TCREUR_Public/060906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R       

                           E U R O P E

          Wednesday, September 6, 2006, Vol. 7, No. 177  

                            Headlines


A U S T R I A

CULT: Salzburg Court Orders Business Shutdown
DE ICCO: Claims Registration Period Ends September 7
DEMCO: Vienna Court Orders Business Shutdown
F.U.I. STRAUSS: St. Poelten Court Shuts Down Business
FEROO: Creditors' Meeting Slated for October 3

FUIOR: Creditors' Meeting Slated for October 4
HAUSER FRAN: Creditors' Meeting Slated for October 4
HELMUT FINK: Claims Registration Period Ends September 27
HOLZCONZEPT TISCHLEREI: Property Manager Claims Lack of Assets
KADLETZ: Claims Registration Period Ends September 27

W.M.P.: Creditors' Meeting Slated for September 14


F R A N C E

ATARI INC: Nasdaq Global Market Issues Delisting Notice
RHODIA S.A.: Improved Performance Spurs Moody's to Lift Ratings


G E R M A N Y

DRESDNER BANK: Fitch Affirms Individual Rating at C
GASTSTATTENBETRIEBE ANDREAS: Claims Registration Ends Sept. 14
HYBRI FITNESS: Claims Registration Ends September 15
KUECHEN DROSS: Claims Registration Ends September 8
KUEHNLE KG: Claims Registration Ends September 7

LEITNER BAUUNTERNEHMUNG: Creditors' Meeting Slated for Sept. 27
LEUNASPAN GMBH: Claims Registration Ends September 18
LSB MEDIZINISCHE: Claims Registration Ends September 15
P-BAU GMBH: Claims Registration Ends September 13
PFLEIDERER AG: Hikes Second-Quarter EBITDA to EUR90.1 Million

SEMA LANDTECHNIK: Claims Registration Ends September 8
TUERKOM HANDELSGESELLSCHAFT: Claims Registration Ends Sept. 22
TUI AG: Denies Report on Hapag-Lloyd Sale Talks
TUI AG: Boards Discuss Strategies for Tourism & Shipping Units


H U N G A R Y

CLOROX COMPANY: Equity Deficit Narrows to US$156 Mln at June 30


K A Z A K H S T A N

AITUR KA: Creditors Must File Claims by Oct. 4
ASIA SOFTWARE: Creditors Must File Claims by Oct. 4
DOS MARKET: Proof of Claim Deadline Slated for Oct. 4
ELEKTROSETPROECT: Proof of Claim Deadline Slated for Oct. 4
PAVLODAR -TEHSERVIS: Claims Registration Ends Oct. 4

REFRAIL: Claims Registration Ends Oct. 4
STROYTRANSSERVIS LTD: Creditors' Claims Due Oct. 4
SV-SERVICE: Creditors' Claims Due Oct. 4
TELMANSKAYA AGROPROMTEHNIKA: Creditors' Claims Due Oct. 4


K Y R G Y Z S T A N

ISSYK-KUL NARYN: Public Auction Scheduled for Sept. 22


L U X E M B O U R G

TMK CAPITAL: Issues Eurobond to Fund Loan to Parent Company


N E T H E R L A N D S

GETRONICS N.V.: Banks Cancel EUR30-Mln Cut on Credit Facility


R U S S I A

AGRO-PROM-KHIMIYA: Kostroma Court Starts Bankruptcy Supervision
AGRO-TEKH-SERVICE: Court Names S. Bogay as Insolvency Manager
AKSENIKHINSKOYE: Court Names. V. Poroshkov as Insolvency Manager
BAYKALSKOYE WOOD: Court Names V. Safonov as Insolvency Manager
BRYANSKIY WOOD: Court Names S. Suvorov as Insolvency Manager

BUILDER: Tver Court Names L. Mopchalina as Insolvency Manager
CERAMICS: Court Names M. Kolesnikov as Insolvency Manager
CLOROX COMPANY: Equity Deficit Narrows to US$156 Mln at June 30
DISCOUNT BANK: Central Bank Revokes License for Violations
GARMENT FACTORY: Bankruptcy Hearing Slated for Oct. 5

GAS-COM: Tula Court Names T. Alekseeva as Insolvency Manager
GAZPROM OAO: Completes Revamp of Orenburggazprom Helium Plant
HYDRO-COAL: Moscow Court Names A. Sorokin as Insolvency Manager
KUBAN: Krasnodar Court Starts Bankruptcy Supervision
KUVSHINOVO-AGRO-PROM-KHIMIYA: Bankruptcy Supervision Starts

MARBLE: Krasnodar Court Names K. Dovbenko as Insolvency Manager
MEDYAKOVO: Novosibirsk Court Starts Bankruptcy Supervision
NOVAYA LYADA: Tambov Court Starts Bankruptcy Supervision
ORENBURG-ALCO: Court Names N. Tokarev as Insolvency Manager
PACKAGE: Vologda Bankruptcy Hearing Slated for Nov. 23

PENZENSKIY FACTORY: Penza Court Starts Bankruptcy Supervision
RAINBOW: Kostroma Court Names T. Litvinova as Insolvency Manager
ROSNEFT OAO: Inks Pipeline Construction Deal with TNK-BP
RUSS-AVIA: Moscow Court Names P. Tumbasov as Insolvency Manager
RYAZHSKAYA POULTRY: S. Kozlovtsev to Manage Insolvency Assets

SEL-KHOZ-TEKHNIKA: S. Osipova to Manage Insolvency Assets
SEL-KHOZ-TEKHNIKA: Court Names Z. Orlova as Insolvency Manager
SIB-OIL-PROM: Court Names O. Matveeva as Insolvency Manager
TERRA: Arkhangelsk Court Names V. Zakirov as Insolvency Manager
TMK OAO: TMK Capital Issues Eurobond to Fund Loan to Parent

TMK OAO: Uncertain Financial Structure Cues S&P to Put B+ Rating
TNK-BP: Inks Pipeline Construction Deal with OAO Rosneft
TROITSKOYE: Orenburg Bankruptcy Hearing Slated for Oct. 17
VASYURINSKIY FACTORY: E. Tkhakushinov to Manage Assets
VOSKHOD: Voronezh Court Names D. Kozlov as Insolvency Manager


U K R A I N E

FOOD PRODUCTS: Court Names Vitalij Gartenko as Liquidator
FORUM BANK: Fitch Assigns B- Default Rating on Modest Earnings
INDUSTRIAL TAS: Court Names S. Ivanenko as Insolvency Manager
ROZDILSKIJ BRICK: Court Names Oleksandr Polishuk as Liquidator
SHPOLA' BREAD: Court Names O. Zayichenko as Insolvency Manager

SPECTRUM-PETROL: Court Names Ruslan Purij as Insolvency Manager
SPIKA: Kyiv Court Starts Bankruptcy Supervision Procedure
TRADE TAS: Kyiv Court Names S. Ivanenko as Insolvency Manager
ZAKARPATNAFTA: Court Names Oleksandr Polishuk as Liquidator


U N I T E D   K I N G D O M

2 PM: Appoints Liquidator from Middleton Partners
3 PEAKS: Creditors Confirm Voluntary Liquidation
3D SOLUTIONS: Creditors Confirm Liquidators' Appointment
A B COMPACTORS: Taps Paul James Fleming to Liquidate Assets
A B DRURY: Brings In Joint Liquidators from Begbies Traynor

A.P.C. LIMITED: Names Shay Lettice Liquidator
ACADEMY FLOORING: Hires Joint Liquidators from Begbies Traynor
ADAMS HARDWARE: Taps Liquidator from Roger Evans
AFD LIMITED: Andrew Fender Leads Liquidation Procedure
AUTOMOTIVE COMPONENTS: Appoints Joint Administrators from Vantis

BAA PLC: Rejects Calls to Split U.K. Airport Company
BALL CORP: Earns US$132.7 Million in Second Quarter 2006  
BON VIVEUR: Appoints Joint Liquidators to Wind Up Business
BRITANNIA TOOL: Names Joint Liquidators from Harrisons
C C INTEX: Creditors Approve Liquidators' Appointment

CAVENDISH SILKS: Hires Joint Liquidators from Vantis
CELLCAST PLC: Posts GBP1.8 Million Net Loss in 2006 First Half
CLOROX COMPANY: Equity Deficit Narrows to US$156 Mln at June 30
COLLINS & AIKMAN: Outlines Business Plan in Disclosure Statement
COLLINS & AIKMAN: Exchanging Secured Debt for Stock Under Plan

CORPORATE EVENT: Creditors Ratify Voluntary Liquidation
CORPORATE PROJECT: Names Joint Liquidators from Begbies Traynor
DEVIANT LIMITED: Appoints Ian Franses to Liquidate Assets
ELECTRO FIXIT: Names Liquidator from B & C Associates
EUROVENT PURIFYING: J. N. Bleazard Leads Liquidation Procedure

FORD MOTOR: Looks at New Business Models to Ensure Recovery
FORD MOTOR: Names Mulally Pres. & CEO, Ford Stays as Chairman
GARRY HEINS: Appoints Joint Administrators from Bridgestones
GENERAL MOTORS: Retail Sales Up 8% in August 2006
GLOBAL DEFENCE: Taps Begbies Traynor as Joint Administrators

GRAHAM PACKAGING: Posts US$507,294 Partners' Deficit at June 30
HANDLING BY DESIGN: Appoints Liquidator from Price & Co.
HARWAL LIMITED: Brings In Joint Administrators from Kroll
HOUSE WORKS: Creditors Confirm Liquidator's Appointment
INCO LTD: CVRD Gets Canadian & U.S. Antitrust OK for Inco Offer

IRON ENGINEERING: Joint Liquidators Take Over Operations
ISOFT GROUP: FY 2006 Net Losses Widen to GBP382.2 Million
JFL AUTOMOTIVE: Appoints Joint Administrators from KPMG
JOHN HAMPDEN: Creditors' Meeting Slated for September 11
KENNA TRANSPORT: Appoints Nigel Morrison to Liquidate Assets

KRISPY KREME: Settles Suit with Sweet Traditions
LA-DI-DA LIMITED: Calls In Joint Liquidators from Wilson Field
LANCASHIRE ON-LINE: Taps Begbies Traynor to Administer Assets
LOGISTICAL SERVICES: Taps Liquidators from Acre House
LONTEC GROUP: Names Joint Liquidators to Wind Up Business

MAMMOTH RETECH: Shay Lettice Leads Liquidation Procedure
MARTLET NATURAL: Brings In Menzies to Administer Assets
METROPOLITAN DESIGN: Calls In Liquidator from Carter Clark
NEEDLER FINANCIAL: Brings In Liquidator from Maidment Judd
NEWTON TRAINING: Taps Peter O'Hara to Liquidate Assets

NORTHERN INDUSTRIAL: Names Joint Administrators from DTE
OCCO COOLERS: Calls In Joint Liquidators from Begbies Traynor
OSBORN & SIMMONS: Hires Joint Liquidators from Mercer & Hole
PENDULUM PROPERTIES: Nominates Liquidator to Wind Up Business
PINNACLE SHEET: Brings In Kroll to Administer Assets

POWELL SECURITY: Eileen T. F. Sale Leads Liquidation Procedure
PREMIER SPORTS: Creditors Confirm Liquidators' Appointment
QUANSIS LIMITED: Creditors Ratify Liquidator's Appointment
RANK GROUP: Mulls Job Cuts at Headquarters & Mecca Bingo Clubs
RANK GROUP: Earns GBP9.6 Million in First Half of 2006

RANK GROUP: Cancels 550,000 Shares in Buy Back Program
REFCO INC: Creditors Panel Wants Houlihan Lokey's Fees Increased
RISSINGTON FLOORING: Brings In Liquidator from Bottomley & Co.
ROSE PERFORMANCE: Creditors Ratify Liquidators' Appointment
SABER LIMITED: Names Liquidator from Sinclair Harris

SOUTHPORT ELECTRONICS: Taps Paul J. Fleming to Liquidate Assets
SPECIAL RISKS: Appoints Joint Administrators from Bishop Fleming
SYNERGY CARE: Appoints Clive Morris to Liquidate Assets
T.D.A. DESIGN: Hires Frank Anthony Hatch to Liquidate Assets
TAILORTECH LTD.: A. Evans Leads Liquidation Procedure
TITANIUM METALS: Board Declares 6-3/4% Preferred Stock Dividend

TRIDENT BUILDING: Hires Joint Administrators from Hurst Morrison
U.K. CONSTRUCTION: Creditors' Meeting Slated for September 7
UNIVERSAL LOGISTICS: Names Kevin Goldfarb Liquidator
VERITY APPOINTMENTS: Taps Begbies Traynor to Administer Assets
WALLTALK GALLERIES: Hires Joint Liquidators from Wilson Field
WENTWOOD MANAGEMENT: Taps Liquidator from BN Jackson Norton

                            *********

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


CULT: Salzburg Court Orders Business Shutdown
---------------------------------------------
The Land Court of Salzburg entered an order on July 14 shutting
down the business of LLC Cult (FN 184128b).  Court-appointed
property manager Guenther Auer determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Guenther Auer
         Kirchplatz 3
         5110 Oberndorf bei Salzburg, Austria
         Tel: 06272/7087-0
         Fax: 06272/7088-14
         E-mail: office@greger-auer.at   

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 23 S 42/06f).  The
Debtor's manager, Wolfgang Pichler represents the Debtor in the
bankruptcy proceedings.


DE ICCO: Claims Registration Period Ends September 7
----------------------------------------------------
Creditors owed money by LLC De Icco (FN 220793x) have until
Sept. 7 to file written proofs of claims to court-appointed
property manager Ilse Korenjak at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 21 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 26 (Bankr. Case No. 5 S 109/06y).  


DEMCO: Vienna Court Orders Business Shutdown
--------------------------------------------
The Trade Court of Vienna entered an order on July 14 shutting
down the business of LLC DEMCO (FN 262251p).  Court-appointed
property manager Herbert Hochegger 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. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna, Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: office@hoch.co.at     

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 5 S 98/06f).  Bernhard Eder
represents Dr. Hochegger in the bankruptcy proceedings.


F.U.I. STRAUSS: St. Poelten Court Shuts Down Business
-----------------------------------------------------
The Land Court of St. Poelten entered an order on July 14
shutting down the business of LLC F.U.I. Strauss & Co KG (FN
17570p).  Court-appointed property manager Anton Hintermeier
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Anton Hintermeier
         Andreas Hofer-Strasse 8
         3100 St. Poelten, Austria
         Tel: 02742/847
         Fax: 02742/847-50
         E-mail: stpoelten@lhup.at

Headquartered in Grafendorf, Austria, the Debtor declared
bankruptcy on July 13 (Bankr. Case No. 14 S 111/06y).


FEROO: Creditors' Meeting Slated for October 3
----------------------------------------------
Creditors owed money by Trade LLC FEROO (FN 223596v) are
encouraged to attend the creditors' meeting at 9:15 a.m. on
Oct. 3 to consider the final calculation.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 19 (Bankr. Case No. 4 S 7/06s).  Viktor Igali-Igalffy
serves as the court-appointed property manager of the bankrupt
estate.  Petra Diwok represents Dr. Igali-Igalffy in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Viktor Igali-Igalffy
         c/o Mag. Petra Diwok
         Landstrasser Main Street 34
         1030 Vienna, Austria
         Tel: 713 80 57
         Fax: 713 07 76
         E-mail: vii@aon.at    


FUIOR: Creditors' Meeting Slated for October 4
----------------------------------------------
Creditors owed money by LLC Fuior (FN 250448g) are encouraged to
attend the creditors' meeting at 9:00 a.m. on Oct. 4 to consider
the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 24 (Bankr. Case No. 4 S 93/06p).  Karl Schirl serves as
the court-appointed property manager of the bankrupt estate.  
Markus Siebinger represents Dr. Schirl in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

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


HAUSER FRAN: Creditors' Meeting Slated for October 4
----------------------------------------------------
Creditors owed money by Special Partnership Hauser Fran (FN
1030s) are encouraged to attend the creditors' meeting at 9:15
a.m. on Oct. 4 to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 5  (Bankr. Case No. 4 S 4/06z).  Annemarie Kosesnik-
Wehrle serves as the court-appointed property manager of the
bankrupt estate.  Stefan Langer represents Dr. Kosesnik-Wehrle
in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at  


HELMUT FINK: Claims Registration Period Ends September 27
---------------------------------------------------------
Creditors owed money by LLC Helmut Fink (FN 122409p) have until
Sept. 27 to file written proofs of claims to court-appointed
property manager Stefan Kohlfuerst at:

         Mag. Stefan Kohlfuerst
         Marburgerkai 47
         8010 Graz, Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: kohlfuerst@hofstaetter.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Oct. 12 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria the Debtor declared bankruptcy on
July 28 (Bankr. Case No. 25 S 63/06m).  Dr. Bernd Fritsch
represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Dr. Bernd Fritsch
         Reitschulgasse 1
         A-8010 Graz, Austria
         Tel: 0316/810030


HOLZCONZEPT TISCHLEREI: Property Manager Claims Lack of Assets
--------------------------------------------------------------
Dr. Franz Hofbauer, the court-appointed property manager for LLC
Holzconzept Tischlerei (FN 124723t), declared on July 31 that
the Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on July 5 (Bankr. Case No. 14 S 104/06v).  The Court
dismissed Gerhard Taufner as property manager of the Debtor for
valid reason.

The new property manager can be reached at:

         Dr. Franz Hofbauer
         Main Place 6
         3370 Ybbs a.d. Donau, Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.at   


KADLETZ: Claims Registration Period Ends September 27
-----------------------------------------------------
Creditors owed money by LLC Kadletz (FN 104826g) have until
Sept. 27 to file written proofs of claims to court-appointed
property manager Beate Holper at:

         Mag. Beate Holper
         c/o Dr. Susi Rathauscher
         Gonzagagasse 15
         1010 Vienna, Austria
         Tel: 01/533 28 55
         Fax: 01/533 28 55 28
         E-mail: office@anwaltwien.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 11 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on July 31 (Bankr. Case No. 36 S 88/06t).  Susi
Rathauscher represents Mag. Holper in the bankruptcy
proceedings.


W.M.P.: Creditors' Meeting Slated for September 14
--------------------------------------------------
Creditors owed money by LLC W.M.P. (FN 261468m) are encouraged
to attend the creditors' meeting at 9:30 a.m. on Sept. 14 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Laxenburg, Austria, the Debtor declared
bankruptcy on July 28 (Bankr. Case No. 10 S 66/06v).  Viktor
Igali-Igalffy serves as the court-appointed property manager of
the bankrupt estate.  

The property manager can be reached at:

         Dr. Viktor Igali-Igalffy
         Bruehlerstrasse 63
         2340 Moedling, Austria
         Tel: 02236/45240
         Fax: 02236/45240-22
         E-mail: vii@aon.at


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


ATARI INC: Nasdaq Global Market Issues Delisting Notice
-------------------------------------------------------
Atari Inc., has received a Nasdaq Staff Determination Letter
stating that it failed to regain compliance with the Rule during
the 180-day cure period and its securities are subject to
delisting from the Nasdaq Global Market.

The Company previously received a notice from The Nasdaq Stock
Market advising that it was not in compliance with Nasdaq
Marketplace Rule 4450(a)(5), which requires the Company to
maintain a US$1 minimum bid price for its Common Stock.  Nasdaq
gave the Company 180 calendar days, or until Aug. 30, 2006, to
regain compliance with the Rule.

The Company intends to request an appeal hearing before the
Nasdaq Listing Qualifications Panel and present its plan of
compliance.  The request for an appeal will stay the Staff's
Determination and its securities will remain listed on the
Nasdaq Global Market until the Panel issues its decision
following the hearing.

New York-based Atari, Inc. (Nasdaq: ATAR)
-- http://www.atari.com/-- develops interactive games for all   
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.

                        *     *     *

                     Going Concern Doubt

As reported in the Troubled Company Reporter on July 3, 2006,
Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.


RHODIA S.A.: Improved Performance Spurs Moody's to Lift Ratings  
---------------------------------------------------------------
Moody's Investor's Service upgraded all ratings of Rhodia S.A.
by one notch.  The Outlook is stable.

The rating action reflects an improvement in Rhodia's operating
performance over recent quarters to 1H 2006 as well as the
stability of the company's liquidity, with no major repayments
in 2006 and 2007.  

The strengthened operating performance is now being reflected in
increased cash flows and lower leverage; at the end of 2Q 2006,
Rhodia reported LTM Total Adjusted Debt / EBITDA at x5.5, and
LTM RCF / Net Adjusted Debt close to 7% compared to 4% at the
same point in 2005. (Moody's includes pension deficit in the
calculation of Adjusted Debt).

The upgrade of the corporate family rating by one notch to B1 is
supported by:

   -- improvements in the operating margins of the key divisions
with a confirmed target of c.EUR 200 million additional
fixed cost reductions planned over the period of 2006-
2008;

   -- successful divestment of a number of low- or negative-
margin businesses and optimization of the company's
portfolio;

   -- improvement in cash flow generation with the expectation
that the Company is likely to move towards FCF break-even
by the end of 2006; as well as

   -- stable medium-term liquidity position achieved through
securing long-term bank financing for working capital
needs and extending maturity profile of the outstanding
debt.

The corporate family rating continues to reflect:

   -- weakness of the Company's balance sheet, with relatively
high absolute level of indebtedness (including pension
liabilities) and reported negative equity;

   -- Rhodia's high exposure to oil-derived raw material prices;

   -- lack of track record in maintaining its pricing power in
less favorable market conditions and challenges that a
weaker economic environment may bring to achieving robust
FCF generation; as well as

   -- structural exposure to USD/EUR exchange rate with c.49% of
revenues derived outside of Europe.

The stable outlook reflects Moody's expectation that Rhodia's
performance will show improved resilience in 2006, supported by
continuous demand and ability of the Company to transfer
increases in raw material prices and maintain its margins.

Moody's may upgrade the ratings if Rhodia continues to show
sustainable improvement in its operations and margins, enabling
a reduction in the leverage towards x4.5 on Total Adjusted Debt/
EBITDA basis and robust cash flow generation with FCF / Total
Adjusted Debt sustained at mid-single digits.

Ratings affected:

* Rhodia S.A.

   -- Corporate Family Rating, upgraded from B2 to B1;
   -- Senior Unsecured ratings, upgraded from B3 to B2; and
   -- Senior Subordinated ratings, upgraded from Caa1 to B3.

Headquartered in Paris, France, Rhodia S.A. is a diversified
specialty chemicals group that generated consolidated Revenues
of EUR5.08 billion and EUR2.63 billion in 2005 and first half of
2006, and EBITDA of EUR596 million in 2005 and EUR366 million in
the first half of 2006.


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G E R M A N Y
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DRESDNER BANK: Fitch Affirms Individual Rating at C
---------------------------------------------------
Fitch Ratings affirmed Dresdner Bank AG's ratings at Issuer
Default A, Short-term F1, Individual C and Support 1.  The
Outlook on the Issuer Default rating remains Stable.

Fitch has also affirmed the Long-term ratings of Dresdner's
hybrid instruments Dresdner Funding Trust I, II, III, and IV
(dated silent participations), HT1 Funding GmbH's perpetual Tier
1 securities and UT2 Funding PLC's dated Upper Tier 2 securities
at A-.

The IDR, Short-term and Support ratings are based on extremely
high potential support from its parent Allianz AG (A+/Stable
Outlook), Germany's largest insurance group, in case of need.  
Dresdner's Individual rating reflects the achievements of the
bank's restructuring, especially in its loan book, and the
efforts it has made to reduce its cost base.  

In addition, it reflects a focused business model and steady
improvements with regard to recurrent revenues, but also the
sluggish economy and the bank's still moderate underlying
profitability.

"All core businesses show good progress in terms of increased
revenues," Sabine Bauer from Financial Institutions disclosed.

"However, revenue generation remains a challenge for Dresdner as
H106 revenue improvements are largely capital market-driven,"
she added.

Adjusted for the unwound Institutional Restructuring Unit as
well as for the IAS 39 effects, Dresdner's underlying revenues
increased 27% yoy in H106.  This resulted from significantly
higher trading income and 14% yoy gain in net commissions.

Commission income benefited from favorable capital markets in
Q106 as income from its securities business (up 17% in H106),
which makes up half of commission income, was the main driver
for higher fee income.  In H106 trading income made up about a
quarter of operating revenue, with its positive momentum
benefiting all product groups.

Although around 90% of trading income is said to be client-
driven, these revenues are in general more volatile. Net
interest income decreased 3% due to lower dividend income and
tighter lending spreads.  The bank's margin on its operating
loan business has declined, albeit gradually.

Dresdner's operating return on average equity continued to
improve to stand at 12.5% in H106 (8.2% in H105), driven by
revenue growth and low loan impairment charges due to high
releases.  Fitch expects LICs to normalize over the next
quarters and estimates that the ROAE would still have been
around 11% on a standard risk cost basis in H106 (around 9% in
2005).  The bank's cost-to-income ratio improved to 77% in H106
from a high 82% in 2005 but still underlines the need to
continue growing revenues and actively manage its cost base.

"The progress made in bancassurance and assurbanking, such as a
13.5% contribution from Dresdner's sales force to parent Allianz
AG's new life insurance business in H106, reflects the improved
integration between Dresdner and Allianz," Thomas von Luepke,
Head of German Banking at Fitch disclosed.

"However, we do not expect both areas to become major
contributors to Dresdner's profit in the medium-term," Mr.
Luepke concluded.

Asset quality remains sound and loan impairment coverage
satisfactory.  At end-June 2006, Dresdner's reserve coverage
ratio weakened slightly to 48%, excluding collateral, which is
slightly below its peers.  However, Dresdner's experience with
NPL sales indicates that these were adequately provisioned for.
Since mid-2005, Dresdner's Tier 1 ratio is calculated based on
IFRS capital.

Fitch's eligible capital/weighted risks ratio, which adjusts for
deferred tax assets, goodwill, dated hybrids and revaluation
reserves, has increased to above 8%, including the Tier 1 hybrid
issued in July 2006, which is a comfortable level compared to
peers.


GASTSTATTENBETRIEBE ANDREAS: Claims Registration Ends Sept. 14
--------------------------------------------------------------
Creditors of Gaststattenbetriebe Andreas Schuster GmbH have
until Sept. 14 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 Sept. 29 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 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     
      
The Court will also verify the claims set out in the
administrator's report at 8:00 a.m. on Oct. 20 at the same
venue.

The District Court of Duesseldorf opened bankruptcy proceedings
against Gaststattenbetriebe Andreas Schuster GmbH on Aug. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gaststattenbetriebe Andreas Schuster GmbH
         Attn: Andreas Schuster, Manager
         Andreas Road 7/9
         40213 Duesseldorf, Germany

The administrator can be contacted at:

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

HYBRI FITNESS: Claims Registration Ends September 15
----------------------------------------------------
Creditors of HYBRI Fitness GmbH have until Sept. 15 to register
their claims with court-appointed provisional administrator
Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Oct. 9 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg, 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 Regensburg opened bankruptcy proceedings
against HYBRI Fitness GmbH on Aug. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HYBRI Fitness GmbH
         Trade Area D 9
         93059 Regensburg, Germany

The administrator can be contacted at:

         Dr. Hans-Peter Lehner
         Ditthornstr. 5
         93055 Regensburg, Germany
         Tel: 0941/640820-0
         Fax: 0941/640820-10


KUECHEN DROSS: Claims Registration Ends September 8
---------------------------------------------------
Creditors of Kuechen Dross + Schaffer GmbH i.L. have until
Sept. 8 to register their claims with court-appointed
provisional administrator Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg, 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 Regensburg opened bankruptcy proceedings
against Kuechen Dross + Schaffer GmbH i.L. on Aug. 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kuechen Dross + Schaffer GmbH i.L.
         Trade Area D 19
         93059 Regensburg, Germany

The administrator can be contacted at:

         Dr. Hubert Ampferl
         Kumpfmuehler Str. 30
         93051 Regensburg, Germany
         Tel: 0941/2807370
         Fax: 0941/2807379


KUEHNLE KG: Claims Registration Ends September 7
------------------------------------------------
Creditors of Kuehnle KG have until Sept. 7 to register their
claims with court-appointed provisional administrator Wolfgang
Illig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Stuttgart
         Hall 4
         Ground Floor
         Hauffstr. 5
         70190 Stuttgart, 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 Stuttgart opened bankruptcy proceedings
against Kuehnle KG on Aug. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Kuehnle KG
         Porschestr. 8
         70435 Stuttgart, Germany

The administrator can be contacted at:

         Wolfgang Illig
         Kriegerstr. 3
         70191 Stuttgart, Germany
         Tel: 0711/2255830


LEITNER BAUUNTERNEHMUNG: Creditors' Meeting Slated for Sept. 27
---------------------------------------------------------------
The court-appointed provisional administrator for Leitner
Bauunternehmung GmbH, Barbara Beutler, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 a.m. on Sept. 27.

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

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany      

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Nov. 21 at the same
venue.

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

The District Court of Munich opened bankruptcy proceedings
against Leitner Bauunternehmung GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Leitner Bauunternehmung GmbH
         Griesstr. 43
         82239 Alling, Germany

The administrator can be reached at:

         Barbara Beutler
         Schwanthalerstr. 32
         80336 Munich, Germany
         Tel: 089/54511-0
         Fax: 089/54511-444


LEUNASPAN GMBH: Claims Registration Ends September 18
-----------------------------------------------------
Creditors of LEUNASPAN GmbH have until Sept. 18 to register
their claims with court-appointed provisional administrator
Thomas Jacobs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against LEUNASPAN GmbH on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         LEUNASPAN GmbH
         Attn: Werner Elmenthaler and Joachim Landmann, Managers
         Building 4613
         06237 Leuna, Germany

The administrator can be contacted at:

         Thomas Jacobs
         Tieckstrasse 3
         04275 Leipzig, Germany
         Tel: 0341/303850
         Fax: 0341/3038511


LSB MEDIZINISCHE: Claims Registration Ends September 15
-------------------------------------------------------
Creditors of LSB medizinische Labor-Service GmbH have until
Sept. 15 to register their claims with court-appointed
provisional administrator Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 4 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 LSB medizinische Labor-Service GmbH on Aug. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         LSB medizinische Labor-Service GmbH
         Attn: Siegfried Kaiser, Manager
         Sichelstr. 1 1/2
         86179 Augsburg, Germany

The administrator can be contacted at:

         Rainer U. Mueller
         Schiessstaettenstr. 15
         86159 Augsburg, Germany


P-BAU GMBH: Claims Registration Ends September 13
-------------------------------------------------
Creditors of P-Bau GmbH have until Sept. 13 to register their
claims with court-appointed provisional administrator Lucas F.
Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 11 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 Magdeburg
         Hall B
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against P-Bau GmbH on Aug. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         P-Bau GmbH
         Attn: Karl-Heinz Preuss, Manager
         See 1 a
         39365 Seehausen, Germany

The administrator can be contacted at:

         Dr. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg, Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@feigl.biz


PFLEIDERER AG: Hikes Second-Quarter EBITDA to EUR90.1 Million
-------------------------------------------------------------
MDAX-listed Pfleiderer AG (ISIN DE0006764749) released its
financial results for the April-to-June period.

Highlights

   -- Pfleiderer achieves best half-year results: EBITDA more
      than doubles to EUR90.1 million-- margin of 14.1 percent
      for Q2/06;

   -- excellent financial basis for further growth: equity ratio
      increases to 35.1 percent after capital increase and sale
      of Pfleiderer track systems

   -- integration of Kunz creates further earnings potential --
      clearly improved cost structures already achieved in first
      half 2006; and

   -- Board of Management confirms targets for 2006 with
      revenues of EUR1.4 billion and EBITDA expected to rise to
      at least EUR200 million.

"We have strongly improved our results again in the first half
of 2006 and report a new record in revenues and EBITDA,"
declared Hans H. Overdiek, CEO of Pfleiderer AG.  "Pfleiderer AG
aims to achieve revenues of EUR1.4 billion and an EBITDA of at
least EUR200 million in the current fiscal year. That means that
our company will achieve the best ever results in its history in
2006," confirmed Mr. Overdiek.

During the reporting period, the Group reported revenues of
EUR344.4 million (+81.1 percent, y-o-y) in the period April to
June, and an EBITDA of EUR48.4 million, which is 113.5 percent
up against previous year's figure.

EBITDA Margin Increases to over 14 Percent

The EBITDA margin rose correspondingly to 14.1 percent for
Q2/06, an increase of 2.2 percentage points compared to the same
period last year.  Overall, the Group has greatly improved its
profitability in the first half of 2006, with revenues at 679.3
million euros (+77.5 percent y-o-y).  EBITDA rose by 102.4
percent to 90.1 million euros. The EBITDA margin climbed in the
first six months of 2006 to 13.3 percent (H1/05: EBITDA 44.5
million euros, margin 11.6 percent).

The marked improvement in results over the previous year and
compared to the previous quarter is driven by continuing strong
business in the Western Europe and the growth markets of North
America and Eastern Europe.  In the Business Center Eastern
Europe, in Q2/06 the EBITDA margin rose clearly compared to the
first quarter, ending at 22.2 percent, so that the margin for
the first six months of the current year increased to 19.2
percent.  

The Business Center North America profited in the last quarter
from the positive effects of restructuring in the Panels
segment, now completed.  This led to an adjustment in capacity
on the supply side and considerably improved cost structures. In
line with this, the EBITDA margin increased in the second
quarter to 14.5 percent.

Good use was also made in the last quarter of additional revenue
opportunities, which resulted when a competitor in North America
stopped production for a protracted period following an
explosion. Pfleiderer was able to react to the new market
situation in North America at short notice, with production
capacity in the Panel segment increased at one Canadian site.

During the period January to June 2006, the EBITDA margin in
North America increased to 13.4 percent in the second quarter,
despite a stoppage in the Flooring segment due to investment in
new plant which was still in effect in the second quarter.  In
the Business Center Western Europe, the EBITDA margin in the
period April to June 2006 moved up from single digit number
margin in the comparable period of the previous year to 12.8
percent.

The new Kunz plants in Germany are reporting margins in excess
of 15 percent and are much more profitable than the "old
Pfleiderer" sites. Benchmark comparisons completed over the last
few months show further potential to improve results in the
latter sites, both in terms of operating and personnel costs. By
the end of 2007, these sites should achieve their target margins
of 15 percent.

Development of EBIT Clearly Positive

Earnings before interest and taxes (EBIT) in the Pfleiderer
Group also continued to develop positively. In the period April
to June 2006, EBIT for the Group rose by 158.1 percent y-o-y to
30.9 million euros (Q2/05: 12.0 million euros). The EBIT margin
in the second quarter of 2006 is now standing at 9.0 percent
(Q2/05: 6.3 percent). During the six-month reporting period EBIT
rose to 53.5 million euros, compared to 22.6 million euros in
the same period of the previous year. The EBIT margin came to
7.9 percent in the first half of 2006.

The operative result for continued operations in the Pfleiderer
Group (EBT) for the period April to June 2006 has also improved
significantly, rising by 116 percent over the previous year to
close at 16.6 million euros. During the first six months of the
year, for its continued operations Pfleiderer AG achieved a pre-
tax profit (EBT) of 25.3 million euros, compared to 15.3 million
euros for the same period of the previous year.

The tax rate for the Pfleiderer Group including deferred taxes
came to 29.7 percent for the first six months of fiscal 2006,
compared to 32.4 percent for the comparative period last year.
However, the effective tax rate for the Group is well below
this. Related to the first six month of fiscal 2006, the tax
rate came in at 22.3 percent.

Significant Increase in Net Income

Overall, net income after taxes and minority interests for third
party holdings in the Polish subsidiary Pfleiderer Grajewo
increased to EUR46.1 million in the reporting period, compared
to EUR7.3 million for the first six months of the previous year.

Undiluted earnings per share for the Group rose to 96 eurocents
(previous year: 17 eurocents), of which 22 eurocents per shares
came from continued operations in the first half of the current
fiscal year, compared to 8 eurocents in the comparable period of
the previous year.  That represents an increase of 175 percent
compared to the same period in previous year -- and this despite
the fact that the number of shares in circulation increased by
25 percent following the capital increase.  Earnings per share
from continued operations more than tripled in the quarter taken
alone, rising from 4 eurocents in Q2/05 to 13 eurocents per
share in the second quarter of 2006.

Operating Cash Flow Reflects Strong Operating Performance

The consolidated cash flow from the Group's operating activities
rose strongly in the second quarter of 2006 by +70 percent q-o-q
compared to Q1/06 (16.9 million euros).  Cumulative operating
cash flow for the Pfleiderer Group increased during the
reporting period to EUR45.2 million, compared to EUR35.8 million
in the comparative period of the previous year.

Equity Ratio Increases to 35.1 Percent

Following the successful sale of Pfleiderer track systems and
the resulting cash flow, as well as the successful capital
increase, equity rose as expected to EUR497.1 million
(EUR274.2 million in the previous quarter).

The equity ratio for the Group also improved significantly as a
result, rising to 35.1 percent of the balance sheet total as of
June 30, 2006.  This figure stood at 19.1 percent at the end of
fiscal 2005.  This underlines just how much the Pfleiderer
Group's financial basis has since improved.

In line with this, net corporate indebtedness also fell to a
total of EUR341.5 million (Q1/06: EUR651.6 million) as of
balance sheet closing on June 30, 2006.  As expected, the equity
basis greatly strengthened in the period April to June 2006 with
the Group's financial structure undergoing a sustained
improvement, creating the basis for further earnings-led
expansion.

Board of Management of Pfleiderer AG confirms targets for 2006
as business on the engineered wood markets in Eastern and
Western Europe and North America continues to develop stably,
the Board of Management is confirming its targets for the full
fiscal year 2006 of revenues of 1.4 billion euros and an EBITDA
of at least 200 million euros. An average EBITDA margin of 14.3
percent is being targeted.

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- manufactures engineered woods and  
infrastructure products through its subsidiaries.  The Company
produces wood-based panels for furniture and interior fittings,
track systems for urban and intercity rail networks, and a range
of poles and towers for energy and commercial infrastructures.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 16,
Fitch Ratings affirmed Germany-based Pfleiderer AG's Issuer
Default Rating at BB and Short-term rating at B.  Fitch said the
Outlook is Stable.


SEMA LANDTECHNIK: Claims Registration Ends September 8
------------------------------------------------------
Creditors of SEMA Landtechnik Vertriebsgesellschaft mbH have
until Sept. 8 to register their claims with court-appointed
provisional administrator Kaufmann Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 21 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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg, 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 Ravensburg opened bankruptcy proceedings
against SEMA Landtechnik Vertriebsgesellschaft mbH on Aug. 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SEMA Landtechnik Vertriebsgesellschaft mbH
         Attn: Sergei Malishenko, Manager
         Schwarzenbacher Road 5
         88348 Bad Saulgau, Germany

The administrator can be contacted at:

         Kaufmann Geiwitz
         Bahnhofstr. 39
         89231 Neu-Ulm, Germany


TUERKOM HANDELSGESELLSCHAFT: Claims Registration Ends Sept. 22
--------------------------------------------------------------
Creditors of TUERKOM Handelsgesellschaft mbH have until Sept. 22
to register their claims with court-appointed provisional
administrator Josef Nachmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Munich opened bankruptcy proceedings
against TUERKOM Handelsgesellschaft mbH on Aug. 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TUERKOM Handelsgesellschaft mbH
         Lindwurmstrasse 11
         80337 Munich, Germany

The administrator can be contacted at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich, Germany
         Tel: 089/24217737
         Fax: 089/24217738


TUI AG: Denies Report on Hapag-Lloyd Sale Talks
-----------------------------------------------
TUI AG dismissed reports that the company's supervisory board
will convene a meeting on Sept. 8 to discuss a possible sale of
its Hapag-Lloyd shipping line, Maria Sheahan writes for
Bloomberg News.

Handelsblatt newspaper earlier cited unidentified sources that
TUI is eyeing the sale of its shipping unit to focus more on its
tourism business.  Company spokesman Kuzey Esener denied the
claim.

"There's not going to be a TUI supervisory board meeting, but
only a regularly scheduled Hapag-Lloyd supervisory board meeting
to discuss the integration of CP Ships," Mr. Esener told
Bloomberg. "Splitting off shipping is absolutely not a topic of
discussion."

TUI became the world's fifth largest shipper after buying CP
Ships Ltd. for US$2 billion last year.  

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/en-- is Europe's largest integrated  
tourism group and a leading provider of container shipping
services, with sales of EUR18.2 billion in 2005.

                        *     *     *

As reported in TCR-Europe on Aug. 15, Moody's Investors Service
placed on review for possible downgrade the Ba2/B1 ratings of
TUI Aktiengesellschaft as a result of the company's announcement
that the Shipping division's full-year earnings for 2006 will be
impacted by higher operating costs and lower-than-expected
freight rates.

The ratings affected by the review are TUI's Ba2 Corporate
Family Rating, the Ba2 Senior Unsecured Long-Term ratings, and
the B1 Subordinated ratings.


TUI AG: Boards Discuss Strategies for Tourism & Shipping Units
--------------------------------------------------------------
The Executive Board of TUI AG informed the company's Supervisory
Board about the Group's current and future business situation.
The Executive Board and the Supervisory Board discussed the
fundamental factors affecting the two divisions, Tourism and
Shipping, together with future strategies and alternative
courses of action for them.

The conference took place against the background of a
deterioration in exogenous market conditions in both areas of
business, which is currently contributing to unsatisfactory
results and an unsatisfactory assessment of TUI AG on the
capital markets.  Since 2002, the reduction in number of
employees in the Tourism division by more than 6,000 employees
and savings of EUR360 million have stabilized the earnings
situation, however, was not enough to realize the results
targets.  With regards to the current competition situation
significant price increases are hardly realizable.

                     Tourism Division

The Supervisory Board supports the initiatives, which have been
presented by the Executive Board to improve profitability in the
tourism and shipping divisions in a sustainable way.  The
essential initiatives include a reorientation of the management
structure, with the management of Tourism for all source markets
and the Aviation and Internet units being centralized under
Board Member Peter Rothwell.  In addition, operational
competence in the management holding company will be
strengthened by the appointment of Christoph Mueller as a Member
of the Executive Board responsible for Controlling.  Bart Brackx
will in future be Divisional Director with responsibility for
the source market West.

In order to ensure that result targets in the Tourism division
are met, even though margins remain under pressure, further
efficiency improvements are being realized.  This includes
pushing ahead more vigorously with the cost-cutting programs
that have already been initiated in all source markets and the
accelerated expansion of the internet business.

Furthermore, it has been decided to integrate TUI's two German
air carriers, Hapagfly and Hapag-Lloyd Express.  Further
strategic options in the German aviation market are being
examined.

                     Shipping Division

In the Group's Shipping division, the integration of CP Ships
into Hapag-Lloyd is proceeding more rapidly than originally
expected and has revealed additional potential for enhanced
earnings, so that the Group is now realizing a major part of the
synergies of EUR220 million a year already in 2007.

In addition, first steps to reduce the amount of tied-up capital
in the Group and the costs of central functions have been
decided.  Furthermore, financial reporting is to be reorganized.

Details will be determined by December, when next years'
planning is adopted, and will be announced in due time.

After extensive consultation the Supervisory Board and the
Executive Board agree that the current structure as a two-pillar
Group generates value for the shareholders through the
integration of CP Ships.  A separation of Hapag-Lloyd during the
current cyclic sector down-turn would jeopardize value. This
cannot be in the interest of the Group's shareholders and
employees.  Should external conditions change, the Executive
Board will present the Supervisory Board all aspects of a
portfolio change.

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/en-- is Europe's largest integrated  
tourism group and a leading provider of container shipping
services, with sales of EUR18.2 billion in 2005.

                        *     *     *

As reported in TCR-Europe on Aug. 15, Moody's Investors Service
placed on review for possible downgrade the Ba2/B1 ratings of
TUI Aktiengesellschaft as a result of the company's announcement
that the Shipping division's full-year earnings for 2006 will be
impacted by higher operating costs and lower-than-expected
freight rates.

The ratings affected by the review are TUI's Ba2 Corporate
Family Rating, the Ba2 Senior Unsecured Long-Term ratings, and
the B1 Subordinated ratings.


=============
H U N G A R Y
=============


CLOROX COMPANY: Equity Deficit Narrows to US$156 Mln at June 30
---------------------------------------------------------------
The Clorox Company filed its report on financial results for the
fiscal year ended June 30, 2006, on Form 10-K, with the U.S.
Securities and Exchange Commission on Aug. 25, 2006.

Net sales in fiscal year 2006 increased 6% to US$4.6 billion
compared to US$4.4 billion in the prior period.  Volume
increased at a rate of 1% as price increases impacted shipments.  
Contributing to the volume growth in the current year was the
introduction of several new products and product improvements,
and strong shipments of home-care products within Latin America.

Net earnings were US$444 million for the fiscal year 2006 versus
US$1.1 billion in the previous fiscal year.

Gross profit increased 3% to US$1.96 billion in fiscal year 2006
from US$1.9 billion in fiscal year 2005, and decreased as a
percentage of net sales to 42.2% in fiscal year 2006 from 43.2%
in fiscal year 2005.

At June 30, 2006, the Company's balance sheet showed US$3.6
billion in total assets and US$3.8 billion in total liabilities
resulting in US$156 million of stockholders' deficit.  The
Company's stockholders' deficit at June 30, 2005, stood at
US$553 million.

Return on Invested Capital decreased approximately 60 basis
points to 13.3% during fiscal year 2006 due to lower adjusted
operating profit and higher invested capital.  Adjusted
operating profit includes US$36 million of pretax incremental
costs related to historical stock option compensation expense
and the former chairman and chief executive officer's health-
related retirement, which lowered ROIC by 60 basis points.  
Invested capital increased due to an increase in other assets as
a result of the Company recording a net pension asset at
June 30, 2006, compared to a net pension liability at June 30,
2005, for its domestic plan.

Cash and cash equivalents for the fiscal year ended June 30,
2006 decreased to US$192 million from US$293 million in the
prior fiscal year.

A full-text copy of the Company's management's discussion and
results of operations may be viewed at no charge
at http://ResearchArchives.com/t/s?1099

Headquartered in Oakland, California, The Clorox Company
-- http://www.thecloroxcompany.com/-- provides household  
cleaning products and reaches beyond bleach.  Although best
known for bleach (leader worldwide), Clorox makes laundry and
cleaning items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh
Step), car care products (Armor All, STP), the Brita water-
filtration system (in North America), and charcoal briquettes
(Kingsford).  The company has locations worldwide, including
Hungary, Russia and the United Kingdom.


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


AITUR KA: Creditors Must File Claims by Oct. 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Aitur Ka insolvent.  Subsequently, bankruptcy proceedings
were introduced at the company.

Creditors have until Oct. 4 to submit written proofs of claim
at:

         LLP Aitur Ka
         Valihanov Str. 71-68
    Astana, Kazakhstan
    Tel: 8 (3172) 21-48-16


ASIA SOFTWARE: Creditors Must File Claims by Oct. 4
---------------------------------------------------
LLP Asia Software System declared insolvency.  Creditors have
until Oct. 4 to submit written proofs of claim at:

         LLP Asia Software System
    Jeltoksan Str. 177a-7
    Almaty, Kazakhstan


DOS MARKET: Proof of Claim Deadline Slated for Oct. 4
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Dos Market insolvent.

Creditors have until Oct. 4 to submit written proofs of claim
at:

         LLP Dos Market
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


ELEKTROSETPROECT: Proof of Claim Deadline Slated for Oct. 4
-----------------------------------------------------------
LLP Network Project Elektrosetproect declared insolvency.  
Creditors have until Oct. 4 to submit written proofs of claim
at:

         LLP Network Project Elektrosetproect
         Kopernik Str. 92
    Almaty, Kazakhstan


PAVLODAR -TEHSERVIS: Claims Registration Ends Oct. 4
----------------------------------------------------
LLP Pavlodar -Tehservis declared insolvency.  Creditors have
until Oct. 4 to submit written proofs of claim at:

         LLP Pavlodar -Tehservis
         Krupskaya Str. 76
    Pavlodar
    Pavlodar Region
    Kazakhstan


REFRAIL: Claims Registration Ends Oct. 4
----------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Refrail insolvent.  Subsequently, bankruptcy proceedings
were introduced at the company.

Creditors have until Oct. 4 to submit written proofs of claim
at:

         LLP Refrail
         Valihanov Str. 71-68
    Astana, Kazakhstan
    Tel: 8 (3172) 21-48-16


STROYTRANSSERVIS LTD: Creditors' Claims Due Oct. 4
--------------------------------------------------
LLP Stroytransservis Ltd. declared insolvency.  Creditors have
until Oct. 4 to submit written proofs of claim at:

         LLP Stroytransservis Ltd.
         Satpaev Str.192
    Makat
    Makat District
    Atyrau Region
    Kazakhstan


SV-SERVICE: Creditors' Claims Due Oct. 4
----------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP SV-Service insolvent on July 12.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Oct. 4 to submit written proofs of claim
at:

         LLP SV-Service
         Micro District 27, 15-18
    Aktau
    Mangistau Region
    Kazakhstan
    Tel: 8 (3292) 41-83-94


TELMANSKAYA AGROPROMTEHNIKA: Creditors' Claims Due Oct. 4
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Telman Agroindustrial Technics Telmanskaya
Agropromtehnika insolvent.

Creditors have until Oct. 4 to submit written proofs of claim
at:

         LLP Telmanskaya Agropromtehnika
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


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


ISSYK-KUL NARYN: Public Auction Scheduled for Sept. 22
------------------------------------------------------
The Issyk-kul Naryn Territorial Department of State Property
will auction state properties to the public at 1:00 p.m. on
Sept. 22 at:

         Building of Issyk-kul Naryn Territorial
    Department of State Property
    Baetova Str. 66
    Cholpon-Ata, Kyrgyzstan

The assets for sale comprise of two lots, which are part of head
conduits located at:

         Kyzyl-Ompol      
    Ton District
    Issyk-Kul Region
    Kyrgyzstan

The entity has declared a KGS10,422,000 starting price for the
properties.

Interested bidders have until 4:00 p.m. on Sept. 21 to deposit
an amount equivalent to 10% of the starting price to the
settlement account of:

         The Issyk-kul Naryn Territorial
         Department of State Property
         Settlement Account No. 8164172080101001/403104103
         Settlement and Saving Company
         Cholpon-Ata, Kyrgyzstan
    BIK 129019

Participants may submit their bids to:

    The Issyk-kul Naryn Territorial Department of State
         Property
    Baetova Str. 66
    Cholpon-Ata, Kyrgyzstan
         Tel: (+996 3943) 4-29-21


===================
L U X E M B O U R G
===================


TMK CAPITAL: Issues Eurobond to Fund Loan to Parent Company
-----------------------------------------------------------
OAO TMK confirmed its intention to proceed with the offering of
loan participation notes.

These would be issued by a Luxembourg special purpose company,
TMK Capital S.A., and the proceeds of the issuance will be used
to fund a loan to OAO TMK.

OAO TMK, Russia's largest pipe producer, intends to loan the
proceeds from the placement of loan participation notes,
together with other funds available to the company, to OAO TMK's
principal shareholder, TMK Steel Ltd.  This company plans to use
this loan to increase its stake in OAO TMK.  Following the
repayment, OAO TMK in turn plans to use these funds to finance
its strategic investment program.

Under OAO TMK's strategic investment program, OAO plans to make
capital expenditures of approximately US$ 1.2 billion through to
2010.  The investment program is now more than 25% complete.

The program is principally focused on:

   -- increasing the efficiency of its production processes;
      and

   -- improving the quality and range of seamless steel pipes.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product  
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania which unite the four
leading enterprises in the Russian pipe industry.

Standard & Poor's Ratings Services assigned a 'B+' long-term
corporate credit rating to OAO TMK.  Standard & Poor's also
assigned its 'B+' preliminary senior unsecured debt rating to
TMK's proposed Eurobond, which will be issued by special-purpose
vehicle TMK Capital S.A.


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


GETRONICS N.V.: Banks Cancel EUR30-Mln Cut on Credit Facility
-------------------------------------------------------------
Getronics N.V. has been able to reach an agreement with its
banking syndicate on the following amendment to its 2005
Syndicated Revolving Credit Facilities:  

   -- following the announced sale of HRS, the Company has
      regained full lending commitment from its banks, without
      any further stipulation on other transactions; and

   -- as a result of this the earlier announced decrease with
      EUR30 million of the Syndicated Revolving Credit
      Facilities on Sept. 30, has been cancelled.

This means that Getronics keeps full access to the Syndicated
Credit Facilities of EUR284 million in total until maturity in
March 2008, consisting of EUR225 million Revolving Credit
Facilities and a Term Loan Facility of EUR59 million for
acquisition purposes.  Its Banking Syndicate consists of:

   -- ABN AMRO,
   -- Rabobank,
   -- ING Bank,
   -- SNS Bank and
   -- NIBC.

"I am very happy with this agreement as it is a clear vote of
confidence from our banking syndicate, which allows us -- after
the sale of Italy and HRS - to fund our normal working capital
needs going forward," CEO Klaas Wagenaar commented.

                      About Getronics N.V.

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.  
Its shares are traded on Euronext Amsterdam.   

                          *     *     *

As reported in Troubled Company Reporter - Asia Pacific, on
Aug. 25, Getronics N.V.'s 'B' long-term corporate credit rating,
along with the 'CCC+' senior unsecured debt, 'B' bank loan, and
'3' recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.  The '3'
recovery rating indicates Standard & Poor's expectation of
meaningful (50%-80%) recovery of principal for secured lenders
in the event of a payment default.       

The TCR-AP reported on Aug. 8, that Moody's Investors Service
downgraded Getronics' corporate family rating to B2 from B1 and
placed the ratings on review for possible downgrade following
the company's announcement of half year results showing a
widening of net losses and fall in margins below the company's
expectations.  Concurrently the rating on the EUR100 million
senior unsecured convertible Dutch bonds due 2008 has been
downgraded to Caa1 from B3.  


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


AGRO-PROM-KHIMIYA: Kostroma Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Kostroma Region commenced bankruptcy
supervision procedure on Municipal Enterprise Agro-Prom-Khimiya.  
The case is docketed under Case No. A 31-2704/2006-18.

The Temporary Insolvency Manager is:  

         V. Markov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk Region
         Russia
         Tel: 348-53-06

The Debtor can be reached at:

         Municipal Enterprise Agro-Prom-Khimiya
         Vokzalnaya Str. 120
         Manturovo
         157300 Kostroma Region
         Russia


AGRO-TEKH-SERVICE: Court Names S. Bogay as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. S. Bogay
as Insolvency Manager for CJSC Agro-Tekh-Service (TIN
3605000146).  He can be reached at:

         S. Bogay
         Sredne-Moskovskaya Str. 6a
         Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A08-2751/06-2 B.

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Tekh-Service
         Okryabrskaya Str. 38
         Volokonovka
         Belgorod Region
         Russia


AKSENIKHINSKOYE: Court Names. V. Poroshkov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. V.
Poroshkov as Insolvency Manager for CJSC Aksenikhinskoye.  He
can be reached at:

         V. Poroshkov
         Post User Box 337
         630102 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-136/06-10/2.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Aksenikhinskoye
         Aksenikha
         Krasnozerskiy Region
         Novosibirsk Region
         Russia


BAYKALSKOYE WOOD: Court Names V. Safonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. V. Safonov
as Insolvency Manager for LLC Baykalskoye Wood Industry
Enterprise.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 19-12165/06-34.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         LLC Baykalskoye Wood Industry Enterprise
         Magistralnyj 1st location 7-11
         Kazachensko-Leninskiy Region
         666504 Irkutsk Region
         Russia


BRYANSKIY WOOD: Court Names S. Suvorov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. S. Suvorov
as Insolvency Manager for CJSC Bryanskiy Wood. He can be reached
at:

         S. Suvorov
         Post User Box 183
         Moscow 127018
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-2360/06-28.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at

     Bryanskiy Wood
         Partizanskaya Str. 1-A
         Dyadkovo
         Bryansk Region
         Russia


BUILDER: Tver Court Names L. Mopchalina as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tver Region appointed Ms. L. Mopchalina
as Insolvency Manager for OJSC Builder.  She can be reached at:

         L. Mopchalina
         Office 205
         Building 1
         Permskaya Str. 11
         Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-66-6678/2005.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         OJSC Builder
         Kalinina Str 17
         Zapadnaya Dvina
         Zapadnodvinskiy Region
         Tver Region
         Russia


CERAMICS: Court Names M. Kolesnikov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. M.
Kolesnikov as Insolvency Manager for CJSC Ceramics (TIN
3317000767).  He can be reached at:

         M. Kolesnikov
         Office 802
         Avtozavoskaya Str. 14/23
         Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-3567/2006-K1-106B.

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         Vladimir
         600025
         Russia

The Debtor can be reached at:

         CJSC Ceramics
         3rd Proezd Stanislavskogo 7
         Kovrov
         Vladimir Region
         Russia


CLOROX COMPANY: Equity Deficit Narrows to US$156 Mln at June 30
---------------------------------------------------------------
The Clorox Company filed its report on financial results for the
fiscal year ended June 30, 2006, on Form 10-K, with the U.S.
Securities and Exchange Commission on Aug. 25, 2006.

Net sales in fiscal year 2006 increased 6% to US$4.6 billion
compared to US$4.4 billion in the prior period.  Volume
increased at a rate of 1% as price increases impacted shipments.  
Contributing to the volume growth in the current year was the
introduction of several new products and product improvements,
and strong shipments of home-care products within Latin America.

Net earnings were US$444 million for the fiscal year 2006 versus
US$1.1 billion in the previous fiscal year.

Gross profit increased 3% to US$1.96 billion in fiscal year 2006
from US$1.9 billion in fiscal year 2005, and decreased as a
percentage of net sales to 42.2% in fiscal year 2006 from 43.2%
in fiscal year 2005.

At June 30, 2006, the Company's balance sheet showed US$3.6
billion in total assets and US$3.8 billion in total liabilities
resulting in US$156 million of stockholders' deficit.  The
Company's stockholders' deficit at June 30, 2005, stood at
US$553 million.

Return on Invested Capital decreased approximately 60 basis
points to 13.3% during fiscal year 2006 due to lower adjusted
operating profit and higher invested capital.  Adjusted
operating profit includes US$36 million of pretax incremental
costs related to historical stock option compensation expense
and the former chairman and chief executive officer's health-
related retirement, which lowered ROIC by 60 basis points.  
Invested capital increased due to an increase in other assets as
a result of the Company recording a net pension asset at June
30, 2006, compared to a net pension liability at June 30, 2005,
for its domestic plan.

Cash and cash equivalents for the fiscal year ended June 30,
2006 decreased to US$192 million from US$293 million in the
prior fiscal year.

A full-text copy of the Company's management's discussion and
results of operations may be viewed at no charge
at http://ResearchArchives.com/t/s?1099

Headquartered in Oakland, California, The Clorox Company
-- http://www.thecloroxcompany.com/-- provides household  
cleaning products and reaches beyond bleach.  Although best
known for bleach (leader worldwide), Clorox makes laundry and
cleaning items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh
Step), car care products (Armor All, STP), the Brita water-
filtration system (in North America), and charcoal briquettes
(Kingsford).  The company has locations worldwide, including
Hungary, Russia and the United Kingdom.


DISCOUNT BANK: Central Bank Revokes License for Violations
----------------------------------------------------------
The Central Bank of Russia cancelled the operating license of
Moscow-based commercial Discount Bank over the latter's failure
to comply with banking laws and the state bank's regulations,
RIA Novosti says.

The Central also revoked Discount Bank's license for violating
money laundering and financing of terrorism laws.  Discount Bank
also failed to:

   -- comply with the CBR's reserve requirements;
   -- provide accurate financial statements; and
   -- identify its clients.

Discount Bank has been placed under temporary administration
until a receiver or liquidator is appointed, RIA Novosti cites
the Central Bank.


GARMENT FACTORY: Bankruptcy Hearing Slated for Oct. 5
------------------------------------------------------
The Arbitration Court of Moscow Region will convene at 2:00 p.m.
on Oct. 5 to hear the bankruptcy supervision procedure on CJSC
Shaturskaya Garment Factory.  The case is docketed under Case
No. A41-K2-10690/06.

The Temporary Insolvency Manager is:

         Y. Demidenko
         Post User Box 62
         Stupino-5
         Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         Garment Factory
         Sovetskaya Str. 46
         Shatura
         Moscow Region
         Russia


GAS-COM: Tula Court Names T. Alekseeva as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Tula Region appointed Ms. T. Alekseeva
as Insolvency Manager for CJSC Gas-Com.  She can be reached at:

         T. Alekseeva
         Arsenalnaya Str. 1D
         Tula
         300002
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-229/B-06.

The Debtor can be reached at:

         CJSC Gas-Com
         Apartment 51
         Lenina Pr. 133
         Tula Region
         Russia


GAZPROM OAO: Completes Revamp of Orenburggazprom Helium Plant
-------------------------------------------------------------
The Phase IV repair and reconstruction of the helium plant of
OOO Orenburggazprom, a wholly owned subsidiary of OAO Gazprom,
has been finished, symbolizing the end of revamp process.

The formal ceremonies held to celebrate this event were led by
Alexander Ryazanov, Deputy Chairman of Gazprom's Management
Committee.

The revamp made allows running at previous designed output
providing an increase in production of several goods.

During the revamp special attention has been given to safety and
production reliability.  Automatic operations control system,
accident prevention system that monitors critical parameters and
other innovations have significantly improved reliability and
safety of equipment operation.

OOO Orenburggazprom helium plant is a part of Orenburg gas
complex for gas production and processing as well as the unique
helium production facility in Russia and in Europe.

The helium plant stopped operating because of an accident in
August 2004.  In September 2004 an emergency plan of plant
reconstruction was approved.

Phase I, II and III repair and reconstruction were completed in
September 2004, April 2005, and May 2006 respectively.  

The revamp being completed Orenburggazprom design capacity
enables to produce these annual amounts of major products:

   -- 340 thousand tons of ethane,
   -- 1 million tons of natural gas liquids, and
   -- 6.5 mcm of helium.

                        About Gazprom

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

                        *     *     *

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

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

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


HYDRO-COAL: Moscow Court Names A. Sorokin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Sorokin as
Insolvency Manager for LLC Hydro-Coal (TIN 7714110890).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-20933/06-38-141 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Hydro-Coal
         Building 1
         Room 14
         Leningradskiy Pr. 37a
         Moscow
         Russia


KUBAN: Krasnodar Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on OJSC Kuban.  The case is docketed under
Case No. A-32-9436/2005-27/285-B.

The Temporary Insolvency Manager is:  

         V. Kozmin
         Tovarnaya Str. 7
         350033 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Kuban
         Lenina Str. 10
         Leningradskiy Region
         Krasnodar Region
         Russia


KUVSHINOVO-AGRO-PROM-KHIMIYA: Bankruptcy Supervision Starts
-----------------------------------------------------------
The Arbitration Court of Tver Region commenced bankruptcy
supervision procedure on OJSC Kuvshinovo-Agro-Prom-Khimiya.  
The case is docketed under Case No. A66-4313/2006.

The Temporary Insolvency Manager is:  

         S. Kurochkin
         Post User Box 0620
         Main Post Office
         170100 Tver Region
         Russia

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         OJSC Kuvshinovo-Agro-Prom-Khimiya
         Mekhanizatorov Str. 33
         Kuvshinovo
         172110 Tver Region
         Russia


MARBLE: Krasnodar Court Names K. Dovbenko as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. K.
Dovbenko as Insolvency Manager for CJSC Marble.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-59823/2005-44/615-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Marble
         Aerodromnaya Str. 2/1
         Mostovskiy
         Krasnodar Region
         Russia


MEDYAKOVO: Novosibirsk Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Novosibirsk Region commenced bankruptcy
supervision procedure on OJSC Medyakovo.  The case is docketed
under Case No. A45-11269/06-4/132.

The Temporary Insolvency Manager is:  

         V. Makarov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk Region
         Russia
         Tel: 348-53-06

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Medyakovo
         Madyakovo
         Novosibirsk Region
         Russia


NOVAYA LYADA: Tambov Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Tambov Region commenced bankruptcy
supervision procedure on OJSC Novaya Lyada.  The case is
docketed under Case No. A64-2249/06-21.

The Temporary Insolvency Manager is:
        
         V. Iradionov
         Voekhoz
         Novaya Lyada
         Tambov Region
         Russia

The Debtor can be reached at:

         OJSC Novaya Lyada
         Voensovkhoz
         Tambov Region 392515
         Russia


ORENBURG-ALCO: Court Names N. Tokarev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. N.
Tokarev as Insolvency Manager for OJSC Orenburg-Alco (TIN
5639003149).  He can be reached at:

         N. Tokarev
         Ryabinovy Per. 5
         Prigorodnyj
         Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-8647/2005-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         Orenburg
         460046
         Russia

The Debtor can be reached at:

         OJSC Orenburg-Alco (PSLVZ)
         Aerodromnaya Str. 3
         Pervomayskiy
         Pervomayskiy Region
         Orenburg Region
         Russia


PACKAGE: Vologda Bankruptcy Hearing Slated for Nov. 23
------------------------------------------------------
The Arbitration Court of Vologda Region will convene at 3:30
p.m. on Nov. 23 to hear the bankruptcy supervision procedure on
OJSC Package.  

The case is docketed under Case No. A13-2736/2006-22.

The Temporary Insolvency Manager is:

         D. Suslin
         Bezymyannaya Str. 2
         Cherepovets
         Vologda Region
         Russia

The Debtor can be reached at:

         OJSC Package
         Borshodskaya Str. 48
         Cherepovets
         Vologda Region       
         Russia


PENZENSKIY FACTORY: Penza Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Penza Region commenced bankruptcy
supervision procedure on OJSC Penzenskiy Factory of Reinforced-
Concrete Goods.  The case is docketed under Case No. A49-2905/
2006-2766/10.

The Temporary Insolvency Manager is:  

         M. Presnyakova
         Baydukova Str. 67
         Penza Region
         Russia

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Penzenskiy Factory of Reinforced-Concrete Goods
         Zakharova Str. 20
         440600 Penza Region
         Russia


RAINBOW: Kostroma Court Names T. Litvinova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Ms. T.
Litvinova as Insolvency Manager for CJSC Trading Company
Rainbow.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-2859/2006-12.

The Debtor can be reached at:

         CJSC Trading Company Rainbow
         Kalinovskaya Str. 40
         Kostroma Region
         Russia


ROSNEFT OAO: Inks Pipeline Construction Deal with TNK-BP
--------------------------------------------------------
TNK-BP entered an agreement with OAO Rosneft Oil Co. to
construct a permanent oil pipeline from the Verkhnechonskoye oil
field in East Siberia to the Surgutneftegaz' Talakanskoye field
from where oil from both fields will be supplied into the East
Siberia-Pacific Ocean pipeline system.

Discussions with Sugurtneftegaz are being conducted through OJSC
Verkhnechonskneftegaz, the operating company for the VC field,
pursuant to the terms of a Memorandum of Understanding signed by
these companies.  Agreement in principle with Transeft, the
operator of the ESPO, has also been reached.

TNK-BP and Rosneft are the major shareholders of VCNG, which
holds the licence for development of VC, the largest oilfield in
Irkutsk Oblast.  Both companies have agreed to revise their
earlier oil transportation project for pilot production from
this field.  This had envisaged building and operating a much
longer and temporary pipeline from VC to a new rail terminal at
Ust-Kut for the first three to five years of field development.

Re-routing has enabled the change to the original plans and
confirmation of scheduling works on the ESPO and the stated
intention of Transneft to commission reversal of the Ust-Kut-
alakan pipeline section.

The Company confirms its intention to accelerate the
construction of the supply pipeline from VC to align with
Transneft's plans.  Surveys along the proposed pipeline route
are already underway by Verkhnechonskneftegaz.  In the near
future the company will conduct a tender among Russian design
institutes for the right to develop the Feasibility Study to
build the 120 km line to the cut-in point of the main ESPO.

OJSC Verkhnechonskneftegaz was established in 2002 and holds a
license to develop the Verkhnechonskoe oilfield. The company's
shareholders are TNK-BP (62%), Rosneft (25%), and East Siberian
Gas Company (11%).

Verkhnechonskoe field (VC) is located in the Katanga District of
the Irkutsk region, 1100 km north-east of Irkutsk and is the
largest oilfield in the Irkutsk region.  The field's reserves
are expected to support production of seven to 10 million tons
per year by 2010 -2011.

The pilot development project currently in progress at the field
includes drilling and testing wells and construction of field
infrastructure required for full-scale field development. Total
investment in the pilot stage of the project is estimated at
US$200 million.

                          About TNK-BP

Headquartered in the British Virgin Islands, TNK-BP is one of
the largest oil companies in Russia, jointly owned by BP Plc and
Alfa Access/Renova.  At year-end 2004, the group had just above
8 billion barrels of proved SEC (to economic life of fields)
reserves and in the first 9 months of 2005 produced close to
1.56 million barrels of oil per day.  TNK-BP generated revenues
of US$14.3 billion in 2004.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum     
products.  The Company explores for, extracts, refines and  
markets oil and natural gas.  Rosneft produces oil in Western  
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services raised its long-term corporate credit and senior
unsecured debt ratings on Russia-based OJSC Oil Company Rosneft
to 'BB' from 'B+'.  S&P said the outlook is stable.


RUSS-AVIA: Moscow Court Names P. Tumbasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. P. Tumbasov as
Insolvency Manager for CJSC Freight Agency Russ-Avia (TIN
7713188333).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-13754/06-78-66N.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Freight Agency Russ-Avia
         Dmitrovskoye Shosse 46
         127238 Moscow Region
         Russia


RYAZHSKAYA POULTRY: S. Kozlovtsev to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. S.
Kozlovtsev as Insolvency Manager for LLC Ryazhskaya Poultry
Farm.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-8126/2005 S20.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         LLC Ryazhskaya Poultry Farm
         F. Engelsa Str. 115
         Ryazhsk
         Ryazan Region
         Russia


SEL-KHOZ-TEKHNIKA: S. Osipova to Manage Insolvency Assets
---------------------------------------------------------
The Arbitration Court of Samara Region appointed Ms. S. Osipova
as Insolvency Manager for LLC Sel-Khoz-Tekhnika.  She can be
reached at:

         S. Osipova
         Gaya Str. 23a
         Orenburg Region
         Russia
         Tel./Fax: (3532) 78-38-36

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-3010/2006.

The Debtor can be reached at:

         LLC Sel-Khoz-Tekhnika
         Bogatoe
         Bogatovskiy Region
         Samara Region
         446630
         Russia


SEL-KHOZ-TEKHNIKA: Court Names Z. Orlova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Ms. Z.
Orlova as Insolvency Manager for CJSC Sel-Khoz-Tekhnika.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-7797/06-29/32.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Sel-Khoz-Tekhnika
         Leningradskaya Str. 113.
         Novosibirsk Region
         Russia


SIB-OIL-PROM: Court Names O. Matveeva as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. O. Matveeva as
Insolvency Manager for CJSC Sib-Oil-Prom (TIN 7717091607). She
can be reached at:

         O. Matveeva
         Apartment 64
         Building 1
         Polotskaya Str. 29
         Moscow
         121351
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-24332/06-78-327B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Sib-Oil-Prom
         1st Mytisinskaya Str. 3
         Moscow
    Russia


TERRA: Arkhangelsk Court Names V. Zakirov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. V.
Zakirov as Insolvency Manager for CJSC Mining Company Terra.  He
can be reached at:

         V. Zakirov
         Lenina Pr. 77-311A
         650066 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-4400/2006-21.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17.
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         CJSC Mining Company Terra
         Izhma
         Primorskiy Region
         Arkhangelsk Region
         Russia


TMK OAO: TMK Capital Issues Eurobond to Fund Loan to Parent
-----------------------------------------------------------
OAO TMK confirmed its intention to proceed with the offering of
loan participation notes.

These would be issued by a Luxembourg special purpose company,
TMK Capital S.A., and the proceeds of the issuance will be used
to fund a loan to OAO TMK.

OAO TMK, Russia's largest pipe producer, intends to loan the
proceeds from the placement of loan participation notes,
together with other funds available to the company, to OAO TMK's
principal shareholder, TMK Steel Ltd.  This company plans to use
this loan to increase its stake in OAO TMK.  Following the
repayment, OAO TMK in turn plans to use these funds to finance
its strategic investment program.

Under OAO TMK's strategic investment program, OAO plans to make
capital expenditures of approximately US$ 1.2 billion through to
2010.  The investment program is now more than 25% complete.

The program is principally focused on:

   -- increasing the efficiency of its production processes;
      and

   -- improving the quality and range of seamless steel pipes.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product  
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania which unite the four
leading enterprises in the Russian pipe industry.

Standard & Poor's Ratings Services assigned a 'B+' long-term
corporate credit rating to OAO TMK.  Standard & Poor's also
assigned its 'B+' preliminary senior unsecured debt rating to
TMK's proposed Eurobond, which will be issued by special-purpose
vehicle TMK Capital S.A.


TMK OAO: Uncertain Financial Structure Cues S&P to Put B+ Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Russia-based pipe production company
OAO TMK.  Standard & Poor's also assigned its 'B+' preliminary
senior unsecured debt rating to TMK's proposed Eurobond, which
will be issued by special-purpose vehicle TMK Capital S.A.
     
At the same time, 'ruA+' Russia national scale ratings were
assigned to the company and its outstanding bonds.  All ratings
were immediately placed on CreditWatch with negative
implications, pending clarification of the company's eventual
balance sheet structure.

"The ratings on TMK reflect the company's ambitious capital
expenditure plans, improving but volatile margins, limited
liquidity, and short track record as a combined group," said
Standard & Poor's credit analyst Elena Anankina.

"These factors are offset by TMK's robust market positions and
the currently favorable market fundamentals for seamless and
large-diameter welded pipes."
     
At year-end 2005, TMK had RUR17.9 billion (US$622 million) debt
(adjusted for postretirement benefits and guarantees), of which
RUR12.5 billion was short-term debt.
     
The 67% shareholder of the company, Dmitry Pumpyanskiy, is
planning to increase his stake in TMK but details are
undisclosed at this stage.  Standard & Poor's believes this
transaction will be largely financed by TMK, directly or
indirectly.  In addition to the Eurobond, TMK is planning an IPO
in September or October 2006.
     
The CreditWatch status reflects S&P's opinion that the rating
could be lowered, likely by one notch, if the shareholder deal
happens but refinancing with an IPO and longer-term debt does
not occur in the second half of 2006.  If the company's
refinancing is successful or if the shareholder deal does not
proceed, the ratings are likely to be affirmed.


TNK-BP: Inks Pipeline Construction Deal with OAO Rosneft
--------------------------------------------------------
TNK-BP entered an agreement with OAO Rosneft Oil Co. to
construct a permanent oil pipeline from the Verkhnechonskoye oil
field in East Siberia to the Surgutneftegaz' Talakanskoye field
from where oil from both fields will be supplied into the East
Siberia-Pacific Ocean pipeline system.

Discussions with Sugurtneftegaz are being conducted through OJSC
Verkhnechonskneftegaz, the operating company for the VC field,
pursuant to the terms of a Memorandum of Understanding signed by
these companies.  Agreement in principle with Transeft, the
operator of the ESPO, has also been reached.

TNK-BP and Rosneft are the major shareholders of VCNG, which
holds the licence for development of VC, the largest oilfield in
Irkutsk Oblast.  Both companies have agreed to revise their
earlier oil transportation project for pilot production from
this field.  This had envisaged building and operating a much
longer and temporary pipeline from VC to a new rail terminal at
Ust-Kut for the first three to five years of field development.

Re-routing has enabled the change to the original plans and
confirmation of scheduling works on the ESPO and the stated
intention of Transneft to commission reversal of the Ust-Kut-
alakan pipeline section.

The Company confirms its intention to accelerate the
construction of the supply pipeline from VC to align with
Transneft's plans.  Surveys along the proposed pipeline route
are already underway by Verkhnechonskneftegaz.  In the near
future the company will conduct a tender among Russian design
institutes for the right to develop the Feasibility Study to
build the 120 km line to the cut-in point of the main ESPO.

OJSC Verkhnechonskneftegaz was established in 2002 and holds a
license to develop the Verkhnechonskoe oilfield. The company's
shareholders are TNK-BP (62%), Rosneft (25%), and East Siberian
Gas Company (11%).

Verkhnechonskoe field (VC) is located in the Katanga District of
the Irkutsk region, 1100 km north-east of Irkutsk and is the
largest oilfield in the Irkutsk region.  The field's reserves
are expected to support production of seven to 10 million tons
per year by 2010 -2011.

The pilot development project currently in progress at the field
includes drilling and testing wells and construction of field
infrastructure required for full-scale field development. Total
investment in the pilot stage of the project is estimated at
US$200 million.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum     
products.  The Company explores for, extracts, refines and  
markets oil and natural gas.  Rosneft produces oil in Western  
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                          About TNK-BP

Headquartered in the British Virgin Islands, TNK-BP is one of
the largest oil companies in Russia, jointly owned by BP Plc and
Alfa Access/Renova.  At year-end 2004, the group had just above
8 billion barrels of proved SEC (to economic life of fields)
reserves and in the first 9 months of 2005 produced close to
1.56 million barrels of oil per day.  TNK-BP generated revenues
of US$14.3 billion in 2004.

                          *     *     *

As reported in TCR-Europe on Feb. 15, Fitch Ratings assessed
TNK-BP International Ltd's Senior Unsecured rating at BB+ with
Outlook Positive and Short-term B.  Its US$700 million eurobond
is affirmed at BB+.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.


TROITSKOYE: Orenburg Bankruptcy Hearing Slated for Oct. 17
----------------------------------------------------------
The Arbitration Court of Orenburg Region will convene at 10:30
a.m. on Oct. 17 to hear the bankruptcy supervision procedure on
OJSC Troitskoye.

The case is docketed under Case No. A47-15479/2005-14GK.

Temporary Insolvent Manager is:

         V. Kirzhaev
         Gaya Str. 23A
         Orenburg 460000
         Russia
         Tel./Fax: 78-38-43

The Arbitration Court of Orenburg Region is located at:

         Krasnoznamennaya Str. 21
         Matrosskiy Per. 12
         Orenburg
         Russia

The Debtor can be reached at:

         OJSC Troitskoye
         Sovetskaya Str. 33
         Asekeevskiy Region
         Orenburg Region 461703
         Russia


VASYURINSKIY FACTORY: E. Tkhakushinov to Manage Assets
------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. E.
Tkhakushinov as Insolvency Manager for CJSC Vasyurinskiy Factory
of Reinforced Concrete Goods.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-62234/2005-27/597-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Vasyurinskiy Factory of Reinforced Concrete Goods
         Vasyurinskaya St.
         Dinskoy Region
         Krasnodar Region
         Russia


VOSKHOD: Voronezh Court Names D. Kozlov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. D. Kozlov
as Insolvency Manager for CJSC Agro Combine Voskhod.  He can be
reached at:

         D. KozlovRussia
         Studenetskaya Naberezhnaya Str. 20
         Tambov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-2891/2006 55/20b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         Combine Voskhod
         Sakhzavodskaya Str. 22
         Gribanovskiy
         Voronezh Region
         Russia


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


FOOD PRODUCTS: Court Names Vitalij Gartenko as Liquidator
---------------------------------------------------------
The Economic Court of Donetsk Region appointed Vitalij Gartenko
as Liquidator/Insolvency Manager for LLC Food Products Plant
(code EDRPOU 30418386).  He can be reached at:

         Vitalij Gartenko
         Shevchenko Boulevard 27
         83017 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 13.  The case is docketed
under Case No. 5/111B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Food Products Plant
         Krasnoarmijsk
         85300 Donetsk Region
         Ukraine


FORUM BANK: Fitch Assigns B- Default Rating on Modest Earnings
--------------------------------------------------------------
Fitch Ratings assigned Ukraine-based Forum Bank ratings of
Issuer Default B- with a Stable Outlook, Short-term B, Support 5
and Individual D/E.

The ratings reflect Forum's small size by international
standards, modest earnings generation, relatively high borrower
risk concentration in the loan book, risks stemming from rapid
loan growth and potentially vulnerable liquidity.  The ratings
also acknowledge the bank's growing franchise, sound asset
quality to date, continued industry diversification of the loan
portfolio and limited market risks.

Rating uplift might occur if the bank can demonstrate successful
retail expansion without compromising its asset quality and
profitability.  A major improvement in its liquidity position
may also have a positive effect on the ratings.  

However, downward pressure on the rating might come from
significantly depressed profitability, deterioration of asset
quality following rapid loan growth or the shareholders' failure
to provide projected capital injections.

Profitability has been modest to date, constrained by falling
interest rates and rising operating costs, mainly associated
with the network expansion.  To improve the quality of services
and expand retail penetration, Forum has embarked on a major
growth drive through increasing the number of regional offices
and the modernization of existing ones, which in the short to
medium term will put additional pressure on profitability.

The net interest margin might also come under further pressure
from tighter competition from foreign entrants with cheaper
funding sources.  Asset quality has been adequate so far, as has
the level of provisioning, although the latter may not cover the
expected default rate, especially in an economic down-cycle.

Forum's liquidity is vulnerable due to a lack of long-term
resources but may improve following the new share issue and the
Eurobond planned for later 2006.

Forum was founded in 1994 as Lad-Credit Bank.  In 1997, it was
renamed Bank Forum.  Initially it was a small bank, mostly
providing cash management and lending services to a limited
number of corporates, but since 2001 became a universal bank
able to render a broader range of banking products to its
clients.

At end-June 2006, Forum was the 11th-largest Ukrainian bank by
assets.  Currently the bank's network comprises 140 points of
sale and over 170 ATMs.  The bank is majority-owned by Leonid
Yurushev, a local businessman, and the members of his family.


INDUSTRIAL TAS: Court Names S. Ivanenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Ivanenko as
Liquidator/Insolvency Manager for LLC Industrial Company Tas
(code EDRPOU 32254328).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 28.  The case is docketed
under Case No. 24/474-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 Industrial Company Tas
         Glibochitska Str. 17
         Kyiv Region
         Ukraine


ROZDILSKIJ BRICK: Court Names Oleksandr Polishuk as Liquidator
--------------------------------------------------------------
The Economic Court of Donetsk Region appointed Oleksandr
Polishuk as Liquidator/Insolvency Manager for OJSC Rozdilskij
Brick Plant (code EDRPOU 31638894).  He can be reached at:

         Oleksandr Polishuk
         Vorovskij Str. 5/1
         83045 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 26.  The case is docketed
under Case No. 42/66 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Rozdilskij Brick Plant
         Zarichna Str. 63
         Artemivsk
         84500 Donetsk Region
         Ukraine


SHPOLA' BREAD: Court Names O. Zayichenko as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Mr. O.
Zayichenko as Liquidator/Insolvency Manager for OJSC Shpola'
Bread Combine (code EDRPOU 5510987).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 4.  The case is docketed
under Case No. 01/26.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         OJSC Shpola' Bread Combine
         Artema Str. 10
         Shpola
         Cherkassy Region
         Ukraine


SPECTRUM-PETROL: Court Names Ruslan Purij as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Volinska Region appointed Ruslan Purij as
Liquidator/Insolvency Manager for LLC Spectrum-Petrol (code
EDRPOU 32269549).  He can be reached at:

         Ruslan Purij
         a/b 8110
         79066 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
8/36-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Spectrum-Petrol
         President Grushevskij Avenue 30/151
         430110 Lutsk
         Volinska Region
         Ukraine


SPIKA: Kyiv Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Spika.  The case is docketed under
Case No. 15/406-b.

The Temporary Insolvency Manager is:

         V. Latskan
         Kikvidze Str. 17 A
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Spika
         Kikvidze Str. 17 A
         Kyiv Region
         Ukraine


TRADE TAS: Kyiv Court Names S. Ivanenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Ivanenko as
Liquidator/Insolvency Manager LLC Trade Company Tas (code EDRPOU
32254312).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 28.  The case is docketed
under Case No. 24/473.

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 Trade Company Tas
         Glibochitska Str. 17
         Kyiv Region
         Ukraine


ZAKARPATNAFTA: Court Names Oleksandr Polishuk as Liquidator
-----------------------------------------------------------
The Economic Court of Donetsk Region appointed Oleksandr
Polishuk as Liquidator/Insolvency Manager for LLC Zakarpatnafta
(code EDRPOU 20466479).  He can be reached at:

         Oleksandr Polishuk
         Vorovskij Str. 5/1
         83045 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 26.  The case is docketed
under Case No. 42/67 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Zakarpatnafta
         Zarichna Str. 63
         Artemivsk
         84500 Donetsk Region
         Ukraine


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


2 PM: Appoints Liquidator from Middleton Partners
-------------------------------------------------
Stephen Patrick Jens Wadsted of Middleton Partners was appointed
Liquidator of 2 PM Limited on June 2 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         2 PM Limited
    Unit 1
    13-15 Sunbeam Road
    London NW106JP
    United Kingdom
    Tel: 020 8965 9510
    Web: http://www.2pm.co.uk/


3 PEAKS: Creditors Confirm Voluntary Liquidation
------------------------------------------------
Creditors of 3 Peaks Limited confirmed on May 24 the resolutions
for voluntary liquidation and the appointment of John Russell
and Andrew Philip Wood of The P&A Partnership as Liquidators of
the company.

The company can be reached at:

         3 Peaks Limited
    300 Shalesmoor
    Sheffield
    South Yorkshire S3 8UL
    United Kingdom
    Tel: 0114 272 4500


3D SOLUTIONS: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of 3D Solutions Limited confirmed on May 24 the
resolutions for voluntary liquidation and the appointment of
Andrew Philip Wood and John Russell of The P&A Partnership as
Liquidators of the company.

The company can be reached at:

         3D Solutions Limited
    Unit D
    Dunston Court
    Dunston Road
    Chesterfield
    Derbyshire S41 8NL
    United Kingdom
    Tel: 01246 267 788


A B COMPACTORS: Taps Paul James Fleming to Liquidate Assets
-----------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator of A B Compactors Limited on June 15 for the purposes
of the creditors' voluntary winding-up procedure.

The company can be reached at:

         A B Compactors Limited
    20 Winmarleigh Street
    Warrington
    Cheshire WA1 1JY
    United Kingdom
    Tel: 01772 624 961


A B DRURY: Brings In Joint Liquidators from Begbies Traynor
-----------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed Joint Liquidators of A B
Drury Contracts Limited on May 25 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         A B Drury Contracts Limited
    Suit 9
    Queens Road
    Wesley Chambers
    Aldershot
    Hampshire GU113DP
    United Kingdom
    Tel: 01252 322 323


A.P.C. LIMITED: Names Shay Lettice Liquidator
---------------------------------------------
Shay Lettice was appointed Liquidator of A.P.C. (Eastern)
Limited on May 30 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         A.P.C. (Eastern) Limited
    Unit 6
    Faraday Place
    Thetford
    Norfolk IP243RG
    United Kingdom
    Tel: 01842 753 200


ACADEMY FLOORING: Hires Joint Liquidators from Begbies Traynor
--------------------------------------------------------------
Timothy John Edward Dolder and Nicholas Roy Hood of Begbies
Traynor (South) LLP were appointed Joint Liquidators of Academy
Flooring Services Limited on May 26 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Academy Flooring Services Limited
    Unit 10
    Dockley Road Industrial Estate
    Dockley Road
    London SE163SF
    United Kingdom
    Tel: 020 7394 8196


ADAMS HARDWARE: Taps Liquidator from Roger Evans
------------------------------------------------
Terry Christopher Evans of Rogers Evans was appointed Liquidator
of Adams Hardware Stores (Southampton) Limited on June 9 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Adams Hardware Stores (Southampton) Limited
    18 Victoria Road
    Southampton
    Hampshire SO199DX
    United Kingdom
    Tel: 023 8044 8531


AFD LIMITED: Andrew Fender Leads Liquidation Procedure
------------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed Liquidator of AFD
Limited on June 6 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         AFD Limited
    9 Osprey Close
    Penarth
    South Glamorgan CF64 5FD
    United Kingdom
    Tel: 029 2070 5942  


AUTOMOTIVE COMPONENTS: Appoints Joint Administrators from Vantis
----------------------------------------------------------------
Geoff Rowley and Frank Wessely of Vantis were appointed joint
administrators of Automotive Components & Equipment Solutions
Ltd. (Company Number 04762424) on Aug. 15.

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

Headquartered in Berkshire, United Kingdom, Automotive
Components & Equipment Solutions Ltd. sells automotive and
automotive parts.


BAA PLC: Rejects Calls to Split U.K. Airport Company
--------------------------------------------------
BAA PLC dismissed calls for the break-up of its U.K. airports,
arguing that a more fragmented ownership structure would
undermine vitally needed investment in airport capacity.

In a submission to the Office of Fair Trading study on the U.K.
airports market, BAA urged the OFT to focus upon the true
interests of consumers.

"I fully understand why airlines like British Airways and
Ryanair want to weaken airport operators and achieve greater
control over prices and investment at the airports where they
hold such powerful positions themselves, but the job of the
competition authorities is to protect the longer term interests
of all consumers," Stephen Nelson, BAA's Chief Executive, said.

"The biggest problem facing U.K. air travelers is the shortage
of airport capacity, especially in South East England.  Failure
to build new runway capacity will lead to gridlock, disappointed
customers and significant loss to the national economy," Mr.
Nelson added.

"Despite this, some airlines want to break up BAA and impose
even heavier price regulation.  This have-it-both-ways proposal
would be a poisonous cocktail for consumers.  It risks setting
back the much needed investment program which BAA is pursuing,
to transform London's airports through projects like Heathrow
Terminal 5, Heathrow East and the Stansted second runway," Mr.
Nelson said.

BAA's final submission to the OFT argues that the airports
market is highly imperfect because most people use the airport
closest to where they live, or which offers flights to their
preferred destination.  The market is also distorted by many
unusual factors, such as airport slot allocation procedures and
inter-governmental agreements on air services.

BAA says that the threat to investment from break-up will
outweigh any possible benefits to consumers in terms of choice,
price or quality of service.  BAA's U.K. airports are already
among the cheapest in Europe in terms of landing charges, which
are heavily subsidized by BAA's retail activities and regulated
by the Civil Aviation Authority.

"We are not saying that the current situation is perfect and we
welcome the OFT's review, so long as it is wide-ranging and
evidence-based," Mr. Nelson said.  "The OFT needs to consider
regulation as well as ownership structures.  The evidence
suggests that BAA has done a good job since privatization, in
terms of security and safety, capacity, quality of service and
price."

                      About the Company

Headquartered in London, England, BAA plc -- http://www.baa.com/
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Its U.K. airports handle over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its total U.K. airport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BALL CORP: Earns US$132.7 Million in Second Quarter 2006
--------------------------------------------------------
Ball Corp. reported second quarter earnings of US$132.7 million
on sales of US$1.84 billion, compared to US$79 million
on sales of US$1.55 billion in the second quarter of 2005.

For the first six months of 2006, Ball's earnings were
US$177.3 million on sales of US$3.21 billion, compared to
US$137.6 million on sales of US$2.88 billion in 2005.

The 2006 second quarter includes a US$74.1 million gain for
insurance recovery from a fire that occurred April 1 at a
beverage can manufacturing plant in Germany.  The 2005 second
quarter and first half results include an after-tax charge of
US$5.9 million, or five cents per diluted share, related to the
closing of a food can manufacturing plant in Quebec.

"Though the insurance accounting gain skews our second quarter
results, when you put that aside we still had a solid quarter,"
said R. David Hoover, chairman, president and chief executive
officer.  "Sales and earnings in the quarter were up in our
packaging segments.  Integration of the two businesses acquired
at the end of the first quarter is underway.  Beverage can
volumes were strong in North America and Europe/Asia.  We are
proceeding to replace the production capacity lost to the fire
and we plan to have the replacement capacity operating in the
second quarter of 2007.  Overall we are positive about the
outlook as we move into the second half of 2006."

                Metal Beverage Packaging

Earnings in the quarter for the metal beverage packaging,
Americas, segment were US$67.4 million on sales of US$740.6
million.  A year ago second quarter earnings in the segment were
US$67.4 million on sales of US$664.5 million.  For the first six
months, earnings were US$121.9 on sales of US$1.33 billion,
compared to US$129.2 million on sales of US$1.21 billion in
2005.

                  Metal Beverage Packaging

Second quarter earnings in the metal beverage packaging,
Europe/Asia, segment were US$142.5 million including US$74.1
million of earnings due to the insurance accounting gain in 2006
on sales of US$433.8 million, compared to US$58.2 million on
sales of US$394.3 million in 2005.  For the first six months
segment earnings were US$171.1 million, including the US$74.1
insurance accounting gain, on sales of US$734.7 million,
compared to US$88.5 million on sales of US$692.3 million in the
first half of 2005.

          Metal Food & Household Products Packaging

Earnings for the second quarter in the metal food and household
products packaging, Americas, segment were US$12.8 million on
sales of US$314.2 million, compared to a US$6 million loss that
includes an US$8.8 million business consolidation charge on
sales of US$179.1 million in the second quarter of 2005.
Through two quarters segment earnings were US$14.6 million on
sales of US$503.5 million, compared to US$7 million, which
includes an US$8.8 million business consolidation charge on
sales of US$363.3 in the first half of 2005.

                     Plastic Packaging

Second quarter earnings in the plastic packaging, Americas,
segment were US$7.4 million on sales of US$178.5 million,
compared to US$4.7 million on sales of US$133.4 million in the
second quarter of 2005.  For the first six months earnings in
the segment were US$9.2 million on sales of US$300.9 million,
compared to US$8.2 million on sales of US$249.2 million in the
first half of 2005.  The second quarter and first six months of
2006 also included increased costs of US$1.2 million related to
purchase accounting adjustments to step up the value of acquired
finished goods inventory to fair market value.

                Aerospace and Technologies

Earnings were US$8.3 million on sales of US$175.4 million in the
aerospace and technologies segment in the second quarter of
2006, compared to US$14.9 million on sales of US$180.7 million
in the second quarter of 2005.  For the first half of 2006,
earnings were US$17.8 million on sales of US$335.3 million,
compared to US$23.8 million on sales of US$362.7 million in the
first six months of 2005.

                          Outlook

"We are generally pleased with our second quarter results," Mr.
Hoover said.  "We ended the first quarter with a number of
uncertainties arising out of our April 1 fire, the new beverage
container redemption system in Germany, the threat of a possible
disruption at a major aluminum supplier and the integration of
two businesses acquired within days of each other.

"As a result we are more confident about the outlook for 2006
than we were at the end of the first quarter and see a stronger
second half of the year.  Still, we realize there is a lot of
work to do.  We have to rebuild the lost capacity in Europe;
aggressively pursue the synergies and benefits we anticipate
from our acquisitions; complete the capital spending projects we
have underway and begin to realize the cost savings associated
with them; work through the delays in awarding and funding of
projects that are affecting our aerospace and technologies
segment; and continue to push cost recovery initiatives
throughout our reporting segments."

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?1040

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and  
plastic packaging products and owns Ball Aerospace &
Technologies Corp., which develops sensors, spacecraft, systems
and components for government and commercial customers.  Ball
reported 2005 sales of US$5.7 billion and the company employs
13,100 people worldwide including Argentina, Germany, France and
the United Kingdom.

                        *    *    *

Moody's Investors Service assigned ratings to Ball Corp's
US$500 million senior secured term loan D, rated Ba1, and
US$450 million senior unsecured notes due 2016-2018, rated Ba2.
It also affirmed existing ratings, which include Ba1 Ratings on
US$1.475 billion senior secured credit facilities and US$550
million senior unsecured notes due Dec. 12, 2012.  The ratings
outlook is stable.

Fitch affirmed Ball Corp.'s 'BB' issuer default rating, 'BB+'
senior secured credit facilities, and 'BB' senior unsecured
notes.

Standard & Poor's Ratings Services also affirmed its 'BB+'
corporate credit rating on Ball Corp.

All ratings were placed in March 2006.


BON VIVEUR: Appoints Joint Liquidators to Wind Up Business
----------------------------------------------------------
John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed Joint Liquidators of Bon Viveur
Limited on June 9 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Bon Viveur Limited
    Suite B1 The White House
    Forest Road
    Kingswood
    Bristol
    Avon BS158DH
    United Kingdom
    Tel: 0117 925 2288


BRITANNIA TOOL: Names Joint Liquidators from Harrisons
------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Britannia Tool Hire Limited on June 5 for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Britannia Tool Hire Limited
    Unit 2270C
    Dunbeath Road
    Elgin Industrial Estate
    Swindon SN2 8EA
    United Kingdom
    Tel: 01793 480 008
    Web: http://www.chamber-network.co.uk/  
         http://www.hireitbuyit.co.uk/  


C C INTEX: Creditors Approve Liquidators' Appointment
-----------------------------------------------------
Creditors of C C Intex Limited approved on June 7 the
resolutions for voluntary liquidation and the appointment of
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited as Joint Liquidators of the company.

The company can be reached at:

         C C Intex Limited
    Wakefield Garage
    Wakefield Road
    Blackpool
    Lancashire FY2 0DL
    United Kingdom
    Tel: 01253 352 301


CAVENDISH SILKS: Hires Joint Liquidators from Vantis
----------------------------------------------------
J. S. French and G. Mummery of Vantis Redhead French were
appointed Joint Liquidators of Cavendish Silks (London) Limited
on May 30 for the purposes of the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Cavendish Silks (London) Limited
    Flitch Industrial Estate
    Chelmsford Road
    Dunmow
    Essex CM6 1XJ
    United Kingdom
    Tel: 01371 872 636


CELLCAST PLC: Posts GBP1.8 Million Net Loss in 2006 First Half
--------------------------------------------------------------
Cellcast plc disclosed its interim results for the six months
ended June 30, 2006.

"With the Board having taken the necessary steps to restore the
profitability of our U.K. operations, and with an increasing
proportion of our revenues coming from international markets, I
feel confident that Cellcast will prosper in this exciting
marketplace," Julian Paul, Chairman of Cellcast plc, said.

"The first half of 2006 has been a very challenging period for
the Company due to external events that effected our U.K.
operations.  [The] Board reacted both swiftly and positively to
counter this temporary set-back and as a result stability is now
being restored to our U.K. operations.  Importantly, during this
period the Board remained focused on the continuing successful
international roll-out and this is reflected in our results,"
Mr. Paul said.

                     2006 Interim Results

For the six months ended June 30, 2006, the company posted an
unaudited GBP1.8 million net loss on GBP820,592 in gross profit,
compared with a GBP506,184 net loss on GBP1.4 million in gross
profit for the same period last year.

At June 30, 2006, the company's unaudited balance sheet showed
GBP6.1 million in total assets, GBP4.1 million in total
liabilities and GBP1.9 million in stockholders' equity.

Turnover both in the U.K. and internationally, totaling GBP9.6
million, was up substantially on last year's GBP5.8 million for
the same period.  However, the Sky Electronic Programming Guide
(EPG) reorganization that took place in March and April this
year had a negative impact on the Group's profitability.  The
EPG reorganization has created scheduling inefficiencies and has
made navigation difficult for the regular viewers of the
Company's programs. These issues have led to the Company
incurring higher than foreseen costs and have resulted in the
Company reporting a larger than anticipated loss before tax for
the six months to June 30, 2006, of GBP2 million (2005:
GBP539,000).  Losses at the EBITDA level were GBP1.6 million
(operating loss of GBP2 million, less depreciation and
amortization of GBP285,000 and minority interest share of
overseas losses of GBP142,000).  The equivalent figure for the
six months to June 30, 2005, was an EBITDA loss of GBP327,000.  
No dividend is proposed (2005: GBPnil).

The Company has moved quickly to counter the effect of the EPG
changes, having introduced new formats, redeployed bandwidth and
increased marketing of all its channels to help viewers locate
them on the EPG.  In addition, the Company has reduced
production costs as well as operating expenses, which will
provide significant cost savings in the future.  The Board
believes it is unlikely that Sky Digital will implement another
similar EPG reorganization in the foreseeable future.

The Directors also believe that good progress has been achieved
in the development of Cellcast's international operations,
which, from a negligible base last year, accounted for some 25%
of revenues in the first half of 2006.  Building on momentum
from the second quarter, the Directors expect that the Company's
international operations will represent a rapidly growing
proportion of overall revenues in the second half of 2006.

"The expansion of our international presence at relatively low
cost not only is a demonstration of the scalability of the
Company's business model, but also of the versatility and
straightforward implementation of its technologies, usually in
partnership with local broadcasters," Mr. Paul added.

The company is actively involved in France, Ukraine, across the
Middle East, India, China, Malaysia, Thailand, Indonesia,
Argentina, Brazil and USA.  The Company's emphasis lies in those
markets where mobile phone penetration is growing rapidly.  

                           Outlook

"With the Board having taken the necessary steps to restore the
profitability of our U.K. operations, and with an increasing
proportion of our revenues coming from international markets, I
feel confident that Cellcast will prosper in this exciting
marketplace," Mr. Paul said.

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.

                        *     *     *

As reported in TCR-Europe on Sept. 5, Cellcast PLC said it
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.


CLOROX COMPANY: Equity Deficit Narrows to US$156 Mln at June 30
---------------------------------------------------------------
The Clorox Company filed its report on financial results for the
fiscal year ended June 30, 2006, on Form 10-K, with the U.S.
Securities and Exchange Commission on Aug. 25, 2006.

Net sales in fiscal year 2006 increased 6% to US$4.6 billion
compared to US$4.4 billion in the prior period.  Volume
increased at a rate of 1% as price increases impacted shipments.  
Contributing to the volume growth in the current year was the
introduction of several new products and product improvements,
and strong shipments of home-care products within Latin America.

Net earnings were US$444 million for the fiscal year 2006 versus
US$1.1 billion in the previous fiscal year.

Gross profit increased 3% to US$1.96 billion in fiscal year 2006
from US$1.9 billion in fiscal year 2005, and decreased as a
percentage of net sales to 42.2% in fiscal year 2006 from 43.2%
in fiscal year 2005.

At June 30, 2006, the Company's balance sheet showed US$3.6
billion in total assets and US$3.8 billion in total liabilities
resulting in US$156 million of stockholders' deficit.  The
Company's stockholders' deficit at June 30, 2005, stood at
US$553 million.

Return on Invested Capital decreased approximately 60 basis
points to 13.3% during fiscal year 2006 due to lower adjusted
operating profit and higher invested capital.  Adjusted
operating profit includes US$36 million of pretax incremental
costs related to historical stock option compensation expense
and the former chairman and chief executive officer's health-
related retirement, which lowered ROIC by 60 basis points.  
Invested capital increased due to an increase in other assets as
a result of the Company recording a net pension asset at June
30, 2006, compared to a net pension liability at June 30, 2005,
for its domestic plan.

Cash and cash equivalents for the fiscal year ended June 30,
2006 decreased to US$192 million from US$293 million in the
prior fiscal year.

A full-text copy of the Company's management's discussion and
results of operations may be viewed at no charge
at http://ResearchArchives.com/t/s?1099

Headquartered in Oakland, California, The Clorox Company
-- http://www.thecloroxcompany.com/-- provides household  
cleaning products and reaches beyond bleach.  Although best
known for bleach (leader worldwide), Clorox makes laundry and
cleaning items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh
Step), car care products (Armor All, STP), the Brita water-
filtration system (in North America), and charcoal briquettes
(Kingsford).  The company has locations worldwide, including
Hungary, Russia and the United Kingdom.


COLLINS & AIKMAN: Outlines Business Plan in Disclosure Statement
----------------------------------------------------------------
In the Disclosure Statement accompanying the Plan of
Reorganization, Collins & Aikman Corporation and its debtor-
affiliates note that while they intend to maintain the
relationships currently enjoyed with the Big 3 automakers --
DaimlerChrysler, Ford, and General Motors -- the Debtors intend
to enhance business relations with new domestic customers,
including Toyota, Nissan, Honda and Hyundai.

John R. Boken, chief restructuring officer for the Debtors,
relates that key initiatives include:

   -- repairing relationships with existing customers;

   -- expanding the scope of business opportunities with new
      domestic customers;

   -- addressing 2007 and 2008 revenue declines due to loss of
      quoting activity while in bankruptcy;

   -- attracting certain targeted short lead-time new awards;
      and

   -- winning back certain programs lost in 2004 and 2005.

Longer term, the Debtors believe they are well positioned to win
new awards for major programs with all customers in 2009 and
beyond.

According to Mr. Boken, the Debtors' strategy to expand the
scope
of business opportunities with new domestic customers includes
levering existing relationships with the new domestic customers
in the carpet & acoustics business to develop similar
relationships in the plastics segment.  In addition, the Debtors
are reviewing alternatives to utilize joint ventures and
keiretsu and to establish an engineering sales and marketing
presence in Asia to broaden the scope of business opportunities.

Furthermore, the Debtors have identified opportunities to
improve manufacturing efficiency and right size the cost
infrastructure by incorporating best practices for processes,
procedures and technologies across their operations, Mr. Boken
relates.  Moreover, the Debtors are negotiating with numerous
contract and lease counterparties to reduce costs.

                       Potential Recoveries

The Debtors expect to recover certain amounts from various
entities.

(1) European Operations

The Debtors had asserted claims for $338,733,078 against 19 of
their foreign subsidiaries and affiliates in Europe:

   European Debtor                           Claim Amount
   ---------------                           ------------
   C&A Automotive Company Italia, S.r.l.         $252,567
   C&A Automotive Fabrics Limited                  87,899
   C&A Automotive Floormats Europe B.V.            25,420
   C&A Automotive Holding Gmbh                    233,758
   C&A Automotive Limited                         496,185
   C&A Automotive s.r.o.                        1,654,506
   C&A Automotive Systems AB                    1,018,431
   C&A Automotive Systems S.L.                  5,786,358
   C&A Automotive Systems, GmbH                 3,734,426
   C&A Automotive Trim B.V.                    11,331,556
   C&A Automotive Trim B.V.B.A.                 1,213,731
   C&A Automotive Trim GmbH                     1,872,505
   C&A Automotive Trim Limited                    219,808
   C&A Europe B.V.                              7,579,940
   C&A Europe S.A.                            233,253,012
   C&A Holding AB                                     229
   C&A Holdings B.V.                           67,510,279
   C&A Products, GmbH                           2,356,111
   Dura Convertible Systems GmbH                  106,357

The Debtors estimate a $50 million to $70 million recovery from
the European Debtors, with over 90% of that amount coming from
Collins & Aikman Europe S.A., Collins & Aikman Holdings B.V.,
and Collins & Aikman Automotive Trim B.V.  

The Debtors anticipate that an initial distribution will be made
by December 31, 2006, with the final distribution being made by
March 31, 2007.

As previously reported, the European Debtors commenced
administration proceedings pursuant to the English insolvency
law.  IAC Acquisition Corporation Limited -- an entity funded by
WL Ross & Co. LLC and Franklin Mutual Advisors LLC -- purchased
substantially all assets of the European Debtors for over
$100,000,000.  As part of the sale, the Debtors agreed to
transfer and license certain intellectual property to IAC for
$12,500,000.

(2) Avoidance Actions

The Debtors are currently investigating prepetition transfers
that may be avoided under Chapter 5 of the Bankruptcy Code as
fraudulent or otherwise.

With respect to potential actions under Section 547 of the
Bankruptcy Code, in the 90 days before the Petition Date, the
Debtors made 96,000 payments aggregating $618,000,000 to 3,900
different parties, Mr. Boken relates.  About 210 of the 3,900
parties received payments in excess of $500,000 during that
period, amounting to $486,000,000, Mr. Boken says.

Mr. Boken maintains that with respect to payments to insiders
during the one-year period before the Petition Date, the Debtors
made $7,400,000 in payments to 32 entities.  Also during the
one-year period, the Debtors transferred $244,000,000 among
various affiliates, he adds.

The Debtors are continuing to investigate the facts and
circumstances of each of these transfers.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 39;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Exchanging Secured Debt for Stock Under Plan
--------------------------------------------------------------
After a review of their current business operations, Collins &
Aikman Corporation and its debtor-affiliates concluded that
continuing to operate as a going concern would maximize
creditors' recovery.  The Debtors believe that their businesses
and assets have significant value that would not be realized in
liquidation.

The Debtors' Plan of Reorganization provides for cancellation of
claims under their senior secured credit facility in exchange
for:

   (1) new common stock;

   (2) replacement of all undrawn letters of credit under the
       Prepetition Facility;

   (3) retention of adequate protection payments;

   (4) payment of reasonable fees and expenses of attorneys and
       financial advisor of JPMorgan Chase Bank, N.A., as
       administrative agent under the Prepetition Credit
       Agreement, in connection with consummation,
       administration and enforcement of Plan; and

   (5) certain releases and exculpation.

John R. Boken, chief restructuring officer for Collins & Aikman
Corporation, explains that the Debtors, as Reorganized Debtors,
will continue to exist after the Effective Date as separate
corporate entities, with all the powers of a corporation under
applicable law.

The Plan allows the Reorganized Debtors to enter into certain
transactions to effect a corporate restructuring of their
businesses, including mergers, consolidations, dispositions,
liquidations or dissolutions.

The initial board of directors of Reorganized Collins & Aikman
Corporation will comprise the chief executive officer of
Reorganized C&A Corporation and six other members selected by
the Steering Committee of secured lenders.

                          Exit Financing

To obtain funds necessary to make payments required on the
Effective Date and conduct post-reorganization operations, the
Reorganized Debtors expect to enter into a New Bank Facility
upon emergence from their Chapter 11 Cases.  The Debtors are in
discussions with several lenders to arrange this facility and
have already received preliminary exit financing proposals.  The
New Bank Facility will likely be secured by substantially all of
the real and personal property of the Reorganized Debtors.

                        Litigation Trust

On the Effective Date, a Litigation Trust will be established
pursuant to the terms of a Litigation Trust Agreement.  The
Litigation Trust will initially be funded with $3,000,000, which
will be repaid to the Reorganized Debtors from the first
proceeds received by the Litigation Trust.

The Litigation Trust will have the authority to file, settle,
compromise, withdraw or litigate to judgment objections to
general unsecured claims, senior note claims, and senior
subordinated note claims.

                      Treatment of Claims

Under the Plan of Reorganization, the Debtors group claims and
interests into 11 classes:

Class  Designation            Status/Recovery      Voting Rights
-----  -----------            ---------------      -------------
  n/a   Administrative Claims  100% Recovery                   -

  n/a   Priority Tax Claims    100% Recovery                   -

   1    Other Secured Claims   Unimpaired       deemed to accept
                               100% Recovery

   2    Other Priority Claims  Unimpaired       deemed to accept
                               100% Recovery

   3    Prepetition Facility   Impaired         entitled to vote
        Claims

   4    OEM Junior Secured     Impaired         entitled to vote
        DIP Claims

   5    General Unsecured      Impaired         entitled to vote
        Claims

   6    Senior Note Claims     Impaired         entitled to vote

   7    PBGC Claims            Impaired         entitled to vote

   8    Senior Subordinated    Impaired         entitled to vote
        Note Claims

   9    Equity Interests       Impaired         deemed to reject
                               0% Recovery

  10    Subordinated           Impaired         deemed to reject
        Securities Claims      0% Recovery

  11    Intercompany Claims    Impaired         deemed to reject
                               0% Recovery

Kurtzman Carson Consultants, LLC, the Debtors' claims and  
solicitations agent, will:

   -- answer questions regarding the procedures and requirements  
      for voting to accept or reject the Plan and for objecting  
      to the Plan;

   -- provide additional copies of all materials;

   -- oversee the voting tabulation; and

   -- process and tabulate ballots for each Class entitled to  
      vote to accept or reject the Plan.   

Parties-in-interest may contact KCC at:

     Collins & Aikman Solicitation
     c/o Kurtzman Carson Consultants L.L.C.
     12910 Culver Boulevard, Suite I
     Los Angeles, California 90066

As of Aug. 25, 2006, KCC had received about 9,005 proofs of
claim in the Debtors' Chapter 11 cases:

   (a) 1,024 secured claims for $3,091,210,506;  

   (b) 40 administrative claims for $2,195,440;  

   (c) 898 priority claims for $7,495,495,767; and  

   (d) 7,043 unsecured claims for $42,639,506,934.  

The Debtors believe that many of the claims are invalid,
untimely, duplicative or overstated.  The Debtors are in the
process of objecting to those claims.  Through objections, the
Court has disallowed 227 claims for $4,342,718,570.

At the conclusion of the Claims objection, reconciliation and
resolution process, the Debtors estimate that the aggregate
amount of claims for each class will be:

   Class                                    Estimated Amounts
   -----                                    -----------------
   Allowed Administrative Claims                $95,000,000
   Allowed Secured Claims                      $940,000,000
   Allowed Priority Claims                      $12,000,000
   Allowed Senior Note Claims                  $521,000,000
   Allowed Senior Subordinated Note Claims     $414,000,000
   Allowed General Unsecured Claims            $540,000,000

                 Liquidation & Valuation Analyses

The Debtors' management, together with KZC Services, LLC, their
restructuring consultants, and Lazard Freres & Co. LLC, their
financial advisors, prepared a Liquidation Analysis and
Valuation Analysis, which describe the proceeds to be realized
under the Plan as currently proposed, versus the distributions
that would be realized by holders of claims and equity interests
if the Debtors were liquidated in a case under Chapter 7 of the
Bankruptcy Code.

The Debtors believe that the Plan will produce a greater
recovery for creditors than would be achieved in a Chapter 7
liquidation because, among other things:

   -- proceeds available for distribution in a liquidation under
      Chapter 7 would not include the Debtors' going concern
      value;

   -- the administrative and postpetition claims generated by a
      conversion to a Chapter 7 and the administrative costs of
      liquidation and associated delays would likely diminish
      the assets available for distribution to creditors.  

The value of the equity in the Reorganized Debtors on their exit
from bankruptcy as a going concern is projected to be greater
than the recovery realized from a liquidation of the Debtors'
assets, Mr. Boken relates.

                  Attempts to Sell the Business

The Debtors had initiated a process to sell the company "in
whole or in part" as part of its dual-track strategy.  As of
August 30, 2006, the Debtors report that they have been unable
to reach an agreement with the interested parties that they
believe would be acceptable to creditors.  However, the Debtors
continue to have discussions and provide due diligence
information to certain parties.

The Plan preserves the Debtors' enterprise value for holders of
allowed claims while leaving open the possibilities of sale of
some or all of their businesses should a suitable opportunity
arise.

A full-text copy of Collins & Aikman's Plan and Disclosure
Statement is available for free at:

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

The exhibits and appendices to the Plan and Disclosure Statement
will be filed in pieces and will be posted in the same link as
soon as they become available.

The Debtors say they will file the Plan exhibits no later than
10 days before the hearing on the Disclosure Statement.  The
Court has yet to schedule the Disclosure Statement Hearing.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 39;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CORPORATE EVENT: Creditors Ratify Voluntary Liquidation
-------------------------------------------------------
Creditors of Cavendish Silks (London) Limited ratified on May 23
the resolutions for voluntary liquidation together with the
appointment of Alan H. Tomlinson of Tomlinsons as Liquidator of
the company.

The company can be reached at:

         Cavendish Silks (London) Limited
    Britannia House
    Leeds Road
    Heckmondwike
    West Yorkshire WF169BS
    United Kingdom
    Tel: 0808 108 9939


CORPORATE PROJECT: Names Joint Liquidators from Begbies Traynor
---------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed Joint Liquidators of
Corporate Project Management Company (U.K.) Limited on June 5
for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Corporate Project Management Company (U.K.) Limited
    113-115 Codicote Road
    Welwyn
    Hertfordshire AL6 9TY
    United Kingdom
    Tel: 01438 829 191


DEVIANT LIMITED: Appoints Ian Franses to Liquidate Assets
---------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed Liquidator
of Deviant Limited on June 5 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Deviant Limited
    55 Loudoun Road
    London NW8 0DL
    United Kingdom
    Tel: 020 8969 0666


ELECTRO FIXIT: Names Liquidator from B & C Associates
-----------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of Electro Fixit Limited on June 13 for the purposes
of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Electro Fixit Limited
    90 Field End Road
    Pinner
    Middlesex HA5 1RL
    United Kingdom
    Tel: 020 8866 8955


EUROVENT PURIFYING: J. N. Bleazard Leads Liquidation Procedure
--------------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of Eurovent Purifying Systems Limited on June 1 for
the purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Eurovent Purifying Systems Limited
    Unit 5
    Ninth Avenue East
    Team Valley Trading Estate
    Gateshead
    Tyne And Wear NE110LJ
    United Kingdom
    Tel: 0191 430 9765


FORD MOTOR: Looks at New Business Models to Ensure Recovery
-----------------------------------------------------------
Ford Motor Co.'s chief executive officer Bill Ford informed
employees in a memo issued last week that "the business model
that sustained [the Company] for decades is no longer sufficient
to sustain profitability," the Associated Press reports.

Mr. Ford plans to revitalize the ailing automaker by locking in
on three key areas of change -- accelerating the "Way Forward"
plan, leveraging global assets and strengthening leadership, AP
relates.

The admission came as Ford gears up for an aggressive reduction
of North American production as part of broader efforts to
accelerate the pace of its "Way Forward" turnaround.  The North
American restructuring calls for, among other things:

        -- material cost reductions of at least $6 billion by
           2010;

        -- a 26% capacity reduction by 2008; and

        -- a reduction of plant-related employment by 25,000-
           30,000 in 2006 to 2012.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the revised plan will cut fourth-quarter production by 21% -- or
168,000 units -- compared with the fourth quarter a year ago,
and reduce third-quarter production by approximately 20,000
units.  

Recently, Ford disclosed that it has started exploring strategic
options for the Aston Martin sports-car unit, including a
potential sale of the brand.  Mr. Ford had stated that Aston
Martin may be an attractive opportunity to raise capital and
generate value for the Company.

Last month, talks also surfaced about the possible sale of the
Company's Jaguar unit to Sir Anthony Bamford, JC Bamford
Excavators Ltd.'s Chairman.  Along with Volvo, Land Rover and
Aston Martin, Jaguar forms Ford's Premier Automotive Group.  The
PAG segment incurred a US$180 million net loss in the second
quarter of 2006.

Mr. Ford is also open to ceding the top post if the right man
comes along, The Australian Reports.  However, Mr. Ford
clarified that he is focused on pushing the "Way Forward" plan
and not on finding a new CEO.

                         About Ford Motor

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

                         *     *     *

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

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

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

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


FORD MOTOR: Names Mulally Pres. & CEO, Ford Stays as Chairman
-------------------------------------------------------------
Ford Motor Company has elected Alan Mulally as president and
chief executive officer.  He has also been elected to the Board
of Directors.

Bill Ford will continue his duties as executive chairman of the
company.

"One of the three strategic priorities that I've focused on this
year is company leadership.  While I knew that we were fortunate
to have outstanding leaders driving our operations around the
world, I also determined that our turnaround effort required the
additional skills of an executive who has led a major
manufacturing enterprise through such challenges before," Mr.
Ford wrote in an e-mail message to Ford employees.

"That's why I'm very pleased to announce that Alan Mulally, who
turned around the Commercial Airplanes division of The Boeing
Company, will become our president and CEO, effective
immediately. Alan has deep experience in customer satisfaction,
manufacturing, supplier relations and labor relations, all of
which have applications to the challenges of Ford.  He also has
the personality and team-building skills that will help guide
our Company in the right direction."

Mr. Ford, who said he would remain "extremely active" in the
business, praised Mr. Mulally as "an outstanding leader and a
man of great character."  He noted that Mr. Mulally had applied
many of the lessons from Ford's success in developing the Taurus
to Boeing's creation of the revolutionary Boeing 777 airliner.  
That experience, chronicled in the book, "Working Together," by
James P. Lewis, tells how the leadership principles Mr. Mulally
learned from Ford and developed at Boeing may be applied to
other businesses.

"Clearly, the challenges Boeing faced in recent years have many
parallels to our own," Mr. Ford said.

Mr. Mulally, 61, has spent 37 years at The Boeing Company, most
recently as executive vice president.  In addition, he has also
been president and chief executive officer of Boeing Commercial
Airplanes since 2001.  In that position he was responsible for
all of the company's commercial airplane programs and related
services, which in 2005 generated record orders for new business
and sales of more than $22.6 billion.  Mr. Mulally was named
president of Commercial Airplanes in September 1998.  The
responsibility of chief executive officer for the business unit
was added in March 2001.

"I think the opportunity to work with Mr. Ford and Ford Motor
Company is the only thing that could have attracted me to a job
other than Boeing, where I have so many great friends and
memories," Mr. Mulally said.  "I'm looking forward to working
closely with Bill in the ongoing turnaround of this great
Company.  I'm also eager to begin engagement with the leadership
team.  I believe strongly in teamwork and I fully expect that
our efforts will be a productive collaboration."

Mr. Mulally noted that many of the challenges he encountered in
commercial airplane manufacturing are analogous to the issues at
Ford.

"Just as I thought it was appropriate to apply lessons learned
from Ford to Boeing, I believe the reverse is true as well,"

Mr. Mulally said.  "I also recognize that Ford has a strong
foundation upon which we can build.  The Company's long
tradition of innovation, developing new markets, and creating
iconic vehicles that represent customer values is a great
advantage that we can leverage for our future."

Mr. Ford said he expected Mr. Mulally would assist Mark Fields
and the Way Forward team as they accelerate their business plan.

"After dealing with the troubles at Boeing in the post-9/11
world, Alan knows what it's like to have your back to the wall -
- and fight your way out with a well-conceived plan and great
execution," Mr. Ford said in his note to employees.  "He also
knows how to deal with long product cycles, changing fuel prices
and difficult decisions in a turnaround."

Prior to his current position, Mr. Mulally served as president
of Boeing Information, Space & Defense Systems, and senior vice
president of The Boeing Company.  Appointed to that role in
February 1997, he was responsible for Boeing's defense, space
and government business.

Beginning in 1994, he was senior vice president of Airplane
Development for Boeing Commercial Airplanes Group, responsible
for all airplane development activities, flight test operations,
certification and government technical liaison.

Mr. Mulally serves as co-chair of the Washington Competitiveness
Council, and sits on the advisory boards of NASA, the University
of Washington, the University of Kansas, Massachusetts Institute
of Technology, and the U.S. Air Force Scientific Advisory Board.
He is a member of the United States National Academy of
Engineering and a fellow of England's Royal Academy of
Engineering.

Mr. Mulally holds bachelor's and master's of science degrees in
aeronautical and astronautical engineering from the University
of Kansas, and earned a master's in management from the
Massachusetts Institute of Technology as a 1982 Alfred P. Sloan
fellow.

A member of the board since 1988, Mr. Ford, 49, was elected
chairman in September 1998, and took office on Jan. 1, 1999.  He
also serves as chairman of the board's Environmental and Public
Policy Committee and as a member of the Finance Committee.  He
was named Chief Executive Officer on Oct. 30, 2001.

Mr. Ford, who led the Company to three straight years of
profitability through 2005, told employees in his e-mail message
that he looked forward to an excellent working partnership with
Mr. Mulally on global strategic issues.

"Let me assure you: I'm not going anywhere," Mr. Ford wrote to
Ford workers.  "As executive chairman, I intend to remain
extremely active in the direction of this Company.  I'll be here
every day and I will not rest until a prosperous future for this
Company is secured."

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

                          *     *     *

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

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

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

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


GARRY HEINS: Appoints Joint Administrators from Bridgestones
------------------------------------------------------------
Jonathan Guy Lord and Robert Lochmohr Cooksey of Bridgestones
were appointed joint administrators of Garry Heins Limited
(Company Number 01058033) on Aug. 11.

The administrators can be reached at:

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

Headquartered in Rochdale, United Kingdom, Garry Heins Limited
manufactures specialized carbon fiber fabrics used to make
structural components.


GENERAL MOTORS: Retail Sales Up 8% in August 2006
-------------------------------------------------
General Motors Corp.'s dealers in the United States sold 368,776
new cars and trucks in August.  Retail sales were up 8% on a
sales day adjusted basis, compared with August 2005.

"August retail sales were up almost 30,000 units compared to
last year.  That's great news.  This was one of the stronger
retail months of 2006, with our performance led by such launch
vehicles as the Pontiac Torrent and G6, Saturn Sky, Chevrolet
Cobalt, Impala and Buick Lucerne," Mark LaNeve, General Motors
North America vice president, Vehicle Sales, Service and
Marketing, said.

"Importantly, we're capitalizing on the sale of fuel-efficient
cars and trucks including such "30 mpg and Above Club" members
as Pontiac G6 coupe and G5, Chevy HHR, Cobalt, Malibu and
Impala, and Saab 9-3.  Our large pickup retail sales for
Chevrolet Silverado, Avalanche and GMC Sierra were up 27%
compared with a year ago.  Customers clearly are responding to
the quality, value, versatility and fuel efficiency of our cars
and trucks. We encourage everyone in the new-vehicle market to
take advantage of our Final Summer Bonus Cash sales event that
runs through September 5."

Due to the success of new products, GM has seen sales strengthen
over the last few months.  GM market share on a retail basis has
improved significantly in the last 90 days due to great launch
vehicle performance and a broad-range of fuel-efficient
vehicles.

Consistent with our North America turnaround plan, GM continues
to run above 3 million retail units on an annualized basis.

GM also continues to reduce its reliance on low-margin daily
rental sales.  Daily rental sales were down 20% compared to
year-ago levels, and were down 23% compared to July 2006. Total
fleet sales (including daily rentals) were down 15% (14,112
vehicles) compared to year-ago levels.

Total GM U.S. retail passenger car sales are up 5% versus August
last year, demonstrating that GM can compete in all product
categories and take advantage of shifting consumer preferences.

In August, GM North America produced 465,000 vehicles (179,000
cars and 286,000 trucks).  This is down 25,000 units or 5%
compared to August 2005 when the region produced 490,000
vehicles (181,000 cars and 309,000 trucks).  (Production totals
include joint venture production of 26,000 vehicles in August
2006 and 28,000 vehicles in August 2005.)

The region's 2006 third quarter production forecast remains
unchanged at 1.050 million vehicles (405,000 cars and 645,000
trucks).  In the third quarter of 2005 the region produced 1.146
million vehicles (423,000 cars and 723,000 trucks).  
Additionally, the region's initial 2006 fourth quarter
production forecast is set at 1.130 million vehicles (455,000
cars and 675,000 trucks), down approximately 12%, or 150,000
units, compared to 2005 fourth quarter actuals.  This production
adjustment does not reflect a reduction in GM's sales outlook,
but is consistent with our strategy to reduce low-margin daily
rentals, and takes into account the plan to shift production of
pick-ups to the next generation pick-ups during the fourth
quarter.

GM also announced 2006 revised third quarter and initial fourth
quarter production forecasts for its international regions.

GM Europe - GM Europe's 2006 third quarter production forecast
remains unchanged at 372,000 vehicles.  In the third quarter of
2005 the region built 412,000 vehicles.  The region's 2006
initial fourth quarter production forecast is set at 451,000
units, up 2% from 2005 fourth quarter actuals.

GM Asia Pacific -GM Asia Pacific's 2006 third quarter production
forecast is revised at 425,000 vehicles, down 13% from last
month's guidance.  In the third quarter of 2005 the region built
409,000 vehicles.  The region's 2006 initial fourth quarter
production forecast is set at 524,000 units, up 25% from 2005
fourth quarter actuals.

GM Latin America, Africa and the Middle East -The region's 2006
third quarter production forecast remains unchanged at 217,000
vehicles.  In the third quarter of 2005 the region built 207,000
vehicles.  The region's 2006 initial fourth quarter production
forecast is set at 211,000 units, up 12% from 2005 fourth
quarter actuals.

                      About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's   
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries, including
India.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                        *     *     *

On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the 'B'
corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating -- on CreditWatch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery
Rating of 'RR1' to General Motor's new US$4.48 billion senior
secured bank facility.  The 'RR1' (recovery of 90%-100%) is
based on the collateral package and other protections that are
expected to provide full recovery in the event of a bankruptcy
filing.

On June 21, 2006, Moody's Investors Service assigned a B2 rating
to the secured tranches of the amended and extended secured
credit facility of up to US$4.5 billion being proposed by
General Motors Corporation, affirmed the company's B3 corporate
family and SGL-3 speculative grade liquidity ratings, and
lowered its senior unsecured rating to Caa1 from B3.  Moody's
said the rating outlook is negative.


GLOBAL DEFENCE: Taps Begbies Traynor as Joint Administrators
------------------------------------------------------------
Ian Edward Walker and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Global Defence
Procurement Limited (Company Number 04479094) on Aug. 17.

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.  

Global Defence Procurement Limited can be reached at:

         Plymouth
         Devon PL2 2BG
         United Kingdom
         Tel: 01752 565 580
         Fax: 01752 565 538


GRAHAM PACKAGING: Posts US$507,294 Partners' Deficit at June 30
---------------------------------------------------------------
Graham Packaging Co. Inc. incurred a US$15,266,000 net loss
on US$653,282,000 of revenues for the second quarter ending
June 30, 2006, the Company disclosed in a Form 10-Q report filed
with the Securities and Exchange Commission.

As of June 30, 2006, the Company's balance sheet showed
US$2,531,574 in assets and a US$507,294 partners' deficit.

In the six months ended June 30, 2006, the Company funded,
through its operating activities, US$88.9 million of investing
activities and US$76.9 million of financing activities.  
Included in the Company's operating activities was a decrease in
inventories of US$47.9 million from Dec. 31, 2005, to June 30,
2006, primarily due to a seasonal drop in finished goods
inventories and a decrease in raw material reserves that were
established at the end of 2005 to mitigate the effects on the
supply of raw materials caused by the hurricanes in the United
States in the latter part of 2005.

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

                      About Graham Packaging

Headquartered in York, Pennsylvania, Graham Packaging Co. Inc.
-- http://www.grahampackaging.com/-- designs, manufactures and  
sells technology-based, customized blow-molded plastic
containers for the branded food and beverage, household,
personal care/specialty, and automotive lubricants product
categories.  The Company currently operates 88 plants worldwide
including France, Hungary, the Netherlands, Poland, Spain,
Turkey and the United Kingdom.  The Blackstone Group of New York
is the majority owner of Graham Packaging.  

                           *     *     *

As reported in the Troubled Company Reporter on Apr 11, 2006,
Standard & Poor's Ratings Services assigned its 'B' bank loan
rating to Graham Packaging Co.'s proposed incremental US$150
million first-lien term loan B due 2011, based on preliminary
terms and conditions.  At the same time, Standard & Poor's
affirmed its ratings, including its 'B' corporate credit rating,
on the plastic packaging producer.  S&P said the outlook remains
positive.


HANDLING BY DESIGN: Appoints Liquidator from Price & Co.
--------------------------------------------------------
Alan R. Price of Price & Co. was appointed Liquidator of
Handling By Design Limited on May 26 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Handling By Design Limited
    Brunel Road
    Earlstrees Industrial Estate
    Corby
    Northamptonshire NN174AU
    United Kingdom
    Tel: 01536 266 676


HARWAL LIMITED: Brings In Joint Administrators from Kroll
---------------------------------------------------------
C. P. Holder and S. C. E. Mackellar of Kroll were appointed
joint administrators of Harwal Limited (Company Number 3129747)
on Aug. 21.

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

Harwal Limited can be reached at:

         Far Cringles Farm
         Cringles Lane
         Silsden
         Keighley
         West Yorkshire BD20 9JA
         United Kingdom


HOUSE WORKS: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of The House Works Europe Limited confirmed on June 13
the appointment of Roderick Graham Butcher of Butcher Woods as
Liquidator of the company for the purposes of the voluntary
winding-up.

The company can be reached at:

         The House Works Europe Limited
    St. Pauls Terrace
    79 Caroline Street
    Birmingham
    West Midlands B3 1UP
    United Kingdom
    Tel: 077 3646 0335


INCO LTD: CVRD Gets Canadian & U.S. Antitrust OK for Inco Offer
---------------------------------------------------------------
Companhia Vale do Rio Doce has obtained antitrust clearances
from the Canadian Competition Bureau and the United States
competition authorities with respect to its offer to acquire all
the outstanding shares of Inco Limited if the Brazil mining
company can win shareholder support for its $17 billion cash
bid, reports Associate Press Business Writer Alan Clendenning.

As reported in the Troubled Company Reporter on Aug. 30, 2006,
Inco's Board of Directors continues to recommend that
shareholders vote in favor of the proposed combination between
Inco and Phelps Dodge Corp. at the special meeting of Inco
shareholders on Sept. 7, 2006.  Accordingly, the Board has
recommended that Inco shareholders reject CVRD's offer to
purchase for cash all of the outstanding common shares of Inco.

Inco has been negotiating with CVRD to increase the bid, but
CVRD has no plans on improving the offer.  Phelps Dodge hasn't
increased its offer either after an initial raise.  Phelps
Dodge's shareholders are concerned over the level of debt the
Company would incur to complete the merger, Mr. Clendenning
relates.

Analysts have said that investors might support the CVRD offer
after Teck Cominco Limited withdrew from the bidding, and Inco's
stock settled at about $77 -- the value of CVRD's bid -- because
it is all cash, writes Mr. Clendenning.

                      About Phelps Dodge

Headquartered in Phoenix, Arizona, Phelps Dodge Corp. (NYSE: PD)
-- http://www.phelpsdodge.com/-- produces copper and molybdenum  
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company and its two divisions,
Phelps Dodge Mining Co. and Phelps Dodge Industries, employ
approximately 13,500 people worldwide.

                         About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining  
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                       About Inco Ltd.

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

                          *     *     *

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


IRON ENGINEERING: Joint Liquidators Take Over Operations
--------------------------------------------------------
Stephen James Wainwright and Stephen Lord of Poppleton & Appleby
were appointed Liquidators of Iron Engineering Limited (t/a
Derwent Services) on May 26 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Iron Engineering Limited
    107 Bridge Street
    Swinton
    Manchester M27 4DN
    United Kingdom
    Tel: 0161 728 6644


ISOFT GROUP: FY 2006 Net Losses Widen to GBP382.2 Million
---------------------------------------------------------
iSOFT Group plc disclosed its audited results for the year ended
April 30, 2006.  The Group's full year results are reported
under IFRS regulations for the first time.  The Group has also
changed its accounting policy for revenue recognition, as
disclosed on June 8, 2006.

For the year ended April 30, 2006, the company posted a GBP382.2
million net loss on GBP201.7 million of revenues, compared with
a GBP5.9 million net income on GBP186.1 million in revenues for
the same period last year.

"The second half of the financial year ended April 30, 2006 was
a turbulent period for iSOFT and long-term shareholders will be
feeling deeply disappointed by the events of recent months.  I
joined the Group as Chairman in October last year and share that
disappointment, but I am determined to see through a series of
actions and change that I believe are necessary to put this
company back on a solid footing and enable it to capitalize on
its underlying product strengths and experience," Chairman and
acting Chief Executive Officer John Weston said.

                     Borrowing facilities

At April 30, 2006, the Group had bank facilities of GBP144
million, including a revolving credit facility of GBP105 million
and a term loan facility of GBP39 million, both expiring in
2008.

In the past, a significant proportion of cash flows were derived
from customers willing to pay up-front for product and
services or from the financing of customer receivables.  In the
main, these up-front payments fell into two categories;

  (1) payments supported by letters of credit and guarantees,
      which amounted to GBP88.2 million at April 30, 2006,
      provided under the GBP105 million revolving credit
      facility; and

  (2) payments via third-party contract financing arrangements
      which amounted to approximately GBP62 million at April 30,
      2006.  Following the adoption of IFRS and further detailed
      review of these contract financing arrangements have been
      brought on to the balance sheet.

The Group's principal covenants under its bank facilities were
that net financial indebtedness, including letters of credit
issued in support of up front payments (but excluding non
recourse financing), may not exceed three times earnings before
tax, interest, depreciation and amortization,
and net interest cover must be greater than five times earnings
before interest and taxation.

Due to the adoption of the new accounting policy and the
expected future cash flow profile of the business, some aspects
of the Group's banking facilities have had to be amended.  The
Group has therefore undertaken discussions with its banks with
the objective of agreeing new terms.  The outcome of those
discussions is that the Group will retain the current facilities
with no further amortization of the term loan and additional
facilities of GBP25 million which will be available in certain
circumstances until November 2007 on new terms.  

These terms include an up-front fee of GBP1.2 million and higher
costs of borrowing including Payment In Kind (PIK) interest from
Jan. 1, 2007, of 5% per annum, for the three months to March 31,
2007, 7.5% per annum for the three months to June 30, 2007, and
10% per annum thereafter.  Within those terms, the Group will
issue warrants amounting to 3.7% of iSOFT equity to the banks,
with a strike price of 10 pence, when shareholder approval is
obtained.  

An exit fee of GBP15 million is payable at the end of the
facility, on refinancing or on change of control of the Company,
and if the warrants are not issued prior to Oct. 31, 2006.  If
the warrants are issued prior to Oct. 31, 2006, then no exit fee
is payable.  

               Revenue Recognition Accounting Policy

In June 2006, the Board said it had decided to change the
Group's accounting policy for revenue recognition to an
appropriate policy for today's commercial situation.  In the
past, iSOFT was primarily a software product company serving
independent hospital and family doctor trusts.  The Group is now
engaged with larger, more complex and longer-term projects, in
which it is increasingly difficult to distinguish between the
supply of product licenses and their implementation.  As a
result, the current Board has decided that the use of the
previous accounting policy has become inappropriate and have
decided that license revenues will in future typically be
recognized over the period of implementation, which may range
from a few months to a number of years from contract signature,
and over the full contract duration in the case of bundled
services.

The change in revenue recognition policy has been implemented by
way of a prior year adjustment as mandated by International
Financial Reporting Standard 1.  This requires the Group to
provide comparable figures prepared on a consistent basis for
the financial year ended April 30, 2005.  The accounting policy
restatement has involved reversing revenues of GBP76 million,
GBP54 million and GBP44 million (total: GBP174 million) which
were recognized in the years ended April 30, 2005, 2004 and 2003
or earlier, respectively.  Those revenues will now be recognized
in future years in accordance with the provisions of the new
accounting policy.  In calculating the prior year adjustment,
note 1 outlines the limitations in the historical data available
to the Board.

The Group believes that of the GBP174 million revenues reversed
approximately GBP40-50 million will be recognized in each of the
years ending April 30, 2007 and 2008, and the majority of the
balance in the following three years.  The main benefit of this
change will be that revenues will reflect more closely the
Group's trading activities and be more closely aligned with the
Group's operational cash flows for the financial year 2009 and
subsequently.

                  Director Steve Graham Suspended

As a result of work carried out by its auditors to review the
adjustment to past revenues, possible accounting irregularities
have come to light which have been the subject of an
investigation by Deloitte & Touche LLP and Eversheds LLP.  
Deloitte & Touche LLP was appointed as the Group's auditor in
July 2005 and was not therefore acting for the Group during the
period covered by the investigation.  After an initial review,
the Board has deemed it appropriate to suspend Steve Graham, the
Group's Commercial Director, pending the outcome of a more
formal investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years ended April 30, 2004 and
2005 in accordance with the accounting policy in force at that
time.  The irregularities uncovered to date do not appear to
have affected the cash position of the Group.  

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

                   Streamlining the Cost Base

The Group has been taking, and continues to take, action to re-
align its operating costs with future revenue expectations.  As
part of this process, it is examining in detail the operating
cost structure of each of its operations, both in the U.K. and
internationally, to identify areas for cost reduction and
improved organizational efficiency.  The Group is targeting to
reduce its total operating cost base from an annual run rate of
just over GBP209 million at May 1, 2006, to below GBP185 million
by the end of the current financial year.  The current run-rate
is higher than the total actual cost incurred for the year just
ended because the Group has increased significantly its level of
development resources to support both existing and future
applications.

As part of the plan to reduce costs, the Group entered into a
consultation process with employees in the U.K. in early May
2006 and it is likely that at least 150 employees, representing
approximately 15% of total headcount in the UK, will be made
redundant.  The cost of this action will be about GBP3 million,
but is expected to reduce the current annual cost base by
approximately GBP6 million.

The Group also intends to reduce staff levels in some of its
international operations and has taken steps to reduce sub-
contract and overhead costs as part of the financial year 2007
budget review process.  The total cost of action already in hand
to reduce the cost base, which will be taken as a one-time
charge in the year ending April 30, 2007, is estimated to be at
least GBP7 million.

Headquartered in Manchester, United Kingdom, iSOFT Group plc --
http://www.isoftplc.com/-- supplies advanced medical software  
applications for the healthcare sector.  Its products are used
by more than 8,000 organizations in 27 countries for managing
patient information and driving improvements in healthcare
services.  In international markets, the Group has a strong
presence in Germany, The Netherlands, Spain and Asia Pacific.


JFL AUTOMOTIVE: Appoints Joint Administrators from KPMG
-------------------------------------------------------
Mark Jeremy Orton and Andrew Stephen McGill of KPMG LLP were
appointed joint administrators of JFL Automotive Limited
(Company Number 00506874) on Aug. 18.

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

Headquartered in Birmingham, United Kingdom, JFL Automotive
Limited manufactures components for motor industry.


JOHN HAMPDEN: Creditors' Meeting Slated for September 11
--------------------------------------------------------
Creditors of John Hampden Packaging Limited (Company Number
4249152) will meet at 11:00 a.m. on Sept. 11 at:

         The Hilton Hotel
         Junction 24
         M1 Derby Road
         Castle Donington
         Derby DE74 2YW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 8 at:

         L. R. Bailey
         Joint Administrative Receiver
         Vantis PLC
         63 Temple Row
         Birmingham B2 5LS
         United Kingdom
         Tel: 0121 616 5800
         Fax: 0121 616 5801

Vantis' Birmingham office -- http://www.vantisplc.com/--  
provides a broad range of value-added accountancy, tax, business
services and professional advice to owner-managed businesses and
private individuals.


KENNA TRANSPORT: Appoints Nigel Morrison to Liquidate Assets
------------------------------------------------------------
Nigel Morrison of Grant Thornton U.K. LLP was appointed
Liquidator of Keena Transport Limited on June 1 for the purposes
of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Keena Transport Limited
    Cargo Centre
    Ackworth Road
    Portsmouth PO3 5JT
    United Kingdom
    Tel: 023 9265 4543


KRISPY KREME: Settles Suit with Sweet Traditions
------------------------------------------------
Krispy Kreme Doughnut Corporation, a wholly owned subsidiary of
Krispy Kreme Doughnuts, Inc., has reached litigation settlement
with Sweet Traditions, LLC and Sweet Traditions of Illinois,
LLC.

The Company, in July 2005, was sued by one of its area
developers, Sweet Traditions, LLC, and its Illinois corporate
entity, Sweet Traditions of Illinois, LLC, in the Circuit Court
for St. Clair County, Illinois.  The case was subsequently
removed to the United States District Court for the Southern
District of Illinois.

The Company disclosed that parties filed a joint stipulation for
dismissal of the litigation with prejudice with the Court and
the case was dismissed on Aug. 28, 2006.  The resolution of the
matter will not result in any accounting charge to the Company.

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded   
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.  The Company filed
for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case
No. 05-14268).  M. Blake Cleary, Esq., Margaret B. Whiteman,
Esq., and Matthew Barry Lunn, Esq., at Young Conaway Stargatt &
Taylor, LLP, represent the Debtor in its restructuring efforts.  
When the Debtor filed for protection from its creditors, it
estimated $10 million to $50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately $10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between $10 million to $50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


LA-DI-DA LIMITED: Calls In Joint Liquidators from Wilson Field
--------------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of La-Di-Da (Newark) Limited on May 30 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         La-Di-Da (Newark) Limited
    24 Middle Gate
    Newark
    Nottinghamshire NG241AL
    United Kingdom
    Tel: 01636 613 633


LANCASHIRE ON-LINE: Taps Begbies Traynor to Administer Assets
-------------------------------------------------------------
D. R. Acland and S. H. Bell of Begbies Traynor were appointed
joint administrators of Lancashire On-Line Learning Limited
(Company Number 04490376) 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 Lancashire, United Kingdom, Lancashire On-line
Learning Limited is engaged in adult education.


LOGISTICAL SERVICES: Taps Liquidators from Acre House
-----------------------------------------------------
Stephen Katz and David Birne of Acre House were appointed Joint
Liquidators of Logistical Services Limited on June 9 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Logistical Services Limited
    105 Carrow Road
    Norwich
    Norfolk NR1 1HP
    United Kingdom
    Tel: 01603 625 826


LONTEC GROUP: Names Joint Liquidators to Wind Up Business
---------------------------------------------------------
Kevin Goldfarb and Stephen Draine were appointed Joint
Liquidators of Lontec Group Ltd. on May 24 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Lontec Group Ltd.
    Unit 18
    North Orbital Commercial Park
    Napsbury Lane
    St. Albans
    Hertfordshire AL1 1XB
    United Kingdom
    Tel: 01727 846 882


MAMMOTH RETECH: Shay Lettice Leads Liquidation Procedure
--------------------------------------------------------
Shay Lettice was appointed Liquidator of Mammoth Retech Limited
on June 5 for the purposes of the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Mammoth Retech Limited
    17 Hamden Way
    Papworth Everard
    Cambridge CB3 8UG
    United Kingdom
    Tel: 01480 830 349


MARTLET NATURAL: Brings In Menzies to Administer Assets
-------------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Martlet
Natural Food & Drink Limited (Company Number 05358034) on
Aug. 21.

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

Headquartered in Wellingborough, United Kingdom, Martlet Natural
Food & Drink Limited manufactures food products.


METROPOLITAN DESIGN: Calls In Liquidator from Carter Clark
----------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of
Metropolitan Design Limited on May 26 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Metropolitan Design Limited
    185 Thorndon Avenue
    West Horndon
    Brentwood
    Essex CM133TP
    United Kingdom
    Tel: 01277 812 733


NEEDLER FINANCIAL: Brings In Liquidator from Maidment Judd
----------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Needler Financial Services Limited on May 30 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Needler Financial Services Limited
    Suite 1
    Broxbourne Business Centre
    The Fairways
    Cheshunt
    Waltham Cross
    Hertfordshire EN8 0NJ
    United Kingdom
    Tel: 01992 627 761
    Web: http://www.moneyweb.co.uk/


NEWTON TRAINING: Taps Peter O'Hara to Liquidate Assets
------------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of Newton
Training Limited on June 2 for the purposes of the creditors'
voluntary winding-up procedure proceeding.

The company can be reached at:

         Newton Training Limited
    Dale House
    South Dale
    Caistor
    Market Rasen
    Lincolnshire LN7 6LN
    United Kingdom
    Tel: 01652 678 079


NORTHERN INDUSTRIAL: Names Joint Administrators from DTE
--------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Northern Industrial Roofing Limited
(Company Number 02446083) on Aug. 17.

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

Northern Industrial Roofing Limited can be reached at:

         Howley Lane
         Warrington
         Cheshire WA1 2DN
         United Kingdom
         Tel: 01925 244 442
         Fax: 01925 244 299


OCCO COOLERS: Calls In Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
Robert Michael Young and Ian Michael Rose of Begbies Traynor
were appointed Joint Liquidators of Occo Coolers Limited on
June 8 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Occo Coolers Limited
    Cemetery Road
    Dawley Bank
    Telford
    Shropshire TF4 2BS
    United Kingdom
    Tel: 01952 630 361


OSBORN & SIMMONS: Hires Joint Liquidators from Mercer & Hole
------------------------------------------------------------
John Anthony Dickinson and Christopher Laughton of Mercer & Hole
were appointed Joint Liquidators of Osborn & Simmons Limited for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Osborn & Simmons Limited
    Tower Bridge Business Complex
    100 Clements Road
    London SE164DG
    United Kingdom
    Tel: 020 7252 3951


PENDULUM PROPERTIES: Nominates Liquidator to Wind Up Business
-------------------------------------------------------------
Andreas Georgiou Kakouris was nominated Liquidator of Pendulum
Properties Limited on May 31 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Pendulum Properties Limited
    16 The Grangeway
    London N21 2HG
    United Kingdom
    Tel: 020 8560 1111


PINNACLE SHEET: Brings In Kroll to Administer Assets
----------------------------------------------------
Simon Wilson and Philip Francis Duffy of Kroll were appointed
joint administrators of Pinnacle Sheet Metal Limited (Company
Number 02868024) on Aug. 17.

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

Headquartered in Oldham, United Kingdom, Pinnacle Sheet Metal
Limited manufactures metal goods and parts.


POWELL SECURITY: Eileen T. F. Sale Leads Liquidation Procedure
--------------------------------------------------------------
Eileen T. F. Sale, of Sale Smith & Co. Limited was appointed
Liquidator of Powell Security Systems Limited on June 13 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Powell Security Systems Limited
    53 Churchfield Street
    Dudley
    West Midlands DY2 8QN
    United Kingdom
    Tel: 01384 256 960


PREMIER SPORTS: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Creditors of Premier Sports (Midlands) Limited confirmed on
May 25 the resolutions for voluntary liquidation and the
appointment of Andrew Philip Wood and John Russell of The P&A
Partnership as Liquidators of the company.

The company can be reached at:

         Premier Sports (Midlands) Limited
    David Lloyd Leisure
    247 Cranmore Boulevard
    Shirley
    Solihull
    West Midlands B90 4ZL
    United Kingdom
    Tel: 0121 744 6399


QUANSIS LIMITED: Creditors Ratify Liquidator's Appointment
----------------------------------------------------------
Creditors of Quansis Limited ratified on June 14 the resolutions
for voluntary liquidation and the appointment of Jonathan Lord
of Bridgestones as Liquidator of the company.

The company can be reached at:

         Quansis Limited
         Ainley Industrial Estate
    Elland
    West Yorkshire HX5 9JP
    United Kingdom
    Tel: 01422 373 700


RANK GROUP: Mulls Job Cuts at Headquarters & Mecca Bingo Clubs
--------------------------------------------------------------
The Rank Group Plc intends to cut 200 jobs at its Mecca Bingo
clubs across the United Kingdom and 40 posts at its head office,
BBC News reports.

Around 24 jobs will go at its bingo clubs in Scotland, BBC says.  
The job losses, which follow a strategic review of all the
company's operations, aims to cut the wages bill, as it
transfers headquarters from London to Maidenhead.

According to Chief Executive Ian Burke, the strategies'
priorities and key actions to date include:

   * Re-energize Gaming division

      -- Thorough review of businesses undertaken and action
         plans implemented

      -- Simplified management structure put in place

   * Establish appropriate cost structure for continuing Group

      -- GBP6 million of annual cost savings identified within
         Corporate and Gaming central overhead

      -- GBP10 million of annual operational cost savings
         identified in Mecca Bingo clubs and Grosvenor Casinos

   * Maintain growth at Hard Rock and assess strategic options

      -- Strategic review of Hard Rock commenced
      -- Territorial development rights re-acquired

   * Exit Deluxe Media Services and other non-core interests

      -- Exit of Deluxe Media's U.K. operations complete
      -- Commenced review of exit options for US Holidays

   * Complete balance sheet restructuring


      -- GBP102 million returned via share buy-back; further
         GBP98 million to be returned

      -- GBP172 million net proceeds from sale and leaseback and
         exit of surplus properties

                        About Rank Group

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RANK GROUP: Earns GBP9.6 Million in First Half of 2006
------------------------------------------------------
The Rank Group Plc disclosed its interim results for the six
months ended June 30, 2006.

For the first half of 2006, the company posted an unaudited
GBP9.6 million net income on GBP426.1 million in revenues,
compared with a GBP5.1 million net income on GBP397.3 million in
revenues for the six months period ended June 30, 2005.

At June 30, 2006, the company's balance sheet showed GPB1.02
billion in total assets, GBP962.9 million in total liabilities
and GBP54.6 million in stockholders' equity.

"During the first half of the year, Rank has delivered revenue
growth from continuing operations, and both Grosvenor Casinos
and Hard Rock have generated double-digit improvements in
operating profits.  Mecca Bingo has held revenue steady but
operating profit remains under pressure from rising business
costs.  Group profits have been held back by a number of non-
recurring items relating to restructuring," Rank Group CEO Ian
Burke said.

"Over the course of recent months my senior management team and
I have undertaken a thorough review of the Group.  We have
identified five strategic priorities for Rank and taken steps to
address each of these. Our strategic priorities are: to re-
energise our U.K. Gaming business; to establish an appropriate
operating platform and cost structure for the continuing Group;
to maintain the growth and assess the strategic fit of Hard
Rock; to exit Deluxe Media Services; and to complete the
restructuring of the Group's balance sheet," Mr. Burke added.

                        About Rank Group

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RANK GROUP: Cancels 550,000 Shares in Buy Back Program
------------------------------------------------------
The Rank Group Plc purchased 550,000 Ordinary shares of 10 pence
in the Company for cancellation at an average price of 213.35
pence per share.

                        About Rank Group

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


REFCO INC: Creditors Panel Wants Houlihan Lokey's Fees Increased
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Refco Inc., and
its debtor-affiliates tells the U.S. Bankruptcy Court for the
Southern District of New York that as the Debtors' Chapter 11
cases have progressed, its need for Houlihan Lokey Howard &
Zukin Capital, Inc.'s services, as investment banker, has
increased.

Luc A. Despins, Esq., at Milbank, Tweed, Hadley & Mccloy LLP, in
New York, explains that causes for this increased workload
include:

   (i) the increasing difficulty of assisting the Official
       Committee in its investigation of the Debtors' financial
       Affairs, as growing numbers of employees have left the
       company;

  (ii) the demands of multiple parties on Houlihan in connection
       with attempts to reach a global Chapter 11 plan for the
       Debtors as well as a settlement for Refco Capital
       Markets, Ltd. estate; and

(iii) the investigation of potential causes of action against
       third parties, including actions against SPhinX Managed
       Futures Fund and BAWAG P.S.K.

Mr. Despins asserts that Houlihan's continued participation has
been indispensable to the plan process as well as the Creditors
Committee's ability to reach settlements favorable to the
Debtors' estates like those in both the SPhinX and BAWAG
litigations -- settlements that have the potential to add more
than $1,000,000 in value to those estates.

Accordingly, the Official Committee asks Judge Drain to amend
Houlihan's engagement as investment bankers and financial
advisors to provide that:

   -- Houlihan will be entitled to a $7,000,000 increase in its
      initial transaction fee, above and beyond the $2,000,000
      that it has already earned but has not yet been paid; and

   -- $50,000, rather than 50%, of each monthly fee after the
      ninth Monthly Fee will be credited against the Transaction
      Fee.

With respect to monitoring the BAWAG sale process, the Creditors
Committee proposes that Houlihan be paid an additional $50,000
monthly fee beginning August 1, 2006, for acting as "Committee
Banker" pursuant to the BAWAG Settlement.  Houlihan will also
receive 1% of a Contingent Payment received by the Refco, Inc.
estates from specified BAWAG transactions.

However, to the extent the BAWAG Transaction Fee exceeds
$1,000,000, 50% of the BAWAG Monthly Fees will be credited
against the BAWAG Transaction Fee.

The Creditors Committee believes that the fees are reasonable
and fair compensation for Houlihan, considering that the scope
of engagement and the results the firm has achieved have
significantly exceeded that contemplated when both the parties'
Initial Engagement Letter and an amended Engagement Letter.

In addition, the Creditors Committee contends that the amended
retention:

   -- is consistent with the six-month review of compensation
      provision in the firm's Initial Retention Letter and
      statements of counsel;

   -- is contemplated by reservation of rights in the final
      order approving the firm's retention; and

   -- reflects the Committee's high degree of satisfaction with
      the services rendered by and extraordinary results
      achieved by Houlihan to date.

                          About Refco Inc.

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

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

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

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

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


RISSINGTON FLOORING: Brings In Liquidator from Bottomley & Co.
--------------------------------------------------------------
David Halstead Bottomley of Bottomley & Co. was appointed
Liquidator of The Rissington Flooring Company Ltd. on May 26 for
the purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

    The Rissington Flooring Company Ltd.
    27 Snipe Road
    Upper Rissington
    Cheltenham
    Gloucestershire GL542NJ
    United Kingdom
    Tel: 01451 810 178


ROSE PERFORMANCE: Creditors Ratify Liquidators' Appointment
-----------------------------------------------------------
Creditors of Rose Performance Consulting Limited ratified on
May 30 the resolutions for voluntary liquidation and the
appointment of Jason James Godefroy and Paul John Clark of
Menzies Corporate Restructuring as Liquidators of the company.

The company can be reached at:

         Rose Performance Consulting Limited
    64 Bell Street
    Henley-On-Thames
    Oxfordshire RG9 2BN
    United Kingdom
    Tel: 01491 414 242


SABER LIMITED: Names Liquidator from Sinclair Harris
----------------------------------------------------
Jonathan Sinclair of Sinclair Harris was appointed Liquidator of
Saber Limited on May 31 on for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Saber Limited
    7A Church Lane
    London N2 8DX
    United Kingdom
    Tel: 020 8444 2550


SOUTHPORT ELECTRONICS: Taps Paul J. Fleming to Liquidate Assets
---------------------------------------------------------------
Paul J. Fleming of Parkin S. Booth & Co. was appointed
Liquidator of Southport Electronics Limited on June 14 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Southport Electronics Limited
    22 Glebe Lane
    Southport
    Merseyside PR9 8EU
    United Kingdom
    Tel: 01704 228 510


SPECIAL RISKS: Appoints Joint Administrators from Bishop Fleming
----------------------------------------------------------------
Jeremiah Anthony O'Sullivan and Samuel Jonathan Talby of Bishop
Fleming were appointed joint administrators of Special Risks
Bureau Limited (Company Number 04567958) on Aug. 16.

With offices in Bristol, Exeter, London, Plymouth, Torbay and
Truro, United Kingdom, Bishop Fleming --
http://www.bishopfleming.co.uk/-- is one of the biggest firms  
of Chartered Accountants for South West U.K. businesses that
demand expert accounting and financial accounts management.

Headquartered in Essex, United Kingdom, Special Risks Bureau
Limited -- http://www.specialrisksbureau.com/-- is an insurance  
agency.


SYNERGY CARE: Appoints Clive Morris to Liquidate Assets
-------------------------------------------------------
Clive Morris was appointed Liquidator of Synergy Care Limited on
May 26 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Synergy Care Limited
    14-16 Hoghton Street
    Southport
    Merseyside PR9 0PA
    United Kingdom
    Tel: 01704 500912


T.D.A. DESIGN: Hires Frank Anthony Hatch to Liquidate Assets
------------------------------------------------------------
Frank Anthony Hatch of F A Hatch & Co. was appointed Liquidator
of T.D.A. Design and Engineering Limited on June 8 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         T.D.A. Design and Engineering Limited
    Lychgate House
    High Street
    Pattingham
    Wolverhampton
    West Midlands WV6 7BQ
    United Kingdom
    Tel: 01902 701 984


TAILORTECH LTD.: A. Evans Leads Liquidation Procedure
-----------------------------------------------------
A. Evans of Bevan & Buckland was appointed Liquidator of
TailorTech Ltd. on June 12 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         TailorTech Ltd.
    20 Llangyfelach Street
    Swansea
    West Glamorgan SA1 2BQ
    United Kingdom
    Tel: 01792 462 332


TITANIUM METALS: Board Declares 6-3/4% Preferred Stock Dividend
---------------------------------------------------------------
Titanium Metals Corp.'s board of directors has declared a
quarterly dividend of US$0.84375 per share on its 6-3/4% Series
A Preferred Stock.

The dividends are payable on Sep. 15, 2006, to stockholders of
record as of the close of business on Sept. 1, 2006.

Headquartered in Denver, Colorado, Titanium Metals Corporation
(NYSE: TIE) -- http://www.timet.com/-- is a worldwide producer  
of titanium metal products.

                           *     *     *

Moody's Investors Services placed a Caa1 issuer rating and B3 LT
Corp Family Rating on Titanium Metals.


TRIDENT BUILDING: Hires Joint Administrators from Hurst Morrison
----------------------------------------------------------------
Robert C. Keyes and Gareth W. Roberts of Hurst Morrison Thomson
CR LLP were appointed joint administrators of Trident Building
Components Limited (Company Number 01639823) on Aug. 22.

         Hurst Morrison Thomson CR LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Trident Building Components Limited can be reached at:

         Unit 14
         Clivemont Road
         Maidenhead
         Berkshire SL6 7BU
         United Kingdom
         Fax: 01628 580 073


U.K. CONSTRUCTION: Creditors' Meeting Slated for September 7
------------------------------------------------------------
Creditors of U.K. Construction Services Limited (Company Number
04553094) will meet at 11:00 a.m. on Sept. 7 at:

         UHY Hacker Young
         St James Building
         79 Oxford Street
         Manchester M1 6HT
         United Kingdom

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

         Robert Edward Caunce Cook and Nicholas Andrew Hancock
         Joint Administrators
         UHY Hacker Young
         St James Buildings
         79 Oxford Street
         Manchester
         Greater Manchester M1 6HT
         United Kingdom
         Tel: 0161 236 6936
         Fax: 0161 228 0117
         E-mail: e.cook@uhy-uk.com


UNIVERSAL LOGISTICS: Names Kevin Goldfarb Liquidator
----------------------------------------------------
Kevin Goldfarb was appointed Liquidator of Universal Logistics
Ltd. on June 9 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Universal Logistics Ltd.
    Acrey Fields
    Woburn Road
    Wootton
    Bedford
    Bedfordshire MK439EJ
    United Kingdom
    Tel: 01234 766 500


VERITY APPOINTMENTS: Taps Begbies Traynor to Administer Assets
--------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor were appointed joint administrators of Verity
Appointments Limited (Company Number 02810396) on Aug. 21.

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

Verity Appointments Limited can be reached at:

         10 South Molton Street
         City of Westminster
         London W1K 5QJ
         United Kingdom
         Tel: 020 7493 0437
         Fax: 020 7493 0467


WALLTALK GALLERIES: Hires Joint Liquidators from Wilson Field
-------------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of WallTalk Galleries Limited on June 8 on for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         WallTalk Galleries Limited
    27 Rustlings Road
    Sheffield
    South Yorkshire S11 7AA
    United Kingdom
    Tel: 0114 268 5585


WENTWOOD MANAGEMENT: Taps Liquidator from BN Jackson Norton
-----------------------------------------------------------
Graham Lindsay Down of BN Jackson Norton was appointed
Liquidator of Wentwood Management Limited on May 31 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Wentwood Management Limited
    69A Uplands Crescent
    Uplands
    Swansea SA2 0EY
    United Kingdom
    Tel: 01792 470 025

                           *********

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
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prior written permission of the publishers.

Information contained herein is obtained from sources believed
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