operating margin performance in the first
half of 2006 reflects the impact of higher non-cash expenses
related to depreciation, amortization, pension and
postretirement benefits and stock-based compensation.  Higher
fringe benefit costs, including supplemental unemployment
benefits paid to certain of AAM's hourly associates, also
pressured margins in the first half of 2006.

                     Recent Developments

On June 8, 2006, AAM received financing commitments for a
US$200 million senior unsecured term loan.  Proceeds from this
financing, which closed on June 28, 2006, will be used for
general corporate purposes and to finance payments made upon the
cash conversion of American Axle & Manufacturing Holdings, Inc.
Senior Convertible Notes due 2024.

AAM also disclosed on June 8, 2006 that it expects its full year
2006 earnings to be in the range of US$1.00 - US$1.10 per share
to reflect the anticipated impact of the term loan financing.

On May 31, 2006, AAM reported that it had purchased a
manufacturing building in Olawa, Poland.  In addition, AAM
purchased approximately 75 acres of land in an industrial park
adjacent to the building for future development.  AAM has
designed a new 170,000 square-foot, state-of-the-art
manufacturing plant for that site, to accommodate future
manufacturing requirements.  Operations will begin in late 2006.

                      About American Axle

American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, United Kingdom, Germany, India, Japan, Mexico,
Poland, Scotland and South Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


ASL SYSTEMS: Brings In Ian William King as Administrator
--------------------------------------------------------
Ian William King of Tenon Recovery was appointed administrator
of ASL Systems Limited (Company Number 00908900) on Aug. 4.

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

Headquartered in Staffordshire, United Kingdom, ASL Systems
Limited -- http://www.asl-systems.com/-- design, manufacture
and supply cut and stripped, crimped and assembled cable and
cable harnesses, from a single wire through to multi core main
looms and electronic control systems.


BODY LUSCIOUS: Appoints Kikis Kallis to Liquidate Assets
--------------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed Liquidator of Body
Luscious Limited on July 20 for the purposes of the company's
voluntary winding-up.

The company can be reached at:

         Body Luscious Limited
    51 Long Acre
    London WC2E9JR
    United Kingdom
    Tel: 020 7379 7766


CEDAR CONSTRUCTION: Taps C. H. I. Moore to Liquidate Assets
-----------------------------------------------------------
C. H. I. Moore of K.J. Watkin & Co. was appointed Liquidator of
Cedar Construction & Development Limited on July 18 for the
purposes of the company's voluntary winding-up.

The company can be reached at:

         Cedar Construction & Development Limited
    Enville Road
    Kingswinford
    West Midlands DY6 0JT
    United Kingdom
    Tel: 01384 291 700


CF FIREPLACES: Creditors Ratify Voluntary Liquidation
-----------------------------------------------------
John Paul Bell of Clarke Bell was appointed Liquidator of C F
Fireplaces Limited on July 13 for the purposes of the company's
voluntary winding-up.

The resolution for the voluntary liquidation and the appointment
of the Liquidator were ratified at a meeting of creditors held
on the same date.

The company can be reached at:

         C F Fireplaces Limited
    Kennerley House Stables
    14A Kennerley Road
    Stockport
    Cheshire SK2 6EY
    United Kingdom
    Tel: 0161 483 1001
    Web: http://www.cf-fireplaces.co.uk/


COBURN DIE: Eileen T. F. Sale Leads Liquidation Procedure
---------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Coburn Die & Mould Tool Limited on July 24 for the
purposes of the company's voluntary winding-up.

The company can be reached at:

         Unit 8 Chancel Industrial Estate
    Darlington Street
    Wednesbury
    West Midlands WS107SS
    United Kingdom
    Tel: 0121 568 7001


COLLINS & AIKMAN: US Court Allows US$3.9 Million MOBIS Sale
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
authorized Collins & Aikman Corporation and its debtor-
affiliates to sell their joint venture interests in Collins &
Aikman MOBIS, LLC, to MOBIS Alabama, LLC.

Collins & Aikman Products owns a 69% membership interests in the
JV and MOBIS.  A non-debtor third party, owns the remaining 31%.
The Debtors opted to sell MOBIS because it has not been a
profitable investment, Marc J. Carmel, Esq., at Kirkland & Ellis
LLP, in Chicago, Illinois, told the Court.

As reported in the Troubled Company Reporter on Aug. 11, 2006,
the material terms of the sale are:

   (a) Collins & Aikman Products will sell to MOBIS Alabama for
       US$3,924,000 its Acquired Membership Interest in the JV;

   (b) The JV will pay Collins & Aikman Products US$7,538,081
       for certain intercompany payables, subject to certain
       adjustments;

   (c) Collins & Aikman Products will indemnify MOBIS Alabama
       and other related entities with respect to certain
       aspects of the transaction, up to a maximum of
       US$785,000;

   (d) Collins & Aikman Products will continue to supply the JV
       and MOBIS Alabama their requirements for products, and
       the JV and MOBIS Alabama will continue to purchase their
       product requirements from C&A provided that C&A remains
       competitive with respect to those products;

   (e) Collins & Aikman Products will be considered a preferred
       supplier to MOBIS Alabama and Hyundai MOBIS for their
       requirements for certain new products with C&A receiving
       certain preferred rights to bid on those products;

   (f) Collins & Aikman Products and the JV will enter into a
       license agreement to provide non-exclusive, non-
       transferable licenses with respect to certain
       intellectual property to be used by the JV;

   (g) MOBIS Alabama will waive all claims against Collins &
       Aikman Products and its affiliates, including
       Claim No. 6429 filed on Jan. 11, 2006, for
       US$31,240,000;

   (h) The Joint Venture Agreement dated as of April 9, 2003,
       between the parties will be mutually terminated at
       closing; and

   (i) The parties will exchange mutual releases.

Mr. Carmel relates that the agent for the Debtors' senior,
secured postpetition lenders consent to the Debtors' entry into
the Agreement.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Proceeds with Laminates Asset Sale to SW Foam
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
allowed Collins & Aikman Corporation and its debtor-affiliates
to:

   -- sell certain assets of Southwest Laminates, Inc., to SW
      Foam, L.P. pursuant to the terms of an Purchase Agreement;

   -- pay a US$29,600 break-up fee to SW Foam in the event a
      sale is consummated with another bidder; and

   -- reject the lease of the SW Laminates facility.

SW Laminates, part of the Debtors' Fabrics Business Unit,
laminates rolled textile goods for the North American automotive
industry.

The salient terms of the Purchase Agreement are:

   (1) the aggregate cash consideration for the acquired assets
       is equal to US$740,000.

   (2) the Acquired Assets include all of the assets and
       properties that are being sold and transferred to SW
       Foam, including a Technology License Agreement, Permit
       No. 38517, any Intellectual Property of SW Laminates
       relating exclusively to the Acquired Assets and all of
       the fixed assets of the business of SW Laminates at its
       facility.

   (3) assets that are being retained by the Debtors and are
       not being sold or transferred to SW Foam include cash,
       certain claims and causes of action, rights under
       insurance policies and certain corporate documents.

   (4) SW Foam will assume a US$19,795 administrative penalty
       assessed against SW Laminates by the Texas Commission on
       Environmental Quality.

   (5) excluded liabilities in the sale include accounts
       payable, certain tax liabilities, employee liabilities
       and environmental claims.

   (6) SW Laminates has the right to market the Acquired Assets
       to third parties and is entitled to consider and enter
       into alternative transactions with them.

   (7) in the event that SW Laminates accepts an Alternative
       Transaction and the Purchase Agreement is terminated, SW
       Laminates will pay to SW Foam US$29,600, which is 4% of
       the Purchase Price.  The Break-Up Fee will constitute an
       allowed administrative expense and will be paid from the
       proceeds of an Alternative Transaction, at the time that
       transaction is consummated.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COREL CORP: Buying InterVideo Inc. for US$196 Million in Cash
-------------------------------------------------------------
Corel Corporation and InterVideo, Inc., entered into a
definitive agreement for Corel to acquire InterVideo in an all-
cash transaction at a price of US$13 per share or US$196
million.

In 2005, InterVideo acquired a majority interest in Ulead, a
developer of video imaging and DVD authoring software for
desktop, server, mobile and Internet platforms.

By acquiring InterVideo, Corel is delivering on its strategy to
accelerate revenue and earnings growth by acquiring
complementary companies and technologies that will benefit from
Corel's global sales, marketing, and distribution capabilities.
With a robust product line, strategic partnerships with leading
OEM manufacturers, and an established presence in Asia Pacific
and Europe, InterVideo will provide Corel with added critical
mass to efficiently serve the growing consumer demand for
digital media software.  This acquisition is especially
strategic for Corel given InterVideo's strength in Asian
markets, including China, Taiwan and Japan regions that Corel
has targeted for expansion.  InterVideo's development centers
across China and Taiwan provide Corel with a solid base from
which to broaden its footprint in these key regions.

The companies share a common vision around delivering high
quality, full-featured software to consumers through leading
OEMs and Internet distribution channels.  The companies also
believe they will be able to realize meaningful efficiencies by
eliminating redundant operational expenses and public company
costs.

"We are pleased to announce Corel's latest acquisition as a
public company as we continue to execute our strategy to grow
both organically and through the acquisition of complementary
businesses that leverage our capabilities and scale in the
packaged software market," said David Dobson, CEO of Corel.
"With outstanding products, talented employees and deep
relationships with eight of the world's top ten PC
manufacturers, InterVideo represents a significant opportunity
for Corel to deliver enhanced value to our shareholders.  This
acquisition will also benefit customers and partners as we
expand our ability to provide flexible, bundled solutions that
meet the needs of today's digital media consumers."

The acquisition will be financed through a combination of
Corel's cash reserves, debt financing, and InterVideo's cash and
cash equivalents, which stood at approximately US$105 million as
of June 30, 2006.  The acquisition is subject to InterVideo
shareholder approval, regulatory approvals, and other customary
closing conditions. The transaction is expected to close in the
fourth quarter of 2006 and to be accretive in the second quarter
after closing.

Directors and executive officers of InterVideo, including Steve
Ro, Chinn Chin and Honda Shing, have entered into voting
agreements pursuant to which they have agreed to vote their
shares of InterVideo in favor of the merger.

                     About InterVideo, Inc.

Based in Fremont, California, InterVideo, Inc. (NASDAQ:IVII) --
http://www.intervideo.com/-- provides integrated digital and
high-definition multimedia and audio/video content solutions in
the PC, CE and wireless industries.  The company's broad suite
of integrated multimedia software products are designed to
enhance the consumer's entertainment experience, whether the
content is delivered to a home system, HDTV set, wireless
system, mobile or personal multimedia device.  InterVideo also
has major offices in Taiwan, Japan, Mainland China and around
the globe.

                         About Corel Corp

Headquartered in Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a
packaged software company with an estimated installed base of
over 40 million users.  The Company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international websites, and a global network of resellers and
retailers.  The Company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).
In Europe, the company has operations in France, Germany and the
United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on April 7, 2006,
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit and senior secured debt ratings to Corel Corp.

At the same time, Standard & Poor's assigned its 'B' bank loan
rating, with a recovery rating of '3', to the company's USUS$165
million first-lien senior secured bank facility.  The outlook is
positive.

As reported in the Troubled Company Reporter on April 11, 2006,
Moody's Investors Service assigned first time corporate family
rating of B3 to Corel Corporation and B3 ratings to Corel's
proposed senior secured term loan facility and senior secured
revolving credit facility.  Moody's also assigned a SGL-2
liquidity rating, reflecting good liquidity.  Combined proceeds
of US$90 million from the term loan and those of Corel's IPO
will be used to repay Corel's existing debt.  Moody's said the
rating outlook is stable.


CROMFORD BRIDGE: Creditors' Claims Due Oct. 31
----------------------------------------------
Creditors of Cromford Bridge Hall Nursery School Limited have
until Oct. 31 to send their names and addresses and the
particulars of their claims and the names and addresses of their
Solicitors, if any, to appointed Liquidator Simon Gwinnutt of
Smith Cooper at:

         Simon Gwinnutt
    Smith Cooper
    Wilmot House
    St. James Court
    Friar Gate
    Derby DE1 1BT
    United Kingdom

The company can be reached at:

    Cromford Bridge Hall Nursery School Limited
    Cromford Bridge Hall
    Willersley Lane
    Cromford
    Matlock
    Derbyshire DE4 5JG
    United Kingdom
     Tel: 01629 580 238


CUSTOM KIT: Nominates Liquidator from Hodgsons
----------------------------------------------
David Emmanuel Merton of Hodgsons was nominated Liquidator of
Custom Kit Limited on July 25 for the purposes of the company's
voluntary winding-up.

The company can be reached at:

    Custom Kit Limited
    18 Winchester Road
    Haydock
    St. Helens
    Merseyside WA119XQ
    United Kingdom
    Tel: 01942 270 333
    Web:  http://www.eleet.co.uk/
         http://www.customax.co.uk/


CUTFORTH GLASS: Nominates Liquidators from Abbott Fielding
----------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Cutforth Glass Limited on July 13 for the
purposes of the company's voluntary winding-up.

The company can be reached at:

         Cutforth Glass Limited
    Unit 8
    Lyndon Road
    Stechford Trading Estate
    Stechford
    Birmingham
    West Midlands B33 8BU
    United Kingdom
    Tel: 0121 785 1007
    Web: http://www.laboratoryglassware.co.uk/


D. M. MUSITANO: Taps Timothy Alexander Close as Administrator
-------------------------------------------------------------
Timothy Alexander Close of Milsted Langdon was appointed
administrator of D. M. Musitano Limited (Company Number
00837812) on Aug. 7.

The administrator can be reached at:

         Milsted Langdon
         Winchester House
         Deane Gate Avenue
         Taunton
         Somerset TA1 2UH
         United Kingdom
         Tel: 01823 445566
         Fax: 01823 445555

Headquartered in Cornwall, United Kingdom, D. M. Musitano
Limited is engaged in catering equipment sales and servicing.


DENHAM 2000: Hires Vantis PLC as Joint Administrators
-----------------------------------------------------
Glyn Mummery and Paul Atkinson of Vantis PLC were appointed
joint administrators of Denham 2000 Limited (Company Number
04263475) on July 2.

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

Headquartered in Essex, United Kingdom, Denham 2000 Limited is
engaged in vehicle body work repairs.


ENTREPRIX LIMITED: Hires Ian Franses to Liquidate Assets
--------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed Liquidator
of Entreprix Limited on June 12 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         Entreprix Limited
    Jasmine Cottage
    Long Green
    Wortham
    Diss
    Norfolk IP221PU
    United Kingdom
    Tel: 01379 890 703
    Web: http://www.entreprix.xo.uk/


ESSENTIAL OFFICE: Hires Cresswall Associates as Administrators
--------------------------------------------------------------
Daniel Paul Hennessy and Gordon Craig of Cresswall Associates
Limited were appointed administrators of Essential Office
Supplies Limited (Company Number 05288098) on Aug. 7.

The administrators can be reached at:

         Cresswall Associates Limited
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

Headquartered in Cheshire, United Kingdom, Essential Office
Supplies Limited wholesales office machinery and equipment.


FAST BUSINESS: Appoints Administrators from Smith & Partners
------------------------------------------------------------
Ian Robert and Nicholas John Miller of Kingston Smith & Partners
LLP were appointed joint administrators of Fast Business Limited
(Company Number 05121207) on Aug. 8.

Kingston Smith & Partners LLP -- http://www.kingstonsmith.co.uk/
-- has over 400 people, including 45 partners, based in six
offices in London and the South East, and was founding member of
KS International, a network of over 100 offices in 49 countries
around the world.  It was originally formed in 1923.

Fast Business Limited can be reached at:

         44-48 Magdalen Street
         Norwich
         Norfolk NR3 1JU
         United Kingdom
         Tel: 0845 278 0002
         Fax: 0845 278 0002


FORD MOTOR: Executive Committee Chairman Robert E. Rubin Resigns
----------------------------------------------------------------
Ford Motor Company disclosed that Robert E. Rubin, director,
chairman of the Executive Committee and member of the Office of
the Chairman of Citigroup Inc., has resigned from the Company's
Board of Directors.  Mr. Rubin joined the board in 2000.

In a letter to Bill Ford, Mr. Rubin said, "As the Board
undertakes its upcoming review of strategic options, Citigroup's
multi-faceted relationship with Ford could raise a question
whether my relationship with Ford and Citigroup creates an
appearance of conflict.  Although no conflict currently exists
and while I would have liked to remain involved, I have with
great regret concluded that I should resign from the Board at
this time."

Commenting on the announcement, Bill Ford, chairman and chief
executive officer, said, "I greatly appreciate the many valuable
contributions Bob has made to Ford Motor Company during his six-
year tenure.  He brought strategic thinking to every situation
and has been a wise and generous counselor to me and to the
company.  However, I understand and respect Bob's prudent
decision to resign as we continue to explore future strategic
options."

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and
distributes automobiles in 200 markets across six continents.
With about 300,000 employees and more than 100 plants 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.

                         *     *     *

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

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

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

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


FORD MOTOR: U.K. Executive A. Bamford Mulls Buying Jaguar Brand
---------------------------------------------------------------
Sir Anthony Bamford, JC Bamford Excavators Ltd.'s Chairman of
the Board, is looking at the possibility of buying luxury brand
Jaguar from Ford Motor Co., according to published reports.

JC Bamford is a U.K.-based construction-machinery company.  Mr.
Bamford said that the brand has potential although Jaguar needs
to cut ties with Land Rover for him to consider his plans
further.

Jaguar is part of the Premier Automotive Group, which includes
other brands like Volvo, Land Rover and Aston Martin.  In Ford's
second quarter results, the segment incurred US$180 million net
loss.  The Company's management said the decline in earnings in
the PAG segment primarily reflected unfavorable currency
exchange related to the expiration of favorable hedges,
adjustments to warranty accruals for prior model-year vehicles,
mainly at Land Rover and Jaguar, and lower market share at Volvo
associated with new model changeovers, offset partially by
favorable product and market mix and lower overhead costs.

The possible sale might be considered as part of the amendments
of the Company's restructuring program named Way Forward.
Amendments to the restructuring plan will be deliberated by the
Company's board of directors on Sept. 14, 2006.  Formal
announcements will come a week after that.

Talks about the possible sale of Ford Motor Credit Co. surfaced
as chairman of the Company's Executive Committee, Robert E.
Rubin, has resigned from the Ford Board of Directors.      Mr.
Rubin is a member of the Office of the Chairman of Citigroup
Inc., the company called to evaluate strategies for Ford.

                         About Ford Motor

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

                         *     *     *

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

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

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

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


FROSTY THE COURIER: Brings In Joint Liquidators from Lines Henry
----------------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Frosty the Courier Limited on July 25 for
the purposes of the company's voluntary winding-up.

The company can be reached at:

         Frosty the Courier Limited
    25 Oaklands
    Cranswick
    Driffield
    North Humberside YO259RN
    United Kingdom
    Tel: 01482 887 641


GLOBAL CROSSING: Improved Results Spur Moody's to Lift Ratings
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Global Crossing (UK) Telecommunications Ltd. to B3 from Caa1.
Concurrently, Moody's upgraded to B3 from Caa1 the ratings on
the senior secured notes issued by Global Crossing (UK) Finance
Plc.   The outlook for all ratings is stable.

Moody's positively recognizes the track record developed by the
company since initial rating assignment and the improved
financial condition of GCUK's indirect parent, Global Crossing
Limited (GCL) following the successful closing in May 2006 of
the US$240 million equity and US$144 million convertible notes
offering.   In Moody's opinion, the strengthening of GCL's
balance sheet is positive for GCUK given that it reduces the
strong reliance of the parent on the U.K. operations and
provides comfort to the group's customers.

The ratings also reflect:

   -- GCUK's position as one of the U.K.'s leading alternative
telecom operators;

   -- the revenue visibility which is associated with GCUK's
long-term contracts;

   -- an extensive, modern/high-quality, local access network in
the U.K. which provides a level of independence from the
incumbent telecommunications operator;

   -- GCUK's focused business strategy and considerable scope
and scale within the U.K. market; and

   -- the indirect equity sponsorship of STT Crossing Ltd. (an
indirect subsidiary of Singapore's Temasek Holdings
(Private) Ltd; Aaa rating), which has a controlling
position (65.6%) in the company's parent, GCL.

Nevertheless, the ratings also reflect:

   -- GCUK's exposure to strong competition from other larger
and better-capitalized telecommunications operators and
the highly competitive environment that characterizes the
U.K. business telecommunications market, overall;

   -- the company's high debt levels and limited expected free
cash flow generation after dividend payments;

   -- the material control weakness in internal control over
financial reporting as reported by the company in their
Annual 2005 Form 20-F report;

   -- the lack of ownership for a substantial portion of the
company's network; and

   -- a high degree of customer concentration.

At this juncture, upward pressure on GCUK's rating will depend
on the company's ability to sustainably grow its revenues
without negatively impacting margins, whilst maintaining an
adequate liquidity position and a positive free cash flow
profile.   A further strengthening of the parent's balance sheet
that decreases the potential for cash leakage from the company
to GCL, could also exert upward pressure on the rating.  In
addition, evidence of a satisfactory resolution of the issues
related to internal controls, processes and procedures is needed
in order to see positive momentum on the rating.

Negative pressure could be exerted on GCUK's rating if:

   -- there is sustained underperformance against the company's
business plan, causing deterioration in credit metrics
such that Adjusted Debt to Adjusted EBITDA exceeds 5.0x,

   -- the company is unable to renew some of the contracts that
expire within the next 2-3 years and faces difficulties in
replacing the customers lost, thereby reducing overall
revenues, or

   -- the internal control problems persist and there is no
credible plan to address them.

Moody's views the recent announcement by GCL of its offer to
purchase Fibernet as neutral to marginally positive for GCUK,
depending upon the extent to which Fibernet is integrated into
GCUK and the post integration capital structure of GCUK.

This rating action follows the initial rating assignment on
December 2004.

Summary of Rating upgrades:

*Global Crossing (UK) Telecommunications Ltd:

   -- Corporate family rating: to B3 from Caa1

*Global Crossing (UK) Finance Plc

   -- US$200 million and GBP105 million Senior Secured Notes due
2014: to B3 from Caa1.
Domiciled in London, Global Crossing (UK) Telecommunications
Ltd. (GCUK) is one of the leading U.K. providers of managed
network communications services.   GCUK is an indirect, wholly
owned subsidiary, and the principal U.K. telecommunications
business, of Global Crossing Limited (GCL).   GCUK operates the
most extensive fibre optic network in the U.K. after BT and
Cable & Wireless.  In the financial year 2005, GCUK generated
revenues of GBP239 million, EBITDA of GBP65 million (amounting
to an EBITDA margin of 27.3%) and net cash provided from
operating activities less capital expenditure of GBP28.2
million.

GLOBAL RESPONSE: Names P. R. Dewey as Administrator
---------------------------------------------------
P. R. Dewey of Dewey & Co. was appointed administrator of Global
Response Travel Services Limited (Company Number 05184617) on
Aug. 7.

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 Cardiff, United Kingdom, Global Response Travel
Services Limited provides travel insurance emergency assistance.


GRAVEUREQUIP LIMITED: Joint Liquidators Take Over Operations
------------------------------------------------------------
Ian Donald Williams and Laurence Pagden of Benedict Mackenzie
LLP was appointed Liquidator of Gravurequip Limited on July 18
for the purposes of the company's voluntary winding-up.

The company can be reached at:

         Gravurequip Limited
    9 Manor Way
    Woking
    Surrey GU229JX
    United Kingdom
    Tel: 0148 722 304
    Web:  http://wokingtown.org.uk/
         http://www.gravurequip.co.uk/
         http://www.wastems.co.uk/
         http://www.wokingtown.org.uk/


HALLCROFT RECRUITMENT: Claims Registration Ends Sept. 6
-------------------------------------------------------
Creditors of Hallcroft Recruitment Limited have until Sept. 6 to
send their names and addresses and particulars of their claims
to appointed Joint Liquidators Matthew Colin Bowker and David
Antony Willis of Jacksons Jolliffe Cork at:

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

The company can be reached at:

         Hallcroft Recruitment Limited
    Tayson House
    Methley Road
    Castleford
    West Yorkshire WF101PA
    United Kingdom
    Tel: 01977 520 002


HAWK LOGISTICS: Calls In Joint Liquidators from Lines Henry
-----------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Hawk Logistics Southern Limited on June 7
for the purposes of the company's voluntary winding-up.

The company can be reached at:

         Hawk Logistics Southern Limited
    Unit D
    Central Crescent
    Normandy Way
    Marchwood Industrial Estate
    Marchwood
    Southampton
    Hampshire SO40 4BJ
    United Kingdom
    Tel: 023 8087 2171


HEYWOOD MARKS: Nominates Lane Bednash as Liquidator
---------------------------------------------------
Lane Bednash of David Rubin & Partners was nominated Liquidator
of Heywood Marks Limited on July 13 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         Heywood Marks Limited
    St. Albans
    Hertfordshire AL3 5XZ
    United Kingdom
    Tel: 01727 811 924


INCO LTD: Board Still Recommends Merger with Phelps Dodge
---------------------------------------------------------
Inco Ltd.'s Board of Directors continues to recommend that
shareholders vote in favour of the proposed combination between
Inco and Phelps Dodge Corp. at a special meeting of Inco
shareholders to be held on Sept. 7, 2006.  Accordingly, the
Board has recommended that Inco shareholders reject the offer by
Companhia Vale do Rio Doce to purchase for cash all of the
outstanding common shares of Inco.

Subject to certain exceptions, the Combination Agreement between
Inco and Phelps Dodge requires that Inco's Board continue to
recommend that shareholders vote in favour of the arrangement
between Inco and Phelps Dodge, unless the Board determines that
a competing acquisition proposal constitutes a "superior
proposal".  The Combination Agreement also provides that Inco
publicly may take a neutral position with respect to any
competing acquisition proposal only until 15 days following the
commencement of the competing acquisition proposal.  In the case
of the CVRD Offer, this 15 calendar day period expired Aug. 29,
2006.

On August 15, 2006, Inco said its Board of Directors was
remaining neutral and making no recommendation with respect to
the CVRD Offer.  Inco's Board did not determine that the CVRD
Offer constitutes a "superior proposal" for purposes of the
Combination Agreement.  However, the Board did determine that
the CVRD Offer could reasonably be expected to result in a
"superior proposal" and, in accordance with the Combination
Agreement, authorized Inco's senior management and advisors to
engage in discussions and negotiations with CVRD.
Representatives of Inco have had several conversations with
representatives of CVRD in which they indicated that Inco was in
a position to engage in negotiations with CVRD to ascertain
whether CVRD was willing to improve the CVRD Offer such that the
Board would be willing to declare it a "superior proposal" for
purposes of the Combination Agreement.  To date, CVRD has
indicated that it is not willing to enter into substantive
discussions or negotiations with respect to improving the CVRD
Offer.  Accordingly, the Inco Board, consistent with its
obligations under the Combination Agreement, has determined to
continue to recommend that Inco shareholders vote in favour of
the arrangement with Phelps Dodge and to recommend that Inco
shareholders reject the CVRD Offer.

In connection with Board's recommendation regarding the CVRD
Offer, the Company is filing today a Notice of Change to
Directors' Circular with Canadian securities regulatory
authorities and an amendment to Solicitation/Recommendation
Statement on Schedule 14D-9 with the United States Securities
and Exchange Commission.  The Notice of Change to Directors'
Circular will be mailed to Inco shareholders on Aug. 29.  Inco
shareholders are urged to read the Notice of Change to
Directors' Circular and the CVRD 14D-9 and any amendments
thereto because they contain important information.

                       About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INDIGO CITY: Appoints Joint Administrators from Moore Stephens
--------------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint administrators of Indigo City Blue Limited
(Company Number 04640036) on Aug. 2.

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 Worcester, United Kingdom, Indigo City Blue
Limited provides support to voluntary organizations.


IS TRAFFIC: Taps Liquidator from Begbies Traynor
------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of IS Traffic Management Limited on July 21 for the purposes of
the company's voluntary winding-up.

The company can be reached at:

         IS Traffic Management Limited
    P.O Box 21571
    London E10 7YE
    United Kingdom
    Tel: 0870 0347313


ISOFT GROUP: Inks Revised Credit Agreement with Banks
-----------------------------------------------------
iSoft Group PLC has revised its credit loan agreement with its
banks.  The terms of the revised agreement include:

   -- a GBP25 million facility on top of its existing loan;
   -- a GBP36 million term loan; and
   -- a GBP105 million revolving facility.

"The terms are more favorable to the lenders, but iSoft got the
cash they need to keep the business going for the year," Stefan
Slowinski, an analyst at SG Cowen Securities in London, was
quoted by Bloomberg News as saying.

"New banking agreements will be a relief to ISoft," Kevin
Ashton, an analyst in London at Bridgewell Securities Ltd., told
Bloomberg.

The amendments reflect iSoft's revised revenue recognition
policies and business expectations.

According to Alex Armitage of Bloomberg, the company said it
will need to use its loans more extensively because of lower up-
front customer payments and because of a new policy in the way
it accounts for revenue.

In eight months, iSoft twice delayed its 2006 results, restated
three years of revenue and faced the departure of its chief
executive officer.  Its shares fell about 90 percent this year.

                 Health Care Software Contract

On Aug. 25, the company signed a GBP153 million agreement with
Computer Sciences Corp., for delivery into the North West and
West Midlands regional cluster of the National Program for IT
and on the installation of iSoft software in London and Southern
regions.

iSOFT also disclosed that it will continue to supply an enhanced
service to seven NHS iSOFT Trusts in the London and Southern
Clusters.

                      Accounting Probe

As reported in TCR-Europe on Aug. 28, the Financial Services
Authority will be undertaking a more formal investigation into
possible accounting irregularities at iSOFT Group plc, which
could 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.

                   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.

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.


JDI PROJECTS: Appoints Liquidator to Wind Up Business
-----------------------------------------------------
Joseph Gordon Maurice Sadler of Elwell Watchorn & Saxton LLP was
appointed Liquidator of JDI Projects Limited on June 12 for the
purposes of the company's voluntary winding-up.

The company can be reached at:

         JDI Projects Limited
    Gothic House
    Barker Gate
    Nottingham
    Nottinghamshire NG1 1JU
    United Kingdom
    Tel: 0115 959 8317


LOGICOL TECHNICAL: Creditors Ratify Liquidator's Appointment
------------------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed Liquidator of
Logicol Technical Services Limited on July 17 for the purposes
of the company's voluntary winding-up.

The resolution for the voluntary liquidation and the appointment
of the Liquidator were ratified at a meeting of creditors held
on the same date.

The company can be reached at:

         Logicol Technical Services Limited
    Unit 15-17
    Wrexham Industrial Estate
    Abenbury Way
    Wrexham
    Clwyd LL13 9UZ
    United Kingdom
    Tel: 01978 664482


MAJIC PAINTS: Taps Joint Liquidators from Jones Giles Ltd.
----------------------------------------------------------
Richard I. B. Jones and Melanie R. Giles of Jones Giles Ltd.
were appointed Joint Liquidators of Majic Paints Limited on
July 25 for the purposes of the company's voluntary winding-up.

The company can be reached at:

         Majic Paints Limited
    Unit 7
    Parklands Industrial Estate
    East Moors Road
    Cardiff CF245JP
    United Kingdom
    Tel: 029 2047 1990


MEADOW STREET: Appoints Begbies Traynor to Administer Assets
------------------------------------------------------------
Robert Michael Young and John Kelly of Begbies Traynor were
appointed joint administrators of Meadow Street Limited (Company
Number 04955201) on Aug. 3.

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

Headquartered in Cheltenham, United Kingdom, Meadow Street
Limited is engaged in general construction and civil
engineering.


MOTT GRAVES: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Phillip Anthony Roberts was appointed Liquidator of Mott Graves
Furniture & Interiors Limited on July 24 for the purposes of the
company's voluntary winding-up.

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

The company can be reached at:

         Mott Graves Furniture & Interiors Limited
    81 Dunsfold Park
    Stovolds Hill
    Cranleigh
    Surrey GU6 8TB
    United Kingdom
    Tel: 01483 276265


NETCOM COMMUNICATIONS: Calls In Joint Liquidators from PwC
----------------------------------------------------------
Garth Calow and Paul Rooney of PricewaterhouseCoopers LLP were
appointed Joint Liquidators of Netcom Communications Limited on
July 20 for the purposes of the company's voluntary winding-up.

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

The company can be reached at:

         Netcom Communications Limited
    1 West Bank Close
    Belfast BT3 9LD
    United Kingdom
    Tel: 028 9037 3373
    Web: http://www.plantronics.com/


NEW JARROLD: Norfolk Magazine Printer Up for Sale
-------------------------------------------------
The Joint Administrators, S. M. Oldfield, C. M. Haig &
D. C. Chubb, offer for sale the business and assets of New
Jarrold Printing Limited.

The Company is a leading supplier of high quality long-run
consumer magazines, catalogues and directories utilizing the web
offset process.  It currently operates from a single site in
Norwich, Norfolk.

Features:

   -- GBP26 million sales turnover;

   -- extensive range of plant & machinery;

   -- skilled workforce of around 280 employees with a
      reputation for market-leading quality;

   -- customer base made up of principally blue chip
      publishers.

Inquiries should be addressed to:

         Mike Reavill
         PricewaterhouseCoopers LLP
         The Atrium
         St. Georges Street
         Norwich NR3 1AG
         United Kingdom
         Fax: 01603 883213
         E-mail: michael.r.reavill@uk.pwc.com

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


NIPPON CHAUFFEURS: Appoints Liquidator from Maidment Judd
---------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Nippon Chauffeurs Limited on July 25 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         Nippon Chauffeurs Limited
    187 King's Cross Road
    London WC1X9DB
    United Kingdom
    Tel: 020 7837 8383


NORTEL NETWORKS: To Provide GSM-R Network to Algerian STNF
----------------------------------------------------------
The Algerian Railways operator SNTF (Société Nationale des
Transports Ferroviaires) has selected Nortel for the first phase
of SNTF's national GSM-R project to provide a new wireless
communication system that aims to enhance emergency procedures,
improve operational efficiency, increase safety and reduce the
overall cost of its operations.   Nortel will deploy a GSM for
Railways (GSM-R) network that will make SNTF the first African
railway operator to adopt the new global GSM-R standard.

The new system will allow train drivers, station controllers and
other railway employees to communicate with each other instantly
and at any time, either individually or as separate groups.   In
the first phase of SNTF's GSM-R project awarded to Nortel, the
network will be deployed along the El Gourzi - Touggourt line in
Eastern Algeria.

"The international adopted GSM-R standard is a key component to
upgrading the Algerian railway communication infrastructure.  It
is part of a much larger railway infrastructure project,
including the construction of new conventional and high speed
lines, upgrades of signaling systems and other railway
infrastructure," says Ali Leulmi, central director of
Infrastructures, SNTF.   "As a world leader in GSM-R, Nortel
ensures for this first phase along the El Gourzi - Touggourt
line we are equipping our railway service with the most advanced
communication technologies."

"Nortel has been challenged by SNTF to provide for this first
phase of SNTF project a solution that matches the growing need
for communication in a fast expanding network," explains Michel
Clement, president Southern Europe and Africa, Nortel.   "This
contract is a result of Nortel's long term commitment to the
Algerian market and our role as a major telecom player in
Africa with over 20 years in the region."

Nortel will provide design and engineering services for SNTF's
GSM-R network from the Nortel Global Services portfolio.   Its
local channel partner, SNEF Algeria, will supply construction,
installation and commissioning support.   "SNEF and Nortel share
the same commitment to enhancing network quality and reducing
the overall cost of operations," said Vincent Pratlong, Algeria
operations director, SNEF.   "Our local experts will work
closely with the Algerian railway SNTF to realize the first GSM-
R network on the continent."

With this new contract win, Nortel is the first supplier
deploying GSM-R networks in the three continents of Europe, Asia
and Africa.   These include among other networks national
deployments in France for RFF, in Great Britain for Network
Rail, and in Germany for Deutsche Bahn.   Nortel supplied as
well the high-speed line between Rome and Naples, Italy for
SIRTI.   Nortel is also deploying a GSM-R network for the
world's highest rail line, the Tibet-Qinghai high-speed line in
China.

Nortel has been a pioneer in the GSM-R standards process since
1992, and has worked with UIC (Union Internationale des Chemins
de Fer) and ETSI (European Telecommunications Standards
Institute).   Nortel supplied equipment for the MORANE (Mobile
Radio for Railways Networks in Europe) trial and was a major
contributor to the EIRENE (European Integrated Railway radio
Enhanced Network) GSM-R standard.


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

                           *     *     *

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

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

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

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


OJI SERVICES: Brings In Joint Liquidators from Ashcrofts
--------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Oji Services Limited on June 14 for the
purposes of the company's voluntary winding-up.

The company can be reached at:

         Oji Services Limited
    Sandy Lane
    Sidcup
    Kent DA145AH
    United Kingdom
    Tel: 020 8302 2525


ORGANIC EVOLUTION: Calls In Joint Liquidators from Baker Tilly
--------------------------------------------------------------
Susan Agnes Maund and Andrew White of Baker Tilly were appointed
Joint Liquidators of Organic Evolution Limited on July 24 for
the purposes of the company's voluntary winding-up.

The company can be reached at:

         Organic Evolution Limited
    112 Malling Street
    Lewes
    East Sussex BN7 2RJ
    United Kingdom
    Tel: 01273 897 361


PALACE PANELS: Brings In Administrators from Tenon Recovery
-----------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Palace Panels Limited (Company
Number 4257850) on Aug. 4.

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

Headquartered in Chichester, United Kingdom, Palace Panels
Limited maintains and repairs motor vehicles.


PASTA SOLUTIONS: Names Christopher Laughton as Administrator
------------------------------------------------------------
Christopher Laughton of Mercer and Hole was named administrator
of Pasta Solutions Limited (Company Number 4917612) on Aug. 4.

The administrator can be reached at:

         Mercer & Hole
         International Press Center
         76 Shoe Lane
         London EC4A 3JB
         United Kingdom
         Tel: +44 (0) 20 7353 1597
         Fax: +44 (0) 20 7353 1748
         E-mail: london@mercerhole.co.uk
         Web site: http://www.mercerhole.co.uk

Headquartered in Derby, United Kingdom, Pasta Solutions Limited
is engaged in manufacturing macaroni and similar farinaceous.


PLAN FILE: Hires Liquidator from Begbies Traynor
------------------------------------------------
I. P. Sykes of Begbies Traynor was appointed Liquidator of Plan
File Systems Limited on July 25 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         Plan File Systems Limited
    Enterprise House
    Bridge Road
    Camberley
    Surrey GU152QR
    United Kingdom
    Tel: 01276 671 406
    Web:  http://www.planfile.co.uk/


PRINTED CIRCUIT: Taps Administrators from Portland Business
-----------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of Printed Circuit Board Tooling Limited (Company Number
3281221) on Aug. 4.

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

Headquartered in Portsmouth, United Kingdom, Printed Circuit
Board Tooling Limited manufactures metalworking tools.


PROCESSION SOFTWARE: Brings In Robert Day as Administrator
----------------------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
administrator of Procession Software Limited (Company Number
02095166) on Aug. 9.

The administrator can be reached at:

         Robert Day & Company Limited
         Garfield
         Church Lane
         Oving, Aylesbury
         Buckinghamshire HP22 4HL
         United Kingdom
         Tel: 0845 226 7331
         Fax: 0845 226 7332

Headquartered in Chesham, United Kingdom, Procession Software
Limited is engaged in software consultancy and supply.


QUICKSTEP DESIGNS: Names Liquidator from Kallis & Co.
-----------------------------------------------------
Elizabeth Arakapiotis of Kallis & Co. was appointed Liquidator
of Quickstep Designs Limited on July 18 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         Quickstep Designs Limited
    70A High Street Wimbledon
    London SW195EE
    United Kingdom
    Tel: 020 8241 0003


RADFORDS 2000: Liquidator Sets Sept. 28 Claims Bar Date
-------------------------------------------------------
Creditors of Radfords 2000 Limited have until Sept. 28 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to appointed Liquidator I. E. Walker of Begbies Traynor at:

         I. E. Walker
    Begbies Traynor
    Balliol House
    Southernhay Gardens
    Exeter EX1 1NP
    United Kingdom

The company can be reached at:

         Radfords 2000 Limited
    Longbridge Meadow
    Cullompton
    Devon EX151BT
    United Kingdom
    Tel: 01884 438 288


RADNOR HOLDINGS: Bankruptcy Spurs Moody's to Withdraw Ratings
-------------------------------------------------------------
Moody's Investors Service withdrew all ratings on Radnor
Holdings Corporation following the company's announcement that
on Aug. 21 it filed for protection under Chapter 11 of the US
Bankruptcy Code.

The following ratings were withdrawn:

   -- US$135 million 11% senior unsecured note due 2010, Caa3;
and

   -- Corporate Family Rating, Caa1.

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation is a global manufacturer and distributor of
specialty chemical, foam, and plastic packaging products for the
foodservice, insulation, and packaging industries.  For the
fiscal year ended Dec. 30, 2005 revenue was approximately
US$465 million.


REFCO INC: BofA Wants Final Approval on Cash Collateral Use
-----------------------------------------------------------
Bank of America, N.A., in its capacity as administrative agent
for prepetition secured lenders under a Credit Agreement, dated
Aug. 5, 2004, asks the Hon. Robert Drain of the U.S. Bankruptcy
for the Southern District of New York to enter a final order:

   (1) authorizing Refco Group Ltd., LLC, and its affiliates to
       use the Prepetition Lenders' Cash Collateral; and

   (2) providing adequate protection to the Prepetition Lenders.

BofA delivered to the Court a proposed Final Cash Collateral
Order, pursuant to which the Debtors will be authorized to:

   (a) use up to US$83,333,000 in the aggregate of cash and cash
       investments of the Debtors other than Refco Capital
       Markets, LTD., for professional expenses related to RCM's
       Chapter 11 case -- Non-Lender Other Estate Expenses; and

   (b) use or distribute up to US$200,000,000 of Available Cash,
       provided that:

       -- with respect to the first US$100,000,000 used or
          distributed, 50% will be paid to BofA as adequate
          protection in respect of the Prepetition Credit
          Agreement; and

       -- with respect to the next US$100,000,000, 66-2/3% will
          be paid to BofA as Adequate Protection Payment.

       The balance of Available Cash used or distributed may be:

       (A) applied to the payment of Non-Lender Other Estate
           Expenses, to the extent accrued and payable in
           accordance with the Interim Compensation Order and
           with the Payment Allocation Methodology; or

       (B) reserved for the payment of future Non-Lender Other
           Estate Expenses accrued through the Termination Date
           when so accrued and payable.

BofA proposes that no further Available Cash will be used or
distributed without its written consent or further Court order,
if:

    -- the aggregate amount of Available Cash paid or reserved
       for the payment of Non-Lender Other Estate Expenses
       reaches the US$83,333,000 Authorized Amount; or

    -- a plan of reorganization and corresponding disclosure
       statement for RCM has not been filed with the Court by
       November 15, 2006.

BofA also asks the Court to permit the Debtors to use, from
October 18, 2005, through the Termination Date, up to
US$12,000,000 of Cash Collateral to pay administrative expenses
other than Non-Lender Other Estate Expenses.

"Termination Date" will mean the earlier of:

     * Dec. 15, 2006; and

     * seven business days after BofA notifies the Debtors in
       writing that it no longer consents to the use of Cash
       Collateral.

BofA further asks Judge Drain to grant the Prepetition Lenders:

   1.  Adequate Protection Liens and Claims to the extent of
       their valid, perfected, and non-voidable security
       interests and liens in the Prepetition Collateral, for
       any diminution in value of their interests in the
       Prepetition Collateral from and after the Petition Date;
       and

   2.  to the extent of diminution, superpriority allowed claims
       pursuant to Section 507(b) of the Bankruptcy Code, with
       priority over administrative expenses and other claims
       allowable under Section 507(a)(2).

BofA agrees to a US$1,000,000 carve-out to cover expenses of the
Debtors and the statutory committees in connection with the
investigation or evaluation of the validity, perfection,
priority, extent or enforceability of the Prepetition Debt or
the liens securing the Prepetition Debt.

BofA asks Judge Drain to approve a scheme for allocating
professional expenses of RCM, the Committee and other parties
with professionals required to be compensated from RCM's
estates.

BofA adds that the Debtors should be required to continue
providing weekly financial reports.

A full-text copy of the Payment Allocation Methodology is
available at no charge at http://ResearchArchives.com/t/s?107e

BofA is represented in the Debtors' cases by Donald S.
Bernstein, Esq., Karen E. Wagner, Esq., and Brian M. Resnick,
Esq., at Davis Polk & Wardwell, in New York.

The Court will convene a hearing on Aug. 28, 2006, at 10:00
a.m. to consider entry of a Final Cash Collateral Order.

A full-text copy of BofA's proposed Final Cash Collateral Order
is available at no charge at
http://ResearchArchives.com/t/s?107f

                      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, 2006 (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: Court Okays Rejection of Refco F/X Introducing Pacts
---------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York authorized Refco Inc., and its
debtor-affiliates to reject Refco F/X Associates, LLC's
Introducing Agreements with certain agents or introducing
brokers, to the extent executory, effective as of Aug. 15, 2006.

Judge Drain directs all entities asserting a claim against any
of the Debtors either arising from or related to the rejection
of any of the Agreements or to those that arose before the
Effective Date to file a proof of claim or request for payment
of administrative claim no later than 5:00 p.m. on October 10,
2006.

Any claimholder who is required, but fails, to file a proof of
claim before the Claims Deadline will:

   (i) be forever barred, estopped, and permanently enjoined
       from asserting a claim against the Debtors, their
       successors, or their property;

  (ii) not be treated as a "creditor' for purposes of voting on
       any plan or in respect of any distribution in the
       Debtors' Chapter 11 cases; and

(iii) not be entitled to receive further notices regarding that
       claim.

                Reject Introducing Agreements

Refco F/X Associates, operates an on-line retail foreign
exchange trading business under the trade name RefcoFX.com.  The
business operates under a Facilities Management Agreement
between Refco Group Ltd., LLC, and Forex Capital Markets, LLC,
on a software trading platform created and maintained by FXCM.

In connection with FXA's Foreign Exchange Business, FXA entered
into certain Introducing Agreements with agents or introducing
brokers, pursuant to which the Brokers agreed to identify and
refer prospective customers to the Foreign Exchange Business in
return for transaction-based commissions on trading activity by
Referred Customers for as long as the Referred Customer
maintains its account or until an agreement was terminated.

A complete list of the Brokers is available at no charge at:

               http://ResearchArchives.com/t/s?107c

To enhance their Commissions, the Brokers also maintained
customer relationships by continuing to communicate with their
Referred Customers and to encourage trading.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, related that the initial term of each
Agreement was one year but was automatically extended for
additional one-year successive periods, unless either party gave
written notice of its intent not to extend the term before the
end of the current term.  Despite the potential long-term nature
of the relationship, the Agreement was freely terminable by
either party.

Specifically, the Agreement provides that it may be terminated
by "RFXA or Introducer, at any time, with or without cause, upon
written notice of termination given to the other party."

Considering that the Foreign Exchange Business has been
interrupted since the Petition Date, Ms. Henry states that FXA
is not accepting new client deposits or opening new client
accounts.

Furthermore, the Debtors have ascertained that the consummation
of a transaction that would provide for assumption and
assignment of customer accounts and Agreements is no longer
likely.

Under those circumstances, FXA has determined that its estates
do not receive any benefit from the Agreements, yet FXA
continues to accrue obligations to pay Commissions to the
Brokers for trading by existing Referred Customers.

Ms. Henry noted that FXA has initiated a process of terminating
the Agreements under their terms.

The Debtors had asked the Court to approve FXA's rejection of
the Introducing Agreements effective immediately, as a
protective measure.  The Debtors also asked the Court to
establish 60 days after the entry of the Rejection Order as
deadline for filing claims either arising from or related to the
rejection of any of the Agreements or those that arose before
the effective date of rejection.

Ms. Henry asserted that the Debtors' "business judgment"
standard for rejection has been satisfied because the Agreements
are not providing any value to FXA's bankruptcy estate.

The Debtors believe that all claims arising from or related to
the Agreements constitute prepetition, non-priority general
unsecured claims against the FXA estate.

Ms. Henry further contended that the establishment of the Claims
Deadline permits the Brokers to submit a claim with respect to
the entire amount of their claim regardless of whether that
claim arose before or after the Debtors filed for bankruptcy.

Ms. Henry insisted that establishing the Claims Deadline will
give the Debtors an opportunity to understand the magnitude and
alleged priority of all claims arising from or related to the
Agreements, thereby facilitating the administration of the
bankruptcy estates.


                         WSD Objects

Wall Street Derivatives, Inc., a licensed Refco FX Associates
broker administered under the Commodity Futures Trading
Commission Regulation, objected to the Debtors' proposed
rejection of certain introducing broker agreements with the FXA.

Dave Banerjee, WSD's principal, related that WSD was under an
assumption that Refco, Inc., was a registered firm that would
maintain WSD's clearing deposit under the CFTC guidelines
requiring for funds segregation for the broker's protection.

WSD complained that the Debtors only wanted the clearing deposit
"discharged" under the Bankruptcy Code.

"We cannot accept this as an acceptable alternative," Mr.
Banerjee told Judge Drain.

To the extent that the Debtors' request denies WSD any claim to
a refund of its clearing deposit, the proposed rejection will
place undue burden and will impact WSD's objective to provide
for an orderly market in foreign exchange for WSD clients'
benefit, Mr. Banerjee contends.

                      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, 2006 (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)


RICHPORT SERVICES: Hires Vantis Redhead as Administrators
---------------------------------------------------------
J. S. French and G. Mummery of Vantis Redhead French Limited
were appointed joint administrators of Richport Services Limited
(Company Number 02715815) on Aug. 7.

The administrators can be reached at:

         Vantis Redhead French Limited
         43-45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         Tel: 01708 458211
         Fax: 01708 442308
         E-mail: jeremy.french@vantisredheadfrench.co.uk

Richport Services Limited can be reached at:

         20 St. Johns Road
         Ilford
         Essex IG2 7BB
         United Kingdom
         Fax: 020 8590 8633


SANDUSKY WALMSLEY: Papermaking Equipment Business Up for Sale
-------------------------------------------------------------
The Joint Administrators, Michael Horrocks and Russell Cash,
offer for sale the business and assets of Sandusky Walmsley
Limited.

Headquartered in Lancashire, United Kingdom, the Company designs
and manufactures paper making equipment,

Features:

   -- over 100 years experience with a world class reputation;
   -- purpose built leasehold premises within 22 acres;
   -- highly skilled workforce;
   -- broad product range and service offering; and
   -- global supplier of Yankee Dryers and associated services

Inquiries can be addressed to:

         Elliot Sproston
         PricewaterhouseCoopers LLP
         101 Barbirolli Square
         Manchester M2 3PW
         United Kingdom
         Tel: 0161 245 2391
         Fax: 0161 245 2828.
         E-mail: elliot.sproston@uk.pwc.com

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


SIMULACRA MEDIA: Taps Kevin Goldfarb to Liquidate Assets
--------------------------------------------------------
Kevin Goldfarb of Griffins was appointed Liquidator of Simulacra
Media Limited on July 17 for the purposes of the company's
voluntary winding-up.

The company can be reached at:

         Simulacra Media Limited
    5-25 Scrutton Street
    London EC2A4HJ
    United Kingdom
    Tel: 020 7613 4600


ST. PAUL'S: Brings In Begbies Traynor as Joint Administrators
-------------------------------------------------------------
Robert Michael Young and John Kelly of Begbies Traynor were
appointed joint administrators of St. Paul's Properties Limited
(Company Number 04910353) on Aug. 3.

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

Headquartered in Cheltenham, United Kingdom, St. Paul's
Properties Limited is engaged in general construction and civil
engineering.


STICKERMAN LIMITED: Names Peter Bridger Liquidator
--------------------------------------------------
Peter Bridger was appointed Liquidator of Stickerman Limited on
June 12 for the purposes of the company's voluntary winding-up.

The company can be reached at:

         Stickerman Limited
    Swan Road
    Pewsey
    Wiltshire SN9 5HL
    United Kingdom
    Tel: 01672 569 388
    Web:  http://www.stickerman.co.uk/


THOMAS DAVIES: Brings In Liquidator from Shaw & Company
-------------------------------------------------------
Clive Everitt of Shaw & Company was appointed Liquidator of
Thomas Davies Recruitment Limited on July 25 for the purposes of
the company's voluntary winding-up.

The company can be reached at:

         Thomas Davies Recruitment Limited
    62B High Street
    Witney
    Oxfordshire OX286HJ
    United Kingdom
    Tel: 01993 894 800


THRUXTON PRESS: Hires Liquidator from Roger Evans
-------------------------------------------------
Terry Christopher Evans of Roger Evans was appointed Liquidator
of Thruxton Press Limited on July 18 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         Thruxton Press Limited
    Thruxton Down House
    Thruxton Down
    Andover
    Hampshire SP118PR
    United Kingdom
    Tel: 01264 889 533


TQF LIMITED: Appoints Joint Administrators from PwC
---------------------------------------------------
Mark N. Cropper and Robert W. Birchall of PricewaterhouseCoopers
LLP were appointed joint administrators of TQF Limited (Company
Number 05322155) on Aug. 8.

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

Headquartered in Bristol, United Kingdom, TQF Limited --
http://www.tqf.com/-- specializes in the production of party
food for catering businesses.


TYNE TUBE: Brings In Gerald Maurice Krasner as Administrator
---------------------------------------------
Gerald Maurice Krasner of Bartfields (U.K.) Limited was named
administrator of Tyne Tube Services Limited (Company Number
2799915) on Aug. 3.

The administrator can be reached at:

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

Headquartered in Sunderland, United Kingdom, Tyne Tube Services
Limited manufactures metal.


VANILLA PUBLICATIONS: Appoints P. A. Roberts as Administrator
-------------------------------------------------------------
P. A. Roberts was appointed administrator of Vanilla
Publications Limited (Company Number 05071318) on Aug. 7.

The administrator can be reached at:

         Phillip A. Roberts
         29-30 Fitzroy Square
         London W1P 6LQ
         United Kingdom
         Tel: 020 7388 7828
         Fax: 020 7387 0207

Headquartered in Wakefield, United Kingdom, Vanilla Publications
Limited wholesales greeting cards.


VIRTUAL WORLD: Golf Course Simulation Business Up for Sale
----------------------------------------------------------
On the instructions of the Joint Administrators of Virtual World
Golf Limited, offers are invited for the business by way of an
acquisition of the assets including the trade and assignment of
the leasehold premises.

A sales pack can be requested from enquiries@charterfields.com
or by fax at 0870 043 4172.

Features:

   -- simulated Indoor Golf Courses Hull;

   -- capacity for 16-plus people to play full rounds of golf on
      any one of 52 golf courses around the world;

   -- four full swing interactive golf simulators and swing
      improvement machines;

   -- newly refurbished premises;

   -- fully licensed with entertainments, alcohol and late
      opening licenses;

   -- leasehold premises in central location, with option of a
      freehold purchase;

   -- rent GBP35,000 per annum on 11,500 square feet; and

   -- potential for expansion into corporate hospitality and
      retails areas within the premises.

Inquiries can be addressed to:

         Charterfields Ltd.
         The Lodge
         Westbrook Court
         2 Sharrow Vale Road
         Sheffield S11 8YZ
         United Kingdom
         Tel: 0870 0434 170
         Fax: 0870 0434 172
         Web: http://www.charterfields.com/


                           *********

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

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

                           *********


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

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

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

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

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

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


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