TCREUR_Public/060907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R       

                           E U R O P E

           Thursday, September 7, 2006, Vol. 7, No. 178    

                            Headlines


A U S T R I A

GISHAMER: Claims Registration Period Ends September 18
GRUENTHAL ANDREAS: Vienna Court Orders Business Shutdown
IGENEON: Claims Registration Period Ends September 19
INTERPROJECT LIMITED: St. Poelten Court Shuts Down Business
IPB GROUP: Prague Court Sends Bank into Bankruptcy

KEY FOR LIFE: Claims Registration Period Ends September 13
M.I.T.: Claims Registration Period Ends September 13
REICHSTHALER: Claims Registration Period Ends September 26
SEILERN-ASPANG: Creditors' Meeting Slated for September 15
STEFAN DORMAYR: Steyr Court Orders Business Shutdown

STEINZEIT: Creditors' Meeting Slated for September 14
TROCKENBAU GRBIC: Vienna Court Orders Business Shutdown
TRUST-CONSULT: Claims Registration Period Ends September 11
VEREIN T.S.H.: Claims Registration Period Ends September 8
ZORIC TROCKENBAU: Property Manager Claims Insufficient Assets


F R A N C E

COMPAGNIE GENERALE: Merges with Veritas DGC
COMPAGNIE GENERALE: Acquisition Prompts S&P to Place BB- Ratings
VERITAS DGC: Merges with Compagnie Generale de Geophysique
VERITAS DGC: Merger Prompts S&P to Place BB Corp. Credit Rating


G E R M A N Y

BROSE ELEKTRO: Claims Registration Ends September 20
DOMIRENT VERWALTUNGSGESELLSCHAFT: Meeting Slated for Sept. 21
EUROPEAN COMPUTER: Claims Registration Ends September 21
EXACTA ELEKTROINSTALLATION: Claims Registration Ends Sept. 25

FLEXI-LIVE: Claims Registration Ends September 22
FRUECHTENICHT & HAMMERL: Claims Registration Ends September 23
GKG GRUNDSTUECKSGESELLSCHAFT: Creditors' Meeting Set on Sept. 28
GLAS FUCHS: Claims Registration Ends September 19
HK-ELEKTRO: Claims Registration Ends September 20

HSH NORDBANK: Moody's Withdraws D+ Financial Strength Rating
VOLKSWAGEN AG: Workers Cease Strike Upon Suspended Layoff Plans
WERDER-FRUCHT: Claims Registration Ends September 22


I R E L A N D

ARDAGH GLASS: Profit Pressures Spur S&P to Cut Rating to B-
TOWER RECORDS: In Talks Over Sale; 12 Bidders Eye Asset Purchase


I T A L Y

NATALE FURNITURE: Closing Business & Filing for Bankruptcy


K A Z A K H S T A N

ALHAM CORP: Creditors Must File Claims by Sept. 26
ANAR-7: Creditors Must File Claims by Sept. 28
MAKSIMOVKA-1: Proof of Claim Deadline Slated for Sept. 28
MAN FASHION: Proof of Claim Deadline Slated for Sept. 26
MIRAJ-2030: Claims Registration Ends Sept. 22

TAIKO GROUP: Claims Registration Ends Sept. 26
TITAN: Creditors' Claims Due Sept. 28
UDAS-LTD: Creditors' Claims Due Sept. 28


K Y R G Y Z S T A N

ISSYK-KUL NARYN: Public Auction Scheduled for Sept. 22
KGJP SERVICE: Proof of Claim Deadline Slated for Oct. 13


N E T H E R L A N D S

ALB FINANCE: Fitch Assigns BB- Rating on Upcoming Eurobond Issue
ALLIANCE BANK: Moody's Assigns Ba2 Foreign Currency Debt Rating
GETRONICS N.V.: S&P Cuts Credit Rating to B- on Weak Margins
IMPRESS HOLDINGS: Moody's Affirms Ratings on Improved Margins
MOBILE TELESYSTEMS: Incorporates Bermuda & Dutch Units


N O R W A Y

FALCONBRIDGE LTD: Xstrata Buys Additional 4.9% Share in Company
FALCONBRIDGE LTD: Xstrata Appoints Claude Ferron as COO


P O L A N D

TELE-PERN: Shareholders Warn Bankruptcy Filing Due to Lawsuits


R U S S I A

AGENCY: Krasnodar Court Names R. Idrisov as Insolvency Manager
AGRO-SERVICE: Court Names A. Lebedev as Insolvency Manager
AMURSKAYA: Court Names A. Krylov as Insolvency Manager
BELOGORSK-BREAD-SERVICE: A. Mazur to Manage Insolvency Assets
CONCRETE BUILDERS: T. Khaliullin to Manage Insolvency Assets

DALNEVOSTOCHNYJ: Khabarovsk Court Starts Bankruptcy Supervision
ELIT: Adygeya Court Names. I. Daurova as Insolvency Manager
ERSHOVSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Starts
FAR EASTERN: Parent Support Cues Moody's to Assign Ba2 Rating
FERRUM: Sverdlovsk Court Starts Bankruptcy Supervision Procedure

GUBERNSKY: Moody's Assigns E Financial Strength Rating
ISAKLINSKIY FEED: Court Names E. Dulnev as Insolvency Manager
KARAMYSH-OIL-GAS: Bankruptcy Hearing Slated for Sept. 21
KARLAMAYANSKIY ELEVATOR: Court Starts Bankruptcy Supervision
KURGAN-AGRO-SOYUZ: G. Pervukhin to Manage Insolvency Assets

MOBILE TELESYSTEMS: Incorporates Bermuda & Dutch Units
MOBILE TELESYSTEMS: Vows to Defend US$25 Million Suit by Bitel
NAKHABINSKAYA FACTORY: Court Starts Bankruptcy Supervision
NORD OIL: Court Names N. Savelyev as Insolvency Manager
NORTH-WEST TELECOM: Pays Sixth Coupon Yield for Issued Bonds

NORTH-WEST TELECOM: Extends General Manager's Term to 2008
NOVOSHAKHTINSKOYE GRAIN: V. Zotyev to Manage Insolvency Assets
POULTRY BREEDER: Court Names M. Panin as Insolvency Manager
PRIMORSKIY FACTORY: V. Kosolapov to Manage Insolvency Assets
REINFORCED-CONCRETE 4: Court Starts Bankruptcy Supervision

RUSSIAN AGRICULTURAL: Fitch Upgrades Individual Rating to D
SAKHABILIIBANK: Court Names Insurance Agency as Liquidator
SERDOBSKIY BRICKWORKS: Penza Court Starts Bankruptcy Supervision
SIBAY-KONSERV-MILK: Court Starts Bankruptcy Supervision
SIBERIAN COMPANY: Altay Court Starts Bankruptcy Supervision

STAR: Tomsk Bankruptcy Hearting Slated for Oct. 3
TOM-STROY-SERVICE: Court Names A. Saranin as Insolvency Manager
UCHALINSKIY: Court Names Z. Akhiyartdinova as Insolvency Manager
UFIMSKIY: Court Names A. Yulchurin as Insolvency Manager
VOLGA-93: Primorye Court Names V. Kudinov as Insolvency Manager


S P A I N

IM GRUPO BANCO: Fitch Junks EUR32.4 Million Class E Notes


T U R K E Y

* Fitch Assigns B+ Currency Ratings to Erzurum Municipality


U K R A I N E

DONGORBANK JSC: Global Default Spurs Moody's to Put B2 Rating
FEOLENT: Court Names Rostislav Talan as Insolvency Manager
HIMPROMTEHNOLOGIYA: Court Names Rostislav Talan as Liquidator
KHRESCHATYK FINANCE: Put Option Cues Moody's to Update Release
LAN: Hmelnitskij Court Names Volodimir Poberezhnij as Liquidator

LIBERTY MARKET: Kyiv Court Starts Bankruptcy Supervision
MILABUDTORG: Court Names Farit Kachkurov as Insolvency Manager
ODESAMYASO: Court Names Kirilo Liseyev as Insolvency Manager
PREMISES EXCHANGE: Court Names Leonid Talan as Liquidator
PROMIN: Court Names Petro Pasichnik as Insolvency Manager

RADIODETAL: Court Names Irina Stuk as Insolvency Manager
TENDEL: Dnipropetrovsk Court Starts Bankruptcy Supervision
TERRA-LTD: Dnipropetrovsk Court Starts Bankruptcy Supervision
TOKMAR: Dnipropetrovsk Court Starts Bankruptcy Supervision
UKRSIBBANK: Moody's Changes E+ FSR Outlook to Positive


U N I T E D   K I N G D O M

ACI LIMITED: Taps Begbies Traynor to Administer Assets
AD MANUFACTURING: Names Gary Stones as Liquidator
ADVANCED SECURITY: Appoints Liquidator from Sale Smith & Co
AP INT'L: Hires Joint Liquidators from Baker Tilly
AQUALINE DRAINAGE: Alison M. Byrne Leads Liquidation Procedure

ASHBOURNE BRICK: Claims Registration Ends Sept. 29
B & R LIMITED: Appoints Jonathan Sinclair as Liquidator
BFL REALISATIONS: Creditors' Meeting Slated for September 12
BOSS CASUAL: Appoints Liquidator from Leigh & Co.
BRITISH AIRWAYS: Posts GBP154-Mln Net Profit in First Quarter

BRITISH AIRWAYS: Terror Alert Cost GBP40 Million Loss
BURWASH LAUNDRY: Appoints Baker Tilly as Joint Administrators
BUSINESS GOLF: Brings In Berg Kaprow to Administer Assets
C4S LIMITED: Taps Joint Liquidators from Valentine & Co
CHERRYBRIAR LIMITED: Creditors Confirm Liquidator's Appointment

CROWS NEST: Creditors Ratify Voluntary Liquidation
D & K INTERIORS: Creditors' Meeting Slated for September 8
DIRECT AUTOS: Creditors Confirm Liquidators' Appointment
DIRECT BATHTIME: Names Filippa Connorr Liquidator
DMG COMPUTERS: Appoints Liquidator from Haines Watts

DOMOS LIMITED: Brings In Joint Liquidators from CBA
ENVIRONMENTAL CLEANING: Taps Liquidators from Abbott Fielding
EUROLIFE ASSURANCE: Brings In Administrators from F A Simms
EXTINGUISHED FIRE: Hires Liquidator from B & C Associates
FLAVOURS OF INDIA: Creditors' Meeting Slated for September 8

FUNW LIMITED: Names Liquidator from Barringtons Limited
G & R SURFACING: Names Jeremy Nicolas Bleazard as Administrator
GENERAL MOTORS: Renault Taps BNP Paribas for Three-Way Tie-Up
GLOBAL TRADE: Creditors' Meeting Slated for September 11
GOLDARROW FASHIONS: Calls In Liquidators from Valentine & Co.

GULP LIMITED: Creditors Ratify Liquidator's Appointment
GUS PLC: Majority of Noteholders Hold on to 5.63% Notes
HILLTOP LAWNMOWERS: Appoints Joint Administrators from Kroll
HOWARTH SAFETY: Brings In Liquidator from DTE
INCENTIVE INT'L: Names Martin Charles Armstrong Liquidator

INCO LTD: Terminates Merger Agreement with Phelps Dodge
JB WORKFORCE: Joint Liquidators Take Over Operations
JILLAND GROUP: Taps Joint Administrators from Mazars LLP
KEYTEL LIMITED: Hires Joint Liquidators from Dains
LEAT ENTERPRISES: Creditors Confirm Liquidator's Appointment

LYDNEY SAND: Taps Joint Liquidators from Janes
M & R TRANSPORT: Names Joint Liquidators from Lines Henry
MAY TWELFTH: Calls In Joint Liquidators from Begbies Traynor
MILLAND TYRE: Taps Gary Stones to Liquidate Assets
NATIONWIDE IMPERIAL: Hires DTE Leonard to Liquidate Assets

NEW LIFE: P. R. Dewey Leads Liquidation Procedure
NOVELIS INC: Financial Woes Cue Moody's to Cut Low-B Ratings
PHOTO ARTISTS: Names Michael Chamberlain as Administrator
R.J.L. LIMITED: Creditors Confirm Liquidator's Appointment
RETAIL SAFERS: Taps Liquidators from Begbies Traynor

RONACEY BRIDES: Hires Jane Walker to Liquidate Assets
SCORPIO WINDOWS: Brings In Joint Liquidators from Vantis
SCOTTISH RE: Moody's Changes Review Direction to Uncertain
SETNORTH LIMITED: Taps Ian William Kings to Liquidate Assets
TRICOR INT'L: Hires Malcolm Edward Fergusson to Liquidate Assets

TRIPLE EIGHT: Brings In Joint Liquidators from Valentine & Co.
TSI TRANSMISSION: Creditors' Meeting Slated for September 11
VOLKSPEED SERVICE: Hires Joint Liquidators from hjs Recovery
WEST HEATH: Creditors' Meeting Slated for September 19
WESTON LEISURE: Names Joint Liquidators to Wind Up Business

WILKINSON & STEPHENS: Names Joint Administrators from BWC
WOMMBAT LIMITED: Appoints Joint Liquidators from Haines Watts

* Moody's Amends Methodology for Bank Financial Strength Ratings

* Upcoming Meetings, Conferences and Seminars


                            *********


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


GISHAMER: Claims Registration Period Ends September 18
------------------------------------------------------
Creditors owed money by LLC Gishamer (FN 239295f) have until
Sept. 18 to file written proofs of claims to court-appointed
property manager Rafaela Zenz - Zajc at:

         Dr. Rafaela Zenz - Zajc
         Rainerstrasse 5
         5310 Mondsee, Austria
         Tel: 06232/6600
         Fax: 06232/6600-22
         E-mail: ra.zenz@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Sept. 28 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Irrsee, Austria the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 20 S 78/06f).  


GRUENTHAL ANDREAS: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered an order on July 11 shutting
down the business of Gruenthal Andreas (FN 119841m).  Court-
appointed property manager Eberhard Wallentin determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager can be reached at:

         Dr. Eberhard Wallentin
         Porcelain Lane 4-6
         1090 Vienna, Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at      

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 20 (Bankr. Case No. 4 S 103/06h).  


IGENEON: Claims Registration Period Ends September 19
-----------------------------------------------------
Creditors owed money by LLC Igeneon (FN 181136b) are encouraged
to attend the creditors' meeting at 10:10 a.m. on Sept. 19 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 2 S 121/06s).  Herbert Hochegger
serves as the court-appointed property manager of the bankrupt
estate.  Bernhard Eder represents Dr. Hochegger in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

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


INTERPROJECT LIMITED: St. Poelten Court Shuts Down Business
-----------------------------------------------------------
The Land Court of St. Poelten entered an order on July 11
shutting down the business of Interproject Limited (FN 262663w).  
Court-appointed property manager Christian Kies determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager can be reached at:

         Mag. Christian Kies
         Town Hall Square 8
         3270 Scheibbs, Austria
         Tel: 07482/44222
         Fax: 07482/44222-4
         E-mail: christian.kies@aon.at      

Headquartered in Reinsberg, Austria the Debtor declared
bankruptcy on June 22 (Bankr. Case No. 14 S 97/06i).  


IPB GROUP: Prague Court Sends Bank into Bankruptcy
--------------------------------------------------
The Municipal Court for Prague 2 has entered an order declaring
IPB Group Holding a.s. bankrupt, Czech News Agency says.  

The ruling stemmed from a bankruptcy petition filed by creditor
imAGe Alpha in March.  imAGe Alpha and Ceskoslovenska obchodni
banka, IPB Group's majority owner, has been locked in a legal
battle over CZK11 billion in unpaid loans.

The dispute relates to CSOB's takeover of IPB, IPB Group's
predecessor, in June 2000, when the latter had CZK11 billion in
unpaid loans -- guaranteed by image Alpha.  CSOB transferred
most of IPB's assets to its coffers but left all its debts in
IPB Group.  CSOB then collected the amount from the State
Guarantee, resulting to the transfer of the loans to the Czech
Consolidation Agency.  CKA is now requiring the guarantor, imAGe
Alpha, to repay the loans.

imAGe Alpha, however, argued that the takeover was unlawful
since CSOB brought out from IPB Group the assets covering the
loans.  

imAGe Alpha further argued that IPB had enough assets to pay the
debt when it was transferred, thus CSOB should pay the
CZK11 billion.

"This is the beginning of a process of checking books and the
performance of the bankrupt company, designed to find out
whether assets have been siphoned off and the creditor harmed,"
Milan Deutsch, imAGe Alpha's press relations agent, said.

Meanwhile, Milan Tomanek, a CSOB spokesman, said the bankruptcy
case was "a cover-up for the fact that IPB had siphoned off the
money of its depositors and then used it for loans to cronies
and on fake projects, regardless of their return."

"imAGe Alpha, a guarantor for claims on IPB Group Holding, was
used for similar purpose-built manipulations with the full
knowledge of its managers," Mr. Tomanek told Czech News Agency.

Mr. Tomanek added that IPB is currently "an empty shell" since
all its assets and yields had been transferred to CKA.  "This
transfer took place on the basis of an agreement between CKA,
the Finance Ministry and IPB Group Holding," Mr. Tomanek added.

Image Alpha also filed these cases in relation to IPB:

   -- vs. CSOB for breaching the takeover contract;
   -- vs. Lenka Duskova, IPB Group Holding receiver; and
   -- vs. Radka Kafkova, former CKA top manager


KEY FOR LIFE: Claims Registration Period Ends September 13
----------------------------------------------------------
Creditors owed money by LLC Key for Life Security (FN 202502y)
have until Sept. 13 to file written proofs of claims to court-
appointed property manager Christof Stapf at:

         Dr. Christof Stapf
         c/o Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 27 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 1705
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 3 S 100/06k).  Michael Neuhauser
represents Dr. Stapf in the bankruptcy proceedings.


M.I.T.: Claims Registration Period Ends September 13
----------------------------------------------------
Creditors owed money by LLC M.I.T. (FN 258277w) have until
Sept. 13 to file written proofs of claims to court-appointed
property manager Eva Riess at:

         Dr. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 27 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 1705
         Vienna, Austria

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


REICHSTHALER: Claims Registration Period Ends September 26
----------------------------------------------------------
Creditors owed money by LLC Reichsthaler (FN 134498t) have until
Sept. 26 to file written proofs of claims to court-appointed
property manager Julius Bitter at:

         Dr. Julius Bitter
         c/o Dr. Hubert Just
         Schmideggstrasse 5
         4560 Kirchdorf/ Krems, Austria
         Tel: 07582/60040
         E-mail: ra.bitter@aon.at
                 ra.just.kirchdorf@utanet.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on Nov. 10 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Kirchdorf/Krems, Austria, the Debtor declared
bankruptcy on July 18 (Bankr. Case No. 14 S 37/06y).  Hubert
Just represents Dr. Bitter in the bankruptcy proceedings.


SEILERN-ASPANG: Creditors' Meeting Slated for September 15
----------------------------------------------------------
Creditors owed money by LLC Seilern-Aspang (FN 52896p) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Sept. 15 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

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

Headquartered in Wallersee, Austria, the Debtor declared
bankruptcy on July 13 (Bankr. Case No. 44 S 25/06k).  Helmut
Huettinger serves as the court-appointed property manager of the
bankrupt estate.  Dr. Walter Meissner represents the Debtor in
the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Helmut Huettinger
         Old Market 7
         5020 Salzburg, Austria
         Tel: 0662-841141-0
         Fax: 0662-848415
         E-mail: gehmacher-huettinger@aon.at  


STEFAN DORMAYR: Steyr Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Steyr entered an order on July 17 shutting
down the business of KEG Stefan Dormayr (FN 181073i).  Court-
appointed property manager Heinz Kassmannhuber determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager and her representative can be reached at:

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

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


STEINZEIT: Creditors' Meeting Slated for September 14
-----------------------------------------------------
Creditors owed money by LLC Steinzeit (FN 251203t) are
encouraged to attend the creditors' meeting at 10:15 a.m. on
Sept. 14 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 5 S 104/06p).  Helmut Platzgummer
serves as the court-appointed property manager of the bankrupt
estate.  Wolfgang Leitner represents Dr. Platzgummer in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

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


TROCKENBAU GRBIC: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered an order on July 11 shutting
down the business of LLC Trockenbau - Grbic (FN 134702t).  
Court-appointed property manager Georg Auteried determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager and her representative can be reached at:

         Dr. Georg Auteried
         c/o Mag. Rainer W. Boehm
         Old Lane 21/9
         1130 Vienna, Austria
         Tel: 876 47 98
         Fax: 876 47 98 21
         E-mail: office@auteried.at       

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 20 (Bankr. Case No. 4 S 106/06z).  Rainer W. Boehm
represents Dr. Auteried in the bankruptcy proceedings.


TRUST-CONSULT: Claims Registration Period Ends September 11
-----------------------------------------------------------
Creditors owed money by LLC Trust-Consult (FN 62509a) have until
Sept. 11 to file written proofs of claims to court-appointed
property manager Johannes Mueller at:

         Dr. Johannes Mueller
         Landhausgasse 4
         Minoritenplatz 6
         1010 Vienna, Austria
         Tel: 535 06 82
         Fax: 535 06 829
         E-mail: borth.mueller@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 25 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 28 S 45/06f).  


VEREIN T.S.H.: Claims Registration Period Ends September 8
----------------------------------------------------------
Creditors owed money by Company Verein T.S.H. have until Sept. 8
to file written proofs of claims to court-appointed property
manager Wolfgang Kleibel at:

         Dr. Wolfgang Kleibel
         Erzabt-Klotz-Str. 4/2
         5020 Salzburg, Austria
         Tel: 0662-842281-0
         Fax: 0662-842281-29
         E-mail: wolfgang-kleibel@k-b-k.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Sept. 22 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Zell am See, Austria the Debtor declared
bankruptcy on July 13 (Bankr. Case No. 44 S 26/06g).  Obmann
Franz Schwabl represents the Debtor in the bankruptcy
proceedings.


ZORIC TROCKENBAU: Property Manager Claims Insufficient Assets
-------------------------------------------------------------
Dr. Reinhard Teubl, the court-appointed property manager for KEG
Zoric Trockenbau (FN 262789f), declared on July 17 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Proleb, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case No. 17 S 42/06d).  

The property manager can be reached at:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur, Austria
         Tel: 03862-51462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at       


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F R A N C E
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COMPAGNIE GENERALE: Merges with Veritas DGC
-------------------------------------------
Compagnie Generale de Geophysique (ISIN: 0000120164 - NYSE: GGY)
and Veritas DGC Inc. (NYSE: VTS) have entered into a definitive
merger agreement whereby CGG will acquire Veritas in a part
cash, part stock transaction.

Based on CGG's American Depositary Shares and Veritas' shares
closing prices on the NYSE on Aug. 29, 2006, of US$33.33 and
US$56.16 respectively:

   -- CGG will offer Veritas stockholders, subject to proration,
      the choice of receiving 2.2501 CGG ADSs with respect to
      51% of Veritas' shares or US$75.00 in cash with respect to
      49% of Veritas' shares;

   -- the aggregate value of the transaction is approximately
      US$3.1 billion, an implied premium of 34.7% over Veritas'
      30-day average closing price of US$55.69 for the period
      ending on Aug. 29, 2006;


   -- shareholders of the combined group will benefit from
      holding a world class seismic stock;

   -- The transaction features strong business, geographic and
      client fit, with expected pre-tax run rate synergies
      estimated by CGG at approximately US$65 million per annum;

   -- The transaction is expected by CGG to be accretive to
      earnings per share in 2008 and approximately neutral in
      2007 to cash earnings1 per share;

   -- Boards of Directors of both companies have unanimously
      approved the transaction; and

   -- following shareholder and regulatory approvals, the
      combined group will operate under the name "CGG-Veritas".  

The combination of CGG and Veritas will create a strong global
pure play seismic company, offering a broad range of seismic
services, and geophysical equipment, through Sercel, to the
industry across all markets.  The combined seismic services will
operate the world's leading seismic fleet with 20 vessels,
including 14 high capacity 3D vessels, and land crews operating
with equivalent capacity in both the Western and Eastern
hemispheres.  The multi-client services will benefit from two
complementary, recent vintage, well positioned seismic data
libraries.  In data processing and imaging, CGG's and Veritas'
respective positions will combine to create the industry
reference.

With a combined workforce of approximately 7,000 staff operating
worldwide, including Sercel, the future group will provide,
through continued innovation, the industry benchmark for seismic
technology and services to a broad base of customers including
independent, international and national oil companies.


The Board of Directors of Veritas has unanimously approved the
agreement and will recommend that Veritas stockholders adopt the
transaction.  Similarly, the Board of Directors of CGG has also
unanimously approved the agreement and will recommend that CGG's
shareholders approve the issuance of new CGG stock to the
Veritas shareholders.  The transaction is expected to be
completed around year end 2006, subject to receipt of
shareholder and regulatory approvals, as well as the
satisfaction of other customary closing conditions.

"We are very enthusiastic about the business potential of CGG
and Veritas being combined," Robert Brunck, CGG's Chairman and
CEO, commented.  "CGG-Veritas will be a leading global seismic
company and the only pure play listed investment opportunity of
this scale in the seismic sector.  Because of our many
complementarities, with all its multidisciplinary and talented
personnel, and the strongest asset base in the sector, the
future group will constitute an excellent platform to maximize
the value of our respective businesses and technologies.  

"In the context of the seismic sector benefiting from solid
fundamentals, as illustrated by our excellent first half
financial performance, and with the current growth cycle
expected to remain strong and lasting, this transaction will
create value to the shareholders of both CGG and Veritas."

"This transaction presents our combined companies with a
tremendous opportunity," Thierry Pilenko, Veritas' Chairman and
CEO, commented.  "Together, the talent of our people, the
strength of our technology and technique, our leading edge
acquisition capabilities, state-of-the-art proprietary imaging
technology and high quality data library assets will enable CGG-
Veritas to better serve our customers and deliver superior
returns to our investors.  Our operations and strategy are very
well aligned and I am very excited about the combination of our
companies.  I look forward to working with Robert Brunck to
facilitate the integration of these two outstanding companies".

Under the terms of the merger agreement:          

   -- the total consideration for the shares of Veritas is fixed
      at approximately US$1.5 billion in cash and approximately
      47 million CGG ADSs, not including cash paid in respect of
      employee stock options in the transaction.  Veritas
      shareholders will have the right to elect cash or CGG
      ADSs, subject to proration if either cash or stock is
      oversubscribed.  The cash consideration will be financed
      through debt financing fully committed by Credit Suisse.

   -- while the per-share consideration is initially set in the
      merger agreement at US$75.00 in cash or 2.2501 CGG ADSs,
      the per-share consideration is subject to adjustment
      upwards or downwards so that each Veritas share receives
      consideration representing equal value.  This adjustment
      will, however, not increase or decrease the total amount
      of cash or the total number of ADSs to be issued in the
      transaction.  

   -- the current value of the transaction to Veritas
      shareholders, based on Aug. 29, 2006 closing price of the
      CGG's ADSs on the NYSE (US$33.33), is approximately US$3.1
      billion.  This represents a 33.5% premium over Veritas'
      closing stock price on the NYSE of US$56.16 on Aug. 29,
      2006 and a 34.7% premium over Veritas' 30-trading day
      average closing price of US$55.69 for the period ending on
      the NYSE on Aug. 29, 2006.  

   -- the resulting shareholding of CGG-Veritas should be held
      approximately 65% by CGG's shareholders and 35% by
      Veritas' shareholders.  


   -- based on the two companies' strong businesses, geographic
      and client fit, expected pre-tax run rate synergies are
      estimated by CGG at approximately US$65 million per annum.  
      Based on CGG's estimates, the transaction is expected to
      be accretive to earnings per share in CY2008 and
      approximately neutral to cash earnings per share in
      CY2007.  In terms of gearing, CGG is confident the
      combined group's anticipated cash flows characteristics
      will provide significant debt amortization capacity which
      should allow it to maintain its current credit profile.  

The new Board of Directors is expected to reflect the combined
shareholder base with Robert Brunck as Chairman and CEO.  
Thierry Pilenko, currently Chairman and CEO of Veritas, will be
proposed for appointment as one of the combined company's new
Board Directors.

After the merger, Geophysical Services will be headed by CGG's
Christophe Pettenati-Auziere, President Geophysical Services,
reporting to him will be Timothy L. Wells, President Western
Hemisphere and Luc Benoit-Cattin, President Eastern Hemisphere.  

Mr. Pettenati-Auziere is currently President, Geophysical
Services of CGG, Mr. Benoit-Cattin is currently Executive Vice
President, Offshore of CGG and Mr.  Wells is currently President
and COO of Veritas.

The conduct of Sercel's business will be unchanged in the
context of this transaction.

Credit Suisse and Rothschild are acting as financial advisors to
CGG.  Skadden, Arps, Slate, Meagher & Flom LLP, Willkie Farr &
Gallagher LLP, Linklaters and Goodmans LLP are acting as legal
advisors to CGG.  Goldman Sachs is acting as financial advisor
to Veritas.  Vinson & Elkins LLP and Paul, Hastings, Janofsky &
Walker (Europe) LLP are acting as legal advisors to Veritas.

                         About Veritas

Headquartered in Houston, Texas, Veritas DGC, Inc. --
http://www.veritasdgc.com/-- provides integrated geophysical  
information and services to the petroleum industry worldwide.  
Veritas is listed on New York Stock Exchange under the ticker
VTS.

             About Compagnie Generale de Geophysique

Headquartered in Massy, France, Compagnie Generale de
Geophysique -- http://www.cgg.com/-- provides a wide range of  
seismic data acquisition, processing and reservoir services to
clients in the oil and gas exploration and production business.  
It is also a global manufacturer of geophysical equipment
through its subsidiary Sercel.  CGG is listed on the Eurolist of
Euronext Paris SA (ISIN: 0000120164 - NYSE: GGY) and the New
York Stock Exchange (under the form of American Depositary
Shares, NYSE: GGY).

                          *     *     *

Moody's Investors Services assigned a rating of (P)Ba3, stable
outlook, to Compagnie Generale de Geophysique's proposed new
Senior Notes of US$165 million due May 2015.  The final
confirmation of the rating is subject to signing of the offering
circular.

Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on France-
based Compagnie Generale de Geophysique.


COMPAGNIE GENERALE: Acquisition Prompts S&P to Place BB- Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on France-
based Compagnie Generale de Geophysique on CreditWatch with
negative implications.  The placement follows the announcement
by CGG of a friendly US$3.1 billion takeover bid for U.S.
competitor Veritas DGC Inc.
     
If the acquisition goes ahead under the current terms, close to
50% or US$1.5 billion of it will be paid in cash, resulting in a
substantial increase in CGG's consolidated net financial debt to
an estimated EUR1.4 billion.  CGG's unadjusted net financial
debt stood at a low EUR0.24 billion at the end of June 2006.

At this stage, we anticipate the adjusted ratio of funds from
operations (deducting multi-client expenditure, which we treat
as operating expenditure rather than capital expenditure) to
debt to fall to the 20%-30% range.  This would be moderate
bearing in mind current high, but cyclical, cash flows.
     
The very expensive price (with a premium of 35% above Veritas'
30-day average share price to Aug. 29) is our other key concern.

"These factors could be offset, though, by the good geographic
fit of the two entities' operations, and the strengthened
position of the combined entity," said Standard & Poor's credit
analyst Karl Nietvelt.
     
The likely synergies--announced at US$65 million--as well as the
still-favorable outlook for seismic services, which should allow
or subsequent debt reduction, are equally positive.
     
The finalization of the acquisition is likely to take several
months, as regulatory and shareholder approval will need to be
obtained.  Standard & Poor's intends to indicate future ratings
before the transaction is finalized, once it has studied the
group's updated strategic and financing plan, and once it is
confident that the acquisition terms will not change.

"In resolving the CreditWatch we may affirm the corporate credit
rating or lower it by a maximum of one notch," said Mr.
Nietvelt.

"The senior unsecured issue ratings, currently equalized with
the corporate credit rating, could be notched down if
acquisition debt is secured on tangible assets."


VERITAS DGC: Merges with Compagnie Generale de Geophysique
----------------------------------------------------------
Compagnie Generale de Geophysique (ISIN: 0000120164 - NYSE: GGY)
and Veritas DGC Inc. (NYSE: VTS) have entered into a definitive
merger agreement whereby CGG will acquire Veritas in a part
cash, part stock transaction.

Based on CGG's American Depositary Shares and Veritas' shares
closing prices on the NYSE on Aug. 29, 2006, of US$33.33 and
US$56.16 respectively:

   -- CGG will offer Veritas stockholders, subject to proration,
      the choice of receiving 2.2501 CGG ADSs with respect to
      51% of Veritas' shares or US$75.00 in cash with respect to
      49% of Veritas' shares;

   -- the aggregate value of the transaction is approximately
      US$3.1 billion, an implied premium of 34.7% over Veritas'
      30-day average closing price of US$55.69 for the period
      ending on Aug. 29, 2006;


   -- shareholders of the combined group will benefit from
      holding a world class seismic stock;

   -- The transaction features strong business, geographic and
      client fit, with expected pre-tax run rate synergies
      estimated by CGG at approximately US$65 million per annum;

   -- The transaction is expected by CGG to be accretive to
      earnings per share in 2008 and approximately neutral in
      2007 to cash earnings1 per share;

   -- Boards of Directors of both companies have unanimously
      approved the transaction; and

   -- following shareholder and regulatory approvals, the
      combined group will operate under the name "CGG-Veritas".  

The combination of CGG and Veritas will create a strong global
pure play seismic company, offering a broad range of seismic
services, and geophysical equipment, through Sercel, to the
industry across all markets.  The combined seismic services will
operate the world's leading seismic fleet with 20 vessels,
including 14 high capacity 3D vessels, and land crews operating
with equivalent capacity in both the Western and Eastern
hemispheres.  The multi-client services will benefit from two
complementary, recent vintage, well positioned seismic data
libraries.  In data processing and imaging, CGG's and Veritas'
respective positions will combine to create the industry
reference.

With a combined workforce of approximately 7,000 staff operating
worldwide, including Sercel, the future group will provide,
through continued innovation, the industry benchmark for seismic
technology and services to a broad base of customers including
independent, international and national oil companies.


The Board of Directors of Veritas has unanimously approved the
agreement and will recommend that Veritas stockholders adopt the
transaction.  Similarly, the Board of Directors of CGG has also
unanimously approved the agreement and will recommend that CGG's
shareholders approve the issuance of new CGG stock to the
Veritas shareholders.  The transaction is expected to be
completed around year end 2006, subject to receipt of
shareholder and regulatory approvals, as well as the
satisfaction of other customary closing conditions.

"We are very enthusiastic about the business potential of CGG
and Veritas being combined," Robert Brunck, CGG's Chairman and
CEO, commented.  "CGG-Veritas will be a leading global seismic
company and the only pure play listed investment opportunity of
this scale in the seismic sector.  Because of our many
complementarities, with all its multidisciplinary and talented
personnel, and the strongest asset base in the sector, the
future group will constitute an excellent platform to maximize
the value of our respective businesses and technologies.  

"In the context of the seismic sector benefiting from solid
fundamentals, as illustrated by our excellent first half
financial performance, and with the current growth cycle
expected to remain strong and lasting, this transaction will
create value to the shareholders of both CGG and Veritas."

"This transaction presents our combined companies with a
tremendous opportunity," Thierry Pilenko, Veritas' Chairman and
CEO, commented.  "Together, the talent of our people, the
strength of our technology and technique, our leading edge
acquisition capabilities, state-of-the-art proprietary imaging
technology and high quality data library assets will enable CGG-
Veritas to better serve our customers and deliver superior
returns to our investors.  Our operations and strategy are very
well aligned and I am very excited about the combination of our
companies.  I look forward to working with Robert Brunck to
facilitate the integration of these two outstanding companies".

Under the terms of the merger agreement:          

   -- the total consideration for the shares of Veritas is fixed
      at approximately US$1.5 billion in cash and approximately
      47 million CGG ADSs, not including cash paid in respect of
      employee stock options in the transaction.  Veritas
      shareholders will have the right to elect cash or CGG
      ADSs, subject to proration if either cash or stock is
      oversubscribed.  The cash consideration will be financed
      through debt financing fully committed by Credit Suisse.

   -- while the per-share consideration is initially set in the
      merger agreement at US$75.00 in cash or 2.2501 CGG ADSs,
      the per-share consideration is subject to adjustment
      upwards or downwards so that each Veritas share receives
      consideration representing equal value.  This adjustment
      will, however, not increase or decrease the total amount
      of cash or the total number of ADSs to be issued in the
      transaction.  

   -- the current value of the transaction to Veritas
      shareholders, based on Aug. 29, 2006 closing price of the
      CGG's ADSs on the NYSE (US$33.33), is approximately US$3.1
      billion.  This represents a 33.5% premium over Veritas'
      closing stock price on the NYSE of US$56.16 on Aug. 29,
      2006 and a 34.7% premium over Veritas' 30-trading day
      average closing price of US$55.69 for the period ending on
      the NYSE on Aug. 29, 2006.  

   -- the resulting shareholding of CGG-Veritas should be held
      approximately 65% by CGG's shareholders and 35% by
      Veritas' shareholders.  


   -- based on the two companies' strong businesses, geographic
      and client fit, expected pre-tax run rate synergies are
      estimated by CGG at approximately US$65 million per annum.  
      Based on CGG's estimates, the transaction is expected to
      be accretive to earnings per share in CY2008 and
      approximately neutral to cash earnings per share in
      CY2007.  In terms of gearing, CGG is confident the
      combined group's anticipated cash flows characteristics
      will provide significant debt amortization capacity which
      should allow it to maintain its current credit profile.  

The new Board of Directors is expected to reflect the combined
shareholder base with Robert Brunck as Chairman and CEO.  
Thierry Pilenko, currently Chairman and CEO of Veritas, will be
proposed for appointment as one of the combined company's new
Board Directors.

After the merger, Geophysical Services will be headed by CGG's
Christophe Pettenati-Auziere, President Geophysical Services,
reporting to him will be Timothy L. Wells, President Western
Hemisphere and Luc Benoit-Cattin, President Eastern Hemisphere.  

Mr. Pettenati-Auziere is currently President, Geophysical
Services of CGG, Mr. Benoit-Cattin is currently Executive Vice
President, Offshore of CGG and Mr.  Wells is currently President
and COO of Veritas.

The conduct of Sercel's business will be unchanged in the
context of this transaction.

Credit Suisse and Rothschild are acting as financial advisors to
CGG.  Skadden, Arps, Slate, Meagher & Flom LLP, Willkie Farr &
Gallagher LLP, Linklaters and Goodmans LLP are acting as legal
advisors to CGG.  Goldman Sachs is acting as financial advisor
to Veritas.  Vinson & Elkins LLP and Paul, Hastings, Janofsky &
Walker (Europe) LLP are acting as legal advisors to Veritas.

             About Compagnie Generale de Geophysique

Headquartered in Massy, France, Compagnie Generale de
Geophysique -- http://www.cgg.com/-- provides a wide range of  
seismic data acquisition, processing and reservoir services to
clients in the oil and gas exploration and production business.  
It is also a global manufacturer of geophysical equipment
through its subsidiary Sercel.  CGG is listed on the Eurolist of
Euronext Paris SA (ISIN: 0000120164 - NYSE: GGY) and the New
York Stock Exchange (under the form of American Depositary
Shares, NYSE: GGY).

                         About Veritas

Headquartered in Houston, Texas, Veritas DGC, Inc. --
http://www.veritasdgc.com/-- provides integrated geophysical  
information and services to the petroleum industry worldwide.  
Veritas is listed on New York Stock Exchange under the ticker
VTS.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on seismic services company Veritas DGC Inc. to 'BB' from
'BB+'.  Standard & Poor's also assigned its 'BB' rating to the
company's US$155 million in convertible floating rate senior
notes due in 2024.

Fitch Ratings affirmed the issuer default rating of Veritas DGC,
Inc. at 'BB-'.  In addition, Fitch affirmed Veritas' senior
unsecured convertible note rating at 'BB-' and the company's
senior secured credit facility rating at 'BB'.  The Rating
Outlook for Veritas is Stable.


VERITAS DGC: Merger Prompts S&P to Place BB Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Houston, Texas-based seismic provider Veritas
DGC Inc. on CreditWatch with negative implications.
      
"The rating action follows the announcement that Veritas and
Compagnie Generale de Geophysique have entered into a definitive
merger agreement," said Standard & Poor's credit analyst Jeffrey
Morrison.
     
According to terms of the agreement, CGG will acquire Veritas in
a part cash, part stock transaction.  The transaction is valued
at US$3.1 billion.
     
The ratings on Paris-based seismic provider CGG were also placed
on CreditWatch with negative implications following the
announcement.
     
If the acquisition goes ahead under the current terms, close to
50% or US$1.5 billion of it will be paid in cash, resulting in a
substantial increase in CGG's consolidated net financial debt to
an estimated EUR1.4 billion.  CGG's unadjusted net financial
debt stood at a low EUR240 million at the end of June 2006.
     
The very expensive price (with a premium of 35% above Veritas'
30-day average share price as of Aug. 29) is our other key
concern.
     
These factors could be offset by the good geographic fit of the
two entities' operations and the strengthened leading global
position of the combined entity that would be one of two global
leaders.
     
Finalization of the acquisition is likely to take several
months, as regulatory and shareholder approvals will need to be
obtained.  Standard & Poor's intends to indicate future ratings
most likely before finalization of the acquisition, once it has
studied the group's updated strategic and financing plan and is
confident that the acquisition terms will not change.


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


BROSE ELEKTRO: Claims Registration Ends September 20
----------------------------------------------------
Creditors of Brose Elektro GmbH have until Sept. 20 to register
their claims with court-appointed provisional administrator Rolf
Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 186
         1st Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against Brose Elektro GmbH on Aug. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Brose Elektro GmbH
         Attn: Holger Brose, Manager
         Herbrueggenstr. 172
         45359 Essen, Germany

The administrator can be contacted at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen, Germany
         Tel: +49 (0201) 438740
         Fax: +49 (0201) 4387479


DOMIRENT VERWALTUNGSGESELLSCHAFT: Meeting Slated for Sept. 21
-------------------------------------------------------------
The court-appointed provisional administrator for Domirent
Verwaltungsgesellschaft mbH, Udo Feser, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:25 a.m. on Sept. 21.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Dec. 21 at the same
venue.

Creditors have until Nov. 2 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Domirent Verwaltungsgesellschaft mbH on
Aug. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Domirent Verwaltungsgesellschaft mbH
         Dueppelstrasse 37
         12163 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


EUROPEAN COMPUTER: Claims Registration Ends September 21
--------------------------------------------------------
Creditors of European Computer Exchange AG have until Sept. 21
to register their claims with court-appointed provisional
administrator Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, 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 Frankfurt/Main opened bankruptcy
proceedings against European Computer Exchange AG on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         European Computer Exchange AG
         Attn: Michael Hoffmann, Manager
         Offenbacher Landstr. 7-13
         60599 Frankfurt am Main, Germany

         Gerret Hoeher, Manager
         George-C.-Marshall-Ring 54
         61440 Oberursel, Germany

The administrator can be contacted at:

         Andre K. Gabel
         Bockenheimer Anlage 7
         D-60322 Frankfurt/Main, Germany
         Tel: 069/1505963
         Fax: 069/15059647


EXACTA ELEKTROINSTALLATION: Claims Registration Ends Sept. 25
-------------------------------------------------------------
Creditors of Exacta Elektroinstallation und Rohrreinigung GmbH
have until Sept. 25 to register their claims with court-
appointed provisional administrator Kaufmann Jens Ruediger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, 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 Hanover opened bankruptcy proceedings
against Exacta Elektroinstallation und Rohrreinigung GmbH on
Aug. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Exacta Elektroinstallation und Rohrreinigung GmbH
         Carl-Buderus-Str. 2
         30455 Hanover, Germany

         Attn: Detlef Gattermann, Manager
         Spilckerstr. 5
         30625 Hanover, Germany

The administrator can be contacted at:

         Kaufmann Jens Ruediger
         Prince Road 3
         30159 Hanover, Germany
         Tel: 0511/35399160
         Fax: 0511/35399166


FLEXI-LIVE: Claims Registration Ends September 22
-------------------------------------------------
Creditors of FLEXI-LIVE GmbH have until Sept. 22 to register
their claims with court-appointed provisional administrator
Daniel F. Fritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Room 31
         Leipzig, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Leipzig opened bankruptcy proceedings
against FLEXI-LIVE GmbH on Aug. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         FLEXI-LIVE GmbH
         Attn: Hans-Peter Freundlieb, Manager
         Schenkberg 12
         04349 Leipzig, Germany

The administrator can be contacted at:

         Daniel F. Fritz
         Nonnenstrasse 37
         04229 Leipzig, Germany


FRUECHTENICHT & HAMMERL: Claims Registration Ends September 23
--------------------------------------------------------------
Creditors of Fruechtenicht & Hammerl GmbH have until Sept. 23 to
register their claims with court-appointed provisional
administrator Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg, 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 Arnsberg opened bankruptcy proceedings
against Fruechtenicht & Hammerl GmbH on Aug. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Fruechtenicht & Hammerl GmbH
         Werler Highway 9
         59494 Soest, Germany

         Attn: Kai-Oliver Fruechtenicht, Manager
         Hattroper Way 10
         59494 Soest, Germany

The administrator can be contacted at:

         Dr. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund, Germany


GKG GRUNDSTUECKSGESELLSCHAFT: Creditors' Meeting Set on Sept. 28
----------------------------------------------------------------
The court-appointed provisional administrator for GKG
Grundstuecksgesellschaft mbH & Co., Petra Hilgers, will present
her first report on the Company's insolvency proceedings at a
creditors' meeting at 9:50 a.m. on Sept. 28.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:55 a.m. on Nov. 30 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against GKG Grundstuecksgesellschaft mbH & Co. on
Aug. 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GKG Grundstuecksgesellschaft mbH & Co.
         Kleiststrasse 3-6
         10787 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


GLAS FUCHS: Claims Registration Ends September 19
-------------------------------------------------
Creditors of Glas Fuchs GmbH have until Sept. 19 to register
their claims with court-appointed provisional administrator
Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Cologne
         Meeting Room 1240
         12th Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Glas Fuchs GmbH on July 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Glas Fuchs GmbH
         Friedrichstrasse 10
         50389 Wesseling, Germany

         Attn: Michael Koenig, Manager
         Vorgebirgsstrasse 13
         50389 Wesseling, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Str. 94 a
         53225 Bonn, Germany


HK-ELEKTRO: Claims Registration Ends September 20
-------------------------------------------------
Creditors of HK-Elektro GmbH have until Sept. 20 to register
their claims with court-appointed provisional administrator
Hans-Ulrich Kloz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Friedberg
         Hall 20a
         District Court Building
         Homburger Road 18
         61169 Friedberg (Hessen), 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 Friedberg opened bankruptcy proceedings
against HK-Elektro GmbH on Aug. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         HK-Elektro GmbH
         Attn: Sindy Hehle, Manager
         Laisbachstr. 3
         63691 Ranstadt, Germany

The administrator can be contacted at:

         Hans-Ulrich Kloz
         Kurt Blaum Place 1
         63450 Hanau/Main, Germany
         Tel: 06181/9321-0
         Fax: 06181/932120


HSH NORDBANK: Moody's Withdraws D+ Financial Strength Rating  
------------------------------------------------------------
Moody's Investors Service withdrew the A1/P-1 deposit ratings
and the D+ Financial Strength Rating of HSH Nordbank Hypo AG for
business reasons following confirmation.

Moody's confirmation of the bank's A1/P-1 ratings is based on
HSH Nordbank Hypo AG's ownership by HSH Nordbank and HSH Hypo's
strategic importance within the HSH Nordbank group.

The outstanding debt has been assumed by HSH Nordbank AG and
will therefore continue to carry the relevant assigned ratings.

These rating actions conclude a review with direction uncertain,
which was initiated in November 2005 following the announcement
by HSH Nordbank Hypo AG's ultimate parent, HSH Nordbank AG, that
it would either sell or integrate its subsidiary.  

As of Aug. 21, 2006, HSH Nordbank AG has integrated its
subsidiary and assumed all outstanding debt.

Headquartered in Hamburg, HSH Nordbank Hypo AG reported total
assets of EUR7.9 billion as of Dec. 31, 2005.


VOLKSWAGEN AG: Workers Cease Strike Upon Suspended Layoff Plans
---------------------------------------------------------------
Volkswagen AG's Brazilian workers ceased their one-week strike
after the company decided to suspend laying off about 1,800
production employees.

Volkswagen was giving out pink slips to its laborers as part of
its plan to restructure its Brazilian operations, prompting them
to initiate a work stoppage on Aug. 29, the AP relates.

As reported in the Troubled Company Reporter-Latin America on
Aug. 29, 2006, Volkswagen's restructuring plan involves laying
off 3,600 people at the Anchieta plant in the next two years and
offering them severance packages, or if rejected by the union,
the company would lay off employees by Nov. 21 without offering
the severance packages.

The European automaker said in a statement that it would resume
talks on the restructuring at the Sao Bernardo do Campo plant.
It has also set Sept. 15 as the deadline for coming to terms
with the union, the AP says.  But according to the company's
statement, it has not yet scheduled any talks with the union.

According to Xinhua, the company's press office said that it
will still stick with its original plan of laying off 3,600
workers by the end of 2008.  Volkswagen has agreed to the talks
to fully discuss the unfolding of the lay-off process and decide
which benefits will best be offered to laborers.

Volkswagen underlines that it needs to reach an agreement with
the union for the plant to adequately handle new investments,
and if it fails to do so, then it will be forced to close the
plant, the AP says.

Volkswagen announced in May that under its restructuring plan,
it needed to cut labor costs and to decrease export market
production in order to remain profitable.  The company
originally planned to cut as many as 6,000 jobs in South America
by 2008, the AP adds.

Xinhua reports that it is not only Volkswagen's Brazilian
operations that are under a reorganization process, but all of
its operations worldwide.  The company disclosed that about
3,500 of its German employees have agreed to voluntary layoff
programs.

Pres. Jose Lopez Feijoo of the Automobile Workers Union told
Xinhua that Volkswagen should be more flexible in its position
and make another offer in order to continue with the
negotiations.

Brazil's Pres. Luis Inacio Lula da Silva remarked that
Volkswagen has created its own problems in the country and
should find ways to hire and not fire workers, the AP relates.

Volkswagen's Sao Bernardo do Campo plant employs about 12,000
workers and produces 900 vehicles on a daily basis.

Xinhua says that the reduced operations on the plant due to the
union's protest have affected the operations in other Brazilian
plants as it supplies car parts to the other factories.

Volkswagen's Sao Bernardo factory produces its Polo and Fox cars
along with its minivan that is known as the Kombi.

The automaker has about 22,000 employees in Brazil and produced
about 650,000 cars in 2005 at its five Brazilian plants.

Headquartered in Wolfsburg, Germany, the Volkswagen Group
-- http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


WERDER-FRUCHT: Claims Registration Ends September 22
----------------------------------------------------
Creditors of WERDER-FRUCHT Gartenbau GmbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 27 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against WERDER-FRUCHT Gartenbau GmbH on Aug. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         WERDER-FRUCHT Gartenbau GmbH
         Attn: Fred Wahnsiedler, Manager
         Ploetziner Road 31
         14542 Werder OT Glindow, Germany

The administrator can be contacted at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin, Germany


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


ARDAGH GLASS: Profit Pressures Spur S&P to Cut Rating to B-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings to 'B-' from 'B' on Ireland-based
glass-bottle manufacturer Ardagh Glass Group PLC and related
entity Ardagh Glass Holdings Ltd.  At the same time, the ratings
on the group's payment-in-kind notes and related entity Ardagh
Glass B.V.'s subordinated bond were lowered to 'CCC' from
'CCC+'.  The outlook remains negative.
     
"The downgrade reflects the ongoing difficult operating
environment in Ardagh's main U.K. market, where the group's cost
base has been affected by unprecedentedly high and volatile
natural gas prices.  Ardagh's margins have come under pressure
as a result, and Standard & Poor's expects this pressure on
margins to continue during 2006 and beyond," said Standard &
Poor's credit analyst Izabela Listowska.

This is because there is now overcapacity in the U.K. market
following the recent capacity addition by Ardagh's competitor,
Quinn Glass Ltd.
     
It will be extremely difficult for Ardagh to recover the cost
inflation in this market, where the concentration of customers--
and, therefore, their price-negotiating power--is very high.
Ardagh's top 10 customers account for nearly two-thirds of
sales.
     
Ardagh's capital structure is highly leveraged, with fully
adjusted debt of about EUR460 million at June 30, 2006, and its
cash flow protection is very weak.
     
"There is a risk of a continued deterioration in Ardagh's
operating environment in the U.K., which could lead to a
weakening of the group's operating cash flows beyond what is
required at the current rating level," added Ms. Listowska.

"The ratings could be lowered if we consider it unlikely that
Ardagh will be able to maintain adequate operating cash flows or
credit measures for the ratings.  In addition, the ratings could
be lowered if the group is unable to maintain satisfactory
liquidity, with enough cash and available lines to fund working
capital and debt servicing."

The ratings on Ardagh reflect the group's aggressive financial
profile, limited diversification, and high dependence on the
U.K. food and beverages market.  These factors are tempered to
some extent by the group's leading position and market share in
the U.K. market, as well as the fact that a large proportion of
Ardagh's business is covered by multi-year contracts varying
from one to three years.


TOWER RECORDS: In Talks Over Sale; 12 Bidders Eye Asset Purchase
----------------------------------------------------------------
At least 12 bidders are looking to acquire the assets of MTS,
Inc., dba Tower Records, and its debtor-affiliates, Christopher
DiMauro, a managing director at Houlihan Lokey Howard & Zukin
tells the U.S. Bankruptcy Court for the District of Delaware.

In a Sept. 5 affidavit filed in support of the proposed sale of
the Debtor's asset, Mr. DiMauro said that three prospective
purchasers have had face to face meetings with the Debtors and
conducted due diligence at the Company.

Mr. DiMauro told the Court that the Debtors have adequately
marketed their assets and that a prompt sale of these assets is
imperative.  He said the Debtors' financial situation dictates
that the sale process should conclude by Oct. 9 2006.

Mr. DiMauro explained that it would be difficult to pursue a
sale later in October since any prospective purchaser will need
to begin building inventory and focus its efforts on the
essential holiday selling season.   The Debtor traditionally
realized 32% of its income in the critical seasonal sales
period.

The Debtors filed for bankruptcy protection with the intent of
selling their assets under the provisions of Section 363 of the
Bankruptcy Code.  An auction of the Debtors' assets is scheduled
on Oct. 5, the Associated Press reports.

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer  
of music in the U.S., with nearly 100 company-owned music, book,
and video stores run by licensees in nine different countries
including Hong Kong, Malaysia, Philippines, Republic of Ireland,
Israel, Colombia, Ecuador and Mexico.  The Company and seven of
its affiliates filed for chapter 11 protection on Aug. 20, 2006
(Bankr. D. Del. Case Nos. 06-10886 through 06-10893).  Richards,
Layton & Finger, P.A. and O'Melveny  & Myers LLP represent the
Debtors.  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than $100
million.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No.
04-10394).  The Court confirmed the plan on March 15, 2004.


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


NATALE FURNITURE: Closing Business & Filing for Bankruptcy
----------------------------------------------------------
Natale Furniture Industries has ceased operating in the United
States and Italy and will file for bankruptcy in the next few
weeks due to a downturn in business, Furniture Today cited U.S.
CEO Gabriele Natale as saying.

At its peak in 2002, the company had US$92 million in sales of
leather upholstery, produced 567,000 seats and employed 1,600
workers, he said.  Mr. Natale cited miserable retail sales from
February to July 2006 that, by the end of August, "we did not
have enough money to carry on."  

"We traded up with better price points but net-net, even when it
came from US$999 to US$1,499, and was definitely competitive
with Asian or Third World counties, most retailers felt it was
better to buy from those countries.  So we did not get the
business we anticipated on getting," Mr. Natale said.

The business shutdown affects both Natale, owned by U.K.
investors and operated by Mr. Natale in the U.S., and its
Italian parent MAB Ltd., owned and operated by his mother,
Rosangela Natale, in Italy.

The manufacturer plans to hold a liquidation sale and seeks to
lease its 11,000 square-foot showroom and office in High Point,
North Carolina.  John McGhee, who came in as vice president
earlier this year, will assist in the sale, according to the
report.

The manufacturer has leased its 120,000 square-foot production
facility in Italy and has recently employed 110 workers.

Established in 1962 in Brische, Italy, Natale Furniture
Industries -- http://www.mynatale.com/-- produces 100% leather  
furniture.  It entered the U.S. market in 1984 with its imported
casegoods, became fully incorporated in 1991, and expanded to
the leather market in 1998.  The company operates six case
plants and 20 upholstery plants.


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


ALHAM CORP: Creditors Must File Claims by Sept. 26
--------------------------------------------------
LLP Alham Corporation has declared insolvency.  Creditors have
until Sept. 26 to submit written proofs of claim at:

         LLP Alham Corporation
         Baizakov Str. 303-6
    Almaty, Kazakhstan


ANAR-7: Creditors Must File Claims by Sept. 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Anar-7 insolvent on June 30.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Sept. 28 to submit written proofs of claim
at:

         LLP Anar-7
         Ilyaeva Str. 24
    Shymkent
    South Kazakhstan Region
    Kazakhstan


MAKSIMOVKA-1: Proof of Claim Deadline Slated for Sept. 28
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Maksimovka-1 insolvent on June 30.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 28 to submit written proofs of claim
at:

         LLP Maksimovka-1
         Abai Str. 89-308
    Kokshetau
    Akmola Region
    Kazakhstan


MAN FASHION: Proof of Claim Deadline Slated for Sept. 26
--------------------------------------------------------
LLP Man Fashion has declared insolvency.  Creditors have until
Sept. 26 to submit written proofs of claim at:

         LLP Man Fashion
         Abai Str. 115-318
    Almaty, Kazakhstan
    Tel: 8 (3272) 73-42-91


MIRAJ-2030: Claims Registration Ends Sept. 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Miraj-2030 insolvent on June 23.

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

         LLP Miraj-2030
         Auelbekova Str. 139a-228
    Kokshetau
    Akmola Region
    Tel:  8 (3162) 25-79-32


TAIKO GROUP: Claims Registration Ends Sept. 26
----------------------------------------------
LLP Taiko Group has declared insolvency.  Creditors have until
Sept. 26 to submit written proofs of claim at:

         LLP Taiko Group
         Navoyi Str. 312a-1
    Almaty, Kazakhstan


TITAN: Creditors' Claims Due Sept. 28
-------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Titan insolvent on July 4.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Sept. 28 to submit written proofs of claim
at:

         LLP Titan
         Suleimanov Str. 17 (11a)
    Taraz
    Jambyl Region
    Kazakhstan


UDAS-LTD: Creditors' Claims Due Sept. 28
----------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Udas-Ltd insolvent on June 30.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Sept. 28 to submit written proofs of claim
at:

         LLP Udas-Ltd
         Ilyaeva Str. 24
    Shymkent
    South Kazakhstan 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 sell state properties through a public auction at 10:00
a.m. on Sept. 22 at:

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

The assets for sale are:

   -- Lot 1: part of the Akt-Tilek market in Karakol with a
total area of 38227, 5 square meters.  

      Starting price: KGS2,311,607
Guarantee deposit: KGS115,580

   -- Lot 2: former cattle market in Karakol with a total area
of 8600, 0 square meters; and

Starting price: KGS542,164
Guarantee deposit: KGS27,108.

   -- Lot 3: property complex of Jety- Oguz woodworking
enterprise in Chon- Jargylchak.   

      Starting price: KGS355,237
Guarantee deposit: KGS17,761
Accounts payable: KGS16,357
Accounts receivable: KGS3,600.

Interested bidders have until 4:00 p.m. on Sept. 21 to deposit
the required amount 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 at:

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


KGJP SERVICE: Proof of Claim Deadline Slated for Oct. 13
--------------------------------------------------------
LLC KGJP Service has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim.

Inquiries can be addressed to (0-502) 11-21-96.


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


ALB FINANCE: Fitch Assigns BB- Rating on Upcoming Eurobond Issue
----------------------------------------------------------------
Fitch Ratings assigned ALB Finance B.V.'s upcoming USD issue an
expected Long-term BB- rating.  Proceeds from the notes will be
deposited with Alliance Bank, rated Issuer Default BB-/Stable,
Short-term B, Individual D and Support 3.

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

The notes are issued under the bank's US$1.5 billion global
medium-term note program.  Alliance will unconditionally and
irrevocably guarantee the timely and full repayment of notes in
the trust deed between Alliance, ALB and the trustee, J.P.
Morgan Corporate Trustee Services Limited.

ALB is a Netherlands-domiciled subsidiary of Alliance.

Alliance was founded in 1993 in Pavlodar and in 1999 merged with
another mid-sized regional bank.  

New shareholders led by Seimar Holding Company acquired Alliance
in 2001, and since then it has grown quickly to become one of
the larger banks in Kazakhstan, ranked fourth by assets at end-
H106.


ALLIANCE BANK: Moody's Assigns Ba2 Foreign Currency Debt Rating
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency debt rating to the senior unsecured debt to be issued
by ALB Finance B.V., a Netherlands-based special purpose vehicle
wholly owned by Alliance Bank (Kazakhstan), under its US$1.5
billion multiple seniority medium-term note program, which has
recently been amended to provide for the distribution in the
United States to qualified institutional buyers as defined under
the Securities Act (Rule 144A).  

The senior notes will be unconditionally and irrevocably
guaranteed by Alliance Bank.  The issue is expected to be in US
dollars with a seven-year tenor.  The outlook on the rating is
positive.

Alliance Bank is headquartered in Almaty, Kazakhstan, and
reported unaudited total assets of KZT520 billion (US$4.4
billion) and capital of KZT33 billion (US$282 million) under
IFRS at 30 June 2006.  

Following four-and-a-half years of rapid growth, Alliance Bank
ranked fourth in Kazakhstan in terms of both total assets and
shareholders' equity as at end-June 2006 (in accordance with
figures reported under local accounting rules), with a 9.5%
share of the system's total assets and 6.6% of shareholders'
equity.

Assignments:

*ALB Finance B.V.

   -- Senior Unsecured Regular Bond/Debenture, Ba2.


GETRONICS N.V.: S&P Cuts Credit Rating to B- on Weak Margins
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Dutch IT services company Getronics
N.V. to 'B-' from 'B'.  The outlook is negative.
     
At the same time, Standard & Poor's lowered its rating on
Getronics' senior unsecured notes to 'CCC' from 'CCC+', still
two notches below the corporate credit rating.  Standard &
Poor's also lowered to 'B-' from 'B' its rating on the company's
EUR284 million senior secured credit facilities, in line with
the corporate credit rating.

The long-term, senior unsecured, and bank loan ratings were
removed from CreditWatch with negative implications, where they
had been placed on Jan. 19, following a profit warning.
     
The '3' recovery rating on the bank loan, indicating our
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default remains on CreditWatch pending
further analysis of the security package.
     
"The downgrade reflects substantial uncertainties about
Getronics' cash flow generation amid steady margin pressure in
the company's key markets," said Standard & Poor's credit
analyst Patrice Cochelin.

Gross margin in second-quarter 2006 narrowed by four percentage
points to 20% as several major international contracts were in a
transition phase, and the company increased its recourse to
subcontractors in the Netherlands, while competition and the
nonrenewal of large, mature contracts eroded margins in
North America.

At June 30, 2006, Getronics reported gross consolidated debt of
EUR636 million.
     
The negative outlook primarily reflects Getronics' weak ongoing
free cash flow generation and our concerns about the company's
ability to restore margins.
     
"We expect recent improvements in Getronics' liquidity position
to support the company through year-end 2006, but operating
performance currently does not provide sufficient visibility
into 2007, said Mr. Cochelin.
     
The ratings could be lowered if margins continue to contract or
if negative free cash flow weakens the company's liquidity.  The
outlook could return to stable if Getronics manages to improve
operating performance, notably through wider margins and
stronger cash flow generation.


IMPRESS HOLDINGS: Moody's Affirms Ratings on Improved Margins
-------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family
Rating for Impress Holdings B.V. and assigned a provisional
(P)B1 rating to the proposed EUR730 million Senior Secured
Floating Rate Notes maturing in 2013 and a provisional (P)B3
rating to the EUR270 million Senior Subordinated Notes maturing
in 2014.  The outlook for all ratings remains stable.

Moody's says that the affirmation of Impress's B1 CFR reflects
both an improved operating performance over recent years as well
as a weakened financial profile as a result of the planned
recapitalization.

Within a competitive and mature market, Impress has built a
solid track record over the recent years of improved efficiency
and operating performance, furthered by external growth; at the
same time, Impress has been able to pass through rising raw
material costs to its customers, thereby preserving its margin
improvement and cash generation and ensuring sufficient free
cash flow which is also expected to remain positive going
forward.  

However, any positive rating pressure resulting from this
positive trend has so far been mitigated by the uncertainty
about future shareholder commitments and expected changes to the
company's capital structure.

The company has announced a substantial recapitalization,
consisting of a senior secured EUR 80 million syndicated
revolving credit facility, EUR730 million Senior Secured
Floating Rate Notes rated (P)B1 and EUR270million Senior
Subordinated Notes rated (P)B3.

Approximately 50% of the proceeds will be used to refinance
external debt (approximately EUR 490 million), and the remainder
of EUR480 million (not including the Senior Preferred Interests)
will be paid out to shareholders.  This notable increased
leverage fully absorbs the positive fundamental development of
Impress.

The senior secured EUR 80 million revolving credit facility (not
rated) is issued at the level of Impress's operating companies
and benefits from a first ranking charge over certain assets of
the borrowing group as well as fixed and floating charges and
cross guarantees from most significant consolidated
subsidiaries.  

The senior bank debt benefits from certain financial covenants
(including a leverage covenant) as well as cross default,
acceleration and MAC (material adverse change) clauses.  In an
enforcement scenario the revolving credit facility would rank
ahead of the senior secured floating rate notes.  

Furthermore, the note holders would be subject to a standstill
period in a default scenario with respect to acceleration
rights.  Moody's understands that this facility will be mainly
used during the second and third quarter for general and working
capital purposes.

The proposed senior secured notes will be issued by the holding
company, Impress Holdings B.V., and are therefore structurally
subordinated to the senior secured bank debt creditors. However,
the senior secured notes will benefit from various subsidiary
guarantees, with some of the guarantees benefiting from a second
priority lien over certain assets of the company totaling
EUR491.7 million.

Due to the security provided in support of the notes and the
relatively small amount of senior secured bank and hedging
transaction debt ranking in right of payment in an insolvency
situation, the notes have been rated at the same level as the
corporate family level.

The proposed senior subordinated notes will also be issued by
the holding company, Impress Holding B.V., and will benefit from
a senior subordinated guarantee from certain subsidiaries.
However, the senior subordinated notes will be structurally
subordinated to all liabilities, including those to trade
creditors, and have been rated two notches lower than the CFR.

The ratings assume there will be no material variations to the
draft legal documentation reviewed by Moody's and assume that
these agreements are legally valid, binding and enforceable.

New ratings assigned:

   -- Proposed EUR 730 million Senior Secured Floating Rate
Notes maturing 2013 at (P)B1; and

   -- Proposed EUR 270 million Senior Subordinated Notes
maturing 2014 at (P)B3.

Ratings withdrawn following the June 2006 interim financing:

   -- EUR150 million Senior Guaranteed Notes maturing 2007; and

   -- DEM 200 (EUR 102.3) million Senior Subordinated Notes
maturing 2007.

Headquartered in Deventer, The Netherlands, Impress Holdings
B.V. is a leading player in the European canning industry with a
solid position in North America's food canning market.  For the
fiscal year ended Dec. 31, 2005 the company generated revenues
of EUR1,333.6 million.


MOBILE TELESYSTEMS: Incorporates Bermuda & Dutch Units
------------------------------------------------------
Mobile Telesystems OJSC disclosed the incorporation of two 100%-
owned MTS subsidiaries, in Bermuda and in the Netherlands.

The Company has established a subsidiary called Mobile
TeleSystems Bermuda Limited in Hamilton, Bermuda, and Mobile
TeleSystems B.V. in Amsterdam, the Netherlands.  These companies
will be used to meet future corporate needs.

                    About Mobile TeleSystems

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

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

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


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


FALCONBRIDGE LTD: Xstrata Buys Additional 4.9% Share in Company
---------------------------------------------------------------
Xstrata plc has obtained an additional 4.9% stake in
Falconbridge Ltd.

According to the statement, Xstrata started compulsory
acquisition to obtain 100% of Falconbridge.

Business News Americas reports that Xstrata acquired additional
interest after the 18.6 million shares in Falconbridge were
deposited before the former's takeover offer expired on Aug. 25.

Xstrata said in a statement that it now owns over 369 million
common shares, or approximately 97.1% of issued and outstanding
shares on a fully diluted basis.  It has started compulsory
purchase of the remainder at the same price of CDN$62.50 each.

The purchase of Falconbridge shares gives Xstrata significant
exposure to nickel and potential synergies between the two
firm's important copper assets in South America, BNamericas
states.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 21, 2006, 257,700,100 common shares of Falconbridge had
been validly deposited to Xstrata's offer to acquire all
Falconbridge common shares not already owned by the company.

According to the TCR-AP report, Xstrata had taken up and
accepted for payment all shares tendered, which represent
approximately 67.8% of the issued and outstanding Common Shares
on a fully diluted basis.

A subsequent report by the Troubled Company Reporter - Latin
America on August 25, stated that Falconbridge has not
registered its sale to Xstrata with the Dominican Republic's Tax
Department.

The TCR-LA cited the DR1 Newsletter as relating that the Tax
Department asked Falconbridge on July 19 to register the sale.

The TCR-LA recounted that Falconbridge sold most of its
outstanding stock to Xstrata for US$20 billion, through the
Toronto Exchange.  The sale includes 85% of Falconbridge
Dominicana.

The Tax Department may fine Falconbridge for not registering the
sale, DR1 stated.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global  
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada.

                      About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a  
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

Falconbridge has sales offices in Beijing, China, and Tokyo,
Japan, as well as a recycling plant in Penang, Malaysia.

                          *     *     *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FALCONBRIDGE LTD: Xstrata Appoints Claude Ferron as COO
-------------------------------------------------------
Xstrata Copper declares a new senior management appointment
following its assumption on full management control of
Falconbridge Limited on Aug. 21, 2006.

Claude Ferron, formerly President of Canadian Copper and
Recycling for Falconbridge, has been appointed as Chief
Operating Officer for the newly established division Xstrata
Copper Canada, reporting to Xstrata Copper's Chief Executive,
Charlie Sartain.  Mr. Ferron is based in Toronto, and is
responsible for Xstrata Copper's operations in Canada. These
comprise the Kidd Creek mining and metallurgical operations in
Ontario, the Horne smelter and the Canadian Copper Refinery
business in Montreal, and the copper recycling business (Noranda
Recycling).  Mr. Ferron will also be appointed as a member of
the Xstrata Copper Executive Committee.

Charlie Sartain, Chief Executive Xstrata Copper, commented, "I
am delighted that Claude has joined Xstrata Copper in a senior
management position. He brings a wealth of experience and
knowledge of the former Falconbridge operations in Canada and
their respective markets and we look forward to the significant
contribution that he will make to the expanded Xstrata Copper.

"The acquisition of Falconbridge has positioned Xstrata Copper
as the third largest producer of copper in the world, with
managed production of over one million tonnes of copper per
annum, and mining operations in five countries.  It is an
exciting time for Xstrata Copper and we look forward to
integrating the former Falconbridge copper assets with our
existing global businesses as soon as possible."

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global  
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a  
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carry Standard & Poor's BB+ rating.


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


TELE-PERN: Shareholders Warn Bankruptcy Filing Due to Lawsuits
--------------------------------------------------------------
Shareholders of Tele-Pern, which operates one of Poland's
longest optical fiber lines, may consider declaring the company
bankrupt due to mounting legal issues, Puls Biznesu reports.  

The optical fiber operator is facing numerous court proceedings,
including one filed by Siemens demanding around PLN3 million of
damages in two court cases, the paper relates.

According to the report, company representatives suggest that
they may be forced to declare bankruptcy.  However, the company
spokesman didn't confirm the claim.

"We are negotiating with several entities concerning the
settlements," Tele-PERN CEO Krzysztof Krywko told the paper.  
"Tele-PERN would like to start fighting for the market and we
need funds for investment.  That's why we are waiting for our
partner PERN Przyjazn, who owns 100 percent of our shares,
concerning the capitalization."

Tele-Pern operates one of Poland's longest optical fiber lines,
which offers its services on 1,500 km along PERN pipeline.  It
also provides services to Germany and the Czech Republic.


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


AGENCY: Krasnodar Court Names R. Idrisov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. R.
Idrisov as Insolvency Manager for CJSC Agency Of Investments and
Immovable Property.  He can be reached at:

         R. Idrisov
         Post User Box 9
         Anapa-14
         Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-7811/2006-44/227-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Agency Of Investments and Immovable Property
         Kuybysheva Str. 9
         Ust-Labinsk
         Krasnodar Region
         Russia


AGRO-SERVICE: Court Names A. Lebedev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed Mr.
A. Lebedev as Insolvency Manager for OJSC Company Agro-Service.  
He can be reached at:

         A. Lebedev
         8th Marta Str. 65
         Yakutsk
         677015 Sakha Republic-Yakutiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-2601/06.

The Debtor can be reached at:

         OJSC Company Agro-Service
         Lenskikh Sobytiy Str. 24 A
         Lensk


AMURSKAYA: Court Names A. Krylov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Krylov as Insolvency Manager for LLC Amurskaya Agricultural
Company.  He can be reached at:

         A. Krylov
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-5208/2006-38.

The Debtor can be reached at:

         A. Krylov
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk
         Russia


BELOGORSK-BREAD-SERVICE: A. Mazur to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Amur Region appointed Mr. A. Mazur as
Insolvency Manager for LLC Belogorsk-Bread-Service.  He can be
reached at:

         A. Mazur
         Post User Box 74/4
         680030 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 04-1371/06-10/108 B.

The Debtor can be reached at:

         LLC Belogorsk-Bread-Service
         Krasnobulvarnyj Per. 43
         Belogorsk
         Amur Region
         Russia


CONCRETE BUILDERS: T. Khaliullin to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. T. Khaliullin as
Insolvency Manager for CJSC Concrete for Builders.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-22015/06-74-262B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Concrete for Builders
         Building 1
         1st Magistralnaya Str. 2
         123290 Moscow Region
         Russia


DALNEVOSTOCHNYJ: Khabarovsk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on CJSC Dalnevostochnyj Instrument
Factory.  The case is docketed under Case No. A 73-4404/2006-39.

The Temporary Insolvency Manager is:

         A. Mazur
         Post User Box 74/7
         680030 Khabarovsk Region
         Russia
         
The Debtor can be reached at:

         Dalnevostochnyj
         Zapadnoye Shosse
         Amursk
         682640 Khabarovsk Region
         Russia


ELIT: Adygeya Court Names. I. Daurova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Adygeya Republic appointed Ms. I.
Daurova as Insolvency Manager for OJSC Elit.  He can be reached
at:

         I. Daurova
         Dimitrova Str. 4/3
         Maykop
         Adygeya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A01-B485-06-8.

The Debtor can be reached at:

         OJSC Elit
         Zavodskaya Str. 5.
         Mayskiy
         Koshekhablskiy Region
         Adygeya Republic
         Russia


ERSHOVSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Starts
------------------------------------------------------------
The Arbitration Court of Saratov Region commenced bankruptcy
supervision procedure on OJSC Ershovskaya Sel-Khoz-Tekhnika.  
The case is docketed under Case No. A-57-637B/05-23.

The Temporary Insolvency Manager is:  

         K. Stoyankin
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Ershovskaya Sel-Khoz-Tekhnika
         Ershov
         Saratov Region
         Russia


FAR EASTERN: Parent Support Cues Moody's to Assign Ba2 Rating
-------------------------------------------------------------
Moody's Investors Service assigned these ratings to Far Eastern
Bank (Russia):

   -- Ba2 long-term and Not Prime short-term foreign currency
deposit ratings;

   -- E+ financial strength rating; and

   -- Aa2.ru long-term national scale rating.

The outlooks on all global scale ratings are stable, while the
NSR carries no specific outlook.

According to Moody's, the Ba2/NP global scale deposit ratings
reflect global default and loss expectation and are not
constrained by Russia's foreign currency deposit ceiling, while
according to Moody's Interfax Rating Agency the Aa2.ru NSR
reflects the bank's high creditworthiness relative to its
domestic peers.

Moody's notes that the bank's Ba2/NP long- and short-term
foreign currency deposit ratings are notched up from the bank's
standalone rating of B3 to account for implicit support from the
Russian Regional Development Bank, which exercises control over
the bank's operations, as well as from the bank's ultimate
parent -- state-owned oil and gas company Rosneft, which assumed
indirect control of the bank in 2003 and transferred this right
to RRDB as a banking arm of Rosneft.  

Since Rosneft has strong vested interests in the Russian Far
East, where an important part of its operations is located, and
the bank is viewed as instrumental to fulfilling the company's
mission in this region (i.e. fostering the development of the
local economy), Moody's believes that there is a moderate degree
of assurance that the bank will be supported in case of need.
However, there remains some residual uncertainty with regard to
the future level of support, associated with the indirect nature
of control and the fact that the bank's activities are non-core
to Rosneft.

The FSR reflects the bank's recognized name and the fact that it
occupies one of the leading positions in its home market and has
the potential to strengthen its position in the entire Russian
Far East.  Nevertheless, this should be viewed in the context of
the bank's modest size together with the relatively weak
development of the local banking system, which is dominated by
the state-owned Sberbank.

The standalone ratings are constrained by:

   -- the bank's vulnerability to the health of the local
economy and risks associated with expansion outside of its
traditional market and area of expertise;

   -- its weaker than average asset quality;

   -- significant credit risk concentrations in the loan
portfolio; and

   -- modest profitability and poor cost efficiency, with a
critical mass of operations yet to be built up.

The E+ FSR might come under pressure if the bank's future
development were to be mismanaged to an extent resulting in
serious solvency and liquidity problems.

Headquartered in Vladivostok, the administrative center of
Primorsky Krai, Russia, Far Eastern Bank reported total assets
of RUB4.658 billion (US$162 million) under IFRS as of
Dec. 31, 2005.


FERRUM: Sverdlovsk Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on LLC Ferrum.  The case is docketed under
Case No. l60-12476/06-S11.

The Temporary Insolvency Manager is:

         Y. Osadchuk
         Apartment 27
         Krestinskogo Str. 59/3
         Ekaterinburg
         620089 Sverdlovsk region
         Russia
         
The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         Ferrum
         Marshala Zhukova Str. 51
         Kamyshlov
         623530 Sverdlovsk Region
         Russia


GUBERNSKY: Moody's Assigns E Financial Strength Rating
------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Commercial Bank Gubernsky:

   -- Caa1 long-term and Not-Prime short-term foreign
currency deposit ratings; and

   -- E financial strength rating.

The outlook for the long-term foreign currency deposit rating
and FSR is positive.  At the same time, Moody's Interfax Rating
Agency has assigned a Ba1.ru long-term national scale credit
rating to Gubernsky.

According to Moody's and Moody's Interfax, the Caa1/NP/E global
scale ratings reflect global default and loss expectation, while
the Ba1.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Moody's said that Gubernsky's ratings reflect its small size and
limited franchise that result in very high concentration levels
on the both sides of the balance sheet.  The ratings also
reflect the bank's short history operating under its new
strategy, with the risk that it may not succeed in implementing
its strategy.

High risk appetite and potentially significant operational and
credit risks arising from the recent very rapid growth also
constrain the ratings, as does modest capitalization,
considering the risks taken, significant market risks and modest
and potentially unstable profitability.

Supporting the ratings is the bank's ample liquidity, reflecting
prudent liquidity management.  The positive outlook on the FSR
and the long-term foreign currency rating reflects our
expectation that the owner's willingness and dedication to
develop the bank and finance its growth through capital
injections are likely to lead to improved franchise and
financial fundamentals.

The Caa1/NP foreign currency deposit ratings do not incorporate
possible support from the bank's owner.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain. Given the bank's size and
market position, any support from the Russian financial
authorities is unlikely.

Significant development of Gubernsky's franchise accompanied by
improved financial fundamentals would be likely to drive the
bank's long-term foreign currency rating and FSR up.  
Gubernsky's ratings could be downgraded if any significant asset
quality problem appears.  The ratings, however, do not present
much downside potential in the near term.  The outlook is likely
to be returned to stable if no success in franchise development
or improvement in financial fundamentals occurs.

Gubernsky is headquartered in Moscow, Russian Federation. The
bank reported total consolidated assets of US$146 million and
total equity of US$15 million under IFRS as at Dec. 31, 2005,
and ranked 170th by assets among Russian banks as of Dec. 31,
2005, according to RBC.


ISAKLINSKIY FEED: Court Names E. Dulnev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. E. Dulnev
as Insolvency Manager for LLC Isaklinskiy Feed Mill.  He can be
reached at:

         E. Dulnev
         Demokraticheskaya Str. 8
         443031 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-3293/06.

The Debtor can be reached at:

         LLC Isaklinskiy Feed Mill
         Isakly
         Samara Region
         Russia


KARAMYSH-OIL-GAS: Bankruptcy Hearing Slated for Sept. 21
--------------------------------------------------------
The Arbitration Court of Saratov Region will convene on Sept. 21
to hear the bankruptcy supervision procedure on LLC Karamysh-
Oil-Gas (TIN 6452064900).  The case is docketed under Case No.
A-57-36b/06-32.

The Temporary Insolvency Manager is:

         K. Stoyankin
         Apartment 30
         2nd Detskiy Pr. 55/57
         410054 Saratov
         Russia
         
The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

    K. Stoyankin
         Apartment 30
         2nd Detskiy Pr. 55/57
         410054 Saratov
         Russia


KARLAMAYANSKIY ELEVATOR: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on OJSC Karlamayanskiy
Elevator.  

The case is docketed under Case No. A07-11497/06-G-PAV.

The Temporary Insolvency Manager is:  

         A. Yulchin
         Post User Box 56
         Ufa
         450009 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Karlamayanskiy Elevator
         Novaya Elevatornaya Str. 1
         Ulukulevo
         Bashkortostan Republic
         Russia


KURGAN-AGRO-SOYUZ: G. Pervukhin to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. G.
Pervukhin as Insolvency Manager for CJSC Kurgan-Agro-Soyuz (TIN
6658079561).  He can be reached at:

         G. Pervukhin
         Office 328
         Belinskogo Str. 34
         620075 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-8018/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         Kurgan-Agro-Soyuz
         Kalyaeva Str. 19-214
         Ekaterinburg
         620034 Sverdlovsk Region
         Russia


MOBILE TELESYSTEMS: Incorporates Bermuda & Dutch Units
------------------------------------------------------
Mobile Telesystems OJSC disclosed the incorporation of two 100%-
owned MTS subsidiaries, in Bermuda and in the Netherlands.

The Company has established a subsidiary called Mobile
TeleSystems Bermuda Limited in Hamilton, Bermuda, and Mobile
TeleSystems B.V. in Amsterdam, the Netherlands.  These companies
will be used to meet future corporate needs.

                    About Mobile TeleSystems

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

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

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


MOBILE TELESYSTEMS: Vows to Defend US$25 Million Suit by Bitel
--------------------------------------------------------------
Mobile Telesystems OJSC will vigorously defend the court action
brought against companies affiliated with MTS in the Isle of
Man.

MTS said three Isle of Man companies affiliated with MTS have
each been named defendants in an action for approximately US$25
million, brought by Bitel LLC in the Isle of Man by virtue of a
court summons dated Aug. 16, 2006.

The action was apparently taken with the purpose of returning
the dividend received by the three companies in the Q1 2005 from
Bitel amounting to approximately US$25 million plus compensatory
damages. The companies were not controlled by MTS during this
period.

As announced in December 2005, MTS acquired a 51% stake in
Tarino Limited.  This company was at that time the indirect
owner, through its 100%-owned subsidiaries in the Isle of Man
(the defendants), of Bitel LLC, a Kyrgyz company holding a GSM
900/1800 licence for the entire territory of Kyrgyzstan.  On
Dec. 15, 2005, Bitel's offices were seized through a decision of
the Kyrgyz Supreme Court, and currently MTS has no operational
control over Bitel LLC.

MTS considers the seizure of Bitel LLC in Kyrgyzstan as illegal,
and thus the above court actions as vexatious, without grounds
and initiated in breach of applicable law.  MTS considers this a
retaliatory reaction to its actions aimed at returning Bitel.
MTS and its affiliated companies will vigorously defend the
action and protect their rights.

                    About Mobile TeleSystems

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

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

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


NAKHABINSKAYA FACTORY: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
supervision procedure on Municipal Unitary Enterprise
Nakhabinskaya Factory of Toys.

The case is docketed under Case No. A41-K2-9635/06.

The Temporary Insolvency Manager is:  

         P. Protsenko
         Vokzalnaya Str. 25
         Nabikhino
         143430 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise
         Nakhabinskaya Factory of Toys
         Vokzalnaya Str. 25
         Nabikhino
         143430 Moscow Region
         Russia


NORD OIL: Court Names N. Savelyev as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr.
Savelvev as Insolvency Manager for CJSC Nord Oil.  He can be
reached at:

         N. Savelyev
         Office 201
         Diksona Str. 1
         660020 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-9599/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         Nord Oil
         Tura
         Krasnoyarsk Region
         Russia


NORTH-WEST TELECOM: Pays Sixth Coupon Yield for Issued Bonds
------------------------------------------------------------
JSC North-West Telecom paid the 6th coupon yield in full for the
series 3 bonds of the third issue of JSC NWT.  The Non-Profit
Partnership National Depositary Centre acted as the Payment
Agent for the transaction.

The list of authorized recipients for a coupon yield under the
bonds was compiled as of Aug. 25 and the rate for the 6th coupon
is 9.25% per annum, with RUR23.06 accrued on each bond.

The total amount allocated for the 6th coupon payment amounted
to RUR69.18 million.

Bonds of the third issue of OJSC NWT are series 03 documentary
interest-bearing bonds payable to the bearer, with obligatory
centralized care.  The state registration No. is 4-03-00119-A,
floated at FB MMVB on the March 3, 2005.  

The volume of the issue is RUR3 million comprising 3 million
bonds with a face value of RUR1,000. The circulation period of
the OJSC NWT's bonds is six years with the right of early
presentation of the bonds for redemption in three years. The
coupon yield under the bonds is to be paid on a quarterly basis.

                  About North-West Telecom

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

                        *     *     *

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

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

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


NORTH-WEST TELECOM: Extends General Manager's Term to 2008
----------------------------------------------------------
The Board of Directors for OJSC North-West Telecom decided to
extend the contract of the present General Manager of OJSC NWT,
Vladimir Alexandrovich Akulich, with a term of office from
Aug. 24, 2006, up to Aug. 23, 2008 inclusive.

"The extension of the contract with Vladimir Akulich shows the
appreciation of the work that has been done by North-West
Telecom and the success of the Company's development direction,"
Alexandr Ikonnikov, Chairperson of the Appointments and
Remunerations Committee of the Board of Directors of OJSC
N.W.Telecom, noted.  "However, the main point is the recognition
of high professionalism from both the General Manager and the
whole senior management team at OJSC North-West Telecom."

Vladimir Alexandrovich Akulich was born on Aug. 23, 1956, in the
city of Klaipeda, Lithuanian SSR.

In 1978, he graduated from the Leningrad Prof. M.A. Bonch-
Bruyevich Electrical Engineering Institute of Communications,
majoring in Automatic Telecommunications.

In 2003 he prepared a thesis at the Institute of Management and
Economics and was awarded the degree of candidate for economic
sciences.  In February 2005 he was elected as an academician at
the International Academy of Communications.

From 1984 to 1992 he progressed from the position as engineer at
the Vyborgsky telephone centre in the Leningrad city telephone
network to the post of Chief Engineer at the Nekrasovsky
telephone centre of LGTS.

In 1992-1998 he was the Operation Manager and General Manager of
OJSC Peter Star; in 1998-2000 he was the Construction Manager of
OJSC Petersburg Telephone Network; in 2000 he became the Deputy
General Manager, OJSC Telecominvest.

In 2000-2002 he was Director of Long-Distance and International
Communication of OJSC PTN; Chief of the Main International and
Long-Distance Telephone and Telegraph Centre of the PTN branch;

From 2002 to 2003 he was Deputy General Manager - Director in
Charge of Strategic Development and Technical Policy, OJSC
North-West Telecom; from August 2004 to date he has been the
General Manager of OJSC North-West Telecom.

Mr. Akulich is married, with four children.

                  About North-West Telecom

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

                        *     *     *

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

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

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


NOVOSHAKHTINSKOYE GRAIN: V. Zotyev to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. V. Zotyev
as Insolvency Manager for CJSC Novoshakhtinskoye Grain Receiving
Enterprise (TIN 6151011001).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-6254/06-S2-33.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         CJSC Novoshakhtinskoye Grain Receiving Enterprise
         Vokzalnaya Str. 1
         Novoshakhtinsk
         Rostov Region
         Russia


POULTRY BREEDER: Court Names M. Panin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khakasiya Republic appointed Mr. M.
Panin as Insolvency Manager for OJSC Poultry Breeder.  He can be
reached at:

         M. Panin
         Post User Box 199
         Abakan
         655017 Khakasiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A74-2041/2005.

The Debtor can be reached at:

         Poultry Breeder
         Rastsvet
         Ust-Abakanskiy Region
         Khakasiya Republic
         Russia


PRIMORSKIY FACTORY: V. Kosolapov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. V.
Kosolapov as Insolvency Manager for OJSC Woodworking Complex -
Primorskiy Factory.  He can be reached at:

         V. Kosolapov
         Room 34
         Sukhanova Str. 3
         690091 Vladivostok
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-6411/2006 11-176.

The Debtor can be reached at:

         Primorskiy Factory
         Nakhodka-3
         692903 Primorye region
         Russia


REINFORCED-CONCRETE 4: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on OJSC Factory of Reinforced-Concrete
Goods 4 (TIN 2727020934).  The case is docketed under Case No.
A73-5217/2006-38.

The Temporary Insolvency Manager is:  

         A. Krylov
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia

The Debtor can be reached at:

         OJSC Factory of Reinforced-Concrete Goods 4
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia


RUSSIAN AGRICULTURAL: Fitch Upgrades Individual Rating to D
-----------------------------------------------------------
Fitch Ratings upgraded Russian Agricultural Bank's (also known
as Rosselkhozbank) Individual rating to D from D/E.  Its other
ratings are affirmed at Issuer Default BBB+ with Stable Outlook,
Short-term F2 and Support 2.  The National Long-term rating has
been affirmed at AAA with a Stable Outlook.

The upgrade of the Individual rating reflects an extended track
record of sound asset quality despite rapid portfolio expansion
and adequate management of liquidity, market and credit risks.

At the same time, the Individual rating also reflects the high
credit and operational risks resulting from rapid growth and the
still relatively untested loan portfolio.  It also takes into
account a high lending concentration in the relatively high-risk
agricultural sector as well as weak profitability and internal
capital generation.

Further upside for the bank's Individual rating may result from
sustained asset quality and continued improvements in its
funding profile, while deterioration in asset quality and
capitalization could result in downward pressure.

RAB's Issuer Default, Short-term, National Long-term and Support
ratings reflect the high probability of state support being
received by the bank in case of need.  This is based on RAB's
state ownership and key policy role in the development of the
agricultural sector, as well as the ability of the Russian
authorities to provide support, as indicated by the sovereign
foreign currency Issuer Default rating of BBB+.  Movements in
the sovereign rating are likely to drive further changes in the
RAB's Issuer Default rating.

State-owned RAB was established in 2000 and serves agribusiness
customers and the population in rural areas through over 500
points of sale.  As the second largest lender after state-
controlled Sberbank (BBB+), the bank maintains an approximate
42% market share in lending to the agricultural sector.  RAB
doubled its assets during H106, and is now one of Russia's top
15 banks by assets.


SAKHABILIIBANK: Court Names Insurance Agency as Liquidator
----------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed the
State Corporation Agency on Endowment Insurance as Insolvency
Manager for Joint-Stock Bank Sakhabiliibank (OJSC).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-2684/06.

The Debtor can be reached at:

         Joint-Stock Bank Sakhabiliibank (OJSC)
         Kurashova Str. 30/1
         Yakutsk
         677000 Sakha Republic-Yakutiya


SERDOBSKIY BRICKWORKS: Penza Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Penza Region commenced bankruptcy
supervision procedure on OJSC Serdobskiy Brickworks.  The case
is docketed under Case No. A49-2516/2006-258b/3.

The Temporary Insolvency Manager is:  

         A. Makarov
         Belinskogo Str. 35
         Serdobsk
         442893 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 Serdobskiy Brickworks
         Belinskogo Str. 35
         Serdobsk
         442893 Penza Region
         Russia


SIBAY-KONSERV-MILK: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Bashkortostan will convene at 10:00
a.m. on Oct. 2 to hear the bankruptcy supervision procedure on
OJSC Sibay-Konserv-Milk (TIN 0267005754).  The case was docketed
under Case No. A07-9817/05-G-ADM.

The Temporary Insolvency Manager is:

         F. Bayburin
         Oktyabrskoy Rezolyutsii Str. 67
         Ufa
         Bashkortostan Republic 450057
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Sibay-Konserv-Milk
         Vostochnoye Shosse, 1/5.
         Sibay
         453833 Bashkortostan Republic
         Russia


SIBERIAN COMPANY: Altay Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Altay Region commenced bankruptcy
supervision procedure on CJSC Siberian Company.  The case is
docketed under Case No. AO3-S-18-21847/05-B.

The Temporary Insolvency Manager is:  

         S. Ogorodnikov
         Post User Box 2724
         Barnaul
         656065 Altay Region
         Russia

The Debtor can be reached at:

         CJSC Siberian Company
         Biysk
         Altay Region
         Russia


STAR: Tomsk Bankruptcy Hearting Slated for Oct. 3
-------------------------------------------------
The Arbitration Court of Tomsk Region will convene at 9:30 a.m.
on Oct. 3 to hear the bankruptcy supervision procedure on OJSC
Star.  The case is docketed under Case No. A67-4228/06.

The Temporary Insolvency Manager is:

         I. Ponomarev
         Post User Box 34
         Seversk-37
         636037 Tomsk Region
         Russia
         
The Debtor can be reached at:

         Star
         Pobedy Str. 17-17
         Seversk
         636070 Tomsk Region
         Russia
         
The Arbitration Court of Tomsk Region is located at:

         Kirova Pr. 10
         634041 Tomsk Region
         Russia


TOM-STROY-SERVICE: Court Names A. Saranin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. A. Saranin
as Insolvency Manager for CJSC Tom-Stroy-Service.  He can be
reached at:

         A. Saranin
         Post User Box 113
         634050 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-2821/06.

The Debtor can be reached at:

         Tom-Stroy-Service
         Elizarovykh Str. 79/1-1
         Tomsk Region
         Russia


UCHALINSKIY: Court Names Z. Akhiyartdinova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Ms. Z.
Akhiyartdinova as Insolvency Manager for OJSC Uchalinskiy
Factory Of Timber Engineering (TIN 0277017741).  She can be
reached at:

         Z. Akhiyartdinova
         Post User Box 56
         Ufa
         450009 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-b958/04-G-FLE.


The Debtor can be reached at:

         Uchalinskiy
         Enegretikov Str. 27
         Uchaly
         453700 Bashkortostan Republic
         Russia


UFIMSKIY: Court Names A. Yulchurin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. A.
Yulchurin as Insolvency Manager for OJSC Ufimskiy Reinforced-
Concrete Factory #1 (TIN 0277017741).  He can be reached at:

         A.Yulchurin
         Post User Box 56
         Ufa
         450009 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-14555/05-G/PAV.

The Debtor can be reached at:

         Ufimskiy
         Zelenaya Rosha, 11/3
         Ufa
         450045 Bashkortostan Republic
         Russia


VOLGA-93: Primorye Court Names V. Kudinov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. V.
Kudinov as Insolvency Manager for OJSC Volga-93.  He can be
reached at:

         V. Kudinov
         Verkhne-Portovaya Str. 66-137
         690003 Vladivostok Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-5721/2006 15-174 B.

The Debtor can be reached at:

         OJSC Volga-93
         Dneprovskaya Str. 25D.
         Vladivostok Region
         690062 Primorye Region
         Russia


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


IM GRUPO BANCO: Fitch Junks EUR32.4 Million Class E Notes
---------------------------------------------------------
Fitch Ratings placed expected ratings to IM Grupo Banco Popular
EMPRESAS 1, Fondo de Titulizacion de Activos' notes due March
2033.

   -- EUR553.5 million Class A1 notes: AAA;
   -- EUR1.14 billion Class A2 notes: AAA;
   -- EUR28.8 million Class B notes: AA;
   -- EUR27 million Class C notes: A+;
   -- EUR54.9 million Class D notes: BBB+; and
   -- EUR32.4 million Class E notes: CCC.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

This transaction is a cash flow securitization of a static
EUR1.8 billion pool of secured and unsecured loans.  The loans
are granted by six entities of the Grupo Banco Popular to small
and medium-sized enterprises in Spain.

The expected ratings are based on the quality of the collateral,
the available credit enhancement, Grupo Banco Popular's
underwriting and servicing capabilities, the integrity of the
transaction's legal and financial structure, and InterMoney
Titulizacion S.G.F.T., S.A's administrative capabilities.

The expected ratings on Class A1 to E notes address payment of
interest according to the terms and conditions of the
documentation, subject to a deferral trigger on Class B, C and D
notes, as well as the repayment of principal by legal final
maturity.  

The Class E notes will be issued to partly finance the cash
reserve fund.  Because the E notes are ultimately likely to
default, their expected ratings are supported by the expected
recovery rate: that is, the amounts investors are likely to
receive during the life of the transaction as a proportion of
their original investment.

The fund will be legally represented and managed by the sociedad
gestora, a limited liability company incorporated under Spanish
law, whose activities are limited to the management of
securitization funds.

This is the first multi-seller SME loan securitization that
Grupo Banco Popular has brought to the market, although BPE, as
a sole originator, issued one previous SME CDO also rated by
Fitch.  


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


* Fitch Assigns B+ Currency Ratings to Erzurum Municipality
-----------------------------------------------------------
Fitch Ratings assigned the Turkish Metropolitan Municipality of
Erzurum ratings of Long-term foreign and local currency B+.  The
Outlooks on both ratings are Stable.

The ratings reflect Erzurum's below-national average economic
profile, the projected rise in capital expenditure, primarily in
relation to the light railway system and limited experience in
debt management.  

Nevertheless, the ratings also take into account the
municipality's good budgetary performance, its debt-free
metropolitan administration and the benefits of the national tax
revenues redistribution system.

The Stable Outlook reflects that despite the expected increase
in debt, the forecast improvement in the national economy should
result in both higher revenue growth and a moderate expected
debt burden.

Erzurum benefits from the redistribution of national taxes as
this source fills the gap created by the relatively lower local
tax revenues.  There is support from the national government in
terms of investment and services due to importance of Erzurum in
its region.

This compensates somewhat for Erzurum's weaker-than-national
average socio-economic profile.  Erzurum's credit profile is
directly affected by central government policies and actions, as
the municipality is vulnerable to changes in the distribution
percentage of national tax sharing.  Investment-related
expenditure accounted for an average 26% of total expenditure in
the past five years.  This significant proportion gives the
administration some flexibility to cut costs in times of slower
revenue growth.

The metropolitan municipality of Erzurum is located in north-
east Turkey and is one of the smallest of the country's 16
metropolitan areas.  It has a population of around 0.5 million
and accounts for 0.7% of national GDP.  

The administration's main responsibilities are investment-
driven, primarily in infrastructure, as well as the provision of
metropolitan services such as public transport.


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


DONGORBANK JSC: Global Default Spurs Moody's to Put B2 Rating
-------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
JSC Dongorbank:

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

   -- E+ financial strength rating.

At the same time, Moody's has assigned an A3.ua long-term
national scale rating to DGB.

Moody's has also assigned an A3.ua NSR to the local currency-
denominated bonds to be issued by DGB, which will represent a
senior unsecured claim on the bank.  The outlook for all
assigned global scale ratings is stable.

According to Moody's, the B2/Not Prime global scale local
currency ratings reflect global default and loss expectation and
are not constrained by any foreign currency transfer risk, while
the A3.ua national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Moody's notes that the ratings of DGB reflect its small size,
its limited franchise and its large share of business with the
SCM group, which in addition to DGB also includes a sister bank
(First Ukrainian International Bank - FUIB) and a number of
industrial assets.  They are also constrained by the high levels
of concentration on both sides of the bank's balance sheet, as
well as its modest capitalization.

However, the ratings are supported by Moody's expectation of an
improvement in the bank's risk management and corporate
governance thanks to the ongoing incorporation of new procedures
and reasonable levels of profitability, resulting from
relatively cheap liabilities and adequate asset quality.

The bank's B2/Not Prime long- and short-term foreign currency
deposit ratings are directly linked to its FSR and do not
incorporate any element of government support, given its low
importance for the Ukrainian banking sector and economy.  
Support from the shareholders is possible but the probability is
not significant.

Any significant development of the bank's franchise would, if
accompanied by improved financial fundamentals, be likely to
have positive rating implications, although Moody's does not
expect this to materialize in the near term.  Conversely, any
significant asset quality and/or liquidity problems would have
negative rating implications.  However, the FSR does not present
much downside potential in the near term.

Headquartered in Donetsk, Eastern Ukraine, an industrial area,
Dongorbank reported total consolidated assets of US$433 million
and total equity of US$54 million under IFRS as of Dec. 31, 2005
and ranked 25th by total assets in the country (among the 158
Ukrainian banks).  The bank is a part of the SCM group, a large
financial-industrial group owned by Rinat Akhmetov, a prominent
Ukrainian businessman.


FEOLENT: Court Names Rostislav Talan as Insolvency Manager
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Rostislav
Talan as Liquidator/Insolvency Manager for LLC Feolent (code
EDRPOU 32756408).  He can be reached at:

         Rostislav Talan
         a/b 158
         49000 Dnipropetrovsk Region
         Ukraine
         Tel: (056) 370-74-70

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 27.  The case is docketed
under Case No. B 24/185-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Feolent
         Kalinin Avenue 73
         49064 Dnipropetrovsk Region
         Ukraine


HIMPROMTEHNOLOGIYA: Court Names Rostislav Talan as Liquidator
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Rostislav
Talan as Liquidator/Insolvency Manager for LLC
Himpromtehnologiya (code EDRPOU 32723985).  He can be reached
at:

         Rostislav Talan
         a/b 158
         49000 Dnipropetrovsk Region
         Ukraine
         Tel: (056) 370-74-70

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 27.  The case is docketed
under Case No. B 24/195-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Himpromtehnologiya
         Yshin Str. 4
         49064 Dnipropetrovsk Region
         Ukraine


KHRESCHATYK FINANCE: Put Option Cues Moody's to Update Release
--------------------------------------------------------------
Moody's updated its press release as of Sept. 1 to reflect the
final terms of Khreschatyk Finance B.V.'s upcoming loan
participation notes issue rated B2 with a stable outlook.

The press release was based on the preliminary documentation,
which referred to the put option trigger based on the reduction
in the City of Kyiv's ownership to below 50.1% of the bank's
voting stock.  

However, the final terms and conditions of the issue stipulate a
fall in the City of Kyiv's direct or indirect (including
beneficial) ownership to below 25% plus one of the voting stocks
of Bank Khreschatyk as a put event.

According to Moody's, the loosened definition of put event makes
the occurrence of such an event and accompanying further
pressure on the ratings even less likely.  This change, however,
has no rating implications, as the issue's rating was not
penalized on account of the existence of this option.

On Sept. 1, Moody's assigned a B2 long-term foreign currency
debt rating to the upcoming issue of senior unsecured Loan
Participation Notes to be issued by the special purpose vehicle
Khreschatyk Finance B.V. on a limited recourse basis for the
sole purpose of funding a loan by Moscow Narodny Bank Limited to
Bank Khreschatyk.

Headquartered in Kyiv, Ukraine, Bank Khreschatyk reported total
assets of US$598.7 million under IFRS (reviewed by the auditors)
as of June 30, 2006.


LAN: Hmelnitskij Court Names Volodimir Poberezhnij as Liquidator
----------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Volodimir
Poberezhnij as Liquidator/Insolvency Manager for Agricultural
LLC Lan (code EDRPOU 03790362).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
17/175-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Lan
         Chernelivka
         Krasilivskij District
         Hmelnitskij Region
         Ukraine


LIBERTY MARKET: Kyiv Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on CJSC Liberty Market (code EDRPOU
24592086) on July 25.  The case is docketed under Case No.
24/449-B.

The Temporary Insolvency Manager is:

         Oleksandr Chechelnitskij
         Suvorov Str. 4/6
         01010 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:

         CJSC Liberty Market
         Suvorov Str. 4/6
         01010 Kyiv Region
         Ukraine


MILABUDTORG: Court Names Farit Kachkurov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Farit Kachkurov as
Liquidator/Insolvency Manager for LLC Milabudtorg (code EDRPOU
32303852).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 28.  The case is docketed
under Case No. 24/442-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 Milabudtorg
         Kostyantinivska Str. 37-a
         Kyiv Region
         Ukraine


ODESAMYASO: Court Names Kirilo Liseyev as Insolvency Manager
------------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC Autobase Odesamyaso (code
EDRPOU 14284811).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 31.  The case is docketed
under Case No. 21/226-06-6875.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Autobase Odesamyaso
         Starokiyivskij shlyah 31-A
         65025 Odessa Region
         Ukraine


PREMISES EXCHANGE: Court Names Leonid Talan as Liquidator
---------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Leonid
Talan as Liquidator/Insolvency Manager for LLC Premises Exchange
Central (code EDRPOU 24997742).  He can be reached at:

         Leonid Talan
         a/b 158
         49000 Dnipropetrovsk Region
         Ukraine
         Tel: (0562) 95-53-18

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on August 1.  The case is docketed
under Case No. B 24/202-06.


The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Premises Exchange Central
         Karl Marks Avenue 115/62
         49036 Dnipropetrovsk Region
         Ukraine


PROMIN: Court Names Petro Pasichnik as Insolvency Manager
---------------------------------------------------------
The Economic Court of Odessa Region appointed Petro Pasichnik as
Liquidator/Insolvency Manager for Agricultural LLC Promin (code
EDRPOU 30820319).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 10.  The case is docketed
under Case No. 32/116-06-4979.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Promin
         Zelenij Kut
         Kotovskij District
         66320 Odessa Region
         Ukraine


RADIODETAL: Court Names Irina Stuk as Insolvency Manager
--------------------------------------------------------
The Economic Court of Chernigiv Region appointed Irina Stuk as
Liquidator/Insolvency Manager for OJSC Oster Plant Radiodetal
(code EDRPOU 14312000).  

She can be reached at:

         Irina Stuk
         Nahimov Lane 50
         14008 Chernigiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 31.  The case is docketed
under Case No. 9/189-B/54-B.

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Oster Plant Radiodetal
         Gagarin Str. 52
         Oster
         Kozeletskij District
         17044 Chernigiv Region
         Ukraine


TENDEL: Dnipropetrovsk Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Tendel (code EDRPOU 24427312) on
July 25.  The case is docketed under Case No. B 40/171-06.

The Temporary Insolvency Manager is:

         Ludmila Zayikina
         Melnikov Str. 2/10
         04050 Kyiv Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Tendel
         Lenin Avenue 19
         Verhnyodniprovsk
         51600 Dnipropetrovsk Region
         Ukraine


TERRA-LTD: Dnipropetrovsk Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Firm Terra-Ltd. (code EDRPOU
31136086) on July 3.  

The case is docketed under Case No. B 15/118-06.

The Temporary Insolvency Manager is:

         Oksana Venska
         Lenin Str. 41
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Firm Terra-Ltd.
         Karl Marks Str. 86/3
         Pavlograd
         51400 Dnipropetrovsk Region
         Ukraine


TOKMAR: Dnipropetrovsk Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Firm Tokmar (code EDRPOU 31216957)
on July 3.  The case is docketed under Case No. B 15/119-06.

The Temporary Insolvency Manager is:

         Oksana Venska
         Lenin Str. 41
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Firm Tokmar
         Karl Marks Str. 86/2
         Pavlograd
         51400 Dnipropetrovsk Region
         Ukraine


UKRSIBBANK: Moody's Changes E+ FSR Outlook to Positive
------------------------------------------------------
Moody's Investors Service changed the outlook on the E+
Financial Strength Rating of Joint-Stock Commercial Innovation
Bank UkrSibbank to positive from stable.  

The outlook on the bank's all other global currency ratings
remains stable.  At the same time, Moody's has assigned the bank
a long-term national scale rating of Aaa.ua, which corresponds
to the bank's Baa1 long-term local currency rating.

Moody's notes that the change in outlook to positive on the
bank's FSR reflects:

   -- the declining trend in its operations with related
parties;

   -- the good prospects for the further development of its
franchise and corporate governance practices thanks to the
beneficial impact of its acquisition by BNP Paribas and
incorporation within the BNP Paribas Group; and

   -- improved access to capital and access to cheaper funding.

It also reflects:

   -- the potential decrease in concentration levels as the bank
is more likely to be focused on retail and SME customers
rather than development of the corporate franchise;

   -- improved prospects in profitability as it intends to slow
growth in order to optimize its structure.

UkrSibbank's FSR reflects:

   -- its sound market positions, management's ability to adhere
to the strategic goals and keep the bank competitive;

   -- its adequate asset quality with no significant write-offs
during recent years.

On the other hand, it is constrained by:

   -- the still high concentration levels in the loan portfolio
in relation to equity, especially in loans issued for
investment purposes;

   -- the currently modest and volatile capitalization levels
reflective of poor capital management practices;

   -- low profitability combined with potentially understated
loan loss reserves;

   -- moderately high risk appetite as reflected in large
single-party limits and exposures and not very
onservative liquidity management practices.

Moody's would be highly likely to upgrade the FSR in the event
that an alignment of the bank's procedures with those of BNP
Paribas results in positive developments as reflected in an
improvement in corporate governance and risk management
procedures, a decrease in risk appetite, a successful history of
operating with sufficient capital levels, enhanced liquidity
management and an improvement in profitability.

The bank's FSR presents limited downside potential, but Moody's
would likely change the outlook back to stable in the event that
no significant improvements in financial fundamentals occur or
the integration with BNP Paribas procedures results in a
significant loss of franchise and competitive position.

UkrSibbank is headquartered in Kyiv, Ukraine, and as of Dec. 31,
2005 reported total assets of US$2.2 billion and equity of
US$248 million under IFRS.


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


ACI LIMITED: Taps Begbies Traynor to Administer Assets
------------------------------------------------------
Timothy John Edward Dolder and Nicholas Roy Hood of Begbies
Traynor were appointed joint administrators of ACI Limited
(Company Number 05212296) 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.  

ACI Limited can be reached at:

         3 Verulam Buildings
         Gray's Inn
         London WC1R 5NT
         United Kingdom
         Tel: 020 7404 1000
         Fax: 020 7404 2000


AD MANUFACTURING: Names Gary Stones as Liquidator
-------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of Ad
Manufacturing Limited on June 30 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Ad Manufacturing Limited
         Unit 12
         Crynant Business Park
         Crynant
         Neath
         West Glamorgan SA10 8PX
         United Kingdom
         Tel: 01639 750 115


ADVANCED SECURITY: Appoints Liquidator from Sale Smith & Co
-----------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
liquidator of Advanced Security Services (Midlands) Ltd. on
June 28 for the purposes of the creditors' voluntary winding-up
proceedings.

The company can be reached at:

         Advanced Security Services (Midlands) Ltd.
         Imex Business Centre
         Radway Green
         Crewe
         CW2 5PR
         United Kingdom
         Tel: 01270 886 301


AP INT'L: Hires Joint Liquidators from Baker Tilly
--------------------------------------------------
Mark John Wilson and Tracey Elizabeth Callaghan of Baker Tilly
were appointed Joint Liquidators of AP International Finance
Limited (formerly Employbest Limited) on June 2 for the purposes
of the creditors' voluntary winding-up procedure.

The company can be reached at:

         AP International Finance Limited
    PO Box 2085
    Leamington Spa
    Warwickshire CV313ZL
    United Kingdom
    Tel: 01926 473 704


AQUALINE DRAINAGE: Alison M. Byrne Leads Liquidation Procedure
--------------------------------------------------------------
Alison M. Byrne was appointed Liquidator of Aqualine Drainage
Services Limited on June 6 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Aqualine Drainage Services Limited
    Coronation Street
    Stoke On Trent
    Staffordshire ST6 6BU
    United Kingdom
    Tel: 01782 818 333


ASHBOURNE BRICK: Claims Registration Ends Sept. 29
--------------------------------------------------
Creditors of Ashbourne Brick and Tile Company Limited have until
Sept. 29 to send their names and addresses and particulars of
their debts or claims and the names and addresses of their
Solicitors (if any), to appointed Joint Liquidators Paul Finnity
and Peter A. Blair at:

         Begbies Traynor
    Regency House
         21 The Ropewalk
         Nottingham NG1 5DU
    United Kingdom

The company can be reached at:

    Ashbourne Brick and Tile Company Limited
         Howardson Ltd
         Ashbourne Road
         Kirk Langley
         Ashbourne
         Derbyshire DE6 4NJ
         United Kingdom
         Tel: 01332 824 200
         Web: http://www.derbyshirehistoricbuildings.org.uk/


B & R LIMITED: Appoints Jonathan Sinclair as Liquidator
-------------------------------------------------------
Jonathan Sinclair of Sinclair Harris was appointed Liquidator of
B & R (Shops) Limited on June 1 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         B & R (Shops) Limited
    34 Golders Green Road
    Barnet
    London NW118LL
    United Kingdom
    Tel: 020 8209 1887


BFL REALISATIONS: Creditors' Meeting Slated for September 12
------------------------------------------------------------
Creditors of BFL Realisations Limited (formerly Burall
Floraprint Limited) will meet at 10:00 a.m. on Sept. 12 at:

         Trinity House
         Cambridge Business Park
         Cowley Road
         Cambridge CB4 0WZ
         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. 11 at:

         I. S. Carr
         Joint Administrator
         Grant Thornton U.K. LLP
         Byron House
         Cambridge Business Park
         Cowley Road
         Cambridge CB4 0WZ
         United Kingdom
         Tel: 01223 225600
         Fax: 01223 225619

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


BOSS CASUAL: Appoints Liquidator from Leigh & Co.
-------------------------------------------------
M. H. Linton of Leigh & Co. was appointed liquidator of Boss
Casual Clothing Co. Limited on June 27 for the purposes of the
creditors' winding up procedure.

The company can be reached at:

         Boss Casual Clothing Co. Limited
         41a Church Street
         Enfield
         Middlesex EN2 6AJ
         United Kingdom
         Tel: 020 8366 9624


BRITISH AIRWAYS: Posts GBP154-Mln Net Profit in First Quarter
-------------------------------------------------------------
British Airways Plc disclosed unaudited financial results for
the first quarter to June 30, 2006.

For the first quarter to June 30, 2006, British Airways posted
net profit of GBP154 million, compared with net profit of GBP90
million for the first quarter of 2005.  

In the first quarter to June 30, 2006, operating profit was
GBP211 million, against operating profit of GBP176 million in
the same period a year ago.

Operating cash flow was GBP475 million, an increase of GBP126
million from last year.

At June 30, 2006, the company's balance sheet showed GBP12.4
billion in total assets and GBP10,065 in total liabilities.  The
total shareholders' equity for the period was GBP2.1 billion.

"These are good results driven by strong revenue as a result of
record seat factors and better cabin mix," Willie Walsh, British
Airways' chief executive, said.  "Total costs are up with fuel
up 44 per cent at GBP512 million.  Employee costs are up 7 per
cent and reflects increased pension costs as a result of the
GBP2.1 billion accounting deficit in our New Airways Pension
Scheme.

"Our customers continue to see the benefit of investments in
products and services with the introduction of our upgraded in-
flight entertainment system.  Our new Club World bed will be
launched soon.  We have announced new services to Calgary and an
eighth daily service from London Heathrow to New York JFK.  We
are also increasing flights from London Heathrow to Sao Paulo in
Brazil from seven to 10 each week from Dec. 3.

"On shorthaul our new low fares have been a big success.  While
competition in this market is brutal I am delighted to see we
are winning customers with record seat factors.  We're now even
more competitive on price while keeping ahead of the game by
offering full service flights, more frequently to more
convenient airports.

"We continue to make steady progress on changes to working
practices.  We recently agreed a deal with two further groups of
staff including dispatchers and loaders ahead of our move to
Terminal 5.  This comes on top of agreements with our aircraft
movements staff, equipment services and ground transport
services and the new single cabin crew fleet agreement at
Gatwick."

Martin Broughton, British Airways' chairman, said: "Strong
revenue is expected to continue, supported by significant
promotional activity driving seat factors in all cabins.  For
the year to March 2007, total revenue is expected to improve by
6-7 per cent up from previous guidance of 5-6 per cent.  
Capacity growth in the first half of the year is expected to be
about 4 per cent slowing in the second half of the year to
achieve a full year increase of 2.5 - 3 per cent.

"Fuel costs for the year are now expected to be GBP550 - GBP600
million up on last year.  Costs excluding fuel which were
previously forecast flat, are now expected to be slightly higher
this year as pension costs are driving employee costs up.

"We continue to focus on our move to Terminal 5 in 2008,
investing in our products for our customers and driving a
competitive cost base to make our company fit for growth."

Revenue in the quarter, at GBP2.3 billion, was up 12.5 per cent.

Traffic measured in revenue passenger kilometers was up 7.7 per
cent on a flying program measured in available seat kilometers
up 4.1 per cent.  This delivered seat factors up 2.7 points at a
record 78.3 per cent in the quarter.  Yield measured as pence
per RPK increased by 6 per cent.

Cargo revenue was up 11.6 per cent compared with last year, with
yields up 7.2 per cent and increased volumes, measured in cargo
ton kilometers, up 4.1 per cent.  The flying program was 3.7 per
cent larger in available ton kilometers.

Total costs were up by 11.8 per cent.  The rise was largely
driven by a 44 per cent increase in the cost of fuel and a 7 per
cent increase in employee costs due to increased pension costs,
severance and pay awards only partially offset by manpower
reductions.  Unit costs were up 7.9 per cent in the same period.

                      About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international  
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Terror Alert Cost GBP40 Million Loss
-----------------------------------------------------
British Airways Plc disclosed its traffic and capacity
statistics for August 2006.

In August 2006, passenger capacity, measured in Available Seat
Kilometers, was 5.1 percent above August 2005.  Traffic,
measured in Revenue Passenger Kilometers, was higher by
5 percent.  This resulted in a passenger load factor down 0.1
points versus last year, to 77.8 percent.  The increase in
traffic comprised a 9.5 percent increase in premium traffic and
a 4.4 percent increase in non-premium traffic.  Cargo, measured
in Cargo Ton Kilometers, rose by 3.5 percent.  Overall load
factor increased by 2.2 points to 71.7 percent.

                       Security Impact

During the period Aug. 10 to Aug. 17, the airline cancelled some
1,280 flights as a result of the disruption at the London
airports.  The airline estimates that the financial impact for
the month of August was around GBP40 million.  This includes
lost revenue and increased costs of hotel accommodation,
catering and baggage repatriation.

Since the disruption there has been some impact on forward
bookings.  The overall level of bookings has returned to levels
experienced last year, but is still weaker than the trend of the
past few months.  The recovery of premium and non-premium
transfer traffic, for example, is lagging due to the limitations
on carry on baggage at London.

                     Market conditions

Visibility is limited as we emerge from the issues surrounding
the August security increases, but underlying market conditions
continue to be good.

                    Strategic Developments

British Airways called on the Office of Fair Trading to refer
its study on the U.K. airports market to the Competition
Commission because of its concerns about current airport
regulation and ownership.

The airline said separate ownership of London Heathrow and
London Stansted airports should be considered because decisions
on new runways in South East England should not be concentrated
in the hands of one company.

In the event of a break-up of BAA, the airline said there will
be a continued need for strong regulation to protect users
against monopoly power, particularly at London Heathrow and
London Gatwick.

As reported in TCR-Europe on Sept. 6, BAA 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.

British Airways sold its Travel Clinic business to MASTA
(Medical Advisory Services for Travellers Abroad) who will
become British Airways Preferred Partner for travel health
services from this month.

Alan McDonald, British Airways' Director of Engineering,
announced his retirement after 40 years at the airline.  He will
be succeeded by Garry Copeland, currently General Manager
Quality and Engineering Services from Sept. 15.

                        About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international  
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BURWASH LAUNDRY: Appoints Baker Tilly as Joint Administrators
-------------------------------------------------------------
John David Ariel and Karl Holmes of Baker Tilly were appointed
joint administrators of Burwash Laundry (1955) Limited (Company
Number 00557794) on Aug. 18.

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

Burwash Laundry (1955) Limited can be reached at:

         79 Shrub Lane
         Burwash
         Etchingham
         East Sussex TN19 7BU
         United Kingdom
         Tel: 01435 882 310
         Fax: 01435 882 988


BUSINESS GOLF: Brings In Berg Kaprow to Administer Assets
---------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of Business Golf
Corporation Limited (Company Number 04221686) on Aug. 17.

The administrators can be reached at:

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

Headquartered in London, United Kingdom, Business Golf
Corporation Limited is an organization of executive golf
tournaments.


C4S LIMITED: Taps Joint Liquidators from Valentine & Co
-------------------------------------------------------
Mark Reynolds and Robert Valentine of Valentine & Co. were
appointed joint liquidators of C4S Limited on June 29 for the
purposes of creditors' voluntary winding-up procedure.

The company can be reached at:

         C4S Limited
         The Quadrant
         118 Road
         Kingston Surrey KT2 6QJ
         United Kingdom
         Tel: 01903 889 955


CHERRYBRIAR LIMITED: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------------
Creditors of Cherrybriar Limited confirmed on June 7 the
appointment of Stephen Franklin of Panos Eliades, Franklin & Co.
as Liquidator of the company.

The company can be reached at:

         Cherrybriar Limited
    Stour Wharf
    Stour Road
    Tower Hamlets
    London E3 2NT
    United Kingdom
    Tel: 020 7935 9496


CROWS NEST: Creditors Ratify Voluntary Liquidation
--------------------------------------------------
Creditors of Crows Nest Services Limited ratified on June 7 the
resolution for voluntary liquidation together with the
appointment of Alan H. Tomlinson of Tomlinsons as Liquidator.

The company can be reached at:

         Crows Nest Services Limited
    St Johns Court
    72 Gartside Street
    Manchester
    Lancashire M3 3EL
    United Kingdom
    Tel: 01744 891 717


D & K INTERIORS: Creditors' Meeting Slated for September 8
----------------------------------------------------------
Creditors of D & K Interiors Limited (Company Number 04121165)
will meet at 10:30 a.m. on Sept. 8 at:

         McCann Taylor
         Shipley Wharf
         Wharf Street
         Shipley BD17 7DW
         United Kingdom

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

         Susan M. Wriglesworth
         Administrator
         McCann Taylor Insolvency Practitioners
         Unit C Shipley Wharfe
         Wharf Street
         Shipley BD17 7DW
         United Kingdom
         Tel: 01274 590 006


DIRECT AUTOS: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of Direct Autos Limited confirmed on May 24 the
appointment of Nigel Price and Mark Bowen of Moore Stephens LLP
as Joint Liquidators of the company.

The company can be reached at:

    Direct Autos Limited
    2 High Street
    Newent
    Gloucestershire GL181AS
    United Kingdom
    Tel: 01531 828 215


DIRECT BATHTIME: Names Filippa Connorr Liquidator
-------------------------------------------------
Filippa Connor of B & C Associates was appointed Liquidator of
Direct Bathtime Limited on Dec. 9, 2005, for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Direct Bathtime Limited
    Trafalgar House
    Grenville Place
    Barnet
    London NW7 3SA
    United kingdom
    Tel: 0114 254 8099


DMG COMPUTERS: Appoints Liquidator from Haines Watts
----------------------------------------------------
Colin Nicholls of Haines Watts was appointed Liquidator of DMG
Computers Limited on May 25 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         DMG Computers Limited
    Blackminster Business Park
    Blackminster
    Evesham
    Worcestershire WR117RE
    United Kingdom
    Tel: 01386 834 153
    Web: http://www.dmg-computers.com/


DOMOS LIMITED: Brings In Joint Liquidators from CBA
---------------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
Joint Liquidators of Domos Limited on May 31 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Domos Limited
    53 Church Road
    London SW19 5DQ
    United Kingdom
    Tel: 0845 8508686


ENVIRONMENTAL CLEANING: Taps Liquidators from Abbott Fielding
-------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were appointed
Joint Liquidators of Environmental Cleaning Limited on June 1
for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Environmental Cleaning Limited
    Station Approach
    150 New Road
    Bromsgrove
    Worcestershire B60 2LG
    United Kingdom
    Tel: 01527 878455


EUROLIFE ASSURANCE: Brings In Administrators from F A Simms
-----------------------------------------------------------
Richard Frank Simms, Martin Richard Buttriss and Steven Peter
Ford pf F A Simms & Partners PLC were appointed joint
administrators of Eurolife Assurance Group Limited (Company
Number 2471313) on Aug. 17.

The administrators can be reached at:

         F A Simms & Partners PLC
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Headquartered in London, United Kingdom, Eurolife Assurance
Group Limited is engaged in life assurance and re-insurance.


EXTINGUISHED FIRE: Hires Liquidator from B & C Associates
---------------------------------------------------------
Filippa Connor of B & C Associates was named liquidator of
Extinguished Fire Protection & Media Services Limited on June 29
for the purposes of creditors' voluntary winding-up proceedings.

The company can be reached at:

         Extinguished Fire Protection & Media Services Limited
         Unit 7
         Stonecross Industrial Centre
         Lewes Road
         Laughton Lewes
         East Sussex BN8 6BN
         United Kingdom
         Tel: 01323 811717


FLAVOURS OF INDIA: Creditors' Meeting Slated for September 8
------------------------------------------------------------
Creditors of Flavours of India (Wales) Limited (Company Number
04467987) will meet at 10:00 a.m. on Sept. 8 at:

         Rothman Pantall & Co.
         Clareville House
         26-27 Oxendon Street
         London SW1Y 4EP
         United Kingdom

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

         Stephen Blandford Ryman and Robert Derek Smailes
         Joint Administrators
         Rothman Pantall & Co
         Clareville House
         26-27 Oxendon Street
         London SW1Y 4EP
         United Kingdom
         Tel: +44 (0) 20 7930 7272
         Fax: +44 (0) 20 7930 9849
         E-mail: london@rothman-pantall.co.uk

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.


FUNW LIMITED: Names Liquidator from Barringtons Limited
-------------------------------------------------------
Philip Barrington Wood of Barringtons Limited was appointed
Liquidator of Funw Limited (t/a Pastiche Bistro) on June 30 for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Funw Limited
    Richmond House 570-572
    Etruria Road
    Newcastle
    Staffordshire ST5 0SU
    United Kingdom
    Tel: 01785 215 306


G & R SURFACING: Names Jeremy Nicolas Bleazard as Administrator
---------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
named administrator of G & R Surfacing Limited (Company Number
04481625) on Aug. 18.

The administrator can be reached at:

         XL Business Solutions Limited
         1st Floor
         2-4 Market Street
         Cleckheaton BD19 5AJ
         United Kingdom
         Fax: 01274 870606
         Tel: 01274 870101
         E-mail: enquiries@xlbs.co.uk
                 jbleazard@xlbs.co.uk

Headquartered in Gateshead, United Kingdom, G & R Surfacing
Limited is engaged in road surfacing.


GENERAL MOTORS: Renault Taps BNP Paribas for Three-Way Tie-Up
-------------------------------------------------------------
Renault SA has named BNP Paribas to advise on a possible three-
way alliance with General Motors Corp. and Nissan Motor Co., AFX
News Limited reports citing a source privy to the matter.

According to AFX, the French carmaker has also drawn up a
shortlist of around eight British and US banks from which it
will choose a second adviser.  The selection process is likely
to take several weeks to finalize, the report says.

Anne-Sylvaine Chassany and David Pearson of The Wall Street
Journal cited a source saying that Renault is "now seriously
considering a potential alliance."

Carlos Ghosn, chief executive of Renault and Nissan, refused to
make public statements until internal feasibility studies are
completed in mid-October and Renault decides whether to proceed,
the WSJ relates.

According to GM CEO Rick Wagoner, the company is considering an
alliance but is focusing on its turnaround efforts, which don't
hinge on the outcome of the talks, WSJ adds.

Renault-Nissan is a collaboration between Nissan Motor Co.,
Ltd., and Renault S.A.  A GM shareholder, Kirk Kerkorian,
broached the idea of pulling in GM into the two-way tie-up.  Mr.
Kerkorian owns 9.9% equity stake in GM through his investment
firm Tracinda Corp.

The WSJ reported last week that Ford Motor Co. Chairman Bill
Ford Jr. has approached Mr. Ghosn about a possible alliance with
Ford if the proposed tie-up with GM fails.

                      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
Mexico.  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.

                           *     *     *

As reported in the Troubled Company Reporter 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.

As reported in the Troubled Company Reporter 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' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.


GLOBAL TRADE: Creditors' Meeting Slated for September 11
--------------------------------------------------------
Creditors of The Global Trade Centre Limited (Company Number
3165692) will meet at 11:00 a.m. on Sept. 11 at:

         Moore Stephens LLP
         1 Snow Hill
         London EC1A 2DH
         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:

         Philip Sykes and David Rolph
         Joint Administrative Receivers
         Moore Stephens LLP
         1 Snow Hill
         London EC1A 2EN
         United Kingdom
         Tel: 020 7334 9191
         Fax: 020 7248 3408

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  


GOLDARROW FASHIONS: Calls In Liquidators from Valentine & Co.
-------------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Goldarrow Fashions Limited on
June 8 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Goldarrow Fashions Limited
    Alperton House
    Bridgewater Road
    Wembley
    Middlesex HA0 1EH
    United Kingdom
    Tel: 020 7499 7333


GULP LIMITED: Creditors Ratify Liquidator's Appointment
-------------------------------------------------------
Creditors of Gulp (U.K.) Limited ratified on June 5 the
appointment of Michael C. Kienlen of Armstrong Watson as
Liquidator of the company.

The company can be reached at:

         Gulp (U.K.) Limited
    47 Duke Street
    Darlington
    County Durham DL3 7SD
    United Kingdom
    Tel: 01325 389 797


GUS PLC: Majority of Noteholders Hold on to 5.63% Notes
-------------------------------------------------------
GUS PLC disclosed yesterday that holders of GBP15,923,000
(4.55%) in principal amount of the GBP350 million 5.63% notes
due 2013 have offered to sell their notes to the company.  More
than 95 percent of the noteholders declined the company's
invitation to tender the notes.

GUS gave a Notice of Acceptance of Offer to Sell to the Tender
Agent in respect of all offers.  Noteholders can expect to
receive payment of par value plus accrued interest on their
tendered notes today.

As disclosed on Aug. 29, GUS shareholders approved the proposed
separation of GUS' two businesses, Argos Retail Group and
Experian, by means of a demerger.  GUS's invitation to tender
has given noteholders who were concerned about the effect of the
demerger the opportunity to decide whether they wished to sell
or to retain their notes.

"We note that a small proportion of the 2013 noteholders have
accepted our offer, but most of the noteholders wish to retain
their notes as obligations of Experian.  The outcome has no
effect on the demerger, which is on track to be completed by
mid-October," David Tyler, finance director of GUS disclosed.

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

                      About the Company

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

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

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


HILLTOP LAWNMOWERS: Appoints Joint Administrators from Kroll
------------------------------------------------------------
R.A.H. Maxwell and C.P. Holder of Kroll were appointed joint
administrators of Hilltop Lawnmowers Limited (Company Number
05487904) 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.

Headquartered in Leeds, United Kingdom, Hilltop Lawnmowers
Limited retails and repairs lawnmowers.


HOWARTH SAFETY: Brings In Liquidator from DTE
---------------------------------------------
Howarth Safety Services Limited appointed J.M. Titley of DTE
Leonard Curtis as liquidator on June 23 after creditors resolved
to voluntarily wind-up the company.

The company can be reached at:

         Howarth Safety Services Limited
         Lakes Training Centre
         Worsley Road
         Swinton
         Manchester M27 5WW
         United Kingdom
         Tel: 0161 728 2303


INCENTIVE INT'L: Names Martin Charles Armstrong Liquidator
----------------------------------------------------------
Martin Charles Armstrong of Turpin Barker Armstrong was
appointed Liquidator of Incentive International Limited on
June 6 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Incentive International Limited
    30-32 High Street
    Epsom
    Surrey KT198AH
    United Kingdom
    Tel: 01372 846 590
    Web: http://www.executivegolfclub.com/


INCO LTD: Terminates Merger Agreement with Phelps Dodge
-------------------------------------------------------
Inco Limited agreed with Phelps Dodge Corp. to terminate the
Combination Agreement the parties entered into on June 25, 2006.
Inco also cancelled the special meeting of Inco shareholders
called for Sept. 7, 2006.

Consistent with the terms of the agreement entered into between
the parties, Inco will pay Phelps Dodge a termination fee of
US$125 million and a further US$350 million if Inco consummates
an alternative take-over bid or similar transaction on or prior
to Sept. 7, 2007.   Inco would have paid these same amounts had
the agreement been terminated after Inco shareholders failed to
approve the Phelps Dodge transaction at the special meeting.

"It was very clear from the proxies we received that Inco
shareholders were not going to support the Phelps Dodge
transaction, so the two companies agreed that it was in our
respective best interests to move on," Scott Hand, Chairman and
Chief Executive Officer of Inco, stated.

"We have enjoyed working with the Phelps Dodge team," Mr. Hand
said.  "It is a great company and we wish them all the best in
the future."

Following the termination of the Combination Agreement, Inco is
no longer restricted in its ability to solicit acquisition
proposals from, provide confidential information to or enter
into negotiations or agreements with interested parties
concerning potential value enhancing alternatives.  The Board
has authorized Inco's senior management and its advisors to
explore these alternatives consistent with the company's
commitment to maximize value to Inco shareholders.  Inco also
continues to be open to entering into discussions or
negotiations with Companhia do Vale Rio Doce with regard to its
offer of Aug. 14, 2006.  Inco cautions that there can be no
assurance that such actions will lead to Inco entering into
discussions or negotiations resulting in a binding agreement
with respect to any transaction with any party.

                      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.


JB WORKFORCE: Joint Liquidators Take Over Operations
----------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of JB
Workforce Limited on June 13 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         JB Workforce Limited
    2 Batchelor Street
    Chatham
    Kent ME4 4BJ
    United Kingdom
    Tel: 01634 827 777


JILLAND GROUP: Taps Joint Administrators from Mazars LLP
--------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Jilland Group Limited (Company Number
05375087) on Aug. 23.

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

Headquartered in Doncaster, United Kingdom, Jilland Group
Limited is engaged in construction and civil engineering.


KEYTEL LIMITED: Hires Joint Liquidators from Dains
--------------------------------------------------
M. F. P. Smith and N. J. Hawksley of Dains were appointed Joint
Liquidators of Keytel Limited on June 1 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Keytel Limited
    Unit 2
    Lea Hall Enterprise Park
    Wheelhouse Road
    Rugeley
    Staffordshire WS151LH
    United Kingdom
    Tel: 0870 733 3111


LEAT ENTERPRISES: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Leat Enterprises Limited confirmed on June 9 the
appointment of A. Graham of Hamilton Insolvency Practitioners
Limited as Liquidator.

The company can be reached at:

         Leat Enterprises Limited
    Omega Court
    368 Cemetery Road
    Sheffield
    South Yorkshire S11 8FT
    United Kingdom
    Tel: 01226 709 738


LYDNEY SAND: Taps Joint Liquidators from Janes
----------------------------------------------
David N. Hughes and Colin A. Prescott of Janes were appointed
joint liquidators of Lydney Sand & Gravel Ltd. on June 23 for
the purposes of the creditors' voluntary winding-up proceedings.

The company can be reached at:

         Lydney Sand & Gravel Ltd.
         Church Road
         Lydney
         Gloucestershire GL15 5ED
         United Kingdom
         Tel: 01594 844 406


M & R TRANSPORT: Names Joint Liquidators from Lines Henry
---------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of M & R Transport (Bulk Powders) Ltd.
(formerly M & R Transport (Widnes) on June 6 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         M & R Transport (Bulk Powders) Ltd.
    27 The Downs
    Altrincham
    Cheshire WA142QD
    United Kingdom
    Tel: 0151 424 6777


MAY TWELFTH: Calls In Joint Liquidators from Begbies Traynor
------------------------------------------------------------
James P. N. Martin and John W. Kelly of Begbies Traynor were
appointed Joint Liquidators of May Twelfth Limited (formerly
Coaching & Mentoring International Limited) on June 12 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         May Twelfth Limited
    Science Park
    Stafford Road
    Wolverhampton WV109RU
    United Kingdom
    Tel: 0870 756 7444


MILLAND TYRE: Taps Gary Stones to Liquidate Assets
--------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of Milland
Tyre & Auto Limited on June 27 for the purposes of creditors'
voluntary winding-up proceedings.

The company can be reached at:

         Milland Tyre & Auto Limited
         Unit 18
         Milland Road Industrial Estate
         Neath
         West Glamorgan SA11 1NJ
         United Kingdom
         Tel: 01639 620 555


NATIONWIDE IMPERIAL: Hires DTE Leonard to Liquidate Assets
----------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was named liquidator of
Nationwide Imperial Services Limited on June 28 for the purposes
of creditors' voluntary winding-up procedure.

The company can be reached at:

         Nationwide Imperial Services Limited
         Unit G3
         Brownlow Business Centre
         Darley Street
         Bolton BL1 3DX
         United Kingdom
         Tel: 01204 361 610


NEW LIFE: P. R. Dewey Leads Liquidation Procedure
-------------------------------------------------
P. R. Dewey of Dewey & Co. was appointed Liquidator of New Life
Pallets Limited on June 8 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         New Life Pallets Limited
    Queen Alexandra Dock
    Cardiff
    South Glamorgan CF104LU
    United Kingdom
    Tel: 029 2043 4800


NOVELIS INC: Financial Woes Cue Moody's to Cut Low-B Ratings
------------------------------------------------------------
Moody's Investors Service downgraded Novelis Inc's corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2 and its
senior unsecured notes to B2 from B1.  

Moody's also downgraded Novelis Corp.'s bank term loan rating to
Ba3 from Ba2.  These ratings remain under review for further
possible downgrade.  At the same time, Moody's lowered Novelis'
speculative grade liquidity rating to SGL-4 from SGL-3.

The downgrades reflect the challenges Novelis faces in its 2006
performance due to its remaining exposure to certain contracts
with price ceilings and the more negative than expected impact
of the differential between used beverage can prices and primary
aluminum prices.  

In addition, the downgrade acknowledges the increased costs
associated with the review and restatement of Novelis's
financial statements since its spin-off from Alcan, the
increased interest costs due to waivers required under the bank
agreements, and the step-up in the interest rates on the notes
due to non-registration.

While the rating considers the leading position of Novelis in
the can sheet and conversion markets as well as its large
geographic scope and global footprint, Moody's sees 2006 as a
transition year for Novelis both operationally and from a
management and reporting perspective.  Therefore, Moody's
expects the time frame for meaningful deleveraging to be more
protracted than anticipated.

The continuing review reflects the company's delay in filing
financial statements for 2006 to date and the consequent default
notices received from bondholders.  The company filed its 2005
10K on Aug. 25, within the required time frame.  To the extent
the company is able to file its 2006 10Q's within the time frame
specified in the bank waivers and bondholders default notices,
and obtain any covenant relief that might be required, Moody's
expects the ratings will likely be confirmed.

The change in the speculative grade liquidity rating to SGL-4
from SGL-3 reflects the potential for covenant shortfalls later
in the year as reduced revenues and increased costs erase
existing covenant cushions.  In addition, step-ups in required
ratios will further stress the company's ability to comply.  As
a consequence, the company remains vulnerable to the bank's
willingness to waive and or adjust covenant levels.

Ratings downgraded:

* Novelis Corporation

   -- Senior Secured Bank Credit Facility, to Ba3 from Ba2;

* Novelis Inc.

   -- Corporate Family Rating, to B1 from Ba3;
   -- Speculative Grade Liquidity Rating, to SGL-4 from SGL-3;
   -- Senior Secured Bank Credit Facility, to Ba3 from Ba2; and
   -- Senior Unsecured Regular Bond/Debenture, to B2 from B1.

Headquartered in Atlanta, Georgia, Novelis Inc. had revenues of
US$8.4 billion in 2005.


PHOTO ARTISTS: Names Michael Chamberlain as Administrator
---------------------------------------------------------
Michael Chamberlain of Chamberlain & Co. was appointed
administrator of The Photo Artists Limited (Company Number
05319959) on Aug. 25.

The administrator can be reached at:

         Chamberlain & Co.
         Aireside House
         24/26 Aire Street
         Leeds
         West Yorkshire LS1 4HT
         United Kingdom
         Tel: 0113 242 0808
         Fax: 0113 242 0866
         E-mail: mail@chamberlain-co.co.uk  

The Photo Artists Limited can be reached at:

         83 Kirkgate
         Leeds
         West Yorkshire LS2 7DJ
         United Kingdom


R.J.L. LIMITED: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of R.J.L. Limited confirmed on June 6 the resolutions
for voluntary liquidation.

Creditors also ratified the appointment of Freddy Khalastchi of
Harris Lipman LLP as Liquidator on the same day.

The company can be reached at:

         R.J.L. Limited
    R J L House
    London Road
    Purfleet
    Essex RM191RJ
    United Kingdom
    Tel: 01708 861 209


RETAIL SAFERS: Taps Liquidators from Begbies Traynor
----------------------------------------------------
Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP were appointed Joint Liquidators of Retail Safers
Limited on June 7 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Retail Safers Limited
    Unit 2b Juno House
    Calleva Park
    Aldermaston
    Reading
    Berkshire RG7 8RA
    United Kingdom
    Tel: 0118 981 5522
    Web: http://www.retailsafers.co.uk/


RONACEY BRIDES: Hires Jane Walker to Liquidate Assets
----------------------------------------------------
Jane Walker of Errington Walker Limited was appointed Liquidator
of Ronacey Brides Limited on June 9 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ronacey Brides Limited
    High Street
    Knowle
    Solihull
    West Midlands B93 0LY
    United Kingdom
    Tel: 01564 771 093


SCORPIO WINDOWS: Brings In Joint Liquidators from Vantis
--------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French were
appointed Joint Liquidators of Scorpio Windows & Doors Limited
on June 6 for the purposes of the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Scorpio Windows & Doors Limited
    43 45 Butts Green Road
    Hornchurch
    Essex RM112JX
    United Kingdom
    Tel: 020 8597 9911


SCOTTISH RE: Moody's Changes Review Direction to Uncertain
----------------------------------------------------------
Moody's Investors Service changed the direction of review for
Scottish Re Group Limited's ratings to uncertain from possible
downgrade.  

The change in the direction of the ratings review impacts the
company's Ba3 senior unsecured debt rating and the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (SALIC) and Scottish Re (U.S.), Inc.  

The rating agency said the revised direction of the review
indicates the possibility that Scottish Re's ratings could now
be downgraded, upgraded or confirmed depending on the future
developments at Scottish Re.

Moody's stated that the broader range of possible rating
outcomes reflects the possibility that Scottish Re is successful
in implementing its main strategic goal, which is the sale of
the company.

According to Scott Robinson, Vice President & Senior Credit
Officer, "it is likely that some insurers and/or reinsurers are
interested in purchasing Scottish Re."  Robinson continued that
"possible suitors consist of those companies that could place
the Scottish Re inforce business into runoff and those that
could use it as a platform to enter or enhance their position in
the U.S. life reinsurance market."

If an acquisition of Scottish Re is completed, the ultimate
ratings of the company would depend upon the financial strength
of the purchaser as well as the structure of the deal, but the
ratings would likely be upgraded from their current level.

Moody's also believes that some private equity firms could be
interested in investing in Scottish Re.  However, the rating
agency notes that unless a private equity firm partnered with a
company with insurance expertise, it would view this outcome as
a less viable long term solution than an outright sale of the
company, with limited--if any--upward movement likely in
Scottish Re's ratings.

Notwithstanding the possibility of Scottish Re being acquired,
Moody's emphasized that the company still needs to secure
additional collateral and/or liquidity over the next several
weeks to prevent further downgrade.

The company is currently pursuing standard reinsurance and
surplus relief reinsurance solutions, as well as private equity
capital raising and asset-based financing-type transactions.
Moody's believes the reinsurance initiatives have a greater
probability of being completed in the near term.  It is also
possible that potential purchasers of Scottish Re would provide
some form of short-term collateral and/or liquidity support to
the company.

Robinson emphasized that "any such transactions would be only
temporary solutions, providing Scottish Re with additional
liquidity and collateral that could support the company through
the sales process."

Moody's said that the review would likely result in a downgrade
of Scottish Re if it becomes apparent that the company will not
be successful in completing its near-term collateral/liquidity
solutions and/or its capital raising/sales process.

Ratings changed from being under review for possible downgrade
to being under review with direction uncertain:

* Scottish Re Group Limited

   -- senior unsecured debt of Ba3; senior unsecured shelf of            
(P)Ba3;

   -- subordinate shelf of (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2;

   -- preferred stock shelf of (P)B2;

* Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1;

* Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1;

* Scottish Annuity & Life Insurance Company (Cayman) Ltd.

   -- IFS rating of Baa3;

* Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3;

* Scottish Re (U.S.), Inc.:

   -- insurance financial strength of Baa3; and

* Stingray Pass-Through Certificates

   -- Baa3 (based on IFS rating of SALIC).

On Aug. 21, Moody's downgraded to Ba3 from Ba2 the senior
unsecured debt rating of Scottish Re and also downgraded to Baa3
from Baa2 the IFS ratings of SALIC and Scottish Re (U.S.), Inc.  
The ratings were also placed on review for possible further
downgrade.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda; it also has
significant operations in Charlotte NC, Denver CO and Windsor
England.  On June 30, 2006, Scottish Re reported assets of
US$14.6 billion and shareholders' equity of US$1.2 billion.


SETNORTH LIMITED: Taps Ian William Kings to Liquidate Assets
------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Setnorth (Middlesbrough) Limited on June 2 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Setnorth (Middlesbrough) Limited
    6 Southwood
    Coulby Newham
    Middlesbrough
    Cleveland TS8 0UE
    United Kingdom
    Tel: 01642 278 115


TRICOR INT'L: Hires Malcolm Edward Fergusson to Liquidate Assets
----------------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
Liquidator of Tricor International Limited on June 5 purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Tricor International Limited
    Longbeck Estate
    Longbeck Estate
    Redcar
    Cleveland TS116HB
    United Kingdom
    Tel: 01642 482 000


TRIPLE EIGHT: Brings In Joint Liquidators from Valentine & Co.
--------------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Triple Eight (Beverley) Limited
on May 26 for the purposes of the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Triple Eight (Beverley) Limited
    London Road
    Albourne
    Hassocks
    West Sussex BN6 9BJ
    United Kingdom
    Tel: 01273 831 883


TSI TRANSMISSION: Creditors' Meeting Slated for September 11
------------------------------------------------------------
Creditors of TSI Transmission Limited (Company Number 03227609)
will meet at 11:00 a.m. on Sept. 11 at:

         Fisher Partners
         Acre House
         11-15 William Road
         London NW1 3ER
         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 tomorrow, Sept. 8 at:

         Stephen M. Katz and David Birne
         Joint Administrators
         Fisher Partners
         Acre House
         11-15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk


VOLKSPEED SERVICE: Hires Joint Liquidators from hjs Recovery
------------------------------------------------------------
Shane Biddlecombe and Gordon Johnston of hjs Recovery were
appointed Joint Liquidators of Volkspeed Service Station Limited
on June 2 for the purposes of the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Volkspeed Service Station Limited
    12 14 Carlton Place
    Southampton
    Hampshire SO152EA
    United Kingdom
    Tel: 01372 277 888


WEST HEATH: Creditors' Meeting Slated for September 19
------------------------------------------------------
Creditors of West Heath Press Limited (Company Number 726711)
will meet at 10:30 a.m. on Sept. 19 at:

         The Clarendon Suite
         Stirling Road
         Edgbaston
         Birmingham B16 9SB
         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. 18 at:

         Gerald Frederick Davis
         Administrator
         Heathcote & Coleman
         Heathcote House
         136 Hagley Road
         Edgbaston
         Birmingham
         West Midlands B16 9PN
         United Kingdom
         Tel: 0121 454 4141
         Fax: 0121 454 4949
         E-mail: gfd@heathcote-coleman.co.uk


WESTON LEISURE: Names Joint Liquidators to Wind Up Business
-----------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Weston Leisure Limited on June 7
for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Weston Leisure Limited
    47 High Street
    Bognor Regis
    West Sussex PO211RX
    United Kingdom
    Tel: 01243 823 148


WILKINSON & STEPHENS: Names Joint Administrators from BWC
---------------------------------------------------------
Gary Edgar Blackburn and David Leighton Cockshott of BWC
Business Solutions were appointed joint administrators of
Wilkinson & Stephens (The Dining Room Centre) Limited (Company
Number 02040546) on Aug. 23.

The administrators can be reached at:

         BWC Business Solutions
         8 Park Place
         Leeds
         West Yorkshire LS1 2RU
         United Kingdom
         Tel: 0113 243 3434
         Fax: 0113 243 5049
         E-mail: bwc@bwc-solutions.com

Wilkinson & Stephens (The Dining Room Centre) Limited can be
reached at:

         Harrogate Road
         Bradford
         West Yorkshire BD10 0QS
         United Kingdom
         Tel: 01274 616 971
         Fax: 01274 621 649


WOMMBAT LIMITED: Appoints Joint Liquidators from Haines Watts
-------------------------------------------------------------
Timothy Calverley and David Michael Clements of Haines Watts
were appointed Joint Liquidators of Wommbat Limited on June 8
for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Wommbat Limited
    Langsett Road South
    Oughtibridge
    Sheffield
    South Yorkshire S35 0GY
    United Kingdom
    Tel: 0114 286 4040


* Moody's Amends Methodology for Bank Financial Strength Ratings
----------------------------------------------------------------
Moody's Investors Service issued a request for comment on a
proposed revision to its rating methodology for assigning Bank
Financial Strength Ratings, which evaluates the stand-alone
financial strength of banks without reference to external
support factors.  Moody's said that the proposed methodology is
intended to enhance both the transparency and consistency of
this type of rating.

Moody's welcomes comments or suggestions on this proposal from
market participants.  Comments should be sent to cpc@moodys.com
by Sept. 29.  During the first three weeks of September, Moody's
will be presenting the updated methodology by means of
teleconferences and regional briefings.  To participate, please
refer to the events page on www.moodys.com.

Moody's Chief Credit Officer for Financial Institutions, David
Fanger, said that this revision does not change the main factors
that Moody's considers when rating banks.

"However," Fanger says, "the revised approach provides a single,
global methodology instead of separate methodologies for mature
and developing markets."

"Moreover," Fanger adds, "the new approach also establishes
specific ranges for each factor that relate to different rating
categories."

The analyst states that this updated methodology is intended to
provide investors and issuers with a transparent set of
guidelines, thereby allowing them to better understand our
rating process and how we reach our decisions.

"We are requesting comments from market participants," Fanger
says, "because we believe that the implementation of this
methodology could lead to changes in the BFSRs for a significant
number of banks -- although we do not expect most of those to
exceed two notches."

The revised methodology is designed to improve the consistency
of Moody's BFSRs.

"As previously announced," Fanger says, "Moody's intends to
incorporate joint-default analysis (JDA) into our assessment of
external support for banks later this year, and BFSRs are an
important input into JDA for banks."

"We believe the updated BFSR methodology will help ensure that
existing BFSRs are indeed 'pure' measures of stand-alone
financial strength and do not include external support," he
explains, noting that "this consideration is important in order
to avoid double-counting external support when we implement JDA
for banks."

"To enhance BFSR consistency worldwide," Fanger says, "we have
also developed a rating scorecard that uses a common set of
globally available financial metrics, together with key
qualitative factors that Moody's analysts consider to be
critical in evaluating a bank's intrinsic financial strength."
This scorecard will be used by Moody's analysts as the first
step in determining BFSRs, and will also be made available to
Moody's investor clients.

"In addition," Fanger says, "the revised methodology and the
rating scorecard should also enable investors and issuers to
independently estimate a BFSR for most banks within two
notches."  

Moody's report describes the scorecard in detail and discusses
some of its limitations, as well as presenting some of the
further adjustments that Moody's analysts are considering and
may employ in assigning BFSRs.

The report is entitled "Bank Financial Strength Ratings: Revised
Global Methodology."


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than $3
per share in public markets.  At first glance, this list may
look like the definitive compilation of stocks that are ideal to
sell short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, and Joy Agravante, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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