TCREUR_Public/060831.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, August 31, 2006, Vol. 7, No. 173   

                            Headlines

A U S T R I A

BAUMEISTER MULLY: Property Manager Declares Insufficient Assets
BRUCK TECHNOLOGIES: Vienna Court Orders Business Shutdown
C GASTRONOMIEBETRIEB: Vienna Court Orders Closing of Business
CLAVORA: Wiener Neustadt Court Orders Closing of Business
DANLIS: Vienna Court Orders Business Shutdown

FOTO STUDIO: Wiener Neustadt Court Orders Closing of Business
GM ANTIKE: Court of Wiener Neustadt Closes Business
GULU: Property Manager Declares Insufficient Assets
KOLOSS: Vienna Court Orders Business Shutdown
NEUDORFER: Claims Registration Ends September 4


B U L G A R I A

DARKO: Sofia Court Declares Ice Cream Producer Bankrupt


F R A N C E

ALCATEL S.A.: French Firm Advises Shareholders to Reject Merger


G E O R G I A

BANK OF GEORGIA: Fitch Revises Outlook to Positive on B- IDR
TBC BANK: Fitch Changes Outlook to Positive & Keeps B- IDR


G E R M A N Y

BANKGESELLSCHAFT BERLIN: Fitch Withdraws Individual C/D Rating
FKS FERTIGUNGSTECHNIK: Claims Registration Ends September 27
FSE COMPUTER: Creditors' Meeting Slated for September 26
GBS GENERALUEBERNEHMER: Claims Registration Ends Sept. 20
JANSEN & KLEIN: Claims Registration Ends September 27

KARSTADTQUELLE AG: Loses Claim Over Wertheim Properties
KNAUP DISPLAY: Claims Registration Ends September 27
KOMPLEX-BAU: Claims Registration Ends September 22
LANDESBANK BERLIN: Fitch Assigns C/D on Individual Rating
PACKAGE-FACTORY: Claims Registration Ends September 26

PILLMAYR GMBH: Claims Registration Ends September 25
SARA MEDIA-SERVICE: Claims Registration Ends September 24
THEVEN FORM: Claims Registration Ends September 25


I R E L A N D

EUROCASTLE CDO II: Fitch Affirms BB Rating on GBP3-Mln Notes
EUROCASTLE CDO III: Fitch Affirms BB Rating on EUR3.75-Mln Notes


I T A L Y

LOTTOMATICA SPA: Acquisition Cues Moody's to Put Low-B Ratings


K A Z A K H S T A N

ALAN: Creditors Must File Claims by Oct. 7
ALATAU: Creditors Must File Claims by Oct. 7
GLEKNER I K: Proof of Claim Deadline Slated for Oct. 7
INFORMATSIONNYI CENTRE: Claims Registration Ends Oct. 7
OKS: Proof of Claim Deadline Slated for Oct. 7

SAMALTRANS: Claims Registration Ends Oct. 7
SEKA: Creditors' Claims Due Oct. 7
TRADE-2004: Creditors' Claims Due Oct. 7


K Y R G Y Z S T A N

FLASH CO: Proof of Claim Deadline Slated for Oct. 4


N E T H E R L A N D S

BUHRMANN NV: Acquisition Prompts Moody's to Affirm Ba3 Rating
BUHRMANN NV: Acquisition Spurs S&P to Affirm BB- Rating
ORTHOFIX INTERNATIONAL: Earns US$12.7 Million in Second Quarter
STICHTING MARS: Moody's Assigns (P)Ba3 Rating to Class D Notes
STICHTING MARS: S&P Rates EUR91-Mln Class E & F Notes at Low-B


P O L A N D

GLIMAR SA: Receiver Places Oil Refinery on Sale Table


R U S S I A

AGRO-PROM-ENERGO: Court Names S. Vasilyev as Insolvency Manager
ANGARSK-OIL-PRODUCT: Court Starts Bankruptcy Supervision
ARDATOV-AGRO-PROM-SNAB: Court Starts Bankruptcy Supervision
ARKHANGELSKIY POTATO: Court Names O. Rezvyj Insolvency Manager
BANK ZENIT: Fitch Affirms Issuer Default at B

BUILDER: Kirov Court Starts Bankruptcy Supervision
EKSIM-AGRO-TEKH: Court Names V. Boldyrev as Insolvency Manager
FERRUM: Rostov Court Names S. Novoshitskiy as Insolvency Manager
KIMOVSKIY BUTTER-MAKING: T. Alekseeva to Manage Assets
LENINGRADSKOYE RECLAMATION: N. Taranovskiy to Manage Assets

LUKOIL OAO: Creates Balkan Joint Venture with Slovenia's Petrol
MARKSOVSKIY: Court Names A. Kharitonov as Insolvency Manager
NATIONAL AIR-LINES: Court Names B. Gusev as Insolvency Manager
ORENBURG-GAS-REM-STROY: S. Suvorova to Manage Insolvency Assets
OZERKI: Tula Court Starts Bankruptcy Supervision

POCHEP-SEL-KHOZ-KHIMIYA: M. Anikin to Manage Insolvency Assets
PROMSVYAZBANK: Citigroup Arranges US$45-Mln Loan by PSB Finance
PROMSVYAZBANK: Commerzbank Mulls Purchase of 15.3% Equity Stake
RUBIKON: Court Names Mr. L. Lazarenko as Insolvency Manager
SNEZHKA: Bryansk Court Names A. Platonov as Insolvency Manager

STEEL: Orel Court Names S. Romanchin as Insolvency Manager
STROY-INVEST: Court Names A. Parollo as Insolvency Manager
VORKUTINSKIY BREWERY: Komi Court Starts Bankruptcy Supervision


S W I T Z E R L A N D

NOVELIS INC: Earns US$90 Million for Fiscal Year 2005
NOVELIS INC: Declares $0.01 Dividend on Outstanding Common Stock


U K R A I N E

ADAMPIL BREAD: Court Names Andrij Nadlonok as Insolvency Manager
AGAT: Volinska Court Names M. Zinchuk to Liquidate Assets
ARKO: Ivano-Frankivsk Court Starts Bankruptcy Supervision
CHERNIGIV RADIO-TV: Court Starts Bankruptcy Supervision
NOVGORODSKE MACHINE: Donetsk Court Starts Bankruptcy Supervision

PROMMONOLIT: Court Names Oleksij Zhimojda as Insolvency Manager
RADUSHNA BREAD: Court Commences Bankruptcy Supervision
SHAMSHU: Harkiv Court Names Sergij Moroz as Insolvency Manager
SVERDLOVSK AUTO-TRANSPORT 10913: Mikola Hajlo to Manage Assets
TRIADA: Kyiv Court Starts Bankruptcy Supervision

ZDOLBUNIV NON-STANDARD: Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

A & P ESSEX: Appoints Liquidator from Tenon Recovery
ADDISCOMBE GROUP: Creditors' Meeting Slated for September 7
AFFYMETRIX INC: Defaults Under 0.75% Senior Note Indenture
AFFYMETRIX INC: Court Issues Markman Order in Illumina Suit
APAC COMPUTER: Names Gordon Allan Mart Simmonds Liquidator

ASHTON COURT: Brings In Ernst & Young as Administrators
ATLAS MOVING: Peter John Bridger Leads Liquidation Procedure
BIG TENT: Taps Laurence S. Burt to Liquidate Assets
BOOKPRINT 2000: Hires Liquidator from Leigh & Co.
C & G LEISURE: Taps Vantis to Administer Assets

CAFE BLU: Appoints Joint Administrators from Benedict Mackenzie
CAITHNESS GLASS: Crystal Ware Manufacturer Up for Sale
CAMDELL SERVICES: Creditors Confirm Liquidator's Appointment
CAPERDI TRADING: Appoints Michael Williams as Liquidator
COLLINS & AIKMAN: Court OKs Expedited Lease Rejection Procedures

COLLINS & AIKMAN: Fabric (DE) Balks at Lease Rejection Request
CONISTON ELECTRICAL: Joint Liquidators Take Over Operations
CREST SERVICES: Appoints Administrators from KPMG
D.A.P. PROPERTIES: Names Joint Administrators from KPMG
EEC ELECTRICAL: Names Barry Gibson Mitchell to Liquidate Assets

FIELDS DISTRIBUTION: Claims Filing Period Ends Sept. 27
FIRST CAPITAL: Brings In Administrators from Baker Tilly
G DYTHAM: Brings In Joint Liquidators from CBA
GLASS COMPACTION: Hires Robert Day to Liquidate Assets
GRAZ LIMITED: Hires Grant Thornton as Joint Administrators

GUS PLC: Shareholders Approve Argos & Experian Split
HADEN MACLELLAN: Claims Registration Ends Sept. 30
HEXFAX LIMITED: Hires Berg Kaprow to Administer Assets
HMH PROCESS: Creditors' Claims Due Sept. 30
IMPACT DATA: Taps Liquidator from Stones & Co.

JFL AUTOMOTIVE: Train Parts Business Up for Sale
JON LLOYD: Liquidator Sets Dec. 7 Claims Bar Date
KERNOW SCREEN: Names Liquidator from Bishop Fleming
LAPTOP SUPERSTORE: Claims Registration Ends Oct. 11
LYNTON REGENERATION: Calls In Joint Liquidators from Baker Tilly

MILLENNIUM PROJECTS: David Field Leads Liquidation Procedure
MILLFIELD GROUP: Creditors' Meeting Slated for Sept. 8
MILLFIELD MANAGEMENT: Creditors' Meeting Slated for Sept. 8
MILLFIELD PARTNERSHIP: Creditors' Meeting Slated for Sept. 7
NEWLINE DISPLAY: Brings In DTE to Administer Assets

ORRELL BUILDING: Claims Filing Period Ends Oct. 6
P.GARNETT & SON: Hires RE10 as Joint Administrators
PMD BUILDING: Creditors Confirm Ian William Kings as Liquidator
REAL DEAL: Creditors' Claims Due Oct. 3
RIPPONDEN LOGISTICS: Brings In KPMG to Administer Assets

ROSECO LIMITED: Appoints Joint Liquidators to Wind Up Business
SAVORY FENCING: Claims Filing Period Ends Sept. 7
SAXON RESOURCES: Names Ninos Koumettou as Administrator
SHIRE GLASS: Taps Administrators from Bridgestones
SIMON PHOTOGRAPHIC: Calls In Joint Liquidators from BRI

SOLVITOL LIMITED: Hires Cresswall Associates as Administrators
SPOT DISTRIBUTION: Hires Martin Williamson to Liquidate Assets
STERLING TRADE: Taps Joint Liquidators from BDO Stoy Howard
STREAMDOOR GROUP: Appoints Atherton Bailey as Administrators
SUNSET RESTAURANTS: Brings In Administrators from Herron Fisher

TYKE SHOPFITTING: Appoints Joint Administrators from Mazars LLP
TYPETEX U.K.: Appoints John C. Moran as Liquidator
U.K. GOLF: Names Geoffrey Stuart Kinlan Liquidator
UNITEDHEALTH GROUP: Rejects Debt Holders' Default Notice

* Upcoming Meetings, Conferences and Seminars

                            *********

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A U S T R I A
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BAUMEISTER MULLY: Property Manager Declares Insufficient Assets
---------------------------------------------------------------
Mag. Stefan Jahns, the court-appointed property manager for LLC
Baumeister Mully (FN 245318m), declared on July 7 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 29 (Bankr. Case No. 45 S 44/06h).  

The property manager and his representative can be reached at:

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


BRUCK TECHNOLOGIES: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered an order on July 7 shutting
down the business of LLC Bruck Technologies (FN 118741w).  
Court-appointed property manager Alexander Schoeller 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. Alexander Schoeller
         c/o Dr. Stephan Riel
         Reischachstrasse 3/12A
         1010 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  

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


C GASTRONOMIEBETRIEB: Vienna Court Orders Closing of Business
-------------------------------------------------------------
The Trade Court of Vienna entered an order on July 6 closing the
business of LLC C Gastronomiebetrieb (FN 220156i).  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 May 3  (Bankr. Case No. 2 S 70/06s).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


CLAVORA: Wiener Neustadt Court Orders Closing of Business
---------------------------------------------------------
The Land Court of Wiener Neustadt entered an order on July 6
closing the business of LLC Clavora (FN 238528b).  Court-
appointed property manager Gerald Gerstacker determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Mag. Gerald Gerstacker
         Schrannenplatz 3/I
         2340 Moedling, Austria
         Tel: 02236/864567
         Fax: 02236/864567-1
         E-mail: g.gerstacker@utanet.at

Headquartered in Laxenburg, Austria, the Debtor declared
bankruptcy on July 6  (Bankr. Case No. 11 S 43/06v).  


DANLIS: Vienna Court Orders Business Shutdown
---------------------------------------------
The Trade Court of Vienna entered an order on July 6 shutting
down the business of LLC Danlis (FN 221621p).  Court-appointed
property manager Astrid A. Haider determined that the continuing
operation of the business would reduce the value of the estate.

The property manager and her representative can be reached at:

         Mag. Astrid A. Haider
         c/o Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 535 46 11
         Fax: 535 46 11-11
         E-mail: haider@thr.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 21 (Bankr. Case No. 5 S 83/06z).  Ute Toifl represents
Mag. Haider in the bankruptcy proceedings.


FOTO STUDIO: Wiener Neustadt Court Orders Closing of Business
-------------------------------------------------------------
The Land Court of Wiener Neustadt entered an order on July 6
closing the business of LLC Foto - Studio Landau (FN 83820s).  
Court-appointed property manager Thomas Wanek 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. Thomas Wanek
         c/o Mag. Valentin Piskernik
         High Route 31
          2380 Perchtoldsdorf, Austria
         Tel: 01/8693888
         Fax: 01/869166033
         E-mail: anwalt@aon.at   

Headquartered in Perchtoldsdorf, Austria, the Debtor declared
bankruptcy on April 24  (Bankr. Case No. 11 S 45/06p).  Valentin
Piskernik represents Dr. Wanek in the bankruptcy proceedings.


GM ANTIKE: Court of Wiener Neustadt Closes Business
---------------------------------------------------
The Land Court of Wiener Neustadt entered an order on July 6
closing the business of LLC GM Antike Baustoffe (FN 255186z).  
Court-appointed property manager Petra Klingenschmid determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Mag. Petra Klingenschmid
         Kaiser Franz Joseph Ring 5
         2500 Baden bei Wien, Austria
         Tel: 02252/86366
         Fax: 02252/863662
         E-mail: klingenschmid@forsthuber.at   

Headquartered in Traiskirchen, Austria, the Debtor declared
bankruptcy on April 21 (Bankr. Case No. 11 S 44/06s).  


GULU: Property Manager Declares Insufficient Assets
---------------------------------------------------
Dr. Ulrike Bauer, the court-appointed property manager for
Construction LLC Gulu (FN 261546b), declared on July 7 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 27 (Bankr. Case No. 45 S 42/06i).  

The property manager and his representative can be reached at:

         Dr. Ulrike Bauer
         c/o Mag. Michael Rebasson
         Elizabeth Route 26
         1010 Vienna, Austria
         Tel: 587 78 20
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at


KOLOSS: Vienna Court Orders Business Shutdown
---------------------------------------------
The Trade Court of Vienna entered an order on July 7 shutting
down the business of LLC Koloss (FN 254536v).  Court-appointed
property manager Stefan Langer 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. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 712 63 02
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at   

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 30 (Bankr. Case No. 3 S 92/06h).  Annemarie Kosesnik-
Wehrle represents Dr. Langer in the bankruptcy proceedings.


NEUDORFER: Claims Registration Ends September 4
-----------------------------------------------
Creditors owed money by LLC Neudorfer (FN 108845t) have until
Sept. 4 to file written proofs of claims to court-appointed
property manager Alois Nussbaumer at:

         Dr. Alois Nussbaumer
         Stadtplatz 19
         4840 Voecklabruck, Austria
         Tel: 07672/72607
         Fax: 07672/75567
         E-mail: rae.nuss-hoff-herz@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Sept. 14 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Hausruckwald, Austria the Debtor declared
bankruptcy on July 6 (Bankr. Case No. 20 S 84/06p).  


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


DARKO: Sofia Court Declares Ice Cream Producer Bankrupt
-------------------------------------------------------
The city court of Sofia has declared Darko bankrupt over a
BGN100,000 debt owed to supplier Longa Prima, Dnevnik reports.  
The court has ordered the appointment of an administrator to
take over the financial management of the company.

According to Darko manager Petar Tsvetkov, which holds 60% of
the Bulgarian ice-cream producer, the company will appeal the
bankruptcy ruling.  He insists that the debt amount stated is
disputable.

The company's creditors will meet in mid-September to review a
recovery plan for the company.

Dnevnik says Darko is currently in talks with Wing Equity
regarding the enlistment of the Austrian fund as a strategic
investor.

Headquartered in Sofia, Bulgaria, Darko -- http://www.darko.bg/
-- produces ice-cream, ice-cream cakes and other specialties.  
It distributes its products in Sandanski, Pazardzhik,
Dimitrovgrad, Sliven, Panagjurishte, Veliko Tarnovo and Vidin.  
Caresback Bulgaria, an affiliate of Small Enterprise Assistance
Fund of the U.S., holds a 40% equity stake in the company.


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


ALCATEL S.A.: French Firm Advises Shareholders to Reject Merger
---------------------------------------------------------------
French investor-advisory firm Proxinvest is urging shareholders
of Alcatel S.A. to reject a proposed merger with U.S. rival
Lucent Technologies Inc., disclosing that they were paying too
much for Lucent, Leila Abboud writes for The Wall Street
Journal.  

"The outlook for Lucent has significantly worsened since the
deal was announced," said Richard Windsor, an analyst at Nomura
Securities, was quoted by WSJ as saying.  "The strategic
rationale for the deal is still there but I just think Alcatel
is offering too much and should pay less."

The firm has criticized the financial terms of the proposed
merger, asserting that the exchange rate should be closer to
seven Lucent shares for each Alcatel share instead of the
current five-for-one value specified in the merger deal, given
Lucent's falling share price and weak performance.  

Alcatel spokeswoman Regine Coqueran told WSJ that the company's
board had done an exhaustive and "prudent analysis of Lucent's
business and believed that the price set in April was
appropriate.  The value of a company depends more on long-term
perspectives than on one or two quarters," said Ms. Coqueran.

Proxinvest also criticized a proposal that would require votes
from two-thirds of members to remove either the CEO or the
chairman of the combined company, the paper reports.  Ms.
Coqueran clarifies that the rule would only last three years and
was aimed at ensuring management stability after the merger, the
paper discloses.

According to Ms. Abboud, Proxinvest's position differs from
U.S.-based firms Institutional Shareholder Services' and Glass,
Lewis & Co.'s recommendation that shareholders of both firms
support the deal.

A two-thirds vote by shareholders of each company is needed for
the merger to be approved.  Shareholders are scheduled to vote
on the deal on Sept. 7.  

                         Merger Deal

Alcatel and Lucent entered into a definitive merger agreement in
April 2006, which will have an aggregate market capitalization
of approximately EUR30 billion (US$36 billion), based upon the
closing prices on March 31.  Based on calendar 2005 sales, the
combined company will have revenues of approximately EUR21
billion ($25 billion), divided almost evenly among North
America, Europe and the rest of the world.

The combined company created by this merger of equals is
incorporated in France, with executive offices located in Paris.
The North American operations will be based in New Jersey,
U.S.A., where global Bell Labs will remain headquartered.  

The board of directors of the combined company will be composed
of 14 members and will have equal representation from each
company, including Alcatel CEO Serge Tchuruk and Lucent CEO
Patricia Russo, five of Alcatel's current directors and five of
Lucent's current directors.  The board will also include two new
independent European directors to be mutually agreed upon.

                          About Lucent

Headquartered in New Jersey, United States of America, Lucent
Technologies (NYSE: LU) -- http://www.lucent.com/-- designs and   
delivers the systems, services and software that drive next-
generation communications networks.  Backed by Bell Labs
research and development, Lucent uses its strengths in mobility,
optical, software, data and voice networking technologies, as
well as services, to create new revenue-generating opportunities
for its customers, while enabling them to quickly deploy and
better manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

                        About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications  
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries.

                         *     *     *

As reported in TCR-Europe on March 28, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
France-based telecommunications equipment maker Alcatel on
CreditWatch with negative implications.


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G E O R G I A
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BANK OF GEORGIA: Fitch Revises Outlook to Positive on B- IDR
------------------------------------------------------------
Fitch Ratings revised the Outlook on Bank of Georgia to Positive
from Stable.  At the same time, the agency affirmed the bank's
ratings at Issuer Default B-, Short-term B, Individual D and
Support 5.  Bank of Georgia's local currency Issuer Default and
Short-term ratings have also been affirmed.

The change in Outlook reflects the gradually improving operating
environment and the bank's expanding franchise and scale and
improving funding profiles.  

The Positive Outlook on Bank of Georgia, in addition to the
factors outlined above, reflects the sound asset quality and
profitability achieved under the new management team.  A
continuation of current trends in respect to both the operating
environment and the bank's financial profile, coupled with an
extension of the new management team's sound track record, could
result in an upgrade.

However, Fitch also notes Bank of Georgia's small size, high
credit risks resulting from rapid growth and relatively new risk
management procedures.  The bank's development strategy is
aggressive but feasible, and Fitch understands there is strong
demand for the bank's equity, both from current and potential
investors.

In February 2006, the bank purchased the business of the
troubled Intellectbank and plans to complete its integration by
September 2006.  As part of the deal, the regulator has provided
the bank with a GEL20 million liquidity facility and a year-long
waiver for compliance with prudential regulations.  

During the first eight months of 2006, the bank was only
marginally incompliant with (generally strict) prudential
liquidity and capital requirements.  In Fitch's view, the bank's
liquidity and capitalization were acceptable, although the
former is rather aggressively managed.

Bank of Georgia is the second largest Georgian bank by assets
and a market leader in retail and micro finance lending.  The
bank is the successor of the state Zhilsotsbank, privatized in
1994.  From H204, the bank was put under new management with
international experience.  The bank is broadly held, and since
2005 foreign portfolio investors have, in aggregate, held a
majority stake.


TBC BANK: Fitch Changes Outlook to Positive & Keeps B- IDR
----------------------------------------------------------
Fitch Ratings revised the Outlook of Georgia-based TBC Bank to
Positive from Stable.  At the same time, the agency affirmed the
bank's ratings at Issuer Default B-, Short-term B, Individual D
and Support 5.

The change in Outlook reflects the gradually improving operating
environment and the bank's expanding franchise and scale and
improving funding profiles.  In addition, the Positive Outlook
on TBC's IDR reflects its adequate risk management and, as a
result, a relatively long track record of sound profitability
and asset quality, which should be sustainable in the medium
term in the absence of significant economic shocks.  

A continuation of current trends in respect to both the
operating environment and the bank's financial profile could
result in an upgrade.

However, Fitch also notes the small size of TBC, high credit
risks arising from a rapidly growing and concentrated loan book
and an aggressive development strategy, which is contingent on
new sources of capital.  

Fitch has been informed that TBC is negotiating a sale of up to
20% of its common stock to a new foreign shareholder through a
share issue.  Pending the completion of this transaction, the
National Bank of Georgia has acknowledged the capital
contribution plan postponement and resultant incompliance with
regulatory capital requirements to end-October 2006; however,
TBC's BIS capital ratio stood at a sound 19.9% at end-H106.

TBC bank is the largest Georgian bank by assets with substantial
market shares in both corporate and retail sectors.  The bank
was established in 1992 and remains under the control of two
Georgian businessmen.  Other shareholders are the International
Finance Corporation (31%) and Deutsche Investitions- und
Entwicklungsgesellschaft (13%), both of which have increased
their stakes in Q106.


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G E R M A N Y
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BANKGESELLSCHAFT BERLIN: Fitch Withdraws Individual C/D Rating
--------------------------------------------------------------
Fitch Ratings affirmed and withdrew Bankgesellschaft Berlin's
ratings at Issuer Default BBB+ with Evolving Outlook, Short-term
F2, Support 2 and Individual C/D.

The rating action follows the entry onto the commercial register
of the transfer of all BGB's businesses to Landesbank Berlin AG.  
BGB is being renamed Landesbank Berlin Holding AG and will act
as a financial holding company without banking license.  

As Berliner Hypotheken- und Pfandbriefbank is now a subsidiary
of LBB, LBB is the only asset of the holding company. While
legally LBB is the successor of Landesbank Berlin Girozentrale,
analytically and commercially it compares with the former BGB,
now LBBH.


FKS FERTIGUNGSTECHNIK: Claims Registration Ends September 27
------------------------------------------------------------
Creditors of FKS Fertigungstechnik GmbH have until Sept. 27 to
register their claims with court-appointed provisional
administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against FKS Fertigungstechnik GmbH on Aug. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         FKS Fertigungstechnik GmbH
         Alter Kirchweg 3 -5
         32584 Loehne, Germany

         Attn: Wolfgang Schormann, Manager
         Postweg 2
         32657 Lemgo, Germany

The administrator can be contacted at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford, Germany


FSE COMPUTER: Creditors' Meeting Slated for September 26
--------------------------------------------------------
The court-appointed provisional administrator for FSE Computer-
Handel GmbH & Co. KG, Thomas Maier, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 3:00 p.m. on Sept. 26.

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

         The District Court of Pirmasens
         Hall 153
         Station Route 22-26
         66953 Pirmasens, Germany

The Court will also verify the claims set out in the
administrator's report at 3:00 p.m. on Oct. 24 at:

         The District Court of Pirmasens
         Room 20
         Station Route 22-26
         66953 Pirmasens, Germany

Creditors have until Oct. 10 to register their claims with the
court-appointed provisional administrator.

The District Court of Osnabrueck opened bankruptcy proceedings
against FSE Computer-Handel GmbH & Co. KG on July 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FSE Computer-Handel GmbH & Co. KG
         Pond Route 15-19
         66953 Pirmasens, Germany

         Attn: Alexander Frey, Manager
         Goethestrasse 4
         66978 Leimen, Germany

The administrator can be reached at:

         Thomas Maier
         Pirmasenser Road 18
         66994 Dahn, Germany
         Tel: 06391/92280
         Fax: 06391/922899
         E-mail: insolvenz@stb-maier.de


GBS GENERALUEBERNEHMER: Claims Registration Ends Sept. 20
---------------------------------------------------------
Creditors of GBS Generaluebernehmer fuer Bau- und
Sanierungsarbeiten u. Bautrager GmbH have until Sept. 20 to
register their claims with court-appointed provisional
administrator Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         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 GBS Generaluebernehmer fuer Bau- und Sanierungsarbeiten
u. Bautrager GmbH on July 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         GBS Generaluebernehmer fuer Bau- und
         Sanierungsarbeiten u. Bautrager GmbH
         Zeppelinstr. 2
         04509 Wiedemar, Germany

         Attn: Anton Spaniol, Manager
         Buchenweg 14
         04425 Taucha, Germany

The administrator can be contacted at:

         Ruediger Bauch
         Island Road 29
         04103 Leipzig, Germany


JANSEN & KLEIN: Claims Registration Ends September 27
-----------------------------------------------------
Creditors of Jansen & Klein Heizungs-Sanitar-Luelftungs GmbH
have until Sept. 27 to register their claims with court-
appointed provisional administrator Winfried Bongartz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy
proceedings against Jansen & Klein Heizungs-Sanitar-Luelftungs
GmbH on Aug. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Jansen & Klein Heizungs-Sanitar-Luelftungs GmbH
         Siemens Road 1
         41363 Juechen, Germany

         Attn: Peter Klein, Manager
         North Road 60
         41363 Juechen, Germany

         Achim Jansen, Manager
         North Road 64
         41363 Juechen, Germany

The administrator can be contacted at:

         Winfried Bongartz
         Brucknerallee 6
         41236 Moenchengladbach, Germany


KARSTADTQUELLE AG: Loses Claim Over Wertheim Properties
-------------------------------------------------------
Kartadtquelle AG is facing more than EUR145 million in damages
after the Federal Office for Central Services and Unresolved
Property Issues (Bundesamt fuer zentrale Dienste und offene
Vermoegensfragen -- BADV) ruled that the Jewish Claims
Conference, which pursued the case for Weirtheim heirs, owns the
disputed properties in central Berlin, Patrick Donahue writes
for Bloomberg News.

According to the report, BADV ruled that Kartadtquelle was not
the legal owner of the properties when it sold them in 2000.  
The real estate authority based the decision on a ruling by the
Leipzig Federal Court in 2005, BADV spokeswoman Ellen Haendler
told Bloomberg.

                 Central Berlin Properties

In the 1930s, Adolf Hitler's government sequestered the
Wertheim-owned Bisheim properties and Potsdamer Platz.  The
properties were to the Hertie department store chain after the
Second World War.  In 1994, Hertie was acquired by
KarstadtQuelle, which then sold the properties to Otto Beisheim,
founder of retailer Metro AG, for EUR145 million in 2000.

Wertheim's descendants have been seeking for restitution of the
properties, arguing that the assets never belonged to
KarstadtQuelle.  In 2005, the Leipzig Federal Court awarded the
properties to the Wertheims, ruling that that restitution claims
under German law "aim to compensate the fate of the damaged
person during the 1930s and not the fate of the company."

"Everything was already clear last year," lawyer Matthias Druba,
counsel for the Wertheims, was quoted by Bloomberg as saying.  
Mr. Druba said the court decision provided a precedent for the
Beisheim property and rendered KarstadtQuelle's argument nil.

"This is about morality," Gideon Taylor, executive vice
president of the JCC, told Bloomberg.  "We call on Karstadt to
take the honorable step and ensure that justice is finally done
after more than 60 years."

                       KarstadtQuelle Appeal

Joerg Howe, KarstadtQuelle's spokesman, said the company would
appeal against BADV's decision.

Mr. Howe stressed that the Berlin property has a "totally
different history" from the other properties because it was
handed over to the West Berlin government in 1988, Bloomberg
relates.  Mr. Howe, added that the property had been held by
British and then Soviet occupants, by the East German
government, then West Berlin before Germany reunified.

Mr. Howe said that KartadtQuelle is bracing for a lengthy legal
battle, adding that the company has nor made provisions for the
EUR145 million in possible claims.

                       About KarstadtQuelle

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- operates department stores and  
mail order businesses.  It has annual sales of EUR15.5 billion
and employs around 70,000.  The retailer has been suffering from
sluggish consumption and high unemployment rate in Germany.  
KarstadtQuelle posted an EBITDA of -EUR428 million in 2004.  The
group is currently restructuring operations by selling off non-
core assets and implementing cost-saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.

In 2005, net financial liabilities were reduced by a third to
EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion
in the previous year.


KNAUP DISPLAY: Claims Registration Ends September 27
----------------------------------------------------
Creditors of Knaup Display GmbH & Co. KG have until Sept. 27 to
register their claims with court-appointed provisional
administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The Debtor can be contacted at:

         Knaup Display GmbH & Co. KG
         Attn: Ute Wehmeier, Manager          
         Schelmenbrink 10
         32278 Kirchlengern, Germany

The administrator can be contacted at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford, Germany


KOMPLEX-BAU: Claims Registration Ends September 22
--------------------------------------------------
Creditors of Komplex-Bau Sachsen GmbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Klaus Siemon.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Komplex-Bau Sachsen GmbH on July 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Komplex-Bau Sachsen GmbH
         Attn: Josef Enichlmayr, Manager          
         Koenigswalder Road 10
         09471 Baerenstein/OT Kuehberg, Germany

The administrator can be contacted at:

         Klaus Siemon
         Road of the Nations 51
         09111 Chemnitz, Germany
         Web: http://www.kanzlei-siemon.de/


LANDESBANK BERLIN: Fitch Assigns C/D on Individual Rating
---------------------------------------------------------
Fitch Ratings assigned Landesbank Berlin AG an Individual rating
of C/D.  The other ratings are affirmed at Issuer Default BBB+
with Evolving Outlook, Short-term F2 and Support 2, as are LBB's
guaranteed obligations at Long-term AAA.  LBB's public sector
Pfandbriefe are rated AAA.

The rating action follows the entry onto the commercial register
of the transfer of all Bankgesellschaft Berlin's businesses to
LBB.  BGB is being renamed Landesbank Berlin Holding AG and will
act as a financial holding company without banking license.

As Berliner Hypotheken- und Pfandbriefbank is now a subsidiary
of LBB, LBB is the only asset of the holding company.  While
legally LBB is the successor of Landesbank Berlin Girozentrale,
analytically and commercially it compares with the former BGB,
now LBBH.

LBB's Issuer Default rating is at its Support floor and takes
into account highly likely further support from the State of
Berlin, in case of necessity.  LBB's Evolving Outlook reflects
Fitch's view that potential support from Berlin could weaken
once the privatization process is completed, in 2007 at the
latest.

"The bank's future ratings will be determined by the terms of
its privatization and its future ownership; however, Fitch views
the transfer of BGB's businesses as major step in the
restructuring process to be ready for the upcoming sale,"
disclosed Holger Horn from Fitch Ratings.

The Individual rating reflects LBB's repositioning, improved
profitability and, strong market share in Berlin.  It also takes
into account a substantial legacy problem loan book and like
many of its peers a need to demonstrate sustainable improvement
in revenue generation which should help the bank to improve its
capital structure.


PACKAGE-FACTORY: Claims Registration Ends September 26
------------------------------------------------------
Creditors of Package-Factory GmbH have until Sept. 26 to
register their claims with court-appointed provisional
administrator Stephan Laubereau.

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

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against Package-Factory GmbH on July 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Package-Factory GmbH
         Kreuzberger Ring 21
         65205 Wiesbaden, Germany

         Attn: Eric Rolf Dornwass, Manager
         Jahnstrasse 42
         65185 Wiesbaden, Germany

The administrator can be contacted at:

         Dr. Stephan Laubereau
         Kanzlei Kuebler
         Buero Frankfurt/M.
         Wolf-Heidenheim-Strasse 12
         60489 Frankfurt/Main, Germany
         Tel: 069/71379830
         Fax: 069/71379833
         Web: http://www.kuebler-gbr.de/
         E-mail: frankfurt@kuebler-gbr


PILLMAYR GMBH: Claims Registration Ends September 25
----------------------------------------------------
Creditors of Pillmayr GmbH have until Sept. 25 to register their
claims with court-appointed provisional administrator Stephan
Ammann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against Pillmayr GmbH on July 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Pillmayr GmbH
         Tonus Schmid Road 26
         81825 Munich, Germany

The administrator can be contacted at:

         Stephan Ammann
         Barthstr. 16
         80339 Munich, Germany
         Tel: 089/8589633
         Fax: 089/85896350


SARA MEDIA-SERVICE: Claims Registration Ends September 24
---------------------------------------------------------
Creditors of SARA Media-Service GmbH Werbe- und
Vertriebsgesellschaft have until Sept. 24 to register their
claims with court-appointed provisional administrator Ulrich
Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 1240
         12th 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 SARA Media-Service GmbH Werbe- und Vertriebsgesellschaft
on July 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         SARA Media-Service GmbH Werbe- und          
         Vertriebsgesellschaft
         Attn: Ralf Schueller, Manager          
         Hoehenweg 39
         51465 Bergisch Gladbach, Germany

The administrator can be contacted at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne, Germany


THEVEN FORM: Claims Registration Ends September 25
--------------------------------------------------
Creditors of Theven Form- & Entwicklungstechnik GmbH have until
Sept. 25 to register their claims with court-appointed
provisional administrator Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 16 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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy
proceedings against Theven Form- & Entwicklungstechnik GmbH on
Aug. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Theven Form- & Entwicklungstechnik GmbH
         Friedhofsallee 24
         41751 Viersen, Germany

         Attn: Helmut Theven, Manager
         Nettetaler Road 45
         41751 Viersen, Germany

The administrator can be contacted at:

         Michael Bremen
         Sternstrasse 58
         40479 Duesseldorf, Germany


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


EUROCASTLE CDO II: Fitch Affirms BB Rating on GBP3-Mln Notes
------------------------------------------------------------
Fitch Ratings affirmed EUROCASTLE CDO II PLC's floating-rate
notes due 2060:

   -- GBP204 million Class A-1: AAA;
   -- GBP33 million Class A-2: AAA;
   -- GBP28.5 million Class B: AA;
   -- GBP8.25 million Class C: A;
   -- GBP9.75 million Class D: BBB; and
   -- GBP3 million Class E: BB.

The affirmation is based on the current portfolio
stratifications and the transaction's compliance with all of its
portfolio and coverage tests.  The ratings also take into
account the analysis performed for the restructuring of the
transaction in July 2006, which simulated the current portfolio
sized up to account for the pro-rata increase of the capital
structure.

The portfolio proposed by the manager was analyzed using Fitch's
CDO rating criteria.  Portfolio default levels and the applied
recovery rate for each target rating were derived from Fitch's
Default Vector Model.  Furthermore the bucket of assets
featuring an available funds cap was extended to 15%, with a
sub-bucket of 5% for assets rated BB+ and below.

The collateral is actively managed by Fortress Investment Group
LLC over the five-year reinvestment period.  The portfolio is
selected subject to the guidelines outlined in the collateral
management agreement.  The said guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.  Moreover, the manager will have to run
the Vector model prior to each purchase to address risks
associated with reinvestment.

The ratings of the Class A-1, A-2 and B notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For the Class C, D and E notes, which can
defer interest, the ratings address ultimate payment of
principal and interest, including deferred interest at maturity.

Eurocastle CDO II plc is a limited liability company
incorporated under the laws of Ireland.  The proceeds from the
note issuance were used to purchase a portfolio of structured
finance securities, including primarily residential and
commercial mortgage-backed securities and to a lesser extent,
collateralized debt obligations, asset-backed securities and
whole business-backed securities.

Some 73% of the issuance proceeds were initially invested.
Before the restructuring the portfolio represented around 96% of
the maximum balance.  Due to the pro-rata increase by a factor
of 1.5 this has dropped to around 64% of the increased target
balance with the remaining 46% to be ramped-up until the payment
date in December 2006.


EUROCASTLE CDO III: Fitch Affirms BB Rating on EUR3.75-Mln Notes
----------------------------------------------------------------
Fitch Ratings affirmed EUROCASTLE CDO III PLC's floating-rate
notes due 2060:

   -- EUR350 million Class A-1: AAA;
   -- EUR55 million Class A-2: AAA;
   -- EUR42.5 million Class B: AA;
   -- EUR15 million Class C: A;
   -- EUR12.5 million Class D: BBB; and
   -- EUR3.75 million Class E: BB.

The affirmation is based on the current portfolio
stratifications and the transaction's compliance with all of its
portfolio and coverage tests.  The ratings also take into
account the analysis performed for the restructuring of the
transaction in July 2006, which simulated the current portfolio
sized up to account for the pro-rata increase of the capital
structure.

The portfolio proposed by the manager was analyzed using Fitch's
CDO rating criteria.  Portfolio default levels and the applied
recovery rate for each target rating were derived from Fitch's
Default Vector Model.  Furthermore the bucket of assets
featuring an available funds cap was extended to 15%, with a
sub-bucket of 5% for assets rated BB+ and below.

The collateral is actively managed by Fortress Investment Group
LLC over the five-year reinvestment period.  The portfolio is
selected by the collateral manager subject to the guidelines
outlined in the collateral management agreement.  

The said guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Moreover, the manager will have to run the Vector model prior to
each purchase to address risks associated with reinvestment.

The ratings of the Class A1, A2 and B notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For the Class C, D and E notes, which can
defer interest, the ratings address ultimate payment of
principal and interest, including deferred interest at maturity.

Eurocastle CDO III PLC is a limited liability company
incorporated under the laws of Ireland.  The proceeds from the
note issuance were used to purchase a portfolio of structured
finance securities, including primarily residential and
commercial mortgage-backed securities and to a lesser extent,
collateralized debt obligations, asset-backed securities and
whole business-backed securities.

At closing, the issuance proceeds had reached 60% of the initial
target balance.  In July 2006 the capital structure was
increased pro-rata by a factor of 1.25.  Prior to the
restructuring the portfolio was fully ramped-up. Given the
portfolio increase, this leaves 20% of the portfolio balance to
be invested until December 2006.


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


LOTTOMATICA SPA: Acquisition Cues Moody's to Put Low-B Ratings
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings,
with stable outlook, to Lottomatica S.p.A., following the
announcement that Lottomatica has closed its acquisition of
GTECH Holdings Corporation:

   -- Baa3 corporate family rating;

   -- Ba1 issuer rating;

   -- Baa3 guaranteed rating of the EUR360 million senior
unsecured notes due 2008;

   -- Ba3 rating of the EUR750 million deeply subordinated notes
due 2066; and

   -- Baa3 rating of the US$2.76 billion senior unsecured bank
facilities borrowed by Gold Acquisition Corp., a
transitory special vehicle created for the purpose of the
GTECH acquisition and guaranteed by Lottomatica.

These ratings were assigned on a provisional basis on Jan. 10,
March 29 and May 2.  Moody's explains that all debt and equity
instruments have been issued, all guarantees implemented and
that the capital structure at closing is slightly more
conservative than expected, reflecting more equity (EUR1.5
billion versus EUR1.4 billion) and a lower purchase price
(EUR3.9 billion versus EUR4.0 billion due to a weaker US dollar)
than initially contemplated.

Moody's continues to recognize the relative stability of the
group's lottery revenues though operating profit slightly
deviates from initial expectations due mainly to more negative
FX movements and the loss of the Brazilian contract a few months
earlier than anticipated.   

Lottomatica's ratings and stable outlook continue to factor
Moody's view that the group will improve its credit metrics to a
level commensurate with the Baa3 rating category by end-2007,
i.e. a retained cash flow pre-WC/Net Adjusted Debt in excess of
15% and a Net Adjusted Debt/EBITDAR of around 3.0 times.  The
company's ability to retain its major lottery contracts and the
use of sound business practices in getting new contracts are
also key drivers of the rating stability.

Lottomatica S.p.A is the concessionaire of the Lotto game in
Italy and reported net revenues of around EUR583 million in FYE
December 2005.   GTECH Holdings Corporation is the worldwide
leader in online lottery systems and reported net revenues of
approximately US$1.3 billion in FYE February 2006.


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


ALAN: Creditors Must File Claims by Oct. 7
------------------------------------------
LLP Alan (RNN 600700201662) has declared insolvency.  Creditors
have until Oct. 7 to submit written proofs of claim to:
            
         LLP Alan
         Tolebi Str. 73a
    Almaty, Kazakhstan


ALATAU: Creditors Must File Claims by Oct. 7
--------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has entered an order placing LLP Alatau into compulsory
liquidation.

Creditors have until Oct. 7 to submit written proofs of claim
to:

         LLP Alatau
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


GLEKNER I K: Proof of Claim Deadline Slated for Oct. 7
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Glekner I K insolvent.  

Creditors have until Oct. 7 to submit written proofs of claim
to:

         LLP Glekner I K
         Proletarskaya Str. 93-47
    Ust-Kamenogorsk
    East Kazakhstan Region
    Kazakhstan

                     
INFORMATSIONNYI CENTRE: Claims Registration Ends Oct. 7
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Informational Centre Informatsionnyi Centre
insolvent.

Creditors have until Oct. 7 to submit written proofs of claim
to:

         LLP Informatsionnyi Centre
         Proletarskaya Str. 93-47
    Ust-Kamenogorsk
         East Kazakhstan Region
    Kazakhstan


OKS: Proof of Claim Deadline Slated for Oct. 7
----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Oks insolvent on July 12.
Subsequently, bankruptcy proceedings were introduced at the
company.  

Creditors have until Oct. 7 to submit written proofs of claim.

Inquiries can be addressed to 8 (3292) 50-97-23.


SAMALTRANS: Claims Registration Ends Oct. 7
-------------------------------------------
OJSC Samaltrans has declared insolvency.  Creditors have until
Oct. 7 to submit written proofs of claim to:

         OJSC Samaltrans
    Pervomayskaya Str. 54
    Oskarovka
    Karaganda Region

            -- or --

         OJSC Samaltrans
    Skladskaya Str. 2a
    Karaganda
    Karaganda Region
    Kazakhstan


SEKA: Creditors' Claims Due Oct. 7
----------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has ordered to place LLP Seka into compulsory
liquidation.

Creditors have until Oct. 7 to submit written proofs of claim
to:

         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


TRADE-2004: Creditors' Claims Due Oct. 7
----------------------------------------
LLP Trade-2004 has declared insolvency.  Creditors have until
Oct. 7 to submit written proofs of claim to:

         LLP Trade-2004
    Chokin Str. 38-20
    Pavlodar
    Pavlodar Region
    Kazakhstan  


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


FLASH CO: Proof of Claim Deadline Slated for Oct. 4
---------------------------------------------------
LLC Flash Co. declared insolvency.  Creditors have until Oct. 4
to submit written proofs of claim to:

         LLC Flash Co.
    Tolstoi Str.50
    Bishkek, Kyrgyzstan


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


BUHRMANN NV: Acquisition Prompts Moody's to Affirm Ba3 Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Buhrmann N.V.'s corporate
family rating at Ba3 following its announcement to acquire
Andvord Tybring-Gjedde A.S.A.  Concurrently, Moody's affirmed
all other ratings.  The outlook for all ratings is stable.

The acquisition is planned to be funded by increasing senior
secured credit facilities at Buhrmann U.S. Inc. by EUR175
million, use of an accounts receivable securitization program
and EUR28 million in cash on hand.  The increase in senior
secured credit facilities has been underwritten and will be
facilitated by increasing the existing term loan D tranche, with
the existing terms, conditions and maturity to apply.

Credit metrics indicated a profile towards the stronger side of
the Ba3 category prior to this largely debt funded acquisition.
On a pro-forma basis using Moody's calculations, total debt to
EBITDA is expected to move to around 4.8 times and EBIT interest
cover to remain above two times.  Pro-forma metrics continue to
support a Ba3 rating, however, these together with new execution
risks and reduced financial flexibility push the credit profile
towards the lower side of the category.

Liquidity and financial flexibility will reduce as the
securitization facility will become fully utilized and cash on
hand will reduce.  Headroom under senior credit facilities will
remain unchanged at around EUR175 million.

The EUR254 million-increase in senior debt will see a higher
percentage of total debt ranking ahead of the 2014 and 2015
subordinated notes and 2010 convertible bonds.  While this
percentage will move from around 72% on a fully drawn basis to
around 76%, Moody's already applies a two-notch differential
from the corporate family rating to reflect the high level of
subordination.

Buhrmann's ratings continue to be constrained by the cyclicality
of the company's business combined with the low margin
fundamentals of the distribution sector.  The company's business
is largely driven by trends in the number of white-collar office
workers.  Even with the ATG acquisition and additional
geographic diversification obtained, with over 50% of total
revenues generated from the US, any downturn in that market
could lead to a rapid change in credit metrics.

Execution risks are noted, however, the rating factors partial
mitigation through:

   -- limited overlap in the Norwegian and Swedish markets;

   -- conservative forecast synergies at EUR5 million per
annum, requiring only EUR 4 million to achieve;

   -- common strategic agendas;

   -- retention of local management; and

   -- integration of Buhrmann's existing Swedish business into
ATG and ATG to become the Scandinavian arm of Buhrmann's
European business.

Management calculated that ATG generates around 19% of EBITDA
and a significant part of net profit from its retail business.
Retail is not Buhrmann's strategic market and this is likely to
require a different management focus.

The combined business is expected to generate material positive
operating cash flows after debt servicing costs and capital
expenditures.  While the company does not specify a target
financial profile, Moody's expect a component of free cash flow
to be directed to debt repayment.  The rating factors the
possibility of smaller bolt on acquisitions but does not allow
for further material corporate activity.

The stable outlook reflects Moody's view of Buhrmann's market
positions and brands, it core competitive strengths, stability
in its operating performance and an expectation of its ability
to remain broadly cash flow positive during cyclical downturns.

Headquartered in Amsterdam, Netherlands, Buhrmann N.V. is an
international business-to-business services and distribution
group, supplying office products and graphics systems and
related services to the business market.  Reported revenues for
the FYE Dec. 31, 2005 were EUR5,890 million.


BUHRMANN NV: Acquisition Spurs S&P to Affirm BB- Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on The Netherlands-based office products
distributor Buhrmann N.V. following the announcement of its
intention to acquire Andvord Tybring-Gjedde ASA (ATG), an office
products group in the Nordic region, for EUR282 million
(including debt and costs).   The outlook remains stable.
     
The purchase will be funded by debt facilities and will,
therefore, increase Buhrmann's pro forma adjusted-debt-to-EBITDA
ratio to 4.7x, from 4.2x at June 30, 2006.
     
"The acquisition will exhaust all the group's financial
flexibility within the ratings, including that for add-on
acquisitions," said Standard & Poor's credit analyst Sunita
Kara.

Although leverage of 4.2x is commensurate for the ratings, the
flexibility to peak at 4.7x was factored into the ratings,
albeit for the event of a cyclical downturn in the industry as
opposed to headroom for discretionary cash outflows.  Therefore,
the acquisition has left Buhrmann with no headroom for
operational underperformance.

"Despite this, the ratings have been affirmed based on a clear
commitment from management that leverage has peaked and the
group will deleverage to pre-acquisition levels over the short
term," said Ms. Kara.

"S&P will continue to review with management whether its plans
for growth and further shareholder value creation will allow the
group to sustain the ratings."

S&P expects Buhrmann to improve its financial profile following
the acquisition of ATG.  The ratings are likely to be lowered if
adjusted debt to EBITDA increases to more than 4.7x, due to
either acquisitions or operating underperformance.
     
S&P would consider a positive rating action in the currently
unlikely event that the group's financial profile significantly
improves.  In the context of the cyclical industry in which
Buhrmann operates, this is currently defined as adjusted debt to
EBITDA of less than 3.5x.


ORTHOFIX INTERNATIONAL: Earns US$12.7 Million in Second Quarter
---------------------------------------------------------------
Orthofix International N.V. disclosed that sales for the second
quarter ended June 30, 2006, were a record US$84.7 million, an
increase of 7% over the US$79.5 million reported during the same
period in 2005.  The impact of foreign currency on sales for the
second quarter of 2006 was a negative US$300,000.

Net income in the second quarter was US$12.7 million compared
with US$9.4 million for the same period in 2005.  Net income in
the second quarter of 2006 included a non-recurring net tax
benefit of US$2.9 million resulting from the Company's election
to adopt a new tax provision in Italy allowing for the
revaluation of trademarks for tax purposes only.

Additionally, results in the second quarter of this year
included a charge of US$1.6 million (US$1.1 million after taxes)
related to FAS 123R, a new accounting standard adopted in the
first quarter of 2006 that revised the requirements of
accounting for share-based compensation expense and the treasury
method of calculating fully diluted shares outstanding.

"Orthofix's second quarter results demonstrate the fundamental
strength of the Company's core operations," said CEO Alan
Milinazzo.  "The Company's operating earnings per share, which
have been at the high end of our range of guidance for the first
two quarters of this year, reflect the continued strong growth
in demand for our market-leading spine stimulation products
coupled with the successful launch of a new line of functional
braces at our Breg subsidiary.  Additionally, we are pleased
with the positive response we have received in the U.S. and
abroad for our most recently introduced internal fixation
products."

Furthermore, reflecting normal seasonality, the Company
indicated that third quarter revenues are expected to be between
US$82 and US$84 million.

                    Balance Sheet and Cash Flow

At June 30, 2006, total cash increased by US$1.4 million during
the quarter, to US$50 million.

The cash flow from operations during the first six months of
2006 totaled US$1.6 million, down from US$13.1 million over the
first half of last year.  Year-to-date cash flow during the
first half of 2006 was impacted by increased investments in
inventory and a higher level of accounts receivable.

The inventory increase was the result of the Company's
previously announced restructuring activities around the world,
including the opening of a new international distribution center
in Italy and the purchase of a safety stock associated with the
relocation of A-V Impulse System pad production from the U.K to
Mexico.

Orthofix International, N.V. (NASDAQ: OFIX) --
http://www.orthofix.com/-- is a global diversified orthopedic   
products company.  It offers a broad line of minimally invasive
surgical, and non-surgical, products for the Spine,
Reconstruction, and Trauma market sectors that address the
lifelong bone-and-joint health needs of patients of all ages.

                       *     *     *

As reported in the Troubled Company Reporter on Aug. 9,
Standard & Poor's Ratings Services revised the CreditWatch
implications on its 'BB-' corporate credit rating for Orthofix
International to negative from positive.


STICHTING MARS: Moody's Assigns (P)Ba3 Rating to Class D Notes
--------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
five classes of Notes to be issued by STICHTING MARS 2006, a
foundation established in the Netherlands:

   -- EUR135,000,000 Class A Floating Rate Credit-Linked Notes
due 2014: (P)Aaa;

   -- EUR91,800,000 Class B Floating Rate Credit-Linked Notes
due 2014: (P)Aa1;

   -- EUR92,700,000 Class C Floating Rate Credit-Linked Notes
due 2014: (P)Aa2;

   -- EUR91,800,000 Class D Floating Rate Credit-Linked Notes
due 2014: (P)Baa2; and

   -- EUR45,900,000 Class E Floating Rate Credit-Linked Notes
due 2014: (P)Ba3.

The EUR3,997,800,000 Senior Credit Default Swap and the
EUR45,000,000 Class F Floating Rate Credit Linked Notes have not
been rated by Moody's.

The Notes have their scheduled maturity date in August 2012,
directly after the end of the revolving period of six years
(with a legal maturity in 2014).  No triggers related to
performance which would result in the revolving period ending
early are included in the transaction but various replenishment
criteria linked, inter-alia, to the internal rating of the
obligors are included.

Stichting MARS 2006 is the second securitization of loans from
the Dutch SME corporate lending portfolio of ING Bank N.V.,
following the MARS 2004 B.V. transaction in 2004.

Under this transaction, ING buys protection against losses
incurred on loans granted to small and medium-sized corporate
borrowers.  The initial amount of the reference portfolio is
EUR4.5 billion.  In comparison to other transactions the pool
exhibits a high degree of granularity with over 29,000 different
debtor groups and with a maximum loan size of 0.35 per cent of
the reference pool.  The maximum Industrial concentration is 15%
and the portfolio is well diversified over the various regions.

According to Moody's, the ratings take account of the following
factors, among others.  The reference pool is very granular and
diversified, replicating the Dutch SME sector.  Various
replenishment criteria must be satisfied at each replenishment
of the reference pool.  Historical dynamic and static default
data is available for six consecutive years showing good overall
performance.  Finally, the notes amortize sequentially, starting
with the more senior Classes of Notes, whereas the allocation of
losses follows a reverse sequential order, starting with the
more junior Classes of Notes.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity of the Notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal by the legal final maturity.  Moody's
ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.


STICHTING MARS: S&P Rates EUR91-Mln Class E & F Notes at Low-B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR502.2 million floating-rate credit-
linked notes to be issued by STICHTING MARS 2006, a special
purpose vehicle.
  
MARS 2006 will be ING's second transaction that references loans
to Dutch SMEs.  The first transaction was MARS 2004 B.V., which
closed on Dec. 2, 2004.
  
MARS 2006 will issue class A, B, C, D, E, and F notes, credit-
linked to a reference portfolio that has an initial notional
amount of EUR4.5 billion.  The issuer will sell credit
protection to ING Bank N.V. under a CDS linked to this reference
portfolio.  In return, ING will pay swap premiums quarterly to
the issuer.
  
ING will be able to replenish the reference portfolio with new
reference obligations, provided that the applicable eligibility
criteria and replenishment conditions are met.  Unless the
issuer redeems the notes early, the replenishment period will
end on the scheduled maturity date.
  
Proceeds from the issuance of the notes will be deposited in an
account with the London branch of ING.
  
On any interest payment date on which losses are due to be
allocated to the notes, the issuer will draw the amount required
to cover losses from the cash deposit account.  On the swap
termination date, the issuer will pay the amount on deposit to
the noteholders.
  
The transaction has a synthetic threshold amount that acts as
cushion before losses are allocated to the notes.
  
                         Ratings List
                       STICHTING MARS 2006
       EUR502.2 Million Floating-Rate Credit-Linked Notes
  
                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             A              AAA            135.0
             B              AA              91.8
             C              A               92.7
             D              BBB             91.8
             E              BB+             45.9
             F              BB-             45.0


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


GLIMAR SA: Receiver Places Oil Refinery on Sale Table
-----------------------------------------------------
The Official Receiver of Rafineria Nafty Glimar S.A. offers for
sale the company's Hydrokompleks plant, which features:

   -- deep processes petroleum heavy fractions;

   -- annual capacity of up to 225,000 tons; and

   -- obtain petroleum light fractions, solvents and group II
      and III base oils.

Starting price, as evaluated by Roland Berger Strategy
Consultants sp. z o.o.,  is set at PLN326.44 million.

Letters of Intent are accepted at:

         Capricorn sp. z o.o. ul.
         Paderewskiego 36/2
         33-300 Nowy Sacz
         tel (0-18) 443-58-76

The company can be reached at:

         Rafineria Nafty Glimar S.A.
         ul. Michalusa 1
         38-300 Gorlice
         Malopolskie
         Poland         
         Web: http://www.glimar.pl/


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


AGRO-PROM-ENERGO: Court Names S. Vasilyev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. S.
Vasilyev as Insolvency Manager for CJSC Agro-Prom-Energo.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-7744/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Prom-Energo
         Komsomolskaya Str.
         Bogotol
         661060 Krasnoyarsk Region
         Russia


ANGARSK-OIL-PRODUCT: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Irkutsk Region commenced bankruptcy
supervision procedure on OJSC Angarsk-Oil-Product.  The case is
docketed under Case No. A19-7593/06-29.

The Temporary Insolvency Manager is:

         A. Krulikovskiy
         Krasnokazachya Str. 119
         664081 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 Angarsk-Oil-Product
         K. Marksa Str. 6
         Angarsk
         Irkutsk Region
         Russia


ARDATOV-AGRO-PROM-SNAB: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Mordoviya Republic commenced bankruptcy
supervision procedure on OJSC Ardatov-Agro-Prom-Snab (TIN/KPP
1301000398/130101001).  

The case is docketed under Case No. A39-1926/06-72/7.

The Temporary Insolvency Manager is:

         E. Kondratsikovskiy
         Sovetskaya Str. 33
         Saransk
         430000 Mordoviya Republic
         Russia

The Arbitration Court of Mordoviya Republic is located at:

         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         OJSC Ardatov-Agro-Prom-Snab
         Ardatov St.
         Ardatovskiy Region
         431850 Mordoviya Republic
         Russia


ARKHANGELSKIY POTATO: Court Names O. Rezvyj Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. O.
Rezvyj as Insolvency Manager for State Enterprise Arkhangelskiy
Potato (TIN 2901117706, OGRN 103290025949).  He can be reached
at:

         O. Rezvyj
         Suvorova Str. 11
         163045 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-17017/05-21.

The Debtor can be reached at:

         State Enterprise Arkhangelskiy Potato
         Lenina Pr. 4
         163000 Arkhangelsk Region
         Russia


BANK ZENIT: Fitch Affirms Issuer Default at B
---------------------------------------------
Fitch Ratings affirmed Russia-based Bank Zenit's ratings at
Issuer Default B, Short-term B, Individual D, Support 5 and
National Long-term BBB-.  The Outlooks on the Issuer Default and
National Long-term ratings are Stable.

Zenit's Issuer Default, Short-term and Individual ratings
reflect its highly concentrated loan book, still-extensive
business with related parties, modest core profitability, as
well as weaknesses in the Russian operating environment.  The
ratings also take into account the bank's good asset quality to
date, reasonable liquidity and relatively strong risk
management.

"Upside potential to the ratings lies in Zenit's efforts to grow
its franchise and scale of business through the development of
its business, and the integration of the recently purchased
Devon-Kredit Bank.  This should further reduce its dependence on
related parties and improve core profitability," Alexei Kechko,
Associate Director in Fitch's Financial Institutions team
disclosed.

"Downward pressure on the ratings could result from increased
operations with related parties, or a higher appetite for market
risk," Mr. Kechko added.

Zenit ranks among Russia's 20 largest banks.  It concentrates on
corporate and investment banking, but is also developing private
and retail banking.  Tatneft, Russia's fifth-largest oil company
is one of its main shareholders and customers.


BUILDER: Kirov Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Kirov Region commenced bankruptcy
supervision procedure on OJSC Builder.  The case is docketed
under Case No. A28-38/06-38/24.

The Temporary Insolvency Manager is:

         S. Andronovich
         Pervomayskaya Str. 149
         Syktyvkar
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Builder
         Polyarnaya Str. 2
         Podosinovets
         Podosinovskiy Region
         Kirov Region
         Russia


EKSIM-AGRO-TEKH: Court Names V. Boldyrev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. V.
Boldyrev as Insolvency Manager for CJSC Agro Company Eksim-Agro-
Tekh (TIN 2330027903).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-45530/2005-46/536-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Agro Company Eksim-Agro-Tekh
         Pervorechenskoye
         Dinskoy Region
         Lenina Str. 221.
         Krasnodar Region
         Russia


FERRUM: Rostov Court Names S. Novoshitskiy as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. S.
Novoshitskiy as Insolvency Manager for LLC Ferrum (TIN
6143036285).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A53-5851/2006-S2-36.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         LLC Ferrum
         Stroiteley Per. 13
         Volgodonsk
         347360 Rostov Region
         Russia


KIMOVSKIY BUTTER-MAKING: T. Alekseeva to Manage Assets
------------------------------------------------------
The Arbitration Court of Tula Region appointed Ms. T. Alekseeva
as Insolvency Manager for OJSC Kimovskiy Butter-Making Plant.  
She can be reached at:

         T. Alekseeva
         Arsenalnaya Str. 1D
         300002 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A68-278/B-06.

The Debtor can be reached at:

         OJSC Kimovskiy Butter-Making Plant
         Pervomayskaya Str. 22a
         Kimovsk
         Tula Region
         Russia


LENINGRADSKOYE RECLAMATION: N. Taranovskiy to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. N.
Taranovskiy as Insolvency Manager for OJSC Leningradskoye
Reclamation Enterprise.  He can be reached at:

         N. Taranovskiy
         Sadovaya Str. 87
         Kanevskoy Region
         353720 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 32-7096/06-38/137-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Leningradskoye Reclamation Enterprise
         Yubileynaya Str. 1
         Leningradskaya St.
         Leningradskiy Region
         353740 Krasnodar Region
         Russia


LUKOIL OAO: Creates Balkan Joint Venture with Slovenia's Petrol
---------------------------------------------------------------
OAO Lukoil and Petrol d.d. Ljubljana have reached a framework
agreement to establish a joint venture for sales of oil products
in the Balkan countries.

The new JV will be managed on a parity basis; Petrol will hold a
51% stake and Lukoil, 49%.

It is expected that Petrol will place stock capital in JV shares
of four companies, which own fuel stations in Slovenia, Croatia,
Bosnia and Serbia.  Lukoil will contribute shares in its
subsidiary companies - Lukoil-Beopetrol (Serbia) and Lukoil-
Macedonia.

The contributions will be made based on an independent asset
valuation and partially in cash to complete the input value.

The framework agreement received the approval of Lukoil's and
Petrol's governing bodies.  The closing of the deal on
establishment of the JV is subject to a number of conditions
precedent.  The parties anticipate finalizing the incorporation
of the JV by the end of 2006.

"The terms and conditions of this joint venture deal were
mutually beneficial," said Vagit Alekperov, President of OAO
Lukoil.  "We are keen to expand our presence in the Balkans
market.  To a great extent this is where we can achieve the
synergy among Lukoil's existing Eastern European assets."

                          About Petrol

Headquartered in Ljubljana, Slovenija, Petrol d.d. Ljubljana --
http://www.petrol.si/-- is the principal strategic supplier of  
oil and other energy products to the Slovenian market.  Through
an extensive distribution network of proprietary service
stations, Petrol provides drivers on Slovenia's roads and
highways with a broad range of automotive goods and services and
a wide selection of household and food products and other
merchandise.

                          About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first nine months of 2005, the group produced
1.92 million barrels of oil equivalent (boe) per day and in 2004
had refinery throughput of 44 million tons.  Total SPE reserves
in 2004 were just over 20 billion boe.  The group's 2005 nine-
month revenues were US$40.6 billion.

                        *     *     *

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Lukoil
OAO to 'BB+' from 'BB'.  S&P said the outlook is positive.  

As reported in the TCR-Europe on Jan. 26, Moody's Investors
Service has changed the outlook of OAO Lukoil's Ba1 Corporate
Family Rating and Ba2 Issuer Rating to positive from stable.

Moody's last rating action on LUKOIL was on April 26, when the
agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2.


MARKSOVSKIY: Court Names A. Kharitonov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Kharitonov as Insolvency Manager for OJSC Brewery Marksovskiy.  

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 Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Brewery Marksovskiy
         Zagorodnaya Rosha 27
         Marks
         Saratov Region
         Russia


NATIONAL AIR-LINES: Court Names B. Gusev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. B. Gusev as
Insolvency Manager for OJSC National Air-Lines.  He can be
reached at:

         B. Gusev
         Partizanskaya Str. 1
         Kovrov
         601914 Vladimir Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-19225/06-38-84 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC National Air-Lines
         Airport Sheremetye
         K-340
         Moscow Region
         Russia


ORENBURG-GAS-REM-STROY: S. Suvorova to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. S.
Suvorova as Insolvency Manager for CJSC Orenburg-Gas-Rem-Stroy.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-11793/05-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         CJSC Orenburg-Gas-Rem-Stroy
         Plodopitomnik
         Arkhangelsk Region
         Russia


OZERKI: Tula Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Tula Region commenced bankruptcy
supervision procedure on CJSC Ozerki.  The case is docketed
under Case No. A68-2114/06-177/B.

The Temporary Insolvency Manager is:

         Y. Kutlin
         Arsenalnaya Str. 1-d.
         300002 Tula Region
         Russia

The Debtor can be reached at:

         CJSC Ozerki
         Ozerki
         Novomoskovskiy Region
         301686 Tula Region
         Russia


POCHEP-SEL-KHOZ-KHIMIYA: M. Anikin to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. M. Anikin
as Insolvency Manager for OJSC Pochep-Sel-Khoz-Khimiya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-3019/06-26.

He can be reached at:

         M. Anikin
         Room 203
         Elektrozavodskaya Str. 7
         600009 Vladimir Region
         Russia

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Pochep-Sel-Khoz-Khimiya
         Pochep
         Bryansk Region
         Russia


PROMSVYAZBANK: Citigroup Arranges US$45-Mln Loan by PSB Finance
---------------------------------------------------------------
JSCB Promsvyazbank disclosed that Citigroup acted as arranger of
a 69-month subordinated loan worth US$45 million for the
company.  The transaction was structured as an issue of loan
participation notes by PSB Finance S.A., a Luxembourg special
purpose vehicle, to fund a loan to Promsvyazbank.

The loan participation notes feature a unique remarketing
provision that permits Promsvyazbank to cause the notes to be
remarketed on a date, selected by Promsvyazbank in its sole
discretion, within nine months of the issue date of the loan
participation notes.

The remarketing feature is the first of its kind to be included
in a debt offering by a Russian issuer.  The deal was managed as
private placement, and the Notes were issued according to Reg S.
The underlying subordinated loan was approved as Supplemental
(Tier 2) Capital by The Central Bank of Russia.

The funds raised will be used to consolidate Promsvyazbank's
capital base in order to support the fast growing assets
segment, which will be generated primarily by an increase in
corporate and retail lending.  The Bank of Russia has registered
the funds as II Tier capital of the bank.

                     About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng-- provides a wide range of banking  
services for the large communication enterprises.  The bank is
also an active player on the loan and investment markets,
securities and interbank loans market as well as the
international and Russian plastic cards market.

                        *     *     *

In February 2006, Fitch assigned the following ratings to the
company, with a stable outlook:

   * Short-term: B;
   * Long-term: B;
   * Individual: D;
   * Support: 5;

In December 2005, Moody's Investors Services assigned these
ratings to the company:

   * Long and Short-term foreign currency deposits: Ba3/NP
   * Financial Strength Rating: D-
   * Stable outlook,

while Standard & Poor's Ratings Services assigned these ratings
in September 2005:

   * 'B/C' long- and short-term counterparty credit and
     certificate of deposit ratings;

   * Stable outlook.


PROMSVYAZBANK: Commerzbank Mulls Purchase of 15.3% Equity Stake
---------------------------------------------------------------
JSCB Promsvyazbank has reached an agreement with Commerzbank AG,
Germany, providing participation of the last in the prospective
capital increase of Promsvyazbank planned for this autumn.

Upon closing of emission, Commerzbank will get a share of 15.3%
in the capital of the Russian bank for an undisclosed amount.  
The transaction is to be approved by the Bank of Russia.

The parties also consider the possibility of further increase of
Commerzbank's share in the capital of Promsvyazbank.  

According to Commerzbank, the prospective transaction is going
to become a significant step on the way to further intensive
development of Promsvyazbank, growth of its corporate and retail
credit portfolio, rise of its productivity and competitiveness,
strengthening of its market positions.

                     About Commerzbank

Commerzbank was established in 1870 and is Germany's second-
largest bank and one of the leading banks in Europe.  Its
consolidated balance-sheet total stands at EUR615 billion.  
Roughly 35,000 employees, 8,100 of them active outside Germany,
look after more than 8 million customers worldwide.  Commerzbank
provides financial services for private and business customers
as well as for small to medium-sized companies and serves
numerous major corporations and multinationals.  In Germany, the
Commerzbank Group maintains a nationwide network of more than
1,000 outlets.  In corporate business, Western, Central and
Eastern Europe also count as core markets.  All told, it is
represented with outlets of its own in more than 40 countries.  
Commerzbank already has a subsidiary in Russia, Commerzbank
(Eurasija) SAO, which opened there in 1999.   

                     About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng-- provides a wide range of banking  
services for the large communication enterprises.  The bank is
also an active player on the loan and investment markets,
securities and interbank loans market as well as the
international and Russian plastic cards market.

                        *     *     *

In February 2006, Fitch assigned the following ratings to the
company, with a stable outlook:

   * Short-term: B;
   * Long-term: B;
   * Individual: D;
   * Support: 5;

In December 2005, Moody's Investors Services assigned these
ratings to the company:

   * Long and Short-term foreign currency deposits: Ba3/NP
   * Financial Strength Rating: D-
   * Stable outlook,

while Standard & Poor's Ratings Services assigned these ratings
in September 2005:

   * 'B/C' long- and short-term counterparty credit and
     certificate of deposit ratings;

   * Stable outlook.


RUBIKON: Court Names Mr. L. Lazarenko as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. L.
Lazarenko as Insolvency Manager for CJSC Rubikon.  He can be
reached at:

         L. Lazarenko
         Aviatsionnaya Str. 5.
         302010 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-1440/2006.

The Debtor can be reached at:

         CJSC Rubikon
         Kurtamysh
         Kurtamyshskiy Region
         Kurgan Region
         Russia


SNEZHKA: Bryansk Court Names A. Platonov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. A.
Platonov as Insolvency Manager for OJSC Poultry Farm Snezhka.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-2537/06-27.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Poultry Farm Snezhka
         Putevka
         241519 Bryansk Region
         Russia


STEEL: Orel Court Names S. Romanchin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Romanchin
as Insolvency Manager for LLC Steel.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-1907/06-20B.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         LLC Steel
         Metallurgov Str. 15
         302000 Orel Region
         Russia


STROY-INVEST: Court Names A. Parollo as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. A. Parollo
as Insolvency Manager for LLC Building Company Stroy-Invest.  He
can be reached at:

         A. Parollo
         Ordzhonikidze Str. 49A-212
         Syktyvkar
         Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-3680/06-3B.

The Debtor can be reached at:

         LLC Building Company Stroy-Invest
         Pervomayskaya Str. 149
         Syktyvkar
         Komi Republic
         Russia


VORKUTINSKIY BREWERY: Komi Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Komi Republic commenced bankruptcy
supervision procedure on OJSC Vorkutinskiy Brewery (TIN
1103016396).  The case is docketed under Case No. A29-4056-3B.

The Temporary Insolvency Manager is:

         A. Kokarev
         Post User Box 512
         197046 St. Petersburg Region
         Russia

The Debtor can be reached at:

         OJSC Vorkutinskiy Brewery
         Promyshlennoy Industrii Str. 3a
         Vorkuta
         169900 Komi Republic
         Russia


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


NOVELIS INC: Earns US$90 Million for Fiscal Year 2005
-----------------------------------------------------
Novelis Inc. filed on Aug. 25, its Annual Report under Form
10-K for the fiscal year ended Dec. 31, 2005, with the U.S.
Securities and Exchange Commission.

The Company's net sales increased to US$8.36 billion in 2005
compared to US$7.76 billion in 2004, an increase of US$608
million, or 8%.  The improvement was primarily the result of an
increase in LME metal pricing, which was 10% higher on average
during 2005 compared to 2004.

The Company reported net income of US$90 million, for the year
ended Dec. 31, 2005, compared net income of US$55 million, in
2004.

Interest expense and amortization of debt issuance costs - net
was US$194 million in 2005, significantly higher than the US$48
million allocated to the Company by Alcan for 2004.  The
increase resulted from the debt the Company undertook to finance
the spin-off.  In addition, the Company incurred US$11 million
in debt issuance costs on undrawn credit facilities that were
used to back up the Alcan notes it received in January 2005 as
part of the spin-off, and included such costs in interest
expense and amortization of debt issuance costs - net.  In
previous quarters during 2005, the costs were included in "Other
income - net".

The Company disclosed that it has material weaknesses in its
internal control over financial reporting and that its
disclosure controls and procedures were not effective.  The
Company is working to remediate the weaknesses to enable it to
timely and accurately prepare and file its reports with the
United States Securities and Exchange Commission.

The Company also disclosed, it restated its consolidated and
combined financial statements for the quarters ended March 31
and June 30, 2005.  Other filings were delayed or remain
outstanding, including its quarterly reports on Form 10-Q for
the quarters ended Mar. 31, 2006 and June 30, 2006.  The
expenses incurred in connection with the restatement and review
process were approximately US$30 million through June 30, 2006.
These expenses include professional fees, audit fees, credit
waiver and consent fees, and special interest on its US$1.4
billion 7.25% senior unsecured debt securities due 2015, which
it will continue to incur until, among other things, the Company
is current with its SEC filings and complete its registered
exchange offer for its Senior Notes.

A full text-copy of Novelis Inc's financial report may be viewed
at no charge at http://ResearchArchives.com/t/s?108f

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.


NOVELIS INC: Declares $0.01 Dividend on Outstanding Common Stock
----------------------------------------------------------------
The Board of Directors of Novelis Inc., declared a quarterly
dividend of $0.01 per share on its outstanding common stock,
payable on Sept. 25, 2006, to shareholders of record at the
close of business on Sept. 7, 2006.

There are approximately 74 million common shares of the Company
stock outstanding.

The Company disclosed that its Board reduced the dividend for
the quarter in consideration of corporate cost increases and
higher interest rates, as well as the limitations under its
credit agreement related to dividend payments.

The Company also disclosed that it will mail copies of its
Annual Report on Form 10-K to each shareholder along with its
proxy materials.  The Company's annual report is currently
available for download on its Web site.  Shareholders who
require printed copies in advance of the mailing of proxy
materials may contact the Investor Relations department by
telephone at 404-814-4212.

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


ADAMPIL BREAD: Court Names Andrij Nadlonok as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Andrij
Nadlonok as Liquidator/Insolvency Manager for CJSC Adampil Bread
Combine (code EDRPOU 32430583).  He can be reached at:

         Andrij Nadlonok
         Zubrivska Str. 25a/33
         79066 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 7.  The case is docketed
under Case No. 3/165-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         CJSC Adampil Bread Combine
         Privokzalna Str. 1
         Adampil
         Starosinyavskij District
         31416 Hmelnitskij Region
         Ukraine


AGAT: Volinska Court Names M. Zinchuk to Liquidate Assets
---------------------------------------------------------
The Economic Court of Volinska Region appointed M. Zinchuk of
Kovel City State Tax Inspection as Liquidator for LLC Agat (code
EDRPOU 21740959).  

         M. Zinchuk
         Kovel City State Tax Inspection
         Stepan Bandera Str. 5
         Kovel
         45000 Volinska Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 12.  The case is docketed
under Case No. 1/78-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Agat
         Kutuzov Str. 27
         Kovel
         45000 Volinska Region
         Ukraine


ARKO: Ivano-Frankivsk Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on LLC Production-Trade Firm
Arko (code EDRPOU 24684345).  The case is docketed under Case
No. B-8/136.

The Temporary Insolvency Manager is:

         Ivan Vatutin
         Novodvorskij Str. 24
         Kolomiya
         78200 Ivano-Frankivsk Region
         Ukraine

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         LLC Production-Trade Firm Arko
         a/b 222
         Stefanik Str. 16/8
         Kolomiya
         78200 Ivano-Frankivsk Region
         Ukraine


CHERNIGIV RADIO-TV: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on State Enterprise Chernigiv Regional
Radio-TV Transmitting Center (code EDRPOU 14251651) on May 18.
The case is docketed under Case No. 5/229 b

The Temporary Insolvency Manager is:

         T. Tanska
         Rokosovskij 16/122
         14000 Chernigiv Region
         Ukraine

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Chernigiv Regional
         Radio-TV Transmitting Center
         Komsomolska Str. 53-B
         14000 Chernigiv Region
         Ukraine


NOVGORODSKE MACHINE: Donetsk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Novgorodske Machine Building Plant
(code EDRPOU 00165764) on June 26.  The case is docketed under
Case No. 42/134 B.

The Temporary Insolvency Manager is:

         Yanina Geza
         a/b 6
         Golovposhtamt
         83000 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 Novgorodske Machine Building Plant
         Petrovskij Str. 1
         Novgorodske
         Dzerzhinsk
         85294 Donetsk Region
         Ukraine


PROMMONOLIT: Court Names Oleksij Zhimojda as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Oleksij Zhimojda
as Liquidator/Insolvency Manager for LLC Wood Processing Complex
Prommonolit (code EDRPOU 32359527).  He can be reached at:

         Oleksij Zhimojda
         Artema Str. 116/37
         Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 17.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Wood Processing Complex Prommonolit
         Shadrinska Str. 13
         Kramatorsk
         84302 Donetsk Region
         Ukraine


RADUSHNA BREAD: Court Commences Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on OJSC Radushna Bread Receiving
Enterprise (code EDRPOU 00959547) on June 6.  The case is
docketed under Case No. B 29/143/05.

The Temporary Insolvency Manager is:

         Mikola Lukashik
         a/b 2558          
         Krivij Rig
         50051 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Radushna Bread Receiving Enterprise
         Zavodska Str. 6
         Radushna
         Krivij Rig District
         Dnipropetrovsk Region
         Ukraine


SHAMSHU: Harkiv Court Names Sergij Moroz as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Harkiv Region appointed Sergij Moroz as
Liquidator/Insolvency Manager for LLC Shamshu (code EDRPOU
33413511).  He can be reached at:

         Sergij Moroz
         Academic Proskura Str. 1
         61070 Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 17.  The case is docketed
under Case No. B-39/70-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Shamshu
         Darvin Str. 20
         Harkiv Region
         Ukraine


SVERDLOVSK AUTO-TRANSPORT 10913: Mikola Hajlo to Manage Assets
--------------------------------------------------------------
The Economic Court of Lugansk Region appointed Mikola Hajlo as
Liquidator/Insolvency Manager for OJSC Sverdlovsk Auto-Transport
Enterprise 10913 (code EDRPOU 03113221).  He can be reached at:

         Mikola Hajlo
         Karbishev Str. 12/157
         Stahanov
         94000 Lugansk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 22.  The case is docketed
under Case No. 10/41 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         OJSC Sverdlovsk Auto-Transport Enterprise 10913
         Lutugin Str. 13
         Sverdlovsk
         94850 Lugansk Region
         Ukraine


TRIADA: Kyiv Court Starts Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Production Commercial Firm Triada
(code EDRPOU 24726724).  The case is docketed under Case No.
43/396.

The Temporary Insolvency Manager is:

         Ivan Gusar
         a/b 29
         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 Production Commercial Firm Triada
         Tupolev Str. 7-V
         Kyiv Region
         Ukraine


ZDOLBUNIV NON-STANDARD: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Rivne Region commenced bankruptcy
supervision procedure on OJSC Zdolbuniv Non-Standard Equipment
Plant (code EDRPOU 05461415) on June 21.  The case is docketed
under Case No. 9/32.

The Temporary Insolvency Manager is:

         O. Franko
         Guryev Str. 13
         33000 Rivne Region
         Ukraine

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         OJSC Zdolbuniv Non-Standard Equipment Plant
         Grushevskij Str. 28
         Zdolbuniv
         35705 Rivne Region
         Ukraine


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


A & P ESSEX: Appoints Liquidator from Tenon Recovery
----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed Liquidator of A &
P (Essex) Limited on June 19 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:

         A & P (Essex) Limited
    75 Springfield Road  
    Chelmsford
    Essex CM2 6JG
    United Kingdom
    Tel: 01245 602 339


ADDISCOMBE GROUP: Creditors' Meeting Slated for September 7
-----------------------------------------------------------
Creditors of Addiscombe Group Limited (formerly Interalliance
Group PLC) (Company Number 02850080) will meet at 2:00 p.m. on
Sept. 7 at:

         New Connaught Rooms
         61-65 Great Queen Street
         London WC2B 5DA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 6 at:

         M. J. A. Jervis and D. Y. Schwarzmann         
         Joint Administrators
         PricewaterehouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom
         Tel: [44] (20) 7583 5000
         Fax: [44] (20) 7822 4652

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.  


AFFYMETRIX INC: Defaults Under 0.75% Senior Note Indenture
----------------------------------------------------------
Affymetrix Inc. received a notice of default on Aug. 17 under
the indenture governing its US$120 million 0.75% Senior
Convertible Notes due 2033 from noteholders owning over 25% of
the principal amount of the outstanding notes.  

The default notice came as a result of the filing delay of the
company's Form 10-Q for the quarter ended June 30, 2006, with
the U.S. Securities and Exchange Commission, in light of
Affymetrix's decision to restate its financial statements.

Under the indenture, the Company has 60 days to cure a breach.  
If the company does not cure the breach within that period,
either the trustee or the holders of at least 25% aggregate
principal amount of outstanding Notes may accelerate the
maturity of the Notes, causing the outstanding principal amount
plus accrued interest to be immediately due and payable.  

The Company expects to file its restated financial statements
and its Form 10-Q for the period ending June 30, 2006, by
Sept. 30, 2006, which would cure the purported default.

All required interest and principal payments have been timely
made on the Notes.  As of June 30, 2006, the Company had
approximately US$261 million of cash and short-term investments.

                     About Affymetrix

Headquartered in Santa Clara, California, Affymetrix Inc. --
http://www.affymetrix.com/-- analyzes complex genetic  
information that are used by pharmaceutical, biotechnology,
agrichemical, diagnostics and consumer products companies.  The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia and has about 1,100
employees worldwide.


AFFYMETRIX INC: Court Issues Markman Order in Illumina Suit
-----------------------------------------------------------
The Hon. Joseph J. Farnan of the United States District Court
for the District of Delaware issued a Markman order in the
litigation brought by Affymetrix against Illumina.  Affymetrix
has accused Illumina of infringing U.S. Patent Nos. 6,355,432,
6,646,243, 5,545,531, 6,399,365, and 5,795,716.

In a Markman decision, the District Court interprets disputed
claim language.  The Court's Aug. 16 Order addressed 15 disputed
claim terms in the five patents-in-suit.  The Court agreed with
Affymetrix's proposed constructions for most terms and adopted
only two of Illumina's proposed constructions.

The Court rejected Illumina's primary contentions, and found
instead that:

   -- the patents-in-suit are not limited to in situ synthesis.

   -- the patents-in-suit are not limited to probes chemically
      linked to a single surface.

   -- the patents-in-suit are not limited to placement of
      probes at predetermined locations (and therefore cover
      random assembly of arrays).

The Court's decision affirms the breadth of Affymetrix' patent
portfolio in covering the DNA microarray field and related
technology.

In a separate decision, the Court also denied Illumina's motion
to dismiss the '716 patent for lack of standing.  The Court
affirmed Affymetrix' ownership of and right to sue on the '716
patent.

"We are pleased with the Court's Markman decision and look
forward to proceeding to trial," said Barbara Caulfield,
Affymetrix' Executive Vice President and General Counsel.  Trial
is scheduled to begin on Oct. 16.  Affymetrix is seeking
remedies including lost profits, a reasonable royalty, trebled
damages for willfulness, and a permanent injunction.

A full-text copy of the Markman memorandum and opinion is
available at no charge at:

      http://www.affymetrix.com/corporate/media/illumina_announcement.affx

                     About Affymetrix

Headquartered in Santa Clara, California, Affymetrix Inc. --
http://www.affymetrix.com/-- analyzes complex genetic  
information that are used by pharmaceutical, biotechnology,
agrichemical, diagnostics and consumer products companies.  The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia and has about 1,100
employees worldwide.

                        *     *     *

Affymetrix Inc.'s noteholders issued a notice of default on
Aug. 17 under the indenture governing the US$120 million 0.75%
Senior Convertible Notes due 2033 as a result of the company's
failure to file its Form 10-Q for the quarter ended June 30,
2006, with the U.S. Securities and Exchange Commission.


APAC COMPUTER: Names Gordon Allan Mart Simmonds Liquidator
----------------------------------------------------------
Gordon Allan Mart Simmonds was appointed Liquidator of APAC
Computer Training Limited on July 3 for the purposes of the
company's voluntary winding-up procedure.

The company can be reached at:

         APAC Computer Training Limited
    Princess House
    105-107 Princess Street
    Manchester M1 6DD
    United Kingdom
    Tel: 0161 228 7783


ASHTON COURT: Brings In Ernst & Young as Administrators
-------------------------------------------------------
Colin Peter Dempster and Robert Hunter Kelly of Ernst & Young
LLP were appointed joint administrators of Ashton Court
Developments Limited (Company Number 05645758) on Aug. 7.

Ernst & Young -- http://www.ey.com/-- is global organization  
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

Headquartered in Harrogate, United Kingdom, Ashton Court
Developments Limited is engaged in property development.


ATLAS MOVING: Peter John Bridger Leads Liquidation Procedure
------------------------------------------------------------
Peter John Bridger of Bridgers was appointed Liquidator of Atlas
Moving Limited on June 20 for the purposes of the company's
voluntary wind-up.

The company can be reached at:

         Atlas Moving Limited
    4 Acre Road
    Reading
    Berkshire RG2 0SU
    United Kingdom
    Tel: 0118 931 1229


BIG TENT: Taps Laurence S. Burt to Liquidate Assets
---------------------------------------------------
Laurence S. Burt of Ganley Burt was appointed Liquidator of Big
Tent Limited on July 5 for the purposes of the company's
voluntary winding-up.

The company can be reached at:

         Big Tent Limited
    2A Osbourne Court
    Thelwall New Road
    Grappenhall
    Warrington
    Cheshire WA4 2LS
    United Kingdom
    Tel: 01925 606060


BOOKPRINT 2000: Hires Liquidator from Leigh & Co.
-------------------------------------------------
Martin Henry Linton of Leigh & Co. was appointed Liquidator of
BookPrint 2000 Limited on June 23 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         BookPrint 2000 Limited
    Unit 6 7
    Milland Road Industrial Estate
    Neath
    West Glamorgan SA111NJ
    United Kingdom
    Tel: 01639 638 005


C & G LEISURE: Taps Vantis to Administer Assets
-----------------------------------------------
Mark Newman and Peter Nicholas Wastell of Vantis Business
Recovery Services were appointed joint administrators of C & G
Leisure & Amusements Limited (Company Number 4009738) on Aug. 8.

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

C & G Leisure & Amusements Limited can be reached at:

         Stanton House
         41 Blackfriars Road
         Salford
         Lancashire M3 7DB
         United Kingdom


CAFE BLU: Appoints Joint Administrators from Benedict Mackenzie
---------------------------------------------------------------
Anthony Peter McQueen Benedict and Ian Donald Williams of
Benedict Mackenzie LLP were appointed joint administrators of
Cafe Blu Limited (Company Number 04467561) on Aug. 10.

The administrators can be reached at:

         Benedict Mackenzie LLP
         62 Wilson Street
         London EC2A 2BU
         United Kingdom
         Tel: 020 7247 1174
         Fax: 020 7247 3494

Cafe Blu Limited can be reached at:

         13 Station Parade
         Virginia Water
         Surrey GU25 4AB
         United Kingdom
         Tel: 01344 843 369


CAITHNESS GLASS: Crystal Ware Manufacturer Up for Sale
------------------------------------------------------
The Administrator, Deloitte & Touche LLP, offers for sale the
business and assets Caithness Glass Company Limited.

Features:

   -- manufacturer of glass giftware, crystal tableware and
      associated products;

   -- manufacturing facility, warehouse and visitor center at
      Perth;

   -- demonstration center and retail outlet at Kings Lynn;

   -- broad customer base throughout the U.K.;

   -- experienced and committed workforce; and

   -- turnover of GBP3.4 million in 2006 and GBP3.5 million in
      2005.

Inquiries can be addressed to:

         Monika Bretmaisser
         Deloitte & Touche LLP
         Saltire Court
         20 Castle Terrace
         Edinburgh EH1 2DB
         Tel: 0131 535 7428
         Fax: 0131 535 7777

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


CAMDELL SERVICES: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Martin Williamson of DS Insolvency Services Ltd. was appointed
Liquidator of Camdell Services Limited on July 7 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:

         Camdell Services Limited
    1 Marychurch Road
    Stoke-On-Trent ST2 9BJ
    United Kingdom
    Tel: 01782 206 008


CAPERDI TRADING: Appoints Michael Williams as Liquidator
--------------------------------------------------------
Michael Williams of Michael Williams and Company was appointed
Liquidator of Caperdi Trading Limited on July 10 for the
purposes of the company's voluntary wind-up.

The company can be reached at:

         Caperdi Trading Limited
    Unit 8
    Vale Park Industrial Estate
    Hazelbottom Road
    Manchester M8 0GF
    United Kingdom
    Tel: 0161 203 6658


COLLINS & AIKMAN: Court OKs Expedited Lease Rejection Procedures
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
approved the expedited procedures for the rejection of
unnecessary and burdensome executory contracts and unexpired
leases proposed by Collins & Aikman Corporation and its debtor-
affiliates.

Salient terms of the Debtor's rejection procedures include:

   (a) The Debtors will file a notice to reject a Contract,
       setting forth: (i) the Contracts to be rejected; (ii) the
       name and address of the counterparties to the Contracts;
       (iii) the effective date of the rejection for the
       Contracts; and (iv) the deadlines and procedures for
       filing objections to the Rejection Notice.

   (b) The Debtors will serve the Rejection Notice by an
       overnight delivery service on: (i) the Contract
       counterparties affected by the Rejection Notice; (ii)
       counsel to the Committee; (iii) counsel to the agent for
       the prepetition secured lenders; (iv) counsel to the
       agent for the postpetition secured lenders; and (v) the
       Office of the United States Trustee.

   (c) Parties objecting to the rejection must file and serve a
       written objection with the Court no later than 10 days
       after the date the Debtors serve the relevant Rejection
       Notice.

   (d) If an objection is not timely filed, the Debtors will
       file a certificate of no objection with a proposed order
       rejecting the Contracts.

   (e) If an objection is timely filed and not withdrawn or
       resolved, the Debtors will file a notice for a hearing to
       consider the objection for the Contracts to which the
       objection relates.  If an objection is overruled or
       withdrawn, the Contracts will be rejected.

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


COLLINS & AIKMAN: Fabric (DE) Balks at Lease Rejection Request
--------------------------------------------------------------
Fabric (DE) GP asks the U.S. Bankruptcy Court for the Eastern
District of Michigan deny Collins & Aikman Corporation and its
debtor-affiliates request to reject portions of a Master Lease
Agreement, relating to premises in Manchester, Michigan, and
Farmville, North Carolina.

Timothy A. Fusco, Esq., at Miller, Canfield, Paddock & Stone,
PLC, in Detroit, Michigan, argues that the Lease cannot be
rejected in part.  Section 365 of the Bankruptcy Code does not
authorize the rejection of real property; rather, the trustee or
debtor-in-possession only is authorized to "assume or reject any
executory contract or unexpired lease of the debtor," Mr. Fusco
explains.

Mr. Fusco, citing In re Rachels Industries, Inc., 109 B.R. 797,
802 (Bankr. W.D. Tenn. 1990), points out that the Debtors bear
the burden of proving that the Lease as to the Manchester and
Farmville premises should be severed.  Mr. Fusco asserts that
Debtors failed to satisfy this burden.

The Debtors argue that the Lease is severable because it covers
six properties in different locations and the Manchester and
Farmville properties allegedly operated on a stand-alone basis.
Mr. Fusco contends that this perspective is far too narrow and
does not reflect the parties' views when the original lease was
entered.

According to Mr. Fusco, the Lease was executed with Fabric
purchasing simultaneously from the Debtors all of the premises.
That sale treated the leased premises collectively for all
purposes including:

    *  Fabric obtained a single loan to acquire all of the
       leased premises and secured that loan by giving the
       Lender mortgages on all of the leased premises;

     * There was one Subordination, Non-Disturbance and
       Attornment Agreement provided by the Tenant to the
       Lender, which was signed by all of the applicable
       Debtors;

     * Fabric obtained only one policy for each type of
       insurance coverage for the six premises; and

     * C&A Corp. issued a single guaranty of all of Tenant's
       obligations under the Lease.

"[O]nly very recently did the Debtors begin characterizing the
Lease as severable," Mr. Fusco notes.  "[T]he Debtors' newfound
position reflects not the parties' intent, but rather the
Debtors' current economic preference."

In the event that the Court approves the rejection, Fabric asks
the Court to set the lease effective date of rejection on the
later of:

    -- June 29, 2006, for the Manchester premises and
       December 31, 2006, for the Farmville premises; or

    -- the date by which the Debtors have fully vacated and
       surrendered possession of the Premises and paid all
       postpetition amounts due.

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


CONISTON ELECTRICAL: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Coniston
Electrical Services Limited on June 22 for the purposes of the
company's voluntary wind-up.

The company can be reached at:

         Coniston Electrical Services Limited
    Lowgate House
    Lowgate
    Hull
    North Humberside HU1 1EL
    United Kingdom
    Tel: 01482 322 261


CREST SERVICES: Appoints Administrators from KPMG
-------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Crest Services and Supplies
Limited (Company Number 02101209) on Aug. 11.

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

Headquartered in Leicester, United Kingdom, Crest Services and
Supplies Limited is engaged in the production of aluminum window
frames.


D.A.P. PROPERTIES: Names Joint Administrators from KPMG
-------------------------------------------------------
Richard John Hill and Jonathan Scott Pope of KPMG LLP were
appointed joint administrators of D.A.P. Properties U.K. Limited
(Company Number 05227692) on Aug. 10.

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

Headquartered in Bristol, United Kingdom, D.A.P. Properties U.K.
Limited develops real estate properties.


EEC ELECTRICAL: Names Barry Gibson Mitchell to Liquidate Assets
---------------------------------------------------------------
Barry Gibson Mitchell of Barry Mitchell & Company was appointed
Liquidator of EEC Electrical Limited on June 23 for the purposes
of the company's voluntary wind-up.

The company can be reached at:

         EEC Electrical Limited
    60 Cowbridge Road East
    Canton
    Cardiff
    South Glamorgan CF11 9DU
    United Kingdom
    Tel: 029 2034 2180
    Web: http://www.eecelectrical.com/


FIELDS DISTRIBUTION: Claims Filing Period Ends Sept. 27
-------------------------------------------------------
Creditors of Fields Distribution Limited have until Sept. 27 to
send in their full names and addresses, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator William Antony
Batty of Antony Batty & Co. at:

         William Antony Batty
    Antony Batty & Co.
    Third Floor
    3 Field Court
    Gray's Inn
    London WC1R 5EF
    United Kingdom

The company can be reached at:

    Fields Distribution Limited
    Rolleston Lane
    Tutbury
    Burton-On-Trent
    Staffordshire DE139HE
    United Kingdom
    Tel: 01283 815 666


FIRST CAPITAL: Brings In Administrators from Baker Tilly
--------------------------------------------------------
Guy Edward Brooke Mander and Phillip Hartland Allen of Baker
Tilly were appointed joint administrators of First Capital
Ventures Limited (Company Number 03268053) on Aug. 10.

Headquartered in Birmingham, United Kingdom, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of  
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network, which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Headquartered in Kingswinford, United Kingdom, First Capital
Ventures Limited maintains and repairs motors.


G DYTHAM: Brings In Joint Liquidators from CBA
----------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
Joint Liquidators of G Dytham & Sons Limited (formerly
Summertown Limited) on June 29 for the purposes of the company's
voluntary winding-up.

Subsequently, creditors confirmed the appointment of the Joint
Liquidators.

The company can be reached at:

         G Dytham & Sons Limited
    Melbourne Road
    Lount
    Ashby-De-La-Zouch
    Leicestershire LE651RS
    United Kingdom
    Tel: 01530 566 566


GLASS COMPACTION: Hires Robert Day to Liquidate Assets
------------------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
Liquidator of Glass Compaction Services Limited on June 30 for
the purposes of the company's voluntary wind-up.

The company can be reached at:

         Glass Compaction Services Limited
    Upway
    Hammer Vale
    Haslemere
    Surrey GU271QG
    United Kingdom
    Tel: 01428 656 027


GRAZ LIMITED: Hires Grant Thornton as Joint Administrators
----------------------------------------------------------
Nicholas Wood and James Earp of Grant Thornton U.K. LLP were
appointed joint administrators of Graz Limited (Company Number
05335799) on Aug. 8.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

Graz Limited can be reached at:

         Waltham Forest Business Centre
         5 Blackhorse Lane
         London E17 6DS
         United Kingdom


GUS PLC: Shareholders Approve Argos & Experian Split
----------------------------------------------------
Shareholders of GUS plc approved the demerger and public listing
of Argos Retail Group and Experian at a Court Meeting and an
Extraordinary General Meeting on Aug. 29.

Following this approval, the demerger will result in GUS
shareholders receiving one share in each of ARG and Experian for
every GUS share they hold.

                      Terms of the Offer

Under the proposals, GUS shareholders on the register at 4:30
p.m. on Oct. 6 will receive one ARG share and one Experian share
in exchange for each GUS share they hold at the time.  Holders
of GUS ADRs will be entitled to receive one Experian ADR and the
net proceeds of sale of their pro rata entitlement to ARG
shares.

The suspension of listing of and dealings in GUS shares is
expected to take place at 4:30 p.m. on Oct. 6.  Application will
be made to the FSA for the ARG shares and the Experian shares to
be admitted to the Official List and will be made to the London
Stock Exchange for such shares to be admitted to trading on the
London Stock Exchange.  

Dealings in ARG and Experian shares are expected to commence at
8:00 a.m. on Oct. 11.  Application will be made to the London
Stock Exchange to permit when issued dealings in ARG and
Experian from 8:00 a.m. on Oct. 9 until Admission.  If the
demerger does not occur, all conditional dealings will be of no
effect and any such dealings will be at the sole risk of the
parties concerned.

GUS will issue an update on trading for the five months to
Aug. 31, on Sept. 14.

The expected timetable for the proposal include:

      Date                    Event
      ----                    -----
   Sept. 14 2006  Approximate date of publication of ARG and
                  Experian prospectuses.  
    
   Oct. 6, 2006   Suspension of listing of, and dealings in,
                  GUS shares at 4.30 p.m.
    
   Oct. 9, 2006   When issued dealings commence in ARG and
                  Experian shares
    
   Oct. 10, 2006  Demerger becomes effective
    
   Oct. 11, 2006  Shares in ARG and Experian commence trading at
                  8:00 a.m.
   
"We believe this demerger will create further value for our
shareholders by enabling them to invest directly in ARG and
Experian, both of which have clear strategies for growth," Sir
Victor Blank, Chairman of GUS, said.  "We are delighted that our
shareholders have given their support to the demerger."

In a TCR-Europe report on Aug. 3, HSBC Holdings Plc, the trustee
for GUS Plc's bondholders, warned that GUS will default on its
GBP350 million 5.625% bonds due 2013 should shareholders approve
a plan to split the company into two.

                      About the Company

Headquartered in London, United Kingdom, GUS Plc --
http://www.gusplc.com/-- is a retail and business services   
group.  Its activities comprise general merchandise retailing
through Argos Retail Group and information and customer
relationship management services through Experian.

ARG is the UK's leading multi-brand, multi-channel retailer.  It
has two major businesses, Argos and Homebase.

Experian is a global leader in the market for information
solutions.  It supports clients in more than 60 countries.


HADEN MACLELLAN: Claims Registration Ends Sept. 30
--------------------------------------------------
Creditors of Haden MacLellan Limited, which has been voluntarily
wound up, are required by Sept. 30, to send their full forenames
and surnames, addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Joint Liquidator Jeremy
Willmont of Moore Stephens LLP at:

         Jeremy Willmont
    Moore Stephens LLP
    1 Snow Hill
    London EC1A 2DH
    United Kingdom

The company can be reached at:

         Haden MacLellan Limited
    Equipoint
    Coventry Road
    Yardley
    Birmingham B25 8AD
    United Kingdom
    Tel: 01452 880 500


HEXFAX LIMITED: Hires Berg Kaprow to Administer Assets
------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of Hexfax Limited
(Company Number 01731212) on Aug. 4.

The administrators can be reached at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121

Headquartered in London, United Kingdom, Hexfax Limited is
engaged in database design and management.


HMH PROCESS: Creditors' Claims Due Sept. 30
-------------------------------------------
Creditors of HMH Process Engineering and Services Limited, which
has been voluntarily wound up, are required by Sept. 30, to send
their full names, addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Joint Liquidator Jeremy
Willmont of Moore Stephens LLP at:

         Jeremy Willmont
    Moore Stephens LLP
    1 Snow Hill
    London EC1A 2DH
    United Kingdom

The company can be reached at:

    HMH Process Engineering and Services Limited
    4th Fl
    Equipoint
    Coventry Road
    Yardley
    Birmingham B25 8AD
    United Kingdom
    Tel: 0121 765 4040
    Web: http://www.endsdirectory.com/  
         http://www.hadenenvironmental.com/


IMPACT DATA: Taps Liquidator from Stones & Co.
----------------------------------------------
Gary Stones of Stones & Co. was appointed Liquidator of Impact
Data Systems Limited on July 4 for the purposes of the company's
voluntary winding-up.

The company can be reached at:

         Impact Data Systems Limited
    10 Bridge Street
    Aberystwyth
    Dyfed SY231PY
    United Kingdom
    Tel: 01970 627 980


JFL AUTOMOTIVE: Train Parts Business Up for Sale
------------------------------------------------
Mark Orton and Andy McGill, in their capacities as joint
administrators of JFL Automotive Limited, offer for sale the
company's business and assets.

Features:

   -- lean manufacturer of power train components and assemblies
      including stainless steel fuel rail systems;

   -- operates from c.40,000 square foot leasehold premises in
      the West Midlands;

   -- furnace burning facilities for both low-carbon and
      stainless steel;

   -- stamping, tube bending and spinning manufacturing
      facilities;

   -- all required automotive quality accreditation including
      TS16949 and ISO14001;

   -- annual turnover currently around GBP5 million;

   -- skilled U.K. workforce of approximately 60 employees.

Inquiries can be addressed to:

         Chris Pole
         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2DL
         Phone: (0121) 232 3000
         Fax: (0121) 232 3500

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


JON LLOYD: Liquidator Sets Dec. 7 Claims Bar Date
-------------------------------------------------
Creditors of Jon Lloyd Interiors Limited, which is being
voluntarily wound up, are required, on or before Dec. 7, to send
in their full particulars of their debts or claims and the names
and addresses of their Solicitors (if any), to appointed
Liquidator Michael F. McCarthy of Walletts Insolvency Services
at:

         Michael F. McCarthy
    Walletts Insolvency Services
    2-6 Adventure Place
    Hanley
    Stoke-on-Trent ST1 3AF
    United Kingdom

The company can be reached at:

    Jon Lloyd Interiors Limited
    Victoria Mill
    Foundry Bank
    Congleton
    Cheshire CW121EE
    United Kingdom
    Tel: 01260 295 622


KERNOW SCREEN: Names Liquidator from Bishop Fleming
---------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of Kernow Screen Print Limited on July 3 for the
purposes of the company's voluntary wind-up.

The company can be reached at:

         Kernow Screen Print Limited
         7 Halgavor Road
    Bodmin
    Cornwall PL311BW
    United Kingdom
    Tel: 01208 797 09
    Fax: 01208 796 35
    Web:  http://www.screenprinters.org.uk/


LAPTOP SUPERSTORE: Claims Registration Ends Oct. 11
---------------------------------------------------
Creditors of Laptop Superstore Limited have until Oct. 11 to
send in their full names and addresses, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any) to appointed Liquidator William Antony Batty
of Antony Batty & Co. at:

         William Antony Batty
    Antony Batty & Co.
    Third Floor
    3 Field Court
    Gray's Inn
    London WC1R 5EF,
    United Kingdom
    
The company can be reached at:

    Laptop Superstore Limited
    Unit 10
    Hampton Heath Industrial Estate
    Hampton
    Malpas
    Cheshire SY148LU
    United Kingdom
    Tel: 0870 027 3466
    Web:  http://www.laptopsuperstore.co.uk/


LYNTON REGENERATION: Calls In Joint Liquidators from Baker Tilly
----------------------------------------------------------------
Phillip Hartland Allen and Guy Edward Brooke Mander of Baker
Tilly were appointed Joint Liquidators of Lynton Regeneration
Limited on June 22 for the purposes of the company's voluntary
wind-up.

The company can be reached at:

         Lynton Regeneration Limited
    Radclyffe House
    66-68
    Hagley Road
    Birmingham
    West Midlands B16 8PF
    United Kingdom
    Tel: 0121 410 6780


MILLENNIUM PROJECTS: David Field Leads Liquidation Procedure
------------------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of
Millennium Projects Limited (t/a Morris James) on July 3 for the
purposes of the company's voluntary wind-up.

The company can be reached at:

    Millennium Projects Limited
    Point 65 Business Centre
    Greenbank Road
    Blackburn BB1 3EA
    United Kingdom
    Tel 01254 699 178


MILLFIELD GROUP: Creditors' Meeting Slated for Sept. 8
------------------------------------------------------
Creditors of Millfield Group PLC (formerly YPCS 112 PLC)
(Company Number 04132567) will meet at 2:00 p.m. on Sept. 8 at:

         Millfield Group PLC
         New Connaught Rooms
         61-65 Great Queen Street
         London WC2B 5DA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 7 at:

         M. J. A. Jervis and D. Y. Schwarzmann         
         Joint Administrators
         PricewaterehouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom
         Tel: [44] (20) 7583 5000
         Fax: [44] (20) 7822 4652

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.  


MILLFIELD MANAGEMENT: Creditors' Meeting Slated for Sept. 8
-----------------------------------------------------------
Creditors of Millfield Management Services Limited (Company
Number 03521953) will meet at 10:30 a.m. on Sept. 8 at:

         Millfield Management Services Limited
         New Connaught Rooms
         61-65 Great Queen Street
         London WC2B 5DA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 7 at:

         M. J. A. Jervis and D. Y. Schwarzmann         
         Joint Administrators
         PricewaterehouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom
         Tel: [44] (20) 7583 5000
         Fax: [44] (20) 7822 4652

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.  


MILLFIELD PARTNERSHIP: Creditors' Meeting Slated for Sept. 7
------------------------------------------------------------
Creditors of Millfield Partnership Limited (formerly Saxonfort
Limited)) (Company Number 03472816) will meet at 10:30 a.m. on
Sept. 7 at:

         Millfield Partnership Limited
         New Connaught Rooms
         61-65 Great Queen Street
         London WC2B 5DA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 6 at:

         M. J. A. Jervis and D. Y. Schwarzmann         
         Joint Administrators
         PricewaterehouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom
         Tel: [44] (20) 7583 5000
         Fax: [44] (20) 7822 4652

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.  


NEWLINE DISPLAY: Brings In DTE to Administer Assets
---------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Newline Display (Brighouse) Limited
(Company Number 05131455) on Aug. 11.

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

Headquartered in Brighouse, United Kingdom, Newline Display
Limited manufactures office and shop furniture.


ORRELL BUILDING: Claims Filing Period Ends Oct. 6
-------------------------------------------------
Creditors of Orrell Building & Joinery Contractors Limited,
which is being voluntarily wound up, are required, on or before
Oct. 6, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Joint Liquidator Daniel Paul Hennessy of Cresswall Associates
at:

         Daniel Paul Hennessy
    Cresswall Associates Limited
    Maple View
    White Moss Business Park
    Skelmersdale
    Lancashire WN8 9TG
    United Kingdom

The company can be reached at:

         Orrell Building & Joinery Contractors Limited
    12 Adams Drive
    Wigan
    Lancashire WN3 5UH
    United Kingdom
    Tel: 01942 242 954


P.GARNETT & SON: Hires RE10 as Joint Administrators
---------------------------------------------------
Nimish Patel and Bijal Shah of RE10 were appointed joint
administrators of P.Garnett & Son Limited (Company Number
00298236) on Aug. 9.

The administrators can be reached at:

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

Headquartered in Otley, United Kingdom, P.Garnett & Son Limited
manufactures paper and paperboard.


PMD BUILDING: Creditors Confirm Ian William Kings as Liquidator
---------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
PMD Building Services Limited on June 27 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:

         PMD Building Services Limited
    32 Villiers Street
    Sunderland
    Tyne and Wear SR1 1EJ
    United Kingdom
    Tel: 0191 5143444


REAL DEAL: Creditors' Claims Due Oct. 3
---------------------------------------
Creditors of Real Deal (Middleton) Limited have until Oct. 3 to
send in their names and addresses and particulars of their debts
or claims, and the names and addresses of their Solicitors (if
any), to appointed Joint Liquidators D. Bailey and G. N. Lee of
Begbies Traynor at:

         D. Bailey
    G. N. Lee
    Begbies Traynor
    Elliot House
    151 Deansgate
    Manchester M3 3BP
    United Kingdom

The company can be reached at:

    Real Deal (Middleton) Limited)
    26-28 Fountain Street
    Middleton
    Manchester M24 1AF
    United Kingdom
    Tel: 0161 654 0909


RIPPONDEN LOGISTICS: Brings In KPMG to Administer Assets
--------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Ripponden Logistics Limited
(Company Number 5444550) on Aug. 8.

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

Headquartered in Brighouse, United Kingdom, Ripponden Logistics
Limited is engaged in haulage.


ROSECO LIMITED: Appoints Joint Liquidators to Wind Up Business
--------------------------------------------------------------
Geoffrey Stuart Kinlan and Antony Nygate of BDO Stoy Hayward LLP
were appointed Joint Liquidators of Roseco Limited on June 15
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:

         Roseco Limited
    Knightsbridge House
    197 Knightsbridge
    City Of Westminster
    London SW7 1RB
    United Kingdom
    Tel: 020 7370 1080


SAVORY FENCING: Claims Filing Period Ends Sept. 7
-------------------------------------------------
Creditors of Savor Fencing Limited, which is being voluntarily
wound up, are required, on or before Sept. 7, to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Joint Liquidators Stewart
Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis
LLP at:

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

The company can be reached at:

    Savory Fencing Limited
    2 Neil Avenue
    Holt
    Norfolk NR25 6TG
    United Kingdom
    Tel: 01263 711443


SAXON RESOURCES: Names Ninos Koumettou as Administrator
-------------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was named
administrator of Saxon Resources Ltd. (Company Number 5583051)
on Aug. 7.

The administrator can be reached at:

         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590

Headquartered in Crawley, United Kingdom, Saxon Resources is
engaged in running an employment/recruitment agency.


SHIRE GLASS: Taps Administrators from Bridgestones
--------------------------------------------------
Jonathan Lord and Robert Cooksey of Bridgestones were appointed
joint administrators of Shire Glass Services Limited (Company
Number 04143582) on Aug. 4.

The administrators can be reached at:

         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk

Headquartered in Shropshire, United Kingdom, Shire Glass
Services Limited manufactures glass.


SIMON PHOTOGRAPHIC: Calls In Joint Liquidators from BRI
-------------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Simon Photographic (M.K.) Limited on June 28 for the purposes of
the company's voluntary winding-up.

The company can be reached at:

         Simon Photographic (M.K.) Limited
    17 Acorn Walk
    Milton Keynes MK9 3AD
    United Kingdom
    Tel: 01908 677 175
    Web:  http://www.ukcamera.com/  
         http://www.usedcamera.co.uk/


SOLVITOL LIMITED: Hires Cresswall Associates as Administrators
--------------------------------------------------------------
Daniel Hennessy and Gordon Craig of Cresswall Associates Limited
were appointed joint administrators of Solvitol Limited (Company
Number 01423349) on Aug. 3.

The administrators can be reached at:

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

Headquartered in County Durham, United Kingdom, Solvitol Limited
manufactures, processes and distributes aerosols and chemical
products.


SPOT DISTRIBUTION: Hires Martin Williamson to Liquidate Assets
--------------------------------------------------------------
Martin Williamson of DS Insolvency Services Ltd. was appointed
Liquidator of Spot Distribution Limited on July 6 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:

         Spot Distribution Limited
    Enterprise House
    Maesbury Road Industrial Estate
    Oswestry
    Shropshire SY108NS
    United Kingdom
    Tel: 01691 663 000
    Web:  http://www.spotdistribution.com/


STERLING TRADE: Taps Joint Liquidators from BDO Stoy Howard
-----------------------------------------------------------
Mark Peter George Roach and Graham David Randall of BDO Stoy
Hayward LLP were appointed Joint Liquidators of Sterling Trade
Centre Limited on June 30 on for the purposes of the company's
voluntary wind-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:

         Sterling Trade Centre Limited
    Sterling Trade Centres
    Bristol BS309WY
    United Kingdom
    Tel: 0117 967 1804


STREAMDOOR GROUP: Appoints Atherton Bailey as Administrators
------------------------------------------------------------
Malcolm Peter Fillmore and Ranjit Bajjon of Atherton Bailey LLP
were appointed joint administrators of Streamdoor Group Limited
(Company Number 04976814) on Aug. 3.

The administrators can be reached at:

         Atherton Bailey LLP
         Arundel House
         1 Amberley Court
         Whitworth Road
         West Sussex
         Crawley RH11 7XL
         United Kingdom
         Tel: 01293 410333  

Streamdoor Group Limited can be reached at:

         15 Church Road
         Poole
         Dorset BH14 8UF
         United Kingdom


SUNSET RESTAURANTS: Brings In Administrators from Herron Fisher
---------------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint administrators of Sunset Restaurants Ltd.
(Company Number 4982162) on Aug. 11.

The administrators can be reached at:

         Herron Fisher
         Capital Business Centre
         22 Carlton Road
         Croydon
         Surrey CR2 0BS
         United Kingdom
         Tel: 07956 640156
         E-mail: chris.herron@begbies-traynor.com

Sunset Restaurants Ltd. can be reached at:

         South Downs House
         South Farm Close
         Rodmell
         Lewes
         East Sussex BN7 3HW
         United Kingdom


TYKE SHOPFITTING: Appoints Joint Administrators from Mazars LLP
---------------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Tyke Shopfitting Limited (Company Number
05027540) on Aug. 10.

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

Tyke Shopfitting Limited can be reached at:

         Unit 7 Ings Mill
         Dale Street
         Ossett
         West Yorkshire WF5 9HQ
         United Kingdom
         Tel: 01924 288 780
         Fax: 01924 288 788


TYPETEX U.K.: Appoints John C. Moran as Liquidator
--------------------------------------------------
John C. Moran of Parkin S. Booth & Co was appointed Liquidator
of Typetex (U.K.) Limited on June 27 for the purposes of the
company's voluntary winding-up.

The company can be reached at:

         Typetex (U.K.) Limited
    Upper Parliment Street
    Liverpool L8 7BA
    United Kingdom
    Tel: 0151 709 6378


U.K. GOLF: Names Geoffrey Stuart Kinlan Liquidator
--------------------------------------------------
Geoffrey Stuart Kinlan of BDO Stoy Hayward LLP was appointed
Liquidator U.K.-Golf Shop Limited on June 27 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:

         U.K.-Golf Shop Limited
    66 Bedford Street
    Ampthill
    Bedford MK452NB
    United Kingdom
    Tel: 01525 404 171
    Web:  http://www.golfing-equipment.co.uk/


UNITEDHEALTH GROUP: Rejects Debt Holders' Default Notice
--------------------------------------------------------
UnitedHealth Group received a purported notice of default on
Aug. 28 from persons claiming to hold certain of its debt
securities alleging a violation of the Company's indenture
governing its debt securities.

The notice came following the Company's failure to file its
quarterly report on Form 10-Q for the quarter ended June 30,
2006, with the U.S. Securities and Exchange Commission.

The Company believes it is not in default and intends to defend
itself vigorously.  The Company's indenture requires it to
provide to the trustee copies of the reports the Company is
required to file with the SEC, such as its quarterly reports,
within 15 days of filing such reports with the SEC.

                       Independent Review

Earlier this month, the Group said it would delay the filing of
its financial results in light of an independent review of the
company's stock option programs from 1994 to present.  The
company's Board of Directors initiated the review in March 2006.  
During the 13-year period under review, the company made more
than 45,000 separate option grants to roughly 15,000
individuals.

If, upon conclusion of the independent review, the Company
determines that certain stock options are subject to variable
accounting, the resulting non-cash charges under APB 25 for 2005
and prior years are likely to be significant because of the
substantial increase in the Company's stock price during the
period under review.

Under FAS 123R, the accounting standard currently applicable to
the Company (and adopted for all historical periods), the
Company believes that the potential impact of all stock option
matters under review would not be material.

On July 19, the Company announced its financial results for
second quarter 2006 and increased its 2006 earnings outlook to a
range of US$2.91 to US$2.95 per share, supported by expected
cash flows from operations for 2006 of US$5.8 billion or more.

                  About UnitedHealth Group

Headquartered in Minneapolis, Minnesota, UnitedHealth Group --
http://www.unitedhealthgroup.com/-- offers a broad spectrum of  
products and services through six operating businesses:
UnitedHealthcare, Ovations, AmeriChoice, Uniprise, Specialized
Care Services and Ingenix.  Through its family of businesses,
UnitedHealth Group serves approximately 70 million individuals
nationwide.  


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
             Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than $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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