TCREUR_Public/060905.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

           Tuesday, September 5, 2006, Vol. 7, No. 176   

                            Headlines


A U S T R I A

BIG BANG: Property Manager Claims Insufficient Assets
GAMA TEXTILMASCHINEN: Creditors' Meeting Slated for September 11
GAMA TEXTILVEREDELUNG: Creditors' Meeting Slated for Sept. 11
GULU: Vienna Court Orders Business Shutdown
HAL-POL: Creditors' Meeting Slated for September 13

ING. SCHERIAU: Vienna Court Shuts Down Business
ING. ULRICH: Vienna Court Orders Business Shutdown
M.I.T.: Vienna Court Orders Business Shutdown
MB: Claims Registration Period Ends September 11
NICE TIME: St. Poelten Court Orders Closing of Business

OLGUN: Creditors' Meeting Slated for September 6
ROBINSON: Creditors' Meeting Slated for September 15
WIDL & MAYRHOFER: Creditors' Meeting Slated for September 15


G E R M A N Y

A F G ANLAGE: Claims Registration Ends September 3
ARNSTADTER METALLHANDEL: Claims Registration Ends September 14
AUTOHAUS JESSEN: Claims Registration Ends September 18
DUERR AG: Moody's Affirms B2 Corporate Family Rating
DURA AUTOMOTIVE: Closing Stratford Plant & Cutting 280 Jobs

KALELI GEBAUDEREINIGUNG: Claims Registration Ends Sept. 15
KARCHER DENTALTECHNIK: Claims Registration Ends Sept. 15
KRUEGER SCHWEISSTECHNIK: Claims Registration Ends September 15
M & M TISCHLEREI: Claims Registration Ends September 15
MUSTAFA TOPALOVSKI: Claims Registration Ends September 19

NOP2020 VERWALTUNGS: Claims Registration Ends September 15
NRWBEST GMBH: Claims Registration Ends September 15
PHOTRONICS INC: Earns US$4.6 Million in Quarter Ended July 30
PORTRAIT CORP: Files Chapter 11 Petition in New York
PORTRAIT CORP: Case Summary & 29 Largest Unsecured Creditors

PORTRAIT CORP: Sees 75% Debt Cut Upon Chapter 11 Emergence


F I N L A N D

METSO CORP: Completes Purchase of Paper Machine Maker in China


I T A L Y

ARES FINANCE: S&P Affirms BB Rating on Class E Notes
ALITALIA SPA: Improves July Traffic Operations
ALITALIA SPA: Hikes Net Debt to EUR909 Million in July 2006
WIND TELECOMUNICAZIONI: Fitch Keeps B+ Issuer Default Rating

* Fitch Rates Taranto City's Long-Term Foreign Currency at BB+


K A Z A K H S T A N

AKRAB- KOMHOZ: Aktube Court Opens Bankruptcy Proceedings
AN I K: Almaty Court Begins Bankruptcy Proceedings
AYAN: Almaty Court Commences Bankruptcy Proceedings
JYGER COMPANY: Kostanai Court Starts Bankruptcy Procedure
MUNAIGAZSERVIS: Mangistau Court Opens Bankruptcy Proceedings

TAZA-KALA-ASSA: Jambyl Court Begins Bankruptcy Proceedings
TRANSTORGSTROI: Aktube Court Commences Bankruptcy Proceedings
ZERENDINSKAYA AGROPROMTEHNIKA: Creditors' Claims Due Sept. 22


K Y R G Y Z S T A N

AK-BULA: Public Auction Scheduled for Sept. 8


N E T H E R L A N D S

HELIX CAPITAL: Fitch Junks EUR44-Mln Series 2002-12C Notes
HELIX CAPITAL: Fitch Junks EUR75-Mln Series 2001-5 Notes
JUBILEE CDO: Moody's Rates EUR17-Mln Class E Notes at Ba3


N O R W A Y

AKER KVAERNER Inks US$68-Mln Subsea Deal with Sonangol Pesquisa
OSLO REINSURANCE: Wants High Court to Approve Oct. 3 Hearing


P O L A N D

POZMEAT S.A.: Sokolow Submits Offer to Purchase Bankrupt Assets


R O M A N I A

BANC POST: Fitch Revises Outlook to Positive
BANCA COMERCIALA: Fitch Lifts IDR to BBB- From BB+
BANCA TIRIAC: Fitch Affirms Individual Rating at D


R U S S I A

AGRO-IMPEX: Orel Court Starts Bankruptcy Supervision
AGRO-SERVICE: Court Names L. Morskov as Insolvency Manager
BAZARNO-KARABULAK-AGRO-PROM-KHIMIYA: Insolvency Manager Comes In
BREAD: Penza Court Names V. Lebedev as Insolvency Manager
BUZDYA-KRAY-SEL-KHOZ-TEKHNIKA: E. Ivanoy to Manage Assets

EXNET: Moscow Court Names M. Sorokin as Insolvency Manager
KAMAZ: Court Names Sh. Fakhretdinoy as Insolvency Manager
KAMYSHEVO: Court Names Y. Remizov as Insolvency Manager
KRASNAYA USHNA: Vladimir Court Starts Bankruptcy Supervision
KRASNOSLOBODSK-AGRO-PROM-KHIMIYA: Bankruptcy Supervision Starts

KURGAN-ECO-RESOURCE: Kurgan Court Starts Bankruptcy Supervision
MEAT: Mariy El Court Names S. Syumakhin as Insolvency Manager
MED-INSTRUMENT: I. Yusupova to Manage Insolvency Assets
MELEUZ-STROY: Court Names R. Ayupoy as Insolvency Manager
METAL-MARKET: Court Names T. Semenova as Insolvency Manager

METAL-WORKING COMPANY: Court Sets Nov. 13 Bankruptcy Hearing
NOVOGROMOVSKOYE: Court Names A. Nikiforov as Insolvency Manager
NOVOTORYALSKIY BUTTER: Court Starts Reorganization Process
RAINBOW: Chuvashiya Court Starts Bankruptcy Supervision
REINFORCED-CONCRETE CONSTRUCTIONS: Bankruptcy Supervision Starts

SEVER-INVEST: Court Names D. Glushkov as Insolvency Manager
SIBERIAN CLOTH: Omsk Court Names A. Kuzmin as Insolvency Manager
SMOLENSK-GRAIN-PRODUCT: S. Lavrentyeva to Manage Assets
SODRUZHESTVO: Orel Court to Hear Bankruptcy Case on Oct. 11
STEEL-SERVICE: Court Names M. Kuznetsov as Insolvency Manager

STERLITAMAKSKIY FACTORY: Court Names Insolvency Manager
TRUCK CRANE: Court Names G. Kutikov as Insolvency Manager
VAKHRUSHEV-COAL: Court Names A. Katrushin as Insolvency Manager
YUKOS OIL: Awaits on Appellate Court Ruling on Bankruptcy Appeal


T U R K E Y

PETROL OFISI: Fines Spur S&P to Put B+ Rating on Watch Negative


U K R A I N E

AGROSHLYAHBUD: Lviv Court Names Pavlo Duplika as Liquidator
ALANTUR: Kyiv Court Names Mr. S. Sapozhnikov as Liquidator
BANK KHRESCHATYK: Moody's Assigns E+ Financial Strength Rating
BUDINDUSTRY SERVICE: Court Names Tax Agency as Liquidator
GLOBAL DISTRI: Court Names District Tax Agency as Liquidator

KHRESCHATYK FINANCE: Fitch Assigns B/RR4 on Upcoming Eurobond
KOMMAK: Court Names District Tax Agency to Liquidate Assets
LINDI: Kyiv Court Names S. Sapozhnikov as Insolvency Manager
NIVA: Lviv Court Names Pavlo Duplika as Insolvency Manager
ORIHIVCHIK: Lviv Court Names Pavlo Duplika as Insolvency Manager

OPLITSKO: Lviv Court Names Pavlo Duplika as Insolvency Manager
OSKAR: Court Names Mr. V. Paterilov as Insolvency Manager
POLISSYA-PALIVO: Rivne Court Names Pavlo Duplika as Liquidator
PRES: Rivne Court Names Pavlo Duplika as Insolvency Manager
SKAJTEL: Kyiv Court Names Mr. I. Fedorov as Insolvency Manager

STOYANIV: Lviv Court Names Pavlo Duplika as Insolvency Manager
STANDART: Rivne Court Names Pavlo Duplika as Insolvency Manager
SUDNOTRANS: Court Names District Tax Agency to Liquidate Assets


U N I T E D   K I N G D O M

ALWARD TOOL: Brings In BDO Stoy as Joint Administrators
ASEC PROJECT: Joint Liquidators Take Over Operations
ADVENTURE TIME: Appoints Lloyd Biscoe as Liquidator
ANDREW CORP: Repurchases 2.4 Million Common Shares
ANDREW CORP: Comsearch Offers Relocation Services to FCC

ASHGABLE LIMITED: Alan Simon Leads Liquidation Procedure
ASK4BEER LIMITED: Appoints Joint Liquidators to Wind Up Business
AUDIO VISUAL: Taps David Paul Hudson to Liquidate Assets
AUTO AIR: Appoints Ian William Kings to Liquidate Assets
BLACK COUNTRY: Hires Mark Jonathan Botwood as Liquidator

BURNS CONSTRUCTION: Calls In Joint Liquidators from Wilson Pitts
C. K. HYGIENE: Names T. Papanicola as Administrator
CELLCAST PLC: Aims to Raise GBP1.3 Million to Avert Liquidation
COMMPETE INTERNATIONAL: Taps Tenon Recovery as Administrators
DURA AUTOMOTIVE: Closing Stratford Plant & Cutting 280 Jobs

ELEMENTS LIFESTYLE: Taps Liquidator from Begbies Traynor
ENFIELD LEISURE: Liquidating Assets Due to Cash Shortage
ERWIN DAVSON LIMITED: Names Keith Aleric Stevens Liquidator
ESSENTIAL OFFICE: Hires Joint Administrators from Cresswell
GILLARD WELCH: P. Nottingham Leads Liquidation Procedure

HAYLOFT STUDIOS: Appoints Moira Fitzpatrick as Administrator
HOLISTYC LIMITED: Claims Filing Period Ends Sept. 13
INTERSERVE: Suspends Senior Staff Over Accounting Irregularities
J & W RENOVATION: Nominates Ashok K. Bhardwaj as Liquidator
JPS STAINLESS: Brings In Joint Liquidators from Lines Henry

KJA TOWNEND: Taps Liquidators from O'Hara & Co.
KEETS ROOFING: Names Joint Liquidators from Valentine & Co.
KELSCAFF LIMITED: Appoints Joint Liquidators from Mazars LLP
KINGFISHER KNIGHT: Hires John C. Moran to Liquidate Assets
LEEDS IRONCRAFT: Names Liquidators from Jacksons Jolliffe Cork

MP & ASSOCIATES: Brings In Stephen M. Katz to Liquidate Assets
MIDLAND EURO: Trustee Can't Pursue Extraterritorial Fraud Claim
MIKE HALL: Hires Martin Charles Armstrong as Liquidator
NPS LIMITED: Appoints Smith & Williamson as Administrators
OFFICE DESIGN: Calls In Joint Liquidators from Larking Gowen

OSLO REINSURANCE: Wants High Court to Approve Oct. 3 Hearing
PHOTRONICS INC: Earns US$4.6 Million in Quarter Ended July 30
PORTRAIT CORP: Files Chapter 11 Petition in New York
PORTRAIT CORP: Case Summary & 29 Largest Unsecured Creditors
PORTRAIT CORP: Sees 75% Debt Cut Upon Chapter 11 Emergence

PROVALIS PLC: Approves Disposal of Medical Diagnostics Business
Q-PRINT FLEXOGRAPHICS: Brings In T. Papanicola as Administrator
RED LIMITED: Taps Gerald Irwin to Liquidate Assets
REFCO INC: Wants Court Nod on FXA-GAIN Settlement Agreement
REFCO INC: Debtors & Trustee Tap UHY Advisors as Tax Consultants

REFCO INC: Committee Hires Wildman Harrold as Illinois Counsel
RISCK SOLUTIONS: Hires Begbies Traynor to Administer Assets
ROOTS ASSOCIATES: Taps Jacksons Jolliffe to Administer Assets
S C CONSTRUCTION: Names Kirankumar Mistry Liquidator
SECURE FIRST: Hires Joint Administrators from Abbot Fielding

SECURITY PRINTERS: Nominates Liquidator from Kings
SPECIAL PHOTOGRAPHERS: Creditors Ratify Voluntary Liquidation
T.F.E. BUSINESS: Appoints Begbies Traynor as Administrators
TITAN TAPES: Brings In Joint Liquidators from Begbies Traynor
TLS EUROPE: Taps Administrators from Berg Kaprow

TORNADO COMPONENTS: Hires Joint Liquidators from Hurst Morrison
TORNADO SOLUTIONS: Creditors Confirm Liquidators' Appointment
ULTRATHERM U.K.: Eileen T. F. Sale Leads Liquidation Procedure
WINDOW WAREHOUSE: Taps Andrew David Rosler as Administrator
WW NORTH: Appoints PwC as Joint Administrators

* Large Companies with Insolvent Balance Sheets

                            *********

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


BIG BANG: Property Manager Claims Insufficient Assets
-----------------------------------------------------
Mag. Andrea Prochaska, the court-appointed property manager for
LLC Big Bang (FN 220444h), declared on July 19 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Hollabrunn, Austria the Debtor declared
bankruptcy on June 9 (Bankr. Case No. 36 S 66/06g).  

The property manager can be reached at:

         Mag. Andrea Prochaska
         Wassergasse 33/12
         1030 Vienna, Austria
         Tel: 01/718 77 50
         Fax: 01/718 77 50 15
         E-mail: anwalt@andrea-prochaska.at  


GAMA TEXTILMASCHINEN: Creditors' Meeting Slated for September 11
----------------------------------------------------------------
Creditors owed money by LLC Gama Textilmaschinen (FN 262231i)
are encouraged to attend the creditors' meeting at 12:00 noon on
Sept. 11 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Lafnitztal, Austria, the Debtor declared
bankruptcy on July 14 (Bankr. Case No. 26 S 67/06i).  On
July 19, the Land Court of Eisenstadt ordered the closing of the
Debtor's business.

The property manager can be reached at:

         Mag. Werner Dax
         Esterhazyplatz 5
         7000 Eisenstadt, Austria
         Tel: 05/90105500
         Fax: 05/90105510
         E-mail: guessing@rapartner.at  


GAMA TEXTILVEREDELUNG: Creditors' Meeting Slated for Sept. 11
-------------------------------------------------------------
Creditors owed money by LLC Gama Textilveredelung (FN 262235s)
are encouraged to attend the creditors' meeting at 12:15 p.m. on
Sept. 11 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Lafnitztal, Austria, the Debtor declared
bankruptcy on July 14 (Bankr. Case No. 26 S 68/06m).  Werner Dax
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Mag. Werner Dax
         Esterhazyplatz 5
         7000 Eisenstadt, Austria
         Tel: 05/90105500
         Fax: 05/90105510
         E-mail: guessing@rapartner.at


GULU: Vienna Court Orders Business Shutdown
-------------------------------------------
The Trade Court of Vienna entered an order on July 19 shutting
down the business of Construction LLC Gulu (FN 261546b).  Court-
appointed property manager Ulrike Bauer determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

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

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


HAL-POL: Creditors' Meeting Slated for September 13
---------------------------------------------------
Creditors owed money by LLC HAL-POL (FN 210479d) are encouraged
to attend the creditors' meeting at 10:00 a.m. on Sept. 13 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 Bad Deutsch Altenburg, Austria, the Debtor
declared bankruptcy on July 14 (Bankr. Case No. 36 S 80/06s).  
Helmut Platzgummer serves as the court-appointed property
manager of the bankrupt estate.  Caroline Klus represents Dr.
Platzgummer in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Helmut Platzgummer
         c/o Mag. Caroline Klus
         Kohl Market 14
         1010 Vienna, Austria
         Tel: 01/533 19 39
         Fax: 01/533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at  
                 kanzlei@lp-law.at


ING. SCHERIAU: Vienna Court Shuts Down Business
-----------------------------------------------
The Trade Court of Vienna entered an order on July 19 shutting
down the business of LLC Ing. Scheriau & Co (FN 38154i).  Court-
appointed property manager Klemens Dallinger determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 38 S 45/06d).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


ING. ULRICH: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered an order on July 19 shutting
down the business of KEG Ing. Ulrich (FN 192636p).  Court-
appointed property manager Bernhard Eder determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 4 (Bankr. Case No. 5 S 93/06w).  Herbert Hochegger
represents Dr. Eder in the bankruptcy proceedings.


M.I.T.: Vienna Court Orders Business Shutdown  
---------------------------------------------
The Trade Court of Vienna entered an order on July 19 shutting
down the business of LLC M.I.T. (FN 258277w).  Court-appointed
property manager Eva Riess 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 Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at     

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 3 S 101/06g).  Leopold Riess
represents Dr. Riess in the bankruptcy proceedings.


MB: Claims Registration Period Ends September 11
------------------------------------------------
Creditors owed money by LLC MB (FN 260230t) have until Sept. 11
to file written proofs of claims to court-appointed property
manager Johannes Welzl at:

         Mag. Johannes Welzl
         c/o Dr. Alfred Jager
         Main Place 21
         4020 Linz, Austria
         Tel: 0732/773461
         Fax: 0732/782732
         E-mail: j.welzl.ra@rae-jlw.at   
                 a.jaeger.ra@rae-jlw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 25 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 552
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria the Debtor declared bankruptcy on
July 14 (Bankr. Case No. 12 S 61/06t).  Alfred Jager represents
Mag. Welzl in the bankruptcy proceedings.


NICE TIME: St. Poelten Court Orders Closing of Business
-------------------------------------------------------
The Land Court of St. Poelten entered an order on July 19
closing the business of OEG nice time Eichinger & Faller (FN
246082k).  Court-appointed property manager Herbert Hoffmann
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager and can be reached at:

         Mag. Herbert Hoffmann
         Viennese Road 18
         3430 Tulln, Austria
         Tel: 02272/81929
         Fax: 02272/81929-20
         E-mail: mag.hoffmann@i-one.at  

Headquartered in Tulln, Austria, the Debtor declared bankruptcy
on May 19 (Bankr. Case No. 14 S 88/06s).  


OLGUN: Creditors' Meeting Slated for September 6
------------------------------------------------
Creditors owed money by LLC OLGUN (FN 258346x) are encouraged to
attend the creditors' meeting at 2:00 p.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 Grossengersdorf, Austria, the Debtor declared
bankruptcy on July 14 (Bankr. Case No. 36 S 79/06v).  Ilse
Korenjak serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Ilse Korenjak
         Casting House Road 6
         1040 Vienna, Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at


ROBINSON: Creditors' Meeting Slated for September 15
----------------------------------------------------
Creditors owed money by KEG Robinson (FN 226513h) are encouraged
to attend the creditors' meeting at 9:45 a.m. on Sept. 15 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 14 (Bankr. Case No. 28 S 44/06h).  Guenther Hoedl serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at


WIDL & MAYRHOFER: Creditors' Meeting Slated for September 15
------------------------------------------------------------
Creditors owed money by KEG Widl & Mayrhofer (FN 20011d) are
encouraged to attend the creditors' meeting at 11:45 a.m. on
Sept. 15 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         2nd Floor
         Salzburg, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on July 14 (Bankr. Case No. 44 S 27/06d).  Christian
Adam serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Christian Adam
         Sigma -Haffner-Gasse 3
         5020 Salzburg, Austria
         Tel: 0662-841222-0
         Fax: 0662-841222-6
         E-mail: office@ra-adam.at


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


A F G ANLAGE: Claims Registration Ends September 3
--------------------------------------------------
Creditors of A F G Anlage- und Finanzierungs-GmbH have until
Sept. 3 to register their claims with court-appointed
provisional administrator Max-Reinhard Winter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 3
         1st Floor
         Station Route 17
         25421 Pinneberg, 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 Pinneberg opened bankruptcy proceedings
against A F G Anlage- und Finanzierungs-GmbH on Aug. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         A F G Anlage- und Finanzierungs-GmbH
         Kronskamp 127
         22880 Wedel, Germany

The administrator can be contacted at:

         Dr. Max-Reinhard Winter
         Dockenhudener Road 20
         22587 Hamburg, Germany
         

ARNSTADTER METALLHANDEL: Claims Registration Ends September 14
--------------------------------------------------------------
Creditors of Arnstadter Metallhandel GmbH i.L. have until
Sept. 14 to register their claims with court-appointed
provisional administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, 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 Erfurt opened bankruptcy proceedings
against Arnstadter Metallhandel GmbH i.L. on Aug. 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Arnstadter Metallhandel GmbH i.L.
         Attn: Robert Schwaiger, Liquidator
         Schillerstr. 16
         91522 Ansbach, Germany

The administrator can be contacted at:

         Stephan Mitlehner
         Friedrich-Hund-Str. 3
         07745 Jena, Germany
         

AUTOHAUS JESSEN: Claims Registration Ends September 18
------------------------------------------------------
Creditors of Autohaus Jessen GmbH have until Sept. 18 to
register their claims with court-appointed provisional
administrator Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Oct. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Road 33
         Dessau, 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 Dessau opened bankruptcy proceedings
against Autohaus Jessen GmbH on Aug. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Jessen GmbH
         Arnsdorfer Reihe 7
         06917 Jessen, Germany

         Attn: Friedrich Vollrath and Udo Puhlmann, Managers
         Ludwig-Hosch-Str. 6
         06917 Jessen, Germany

The administrator can be contacted at:

         Dr. Volkhard Frenzel
         Magdeburger Road 23
         06112 Halle, Germany
         Tel: 0345/2311111
         Fax: 0345/2311199


DUERR AG: Moody's Affirms B2 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family
rating of Duerr AG and the Caa1 rating on the senior
subordinated notes.  The outlook on the ratings remains
negative, reflecting Moody's view that, although the company has
achieved some recent progress, notably in reducing debt,
reducing cost and increasing efficiency through its Focus
restructuring program, its cash generation has not to date
improved to a level commensurate with its current rating
category.

The rating affirmation recognizes:

   (1) Duerr's good market leadership positions in the supply of
  large-scale production systems and manufacturing support
  services to the automotive industry;

   (2) the improvement in the company's financial profile thanks
  to the disposal of its MPT division and a capital   
  increase resulting in a reduction in financial debt, as
  well as the preservation of a cushion under Duerr's   
  liquidity position due to an amendment to its Syndicated
  Loan;

   (3) Moody's expectation that Duerr's earnings prospects and
  cash generation ability will strengthen between now and  
  2007 as a result of the successful execution of the   
  company's Focus restructuring program; and

   (4) a solid order flow and further strengthening of revenues
  from services, which should reduce revenue volatility
  going forward.

However, Moody's also notes that Duerr continues to face
significant challenges, notably:

   (1) the need to turn around its operating performance and
  cash generation on a sustained basis in order to ensure a
  further reduction in financial leverage;

   (2) the need to further strengthen its liquidity position in
  view of volatile working capital patterns and the reduced
  prepayment levels from original equipment manufacturers
  (OEMs);

   (3) execution risk related to the Focus program, which is the
  key driver of the targeted improvement in EBITDA to above
  7% in 2007;

   (4) the successful shift in the business strategy towards
  increasing revenues from services; and

   (5) the ongoing difficult market environment in the     
  automotive industry.

The outlook remains negative to reflect the ongoing execution
risk associated with the Focus restructuring program, which is
essential for the forecasted margin and cash flow improvements,
which will only become fully visible throughout 2007.  The
negative outlook also reflects the challenge to maintain its
sufficient liquidity position, including availability from
alternative liquidity sources, until internal cash generation
improves.

Moody's expects that the auto supply industry will remain
extremely challenging over the next few years, marked by
disciplined capital expenditure measures by the OEMs, which are
key driver for Duerr's top-line development.  In this respect,
should the company prove unsuccessful in restoring profitability
levels and, as a result, witness deterioration in metrics below
the current levels, a rating downgrade would be likely.

Moody's may change the rating outlook back to stable if the
company proves successful in further recovering profitability
and, in particular, improving its cash flow profile in line with
its financial obligations as reflected in a positive ratio of
Retained Cash Flow to Net Debt within the next 12 to 18 months.

Duerr AG is headquartered in Stuttgart, Germany, and is the
holding company for a global supplier of production systems and
manufacturing support services primarily to the automotive
industry.  The group develops and manufactures paint finishing
plants, final assembly and conveyor systems as well as measuring
systems. Other services include paint process and manufacturing
support services


DURA AUTOMOTIVE: Closing Stratford Plant & Cutting 280 Jobs
-----------------------------------------------------------
Dura Automotive Systems Inc. is closing its brake cable plant in
Stratford, Ontario, Canada, by 2007, terminating around 280
hourly and salaried employees.

The Company disclosed early this year their "50-cubed"
operational restructuring plan designed to enhance performance
optimization, worldwide efficiency and improve financial
results.  

The restructuring plan is expected to impact over 50% of its
worldwide operations either through product movement or facility
closures.  The Company expects to complete this action by year
end 2007.  Cash expenditures for the restructuring plan are
expected to be approximately US$100 million, which includes
capital expenditures between US$25 and US$35 million.  

Restructuring cash expenses will relate primarily to employee
severance, facility closure and product move costs.  The
restructuring plan will be financed with cash on hand and
availability under the Company's existing revolving credit
facility.

The Company's management believes that the Company's current
available liquidity will provide the funds necessary to execute
this restructuring plan along with its ongoing operating cash
requirements.  Should the Company's current liquidity not be
adequate to fund the restructuring plan and ongoing cash
requirements for operations, the Company may be required to
modify its restructuring plan, says Keith R. Marchiando, the
Company's Chief Financial Officer.

Major ongoing and completed restructuring actions are:

   -- in May 2006, the Company disclosed that it would close its
      Brantford, Ontario Canada, manufacturing facility by June
      2007.  The 66,000 square foot plant makes a variety of
      automotive column shift assemblies.  The facility closing
      will impact approximately 120 jobs and the Company will
      transfer Brantford production to other DURA facilities to
      improve overall capacity utilization.  Severance related
      charges of US$1.9 million have been recorded in 2006; all
      of which was recorded in the second quarter of 2006.

   -- in June 2006, the Company disclosed the proposed closing
      of its manufacturing facility in Llanelli, United Kingdom.  
      The 118,000 square-foot plant makes automotive cable
      control systems and currently employs approximately 270
      people.  The Company is currently in the consultation
      process with Llanelli's AMICUS trade union concerning the
      proposed closing, and therefore have not determined if the
      plant will in fact be closed.  Other restructuring charges
      of US$0.2 million have been recorded in the second quarter
      of 2006.

   -- the Company incurred year-to-date 2006 severance related
      charges of US$0.2 million for one of its Spanish
      facilities, recorded during the second quarter of 2006.

   -- the Company has notified in July 2006 at its LaGrange,
      Indiana plant that it is closing the facility.  The plant,
      which currently employs approximately 270 people,
      manufactures a variety of window systems for the
      recreation vehicle, mass transit and heavy truck markets.  
      Production of the window systems will be transferred to
      other production facilities.  The Company is currently in
      negotiations with the respective union concerning
      severance and have not yet determined the charge.

   -- the Company incurred year-to-date Lawrenceburg facility
      production movement costs of US$0.5 million, of which
      US$0.3 million was incurred in the second quarter of 2006;

   -- in 2004, the Company disclosed a plan to exit its
      Brookfield, Missouri, facility and combine the business
      with other operations.  This action is complete and
      resulted in year-to-date 2006 total charges of US$0.1
      million, which was recorded during the second quarter of
      2006.  In 2005, the Company incurred charges of US$0.9
      million.

   -- during the fourth quarter of 2005, the Company began the
      streamlining of a North American plant that will be
      completed in 2007.  Certain employee severance related
      charges totaling US$1.4 million were incurred, of which
      US$1.3 million was recorded in the fourth quarter of 2005.
      Additional severance related charges of US$0.1 million
      were recorded in the second quarter of 2006.

   -- during the third quarter of 2005, the Company disclosed a
      plan to streamline an Einbeck, Germany, manufacturing
      operation.  This action is substantially completed and
      resulted in no severance cost in 2006.

   -- during the second quarter of 2005, the Company disclosed a
      plan to streamline a Plettenberg, Germany, manufacturing
      operation during 2005 and 2006.  In the third quarter of
      2005, the Company received approval for this action from
      the appropriate Workers' Council and Union.  Full
      identification of the actual employees has been
      substantially completed.  Total severance costs of US$4.4
      million are expected upon final identifications of all
      applicable employees.  Approximately US$3.6 million has
      already been recorded, including US$0.4 million for the
      six months ended July 2, 2006.

   -- during the first quarter of 2005, the Company reported a
      plan to centralize its enterprise resource planning
      systems and centralize many of its functional operations
      to better align with current business levels.  These
      actions are ongoing domestically as the Company continues
      to migrate its operations.  The Company is unable to
      estimate future severance costs as applicable employees
      have not been identified.  Approximately US$1.3 million of
      severance related charges were incurred in 2005.  No
      additional costs have been incurred for the six months
      ended July 2, 2006.  The Company has not formalized the
      total impact to its international operations, since
      meaningful migration and centralization will not begin
      until late 2006.  The Company does expect that upwards of
      200 individuals could be impacted.  The Company has not
      yet specifically identified which individuals or group of
      individuals will be impacted, or in which international
      locations they reside.  Therefore, the Company is not able
      to estimate the termination liability impact at this time.  
      The Company does not expect, however, that the
      international termination costs for this action will
      exceed the related estimate for our U.S. operations.

On July 27, 2006, the Company also disclosed plans to reduce its
indirect workforce by 510 individuals in addition to the
previously announced "50-cubed" operational restructuring plan.
The rationale for this workforce reduction is to more
appropriately align our indirect workforce with current sales
volumes.  The Company anticipates having this goal accomplished
by the end of 2006.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  S&P
said the rating outlook is negative.


KALELI GEBAUDEREINIGUNG: Claims Registration Ends Sept. 15
----------------------------------------------------------
Creditors of Kaleli Gebaudereinigung & Dienstleistung GmbH have
until Sept. 15 to register their claims with court-appointed
provisional administrator Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Kaleli Gebaudereinigung & Dienstleistung GmbH on
Aug. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Kaleli Gebaudereinigung & Dienstleistung GmbH
         Krablerstr. 125
         45329 Essen, Germany

         Attn: Semiye Kaleli, Manager
         Roettgersbank 6
         45329 Essen, Germany

The administrator can be contacted at:

         Bernd Depping
         Alfredstr. 108-112
         45131 Essen, Germany
         Tel: (0201) 879040
         Fax: (0201) 8790412


KARCHER DENTALTECHNIK: Claims Registration Ends Sept. 15
--------------------------------------------------------
Creditors of Karcher Dentaltechnik GmbH have until Sept. 15 to
register their claims with court-appointed provisional
administrator Thomas Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 20 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 Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Karcher Dentaltechnik GmbH on Aug. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Karcher Dentaltechnik GmbH
         Attn: Harry and Irmgard Karcher, Manager  
         Rot-Kreuz-Str. 8
         86179 Augsburg, Germany

The administrator can be contacted at:

         Thomas Schaefer
         Fuggerstr. 16
         86150 Augsburg, Germany


KRUEGER SCHWEISSTECHNIK: Claims Registration Ends September 15
--------------------------------------------------------------
Creditors of Krueger Schweisstechnik GmbH have until Sept. 15 to
register their claims with court-appointed provisional
administrator Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Dortmund opened bankruptcy proceedings
against Krueger Schweisstechnik GmbH on Aug. 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Krueger Schweisstechnik GmbH
         Bruemmer 1
         44149 Dortmund, Germany

         Attn: Michael Jercynski, Manager
         Bergstrasse 55
         44575 Castrop-Rauxel, Germany

The administrator can be contacted at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund, Germany


M & M TISCHLEREI: Claims Registration Ends September 15
-------------------------------------------------------
Creditors of M & M Tischlerei GmbH have until Sept. 15 to
register their claims with court-appointed provisional
administrator Wilhelm Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 6
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt, 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 Erfurt opened bankruptcy proceedings
against M & M Tischlerei GmbH on Aug. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         M & M Tischlerei GmbH
         Attn: Hans-Georg Mohr, Manager
         Hauptstr 95
         99439 Neumark, Germany

The administrator can be contacted at:

         Wilhelm Wienberg
         Peterstr. 1
         99084 Erfurt, Germany


MUSTAFA TOPALOVSKI: Claims Registration Ends September 19
---------------------------------------------------------
Creditors of Mustafa Topalovski & Sohn GmbH have until Sept. 19
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. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         2. Stick
         William Route 21
         53111 Bonn, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bonn opened bankruptcy proceedings against
Mustafa Topalovski & Sohn GmbH on Aug. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Mustafa Topalovski & Sohn GmbH
         Attn: Mustafa Topalovski, Manager
         Endenicher Str. 324
         53121 Bonn, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Bundeskanzlerplatz 2-10
         53113 Bonn, Germany
         Tel: 0228-9727121
         Fax: 02289727122


NOP2020 VERWALTUNGS: Claims Registration Ends September 15
----------------------------------------------------------
Creditors of NOP2020 Verwaltungs-AG have until Sept. 15 to
register their claims with court-appointed provisional
administrator Rolf Sperling.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Room 3/I         
         Station Route 18
         Wolfratshausen, 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 Wolfratshausen opened bankruptcy
proceedings against NOP2020 Verwaltungs-AG on Aug. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         NOP2020 Verwaltungs-AG
         Finsterwalder Ring 10
         82515 Wolfratshausen, Germany

The administrator can be contacted at:

         Rolf Sperling
         Loisach Ufer 23
         82515 Wolfratshausen, Germany
         

NRWBEST GMBH: Claims Registration Ends September 15
---------------------------------------------------
Creditors of NRWbest GmbH have until Sept. 15 to register their
claims with court-appointed provisional administrator Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 6 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 341
         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 NRWbest GmbH on Aug. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         NRWbest GmbH
         Berliner Avenue 61
         40212 Duesseldorf, Germany

         Attn: Dr. Harald Adolphs, Manager
         Von-Ossietzky-Ring 41
         45279 Essen, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         New Customs Office 3
         40221 Duesseldorf, Germany


PHOTRONICS INC: Earns US$4.6 Million in Quarter Ended July 30
-------------------------------------------------------------
Photronics Inc.'s net income for the third quarter of fiscal
2006 ended July 30, 2006 amounted to US$4.6 million, compared to
the prior year's third quarter net income of US$14.8 million.  
Net income for the third quarter of 2006 included a charge of
US$1.8 million after tax in connection with the restructuring of
the Company's operations in North America.

Sales for the quarter were US$108.2 million, down 5.9%, compared
to US$114.9 million for the third quarter of 2005.  
Semiconductor photomasks accounted for US$87.2 million or 80.6%
of revenues during the third quarter of fiscal 2006, while sales
for flat panel display photomask sets accounted for US$21
million or 19.4%.

Net income for the first nine months of fiscal 2006 amounted to
US$19.5 million, compared to the prior year's first nine months
net income of US$29.9 million.

Sales for the first nine months of 2006 were US$339.6 million,
up 3.2% from the US$329 million for the first nine months of
fiscal 2005.  Semiconductor photomasks accounted for US$264.5
million or 77.9% of revenues during the first nine months of
fiscal 2006, while sales for FPD photomask sets accounted for
US$75.1 million or 22.1%.

A market driven slowdown in FPD business impacted the Company's
performance during the quarter.  In the semiconductor business,
the Company's performance was largely in line with expectations
across all three regions it serves, as the Photronics team
continues to execute the Company's strategic plan," commented
Michael J. Luttati, Chief Executive Officer.

"We expect conditions in our FPD business to begin improving
over the next several months and are already seeing signs of
improvement.  Furthermore, we were encouraged that even in this
difficult environment, Photronics outperformed its competitors,
gaining market share by leveraging our unique technology and
service leadership advantage.  It is this type of performance
which illustrates how our global team has embraced the strategic
priorities of profitable technology leadership; tighter global
integration and market share leadership.  We remain committed to
achieving these goals."

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide  
manufacturer of photomasks.  Photomasks are high precision
quartz plates that contain microscopic images of electronic
circuits.  A key element in the manufacture of semiconductors
and flat panel displays, photomasks are used to transfer circuit
patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat
panel displays and, to a lesser extent, other types of
electrical and optical components.  They are produced in
accordance with product designs provided by customers at
strategically located manufacturing facilities in Asia, Europe,
and North America.  In Europe, the company maintains operations
in Dresden, Germany and Manchester, UK.

                           *     *     *

Photronics carry Moody's B1 rating and Standard & Poor's BB-
Corporate Credit Rating.


PORTRAIT CORP: Files Chapter 11 Petition in New York
----------------------------------------------------
Portrait Corp. of America Inc., filed a Chapter 11 bankruptcy
petition with Southern District of New York in White Plains
after reaching an agreement with some of its bondholders,
Charlotte Business Journal reports.

The bondholders started to negotiate with Portrait Corp. on
steps to avoid liquidation.  Those bondholders would become the
Company's equity holders if Judge Adlai S. Hardin Jr. approved a
proposed restructuring plan.  According to Business Journal, the
Company expects to eliminate 75% of its debt and US$30 million
in annual interest payments.  

Portrait Corp. has experienced financial problems for some time,
including default on some notes and unpaid bills to vendors.  It
lost US$34.4 million in 2005 and US$29.7 million in 2004.

Portrait Corp. Chief Executive David Alexander, in an interview
with Business Journal, said: "After several months of productive
dialogue between our major creditors and our equity holders, we
have achieved an agreement that will make PCA a much stronger
company."  Mr. Alexander added: "We enter restructuring in a
unique position in that our key lenders are already on board
with our plan."

In June, Portrait Corp. reported it has hired separate
restructuring teams to advise it and the holders of about US$165
million of its bond debt.

Portrait Corporation of America, Inc., provides professional
portrait photography products and services to children, adults
and families in North America.  The Company operates portrait
studios within Wal-Mart stores and Supercenters in the United
States, Canada, Mexico, Germany and the United Kingdom.  The
Company also operates a modular traveling business providing
portrait photography services in additional retail locations and
to church congregations and other institutions.

                    Going Concern Doubt

Eisner LLP raised substantial doubt about Portrait Corp. of
America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006, and insufficient liquidity to meet those
obligations.


PORTRAIT CORP: Case Summary & 29 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Portrait Corporation of America, Inc.
        fka PCA International, Inc.
        815 Matthews-Mint Hill Road
        Matthews, NC 28105

Bankruptcy Case No.: 06-22541

Debtor-affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      American Studios, Inc.                     06-22542
      Hometown Threads LLC                       06-22543
      PCA Photo Corporation of Canada, Inc.      06-22544
      PCA Finance Corp.                          06-22545
      PCA LLC                                    06-22546
      PCA National LLC                           06-22547
      PCA National of Texas LP                   06-22548
      Photo Corporation of America, Inc.         06-22549

Type of Business: The Debtors' core business is in retail
                  portrait photography.  Their automated film
                  laboratory processes more than 130 million
                  portraits annually for more than seven million
                  customers.

                  The Debtors are the exclusive portrait
                  providers for Wal-Mart stores, and operate
                  studios in more than 3,000 Wal-Mart store
                  locations in the United States, Canada,
                  Germany, United Kingdom and Mexico.  See
                  http://pcaintl.com/

Chapter 11 Petition Date: August 31, 2006

Court: Southern District of New York (White Plains)

Judge: Adlai S. Hardin Jr.

Debtors' Counsel: John H. Bae, Esq.
                  Cadwalader Wickersham & Taft LLP
                  One World Financial Center
                  New York, NY 10281
                  Tel: (212) 504-6013
                  Fax: (212) 504-6666
                  http://www.cadwalader.com/  

Counsel for
Debtors' Outside
Directors:        Kirkland & Ellis LLP
                  Citigroup Center
                  153 East 53rd Street
                  New York, NY 10022-4611
                  Tel: (212) 446-4800
                  Fax: (212) 446-4900
                  http://www.kirkland.com/  

Debtors'
Restructuring
Accountants:      Mesirow Financial Consulting, LLC
                  350 North Clark Street
                  Chicago, IL 60610
                  Tel: (312) 595-6000
                  Fax: (312) 595-4246
                  https://www.mesirowfinancial.com/

Debtors'
Financial
Advisor and
Investment
Banker:           Berenson & Company LLC
                  667 Madison Avenue
                  New York, NY 10021
                  Tel: (212) 935-7676
                  Fax: (212) 935-1499
                  http://www.berensonco.com/  

Debtors' Claims,
Noticing and
Balloting Agent:  Bankruptcy Services LLC
                  757 Third Avenue 3rd Floor
                  New York, NY 10017
                  Tel: (646) 282-2500
                  Fax: (646) 282-2501
                  http://www.bsillc.com/

Debtors' financial condition as of July 30, 2006:

      Total Assets: US$153,205,000

      Total Debts:  US$372,124,000

Debtors' Consolidated List of its 29 Largest Unsecured
Creditors:

  Entity                        Nature of Claim     Claim Amount
  ------                        ---------------     ------------
The Bank of New York Trust      Indenture Trustee US$165,000,000
Company, N.A.
Corporate Trust - Default
Administration Group
101 Barclay Street - 8W
New York, NY 10286
c/o Stuart Kratter
Tel: (212) 815-5466
Fax: (212) 815-5131

Goldman Sachs & Co.             Noteholder         US$42,475,000
85 Broad Street
New York, NY 10004
c/o Matt Brenner
Tel: (212) 902-8184

Whippoorwill Associates, Inc.   Trade              US$22,782,655
Assignee of AgfaPhoto USA Corp.
11 Martine Avenue, 11th Floor
White Plains, NY 10004
c/o Steven Gendal
Tel: (914) 683-1002

Wal-Mart Stores, Inc.           Rent/Royalty        US$5,078,952
702 Southwest 8th Street
Bentonville, AR 72716
c/o Michael Li
Tel: (479) 204-6574

Callisto Corporation            Trade                 US$681,291
182 West Central Street
Suite 101
Natick, MA 01760
c/o Mike Barta
Tel: (508) 655-3311
Fax: (508) 650-4626

PBM Graphics, Inc.              Trade                 US$429,871
3700 Miami Boulevard
Durham, NC 27703
c/o Gary Pegram
Tel: (919) 595-7611
Fax: (919) 595-7929

Travelers Indemnity Company     Trade                 US$413,664
P.O. Box 91287
Chicago, IL 60693-1287
c/o Brian Tanasi
Tel: (860) 277-7932

Walsworth Publishing co.        Trade                 US$388,041
P.O. Box 412034
Kansas City, MO 64141-2034
c/o Rich Bond
Tel: (866) 369-2646
Fax: (660) 376-3269

Eisner LLP                      Trade                 US$355,000
750 Third Avenue
New York NY 10017-2703
c/o Nicholas Tsafos
Tel: (212) 891-4128

National Print Group Inc.       Trade                 US$334,427
P.O. Box 116424
Atlanta, GA 30368-6424
c/o Phillip L. Harris
Tel: (423) 648-8803
Fax: (800) 624-0408

Photo Control Corp.             Trade                 US$280,483
4800 Quebec Avenue
Minneapolis, MN 55428
c/o Doug Waldoch
Tel: (763) 537-3601
Fax: (763) 537-2852

Global Crossing Telecom.        Trade                 US$225,724

Strategic Flooring Services     Trade                 US$168,656

Datamail Inc.                   Trade                 US$156,073

Carolina Envelope               Trade                 US$137,645

Sony Electronics/B&P            Trade                 US$136,600

Dell Corporation                Trade                 US$117,412

Reliance Deductible Recovery    Trade                 US$114,098

Lee Wayne Corp.                 Trade                 US$110,243

Denny Manufacturing Co., Inc.   Trade                 US$107,986

Robinson, Bradshaw & Hinson PA  Trade                 US$107,311

Dell Financial Services Inc.    Trade                  US$92,493

IBM Corporation                 Trade                  US$89,715

C.L. Rabb, Inc.                 Trade                  US$89,189

VAResources, Inc.               Trade                  US$88,810

Sunbelt                         Trade                  US$83,369

Granite                         Trade                  US$82,854

J L & S Woodworking Inc.        Trade                  US$82,132

Amglo Kemlite                   Trade                  US$73,403


PORTRAIT CORP: Sees 75% Debt Cut Upon Chapter 11 Emergence
----------------------------------------------------------
Portrait Corporation of America, Inc., reached a voluntary,
consensual agreement with its key lenders to file a pre-
negotiated Chapter 11 restructuring plan, on Aug. 31, 2006, in
order to keep the company operationally strong and viable.  The
plan will simplify the company's capital structure, and upon
court approval of the Chapter 11 plan, certain bondholders will
become equity holders.

The company anticipates that due to the positive nature of the
consensual agreement that the Chapter 11 process will not be a
lengthy process but one measured in months.  This process
creates an orderly court protected process and, upon
confirmation of the plan will eliminate over 75% of the
company's debt, strengthening PCA's competitive position.

"After several months of productive dialogue between our major
creditors and our equity holders we have achieved an agreement
that will make PCA a much stronger company," R. David Alexander,
Chairman and CEO, said.

"We enter restructuring in a unique position in that our key
lenders are already on board with our plan.  Operationally we
are focused on producing strong fall results and with the
elimination of over $30 million in annual interest we will now
have the resources to truly compete.  I want our customers to
know that they can trust us to deliver the quality product
they're accustomed to and they will continue to be able to count
on us for even more choices and new products.  We appreciate the
support we have received from all parties concerned,
particularly our own associates.  We believe that this
restructuring provides a very bright future for our company."

Islam Zughayer from Berenson & Company is PCA's financial
advisor, and John Bae from Cadwalader, Wickersham & Taft LLP is
PCA's legal advisor.

                       About Portrait Corp.

Based in Matthews, North Carolina, Portrait Corporation of
America, Inc. - http://pcaintl.com/-- provides professional  
portrait photography products and services to children, adults
and families in North America.  The Company operates portrait
studios within Wal-Mart stores and Supercenters in the United
States, Canada, Mexico, Germany and the United Kingdom.  The
Company also operates a modular traveling business providing
portrait photography services in additional retail locations and
to church congregations and other institutions.

Portrait Corporation and eight subsidiaries filed for chapter 11
protection on Aug. 31, 2006 (Bankr. S.D.N.Y. Case No. 06-22541).
John H. Bae, Esq., Cadwalader Wickersham & Taft LLP represent
the Debtors' in their restructuring efforts.  Lawyers from
Kirkland & Ellis LLP represent the Debtors' outside directors.  
Mesirow Financial Consulting, LLC, is the Debtors' restructuring
accountants.  Berenson & Company LLC gives financial advice to
the Debtors.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 28, 2006,
Eisner LLP raised substantial doubt about Portrait Corporation
of America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006 and insufficient liquidity to meet those
obligations.


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


METSO CORP: Completes Purchase of Paper Machine Maker in China
---------------------------------------------------------------
Metso Paper has received relevant regulatory approvals from the
Chinese authorities for the acquisition of Shanghai-Chenming
Paper Machinery Co. Ltd agreed in February 2006.  The entire
share capital of the company was transferred to Metso as of
Aug. 31, 2006.  The debt-free purchase price and the investments
related to the development of the unit total about EUR35
million.  The company was previously owned by Shandong Chenming
and Shanghai Heavy Machinery.

The acquired company, operating from now on under the name of
Metso Paper Technology (Shanghai) Co. Ltd., comprises a
workshop, a foundry and a design department.  The unit is
located in the Shanghai area in Jiading and it employs around
550 people.  The unit will mainly concentrate on manufacturing
paper and board machine sections for Metso Paper's delivery
projects in China.  However, the plant already has the
capability to manufacture a major part of a conventional
linerboard machine for the Chinese market.  The unit can also
supply some components for projects outside of China, which will
strengthen Metso's global sourcing.

The Shanghai unit will further strengthen Metso Paper's
capabilities to serve the fast growing Chinese paper industry
and will simultaneously open new opportunities to serve also
markets outside of China.

Metso Paper also has a joint venture company, Valmet-Xian
Machinery Co. Ltd. in China.  Valmet-Xian employs approximately
1,110 people and focuses on small and medium size paper and
board machines.  Metso owns 48.3% of the joint venture.

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *

The Company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.


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


ARES FINANCE: S&P Affirms BB Rating on Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
the class C and D notes issued by ARES FINANCE 2 S.A.  At the
same time, the class C notes were removed from CreditWatch with
positive implications where they were placed on June 9, and the
rating on the class E notes was affirmed.
  
The notes issued by ARES FINANCE 2 are ultimately backed by a
pool of secured and unsecured nonperforming loans originated in
Italy by Banca Nazionale del Lavoro S.p.A.  The servicer for
this transaction is Societa Gestione Crediti S.p.A.  The
portfolio adviser is Archon Group Italia S.r.l., which has a
Standard & Poor's special servicer ranking of ABOVE AVERAGE.
  
The upgrades reflect the ongoing deleveraging of the transaction
and the composition of the residual portfolio.
  
Cumulative net collections for the transaction (EUR545.1 million
as of July 24) are below the servicer's and Standard & Poor's
base case.  A moderately higher than expected profitability
(101.5% of the revised business plan) and the favorable interest
rate environment have limited the impact of the higher costs
related to the notes' amortization, which has been slower than
expected.
  
The underlying portfolio continues to advance through the legal
stages of the resolution process.  A large share (68%) of the
residual gross book value is currently in the distribution
phase. This is because of the ongoing servicing of the portfolio
and the gradual accumulation of loans for which cash is expected
to be distributed by the courts.  

As of the last available report, cash awaiting distribution from
the courts totaled EUR46.2 million.  According to the servicer's
experience, distribution from courts takes on average around one
year for foreclosures, and 18 months for bankruptcy proceedings.
  
In terms of resolution strategy, recent reports show an
increasing reliance on court resolutions (cash from closed out-
of-court resolutions in the last two collection periods was
negligible).  This is consistent with the residual portfolio's
concentration in the later stages of the resolution process,
which reduces the incentive to close out-of-court resolutions.
This trend is expected to continue.
  
There has been no evidence in the residual portfolio of adverse
selection; the current geographical and asset-type composition
does not substantially differ from that of the closing pool.
  
Any upgrade potential on the class E notes is currently limited
by the fact that the liquidity facility cannot be used to cover
interest shortfalls on these notes.
  
Standard & Poor's used a cash flow model to assess the impact on
the notes of the residual pool's resolution in terms of its
composition, security of the underlying positions, loan status
in the recovery process, and the special servicer's performance.
  
Standard & Poor's will continue to closely monitor the
performance of the servicing activity in terms of speed and
profitability of court resolutions, and the overall composition
of the residual portfolio.
  
                       Ratings List
                     ARES FINANCE 2 S.A.
        EUR684.9 Million Asset-Backed Floating-Rate Notes
  
                  Class             Rating
                  -----             ------          
                          To               From
                          --               ----

        Rating Raised And Removed From CreditWatch  
  
                  C       AAA              A/Watch Pos
   
        Rating Raised
  
                  D       A-               BBB
  
        Rating Affirmed
  
                  E       BB               BB


ALITALIA SPA: Improves July Traffic Operations
----------------------------------------------
Alitalia S.p.A. released its traffic figures for July 2006.

In July 2006, Alitalia posted an overall positive performance.
Alitalia carried 2.3 million passengers, up 0.6% compared to the
previous year.

Traffic, measured in Revenue Passenger Kilometers, increased
0.9% despite the fact that the capacity, measured in Available
Seat Kilometers, decreased by 0.9%.

The load factor grew 1.5 percentage points reaching 79.3%.  July
2006 traffic increase in traffic also showed a slight increase
in total network yields mainly caused by the positive
performance achieved on intercontinental yields.

Detailed comparisons with July 2005:

   -- Domestic Passenger Network: traffic was down 3.3% compared
      to last year while load factor increased by 2.3 percentage
      points to 69.3%;

   -- International Passenger Network: traffic was up 3.4% on a
      capacity increase of 1.9%, improving load factor by 1.1
      percentage points to 76.4%;

   -- Intercontinental Passenger Network: long haul traffic was
      in line with last year's performance, up 0.5%, with load
      factor reaching 85.1%, up 1.2 points against last year.

In July, Cargo, measured in Revenue Ton Kilometers, increased by
12.1%. Overall load factor decreased by 5.3 percentage points
down to 59.9%.

                         About Alitalia

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

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


ALITALIA SPA: Hikes Net Debt to EUR909 Million in July 2006
-----------------------------------------------------------
Alitalia S.p.A. released its debt figure for the month ended
July 31, 2006.

The release was in compliance with instructions from Italy's
Securities and Exchange Commission (CONSOB).  Data regarding
current portions of amounts falling due within twelve months are
no longer classified under medium-/long-term indebtedness, but
now form part of data relating to short-term financial debt.

These observations on the most important changes that have taken
place during the two periods in question refer to the situation
for the Group.  However, given the preponderance of Alitalia
within the whole Group, these observations are in fact
representative of the parent company's performance alone.

   -- the Group's net debt as of July 31, 2006, amounted to
      EUR909 million, showing an increase in net indebtedness of
      EUR13 million (+1.5%) compared to the situation on
      June 30, 2006, announced on July 26, 2006.

   -- the net debt of the parent company Alitalia including
      short-term net financial credits for subsidiaries on
      July 31, 2006, amounted to EUR872 million in line (+0.2%)
      Compared to the situation on June 30, 2006.

   -- the Group's cash-to-hand and short-term financial credits
      as of July 31, 2006 amounted to EUR862 million while the
      parent company Alitalia as of the same date amounted to
      EUR907 million.

It should be noted that as of July 31, 2006, there were several
leasing contracts at the Group level (referring almost entirely
to fleet aircraft mostly held by the parent company amounting to
EUR144 million) whose capital share, including lease closure
value, amounted to EUR160 million, of which EUR24 million
represent the current capital share falling due within 12 months
of the reference date, with EUR22 million held by the parent
company.

By comparison, the same figure as of June 30, 2006, amounted to
EUR164 million, of which EUR27 million falling due in the twelve
months from the reference date; the corresponding figures for
the parent company on June 30, 2006, amounted to EUR148 and
EUR24 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During July 2006, repayments were made of medium/long-term
financing amounting to about EUR3 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on July 31, 2006, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on July 31, 2006,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to some
airport management companies for disputed debts amounting to a
total of EUR86 million on July 31, 2006.

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- nine injunctions issued by an airport management
      company for a total of about EUR12.1 million (4 decrees);

   -- a further injunction has been issued by an IT
      services supplier for about EUR812,000 (1 decree);

   -- another injunction has been issued by a professional
      studio for EUR534,000;

   -- a contractor for restructuring work has issued an
      injunction for about EUR635,000; and

   -- there are injunctions issued by two suppliers for a total
      of around EUR40,000.
      
Except for the above, there are no other injunction orders or
executive actions undertaken by creditors notified as of
July 30, 2006, nor are there any threats by suppliers to suspend
operations.

                         About Alitalia

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

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


WIND TELECOMUNICAZIONI: Fitch Keeps B+ Issuer Default Rating
------------------------------------------------------------
Fitch Ratings changes Wind Wind Telecomunicazioni S.p.A.'s
Outlook to Positive from Stable and affirmed its Issuer Default
rating at B+.  Fitch also affirmed Wind's first priority senior
secured facilities: BB/RR2, Wind Finance SL S.A.'s second lien
notes: BB/RR2 and Wind Acquisition Finance S.A.'s EUR1.5 billion
senior notes at B+/RR4.

The Positive Outlook reflects Wind's positive revenue, earnings
and cash generative momentum and the clear commitment to debt
reduction as evidenced by early amortization of the first
priority senior secured facilities to date.  

It also reflects Fitch's expectation that further early
repayment is probable. Early repayment of the company's senior
debt strengthens the recovery prospects for the more junior
classes of creditor.

Fitch believes that Wind has achieved the momentum that will
drive debt and leverage to a level consistent with a higher
rating within the next 18 months and will monitor the
performance of the business in the coming months.


* Fitch Rates Taranto City's Long-Term Foreign Currency at BB+
--------------------------------------------------------------
Fitch ratings published the Italian city of Taranto Long-term
foreign and local currency ratings of BB+ and a Short-term
rating of F3.  The Long-term rating Outlooks are Positive.  

The action affects approximately EUR320 million long-term and
EUR25 million short-term debt outstanding at end-2005 as well as
future borrowings.

The ratings reflect Taranto's poor financial management, which
has led to a weak budget, liquidity strains, high debt burden,
and recently, to intervention by the government.  On the other
hand, the ratings take into account the supportive regulatory
control framework for Italy's local governments and the treasury
bank commitment to roll over short-term liquidity needed to
allow timely direct-debt service.

The Positive Outlook reflects the intention of the city to sell
property assets to cover the fund balance deficit of about
EUR190 million.  Rating upside may also stem from tariff and tax
increases that will contribute to restoring and consolidating
the operating balance so that annual debt service requirements
are paid without systematic recourse to preferential payments.

Low tax collection rates and lax spending procedures have
resulted in a gradual accumulation of off-balance sheet
liabilities and a fund balance deficit of about EUR190 million
at end-2005, with subsequent persistent revenue/expenditure
mismatches.  

Taranto's ability to timely serve its debt has been therefore
crucially underpinned by the recourse to preferential payment
mechanisms.  The national legislation provides local and
regional governments with the tools to segregate the liquidity
needed to repay personnel expenditures, basic services and debt
installments when they come due in a context of liquidity
tension.  

The treasury bank commitment to advance to the city liquidity
lines up to 25% of the operating revenues (accounting for about
EUR140 million) helps to make up for liquidity shortfall.

Improvement of the tax collection rates yielded an operating
margin of about 15% of the operating revenues in 2004/2005, up
from a deficit in 2001.  However, the operating margin remains
insufficient to cover debt service requirements of about EUR25
million per year, which account for 20% of the operating
revenues.

While cuts in spending for personnel and public service can help
control future cost dynamics, revenue-enhancing measures, such
as increasing the very low fees and tariffs on municipal
services, remain key to boosting the operating margin further.

Operating deficits and capital spending on urban renovations
drove Taranto's long-term direct debt to about EUR320 million at
end-2005, accounting for about 210% of the operating revenues,
up from about EUR200 million five years ago.  

However, restraints of capital spending, as well as sales of
real estate properties and stakes in municipal companies, should
limit future financing requirements and cover the fund balance
deficit.

Taranto was placed under state tutorship in March 2006 following
the mayor's resignation and the municipality's financial stress.
The tutorship of the state is considered as positive by Fitch as
it should allow for stricter control over the city's finances.

Taranto has about 200,000 inhabitants and is located in Southern
Italy.  It has a GDP per capita of about EUR15,000, which is 20%
lower than the EU25 average and a 17% unemployment rate.  The
shadow economy, estimated to account for almost 20% of official
GDP, largely mitigates Taranto's below-EU average economic
wealth indicators.  Fitch will closely monitor the development
of Taranto's finances.


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


AKRAB- KOMHOZ: Aktube Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against JSC Akrab- Komhoz on
July 17.


AN I K: Almaty Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP An I K on July 4.  

Creditors must submit written proofs of claim at:

         LLP An I K
         Taugul-3, 138
    Almaty, Kazakhstan
    Tel: 8 (3332) 23-07-71


AYAN: Almaty Court Commences Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Ayan on July 3.

Creditors must submit written proofs of claim at:

         LLP Ayan
         Taugul-3, 138
    Almaty, Kazakhstan
    Tel: 8 (3332) 23-07-71


JYGER COMPANY: Kostanai Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Jyger Company on
July 18.

The Specialized Inter-Regional Economic Court of Kostanai Region
can be reached at:

         Baitursynov Str. 70
    Kostanai
    Kostanai Region
         Kazakhstan


MUNAIGAZSERVIS: Mangistau Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against
LLP Munaigazservis.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Building of Former Kindergarten 51
    Micro District 27
    Aktau
    Mangistau Region
    Kazakhstan


TAZA-KALA-ASSA: Jambyl Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against LLP Taza-Kala-Assa on
June 27.

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

         LLP Taza-Kala-Assa
         Momyshuly Side Street, 8-1
    Str.4
         Taraz
    Jambyl Region
    Tel: 8 (3262) 31-61-03


TRANSTORGSTROI: Aktube Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Transtorgstroi on
July 18.


ZERENDINSKAYA AGROPROMTEHNIKA: Creditors' Claims Due Sept. 22
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared OJSC Zerendinskaya Agroindustrial Technics
Zerendinskaya Agropromtehnika insolvent on June 23.

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

         OJSC Zerendinskaya Agropromtehnika
         Auelbekova Str. 139a-228
    Kokshetau
    Akmola Region
    Kazakhstan
    Tel:  8 (3162) 25-79-32


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


AK-BULA: Public Auction Scheduled for Sept. 8
---------------------------------------------
The bidding organizer and insolvency manager of JSC Ak-Bula will
auction the company's assets at 10:00 a.m. on Sept. 8 at:

         JSC AK-Bula
         Industry Zone
         Tokmok, Kyrgyzstan

The sale will include 30 of the Debtor's properties comprising
of:

   -- buildings,
   -- a main production base,
   -- transfer devices,
   -- warehouses,
   -- a cafe,
   -- stand-by reservoir, and
   -- a heating and high-voltage network.

Interested bidders have until 12:00 noon on Sept. 6 to deposit
an amount equivalent to 10% of the starting price to the cashier
of JSC Ak-Bula.

Participants may submit their bids at:

         JSC Ak-Bula
         Industry Zone
         Tokmok, Kyrgyzstan
         Tel: (+996 3138) 5-16-99
              (0-502) 32-70-64


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


HELIX CAPITAL: Fitch Junks EUR44-Mln Series 2002-12C Notes
----------------------------------------------------------
Fitch Ratings upgraded HELIX Capital's (Netherlands) Series
2002-12A and 2002-12B.  In addition, the agency affirmed Series
2002-12C and upgraded the Distressed Recovery Rating.

   -- EUR40,000,000 Series 12A (ISIN XS0144702718) upgraded to
      AA+ from AA;

   -- EUR44,000,000 Series 12B (ISIN XS0144703872) upgraded to
      BBB- from BB; and

   -- EUR44,000,000 Series 12C (ISIN XS0144704094) affirmed at
      CCC; Distressed Recovery rating upgraded to DR2 from DR3.

The upgrades of Series 1002-12A and 2002-12B are due to
increased seasoning of the portfolio, which has resulted in
lower credit enhancement requirements due to the limited time to
maturity in August 2007.  

Since Fitch's review in October 2005, the credit quality has
slightly deteriorated although this has been offset by the
increased seasoning.  The Weighted Average Fitch Factor has
remained within the BBB rating category, although it has
deteriorated slightly to 5.32 from 4.99 last year.  Twenty-one
names are speculative-grade names compared to 19 in October
2005.

Although there have been no losses incurred for the Series 12C
notes to date, any future credit events would likely result in
impairment of this tranch.  Despite this, under a mild stress
scenario, recovery projections have improved since the DR rating
was assigned in 2005 due to the limited time to maturity.  

Helix Capital (Netherlands) B.V. is a special purpose vehicle
incorporated with limited liability under the laws of the
Netherlands.  Through a credit default swap Helix Capital
provides protection to Bank of America, N.A. on a EUR1.795
billion reference portfolio containing 125 corporate reference
entities (128 at closing date) and two collateralized debt
obligations.

The value of the portfolio was EUR1.830 billion at the time of
its issue in June 2002.  Following three credit events on
Worldcom, TXU Europe and Solutia the credit enhancement has been
reduced from 1.94% to 0.38%.


HELIX CAPITAL: Fitch Junks EUR75-Mln Series 2001-5 Notes
--------------------------------------------------------
Fitch Ratings upgraded Helix Capital (Netherlands) B.V.'s EUR25
million Series 2001-5a to AAA from AA and affirmed EUR75 million
Series 2001-5 at CCC.  The Recovery rating for Series 2001-5 is
affirmed at DR1.

The upgrade of the Series 2001-5a notes is due to increased
seasoning of the portfolio, which has resulted in lower required
credit enhancement levels.  The transaction will mature in
November of this year.  

While there has been a slight negative credit migration in the
portfolio, the impact of seasoning has more than offset this
decline resulting in the above upgrade.  The credit quality has
slightly deteriorated with 25 speculative-grade names compared
to 21 in the review in November 2005.

The notional value of the portfolio has decreased since issue to
EUR1.15 billion from EUR1.2 billion following credit events on
Teleglobe, British Energy, Solutia, Mirant and Delphi (The final
recovery rate for Delphi is 53.57%).  These losses have exceeded
the attachment point of the Series 2001-5 notes, resulting in
EUR12.5 million of losses to date.

Due to the limited time to maturity and relatively favorable
recovery prospects, Fitch has affirmed both the long term rating
at CCC as well as the Distressed Recovery Rating on Series 2001-
5 at DR1.

Helix is a special purpose vehicle incorporated with limited
liability under the laws of the Netherlands.  Through a credit
default swap Helix provides protection to Bank of America, N.A.
on a EUR1.2 billion reference portfolio containing 115 reference
entities (120 at closing date).


JUBILEE CDO: Moody's Rates EUR17-Mln Class E Notes at Ba3
---------------------------------------------------------
Moody's assigned these definitive long-term ratings to the Notes
issued by Jubilee CDO VI B.V. a Dutch special purpose company:

   -- EUR100 million Class A1-a Senior Secured Floating Rate
Notes: Aaa;

   -- EUR25 million Class A1-b Senior Secured Floating Rate
Notes: Aa1;

   -- EUR112.5 million Class A2-a Senior Secured Floating Rate
Notes: Aaa;

   -- EUR12.5 million Class A2-b Senior Secured Floating Rate
Notes: Aa1;

   -- EUR13 million Class A3 Senior Secured Floating Rate Notes:
Aaa;

   -- EUR32 million Class B Senior Secured Floating Rate Notes:
Aa2;

   -- EUR27 million Class C Senior Secured Deferrable Floating
Rate Notes: A2;

   -- EUR21 million Class D Senior Secured Deferrable Floating
Rate Notes Notes: Baa3;

   -- EUR17 million Class E Senior Secured Deferrable Floating
Rate Notes: Ba3;

   -- EUR12 million Class P Combination Notes: Baa3;

   -- EUR3.15 million Class Q Combination Notes: Baa3;

   -- EUR3 million Class R Combination Notes: Baa3; and

   -- EUR6 million Class S Combination Notes: Baa1.

The EUR40 million Class F Subordinated Notes were issued but is
not rated by Moody's.

The ratings of the Class A, B, C, D and E Notes address the
expected loss posed to investors by the legal final maturity
(Sept. 20, 2022).  The ratings of the Class P Combination Notes,
Class Q Combination Notes and Class R Combination Notes address
the expected loss posed to investors by the legal final maturity
(Sept. 20, 2022) as a proportion of the Rated Balance, where the
Rated Balance is equal, at any time, to the principal amount of
the Combination Notes on the closing date minus the aggregate of
all payments made from the closing date to such date, either
through interest or principal payments.

The ratings of the Class S Combination Notes address the
expected loss posed to investors by the legal final maturity
(Sept. 20, 2022) as a proportion of the Rated Balance, where the
Rated Balance is equal, at any time, to the principal amount of
the Combination Notes on the closing date plus a Rated Coupon of
0.25% per annum minus the aggregate of all payments made from
the closing date to such date, either through interest or
principal payments.

These definitive ratings are based upon:

   -- an assessment of the eligibility criteria and portfolio
guidelines applicable to the future additions to the
portfolio;

   -- the protection against losses through the subordination of
the more junior classes of notes to the more senior   
classes of notes;

   -- The currency swap transactions, which insulate Jubilee CDO
VI B.V. from the volatility of the foreign currency
exchange rates, for Non-Euro denominated obligations;

   -- the expertise of Alcentra Limited as loan manager; and

   -- the legal and structural integrity of the issue.

This transaction exposes investors to a portfolio of high yield
loans and bonds related to mostly European corporate issuers in
a total amount of app. EUR388 million.  This portfolio is
dynamically managed by Alcentra Limited.  

The portfolio has been partially acquired at the closing date
and will be partially acquired during the ramp-up period in
compliance with portfolio guidelines (which include, among other
tests, a diversity score test, a weighted average rating factor
test and a weighted average spread test).  Thereafter, the
portfolio of loans will be actively managed and the portfolio
manager will have the option to direct the issuer to buy or sell
loans.  Any addition or removal of loans will be subject to a
number of portfolio criteria.

Moody's has applied its binomial expansion method to this
transaction and reflected the expected payments in a cash flow
model.  The model takes into account the portfolio selection
guidelines and most importantly the credit quality (measured
through the rating factor, the recovery rate and the diversity
score) as well as the expected average spread of the portfolio.

Moody's ratings address only the credit risks associated with
the transaction, other non-credit risks have not been addressed,
but may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.


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


AKER KVAERNER Inks US$68-Mln Subsea Deal with Sonangol Pesquisa
----------------------------------------------------------------
Sonangol Pesquisa e Producao S.A. has signed a letter of intent
with Aker Kvaerner for supply of the subsea production system at
the Block 4/05 -- Gimboa field offshore Angola in West Africa.
The total contract value for Aker Kvaerner is approximately
US$68 million.

The scope of work for Aker Kvaerner Subsea covers project
management, engineering, manufacturing, testing, delivery and
installation support for the Gimboa subsea production system.

"We are proud to be awarded this contract with Sonangol, the
national oil company of Angola, where we will use our already
well-proven subsea production system technolog," says Raymond
Carlsen, executive vice president of Aker Kvaerner Subsea.  
"This will be the first offshore field Sonangol is developing as
operator and will further strengthen the already good
relationship between the two companies. We consider this
contract to be of strategic importance to the growth of our
activity in Angola."
  
Aker Kvaerner has a long track record of projects in Angola, and
has built up a well-equipped base and supplier network to do a
substantial part of the work in the country.

The subsea equipment will be installed at a water depth of 700
meters at the Gimboa field about 80 km offshore the coast of
Angola in West Africa.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

As reported in TCR-Europe on April 26, Moody's Investors Service
upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all is stable.


OSLO REINSURANCE: Wants High Court to Approve Oct. 3 Hearing
------------------------------------------------------------
Oslo Reinsurance Company (U.K.) Limited and Oslo Reinsurance
Company ASA applied to the High Court of Justice for a court
hearing to be held on Oct. 3, 2006.

The Scheme Companies asked permission from the Court to convene
meetings of Scheme Creditors to consider and approve solvent
scheme of arrangement to be proposed by the Scheme Companies
pursuant to Section 425 of the Companies Act 1985.

The primary objective of the Schemes is to conclude the run-off
of the Scheme Companies earlier than would be the case if claims
were left to mature in the normal course of business.

At the hearing the Court will decide how many separate class
meetings of Scheme Creditors the Scheme Companies must convene
for the purpose of voting on the Schemes.

Oslo Re ASA proposes to convene a single meeting of its Scheme
Creditors.  As Oslo Re ASA's business is pure reinsurance, it is
considered that the rights of its Scheme Creditors should be
sufficiently similar to enable them to consult together in a
single class.

Oslo Re U.K. proposes to convene two meetings of its Scheme
Creditors:

   -- a meeting of Scheme Creditors in relation to their claim
      other than IBNR claims; and

   -- a meeting of Scheme Creditors in relation to their IBNR
      claims.

As the Scheme of Oslo Re U.K. includes direct as well as
reinsurance business, it is considered appropriate to separate
creditors with IBNR claims into a separate class for voting on
its Scheme.

If any potential Scheme Creditor has concerns regarding the
proposed constitution of classes, they should inform the Scheme
Companies in writing, as soon as possible and in any event seven
days prior to the date of the hearing so that their concerns can
be drawn to the Court's attention.

Scheme Creditors also have the right to attend the hearing for
the purpose of making representations.  Scheme Creditors who
intends to do so should inform the Scheme Managers at least
seven days prior to the date of the hearing.

A copy of the letter containing further details on the proposed
Schemes is available at: http://www.oslore.no/

The Scheme Managers can be reached at:

         Jan C. H. Endresen and Bjorn Morten Skordal
         Oslo Reinsurance Company ASA
         P.O. Box 1753 Vika.
         N-0122 Oslo, Norway
         Tel: +47 22 31 59 86
              +47 22 31 28 91
         Fax: +47 22 31 29 74
              +47 22 31 29 00
         E-mail: scheme.inquiries@oslore.no


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



POZMEAT S.A.: Sokolow Submits Offer to Purchase Bankrupt Assets
---------------------------------------------------------------
The creditors' council of ZM Pozmeat S.A. has approved the
initial acquisition offer made by Sokolow, a subsidiary of
Saturn Nordic Holding, for the bankrupt meat producer's assets,
Puls Biznesu reports.  Jan Kanecki, Pozmeat's bankruptcy
officer, will negotiate the best possible conditions of the
transaction in behalf of the Debtor.

"We have offered our conditions.  We are waiting for the
creditors' decision.  I believe that everything will be decided
within a month," Jerzy Majchrzak, the director of the management
bureau in Sokolow, told the paper.

Headquartered in Poznan, Poland, ZM Pozmeat S.A.
http://www.pozmeat.com.pl/english-- is a meat processing  
company.  Pozmeat fell into liquidation in September 2004 after
years of mudslinging between individual and corporate
shareholders, which have traded accusations of over-investing,
excessive debt, and obstruction of plans to improve the
situation.  Pozmeat owes creditors more than PLN90 million, the
bulk of which is to BPH bank, one of the company's corporate
shareholders.  In 2003, the company booked PLN36 million in
losses and PLN24 million in revenues.


=============
R O M A N I A
=============


BANC POST: Fitch Revises Outlook to Positive
--------------------------------------------
Fitch Ratings revised Banc Post's rating Outlook to Positive,
reflecting the Positive Outlook on its majority owner EFG
Eurobank's ratings and also that the Country Ceiling is no
longer a constraint.  Banc Post's Issuer Default rating, Short-
term, Individual and Support ratings are affirmed at BBB+, F2, D
and 2.

This action follows the upgrade of the Romanian IDR to BBB from
BBB- and the simultaneous upgrade of the Country Ceiling to A-
from BBB+.


BANCA COMERCIALA: Fitch Lifts IDR to BBB- From BB+
--------------------------------------------------
Fitch Ratings upgraded Banca Comerciala Romana's Issuer Default
Rating to BBB- from BB+, Short-term rating to F3 from B and the
Support rating to 2 from 3.  These rating changes result from
the improved ability of the Romanian sovereign to provide
support to BCR in case of need, and reflect the importance of
BCR to the Romanian banking system.  

BCR's Individual rating is affirmed at C/D.  BCR's IDR, Short-
term and Support ratings remain on Rating Watch Positive pending
completion of Erste Bank's (rated A) purchase of a majority
stake in BCR.  When this deal is completed, BCR's IDR, Short-
term and Support ratings are likely to be upgraded.

This action follows the upgrade of the Romanian Issuer Default
rating to BBB from BBB- and the simultaneous upgrade of the
Country Ceiling to A- from BBB+.


BANCA TIRIAC: Fitch Affirms Individual Rating at D
--------------------------------------------------
Fitch Ratings upgraded Banca Comerciala Ion Tiriac's Issuer
Default Rating to A- from BBB+ and its Support rating to 1 from
2, following the upgrade of the Country Ceiling.  The bank's
Short-term rating is affirmed at F2 and Individual rating at D.  

Banca Tiriac's IDR, Short-term and Support ratings reflect the
potential support available to it from its 50% plus one share
owner, Bank Austria Creditanstalt (rated A) and being part of
the UniCredit Italiano group (rated A+).  The Outlook remains
Stable.

This action follows the upgrade of the Romanian IDR to BBB from
BBB- and the simultaneous upgrade of the Country Ceiling to A-
from BBB+.


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


AGRO-IMPEX: Orel Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Orel Region commenced bankruptcy
supervision procedure on CJSC Agro-Impex.  The case is docketed
under Case No. A48-2105/06-20b.

The Temporary Insolvency Manager is:  

         I. Maslov
         Leskova Str. 19
         302027 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:

         CJSC Agro-Impex
         Ivanovskoye
         303126 Orel Region
         Russia


AGRO-SERVICE: Court Names L. Morskov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. L. Morskov
as Insolvency Manager for CJSC Agro-Service.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A176-1344/06-14B.

         L. Morskov
         Mekhanizatorov Str. 3
         Yuzha
         155630 Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Service
         Mekhanizatorov Str. 3.
         Yuzha
         Ivanovo Region
         Russia


BAZARNO-KARABULAK-AGRO-PROM-KHIMIYA: Insolvency Manager Comes In
----------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Bulgakov as Insolvency Manager for CJSC Bazarno-Karabulak-Agro-
Prom-Khimiya (OGRN 1026400553740).  He can be reached at:

         A. Bulgakov
         Post User Box 247
         Sibirskiy Trakt 34
         Kazan
         420029 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-512B/05-31.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Bazarno-Karabulak-Agro-Prom-Khimiya
         Ippodromnaya Str. 6
         Bazarnyj Karabulak
         412600 Saratov Region
         Russia


BREAD: Penza Court Names V. Lebedev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Lebedev
as Insolvency Manager for LLC Bread.  

He can be reached at:

         V. Lebedev
         Moskovskaya Str. 107
         440600 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-1171/2006-135B/3.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         LLC Bread
         Aleksandrovskaya
         Tamala
         Penza Region
         Russia


BUZDYA-KRAY-SEL-KHOZ-TEKHNIKA: E. Ivanoy to Manage Assets
---------------------------------------------------------
The Arbitration Court of Bashkortostan appointed Mr. E. Ivanoy
as Insolvency Manager for OJSC Buzdya-Kray-Sel-Khoz-Tekhnika.  
He can be reached at:

         E. Ivanov
         Apartment 9
         Building 3
         Oktyabrya Pr. 89
         Ufa
         Bashkortostan Republic
         450057
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-53226/05-G-PAV.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Pr. 63a
         Ufa
         Bashkortostan Republic
         450057
         Russia

The Debtor can be reached at:

     JSC Buzdya-Kray-Sel-Khoz-Tekhnika
         Gagarina Str. 10
         Vuzdyak-2
         Buzdyakskiy Region
         Bashkortostan Republic
         452710
         Russia


EXNET: Moscow Court Names M. Sorokin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Sorokin as
Insolvency Manager for CJSC Investment Corporation ExNet.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-21263/06-103-239B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Corporation ExNet
         Presnenskiy Val 19
         Moscow Region
         Russia


KAMAZ: Court Names Sh. Fakhretdinoy as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr.
Sh. Fakhretdinoy as Insolvency Manager for Auto-Centre Kamaz.

He can be reached at:

         Sh.Fakhretdinov
         Sayfulina Str. 26
         Yumaguzino
         Kugarchinskiy Region
         Bashkortostan Republic
         453336
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A07-25842/05-G-FLE.

The Debtor can be reached at:

         Auto-Centre Kamaz
         Gvardeyskaya Str. 57
         Ufa
         Bashkortostan Republic
         450028
         Russia


KAMYSHEVO: Court Names Y. Remizov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. Y.
Remizov as Insolvency Manager for CJSC Kamyshevo.  He can be
reached at:

         Y. Remizov
         Post User Box 45
         Main Post Office
         Chelyabinsk
         456091
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-51761/2005-52-355.

The Debtor can be reached at:

         CJSC Kamyshevo
         Kamyshevka
         Argayashevskiy Region
         Chelyabinsk Region
         456881
         Russia


KRASNAYA USHNA: Vladimir Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Vladimir Region commenced bankruptcy
supervision procedure on OJSC Glass Factory Krasnaya Ushna.  The
case is docketed under Case No. A11-4042/2006-K1-182B.

The Temporary Insolvency Manager is:  

         A. Shurov
         Radiozavodskoye Shosse 2a
         Murom
         602264 Vladimir Region
         Russia

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         OJSC Glass Factory Krasnaya Ushna
         Zavodskaya Str. 1B
         Krasnaya Ushna
         Selivanovskiy Region
         602355 Vladimir Region
         Russia


KRASNOSLOBODSK-AGRO-PROM-KHIMIYA: Bankruptcy Supervision Starts
----------------------------------------------------------------
The Arbitration Court of Mordoviya Republic will convene on
Sept. 18 to hear the bankruptcy supervision procedure against
Municipal Enterprise Krasnoslobodsk-Agro-Prom-Khimiya.  The case
is docketed under Case No. A39-1423/06-61/12.

The Temporary Insolvency Manager is:  

         E. Mochalov
         Lenina Pr. 12
         Saransk
         430000 Mordoviya Republic
         Russia

The Arbitration Court of Mordoviya Republic is located at:

         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         Municipal Enterprise Krasnoslobodsk-Agro-Prom-Khimiya
         1st Location
         Krasnoslobodsk
         431261 Mordoviya Republic
         Russia


KURGAN-ECO-RESOURCE: Kurgan Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Kurgan Region commenced bankruptcy
supervision procedure on CJSC Kurgan-Eco-Resource.
The case is docketed under Case No. A34-2503/2006.

The Temporary Insolvency Manager is:

         S. Burmistrov
         Office 328
         Belinskogo Str. 34
         Ekaterinburg
         620075
         Russia

The Debtor can be reached at:
         
         CJSC Kurgan-Eco-Resource
         Pichugina Str. 9
         Kurgan
         640018
         Russia


MEAT: Mariy El Court Names S. Syumakhin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. S.
Syumakhin as Insolvency Manager for LLC Meat.  He can be reached
at:

         S. Syumakhin
         Post User Box 34
         Cheboksar
         428009
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A38-1483-19/189-2006.

The Debtor can be reached at:

         LLC Meat
         Sovetskaya Str. 171
         Orshanka
         Orshanskiy Region
         Mariy El Republic
         Russia


MED-INSTRUMENT: I. Yusupova to Manage Insolvency Assets
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Ms. I.
Yusupova as Insolvency Manager for LLC Factory Med-Instrument.
She can be reached at:

         I. Yusupova
         Kirovogradskaya Str. 36/1
         Ufa
         Bashkortostan Republic
         450001
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-10851/06-G-PAV.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Factory Med-Instrument
         Kirovogradskaya Str. 36/1
         Ufa
         Bashkortostan Republic
         Russia


MELEUZ-STROY: Court Names R. Ayupoy as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. R.
Ayupoy as Insolvency Manager for OJSC Meleuz-Story.  He can be
reached at:

         R. Ayupov
         office 2
         Stakhanovskaya Str. 51
         Ishimbay
         Bashkortostan Republic
         453204
         Russia
         Tel./Fax: (34794) 2-82-31

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-40621/05-G-ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63 a
         Ufa
         Bashkortostan Republic
         450057
         Russia

The Debtor can be reached at:

         OJSC Meleuz-Story
         Pervomayskaya Str. 1
         Meleuz
         Bashkortostan Republic
         453854
         Russia


METAL-MARKET: Court Names T. Semenova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Ms. T.
Semenova as Insolvency Manager for CJSC Metal-Market.  She can
be reached at:
         
         T. Semenova
         Post User Box 4227
         Khabarovsk-13
         Russia
         680013

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-7500/06-29/41.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Metal-Market
         Sadova Str. 28 6
         Novosibirsk
         630102
         Russia


METAL-WORKING COMPANY: Court Sets Nov. 13 Bankruptcy Hearing
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene on
Nov. 13 to hear the bankruptcy supervision procedure on CJSC
Metal-Working Company.  The case is docketed under Case No.
A76-6115/2006-32-56.

The Temporary Insolvency Manager is:

         V. Dubovo
         Bolshevistskaya Str. 4
         454038 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Metal-Working Company
         Mashinosrtoiteley Str. 27
         Chelyabinsk
         454129
         Russia


NOVOGROMOVSKOYE: Court Names A. Nikiforov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. A.
Nikiforov as Insolvency Manager for OJSC Novogromovskoye (TIN
3843001892).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-9279/06-29.

He can be reached at:

         K. Libknekhta Str. 153
         664047 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Novogromovskoye
         Sovetskaya Str. 10
         Novogromovo
         Cheremkhovskiy Region
         665428 Irkutsk Region
         Russia


NOVOTORYALSKIY BUTTER: Court Starts Reorganization Process
----------------------------------------------------------
The Arbitration Court of Mariy El Republic commenced external
management bankruptcy procedure on OJSC Novotoryalskiy Butter
Factory.  

The case is docketed under Case No. A-38-184-11/94-2006.

The External Insolvency Manager is:

         N. Smyshlyaev
         Post User Box 75
         Yoshkar-Ola
         Mariy El republic
         424007
         Russia


RAINBOW: Chuvashiya Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced
bankruptcy supervision procedure on CJSC Rainbow.  The case is
docketed under Case No. A79-4290/2006.

The Temporary Insolvency Manager is:

         M. Martynov
         Apartment 4
         M.Zhukova Str.
         Shumerlya
         Chuvashiya Republic
         429123
         Russia

The Arbitration Court of Chuvashiya Republic is located at:

         Hall 224
         Lenina Pr. 4
         Cheboksary Region
         Russia

The Debtor can be reached at:
       
         CJSC Rainbow
         Novaya Str. 1
         Krasnye Chetai
         Krasnye Chetai
         429040
         Russia


REINFORCED-CONCRETE CONSTRUCTIONS: Bankruptcy Supervision Starts
----------------------------------------------------------------
The Arbitration Court of Kemerovo Region commenced bankruptcy
supervision procedure on Reinforced-Concrete Constructions.
The case is docketed under Case No. A27-42034/2005-4.

         I. Yankovskiy, Temporary Insolvency Manager
         Post User Box 2368
         Prokopyevsk
         Kemerovo Region
         653052
         Russia

The Debtor can be reached at:
  
         Reinforced-Concrete Constructions
         Sev.Maganak
         Prokopyevsk
         Kemerovo region
         Russia


SEVER-INVEST: Court Names D. Glushkov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. D.
Glushkov as Insolvency Manager for CJSC Regional Joint-Stock
Company Sever-Invest.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A33-10191/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         D. Glushkov
         P. Zheleznyaka Str. 17
         660133 Krasnoyarsk Region
         Russia


SIBERIAN CLOTH: Omsk Court Names A. Kuzmin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. A. Kuzmin as
Insolvency Manager for CJSC Siberian Cloth Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-7165/2006.

         K. Marksa Pr. 34A-508
         644042 Omsk Region
         Russia

The Debtor can be reached at:

         CJSC Siberian Cloth Factory
         Yakovleva Str. 107.
         Omsk Region
         Russia


SMOLENSK-GRAIN-PRODUCT: S. Lavrentyeva to Manage Assets
-------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Ms. S.
Lavrentyeva as Insolvency Manager for OJSC Smolensk-Grain-
Product.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-705-N/2005 (4952-N/2005).

         S. Lavrentyeva
         Engelsa Str. 21/5
         214014 Smolensk Region
         Russia

The Debtor can be reached at:

         OJSC Smolensk-Grain-Product
         Karla Marksa Str. 12
         214000 Smolensk Region
         Russia


SODRUZHESTVO: Orel Court to Hear Bankruptcy Case on Oct. 11
-----------------------------------------------------------
The Arbitration Court of Orel Region will convened on Oct. 11 to
hear the bankruptcy supervision procedure on OJSC Sodruzhestvo.  
The case is docketed under Case No. A48-2008/06-17N.

The Temporary Insolvency Manager is:  

         V. Sinegubkin
         Gorkogo Str. 45
         302028 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 Sodruzhestvo
         Chermoshnoye.
         Trosnyanskiy Region
         Orel Region
         Russia


STEEL-SERVICE: Court Names M. Kuznetsov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. M.
Kuznetsov as Insolvency Manager for LLC Steel-Service.  He can
be reached at:

         M. Kuznetsov
         Mira Pr. 171A
         664085 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-1069/2006.

The Debtor can be reached at:

         LLC Steel-Service
         Tsentralnaya Str. 1A
         Zamaravskoye
         Shadrinskiy Region
         642859 Kurgan Region
         Russia


STERLITAMAKSKIY FACTORY: Court Names Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. Y.
Karpendo as Insolvency Manager for OJSC Sterlitamakskiy Factory
Of Building Materials.  He can be reached at:

         Y. Karpenko
         Post User Box 20
         Main Post Office
         Ufa
         Bashkortostan Republic
         450000
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-27944/05-G-ADM.

The Debtor can be reached at:

         Building Materials
         Dzhambula Str. 5
         Sterlitamak
         Bashkortostan Republic
         453102
         Russia


TRUCK CRANE: Court Names G. Kutikov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Mr. G.
Kutikov as Insolvency Manager for OJSC Truck Crane.  He can be
reached at:

         G. Kutikov
         Post User Box 212
         214036 Smolensk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-1564/2006.

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 Truck Crane
         Roslavlskoye Shosse 5th km
         214009 Smolensk Region
         Russia


VAKHRUSHEV-COAL: Court Names A. Katrushin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Katrushin as insolvency manager for OJSC Vakhrushev-Coal.  He
can be reached at:

         A. Katrushin
         Gorkogo Str. 31
         Ekaterinburg
         620075
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-9550/06-S11.

The Debtor can be reached at:

         OJSC Vakhrushev-Coal
         K. Marksa Str. 16
         Karpinsk
         Sverdlovsk Region
         624931
         Russia


YUKOS OIL: Awaits on Appellate Court Ruling on Bankruptcy Appeal
----------------------------------------------------------------
(JazeL)

The Moscow Court of Appeals will convene a hearing on Sept. 19
to consider Yukos Oil Co.'s request against a ruling on its
bankruptcy, RIA Novosti reports.

As reported in TCR-Europe on Aug. 25, the Moscow Arbitration
Court rejected the oil firm's appeal against an Aug. 1
bankruptcy ruling, upholding a creditors' decision to liquidate
the company.

Creditors voted on July 25 to liquidate what was once Russia's
biggest oil firm rejecting a management rescue plan that valued
the company's assets at about US$30 billion.  The vote came
after bankruptcy manager Eduard Rebgun said Yukos couldn't pay
its debts in the time allotted by law.  Subsequently, the court
declared the oil firm bankrupt on Aug. 1 after three years of
litigation over back taxes.

The company is facing up to US$16.6 billion in claims filed by
more than 20 creditors including, among others:

         Yuganskneftegas        US$4.07 billion
         Federal Tax Service    US$11.6 billion
         OAO Rosneft Oil Co.    US$482 million

The Prosecutor General's Office launched a probe on Aug. 8 into
alleged fraud during the oil group's bankruptcy procedure.
Russian prosecutors have accused former Yukos officials of
embezzling money by securing a US$4.5 billion loan from Yukos
Capital SARL, a Luxembourg-based unit and major creditor for
Yukos, through legal entities affiliated with the company.

Investigators alleged that the ex-Yukos officials masterminded a
plan to sell crude oil through trading companies Fargoil and
Ratibor under their control, acting both as fictitious owners
and buyers, RIA Novosti relates.

According to the Russian news agency, Mr. Rebgun agreed with
investigators that Yukos Capital had offered Yukos its own
assets.  While Yukos was in external administration, Yukos
Capital filed a motion to participate in the first creditors'
meeting and filed claims against Yukos, which the court
subsequently rejected.

                           About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an   
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
a bankruptcy suit in the Moscow Arbitration Court in an attempt
to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
0775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.


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


PETROL OFISI: Fines Spur S&P to Put B+ Rating on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Turkey-based petroleum products
distributor Petrol Ofisi A.S. on CreditWatch with negative
implications.

The CreditWatch placement follows the Turkish energy market
regulator's decision to fine POAS New Turkish lira (TRY) 498
million (US$342 million) for allegedly supplying petroleum
products to unlicensed gas stations.  A number of other
operators in this sector in Turkey have also been fined, with
fines for the sector totaling TRY1.7 billion.

The fine for POAS is large compared with the company's total
debt, which at March 31, 2006 stood at TRY1.7 billion (US$1.1
billion), including large working capital financings under
TRY802 million of letters of credit.  Although POAS, together
with the other Turkish petroleum product retail companies, is to
appeal the decision, a full payment of the fine could have a
materially negative impact on POAS' financial profile if it is
required to pay the fine.
     
"Standard & Poor's expects to resolve the CreditWatch listing
once the outcome of the legal appeal by POAS is clear," said
Standard & Poor's credit analyst Per Karlsson.

"Full payment of the fine and a resulting TRY498 million
increase in debt could result in the rating being lowered by one
notch.  However, if the parties agree a lower settlement, if
part of the fine is paid with free cash flows and/or a reduction
in dividends, and if liquidity is not affected, the financial
profile could remain in line with the ratings, and ratings would
therefore remain unchanged."

Standard & Poor's requires funds from operations to adjusted
debt of about 30% for the current rating
     
Before resolving the CreditWatch status, Standard & Poor's will
also need to be satisfied that POAS' future cash flow generation
will not be negatively affected.


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


AGROSHLYAHBUD: Lviv Court Names Pavlo Duplika as Liquidator
-----------------------------------------------------------
The Economic Court of Lviv region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC Agroshlyahbud (code EDRPOU
03580995).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 14.  The case is docketed
under Case No. 6/91-8/146.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Agroshlyahbud
         Lopatinska Str. 1
         Radehiv
         Lviv Region
         Ukraine


ALANTUR: Kyiv Court Names Mr. S. Sapozhnikov as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Sapozhnikov
as Liquidator/Insolvency Manager for LLC Alantur (code EDRPOU
33148685).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 21.  The case is docketed
under Case No. 24/381-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Alantur
         Bratislavska Str. 14/5
         Kyiv Region
         Ukraine


BANK KHRESCHATYK: Moody's Assigns E+ Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to Bank
Khreschatyk (Ukraine):

   -- B2 long-term and Not-Prime short-term foreign currency
deposit ratings,

   -- B2 long-term and Not-Prime short-term local currency
deposit ratings,

   -- E+ financial strength rating,

   -- A2.ua long-term National Scale Rating, and

   -- B2 long-term foreign currency debt rating to the upcoming
issue of senior unsecured Loan Participation Notes to be  
issued by the special purpose vehicle Khreschatyk Finance
B.V. on a limited recourse basis for the sole purpose of
funding a loan by Moscow Narodny Bank Limited to Bank
Khreschatyk.
  
The outlooks on all global scale ratings are stable, while the
bank's NSR carries no specific outlook.

According to Moody's, the B2/NP global scale local currency
ratings reflect global default and loss expectation and are not
constrained by any foreign currency transfer risk, while the
A2.ua NSR reflects the bank's above-average creditworthiness
relative to its domestic peers.

Moody's notes that the bank's deposit and debt ratings reflect
its proximity to the local authorities -- the Financial
Department of Kyiv City Administration -- rated B2/Stable, which
holds 51.2% of the bank's shares.  

The City of Kyiv has in the past proved to be a rather
supportive shareholder, participating in several capital
increases and maintaining its majority stake in the bank, as
well as entrusting significant funds under the bank's
management; it is expected to retain its majority stake in the
foreseeable future.  The recent election of a new mayor sparked
some concerns over the future stance of the City towards the
bank, but no steps disassociating the City from the bank have
been taken so far.  There are equally no signs that the City is
planning to divest the bank.  

However, there remains some residual uncertainty with regard to
the future level of support, which is somewhat difficult to
predict.  Therefore, the bank's deposit and debt ratings factor
in some limited support from the City of Kyiv, resulting in a
single-notch uplift from the bank's standalone rating.

The bank's E+ FSR (stable outlook), which is a measure of its
standalone financial strength, reflects its limited franchise
and still evolving range of products and modest profitability.

Concerns over the future credit quality of its rapidly growing
loan portfolio compounded with the bank's above-average risk
appetite towards asset-based and construction lending, together
with its elevated vulnerability to shocks given the high level
of concentrations on both sides of the balance sheet, are also
reflected in the FSR, as is the concentration of the bank's
business in Kyiv, which may soon become overcrowded in terms of
banks.  

However, Moody's notes that the bank has significantly expanded
its territorial coverage over the last two years.  The E+ FSR
might come under pressure if the bank's growth were to be
mismanaged to an extent resulting in serious solvency and
liquidity problems.

Moody's added, that the FSR is also underpinned by the bank's
growing franchise, as reflected in the rapid expansion in
lending, deposit-taking and fee-generating activities, as well
as sound asset quality at the current stage of the credit cycle
with an NPL of ratio below 1%, together with cautious liquidity
management with regard to funds placed by the municipality.

The B2 long-term foreign currency debt rating assigned to the
upcoming issue of senior unsecured Loan Participation Notes to
be issued by the special purpose vehicle Khreschatyk Finance
B.V. on a limited recourse basis for the sole purpose of funding
a loan by Moscow Narodny Bank Limited to Bank Khreschatyk is
based on the credit quality of Bank Khreschatyk as an underlying
borrower.  

The underlying loan agreement contains a standard set of
covenants such as negative pledge, limitations on mergers,
disposals, transactions with affiliates and restricted payments.  
The rating agency notes that, while the likelihood of any of the
above covenants being triggered is relatively low, if such were
to occur, it could potentially have adverse liquidity
implications for the bank and might exert additional downward
pressure on its ratings.  

Moody's cautions that the transaction also has an embedded
rating trigger whereby the notes will become payable if the City
of Kyiv's ownership falls below 50.1% of the bank's voting stock
and this results in the bank being downgraded by one or more
notches or being placed on review for possible downgrade.  

As the current B2 credit rating imputes some degree of support
from the City of Kyiv, a reduction in the City's stake might,
other things being equal, indeed, cause a negative rating
action; if the noteholders' put option were to be exercised,
this could result in a need to repay a sizeable obligation, thus
putting a burden on the bank's financial resources.

Headquartered in Kyiv, Ukraine, Bank Khreschatyk reported total
assets of US$598.7 million under IFRS as of June 30, 2006.


BUDINDUSTRY SERVICE: Court Names Tax Agency as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Podilskij District of Kyiv Region as Liquidator
for LLC Budindustry and Service (code EDRPOU 32423204).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 13.  The case is docketed
under Case No. 15/422-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Budindustry and Service
         Borichiv Tik Str. 35
         04070 Kyiv Region
         Ukraine


GLOBAL DISTRI: Court Names District Tax Agency as Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Podilskij District of Kyiv Region as Liquidator
for LLC Global Distri.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 19.  The case is docketed
under Case No. 43/340-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Global Distri
         Mezhigirska Str. 54
         04070 Kyiv Region
         Ukraine


KHRESCHATYK FINANCE: Fitch Assigns B/RR4 on Upcoming Eurobond
-------------------------------------------------------------
Fitch Ratings assigned Khreschatyk Finance B.V.'s upcoming issue
of limited recourse loan participation notes a Recovery Rating
of RR4 and an expected Long-term rating of B. The notes are to
be used solely for funding SPV's sub-participation in a loan
provided to Bank Khreschatyk (rated Issuer Default B/Stable
Outlook, Short-term B, Support 4, Individual D/E) under a loan
agreement by Moscow Narodny Bank Limited (rated Issuer Default
BBB/Stable Outlook, Short-term F3, Support 2, Individual C).  

The final rating is contingent on receipt of final documentation
conforming materially to information already received.

SPV will only pay noteholders amounts, if any, received from MNB
under the sub-participation agreement and MNB will account to
the SPV for amounts equivalent to those, if any, received from
Khreschatyk under the loan agreement.

SPV and MNB will charge their rights under relevant agreements
to Deutsche Trustee Company Limited for the benefit of
noteholders under a trust deed.  MNB's, and hence noteholders',
claims will rank at least pari passu with the claims of other
senior unsecured creditors of Khreschatyk, save those preferred
by relevant laws.  

Under Ukrainian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-H106, retail
depositors accounted for 23% of Khreschatyk's total liabilities,
according to the bank's IFRS accounts reviewed by auditors.

The loan agreement contains covenants restricting mergers and
disposals by Khreschatyk and its subsidiaries as well as
transactions between the bank and its subsidiaries.  It also
contains a cross default clause and a 'negative pledge' clause,
the latter of which allows for a certain degree of
securitization by Khreschatyk and its subsidiaries.

Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.

In addition, terms and conditions of the notes contain a 'put
event' clause, which provides noteholders with the right to
require early redemption of the notes should the City of Kiev
cease to own directly or indirectly at least 25% plus one share
of the voting stock of Khreschatyk.

Khreschatyk's IDR, Short-term and Support ratings are based on
the limited potential for support from the City of Kiev, the
bank's majority owner, in case of need.  The Individual rating
reflects the bank's small size, modest profitability, weak
capitalization, concentrated balance sheet and the risks
associated with a rapid growth strategy, as well as certain
weaknesses in the operating environment.  However, it also
considers the bank's adequate asset quality and low market risk
profile.

Khreschatyk was founded in 1993 and was Ukraine's 15th-largest
bank by assets at end-H106.  It has a network of 14 full
branches (13 of which are outside Kiev) and 56 outlets, mainly
in Kiev or the Kiev region.


KOMMAK: Court Names District Tax Agency to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Podilskij District of Kyiv Region as Liquidator
for LLC Scientific-Production and Commercial Activity Center
Kommak.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 18.  The case is docketed
under Case No. 15/438-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production and
         Commercial Activity Center Kommak
         Bratska Str. 6
         04070 Kyiv Region
         Ukraine


LINDI: Kyiv Court Names S. Sapozhnikov as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Sapozhnikov
as Liquidator/Insolvency Manager for LLC Lindi (code EDRPOU
32978949).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 21.  The case is docketed
under Case No. 24/382-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Lindi
         Hmelnitskij Str. 14-b
         Kyiv Region
         Bogdan
         Ukraine


NIVA: Lviv Court Names Pavlo Duplika as Insolvency Manager
----------------------------------------------------------
The Economic Court of Lviv region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for Agricultural LLC Niva (code
EDRPOU 25544020).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. 6/84-4/130.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Niva
         Markopil
         Brodovskij District
         Lviv Region
         Ukraine


ORIHIVCHIK: Lviv Court Names Pavlo Duplika as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Lviv region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for Agricultural LLC Orihivchik
(code EDRPOU 25231166).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. 6/89-4/134.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Orihivchik
         Orihivchik
         Brodovskij District
         Lviv Region
         Ukraine


OPLITSKO: Lviv Court Names Pavlo Duplika as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Lviv region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for Agricultural LLC Oplitsko
(code EDRPOU 20784558).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 6/83-4/129.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Oplitsko
         Oplitsko
         Radehiv District
         Lviv Region
         Ukraine


OSKAR: Court Names Mr. V. Paterilov as Insolvency Manager
---------------------------------------------------------
The Economic Court of Donetsk region appointed Mr. V. Paterilov
as Liquidator/Insolvency Manager for Association Oskar (code
EDRPOU 31660453).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 18.  The case is docketed
under Case No. 27/102b B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Association Oskar
         Shors Str. 39
         83050 Donetsk Region
         Ukraine


POLISSYA-PALIVO: Rivne Court Names Pavlo Duplika as Liquidator
--------------------------------------------------------------
The Economic Court of Rivne Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC Polissya-Palivo (code
EDRPOU 32329890).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 19.  The case is docketed
under Case No. 4/19.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         LLC Polissya-Palivo
         Bereznivskij District Kurgani
         Rivne Region
         Ukraine


PRES: Rivne Court Names Pavlo Duplika as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Rivne Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC Pres (code EDRPOU
30049438).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 9/23.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         LLC Pres
         Rafalivka
         Rivne Region
         Ukraine


SKAJTEL: Kyiv Court Names Mr. I. Fedorov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Fedorov as
Liquidator/Insolvency Manager for LLC Skajtel (code EDRPOU
32982080).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 21.  The case is docketed
under Case No. 24/383-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Skajtel
         Patris Lumumba Str. 21/10
         Kyiv Region
         Ukraine


STOYANIV: Lviv Court Names Pavlo Duplika as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Lviv region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for Agricultural LLC Stoyaniv
(code EDRPOU 03762503).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 8.  The case is docketed
under Case No. 6/78-5/103.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Stoyaniv
         Stoyaniv
         Radehiv District
         Lviv Region
         Ukraine


STANDART: Rivne Court Names Pavlo Duplika as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Rivne Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC Standart (code EDRPOU
30956834).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 9/24.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         LLC Standart
         Antonivka
         Volodimirets District
         Rivne Region
         Ukraine


SUDNOTRANS: Court Names District Tax Agency to Liquidate Assets
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Podilskij District of Kyiv Region as Liquidator
for LLC Sudnotrans (code EDRPOU 31514667).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 13.  The case is docketed
under Case No. 15/423-b.

He can be reached at:

         Turovska Str. 12
         04080 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Sudnotrans
         Naberezhno-Lugova Str. 8
         04071 Kyiv Region
         Ukraine


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


ALWARD TOOL: Brings In BDO Stoy as Joint Administrators
-------------------------------------------------------
C. K. Rayment and T. Underwood of BDO Stoy Hayward LLP were
appointed joint administrators of Alward Tool & Engineering
Limited (Company Number 00952205) on Aug. 17.

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

Headquartered in Brierley Hill, United Kingdom, Alward Tool &
Engineering Limited is engaged in tooling manufacturing.


ASEC PROJECT: Joint Liquidators Take Over Operations
----------------------------------------------------
David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed Joint Liquidators of ASEC Project
Management Limited on June 1 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         ASEC Project Management Limited
    20-22 Moorlands Small Business Centre
    Balme Road
    Cleckheaton
    West Yorkshire BD19 4EW
    United Kingdom
    Tel: 01274 855669   


ADVENTURE TIME: Appoints Lloyd Biscoe as Liquidator
---------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Adventure Time Limited on May 31 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Adventure Time Limited
    Aviation Way
    Southend Airport
    Southend-On-Sea SS2 6UN
    United Kingdom
    Tel: 01702 541 111


ANDREW CORP: Repurchases 2.4 Million Common Shares
--------------------------------------------------
Andrew Corp. has repurchased 2.4 million shares of its
common stock at an average price of US$9.10 per share, including
commissions and fees, during the last three weeks.

Total shares repurchased under the Company's share repurchase
program represent approximately 1.5% of the 159.7 million shares
outstanding at June 30, 2006.  Following the recent open market
transactions during its fiscal fourth quarter, the Company has
7.4 million shares remaining available for repurchase under its
share repurchase program.

"We believe the share repurchase program demonstrates our
confidence in the long-term growth and margin expansion
opportunities of the company," Ralph Faison, president and chief
executive officer, said.  "We believe the strength and value of
Andrew is not accurately reflected by the market and that share
repurchases are an effective use of capital to build long-term
shareholder value."

Headquartered in Westchester, Illinois, Andrew Corporation,
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures  
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries.  In Europe, the company has operations in
Austria, Belgium, France, Germany, Greece, Ireland, Luxembourg,
Netherlands, Russia, Switzerland, and the United Kingdom.  
Andrew is an S&P 500 company Founded in 1937.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Standard & Poors Ratings Services revised its CreditWatch
implications on Andrew Corp. to negative from developing.  The
'BB' corporate credit rating and other ratings on the company
were placed on CreditWatch developing on Aug. 7, 2006.


ANDREW CORP: Comsearch Offers Relocation Services to FCC
--------------------------------------------------------
Comsearch, an Andrew Corp. subsidiary, has introduced a turnkey
set of services that will assist winners in the Federal
Communications Commission's advanced wireless spectrum auctions
with deploying new services in a timely and cost-effective
manner.

Comsearch's incumbent relocation solutions are tailored to
address the FCC's requirements for those acquiring 1.7 GHz and
2.1 GHz spectrum, specifically the need to address interference
with existing federal government and commercial systems in those
radio bands.  Comsearch uses its iQ.clearXG software to identify
channels that can be shared without causing interference to 1.7
GHz and 2.1 GHz incumbents. In instances where spectrum sharing
is not an option, Comsearch will facilitate relocating an
incumbent to a different band through negotiation and project
management.

"Comsearch provides a one-stop relocation solution covering all
stages of the deployment process," said Chris Hardy, vice
president and general manager, Comsearch.  "Comsearch is
uniquely qualified--by virtue of our extensive experience in the
PCS bands, our proprietary software and databases, and our vast
program management resources--to offer the most cost-effective
and time-saving incumbent relocation solutions."

Sharing spectrum between AWS systems and incumbent fixed and
mobile systems in the 1.7 GHz and 2.1 GHz bands, and immediate
relocation of potentially impacted incumbent systems, will be
critical to deployment of new advanced services.  Comsearch's
turnkey offerings for AWS providers, which combine specialized
services, highly accurate databases, and program management
skills, include:

   -- Spectrum sharing studies;
   -- Incumbent negotiation and contract execution;
   -- Relocation program management;
   -- Coordination with federal government and commercial
      incumbents;
   -- System assessment and review;
   -- Frequency clearing for drive testing;
   -- Site audits and radio frequency measurements.

"No one is more qualified in spectrum management and the AWS
process than the people of Comsearch," Mr. Hardy said.  "For
more than 29 years, we have addressed the specific challenges of
identifying, analyzing, and resolving radio frequency
interference for an evolving wireless industry. We look forward
to supporting auction winners, as we have done in the past, to
meet their unique deployment requirements."

Headquartered in Westchester, Illinois, Andrew Corporation,
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures  
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries.  In Europe, the company has operations in
Austria, Belgium, France, Germany, Greece, Ireland, Luxembourg,
Netherlands, Russia, Switzerland, and the United Kingdom.  
Andrew is an S&P 500 company Founded in 1937.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Standard & Poors Ratings Services revised its CreditWatch
implications on Andrew Corp. to negative from developing.  The
'BB' corporate credit rating and other ratings on the company
were placed on CreditWatch developing on Aug. 7, 2006.


ASHGABLE LIMITED: Alan Simon Leads Liquidation Procedure
--------------------------------------------------------
Alan Simon was appointed Liquidator of Ashgable Limited on
June 15 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Ashgable Limited
    PO Box 580
    Essex CM145RF
    United Kingdom
    Tel: 01277 824 544


ASK4BEER LIMITED: Appoints Joint Liquidators to Wind Up Business
----------------------------------------------------------------
David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed Joint Liquidators of Ask4Beer Limited
on June 1 for the purposes of the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Ask4Beer Limited
    Birkland Street
    Bradford
    West Yorkshire BD3 9RD
    United Kingdom
    Tel: 01274 747 444


AUDIO VISUAL: Taps David Paul Hudson to Liquidate Assets
--------------------------------------------------------
David Paul Hudson of Begbies Traynor was appointed Liquidator of
Audio Visual Technology Limited (t/a The AV Company) on May 31
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Audio Visual Technology Limited
    280 Forest Road
    London E17 5JN
    United Kingdom
    Tel: 020 8520 4321


AUTO AIR: Appoints Ian William Kings to Liquidate Assets
--------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Auto Air Parts Limited on May 31 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Auto Air Parts Limited
    653 River Gardens
    North Feltham Trading Estate
    Feltham
    Middlesex TW14 0RB
    United Kingdom
    Tel: 020 8893 7318


BLACK COUNTRY: Hires Mark Jonathan Botwood as Liquidator
--------------------------------------------------------
Mark Jonathan Botwood of Muras Baker Jones was appointed
Liquidator of Black Country Commercial Accessories Limited on
June 16 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Black Country Commercial Accessories Limited
    Leve Lane
    Willenhall
    West Midlands WV131PS
    United Kingdom
    Tel: 01902 605 192


BURNS CONSTRUCTION: Calls In Joint Liquidators from Wilson Pitts
----------------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Wilson Pitts were appointed
Joint Liquidators of Burns Construction Limited on May 24 for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Burns Construction Limited
    3 Hilltown Road
    Newcastle
    County Down BT33 0PX
    United Kingdom
    Tel: 028 4372 3004


C. K. HYGIENE: Names T. Papanicola as Administrator
---------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of C.
K. Hygiene Logistics Group Limited (Company Number 05140800) on
Aug. 17.

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 Caerphilly, United Kingdom, C. K. Hygiene
Logistics Group Limited -- http://www.ckhygiene.co.uk/-- offers  
cleaning services.


CELLCAST PLC: Aims to Raise GBP1.3 Million to Avert Liquidation
---------------------------------------------------------------
Cellcast PLC intends to place 16,040,384 new ordinary shares in
order to raise approximately GBP1.3 million and avert a possible
liquidation, which would unlikely provide any return to
shareholders.

Shareholders will convene at 10 a.m. on Sept. 25 to vote on the
proposed placement, which carries a placing price of 8 pence per
new ordinary share.

The Company's Board of Directors opines that, having made due
and careful enquiry and after taking into account the net
proceeds of the placing to be received by the Company, the
working capital available to the Group will, on admission, be
sufficient for its present requirements, that is for at least 12
months from admission.

The net proceeds of the placing of approximately GBP1.2 million
will be used to allow the Company to continue with the roll-out
of its international development program following a period when
the Company has seen a significant depletion of working capital
following operating losses which the Directors believe have in
part been caused by a reorganization of Sky's Electronic
Programming Guide.  The Company's current focus is on overseas
opportunities, and it is important that these are not frustrated
by lack of resources.

                   Details of the Placing

On behalf of and as agents for the Company and pursuant to the
terms and conditions of the Placing Agreement, Daniel Stewart
and HB have conditionally agreed to use their reasonable
endeavors to place 16,040,384 new ordinary shares with
institutional and other investors at a price of 8 pence per
Placing Share, to raise approximately GBP1.3 million before
expenses.  The Placing is conditional, inter alia, on the
passing of the necessary Resolution at the EGM and Admission
taking place between Sept. 26 and Oct. 24, as the Company,
Daniel Stewart and HB may agree.  The Placing is not being
underwritten.

CEO Andrew Wilson and Chief Operating Officer Bertrand Folliet
have agreed to subscribe for an aggregate of 3,125,000 Ordinary
Shares pursuant to the Placing through Harkness Trading Limited,
a company they beneficially own.

Certain institutional investors in the Company have indicated a
desire to realize their shareholdings and HB has agreed to
purchase these holdings, being in aggregate 1,643,666 Ordinary
Shares at the Placing Price conditional, inter alia, on
Admission.

On Admission, the Directors (and persons associated with them in
accordance with the AIM Rules), will hold, in aggregate,
approximately 9,278,397 Ordinary Shares representing 20.9
percent of the Enlarged Issued Share Capital.

The Placing Shares, once issued, will rank pari passu with the
Existing Ordinary Shares, including the right to receive all
dividends and other distributions thereafter declared, made or
paid.  The Placing Shares are expected to be admitted to trading
on AIM on 26 September 2006.

                  Fair and Reasonable Opinion

Harkness Trading Limited, which is beneficially owned by Andrew
Wilson and Bertrand Folliet, has agreed to make a loan available
to the Company of up to GBP200,000 pending completion of the
Placing.  No interest will be payable on the loan which will be
repaid to Harkness Trading Limited out of the proceeds of the
Placing.

The Directors, other than Andrew Wilson and Bertrand Folliet
(given their interest in Harkness Trading Limited), having
consulted with the Company's nominated adviser, consider that
the terms of the loan by Harkness Trading Limited and the issue,
pursuant to the Placing, of new Ordinary Shares to Harkness
Trading Limited are fair and reasonable insofar as Shareholders
are concerned.

                  Expected timetable of events

Latest time and date
for receipt of Forms of Proxy          10 a.m. on Sept. 23, 2006

Extraordinary General Meeting          10 a.m. on Sept. 25, 2006

Dealings in Placing Shares
commence on AIM and CREST accounts
credited in respect of the Placing
Shares to be held in uncertified form             Sept. 26, 2006

Dispatch of definitive share
certificates in respect of the
Placing Shares to be held
in certified form                                   Oct. 3, 2006

Headquartered in London, United Kingdom, Cellcast plc --
http://www.cellcast.com/-- has developed strategies for  
integrating mobile content into the multi-channel TV
environment.  Its applications and programming are already
building new traffic for mobile networks and generating
significant revenue for its broadcast partners in Europe, the
Middle East and Asia.


COMMPETE INTERNATIONAL: Taps Tenon Recovery as Administrators
-------------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Commpete International Limited
(Company Number 5259953) on Aug. 10.

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

Headquartered in Cheltenham, United Kingdom, Commpete
International Limited is engaged in industry IT support.


DURA AUTOMOTIVE: Closing Stratford Plant & Cutting 280 Jobs
-----------------------------------------------------------
Dura Automotive Systems Inc. is closing its brake cable plant in
Stratford, Ontario, Canada, by 2007, terminating around 280
hourly and salaried employees.

The Company disclosed early this year their "50-cubed"
operational restructuring plan designed to enhance performance
optimization, worldwide efficiency and improve financial
results.  

The restructuring plan is expected to impact over 50% of its
worldwide operations either through product movement or facility
closures.  The Company expects to complete this action by year
end 2007.  Cash expenditures for the restructuring plan are
expected to be approximately US$100 million, which includes
capital expenditures between US$25 and US$35 million.  

Restructuring cash expenses will relate primarily to employee
severance, facility closure and product move costs.  The
restructuring plan will be financed with cash on hand and
availability under the Company's existing revolving credit
facility.

The Company's management believes that the Company's current
available liquidity will provide the funds necessary to execute
this restructuring plan along with its ongoing operating cash
requirements.  Should the Company's current liquidity not be
adequate to fund the restructuring plan and ongoing cash
requirements for operations, the Company may be required to
modify its restructuring plan, says Keith R. Marchiando, the
Company's Chief Financial Officer.

Major ongoing and completed restructuring actions are:

   -- in May 2006, the Company disclosed that it would close its
      Brantford, Ontario Canada, manufacturing facility by June
      2007.  The 66,000 square foot plant makes a variety of
      automotive column shift assemblies.  The facility closing
      will impact approximately 120 jobs and the Company will
      transfer Brantford production to other DURA facilities to
      improve overall capacity utilization.  Severance related
      charges of US$1.9 million have been recorded in 2006; all
      of which was recorded in the second quarter of 2006.

   -- in June 2006, the Company disclosed the proposed closing
      of its manufacturing facility in Llanelli, United Kingdom.  
      The 118,000 square-foot plant makes automotive cable
      control systems and currently employs approximately 270
      people.  The Company is currently in the consultation
      process with Llanelli's AMICUS trade union concerning the
      proposed closing, and therefore have not determined if the
      plant will in fact be closed.  Other restructuring charges
      of US$0.2 million have been recorded in the second quarter
      of 2006.

   -- the Company incurred year-to-date 2006 severance related
      charges of US$0.2 million for one of its Spanish
      facilities, recorded during the second quarter of 2006.

   -- the Company has notified in July 2006 at its LaGrange,
      Indiana plant that it is closing the facility.  The plant,
      which currently employs approximately 270 people,
      manufactures a variety of window systems for the
      recreation vehicle, mass transit and heavy truck markets.  
      Production of the window systems will be transferred to
      other production facilities.  The Company is currently in
      negotiations with the respective union concerning
      severance and have not yet determined the charge.

   -- the Company incurred year-to-date Lawrenceburg facility
      production movement costs of US$0.5 million, of which
      US$0.3 million was incurred in the second quarter of 2006;

   -- in 2004, the Company disclosed a plan to exit its
      Brookfield, Missouri, facility and combine the business
      with other operations.  This action is complete and
      resulted in year-to-date 2006 total charges of US$0.1
      million, which was recorded during the second quarter of
      2006.  In 2005, the Company incurred charges of US$0.9
      million.

   -- during the fourth quarter of 2005, the Company began the
      streamlining of a North American plant that will be
      completed in 2007.  Certain employee severance related
      charges totaling US$1.4 million were incurred, of which
      US$1.3 million was recorded in the fourth quarter of 2005.
      Additional severance related charges of US$0.1 million
      were recorded in the second quarter of 2006.

   -- during the third quarter of 2005, the Company disclosed a
      plan to streamline an Einbeck, Germany, manufacturing
      operation.  This action is substantially completed and
      resulted in no severance cost in 2006.

   -- during the second quarter of 2005, the Company disclosed a
      plan to streamline a Plettenberg, Germany, manufacturing
      operation during 2005 and 2006.  In the third quarter of
      2005, the Company received approval for this action from
      the appropriate Workers' Council and Union.  Full
      identification of the actual employees has been
      substantially completed.  Total severance costs of US$4.4
      million are expected upon final identifications of all
      applicable employees.  Approximately US$3.6 million has
      already been recorded, including US$0.4 million for the
      six months ended July 2, 2006.

   -- during the first quarter of 2005, the Company reported a
      plan to centralize its enterprise resource planning
      systems and centralize many of its functional operations
      to better align with current business levels.  These
      actions are ongoing domestically as the Company continues
      to migrate its operations.  The Company is unable to
      estimate future severance costs as applicable employees
      have not been identified.  Approximately US$1.3 million of
      severance related charges were incurred in 2005.  No
      additional costs have been incurred for the six months
      ended July 2, 2006.  The Company has not formalized the
      total impact to its international operations, since
      meaningful migration and centralization will not begin
      until late 2006.  The Company does expect that upwards of
      200 individuals could be impacted.  The Company has not
      yet specifically identified which individuals or group of
      individuals will be impacted, or in which international
      locations they reside.  Therefore, the Company is not able
      to estimate the termination liability impact at this time.  
      The Company does not expect, however, that the
      international termination costs for this action will
      exceed the related estimate for our U.S. operations.

On July 27, 2006, the Company also disclosed plans to reduce its
indirect workforce by 510 individuals in addition to the
previously announced "50-cubed" operational restructuring plan.
The rationale for this workforce reduction is to more
appropriately align our indirect workforce with current sales
volumes.  The Company anticipates having this goal accomplished
by the end of 2006.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  S&P
said the rating outlook is negative.


ELEMENTS LIFESTYLE: Taps Liquidator from Begbies Traynor
--------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Elements Lifestyle & Beauty Limited on June 16 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Elements Lifestyle & Beauty Limited
    455 Bethnal Green Road
    London E2 9QH
    United Kingdom
    Tel: 020 7729 3719


ENFIELD LEISURE: Liquidating Assets Due to Cash Shortage
--------------------------------------------------------
Enfield Leisure Centres Ltd. prepares to go into liquidation due
to a lack of funding from the Enfield council, Kate Southern
writes for This is Hertfordshire.

The not-for-profit trust's 150 employees will not receive their
full August salaries as a result of the cash crisis, Ms.
Southern relates.

According to the report, Labor Councilor Bambos Charalambous,
who is resigning from his post as a member of the ELCL board,
has accused the council of deliberately running the company into
the ground.

"I am appalled the Tory council has made cuts to ELCL year-on-
year, but has never monitored the effect a funding loss of
GBP250,000 over the last four years, has had," Mr. Charalambous
said.  "Quite simply, Enfield Council has put a gun to the head
of the ELCL and the blame lies entirely at its door."

Enfield Leisure Centres Limited manage a wide range of leisure
facilities offering sport and leisure opportunities for the
communities in the London Borough of Enfield on behalf of
Enfield Council.


ERWIN DAVSON LIMITED: Names Keith Aleric Stevens Liquidator
-----------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed Liquidator
of Erwin Davson Limited on June 16 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Erwin Davson Limited
    14 Park Road
    Kingston Upon Thames
    Surrey KT2 6BG
    United Kingdom
    Tel: 020 8786 0559


ESSENTIAL OFFICE: Hires Joint Administrators from Cresswell
-----------------------------------------------------------
Daniel Paul Hennessy and Gordon Craig of Cresswell Associates
Limited were appointed joint administrators of Essential Office
Solutions Limited (Company Number 05288098) on Aug. 7.

The administrators can be reached at:

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

Headquartered in Bradford, United Kingdom, Essential Office
Solutions Limited -- http://www.essential-office.com/--  
wholesales office machinery and equipment.


GILLARD WELCH: P. Nottingham Leads Liquidation Procedure
--------------------------------------------------------
P. Nottingham of Nottingham Watson Ltd. was appointed Liquidator
of Gillard Welch Limited on June 2 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Gillard Welch Limited
    355 Station Road
    Dorridge
    Solihull
    West Midlands B93 8EY
    United Kingdom
    Tel: 01564 771 772


HAYLOFT STUDIOS: Appoints Moira Fitzpatrick as Administrator
------------------------------------------------------------
Moira C. Fitzpatrick of MCF Business Rescue and Insolvency was
appointed administrator of Hayloft Studios Limited (Company
Number 04175783) on Aug. 16.

The administrator can be reached at:

         MCF Business Rescue and Insolvency
         39 Southernhay East
         Exeter EX1 1PE
         United Kingdom

Headquartered in Devon, United Kingdom, Hayloft Studios Limited
wholesales arts and crafts.


HOLISTYC LIMITED: Claims Filing Period Ends Sept. 13
----------------------------------------------------
Creditors of Holistyc Limited have until Sept. 13 to prove their
debts or claims by sending statements of the amount they claim
to be due to them from the Company to appointed Joint Liquidator  
Malcolm Fillmore of Atherton Bailey LLP at:

         Malcolm Fillmore
         Atherton Bailey LLP
    Arundel House
    1 Amberley Court
    Whitworth Road
    County Oak
    Crawley
    West Sussex RH11 7XL
    United Kingdom

The company can be reached at:

    Holistyc Limited
    15 Pitreavie Court
    Pitreavie Business Park
    Queensferry Road
    Dunfermline
    Fife KY11 8UU
    United Kingdom
    Tel: 01383 838140


INTERSERVE: Suspends Senior Staff Over Accounting Irregularities
----------------------------------------------------------------
Support services group Interserve PLC has suspended six senior
staff in its industrial services unit after discovering
accounting irregularities that will result in a GBP25 million
reduction in net assets in its interim results, Lifestyle Extra
reports.

According to the Daily Telegraph, the suspected accounting
irregularities go back five years, uncovered only after internal
reviews following the organizational restructuring and board
change announced on July 20, 2006.

Interserve also said that it has launched an independent
forensic review and an operational and strategic review of the
industrial services business, with the help of KPMG and law firm
Linklaters.

                     About Interserve Plc

Interserve -- http://www.interserveplc.co.uk/-- is a services,  
maintenance and building group. The company provides services
across the whole life of many types of buildings and
infrastructure such as hospitals, schools, offices, industrial
plant, bridges, waterworks or roads. We offer our services at
each stage of the asset lifecycle: building, equipment hiring,
maintenance and replacement and operations support.

The company has operations in Australia, New Zealand, Hong Kong,
Korea and the Philippines.


J & W RENOVATION: Nominates Ashok K. Bhardwaj as Liquidator
-----------------------------------------------------------
Ashok K. Bhardwaj of was nominated Liquidator of J & W
Renovation Company Limited on June 19 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Arnold Estate
    Druid Street
    Southwark
    London SE1 2DT
    United Kingdom
    Tel: 020 7740 1199


JPS STAINLESS: Brings In Joint Liquidators from Lines Henry
-----------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of JPS Stainless Limited on June 20 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         JPS Stainless Limited
    Unit 19 Unit Factory Estate
    Courtney Street
    Hull HU8 7QF
    United Kingdom
    Tel: 01482 213 997


KJA TOWNEND: Taps Liquidators from O'Hara & Co.
-----------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co were appointed Joint
Liquidators of KJA Townend Walker Limited on June 9 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         KJA Townend Walker Limited
    Network House
    Stubs Beck Lane
    West 26 Industrial Estate
    Cleckheaton
    West Yorkshire BD194TT
    United Kingdom
    Tel: 01274 850 222


KEETS ROOFING: Names Joint Liquidators from Valentine & Co.
-----------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Keets Roofing Limited on June 16
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Keets Roofing Limited
    24 Cornwall Road
    Dorchester
    Dorset DT1 1RX
    United Kingdom
    Tel: 01202 556 734


KELSCAFF LIMITED: Appoints Joint Liquidators from Mazars LLP
------------------------------------------------------------
Tim Alan Askham and Paul Charlton of Mazars LLP were appointed
Joint Liquidators of Kelscaff Limited on June 14 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Kelscaff Limited
    2 Every Street
    Bury
    Lancashire BL9 5BE
    United Kingdom
    Tel: 0161 763 7887


KINGFISHER KNIGHT: Hires John C. Moran to Liquidate Assets
----------------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was appointed Liquidator
of Kingfisher Knight Printing Company Limited on June 20 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Kingfisher Knight Printing Company Limited
    Unit 2 & 3 Ashley Business Centre
    East Street
    Prescot
    Merseyside L34 5RR
    United Kingdom
    Tel: 0151 548 6333


LEEDS IRONCRAFT: Names Liquidators from Jacksons Jolliffe Cork
--------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Leeds
Ironcraft Company Limited on June 15 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Leeds Ironcraft Company Limited
    38 Glensdale Road
    Leeds
    West Yorkshire LS9 9JF
    United Kingdom
    Tel: 0113 248 0238


MP & ASSOCIATES: Brings In Stephen M. Katz to Liquidate Assets
--------------------------------------------------------------
Stephen M. Katz was appointed Liquidator of MP & Associates
Limited on May 30 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         MP & Associates Limited
    5 Gills Cliff Road
    Ventnor
    Isle of Wight PO38 1LH
    United Kingdom
    Tel: 01983 854721


MIDLAND EURO: Trustee Can't Pursue Extraterritorial Fraud Claim
---------------------------------------------------------------
Christopher R. Barclay at LECG, LLC, the Chapter 7 Trustee
cleaning up a US$100 million Ponzi scheme orchestrated by
Midland Euro, Inc., Midland Euro Exchange, Inc., Midland Group,
Inc., and other related entities, sued to recover US$897,000 of
pre-petition foreign exchange fees and commissions paid to Swiss
Financial Corporation, Ltd.

On June 12, 2006, Swiss Financial filed a motion to dismiss the
Trustee's complaint, arguing that Congress did not intend 11
U.S.C. Sec. 548 to apply extraterritorially and that the
Bankruptcy Court should abstain from exercising jurisdiction
over the lawsuit on the grounds of international comity.  In
response, the Trustee argued that Congress intended to extend
its reach extraterritorially, and that holding otherwise would
create a loophole in the Bankruptcy Code by creating the means
for unscrupulous debtors to conceal their assets abroad and
therefore outside the reach of the U.S. bankruptcy system.

The Honorable Geraldine Mund of the U.S. Bankruptcy Court for
the Central District of California held a hearing on July 19,
2006.  In a Memorandum Opinion dated Aug. 16, 2006, and
published at 2006 WL 2374327, Judge Mund granted Swiss
Financial's motion to dismiss.

The transferor, Judge Mund observes, was a Barbados corporation,
and the transferee was an English corporation.  The funds
originated from a bank account in London and, although
transferred through a bank account in New York, eventually ended
up in another bank account in England.

"Whether Congress intended to extend the reach of the fraudulent
transfer statute extraterritorially is a matter of great
practical concern for the parties," Judge Mund says.  "If the
extraterritorial application of Sec. 548 is upheld, the Trustee
would be able to recover from SFC by merely proving the
existence of a Ponzi scheme and the fact that the transfers
actually occurred.  Otherwise, the Trustee will not only face
the logistical difficulties of bringing the suit in England, but
he will also have to prove, under British law, that SFC had
actual knowledge of the Midland Entities' scheme to defraud its
creditors."

"[S]ince I can find no evidence of congressional intent to
extend the application of Sec. 548 extraterritorially," Judge
Mund says, "the Trustee may not pursue his claims against SFC
under this statute."

The Chapter 7 Trustee can be reached at:

     Christopher R. Barclay
     LECG, LLC
     600 Anton Blvd., Suite 1350
     Costa Mesa, CA 92626
     Telephone (714) 662-0800

LECG (Nasdaq: XPRT) is a global expert services firm that
provides expert analysis, testimony, authoritative studies, and
strategic advisory services to clients around the world.

Mr. Barclay is represented by:

     Leonard I. Gumport, Esq.
     Aleksandra Zimonjic, Esq.
     Gumport | Reitman
     550 South Hope Street, Suite 825,
     Los Angeles, CA 90071-2627
     Telephone (213) 452-4900

Howard Steinberg, Esq., at Irell & Manella LLP, represented
Swiss Financial in this matter.

Starting in 1999, Midland Euro, Inc., Midland Euro Exchange,
Inc., Midland Group, Inc., and other related entities were used
by their founders, owners, and principals -- Moshe and Zvi
Leichner -- to collect money from investors all over the world
with a promise of extraordinary returns from trades in the
foreign exchange market.  The Ponzi scheme unraveled in 2003.  
Moshe and Zvi Leichner each pleaded guilty to felony fraud and
money-laundering charges and were sentenced to 20 years and 11
years in federal prison, respectively, and a restitution
judgment of US$98 million.  United States v. Moshe Leichner and
Zvi Leichner (C.D. Calif. Case No. CR 03-568).  On May 8, 2003,
involuntary Chapter 7 bankruptcy petitions were filed against
the Leichners and the Midland Entities (Bankr. C.D. Calif. Case
Nos. SV 03-13981-GM, SV 03-13982-AG, SV 03-13986-AG, SV 03-
13987-AG and SV 03-13989-AG).  By the bankruptcy court's order
entered on May 16, 2003, the Debtors' Estates were substantively
consolidated.  Thereafter, on June 18, 2003, a Chapter 7 Trustee
was appointed by the Court.  As of today, proofs of claim
totaling more than US$100 million have been filed against the
Estate, including millions of dollars owed to investors.


MIKE HALL: Hires Martin Charles Armstrong as Liquidator
-------------------------------------------------------
Martin Charles Armstrong of Turpin, Barker Armstrong was
appointed Liquidator of Mike Hall Limited on May 31 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Mike Hall Limited
    66 East Grove Road
    Newport Gwent NP19 9QH
    United Kingdom
    Tel: 01633 282641  


NPS LIMITED: Appoints Smith & Williamson as Administrators
----------------------------------------------------------
Robert Horton and Anthony Murphy of Smith & Williamson Limited
were appointed joint administrators of NPS (Legal Services)
Limited (Company Number 04459832) on Aug. 16.

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

NPS (Legal Services) Limited can be reached at:

         Eagle House
         28 Billing Road
         Northampton
         Northamptonshire NN1 5AJ
         United Kingdom


OFFICE DESIGN: Calls In Joint Liquidators from Larking Gowen
------------------------------------------------------------
Matthew Robert Howard and Robert Geoffrey Rose of Larking Gowen
were appointed Joint Liquidators of Office Design Partnership
Limited on June 2 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Office Design Partnership Limited
    Unity Wharf
    13 Mill Street
    London SE1 2BH
    United Kingdom
    Tel: 020 7231 8057


OSLO REINSURANCE: Wants High Court to Approve Oct. 3 Hearing
------------------------------------------------------------
Oslo Reinsurance Company (U.K.) Limited and Oslo Reinsurance
Company ASA applied to the High Court of Justice for a court
hearing to be held on Oct. 3, 2006.

The Scheme Companies asked permission from the Court to convene
meetings of Scheme Creditors to consider and approve solvent
scheme of arrangement to be proposed by the Scheme Companies
pursuant to Section 425 of the Companies Act 1985.

The primary objective of the Schemes is to conclude the run-off
of the Scheme Companies earlier than would be the case if claims
were left to mature in the normal course of business.

At the hearing the Court will decide how many separate class
meetings of Scheme Creditors the Scheme Companies must convene
for the purpose of voting on the Schemes.

Oslo Re ASA proposes to convene a single meeting of its Scheme
Creditors.  As Oslo Re ASA's business is pure reinsurance, it is
considered that the rights of its Scheme Creditors should be
sufficiently similar to enable them to consult together in a
single class.

Oslo Re U.K. proposes to convene two meetings of its Scheme
Creditors:

   -- a meeting of Scheme Creditors in relation to their claim
      other than IBNR claims; and

   -- a meeting of Scheme Creditors in relation to their IBNR
      claims.

As the Scheme of Oslo Re U.K. includes direct as well as
reinsurance business, it is considered appropriate to separate
creditors with IBNR claims into a separate class for voting on
its Scheme.

If any potential Scheme Creditor has concerns regarding the
proposed constitution of classes, they should inform the Scheme
Companies in writing, as soon as possible and in any event seven
days prior to the date of the hearing so that their concerns can
be drawn to the Court's attention.

Scheme Creditors also have the right to attend the hearing for
the purpose of making representations.  Scheme Creditors who
intends to do so should inform the Scheme Managers at least
seven days prior to the date of the hearing.

A copy of the letter containing further details on the proposed
Schemes is available at: http://www.oslore.no/

The Scheme Managers can be reached at:

         Jan C. H. Endresen and Bjorn Morten Skordal
         Oslo Reinsurance Company ASA
         P.O. Box 1753 Vika.
         N-0122 Oslo, Norway
         Tel: +47 22 31 59 86
              +47 22 31 28 91
         Fax: +47 22 31 29 74
              +47 22 31 29 00
         E-mail: scheme.inquiries@oslore.no


PHOTRONICS INC: Earns US$4.6 Million in Quarter Ended July 30
-------------------------------------------------------------
Photronics Inc.'s net income for the third quarter of fiscal
2006 ended July 30, 2006 amounted to US$4.6 million, compared to
the prior year's third quarter net income of US$14.8 million.  
Net income for the third quarter of 2006 included a charge of
US$1.8 million after tax in connection with the restructuring of
the Company's operations in North America.

Sales for the quarter were US$108.2 million, down 5.9%, compared
to US$114.9 million for the third quarter of 2005.  
Semiconductor photomasks accounted for US$87.2 million or 80.6%
of revenues during the third quarter of fiscal 2006, while sales
for flat panel display photomask sets accounted for US$21
million or 19.4%.

Net income for the first nine months of fiscal 2006 amounted to
US$19.5 million, compared to the prior year's first nine months
net income of US$29.9 million.

Sales for the first nine months of 2006 were US$339.6 million,
up 3.2% from the US$329 million for the first nine months of
fiscal 2005.  Semiconductor photomasks accounted for US$264.5
million or 77.9% of revenues during the first nine months of
fiscal 2006, while sales for FPD photomask sets accounted for
US$75.1 million or 22.1%.

A market driven slowdown in FPD business impacted the Company's
performance during the quarter.  In the semiconductor business,
the Company's performance was largely in line with expectations
across all three regions it serves, as the Photronics team
continues to execute the Company's strategic plan," commented
Michael J. Luttati, Chief Executive Officer.

"We expect conditions in our FPD business to begin improving
over the next several months and are already seeing signs of
improvement.  Furthermore, we were encouraged that even in this
difficult environment, Photronics outperformed its competitors,
gaining market share by leveraging our unique technology and
service leadership advantage.  It is this type of performance
which illustrates how our global team has embraced the strategic
priorities of profitable technology leadership; tighter global
integration and market share leadership.  We remain committed to
achieving these goals."

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide  
manufacturer of photomasks.  Photomasks are high precision
quartz plates that contain microscopic images of electronic
circuits.  A key element in the manufacture of semiconductors
and flat panel displays, photomasks are used to transfer circuit
patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat
panel displays and, to a lesser extent, other types of
electrical and optical components.  They are produced in
accordance with product designs provided by customers at
strategically located manufacturing facilities in Asia, Europe,
and North America.  In Europe, the company maintains operations
in Dresden, Germany and Manchester, UK.

                           *     *     *

Photronics carry Moody's B1 rating and Standard & Poor's BB-
Corporate Credit Rating.


PORTRAIT CORP: Files Chapter 11 Petition in New York
----------------------------------------------------
Portrait Corp. of America Inc., filed a Chapter 11 bankruptcy
petition with Southern District of New York in White Plains
after reaching an agreement with some of its bondholders,
Charlotte Business Journal reports.

The bondholders started to negotiate with Portrait Corp. on
steps to avoid liquidation.  Those bondholders would become the
Company's equity holders if Judge Adlai S. Hardin Jr. approved a
proposed restructuring plan.  According to Business Journal, the
Company expects to eliminate 75% of its debt and US$30 million
in annual interest payments.  

Portrait Corp. has experienced financial problems for some time,
including default on some notes and unpaid bills to vendors.  It
lost US$34.4 million in 2005 and US$29.7 million in 2004.

Portrait Corp. Chief Executive David Alexander, in an interview
with Business Journal, said: "After several months of productive
dialogue between our major creditors and our equity holders, we
have achieved an agreement that will make PCA a much stronger
company."  Mr. Alexander added: "We enter restructuring in a
unique position in that our key lenders are already on board
with our plan."

In June, Portrait Corp. reported it has hired separate
restructuring teams to advise it and the holders of about US$165
million of its bond debt.

Portrait Corporation of America, Inc., provides professional
portrait photography products and services to children, adults
and families in North America.  The Company operates portrait
studios within Wal-Mart stores and Supercenters in the United
States, Canada, Mexico, Germany and the United Kingdom.  The
Company also operates a modular traveling business providing
portrait photography services in additional retail locations and
to church congregations and other institutions.

                    Going Concern Doubt

Eisner LLP raised substantial doubt about Portrait Corp. of
America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006, and insufficient liquidity to meet those
obligations.


PORTRAIT CORP: Case Summary & 29 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Portrait Corporation of America, Inc.
        fka PCA International, Inc.
        815 Matthews-Mint Hill Road
        Matthews, NC 28105

Bankruptcy Case No.: 06-22541

Debtor-affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      American Studios, Inc.                     06-22542
      Hometown Threads LLC                       06-22543
      PCA Photo Corporation of Canada, Inc.      06-22544
      PCA Finance Corp.                          06-22545
      PCA LLC                                    06-22546
      PCA National LLC                           06-22547
      PCA National of Texas LP                   06-22548
      Photo Corporation of America, Inc.         06-22549

Type of Business: The Debtors' core business is in retail
                  portrait photography.  Their automated film
                  laboratory processes more than 130 million
                  portraits annually for more than seven million
                  customers.

                  The Debtors are the exclusive portrait
                  providers for Wal-Mart stores, and operate
                  studios in more than 3,000 Wal-Mart store
                  locations in the United States, Canada,
                  Germany, United Kingdom and Mexico.  See
                  http://pcaintl.com/

Chapter 11 Petition Date: August 31, 2006

Court: Southern District of New York (White Plains)

Judge: Adlai S. Hardin Jr.

Debtors' Counsel: John H. Bae, Esq.
                  Cadwalader Wickersham & Taft LLP
                  One World Financial Center
                  New York, NY 10281
                  Tel: (212) 504-6013
                  Fax: (212) 504-6666
                  http://www.cadwalader.com/  

Counsel for
Debtors' Outside
Directors:        Kirkland & Ellis LLP
                  Citigroup Center
                  153 East 53rd Street
                  New York, NY 10022-4611
                  Tel: (212) 446-4800
                  Fax: (212) 446-4900
                  http://www.kirkland.com/  

Debtors'
Restructuring
Accountants:      Mesirow Financial Consulting, LLC
                  350 North Clark Street
                  Chicago, IL 60610
                  Tel: (312) 595-6000
                  Fax: (312) 595-4246
                  https://www.mesirowfinancial.com/

Debtors'
Financial
Advisor and
Investment
Banker:           Berenson & Company LLC
                  667 Madison Avenue
                  New York, NY 10021
                  Tel: (212) 935-7676
                  Fax: (212) 935-1499
                  http://www.berensonco.com/  

Debtors' Claims,
Noticing and
Balloting Agent:  Bankruptcy Services LLC
                  757 Third Avenue 3rd Floor
                  New York, NY 10017
                  Tel: (646) 282-2500
                  Fax: (646) 282-2501
                  http://www.bsillc.com/

Debtors' financial condition as of July 30, 2006:

      Total Assets: US$153,205,000

      Total Debts:  US$372,124,000

Debtors' Consolidated List of its 29 Largest Unsecured
Creditors:

  Entity                        Nature of Claim     Claim Amount
  ------                        ---------------     ------------
The Bank of New York Trust      Indenture Trustee US$165,000,000
Company, N.A.
Corporate Trust - Default
Administration Group
101 Barclay Street - 8W
New York, NY 10286
c/o Stuart Kratter
Tel: (212) 815-5466
Fax: (212) 815-5131

Goldman Sachs & Co.             Noteholder         US$42,475,000
85 Broad Street
New York, NY 10004
c/o Matt Brenner
Tel: (212) 902-8184

Whippoorwill Associates, Inc.   Trade              US$22,782,655
Assignee of AgfaPhoto USA Corp.
11 Martine Avenue, 11th Floor
White Plains, NY 10004
c/o Steven Gendal
Tel: (914) 683-1002

Wal-Mart Stores, Inc.           Rent/Royalty        US$5,078,952
702 Southwest 8th Street
Bentonville, AR 72716
c/o Michael Li
Tel: (479) 204-6574

Callisto Corporation            Trade                 US$681,291
182 West Central Street
Suite 101
Natick, MA 01760
c/o Mike Barta
Tel: (508) 655-3311
Fax: (508) 650-4626

PBM Graphics, Inc.              Trade                 US$429,871
3700 Miami Boulevard
Durham, NC 27703
c/o Gary Pegram
Tel: (919) 595-7611
Fax: (919) 595-7929

Travelers Indemnity Company     Trade                 US$413,664
P.O. Box 91287
Chicago, IL 60693-1287
c/o Brian Tanasi
Tel: (860) 277-7932

Walsworth Publishing co.        Trade                 US$388,041
P.O. Box 412034
Kansas City, MO 64141-2034
c/o Rich Bond
Tel: (866) 369-2646
Fax: (660) 376-3269

Eisner LLP                      Trade                 US$355,000
750 Third Avenue
New York NY 10017-2703
c/o Nicholas Tsafos
Tel: (212) 891-4128

National Print Group Inc.       Trade                 US$334,427
P.O. Box 116424
Atlanta, GA 30368-6424
c/o Phillip L. Harris
Tel: (423) 648-8803
Fax: (800) 624-0408

Photo Control Corp.             Trade                 US$280,483
4800 Quebec Avenue
Minneapolis, MN 55428
c/o Doug Waldoch
Tel: (763) 537-3601
Fax: (763) 537-2852

Global Crossing Telecom.        Trade                 US$225,724

Strategic Flooring Services     Trade                 US$168,656

Datamail Inc.                   Trade                 US$156,073

Carolina Envelope               Trade                 US$137,645

Sony Electronics/B&P            Trade                 US$136,600

Dell Corporation                Trade                 US$117,412

Reliance Deductible Recovery    Trade                 US$114,098

Lee Wayne Corp.                 Trade                 US$110,243

Denny Manufacturing Co., Inc.   Trade                 US$107,986

Robinson, Bradshaw & Hinson PA  Trade                 US$107,311

Dell Financial Services Inc.    Trade                  US$92,493

IBM Corporation                 Trade                  US$89,715

C.L. Rabb, Inc.                 Trade                  US$89,189

VAResources, Inc.               Trade                  US$88,810

Sunbelt                         Trade                  US$83,369

Granite                         Trade                  US$82,854

J L & S Woodworking Inc.        Trade                  US$82,132

Amglo Kemlite                   Trade                  US$73,403


PORTRAIT CORP: Sees 75% Debt Cut Upon Chapter 11 Emergence
----------------------------------------------------------
Portrait Corporation of America, Inc., reached a voluntary,
consensual agreement with its key lenders to file a pre-
negotiated Chapter 11 restructuring plan, on Aug. 31, 2006, in
order to keep the company operationally strong and viable.  The
plan will simplify the company's capital structure, and upon
court approval of the Chapter 11 plan, certain bondholders will
become equity holders.

The company anticipates that due to the positive nature of the
consensual agreement that the Chapter 11 process will not be a
lengthy process but one measured in months.  This process
creates an orderly court protected process and, upon
confirmation of the plan will eliminate over 75% of the
company's debt, strengthening PCA's competitive position.

"After several months of productive dialogue between our major
creditors and our equity holders we have achieved an agreement
that will make PCA a much stronger company," R. David Alexander,
Chairman and CEO, said.

"We enter restructuring in a unique position in that our key
lenders are already on board with our plan.  Operationally we
are focused on producing strong fall results and with the
elimination of over $30 million in annual interest we will now
have the resources to truly compete.  I want our customers to
know that they can trust us to deliver the quality product
they're accustomed to and they will continue to be able to count
on us for even more choices and new products.  We appreciate the
support we have received from all parties concerned,
particularly our own associates.  We believe that this
restructuring provides a very bright future for our company."

Islam Zughayer from Berenson & Company is PCA's financial
advisor, and John Bae from Cadwalader, Wickersham & Taft LLP is
PCA's legal advisor.

                       About Portrait Corp.

Based in Matthews, North Carolina, Portrait Corporation of
America, Inc. - http://pcaintl.com/-- provides professional  
portrait photography products and services to children, adults
and families in North America.  The Company operates portrait
studios within Wal-Mart stores and Supercenters in the United
States, Canada, Mexico, Germany and the United Kingdom.  The
Company also operates a modular traveling business providing
portrait photography services in additional retail locations and
to church congregations and other institutions.

Portrait Corporation and eight subsidiaries filed for chapter 11
protection on Aug. 31, 2006 (Bankr. S.D.N.Y. Case No. 06-22541).
John H. Bae, Esq., Cadwalader Wickersham & Taft LLP represent
the Debtors' in their restructuring efforts.  Lawyers from
Kirkland & Ellis LLP represent the Debtors' outside directors.  
Mesirow Financial Consulting, LLC, is the Debtors' restructuring
accountants.  Berenson & Company LLC gives financial advice to
the Debtors.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 28, 2006,
Eisner LLP raised substantial doubt about Portrait Corporation
of America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006 and insufficient liquidity to meet those
obligations.


PROVALIS PLC: Approves Disposal of Medical Diagnostics Business
---------------------------------------------------------------
Provalis plc passed a resolution to approve the disposal of PB
Diagnostics Limited at an Extraordinary General Meeting on
Sept. 1.

A further Extraordinary General Meeting of Provalis to approve
the proposed members' voluntary liquidation of Provalis will be
held on Sept. 15.

As reported in TCR-Europe on Aug. 11, Provalis agreed to sell
its medical diagnostics business for effective consideration of
GBP1.6 million through the sale of the entire issued share
capital of its subsidiary, PB Diagnostics Limited to Bio-Metrics
(U.K.) Limited, a subsidiary of Bio-Rad Laboratories, Inc.,
subject to shareholder approval.  The company previously
disclosed technical problems with its in2it diabetes monitor and
disappointing sales at its pharmaceuticals business.

The Company has made good progress in resolving the technical
issues associated with in2it but does not have the resources to
re-launch the product and maximize value through the
exploitation of the product, especially in the US market.  The
Board believes the terms of the Disposal represent the most
viable option for the Group to obtain value from the Medical
Diagnostics business.

                      About the Company

Headquartered in Flintshire, United Kingdom, Provalis plc (LSE:
PRO) -- http://www.provalis.com/-- is an international Medical
Diagnostics group.  The company is comprised of two separate
operating businesses:

   -- Provalis Diagnostics Limited - develops, manufactures and
sells medical diagnostic products for chronic disease
management for world markets.  The business' principal
products are in2it A1c and Glycosal both diabetes
diagnostic  tests.

   -- Provalis Healthcare Limited - sold and marketed its own,
and third party, branded, prescription medicines in the
      U.K. and Ireland to GPs and hospitals through a regionally
managed sales force.

                        *     *     *

For the six months ended Dec. 31, 2005, the company posted
GBP4.8 million in net losses, compared with a GBP1.7 million net
loss for the same period in 2004.  For the year ended June 30,
2005, the company posted GBP5.3 million in net losses.

For the six-month period, the company also experienced strained
liquidity with GBP3.3 million in assets available to pay GBP6.5
million of debts due within the year.


Q-PRINT FLEXOGRAPHICS: Brings In T. Papanicola as Administrator
---------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Q-Print Flexographics Limited (Company Number 03460293) on
Aug. 18.

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

Q-Print Flexographics Limited can be reached at:

         Bramble Way
         Clover Nook Industrial Park
         Somercotes
         Alfreton
         Derbyshire DE55 4RH
         United Kingdom
         Tel: 01773 521093  


RED LIMITED: Taps Gerald Irwin to Liquidate Assets
--------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of Red
(GB) Limited on June 19 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Red (GB) Limited
    Unit 22
    Kings Norton Business Centre
    Prince Road
    Birmingham
    West Midlands B30 3HB
    United Kingdom
    Tel: 0870 600 1097
    Web: http://www.redgb.com/


REFCO INC: Wants Court Nod on FXA-GAIN Settlement Agreement
-----------------------------------------------------------
Refco F/X Associates, LLC, operated an on-line retail foreign  
exchange trading business under a Facilities Management
Agreement between Refco Group Ltd., LLC, and Forex Capital
Markets, LLC, on a software trading platform created and
maintained by FXCM.  In connection with the FMA, RGL acquired --
and still currently holds -- a 35% limited liability company
interest in FXCM.

As previously reported, FXCM proposed to purchase certain assets  
relating to FXA's online business.  Pending approval and  
consummation of the FXCM Sale, Bank of America, N.A., as  
administrative agent under the Debtors' prepetition credit  
facility, and the Official Committee of Unsecured Creditors,  
among others, disputed that FXCM's consideration under the  
current circumstances was insufficient and that the FXCM Equity  
and FXA's customer account database should be sold in separate  
transactions.

FXCM eventually purported to terminate its underlying purchase  
agreement with FXA.  Despite further attempts to negotiate an  
acceptable resolution of the BofA-Committee Objection, the  
parties ultimately reached an impasse with respect to the  
contemplated FXCM Sale.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &  
Flom LLP, in New York, recounts that the Debtors reached out to  
those parties that had expressed a continuing interest in  
acquiring FXA's customer database after completing the FXCM  
auction process.  The Debtors had been in discussions with GAIN  
Capital Group throughout the FXCM auction process as a possible  
alternative transaction partner.  The negotiations culminated  
with the parties entering into a Term Sheet on July 27, 2006,
for GAIN's acquisition of the Customer Information.

On June 30, 2006, the Debtors sought approval of the sale  
transaction with GAIN, subject to higher and better offers, and  
to an execution of a definitive purchase agreement.

Notwithstanding their efforts, Ms. Henry notes, the parties
could not agree on workable terms for a definitive purchase
agreement and eventually reached an impasse with respect to
GAIN's contemplated transaction.  After due consideration, the
Debtors and GAIN decided not to pursue further discussions with
respect to the Proposal at this time.  As a result, the Debtors
withdrew the GAIN Sale Motion on July 26.

Ms. Henry tells Judge Drain that although the Term Sheet was  
generally intended to be non-binding, GAIN expressly obligated  
itself to pay FXA up to $80,000 in the event that the parties
did not enter into a definitive purchase agreement for the
Customer Information on or before July 20, 2006.

Despite their efforts, however, FXA and GAIN could not finalize  
terms and conditions that were practicable under the  
circumstances.  As of July 20, FXA and GAIN had not executed a  
definitive purchase agreement as required under the Term Sheet.

Given that the July 20 deadline has elapsed, Ms. Henry asserts  
that the July Payment is due and payable in accordance with the  
Term Sheet's unambiguous language.  GAIN has made clear,
however, that it disputes FXA's entitlement to the July Payment
and has asserted various claims against FXA and the Debtors
based on the parties' dealings.

To resolve the dispute, FXA and GAIN entered into a settlement  
agreement on August 22, 2006, pursuant to which FXA will release  
GAIN from any and all claims relating to the Term Sheet and the  
Proposal in exchange for GAIN's corresponding and concurrent  
release of FXA and the Debtors from any Claims that GAIN may  
assert against them.  No money will be changing hands.

FXA and GAIN will also terminate the Term Sheet, to the extent  
that it remains in effect, and that neither will have any other  
or further obligations.

Although the Debtors believe that they would succeed in pursuing  
and collecting the July Payment, there is a risk that the
Debtors would not prevail and, in any event, the net value to
the estates of any recovery would be significantly diminished,
if not entirely exhausted, by the attendant costs and expenses,
Ms. Henry contends.  In addition, any pursuit would
unnecessarily distract the Debtors from their continuing efforts
to achieve a resolution of their Chapter 11 cases.

Therefore, the Debtors ask the Judge Drain to approve the FXA-
GAIN Settlement Agreement pursuant to Rule 9019 of the Federal  
Rules of Bankruptcy Procedure.

                         About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Debtors & Trustee Tap UHY Advisors as Tax Consultants
----------------------------------------------------------------
Refco Inc., its debtor-affiliates and Marc S. Kirschner, the
court-appointed trustee for Refco Capital Markets, Ltd.,
obtained authority from the U.S. Bankruptcy Court for the
Southern District of New York to formally employ UHY Advisors
NY, Inc., and its affiliated entities as their tax advisors,
nunc pro tunc to Feb. 3, 2006.

As reported in the Troubled Company Reporter on Aug. 8, 2006,
the Debtors and the RCM Trustee believe that UHY, being the 14th
largest accounting firm of tax and business consultants in the
United States with an extensive network of affiliated firms
internationally, possesses expertise and knowledge to provide
services.

According to the Debtors, UHY will perform these necessary
services:

   (a) preparation, review and filing of federal, state and
       local tax returns and any amended returns, corresponding
       schedules, related documents, including any extensions of
       time to file tax returns as well as complex technical
       analysis of various issues and formulation of
       recommendations to the Debtors and the RCM Trustee;

   (b) attendance and assistance with meetings and examinations
       with Internal Revenue Service, international or state and
       local tax authorities, the executive management team at
       Refco, Inc., the Chapter 11 and Chapter 7 trustees for
       RCM and Refco, LLC;

   (c) advice and assistance regarding transaction taxes, state
       and local sales and use taxes, and audits;

   (d) assembly and compilation of information necessary to
       prepare tax returns;

   (e) accounting, auditing and bookkeeping services;

   (f) review and assistance with any international tax-related
       issues and documents;

   (g) tax consulting and strategy services relating to several
       complex transactions;

   (h) consulting services relating to treatment of transactions
       for financial reporting purposes in accordance with GAAP;

   (i) assistance with organizing and cataloging the Debtors'
       books and records; and

   (j) performance of other tax-related services and accounting
       and audit-related services that are mutually agreed on by
       the Debtors, the Trustee and UHY.

The Debtors assure the Bankruptcy Court that UHY's services will
not result in unnecessary duplication of efforts in their
bankruptcy cases.

In accordance with an order authorizing the Debtors to employ
and compensate professionals used in ordinary course, payments
are subject to Court approval if they exceed $50,000 in any
month, or exceed an aggregate of $500,000 in the Debtors' cases.

The Debtors' payments to UHY have not exceeded these caps as of
July 14, 2006.

Under an engagement letter with the Debtors and the RCM Trustee,
UHY agreed to fix its professional fee at $400,000, along with a
$50,000 retainer, for services relating to preparation of
certain partnership and corporation tax returns.  Specific
services that are encompassed in the fixed fee are:

     Fee        Service
     ---        -------
     $150,000   New Refco Group Ltd. LLC Partnership Returns for
                short year Jan. 1, 2005, to Aug. 10, 2005;
                and

     $250,000   Refco Inc. Corporate Tax Returns for tax year
                starting Aug. 11, 2005, to June 30, 2006.

The fixed fee does not include any accounting, bookkeeping or
other support services necessary to prepare the returns.

For other services, UHY's standard hourly rates range from $150
for first year staff to $550 for managing directors.  It is
UHY's policy to adjust rates periodically to reflect economic
and other conditions.

Consistent with its policy with respect to its other clients,
UHY will bill for other charges and disbursements incurred,
including costs for long distance telephone usage, photocopying,
travel, messengers, computer usage and postage.

As of July 20, 2006, UHY has received $200,000 from the Debtors.
UHY will then apply to the Court for allowance of compensation
for professional services rendered and reimbursement of expenses
incurred in the Debtors' cases.  However, services subject to
the fixed fee arrangement will be subject to the jurisdiction
and approval of the Court and the U.S. Trustee under Section
328(a) of the Bankruptcy Code.

Michael Greenwald, managing director of UHY, attests that the
firm:

   (i) does not have any connection with the Debtors or any
       other party-in-interest;

  (ii) is a "disinterested person," as that term is defined in
       Section 101(14); and

(iii) does not hold or represent any interest adverse to the
       Debtors' estates.

                     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: Committee Hires Wildman Harrold as Illinois Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of Refco Inc., and
its debtor-affiliates obtained authority from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Wildman Harrold Allen & Dixon, LLP, as its Illinois counsel for
the Motion to Compel, nunc pro tunc to July 14, 2006.

                         Motion to Compel

The Committee served in December 2005 a subpoena for Rule 2004
examination on Tone Grant, along with a Court-approved schedule
of documents to be produced.  To cure a defect in service, the
Creditors Committee again served the Subpoena on Mr. Grant in
January 2006.

Mr. Grant is the former president and chief executive officer of
Refco Inc.'s predecessor and owns 50% of Refco Group Holdings,
Inc., which is the center of alleged fraudulent conduct
involving concealment of an uncollectible receivable
precipitating the Debtors' bankruptcy.

Notwithstanding his integral involvement with Refco and RGHI,
Mr. Grant refuses to comply fully with the Subpoena served on
him by the Creditors Committee.

Subsequently, the Committee asked the Bankruptcy Court to compel
Mr. Grant's compliance with the Subpoena, which was issued from
the Northern District of Illinois that requires designation of
local counsel in a specific circumstance.

                     Wildman Harrold Retention

The Creditors Committee believes that Wildman Harrold has
extensive experience and knowledge in the field of creditors'
rights and bankruptcy law, and that the firm is well qualified
to represent the Committee.

Specifically, Wildman Harrold will:

   (a) serve as designated local counsel for the Committee in
       the Illinois Northern District, as required by Northern
       District of Illinois Local Bankruptcy Rule 2090-4;

   (b) receive service of notices, pleadings, and other
       documents related to the Motion to Compel, and promptly
       notify the Committee of their receipt and contents;

   (c) appear, in emergencies, on the Committee's behalf in the
       Illinois Northern District in proceedings related to the
       Motion to Compel; and

   (d) advise the Committee with respect to all aspects of state
       and federal law in Illinois relevant to the Motion to
       Compel.

Wildman Harrold's current hourly rates range from US$335 to
US$565 for partners, US$200 to US$380 for associates, and US$150
to US$190 for paralegals, subject to periodic firm-wide
adjustments in ordinary course of Wildman's business.  The
Illinois counsel also intends to apply to the Bankruptcy Court
for payment of compensation and reimbursement of expenses.

John A. Roberts, a partner at Wildman Harrold, attests that the
firm does not represent any other entity having an adverse
interest in connection with the Debtors' Chapter 11 cases.

                     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 USUS$16.5 billion in assets and USUS$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)


RISCK SOLUTIONS: Hires Begbies Traynor to Administer Assets
-----------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Risck Solutions Limited
(Company Number 03174936) on Aug. 18.

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.  

Risck Solutions Limited can be reached at:

         238 Broomhill Road
         Brislington
         Bristol BS4 5RG
         United Kingdom
         Tel: 0870 428 4248
         Fax: 0871 226 8810


ROOTS ASSOCIATES: Taps Jacksons Jolliffe to Administer Assets
-------------------------------------------------------------
David Antony Willis of Jacksons Jolliffe Cork was appointed
administrator of Roots Associates Limited (Company Number
04705926) on Aug. 15.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Headquartered in Hull, United Kingdom, Roots Associates Limited
manages a cafe bar and restaurant.


S C CONSTRUCTION: Names Kirankumar Mistry Liquidator
----------------------------------------------------
Kirankumar Mistry was appointed Liquidator of S C Construction
Limited on May 25 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         S C Construction Limited
    35 High Street
    Doncaster
    South Yorkshire DN9 1EP
    United Kingdom
    Tel: 01427 874148


SECURE FIRST: Hires Joint Administrators from Abbot Fielding
------------------------------------------------------------
Andrew John Tate and Nedim Patrick Ailyan of Abbot Fielding were
appointed joint administrators of Secure First Limited (Company
Number 05445264) on Aug. 15.

The administrators can be reached at:

         Abbott Fielding
         Nexus House
         2 Cray Road
         Sidcup
         Kent DA14 5DB
         United Kingdom
         Tel: 020 8302 4344
         Fax: 020 3248 4035

Headquartered in Walsall, United Kingdom, Secure First Limited
provides security services.


SECURITY PRINTERS: Nominates Liquidator from Kings
--------------------------------------------------
Graham Geoffrey King of Kings was nominated Liquidator of
Security Printers Limited on June 19 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Security Printers Limited
    185 Town Road
    London N9 0HQ
    United Kingdom
    Tel: 020 8807 9333


SPECIAL PHOTOGRAPHERS: Creditors Ratify Voluntary Liquidation
-------------------------------------------------------------
Creditors of The Special Photographers Company Limited ratified
on June 13 the resolutions for voluntary liquidation and
appointment of Simon James Underwood and Colin George Wiseman as
Joint Liquidators.

The company can be reached at:

         The Special Photographers Company Limited
    236 Westbourne Park Road
    Kensington And Chelsea
    London W11 1EL
    United Kingdom
    Tel: 020 7221 3489


T.F.E. BUSINESS: Appoints Begbies Traynor as Administrators
-----------------------------------------------------------
W. John Kelly and James P. N. Martin of Begbies Traynor were
appointed joint administrators of T.F.E. Business Group Limited
(Company Number 03250212) on Aug. 18.

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 Droitwich, United Kingdom, T.F.E. Business
Group Limited is engaged in education and training.


TITAN TAPES: Brings In Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
Scott McGregor and Kenneth Pattullo of Begbies Traynor
(Scotland) LLP were appointed Joint Liquidators of Titan Tapes
Limited on June 12 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Titan Tapes Limited
    Mantra House
    South Street
    Keighley
    West Yorkshire BD211SX
    United Kingdom
    Tel: 01535 610 533
    Web: http://www.titantapes.co.uk/


TLS EUROPE: Taps Administrators from Berg Kaprow
------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of TLS Europe
Limited (Company Number 05115576) on Aug. 16.

The administrators can be reached at:

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

TLS Europe Limited can be reached at:

         1 Butts Road
         Woking
         Surrey GU21 6JX
         United Kingdom


TORNADO COMPONENTS: Hires Joint Liquidators from Hurst Morrison
---------------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson
Corporate Recovery LLP were appointed Joint Liquidators of
Tornado Components Limited on June 2 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Tornado Components Limited
    1 Frilsham
    Yattendon
    Thatcham
    Berkshire RG180XT
    United Kingdom
    Tel: 01635 200 081


TORNADO SOLUTIONS: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of Tornado Solutions Limited confirmed on June 20 the
appointment of Peter James Hughes-Holland and Frank Wessely of
Vantis as Joint Liquidators of the company.

The company can be reached at:

         Tornado Solutions Limited
    8 Trumper Way
    Slough
    Berkshire SL1 5EY
    United Kingdom
    Tel: 01753 572 555


ULTRATHERM U.K.: Eileen T. F. Sale Leads Liquidation Procedure
--------------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Ultratherm U.K. Limited on June 14 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ultratherm U.K. Limited
    Station Road
    Four Ashes
    Wolverhampton
    West Midlands WV107DB
    United Kingdom
    Tel: 01902 798 879


WINDOW WAREHOUSE: Taps Andrew David Rosler as Administrator
-----------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited was
appointed administrator of The Window Warehouse U.K. Limited
(Company Number 05243798) on Aug. 15.

The administrator can be reached at:

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

Headquartered in Rossendale, United Kingdom, The Window
Warehouse U.K. Limited manufactures plastic products.


WW NORTH: Appoints PwC as Joint Administrators
----------------------------------------------
Nick Cropper and Colin Haig of PricewaterhouseCoopers LLP were
appointed joint administrators of WW North Limited (Company
Number 01245210) on Aug. 14.

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

Headquartered in Warwickshire, United Kingdom, WW North Limited
manufactures meat products.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
Senator Entertainment    
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  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.


                           *********

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

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

                           *********


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

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

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

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

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

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


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