TCREUR_Public/060901.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R       

                           E U R O P E

           Friday, September 1, 2006, Vol. 7, No. 174   

                            Headlines


A U S T R I A

AERO-SANITARANLAGENBAU: Claims Registration Period Ends Sept. 4
DEMCO: Creditors' Meeting Slated for September 7
DIPL.ING. STADLMAYR: Claims Registration Period Ends Sept. 9
ECO: Creditors' Meeting Slated for September 12
FRIEDRICH HESS: Eisenstadt Court Orders Business Shutdown

GIBEMA: Creditors' Meeting Slated for September 6
HOLZ & MASCHINEN: Court Approves Property Manager's Decision
ING. SCHERIAU: Creditors' Meeting Slated for September 5
LIEBETEGGER: Klagenfurt Court Shuts Down Business
MOBIL REAL: Creditors' Meeting Slated for September 5


F I N L A N D

BENEFON OYJ: Licenses Opna SoftWare Platform from Pollex
STROMSDAL CORP: Sets Extraordinary General Meeting for Sept. 11


G E R M A N Y

ANTON DAHM: Claims Registration Ends September 27
GRAF WERBETECHNIK: Claims Registration Ends September 26
GERHARD LAMBERJOHANN: Claims Registration Ends September 28
GRAWINKEL FAHRSCHULE: Claims Registration Ends September 28
IGA ISSELHORSTER: Claims Registration Ends September 26

PAK-ET HANDELS: Claims Registration Ends September 27
PELZVEREDELUNG KURT: Claims Registration Ends September 27
SCHEFENACKER AG: Underperformance Cues Moody's to Junk Ratings
SCHEFENACKER AG: Breach Risk Cues S&P to Cut Rating to CCC+
SCHRAMM BAUUNTERNEHMEN: Claims Registration Ends September 22

SPS SCHLUECHTERNER: Claims Registration Ends September 29
STEINNAGEL GERUESTBAU: Claims Registration Ends September 30


I T A L Y

KNOLL INC: Inks New Five-Year Labor Agreement with Carpenters


K A Z A K H S T A N

AK-JOL: Creditors Must File Claims by Sept. 22
ATYRAUSYSTEMCOMPLEKTTRUBSNAB: Claims Registration Ends Sept. 27
FLAMINGO: Creditors' Claims Due Sept. 22
INTER BEST: Karaganda Court Opens Bankruptcy Proceedings
KREDO: Proof of Claim Deadline Slated for Sept. 22

RITM: Creditors Must File Claims by Sept. 26
SARYOBINSKOYE: Claims Registration Ends Sept. 27
STAFF: Creditors' Claims Due September 22
TAZA-KALA-CENTRE: Proof of Claim Deadline Slated for Sept. 22


K Y R G Y Z S T A N

ENGINEERING-MANUFACTURING: Creditors' Claims Due Oct. 4


N E T H E R L A N D S

ORTHOFIX INT'L: Acquisition Prompts Moody's to Cut Rating to Ba3
ORTHOFIX HOLDINGS: S&P Assigns BB- Rating to Credit Facility


R U S S I A

AGRO-KHIM-SERVICE: Court Names Y. Kushenko as Insolvency Manager
ALFA BANK: Opens Three Mortgage-Lending Centers in Russia
BELOVO: Kemerovo Court Names Y. Deriglazov as Insolvency Manager
BOLSHEMURTINSKIY WOODWORKING: L. Sitkina to Manage Assets
BUYSKIY DIARY: Court Names S. Bondarev as Insolvency Manager

CENTERTELECOM OAO: Aims to Raise US$115 Million to Repay Debt
CRYSTAL: Penza Court Names O. Belov as Insolvency Manager
FORD MOTOR: Mulls Doubling Russian Car Sales in 2006
GAZPROM OAO: Extends Existing E.ON Contracts to 15 Years
KHLEVENSKOYE TRANSPORT: K. Glodev to Manage Insolvency Assets

KURSKAYA ROAD: Kursk Court Starts Bankruptcy Supervision
KUYBYSHEVSKIY AGRO-SNAB: Court Starts Bankruptcy Supervision
LYUBIMSKIY CHEESE-BUTTER-MAKING: Court Hearing Set for Sept. 13
MARYEVSKOYE: Court Names P. Baranov as Insolvency Manager
MOBILE TELESYSTEMS: Appoints New Management Directors

NAVIKA: Moscow Court Starts Bankruptcy Supervision
NORTH-WEST TELECOM: Unveils Asset Management Update for 1H 2006
PROKHLADNOYE: Kaliningrad Court Starts Bankruptcy Supervision
PROMSVYAZBANK JSCB: To Hike Capital by 34.6% via Share Issue
SIBERIAN BUILDER: Court Names S. Lebedev as Insolvency Manager

SIBIRSKOYE: Bankruptcy Hearing Slated for October 25
STORM: Kursk Court Names V. Skorikov as Insolvency Manager
STROY-INVEST: Bankruptcy Hearing Slated for November 1
SUAL GROUP: RusAl Dismisses Merger Reports as Rumor
SUAL INT'L: Merger Uncertainty Spurs S&P to Keep BB- Rating

TATNEFT OAO: Says S&P Credit Rating Withdrawal Unjustified
UKR-AGRO-KHIM-PROM-HOLDING: Court Hearing Slated for Oct. 10
VIKULOVSKIY TECHNOLOGY: Court Hearing Slated for September 14
WOOD MASTER: Arkhangelsk Court Starts Bankruptcy Supervision
WOODWORKING COMBINE 2: V. Adamov to Manage Insolvency Assets

ZNAMENSKIY FLAX: Court Names E. Esaulova as Insolvency Manager

* Fitch Assigns Nizhniy Novgorod B+ LT Foreign Currency Rating


S P A I N

IM GRUPO: Moody's Rates EUR32.4-Mln Series E Notes at (P)C


U K R A I N E

AGROLEASING: Kyiv Court Names S. Kitsul as Insolvency Manager
AVTOMOBILIST: Kyiv Court Starts Sanation Procedure
AVTOSPECVODSERVICE: Court Names Mr. S. Nadeyev as Liquidator
BIOSTIMULYATOR: Odessa Court Starts Bankruptcy Supervision
BUILDING MATERIALS: Court Names Mr. U. Dunayevskij Liquidator

ELECTRONIC COMPONENTS: District Tax Agency to Liquidate Assets
HUDOZHNYE TKATSTVO: Oleksandr Malyovanij to Liquidate Assets
MAYAK: Court Names Sergij Nazarenko as Insolvency Manager
PIVDENNYI BANK: Fitch Lifts Junk Issuer Default Rating to B-
RENDER: Court Names Romanov Kostyantin as Insolvency Manager

STIMUL: Court Names Denis Matvijchuk as Insolvency Manager
STOA: Ivano-Frankivsk Court Starts Bankruptcy Supervision
ZOLOTONOSHA REINFORCED: Court Starts Bankruptcy Supervision

* Political Stability Spurs S&P to Affirm Ukraine's Ratings


U N I T E D   K I N G D O M

ABBEY GREEN: Appoints Chantrey Vellacott as Administrators
ADCO PROTECTIVE: Brings In Vantis to Administer Assets
A.M.L. KITCHEN: Appoints Liquidator from Begbies Traynor
ANDY SMITH: Taps Bruce G. T. Rees to Liquidate Assets
BANJO DESIGN: Appoints Louise Donna Baxter as Liquidator

BBRC LIMITED: Taps Administrator from Horwath Clark
BIOS EUROPE: Appoints Joint Administrators from P&A
BITECVIEW LIMITED: Creditors Confirm Liquidator's Appointment
BODYCARE INTERNATIONAL: Hires Joint Administrators from Kroll
BULSAR ENGINEERING: Names Robert Gibbons Liquidator

CAPITAL PRINT: Appoints Administrators from Chantrey Vellacott
CORUS GROUP: Posts GBP82-Mln Net Profit for Second Quarter 2006
CTL PROJECTS: Brings In Joint Liquidators from Begbies Traynor
DELLAMAX TRADING: Stephen Franklin Leads Liquidation Procedure
DUNELM CONTRACTORS: Creditors' Meeting Slated for September 21

EYE QUALITY: Calls In Liquidator from Ward & Co.
FLOORCARE SERVICES: Appoints T. Papanicola to Administer Assets
FRANK P KIRK: Claims Filing Period Ends Sept. 29
FIELD TRANSPORT: Hires M. Arkin to Liquidate Assets
GARTMORE INVESTMENT: Moody's Assigns Ba2 Corp. Family Rating

GARTMORE INVESTMENT: S&P Assigns Low-B Ratings on High Leverage
GROSVENOR INSULATION: Taps Liquidator from Tenon Recovery
HALLMARK CERAMIC: Appoints Martin Williamson to Liquidate Assets
HOMESTYLE GROUP: Reports GBP62 Mln Positive Equity at July 1
INDUSTRIAL PYROMETER: Taps Gerald Irwin to Administer Assets

INSTRUCTUS LIMITED: Hires David Hughes to Liquidate Assets
J D AGENCIES: J. N. Bleazard Leads Liquidation Procedure
J S L INTERIORS: Names Liquidator to Wind Up Business
KAT SERVICES: Names Eileen T. F. Sale Liquidator
KEYHOLDERS LIMITED: Names David Kaye as Administrator

L.J. SNOOKES: Brings In Tony Mitchell to Liquidate Assets
LAKESIDE PUBLISHING: Calls In Liquidator from Begbies Traynor
MAWS GALLERY: Creditors Confirm Liquidator's Appointment
MDM INDEX: Hires Stephen M. Rout to Liquidate Assets
MIDLAND ROLLCAGE: Brings In P. Nottingham to Liquidate Assets

NATIONWIDE LOFT: Liquidator Sets Sept. 29 Claims Bar Date
NORTHERN FOODS: Mulls Closing of Trafford Park Bakery
PARMAR FOODS: Passes Resolution for Voluntary Liquidation
PICTURE-FRAMING WAREHOUSE: Names M. C. Hepworth Liquidator
PIONEER CARE: Brings In M. C. Bowker to Liquidate Assets

PUDELKO CORRUGATED: Names Nigel Spearing as Administrator
RAPID MOULDING: Taps Joint Liquidators from DTE Leonard Curtis
REFCO INC: Chapter 11 Trustee's Settlement Agreement Draws Fire
REFCO INC: Ch. 11 Trustee Wants Court Nod on RCM Settlement Pact
REFCO INC: BofA Wants Final Approval on Cash Collateral Use

ROOFTEC CONSERVATORY: Appoints Gary Bell as Administrator
SANDUSKY WALMSLEY: Appoints PwC as Joint Administrators
SOUTHERN FERRIES: Brings In Kikis Kallis as Administrator
SPECIALIST RECRUITMENT: Hires Joint Liquidators from Lines Henry
STREAMDOOR LIMITED: Taps Atherton Bailey as Administrators

TAS PROPERTY: Brings In Kingston Smith to Administer Assets
TMJ LIMITED: Creditors' Meeting Slated for September 7
TOWER RECORDS: Wants Until Nov. 20 to File Schedules & Statement
VEGASTREAM LIMITED: Hires Administrators from Geoffrey Martin
WEB WORKS: Creditors' Meeting Slated for September 6

WILFRED YOUNG: Brings In Theodolous Papanicola as Administrator
WILKIE RECYCLING: Calls In Liquidator from Bridgers
WOODFORD TRAVEL: Taps A. J. Clark to Liquidate Assets
YEOMAN COMMERCIALS: Brings In M. J. Ryan to Liquidate Assets

                            *********

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


AERO-SANITARANLAGENBAU: Claims Registration Period Ends Sept. 4
---------------------------------------------------------------
Creditors owed money by LLC Aero-Sanitaranlagenbau (FN 57021f)
have until Sept. 4 to file written proofs of claims to court-
appointed property manager Heinz Bauer at:

         Mag. Heinz Bauer
         Wielandgasse 14-16
         6th floor
         8010 Graz, Austria
         Tel: 0316/810045-0
         Fax: 0316/810045-14
         E-mail: kanzlei@christandl.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 19 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205         
         Hall K
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 40 S 34/06g).  Dr. Franz Krainer and
the Debtor's manager Rudolf Tausend represent the Debtor in the
bankruptcy proceedings.

The Debtor's representative can be reached at:

         Dr. Franz Krainer
         Herrengasse 9/III
         8010 Graz, Austria


DEMCO: Creditors' Meeting Slated for September 7
------------------------------------------------
Creditors owed money by LLC Demco (FN 262251p) are encouraged to
attend the creditors' meeting at 9:30 a.m. on Sept. 7 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 5 S 98/06f).  Herbert Hochegger
serves as the court-appointed compensation manager of the
bankrupt estate.  Bernhard Eder represents Dr. Hochegger in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna, Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: office@hoch.co.at  


DIPL.ING. STADLMAYR: Claims Registration Period Ends Sept. 9
------------------------------------------------------------
Creditors owed money by LLC & KEG Dipl.Ing. Stadlmayr profly (FN
260649h) have until Sept. 9 to file written proofs of claims to
court-appointed property manager Gerhard Haslbauer at:

         Dr. Gerhard Haslbauer
         Main Place 7
         4663 Laakirchen, Austria
         Tel: 07613/5588
         Fax: 07613/5588-15
         E-mail: rechtsanwalt@haslbauer.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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
         Wels, Austria

Headquartered in Gmunden, Austria the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 20 S 86/06g).  


ECO: Creditors' Meeting Slated for September 12
-----------------------------------------------
Creditors owed money by LLC ECO (FN 54538d) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Sept. 12 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 2 S 117/06b).  Ulla Reisch serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna, Austria
         Tel: 212 55 00
         E-mail: office.wien@ulsr.at


FRIEDRICH HESS: Eisenstadt Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Eisenstadt entered an order on July 7 shutting
down the business of LLC Friedrich Hess (FN 123166b).  Court-
appointed property manager Robert Klein determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Robert Klein
         Main place 11
         Atrium Top 16 A
         7400 Oberwart, Austria
         Tel: 03352/31543
         Fax: 03352/31543-20
         E-mail: klein@lawcenter.at  

Headquartered in Neusiedl am See, Austria, the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 26 S 63/06a).  An
attorney from Proksch & Partner will represent the Debtor in the
bankruptcy proceedings.

The Debtor's representative can be reached at:

         Proksch & Partner
         Heumarkt 9/1/11
         1030 Vienna, Austria


GIBEMA: Creditors' Meeting Slated for September 6
-------------------------------------------------
Creditors owed money by LLC Gibema (FN 220066b) are encouraged
to attend the creditors' meeting at 9:30 a.m. on Sept. 6 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 4 S 111/06k).  Franz Stefan Pechmann
serves as the court-appointed compensation manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Franz Stefan Pechmann
         Gusshausstrasse 6
         1040 Vienna, Austria
         Tel: 503 19 95
         Fax: 503 19 95 12
         E-mail: office@pechmann.cc


HOLZ & MASCHINEN: Court Approves Property Manager's Decision
------------------------------------------------------------
The Land Court of Wiener Neustadt will approve the final
decision and project by final allocation of court-appointed
property manager, Mag. Gernot Faber for LLC Holz & Maschinen (FN
236405f).

The property manager offered 2.2% recovery of the creditors'
claim.

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Oct. 10, 2005 (Bankr. Case No. 11 S 108/05a).  An
attorney from Hule/Bachmayr-Heyda/Nordberg represents the Debtor
in the bankruptcy proceedings.

The property manager can be reached at:

         Mag. Gernot Faber
         Neunkirchner Str. 34
         2700 Wiener Neustadt, Austria
         Tel: 02622/82118
         Fax: 02622/82118-6
         E-mail: Kanzlei@ra-faber.at


ING. SCHERIAU: Creditors' Meeting Slated for September 5
--------------------------------------------------------
Creditors owed money by LLC Ing. Scheriau & Co (FN 38154i) are
encouraged to attend the creditors' meeting at 9:50 a.m. on
Sept. 5 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 38 S 45/06d).  Klemens Dallinger
serves as the court-appointed compensation manager of the
bankrupt estate.  Guenther Hoedl represents Dr. Dallinger in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Klemens Dallinger
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 28 33
         Fax: 513 28 33-22
         E-mail: dallinger@anwaltsteam.at  


LIEBETEGGER: Klagenfurt Court Shuts Down Business
-------------------------------------------------
The Land Court of Klagenfurt entered an order on July 7 shutting
down the business of KEG Liebetegger (FN 261682b).  Court-
appointed property manager Peter Riedel determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Mag. Peter Riedel
         Pfarrplatz 3
         9020 Klagenfurt, Austria
         Tel: 0463/500 246
         Fax: 0463/500 246-8
         E-mail: ra.riedel@aon.at  

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on June 28 (Bankr. Case No. 40 S 51/06z).  


MOBIL REAL: Creditors' Meeting Slated for September 5
-----------------------------------------------------
Creditors owed money by LLC Mobil Real Immobilien Real Estate
Agency Vienna (FN 60094z) are encouraged to attend the
creditors' meeting at 10:45 a.m. on Sept. 5 to consider the
adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10 (Bankr. Case No. 45 S 22/06y).  Markus Siebinger
serves as the court-appointed compensation manager of the
bankrupt estate.  Karl Schirl represents Mag. Siebinger in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Markus Siebinger
         c/o Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna, Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: markus.siebinger@der-rechtsanwalt.at  
                 dr.karl.schirl@der-rechtsanwalt.at


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


BENEFON OYJ: Licenses Opna SoftWare Platform from Pollex
--------------------------------------------------------
Benefon Oyj disclosed of its plans to further strengthen its in-
house technology platform, by licensing the complete mobile
software platform, Opna, from its long-standing technology
partner, Pollex.

The Opna is powering Benefon's first TWIG branded personal
navigation device, the TWIG Discovery, which is intended to be
launched across Europe in Q3 2006.

"This is a significant milestone for Benefon, helping us to
secure critical USP's for our personal navigation product
roadmap for 2007 and beyond," commented Simon Button, Chief
Technology Officer at Benefon.  "The core functionality of
Pollex Opna is easily portable across multiple product
platforms, giving consistent high-performance functionality for
TWIG users, and reliable economies of scale for sourcing
purposes."

Jonathan Bate, Chief Executive Officer at Benefon added: "We're
continuing our investment in core technology that will
successfully drive Benefon's products and solutions for 2007 and
beyond, and it's an exciting milestone in our strategy to
deliver world class personal navigation products."

David Tian, Chief Executive Officer at Pollex added "Benefon was
our first major European customer to adopt our solution in July
2005.  This licensing agreement allows Benefon to further
develop on our world class mobile software platform to power
their exciting product roadmap".

                          About Benefon

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

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


STROMSDAL CORP: Sets Extraordinary General Meeting for Sept. 11
---------------------------------------------------------------
Shareholders of Stromsdal Corp. will convene an Extraordinary
General Meeting at 2:00 p.m. (Finnish time) on Sept. 11 at the
company's conference room in Villa Patruunanm"ki, Puutarhatie 3,
73500 Juankoski, Finland.

The EGM is related to the arrangements to be carried out in
connection with the Company's restructuring program.

               Capital Loan and Stock Options

The Board of Directors proposes that the EGM issues for
subscription a capital loan and stock options to Finnvera Plc.  
The arrangement has been prepared according to the new Companies
Act (624/2006) effective as of Sept. 1, 2006, and is
substantially identical to provisions regarding issue of
convertible loans under the Companies Act effective prior to
Sept. 1, 2006.

The maximum amount of the capital loan is EUR1.5 million.  The
loan period commences from the payment of the loan and ends on
May 15, 2012.  Finnvera Plc may use the principal amount of the
loan and matured interest to set off the subscription price of
shares upon use of its subscription rights for shares under the
stock options to be issued to Finnvera Plc.  The loan accrues
yearly interest of 3.25%.  No interest is paid during year 2006.

The maximum amount of new stock options is 1,875,000. One stock
option entitles to subscribe for a maximum of one new share of
the Company.  The subscription period of shares under the stock
options commences upon registration of the stock options with
the trade register and ends on May 15, 2012.  The subscription
price of shares is EUR0.80 per share and Finnvera Plc may use
its receivable under the capital loan agreement to set off
subscription price for the shares.  Shares are paid for
according to instructions of the Board of Directors of the
Company.  Upon use of subscription right for shares the number
of shares of the Company may increase by a maximum of 1,875,000
shares and the share capital of the Company may increase by a
maximum of EUR1.5 million.  The subscription price for shares is
registered to the share capital of the Company in full.

The capital loan is created by converting existing receivables
of Finnvera Plc from the Company into capital loan.  The capital
loan and the stock options may be transferred only together.

                     Board of Directors

The shareholders of the Company representing over 50% of the
shares and votes of the Company have notified that they will
propose to the general meeting of shareholders that:

   (1) the Board of Directors shall consist of six members;

   (2) Attorney-at-Law Juhani Erma, City Manager Petri
       Kangasperko and M.Sc. (Eng) Ossi Kokkonen will continue
       as Board members; and

   (3) M.Sc. (Eng) Pauli Hamalainen, Senior Vice President Pirjo
       Repo and Managing Director Markku Toivanen are elected as
       new Board members.

The proposal of the Board of Directors and other documentation
required by the Companies Act are available at:

         Stromsdal Corp.
         Juankoskentie 7
         73500 Juankoski
         Finland

A shareholder, who is registered as a shareholder into the
Company's shareholders' register as maintained by the Finnish
Central Securities Depository Ltd on Sept. 1, 2006, at the
latest, is entitled to participate in the EGM.  

A Shareholder who owns shares through custodial nominee account
may be registered temporarily in the shareholders' register on
Sept. 1, 2006, for the participation in the EGM.  A request for
temporary registration shall be made to the administrator of the
custodial nominee account.

A Shareholder who wishes to participate in the EGM is requested
to inform of his/her participation to the Company at 4:00 p.m.
(Finnish time) on Sept. 4, 2006, at this address:

         Stromsdal Corporation
         Attn: Tuija Lepisto
         P.O. Box 33
         73501 Juankoski
         Finland
         Tel: +358 (0)17 688 641
         Fax: +358 (0)17 6886 466
         E-mail: tuija.lepisto@stromsdal.fi

A written registration letter or message must arrive before the
registration period expires.  Possible proxies are requested to
be delivered to the above-mentioned address by the end of the
registration period.

Headquartered in Juankoski, Finland, Stromsdal Oyj --
http://www.stromsdal.fi/-- develops and manufactures graphical    
board to paper merchants, printers, publishers and producers of
cartons and packages.  Graphical board is used in greeting cards
and postcards, posters, folders, and in covers of books,
different publications and catalogues.  Stromsdal also produces
board for luxury packaging, which includes the consumer packages
of liquor, cosmetics, chocolate and pharmaceutical.  Its
subsidiaries include Juantehtaan Ymparisto Oy and Stromsdal U.K.
Ltd.  Juantehtaan Ymparisto owns and leases industrial real
estates and land areas.  Stromsdal U.K. Ltd. (registered in
Blackburn) is a sales company in charge of selling the parent
company's products in the U.K. and Ireland.

The company posted three consecutive annual net losses with
EUR1.9 million in 2005, EUR4.8 million in 2004 and EUR1.1
million in 2003.

The company blamed low profitability of its major investments
made in 2003 and losses from the pulp hedging for its tight
liquidity.


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


ANTON DAHM: Claims Registration Ends September 27
-------------------------------------------------
Creditors of Anton Dahm GmbH have until Sept. 27 to register
their claims with court-appointed provisional administrator
Andreas Schulte-Beckhausen.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W126
         1. Stick
         William Route 21
         53111 Bonn, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bonn opened bankruptcy proceedings against
Anton Dahm GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Anton Dahm GmbH
         Attn: Alexander Dahm, Manager          
         Koenigswinterer Str. 29
         53227 Bonn, Germany

The administrator can be contacted at:

         Dr. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn, Germany
         Tel: 0228/98 52 10
         Fax: 0228/98 52 122


GRAF WERBETECHNIK: Claims Registration Ends September 26
--------------------------------------------------------
Creditors of Graf Werbetechnik GmbH have until Sept. 26 to
register their claims with court-appointed provisional
administrator Roland-Stephan Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg, 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 Coburg opened bankruptcy proceedings
against Graf Werbetechnik GmbH on Aug. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Graf Werbetechnik GmbH
         Attn: Wolfgang Graf, Manager          
         Stiftstr. 43
         96215 Lichtenfels, Germany

The administrator can be contacted at:

         Roland-Stephan Lehnert
         Michael-Och-Str. 5
         96215 Lichtenfels-Schney, Germany
         Tel: 09571/83382
         Fax: 09571/83083


GERHARD LAMBERJOHANN: Claims Registration Ends September 28
-----------------------------------------------------------
Creditors of Gerhard Lamberjohann GmbH & Co. KG have until
Sept. 28 to register their claims with court-appointed
provisional administrator Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Gerhard Lamberjohann GmbH & Co. KG on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gerhard Lamberjohann GmbH & Co. KG
         Attn: Johannes-Gerhard Lamberjohann, Manager          
         Kupferstr. 23
         33378 Rheda-Wiedenbrueck, Germany

The administrator can be contacted at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl, Germany


GRAWINKEL FAHRSCHULE: Claims Registration Ends September 28
-----------------------------------------------------------
Creditors of Grawinkel Fahrschule GmbH have until Sept. 28 to
register their claims with court-appointed provisional
administrator Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Grawinkel Fahrschule GmbH on July 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Grawinkel Fahrschule GmbH
         Attn: Bernd Grawinkel, Manager          
         Zeppelinstrasse 20
         59229 Ahlen, Germany

The administrator can be contacted at:

         Wolfgang Lorisch
         Kurt-Schumacher-Str. 48
         45699 Herten, Germany


IGA ISSELHORSTER: Claims Registration Ends September 26
-------------------------------------------------------
Creditors of IGA Isselhorster Gartenbau GmbH have until Sept. 26
to register their claims with court-appointed provisional
administrator Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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 IGA Isselhorster Gartenbau GmbH on July 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         IGA Isselhorster Gartenbau GmbH
         Attn: Karl Theodor Mumperow, Manager          
         Isselhorster Str. 349
         33334 Guetersloh, Germany

The administrator can be contacted at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh, Germany


PAK-ET HANDELS: Claims Registration Ends September 27
-----------------------------------------------------
Creditors of PAK-ET Handels GmbH have until Sept. 27 to register
their claims with court-appointed provisional administrator
Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 PAK-ET Handels GmbH on July 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         PAK-ET Handels GmbH
         Market Route 10
         50968 Cologne, Germany

         Attn: Ercan Cengiz, Manager
         Altenkasseler Road 13
         66115 Saarbruecken, Germany

The administrator can be contacted at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne, Germany


PELZVEREDELUNG KURT: Claims Registration Ends September 27
----------------------------------------------------------
Creditors of Pelzveredelung Kurt Geihsler GmbH have until
Sept. 27 to register their claims with court-appointed
provisional administrator Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Pelzveredelung Kurt Geihsler GmbH on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Pelzveredelung Kurt Geihsler GmbH
         Attn: Helmut Willi Geihsler, Manager          
         New Sandkaul 4
         50859 Cologne, Germany

The administrator can be contacted at:

         Andreas Amelung
         Media Park 6 B
         50670 Cologne, Germany


SCHEFENACKER AG: Underperformance Cues Moody's to Junk Ratings
--------------------------------------------------------------
Moody's Investors Service downgraded Schefenacker AG's Corporate
Family rating to Caa1 from B2 and the rating on the company's
senior subordinated notes to Caa3 from Caa1.  The outlook
remains negative.

The rating action has been prompted by these factors:

   1) the company's operating performance and cash generation
(pre-working capital) during the first six months of 2006,
which are below levels in previous years and behind the
company's expectations.  The under-performance is a result
of continued pricing pressures from original equipment
manufacturers (OEM), raw material price increases, delays
in the company's 'Transition' restructuring program and
operational disruptions, notably driven by the production
run-up for new products.

   2) the company's downward revision of its medium-term
forecasts, in contrast to Moody's expectations of a
successful and sustainable turnaround in profitability and
cash generation, combined with little visibility of a  
performance turnaround which could give comfort to current
high leverage ratios and insufficient interest coverage.

   3) uncertainty whether financial covenants can be met.

   4) insufficient internal cash generation increasing the
reliance on third party funding.

The deterioration in operating performance is reflected in a
decrease in the gross profit margin, which fell to 12.0% in the
first half of 2006, down from 13.7% in the same period of 2005.
Management expects the downward impact on gross profit in the
first half of 2006 to continue throughout the year, resulting in
a full year EBITDA below the 2005 level and a further reduction
in the company's expectations for 2007.

Ratings downgraded:

   -- Corporate Family Rating, from B2 to Caa1;

   -- Senior secured rating on the EUR205 million facility due
2011 and 2012, from B2 to Caa1; and

   -- Senior subordinated rating on the EUR200 million notes due
2014, from Caa1 to Caa3.

The negative outlook reflects the uncertainty whether the trend
decline in Schefenacker's financial profile can be turned
around, notably by:

   -- an acceleration of the Transition restructuring program
which so far is behind schedule, or

   -- by other measures the company can take to mitigate pricing
pressure from OEMs and pass on rising raw material prices;
and by

   -- a strengthening of Schefenacker's liquidity position and
its ability to remain compliant with its financial
covenants in light of the revised expectations.

The outlook could be stabilized by a recovery of Schefenacker's
operating margins to 2005 levels as well as visibility of
positive funds from operations over the next 2 to 3 quarters.

The Caa1 Corporate Family Rating takes into consideration
Schefenacker's market position in vision and lighting systems,
biased towards the premium and luxury segments, and its track
record of product innovation.  Moody's also recognizes the
strong historic relationship between Schefenacker and certain of
its customers.

Downgrades:

Issuer: Schefenacker AG

   -- Corporate Family Rating, to Caa1 from B2;  

   -- Senior Secured Bank Credit Facility, to Caa1 from B2; and

   -- Senior Subordinated Regular Bond/Debenture, Downgraded to
Caa3 from Caa1.

Based in Schwaikheim, Germany, Schefenacker is a leading private
Tier 1 automotive supplier of rear vision systems, lighting
systems and a Tier 2 supplier of sound systems.  For the twelve
months ended Dec. 31, 2005, Schefenacker generated revenues of
EUR930.4 million.  Revenues in the first half of 2006 totaled
EUR456.9 million.


SCHEFENACKER AG: Breach Risk Cues S&P to Cut Rating to CCC+
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German automotive-parts supplier
Schefenacker AG to 'CCC+' from 'B-'.  The outlook remains
negative.
     
"The downgrade reflects our increased concern that
Schefenacker's weakening operating and financial performance
could result in a breach of debt covenants and restrictions on
liquidity," said Standard & Poor's credit analyst Barbara
Castellano. "

This poses a serious risk to the sustainability of the company's
highly leveraged financial structure, with fully adjusted total
debt to capital increasingly exceeding 100%."

Performance in the first half of 2006 was below our
expectations, and Schefenacker's revised guidance for 2006 and
2007 does not leave room for the prospect of improvement in the
near future.  Reported net debt increased to EUR372 million at
end-June, from EUR334 million at end-December 2005.
     
"While a large part of this increase was caused by seasonal
factors, the negative cash flow we expect for the full year will
affect debt at year-end," said Ms. Castellano.

"Under these circumstances, the company's ability to respect its
covenants in the next quarters seems more difficult."

Schefenacker faces challenges in improving its financial
performance and credit profile.  In 2006, we expect EBITDA
fixed-charge coverage to fall to below 2x as a result of a
higher interest burden, which will not be completely offset by
EBITDA improvement.  Schefenacker also needs to improve its
extremely leveraged capital structure.


SCHRAMM BAUUNTERNEHMEN: Claims Registration Ends September 22
-------------------------------------------------------------
Creditors of Schramm Bauunternehmen GmbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Room 225
         Marienring 13
         76829 Landau in der Pfalz, Germany

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

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Schramm Bauunternehmen GmbH on July 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schramm Bauunternehmen GmbH
         Attn: Udo Schramm, Manager          
         Mirabellenweg 1
         76756 Beilheim, Germany

The administrator can be contacted at:

         Stephan Haspel
         Friedrich-Ebert-Str. 7
         76829 Landau in der Pfalz, Germany
         Tel: 06341/51020
         Fax: 06341/510229


SPS SCHLUECHTERNER: Claims Registration Ends September 29
---------------------------------------------------------
Creditors of SPS Schluechterner Personalservice GmbH have until
Sept. 29 to register their claims with court-appointed
provisional administrator Frank Bayer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E09
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, 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 Hanau opened bankruptcy proceedings
against SPS Schluechterner Personalservice GmbH on July 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SPS Schluechterner Personalservice GmbH
         Attn: Bernhard Schafer, Manager          
         Fliedener Str. 10
         36381 Schluechtern, Germany

The administrator can be contacted at:

         Frank Bayer
         Kuhgasse 3
         63571 Gelnhausen, Germany
         Tel: 06051/92020
         Fax: 06051/920220


STEINNAGEL GERUESTBAU: Claims Registration Ends September 30
------------------------------------------------------------
Creditors of Steinnagel Geruestbau GmbH have until Sept. 30 to
register their claims with court-appointed provisional
administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 31 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 Detmold
         Hall 12
         Gerichtsstr. 6
         Auxiliary Building
         32756 Detmold, 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 Detmold opened bankruptcy proceedings
against Steinnagel Geruestbau GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Steinnagel Geruestbau GmbH
         Grosser Stein 44
         32657 Lemgo-Lieme, Germany

         Attn: Harald Steinnagel, Manager
         Rintelner Str. 269
         32657 Lemgo, Germany

         Juergen Himmelmann, Manager
         Ahornstr. 90
         32105 Bad Salzuflen, Germany

The administrator can be contacted at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen, Germany
         Tel: 05731/8422330
         Fax: 05731/8422350


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


KNOLL INC: Inks New Five-Year Labor Agreement with Carpenters
-------------------------------------------------------------
Knoll Inc. entered into a new five-year collective bargaining
agreement with the Carpenters Union, Local 1615, of the United
Brotherhood of Carpenters and Joiners of America, Affiliate of
the Carpenters Industrial Council.

The Collective Bargaining Agreement was ratified by the Union on
Aug. 25, 2006 and became binding at that time.  It sets forth
the terms and conditions of employment for bargaining unit
members working at the Company's Grand Rapids, Michigan facility
and becomes effective on Aug. 27, 2006.  The Collective
Bargaining Agreement continues until Aug. 27, 2011, after which
time it would continue on a year-to-year basis.

A full text-copy of the new collective bargaining agreement may
be viewed at no charge at http://ResearchArchives.com/t/s?10a8

Headquartered in East Greenville, Pennsylvania, Knoll Inc.,
(NYSE:KNL) designs and manufactures branded office furniture
products and textiles, serves clients worldwide.  It distributes
its products through a network of more than 300 dealerships and
100 showrooms and regional offices.  The Company operates four
manufacturing sites in North America: East Greenville,
Pennsylvania; Grand Rapids and Muskegon, Michigan; and Toronto,
Ontario.  In addition, it has plants in Foligno and Graffignana,
Italy.

                         *     *     *

As reported in the Troubled Company Reporter on July 18, 2006
Standard & Poor's Ratings Services raised its corporate credit
rating and senior secured bank loan ratings, on Knoll Inc., to
'BB' from 'BB-'.  The outlook was revised to stable from
positive.


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


AK-JOL: Creditors Must File Claims by Sept. 22
----------------------------------------------
OJSC Ak-Jol has declared insolvency.  Creditors have until
Sept. 22 to submit written proofs of claim to:

         OJSC Ak-Jol
         Kisileva Str. 16
    Georgievka
    Jarmynsky District
    East Kazakhstan Region
    Kazakhstan


ATYRAUSYSTEMCOMPLEKTTRUBSNAB: Claims Registration Ends Sept. 27
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Atyrausystemcomplekttrubsnab insolvent.

Creditors have until Sept. 27 to submit written proofs of claim
to:

         LLP Atyrausystemcomplekttrubsnab
         3rd Floor
    Abai Str. 10a
    Atyrau
    Atyrau Region
    Kazakhstan


FLAMINGO: Creditors' Claims Due Sept. 22
----------------------------------------
LLP Air-Line Flamingo has declared insolvency.  Creditors have
until Sept. 22 to submit written proofs of claim to:

         LLP Air-Line Flamingo
         Micro District 2, 16-10
    Enbekshykazahskyi District
    Almaty Region
    Kazakhstan


INTER BEST: Karaganda Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Inter Best
(RNN 302000252939).


KREDO: Proof of Claim Deadline Slated for Sept. 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Kredo insolvent on June 12.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 22 to submit written proofs of claim
to:

         LLP Kredo
         Boat-yard by the name of Chapaev, 63
    Uralsk
    West Kazakhstan Region
    Kazakhstan
    Tel: 8 (3112) 28-09-21  


RITM: Creditors Must File Claims by Sept. 26
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP RITM insolvent on July 5.

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

         LLP RITM
         Chapaev Str. 2
    Podstepnoye
    Terektinsky District
    West Kazakhstan Region
    Kazakhstan
         Tel: 8 (232) 36-4-72


SARYOBINSKOYE: Claims Registration Ends Sept. 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared OJSC Saryobinskoye insolvent on June 29.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 27 to submit written proofs of claim
to:

         OJSC Saryobinskoye
         Abai Str. 89-308
    Kokshetau
    Akmola Region
    Kazakhstan


STAFF: Creditors' Claims Due September 22
-----------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Staff insolvent on June 16.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 22 to submit written proofs of claim
to:

         LLP Staff
         Boat-yard by the name of Chapaev, 63
`  Uralsk
    West Kazakhstan Region
    Kazakhstan
    Tel: 8 (3112) 28-09-21  


TAZA-KALA-CENTRE: Proof of Claim Deadline Slated for Sept. 22
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Taza-Kala-Centre insolvent on June 27.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Sept. 22 to submit written proofs of claim
to:

         LLP Taza-Kala-Centre
         Suleimanov Str. 17 (11a)
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-76-49


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


ENGINEERING-MANUFACTURING: Creditors' Claims Due Oct. 4
-------------------------------------------------------
OJSC Engineering-Manufacturing Commercial Centre has declared
insolvency.   Creditors have until Oct. 4 to submit written
proofs of claim.

Inquiries can be addressed to (+996 3134) 3-31-00.


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


ORTHOFIX INT'L: Acquisition Prompts Moody's to Cut Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Orthofix International N.V. to Ba3 from Ba2.  The outlook
remains stable.

Moody's also assigned a Ba3 rating to the proposed US$375
million senior secured credit facilities of Orthofix Holdings
Inc. (U.S.), a subsidiary of Orthofix International N.V.

These rating actions follow the Aug. 7 announcement that
Orthofix announced that it signed a definitive agreement to
acquire Blackstone Medical Inc. for a total transaction value of
US$345 million, including fees and expenses.  Moody's
anticipates the transaction will be financed with a proposed
US$330 million term loan and US$15 million cash.  

Moody's expects the company will have no borrowings under its
proposed US$45 million senior secured revolving credit facility.
Blackstone, with its headquarters in Springfield, Massachusetts,
is a privately owned U.S. company that designs, develops and
markets spinal implants and instruments used in spinal surgery.
For the 12 months ended June 30, 2006, Blackstone generated over
US$70 million in revenue.

The downgrade primarily reflects a significant increase in the
company's debt leverage, as measured primarily by its cash flow
coverage of debt and EBIT coverage of interest expense, because
the transaction is predominantly financed with the issuance of
debt.  At the same time, Moody's believes that the company's
credit profile will be negatively affected by Blackstone's
negative operating cash flow.

The following ratings were assigned to Orthofix Holdings Inc.
(U.S.), a subsidiary of Orthofix International N.V, in
conjunction with the proposed Blackstone acquisition:

   -- US$45 million Senior Secured Revolver, due 2012: Ba3; and

   -- US$330 million Senior Secured Term Loan B, due 2013: Ba3.

Moody's downgraed the Corporate Family Rating of Orthofix
International N.V. to Ba3, from Ba2

Moody's will also withdraw these ratings assigned to Colgate
Medical, Ltd., a subsidiary of Orthofix International, Inc., as
all debt has been paid:

   -- US$110 million five-year term loan: Ba2; and

   -- US$15 million five-year revolver: Ba2.

Orthofix International N.V., a limited liability company,
organized under the laws of the Netherlands Antilles, is a
provider of pre- and post-operative products to the orthopedic
market place. The company reported US$313 million in net sales
during 2005.


ORTHOFIX HOLDINGS: S&P Assigns BB- Rating to Credit Facility  
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its secured loan and
recovery ratings to Orthofix Holdings Inc.'s proposed U$45
million revolving credit facility maturing in 2012 and $330
million term loan B maturing in 2013.  The loan was rated 'BB-'
with a recovery rating of '2', indicating the expectation for
substantial (80%-100%) recovery of principal in the event of a
payment default.

The company intends to use the debt proceeds from the term loan
and approximately US$15 million of on-hand cash to purchase
Blackstone Medical Inc. for US$333 million and fund related fees
and expenses.  The acquisition should improve Orthofix's product
offerings in the high-growth spine market.
     
The 'BB-' corporate credit rating on Orthofix International N.V.
was affirmed and removed from CreditWatch, where its was placed
with negative implications Aug. 7 due to concerns about the
company's post-acquisition debt leverage.  The rating outlook is
stable.

"The 'BB-' rating is based on Orthofix's operation in highly
competitive markets, potential integration difficulties,
significant debt leverage, and the recent shortfall of operating
cash flow in 2006," said Standard & Poor's credit analyst Jesse
Juliano.

"These factors are partially offset by the company's diverse
revenue stream, solid niche positions, and history of
aggressively reducing debt leverage."

Huntersville, N.C.-based Orthofix is a leading provider of
minimally invasive medical devices predominantly serving the
spine (44% of pro forma revenue), reconstruction (31% of pro
forma revenue), and trauma markets (16% of pro forma revenue).
The company has leading positions and patent protection in the
bone growth stimulation (BGS) market--Orthofix's largest product
segment.  The company also has specialty fixation, vascular
therapy, bracing, biologics, cold therapy, and pain management
products.


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


AGRO-KHIM-SERVICE: Court Names Y. Kushenko as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. Y. Kushenko
as Insolvency Manager for LLC Agro-Khim-Service.  She can be
reached at:

         Y. Kushenko
         Post User Box 4143
         644089 Omsk-89
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-7175/2006.

The Debtor can be reached at:

         LLC Agro-Khim-Service
         Yuzhnyj 6A
         Kormilovskiy Region
         646970 Omsk Region
         Russia


ALFA BANK: Opens Three Mortgage-Lending Centers in Russia
---------------------------------------------------------
Alfa Bank reports that it has opened three mortgage-lending
centers in Russia -- Moscow, St. Petersburg and Nizhny Novgorod
-- and also launched an advertising campaign in national and
regional mass media.

These centers are fully fledged offices where Alfa-Bank's
customers can receive consultation, obtain housing loans,
finalize transactions, pay initial installments, and so on.

The whole process of lending takes place under one roof.  The
facilities are in central city locations and offer comfortable
customer areas, meeting rooms, cash desks, and depositories, all
equipped to the highest standards.

In just one year Alfa-Bank has set up and launched its mortgage-
lending program from scratch.  Alfa-Bank, known in Russia as a
universal "Financial Supermarket," now offers a complete range
of credit products distinguished by their beneficial advantages
for individual customers.  The application review time is three
to five business days from receipt of a full documentation.  
Customers are not required to show their residence registration,
and non-residents of the Russian Federation can also obtain
mortgage loans.  Another clear advantage of the products offered
by Alfa-Bank is the extended range of loan repayment methods:
loan payments can be made at any of the Bank's offices
throughout the country, irrespective of the city where the loan
was originally taken out.

Today, Alfa-Bank offers mortgage loans, in both rubles and US
dollars, for property purchase in the secondary housing market.
Alfa-Bank's programs are affordable to buy accommodation in
Moscow, Moscow region, St. Petersburg, Leningrad region and
Nizhny Novgorod.  Alfa-Bank plans to open three more fully-
fledged centers for mortgage lending in the regions in 2006 and
offer mortgage loans in all cities of more than 1 million
residents over the next year.

Alfa-Bank's specialists are working on new types of mortgage
loans, improving customer service, increasing the number of
partners, expanding the geographical market, and responding
promptly to all changes and developments in the market. In
addition, before the end of this year the Bank plans to offer
loan products to buy new-build apartments -- a sector that the
Company believes will see high demand in the mortgage-lending
market -- as well as loan products for existing real estate.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key  
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa-Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa-Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in TCR-Europe on July 17, Moody's Investors Service
upgraded Alfa Bank's Financial Strength Rating to D from D- and
changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.

Fitch Ratings has assigned Alfa Bond Issuance's issue of 10-year
limited recourse loan participation notes a final Long-term 'B-'
rating.  The notes have been issued solely for financing a
subordinated loan to Russia's Alfa Bank (Alfa, rated Long-term
'B+'/Stable, Short-term 'B', Support '4', Individual 'D',
National Long-term 'A(rus)'/Stable).  The issuer will only pay
noteholders amounts (principal and interest), if any, received
from Alfa under the loan agreement.


BELOVO: Kemerovo Court Names Y. Deriglazov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. Y.
Deriglazov as Insolvency Manager for OJSC Belovskiy Engineering
Factory Belovo.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-8718/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Belovskiy Engineering Factory Belovo
         Aerodromnaya Str. 109
         Belovo
         652600 Kemerovo Region
         Russia


BOLSHEMURTINSKIY WOODWORKING: L. Sitkina to Manage Assets
---------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Ms. L.
Sitkina as Insolvency Manager for LLC Bolshemurtinskiy
Woodworking Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-9503/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Bolshemurtinskiy Woodworking Factory
         Krasnoyarsk Region
         Russia


BUYSKIY DIARY: Court Names S. Bondarev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. S.
Bondarev as Insolvency Manager for OJSC Buyskiy Diary.  He can
be reached at:

         S. Bondarev
         Sovetskaya Str. 97-104
         156005 Kostroma Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-2208/06-12.

The Debtor can be reached at:

         OJSC Buyskiy Diary
         Obyezdnoj Proezd 17
         Buy
         157000 Kostroma Region
         Russia


CENTERTELECOM OAO: Aims to Raise US$115 Million to Repay Debt
-------------------------------------------------------------
OAO CenterTelecom (RTS:ESMO) is planning to raise US$115 million
in the foreign markets to refinance and restructure its existing
debt, RIA Novosti says.

Yana Lavrentyeva, the director of CenterTelecom's information
policy department, said the company has yet to decide whether to
raise the amount via credit-linked notes or a syndicated loan,
the Russian news agency relates.

"Everything will depend on the market situation," Mr.
Lavrentyeva to RIA Novosti.

                       About CenterTelecom

OAO CenterTelecom -- http://www.centertelecom.ru/eng--   
provides fixed-line and mobile communications in the Russian
Central Federal District.  CenterTelecom had a charter capital
of RUR6.31 billion (about US$234 million) as of July 1, 2006.

The company's shares are listed on the Russian Trading System
stock exchange and the Moscow Inter-Bank Currency Exchange, and
its Level-1 American Depositary Receipts circulate on the U.S.
over-the-counter market and the Berlin and Frankfurt stock
exchanges.

                        *     *     *

As reported in TCR-Europe on Feb. 9, Fitch Ratings assigned
Issuer Default ratings to companies in the European
Telecommunications, Media and Technology sectors.  Revised
Senior Unsecured ratings now apply to the senior unsecured bond
issues of these entities.  CenterTelecom now carries Fitch's B-
rating with a negative outlook.


CRYSTAL: Penza Court Names O. Belov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. O. Belov as
Insolvency Manager for OJSC Crystal.  

He can be reached at:

         Post User Box 2094
         Proletarskaya Str. 6
         440061 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-2587/2006-2566/3.

The Debtor can be reached at:

         OJSC Crystal
         Zavodskaya Str. 16
         Sakhzavod
         Bekovskiy Region
         Penza Region
         Russia


FORD MOTOR: Mulls Doubling Russian Car Sales in 2006
----------------------------------------------------
Ford Motor Co. is planning to nearly double its Russian sales
from 60,654 vehicles to 120,000 cars this year, RIA Novosti
says.

Ford President Henrik Nenzen is optimistic that the company
would improve its position in the Russian car market, the
Russian news agency relates.  Mr. Nenzen noted that Ford has
doubled its first-half sales to 48,840 cars and expected the
trend to continue for the whole year.  

Ford entered the Russian market in July 2002 when it opened its
Vsevolozhsk site, with a US$150 million investment.  The company
is planning a US$250-million upgrade of the Vsevolozhsk site,
increasing the site's annual production to 30,000 Ford Mondeos,
20,000 Ford Mavericks and 100,000 Ford Focus models.

                       About Ford Motor

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

                         *     *     *

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

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

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

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


GAZPROM OAO: Extends Existing E.ON Contracts to 15 Years
--------------------------------------------------------
Alexander Medvedev, Deputy Chairman of OAO Gazprom's Management
Committee, and Burckhard Bergmann, Chairman of E.ON Ruhrgas AG,
signed an Agreement to extend the existing contracts for gas
supply via Waidhaus for a further 15 years from 2020 to 2035.

An Agreement was also reached for supplying additional gas via
the North-European Gas Pipeline.

Under the extended contracts, the annual gas supplies will reach
some 20 bcm, while the total gas supplies will amount to 300
bcm.

The contract for gas deliveries via the NEGP stipulates that
annual transmission will be some 4 bcm and total gas transit
over the 2010/2011-2036 period will be around 100 bcm.

"These contracts strengthen our partnership with the largest gas
producer in the world," commented Mr. Bergmann.  "At the same
time we can compensate for decreasing gas deliveries from
Western European resources and provide additional gas volumes
for the growing European market."

"This long-term cooperation in gas business operations not only
enables current commitments to be met but also creates a basis
for future development of the present-day infrastructure to
ensure reliable gas supplies for the decades to come.  The long-
term contract for NEGP gas deliveries signed today has special
significance.  The new contract is further evidence of the
successful development of the project," added Alexander
Medvedev.

The German company E.ON AG is one of the world's largest private
energy and gas corporations with an annual revenue of up to ? 56
billion and some 80,000 personnel.  It was formed in 2000 as a
merger of VEBA and VIAG.

From February 2003 E.ON Ruhrgas AG (known as Ruhrgas AG until
June 1, 2004) is a part of the E.ON Group with responsibilities
for the pan-European gas business including gas production,
distribution, transmission and storage.

The company operates 11,273 km of gas pipeline systems and has
12 of its own large underground gas storage facilities with a
total active gas volume of 5.1 bcm.  With overall sales of 690.2
billion kw/h, E.ON Ruhrgas AG is the largest gas distributor in
Germany and is one of the three leading companies in Europe.

The basis for cooperation between the company and Gazprom was
laid in the early 70s when Ruhrgas AG, along with a number of
German industrial companies and banks took part in developing
the gas transit pipeline system for delivering Russian gas from
Siberia to Western Europe.

E.ON Ruhrgas AG, one of the largest foreign shareholders in
Gazprom, with around a 6.5% share.

Gazprom has successfully cooperated with E.ON Ruhrgas over a
long period, including in the fields of gas pipeline corrosion
protection, optimizing operation of gas compressor units and
dispatching.

On June 8, 2004, Gazprom and E.ON AG signed a Memorandum of
Understanding on further cooperation in the companies' strategic
projects for gas deliveries as well as for production,
transmission, marketing and the power industry.

On July 12, 2006, Gazprom and E.ON AG signed a framework
Agreement for asset exchange in natural gas production, sales
and trade and the power industry. The parties agreed to exchange
25% minus one share in the Yuzhno-Russkoye gas condensate field
for a majority shareholding in E.ON Ruhrgas.  This includes
share participation in E.ON Ruhrgas' Hungarian gas companies,
such as E.ON Fuldgaz Storage and E.ON Fuldgaz Trade (50% share
minus one share in each company) as well as a 25% share plus one
share in the E.ON Hungaria regional energy and gas company.  
Additionally, Gazprom and E.ON agreed on the implementation of
joint projects for energy production at European gas-fired power
stations.

                        About Gazprom

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

                        *     *     *

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

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

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


KHLEVENSKOYE TRANSPORT: K. Glodev to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Mr. K. Glodev
as Insolvency Manager for OJSC Khlevenskoye Transport
Enterprise.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-2984/2005.

The Arbitration Court of Lipetsk Region is located at:

         Skorokhodova Str. 2
         398019 Lipetsk Region
         Russia

The Debtor can be reached at:

         OJSC Khlevenskoye Transport Enterprise
         Khlevnoye
         Khlevenskiy Region
         Lipetsk Region
         Russia


KURSKAYA ROAD: Kursk Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Kursk Region has commenced bankruptcy
supervision procedure on LLC Kurskaya Road Company.  The case is
docketed under Case No. A35-4145/06 g.

The Temporary Insolvency Manager is:

         O. Parfenov
         Malykh Str. 44-b
         305019 Kursk Region Russia

The Debtor can be reached at:

         LLC Kurskaya Road Company
         Engelsa Str. 171-A
         305047 Kursk Region
         Russia


KUYBYSHEVSKIY AGRO-SNAB: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region has commenced
bankruptcy supervision procedure on OJSC Kuybyshevskiy Agro-
Snab.  The case is docketed under Case No. A45-16437/05-27/279.

The Temporary Insolvency Manager is:

         V. Rudenko
         Post User Box 124
         630051 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Kuybyshevskiy Agro-Snab
         Kraskoma Str. 1
         Kuybyshev
         632387 Novosibirsk Region
         Russia


LYUBIMSKIY CHEESE-BUTTER-MAKING: Court Hearing Set for Sept. 13
---------------------------------------------------------------
The Arbitration Court of Yaroslavl Region will convene on
Sept. 13 to hear the bankruptcy supervision procedure on OJSC
Lyubimskiy Cheese-Butter-Making Factory.  The case is docketed
under Case No. A82-2985/06-30-B/57.

The Temporary Insolvency Manager is:

         A. Suchkov
         Pochtovaya Str. 12/2
         150000 Yaroslavl Region
         Russia

The Debtor can be reached at:

         OJSC Lyubimskiy Cheese-Butter-Making Factory
         Obnorskaya Str. 33/2
         Lyubim
         152470 Yaroslavl Region
         Russia


MARYEVSKOYE: Court Names P. Baranov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. P.
Baranov as Insolvency Manager for OJSC Maryevskoye.  He can be
reached at:

         Mr. P. Baranov
         Lenina Str. 101
         Balay
         Uyarskiy Region
         663932 Krasnoyarsk Region
         Russia
         
The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-9591/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Maryevskoye
         Maryevka
         Uyarskiy Region
         663930 Krasnoyarsk Region
         Russia


MOBILE TELESYSTEMS: Appoints New Management Directors
-----------------------------------------------------
Mobile Telesystems OJSC disclosed new appointments as part of
the company's reorganization of its management structure.

The managerial staff list has been reorganized as approved by
the Company's Board.

The position has been created of Vice President, Director of
Business unit MTS Russia has been created.

Mikhail Shamolin, previously Vice President for Sales and
Customer Service, was appointed to this position and will report
directly to the company's president.

These staff will report directly to MTS Russia's Head of
Business unit, Mikhail Shamolin:

   -- Directors of all branches (macro-regions) of MTS:

         -- director of macro-region Moscow, Svetlana Shamzon,

         -- director of macro-region Centre, Konstantin Markov,

         -- director of macro-region North-West,
            Ivan Zolochevsky,

         -- director of macro-region Ural, Andrei Dubovskov,

         -- director of macro-region Sibi, Aleksander Marishin,

         -- director of macro-region Povolzhye South-East,
            Marat Ayupov,

         -- director of macro-region Povolzhey North-West,
            Aleksander Popovsky,

         -- director of macro-region Far East, Dmitry Lapitsky,

         -- director of macro-region South, Dmitry Vitchinka,
            and

         -- director of macro-region South-West, Leonid Denisov

   -- Chief Marketing Officer of Business unit MTS Russia,
      Garrett Johnston;

   -- Deputy Director for Technical Matters and IT of Business
      unit MTS Russia, Andrei Ushatsky;

   -- Deputy Sales Director of Business unit MTS Russia, Mrs.
      Maria Chinkova;

   -- Director for Regional Management of Business unit MTS
      Russia, Viacheslav Nikolaev;

   -- Director of Human Resources Department of Business unit
      MTS Russia, Ms. Natalya Strelkova, and

   -- Director of Customer Service Department of Business unit
      MTS Russia, Vladislav Pozdyshev.

                    About Mobile TeleSystems

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- company provides global system for  
mobile communications technology-based mobile telecommunications
services in Russia, Belarus, Ukraine, Uzbekistan and
Turkmenistan.  Since June 2000, MTS' Level 3 ADRs have been
listed on the New York Stock Exchange (ticker symbol MBT).

As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.

MTS is rated to BB-/outlook stable by S&P in and Ba3/outlook
stable by Moody's.


NAVIKA: Moscow Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on LLC Navika.  The case is docketed under
Case No. A40-31193/06-95-571B.

The Temporary Insolvency Manager is:

         N. Zaytsev
         Leningradskoye Shosse 15-224
         125171 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Navika
         Furmannyj Per. 24
         105062 Moscow Region
         Russia


NORTH-WEST TELECOM: Unveils Asset Management Update for 1H 2006
---------------------------------------------------------------
North-West Telecom disclosed that its net income margin has
reached 9% and EBITDA margin 26.8% in the first half of 2006.

One of the basic goals of JSC North-West Telecom's long-term
development strategy is to maintain the level of EBITDA margin
growth at least 1 p.p. per year.  To achieve the targets, the
Company is implementing a strategy to improve the management
efficiency of assets and subsidiaries.

The main goal of JSC North-West Telecom's business
reorganization is to liquidate investments in non-core or
unprofitable assets and to develop the Company's participation
in strategic profile companies.

In 2005, as a result of withdrawal from 10 commercial and five
non-profit companies, the income of JSC North-West Telecom from
selling those assets made RUB4.1 million.  In 2006, JSC North-
West Telecom plans to terminate its participation in eight
commercial and one non-profit organizations; the income from
selling these interests are expected to amount to about
RUR41 million.

A significant part of Company's assets are real estate and land
plots: at the moment, the property of North-West Telecom
comprises 1,356,500 sq. m. in area (including 529,600 sq. m. in
St. Petersburg) and 4,044,800 sq. m of land plots (including
507,600 sq. m. in St. Petersburg).  The share of operating
premises is 60%.

As a result of network reorganization and updating in 2005,
North-West Telecom:

   -- abandoned 6,100 sq. m. of leased premises, and another
      21,500 sq. m in the 1H 2006;

   -- leased out 67,500 sq. m, and 74,900 sq. m in the same
      period.

The income from leasing out the premises amounted to RUB187.8
million in 2005; and according to the plans for 2006 incomes
will amount to RUR 200 million.  To improve the efficiency of
property management, JSC North-West Telecom has planned a
minimum 3% annual reduction in the quantity of leased spaces.

In 2005 North-West Telecom sold 28 sites of real estate, and
another 31 sites in 1H 2006.  It is expected that in 2006 over
25,000 sq. m. of Company's real estate will be sold.  The income
from real estate sale in 2005 amounted to RUR27.4 million and in
2006 it is expected to raise RUR68.2 million.

                  About North-West Telecom

OAO North-West Telecom (OTC: NWTEY; RTS: SPTL) is one of
Russia's major telecommunication companies, and the leading
operator in the North-West Federal District, providing
traditional telephone services, as well as Internet and advanced
data services.  NWT originated from the merger of 10 regional
fixed line operators and is ranked among the Financial Times'
Top 100 major Eastern European companies.  NWT ranks eighth in
Standard & Poor's Transparency Index of the 50 largest MICEX-
listed companies and fifth in the S & P Corporate governance
rating.  NWT international debt is rated by S&P B+ with stable
outlook and domestic debt ruA+.

                        *     *     *

As reported in TCR-Europe on Aug. 14, Fitch affirmed Russia-
based OAO North-West Telecoms' Issuer Default rating at B+ with
a Stable Outlook and Short-term rating at B.

The reflect NWT's dominant market position as a regional
incumbent telecoms operator.  The company controls about 76% of
the local services market and is well positioned to retain its
dominance in this segment.  Although its market share is strong,
it is smaller in the corporate segment where it controls about
55% of fixed lines.  

Standard & Poor's has assigned B+ ratings to North-West
Telecom's long-term foreign issuer and local issuer credit
ratings.  


PROKHLADNOYE: Kaliningrad Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kaliningrad Region has commenced
bankruptcy supervision procedure on CJSC Prokhladnoye.  The case
is docketed under Case No. A21-2079/2006.

The Temporary Insolvency Manager is Mr. O. Soldatov.  He can be
reached at:

         Leningradskoye Shosse 15-224.
         125171 Moscow Region Russia

The Arbitration Court of Kaliningrad Region is located at:  

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Prokhladnoye
         Prokhladnoye
         Slavskiy Region
         Kaliningrad Region
         Russia


PROMSVYAZBANK JSCB: To Hike Capital by 34.6% via Share Issue
------------------------------------------------------------
JSCB Promsvyazbank will issue 26,032 new ordinary bearer shares
to prop up its authorized capital by 34.6% to RUR5.12 billion
(US$190 million), RIA Novosti says.

The shares will be placed on a closed subscription at a face
value of RUR50,000 (US$1,800) each.  Promsvyazbank's approved
the capital increase at an emergency meeting last month.

As reported in TCR-Europe on Aug. 31, Commerzbank AG has agreed
to acquire a 15.3% stake in Promsvyazbank for an undisclosed
amount in participation of the capital increase.

                     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.


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

         S. Lebedev
         Kamenskaya 64a
         Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-8133/06-4/30.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Siberian Builder
         Mochinshenskoye Shosse 18-57
         Novosibirsk Region
         Russia


SIBIRSKOYE: Bankruptcy Hearing Slated for October 25
----------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at 9:30
a.m. on Oct. 25 to hear the bankruptcy supervision procedure on
OJSC Sibirskoye.  The case is docketed under Case No. A45-11593/
06-10/252.

The Temporary Insolvency Manager is:

         Y. Gomerov
         Post User Box 325
         Krasnoobsk-1
         630501 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Sibirskoye
         Sibirskiy
         Kupinskiy Region
         632744 Novosibirsk Region
         Russia


STORM: Kursk Court Names V. Skorikov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. V. Skorikov
as Insolvency Manager for CJSC Company Storm.  He can be reached
at:

         V. Skorikov
         Apartment 27
         Radisheva Str. 8
         305004 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-3787/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Company Storm
         3rd Peskovskaya Str. 14a
         Kursk Region
         Russia


STROY-INVEST: Bankruptcy Hearing Slated for November 1
------------------------------------------------------
The Arbitration Court of Ivanovo Region will convene at 1:00
p.m. on Nov. 1 to hear the bankruptcy supervision procedure on
CJSC Stroy-Invest.  The case is docketed under Case No. A17-
1391/06-10-B.

The Temporary Insolvency Manager is:

         V. Zorov
         K. Marksa Str. 9
         Kineshma
         155800 Ivanovo Region
         Russia

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Stroy-Invest
         Kineshma, Vysokaya Str. 2.
         Ivanovo Region
         Russia


SUAL GROUP: RusAl Dismisses Merger Reports as Rumor
---------------------------------------------------
Russky Alyuminiyum (RusAl) dismissed recent press reports of a
possible merger with Siberian-Urals Aluminium Company (SUAL) as
a rumor, says RosBusinessConsulting.

According to press reports, RusAl, SUAL, and Swiss company
Glencore signed a non-binding agreement for a EUR23.5 billion
merger.  Press reports speculate that the combined entity would
trade on the London Stock Exchange and would be headed by SUAL
chief executive Brian Gilbertson.

SUAL is currently reviewing two options: merge with RusAl or
launch an initial public offering, RosBusinessConsulting reports
citing an unnamed source.

Meanwhile, analysts believed the merger reports might be true.  
Majority of the analysts, however, said the deal is possible but
only in the future.  

Experts told RBC that the RusAl-SUAL merger would create the
world's largest aluminum company with market capitalization of
US$20 billion.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with  
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                          About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium  
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhye City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


SUAL INT'L: Merger Uncertainty Spurs S&P to Keep BB- Rating  
-----------------------------------------------------------
Standard & Poor's Ratings Services said that the BB- long-term
corporate credit rating (stable outlok) on Russia-based aluminum
company Sual International Ltd. remain unchanged following press
reports concerning a non-binding agreement for Sual to merge
with Rusal, another Russian aluminum company, and Glencore
International AG's alumina assets.
     
There is a high amount of uncertainty about whether the deal
will proceed and, if it does, what implications it would have
for the combined group's financial profile and financial policy
in areas such as acquisitions, dividends, and debt.   If such a
transaction were to occur, Standard & Poor's would treat it as a
special event that is not currently factored in the ratings or
outlook on Sual.

Press reports about this transaction and related financial
details (notably whether any pre-merger or merger-related cash
payments are being considered) have not been confirmed by any of
the companies involved.  Although S&P believes that a combined
entity would enjoy a strong business profile, with a diversified
asset base and low cost profile, potential rating implications
for Sual cannot be evaluated at this stage due to major
uncertainty on the financial side.


TATNEFT OAO: Says S&P Credit Rating Withdrawal Unjustified
----------------------------------------------------------
Standard & Poor's recently announced the withdrawal of the
credit rating for OAO Tatneft due to, in the opinion of S&P, a
continuing lack of information.

OAO Tatneft expresses its surprise at S&P's decision and
believes that the withdrawal of its credit rating is not
justified, given its recent increased financial disclosure,
actions taken and the Company's commitment to ongoing
transparency.  However, Tafneft stresses that it respects S&P's
policy in taking decisions on credit ratings.

The press release regarding withdrawal of the company's credit
rating set by S&P says: "the rating withdrawal reflects a lack
of information on the company's consolidated financial position
and its strategy."

The S&P statement further says: "for the third year in
succession Tatneft has substantially delayed publishing its
audited U.S. GAAP accounts, which have been much later compared
with those of local peers.  The 2004 accounts were published in
June 2006, and the 2005 financials are not yet available.  The
nature of relationships with the government of the Republic of
Tatarstan (BB-/Stable/-) and other related parties is
increasingly unclear and there is a lack of clarity regarding
financing of the major Nizhnekamsk refinery project (for a total
estimated cost of U$4.8 billion)."

On June 26, 2006, OAO Tatneft published 2004 consolidated
financial statements for the Tatneft Group, prepared in
accordance with U.S GAAP.  These were supported with an
unqualified auditor's report as well as unaudited U.S. GAAP
financial statements of Tatneft Group for 1H 2005.

In addition, the company, on a confidential basis, provided S&P
with draft US GAAP financial statements for the Tatneft Group
for 2005, as well as explanations of these statements.  OAO
Tatneft recognises and agrees with S&P's statement that "the
rating withdrawal does not necessarily indicate a deterioration
of the company's credit quality", particularly given the
Company's increased cash and profit generation and the Group's
improved liquidity and financial strength.

The company has regularly provided S&P with information on OAO
Tatneft's financial position.  Information is regularly
published in its issuer's quarterly reports on the financial
position (under Russian Accounting Rules or RAR) of OAO
Nizhnekamskshina, the largest of the Company's subsidiaries.  
Therefore, the company believes that S&P has a good deal of
current information on OAO Tatneft's consolidated financial
position.

The Company has indeed delayed release of 2005 audited
consolidated financial statements for the Tatneft Group and
filing its annual report on Form 20-F for 2005 with the U.S.
Securities and Exchange Commission.  This was due to delays in
the preparation of audited US GAAP financial statements for 2003
and 2004.  These delays were primarily caused by an
investigation into certain transactions involving Tatneft Group
companies reflected in the US GAAP consolidated financial
statements of Tatneft Group for 2003, which were completed only
at the beginning of June 2005.

The company, in numerous press releases, has discussed the
reasons for the investigation, and the manner in which it has
been resolved.  The U.S. GAAP 2005 consolidated financial
statements for the Tatneft Group are currently being audited
independently, and the company expects the audit to be completed
in Q4 2005.  OAO Tatneft is planning to announce a more detailed
timetable for completion of the audit of the U.S. GAAP
consolidated financial statements for 2005 in the first half of
September 2006.

Annual reports of the company (including on Form 20-F) clearly
define its strategic goals, which include, in particular:

   -- maintaining oil production levels at existing oil fields;

   -- increasing the resource base, including outside of the
      Republic of Tatarstan;

   -- strengthening vertical integration by developing the
      company's network of refining and petrol stations; and

   -- compliance with advanced principles of corporate
      governance.

OAO Tatneft regularly informs investors and the public in press
releases about its actions to reach these strategic goals.

For example, the following steps to improve corporate governance
have been taken in the last few years:

   -- independent directors were elected to the Board of
      Directors of OAO Tatneft;

   -- these committees of the Board of Directors were formed and
      are now operating:

         -- audit,
         -- human resources
         -- remuneration,
         -- disclosure and
         -- corporate governance;

   -- the department of internal audit was reorganized;

   -- the consolidated financial reporting department was
      expanded; and

   -- communication with investors and shareholders has been
      improved.

OAO Tatneft discloses information on its transactions with
related parties in compliance with regulatory requirements and
applicable accounting standards.  The company believes that it
has provided S&P with explanations regarding related party
transactions.  The relationship with the Republic of Tatarstan,
is premised on mutual benefit and observance of interests of all
company shareholders.

The Republic of Tatarstan (through OAO Svyazinvestneftekhim) is
the largest shareholder of OAO Tatneft, holding 33.59% of all
shares in the company.

"Tatneft is the most important company in Tatarstan.  The
Republic of Tatarstan, as the largest shareholder, is interested
more than anyone else in Tatneft's successful operations and
that it reaches its primary goal -- making profit," said Rustam
N. Minnikhanov, the Prime Minister of the Republic of Tatarstan
and the Chairman of the Board of Directors of OAO Tatneft
speaking at a Company BoD meeting.

In particular, the Government of the Republic of Tatarstan
supported the company in connection with the approval of
amendments to the Russian Tax Code.  This was related to
differentiation of oil production tax and granting financing
from the Investment Fund of the Russian Federation for the
construction of infrastructure for the oil refining and
petrochemical complex at Nizhnekamsk.

In connection with financing of this latter project, as reported
to S&P, ZAO Nizhnekamsk Refinery, together with financial
advisors for the project, is developing a structure for
financing the construction of the complex.  As previously
reported, a significant portion of the funds for the
construction of the complex is expected to be attracted on a
project finance basis.  Until this work is completed, the
company believes that it is not possible to provide S&P with
finalised plans for financing the construction of the complex.

In addition, on June 26, the Government Commission for
Investment Projects of National Importance approved co-financing
from the Investment Fund of the Russian Federation for
construction and reconstruction of external transport
infrastructure for the oil refining and petrochemical complex at
Nizhnekamsk amounting to RUR16.5 billion.  OAO Tatneft's
investment program provides for an extension in 2006 of RURR6.7
billion for financing works related to the construction of the
complex until external financing is obtained by ZAO Nizhnekamsk
Refinery.

As of 30 June 2006, cash of OAO Tatneft under RAR was RUR12.5
billion, while the long-term and short-term loans of OAO Tatneft
under RAR as of June 30, 2006, were RUR2.3 billion and RUR1.3
billion, respectively.

According to Evgeny A. Tikhturov, Head of Finance Department of
OAO Tatneft, the company is currently in a position to repay all
indebtedness under its loans and credits at the first request
from creditors'.  OAO Tatneft is repaying its debt under loans
and credits in time and in strict compliance with the loan
agreement terms.

Long-term and short-term loans and credits of OAO
Nizhnekamskshina, the largest subsidiary of OAO Tatneft, under
RAR as of June 30, 2006, were RUR229 million and RUR1.8 billion
respectively.  OAO Tatneft's net income under RAR for 1H 2006
was RUR23.4 billion, and OAO Nizhnekamskshina's net income under
RAR for the same period was RUR68 million.

                     About the Company

OAO Tatneft explores for, produces, refines and markets crude
oil.  The company operates a chain of retain gasoline filling
stations and exports some of its petrochemical products to
former Soviet Union countries and Europe.

                       *     *     *


As reported in TCR-Europe on Aug. 28, Standard & Poor's Ratings
Services withdrew its 'B-' long-term corporate credit rating on
Russia-based oil company Tatneft OAO.  The rating had been
placed on CreditWatch with negative implications on April 14,
due to a continuing lack of consistent information on the
company's financial position.


UKR-AGRO-KHIM-PROM-HOLDING: Court Hearing Slated for Oct. 10
------------------------------------------------------------
The Arbitration Court of Moscow will convene on Oct. 10 to hear
the bankruptcy supervision procedure on LLC Ukr-Agro-Khim-Prom-
Holding.  The case is docketed under Case No. A40-33429/06-95-
650 B.

The Temporary Insolvency Manager is:

         Y. Kalakutin
         Post User Box 18
         111396 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Ukr-Agro-Khim-Prom-Holding
         Glinishevskiy Per. 5/7
         Moscow Region
         Russia


VIKULOVSKIY TECHNOLOGY: Court Hearing Slated for September 14
-------------------------------------------------------------
The Arbitration Court of Tyumen Region will convene on Sept. 14
to hear bankruptcy supervision procedure on CJSC Vikulovskiy
Technology Centre.  The case is docketed under Case No. A-70-
4499/3-2006.

The Temporary Insolvency Manager is:

         V. Kravchenko
         Apartment 56
         50 Let Oktyabrya Str. 82
         Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Vikulovskiy Technology Centre
         Svobody Str. 181
         Vikulovo
         Tyumen Region
         Russia


WOOD MASTER: Arkhangelsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region has commenced
bankruptcy supervision procedure on LLC Wood Master.  The case
is docketed under Case No. AO5-6106/2006-21.

The Temporary Insolvency Manager is:

         A. Ugushev
         Lomonosova Pr. 119
         163061 Arkhangelsk Region Russia
         Tel/Fax: 8(181-2) 65-35-59

The Debtor can be reached at:

         LLC Wood Master
         Office 1402
         Lenin Square 4
         163000 Arkhangelsk Region
         Russia


WOODWORKING COMBINE 2: V. Adamov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. V. Adamov as
Insolvency Manager for OJSC Woodworking Combine 2.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-25162/03-74-23/B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Woodworking Combine 2
         Staropetrovskiy Proezd 10
         125130 Moscow Region
         Russia


ZNAMENSKIY FLAX: Court Names E. Esaulova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Ms. E. Esaulova
as Insolvency Manager for Municipal Unitary Enterprise
Znamenskiy Flax Factory.  She can be reached at:

         E. Esaulova
         Orlovskaya Str. 20a
         610002 Kirov  Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-86/06-90/24.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Znamenskiy Flax Factory
         Orlovskaya Str. 20a
         610002 Kirov Region
         Russia


* Fitch Assigns Nizhniy Novgorod B+ LT Foreign Currency Rating
--------------------------------------------------------------
Fitch Ratings assigned the Russian Nizhniy Novgorod Region Long-
term foreign and local currency B+ ratings and a Short-term B
rating.  A National Long-term A rating is also assigned.  All
the rating Outlooks are Stable.

The ratings reflect the strong local economy, which provides for
tax revenue increase.  This allows the region to strengthen both
its budgetary performance and debt structure.  However, the
ratings factor in Nizhniy Novgorod's high degree of budget
rigidity with transfers dominating its operating spending.  

They also take into account the region's high debt burden.  The
Stable Outlook reflects Fitch's expectations that the economic
expansion will drive revenue growth, further improving budgetary
performance and debt burden reduction.

The region possesses a diversified local economy, which is
almost equally divided between the service and production
sectors.  The industrial sector includes the country's leading
car manufacturers.  The economic growth has stimulated tax
revenues over the last two years as public and private sector
salaries have grown 25% on average in 2004-2005 while taxable
profit increased 49% in 2004 and 56% in 2005.

The region's budgetary performance has been improving over the
last three years with the operating and current margins rising
to 8.6% and 6.1% respectively in 2005 from 4% and 2.3% in 2003.
The improvement of the budgetary performance is attributed to
faster operating revenue growth over operating expenditure
growth during 2004-2005.  

The region has repaid all formerly defaulted eurobonds and total
debt as a proportion of current revenue significantly decreased
to 29% in 2005 from 44.6% in 2001.

At the same time the region's debt servicing remains high at an
average of 31% of current revenue over the last three years
while the average maturity of debt is low at two to three years.
The region is exposed to significant refinancing risk with
short-term bank loans representing 38% of the total direct debt
in 2006 while significant debt amortizations are scheduled in
2007 and 2008.

The region's budget is characterized by a high degree of
rigidity since transfers amounted to 74.1% of total spending in
2005, while staff expenditure contributed another 15.1% of
operating expenditure.  The region's capital expenditure has
been unstable during 2001-2005.

Despite a recent increase to 9.4% in 2005 from 6% in 2004, total
spending is still insufficient to compensate for the high level
of infrastructure deterioration, which reportedly accounted for
60%-70% of infrastructural companies' fixed assets.

Nizhniy Novgorod region is located in the central part of the
Russian Federation.  The region contributed 1.82% of the RF's
gross domestic product in 2005 and accounted for 2.4% of
country's population.


=========
S P A I N
=========


IM GRUPO: Moody's Rates EUR32.4-Mln Series E Notes at (P)C
----------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by IM Grupo Banco Popular Empresas 1, FTA:

   -- EUR553.5 million Series A1 notes: (P)Aaa;
   -- EUR1.1 billion Series A2 notes: (P)Aaa;
   -- EUR28.8 million Series B notes: (P)Aa3;
   -- EUR27 million Series C notes: (P)A3;
   -- EUR54.9 million Series D notes: (P)Baa3; and
   -- EUR32.4 million Series E notes: (P)C;

IM Grupo Banco Popular Empresas 1, FTA is a securitization of
loans to small- and medium-sized enterprises (SMEs) carried out
by six Spanish banks owned by Banco Popular group (Banco de
Andalucia, Banco de Credito Balear, Banco de Castilla, Banco de
Vasconia, Banco de Galicia and Banco Popular Espanol).  Although
the pool of loans meets the requirements of the Spanish
government's FTPYME guarantee program for SME loan-backed deals,
this transaction is not part of this program.

Strong features within this deal include, among others:

   -- extensive historical default and recovery information
provided by the originators;

   -- a 12-month artificial write-off mechanism;

   -- the fact that around 78% of the pool is secured by a
first-lien mortgage guarantee; and

   -- the good performance of Banco Popular's previous SME deal.

Weaker features include:

   -- partial hedging of the interest rate risk;

   -- partial funding of the cash reserve upfront;

   -- a high servicing fee compared with other Spanish
securitization transactions;

   -- the presence of non-amortizing loans in the pool;

   -- the pro-rata amortization of the notes; and

   -- the negative impact of the interest deferral trigger on
the subordinated series.

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets comprised, as of
August 2006, a portfolio of 11,802 loans granted to 10,309
borrowers, all of which are Spanish SMEs.  The loans have been
originated between 1993 and May 2006, with a weighted average
seasoning of 2.0 years and a weighted average remaining life of
9.0 years.  

The weighted average interest rate is 4.18%, with all the loans
linked to floating reference rates, and the weighted average
margin over the reference rate is 1.04%. 78% of the outstanding
of the portfolio is secured by a first-lien mortgage guarantee
over different types of properties (19% being residential
properties), with a weighted average loan to value equal to 54%.  

The pool is well diversified in terms of geography, with a
slight concentration in Andalusia (22%) given the location of
the originators, and is around 41% concentrated in the buildings
and real estate sector according to Moody's industry
classification.   At closing, there will be no loans more than
30 days in arrears.

Moody's based the provisional ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement partially hedging the interest rate
risk;

   -- the credit enhancement provided through the GIC account,
the pool spread, the reserve fund and the subordination of
the notes; and

   -- the legal and structural integrity of the transaction.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (21 March 2033).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par with respect
to the Series A1, A2, B, C and D notes, and for ultimate payment
of interest and principal at par with respect to the Series E
notes, on or before the final legal maturity date.  

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.


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


AGROLEASING: Kyiv Court Names S. Kitsul as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Kitsul as
Liquidator/Insolvency Manager for LLC Production Company
Agroleasing (code EDRPOU 31627498).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 9.  The case is docketed
under Case No. 44/450-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Production Company Agroleasing
         Oboroni Str. 10/107
         Geroiv
         03127 Kyiv Region
         Ukraine


AVTOMOBILIST: Kyiv Court Starts Sanation Procedure
--------------------------------------------------
The Economic Court of Kyiv Region commenced sanation procedure
on OJSC Avtomobilist on June 26.  The case is docketed under
Case No. 176/11 b-06.

The Temporary Insolvency Manager is:

         Igor Golubij
         Teliga Str. 25-B/24
         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:

         OJSC Avtomobilist
         Proskuri Str. 86
         Ivankiv
         Kyiv Region
         Ukraine


AVTOSPECVODSERVICE: Court Names Mr. S. Nadeyev as Liquidator
------------------------------------------------------------
The Economic Court of Herson Region appointed Mr. S. Nadeyev as
Liquidator/Insolvency Manager for OJSC Avtospecvodservice (code
EDRPOU 05460752).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 19.  The case is docketed
under Case No. 5/118-5-06.

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         OJSC Avtospecvodservice
         Berislavske Shose 42
         73008 Herson Region
         Ukraine


BIOSTIMULYATOR: Odessa Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on Odessa Chemical-Pharmaceutical
Enterprise Biostimulyator (code EDRPOU 32093887) on June 23.  
The case is docketed under Case No. 2/171-06-6019.

The Temporary Insolvency Manager is:

         Igor Letnitskij
         Dobrovolskij Avenue 151/80
         65111 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         Odessa Chemical-Pharmaceutical Enterprise
         Biostimulyator
         Hadzhibejska Doroga 2
         Odessa Region
         Ukraine


BUILDING MATERIALS: Court Names Mr. U. Dunayevskij Liquidator
-------------------------------------------------------------
The Economic Court of Zhitomir Region appointed Mr. U.
Dunayevskij as Liquidator/Insolvency Manager for LLC Building
Materials Plant (code EDRPOU 31603615).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 3/124.

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         LLC building materials plant
         Perekopu Str. 32
         Geroiv
         Novograd-Volinskij
         11700 Zhitomir Region
         Ukraine


ELECTRONIC COMPONENTS: District Tax Agency to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Solomyanskij District of Kyiv Region as Liquidator for LLC
Electronic Components (code EDRPOU 31169038).  The Liquidator
can be reached at:

         State Tax Inspection of
         Solomyanskij District of Kyiv Region
         Smilyanska Str. 6
         03151 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 21.  The case is docketed
under Case No. 23/275-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Electronic Components
         Narodnogo opolchennya Str. 1
         03151 Kyiv Region
         Ukraine


HUDOZHNYE TKATSTVO: Oleksandr Malyovanij to Liquidate Assets
------------------------------------------------------------
The Economic Court of Sumi Region appointed Oleksandr Malyovanij
as Liquidator/Insolvency Manager for OJSC Krolevets Factory
Hudozhnye Tkatstvo (code EDRPOU 02968487).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 13.  The case is docketed
under Case No. 12/20-04.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Krolevets Factory Hudozhnye Tkatstvo
         Petrovskij Str. 38
         Krolevets
         41300 Sumi Region
         Ukraine


MAYAK: Court Names Sergij Nazarenko as Insolvency Manager
---------------------------------------------------------
The Economic Court of Cherkassy Region appointed Sergij
Nazarenko as Liquidator/Insolvency Manager for Agricultural LLC
Mayak (code EDRPOU 05423202).  

He can be reached at:

         Sergij Nazarenko
         Dobrovolskij Str. 3/1-25
         Cherkassy Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 14/729.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Mayak
         Lenin Str. 1
         Kocherzhintsi
         Uman District
         20300 Cherkassy Region
         Ukraine


PIVDENNYI BANK: Fitch Lifts Junk Issuer Default Rating to B-
------------------------------------------------------------
Fitch Ratings upgraded Ukraine-based Pivdennyi Bank's Issuer
Default Rating to B- from CCC+ and Short-term rating to B from
C.  The Outlook for the IDR remains Stable.  Pivdennyi's other
ratings are affirmed at Support 5 and Individual D/E.

The rating upgrade reflects Pivdennyi's strong, to date, credit
performance and the continued development of the bank's regional
franchise.  n addition, the ratings are supported by
conservative provisioning, satisfactory profitability and
limited trading risks.  

The bank's capital position has also improved although its free
capital is limited.  The ratings also take into account
potentially vulnerable liquidity, increased exposure to interest
rate risk and significant concentration levels on both sides of
the balance sheet.

Upward pressure on Pivdennyi's ratings could result from a
stronger liquidity position, a reduction in concentration
levels, further successful franchise development and an
improvement in the operating environment.  Downward pressure on
the ratings could result from a deterioration of capitalization
or worsening asset quality.

Pivdennyi was established in Odessa in 1993 and was purchased by
the current shareholders in 1994.  Since then, the bank has
diversified its franchise and at end-Q206 was the 17th-largest
bank in Ukraine.  Control over the bank is ultimately in the
hands of two individuals who also own industrial, agricultural,
real estate and trading assets.  At end-Q206, the bank had 15
branches and 73 outlets, with a franchise concentrated mainly in
the Odessa region and neighboring areas of southern Ukraine.


RENDER: Court Names Romanov Kostyantin as Insolvency Manager
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Romanov
Kostyantin as Liquidator/Insolvency Manager for LLC Render (code
EDRPOU 30261239).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. B 40/177/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Render
         Topolya-1, 15/208
         49040 Dnipropetrovsk Region
         Ukraine


STIMUL: Court Names Denis Matvijchuk as Insolvency Manager
----------------------------------------------------------
The Economic Court of Donetsk Region appointed Denis Matvijchuk
as Liquidator/Insolvency Manager for LLC Stimul (code EDRPOU
30454885).  He can be reached at:

         Denis Matvijchuk
         a/b 189
         Mariupol
         87557 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 5/70 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Stimul
         Skladska Str. 3
         83059 Donetsk Region
         Ukraine


STOA: Ivano-Frankivsk Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on CJSC Stoa (code EDRPOU
00435459) on April 26.  

The case is docketed under Case No. B-14/136.

The Temporary Insolvency Manager is:

         Oleg Savchuk
         Vasil Stus Str. 9/6
         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:

         CJSC Stoa
         Dekabristiv Str. 45-A
         Ivano-Frankivsk Region
         Ukraine


ZOLOTONOSHA REINFORCED: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on OJSC Zolotonosha Reinforced Concrete
Plant on June 22.  The case is docketed under Case No. 01/3328.

The Temporary Insolvency Manager is:

         Oleg Bilera
         Volkov Str. 59/35
         Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         OJSC Zolotonosha Reinforced Concrete Plant
         Zolotonosha
         Cherkassy Region
         Ukraine


* Political Stability Spurs S&P to Affirm Ukraine's Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
foreign, 'BB' long-term local, and 'B' short-term sovereign
credit ratings on the Republic of Ukraine, as the economy
continues to outperform expectations and the political
environment has stabilized.  The outlook is stable.
     
"Despite a drawn-out political crisis since the March 2006
elections and the doubling of natural gas import prices earlier
in the year, the Ukrainian economy has outperformed
expectations," said Standard & Poor's credit analyst Moritz
Kraemer.

"Growth in 2006 is now forecast to be 5.6%, slowing only
moderately in 2007.  Foreign direct investment and export
performance have also surpassed earlier estimates.  The belated
emergence of a majority government should improve investment
sentiment and reduce immediate policy uncertainty."
     
Nevertheless, Ukraine's comparatively low level of prosperity
constrains the ratings.  The rancorous political environment and
the country's polarized society continue to reduce Ukraine's
creditworthiness as they diminish policy consistency and
predictability.  The prospects for rigorous and coherent
implementation of policy reform remain comparatively poor over
the medium term, while risks of sudden policy reversals loom
large.

Standard & Poor's views the improved political environment on
the one hand as being offset by structural vulnerabilities.
Specifically, the positive economic developments in 2006 to date
may be undermined by further increases in the price of natural
gas supplies from Russia.  

Although the new government is bringing much needed political
stability to Ukraine, it is unlikely to pursue radical
structural economic reforms.  Further progress with
institutional and economic modernization would be required to
ensure that the economy would be able to continue to grow at
about 5% per year, especially as the Ukrainian labor force will
continue to shrink.

"Tangible progress on the reform front, the maintenance of
prudent fiscal policies, and ensuring a gradual rise in gas
import prices could provide positive momentum for Ukraine's
ratings," said Mr. Kraemer.

"Conversely, the outlook would be revised to negative if the
government were to adopt policies that lead to significant
fiscal slippage and/or increase the economy's external
vulnerability.  Likewise, a renewed eruption of a political
crisis or worsening external conditions would exert downward
pressure on the rating."


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


ABBEY GREEN: Appoints Chantrey Vellacott as Administrators
----------------------------------------------------------
Kenneth W. Touhey and David J. Oprey of Chantrey Vellacott were
appointed joint administrators of Abbey Green Printers Limited
(Company Number 05391048) on Aug. 8.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

Headquartered in Woking, United Kingdom, Abbey Green Printers
Limited is engaged in paper printing and publishing.


ADCO PROTECTIVE: Brings In Vantis to Administer Assets
------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis PLC
were appointed joint administrators of Adco Protective
Technologies Limited (Company Number 00382410) on Aug. 11.

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

Headquartered in Bristol, United Kingdom, Adco Protective
Technologies Limited wholesales and manufactures protective
wear.


A.M.L. KITCHEN: Appoints Liquidator from Begbies Traynor
--------------------------------------------------------
David Hill of Begbies Traynor was appointed Liquidator of A.M.L.
Kitchen Solutions Limited on July 14 for the purposes of the
company's .

The company can be reached at:

         A.M.L. Kitchen Solutions Limited
    121 Stow Hill
    Newport
    Gwent NP204ED
    United Kingdom
    Tel: 01633 262 667


ANDY SMITH: Taps Bruce G. T. Rees to Liquidate Assets
-----------------------------------------------------
Bruce G. T. Rees of Bruce G.T. Rees & Co. was appointed
Liquidator of Andy Smith & Sons Limited on July 14 for the
purposes of the company's .

The company can be reached at:

         Andy Smith & Sons Limited
    7 Aber Court
    Ferryboat Close
    West Glamorgan SA6 8PR
    United Kingdom
    Tel: 01639 630 114


BANJO DESIGN: Appoints Louise Donna Baxter as Liquidator
--------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Banjo (Design & Print) Limited on July 11 for the purposes of
the company's .

The company can be reached at:

         Banjo (Design & Print) Limited
    Cannon Wharf Business Centre
    35 Evelyn Street
    London SE8 5RT
    United Kingdom
    Tel: 020 7231 7125


BBRC LIMITED: Taps Administrator from Horwath Clark
---------------------------------------------------
Mark N. Ranson of Horwath Clark Whitehill (Yorkshire) LLP was
named administrator of BBRC Limited (Company Number 03794758) on
Aug. 9.

Horwath Clark Whitehill -- http://www.horwathcw.com/-- is a  
leading national provider of accountancy and business advice.  
Its services include corporate finance, risk management,
accounts audits, tax advice, outsourcing, pension scheme audit,
forensic accounting and financial planning.

Headquartered in London, United Kingdom, BBRC Limited is engaged
in radio marketing.


BIOS EUROPE: Appoints Joint Administrators from P&A
---------------------------------------------------
Allan Cooper and Christopher Michael White of The P&A
Partnership were appointed joint administrators of Bios Europe
Limited (Company Number 03864097) on Aug. 8.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.

Headquartered in Lancashire, United Kingdom, Bios Europe Limited
supplies pharmaceutical products.


BITECVIEW LIMITED: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Christopher Ratten of Tenon Recovery was appointed Liquidator of
Bitechview Limited on June 19 for the purposes of the company's
voluntary winding-up procedure.

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

The company can be reached at:

         Bitechview Limited
    Chatham Mill
    Chatham Street
    Wigan
    Lancashire WN1 3DB
    United Kingdom
    Tel: 01942 492 137


BODYCARE INTERNATIONAL: Hires Joint Administrators from Kroll
-------------------------------------------------------------
Peter Charles Holder and Stuart Charles Edward Mackellar of
Kroll Limited were appointed joint administrators of Bodycare
International Limited (Company Number 03525183) on Aug. 15.

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

Headquartered in Darlington, United Kingdom, Bodycare
International Limited is engaged in provision of tanning
services and sale of related products.


BULSAR ENGINEERING: Names Robert Gibbons Liquidator
---------------------------------------------------
Robert Gibbons of Arrans was appointed Liquidator of Bulsar
Engineering Limited on July 12 for the purposes of the company's
voluntary wind-up.

The company can be reached at:

         Bulsar Engineering Limited
     1 Endemere Road
    Coventry
    West Midlands CV6 5PY
    United Kingdom
    Tel: 024 7663 8912


CAPITAL PRINT: Appoints Administrators from Chantrey Vellacott
--------------------------------------------------------------
Kenneth W. Touhey and David J. Oprey of Chantrey Vellacott were
appointed joint administrators of Capital Print Finishing
Limited (Company Number 05176950) on Aug. 8.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

Headquartered in London, Capital Print Finishing is engaged in
paper printing and publishing.


CORUS GROUP: Posts GBP82-Mln Net Profit for Second Quarter 2006
---------------------------------------------------------------
Corus Group PLC released its unaudited second-quarter results
for the year ended July 1, 2006.

The group posted GBP82 million net profit on GBP2.41 billion
group turnover for the second quarter of 2006 compared with
GBP171 million net profit on GBP2.49 billion group turn over for
the same period in 2005.

The group's operating profit for the quarter ended July 1, 2006,
is GBP129 million compared with GBP267 million operating profit
for second quarter in 2005.

At July 1, 2006, the group's unaudited balance sheet showed
GBP8.26 billion in total assets, GBP4.58 billion in total
liabilities and GBP3.68 billion in shareholders' equity.

"In the second quarter of 2006, Corus' financial performance has
benefited from a combination of the improvement in market
conditions and our Restoring Success program.  The market
outlook for the second half of the year is encouraging, although
the blast furnace reline at Ijmuiden and seasonal production
shutdowns will mitigate the benefits to our income statements
over this period," Chief Executive Philippe Varin commented.

"The completion of the sale of our downstream aluminum
operations is an important milestone in allowing the Group to
focus on carbon steel," Mr. Varin concluded.

A full-text copy of Corus Group's second quarter results is
available at no charge at http://ResearchArchives.com/t/s?10c7.

                        About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- produces metal  
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide. Corus
was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

As reported by TCR-Europe on June 21, Standard & Poor's removed
Corus Group PLC's CreditWatch and raised its long-term corporate
credit rating to 'BB' from 'BB-', reflecting the group's
improved financial risk profile.  S&P said the Outlook is
stable.

As reported by Troubled Company Reporter-Europe on March 23,
Fitch changed Corus Group PLC's Outlook to Positive from Stable
and affirmed the Issuer Default Rating at BB- following the
company's announcement of its 2005 results and plan to dispose
its aluminium business for EUR826 million.  Corus' affirmed debt
instruments include:

   a) Corus Group PLC EUR800 mln 7.5% senior notes B+;

   b) Corus Group PLC EUR307 mln 3.0% convertible bonds B+;

   c) Corus Finance PLC GBP200 mln 6.75% guaranteed bonds B+;
      and

   d) Corus Finance PLC EUR20 mln 5.375% guaranteed bonds B+.

As reported in the TCR-Europe on May 11, Moody's Investors
Service upgraded Corus Group plc's corporate family rating to
Ba2, upgraded its senior unsecured and supported unsecured
obligations to B1 and raised senior secured bank facility to
Ba1.


CTL PROJECTS: Brings In Joint Liquidators from Begbies Traynor
--------------------------------------------------------------
Ian Michael Rose and Robert Michael Young of Begbies Traynor
were appointed Joint Liquidators of CTL Projects Limited on
June 15 for the purposes of the company's voluntary wind-up.

The company can be reached at:

         CTL Projects Limited
    9 Portland Road
    Hucknall
    Nottingham NG157SL
    United Kingdom
    Tel: 0115 964 0111


DELLAMAX TRADING: Stephen Franklin Leads Liquidation Procedure
--------------------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of Dellamax Trading Limited on June 20 for the
purposes of the company's voluntary wind-up.

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

The company can be reached at:

         Dellamax Trading Limited
    The Broadway
    London NW7 3TG   
    United Kingdom
    Tel: 020 8959 0271


DUNELM CONTRACTORS: Creditors' Meeting Slated for September 21
--------------------------------------------------------------
Creditors of Dunelm Contractors (Building Maintenance) Limited
(Company Number 01328039) will meet at 10:00 a.m. on Sept. 21
at:

         Grant Thornton U.K. LLP
         Enterprise House
         115 Edmund Street
         Birmingham
         West Midlands B3 2HJ
         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. 20 at:

         M O'Connor
         Joint Administrative Receiver
         Grant Thornton U.K. LLP
         Enterprise House
         115 Edmund Street
         Birmingham B3 2HJ
         United Kingdom
         Tel: 0121 212 4000
         Fax: 0121 212 4014

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.  


EYE QUALITY: Calls In Liquidator from Ward & Co.
------------------------------------------------
Barry John Ward of Ward & Co. was appointed Liquidator of Eye
Quality Limited on June 22 for the purposes of the company's
wind-up.

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

The company can be reached at:

         Eye Quality Limited
    Unit 22
    Lye Business Centre
    Enterprise Drive
    Stourbridge
    West Midlands DY9 8QH
    United Kingdom
    Tel: 01384 895 985


FLOORCARE SERVICES: Appoints T. Papanicola to Administer Assets
---------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Floorcare Services Limited (Company Number 04757599) on
Aug. 14.

The administrator can be reached at:

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

Headquartered in Lancashire, United Kingdom, Floorcare Services
Limited retails household furniture.


FRANK P KIRK: Claims Filing Period Ends Sept. 29
------------------------------------------------
Creditors of Frank P Kirk Limited have until Sept. 29 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to appointed Joint Liquidators W. John Kelly and Timothy S.
Cockcroft at:

         Begbies Traynor
    Newater House
    11 Newhall Street
    Birmingham B3 3NY
    United Kingdom

The company can be reached at:

    Frank P Kirk Limited
    122 Queens Road East
    Beeston
    Nottingham
    Nottinghamshire NG9 2FD
    United Kingdom
    Tel: 0115 967 7330


FIELD TRANSPORT: Hires M. Arkin to Liquidate Assets
---------------------------------------------------
M. Arkin of Arkin & Co. was appointed Liquidator of Field
Transport Limited on Feb. 27 for the purposes of the company's
voluntary winding-up proceeding.

The appointment of Arkin was confirmed at a meeting of creditors
held on March 10.

The company can be reached at:

         Field Transport Limited
    Unit 10
         Elizabeth Trading Estate
    Juno Way
    London SE145RW
    United Kingdom
    Tel: 020 7404 7755
    Web: http://www.fieldtransport.co.uk/


GARTMORE INVESTMENT: Moody's Assigns Ba2 Corp. Family Rating
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
(stable outlook) to Gartmore Investment Management plc.  
Concurrently, Moody's also assigned a Ba2 rating (stable
outlook) to the proposed GBP300 million senior facility, due
2013, to be issued by Oxford Acquisition III Limited and
guaranteed on a senior basis by Gartmore.

While the debt instrument is issued by OAL, service of the debt
is wholly reliant on the performance of the guarantor and its
subsidiaries.  Consequently the rating reflects Moody's view of
the strength of Gartmore's franchise, particularly in the U.K.
retail and alternative investments market.  

Other positive influences include the ownership of a substantial
part of the firm by management and increased emphasis on equity
based compensation, both establishing a more immediate link
between the revenue and the cost base as well as providing a
clear incentive to perform.

Nevertheless, Gartmore maintains a substantially leveraged
position and is heavily reliant on future earnings generation to
service this debt.  The relatively high concentration of assets
under management in European equities and the fee based charging
structure makes these future earnings flows sensitive to both a
downturn in equity markets and damage to Gartmore's franchise in
this asset class.  

In Moody's view this is a particularly critical rating factor in
the early years of the loan when there are a number of
liabilities falling due relating to employee retention payments
which may reduce cash flows after debt service, albeit this risk
is substantially offset by the Vendor Loan Facility.

In respect of the loan arrangement, Moody's views positively the
strong covenants under the facility that, inter alia, prevent
the company making distributions to shareholders until such time
as leverage is materially reduced.  

Additionally, a Vendor Loan Facility is in place, which ensures
that retention payments junior to debt service can be made in
circumstances where cash flow after debt service is low,
providing additional resources to help Gartmore maintain a cash
buffer on balance sheet.

Gartmore Investment Management plc is a U.K.-based asset manager
with GBP22.8 billion assets under management at the end of
May 2006.

Ratings assigned with a stable outlook:

   -- Gartmore Investment Management plc: Ba2; and
   -- Oxford Acquisition III Limited: Ba2.


GARTMORE INVESTMENT: S&P Assigns Low-B Ratings on High Leverage
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+/B' long-
and short-term counterparty credit ratings to Gartmore
Investment Management PLC.  At the same time, Standard & Poor's
assigned its 'BB+' rating to Gartmore's GBP310 million senior
credit facilities, raised by Oxford Acquisitions III Ltd.,
expected to be issued as part of the transaction with Hellman &
Friedman.  The outlook is stable.
     
"The ratings on Gartmore reflect its high leverage relative to
other rated asset managers.  In addition, Gartmore's market
position is relatively modest with a bias toward equity
investments and a focus on U.K. clients, while the overall net
sales trend is mixed," said Standard & Poor's credit analyst
Nigel Greenwood.

Gartmore has become a leaner organization in recent years, and
has good potential for growth given its balanced business
profile and more targeted focus as a specialist manager.  In
particular, Gartmore has developed a useful position in the
hedge fund market.

The rating on the GBP310 million senior credit facilities
reflects the ratings on Gartmore itself.  Although the debt is
raised by a proposed holding company, Oxford Acquisitions III
Ltd., mechanisms have been put in place to ensure that cash will
flow from the operating companies to service the loan.
     
Gartmore is being acquired by private equity firm H&F, together
with Gartmore management.  Total debt is thus expected by
Gartmore to represent more than 3x 2006 EBITDA, and EBITDA to
interest expense to be a very low 4x in 2007, and only forecast
to rise toward 7x by 2010.

The stable outlook reflects Standard & Poor's expectation that
Gartmore will make steady progress to improve its interest
coverage.

"Standard & Poor's considers that Gartmore is now better
positioned to convert its niche specialist market position and
leaner cost base into more meaningful net sales and better
financial performance," added Mr. Greenwood.

This will be crucial given the level of the debt burden.  The
expected retention of key staff that the transaction should
facilitate will be important in this respect.  Failure to grow
EBITDA or reduce the debt burden could lead to a lower rating.
Scope for a ratings upgrade would primarily be driven by a
sustained improvement in net sales across all business lines, a
broadening of AUM beyond the U.K., and the maintenance of
healthy management fees coupled with continued strong cost
control or by a meaningful reduction in debt.


GROSVENOR INSULATION: Taps Liquidator from Tenon Recovery
---------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Grosvenor Insulation Services Limited on Aug. 10 for the
purposes of the company's voluntary wind-up.

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

The company can be reached at:

    Grosvenor Insulation Services Limited
    44 Upper Belgrave Road
    Bristol
    Avon BS8 2XN
    United Kingdom
    Tel: 01932 831 040


HALLMARK CERAMIC: Appoints Martin Williamson to Liquidate Assets
----------------------------------------------------------------
Martin Williamson of DS Insolvency Services Ltd. was appointed
Liquidator of Hallmark Ceramic Decals Limited on July 14 for the
purposes of the company's voluntary winding-up proceeding.

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

The company can be reached at:

         Hallmark Ceramic Decals Limited
    Unit 5
    Crabtree Close
    Fenton Industrial Estate
    Stoke-On-Trent ST4 2SW
    United Kingdom
    Tel: 01782 746 029


HOMESTYLE GROUP: Reports GBP62 Mln Positive Equity at July 1
----------------------------------------------------------------
Homestyle Group Plc disclosed unaudited preliminary results for
the 61 weeks to July 1, 2006.

For the 61 weeks to July 1, 2006, Homestyle Group reported net
loss of GBP25 million compared with net loss of GBP21.8 million
for the 52 weeks to April 30, 2005.

At July 1, 2006, the company's balance sheet showed a
stockholders' equity of GBP62.5 million, compared with a
stockholders' deficit of GBP14 million at April 30, 2005.  
The balance sheet has been strengthened with total assets of
GBP220.3 million.  Total liabilities for the period amounted to
GBP157.8 million.       

Commenting on the period, Donald Macpherson, Chairman, said:
"Following the re-financing of the Group in June 2005, the last
year has been a period of stabilization and reinvigoration for
our businesses.  The result of this work is an improving
profitability trend and trading operations that are much better
positioned to deliver profitable long-term growth," Donald
Macpherson, Chairman, said.

Highlights:

   -- overall performance reflects legacy of previously
announced historic problems

   -- much improved performance as year progressed with recovery
initiatives being rolled out
    
   -- Harveys sales order growth of 15.5% in 52 weeks to July 1,
2006

   -- progress on Harveys' legacy supply chain issues, but one-
off distribution costs incurred in supporting sales growth

   -- Beds Division new management team appointed and business
re-energized

   -- relationship with Steinhoff companies working well leading
to improved product innovation and commercial terms

Commenting on the outlook for the Company, Donald Macpherson,
Chairman, said: "Against the backdrop of difficult trading
conditions, we have taken a number of decisive actions to
improve performance.  As a result, our businesses are in more
robust health than at any point for some years and are facing
the future with fresh enthusiasm.

"We have a strong balance sheet, rejuvenated trading businesses,
a dedicated management team and an exciting commercial
partnership with Steinhoff; the ingredients are now in place for
long term success."

Headquartered in the United Kingdom, Homestyle Group PLC
specializes in furniture retailing through its Furniture
Division (170 Harveys stores) and Beds Division (392 outlets
across Bensons, Sleepmasters and Bed Shed brands).


INDUSTRIAL PYROMETER: Taps Gerald Irwin to Administer Assets
------------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed administrator of
The Industrial Pyrometer Company Limited (Company Number
00432156) on Aug. 11.

The administrator can be reached at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net

Headquartered in Birmingham, United Kingdom, The Industrial
Pyrometer Company Limited manufactures of equipment for
temperature measurement and control.


INSTRUCTUS LIMITED: Hires David Hughes to Liquidate Assets
----------------------------------------------------------
David Hughes was appointed Liquidator of Instructus Limited on
June 21 for the purposes of the company's voluntary winding-up
proceeding.

The company can be reached at:

         Instructus Limited
    11 Spa Road
    Gloucester GL1 1UY
    United Kingdom
    Tel: 01452 411 333


J D AGENCIES: J. N. Bleazard Leads Liquidation Procedure
--------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of J D Agencies Limited on July 17 for the purposes
of the company's voluntary winding-up proceeding.

The company can be reached at:

         J D Agencies Limited
    Bermuda House
    64 Roseville Road
    Leeds
    West Yorkshire LS8 5DR
    United Kingdom
    Tel: 0113 245 0239


J S L INTERIORS: Names Liquidator to Wind Up Business
-----------------------------------------------------
I. D. Holland of Ian Holland & Co. was appointed Liquidator of
J S L Interiors Limited on Aug. 14 for the purposes of the
company's voluntary wind-up.

The company can be reached at:

         J S L Interiors Limited
    5-7 Grafton Mews
    London W1T 5HY
    United Kingdom
    Tel: 020 7388 8682


KAT SERVICES: Names Eileen T. F. Sale Liquidator
------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Kat Services Limited (t/a Increase Decrease) on
Aug. 8 for the purposes of the company's voluntary wind-up.

The company can be reached at:

         Kat Services Limited
    52 Cuckoo Road
    Birmingham
    West Midlands B7 5SY
    United Kingdom
    Tel: 0121 328 1797


KEYHOLDERS LIMITED: Names David Kaye as Administrator
-----------------------------------------------------
David N. Kaye of Crawfords was named administrator of Keyholders
(U.K.) Limited (Company Number 4411397) on Aug. 9.

The administrator can be reached at:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829

Headquartered in Doncaster, United Kingdom, Keyholders (U.K.)
Limited wholesales and retails lock and tools.


L.J. SNOOKES: Brings In Tony Mitchell to Liquidate Assets
---------------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
Liquidator of L.J. Snookes Limited on July 13 for the purposes
of the company's voluntary winding-up proceeding.

The company can be reached at:

         L.J. Snookes Limited
    7 Hainge Road
    Tividale
    Oldbury
    West Midlands B69 2NR
    United Kingdom
    Tel: 0121 557 1903


LAKESIDE PUBLISHING: Calls In Liquidator from Begbies Traynor
-------------------------------------------------------------
Michael Francis Stevenson of Begbies Traynor was appointed
Liquidator of Lakeside Publishing Services Limited on June 20
for the purposes of the company's voluntary winding-up
proceeding.

The company can be reached at:

         Lakeside Publishing Services Limited
    Unit 1C
    Tideway Industrial Estate
    87 Kirtling Street
    London SW8 5BP
    United Kingdom
    Tel: 020 7720 6680


MAWS GALLERY: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Limited was
appointed Liquidator of Maws Gallery Limited on July 17 for the
purposes of the company's voluntary winding-up proceeding.

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

The company can be reached at:

         Maws Gallery Limited
    Wharfage
    Ironbridge
    Telford
    Shropshire TF8 7AW
    United Kingdom
    Tel: 01952 433 663


MDM INDEX: Hires Stephen M. Rout to Liquidate Assets
----------------------------------------------------
Stephen M. Rout of Stephen M. Rout & Company was appointed
Liquidator of MDM Index Limited on June 19 for the purposes of
the company's voluntary winding-up proceeding.

The company can be reached at:

         MDM Index Limited
    Unit 4
    Lanwades Business Park
    Kennett
    Newmarket
    Suffolk CB8 7PN
    United Kingdom
    Tel: 01638 552 424
    Web: http://www.mdmappointmentbooks.co.uk/


MIDLAND ROLLCAGE: Brings In P. Nottingham to Liquidate Assets
-------------------------------------------------------------
P. Nottingham of Nottingham Watson Ltd. was appointed Liquidator
of Midland Rollcage Engineers Limited on June 21 for the
purposes of the company's voluntary winding-up proceeding.

The company can be reached at:

         Midland Rollcage Engineers Limited
    Unit 9A
    Shrub Hill Industrial Estate
    Worcester
    Worcestershire WR4 9EL
    United Kingdom
    Tel: 01905 731 956


NATIONWIDE LOFT: Liquidator Sets Sept. 29 Claims Bar Date
---------------------------------------------------------
Creditors of Nationwide Loft Conversions Limited, which is being
voluntarily wound up, are required, on or before Sept. 29, to
send in their names, addresses and the particulars of their
debts and claims to appointed Liquidator M. Arkin at:

         Arkin & Co.
    Maple House
    High Street
    Potters Bar
    Hertfordshire EN6 5BS
    United Kingdom

The company can be reached at:

    Nationwide Loft Conversions Limited
    357 Katherine Road
    Newham
    London E7 8LT
    United Kingdom
    Tel: 020 8555 5055


NORTHERN FOODS: Mulls Closing of Trafford Park Bakery
-----------------------------------------------------
Northern Foods plc disclosed plans to close its Trafford Park
Bakery in Manchester.  The company has informed its staff and an
employee consultation process has now begun.

The decision reflects Northern Foods' focus on improving the
overall performance of the business and is being progressed at
this time in preparation for the disposal of the Pastry
category.

The site produces a range of chilled pastry products and was
acquired by Northern Foods in 1991.  In 2005/06 the site had
losses of over GBP3 million before interest and tax.

The proposal is for a phased closure of the site, to be
completed by December 2006, with the loss of 690 jobs.  As a
result, the company will incur a one-off charge before tax in
the first half of the current financial year of approximately
GBP12 million, including expected cash closure costs of GBP7
million.  The expected closure cost will be partially offset by
any proceeds from the future sale of the assets.

The closure supports the proposed sale of the Pastry Products
business and is consistent with the strategy, disclosed on
May 31, to focus on businesses where Northern Foods has a
competitive advantage.

                        About the Company

Headquartered in Leeds, Northern Foods PLC --
http://www.northern-foods.co.uk/-- is one of U.K.'s leading   
food producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It has launched a comprehensive strategic
review of the business, established a new management team, and
simplified its business structure and factory organization.

                           *    *    *

As reported by TCR-Europe on June 5, Northern Foods PLC reported
GBP5 million in net loss on GBP1.44 billion in revenues for the
52-weeks ended April 1, 2006, compared with GBP22.8 million in
net profit on GBP1.42 billion in revenues for the same period in
2005.

At April 1, 2006, Northern Foods had GBP928.2 million in total
assets, GBP776.1 million in total liabilities and GBP152.1
million in shareholders' equity.


PARMAR FOODS: Passes Resolution for Voluntary Liquidation
---------------------------------------------------------
Parmar Foods & Wines Limited passed on June 19 a resolution for
voluntary liquidation.

The company could no longer continue its operations due to
mounting liabilities.

The company can be reached at:

         Parmar Foods & Wines Limited
    19 Dartmouth Avenue
    Woking
    Surrey GU215PE
    United Kingdom
    Tel: 01483 727 627


PICTURE-FRAMING WAREHOUSE: Names M. C. Hepworth Liquidator
----------------------------------------------------------
M. C. Hepworth of Hepworth Joyce Associates Ltd. was appointed
Liquidator of Picture-Framing Warehouse Limited on July 14 for
the purposes of the company's voluntary wind-up.

The company can be reached at:

         Picture-Framing Warehouse Limited
         Unit 3
    The Hidings
    Love Lane Industrial Estate
    Cirencester
    Gloucestershire GL7 1YG
    United Kingdom
    Tel: 01285 655600


PIONEER CARE: Brings In M. C. Bowker to Liquidate Assets
--------------------------------------------------------
M. C. Bowker of Unity Business Services LLP was appointed
Liquidator of Pioneer Care North West Limited on July 12 for the
purposes of the company's voluntary wind-up.

The company can be reached at:

         Pioneer Care North West Limited
    Clarke Nicklin Grove House
    227-233 London Road
    Hazel Grove
    Stockport
    Cheshire SK7 4HS
    United Kingdom
    Tel: 0161 480 7997


PUDELKO CORRUGATED: Names Nigel Spearing as Administrator
---------------------------------------------------------
Nigel A. Spearing of Spearing Insolvency was appointed
administrator of Pudelko Corrugated Cases Limited (Company
Number 3351503) on Aug. 8.

The administrator can be reached at:

         Spearing Insolvency
         Mulberry House
         John Street
         Stratford-Upon-Avon
         Warwickshire CV37 6UB
         United Kingdom
         Tel: 01789 299 299
         Fax: 01789 205 898

Pudelko Corrugated Cases Limited can be reached at:

         Unit 20
         Goldicote Business Park
         Banbury Road
         Goldicote
         Stratford Upon Avon
         Warwickshire CV37 7NB
         United Kingdom
         Tel: 01789 740 973
         Fax: 01789 740 395


RAPID MOULDING: Taps Joint Liquidators from DTE Leonard Curtis
--------------------------------------------------------------
J. M. Titley and S. G. Clancy of DTE Leonard Curtis were
appointed Joint Liquidators of Rapid Moulding Technologies
Limited on July 14 for the purposes of the company's voluntary
wind-up.

The company can be reached at:

         Rapid Moulding Technologies Limited
    140 Station Road
    March
    Cambridgeshire PE158NH
    United Kingdom
    Tel: 01354 650 789


REFCO INC: Chapter 11 Trustee's Settlement Agreement Draws Fire
---------------------------------------------------------------
Refco Inc., and its debtor-affiliates and several parties-in-
interest ask the U.S. Bankruptcy Court for the Southern District
of New York to deny the settlement agreement entered into by
Marc Kirschner, the Chapter 11 trustee overseeing Refco Capital
Markets, Ltd.'s estate, with various securities customers and
unsecured creditors of RCM, on the main ground that it thwarts
the global resolution of the Debtors' Chapter 11 cases.

The objecting parties include:

   * Diana G. Adams, Acting United States Trustee for Region 2;

   * Albert Togut, Chapter 7 trustee for Refco, LLC;

   * Official Committee of Unsecured Creditors of Refco, Inc.;

   * FXCM Capital Markets, L.L.C. and FXCM Trading, L.L.C.;

   * JPMorgan Chase Bank, N.A.;

   * Bank of America, N.A., as administrative agent for Refco's
     prepetition secured lenders;

   * Wells Fargo Bank, National Association, as indenture
     trustee under an Indenture dated as of Aug. 5, 2004;

   * the Ad Hoc Refco F/X Customer Committee;

   * Beckenham Trading Company, Inc.;

   * Emerging Strategies Fund, L.P., and Debick Partners LLC;

   * Josefina Franco Siller; and

   * Bencorp Casa de Bolsa, C.A.

             RCM Trustee's Settlement Agreement

AS reported in the Troubled Company Reporter on July 13, 2006,
the Chapter 11 trustee asked the Court to approve a settlement
agreement with certain securities customers and foreign exchange
and metals customers of RCM.

The Settlement Agreement resolves "litigation and creditor
disputes at the RCM level that might otherwise have resulted in
the freefall conversion of RCM's Chapter 11 case to a case under
Subchapter III of Chapter 7," according to Mark W. Deveno, Esq.,
at Bingham McCutchen LLP, in New York.

The Settlement Agreement achieves three primary goals:

   (a) Resolve a dispute regarding allocation of assets of the
       RCM estate and establish an agreed mechanism among the
       Settling Parties, whether as part of a global plan of
       reorganization for the Debtors or, if that plan is
       infeasible, as part of either a stand-alone plan
       applicable to RCM or a Chapter 7 distribution process;

   (b) Defer attempts to convert the RCM Chapter 11 case to a
       case in Chapter 7, and, if efforts to consummate the
       settlement in the RCM Chapter 11 case fail, cause the
       parties to convert to Chapter 7 on a more-efficient,
       significantly pre-planned basis; and

   (c) Implement a request for a continued stay of costly and
       time-consuming estate property litigation and to dismiss
       litigation in the event that the settlement becomes fully
       effective.

                          Objections

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, asserts that the RCM Settlement and the
proposed treatment of Rogers Raw Materials Fund, L.P., and
Rogers International Raw Materials Fund, L.P., unfairly penalize
the Refco, Inc. parties and other non-securities customer
creditors of RCM.  He adds that the RCM Settlement unfairly
arrogates to RCM's "Estate Property" whose ownership is in
dispute.

Mr. Milmoe contends that the RCM Settlement is a sub rosa plan
whose plan-related provisions do not comply with Section 1129 of
the Bankruptcy Code and, hence, cannot be approved.

Furthermore, Mr. Milmoe argues that the RCM Settlement, in
effect, confers on certain RCM creditors the benefits of having
the case converted to a case under subchapter III of Chapter 7
without an order ever being entered formally converting the RCM
case.  The result is to deprive litigants of the right to
appellate review of an order granting RCM's proposed conversion
by substituting an order approving a settlement agreement
pursuant to Rule 9019, for which the appellate standard and
issues on appeal would differ.

Mr. Milmoe also avers that the RCM Settlement does not meet the
standards required for approval under Rule 9019 of the Federal
Rules of Civil Procedure, which require that the Court be
advised "of all facts necessary for an intelligent and objective
opinion of the probabilities of ultimate success should the
claim be litigated."  Further, the court should form an educated
estimate of the complexity, expense, and likely duration of that
litigation, the possible difficulties of collecting on any
judgment which might be obtained, and all other factors relevant
to a full and fair assessment of the wisdom of the proposed
compromise.

"Rather than resolve outstanding claims and eliminate or reduce
pending or future litigation, the Settlement would simply shift
the burden to defend in many cases from one defendant to
another," Mr. Milmoe tells Judge Drain.

Moreover, because the assets exclusively reserved for
distribution to holders of "allowed Securities Customer Claims"
is not diminished even if the pool of claimants is reduced, the
RCM Settlement could promote litigation among those creditors
who would seek to reduce the number of competing Securities
Customer Claim holders to increase their individual recoveries,
Mr. Milmoe maintains.

The Debtors insist that the RCM Settlement does not advance the
goal of resolving issues and reducing litigation on a global
basis among the estates.  Therefore, the Debtors ask the Court
not to reach merits of the RCM Settlement at this time and to
continue its consideration of the Settlement at a later date to
afford the parties more time to reach a global resolution of the
Debtors' cases.

The U.S. Trustee, on the other hand, complains that the inter-
claimant RCM Settlement contains incidental provisions allowing
fees and expenses of counsel to the "Moving Customer Group" and
the "Joinder Parties" in the RCM estate under substantial
contribution provisions of Section 503(b)(3)(D).

Considering that the RCM Settlement contains a "virtually
automatic allowance of fees," the MCG/Joinders' attorney fees at
issue totals $4,363,024, Andrew D. Velez-Rivera, the U.S.
Trustee's Trial Attorney, notes.

Even though it appears that the MCG and the Joinder Parties
counsel have submitted their time details to the RCM Trustee,
neither his request nor the RCM Settlement makes any provisions
for the Court's or any other party-in-interest's review of time
details, expense reports or other supporting materials, Mr.
Velez-Rivera asserts.  The counsel's attempts to obtain
expedient allowance of the MCG's and the Joinder Parties'
substantial contribution claims should not be countenanced.

Concomitantly, Mr. Velez-Rivera says, even though Rule 9019(a)
of the Federal Rules of Bankruptcy Procedure excuses litigants
from putting on their case, Sections 330(a) and 503(b) contain
none of the evidence-avoidance privileges of Rule 9019(a).  
Therefore, the U.S. Trustee asks the Court not to facilitate an
end-run around those sections.

Furthermore, FXCM argues that the RCM Settlement contains a
conglomeration of numerous matters that reaches so far beyond a
"settlement and compromise" between the parties that it is
almost impossible to decipher and fully understand its impact
and binding effect on the creditors of the RCM estate and, more
importantly, on the creditors and parties-in-interest of the
other related Debtor estates.

FXCM insists that the RCM Settlement cannot and should not be
approved as a stand-alone settlement for RCM without addressing,
at a minimum, the disposition of a significant inter-company
claim that exists and is owed by RCM to and in favor of Refco
FX Associates, L.L.C.

According to its records, RCM owes a net amount to FXA equal to
$83,379,040.  FXCM believes that the FX Receivable's substantial
majority originated with amounts belonging to nearly 15,000 FXA
retail customers, including FXCM.  In addition, FXCM states that
those funds were improperly transferred from FXA to RCM.

Craig P. Rieders, Esq., at Genovese Joblove & Battista, P.A., in
Miami, Florida, relates that if the RCM Trustee insists on
pushing forward with the RCM Settlement as a stand-alone
settlement, the inescapable reality of the RCM Settlement
Agreement is that it:

   (i) violates the disclosure requirements of Section 1125 and
       the confirmation provisions and protections of Section
       1129;

  (ii) disenfranchises numerous creditors who are not party to
       the RCM Settlement, including FXCM and the FXA creditors,
       and deprives them of their constitutional due process
       rights; and

(iii) attempts to modify the statutory provisions of Subchapter
       III of Chapter 7 of the Bankruptcy Code, a task that is
       not within the power of the RCM Trustee or the Court, but
       rather is the sole province of Congress.

JPMorgan holds a security interest in RCM assets in its
possession and is "oversecured."  JPMorgan opposes the RCM
Settlement to the extent that it may impact the bank as a
secured
creditor.

Without waiving any of its rights or remedies in respect of
collateral to secure its claim, JPMorgan notes that if its
secured claim is allowed, a principal amount of $79,500,000 with
Court-approved interest, fees and charges will be reserved or
paid to JPMorgan from proceeds of a SPhinX Settlement under the
RCM Settlement.

In the event that the ruling is reversed and the proceeds become
unavailable or insufficient to satisfy its allowed secured
claim, JPMorgan asserts that the RCM Settlement should not be
construed in a manner that limits or impairs the bank's right as
an oversecured creditor to adequate protection for its security
interest.  It should also not impair JPMorgan's right to be paid
in full whether from JPMorgan's collateral or otherwise.

The FXA Customer Committee denounces the RCM Settlement on the
ground that it circumvents or alters the rights or interests of
its members in the financial assets contained in certain
accounts or otherwise held by RCM.  Specifically, the FXA
Customer Committee proposes that any order allowing the RCM
Trustee to enter into or consummate the RCM Settlement should
explicitly prohibit the use, transfer, conversion, dissipation,
hypothecation, liquidation, or any other disposition of the
property in which FXA and its members have a right, title or
interest.

Other parties insist that the RCM Settlement should not be
approved because it is not "fair and equitable" to those
creditors whose property was improperly obtained by RCM, and
which the RCM Trustee intends to use to fund the Settlement.

          Shareholders, et al., Block RCM Settlement

The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
complains that Refco Capital Markets, Ltd.'s settlement
agreement with certain of its securities customers and general
unsecured creditors improperly:

   (i) dictates terms of any future plan or liquidation
       proceeding;

  (ii) determines RCM and its customers' ownership of property;

(iii) prohibits RCM from compromising intercompany disputes;
       and

  (iv) binds other debtors and parties-in-interest to a
       valuation of RCM's property performed by an appraiser
       chosen by RCM Trustee Marc S. Kirschner.

John A. Lee, Esq., at Andrews Kurth LLP, in New York, tells the
Bankruptcy Court that the RCM Settlement Agreement is a sub rosa
Chapter 11 plan of reorganization or a Chapter 7 plan of
distribution.  A plan cannot be confirmed under Rule 9019 of the
Federal Rules of Bankruptcy Procedure, and the plan embedded
within the RCM Settlement does not appear confirmable.

Mr. Lee notes that the RCM Settlement violates numerous
standards applicable to plan confirmation, including
solicitation and disclosure rules.  In light of facts revealed
in connection with an emergency request filed by RCM Members
recently removed from the Official Committee of Unsecured
Creditors, it appears questionable whether any negotiations
between RCM and the other estates could have been conducted in
good faith and at arm's-length.

The Ad Hoc Equity Committee insists that the Court should
closely scrutinize any aspects of the RCM Settlement that go
beyond purely intra-RCM creditor affairs.

Rule 7001(2) requires the filing of an adversary proceeding "to
determine the validity, priority, or extent of a lien or other
in interest in property."  The RCM Settlement purports to bind
all other parties-in-interest, including other debtors and their
creditors and interest holders, to a determination that certain
property belongs to RCM or its customers, Mr. Lee states.

Moreover, the RCM Settlement requires that any claims asserted
against RCM "be filed and proven in strict accordance with the
Bankruptcy Code and Bankruptcy Rules."  Thus, Mr. Lee says, the
RCM Settlement would prevent RCM from resolving intercompany
claims consensually, without amending the Settlement, which
would require approval by the RCM Trustee and a supermajority of
the parties to the Settlement.

Mr. Lee asserts that the RCM Settlement would give the parties a
disproportionate veto power over potential compromises of
intercompany claims.  In doing so, the Settlement would override
Section 1129 of the Bankruptcy Code, which would require only
two-thirds in amount of all voting RCM creditors to confirm a
consensual plan embodying a compromise on intercompany claims.

Accordingly, the Ad Hoc Equity Committee asks Judge Drain to
deny the RCM Settlement and direct the RCM Trustee to conduct
good faith, arm's-length negotiations with all parties over
terms of a consensual global plan.

The Ad Hoc Equity Committee consists of JMB Capital Partners,
LP; Lonestar Capital Management, LLC; Mason Capital Management;
Smith Management LLC; and Triage Management LLC.

Stilton International Holdings Limited supports the Ad Hoc
Equity Committee's position.

Living Water Fund L.P., ABBA Funds, L.P., and RJ Trading, LLC --
plaintiffs in an adversary proceeding against RCM, FIMAT
Alternative Strategies, Inc., and FIMAT USA, Inc. -- also ask
Judge Drain to deny the RCM Settlement to the extent that it
allows the seizure and use of proceeds aggregating $1,809,972
for actions related to certain EURO Option Contracts
transactions.

Mark A. Frankel, Esq., at Backenroth, Frankel & Krinsky, LLP, in
New York, asserts that the Proceeds are property of Living Water
and ABBA, and that RCM has no right in the Proceeds for payment
of administrative and priority claims against the RCM estate.

Until it is determined in the Adversary Complaint that the
Proceeds are property of the RCM estate, there is no legal basis
for "taking" and using the Proceeds, Mr. Frankel maintains.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 38 & 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Ch. 11 Trustee Wants Court Nod on RCM Settlement Pact
----------------------------------------------------------------
Marc Kirschner, the Chapter 11 trustee overseeing Refco Capital
Markets Ltd.'s estate, asks the Hon. Robert Drain of the U.S.
Bankruptcy Court for the Southern District of New York to
overrule all the Objections and approve, in their entirety, the
RCM Settlement and a settlement joinder by Rogers Raw Materials
Fund, L.P. and Rogers International Raw Materials Fund, L.P.

Some objecting parties sought assurance that the Settlement
preserves their right to seek characterization of their claims
as "Securities Customer Claims."  The RCM Trustee relates that
the requested assurance will be addressed through an amendment
to the Settlement or reflected in a revised proposed order
approving the Settlement.

The RCM Trustee also assures the Court that nothing in the
proposed order, as revised, approving the RCM Settlement would
modify an April 26, 2006 Stipulation with the SPhinX Entities,
which stipulation contains an unfortunate provision that makes
its finality depend on exhaustion of appeals.  Although the
proceeds of the SPhinX recovery fall within the Settlement's
"Assets in Place," the revised order will clarify that the RCM
Trustee's right to distribute proceeds will have to abide
conclusion of an appellate process on the SPhinX Stipulation.

The RCM Trustee believes that neither the RCM Settlement nor the
Revised Order would result in the allowance of substantial
contribution claim amounts -- the subject of the U.S. Trustee's
and Beckenham Trading Company, Inc.'s objections.

Notwithstanding the RCM Trustee's support for allowance of the
amounts as reasonable, the U.S. Trustee and other parties-in-
interest would reserve the right to object to the reasonableness
of the claim amounts asserted, which point would be confirmed in
the Revised Order.

With respect to JPMorgan Chase Bank, N.A.'s objection, the RCM
Trustee confirms that the Settlement neither allows nor
compromises JPMorgan's secured claim against RCM in any way.  
The Revised Order would confirm that JPMorgan's rights will not
be affected by the Settlement approval in the event that the
SPhinX Settlement is reversed or the proceeds of the SPhinX
Settlement are otherwise unavailable or insufficient.

Mr. Kirschner also contends that neither of these objectors
claims a direct right against RCM:

     * FXCM Capital Markets, L.L.C., and its affiliate are
       contract parties with Debtor Refco F/X Associates, LLC;
       and

     * The Ad Hoc Refco F/X Customer Committee purports to
       represent FXA creditors.

Mr. Kirschner explains that these objectors' interests depend on
(i) FXA's claims against RCM being allowed; (ii) FXA
establishing a net unsecured claim against RCM; and then (iii)
the incorrect proposition that FXA's claim would be prejudiced
by the Settlement.

These objecting parties also have no legitimate economic stake
in the outcome of the Settlement:

   * the Ad Hoc Committee of Equity Security Holders;

   * the Ad Hoc Committee of Senior Subordinated Noteholders,
     which represents holders of notes issued by Refco Finance
     Inc., and Refco Group Ltd., LLC;

   * Wells Fargo Bank, NA, as indenture trustee for the
     Noteholders;

   * Albert Togut, the Chapter 7 Trustee overseeing Refco,
     LLC's estate;

   * Bank of America, N.A., as agent to a group of lenders that
     has lent to RGL; and

   * the Official Committee of Unsecured Creditors.

Tina L. Brozman, Esq., at Bingham McCutchen LLP, in New York,
relates that a small core of objections -- from a tiny minority
of discrete RCM constituents and certain other Debtors,
represented by Skadden, Arps, Slate, Meagher & Flom LLP, that
have asserted that they are RCM creditors -- have merits.

With regard to customer claims to asset ownership, the RCM
Trustee is seeking to settle disputes raised by Josefina Franco
Siller and Winchester Preservation LLC, and is prepared to
reserve the rights of Bencorp Casa de Bolsa, C.A., and Living
Water for the time being.

The RCM Trustee maintains that the Settlement does not
constitute a sub rosa plan.  Ms. Brozman points out that when a
settlement agreement or sale of assets preserves the rights of
other parties-in-interest to participate in a plan development
and voting process, it will not constitute a "sub rosa" plan.

In addition, Ms. Brozman argues, objections relating to the best
interests of creditors test are "premature," since there is no
way of prognosticating, in advance of promulgation of a global
plan, whether a particular creditor will accept the plan under
Section 1129(a)(7)(A)(i) of the Bankruptcy Code.

The RCM ascertains that if the Settlement is implemented in a
plan, then RCM's constituents will receive from the Assets in
Place a substantially better return than they would obtain in a
stockbroker liquidation.

Moreover, the RCM Trustee asserts that approval of the RCM
Settlement will appropriately treat the Rogers Funds Claims,
which are among the largest claims in the Debtors' cases
totaling around $382,000,000.  The RCM Trustee says:

   (i) Rogers Funds was unlikely to prevail in its constructive
       trust claims;

  (ii) Rogers Funds was unlikely to prevail in claims brought
       against other Debtors;

(iii) Rogers Funds was highly likely to establish substantial
       allowed claims at RCM;

  (iv) the Rogers Funds Claims were likely to be characterized
       as "securities customer" claims; and

   (v) it was possible, but unlikely, that the Rogers Funds
       Claims would be characterized as FX/Unsecured Claims.

               Rogers Funds, et al., Support Accord

Rogers Funds want all the Objections overruled -- and the
Settlements approved -- on the grounds that:

   (a) the Objecting Parties mischaracterize the scope and
       objective of the Rogers Settlement Joinder and ignore
       its importance as a "core condition" of the RCM
       Settlement;

   (b) Rule 9019 of the Federal Rules of Bankruptcy Procedure
       does not require a full adjudication of the Rogers
       Funds' Claims at RCM before the Settlement Joinder can be
       approved; and

   (c) Refco LLC has grossly mischaracterized the facts and law
       related to the "Rogers Funds Action."

Guy S. Neal, Esq., at Sidley Austin LLP, in New York, points out
that no party with a recognized claim against RCM has objected
to the Rogers Settlement Joinder.  More significantly, the
super-majority of holders of both the Securities Customers
Claims and the FX/Unsecured Claims support the Rogers Settlement
Joinder and made it a condition precedent to going forward with
the RCM Settlement.

Certain foreign exchange customers of RCM and Leuthold Funds,
Inc., and Leuthold Industrial Metals Fund, L.P., which hold in
the aggregate approximately $400,000,000 in claims against RCM,
want the Settlements approved on the basis that:

   -- the Creditors Committee's allegation that it was excluded
      from participating in negotiations surrounding the RCM
      Settlement is baseless;

   -- the objecting parties fail to demonstrate why the
      "customer property" allocation under the RCM Settlement is
      unreasonable;

   -- the Creditors Committee incorrectly analyzes both the risk
      of material "migration" of Securities Customer claims and
      the legal effect of migration if RCM's case was a
      stockbroker liquidation proceeding; and

   -- the Refco LLC/Rogers Funds risk is minimal and may benefit
      the FX/Unsecured Creditors.

Securities customers holding approximately $1,700,000,000 in
customer claims, and Abadi & Co. Securities, Ltd., also call for
approval of the RCM Settlement and Rogers Settlement Joinder.

                     About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 38 & 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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

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

   (2) providing adequate protection to the Prepetition Lenders.

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

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

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

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

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

       The balance of Available Cash used or distributed may be:

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

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

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

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

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

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

"Termination Date" will mean the earlier of:

     * Dec. 15, 2006; and

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

BofA further asks Judge Drain to grant the Prepetition Lenders:

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

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

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

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

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

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

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

A full-text copy of BofA's proposed Final Cash Collateral Order  
is available at no charge at:

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

                     About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 38 & 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ROOFTEC CONSERVATORY: Appoints Gary Bell as Administrator
---------------------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed administrator of Rooftec Conservatory Roof Fabricators
Limited (Company Number 03856030) on Aug. 10.

The administrator can be reached at:

         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton
         Greater Manchester BL1 4QR
         United Kingdom
         Tel: 01204 414277
         Fax: 01204 414244
         E-mail: gary.bell@cowgills.co.uk  

Rooftec Conservatory Roof Fabricators Limited can be reached at:

         Cranfield Road
         Lostock Industrial Estate
         Lostock
         Bolton
         Lancashire BL6 4SB
         United Kingdom
         Tel: 01204 676 550
         Fax: 01204 676 559


SANDUSKY WALMSLEY: Appoints PwC as Joint Administrators
-------------------------------------------------------
Michael Horrocks and Russell Stewart Cash of
PricewaterhouseCoopers LLP were appointed joint administrators
of Sandusky Walmsley Limited (Company Number 03927308) on
Aug. 14.

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

Headquartered in Bolton, United Kingdom, Sandusky Walmsley
Limited imports and exports manufactured dairy products.


SOUTHERN FERRIES: Brings In Kikis Kallis as Administrator
---------------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed administrator of
Southern Ferries Limited (Company Number 05115010) on Aug. 14.

The administrator can be reached at:

         Kallis & Co.
         Mountview Court
         1148 High Road
         Whetstone
         London N20 0RA
         United Kingdom
         Tel: 020 8446 6699
         Fax: 020 8492 6099

Southern Ferries Limited can be reached at:

         30 Churton Street
         City of Westminster
         London SW1V 2LP
         United Kingdom
         Tel: 0870 499 1302
         Fax: 0870 499 1304


SPECIALIST RECRUITMENT: Hires Joint Liquidators from Lines Henry
----------------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Specialist Recruitment Solutions Limited on
Aug. 15 for the purposes of the company's voluntary winding-up
procedure.

The company can be reached at:

         Specialist Recruitment Solutions Limited
    8 Tilehouse Street
    Hitchin
    Hertfordshire SG5 2DU
    United Kingdom
    Tel: 01462 627711


STREAMDOOR LIMITED: Taps Atherton Bailey as Administrators
----------------------------------------------------------
Malcolm Peter Fillmore and Ranjit Bajjon of Atherton Bailey LLP
were appointed joint administrators of Streamdoor Limited
(Company Number 04694094) on Aug. 8.

Atherton Bailey -- http://www.athertonbailey.com/-- is a U.K.  
insolvency practice with an innovative and effective approach to
tackling both business rescue and recovery and personal
financial problems.

Streamdoor Limited can be reached at:

         114 Power Road
         Hounslow
         London W4 5PY
         United Kingdom
         Fax: 020 8994 9436


TAS PROPERTY: Brings In Kingston Smith to Administer Assets
-----------------------------------------------------------
Ian Mark Defty of Kingston Smith & Partners LLP was appointed
administrator of TAS Property Management Limited (Company Number
04126881) on Aug. 14.

The administrator can be reached at:

         Kingston Smith & Partners LLP
         105 St Peter's Street
         St Albans
         Hertfordshire AL1 3EJ
         United Kingdom
         Tel: 01727 896000
         Fax: 01727 896028

TAS Property Management Limited can be reached at:

         10 Devonshire Square
         City of London
         London EC2M 4YP
         United Kingdom
         Tel: 020 7283 7888


TMJ LIMITED: Creditors' Meeting Slated for September 7
------------------------------------------------------
Creditors of TMJ (Durham) Limited (Company Number 05287485) will
meet at 11:00 a.m. on Sept. 7 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         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:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

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


TOWER RECORDS: Wants Until Nov. 20 to File Schedules & Statement
----------------------------------------------------------------
MTS Inc., dba Tower Records, and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend,
until Nov. 20, 2006, the deadline to file their Schedules of
Assets and Liabilities and Statements of Financial Affairs.

The Debtors tell the Court that due to the:

    a. substantial size and scope of their businesses,

    b. complexity of their financial affairs,

    c. limited staffing available to perform the required
       internal review of their accounts and affairs, and

    d. press of business incident to the commencement of their
       chapter 11 cases,

they were unable to assemble all the information necessary to
complete and file their Schedules and Statements before filing
for bankruptcy.

The Debtors contend that they won't be able to complete the
Schedules and Statements within the time specified in Bankruptcy
Rule 1007 and Local Rule 1007-1(b) due to the numerous critical
operational matters that their limited staff of accounting and
legal personnel must address in the early days of their
chapter 11 cases.

The Debtors say that completing the Schedules and Statements for
each of the eight debtors will require collection, review and
assembly of information from multiple locations throughout the
United States.  The Debtors however say that they recognize the
importance the Schedules and Statements and assures the Court
that they intend to complete it as quickly as possible.

                       About Tower Records

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

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

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


VEGASTREAM LIMITED: Hires Administrators from Geoffrey Martin
-------------------------------------------------------------
Stephen Goderski and Geoffrey Martin of Geoffrey Martin & Co.
were appointed joint administrators of Vegastream Limited
(Company Number 03479914) on Aug. 14.

The administrators can be reached at:

         Geoffrey Martin & Co.
         7-8 Conduit Street
         London W1S 2XF
         United Kingdom
         Tel: 020 7495 1100
         Fax: 020 7495 1144
         E-mail: stephen.goderski@geoffreymartin.co.uk

Vegastream Limited can be reached at:

         Unit 4
         First Floor
         Western Road
         Bracknell
         Berkshire RG12 1RW
         United Kingdom
         Tel: 01344 784 900
         Fax: 01344 784 901


WEB WORKS: Creditors' Meeting Slated for September 6
----------------------------------------------------
Creditors of The Web Works New Media Limited (Company Number
02715102) will meet at 11:00 a.m. on Sept. 6 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         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. 5 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

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


WILFRED YOUNG: Brings In Theodolous Papanicola as Administrator
---------------------------------------------------------------
Theodolous Papanicola of Bond Partners LLP was appointed
administrator of Wilfred Young Homes Limited (Company Number
04003943) on Aug. 15.

The administrator can be reached at:

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

Headquartered in Derbyshire, United Kingdom, Wilfred Young Homes
Limited is engaged in general construction and civil
engineering.


WILKIE RECYCLING: Calls In Liquidator from Bridgers
---------------------------------------------------
Peter Bridger of Bridgers was appointed Liquidator of Wilkie
Recycling Systems Limited on July 13 for the purposes of the
company's .

The company can be reached at:

         Wilkie Recycling Systems Limited
    Unit 9
    Brick Kiln
    Silchester Road
    Tadley
    Hampshire RG263PX
    United Kingdom
    Tel: 0118 981 6588
    Web: http://www.wilkierecycling.com/


WOODFORD TRAVEL: Taps A. J. Clark to Liquidate Assets
-----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Woodford
Travel Agency Limited on June 16 for the purposes of the
company's voluntary winding-up proceeding.

The company can be reached at:

         Woodford Travel Agency Limited
    26 The Broadway
    Woodford Green
    Essex IG8 0HQ
    United Kingdom
    Tel: 020 8505 4235


YEOMAN COMMERCIALS: Brings In M. J. Ryan to Liquidate Assets
------------------------------------------------------------
M. J. Ryan of M. J. Ryan & Co. was appointed Liquidator of
Yeoman Commercials Limited on July 14 for the purposes of the
company's .

The company can be reached at:

         Yeoman Commercials Limited
    Guild House
    Rollins Street
    London SE151EP
    United Kingdom
    Tel: 020 7639 6660

                           *********

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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