TCREUR_Public/060904.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, September 4, 2006, Vol. 7, No. 175

                            Headlines


A U S T R I A

ARTICLE: Claims Registration Period Ends September 12
AUTOMOBILVERTRIEBS: Creditors' Meeting Slated on September 12
BAUER POWER: Claims Registration Period Ends September 5
BAUMEISTER REINHOLD: Creditors' Meeting Slated for September 7
BETONWERK HIRM: Eisenstadt Court Orders Business Shutdown

CLORITOS: Claims Registration Period Ends September 5
DESIGN: Vienna Court Orders Business Shutdown
DIE COMPUTERMACHER: Creditors' Meeting Slated for September 11
HADERER BAUTRAGER: Feldkirch Court Orders Business Shutdown
KOENIGSBERGER & NISSL: Creditors' Meeting Slated for Sept. 14

PILS: St. Poelten Court Orders Business Shutdown
ROLAND KORNTHALER: Creditors' Meeting Slated for September 13
SAHIN HACER: Creditors' Meeting Slated for September 6
STEFAN DORMAYR: Claims Registration Period Ends September 5
TANDAKO: Property Manager Declares Insufficient Assets

WOHNKULTUR AM DOM: Property Manager Declares Insufficient Assets


F R A N C E

ALCATEL SA: Acquires Nortel Networks's UMTS Ops for US$320 Mln


G E R M A N Y

BLM BAULOGISTIK: Claims Registration Ends September 12
BREUER & CO.: Claims Registration Ends September 11
D+W DACH: Creditors' Meeting Slated for September 8
DT DELICATESSE: Claims Registration Ends September 11
ELEKTRODIENST HAHNE: Claims Registration Ends September 11

HELLMUTH LEICHTMETALLBAU: Creditors' Meeting Slated for Sept. 13
LEDER-RUDE: Claims Registration Ends September 5
PETERS & PETERS: Claims Registration Ends September 5
PRIMACOM AG: Posts EUR13.5 Million Net Loss in 2006 First Half
SKYSPAN SOLAR: Claims Registration Ends September 8

TEAM THERMOSERVICE: Claims Registration Ends September 11


I T A L Y

PARMALAT SPA: Enrico Bondi, et al., Want Injunction Imposed
PARMALAT USA: Administrator Sues BofA Corp. et al. for Collusion


K A Z A K H S T A N

ALEM: Creditors Must File Claims by Oct. 13
EMSHAN-7: Creditors Must File Claims by Oct. 13
HALYK BANK: Moody's Lifts Financial Strength Rating to D
KUAT JETYSAI: Proof of Claim Deadline Slated for Oct. 13
MONIR: Proof of Claim Deadline Slated for Oct. 11

OKTAN: Claims Registration Ends Oct. 11
PROGRESS KASPYI: Claims Registration Ends Oct. 13
TRUST: Creditors' Claims Due Oct. 11
TUMAR: Creditors' Claims Due Oct. 13


K Y R G Y Z S T A N

ATAK: Proof of Claim Deadline Slated for Oct. 4


N E T H E R L A N D S

FORNAX B.V.: Fitch Assigns BB Rating on EUR8-Mln Class G Notes
FORNAX B.V.: S&P Assigns BB Rating to EUR8-Mln Class G Notes

* Moody's Reports Stable Outlook for Dutch Banks


P O L A N D

NETIA SA: Grants Share Options Under Employee Stock Option Plan


R U S S I A

ARMAVIRSKIY BRICKWORKS 1: A. Khutornyj to Manage Assets
FEED MILL: Court Names Mr. I. Kalyapin as Insolvency Manager
GALICHSKIY BRICKWORKS: M. Minutin to Manage Insolvency Assets
GEORGIEVSKIY: Orel Court Starts Bankruptcy Supervision
KAMYSHLOVSKIY BAKERY: V. Vokhmentsev to Manage Insolvency Assets

LUZSKIY WOOD: Court Names Mr. A. Novichkov as Insolvency Manager
NORTH TIMBER: Court Names Mr. Y. Istomin as Insolvency Manager
OREL-VTOR-MET: Court Names Mr. A. Gavrikov as Insolvency Manager
PECTIC FACTORY: Court Names L. Zhigina as Insolvency Manager
POLYGRAPHIC PRODUCTS: A. Plastinin to Manage Insolvency Assets

PROGRESS: Court Names V. Khubiev as Insolvency Manager
PROMSVYAZBANK JSCB: Stake Acquisition Cues S&P to Put B/C Rating
PYATIGORSKIY WINERY: N. Mikhnev to Manage Insolvency Assets
RUSSIAN STANDARD: Moody's Assigns Ba2 Rating to EUR300-Mln Notes
SEL-KHOZ-TEKHNIKA: Krasnodar Court Starts Bankruptcy Supervision

SHUMIKHINSKIY DIARY: Kurgan Court Starts Bankruptcy Supervision
SKIF: Perm Court Starts Bankruptcy Supervision Procedure
TALYZINSKAYA: Court Names G. Vardanyan as Insolvency Manager
TONAVTO: Court Names Mr. V. Vinogorov as Insolvency Manager
URAL TRADE: Chelyabinsk Court Starts Bankruptcy Supervision

URALO-BALTIYSKAYA TIMBER: O. Shelyakin to Manage Assets
VERKHOVSKAYA NIVA: Court Names S. Lukin as Insolvency Manager
VIMPELCOM OJSC: Earns US$194.9 Million in Second Quarter 2006
WEST-TEXTILE: Court Names T. Khaliullin as Insolvency Manager


S P A I N

IM GRUPO: S&P Rates EUR32.4-Mln Class E(1) Notes at CCC-


S W I T Z E R L A N D

NOVELIS INC: Reviews Strategic Options for European Subsidiaries


U K R A I N E

AJLEN: Kyiv Court Starts Bankruptcy Supervision
ANDRUSHIVKA OIL: Court Names Leonid Shishkin as Liquidator
AVGUR: Volinska Court Starts Bankruptcy Supervision
FONTAN: Odessa Court Names A. Kutovji A. as Insolvency Manager
GARANT: Dnipropetrovsk Court Starts Bankruptcy Supervision

KONE: Vinnitsya Court Starts Bankruptcy Supervision
MEGATRANS: Odessa Court Starts Bankruptcy Supervision
NERUDPROM: Donetsk Court Names Rostislav Milonov as Liquidator
PLEMTORGEXPORT: Court Starts Bankruptcy Supervision
STAROBILSK MECHANICAL PLANT: Court Starts Bankruptcy Supervision

SVITLOVODSK: Court Names Liliya Lihtina as Insolvency Manager
TSUKOR PRIKARPATTYA: Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ALPHA CARE: Claims Filing Period Ends Oct. 7
ARDEN SOUTHERN: Brings In Joint Liquidators from Begbies Traynor
ART PRINT: Hires Joint Liquidators from Valentine & Co.
AXELPARK LIMITED: Appoints Grant Thornton as Administrators
BOMBARDIER: Wins GBP223MM Car Order From Transport For London

BRITIN CONSTRUCTION: Brings In Administrators from BN Jackson
BUNDLES LIMITED: Names Iam William Kings as Administrator
CADOGAN BRISTOL: Taps Fanshawe Lofts to Administer Assets
COLLINS & AIKMAN: Files Stand-Alone Reorganization Plan
COLLINS & AIKMAN: Argues ACT Received Proper Bar Date Notice

COLLINS & AIKMAN: Court Okays Valiant & MOBIS Settlement Pact
COMMSOFT GROUP: Appoints Colin Nicholls as Liquidator
COMPASS MINERALS: June 30 Balance Sheet Upside-Down by US$63 Mln
D & J REMOVALS: Creditors Ratify Voluntary Liquidation
DENHAM 2000: Hires Vantis as Joint Administrators

DOUGLAS SIGN: Appoints Joint Administrators from Menzies
EAGLE FASHION: Creditors' Meeting Slated for September 8
ENNIS WILLIAMS: Nominates Susan Purnell as Liquidator
ENVAIR LIMITED: Brings In Tenon Recovery as Administrators
ENVIROTRUCKPARTS LIMITED: Appoints Administrators from DTE

EUROLEC LIMITED: Nominates Liquidator from Griffin & King
FC RECOVERY: Hires Smith & Williamson as Administrators
FIGUREPHASE LIMITED: Joint Liquidators Take Over Operations
FIRST 4 BROKERS: Brings In Moore Stephens as Administrators
FORD MOTOR: Eyes Sale of Aston Martin Unit to Raise Capital

FORD MOTOR: Executive Committee Chairman Robert E. Rubin Resigns
GLOSS 2006: Taps Administrators from Begbies Traynor
GRAPHITE MANAGEMENT: Taps Joint Liquidators from Begbies Traynor
HEALTH DEPT: Appoints Asher Miller to Liquidate Assets
HEAVENLY SCENTS: Creditors Confirm Liquidators' Appointment

HERTFORD HOUSE: Calls In Joint Liquidators from Vantis
HR OWEN: Completes Disposal of Automotive Group to Lookers
INTERNATIONAL MINING: Names Derrick Arthur Smith Liquidator
JAMES WINTER: Appoints Joint Liquidators from Hart Shaw
KAALA SPORT: Appoints Roderick Graham Butcher as Administrator

MAINTENANCE ONE: Creditors' Meeting Slated for September 8
MARSHALL OFFSET: Lloyd Biscoe Leads Liquidation Procedure
MARY SEACOLE: Creditors Confirm Liquidator's Appointment
MICROCENTRIC MORDUN: Appoints Andrew T. Clay as Liquidator
MICROMIX INTERNATIONAL: Hires Joint Administrators from P&A

MILLAR MCCOWAN: Taps PwC as Joint Administrators
MONTAGUE CLOSE: Appoints Begbies Traynor as Administrators
NEW INTERIORS: Names Joint Liquidators from Valentine & Co.
NORTEL NETWORKS: Sells UMTS Access Biz to Alcatel for US$320 Mln
OSCAR OF LONDON: Taps Nimish C. Patel to Liquidate Assets

PLANET POPADUM: Calls In Joint Liquidators from Ashcrofts
PRIMEDALE FINANCIAL: Hires Andrew McTear to Liquidate Assets
PYRAM LIMITED: Taps Roger L. Cain to Liquidate Assets
QUALITY DOT: Names Joint Liquidators to Wind Up Business
REFCO INC: Ch. 7 Trustee Objects to West Loop's $10.6 Mil. Claim

REFCO INC: Chapter 7 Trustee Says Goodman's Claim Has No Merit
RESIN TECHNOLOGIES: Hires David Paul Hudson to Liquidate Assets
ROYAL CARIBBEAN: Acquisition Spurs Moody's to Change Outlook
SE SERVICES: Appoints T. Papanicola as Administrator
SIMON WORLDWIDE: Equity Deficit Triples to US$2.59MM at June 30

STABLE MEDIA: Appoints Liquidator from Hodgsons
STEWART COOK: Taps BDO Stoy to Administer Assets
SUPREMECAUSE LIMITED: Brings In Liquidator from Rimmer Higson
TAM-BAI LIMITED: Appoints Situl Devji Raithatha as Administrator
TAPESTRY HOLIDAYS: Brings In Administrators from Baker Tilly

TECHNILOCK AND WELDING: Hires Joint Liquidators from Begbies
TREMACO PRODUCTS: Names Timonthy Hargreaves to Liquidate Assets
VIRTUAL WORLD: Hires Administrators from P&A
WEST LONDON: David William Tann Leads Liquidation Procedure
YORKSHIRE INVESTMENT: Names M. F. P. Smith Liquidator

* Moody's Says Specialized Lenders Rule Local Gov't. Financing

                            *********

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


ARTICLE: Claims Registration Period Ends September 12
-----------------------------------------------------
Creditors owed money by LLC Article (FN 227260g) have until
Sept. 12 to file written proofs of claims to court-appointed
property manager Kurt Freyler at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 26 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 17 (Bankr. Case No. 4 S 115/06y).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


AUTOMOBILVERTRIEBS: Creditors' Meeting Slated on September 12
-------------------------------------------------------------
Creditors owed money by LLC Automobilvertriebs und Reparatur (FN
233069z) are encouraged to attend the creditors' meeting at
10:30 a.m. on Sept. 12 to consider the adoption of the rule by
revision.

The creditors' meeting will be held at:

         The Land Court of Linz
         Hall 522
         5th Floor
         Linz, Austria

Headquartered in Neuhofen an der Krems, Austria, the Debtor
declared bankruptcy on July 7 (Bankr. Case No. 38 S 33/06s).
Roland Zimmerhansl serves as the court-appointed property
manager of the bankrupt estate.

The property manager can be reached at:

         Mag. Roland Zimmerhansl
         Harrachstrasse 6
         4020 Linz, Austria
         Tel: 0732/657070
         Fax: 0732/65707065
         E-mail: zimmerhansl@anwaelte-sds.at


BAUER POWER: Claims Registration Period Ends September 5
--------------------------------------------------------
Creditors owed money by LLC Bauer Power (FN 235244y) have until
Sept. 5 to file written proofs of claims to court-appointed
property manager Richard Proksch at:

         Dr. Richard Proksch
         c/o Dr. Edmund Roehlich
         Heumarkt 9/I/11
         1030 Vienna, Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: mailto:proksch@eurojuris.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 Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 17 (Bankr. Case No. 2 S 120/06v).  Edmund Roelich
represents Dr. Proksch in the bankruptcy proceedings.


BAUMEISTER REINHOLD: Creditors' Meeting Slated for September 7
--------------------------------------------------------------
Creditors owed money by LLC Baumeister Reinhold Weiss (FN
82053t) are encouraged to attend the creditors' meeting at 9:15
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 7 (Bankr. Case No. 5 S 97/06h).  Florian Gehmacher
serves as the court-appointed property manager of the bankrupt
estate.  Matthias Schmidt represents Dr. Gehmacher in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Florian Gehmacher
         c/o Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna, Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: gehmacher@preslmayr.at


BETONWERK HIRM: Eisenstadt Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Eisenstadt entered an order on July 11
shutting down the business of LLC Betonwerk Hirm (FN 125751d).
Court-appointed property manager Michael Neuhauser determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Mag. Michael Neuhauser
         Fanny Elssler-Gasse 4
         7000 Eisenstadt, Austria
         Tel: 02682/61394
         Fax: 02682/68339
         E-mail: officewien@aaa-law.at

Headquartered in Burgenland, Austria the Debtor declared
bankruptcy on July 6 (Bankr. Case No. 26 S 66/06t).


CLORITOS: Claims Registration Period Ends September 5
-----------------------------------------------------
Creditors owed money by LLC Cloritos (FN 247109x) have until
Sept. 5 to file written proofs of claims to court-appointed
property manager Thomas Steiner at:

         Mag. Thomas Steiner
         c/o Dr. Renate Steiner
         Weihburggasse 18-20/50
         1010 Vienna, Austria
         Tel: 513 53 63
         E-mail: mailto:steiner.steiner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 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 Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 17 (Bankr. Case No. 2 S 122/06p).  Renate Steiner
represents Mag. Steiner in the bankruptcy proceedings.


DESIGN: Vienna Court Orders Business Shutdown
---------------------------------------------
The Trade Court of Vienna entered an order on July 11 shutting
down the business of LLC Design (FN 223956y).  Court-appointed
property manager Eva-Maria Bachmann-Lang determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and her representative can be reached at:

         Dr. Eva-Maria Bachmann-Lang
         c/o Dr. Christian Bachmann
         Opernring 8
         1010 Vienna, Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 29 (Bankr. Case No. 5 S 92/06y).  Christian Bachmann
represents Dr. Bachmann-Lang in the bankruptcy proceedings.


DIE COMPUTERMACHER: Creditors' Meeting Slated for September 11
--------------------------------------------------------------
Creditors owed money by International Media Holding Inc. Die
Computermacher (FN 257101s) are encouraged to attend the
creditors' meeting at 2:00 p.m. on Sept. 11 to consider the
adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Riedlingsdorf, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 26 S 73/06x).  Thomas
Deschka serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Thomas Deschka
         Main Place 11
         Atrium Top 16 A
         7400 Oberwart, Austria
         Tel: 03352/31543
         Fax: 03352/31543-20
         E-mail: deschka@lawcenter.at


HADERER BAUTRAGER: Feldkirch Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Feldkirch entered an order on July 14 shutting
down the business of LLC Haderer Bautrager (FN 58025g).  Court-
appointed property manager Thomas Welpe announced that the
property of the Debtor is insufficient to cover the creditors'
claim.

The property manager can be reached at:

         Mag. Thomas Welpe
         Lauteracher Road 3
         6922 Wolfurt, Austria
         Tel: 05574/82244
         Fax: 05574/82244-8
         E-mail: kanzlei@rechtsanwalt-welpe.at

Headquartered in Bregenz, Austria the Debtor declared bankruptcy
on July 7 (Bankr. Case No. 14 S 32/06b).


KOENIGSBERGER & NISSL: Creditors' Meeting Slated for Sept. 14
-------------------------------------------------------------
Creditors owed money by KEG Koenigsberger & Nissl (FN 220250y)
are encouraged to attend the creditors' meeting at 10:20 a.m. on
Sept. 14 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

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

Headquartered in Voitsberg, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 26 S 75/06h).  Wolfgang
Klobassa serves as the court-appointed property manager of the
bankrupt estate.  Mag. Friedrich Filzmaier represents the Debtor
in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Wolfgang Klobassa
         Conrad of Hoetzendorf Road 15
         8570 Voitsberg, Austria
         Tel: 03142/21850
         Fax: 03142/21850-6
         E-mail: insolvenz@ra-semlitsch-klobassa.at


PILS: St. Poelten Court Orders Business Shutdown
------------------------------------------------
The Land Court of St. Poelten entered an order on July 14
shutting down the business of LLC Pils (FN 86883w).  Court-
appointed property manager Michael Pfleger determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Mag. Michael Pfleger
         Preinsbacherstr. 4
         3300 Amstetten, Austria
         Tel: 07472/61303
         Fax: 07472/61303-50
         E-mail: amstetten@lhup.at

Headquartered in Amstetten, Austria the Debtor declared
bankruptcy on July 10 (Bankr. Case No. 14 S 105/06s).


ROLAND KORNTHALER: Creditors' Meeting Slated for September 13
-------------------------------------------------------------
Creditors owed money by LLC Roland Kornthaler (FN 237808v) are
encouraged to attend the creditors' meeting at 12:15 p.m. on
Sept. 13 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben, Austria

Headquartered in Aumuehl, Austria, the Debtor declared
bankruptcy on July 11 (Bankr. Case No. 17 S 54/06v).  Gudrun
Petsch-Lindmayr serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

         Dr. Gudrun Petsch-Lindmayr
         Viennese Road 35 A
         8605 Kapfenberg, Austria
         Tel: 03862-22654
         Fax: 03862-22654-4
         E-mail: ra-dr.petsch-lindmayr@hiway.at


SAHIN HACER: Creditors' Meeting Slated for September 6
------------------------------------------------------
Creditors owed money by KEG Sahin Hacer (FN 258159x) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Sept. 6 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Ulrichskirchen, Austria, the Debtor declared
bankruptcy on July 11 (Bankr. Case No. 36 S 75/06f).  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: 01/212 55 00
         Fax: 01/212 55 00 5
         E-mail: office.wien@ulsr.at


STEFAN DORMAYR: Claims Registration Period Ends September 5
-----------------------------------------------------------
Creditors owed money by KEG Stefan Dormayr (FN 181073i) have
until Sept. 5 to file written proofs of claims to court-
appointed property manager Heinz Kassmannhuber at:

         Dr. Heinz Kassmannhuber
         c/o Dr. Gerwald Schmidberger
         Stelzhamerstrasse 11
         4400 Steyr, Austria
         Tel: 07252/50 300
         E-mail: office@sks-law.at
                 ra.schmidberger@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.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 Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Steyr, Austria the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 14 S 35/06d).  Gerwald Schmidberger
represents Dr. Kassmannhuber in the bankruptcy proceedings.


TANDAKO: Property Manager Declares Insufficient Assets
------------------------------------------------------
Mag. Dominik Baurecht, the court-appointed property manager for
LLC Tandako (FN 60574f), declared on July 14 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna orders to shutdown the business of the
Debtor on the same day.

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 13 (Bankr. Case No. 28 S 38/06a).

The property manager can be reached at:

         Mag. Dominik Baurecht
         Weihburggasse 4/22
         1010 Vienna, Austria
         Tel: 533 66 61-77
         Fax: 533 66 61-10
         E-mail: baurecht@gnbz.at


WOHNKULTUR AM DOM: Property Manager Declares Insufficient Assets
----------------------------------------------------------------
Mag. German Storch, the court-appointed property manager for LLC
Wohnkultur am Dom Straka & Partner (FN 231058t), declared on
July 14 that the Debtor's property is insufficient to cover
creditors' claim.

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

Headquartered in Linz, Austria the Debtor declared bankruptcy on
May 12 (Bankr. Case No. 12 S 39/06g).

The property manager can be reached at:

         Mag. German Storch
         Buergerstrasse 62
         4020 Linz, Austria
         Tel: 0732/661861
         Fax: 0732/661861-19
         E-mail: ra-storch@nextra.at


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


ALCATEL SA: Acquires Nortel Networks's UMTS Ops for US$320 Mln
--------------------------------------------------------------
Nortel Networks Corp. has signed a non-binding Memorandum of
Understanding for the sale of its UMTS access business to
Alcatel for US$320 million, a move that will enable Nortel to
simplify its business and strategically focus its investments
for leadership in key markets while ensuring its customers' UMTS
access requirements will continue to be met.

As part of its business strategy, Nortel is executing on plans
to increase investment in key areas, partner in others, and
divest where there is no path for it to lead or realize
attractive returns.

"Nortel is sharpening its focus on the markets in which we
intend to lead," Mike Zafirovski, president and chief executive
officer of Nortel, said.  "Our UMTS access business lacks the
scale and momentum needed to become profitable,"

There are three core elements of Nortel's strategic focus --

   -- next-generation mobility,
   -- enterprise transformation, and
   -- services and applications.

Much like its partnership with Microsoft announced in July, this
is another key step in changing the trajectory of Nortel's
business.

"With next-generation mobility, we see an opportunity to change
the game by applying our networking expertise and technology
innovation to significantly alter the economic paradigm of
mobility solutions in the future," said Mr. Zafirovski.

"We are absolutely committed to mobility and plan to lead the 4G
evolution and play a key role in the mass market adoption of
mobile video and multimedia services." Richard Lowe, president
of Nortel's Mobility and Converged Core Networks, said.  "With a
strong position in GSM and CDMA, an established service provider
customer base, and technology leadership in key areas like OFDM-
MIMO, we have a solid foundation for success going forward."

As part of its ongoing mobility business, Nortel will continue
to develop and support solutions for the evolution of GSM access
and core, GSM-R, GPRS and EDGE technologies as well as CDMA
access and core and UMTS core.

The proposed sale includes Nortel's UMTS access product
portfolio made up of the Radio Network Controller and Node B
products and OAM solutions, related services and associated
assets. It is anticipated that the significant majority of
employees of Nortel's UMTS access business will transfer to
Alcatel.

Completion of the transaction is subject to, among other things,
the negotiation and execution of a definitive agreement between
Nortel and Alcatel, completion of consultations with work
councils and other employee representatives, and customary
closing conditions including regulatory approvals.  The parties
are targeting completion of the transaction in the fourth
quarter of 2006.

"This deal is good for our UMTS access customers.  They will
benefit from Alcatel's resulting scale in this market.  We will
work closely with Alcatel to make the hand-over as smooth as
possible for our customers, with whom we plan to have strong,
on-going relationships," said Mr. Lowe.

"The expertise of Nortel's UMTS team is well-known, and I am
confident that our combined forces will pave the way for further
success in the wireless market," said Marc Rouanne, president of
Alcatel's mobile communications activities.

"We are committed to support and evolve our extended customer
base."

                   About Nortel Networks

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

                      About Alcatel

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

                         *     *     *

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


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


BLM BAULOGISTIK: Claims Registration Ends September 12
------------------------------------------------------
Creditors of BLM Baulogistik-Management GmbH have until Sept. 12
to register their claims with court-appointed provisional
administrator Christian Heintze.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against BLM Baulogistik-Management GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BLM Baulogistik-Management GmbH
         Shipyard Route 5
         01139 Dresden, Germany

The administrator can be contacted at:

         Christian Heintze
         Nieritzstrasse 14
         01097 Dresden, Germany
         Web: http://www.kuebler-gbr.de/


BREUER & CO.: Claims Registration Ends September 11
---------------------------------------------------
Creditors of Breuer & Co. GmbH have until Sept. 11 to register
their claims with court-appointed provisional administrator
Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against Jansen & Klein Heizungs-Sanitar-Luelftungs GmbH on
Aug. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Jansen & Klein Heizungs-Sanitar-Luelftungs GmbH
         Port Route 32
         41460 Neuss, Germany

         Attn: Georg Palmen, Manager
         Aurinstrasse 52
         41466 Neuss, Germany

         Karl Breuer, Manager
         Mohnstrasse 42 b
         41466 Neuss, Germany

         Dietmar Lieder, Manager
         High Schoppen 32
         40882 Ratingen, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Jagerhofstrasse 21-22
         40479 Duesseldorf, Germany


D+W DACH: Creditors' Meeting Slated for September 8
---------------------------------------------------
The court-appointed provisional administrator for D+W Dach- und
Wandgestaltung GmbH, Andreas Sontopski, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:00 a.m. on Sept. 8.

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

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta, Germany

The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on Oct. 6 at the same
venue.

Creditors have until Sept. 26 to register their claims with the
court-appointed provisional administrator.

The District Court of Vechta opened bankruptcy proceedings
against D+W Dach- und Wandgestaltung GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         D+W Dach- und Wandgestaltung GmbH
         Wiesenweg 34
         49377 Vechta, Germany

         Attn: Otto Harting, Manager
         Erlte 106 a
         49429 Visbek, Germany

         Ernst Neumeister, Manager
         Wagnerstrasse 28
         49681 Garrel, Germany

The administrator can be reached at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen, Germany
         Tel: 02557/93840
         Fax: 02557/652
         E-mail: info@RA-Sontopski.de


DT DELICATESSE: Claims Registration Ends September 11
-----------------------------------------------------
Creditors of DT Delicatesse & Traiteur GmbH have until Sept. 11
to register their claims with court-appointed provisional
administrator Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against DT Delicatesse & Traiteur GmbH on Aug. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DT Delicatesse & Traiteur GmbH
         Dorfstr. 34
         40667 Meerbusch, Germany

         Attn: Jeannine Bourgueil, Manager
         Meerkamp 13
         40667 Meerbusch, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Jagerhofstrasse 21-22
         40479 Duesseldorf, Germany


ELEKTRODIENST HAHNE: Claims Registration Ends September 11
----------------------------------------------------------
Creditors of Elektrodienst Hahne GmbH have until Sept. 11 to
register their claims with court-appointed provisional
administrator Helgi Heumann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against Elektrodienst Hahne GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Elektrodienst Hahne GmbH
         Robert-Matzke-Road 11
         01127 Dresden, Germany

The administrator can be contacted at:

         Helgi Heumann
         Koenigsbruecker Road 31/33
         01099 Dresden, Germany
         Web: http://www.raheumann.de/


HELLMUTH LEICHTMETALLBAU: Creditors' Meeting Slated for Sept. 13
----------------------------------------------------------------
The court-appointed provisional administrator for Hellmuth
Leichtmetallbau GmbH, Sebastian Laboga, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:40 a.m. on Sept. 13.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:30 a.m. on Dec. 13 at the same
venue.

Creditors have until Oct. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Hellmuth Leichtmetallbau GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hellmuth Leichtmetallbau GmbH
         Muehlenstr. 62-65
         13187 Berlin, Germany

The administrator can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin, Germany


LEDER-RUDE: Claims Registration Ends September 5
------------------------------------------------
Creditors of Leder-Rude GmbH have until Sept. 5 to register
their claims with court-appointed provisional administrator
Rainer Bachert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         2nd Floor
         West Wing
         Schloss
         68149 Mannheim, 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 Mannheim opened bankruptcy proceedings
against Leder-Rude GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Leder-Rude GmbH
         Attn: Thomas Rude, Manager
         Joseph-Meyer-Str. 7
         68167 Mannheim, Germany

The administrator can be contacted at:

         Rainer Bachert
         Hauptstr. 161
         68259 Mannheim, Germany
         Tel: 0621/88990


PETERS & PETERS: Claims Registration Ends September 5
-----------------------------------------------------
Creditors of Peters & Peters Einbaukuechen und Hausgerate GmbH
have until Sept. 5 to register their claims with court-appointed
provisional administrator Hans-Peter Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Sept. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle, 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 Celle opened bankruptcy proceedings
against Peters & Peters Einbaukuechen und Hausgerate GmbH on
Aug. 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Peters & Peters Einbaukuechen und Hausgerate GmbH
         Attn: Uwe Peters, Manager
         Hannoversche Heerstr. 7
         29221 Celle, Germany

The administrator can be contacted at:

         Hans-Peter Valentiner
         Bahnhofstr. 30 A
         29221 Celle, Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de


PRIMACOM AG: Posts EUR13.5 Million Net Loss in 2006 First Half
--------------------------------------------------------------
Primacom AG disclosed its financial results for the first six
months of 2006.

In the first six months of 2006, revenue decreased by 1.8
percent to EUR57.9 million, compared with the first six months
of 2005.

Operating profit increased due to significantly reduced
restructuring costs from a loss of EUR5.5 million in the first
six months of 2005 to a profit of EUR1.4 million in the first
six months of 2006.

EBITDA for the first six months of 2006 increased to EUR23.1
million, a 25.2 percent increase compared with the first six
months of 2005.  The EBITDA margin increased from 31.3 percent
to 39.9 percent.

In the first six months of 2006, EBITDA and operating profit
were impacted by restructuring costs of EUR800,000 and EUR2.7
million due to the start-up of easy.TV.

Net loss for the first six months of 2006 was EUR13.5 million,
compared with a net loss of EUR60.1 million for the first six
months of 2005.  The improved results are due to the
discontinuation of losses of the disposed Dutch subsidiary
Multikabel, significantly reduced restructuring costs and the
significantly reduced interest expense due to the new financing
of the Company, which was closed on Dec. 5, 2005.

Revenue generating units decreased by 23,549 or 2.4 per cent
from 964,043 at June 30, 2005 to 940,494 at June 30, 2006.
While analog customers declined by 3.7 per cent, Internet and
telephony customers increased.

PrimaCom continues to focus on revenue improvements, cost
reduction management and profitability improvements.

               Supervisory Board Member Resigns

The company disclosed in August that Michael Moriarty resigned
as member of the company's supervisory board effective
immediately.

Headquartered in Mainz, Germany, PrimaCom AG --
http://www.primacom.de/-- is a major private cable network
operator.  The Company offers a wide palette of analogous,
digital and interactive cable services.  PrimaCom supplies about
one million customers in Germany and 300,000 in the Netherlands.

                        *     *     *

PrimaCom AG carries Moody's B2 senior unsecured debt rating
since 1999.


SKYSPAN SOLAR: Claims Registration Ends September 8
---------------------------------------------------
Creditors of Skyspan Solar GmbH i.L. have until Sept. 8 to
register their claims with court-appointed provisional
administrator Robert Multrus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Room 108
         Rosenheim, 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 Rosenheim opened bankruptcy proceedings
against Skyspan Solar GmbH i.L. on Aug. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Skyspan Solar GmbH i.L.
         Nordstr. 10
         83253 Rimsting, Germany

The administrator can be contacted at:

         Robert Multrus
         Rathausstr. 10
         83022 Rosenheim, Germany
         Tel: 08031/8074790
         Fax: 08031/80747966


TEAM THERMOSERVICE: Claims Registration Ends September 11
---------------------------------------------------------
Creditors of Team Thermoservice GmbH have until Sept. 11 to
register their claims with court-appointed provisional
administrator Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on Oct. 4 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The Debtor can be contacted at:

         Team Thermoservice GmbH
         Odenwaldstr. 76
         51105 Cologne, Germany

         Attn: Dietmar Luchtenberg, Manager
         Romberg 10
         51381 Leverkusen, Germany

The administrator can be contacted at:

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


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


PARMALAT SPA: Enrico Bondi, et al., Want Injunction Imposed
-----------------------------------------------------------
Dr. Enrico Bondi, in his capacity as Extraordinary Administrator
of Parmalat SpA and its Italian affiliates; the Foreign Debtors;
and Reorganized Parmalat inform the U.S. District Court for the
Southern District of New York that they will take an appeal from
the District Court order permitting plaintiffs in the securities
fraud action to name Reorganized Parmalat as defendant.

The Appellants will ask the U.S. Court of Appeals for the Second
Circuit to review the District Court's order, dated July 26,
2006, insofar as the order:

   -- modified or dissolved the injunctive relief that had been
      granted pursuant to Section 304 of the Bankruptcy Code; or

   -- denied injunctive relief pursuant to Section 304.

In July 2006, the District Court allowed class plaintiffs of the
"Parmalat Securities Litigation" to file a third amended
complaint, which includes [the new] Parmalat SpA among the
defendants.  Said class action is pending in the District Court.

Other defendants in the class action are Deloitte & Touche
(and, as an individual, Mr. James Copeland), Grant Thornton,
Citigroup (including Buconero, Vialattea, Eureka
Securitization), Bank of America, Credit Suisse, Banca Nazionale
del Lavoro, Banca Intesa, Morgan Stanley, the law offices of
Pavia Ansaldo and of Zini Associates, and number of individuals.

The defendants were allowed to conduct discovery with respect to
the class certification until Sept. 21, 2006.

A full-text copy of the District Court Order is available for
free at http://researcharchives.com/t/s?f6c

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


PARMALAT USA: Administrator Sues BofA Corp. et al. for Collusion
----------------------------------------------------------------
G. Peter Pappas, administrator of Parmalat USA Corp.'s Plan of
Liquidation, filed in April 2006 a lawsuit before the U.S.
District Court for the Southern District of New York against:

   * Bank of America Corporation;
   * Bank of America, N.A.;
   * Bank of America National Trust & Savings Association;
   * Banc of America Securities LLC;
   * Banc of America Securities Limited;
   * BankAmerica International Limited;
   * Grant Thornton International;
   * Grant Thornton, LLP;
   * Italaudit SpA, In Liquidizacione;
   * Deloitte & Touche USA, LLP;
   * Deloitte & Touche, LLP;
   * Deloitte & Touche, SpA;
   * Deloitte Touche Tohmatsu;
   * Credit Suisse;
   * Credit Suisse International;
   * Credit Suisse Securities (Europe) Limited; and
   * Banca Nazionale del Lavoro, SpA

Mr. Pappas delivered to the District Court an amended complaint
in July 2006.  A full-text copy of the 340-page Amended
Complaint is available at no charge at:

               http://researcharchives.com/t/s?10c5

Mr. Pappas asserts claims against the banks and auditors for
helping Parmalat insiders artificially inflate the company and
its subsidiaries' financial health.  According to Mr. Pappas,
the conspiracy allowed the insiders to hide substantial
operating losses for over a decade, misstate Parmalat's debt by
nearly $10 billion, and misstate total net assets by $16.4
billion.

Mr. Pappas tells Judge Kaplan that Parmalat USA was a victim of
the fraudulent scheme.  From 1999 through 2003, Parmalat USA
accumulated substantial and material debt -- eventually reaching
in excess of $20,000,000 at the time of Parmalat USA's
bankruptcy filing -- to certain banks.  But for the false
portrayal of Parmalat as a thriving, financially sound company,
which each of the Defendants aided and abetted, Mr. Pappas says,
Parmalat USA would not have or could not have incurred tens of
millions of dollars of debt which it could not repay on its own
and which drove it deeper into insolvency.

The Plan Administrator seeks unspecified damages on account of
his claims for aiding and abetting, breach of fiduciary duty,
and civil conspiracy.

According to Mr. Pappas, Bank of America structured transactions
that allowed for the manipulation and falsification of
Parmalat's financial statements, and sold more than $1 billion
of Parmalat's private placements to U.S. investors based on what
Bank of America knew were materially false and misleading
statements about Parmalat.  To sell the Parmalat securities in
the U.S., Bank of America representatives arranged "road show"
meetings with major U.S. institutional investors during which
Bank of America representatives, together with culpable Parmalat
insiders, distributed false and misleading information about
Parmalat that was reviewed and approved by Bank of America.
Bank of America also helped disguise loans as equity, thereby
concealing Parmalat's disastrous financial condition.

Mr. Pappas notes that, as Parmalat's culpable insiders have
testified, far from providing mere banking services, Bank of
America conceived, proposed, and carried out numerous deceptive
transactions in concert with the insiders that generated
enormous commissions, concealed Parmalat's mounting debt and
which caused Parmalat's financial statements to be misstated.

The Parmalat insiders could not have concealed the fraud absent
the active participation of the Grant Thornton entities, Mr.
Pappas asserts.  Among others, Mr. Pappas relates that Grant
Thornton had direct knowledge of the role of the offshore
entities used to allow Parmalat to conceal the ever-growing debt
generated from its fraudulent sales.

In 1999, under Italian law, Parmalat was forced to retain
Deloitte & Touche as new auditor. However, Grant Thornton
continued to manage and conceal the true financial status of
offshore entities when Deloitte took over.

Mr. Pappas says that Deloitte certified the financial statements
of Parmalat USA that materially overstated assets from 2000
through 2002, and failed to report, despite knowledge to the
contrary, that Parmalat USA was not a going concern.  Deloitte
also knew that Parmalat USA's ability to continue as a going
concern depended upon the ongoing financial support of Parmalat
SpA and, therefore, Deloitte was required by generally accepted
auditing standards to inquire into the financial condition of
Parmalat SpA.  According to Mr. Pappas, the Deloitte entities
negligently, recklessly, or fraudulently combined to prepare the
component parts that were then consolidated into Parmalat SpA's
certified financial statements to perpetuate the fraud.

The Credit Suisse Defendants, Mr. Pappas continues, joined the
conspiracy by helping to hide Parmalat's growing debt.  The
Credit Suisse Entities acted as an underwriter for Parmalat
securities and directly participated in a complex financial
transaction with Parmalat -- through Parmalat Brasil -- which
was designed to artificially inflate Parmalat's assets, while
appearing to provide Parmalat with financing through the
issuance of bonds by Parmalat Brasil.

Banca Nazionale del Lavoro participated in the factoring scheme
whereby Parmalat's culpable insiders used previously paid
invoices to raise additional capital.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


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


ALEM: Creditors Must File Claims by Oct. 13
-------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared Corporation Alem insolvent.

Creditors have until Oct. 13 to submit written proofs of claim
to:
         Alem
         Floor 3
    Abai Str. 10a
    Atyrau
    Atyrau Region
    Kazakhstan


EMSHAN-7: Creditors Must File Claims by Oct. 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Emshan-7 insolvent on July 20.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Oct. 13 to submit written proofs of claim
to:

         LLP Emshan-7
         Post Office Box 1
    JSC Kazpochta
    Post-office 57
    050057 Almaty, Kazakhstan
    Tel: 8 (3272) 37-03-31


HALYK BANK: Moody's Lifts Financial Strength Rating to D
--------------------------------------------------------
Moody's Investors Service upgraded the Financial Strength Rating
of Halyk Bank (Kazakhstan) to D from D-.  Following the upgrade,
the outlook on the FSR has been changed to stable from positive.
The bank's other  have been affirmed with a stable outlook,
including Ba1/NP long-term and short-term deposit  as well as a
Baa1 long-term rating for senior unsecured debt issued under
foreign law by Halyk Bank either directly or through its
subsidiary special-purpose vehicle HSBC (Europe) B.V.

The FSR upgrade reflects Halyk Bank's three-year track record of
strong financial performance under IFRS during which the bank
has proved its ability to maintain solid interest margins
through expanding into retail and SME lending while generating
reliable non-interest income and improving operating efficiency.

It also takes into account the bank's well-developed domestic
franchise as well as its relatively conservative funding
profile, which stems from the fact that it has only relatively
low reliance on foreign borrowings while maintaining solid
levels of capitalization.

Moody's views positively the bank's strategy of building up a
client-oriented financial group that provides a full range of
financial services and also welcomes the bank's intention to
conduct an IPO in 2007 and to attract a reputable strategic
partner for the group, which should have positive implications
for internal processes and corporate governance.

However, the FSR remains constrained by the overall risk profile
of the Kazakh banking system which has grown very rapidly on the
back of the country's GDP growth but remains prone to emerging
market risks.

Headquartered in Almaty, Kazakhstan, Halyk Bank reported total
consolidated assets of KZT559.7 billion (US$4.2 billion) and
total shareholders' equity of KZT64.4 billion (US$481 million)
as at Dec. 31, 2005.

Upgrades:

* Halyk Savings Bank of Kazakhstan

   -- Bank Financial Strength Rating, to D from D-;

Assignments:

* Halyk Savings Bank of Kazakhstan

   -- P-2 Deposit Rating; and

   -- Baa2 Senior Unsecured Deposit Rating.

Outlook Actions:

* Halyk Savings Bank of Kazakhstan

   -- Outlook, changed to stable from positive(m).


KUAT JETYSAI: Proof of Claim Deadline Slated for Oct. 13
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared OJSC Kuat Jetysai Kurylys insolvent
on July 18.

Creditors have until Oct. 13 to submit written proofs of claim
to:

         OJSC Kuat Jetysai Kurylys
         Ilyaeva Str. 24
    Shymkent
    South Kazakhstan Region
    Kazakhstan
    Tel: 8 (3252) 54-02-36


MONIR: Proof of Claim Deadline Slated for Oct. 11
-------------------------------------------------
LLP Monir has declared insolvency.  Creditors have until Oct. 11
to submit written proofs of claim to:

         LLP Monir
         Volochaevskaya Str. 65-34
    Karaganda
    Karaganda Region
    Kazakhstan


OKTAN: Claims Registration Ends Oct. 11
---------------------------------------
LLP Oktan has declared insolvency.  Creditors have until Oct. 11
to submit written proofs of claim to:

         LLP Oktan
         Svintsovaya Str. 2/1
    Ust-Kamenogorsk
    East Kazakhstan Region
    Kazakhstan


PROGRESS KASPYI: Claims Registration Ends Oct. 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Progress Kaspyi insolvent.

Creditors have until Oct. 13 to submit written proofs of claim
to:

         LLP Progress Kaspyi
         Floor 3
    Abai Str. 10a
    Atyrau
    Atyrau Region
         Kazakhstan


TRUST: Creditors' Claims Due Oct. 11
------------------------------------
LLP Micro Credit Organization Trust has declared insolvency.
Creditors have until Oct. 11 to submit written proofs of claim
to:

         LLP Micro Credit Organization Trust
         Abai Str. 115
    Pavlodar
    Pavlodar Region
    Kazakhstan


TUMAR: Creditors' Claims Due Oct. 13
------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Tumar insolvent on July 20.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Oct. 13 to submit written proofs of claim
to:

         LLP Tumar
         Post Office Box 1
    JSC Kazpochta
    Post-office 57
    050057 Almaty, Kazakhstan
    Tel: 8 (3272) 37-03-31


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


ATAK: Proof of Claim Deadline Slated for Oct. 4
-----------------------------------------------
OJSC Atak has declared insolvency.  Creditors have until Oct. 4
to submit written proofs of claim to:

         OJSC Atak
         Karasuiskaya Str. 22
    Osh
    Osh Region
    Kyrgyzstan
    Tel: (+996 3222) 7-11-02


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


FORNAX B.V.: Fitch Assigns BB Rating on EUR8-Mln Class G Notes
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to Fornax (ECLIPSE
2006-2) B.V.'s floating rate notes due 2019:

   -- EUR104,480,000 Class A: AAA;
   -- EUR263,190,000 Class B: AAA;
   -- EUR57,860,000 Class C: AAA;
   -- EUR36,050,000 Class D: AA;
   -- EUR44,950,000 Class E: A;
   -- EUR30,500,000 Class F: BBB; and
   -- EUR8,000,000 Class G: BB.

The final rating is contingent on the receipt of final documents
conforming to information already received.

This transaction is a securitization of 18 commercial mortgage-
backed loans and one VAT loan originated by Barclays Bank PLC
and Barclays Bank SA for the Spanish loan.  The loans are
secured on properties located in Austria, Belgium, France,
Germany, Italy and Spain.

The loan pool is highly diversified, with the biggest loan
(Flora Park) making up 21.8% of the total outstanding balance,
and the five largest representing a cumulative 55.1% (Anec Blau
9.8%, Century Center 8.5%, German Supermarket portfolio 9.8% and
Cassina Plaza 7.3%).

The expected ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  The
expected ratings address the timely payment of interest on the
notes and the ultimate repayment of principal by final legal
maturity in February 2019.

Initial credit enhancement for the Class A notes (80.83%) is
provided by subordination of the Class B, C, D, E, F and G
notes.  Likewise, initial credit enhancement for the Class B
(32.54%), Class C (21.93%), Class D (15.31%), Class E (7.06%),
and Class F notes (1.47%) is provided by the subordination of
those notes junior to them.  There is no initial credit
enhancement provided to the Class G notes.

Interest and principal for the notes will be paid quarterly in
arrears on each payment date, commencing in November 2006.  The
Class G notes are subject to an available funds cap, which
limits the interest receivable by the noteholders to the
interest received under the loans.

Repayment and prepayments of principal on the loans will be
distributed according to a "bucket" structure that is based on
the credit characteristics of each loan.  The structure features
a liquidity facility with the lower of EUR45 million or 11% of
the notes balance, which is available to cover shortfalls in
interest payments and senior expenses.

Barclays is entitled to receive the excess of interest payable
of the loans over interest payable on the notes, in the form of
detachable coupons (Class X) ranking senior to the Class D, E, F
and G notes.


FORNAX B.V.: S&P Assigns BB Rating to EUR8-Mln Class G Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR545.134 million commercial mortgage-
backed variable- and floating-rate notes to be issued by FORNAX
(ECLIPSE 2006-2) B.V., a special purpose entity.

The Day 1 loan pool comprises 18 commercial mortgage loans
originated by Barclays Bank PLC, (or, for the Spanish loans,
Barclays Bank S.A.) between December 2004 and April 2006 for
terms of between five and 10 years.

The loans are secured on a portfolio comprising 118 good-quality
properties.  Of these, 95 are in Germany, seven in France, eight
in Austria, six in Italy, one in Belgium, and one in Spain.

There is good granularity, with the largest loan accounting for
only 21.8% of the principal balance outstanding and an even
distribution among the remaining loans.

The loan sponsors are experienced in the ownership and
management of the types of assets within this transaction.

                          List
                 FORNAX (ECLIPSE 2006-2) B.V.
     EUR545.134 Million Commercial Mortgage-Backed Variable-
                   And Floating-Rate Notes

                           Prelim.        Prelim.
            Class          rating         amount (Mil. EUR)
            -----          ------         ------

            A              AAA             104.481
            B              AAA             263.193
            C              AAA              57.860
            X              AAA               0.100
            D              AA               36.050
            E              A                44.950
            F              BBB              30.500
            G              BB                8.000



* Moody's Reports Stable Outlook for Dutch Banks
------------------------------------------------
The overall outlook for rated Dutch banks remains stable, as a
result of the sector's generally adequate and steady
profitability, robust regulatory framework and mature financial
framework, Moody's Investors Service says in its new Banking
System Outlook report for the Netherlands.  While Moody's does
not rule out selective rating upgrades or downgrades, it would
expect these to be driven primarily by changes in ownership or
because of acquisitions.

Moody's anticipates that the three leading banks -- ABN AMRO,
ING Bank and Rabobank -- will maintain their dominance of the
Dutch banking market, even though the smaller players may
succeed in marginally increasing their market share in segments
such as mortgages.  No significant realignments in product
pricing or regulatory developments are viewed as probable, with
the three large banks therefore likely to retain their
entrenched position.

The economy has been recovering from a rough patch in 2001-2003
and looks set to grow robustly until at least 2008, fuelled in
part by strengthening consumer confidence -- a factor that has
helped the recovery of the retail and service sectors.  Credit
growth, led by large companies, has picked up to levels not seen
since 2001 and Moody's expects the SME segment to start
increasing its borrowing in 2007.

"Profitability trends for Dutch banks have been positive since
2005.  The main drivers for the positive earnings trends have
been lower provisions for credit losses and the continued --
albeit modest -- decline in operating expenses," says Lynn
Exton, a Moody's Senior Vice President and author of the report.

"However, we anticipate that provision expenses will rise during
H2 2006 as the positive tailwinds from credit provisions taken
in earlier periods are largely exhausted.  To maintain their
earnings momentum, banks will thus need to make continued
improvements in their operating efficiency and raise the
proportion of fees and commissions."

One area in which fees and commissions have been rising strongly
is residential mortgage prepayments and refinancing activity, as
house prices continue to rise and Dutch households use the
equity in their homes to finance consumer spending.  This has
led to household debt rising to with household debt (defined as
gross indebtedness to net disposable income) standing at 117% of
GDP as of year-end 2005, up from 76% in 1998, according to the
statistics compiled by the IMF.

However, this needs to be viewed in the context of a similar
rise in the value of homeownership.  Furthermore, the level of
unsecured personal loans is relatively low, translating into
most household debt being mortgage-related, Moody's explains.
Nevertheless, the trend of rising household indebtedness is of
concern as Dutch households will face the same financial
pressures of higher interest rates and increased energy costs as
their brethren in other countries over the next year.

Indeed, while Van der Hoop bankiers N.V. went into involuntary
liquidation in 2005, this was the first bank failure in the
Netherlands since 1982 and the sector remains fundamentally
solid.

"The recurring earnings of the three large banks are in line
with those of their highly rated counterparts in other European
countries, with the notable exceptions of the U.K. and Spain,"
says Ms Exton.

"Furthermore, the mature, liberalized and competitive nature of
the Dutch financial system militates against any material change
or systemic shock that would undermine the position of the
incumbents."

Another key rating consideration is the considerable differences
between the respective business profiles of the various banks.
For example, ABN AMRO earns most of its money outside the
Netherlands, Rabobank is primarily a domestic bank but with
material and growing overseas operations while the smaller banks
tend to be wholly focused on Dutch business.  Given the limited
growth potential of their domestic market, all the major Dutch
banks now have important international operations, Moody's
notes.


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


NETIA SA: Grants Share Options Under Employee Stock Option Plan
---------------------------------------------------------------
Netia SA disclosed that Pawel Karlowski, a member of the
company's Management Board, received 271,814 options authorizing
him to subscribe for series K shares in accordance with the
Netia Performance Stock Option Plan of June 28, 2002 (as
amended.  The action is pursuant to a resolution of the
Supervisory Board dated Feb. 15, 2006, granting Company stock
options to Mr. Karlowski on Sept. 1.

In addition, the Supervisory Board approved 271,814 options,
which will be granted to Mr. Karlowski on Sept. 1, 2007.  The
strike price for all options was established at PLN5.30.  The
granted options will expire on Dec. 20, 2012, at the latest.

                        *     *     *

As reported in TCR-Europe on Aug. 24, Standard & Poor's Ratings
Services revised its outlook on Poland-based, alternative fixed-
line telecommunications operator Netia S.A. to negative from
stable due to marked revenue and EBITDA deterioration in the
first half of 2006.  At the same time, the 'B+' long-term
corporate credit rating on Netia was affirmed.

                      About the Company

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


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


ARMAVIRSKIY BRICKWORKS 1: A. Khutornyj to Manage Assets
-------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Khutornyj as Insolvency Manager for LLC Armavirskiy
Brickworks 1.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-29961/2005-46/424-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Armavirskiy Brickworks 1
         Armavir
         Krasnodar Region
         Russia


FEED MILL: Court Names Mr. I. Kalyapin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. I.
Kalyapin as Insolvency Manager for OJSC Feed Mill.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-5455-2005/43/20b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Feed Mill
         Nekrylovo
         Novokhoperskiy Region
         Voronezh Region
         Russia

GALICHSKIY BRICKWORKS: M. Minutin to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. M.
Minutin as Insolvency Manager for Municipal Unitary Enterprise
Galichskiy Brickworks.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-1720/2006-18.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Galichskiy Brickworks
         Galich
         Kostroma Region
         Russia


GEORGIEVSKIY: Orel Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on OJSC Breeding Factory Name After
Georgievskiy.

The case is docketed under Case No. A48-1321/06-17b.

The Temporary Insolvency Manager is:

         V. Solovyev
         K. Marksa Str. 106.
         Livny
         308850 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Breeding Factory Name After Georgievskiy
         Sovkhoznyj
         Livenskiy Region
         Orel Region
         Russia


KAMYSHLOVSKIY BAKERY: V. Vokhmentsev to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. V.
Vokhmentsev as Insolvency Manager for OJSC Kamyshlovskiy Bakery.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-39108/05-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Kamyshlovskiy Bakery
         Engelsa Str. 244
         Kamyshlov
         624860 Sverdlovsk Region
         Russia


LUZSKIY WOOD: Court Names Mr. A. Novichkov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. A. Novichkov
as Insolvency Manager for OJSC Luzskiy Wood Timber Combine (TIN
4316000692).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-413/05-375/24.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Luzskiy Wood Timber Combine
         Truda Square 1
         Luza
         613960 Kirov Region
         Russia


NORTH TIMBER: Court Names Mr. Y. Istomin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. Y.
Istomin as Insolvency Manager for CJSC North Timber Company.  He
can be reached at:

         Y. Istomin
         Lomonosova-119
         163000 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-3399/2006-28.

The Debtor can be reached at:

         CJSC North Timber Company
         Lomonosova-119
         163000 Arkhangelsk Region
         Russia


OREL-VTOR-MET: Court Names Mr. A. Gavrikov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. A. Gavrikov
as Insolvency Manager for OJSC Orel-Vtor-Met.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-1550/06-20b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Orel-Vtor-Met
         Moskovskaya Str. 43 a
         302030 Orel Region
         Russia


PECTIC FACTORY: Court Names L. Zhigina as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Ms. L.
Zhigina as Insolvency Manager for LLC Pectic Factory.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-10842/2006-46/405-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Pectic Factory
         Grinya Str. 5
         Slavyansk-na-Kubani
         353567 Krasnodar Region
         Russia


POLYGRAPHIC PRODUCTS: A. Plastinin to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. A.
Plastinin as Insolvency Manager for OJSC Factory Of Polygraphic
Products (TIN 3808014850).  The Court commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A19-14493/06-8.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Factory of Polygraphic Products
         Uritskogo Str. 14
         664003 Irkutsk Region
         Russia


PROGRESS: Court Names V. Khubiev as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Karachaevo-Cherkessiya Republic
appointed V. Khubiev as Insolvency Manager for CJSC Progress
(TIN 2628032015).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A25-3464/05-8.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Progress
         Pervomayskaya Str. 2/66
         Karachaevsk Region
         Russia


PROMSVYAZBANK JSCB: Stake Acquisition Cues S&P to Put B/C Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B/C' counterparty
credit ratings on Russia-based Promsvyazbank JSCB on CreditWatch
with positive implications, following Germany-based Commerzbank
AG's intention to acquire a 15.3% stake in PSB, and a potential
step-by-step increase to a majority stake in the medium term.

"Standard & Poor's intends to resolve the CreditWatch placement
in the coming months, and could raise the  on PSB," said
Standard & Poor's credit analyst Eugene Tarzimanov.

This depends on:

   -- the approval of the deal by the German and Russian
authorities;

   -- the extent of Commerzbank's future ownership, support, and
strategic involvement in PSB; and

   -- the size of the new capital to be received by PSB.

The development of PSB's stand-alone commercial position and
financial strength will remain important rating drivers.

Standard & Poor's will assess the expected benefits for PSB
attached to this transaction.

"Although it is a small acquisition from Commerzbank's
perspective, it fits into its strategy to expand in Central and
Eastern Europe and Russia, and stands to strengthen its position
in the fast-growing Russian market," added Mr. Tarzimanov.


PYATIGORSKIY WINERY: N. Mikhnev to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. N.
Mikhnev as Insolvency Manager for LLC Pyatigorskiy Winery (TIN
2632068889).  He can be reached at:

         N. Mikhnev
         Sotsialisticheskaya Str. 18/3
         Stavropol Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-5839/2006-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Pyatigorskiy Winery
         Sotsialisticheskaya Str. 18/3
         Stavropol Region
         Russia


RUSSIAN STANDARD: Moody's Assigns Ba2 Rating to EUR300-Mln Notes
----------------------------------------------------------------
Moody's assigned a Ba2 rating to the first EUR-denominated loan
participation notes issue by Russian Standard Finance S.A., a
special purpose vehicle.  The transaction amount is expected to
be EUR300 million, with a three-year tenor.  The outlook on the
rating is stable.  The rating is subject to reviewing the final
documentation on the transaction.

The Notes will be issued by the SPV to fund a loan to the closed
joint stock company, Russian Standard Bank, a bank established
under the laws of the Russian Federation.  The SPV will account
to the Noteholders only for amounts equivalent to principal and
interest (if any) received from RSB under the Loan Agreement.

The Ba2 rating of the Notes is based primarily on:

   -- The ability of RSB, the ultimate obligor in respect of
payments under the Notes, to make timely payments of
interest and ultimate payment of principal on the Loan.

   -- The charge and assignment of rights and interests by the
SPV to the Trustee for the benefit of Noteholders under
English law.

   -- The status of the Notes, which would qualify as senior
unsecured debt of RSB as per Moody's classification.

According to Moody's, the Notes may become payable in the event
that RSB's rating is downgraded following a re-organization
event such as a merger, accession, division, separation or
transformation.

As one of the financial covenants, RSB is obliged to maintain --
unless such a requirement is waived -- a ratio of capital to
risk-weighted assets at a pre-specified level inversely related
to RSB's .

Moody's notes that, while the likelihood of any of the above
covenants being triggered is relatively low, any occurrence
could potentially have adverse liquidity implications for RSB
and might exert additional downward pressure on its .

Russian Standard Finance S.A. is a special purpose company set
up in the Grand Duchy of Luxembourg for the purpose of issuing
loan participation notes.

Russian Standard Bank is headquartered in Moscow and reported
total IFRS consolidated assets of RUB151 billion (US$5.6
billion) as at end-1H 2006 and net IFRS income of RUB6.6 billion
(US$242 million) for the first six months of 2006.

Assignments:

Russian Standard Bank

   -- Senior Unsecured Regular Bond/Debenture: Ba2.


SEL-KHOZ-TEKHNIKA: Krasnodar Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on OJSC Sel-Khoz-Tekhnika (TIN
2326000514).

The case is docketed under Case No. A-32-6921/2006-38/135-B.

The Temporary Insolvency Manager is:

         B. Popovskiy
         Kolkhoznaya Str. 3
         350042 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika
         Kolkhoznaya Str. 3
         350042 Krasnodar Region
         Russia


SHUMIKHINSKIY DIARY: Kurgan Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Kurgan Region has commenced bankruptcy
supervision procedure on LLC Shumikhinskiy Diary (TIN
4524006215).  The case is docketed under Case No. A34-3455/05.

The Temporary Insolvency Manager is:

         M. Sentyurin
         Volodarskogo Str. 57-408
         640000 Kurgan Region
         Russia

The Debtor can be reached at:

         LLC Shumikhinskiy Diary
         Volodarskogo Str. 57-408
         640000 Kurgan Region
         Russia


SKIF: Perm Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on LLC Furniture Factory Skif.  The case
is docketed under Case No. A50-8794/2006-B.

The Temporary Insolvency Manager is:

         O. Shelyakin
         Kirova Str. 224-1
         614068 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Furniture Factory Skif
         Lebedeva 37
         614060 Perm Region
         Russia


TALYZINSKAYA: Court Names G. Vardanyan as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. G.
Vardanyan as Insolvency Manager for OJSC Agro Company
Talyzinskaya.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-46638/2005-24-589.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Agro Company Talyzinskaya
         Talyzino
         Sechenovskiy Region
         Nizhniy Novgorod Region
         Russia


TONAVTO: Court Names Mr. V. Vinogorov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. V. Vinogorov as
Insolvency Manager for CJSC Tonavto (TIN 7726261196).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-19774/06-88-56 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Tonavto
         Sumskaya Str. 12
         117525 Moscow Region
         Russia


URAL TRADE: Chelyabinsk Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk Region has commenced
bankruptcy supervision procedure on CJSC Ural Trade.  The case
is docketed under Case No. A76-510408/2006-60-106.

The Temporary Insolvency Manager is:

         O. Khudyakov
         Lenina Pr. 21v
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Ural Trade
         Leningradskaya Str. 16
         Chelyabinsk Region
         Russia


URALO-BALTIYSKAYA TIMBER: O. Shelyakin to Manage Assets
-------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. O. Shelyakin
as Insolvency Manager for CJSC Uralo-Baltiyskaya Timber Industry
Company.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.   The case is docketed under Case
No. A50-5779/2006-32-51.

The Debtor can be reached at:

         CJSC Uralo-Baltiyskaya Timber Industry Company
         Krupskoy 83
         Perm Region
         Russia


VERKHOVSKAYA NIVA: Court Names S. Lukin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Lukin as
Insolvency Manager for OJSC Agro-Company Verkhovskaya Niva (TIN
5705002743).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-7093/05-16b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Company Verkhovskaya Niva
         Verkhovye
         Verlkhovskiy Region
         Orel Region
         Russia


VIMPELCOM OJSC: Earns US$194.9 Million in Second Quarter 2006
-------------------------------------------------------------
OJSC Vimpel-Communications disclosed its financial and operating
results for the quarter and six months ended June 30, 2006.
During the second quarter of 2006, the Company reported
continued growth in new subscribers and improved financial
results.

Financial and Operating Highlights

    * Net operating revenues reached $1,121.5 million, a year-
      on-year increase of 45.7%.

    * OIBDA reached $561.6 million, a year-on-year increase of
      42.0%.

    * OIBDA margin was 50.1%.

    * Net income totaled US$194.9 million, a year-on-year
      increase of 22.7%.

    * Operating cash flow was US$431.9 million, a year-on-year
      increase of 35.7%.

    * Approximately 51.9 million subscribers as of September 1,
      2006 including 4.4 million subscribers in the CIS outside
      of Russia

    * Strong growth and improved subscriber market share in
      Kazakhstan.

    * Solid growth in Ukraine after launch of the Beeline brand
      in April 2006.

For the three months ended June 30, 2006, VimpelCom earned
US$194.9 million, compared with a US$158.8 million net income
for the same period in 2005.

At June 30, 2006, the company's balance sheet showed US$7.1
billion in total assets, US$3.8 billion in total liabilities and
US$3.08 billion in stockholders' equity.  This compares with
last year's US$961 million in total assets, US$3.4 billion in
total liabilities and US$2.7 billion in stockholders' equity at
June 30, 2005.

"It was a very strong quarter," VimpelCom CEO Alexander Izosimov
said.  "On the back of continued growth, we achieved all-time
records in revenue, OIBDA and net income.  For the first time
our quarterly revenue exceeded the US$1 billion mark.  This
success underlines our ability to deliver results against
strategic priorities.

"In Russia, we focused on revenue growth and on reversing the
negative trends in ARPU.  We were able to stabilize ARPU via
conservative pricing and stimulated usage.  ARPU of active
subscribers showed year-onyear growth, driving our strong
revenue performance.

"In Kazakhstan, our priorities were increasing subscriber market
share and usage.  In the second quarter alone, we gained 3.6
percentage points in market share.  As a result of market
expansion and share gains, we recorded exceptionally high
revenue growth as well as triple-digit year-on-year growth in
OIBDA and net income."

"In Ukraine, we are off to a promising start following the
launch of our 'Beeline' brand in April of this year.  As of June
30, 2006, after less than three months of operations, we had
almost half a million active subscribers with active subscriber
ARPU close to US$6.  At the same time, we continued our work to
improve network coverage and quality and this remains our key
operational priority in Ukraine.

"In Uzbekistan and Tajikistan, we are in the process of
building-out our networks, integrating operations into the
VimpelCom group and preparing for the launch of our brand later
this month.

"In addition, we are pleased to note that in July we acquired a
GSM license holder in Georgia, and we plan to start full-scale
commercial operations there in the beginning of 2007."

Full-text copies of VimpelCom's 2006 second quarter and six
quarter financial results are available at no charge at
http://researcharchives.com/t/s?10ff

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's
Services said that its  and outlook on Russian mobile
telecommunications operator Vimpel-Communications (VimpelCom;
BB/Positive/--) are unaffected by the company's announcement
that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of US$5 billion in VimpelCom
common registered shares plus assumed debt.


WEST-TEXTILE: Court Names T. Khaliullin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. T. Khaliullin as
Insolvency Manager for CJSC West-Textile.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-22609/06-88-121B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC West-Textile
         Bolshie Kamenshiki Str. 6.
         109172 Moscow Region
         Russia


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


IM GRUPO: S&P Rates EUR32.4-Mln Class E(1) Notes at CCC-
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.8 billion floating-rate notes to be
issued by IM Grupo Banco Popular Empresas 1, Fondo de
Titulizacion de Activos, a special purpose entity.

The originators of this transaction are Banco de Andalucia S.A.,
Banco de Castilla S.A., Banco de Credito Balear S.A., Banco de
Galicia S.A., Banco de Vasconia S.A., and Banco Popular Español,
S.A. (together Grupo Banco Popular).  Grupo Banco Popular is
Spain's fifth-largest financial institution.

At closing, the originators will sell to the issuer a EUR1.8
billion closed portfolio of secured and unsecured loans granted
to Spanish SMEs.

To fund this purchase on behalf of the issuer, the trustee,
InterMoney Titulización, S.G.F.T., S.A., will issue five classes
of floating-rate, quarterly paying notes.

The subordination payment structure, the excess spread, the
servicer rating, and the cash reserve provide strong protection
to the rated notes.  There is a basis swap to provide protection
against adverse interest rate resetting and movements.

                        List
             IM GRUPO BANCO POPULAR EMPRESAS 1
             Fondo de Titulizacion de Activos
            EUR1,832.4 Million Floating-Rate Notes

                           Prelim.        Prelim.
            Class          rating         amount (Mil. EUR)
            -----          ------         ------
            A1             AAA              553.5
       A2             AAA            1,135.8
       B              AA-               28.8
       C              A                 27.0
       D              BBB               54.9
       E(1)           CCC-              32.4

        (1) The class E notes will be issued to fund the initial
            reserve fund.  The reserve fund will build to its
            required amount by the trapping of excess spread.


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


NOVELIS INC: Reviews Strategic Options for European Subsidiaries
----------------------------------------------------------------
Novelis Inc. disclosed additional steps in its ongoing
initiative to improve its business in Europe, including a review
of strategic alternatives for its Foil and Technical Products
business unit.

Novelis also reported the proposed restructuring of its European
central management and administration activities in Zurich to
reduce overhead costs and streamline support functions.  In
addition, the Company is proposing to exit the Neuhausen
Technology Center in Switzerland.  The Company would expect to
incur $6 million of costs associated with the proposed
restructuring of the management and administration activities
and exiting the R&D center.  Expected savings from these actions
approximate $10 million per year.

The Company stated that all the elements of the proposed
restructuring will be conducted in full compliance with work
rules and labor laws pertinent to the regions in which the
facilities are located.

"The initiatives we are announcing support Novelis' corporate
strategy of enhancing our high-end product portfolio and
improving our cost position," stated William T. Monahan,
Chairman and Interim Chief Executive Officer.  "While our Foil
and Technical Products unit in Europe is a strong business, we
have decided to explore all strategic alternatives, including
divestment of the business."

The Foil and Technical Products business comprises six plants --
one in France, three in Germany, one in Luxembourg, and one in
the United Kingdom -- that produce aluminum foil used primarily
in packaging and industrial markets.  Together these plants
employ 2,100 people.

"The proposed steps to simplify our central management and
administration in Europe involve reducing overhead and shifting
some of these activities into our market- oriented business
units and plants," Arnaud de Weert, President of Novelis Europe,
stated.  "These facilities will become the focal point of the
Company's business activities and will allow us to move even
closer to the customer.  This, in turn, will enable us to make
our European footprint more efficient and more competitive."

Novelis' proposed administrative reorganization includes
significantly streamlining the central team that leads overall
strategy, coordination and compliance from Novelis Europe's
corporate office in Zurich and transferring support functions --
including Research and Technology, Continuous Improvement and
most Human Resources and Planning and Purchasing activities --
into the respective business units.  These proposed actions will
facilitate a more efficient regional system and an even greater
focus on customers.

As part of this effort and to promote closer involvement of the
operations in the development of new product innovations,
Novelis is proposing to exit the Neuhausen technology lab and
concentrate key resources in technology market centers of
excellence in Europe and in the Novelis Global Technology Center
located in Kingston, Ontario, Canada.

Novelis began to restructure its European operations in 2005.
That year the Company closed two facilities -- one in Flemalle,
Belgium, and one in Falkirk, Scotland.  To date in 2006 it has
sold a rolling mill in Annecy, France, closed its Borgofranco
casting alloys site in Italy, and reorganized its Ohle and
Ludenscheid foil operations in Germany.

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

                        *    *    *

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

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


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


AJLEN: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC Market Ajlen (code EDRPOU 30638165) on
April 14.  The case is docketed under Case No. 43/241.

The Temporary Insolvency Manager is

         S. Statetskij
         Zakrevskij Str. 27/2-173
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Market Ajlen
         Lepse Str. 23
         03124 Kyiv Region
         Ukraine


ANDRUSHIVKA OIL: Court Names Leonid Shishkin as Liquidator
----------------------------------------------------------
The Economic Court of Zhitomir Region appointed Leonid Shishkin
as Liquidator/Insolvency Manager for Andrushivka Oil Plant (code
EDRPOU 00445423).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 10.  The case is docketed
under Case No. 7/129-B.

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         Andrushivka Oil Plant
         Lisenko Str. 10
         Andrushivka
         10014 Zhitomir Region
         Ukraine


AVGUR: Volinska Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on LLC Avgur (code EDRPOU 20147308) on
July 17.  The case is docketed under Case No. 4/79-B.

The Temporary Insolvency Manager is

         Taras Yurkevich
         Pancha Str. 8/29
         79020 Lviv Region
         Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Avgur
         Voli Avenue 12/3
         Lutsk
         43025 Volinska Region
         Ukraine


FONTAN: Odessa Court Names A. Kutovji A. as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. A. Kutovji as
Liquidator/Insolvency Manager for LLC Fontan (code EDRPOU
21004077).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 13.  The case is docketed
under Case No. 2/204-06-6581.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Fontan
         Armijska Str. 18
         Odessa Region
         Ukraine


GARANT: Dnipropetrovsk Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Trade House Garant (code EDRPOU
32634068).  The case is docketed under Case No. B 40/124/06.

The Temporary Insolvency Manager is:

         M. Lukashuk
         a/b 2558
         Krivij Rig
         50051 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Garant
         Revolutsijna Str. 27
         Krivij Rig
         50065 Dnipropetrovsk Region
         Ukraine


KONE: Vinnitsya Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on LLC Perfume-Make-Up Firm Kone (code
EDRPOU 24902813) on July 3.  The case is docketed under Case No.
10/31-06.

The Temporary Insolvency Manager is:

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

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Perfume-Make-Up Firm Kone
         Dzerzhinskij Str. 1a
         Kalinivka
         22400 Vinnitsya Region
         Ukraine


MEGATRANS: Odessa Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on LLC Trade House Megatrans (code EDRPOU
33557985).  The case is docketed under Case No. 7/171-06-5756.

The Temporary Insolvency Manager is:

         O. Sharmonov
         Pershogo Travnya Str. 3
         Illichivsk
         68000 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:

         LLC Trade House Megatrans
         Pershogo Travnya Str. 3
         Illichivsk
         68000 Odessa Region
         Ukraine


NERUDPROM: Donetsk Court Names Rostislav Milonov as Liquidator
--------------------------------------------------------------
The Economic Court of Donetsk Region appointed Rostislav Milonov
as Liquidator/Insolvency Manager for LLC Nerudprom (code EDRPOU
33838017).

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 24.  The case is docketed
under Case No. 27/106 B.

The Debtor can be reached at:

         LLC Nerudprom
         Vatutin Avenue 33
         83015 Donetsk Region
         Ukraine


PLEMTORGEXPORT: Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Agrofirm Plemtorgexport (code
EDRPOU 32575940) on April 18.  The case is docketed under Case
No. B 29/24/71/05.

The Temporary Insolvency Manager is

         Nataliya Fedko
         Orenburzka Str. 120
         49074 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Plemtorgexport
         Zhukov Str. 1
         Znamenivka
         Novomoskovsk District
         51280 Dnipropetrovsk Region
         Ukraine


STAROBILSK MECHANICAL PLANT: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on CJSC starobilsk mechanical plant (code
EDRPOU 00901335) on May 31.  The case is docketed under Case No.
22/43 b.

The Temporary Insolvency Manager is:

         Oleksandr Roj
         Radyanska Str. 7
         Rajgorodka
         Novoajdarskij District
         Lugansk Region
         Ukraine

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         CJSC Starobilsk Mechanical Plant
         Roza Luksenburg Str. 76
         Starobilsk
         Lugansk Region
         Ukraine


SVITLOVODSK: Court Names Liliya Lihtina as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kirovograd Region appointed Liliya Lihtina
as Liquidator/Insolvency Manager for Regional Financial-
Production Association Svitlovodsk.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 12.  The case is docketed
under Case No. 10/102.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         Regional Financial-Production Association Svitlovodsk
         Chajkovskij Str. 4
         Svitlovodsk
         27500 Kirovograd Region
         Ukraine


TSUKOR PRIKARPATTYA: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on LLC Tsukor Prikarpattya
(code EDRPOU 31262207) on June 19.  The case is docketed under
Case No. B-16/169.

The Temporary Insolvency Manager is:

         L. Labyak
         Internatsionalistiv Str. 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:

         LLC Tsukor Prikarpattya
         Internatsionalistiv Str. 6
         Ivano-Frankivsk Region
         Ukraine


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


ALPHA CARE: Claims Filing Period Ends Oct. 7
--------------------------------------------
Creditors of Alpha Care Solutions Limited, which is being
voluntarily wound up, are required, on or before Oct. 7, to send
in their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of Solicitors (if any), to appointed Joint Liquidator Carl S.
Jackson of Tenon Recovery at:

         Tenon Recovery
    Highfield Court
    Tollgate
    Chandlers Ford
    Eastleigh
    Hampshire SO53 3TZ
    United Kingdom

The company can be reached at:

    Alpha Care Solutions Limited
    Suite 22
    369 Wellingborough Road
    Northampton
    Northamptonshire NN1 4EU
    United Kingdom
    Tel: 01604 231 166
    Web: http://www.alphacaresolutions.co.uk/


ARDEN SOUTHERN: Brings In Joint Liquidators from Begbies Traynor
----------------------------------------------------------------
James P. N. Martin and W. John Kelly of Begbies Traynor were
appointed Joint Liquidators of Arden Southern Limited on June 19
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Arden Southern Limited
    Arden House
    Sparkbrook Street Industrial Estate
    Sparkbrook Street
    Coventry
    West Midlands CV1 5ST
    United Kingdom
    Tel: 0870 789 0160


ART PRINT: Hires Joint Liquidators from Valentine & Co.
-------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Art Print Solutions Limited on
June 7 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Art Print Solutions Limited
    Atlas Wharf
    Berkshire Road
    Hackney
    London E9 5NB
    United Kingdom
    Tel: 020 8533 2225


AXELPARK LIMITED: Appoints Grant Thornton as Administrators
-----------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLp were appointed joint administrators of
Axelpark (Weymouth) Limited (Company Number 04391751) on
Aug. 17.

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.

Headquartered in London, United Kingdom, Axelpark (Weymouth)
Limited develops and sells real estate properties.


BOMBARDIER: Wins GBP223MM Car Order From Transport For London
-------------------------------------------------------------
Bombardier Inc. has been awarded a significant contract for the
provision of 152 Electrostar electric multiple unit cars plus an
associated Train Services Agreement from Transport for London to
be operated on the East London Line and North London Railway.

The contract value is GBP223 million (EUR331 million/ US$425
million) which includes vehicle manufacture and the first 7.5
years of a Train Services Agreement for the new vehicles which
may extend for up to 30 years.  Delivery of the new units will
commence in July 2008 with the last unit delivered in May 2009.
Included within the contract are options for the manufacture of
up to 196 additional cars.

The 100mph Class 376 units are specially designed for suburban
operations and are part of the proven and reliable Electrostar
family of products.  1,614 Electrostar cars are already in daily
passenger service with three UK operators, c2c, South East
Trains and Southern Railways.

The new vehicles will be manufactured at Bombardier's production
site at Derby and the servicing will be primarily delivered out
of a new purpose-built maintenance facility situated at New
Cross Gate in East London.

"Our award winning Electrostar trains are the most reliable new
generation EMUs on the UK network and the Class 376 suburban
vehicles have already proven themselves in the London area,"
Colin S. Walton, Chief Country Representative UK said.  "The
vehicle supply will be complimented by our excellent services
provision, which has proved highly successful with other UK
operators, winning a number of awards over the past year.  This
order will help secure employment for our highly specialized
workforce at Derby."

"This important order from TfL further demonstrates the benefits
and flexibility of the Electrostar family of trains," Bombardier
Transportation UK Sales Director, Matt Beeton, commented.  "The
trains' modular design allows us to retain the longevity of the
Electrostar platform for both suburban and intercity
applications alike".

In the UK's rail transportation industry, Bombardier is the
leader in the manufacture, refurbishment and maintenance of
rolling stock. Bombardier Transportation employs over 4,000
people at production facilities in Derby and Plymouth and 24
maintenance, refurbishment and overhaul centres across the UK.
The company maintains approximately 2500 vehicles.

Bombardier Transportation has its global headquarters in Berlin,
Germany with a presence in over 60 countries. It has an
installed base of approximately 97,000 cars and locomotives,
primarily in Europe, the world's largest rail market. The
company offers the broadest product portfolio and is recognized
as the leader in the global rail sector.

                        About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Bombardier
Recreational Products' CDN$250 million senior secured revolver
and a B1 rating to BRP's CDN$880 million senior secured term
loan.  At the same time, Moody's affirmed BRP's B1 corporate
family rating and revised the ratings outlook to negative from
stable.


BRITIN CONSTRUCTION: Brings In Administrators from BN Jackson
-------------------------------------------------------------
Michael Colin John Sanders and Simon James Bonney of BN Jackson
Norton were appointed joint administrators of Britin
Construction Limited (Company Number 03158155) on Aug. 16.

The administrators can be reached at:

         BN Jackson Norton
         1 Gray's Inn Square
         London, WC1R 5AA
         United Kingdom
         Tel: 020 7405 3000

Headquartered in Kent, United Kingdom, Britin Construction
Limited is engaged in civil engineering and groundwork.


BUNDLES LIMITED: Names Iam William Kings as Administrator
---------------------------------------------------------
Ian William Kings of Tenon Recovery was named administrator of
Bundles Limited (Company Number 05212728) on Aug. 17.

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

Headquartered in Hexham, United Kingdom, Bundles Limited
provides financial intermediation services.


CADOGAN BRISTOL: Taps Fanshawe Lofts to Administer Assets
---------------------------------------------------------
Antony Robert Fanshawe and Susan Jane Stockley of Fanshawe Lofts
were appointed joint administrators of Cadogan Bristol Limited
(Company Number 4380220) on Aug. 14.

The administrators can be reached at:

         Fanshawe Lofts
         41 Castle Way
         Southampton
         Hampshire SO14 2BW
         United Kingdom
         Tel: 023 8023 3522
         Fax: 023 8023 3504
         E-mail: sa@fanshawe-lofts.co.uk
                 arf@fanshawe-lofts.co.uk

Headquartered in Bristol, United Kingdom, Cadogan Bristol
Limited retails clothing.


COLLINS & AIKMAN: Files Stand-Alone Reorganization Plan
-------------------------------------------------------
Collins & Aikman Corporation filed, on Aug. 30, 2006, with the
Bankruptcy Court in Detroit a stand-alone Plan of Reorganization
and an accompanying Disclosure Statement.  Collins & Aikman will
now work expeditiously toward satisfying various conditions to
obtain approval of the Disclosure Statement and Plan, and
ultimately exit Chapter 11.

"While we still have more to accomplish to complete our
reorganization, filing our Plan brings us significantly closer
to successfully reorganizing C&A for the benefit of our more
than 12,000 employees, as well as our stakeholders and valued
customers," said Frank Macher, president and chief executive
officer.  "This Plan will enable us to emerge from Chapter 11
early next year in a much improved competitive position that is
able to fully support our customers."

Under the Plan, Collins & Aikman will emerge with a
significantly de-levered balance sheet.  The Company's secured
debt under its Prepetition Credit Agreement will be converted
into common stock in reorganized Collins & Aikman.  Under the
Plan, unsecured creditors who vote in favor of the Plan will
receive their share of warrants and interests in a litigation
trust.  All existing equity interests in Collins & Aikman
Corporation will be canceled with no distribution.

"After months of complex negotiations and a comprehensive M&A
process, we have filed a Plan with the support of the steering
committee of our senior lenders," said Mr. Macher.  "Through
contributions from our creditors, customers and employees, we
will improve our cost structure, strengthen our balance sheet
and position C&A for long-term success.  The Plan also provides
us the flexibility to continue the M&A process as an alternative
exit strategy."

Confirmation of the Plan is subject to a number of conditions,
which include entering into certain agreements with Collins &
Aikman's customers, modification of certain labor-related
obligations and resolution of ongoing government investigations.

The Disclosure Statement and Plan have not been approved by the
Bankruptcy Court, and may be materially modified before
approval.

Full-text copies of the Company's Plan of Reorganization and
Disclosure Statement are available for free at:

               http://ResearchArchives.com/t/s?10f2

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


COLLINS & AIKMAN: Argues ACT Received Proper Bar Date Notice
------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Eastern District of Michigan to
deny ACT Laboratories, Inc.'s request to deem its $320,654 claim
timely filed.

ACT is a multimillion-dollar supplier to Collins & Aikman
Corporation under a Strategic Supply Agreement.

ACT sought to allow its late claim on the assertion that it did
not receive proper notice of the claims bar date in the Debtors'
Chapter 11 cases and was not scheduled by the Debtors as a
creditor.  ACT argues that as a result of this lack of notice,
its failure to file a proof of claim by the bar date was
excusable neglect.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, contends that ACT was served at multiple addresses
with Bar Date Notices and proof of claim forms.  Mr. Carmel
further contends that ACT was listed several times in the
Debtors' Schedules of Assets and Liabilities and Statements of
Financial Affairs.  Thus, ACT's request is completely
unwarranted and should be denied, Mr. Carmel argues.

Citing In re Best Products Co., Inc., 140 B.R. 353, 359 (Bankr.
S.D.N.Y. 1992), Mr. Carmel points out that a creditor who has
adequate notice of bar date has burden of demonstrating "unique
and extraordinary circumstances" to justify extension of time to
file a claim.

Furthermore, Mr. Carmel argues that even assuming ACT was not
actually served with the Bar Date Notice, ACT's failure to
timely file a proof of claim would not be considered excusable
neglect.  Mr. Carmel notes that a review of the excusable
neglect criteria in Pioneer Investment Services Co. v. Brunswick
Associates Limited Partnership, 507 U.S. 380, 395, 113 S.Ct.
1489, 1498 (1993), shows that ACT failed to meet the standard.
Among other things, Mr. Carmel maintains, the delay in filing
was lengthy -- six months after the Bar Date.

Moreover, ACT suggests that it has acted in good faith, but, at
the very least, ACT did not make a careful review of the
Debtors' dockets prior to filing its request, notes Mr. Carmel.
"Despite the repeated assertions to the contrary . . . ACT
appears several times in the Debtors' schedules," Mr. Carmel
says.

The Official Committee of Unsecured Creditors supports the
Debtors' arguments.

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


COLLINS & AIKMAN: Court Okays Valiant & MOBIS Settlement Pact
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
approved a stipulation resolving disputes over a claim asserted
by Valiant Tool & Mold, Inc., against Collins & Aikman
Corporation and its debtor-affiliates.

As reported in the Troubled Company Reporter on Aug. 16, 2006,
MOBIS Alabama, LLC, ordered various tooling, molds and other
personal property from the Debtors pursuant to certain purchase
orders.  The Debtors out-sourced the manufacture of the Mold to
Valiant Tool & Mold, Inc., and Valiant manufactured and
delivered the Mold to the Debtors prepetition.

Valiant said that $64,780 remains due and owing from the Debtors
for the Mold.  Valiant also said that it holds valid and
perfected liens in the Mold.

The Debtors also possessed certain other Tooling that is
separate and distinct from the Mold.  The Debtors believe that
$2,318,843 remains due and owing from MOBIS for receivables
related to the Tooling.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, related that MOBIS wants to assume ownership of the
Tooling and related data, drawings, specifications and other
information.  MOBIS also wants the right to demand and take
possession of the Tooling and copies of the Debtors'
maintenance, repair and engineering change records.

Moreover, General Electric Capital Corporation asserted that it
has a perfected first priority lien in all of the Debtors'
prepetition receivables until it is paid for all amounts
outstanding under an Amended and Restated Receivables Purchase
Agreement dated as of Dec. 20, 2001.

After conducting extensive arm's-length negotiations, the
Parties agreed to enter a Stipulation, which provides that:

   (a) In full satisfaction of Valiant's $64,780 claim for the
       Mold, MOBIS will pay to Valiant, on the Debtors' behalf,
       $57,280 and Valiant will repay to the Debtors all amounts
       that they have already paid;

   (b) In satisfaction of GECC's receivable from the Debtors
       under the Receivables Purchase Agreement, MOBIS will pay,
       on the Debtors' behalf, $2,261,563 to GECC;

   (c) The Mold Payment and the Receivable Payment are in full,
       final and complete satisfaction of the Debtors' claim
       that $2,318,843 remains due and owing from MOBIS to the
       Debtors for the Receivable;

   (d) The Debtors will waive their right to (i) commence
       avoidance actions against Valiant solely on account of
       the alleged Valiant Liens in the Mold or the Mold Payment
       and (ii) challenge the perfection of the Valiant Liens;
       and

   (e) MOBIS will take title to the Tooling and related data,
       drawings, specifications and other information, free and
       clear of all liens, claims, encumbrances and other
       interests.

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


COMMSOFT GROUP: Appoints Colin Nicholls as Liquidator
-----------------------------------------------------
Colin Nicholls of Haines Watts was appointed Liquidator of
Commsoft Group U.K. Limited on June 1 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Commsoft Group U.K. Limited
    Station Road
    Offenham
    Evesham
    Worcestershire WR118JJ
    United Kingdom
    Tel: 0845 070 1664


COMPASS MINERALS: June 30 Balance Sheet Upside-Down by US$63 Mln
----------------------------------------------------------------
Compass Minerals International Inc.'s balance sheet at June 30,
2006, showed total assets of US$664 million and total
liabilities of US$726.6 million, resulting in a US$63 million
stockholders' deficit.

The company recorded a second-quarter loss of US$2.1 million for
the three months ended June 30, 2006, compared to a loss of
US$200,000 from continuing operations in the second quarter of
2005.  The year-ago results included a one-time, non-cash
benefit from the release of a tax reserve.  Excluding that
special item, the company's net loss in the 2005 quarter was
US$5 million.  Compass Minerals typically records losses in the
second quarter when the company is building rock salt
inventories for the upcoming winter season.

Gross sales of the general trade product line increased 16% over
the prior-year quarter.  Price improvements also helped drive an
11% increase in gross sales and a 7% increase in product sales
over the 2005 quarter.  Product sales exclude shipping and
handling costs.

"Compass Minerals is a remarkably agile company, which was
demonstrated again this quarter.  The company posted good
results thanks to the benefits of our improved financial and tax
structures, which helped offset the pressure on operating
earnings," said Angelo Brisimitzakis, Compass Minerals'
president and CEO.  "I believe that we are well-positioned for
the second half of the year with price improvements to help
restore our margins and greater production at our Goderich mine,
which we expect to offset much of the negative effects of the
eight-week strike we experienced there this spring."

Rock salt production was temporarily reduced at the company's
mine in Goderich, Ontario, during the strike that ended on June
8, 2006.  This production interruption contributed to a 13%
reduction in highway deicing product sales volumes compared to
the prior-year quarter.  The production interruption also caused
a shift to a higher-priced product mix that, along with
increases to recover higher transportation costs, contributed to
a 27% year-over-year price improvement.

Heavy rains in California reduced the application of sulfate of
potash during the quarter, which contributed to lower specialty-
fertilizer sales volumes compared to the 2005 quarter.  Price
improvements counterbalanced the volume shortfall and helped
generate a modest year-over-year gain in specialty-fertilizer
revenues.  The company continues to expect full-year sales
volumes to be similar to those of 2004 and 2005.

Shipping and handling costs were 29% of sales in the 2006
quarter compared to 26% in the 2005 quarter.  Barge shipping
rates have risen substantially year over year, which affects
approximately one-fourth of the company's North American rock
salt shipments.  Virtually all other transportation costs have
also risen since the second quarter of 2005.

Second-quarter gross profit of US$20 million was US$1.1 million
lower than the prior-year quarter, reflecting a reduction of
approximately US$3 million to US$4 million due to the effects of
reduced production and incremental costs caused by the strike at
the company's mine in Goderich, Ontario.  The company expects a
portion of these negative effects to be recovered through higher
production levels during the last six months of the fiscal year.
Compass Minerals also incurred higher natural gas costs and
increases in the cost of other inputs in the current-year
quarter.  The company received final proceeds of US$1 million
from a business interruption insurance claim for missed deicing
salt sales in early 2005, which were recorded as a reduction of
the product cost.

The US$2.2 million reduction of interest expense was the result
of refinancing Compass Minerals' senior subordinated notes in
December 2005, partially offset by higher accreted interest on
the company's discount notes and interest allocated to
discontinued operations in the 2005 quarter.  Non-cash interest
on the discount notes accounted for US$7.2 million of the
US$13.1 million interest expense in the current quarter. Debt
totaled US$577.6 million at June 30, 2006, and debt net of cash
was US$519.5 million.

Year-to-date, net earnings from continuing operations improved
19% to US$26.5 million, from US$22.3 million for the six months
ended
June 2005.  The six months ended June 2005 included the
previously mentioned release of a tax reserve as well as a
US$5.4 million charge to tax expense related to the repatriation
of funds from the United Kingdom.  Excluding those special
items, Compass Minerals' net earnings from continuing operations
in the 2005 period were US$22.9 million.

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?10f7

                       About Compass Minerals

Based in the Kansas City metropolitan area, Compass Minerals
International, Inc. -- http://www.compassminerals.com/-- is the
second-leading salt producer in North America and the largest in
the United Kingdom.  The company operates ten production and
packaging facilities, including the largest rock salt mine in
the world in Goderich, Ontario.  The company's product lines
include salt for highway deicing, consumer deicing, water
conditioning, consumer and industrial food preparation,
agriculture and industrial applications.  In addition, Compass
Minerals is North America's leading producer of sulfate of
potash, which is used in the production of specialty fertilizers
for high-value crops and turf, and magnesium chloride, which is
a premium deicing and dust control agent.


D & J REMOVALS: Creditors Ratify Voluntary Liquidation
------------------------------------------------------
Creditors of D & J Removals Limited ratified on June 8 the
resolutions for voluntary liquidation and the appointment of
Tania Clark of Clark & Lowman as Liquidator.

The company can be reached at:

         D & J Removals Limited
    Adams House
    Dickerage Lane
    New Malden
    Surrey KT3 3SF
    United Kingdom
    Tel: 020 8949 3222


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

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

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


DOUGLAS SIGN: Appoints Joint Administrators from Menzies
--------------------------------------------------------
Jason James Godefroy and Andrew John Duncan of Menzies Corporate
Restructuring were appointed joint administrators of Douglas
Sign Group Limited (Company Number 04582482) on Aug. 17.

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

Douglas Sign Group Limited can be reached at:

         28A
         Ridgeway Crescent
         Tonbridge
         Kent TN10 4NP
         United Kingdom
         Tel: 01732 359 801
         Fax: 01732 355 245


EAGLE FASHION: Creditors' Meeting Slated for September 8
--------------------------------------------------------
Creditors of Eagle Fashion Limited (Company Number 04202070)
will meet at 10:30 a.m. on Sept. 8 at:

         Springfields
         80 Hinckley Road
         Leicester LE3 0RD
         United Kingdom

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

         Situl Devji Raithatha
         Administrator
         Springfields
         80 Hinckley Road
         Leicester
         Leicestershire LE3 0RD
         United Kingdom
         Tel: 0116 299 4745
         Fax: 0116 299 4742
         E-mail: situl.r@springfields-uk.com


ENNIS WILLIAMS: Nominates Susan Purnell as Liquidator
-----------------------------------------------------
Susan Purnell of Purnells was nominated Liquidator of Ennis
Williams Limited on June 6 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Ennis Williams Limited
    South Cornelly Industrial Estate
    Porthcawl Road
    South Cornelly
    Bridgend
    Mid Glamorgan CF334RE
    United Kingdom
    Tel: 01656 745 554


ENVAIR LIMITED: Brings In Tenon Recovery as Administrators
----------------------------------------------------------
Christopher Ratten and Martin Shaw of Tenon Recovery were
appointed joint administrators of Envair Limited (Company Number
05048245) on July 28.

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

Headquartered in Rossendale, United Kingdom, Envair Limited --
http://www.envair.co.uk/-- specializes in clean air and
containment facilities for healthcare, research laboratories,
biotechnology and the pharmaceutical industry.


ENVIROTRUCKPARTS LIMITED: Appoints Administrators from DTE
----------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
joint administrators of Envirotruckparts Limited (Company Number
05374068) on Aug. 16.

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

Headquartered in Manchester, United Kingdom, Envirotruckparts
Limited sells motor vehicle parts.


EUROLEC LIMITED: Nominates Liquidator from Griffin & King
---------------------------------------------------------
Timothy Frank Corfield of Griffin & King was nominated
Liquidator of Eurolec (Midlands) Limited on June 7 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Eurolec (Midlands) Limited
    Unit 18
    Merryhills Enterprise Park
    Park Lane
    Wolverhampton
    West Midlands WV109TJ
    United Kingdom
    Tel: 01902 307 111


FC RECOVERY: Hires Smith & Williamson as Administrators
-------------------------------------------------------
Anthony Murphy and Robert Horton of Smith & Williamson Limited
were appointed joint administrators of FC Recovery Limited
(formerly known as Folk Creative Limited) (Company Number
04785490) on Aug. 11.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Headquartered in London, United Kingdom, FC Recovery Limited is
a marketing agency.


FIGUREPHASE LIMITED: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Richard Eaglesfield Floyd and William Jeremy Jonathan Knight of
Richard Floyd & Co. were appointed Joint Liquidators of
FigurePhase Limited on June 7 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         FigurePhase Limited
    Honeywood Farm
    Horsham Road
    Walliswood
    Dorking
    Surrey RH5 5QD
    United Kingdom
    Tel: 01306 627 155


FIRST 4 BROKERS: Brings In Moore Stephens as Administrators
-----------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint administrators of First 4 Brokers Limited (Company Number
04993718) on Aug. 11.

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

First 4 Brokers Limited can be reached at:

         30 West Borough
         Wimborne
         Dorset BH21 1NF
         United Kingdom


FORD MOTOR: Eyes Sale of Aston Martin Unit to Raise Capital
-----------------------------------------------------------
Ford Motor Company has begun the process of exploring strategic
options for Aston Martin sports-car unit, with particular
emphasis on a potential sale of all or a portion of the unit.

"As part of our ongoing strategic review, we have determined
that Aston Martin may be an attractive opportunity to raise
capital and generate value," said Chairman and Chief Executive
Officer Bill Ford.  "Aston Martin Lagonda has flourished under
Ford ownership, which is why we believe it is prudent to
consider a sale of all or part of this prized brand.  Since
Aston Martin's dealer network, product architecture and size are
distinctly different from other Ford brands, it is the most
logical and capital-smart divestiture choice.  The objective of
any sale would be to position Aston Martin within a structure
and resource base sufficient to allow it to reach its full
potential, while enabling Ford to efficiently raise capital for
its other brands."

Mr. Ford added, "Regarding our other Premier Automotive Group
brands, we've made no decisions, as our review of strategic
alternatives continues.  However, we continue to be encouraged
by Jaguar's progress and by the strength and consumer appeal of
the Jaguar, Land Rover and Volvo product lineups."

The company said there can be no assurance that the decision to
explore strategic options for Aston Martin will result in any
transaction, which would be subject to Board approval.

                       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.


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

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

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

                       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.


GLOSS 2006: Taps Administrators from Begbies Traynor
----------------------------------------------------
G. N. Lee and K. J. Coates of Begbies Traynor were appointed
joint administrators of Gloss 2006 Limited (Company Number
05433489)

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

Headquartered in Manchester, United Kingdom, Gloss 2006 Limited
is engaged in printing and print management.


GRAPHITE MANAGEMENT: Taps Joint Liquidators from Begbies Traynor
----------------------------------------------------------------
Peter A. Blair and Richard A. B. Saville of Begbies Traynor were
appointed Joint Liquidators of Graphite Management Services
Limited on May 31 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Graphite Management Services Limited
    Sherwwood Business Centre
    Gregory Boulevard
    Nottinghamshire NG7 6LD
    United Kingdom
    Tel: 0115 969 1114


HEALTH DEPT: Appoints Asher Miller to Liquidate Assets
------------------------------------------------------
Asher Miller of David Rubin & Partners was appointed Liquidator
of Health Dept Limited on June 1 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Health Dept Limited
    4 5 Broadstone Place
    City of Westminster
    London W1U 7EL
    United Kingdom
    Tel: 020 7486 3386


HEAVENLY SCENTS: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of Heavenly Scents Limited confirmed on June 6 the
resolutions for voluntary liquidation and the appointment of
Allan Cooper and John Russell of The P&A Partnership as Joint
Liquidators.

The company can be reached at:

         Heavenly Scents Limited
    William Street
    Saxilby
    Lincoln
    Lincolnshire LN1 2LP
    United Kingdom
    Tel: 01522 704 388


HERTFORD HOUSE: Calls In Joint Liquidators from Vantis
------------------------------------------------------
Mark Newman and Robert Knight of Vantis Business Recovery were
appointed Joint Liquidators of Hertford House Furniture Limited
on June 7 for the purposes of the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Hertford House Furniture Limited
    Judd House
    East Street
    Tonbridge
    Kent TN9 1HG
    United Kingdom
    Tel: 01892 547 702


HR OWEN: Completes Disposal of Automotive Group to Lookers
----------------------------------------------------------
The Board of H.R. Owen Plc disclosed that the disposal of the
Group's Jeep, Lexus, Mercedes-Benz/Smart and Land Rover
businesses to Lookers Southern Ltd. was successfully completed.

Following receipt of shareholder approval at an Extraordinary
General Meeting of the Company on Aug. 30 and satisfaction or
waiver of all the other conditions, the Disposal was completed
on Aug. 31.

As previously disclosed, the Businesses comprise four Mercedes-
Benz/Smart dealerships in Eastbourne, Gatwick, Redhill and
Brighton, two Jeep dealerships in Romford and Hatfield, two
Lexus dealerships in Brighton and Hatfield and two Land Rover
franchises located in Acton and South Kensington.  As at Dec.
31, 2005, the Businesses had gross assets of GBP56.7 million
and, in the financial year ended Dec. 31, 2005, they contributed
GBP0.5 million to Group profit before taxation.

The consideration payable in cash for the Businesses will be
GBP5 million goodwill and approximately GBP8.1 million of fixed
assets together with the net book value of stocks at completion
of the Disposal.  The employees of the Businesses will be
transferred to Lookers as part of the Disposal.

                      About the Company

Headquartered in London, H.R. Owen, -- http://www.hrowen.co.uk/
-- ranked 12 in the Motor Trader Top 200 list of U.K.'s largest
car dealers, started 70 years ago when Captain Harold Rolfe
launched dealerships of Rolls-Royce and Bentley motor cars.  The
company currently operates over 35 franchised automotive retail
sites, representing a wide range of brands.  Majority of its
retail operations are located in and around London, the
southeast and East Anglia.  Its portfolio features four major
manufacturers: DaimlerChrysler, Premier Automotive Group,
Volkswagen Group and BMW as well as its specialist sports car
division, under a broad range of trading names.

                        *     *     *

In June, the company said it is expecting a full year loss in
2005 and will not be issuing dividends until it is
"appropriate."  The company disclosed in April that trading had
been at a lower level than expected during the first four months
of the year, and that the group's results would be a loss for
the first six months.

Following a strategic review, the company now targets reducing
its debt by disposing of a number of its franchises, and
focusing on fewer key brands and its strong and profitable
Specialist Division.  The restructuring is also aimed at
increasing margins, strengthening the company amid economic
cycles, and boosting shareholder value.


INTERNATIONAL MINING: Names Derrick Arthur Smith Liquidator
-----------------------------------------------------------
Derrick Arthur Smith of Oury Clark was appointed Liquidator of
International Mining Conferences Limited on June 15 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         International Mining Conferences Limited
    Thornbie House
    Wharf Lane
    Bourne End
    Buckinghamshire SL8 5RR
    United Kingdom
    Tel: 01628 810874


JAMES WINTER: Appoints Joint Liquidators from Hart Shaw
-------------------------------------------------------
Andrew J. Maybery and Christopher J. Brown of Hart Shaw were
appointed Joint Liquidators of James Winter Recruitment Limited
on June 12 for the purposes of the creditors' voluntary winding-
up procedure.

The company can be reached at:

         James Winter Recruitment Limited
    11 Paradise Square
    Sheffield
    South Yorkshire S1 2DE
    United Kingdom
    Tel: 0114 276 3455
    Web: http://www.jameswinter.co.uk/


KAALA SPORT: Appoints Roderick Graham Butcher as Administrator
--------------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of Kaala Sport Limited (Company Number 05451598)
on Aug. 15.

The administrator can be reached at:

         Butcher Woods
         79 Caroline Street
         Birmingham
         West Midlands B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk

Headquartered in Stafford, United Kingdom, Kaala Sport Limited
designs leisure products.


MAINTENANCE ONE: Creditors' Meeting Slated for September 8
----------------------------------------------------------
Creditors of Maintenance One Services Limited (Company Number
03475372) will meet at 1:00 p.m. on Sept. 8 at:

         MWB Meeting Venues
         60 Cannon Street
         London EC4N 6JP
         United Kingdom

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

         V. M. Bairstow, D. P. Hudson and T. J. E. Dolder
         Joint Administrators
         Begbies Traynor (South) LLP
         32 Cornhill
         London EC3V 3BT
         United Kingdom
         Tel: 020 7398 3800
         Fax: 020 7398 3799

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


MARSHALL OFFSET: Lloyd Biscoe Leads Liquidation Procedure
---------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Marshall Offset Printing Limited on June 1 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Marshall Offset Printing Limited
    The Old Exchange
    234 Southchurch Road
    Southend-On-Sea
    Essex SS1 2EG
    United Kingdom
    Tel: 020 7476 8505


MARY SEACOLE: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Creditors of Mary Seacole Halfway Limited confirmed on June 6
the resolutions for voluntary liquidation and the appointment of
Dawn Lesley Chadwick of Bartfields (U.K.) Limited as Liquidator.

The company can be reached at:

         Mary Seacole Halfway Limited
    99 Harehills Avenue
    Leeds LS8 4HU
    United Kingdom
    Tel: 0113 293 0254


MICROCENTRIC MORDUN: Appoints Andrew T. Clay as Liquidator
----------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
Liquidator of Microcentric Mordun Sales Limited on June 7 for
the purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Microcentric Mordun Sales Limited
    11 Moat Way
    Barwell
    Leicester
    Leicestershire LE9 8EY
    United Kingdom
    Tel: 01455 848 132


MICROMIX INTERNATIONAL: Hires Joint Administrators from P&A
-----------------------------------------------------------
Brendan Ambrose Guilfoyle and Christopher Michael White of The
P&A Partnership were appointed joint administrators of Micromix
International Limited (Company Number 04665931) on Aug. 10.

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 Nottingham, United Kingdom, Micromix
International Limited wholesales chemical products.


MILLAR MCCOWAN: Taps PwC as Joint Administrators
------------------------------------------------
Graham H. Martin and Laurie K. Manson of PricewaterhouseCoopers
LLP were appointed joint administrators of Millar McCowan
Limited (Company Number 04492360) on Aug. 11.

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 Broxburn, United Kingdom, Millar McCowan
Limited manufactures confectionary.


MONTAGUE CLOSE: Appoints Begbies Traynor as Administrators
----------------------------------------------------------
David Paul Hudson and Jamie Taylor of Begbies Traynor were
appointed joint administrators of Montague Close Investments
Limited (Company Number 02995301) on Aug. 15.

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

Montague Close Investments Limited can be reached at:

         Gable House
         239 Regents Park Road
         Barnet
         London N3 3LF
         United Kingdom


NEW INTERIORS: Names Joint Liquidators from Valentine & Co.
-----------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of New Interiors Limited on June 7
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         New Interiors Limited
    Unit 4
    Dancastle Court
    14 Arcadia Avenue
    Barnet
    London N3 2HS
    United Kingdom
    Tel: 01474 364 368


NORTEL NETWORKS: Sells UMTS Access Biz to Alcatel for US$320 Mln
----------------------------------------------------------------
Nortel Networks Corp. disclosed that it has signed a non-binding
Memorandum of Understanding for the sale of its UMTS access
business to Alcatel for US$320 million, a move that will enable
Nortel to simplify its business and strategically focus its
investments for leadership in key markets while ensuring its
customers' UMTS access requirements will continue to be met.

As part of its business strategy, Nortel is executing on plans
to increase investment in key areas, partner in others, and
divest where there is no path for it to lead or realize
attractive returns.

"Nortel is sharpening its focus on the markets in which we
intend to lead.  Our UMTS access business lacks the scale and
momentum needed to become profitable," said Mike Zafirovski,
president and chief executive officer, Nortel.

There are three core elements of Nortel's strategic focus -
next-generation mobility, enterprise transformation, and
services and applications.  Much like its partnership with
Microsoft announced in July, this is another key step in
changing the trajectory of Nortel's business.

"With next-generation mobility, we see an opportunity to change
the game by applying our networking expertise and technology
innovation to significantly alter the economic paradigm of
mobility solutions in the future," said Zafirovski.

"We are absolutely committed to mobility and plan to lead the 4G
evolution and play a key role in the mass market adoption of
mobile video and multimedia services." said Richard Lowe,
president, Mobility and Converged Core Networks, Nortel.

"With a strong position in GSM and CDMA, an established service
provider customer base, and technology leadership in key areas
like OFDM-MIMO, we have a solid foundation for success going
forward."

As part of its ongoing mobility business, Nortel will continue
to develop and support solutions for the evolution of GSM access
and core, GSM-R, GPRS and EDGE technologies as well as CDMA
access and core and UMTS core.

The proposed sale includes Nortel's UMTS access product
portfolio made up of the Radio Network Controller and Node B
products and OAM solutions, related services and associated
assets.  It is anticipated that the significant majority of
employees of Nortel's UMTS access business will transfer to
Alcatel.

Completion of the transaction is subject to, among other things,
the negotiation and execution of a definitive agreement between
Nortel and Alcatel, completion of consultations with work
councils and other employee representatives, and customary
closing conditions including regulatory approvals.  The parties
are targeting completion of the transaction in the fourth
quarter of 2006.

"This deal is good for our UMTS access customers.  They will
benefit from Alcatel's resulting scale in this market.  We will
work closely with Alcatel to make the hand-over as smooth as
possible for our customers, with whom we plan to have strong,
on-going relationships," said Lowe.

"The expertise of Nortel's UMTS team is well-known, and I am
confident that our combined forces will pave the way for further
success in the wireless market," said Marc Rouanne, president of
Alcatel's mobile communications activities.

"We are committed to support and evolve our extended customer
base."

                      About Alcatel

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

                   About Nortel Networks

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

                      *     *     *

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

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

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

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


OSCAR OF LONDON: Taps Nimish C. Patel to Liquidate Assets
---------------------------------------------------------
Nimish C. Patel of Re10 (London) Ltd. was appointed Liquidator
of Oscar of London Limited on June 7 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Oscar of London Limited
    174 178
    Kenton Road
    Harrow
    Middlesex HA3 8BL
    United Kingdom
    Tel: 020 8909 2700


PLANET POPADUM: Calls In Joint Liquidators from Ashcrofts
---------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Planet Popadum Limited on June 9 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Planet Popadum Limited
    90 Station Road
    Waltham Forest
    London E4 7BA
    United Kingdom
    Tel: 020 8529 6644


PRIMEDALE FINANCIAL: Hires Andrew McTear to Liquidate Assets
------------------------------------------------------------
Andrew McTear of McTear Williams & Wood was appointed Liquidator
of Primedale Financial Services Limited on June 1 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Primedale Financial Services Limited
    Crown Office
    51 Crown Street
    Ipswich
    Suffolk IP1 3JA
    United Kingdom
    Tel: 01473 234 555


PYRAM LIMITED: Taps Roger L. Cain to Liquidate Assets
-----------------------------------------------------
Roger L. Cain of Haslers was appointed Liquidator of Pyram
Limited on June 7 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Pyram Limited
    The Grange
    The Knoll
    Ealing
    London W13 8JJ
    United Kingdom
    Tel: 020 8288 0640


QUALITY DOT: Names Joint Liquidators to Wind Up Business
--------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP were appointed Joint Liquidators of
Quality Dot Proofing Studio Limited on June 7 for the purposes
of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Quality Dot Proofing Studio Limited
    Unit 3
    Devonshire Court
    Leycroft Road
    Leicester
    Leicestershire LE4 1ET
    United Kingdom
    Tel: 0116 233 4909


REFCO INC: Ch. 7 Trustee Objects to West Loop's $10.6 Mil. Claim
----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation
of Refco, LLC's estate, asks the United States Bankruptcy Court
for the Southern District of New York to disallow and expunge
Claim No. 269 filed by West Loop Associates, Inc., for
$10,618,777.

Mr. Togut contends that the Claim arises from a commercial
office lease to which Refco LLC was never a party.  The West
Loop Claim lacks any legal or factual basis for Refco LLC's
estate to be liable to West Loop.

Mr. Togut explains that Refco Group Ltd., LLC and West Loop's
predecessor-in-interest, 550 Jackson Associates Limited
Liability Company, were parties to the lease dated as of
April 24, 2001, for certain office space located at 550 West
Jackson Boulevard in Chicago, Illinois.  RGL rejected the Lease,
effective Aug. 15, 2006.

Refco LLC, Mr. Togut says, is merely a tenant under the RGL
Lease.

Refco Inc., and its debtor-affiliates sought extension of their
deadline to make lease dispositions, West Loop objected and,
among other things, represented to the Court that Refco LLC was
an "additional lessee" on the RGL Lease because (i) second floor
expansion rights were exercised pursuant to a writing executed
by Refco LLC in April 2004; and (ii) Refco LLC entered into
agreements with contractors to improve the space it was
occupying.

However, Mr. Togut tells Judge Drain that the Expansion Letter
was erroneously printed on Refco LLC letterhead.  Moreover, West
Loop expressly acknowledged in a third amendment to the RGL
Lease that RGL -- and not Refco LLC -- previously exercised its
right to take additional space on the second floor.

In support of its claim, West Loop:

    -- contends that Refco LLC "assumed" RGL's obligations under
       the RGL Lease;

    -- alleges that it incurred costs as a result of
       contractors' filing mechanics liens against the Premises
       and that Refco LLC is liable for the mechanics liens
       under the Bankruptcy Code; and

    -- makes an unsubstantiated and generalized allegation that
       Refco LLC has committed some sort of fraud.

Mr. Togut points out that the RGL Lease clearly provides that
RGL affiliates were permitted to occupy the Premises without
incurring any direct liability under the Lease.  Moreover, RGL,
as tenant, is liable for costs incurred by the Landlord as a
result of mechanic liens but that liability does not extend to
RGL's affiliates.

Mr. Togut also notes that West Loop's mechanics lien claims have
been resolved consensually.  The Refco LLC Trustee was able to
broker an agreement with RGL and West Loop wherein RGL paid
almost $750,000 to the holders of the mechanics liens to satisfy
their claims and have the liens against the Premises removed.
The Trustee agreed to reimburse RGL's estate for the payments
made.  West Loop received a release from liability from the
contractors on account of those mechanics lien claims, Mr. Togut
says.

West Loop's allegation that Refco LLC committed fraud is a naked
allegation, Mr. Togut tells the Court.  Mr. Togut says he is
unaware of the basis for West Loop's contention as it is a non-
specific allegation without any evidence.

Under Illinois law, as elsewhere, fraud must be pled with
particularity and contain specific factual allegations, Mr.
Togut reminds the Court, citing Board of Education v. A, C and
S, Inc., et al., 131 Ill.2d 428, 137 Ill. Dec. 635, 546 N.E.2d
580 (Ill. Sup. Ct. 1989).

Mr. Togut also asserts that West Loop's general averment of
fraud does not satisfy the pleading requirements of Rule 9(b) of
the Federal Rules of Civil Procedure and, therefore, must be
rejected.

                     About Refco Inc.

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

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

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

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

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


REFCO INC: Chapter 7 Trustee Says Goodman's Claim Has No Merit
--------------------------------------------------------------
Before Refco Inc., and its debtor-affiliates filed for
bankruptcy, Richard Goodman filed a complaint against Refco,
LLC, and Refco Group, Ltd., LLC, in the U.S. District Court for
the Eastern District of Michigan.  The Complaint sought to
recover from the Chapter 7 Debtor US$40,000,100:

   -- US$35,000,000 for punitive damages that Mr. Goodman
      allegedly incurred as a result of his participation in a
      failed "Ponzi" scheme orchestrated by Charles Mady; and

   -- US$5,100,000 for compensatory damages.

Under the Complaint, Mr. Goodman asserted claims against Refco
LLC for:

   * negligence, fraud, conspiracy, and aiding and abetting;

   * fraud, aiding and abetting under the Commodity Exchange
     Act;

   * violations of the Racketeer Influenced and Corrupt
     Organizations Act;

   * liability on certain accounts; and

   * vicarious liability.

Vincent E. Lazar, Esq., at Jenner & Block LLP, in New York,
relates that those claims -- collectively known as Claim No. 160
-- all share the same purported factual predicate: that the
Debtor was complicit in a fraud perpetrated by Mr. Mady, and it
somehow breached a duty of care allegedly owed to Mr. Goodman.

Mr. Lazar asserts that Claim No. 160 is without merit.  He tells
Judge Drain that Mr. Goodman was not a customer of Refco LLC or
Lind-Waldock & Company.  Instead, Mr. Goodman voluntarily
invested millions of dollars with his friend and business
partner, Mr. Mady, who misrepresented himself to Mr. Goodman and
others as a commodity pool operator. In reality, Mr. Mady was
never registered as a commodity pool operator, and instead
commingled the money from Mr. Goodman and other investors in Mr.
Mady's personal accounts at Lind-Waldock, and provided Mr.
Goodman and the other investors with false information regarding
the status of their investments.

After the scheme was exposed, Mr. Lazar continues, the Commodity
Futures Trading Commission brought an action against Mr. Mady,
charging him under the CEA with fraud, misappropriation, failure
to register as a commodity pool operator, and improperly
commingling funds.  Mr. Mady has since been indicted.

Against this backdrop, Albert Togut, the Court-appointed trustee
overseeing Refco, LLC's liquidation, asks Judge Drain disallow
and expunge, in its entirety, Mr. Goodman's Claim No. 160
because the Debtor was not in any way responsible for, or
complicit in, the Ponzi scheme.

Mr. Togut asserts that any alleged claims that Mr. Goodman may
have as a result of his investment losses lies against Mr. Mady,
and not against Refco LLC.

To the extent Mr. Goodman contests the Objection, Mr. Togut asks
the Court to establish a briefing, and, if necessary, a
discovery schedule at a later date.

                     About Refco Inc.

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

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

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

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

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


RESIN TECHNOLOGIES: Hires David Paul Hudson to Liquidate Assets
---------------------------------------------------------------
David Paul Hudson of Begbies Traynor was appointed Liquidator of
Resin Technologies International Limited on June 2 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Resin Technologies International Limited
    2 Manor Road South
    Southampton
    Hampshire SO19 2DS
    United Kingdom
    Tel: 023 8044 9841


ROYAL CARIBBEAN: Acquisition Spurs Moody's to Change Outlook
------------------------------------------------------------
Moody's Investors Service changed the rating outlook of Royal
Caribbean Cruises, Ltd. to stable from positive.  RCL's existing
have been affirmed.

This action follows RCL's announcement it reached an agreement
to acquire Pullmantur S.A, a leading private Spanish cruise
operator for total consideration of EUR700 million approximately
US$0.9 billion) which includes assumption of Pullmantur debt.

The acquisition provides RCL a market-leading brand in Spain's
cruising market, a growing presence in the European market and
can serve as a platform for penetrating other Spanish-speaking
cruise markets outside of Europe.

To fund the acquisition RCL has put in place a committed bridge
loan facility that will be ultimately replaced with a longer
term debt financing.  The transaction is expected to close in
the fourth quarter of 2006.

The outlook change to stable from positive reflects the impact
of the debt financed acquisition, moderating operating
environment, and a large committed capital spending program over
the next several years.  When combined, these factors diminish
the probability that RCL can attain credit metrics reflective of
a higher rating.

Moody's last rating action occurred on June 7 when Moody's
assigned a Ba1 rating to RCL's newly issued senior unsecured
bonds.

Royal Caribbean Cruises, Ltd., headquartered in Miami, Florida,
operates a cruise line under the brand names, Royal Caribbean
International and Celebrity Cruises.  For the twelve-month
period ended June 2006, RCL had revenues of US$5.0 billion.
Pullmantur, formed in 1971, is the largest cruise operator in
Spain and has two primary business interests, cruises and tour
operations.


SE SERVICES: Appoints T. Papanicola as Administrator
----------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of SE Services Limited (Company Number 03629928) on Aug. 9.

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 London, United Kingdom, SE Services Limited
repairs and maintains domestic appliances.


SIMON WORLDWIDE: Equity Deficit Triples to US$2.59MM at June 30
---------------------------------------------------------------
Simon Worldwide Inc. incurred a US$1,079,000 net loss for the
second quarter ending June 30, 2006, the Company disclosed in a
Form 10-Q report filed with the Securities and Exchange
Commission.

As of June 30, 2006, the Company's balance sheet showed
US$30,548,000 in assets.  The Company's equity deficit tripled
to US$2,589,000 at June 30, 2006, from a US$841,000 deficit at
Dec. 31, 2006.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 5, 2006, BDO
Seidman, LLP, expressed substantial doubt about Simon
Worldwide's ability to continue as a going concern after it
audited the Company's financial statements for the years ended
Dec. 31, 2005.  The auditing firm points to the Company's
significant losses from operations, lack of operating revenue,
and stockholders' deficit.

As a result of the loss of its customers, the Company no longer
has any operating business.  Since August 2001, the Company has
concentrated its efforts on reducing its costs and settling
numerous claims, contractual obligations and pending litigation.
As a result of these efforts, the Company has been able to
resolve a significant number of outstanding liabilities that
existed at December 31, 2001, or arose subsequent to that date.
At June 30, 2006, the Company had reduced its workforce to 4
employees from 136 employees at December 31, 2001.  The Company
is currently managed by the Chief Executive Officer, together
with a principal financial officer and an acting general
counsel.

                 Liquidity and Capital Resources

By utilizing cash received pursuant to the settlement with
McDonald's in 2004, the Company's management believes it has
sufficient capital resources and liquidity to operate the
Company for the foreseeable future.  In connection with the
Company's settlement of its litigation with McDonald's and
related entities, the Company received net cash proceeds, after
attorney's fees, of approximately US$13 million and due to the
elimination of liabilities associated with the settlement of
approximately US$12 million, the Company recorded a gain of
approximately US$25 million in 2004.

The Board of Directors continues to consider various alternative
courses of action for the Company, including possibly acquiring
or combining with one or more operating businesses.  The Board
of Directors has reviewed and analyzed a number of proposed
transactions and will continue to do so until it can determine a
course of action going forward to best benefit all shareholders,
including the holder of the Company's outstanding preferred
stock.  The Company cannot predict when the Directors will have
developed a proposed course of action or whether any such course
of action will be successful.  Management believes it has
sufficient capital resources and liquidity to operate the
Company for the foreseeable future.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?10bb

Headquartered in Los Angeles, California, Simon Worldwide Inc.
is a diversified marketing and promotion agency with offices
throughout North America, Europe and Asia.  The Company has
worked with some of the largest and best-known brands in the
world and has been involved with some of the most successful
consumer promotional campaigns in history.  Through its wholly
owned subsidiary, Simon Marketing, Inc., the Company provides
promotional agency services and integrated marketing solutions
including loyalty marketing, strategic and calendar planning,
game design and execution, premium development and production
management.


STABLE MEDIA: Appoints Liquidator from Hodgsons
-----------------------------------------------
David Emanuel Merton of Hodgsons was appointed Liquidator of
Stable Media Limited on June 6 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Stable Media Limited
    Rear of 60
    Great Norbury Street
    Hyde
    Cheshire SK14 1HY
    United Kingdom
    Tel: 0161 368 8833


STEWART COOK: Taps BDO Stoy to Administer Assets
------------------------------------------------
A. H. Beckingham and D. B. Coakley of BDO Stoy Hayward LLP were
appointed joint administrators of Stewart Cook Limited (Company
Number 03520045) on Aug. 14.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Stewart Cook Limited can be reached at:

         99 The Mount
         Ringwood
         Hampshire BH24 1XZ
         United Kingdom
         Fax: 01425 472 637


SUPREMECAUSE LIMITED: Brings In Liquidator from Rimmer Higson
-------------------------------------------------------------
Timothy Hargreaves of Rimmer Higson was appointed Liquidator of
SupremeCause Limited on June 7 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         SupremeCause Limited
    Rose Villa
    Georges Lane
    Banks
    Southport
    Merseyside PR9 8HD
    United Kingdom
    Tel: 01704 227 442


TAM-BAI LIMITED: Appoints Situl Devji Raithatha as Administrator
----------------------------------------------------------------
Situl Devji Raithatha of Springfields Business Recovery &
Insolvency Ltd. was appointed administrator of Tam-Bai Limited
(Company Number 05296260) on Aug. 16.

The administrator can be reached at:

         Springfields Business Recovery & Insolvency Ltd.
         80 Hinckley Road
         Leicester
         Leicestershire LE3 0RD
         United Kingdom
         Tel: 0116 299 4745
         Fax: 0116 299 4742
         E-mail: situl.r@springfields-uk.com

Tam-Bai Limited can be reached at:

         3 Kingsley Close
         Narborough
         Leicester
         Leicestershire LE19 3EB
         United Kingdom


TAPESTRY HOLIDAYS: Brings In Administrators from Baker Tilly
------------------------------------------------------------
Karl Christopher Holmes and John David Ariel of Baker Tilly were
appointed joint administrators of Tapestry Holidays Limited
(Company Number 02643529) on Aug. 11.

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

Headquartered in London, United Kingdom, Tapestry Holidays
Limited -- http://www.tapestryholidays.com/-- is a holiday tour
operator.


TECHNILOCK AND WELDING: Hires Joint Liquidators from Begbies
------------------------------------------------------------
Paul Finnity and Peter Blair of Begbies Traynor were appointed
Joint Liquidators of Technilock and Welding Services Limited on
June 1 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Technilock and Welding Services Limited
    Boardman Industrial Estate
    Boardman Road
    Swadlincote
    Derbyshire DE119DL
    United Kingdom
    Tel: 01283 222 202


TREMACO PRODUCTS: Names Timonthy Hargreaves to Liquidate Assets
---------------------------------------------------------------
Timothy Hargreaves of Rimmer Higson was appointed Liquidator of
Tremaco Products Limited on June 9 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Tremaco Products Limited
    Bee Mill
    Preston Road
    Ribchester
    Preston
    Lancashire PR3 3XJ
    United Kingdom
    Tel: 01254 820 559


VIRTUAL WORLD: Hires Administrators from P&A
--------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Virtual World
Golf Limited (Company Number 05364574) on Aug. 10.

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.

Virtual World Golf Limited can be reached at:

         St. Mark Street
         Hull
         North Humberside HU8 7ED
         United Kingdom


WEST LONDON: David William Tann Leads Liquidation Procedure
-----------------------------------------------------------
David William Tann of The Norton Practice (Insolvency Services)
Limited was appointed Liquidator of West London Courier Services
Limited on June 8 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         West London Courier Services Limited
    1 Wesley Gate
    Queens Road
    Reading
    Berkshire RG1 4AP
    United Kingdom
    Tel: 020 8573 7788


YORKSHIRE INVESTMENT: Names M. F. P. Smith Liquidator
-----------------------------------------------------
M. F. P. Smith of Dains was appointed Liquidator of Yorkshire
Investment Company Limited on June 6 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Yorkshire Investment Company Limited
    Parkhouse Industrial Estate
    Park House Road
    Low Moor
    Bradford
    West Yorkshire BD120QB
    United Kingdom
    Tel: 01274 603 815


* Moody's Says Specialized Lenders Rule Local Gov't. Financing
--------------------------------------------------------------
Specialized lenders in the Nordic countries dominate the market
for local government financing and enjoy liability guarantees or
indirect central government support, Moody's Investors Service
says in a new Special Comment.  Nonetheless, they face a number
of challenges to their position, including the emergence of
covered bond markets in the region and growing competition from
the commercial banks.

Four institutions across Denmark, Finland, Norway and Sweden
provide financing to a total of more than 1,100 local
governments.

"In the Nordic countries, local governments are responsible for
the majority of all public expenditure, and specialized long-
term lenders have been established to ensure that capital
investment is provided to them at the lowest possible cost,"
explains Janne Thomsen, a Moody's Senior Vice President and
author of the report.

"They do this by pooling the borrowing needs of small
communities into large bond offerings in the capital market."
The four's combined loan portfolio was approximately EUR31
billion at the end of 2005.

Moody's views the specialized institutions as extremely strong,
with well-established franchises and dominant positions in the
Nordic local government lending sector.  Although varying
considerably with regard to their ownership structures, all four
enjoy a high level of support from their respective central
governments, with only one lacking an explicit guarantee for its
liabilities.

"Furthermore, the quality of their loan porfolios is extremely
high, reflecting local government's diversified revenues,
unlimited rights to set income taxes, strong equalization
systems for revenue and expenditure as well as prudent debt
management," notes Ms Thomsen.

"In addition, risk management is strict and capitalization
levels are solid."

Nevertheless, Moody's expects the institutions to come under
greater pressure in the next few years.  As local governments
increasingly secure funding from a variety of sources,
competition from commercial banks will intensify as -- unlike
the specialized lenders -- they are able to offer combined
products.  Moreover, commercial banks may also benefit from the
development of covered bond markets in the region, given their
funding advantage in this area.

The specialized lending institutions are not required to
maximize profits and net interest margins are extremely small.
However, the four do not have any branches and their cost base
is therefore considerably lower than that of commercial banks.
Cost containment will continue to be key if the specialized
lenders are to remain strongly competitive.  In this light,
Moody's views positively the informal cross-border exchanges of
ideas that the institutions are engaging in as this allows them
to pool ideas and best practices.

The Special Comment -- entitled "Specialized Lenders to Nordic
Local Governments" -- explains that the institutions have
working groups in place to evaluate the effect of the new
accounting rules and capital cover requirements set out in Basel
II.  While the four have extremely sound asset quality, the
introduction of IFRS accounting standards will produce greater
volatility in their results going forward.

Moody's currently rates the long-term debt of Kommunalbanken AS
(Norway), Kommuninvest i Sverige (Sweden), KommuneKredit
(Denmark) and Municipality Finance plc (MuniFin) at Aaa with a
stable outlook.  Municipal Guarantee Board, established with the
sole purpose of guaranteeing the debt of MuniFin, is also rated
Aaa (stable outlook).

                           *********

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
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Information contained herein is obtained from sources believed
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