TCREUR_Public/060908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 8, 2006, Vol. 7, No. 179   

                            Headlines


A U S T R I A

DIE COMPUTERMACHER: Eisenstadt Court Orders Business Shutdown
GAE LEBENSMITTEL: Innsbruck Court Shuts Down Business
GLEICHWEIT & CO.: Creditors to Recover 34% of Claims
GRUBER STEUERUNGSTECHNIK: Wels Court Orders Business Shutdown
GVOZ: Creditors' Meeting Slated for September 27

HASLINGER: St. Poelten Court Orders Closing of Repair Business
HOLZCONZEPT TISCHLEREI: Names F. Hofbauer New Property Manager
LENTIA SCHUHCOUTURE: Claims Filing Period Ends September 11
PROSIEBENSAT.1 MEDIA: Acquires 30% of MyVideo.de
SEMIR KORO: Creditors' Meeting Slated for September 13

TRICON: Claims Registration Period Ends September 11
VARTA: Claims Registration Period Ends September 11


F R A N C E

AAR CORP: Closes New US$140 Million Revolving Credit Facility
ATARI INC: Taps David Pierce President & Chief Executive Officer
COMPAGNIE GENERALE: Earns EUR29.7 Mln for Second Quarter 2006
COMPAGNIE GENERALE: Merger Spurs Moody's to Review Ratings
INTELSAT LTD: June 30 Stockholder's Deficit Widens to US$331M


G E R M A N Y

CLEVER WOHNEN: Creditors' Meeting Slated for September 28
DATASAVE ANWENDUNGSSYSTEME: Claims Registration Ends Sept. 25
ESP EICHHORN: Claims Registration Ends September 27
KOENCKE II: Claims Registration Ends September 27
LINDE FINANCE: Moody's Cuts Subordinated Long-term Rating to Ba1

MASCHINEN-SERVICE: Claims Registration Ends September 27
MDR MESSEBAU: Claims Registration Ends September 25
MWE BAUGESELLSCHAFT: Claims Registration Ends September 26
NEENAH PAPER: Moody's Affirms B1 Corporate Family Rating
RALF HEINZ: Creditors' Meeting Slated for September 25

SIZE GESELLSCHAFT: Claims Registration Ends September 27
WKS WERKZEUGE: Claims Registration Ends September 26


I T A L Y

PARMALAT: Parties Balk at Planned Permanent Injunction Order


K A Z A K H S T A N

ALMATYPLAST: Creditors Must File Claims by Sept. 29
DULAT: Creditors Must File Claims by Sept. 22
GANS: East Kazakhstan Court Opens Bankruptcy Proceedings
MEKTEP LTD: Proof of Claim Deadline Slated for Sept. 29
NUREKE: East Kazakhstan Court Begins Bankruptcy Proceedings

SMP-10: Proof of Claim Deadline Slated for Sept. 29
STROYZAVOD CONSTRUCTION: Claims Registration Ends Sept. 29
TOGROVYI DOM: Claims Registration Ends Sept. 22
TREE LTD: Creditors' Claims Due Sept. 29
VEGA-ALIANS: Creditors' Claims Due Sept. 29


K Y R G Y Z S T A N

ANT REGIN: Proof of Claim Deadline Slated for Oct. 13
VESTA-TOKMOK: Public Auction Scheduled for Sept. 25


N E T H E R L A N D S

CONCERTO II: Fitch Keeps EUR38.75-Million Debt Ratings at BB-
IMPRESS HOLDINGS: Refinancing Prompts S&P to Revise Outlook


R O M A N I A

CFR S.A.: Weak Finances Spur S&P to Put Rating on Watch Negative


R U S S I A

ARM-COMPLECT: Perm Bankruptcy Hearing Slated for Sept. 20
AVIAKON: Moscow Bankruptcy Hearing Slated for Nov. 21
BREDINSKIY: Court Names I. Bagin as Insolvency Manager
BUILDER: Court Names I. Korovnikov as Insolvency Manager
DUVAN-MIXED FODDER: Bankruptcy Hearting Slated for Oct. 20

ERA: Perm Court Names M. Shimanaeva as Insolvency Manager
ERSHOVSKIY: Proofs of Claim Deadline Set for Sept. 15
FROLOVSKIY FACTORY: Bankruptcy Hearing Slated for October 5
GRIBANOVSK-SEL-KHOZ-KHIMIYA: Claims Filing Period Ends Sept. 15
I.I.FEDUNETS: Tula Court Starts Bankruptcy Supervision

IZHEVSKIY BREAD-MACARONI: T. Gibadullin to Manage Assets
IZHEVSKIY COMBINE: Court Names A. Karelin as Insolvency Manager
KHOMUTOVO-AGRO: Orel Bankruptcy Hearing Slated for October 18
KORKATOVSKIY: Mariy El Court Starts Bankruptcy Supervision
LUKOIL OAO: Board Reviews First-Half Results & Ten-Year Strategy

LUKOIL OAO: Completes Vysotsk Oil Terminal
MILK OF LGOVSKIY: Kursk Bankruptcy Hearing Slated for Nov. 1
MOBILE TELESYSTEMS: Earns US$294.7 Million for Second Qtr 2006
MOBILE TELESYSTEMS: Launches Share Repurchase Program
MOKHOVSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends Sept. 15

NADEZHDA: Perm Bankruptcy Hearing Slated for Nov. 7
NATSIONALNY KOSMICHESKY: Moody's Assigns B3/NP Deposit Ratings
NIKOLO-POLOMSKOYE: Court Names I. Stepanov as Insolvency Manager
NORTH-WEST TELECOM: Inks Support Deal with Arkhangelsk Oblast
OMZ OAO: S&P Assigns ruBB Rating to RUR1.5-Bln Bond Issue

ORENBURG-FURNITURE: Court Names N. Stulkov as Insolvency Manager
PEPYEVSKIY: Voronezh Court Names S. Bogay as Insolvency Manager
POLYMER-BUILDING-MATERIALS: Court Starts Bankruptcy Supervision
SARANSKAYA GARMENT: V. Samsonov to Manage Insolvency Assets
SEVERSTAL OAO: Cuts First-Half Net Profit by Half to US$412 Mln

STROY-TEKH-PROM: Stavropol Court Starts Bankruptcy Supervision
SUAL GROUP: Commences Buyout of Minority Shares
SVERDLOVSKIY: Court Names V. Grachev as Insolvency Manager
TULSKIY PAPER: Tula Court Names A. Eremin as Insolvency Manager
URALSKIY FACTORY: Moscow Bankruptcy Hearing Slated Sept. 7

URALTRANSBANK: Fitch Keeps IDR at B- on Vulnerable Liquidity
YANIVKOSKOYE: Court Names B. Litti as Insolvency Manager
ZARECHYE: Lipetsk Court Names I. Valvakova as Insolvency Manager


S P A I N

TEEKAY SHIPPING: Acquires 40% Stake in Norwegian Petrojarl ASA
TEEKAY SHIPPING: Petrojarl Merger Cues Moody's to Review Ratings
TEEKAY SHIPPING: S&P Puts BB+ Corp. Credit Rating on Neg. Watch


U K R A I N E

ITERA-TRADE: Court Names I. Sokolova as Insolvency Manager
KALUSH MILK: Ivano-Frankivsk Court Starts Bankruptcy Supervision
KARBON: Donetsk Court Starts Bankruptcy Supervision
MEGA-OPT: Court Names Dmitro Chernishenko as Insolvency Manager
TIVRIV DRUGSTORE: Court Names Bankruptcy Agency as Liquidator

UKROPTORG: Kyiv Court Names Olena Zorina as Insolvency Manager


U N I T E D   K I N G D O M

2SERVE LIMITED: Creditors Confirm Voluntary Liquidation
AAR CORP: Closes New US$140 Million Revolving Credit Facility
ALKALINE GROUP: Appoints Joint Liquidators from Robson Laidler
AURORA WINDOWS: Calls In Joint Liquidators from Begbies Traynor
AVNET INC: Moody's Assigns Ba1 Rating to US$250-Mln Notes

BGS U.K.: Eileen T. F. Sale Leads Liquidation Procedure
BRAVO! FOODS: Noteholders Agree to Cure Default on Senior Notes
CINDAN LAND: Taps Grant Thornton as Joint Administrators
CLEAR SOLUTION: Hires Joint Liquidators from CBA
COLLINS & AIKMAN: Ct. OKs Additional Condition on Collateral Use

COLLINS & AIKMAN: GM Insists Discovery Proposal is Adequate
COLLINS AND CURTIS: Taps Lloyd Biscoe to Liquidate Assets
COMMUNITY TRANSPORT: Joint Liquidators Take Over Operations
CONSTAR INT'L: June 30 Balance Sheet Upside-Down by US$42.6 Mln
COX THERMOFORMING: Creditors' Meeting Slated for September 11

CRANE BROS.: Names G. H. W. Griffith Liquidator
CREST HOTEL: Appoints Joint Administrators from Grant Thornton
DI-AL EXSTRUSION: Creditors' Meeting Slated for September 11
DOWLING HEARING: Hires Ian C. Brown to Liquidate Assets
DUALVENUE LTD: Appoints Kiran Mistry to Liquidate Assets

ELITE TECHNICAL: Brings In Joint Liquidators from Insol House
EMI GROUP: FMR Corp. et. al Cut Interest Holdings to 7.9%
ESPRIT RESOURCE: Names Joint Liquidators from Hart Shaw
EWS SOLUTIONS: Taps Peter O'Hara to Administer Assets
EXCLUSIVELY YOURS: Hires Joint Liquidators from Begbies Traynor

FOCUS DIY: Probable Default Spurs Fitch to Junk GBP100-Mln Notes
FORD MOTOR: Production Cuts Spur S&P to Assign Low-B Ratings
GLOBAL OFFICE: Creditors' Meeting Slated for September 11
GOLDEN PHOENIX: Taps Peter Hickman to Liquidate Assets
GROUNDWORK TRUST: Appoints PKF as Joint Administrators

HUDSON LEATHERS: Calls In Joint Liquidators from Begbies Traynor
IMAGINE FLOORING: Names Elizabeth Arakapiotis Liquidator
INTELSAT LTD: June 30 Stockholder's Deficit Widens to US$331M
IPC ACQUISITION: Probable Default Cues Moody's to Junk Rating
J.D. ELECTRICALS: Hires William Paxton to Liquidate Assets

JULIE-ANNA DESIGNS: Taps Joint Liquidators from Ashcrofts
LELLERS LIMITED: Appoints Lloyd Biscoe to Liquidate Assets
LIQUID IQ: Creditors Confirm Liquidator's Appointment
LONGMANOR PROJECTS: Names T. Papanicola as Administrator
LOWE ASTON: I. E. Walker Leads Liquidation Procedure

M & D TEAM: Nominates Liquidator from Piper Thompson
MERIDEN WINDOWS: Appoints Gerald Irwin to Liquidate Assets
METROPOLITAN MASONRY: Names Liquidator from Begbies Traynor
MGCS SERVICES: Taps Joint Administrators from Grant Thornton
MGD ANDREWS: Appoints Administrators from Begbies Traynor

MICHAEL ELLIS: Hires Neil Chesterton to Liquidate Assets
MIDLAND COMPUTER: Creditors Confirm Liquidators' Appointment
NOVELIS INC: Will Proceed with Sale of Certain Brazilian Assets
OPEN GOLF: Brings In Joint Liquidators from Valentine & Co.
OPTIONS MARBLE: Calls In Joint Liquidators from UHY Hacker Young

PATHFINDER SYSTEMS: Taps Joint Liquidators from Harrisons
PENDLE CARTON: Hires Joint Liquidators from Poppleton & Appleby
PHDSTOW LIMITED: Appoints Liquidator from Bottomley & Co.
RANK GROUP: Buys Back 1,492,545 Shares for Cancellation
ROBELL LIMITED: Creditors Confirm Liquidator's Appointment

SBS LTD: Appoints C. M. Iacovides to Liquidate Assets
SERVICES TRAVEL: Names Administrator from Jeremy Knight
STAKEFIELD LIMITED: Brings In Administrators from Grant Thornton
SUMMERGAZE LIMITED: Hires Grant Thornton to Administer Assets
TEEKAY SHIPPING: Acquires 40% Stake in Norwegian Petrojarl ASA

TEEKAY SHIPPING: Petrojarl Merger Cues Moody's to Review Ratings
TEEKAY SHIPPING: S&P Puts BB+ Corp. Credit Rating on Neg. Watch
VELRIC LIMITED: Taps Clive Morris to Liquidate Assets
ZENITH ENTERTAINMENT: Barclays Bank Appoints PwC Receivers

* Fitch Says Rapid Credit Growth a Concern In Some Countries

                            *********

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


DIE COMPUTERMACHER: Eisenstadt Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Eisenstadt entered an order on July 18
shutting down the business of International Media Holding Inc.
Die Computermacher (FN 257101s).  Court-appointed property
manager Thomas Deschka determined that the continuing operation
of the business would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Riedlingsdorf , Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 26 S 73/06x).  


GAE LEBENSMITTEL: Innsbruck Court Shuts Down Business
-----------------------------------------------------
The Land Court of Innsbruck entered an order on July 18 shutting
down the business of LLC GAE Lebensmittel-Analyse- Service (FN
194766x).  Court-appointed property manager Markus Komarek
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Markus Komarek
         Sparkassengasse 1
         6060 Hall in Tirol, Austria
         Tel: 05223/57266
         Fax: 05223/5726676
         E-mail: komarek@a1.net        

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on May 22 (Bankr. Case No. 7 S 16/06x).  


GLEICHWEIT & CO.: Creditors to Recover 34% of Claims
----------------------------------------------------
Mag. Christian Pfandl, the court-appointed property manager for
KEG Glechweit & Co. Tiger (FN 211069x), has offered a 34%
recovery of the creditors' claims against the Debtor.

The Land Court of Graz will yet to approve the final decision
and project by final allocation of Mag. Pfandl.

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Dec. 12, 2005 (Bankr. Case No. 26 S 136/05b).  Johann
Kaltenegger represents the Debtor in the bankruptcy proceedings.

The property manager can be reached at:

         Mag. Christian Pfandl
         Pestalozzistrasse 1
         8010 Graz, Austria
         Tel: 0316/820080
         Fax: 0316/820080-20
         E-mail: dr.aschmann@aon.at  


GRUBER STEUERUNGSTECHNIK: Wels Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Wels entered an order on July 18 shutting down
the business of LLC Gruber Steuerungstechnik (FN 185719t).  
Court-appointed property manager Rudolf Franzmayr determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Dr. Rudolf Franzmayr
         Stadtplatz 32
         4840 Voecklabruck, Austria
         Tel: 07672/23432
         Fax: 07672/23432-4
         E-mail: dr.franzmayr@aon.at        

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on June 22 (Bankr. Case No. 20 S 79/06b).  


GVOZ: Creditors' Meeting Slated for September 27
------------------------------------------------
Creditors owed money by LLC Gvoz (FN 261477a) are encouraged to
attend the creditors' meeting at 9:00 a.m. on Sept. 27 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on May 4  (Bankr. Case No. 4 S 69/06h).  Nikolaus Vogt serves as
the court-appointed property manager of the bankrupt estate.  
Eva Riess represents Mag. Vogt in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Nikolaus Vogt
         c/o Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01-33
         Fax: 402 57 01-57
         E-mail: nikolaus.vogt@riess.co.at  


HASLINGER: St. Poelten Court Orders Closing of Repair Business
--------------------------------------------------------------
The Land Court of St. Poelten entered an order on July 17
closing the repair business of Transport LLC Haslinger (FN
103733z).  Court-appointed property manager Martin Brandstetter
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. Martin Brandstetter
         Hofmann Center Station Route 2
         3300 Amstetten, Austria
         Tel: 07472/61122
         Fax: 07472/61122-4
         E-mail: office@ra-brandstetter.at         

Headquartered in Strengberg, Austria, the Debtor declared
bankruptcy on May 15 (Bankr. Case No. 14 S 82/06h).  


HOLZCONZEPT TISCHLEREI: Names F. Hofbauer New Property Manager
--------------------------------------------------------------
Dr. Franz Hofbauer replaced Gerhard Taufner as property manager
of LLC Holzconzept Tischlerei (FN 124723t) on July 18.  

Dr. Taufner requested to be dismissed from the position.

Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on July 5 (Bankr. Case No. 14 S 104/06v).
  
The new property manager can be reached at:

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


LENTIA SCHUHCOUTURE: Claims Filing Period Ends September 11
-----------------------------------------------------------
Creditors owed money by LLC Lentia Schuhcouture (FN 79485s) have
until Sept. 11 to file written proofs of claims to court-
appointed property manager Christian Atzwanger at:

         Mag. Christian Atzwanger
         Luefteneggerstr. 12
         4020 Linz, Austria
         Tel: 77 88 670
         Fax: 78 32 644
         E-mail: office@schuh-atzwanger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 25 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on July 7 (Bankr. Case No. 12 S 59/06y).  


PROSIEBENSAT.1 MEDIA: Acquires 30% of MyVideo.de
------------------------------------------------
ProSiebenSat.1 Media AG bought a 30% stake in online video
portal MyVideo.de for an undisclosed amount, Simon Thiel writes
for Bloomberg News.

The acquisition also includes a call option on the remaining 70%
stake in MyVideo.de.  

"We think MyVideo is one of the most interesting Web sites on
the Internet," Guillaume de Posch, ProSiebenSat Chief Executive,
said.  "MyVideo is another step for us to strengthen our
presence in the digital world."

"If you look at the success of YouTube, it makes sense to expand
our activities with a video-sharing community," Mr. de Posch
added.

MyVideo.de is a German Web site that allows users to share their
videos -- ranging from vacation videos to home-produced music
clips and self made short films.  The site logs around 12
million downloads of the 70,000 videos on offer -- up to 2
million downloads per day.  With the acquisition, ProsiebenSat.1
aims to hike its non-advertisement revenues from 10% to 15% in
2007.

                      About ProSiebenSat.1

Headquartered in Munich, Germany, ProSiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces  
television programs through four German language television
channels as well as a range of ancillary activities.  It was
formed in 2000 with the merger of Germany's leading broadcasters
ProSieben Media AG and Sat.1.  It is the largest and most
successful television corporation in Germany with four stations
-- Sat.1, ProSieben, kabel eins and N24.

                          *     *     *
  
ProsiebenSat.1 Media AG carries Ba1 senior unsecured and
corporate family ratings from Moody's Investors Service.  
Outlook is stable.


SEMIR KORO: Creditors' Meeting Slated for September 13
------------------------------------------------------
Creditors owed money by KEG Semir Koro (FN 256717a) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Sept. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Fischamend, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 36 S 81/06p).  Petra
Diwok serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Mag. Petra Diwok
         Landstrasser Main Street 34
         1030 Vienna, Austria
         Tel: 01/713 80 57
         Fax: 01/713 07 76
         E-mail: diwok@aon.at

  
TRICON: Claims Registration Period Ends September 11
----------------------------------------------------
Creditors owed money by LLC Tricon (FN 68381k) have until
Sept. 11 to file written proofs of claims to court-appointed
property manager Stefan Langer at:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92-22

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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 17 (Bankr. Case No. 28 S 31/06x).  


VARTA: Claims Registration Period Ends September 11
---------------------------------------------------
Creditors owed money by LLC Varta (FN 82420g) have until
Sept. 11 to file written proofs of claims to court-appointed
property manager Daniel Lampersberger at:

         Mag. Daniel Lampersberger
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 25 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         21st Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 45 S 48/06x).  


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


AAR CORP: Closes New US$140 Million Revolving Credit Facility
-----------------------------------------------------------
AAR Corp. has closed on a new senior, unsecured revolving credit
facility.

The facility has an initial limit of US$140 million and can be
increased to US$175 million.  The new agreement has a term of
four years and an interest rate fluctuating between LIBOR plus
125 and 200 basis points.  LaSalle Bank N.A. is the lead bank in
the syndicate of banks making this credit line available to the
Company.

The new financing replaces the Company's US$30 million secured
revolving credit facility, which has been cancelled, and its
US$50 million accounts receivable securitization facility, which
will be cancelled over the next 90 days.

"Our improved financial performance and outlook have allowed us
to simplify our capital structure, replacing multiple secured
credit facilities with one unsecured facility that has more
attractive terms and pricing," Timothy J. Romenesko, vice
president and chief financial officer, said.  "The new facility
provides us with even greater financial flexibility and
availability of funds to grow our business and position the
Company for the future."

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides  
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In
Europe, the company maintains offices in France, Germany, Italy,
the Netherlands, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
AAR Corp.'s 1.75% US$125 million convertible senior notes due
2026 sold via SEC Rule 144A with registration rights.

At the same time, Standard & Poor's affirmed its ratings,
including the 'BB-' corporate credit rating, assigned effective
June 16, 2003, on the aviation support services provider.  S&P
said the rating outlook is stable.


ATARI INC: Taps David Pierce President & Chief Executive Officer
----------------------------------------------------------------
Atari Inc., has appointed David Pierce as President and Chief
Executive Officer.  Mr. Pierce is assuming the responsibilities
of CEO previously held by Bruno Bonnell.

In this role, Mr. Pierce assumes responsibility for the
operational management of Atari and will partner with Mr.
Bonnell to achieve strategic objectives of the Company.  Mr.
Bonnell will continue to serve as the Company's Chairman and
Chief Creative Officer, steering the creative vision for Atari.

Mr. Pierce has a proven record in establishing and growing
companies.  With more than 20 years of executive management
experience with major entertainment companies such as Universal
Pictures, MGM, Sony Pictures and Sony Music Entertainment, he
brings an effective management style focused on the successful
execution of strategic objectives and improving profitability.
Mr. Pierce has successfully launched and established significant
market share for numerous media devices.  Additionally, his
career covers the development and launch of branded
entertainment properties, franchise development and delivery
across multiple distribution channels.

"Atari has been a cornerstone of a global cultural movement that
forever changed how we experience entertainment.  It's an honor
for me to have the opportunity to contribute to Atari's exciting
future," stated Mr. Pierce.  "There's a heritage of expectation
that demands a high level of responsibility to our consumers and
the interactive entertainment industry.  I look forward to
collaborating with the gifted and passionate individuals at
Atari to build on that heritage and raise the bar on what
consumers can expect."

"David has spent his career in the entertainment business and
has a clear understanding and appreciation for our consumers,"
Mr. Bonnell commented.  "His leadership skills, first-hand
operational execution and keen focus on profitability and
investment value make him the ideal person to lead Atari.

"With David as my senior partner, we will strengthen the
capabilities of Atari.  Our skill sets are complimentary and we
share a passion for providing consumers with compelling and
unique entertainment experiences.  David's track record is
stellar and we are privileged to have an executive of his
caliber and reputation leading Atari."

As Executive Vice President and General Manager, Mr. Pierce
spearheaded the complete restructuring and turnaround of Sony
Wonder, a division of SONY BMG Music Entertainment.  Under his
leadership, the company achieved record revenue and multiple
years of record profits.  Prior to Sony Wonder, Mr. Pierce was
the Senior Vice President of Columbia Tristar Home Video, a
division of Sony Pictures Entertainment, from 1989 through 1994.  
Mr. Pierce was recruited to help devise and execute a complete
reorganization of the company.  Specific areas of focus included
the reorganization of personnel, establishing sound financial
controls, development of distribution strategies and
establishing sales and marketing initiatives.  Over a five-year
period, Mr. Pierce increased revenues, achieved record net
contribution results and developed strategic distribution
relationships with several leading entertainment companies
including Sony Electronic Publishing, Epic Home Video and New
Line Pictures.

In 1984, Mr. Pierce was recruited by New World Pictures to
launch the company's video division, New World Home
Entertainment.  Through unique advertising campaigns and
creative sales promotion, he established New World as the
industry leader amongst independent production companies.

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

                        *     *     *

                     Going Concern Doubt

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


COMPAGNIE GENERALE: Earns EUR29.7 Mln for Second Quarter 2006
-------------------------------------------------------------
Compagnie Generale de Geophysique (NYSE: GGY) released its
unaudited consolidated results for the first half and second
quarter ended June 30, 2006.

CGG posted EUR29.7 million in net profit on EUR312.4 million in
revenues for the second quarter of 2006, compared with
EUR900,000 in net loss on EUR192.6 million in revenues for the
same period in 2005.  

The 2006 figure includes EUR10.6 million financial charges for
the variance on derivative of the 2004 convertible bonds that
are now fully converted.

The company registered EUR76.2 million in net profit on
EUR635.4 million in revenues for the first half of 2006,
compared to EUR9.6 million in net loss on EUR387 million in
revenues for the same period in 2005.  

The 2006 figure includes EUR23 million in specific charge for
convertible bonds.

As of June 30, 2006, CGG has net equity of EUR802.6 million and
net debt of EUR242.5 million, representing a 30% gearing ratio.

"The financial results of the second quarter 2006, in line with
our expectations for Services and significantly better for
Sercel, reinforce our confidence in delivering the 2006
financial targets," Robert Brunck, CGG Chairman & CEO,
commented.  "Our seismic market remains buoyant and the demand
both in services and in equipment is strong for 2007 and beyond,
as reflected by the high level and excellent quality of our
backlog.  In this context of excellent visibility of the seismic
market, our merger agreement with Veritas positions the future
CGG-Veritas Group as a leading global seismic company with a
strong potential of value creation for our shareholders."

             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).

                          *     *     *

Standard & Poor's Ratings Services has 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.

In addition, 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.


COMPAGNIE GENERALE: Merger Spurs Moody's to Review Ratings
----------------------------------------------------------
Moody's Investors Service placed all ratings of Compagnie
Generale de Geophysique on review for downgrade following its
announcement of an agreed merger with Veritas DGC Inc. in a part
cash, part stock transaction valued at US$3.1 billion.

Ratings affected include CGG's Ba2 Corporate Family Rating and
the Ba3 senior unsecured ratings of its two US$165 million
Senior Notes due 2015, which are one notch lower due to the
relatively high proportion of secured debt ranking ahead of the
Notes in CGG's funding structure.

Moody's also changed Veritas' rating outlook to developing from
stable.  Veritas currently has a Ba3 Corporate Family Rating;
however, Moody's does not rate Veritas' credit facility or its
convertible senior notes.  Assuming the merger is successful,
Veritas' Corporate Family Rating will be withdrawn at the time
of the transaction.

Moody's last rating action on CGG was on Dec. 21, 2005, when it
changed its outlook to stable from negative.

Moody's states that the merger with Veritas will create one of
the world's largest seismic oil services companies, with a
particularly strong position in offshore seismic, where it will
offer the largest fleet with a total of 20 vessels. Due to:

   -- this enhanced position in offshore seismic services,

   -- greater overall scale in a cyclical, yet currently   
strong market, and

   -- a more balanced customer mix, the transaction is likely
to be beneficial to the group's business profile.

However, Moody's adds that the transaction will involve the
issuance of up to US$1.5 billion of debt, which is fully
committed through an 18-month bridge loan and subject to
refinancing thereafter.  This is likely to weaken the combined
entity's financial ratios in the interim, although CGG expects
significant debt pay-down by 2008.  

Momentarily, Moody's expects CGG to maintain retained cash flow
to net adjusted debt ratios above 20% and funds from operations
to cover interest more than 4.5 times.  Going forward, Moody's
will examine the combined entity's enhanced market positions in
order to establish whether they are sufficient to support
somewhat weaker financial ratios going forward.

Moody's review of CGG's ratings will focus on:

   -- the financial profile of the combined group, as well as
the likelihood of meaningful reductions in debt over the
short to medium term,

   -- the strategic direction chosen by management in light of
its larger platform, and

   -- longer term prospects in its core businesses given the
current strong performance in the oil service sector.

In Moody's view, any downgrade of CGG's ratings would likely be
limited to one notch, and Moody's expects to be able to conclude
its review by the end of the year.

Compagnie Generale de Geophysique, headquartered in Massy,
France, is a leading global seismic services provides and
manufacturer of seismic equipment.


INTELSAT LTD: June 30 Stockholder's Deficit Widens to US$331M
-------------------------------------------------------------
Intelsat Ltd.'s total shareholder's deficit at June 30, 2006,
increased by US$40,630,000, to US$331,172,000 from
US$290,542,000 in the previous quarter.

At June 30, 2006, the Company had US$5,149,314,000 in total
assets and US$5,480,486,000 in total liabilities, compared with
total assets of US$5,162,113,000 and total liabilities of
US$5,452,655,000 at March 31, 2006.

For the three months ended June 30, 2006, the Company's net loss
narrowed to US$42,685,000 from a US$90,110,000 net loss in the
quarter ended March 31, 2006, while its total revenues increased
to US$310,534,000 from the US$280,446,000 total revenue in the
first quarter of 2006.

Full text copies of Intelsat's financial statements for the
quarter ended June 30, 2006, are available for free at
http://researcharchives.com/t/s?1112

Full text copies of Intelsat's financial statements for the
quarter ended March 31, 2006, are available for free at
http://researcharchives.com/t/s?afe

Intelsat, Ltd. -- http://www.intelsat.com/-- offers telephony,  
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

In Europe, the company has sales offices in France, Germany,
Netherlands and the United Kingdom.

                           *     *     *

Fitch upgraded the Issuer Default Rating for Intelsat to 'B'
from 'B-' pro forma for its pending acquisition of PanAmSat. The
ratings were also removed from Rating Watch Negative, where they
had originally been placed on Aug. 30, 2005.  Fitch said the
Rating Outlook is Stable.

Moody's Investors Service affirmed the B2 corporate family
rating of Intelsat, Ltd., and downgraded the corporate family
rating of PanAmSat Corporation to B2, given the greater clarity
regarding the final capital structure and the near-term
completion of the PanAmSat acquisition by Intelsat.


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


CLEVER WOHNEN: Creditors' Meeting Slated for September 28
---------------------------------------------------------
The court-appointed provisional administrator for Clever Wohnen
Berlin GmbH, Christian Koehler-Ma, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:55 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 9:40 a.m. on Nov. 16 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 Clever Wohnen Berlin GmbH on Aug. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Clever Wohnen Berlin GmbH
         Residenzstr. 85 - 88
         13409 Berlin, Germany

The administrator can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin, Germany


DATASAVE ANWENDUNGSSYSTEME: Claims Registration Ends Sept. 25
-------------------------------------------------------------
Creditors of Datasave Anwendungssysteme Sued GmbH i.L. have
until Sept. 25 to register their claims with court-appointed
provisional administrator Marcus Goebel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on Oct. 13 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 Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut, 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 Landshut opened bankruptcy proceedings
against Datasave Anwendungssysteme Sued GmbH i.L. on Aug. 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Datasave Anwendungssysteme Sued GmbH i.L.
         Siemens Road 1a
         84051 Altheim-Essenbach, Germany

The administrator can be contacted at:

         Dr. Marcus Goebel
         Marschallstr. 19
         84028 Landshut, Germany
         Tel: 0871/43016-0
         Fax: 0871/43016-99


ESP EICHHORN: Claims Registration Ends September 27
---------------------------------------------------
Creditors of ESP Eichhorn-Raab Schulz Planungs- und
Beratungsgesellschaft mbH have until Sept. 27 to register their
claims with court-appointed provisional administrator Christian
Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Oct. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 1240
         12th Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against ESP Eichhorn-Raab Schulz Planungs- und
Beratungsgesellschaft mbH on Aug. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ESP Eichhorn-Raab Schulz Planungs- und
         Beratungsgesellschaft mbH
         Attn: Wolfgang Strack Erftstadt, Liquidator         
         Pilgerweg 17
         50374 Erftstadt, Germany

The administrator can be contacted at:

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


KOENCKE II: Claims Registration Ends September 27
-------------------------------------------------
Creditors of Koencke II GmbH & Co. KG have until Sept. 27 to
register their claims with court-appointed provisional
administrator Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Koencke II GmbH & Co. KG on Aug. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Koencke II GmbH & Co. KG
         Goseriede 1-5
         30159 Hanover, Germany

The administrator can be contacted at:

         Ralph Buenning
         Karl-Wiechert-Avenue 1c
         30625 Hanover, Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99


LINDE FINANCE: Moody's Cuts Subordinated Long-term Rating to Ba1  
----------------------------------------------------------------
Moody's Investors Service has downgraded to Baa2 the senior
unsecured ratings of Linde AG from A3 and of BOC Group plc from
A2, following the closure of the acquisition of BOC Group by
Linde AG.  

At the same time, the short-term rating of BOC Group plc and BOC
Group Inc. (Del.) was downgraded from Prime-1 to Prime-2, and
Linde Finance B.V.'s backed senior unsecured rating from A3 to
Baa2 and its backed subordinated long-term rating from Baa2 to
Ba1.  The outlook for all ratings is stable.

The rating action concludes the review for possible downgrade
for the ratings of Linde and BOC, which was initiated on 25
January 2006 as a result of Linde's approach to take over BOC by
way of an all cash offer.  

Upon completion of the acquisition, the combined entity will
become a world market leader in the industrial gases business
with total sales of approximately EUR11.9 billion (in Gases and
Engineering) and international presence in approximately 70
countries.

Moody's commented that the downgrade to Baa2 primarily reflects
the major increase in leverage of the combined entity, with
total adjusted debt before disposals expected to exceed
EUR15 billion at FYE 2006.  This puts pressure on the company's
debt coverage ratios, with RCF/ Net Debt weakening to low double
digits.  

The ratings also take into consideration the scale of the
acquisition and the challenges over the next years to integrate
BOC into Linde, albeit against a background of a stable industry
with limited scope for further consolidation.

However, Moody's also notes that despite this significant
increase in leverage the Baa2 rating continues to benefit from:

   -- the robustness of the combined group's underlying credit
profile with an expectation that the existing businesses
will continue to post improving operating results going
forward and should provide solid and visible cash flows
that are typical for the industrial gases industry to
support the elevated debt leverage; as well as

   -- the expected divestment of certain non-core assets which
should allow the company to restore greater financial
flexibility over the medium term.

Moody's anticipates that Linde will make substantial efforts to
reduce debt swiftly by selling anti-trust induced assets and
assets not related to the core business and remains committed to
its policy of continuous debt reduction.  

It is estimated that the ratio of retained cash flow to net debt
should improve from its post-closing levels in low double digits
towards a level of 20% over the next few years.  However, should
any of the planned substantial disposals not materialize or
should the leverage ratio not improve in line with original
expectations, then Moody's would re-assess the situation.

Given the size of the transaction, Moody's considers planned net
synergies amounting to EUR250 million per annum from 2009 to be
achievable.

In July Linde successfully completed the financing of the
transaction by increasing its capital by EUR1.8 billion and
launching Hybrid Bonds in the amount of EUR1.05 billion.  The
latter will receive basket "C" designation on Moody's debt
equity continuum as soon as Linde's option for early redemption
of this instrument (should the transaction not materialize)
expires, which is the case after final payment on Sept. 19,
2006, at the latest.

Also in July Linde received clearance from the U.S. Federal
Trade Commission paving the way for the merger of the two
groups.  Total regulatory induced divestitures (EU and FTC)
correspond to an annual sales volume of EUR340 million, which is
in line with our expectations.

The final legal structure of the combined entity as well as the
treatment of existing debt at BOC is still under consideration.
In view of the fact that more than 50% of BOC's financial debt
as of June 30, 2006 was of short-term nature and considering the
cash flow generated by BOC no notching is required at present.
Going forward Moody's expects Linde to continue with its central
funding strategy.

Last rating action was on 30 June 2006 when Moody's assigned a
Baa2 rating to the EUR 1.05 billion Hybrid Bonds issue.

Ratings downgraded:

* Issuer: BOC Group plc

   -- Commercial Paper, to P-2 from P-1;

   -- Senior Unsecured Medium-Term Note Program, to a
range of Baa2 to P-2 from a range of A2 to P-1;

   -- Senior Unsecured Regular Bond/Debenture, to Baa2 from A2;

* Issuer: BOC Group, Inc. (Del.)

   -- Senior Unsecured Commercial Paper, to P-2 from P-1;

* Issuer: Linde AG

   -- Senior Unsecured Medium-Term Note Program, to Baa2 from
A3;

* Issuer: Linde Finance B.V.

   -- Senior Unsecured Conv./Exch. Bond/Debenture, to Baa2 from
A3;

   -- Senior Unsecured Medium-Term Note Program, to Baa2 from
A3;

   -- Senior Unsecured Regular Bond/Debenture, to Baa2 from A3;
and

   -- Subordinated Regular Bond/Debenture, to Ba1 from Baa2.

Ratings assigned:

* Issuer: Linde Finance B.V.

   -- Subordinated Regular Bond/Debenture, Ba1.

Outlook Actions:

* Issuer: BOC Group plc

   -- Outlook, Changed To Stable From Rating Under Review;

* Issuer: BOC Group, Inc. (Del.)

   -- Outlook, Changed To Stable From Rating Under Review;

* Issuer: Linde AG

   -- Outlook, Changed To Stable From Rating Under Review; and

* Issuer: Linde Finance B.V.

   -- Outlook, Changed To Stable From Rating Under Review.

Ratings confirmed:

* Issuer: Linde AG

   -- Senior Unsecured Commercial Paper, at P-2; and

* Issuer: Linde Finance B.V.

   -- Senior Unsecured Commercial Paper, at P-2.

Linde Aktiengesellschaft, headquartered in Wiesbaden, Germany,
is an international technology group, which occupies leading
market positions in each of its two business segments in Gas &
Engineering and Material Handling.  Following the acquisition of
The BOC Group the company has consolidated gases and engineering
sales of approximately EUR11.9 billion.

Linde Finance B.V. is a wholly owned and guaranteed subsidiary
of Linde AG.

The BOC Group plc, headquartered in Windlesham, U.K., a global
industrial gases provider with annual sales of GBP4.6 billion
for the fiscal year ended in September 2005 is member of Linde
Group since Sept. 5, 2006.  BOC Group Inc., Delaware, USA, is a
wholly owned and guaranteed subsidiary of BOC Group plc.


MASCHINEN-SERVICE: Claims Registration Ends September 27
--------------------------------------------------------
Creditors of Maschinen-Service-Miemietz GmbH have until Sept. 27
to register their claims with court-appointed provisional
administrator Rainer Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Nov. 8 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 Duisburg
         Area C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Maschinen-Service-Miemietz GmbH on Aug. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Maschinen-Service-Miemietz GmbH
         Alte Poststr. 122 a
         46514 Schermbeck, Germany

         Attn: Gisela Miemietz, Manager
         Scharfstr. 5
         46140 Bottrop, Germany

The administrator can be contacted at:

         Rainer Beck
         Rhine Route 75
         47623 Kevelaer, Germany


MDR MESSEBAU: Claims Registration Ends September 25
---------------------------------------------------
Creditors of MDR Messebau GmbH have until Sept. 25 to register
their claims with court-appointed provisional administrator
Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on Oct. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against MDR Messebau GmbH on Aug. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MDR Messebau GmbH
         Old Hatzper Str. 40
         45149 Essen, Germany

         Attn: Claudia Birkenstock, Manager
         Ruhr Avenue 141
         45136 Essen, Germany

The administrator can be contacted at:

         Dr. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen, Germany
         Tel: 87 90 40


MWE BAUGESELLSCHAFT: Claims Registration Ends September 26
----------------------------------------------------------
Creditors of MWE Baugesellschaft mbH have until Sept. 26 to
register their claims with court-appointed provisional
administrator Irmgard Niemeyer-Uhlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 7 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 Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against MWE Baugesellschaft mbH on Aug. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         MWE Baugesellschaft mbH
         Attn: Heinz Martin, Manager         
         Old Market 14
         08523 Plauen, Germany

The administrator can be contacted at:

         Irmgard Niemeyer-Uhlmann
         Theodor-Koerner-Place 12
         09130 Chemnitz, Germany
         E-mail: chemnitz@kanzlei-nul.de


NEENAH PAPER: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service took these rating actions with respect
to Neenah Paper Inc.:

Ratings Affirmed:

   -- Corporate family rating: B1

   -- US$150 million senior secured revolving credit facility:
Ba3; and

   -- US$225 million senior unsecured notes: B1.

Ratings Lowered:

   -- Speculative Grade Liquidity Rating: SGL-3 from SGL-2.

The outlook remains stable.

Key factors influencing Neenah's ratings and outlook are:

   -- Moody's belief that the company's operating performance
and cash flows will improve over the intermediate term due
to the transfer of the Terrace Bay pulp mill.

   -- in terms of scale, breadth of product line, and geographic
diversity, Neenah will display a Ba portfolio in the paper
and forest products sector mainly due to the pending
German technical products acquisition.  In Moody's view,
the company's operations produce two separate and distinct
product lines, premium papers and market pulp (northern
bleached softwood kraft pulp) with locations potentially
in two geographies.

   -- profit margins consistent with those of a Ba rated paper
and forest products company.

   -- execution risk regarding the company's strategic
initiatives to transform itself into a premium fine paper
and technical products company.

   -- weakened credit metrics after the German technical
products acquisition; however Moody's expects credit
metrics to accommodate the company's current ratings in
the intermediate term.

   -- vertical integration remains low with operational
efficiency and margin stability representative of a B
rated paper and forest products company.

The stable outlook reflects Moody's view that key rating factors
are not likely to change over the near term.  Given the
company's recent events and the expected transition period,
Moody's does not anticipate the ratings moving up in the
intermediate term.

Although the transfer of the Terrace Bay pulp mill will improve
overall results, Moody's expects a modest level of volume growth
in the fine paper and technical products sectors along with
relatively stable pricing, offsetting continued high input
costs.

Furthermore, Moody's believes the company's debt level will
remain consistent with the post-acquisition balance.  Factors
that would negatively impact the rating and/or outlook would be
an inability to execute its strategic initiatives or
successfully integrate the German technical products
acquisition.

A negative action could also result from an increase in leverage
due to a significant debt-financed acquisition, deterioration in
volumes and/or margins in the fine paper, technical products, or
other pulp operations, or deterioration in liquidity.

The downgrade of the speculative grade liquidity rating to SGL-3
reflects Neenah's requirement to amend its US$150 million
revolving credit facility due to the size of the German
technical products acquisition.  Moody's SGL ratings and SGL
rating methodology do not assume that borrowers will be able to
obtain amendments, resulting in the downgrade.

At the same time, Moody's believes that Neenah will generate
enough free cash flow to internally fund all of its cash
requirements, and that existing cash balances should be
sufficient to fund any shortfall with the exception of
extraordinary capital expenditures or seasonal working capital
needs.  If the company is able to obtain an amendment with terms
consistent with the current credit agreement, the SGL rating
will likely return to SGL-2.

The most recent prior rating action for Neenah occurred on
Nov. 8, 2004.  Moody's assigned the current ratings to Neenah,
as a first time issuer, based primarily on the current key
rating factors.

In Moody's opinion, Neenah's expected improvement in operating
performance over the intermediate period justifies an
affirmation of the corporate family rating at this time.  An
established track record of the company's current operating
strategy could improve ratings as the transfer of the Terrace
Bay facility represents a positive ratings event.

Neenah Paper, Inc., headquartered in Alpharetta, Georgia, is a
producer of specialty papers and market pulp.


RALF HEINZ: Creditors' Meeting Slated for September 25
------------------------------------------------------
The court-appointed provisional administrator for Ralf Heinz
Korpien und Markus Korpien OHG, Joachim Voigt-Salus, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:05 a.m. on Sept. 25.

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 9:25 a.m. on Dec. 18 at the same
venue.

Creditors have until Oct. 31 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Ralf Heinz Korpien und Markus Korpien OHG on
Aug. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ralf Heinz Korpien und Markus Korpien OHG
         Attn: Ralf Heinz and Markus Korpien, Managers
         Schoenwalder Str. 38
         13585 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


SIZE GESELLSCHAFT: Claims Registration Ends September 27
--------------------------------------------------------
Creditors of SiZe Gesellschaft fuer Sicherheit und Zeitarbeit
mbH have until Sept. 27 to register their claims with court-
appointed provisional administrator Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 8 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 Duisburg
         Area C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against SiZe Gesellschaft fuer Sicherheit und Zeitarbeit mbH on
Aug. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         SiZe Gesellschaft fuer Sicherheit und Zeitarbeit mbH
         Schultheissstr. 14
         46047 Oberhausen, Germany

         Attn: Ralf Peters, Manager
         Schneeberg 7-9
         50354 Huerth, Germany

The administrator can be contacted at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen, Germany


WKS WERKZEUGE: Claims Registration Ends September 26
----------------------------------------------------
Creditors of WKS Werkzeuge - Konstruktionen - Sondermaschinen
GmbH have until Sept. 26 to register their claims with court-
appointed provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duesseldorf opened bankruptcy proceedings
against WKS Werkzeuge - Konstruktionen - Sondermaschinen GmbH on
Aug. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         WKS Werkzeuge - Konstruktionen - Sondermaschinen GmbH
         Dorfstr. 72
         40882 Ratingen, Germany

         Attn: Marie-Luise Wetzel, Manager
         Ringstr. 42
         40882 Ratingen, Germany

The administrator can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany


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


PARMALAT: Parties Balk at Planned Permanent Injunction Order
------------------------------------------------------------
Five creditors and parties-in-interest filed with the U.S.
Bankruptcy Court for the Southern District of New York their
objections to Dr. Enrico Bondi's request for a permanent
injunction order in Parmalat's ancillary proceedings.

Dr. Bondi is the authorized foreign representative of Parmalat
Finanziaria S.p.A. and certain of its affiliates.

In his request, Dr. Bondi filed with the Court a proposed
permanent injunction order pursuant to Section 304 of the
Bankruptcy Code.  Dr. Bondi also submitted with the Court a
memorandum of law supporting his permanent injunction request.

A full-text copy of the proposed Permanent Injunction Order is
available for free at http://researcharchives.com/t/s?e22

Creditors BankBoston, N.A., FleetBoston Financial, Bank of
America Corporation, Bank of America National Trust & Savings
Association, Banc of America Securities, LLC, and Bank of
America, N.A., tell the Court that the proposed Permanent
Injunction Order cannot be approved because it would constitute
an inappropriate anti-foreign suit injunction.

For BofA, et al., Thomas McC. Souther, Esq., at Sidley Austin
LLP, in New York argues that the Foreign Debtors' request for
extra-territorial application of the Permanent Injunction would
unduly limit the ability of domestic and foreign creditors to
pursue all appropriate remedies outside of the United States in
accordance with applicable foreign law.

Mr. Souther points out that the Foreign Debtors have made no
showing -- nor can they -- that the equity interests in their
largely insolvent subsidiaries are entitled to protection under
Section 304(b)(1) of the Bankruptcy Code.

The Pension Benefit Guaranty Corporation, which provides
termination insurance for all of the Debtors' Pension Plans,
says the proposed Permanent Injunction Order contains illegal
discharges, releases, exculpations and injunctions.

The PBGC is willing to withdraw its objections if the proposed
Permanent Injunction Order clarifies that:

   -- no provisions of or proceeding within the Foreign Debtors'
      reorganization cases in Italy and the Section 304 cases
      before the U.S. Bankruptcy Court will in any way be
      construed as discharging, releasing, limiting or relieving
      the Foreign Debtors, or any other party from any liability
      with respect to the Pension Plans or any other defined
      benefit pension plan; and

   -- the PBGC and the Pension Plans will not be enjoined or
      precluded from enforcing liability resulting from any of
      the provisions of the Foreign Debtors' restructuring plan
      approved by the Italian court, or the entry of a Permanent
      Injunction Order.

Grant Thornton International does not want the Permanent
Injunction to apply to it in any manner in the conduct of:

   -- a securities fraud class action pending before the U.S.
      District Court for the Southern District of New York;

   -- three actions initiated by Dr. Bondi against banks and
      accounting firms; and

   -- actions commenced by the trustees of the U.S. Debtors and
      two liquidators of Parmalat SpA's Cayman Islands
      affiliates.

Grant Thornton is a defendant in those actions.

On behalf of Israel Discount Bank of New York, Bruce S. Nathan,
Esq., at Lowenstein Sandler PC, in New York, argues that in
seeking entry of a permanent injunction order, the Foreign
Debtors must demonstrate that claimholders in the Italian
proceedings are receiving "just treatment" and not experiencing
"prejudice and inconvenience" in the claims administration
process.  The Foreign Debtors cannot meet this burden as to IDB,
Mr. Nathan says.

IDB's claims arise from promissory notes totaling $6,000,000 in
principal plus interest, guaranteed by Parmalat S.p.A.

Hermes Focus Asset Management Europe, Ltd.; Cattolica
Partecipazioni, S.p.A.; Capital & Finance Asset Management S.A.;
Societe Monderne des Terrassements Parisiens; and Solarat -- the
lead plaintiffs in a securities class action -- want the
proposed Permanent Injunction Order modified to clarify that it
does not impact their rights to pursue claims against
Reorganized Parmalat.

In July 2006, the District Court granted the Hermes Focus, et
al. leave to file an amended complaint against Reorganized
Parmalat.

The U.S. Bankruptcy Court will convene a hearing on Sept. 12,
2006, at 10:00 a.m., to consider entry of the Permanent
Injunction.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more  
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices and employs over 36,000 workers in 139
plants located in 31 countries on six continents.  The Company
filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the
Debtors.  When the U.S. Debtors filed for bankruptcy protection,
they reported more than $200 million in assets and debts.  The
U.S. Debtors emerged from bankruptcy on April 13, 2005.  
(Parmalat Bankruptcy News, Issue No. 76; Bankruptcy Creditors'
Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/)


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


ALMATYPLAST: Creditors Must File Claims by Sept. 29
---------------------------------------------------
LLP Almatyplast has declared insolvency.  Creditors have until
Sept. 29 to submit written proofs of claim to:

         LLP Almatyplast
         Panfilov Str. 106-109
    Almaty, Kazakhstan  
    Tel: 8 (3272) 69-94-93


DULAT: Creditors Must File Claims by Sept. 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Dulat insolvent.

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

         LLP Dulat
         Floor 3
    Abai Str. 10a
    Atyrau Region
    Kazakhstan


GANS: East Kazakhstan Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Gans on
July 7.


MEKTEP LTD: Proof of Claim Deadline Slated for Sept. 29
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Merktep Ltd. into compulsory
liquidation.

Creditors have until Sept. 29 to submit written proofs of claim
at:

         LLP Merktep Ltd
    Jambyl Str. 9
    Karaganda
    Karaganda Region


NUREKE: East Kazakhstan Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Nureke on
July 7.


SMP-10: Proof of Claim Deadline Slated for Sept. 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP SMP-10 insolvent.

Creditors have until Sept. 29 to submit written proofs of claim
at:

         LLP SMP-10
         Gogol Str. 177a
    Kostanai
    Kostanai Region
    Kazakhstan


STROYZAVOD CONSTRUCTION: Claims Registration Ends Sept. 29
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Stroyzavod Construction
Factory into compulsory liquidation.

Creditors have until Sept. 29 to submit written proofs of claim
at:

         LLP Stroyzavod Construction Factory
         Jambyl Str. 9
    Karaganda
    Karaganda Region  
         Kazakhstan


TOGROVYI DOM: Claims Registration Ends Sept. 22
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Trade House Togrovyi Dom Kyrgyz Cement
insolvent.

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

         LLP Trade House Togrovyi Dom Kyrgyz Cement
         Jambyl Str. 9
    Karaganda
    Karaganda Region
         Kazakhstan


TREE LTD: Creditors' Claims Due Sept. 29
----------------------------------------
LLP Tree Ltd. has declared insolvency.  Creditors have until
Sept. 29 to submit written proofs of claim at:
         
         LLP Tree Ltd.
         Lunacharskyi Str. 8
    Shymkent
    South Kazakhstan Region  
         Kazakhstan


VEGA-ALIANS: Creditors' Claims Due Sept. 29
-------------------------------------------
LLP Vega-Alians has declared insolvency.  Creditors have until
Sept. 29 to submit written proofs of claim at:

         LLP Vega-Alians
         Micro District 3, 153-7
    Aktau
    Mangistau Region  
    Kazakhstan
         Tel: 8 (3292) 41-25-68


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


ANT REGIN: Proof of Claim Deadline Slated for Oct. 13
-----------------------------------------------------
LLC Ant Regin has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim to:

         LLC Ant Regin
    Beregovaya Str. 3
    Chonaryk
    Chui Region
    Kyrgyzstan


VESTA-TOKMOK: Public Auction Scheduled for Sept. 25
---------------------------------------------------
The bidding organizer and insolvency manager of the LLC Vesta-
Tokmok will auction the company's knitting equipment complex to
the public at 10:00 a.m. on Sept. 25 at:

         Ovcharova Str. 39-a
    Tokmok, Kyrgyzstan

The starting price for the property is set at EUR417,381, which
was reduced by 70%.

The property is leased in a third person until 2014.

Interested bidders have until 2:00 p.m. on Sept. 22 to deposit
an amount equivalent to 10% of the starting price to the
settlement account of:

         Lenin Department of the OJSC Kyrgyzpromstroibank
    Settlement Account No. 1020002000271781
    MFO 102002

or to the cashier of the LLC Vesta-Tokmok.

Participants may submit their bids at:

         Tynystanov Str. 67-58
    Bishkek, Kygyzstan
    Tel: (0-502) 55-11-97
         (+996 312) 62-42-04


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


CONCERTO II: Fitch Keeps EUR38.75-Million Debt Ratings at BB-
-------------------------------------------------------------
Fitch Ratings upgraded Concerto II B.V.'s Class B and affirmed
the other notes, due September 2013.

   -- EUR230,000,000 Class A-1 (ISIN XS0132896381) affirmed at
      AAA;

   -- EUR95,000,000 Class A-2 (ISIN XS0132896464) affirmed at
      AAA;
   
   -- EUR47,500,000 Class B (ISIN XS0132896977) upgraded to A
      from A-;

   -- EUR32,750,000 Class C-1 (ISIN XS0132898080) affirmed at
      BBB-;

   -- EUR13,500,000 Class C-2 (ISIN XS0132898163) affirmed at
      BBB-;

   -- EUR18,750,000 Class D (ISIN XS0132898247) affirmed at BB-;
      and

   -- EUR20,000,000 combination notes (ISIN XS0132899302)
      affirmed at BB-.

The upgrade of the Class B notes reflects the increase in the
credit enhancement available to the senior notes as a result of
the transaction's imminent de-leveraging.  At the end of the
reinvestment period, the principal collection account balance
will be used to reduce the outstanding amount of the Class A
notes.

Although the interest coverage levels have fallen recently and
the weighted average spread is in breach of the covenanted
level, these will improve following the de-leveraging of the
transaction.

The portfolio quality has remained stable since the review in
June 2005: overcollateralization levels have remained stable, as
has the weighted average rating factor of the portfolio and
there have been no further defaults.  All other Classes have
sufficient credit enhancement to pass Fitch's stress tests at
their current rating levels.

In August 2001, Concerto II B.V., a limited liability company
incorporated under Dutch Law, issued EUR500 million of various
Classes of fixed- and floating-rate notes and invested the net
proceeds in a portfolio of speculative-grade debt securities.


IMPRESS HOLDINGS: Refinancing Prompts S&P to Revise Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Netherlands-based metal packaging group Impress Holdings B.V. to
stable from positive, following the group's announcement of a
proposed refinancing and changes in its capital structure.  The
'B' long-term corporate credit rating was affirmed.
     
At the same time, Standard & Poor's assigned its 'B' issue
rating to Impress' proposed EUR730 million secured notes, at the
same level as the corporate credit rating.  The notes have been
assigned a recovery rating of '2', indicating our expectation of
substantial recovery of principal (80%-100%) in the event of a
payment default.  The proposed EUR270 million subordinated notes
have been assigned 'CCC+' ratings, two notches below the
corporate credit rating.
     
"The outlook revision reflects Impress' significant increase in
leverage as a result of the refinancing," said Standard & Poor's
credit analyst Izabela Listowska.
     
The proposed refinancing package includes an extraordinary
EUR480 million cash payout to Impress' equity sponsors.  In
addition, debt raised in the refinancing will be used to finance
the recently completed acquisition of U.S.C. Europe, the
European aerosol and food can operations of U.S. Can Corp.
     
Pro forma for the transaction, Impress will have about EUR1.16
billion of total adjusted debt.  Credit measures will weaken as
a result: pro forma for the refinancing, funds from operations
(FFO) to adjusted net cash debt (including unfunded pension
obligations of EUR130 million and operating leases of EUR24
million, but excluding preferred interests) will be less than
10% and adjusted net cash debt to EBITDA (before restructuring)
will be about 5.6x, compared with 16% and 3.8x, respectively, at
the end of 2005.
     
"Standard & Poor's nevertheless expects that Impress' credit
protection measures will strengthen in the short term," Ms.
Listowska added.

"FFO to adjusted net cash debt should improve to and remain
above 10%, and adjusted net cash debt to EBITDA should improve
to 5x."

Any upside rating potential is likely to come from gains from
the group's cost-cutting program and synergies from the
successful integration of U.S.C. Europe.  Any unexpected
downturn in operating performance could put downward pressure on
the ratings.


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


CFR S.A.: Weak Finances Spur S&P to Put Rating on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' long-term
corporate credit rating on 100% Romanian government-owned rail
infrastructure operator CFR S.A. remains on CreditWatch with
negative implications, where it was placed on March 16.
     
The CreditWatch placement reflected the protracted delay to
publication of CFR's 2004 financial statements under IFRS.
     
"Although the delayed IFRS financial statements for 2004 are now
available, we have yet to receive some critical financial
information required to resolve the CreditWatch status and
assess our basis for maintaining the rating at its current
level," said Standard & Poor's credit analyst Eugene Korovin.

"Depending on our ultimate findings once this information is
provided, the rating could be affirmed, lowered, or withdrawn."

The rating reflects both CFR's extremely weak financial profile
and its strong reliance on budget allocations to cover recurrent
negative free cash flows, stemming from heavy operating losses
and significant investment needs.  Other risk factors include
counterparty exposure to financially weak state-owned rail
passenger and freight carriers, and strong competition from
other modes of transport.
     
CFR's 100% state ownership, and its strategic importance to the
Republic of Romania--which provides both explicit and implicit
financial support--offset these weaknesses, as do the low risk
of privatization and CFR's central role in the national economy.

Standard & Poor's expects the Romanian government to maintain
its support for CFR, in view of the company's importance to the
national economy and its key role in the modernization of the
country's railroad network.

"The government's financial capacity to support the company is
limited by budget constraints, however, and it does not
guarantee all of CFR's new long-term borrowing, some of which is
supported by a letter of comfort only," said Mr. Korovin.

"CFR's stand-alone financial position remains poor, with very
weak and volatile cash flows."


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


ARM-COMPLECT: Perm Bankruptcy Hearing Slated for Sept. 20
---------------------------------------------------------
The Arbitration Court of Perm Region will convene on Sept. 20 to
hear the bankruptcy supervision procedure on OJSC Arm-Complect.
The case is docketed under Case No. A50-5382/2005-B.

The Temporary Insolvency Manager is:

         T. Vysochanskiy
         Post User Box 256.
         614007 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         Arm-Complect
         Kirova Str. 1
         Yugo-Kamskiy Region
         Perm Region
         Russia


AVIAKON: Moscow Bankruptcy Hearing Slated for Nov. 21
-----------------------------------------------------
The Arbitration Court of Moscow Region will convene at 10:30
a.m. on Nov. 21 to hear the bankruptcy supervision procedure on
CJSC Company Aviakon.  The case is docketed under Case No.
A40-35613/06-95-707/B.

Temporary Insolvency Manager is:  

         N. Azev
         Post User Box 70
         124482 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Company Aviakon
         Petrovka Str. 22/2
         101425 Moscow Region
         Russia


BREDINSKIY: Court Names I. Bagin as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. I.
Bagin as Insolvency Manager for OJSC Bredinskiy Butter Making
Plant.  He can be reached at:

         I. Bagin
         Office 209
         St. Bolshevikov Str. 2a/2
         620017 Ekaterinburg
         Russia

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 Debtor can be reached at:

         Bredinskiy
         Dmitrova Str. 8
         Bredy
         Chelyabinsk Region
         Russia


BUILDER: Court Names I. Korovnikov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. I. Korovnikov
as Insolvency Manager for LLC Builder.  He can be reached at:

         I. Korovnikov
         G. Zvezda Str. 13
         614045 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-9447/2006-B.

The Debtor can be reached at:

         Builder
         Shosseynaya Str. 47
         Krasnokamsk
         Perm Region
         Russia


DUVAN-MIXED FODDER: Bankruptcy Hearting Slated for Oct. 20
----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene on
Oct. 20 to hear the bankruptcy supervision procedure on OJSC
Duvan-Mixed Fodder (TIN 0220021493).  The case is docketed under
Case No. A07-6204/06-G-KhRM.

The Temporary Insolvency Manager is:

         Y. Alekseev
         Office 1
         8th Marta Str. 14
         Ufa
         450008 Bashkortostan Republic
         Russia

The Debtor can be reached at:
        
         Duvan-Mixed Fodder
         Sovetskaya Str. 61
         Tastuba
         Duvanskiy Region
         452540 Bashkortostan Republic
         Russia


ERA: Perm Court Names M. Shimanaeva as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Perm Region appointed Ms. M. Shimanaeva
as Insolvency Manager for CJSC Era (TIN 5940200061).  She can be
reached at:

         M. Shimanaeva
         Novaya Str. 8
         Fomichi
         Kishertskiy Region
         617611 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-9719/2006-B.

The Debtor can be reached at:

         Era
         Serga
         Kungurskiy Region
         617420 Perm Region
         Russia


ERSHOVSKIY: Proofs of Claim Deadline Set for Sept. 15
-----------------------------------------------------
Creditors of OJSC Food Combine Ershovskiy have until Sept. 15 to
submit written proofs of claim to:

         D. Moskovskiy, Insolvency Manager
         Post User Box 207
         Balakovo
         413853 Saratov Region
         Russia

The Arbitration Court of Saratov Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-743B/05-32.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Food Combine Ershovskiy
         Lange Str. 1
         Ershov
         413500 Saratov Region
         Russia


FROLOVSKIY FACTORY: Bankruptcy Hearing Slated for October 5
-----------------------------------------------------------
The Arbitration Court of Volgograd Region will convene on Oct. 5
to hear the bankruptcy supervision procedure on LLC Frolovskiy
Factory of Reinforced-Concrete Goods.  The case is docketed
under Case No. A12-32214/05-48.

The Temporary Insolvency Manager is:  

         V. Koshenskoye
         7th Gvardeyskaya Str. 2A
         400005 Volgograd Region
         Russia

The Debtor can be reached at:

         LLC Frolovskiy Factory Of Reinforced-Concrete Goods
         Zelenovskoye.
         Frolovskiy Region
         403518 Volgograd Region
         Russia


GRIBANOVSK-SEL-KHOZ-KHIMIYA: Claims Filing Period Ends Sept. 15
---------------------------------------------------------------
Creditors of OJSC Gribanovsk-Sel-Khoz-Khimiya have until
Sept. 15 to submit written proofs of claim to:

         D. Kozlov, Insolvency Manager
         Studenetskaya Quay 20.
         Tambov Region
         Russia

The Arbitration Court of Voronezh Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-2901/2006 567/7b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Gribanovsk-Sel-Khoz-Khimiya
         Lesnaya Str. 7
         Gribanovskiy
         Voronezh Region
         Russia


I.I.FEDUNETS: Tula Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Tula Region will convene at 10:00 a.m.
on Oct. 2 to hear the bankruptcy supervision procedure on OJSC
Kran-Uzlovskiy Engineering Plant Named After I.I.Fedunets.  The
case is docketed under Case No. A68-386/B-06.

The Temporary Insolvency Manager is:  

         D. Altukhov
         Ryazanskaya Str. 1
         300026 Tula Region

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Kran-Uzlovskiy Engineering Plant Named After
         I.I.Fedunets
         Zavodskaya Str. 1
         Uzlovaya
         301650 Tula Region
         Russia


IZHEVSKIY BREAD-MACARONI: T. Gibadullin to Manage Assets
--------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. T.
Gibadullin as Insolvency Manager for OJSC Izhevskiy Bread-
Macaroni Combine (TIN/KPP 1835011798/183501001).  He can be
reached at:

         T. Gibadullin
         Ordzhonikidze Str. 3
         Izhevsk
         426063 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-172/2005-G2.

Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426011 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         Izhevskiy
         Ordzhonikidze Str. 4
         Izhevsk
         426063 Udmurtiya Republic
         Russia


IZHEVSKIY COMBINE: Court Names A. Karelin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. A.
Karelin as Insolvency Manager for OJSC Izhevskiy Combine Of
Grain Products (TIN 1832041715).  He can be reached at:

         A. Karelin
         Karla Marksa Str. 432-142
         Izhevsk
         426000 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-000858/2006-G26.

The Debtor can be reached at:

         Izhevskiy
         Poyma Str. 17
         Izhevsk
         426028 Udmurtiya Republic
         Russia


KHOMUTOVO-AGRO: Orel Bankruptcy Hearing Slated for October 18
-------------------------------------------------------------
The Arbitration Court of Orel will convene at 9:30 a.m. on
Oct. 18 to hear the bankruptcy supervision procedure on OJSC
Khomutovo-Agro (TIN 5718003430).  The case is docketed under
Case No. A48-2393/06-17b.

The Temporary Insolvency Manager is:  

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

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Khomutovo-Agro
         Komsomolskaya Str. 13a
         Khomutovo
         Orel Region
         Russia


KORKATOVSKIY: Mariy El Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Mariy El Republic commenced bankruptcy
supervision procedure on OJSC Korkatovskiy Open Pit.  The case
is docketed under Case No. A-38-1592-19/202-2006.

The Temporary Insolvency Manager is:

         I. Smyshlyaev
         Post User Box 75
         Yoshkar-Ola
         424007 Mariy El Republic
         Russia

The Debtor can be reached at:

         Korkatovskiy
         Morkinskiy Region
         Mariy El Republic
         Russia


LUKOIL OAO: Board Reviews First-Half Results & Ten-Year Strategy
----------------------------------------------------------------
A meeting of LUKOIL OAO's (LSE: LKOD; MICEX, RTS: LKOH) Board of
Directors was held in St. Petersburg at the Taurida Palace to
acknowledge the basic principles of the Company's intensive
growth strategy for 2007-2016.

The meeting considered:

   -- the Company's 1H 2006 preliminary results;

   -- budget performance and investment program progress in the
      current year; and

   -- the issue of LUKOIL Group's activity in the North-West
      federal district of the Russian Federation (NWFD).

Taking part in the LUKOIL Board were:

   -- the Plenipotentiary of the RF President in the NWFD Ilya
      Klebanov;

   -- the Governor of St. Petersburg Valentina Matvienko;

   -- the Governor of the Leningrad Region Valery Serdukov;

   -- the Governor of the Kaliningrad Region Georgy Boos;

   -- the Governor of the Arkhangelsk Region Nikolay Kiselev;

   -- the Governor of the Pskov Region Mikhail Kuznetsov;

   -- the Head of the Komi Republic Vladimir Torlopov; and

   -- the Head of the Administration of the Nenets Autonomous
      District Valery Potapenko. .

Having considered the Company's principles of intensive growth
strategy for 2007-2016, the Board of Directors took a decision
to prepare Programs for Strategic Development of LUKOIL for 10
years, branch-wise and functional development programs, long-
term forecast for the next 10 years, as well as medium-term plan
for 2008-2009.

LUKOIL's long-term development requires implementation of the
Intensive Growth Strategy, which will lead to the achievement of
volume and specific terms in line with those of the top-7
Majors.

                  First Half Performance

The Board also discussed the LUKOIL Group's main performance
results for the first half of 2006.  

The aggregate LUKOIL Group hydrocarbon production (production by
subsidiaries and share of production by affiliates) totaled 2,14
million boe per day, which is an increase of 11.9% over the
first six months of the last year.  The Company's average daily
well production rate on Russian territorY amounted to 11.23
tons, or by 2.1%.

In the first half of 2006, the Company acquired 95% of OAO
Khantymansiyskneftegazgeologia shares and 100% of Paitykh Oil
and Nazymgeodobycha shares.  Also, purchase was completed of the
largest gas condensate field and the Company's interest in OAO
Primorieneftegaz reached 100%.  

The opening of V. Filanovsky oil field was the major discovery
ever made in Russia for the last 20 years; its recoverable
reserves are 1.9 billion boe (1.6 billion barrels of oil).  
Doubling of the field reserves in comparison with initial
estimates has been a result of successful drilling of a second
exploration bore hole.

LUKOIL Group refineries yielded 23.32 million tons, an increase
of 3.6% over 1H 2005.  Main investment projects in the
Downstream business-segment included:

   -- isomerization installation commissioning at the Nizhny
      Novgorod Refinery;

   -- beginning of construction of a similar installation at the
      Volgograd Refinery;

   -- putting into operation methyl t-butyl ether production
      installation at the Petrotel-LUKOIL Refinery in Romania;  
      and

   -- continuing of large-scale reconstruction of Odessa
      Refinery.

Acquisition of 41.81% of Udmurtnefteproduct shares was the
biggest purchase in the marketing segment.  This company has
more than 100 fuel stations and nine tank farms within its
operations.

Lukoil's increasing credibility and investment appeal enabled
growth in the Company's credit ratings with all the three
leading rating agencies - Fitch Ratings (assigned "BBB-"
investment grade), Moody's marked the rating up to "Baa2"
investment grade, and Standard&Poor`s increased the rating up to
"BB+" grade.

The Board also surveyed the Company's activity in the North-West
federal district.

The Company's proven oil reserves estimated by Miller & Lents in
NWFD were more than 3.9 billion boe as of January 1, 2006. From
2000 to 2005 the Company has discovered 16 oil fields in the
region, and the proven oil reserves grew by more than 50%. Oil
production by the LUKOIL Group in 2000-2005 grew from 7.95
million tons to 13.66 million tons in NWFD, or by 72%.

The Ukhta Refinery operates on the territory of NWFD with an
annual production capacity of three million tons.  LUKOIL
operates about 300 fuel stations in NWFD.  About 2.5 million
tons of petrochemicals were sold in NWFD in 2005, including more
than 750,000 tons sold through the fuel stations network.

                        About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first nine months of 2005, the group produced
1.92 million barrels of oil equivalent per day and in 2004
had refinery throughput of 44 million tons.  Total SPE reserves
in 2004 were just over 20 billion boe.  The group's 2005 nine-
month revenues were US$40.6 billion.

                        *     *     *

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Lukoil
OAO to 'BB+' from 'BB'.  S&P said the outlook is positive.  

As reported in the TCR-Europe on Jan. 26, Moody's Investors
Service has changed the outlook of OAO Lukoil's Ba1 Corporate
Family Rating and Ba2 Issuer Rating to positive from stable.

Moody's last rating action on LUKOIL was on April 26, when the
agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2.


LUKOIL OAO: Completes Vysotsk Oil Terminal
------------------------------------------
OAO Lukoil completed the building of the Lukoil-II distribution
and transshipment complex on Vysotsky Island.

The designed annual capacity of the terminal is 11.6 million
tons.

The first stage of the terminal was commissioned in June 2004,
and the second stage in April 2005.

The total capacity of the terminal's tanks, including the third
stage is 460,000 cubic m.  Investments in the distribution and
transshipment complex have totaled US$684 million.

In 2005, 6.9 million tons of crude oil and petroleum products
were shipped through the Vysotsk terminal.  The plan for 2006
envisages transshipment of about 9 million tons of petroleum
products.

Further development of the near-terminal railroad infrastructure
and construction of a new pipeline branching off the Kstovo-
Primorsk main oil-products pipeline will raise the terminal's
annual transshipment volumes to 13.5 million tons of petroleum
products and will expand the range of products.

The construction of the terminal was performed jointly with the
leading American engineering company -- Fluor Corporation.  The
private American investment fund -- HBK Fund -- provided the
necessary loan for the works.  The loan was secured by OPIC
(Overseas Private Investment Corporation) -- a national American
agency for private investments insurance and the Credit Suisse
First Boston Bank.  This is the first project with 100% Russian
private equity financed by OPIC.

                        About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first nine months of 2005, the group produced
1.92 million barrels of oil equivalent (boe) per day and in 2004
had refinery throughput of 44 million tons.  Total SPE reserves
in 2004 were just over 20 billion boe.  The group's 2005 nine-
month revenues were US$40.6 billion.

                        *     *     *

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Lukoil
OAO to 'BB+' from 'BB'.  S&P said the outlook is positive.  

As reported in the TCR-Europe on Jan. 26, Moody's Investors
Service has changed the outlook of OAO Lukoil's Ba1 Corporate
Family Rating and Ba2 Issuer Rating to positive from stable.

Moody's last rating action on LUKOIL was on April 26, when the
agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2.


MILK OF LGOVSKIY: Kursk Bankruptcy Hearing Slated for Nov. 1
------------------------------------------------------------
The Arbitration Court of Kursk Region will convene at 10:40 a.m.
on Nov. 1 to hear the bankruptcy supervision procedure on OJSC
Milk of Lgovskiy Region.  The case is docketed under Case No.
A35-4319/06 g.

The Temporary Insolvency Manager is:  

         M. Shumakov
         Dimitrova Str. 84, apartment 178.
         305004 Kursk Region
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Milk of Lgovskiy Region
         Ostrovskogo Str. 1
         Konyshevka
         Konyshevskiy Region
         307620 Kursk Region
         Russia


MOBILE TELESYSTEMS: Earns US$294.7 Million for Second Qtr 2006
--------------------------------------------------------------
Mobile Telesystems OJSC released its pro-forma financial and
operating results for the second quarter ended June 30, 2006.

Financial Highlights:

   -- consolidated revenues of US$1.492 billion;

   -- consolidated OIBDA of US$730 million (OIBDA margin of
      48.9%);

   -- consolidated net income of US$295 million; and

   -- free cash-flow positive with US$139 million.

Corporate Highlights:

   -- launch of new brand;

   -- dividends in the amount of US$562 million approved by the
      AGM on June 23, 2006;

   -- Leonid Melamed approved to the position of President and
      CEO;

   -- Vsevolod Rozanov appointed Chief Financial Officer;

   -- BoD will recommend the creation of a management board at
      the EGM on Oct. 30

   -- Adoption of 3+1 strategy and new corporate group structure

For the second quarter of 2006, the company earned US$294.7
million on US$1.4 billion in revenues, compared with a US$303.9
million net income on US$1.2 billion in revenues for the same
period in 2005.

"For the period, we witnessed strong top-line growth of over
20%, an improving OIBDA margin and strong balance sheet
strength," Leonid Melamed, President and CEO of MTS,
highlighted.  "The Board of Directors adopted our 3+1 strategy
for growth and implemented a new corporate group structure under
which MTS Group was created.  In accomplishing our promise to
the shareholders, we have begun work on optimizing costs,
heightened our marketing activity and made our business
processes more efficient."

                     Operating Overview

Market Growth

Growth in Russia and Ukraine continued with mobile penetration
increasing from 91% to 97% in Russia and from 69% to 76% in
Ukraine during the second quarter of 2006.

Mobile penetration in Uzbekistan increased from 4.4% at the
beginning of the year to 5.7% at the end of the second quarter
and from 1.8% to 2.2% in Turkmenistan.  In Belarus, mobile
penetration increased from 46% to 51% for the same period.

Subscriber Development

The Company added 3.05 million new customers during Q2 2006 on a
consolidated basis, all of which were added organically.  MTS'
operations in Russia accounted for 2.21 million, 660,000 were
added in Ukraine, approximately 152,000 in Uzbekistan and 32,000
in Turkmenistan.

In Q2 2006 the Company's churn rates in Russia decreased from
6.3% to 5.4% and in Ukraine increased from 6.1% to 7.9%.

Since the end of the second quarter to July 31, 2006, MTS has
organically added a further 1.62 million, expanding its
consolidated subscriber base to 65.72 million.

Market Share

In Russia, MTS had a leading market share of approximately 34%.
In Ukraine, the Company's market share was 42%.  MTS' market
share in Uzbekistan and Turkmenistan reached 55% and 80%
respectively at the end of the second quarter of 2006.

In Belarus, the market share of MTS Belarus was maintained at
52%.

Customer Segmentation

Subscriptions to MTS' pre-paid tariff plans (Jeans in Russia,
and Jeans and SIM-SIM in Ukraine) accounted for 93% of gross
additions in Russia and 95% Ukraine.  At end of the second
quarter of 2006, 90% of MTS' customers in Russia were signed up
to pre-paid tariff plans, compared to 83% a year ago.  In
Ukraine, the share of customers signed to pre-paid tariff plans
was 91%.

                    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: Launches Share Repurchase Program
-----------------------------------------------------
The Board of Directors of Mobile Telesystems OJSC has authorized
a share repurchase program to allow a recently established
wholly owned subsidiary of MTS in Bermuda (MTS Bermuda) to
repurchase MTS' American Depositary Receipts representing up to
10% of the total number of outstanding shares of MTS, over a
period of 12 months until Aug. 31, 2007.

The purchases may be made in the open market or through
privately negotiated transactions under certain requirements as
stipulated by SEC Rules 10b-18 and 10b5-1, as well as applicable
legal requirements and other factors.  The program does not
obligate MTS and/or MTS Bermuda to acquire a particular number
of ADRs, and the program may be suspended or discontinued at
MTS' and/or MTS Bermuda's discretion.

The repurchases could be funded through MTS' own cash flows,
commercial paper program or potentially through existing credit
facilities.  The execution of the program will depend on an on-
going assessment of market conditions, and the program may be
extended at any time. As per Russian law, the launch of the
program is subject to approval by the Federal Anti-Monopoly
Service.

"We are committed to improving shareholder value," Leonid
Melamed, President and CEO of MTS, said.  "Our strong financial
position, which allows us to fund our capital expenditures,
coupled with our abilities to generate positive cash flows, has
put us in a position to deliver this return to our shareholders.  
Our capital structure will remain robust, and MTS will be better
positioned to take advantage of future business opportunities."

                    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.


MOKHOVSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Ends Sept. 15
----------------------------------------------------------
Creditors of OJSC Mokhovskaya Sel-Khoz-Tekhnika OJSC Mokhovskaya
Sel-Khoz-Tekhnika (TIN 5709001902)have until Sept. 15 to submit
written proofs of claim to:

         S. Bogay, Insolvency Manager
         Sredne-Moskovskaya Str. 6a
         Voronezh Region
         Russia

The Arbitration Court of Orel Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A48-2005/06-20b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Mokhovskaya Sel-Khoz-Tekhnika
         Zalegoshenskiy Region, Mokhovoye.
         Orel Region
         Russia


NADEZHDA: Perm Bankruptcy Hearing Slated for Nov. 7
---------------------------------------------------
The Arbitration Court of Perm Region will convene at 10.00 a.m.
on Nov. 7 to hear the bankruptcy supervision procedure on LLC
Nadezhda.  The case is docketed under Case No. A50-7511/2006-B.

The Temporary Insolvency Manager is:

         P. Fadeev
         Shlyuzovoy Pr. 7
         Chaykovskiy
         617763 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         Nadezhda
         Komsomolskaya Str. 31
         Elovo
         Elovskiy Region
         618170 Perm Region
         Russia


NATSIONALNY KOSMICHESKY: Moody's Assigns B3/NP Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings
with stable outlook to Natsionalny Kosmichesky Bank:

   -- B3 long-term and Not-Prime short-term foreign currency
deposit ratings, and

   -- E+ financial strength rating.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa3.ru long-term national scale credit rating to the bank.  

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa3.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

The bank's E+ FSR reflects its satisfactory financial
indicators, notably the historically low share of overdue loans
and stable liquidity position.  

NKB's ratings are underpinned by the strong connections of its
beneficiary owners in the Russian aerospace industry enabling
the bank to develop business with a number of large companies.  
The bank has also built up a niche franchise in rendering
private banking services to wealthy individuals, who are mainly
owners or managers of its corporate customers.

NKB's ratings are constrained primarily by its small size and
weak franchise.  Other negative rating drivers are:

   -- the concentrated nature of the bank's loan portfolio with
the top ten borrowers accounting for about 50% of the
total, and a substantial portion of large loans made to
companies operating in the real estate sector;

   -- dependence of funding on a narrow group of companies and
individuals; and

   -- significant exposure to market risks as the trading
securities portfolio makes up about one third of the
bank's total assets.

The B3/NP foreign currency deposit ratings do not incorporate
possible support from the bank's shareholders.  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.

NKB is headquartered in Moscow, Russian Federation. As of
Dec. 31, 2005, the bank reported total assets of US$288 million
and shareholders' equity of US$46 million in accordance with
IFRS and ranked 123rd in terms of total assets and 151st in
terms of capital among Russian banks, according to Interfax.


NIKOLO-POLOMSKOYE: Court Names I. Stepanov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. I.
Stepanov as Insolvency Manager for OJSC Nikolo-Polomskoye Grain
Receiving Enterprise (TIN 4423000175).  He can be reached at:

         I. Stepanov
         Office 218
         Moskovskay Str. 127
         Alatyr
         429820 Chuvashiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-1931/2006-20.

The Arbitration Court of Kostroma Region is located at:

         Shagova Str. 20
         156961 Kostroma
         Russia

The Debtor can be reached at:

         Nikolo-Polomskoye
         Prosvesheniya Str. 7
         Nikolo-Poloma
         Parfenyevskiy Region
         157290 Kostroma Region
         Russia


NORTH-WEST TELECOM: Inks Support Deal with Arkhangelsk Oblast
-------------------------------------------------------------
Nikolay Kiselyov, head of Arkhangelsk Oblast, held a meeting
with Vladimir Akulich, General Manager of OJSC North-West
Telecom in Arkhangelsk over the implementation of a cooperation
agreement between the two entities.

The Parties noted that all the obligations set out in the
Agreement were being carried out in full.

Collaboration in the framework of the Agreement has made it
possible to continue the work aimed at solving the tasks to
provide telephone communication and Internet services to
northern areas that are difficult to access and to the rural
areas of the region.

From the time of signing the Agreement (for the year 2005 and
six months of 2006) OJSC N.W.Telecom has invested RUR473 million
in the development and renovation of communication networks in
Arkhangelsk Oblast, including 74% for business expansion and 26%
for infrastructure support.

Over 31,000 numbers have been put into operation for the 18
months.  The number of telephone sets installed in Arkhangelsk
Oblast by August 2006 reached 353,000, while the telephone
density of the city telephone network was more than 82 telephone
sets for every 100 families.  The capacity of the broadband
access network is 4,400 xDSL ports.

In March 2006, OJSC North-West Telecom won the tender to deliver
universal telephone communication services using payphone s in
Arkhangelsk Oblast, which has become one of the first regions
where this service project has been implemented.

As a result, in 2007 all settlements of the region will have
telephone communication.  "It is very good that North-West
Telecom has won the tender," Mr. Kiselyov said.  "The program of
providing the region with telephone communication will be
implemented promptly and efficiently."

"The Company has paid great attention to the issues of
information communication lines in Arkhangelsk Oblast," Mr.
Akulich noted.  "In 2006 the investment in the development of
regional telecommunications will amount to RUR727 million, the
most important task being the construction of the Arkhangelsk-
Kotlas fiber-optic communication line and further development of
the existing multiservice network of N.W.Telecom in Arkhangelsk
Oblast, which will make it possible both to improve the quality
of providing the services of broadband access to the Internet
and to increase the data transmission speed and to ensure an
even greater reliability of information transmission."

In the course of the two-day working visit made by the managers
of OJSC N.W.Telecom, a meeting also took place between Valery
Potapenko, Head of the Administration of the Nenets Autonomous
District, and Vladimir Akulich, General Manager of OJSC North-
West Telecom.

Items of discussion included the interaction between the leaders
of the Nenets Autonomous District and OJSC N.W.Telecom in
solving issues of informatisation and the development of
telecommunications aspects in the region.

Apart from the official meetings with leaders of the regions,
Vladimir Akulich learnt about the operation of telecommunication
centres in the Arkhangelsk branch of OJSC N.W.Telecom and met
with the working teams.

                  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.  


OMZ OAO: S&P Assigns ruBB Rating to RUR1.5-Bln Bond Issue
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'ruBB' Russia
national scale rating to the senior unsecured bond issue by
Russian capital goods company OAO OMZ (Uralmash-Izhora
Group).  The company has issued a RUR1.5 billion (US$55 million)
bond with a put option in three years and final maturity in
2011.
     
The rating on the bonds mirrors the 'ruBB' Russia national scale
rating on the company.  Standard & Poor's expects the proceeds
from the bond issue to be used for refinancing of OMZ's existing
debt.
     
The ratings on OMZ currently remain constrained by the company's
highly leveraged financial profile--with a large proportion of
short-term debt, an aged asset base, and low operating
efficiency.  

The challenging competitive environment of the Russian and
international capital-goods markets is also a constraint.  These
factors are partially offset by OMZ's strong positions in the
domestic market, diversity--albeit limited--of end products and
market segments, and some cost advantages over international
competitors.


ORENBURG-FURNITURE: Court Names N. Stulkov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. N.
Stulkov as Insolvency Manager for LLC Orenburg-Furniture.  

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-3521/06-14gk.

The Debtor can be reached at:

         LLC Orenburg-Furniture
         Orenburg Region
         Russia


PEPYEVSKIY: Voronezh Court Names S. Bogay as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Bogay
as Insolvency Manager for OJSC Diary Pepyevskiy (TIN 626000010).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-5418-2006/133/27b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Diary Pepyevskiy
         Mamkina Str. 100
         Repyevka
         Voronezh Region
         Russia


POLYMER-BUILDING-MATERIALS: Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced
bankruptcy supervision procedure on CJSC Polymer-Building-
Materials.  The case is docketed under Case No. A79-4542/2006.

The Temporary Insolvency Manager is:

         N. Markelov
         Kanash
         Chuvashiya Republic
         Russia

The Debtor can be reached at:

         Polymer-Building-Materials
         Kanash
         Chuvashiya Republic
         Russia


SARANSKAYA GARMENT: V. Samsonov to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Mordoviya Republic appointed Mr. V.
Samsonov as Insolvency Manager for LLC Saranskaya Garment
Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A39-1461/0b-67/12.

The Arbitration Court of Mordoviya Republic is located at:

         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         LLC Saranskaya Garment Factory
         Evseeva Str. 34
         Saransk
         430000 Mordoviya Republic
         Russia


SEVERSTAL OAO: Cuts First-Half Net Profit by Half to US$412 Mln
----------------------------------------------------------------
OAO Severstal released its consolidated interim financial
statements for the six months ended June 30, 2006.

Severstal posted a US$412 million net profit on US$4.38 billion
in revenues for the first half of 2006, compared to US$900
million in net profit on US$4.47 billion in revenues for the
same period in 2005.

Debt finance raised from banks and unused long term credit lines
are secured by charges over:

   -- US$35.8 million (Dec. 31, 2005: US$96.1 million) net
      book value of plant and equipment;

   -- US$1.24 billion (Dec. 31, 2005: US$1.30 billion) of
      current assets; and

   -- US$168.0 million (Dec. 31, 2005: US$97.1 million) of
      financial assets.

As of June 30, 2006, OAO Severstal had US$307.1 million
(Dec. 31, 2005: US$319.9 million) of unused long term credit
lines available to it.

As of June 30, 2006, the company had US$14.04 in total assets,
US$4.90 billion in total liabilities, and US$9.15 billion in
total equity.

A full-text copy of OAO Severstal's first half results can be
viewed free-of-charge at http://researcharchives.com/t/s?1143

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel    
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of approximately EUR150 per ton.

                        *     *     *

As reported in TCR-Europe on July 5, Standard & Poor's Ratings
Services kept its 'B+' long-term corporate credit rating on
Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in TCR-Europe on June 28, Fitch Ratings maintained
the Rating Watch Positive status for OAO Severstal's ratings of
Issuer Default BB-, senior unsecured BB-, Short-term B and
National Long-term A+.


STROY-TEKH-PROM: Stavropol Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on CJSC Stroy-Tekh-Prom (TIN 2634047186).  
The case is docketed under Case No. A63-4959/2006-S5.

The Temporary Insolvency Manager is:  

         V. Golovchenko
         Privokzalnaya Str. 8A
         Svetlograd
         356530 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Stroy-Tekh-Prom
         Chekhova Str. 15
         Stavropol Region
         Russia


SUAL GROUP: Commences Buyout of Minority Shares
-----------------------------------------------
SUAL Group, one of the world's largest aluminium producers, has
launched a buyout of minority shareholders of the Siberian-Ural
Aluminium Company.

The subsidiaries of OAO SUAL, which is part of the SUAL Group,
are:

   -- Bogoslovsky Aluminium,
   -- Ural Aluminium,
   -- Irkutsk Aluminium,
   -- Kandalaksha Aluminium,
   -- Nadvoitsy Aluminium,
   -- Volkhov Aluminium,
   -- Pikalevo Alumina, and
   -- Volgograd Aluminium.

The buyout is carried out in accordance with Article 7 of the
Federal Law No 7-FZ, dated Jan. 5, 2006, and Article 84.8 of the
Federal Law No 208-FZ, dated Dec. 26, 1995, on Joint Stock
Companies, as in effect from Jan. 5, 2006.

The price of the shares is set at RUR29.93 and determined on the
basis of an independent valuation carried out by the CJSC
Deloitte & Touche CIS and confirmed by an expert report of the
NP Self-Regulating Independent Association of Appraisers.

Payment for the shares will be directed to the minority
shareholders' accounts or sent to them by mail (through postal
drafts).  In cases where bank account information or address is
not available, payment will be transferred to a notary's deposit
account.

The Company expects the buyout to be completed by the end of
2006.  The implementation of the buy-out procedure is designed
to enhance the consolidation of SUAL Group's assets with an aim
to further increase the efficiency of the corporate governance.

                          About SUAL

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

                        *     *     *

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

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


SVERDLOVSKIY: Court Names V. Grachev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. V. Grachev as
Insolvency Manager for CJSC Sverdlovskiy Combine Of Building
Materials.  He can be reached at:

         V. Grachev
         Lenina Str. 60-503
         614045 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-9152/2006-B.

The Debtor can be reached at:

         Sverdlovskiy
         L. Chaykinoy Str. 22
         Dobryanka
         618740 Perm region
         Russia


TULSKIY PAPER: Tula Court Names A. Eremin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. A. Eremin as
Insolvency Manager for OJSC Tulskiy Paper Manufacturer (TIN
7107003409).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-68-83/B-05.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Tulskiy Paper Manufacturer
         Varvarovskiy Proezd 10
         300026 Tula Region
         Russia


URALSKIY FACTORY: Moscow Bankruptcy Hearing Slated Sept. 7
----------------------------------------------------------
The Arbitration Court of Moscow region will convene on Sept. 7
to hear the 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
         Post User Box 183
         127018 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
         Vokzalnaya Str. 25
         Nabikhino
         143430 Moscow Region
         Russia


URALTRANSBANK: Fitch Keeps IDR at B- on Vulnerable Liquidity
------------------------------------------------------------
Fitch Ratings affirmed Russia-based Uraltransbank's ratings of
Issuer Default B- with a Stable Outlook, Short-term B, Support 5
and Individual D.  The National Long-term rating has been
affirmed at BB+ with Stable Outlook.

The Issuer Default, Short-term and Individual ratings of UTB
reflect its small size, moderate profitability, tight
capitalization and potentially vulnerable liquidity.  However,
Fitch notes UTB's generally good revenue quality, low market
risk as well as a broad and stable franchise in UTB's home
region.

In August 2006, charges against UTB's controlling shareholder
and Chairman, Valery Zavodov, brought in March 2006 in
connection with the alleged granting of loans on non-market
terms, were removed as unlawful.

The bank's liquidity initially in March came under pressure
following negative media coverage concerning the allegations,
and resultant deposit outflow, but stabilized relatively
quickly.  In June 2006 the bank's retail deposits exceeded pre-
March volumes and are continuing to grow.

Assets have been steadily growing in 2005/H106 through standard
lending products in the bank's core retail and SME segments.
Asset quality has been acceptable to date, reflecting
conservative risk management practices, and notwithstanding a
general increase in branch lending authority.  

Profitability is weak, burdened by the costly branch network and
expensive retail funding that dominates liabilities, leaving
internal capital generation moderate.  Fitch notes that to
facilitate further growth of UTB's operations, and to remain
competitive in its home region, the bank needs new sources of
long-term funding and capitalization.

Upside potential for UTB's ratings is currently limited, but may
result from stronger performance and capitalization levels and
an improved funding profile.  Downward pressure could arise from
increased loan impairment levels or substantial deterioration of
capital ratios.

UTB is a small bank, well recognized in its home Sverdlovsk
region and majority-owned by Valery Zavodov, who is also
Chairman of the management board.  The EBRD has owned a blocking
stake of 25% plus one share since December 2004.


YANIVKOSKOYE: Court Names B. Litti as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Chuvashiya Republic appointed Mr. B.
Litti as Insolvency Manager for OJSC Yanivkoskoye.  He can be
reached at:

         B. Litti
         Tekstilshikov Str. 10-216
         Cheboksary
         Chuvashiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A79-485/2006.

The Debtor can be reached at:

         Yanivkoskoye
         Yanikovo
         Urmanskiy Region
         Chuvashiya Republic
         Russia


ZARECHYE: Lipetsk Court Names I. Valvakova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Ms. I.
Valvakova as Insolvency Manager for OJSC Agro Company Zarechye.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-4789/2005.

The Arbitration Court of Lipetsk Region is located at:

         Skorokhodova Str. 2
         398019 Lipetsk Region
         Russia

The Debtor can be reached at:

         OJSC Agro Company Zarechye
         Bolshoy Verkh
         Lebedyanskiy Region
         Lipetsk Region
         Russia


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


TEEKAY SHIPPING: Acquires 40% Stake in Norwegian Petrojarl ASA
--------------------------------------------------------------
Teekay Shipping Corporation acquired, through its wholly owned
subsidiary TPO Investments AS, over 40% of the shares of
Petrojarl ASA, which is listed on the Oslo Stock Exchange.  In
accordance with Norwegian law, Teekay intends to launch a
mandatory bid for the remaining shares of Petrojarl within the
next four weeks.

Petrojarl is a leading operator of Floating Production Storage
and Offloading units in the North Sea.  It owns and operates
four FPSO units in addition to operating two shuttle tankers and
one storage tanker.  In February of this year, Teekay entered
into a joint venture with Petrojarl to pursue FPSO projects.

"We are excited about the opportunity to expand our existing
relationship with Petrojarl," commented Bjorn Moller, Teekay's
President and Chief Executive Officer.  "Petrojarl's offshore
engineering expertise and reputation as a quality operator of
FPSOs is a great fit with Teekay's existing offshore operations
and will allow us to better serve our customers in the growing
offshore oil exploration and production market."

                          About Teekay

Teekay Shipping Corporation (NYSE: TK) -- http://www.teekay.com/
-- transports more than 10% of the world's seaborne oil and has
expanded into the liquefied natural gas shipping sector through
its publicly listed subsidiary, Teekay LNG Partners L.P. (NYSE:
TGP).  With a fleet of over 145 tankers, offices in 17 countries
and 5,100 seagoing and shore-based employees, Teekay provides a
comprehensive set of marine services to the world's leading oil
and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations.  In
Europe, the country maintains offices in Germany, Luxembourg,
the Netherlands, Spain, and the United Kingdom, among others.


TEEKAY SHIPPING: Petrojarl Merger Cues Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed all debt ratings of Teekay
Shipping Corporation under review for possible downgrade --
including its senior unsecured rating at Ba2.  The review was
prompted by Teekay's announcement that is has acquired more than
40% of Petrojarl ASA, and of its intent to make an offer for all
of the remaining Petrojarl shares.

Petrojarl is a Trondheim, Norway-based operator of floating
production storage and offloading vessels and holds a leadership
position in the North Sea.  Petrojarl is also Teekay's partner
in a FPSO joint venture the companies initiated in 2006.  
Moody's estimates that the total cost of the acquisition could
exceed $1.1 billion including debt assumed, and expects that
Teekay will pay for the remaining Petrojarl shares with a
combination of cash on hand and existing revolver availability.

Moody's will review, using the Rating Methodology for the Global
Shipping Industry, the effect of the acquisition on the key
credit metrics, especially of Debt and EBIT.  Liquidity is an
important factor in the Methodology, and Moody's will consider
the level of unrestricted cash that Teekay will keep on hand
post acquisition and the timeframe within which Teekay will
restore availability under its revolving credit facilities.  In
addition, Moody's will assess Petrojarl's incremental EBITDA
potential under Teekay ownership, and whether the potential
growth will be sufficient to justify the higher post-merger debt
levels.  Moody's will also consider whether Teekay will reduce
share repurchases from the high level of the past 18 months.

Under Moody's Methodology, Teekay's credit profile currently
maps to its Ba1 corporate family rating. However, credit metrics
have weakened since December 31, 2005 and free cash flow turned
negative in the Last Twelve Month period ending June 2006.  
Although free cash flow generation is pressured by large capital
expenditure commitments for vessels on order, Moody's notes that
Teekay has pre-arranged committed term loan facilities to meet
these obligations.  In Moody's view, current spot tanker rates
and the expected firming of tanker rates through year end should
improve these metrics over the short term; however, any such
improvement in Teekay's cash flow as a result of better rates
may not be sufficient to offset the higher debt level that may
result from the potential Petrojarl acquisition.

On Review for Possible Downgrade:

Issuer: Teekay Shipping Corporation

   * Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently Ba1

   * Speculative Grade Liquidity Rating, Placed on Review for
     Possible Downgrade, currently SGL-2

   * Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Ba2

Outlook Actions:

Issuer: Teekay Shipping Corporation

   * Outlook, Changed To Rating Under Review From Stable

Teekay Shipping Corporation, a Marshall Islands corporation
headquartered in Nassau, Bahamas, having its main operating
office in Vancouver, Canada, operates a fleet of 146 owned or
chartered-in crude, refined products and LNG vessels, including
23 newbuildings on order.


TEEKAY SHIPPING: S&P Puts BB+ Corp. Credit Rating on Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB+' corporate credit rating, on Teekay Shipping Corp. on
CreditWatch with negative implications.

"The CreditWatch listing follows Teekay's announcement that it
plans to make a tender offer for Petrojarl ASA, a Norwegian-
based operator of floating production storage and offloading
units," said Standard & Poor's credit analyst Eric Ballantine.

The company has not yet announced how it intends to fund the
transaction, but Teekay has significant availability under its
revolving credit facility.

The acquisition of Petrojarl would further expand Teekay's
shipping business, which includes oil tankers, shuttle tankers,
and LNG vessels.  Petrojarl operates four FPSO's, two shuttle
tankers, and one storage tanker.  FPSO units engage in the
production, processing, and storage of oil from sub-sea
oilfields.  Petrojarl's units operate in the North Sea.

Petrojarl's annual revenue is around $300 million and its market
capitalization is slightly more than $800 million.  Although
Teekay currently has around 40% of Petrojarl's stock, there are
other major shareholders and a bidding war is possible.

Ratings on Vancouver, B.C.-based Teekay reflect its
participation in the competitive, volatile, highly fragmented,
and fixed-capital-intensive bulk shipping industry, combined
with an aggressive growth strategy, new vessel construction
program, and an increasingly shareholder-friendly financial
policy.

Positive credit factors include:

   * the company's solid business position as the leading
     midsize Aframax crude-oil tanker operator;

   * strong market share in the shuttle tanker markets; and

   * a growing liquefied natural gas business.

Teekay has been increasing its fixed-rate business and this
acquisition should continue this trend.

Standard & Poor's expects to meet with Teekay's management team
to review the proposed transaction and funding requirements.  
Teekay has been acquisitive in the past, levering up the
company; however, it has focused on debt reduction after
significant acquisitions.

Depending on how the transaction is funded, ratings outcomes
could include an affirmation at the current rating and either a
stable or negative outlook.  However, if it appears that the
transaction will weaken the company's financial profile
materially a modest one-notch downgrade is possible.


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


ITERA-TRADE: Court Names I. Sokolova as Insolvency Manager
----------------------------------------------------------
The Economic Court of Odessa Region appointed Ms. I. Sokolova as
Liquidator/Insolvency Manager for LLC Itera-Trade (code EDRPOU
33558224).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 26.  The case is docketed
under Case No. 24/170-06-7084.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Itera-Trade
         Shkilnij Lane 4/23
         Illichivsk
         68001 Odessa Region
         Ukraine


KALUSH MILK: Ivano-Frankivsk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on OJSC Kalush Milk Plant (code
EDRPOU 00445682) on July 20.  The case is docketed under Case
No. B-12/191.

The Temporary Insolvency Manager is:

         Ivan Vatutin
         Novodvorskij Str. 24
         Kolomiya
         Ivano-Frankivsk Region
         Ukraine

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Kalush Milk Plant
         Pisarska Str. 36
         Kalush
         77300 Ivano-Frankivsk Region
         Ukraine


KARBON: Donetsk Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Firm Karbon (code EDRPOU 19381513).  
The case is docketed under Case No. 5/119 B.

The Temporary Insolvency Manager is:

         I. Popov
         Makiyivka, Tayozhna Str. 1
         86123 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Firm Karbon
         Kirov Str. 9
         Shahtarsk
         Donetsk Region
         Ukraine


MEGA-OPT: Court Names Dmitro Chernishenko as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Herson Region appointed Dmitro
Chernishenko as Liquidator/Insolvency Manager for LLC Mega-Opt
(code EDRPOU 31047489).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 18.  The case is docketed
under Case No. 12/70-B-06.

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         LLC Mega-Opt
         Promislova Str. 1-a
         Tsurupinsk
         Herson Region
         Ukraine


TIVRIV DRUGSTORE: Court Names Bankruptcy Agency as Liquidator
-------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for CJSC
Tivriv District Drugstore (code EDRPOU 01975122)

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 27.  The case is docketed
under Case No. 10/106-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         CJSC Tivriv District Drugstore
         Lenin Str. 58
         Tivriv
         Vinnitsya Region
         Ukraine


UKROPTORG: Kyiv Court Names Olena Zorina as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Olena Zorina as
Liquidator/Insolvency Manager for LLC Trade-Production Company
Ukroptorg (code EDRPOU 33344197).  He can be reached at:

         Olena Zorina
         Dnipra Str. 34-a/239
         Geroiv
         04214 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 13.  The case is docketed
under Case No. 43/401.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Trade-Production Company Ukroptorg
         Borispilska Str. 30
         02096 Kyiv Region
         Ukraine


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


2SERVE LIMITED: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of 2Serve Limited confirmed on June 9 the resolutions
for voluntary liquidation and the appointment of Allan Cooper
and Brendan Ambrose Guilfoyle of The P&A Partnership as
Liquidators of the company.

The company can be reached at:

         2Serve Limited
    62 Bradford Road
    Stanningley
    Pudsey
    West Yorkshire LS286DX
    United Kingdom
    Tel: 0113 290 5700
    Web: http://www.2serveltd.com/


AAR CORP: Closes New US$140 Million Revolving Credit Facility
-----------------------------------------------------------
AAR Corp. has closed on a new senior, unsecured revolving credit
facility.

The facility has an initial limit of US$140 million and can be
increased to US$175 million.  The new agreement has a term of
four years and an interest rate fluctuating between LIBOR plus
125 and 200 basis points.  LaSalle Bank N.A. is the lead bank in
the syndicate of banks making this credit line available to the
Company.

The new financing replaces the Company's US$30 million secured
revolving credit facility, which has been cancelled, and its
US$50 million accounts receivable securitization facility, which
will be cancelled over the next 90 days.

"Our improved financial performance and outlook have allowed us
to simplify our capital structure, replacing multiple secured
credit facilities with one unsecured facility that has more
attractive terms and pricing," Timothy J. Romenesko, vice
president and chief financial officer, said.  "The new facility
provides us with even greater financial flexibility and
availability of funds to grow our business and position the
Company for the future."

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides  
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In
Europe, the company maintains offices in France, Germany, Italy,
the Netherlands, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
AAR Corp.'s 1.75% US$125 million convertible senior notes due
2026 sold via SEC Rule 144A with registration rights.

At the same time, Standard & Poor's affirmed its ratings,
including the 'BB-' corporate credit rating, assigned effective
June 16, 2003, on the aviation support services provider.  S&P
said the rating outlook is stable.


ALKALINE GROUP: Appoints Joint Liquidators from Robson Laidler
--------------------------------------------------------------
William Paxton and Peter William Gray of Robson Laidler LLP were
appointed Joint Liquidators of Alkaline Group Limited on June 20
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Alkaline Group Limited
    89-91 Jesmond Road
    Newcastle Upon Tyne NE2 1NH
    United Kingdom
    Tel: 0870 746 0450


AURORA WINDOWS: Calls In Joint Liquidators from Begbies Traynor
---------------------------------------------------------------
James P. N. Martin and W. John Kelly of Begbies Traynor were
appointed Joint Liquidators of Aurora Windows Limited on June 12
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Aurora Windows Limited
    Unit 6
    Doyle Drive
    Blackburn Road Industrial Estate
    Coventry
    West Midlands CV6 6NW
    United Kingdom
    Tel: 024 7663 8084


AVNET INC: Moody's Assigns Ba1 Rating to US$250-Mln Notes  
---------------------------------------------------------
Moody's Investors Service upgraded the corporate family and
senior unsecured debt ratings of Avnet, Inc. to Ba1 from Ba2 and
assigned a Ba1 rating to the proposed offering of up to US$250
million senior notes due 2016.  The new issue proceeds together
with cash-on-hand and other financial resources will be used to
repurchase not less than US$250 million of the outstanding
US$361.4 million 9.75% senior notes due February 2008.  The
ratings outlook is stable.

The ratings upgrade considers the potential refinancing, which
should enhance pro forma credit metrics and improve financial
flexibility by reducing borrowing costs and extending near-term
debt maturities.

Importantly, the upgrade reflects realized operating efficiency
improvements that have resulted in operating margin expansion,
higher gross cash flow levels and an enhanced business model
that has the propensity to deliver consistently higher levels of
positive free cash flow compared to prior year periods.

It also factors in the enhanced market position, more favorable
product mix and operating leverage via the Memec acquisition
coupled with better than anticipated results from the
integration plan.

The company's execution on realizing annualized cost synergies
of US$150 million beginning in fiscal 2007 is higher than the
original plan of US$120-130 million.  The company's success in
completing this sizeable integration in one year is reflective
of Avnet's experience in integrating over 30 acquisitions over
the past 11 years.

The stable outlook reflects:

   -- Moody's expectations that organic revenues will grow in
line with the industry's mid-to-high single digit growth
rate;

   -- Avnet's diversified geographic presence; and

   -- the value of working capital and operating improvements,
which have increased operating efficiency.

The outlook also captures Avnet's low single-digit, albeit
improving, operating margins, which leave limited cushion for
unexpected setbacks or a disruptive competitive environment.

The ratings or outlook could be positively influenced if Avnet:

   -- sustains progress in improving its operating performance
lifting operating margins;

   -- continues to improve financial leverage via debt reduction
and/or higher operating cash flow leading to enhanced debt
protection measures; and

   -- demonstrates continued evidence of high levels of gross
cash flow and stability in free cash flow generation,
muting the inherent volatility of the semiconductor and
computer products cycles.

New ratings assigned:

   -- Up to US$250 million Senior Unsecured Notes due 2016, Ba1;

Ratings upgraded:

   -- Corporate Family Rating, to Ba1 from Ba2;

   -- Senior Unsecured Notes with various maturities, to Ba1
from Ba2; and

   -- Senior/Subordinated shelf ratings, to (P)Ba1/(P)Ba2 from
(P)Ba2/(P)Ba3.

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.  Revenues
for the fiscal year ended July 1, 2006 were US$14.3 billion.


BGS U.K.: Eileen T. F. Sale Leads Liquidation Procedure
-------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of BGS U.K. Limited on June 12 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         BGS U.K. Limited
    Carmella House 3 4
    Grove Terrace
    Walsall
    West Midlands WS1 2NE
    United Kingdom
    Tel: 01283 521 437


BRAVO! FOODS: Noteholders Agree to Cure Default on Senior Notes
---------------------------------------------------------------
Five institutional holders of Bravo! Foods International Corp.'s
Senior Convertible Notes who are parties to a Securities
Purchase Agreement, agreed to release the Company from the
events of default under the Notes that occurred as a result of
non-filing of its Form 10-QSB for the quarterly period ended
June 30, 2006.

The Company, on Aug. 31, 2006, entered into Amendment Agreements
with all of the holders of the Notes, pursuant to which it will
issue Amended and Restated Notes in exchange for $15 million of
the Notes.

The Amended Notes provide that, for the period:

   (a) from the earlier of Oct. 10, 2006 and the date the
       stockholders approve to increase the Company's authorized
       common stock from 300 million to 500 million shares

   (b) through Dec. 15, 2006, the holders may require the
       Company to redeem any portion of the Amended Notes in
       cash at a price equal to 125% of the amount redeemed.

The amendment also provide that between Nov. 15, 2006 and
Dec. 15, 2006 the Company may request the holders to require the
redemption any portion of the Amended Notes.  In the event that
a holder exercises its right to redeem at the Company's request
or fails to comply with the requested redemption, the holder's
right to subsequent requests for redemptions is terminated.  The
holders agreed that upon the holder's delivery of a request for
an optional redemption, the holder waives certain debt and
equity restrictions relative to the financing documentation of
the Securities Purchase Agreement.  The Amended and Restated
Notes also provide that the conversion price applicable to the
Amended Notes is reduced from $0.70 to $0.51.

Bravo! Foods International Corp., (OTC: BRVOE.OB)
-- http://www.bravobrands.com/-- develops, brands, markets,   
distributes and sells flavored milk products throughout the 50
United States, Great Britain and various Middle Eastern
countries.  Bravo!'s products are available in the United States
and internationally through production agreements with regional
aseptic milk processors and are currently sold under the brand
names Slammers(R) and Bravo!(TM).  Many of Bravo! Foods'
Slammers(R) lines of shelf-stable, single-serve milk drinks are
co-branded through exclusive partnerships with Masterfoods, a
division of Mars Incorporated, and MD Enterprises (Moon Pie(R)),
providing superior name recognition packaged with quality,
great-tasting drinks.  On Nov. 1, 2005, Coca-Cola Enterprises,
Inc., began distribution of the Slammers(R) Masterfoods line, as
well as the Bravo!'s Slim Slammers(R) and Pro Slammers(TM)
products, under a Master Distribution Agreement with Bravo!

                        Going Concern Doubt

Lazar Levine & Felix, LLP, expressed substantial doubt about
Bravo! Foods International Corp.'s ability to continue as a
going concern after auditing the Company's financial statements
for the years ended Dec. 31, 2005 and 2004.  The auditing firm
pointed to the Company's net loss of $14,506,630 for the year
ended Dec. 31, 2005 and working capital deficiency of $86,884 as
of the same date.  The firm also pointed to the Company's
delinquent payment of certain debts.


CINDAN LAND: Taps Grant Thornton as Joint Administrators
--------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of Cindan
Land (Littledean) Limited (Company Number 05363446) on Aug. 22.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  

Headquartered in London, United Kingdom, Cindan Land
(Littledean) Limited develops and sells real estate.


CLEAR SOLUTION: Hires Joint Liquidators from CBA
------------------------------------------------
Mark Grahame Tailby and Neil Richard Gibson of CBA were
appointed Joint Liquidators of Clear Solution Design Limited
(Everstop Services Limited) on June 14 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Clear Solution Design Limited
    Imperial Buildings
    King Street
    Enderby
    Leicester
    Leicestershire LE194NT
    United Kingdom
    Tel: 0116 284 9019
    Web: http://www.clearsolution.co.uk/


COLLINS & AIKMAN: Ct. OKs Additional Condition on Collateral Use
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
approves and additional stipulation between Collins & Aikman
Corporation, its debtor-affiliates and Mayer Textile Machine
Corporation.  The additional stipulation provides for the return
of Mayer's collateral in exchange for Mayer waiving its claims.

As reported in the Troubled Company Reporter on Aug. 18, 2006,
the Debtors are winding down their Fabrics Business and
production will cease shortly.  Mayer has security interest in
the equipment used in the Fabrics business.  Since the Debtors
will not need the Collateral when production ceases, the
Collateral will need to be sold or returned to Mayer.

The Stipulation provides that:

   -- the Debtors stipulate to the validity and first priority
      of Mayer's liens on the Collateral and the Mayer Claim
      Amounts;

   -- while the Debtors maintain possession of the Collateral,

      (i) the Debtors will maintain the Collateral in reasonably
      good working order and will make or seek to make
      reasonable repairs,

      (ii) the Debtors will keep the Collateral insured, and

      (iii) Mayer may inspect and re- the Collateral;

   -- the Debtors will provide Mayer with the right to repossess
      the Collateral no later than October 1, 2006, at no cost
      to the Debtors, and unless Mayer elects not to repossess
      the Collateral, the Debtors will not sell, transfer, lease
      or otherwise dispose of any of the Collateral without
      Mayer's prior written consent;

   -- if Mayer repossesses the Collateral, adequate protection
      payments by the Debtors to Mayer will cease and Mayer will
      waive any claim against the Debtors;

   -- if Mayer elects not to repossess the Collateral and the
      Debtors sell the Collateral, Mayer will be:

      (a) allowed to credit bid, and

      (b) entitled to a right of first refusal for an amount no
      less than such offer;

   -- if Mayer does not repossess the Collateral, Mayer will
      retain its claims against the Debtors, which will be
      allowed in accordance with Section 506 of the Bankruptcy
      Code.  If the Collateral is sold, all proceeds -- net of
      reasonable expenses of the sale -- up to the amount of the
      Mayer Claim Amounts will be turned over to Mayer and
      applied against Mayer's claim; and

   -- in no event will Mayer be liable for any excise, sales and
      other taxes or charges relating to the Collateral for any
      period that the Debtors had possession of the Collateral.

The Court has previously approved a stipulation between the
Debtors and Mayer regarding the adequate protection of Mayer's
secured claim.  The Debtors are required to pay Mayer monthly
adequate protection payments of US$20,000.

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


COLLINS & AIKMAN: GM Insists Discovery Proposal is Adequate
-----------------------------------------------------------
General Motors Corp. asks the U.S. Bankruptcy Court for the
Eastern District of Michigan to deny Collins & Aikman
Corporation, its debtor-affiliates and the Official Committee of
Unsecured Creditors' request for discovery beyond that provided
in a proposed discovery.  

GM is seeking to lift the automatic stay to take possession of
certain tooling in which it asserts an ownership interest.  The
Committee filed an objection to that request and the Debtors
have sought to take discovery of GM.

The Debtors, Committee and GM are currently attempting to
negotiate a stipulation with respect to the requested discovery.
However, to protect the interests of the Debtors' unsecured
creditors in the event the parties are unable to resolve issues,
the Committee filed a separate request to take discovery of GM.

                          GM's Arguments

Scott A. Wolfson, Esq., at Honigman Miller Schwartz and Cohn
LLP, in Detroit, Michigan, GM drafted and circulated to the
Debtors and the Committee several versions of a proposed
discovery order in an attempt to address their concerns.  
Neither the Debtors nor the Committee has stipulated to the
entry of the order.

GM believes that the proposed order provides for reasonable  
discovery opportunities for all parties to the contested matter.  
The proposed discovery order provides for a discovery period of
45 days from the date GM files an amended tooling request.  The
scope of discovery would be limited to the these issues:

   (a) GM's rights in and to the relevant tooling;

   (b) the Debtors rights and equity in and to the relevant
       tooling;

   (c) rights asserted by third parties;

   (d) contracts relating to the relevant tooling;

   (e) payments GM has made in connection with the relevant
       tooling;

   (f) the Debtors' possession, custody, and use of the relevant
       tooling; and

   (g) the location of the relevant tooling.

Mr. Wolfson relates that depositions would be limited to a
maximum of four by each party, and the maximum number of
interrogatories and requests for admission, including subparts,
would be 15.

"[The] Debtors' and the Committee's insistence on discovery
beyond that proposed by GM seeks to deny its right to an
expedited hearing, ignores the limited determination the Court
must make when considering a motion for stay relief, and should
be denied as a matter of law," Mr. Wolfson argues.

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


COLLINS AND CURTIS: Taps Lloyd Biscoe to Liquidate Assets
---------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Collins and Curtis Masonry Limited on June 9 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Curtis Masonry Limited
         Greenwich Business Park
    Greenwich Close
    Ipswich
    Suffolk IP3 0DD
    United Kingdom
    Tel: 01473 250 932


COMMUNITY TRANSPORT: Joint Liquidators Take Over Operations
-----------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Community
Transport (Middlesbrough) Limited on June 21 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Community Transport (Middlesbrough) Limited
    30 Cannon Park Way
    Middlesbrough
    Cleveland TS1 5JU
    United Kingdom
    Tel: 01642 223 433


CONSTAR INT'L: June 30 Balance Sheet Upside-Down by US$42.6 Mln
---------------------------------------------------------------
Constar International Inc.'s balance sheet showed stockholders'
deficit of US$42,638,000 from total assets of US$540,389,000 and
total liabilities of US$583,027,000, at June 30, 2006.

For the three months ended June 30, 2006, the Company earned
US$169,000 of net income on net sales of US$258,454,000,
compared with a US$7,701,000 net loss on net sales of
US$257,913,000 in the same period last year.     

Full-text copies of the Company's financial statements for the
quarter ended June 30, 2006 are available for free at
http://researcharchives.com/t/s?112a

Headquartered in Philadelphia, Pennsylvania, Constar
International Inc. -- http://www.constar.net/-- manufactures  
polyethylene terephthalate plastic containers for food and
beverages market in the United States and Europe, including
bottles and preforms.


COX THERMOFORMING: Creditors' Meeting Slated for September 11
-------------------------------------------------------------
Creditors of Cox Thermoforming Limited (Company Number 02460540)
will meet at 2:30 p.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 on Sept. 8 at:

         Brian Johnson
         Joint Administrator
         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


CRANE BROS.: Names G. H. W. Griffith Liquidator
-----------------------------------------------
G. H. W. Griffith was appointed Liquidator of Crane Bros.
Limited on June 13 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Crane Bros. Limited
    Unit Wa2
    Forge Lane
    Minworth
    Sutton Coldfield
    West Midlands B76 1AH
    United Kingdom
    Tel: 0121 351 7447


CREST HOTEL: Appoints Joint Administrators from Grant Thornton
--------------------------------------------------------------
Martin Ellis and Daniel Smith of Grant Thornton U.K. LLP were
appointed joint administrators of The Crest Hotel (Torquay)
Limited (Company Number 05337677) on Aug. 22.

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.  

The Crest Hotel (Torquay) Limited can be reached at:

         17 Pennine Parade
         Pennine Drive
         Barnet
         London NW2 1NT
         United Kingdom


DI-AL EXSTRUSION: Creditors' Meeting Slated for September 11
------------------------------------------------------------
Creditors of Di-al Exstrusion Tools Limited (Company Number
03973430) will meet at 11:00 a.m. on Sept. 11 at:

         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         Gloucester GL4 3RT
         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:

         P. J. Gorman
         Joint Administrator
         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         Gloucester GL4 3RT
         United Kingdom
         Tel: +44 (0) 1452 634800
         Fax: +44 (0) 1452 371900

Hazlewoods -- http://www.hazlewoods.co.uk-- offers a service  
that sets it apart from other chartered accountancy firms.   It
is highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax.  The firm employs 150
staff.


DOWLING HEARING: Hires Ian C. Brown to Liquidate Assets
-------------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed Liquidator
of Dowling Hearing Care Limited on June 27 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dowling Hearing Care Limited
    2A Llandudno Road
    Penrhyn Bay
    Llandudno
    Gwynedd LL303HA
    United Kingdom
    Tel: 01492 540 000


DUALVENUE LTD: Appoints Kiran Mistry to Liquidate Assets
--------------------------------------------------------
Kiran Mistry of HKM LLP was appointed Liquidator of DualVenue
Limited (t/a Swift Greetings) on June 21 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         DualVenue Limited
    1 Foxholes Road
    Leicester LE3 1TH
    United Kingdom
    Tel: 0116 232 1323


ELITE TECHNICAL: Brings In Joint Liquidators from Insol House
-------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Elite Technical Solutions
Limited on June 15 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Elite Technical Solutions Limited
    99 Station Road
    Earl Shilton
    Hinckley LE9 7GE
    United Kingdom
    Tel: 01455 851 638


EMI GROUP: FMR Corp. et. al Cut Interest Holdings to 7.9%
---------------------------------------------------------
FMR Corp. and its subsidiaries, together with Fidelity
International Ltd. and its subsidiaries, have decreased their
interests in EMI Group plc Ordinary Shares of 14 pence each.

At Sept. 5, the parties had an interest in 63,509,909 shares,
being 7.99% of the shares in issue.  This holding also comprised
the notifiable interests of Edward C. Johnson III, a principal
shareholder of FMR Corp. and Fidelity International Ltd.

Headquartered in London, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licenses in a further 20.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


ESPRIT RESOURCE: Names Joint Liquidators from Hart Shaw
-------------------------------------------------------
Andrew J. Maybery and Christopher J. Brown of Hart Shaw were
appointed Joint Liquidators of Esprit Resource Solutions Limited
on June 15 on for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Esprit Resource Solutions Limited
    Waters Green House
    Sunderland Street
    Macclesfield
    Cheshire SK116LF
    United Kingdom
    Tel: 01625 611 611


EWS SOLUTIONS: Taps Peter O'Hara to Administer Assets
-----------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed administrator of EWS
Solutions Limited (Company Number 05397316) on Aug. 23.

The administrator can be reached at:

         O'hara & Co.
         Wesley House
         Huddersfield Road
         Birstall
         Batley
         West Yorkshire WF17 9EJ
         United Kingdom
         Tel: 01924 477449
         Fax: 01924 475262
         E-mail: insol@ohara.co.uk

Headquartered in Hull, United Kingdom, EWS Solutions Limited
manufactures laboratory furniture.


EXCLUSIVELY YOURS: Hires Joint Liquidators from Begbies Traynor
---------------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
Joint Liquidators of Exclusively Yours Limited on June 26 for
the purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Exclusively Yours Limited
    25 Front Street West
    Wingate
    County Durham TS28 5AA
    United Kingdom
    Tel: 01429 836529


FOCUS DIY: Probable Default Spurs Fitch to Junk GBP100-Mln Notes
----------------------------------------------------------------
Fitch Ratings downgraded U.K.-based Focus DIY (Investments)
Ltd.'s and Focus DIY (Finance) PLC's Issuer Default ratings to
CCC from B-.  The Short-term rating has been downgraded to C
from B.  The Outlook remains Negative.  At the same time, the
agency downgraded these debt instruments:

Focus DIY (Investments) Ltd.'s senior secured facilities:
downgraded to B- from B following the downgrade of the IDR
although the Recovery Rating is upgraded to RR2 from RR3 Focus
DIY (Finance) PLC's GBP100 million 9.375% mezzanine notes due
2015: downgraded to CC from CCC.  The RR is affirmed at RR6.

"Focus retains a stable market share in a market which has
largely stabilized from the downturn of H205 and early 2006.  
However, the current run-rate trading EBITDA is making the
current debt burden increasingly unsustainable," Pablo Mazzini,
Director at Fitch's European Leveraged Finance team disclosed.

"The heightened probability of default is on expectation of poor
long-term profitability and weak free cash flow generation.
Focus's business remains viable but cannot withstand the current
amount of debt relative to the group's earnings potential.
Therefore attention should be put on the potential recoveries
for each creditor upon an almost inevitable debt restructuring
in the foreseeable future," Mr. Mazzini added.

In Fitch's view there may be some signs of structural changes in
the U.K. DIY market, which could cap profitability for smaller
operators.  First, the slightly upward movement in interest
rates, alongside a less booming housing market, is expected to
keep consumer confidence subdued.

The agency expects increased price competition and promotional
activity amongst players, in a market where product
differentiation is difficult to attain.  In this environment,
only the large players are expected to see enhanced
profitability, such as B&Q, owned by Kingfisher PLC
(BBB/F3/Negative) and Homebase (part of Argos Retail Group
within GUS PLC -BBB+/F2/Rating Watch Negative).

Less indebted consumers are likely to switch increasingly to
contractors, especially in the heavy-end of the DIY market.  As
a result, the mid-segment, where Focus falls under, is set to
consolidate.  Focus is the third-largest U.K. player with an
extensive store network across Britain although it does not
benefit from the same degree of flexibility as its two major
rivals.

At the same time, Focus's highly leveraged balance sheet impairs
the ability of the group to compete effectively in terms of
pricing, promotional and advertising activity and store opening,
refits and refurbishments.

Fitch expects Q306 (to July 2006) LTM trading EBITDA to be above
GBP30 million, excluding income related to reverse premiums
associated with certain property transactions, but below FY05's
GBP40 million.  Given the actual annual interest burden of
around GBP26 million, the level of headroom is therefore limited
in supporting the operations in the longer term.

Focus is therefore solely reliant on a sustained business
improvement in generating GBP40 million-GBP50 million EBITDA on
a standalone basis.  Since refinancing risk appears too high,
the current risk profile is commensurate with a CCC rating.  

Liquidity seems still under control and the revised covenant
headroom would allow management to service the group's debt
through to April 2007.  However, certain uncertainties remain
over the renegotiation of the future covenant levels, especially
in the absence of a visible market turnaround and in light of a
ramp-up in the senior debt amortization schedule in H207 and
2008.

As Fitch sees Focus's business remaining viable, a going concern
restructuring would preserve value for most creditors as opposed
to a liquidation option upon a consensual debt-restructuring
event.  Based on revised assumptions of a conservative GBP40
million sustainable long-term EBITDA and an estimated valuation
of Focus DIY of close to 6x EBITDA, a "distressed" enterprise
value would allow for superior recovery prospects for senior
secured lenders, hence the upgrade of the RR to RR2.

While these assumptions do not allow for any recoveries for the
subordinated mezzanine notes, Fitch views that there might be
some recoveries available to mezzanine noteholders due to their
second ranking security interest.  

However, recoveries for the subordinated lenders would be
largely dictated by any potential negotiations among creditors
and the financial sponsors, the length of these discussions, as
well as the possibility of getting shares in the post-
restructured equity of the group.


FORD MOTOR: Production Cuts Spur S&P to Assign Low-B Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B+' long-term and
'B-2' short-term ratings on Ford Motor Co., Ford Motor Credit
Co., and related entities remain on CreditWatch with negative
implications where they were placed August 18.

The 'BB-' long-term and 'B-2' short-term ratings on FCE Bank
PLC, Ford Motor Credit's European bank, also remain on
CreditWatch with negative implications, reflecting its linkage
to the Ford rating.
      
"Ford's announcement that it has hired a senior executive from
Boeing Co. as the new Ford CEO broadens Ford's senior management
team and so we consider it a modest positive," said Standard &
Poor's credit analyst Robert Schulz.
     
The Ford CreditWatch reflects the decision of Standard & Poor's
to review the ratings in light of the sharply lower production
schedule announced for light trucks in the fourth quarter (down
155,000 units, or 28%, versus fourth-quarter production in
2005).  

These cuts, along with the very likely significant cost
reductions to be announced later in September, reveal the
magnitude of turnaround efforts needed to deal with Ford's
deteriorating product mix, lower market share, and excess
production capacity in North America.  The lower production will
have a significant negative effect on Ford's cash flow in the
fourth quarter.
     
Although Ford's North American automotive operations are cash-
flow negative, Ford's liquidity should still be sufficient
relative to near-term requirements, as the company has a large
liquidity position composed of the following: Cash, marketable
securities, and short-term assets in its VEBA trust (which it
could use to meet certain near-term benefits costs, thereby
freeing up other cash) totaled US$23.6 billion at June 30, 2006
(excluding Ford Credit).

At June 30, 2006, Ford's cash position exceeded debt by about
US$6 billion, and Ford expects to end 2006 with a cash balance
of at least US$20 billion (excluding Ford Credit).

As of June 30, 2006, Ford had US$6.3 billion of committed credit
facilities with various banks, most of which are committed
through June 30, 2010.  Parent-level debt maturities are
moderate for the near term (US$1.3 billion for the 12 months
from June 30, 2006), and long-term debt has an exceptionally
high average maturity of about 25 years.

Even under the new pension legislation, Standard & Poor's does
not currently believe Ford faces any significant ERISA-mandated
pension fund contributions for the next few years or the need to
make contributions to avoid Pension Benefit Guaranty Corp.
variable-rate premiums.
     
Standard & Poor's plans to resolve this CreditWatch by the end
of September.  As part of this review, Standard & Poor's will
meet with Ford's management to discuss the company's evolving
plans to address the heightened challenges it faces in North
America.


GLOBAL OFFICE: Creditors' Meeting Slated for September 11
---------------------------------------------------------
Creditors of Global Office Solutions Limited (Company Number
3918209) will meet at 11:00 a.m. on Sept. 11 at:

         Cedar Court Hotel
         Mayo Avenue
         off Rooley Lane
         Bradford BD4 8HZ
         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:

         Brian Green
         Joint Administrator
         KPMG Restructuring
         St. James' Square
         Manchester
         Greater Manchester M2 6DS
         United Kingdom
         Tel: 0161 838 4000
         Fax: 0161 838 4040

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


GOLDEN PHOENIX: Taps Peter Hickman to Liquidate Assets
------------------------------------------------------
Peter Hickman of Charles David & Company was appointed
Liquidator of Golden Phoenix (U.K.) Limited on June 9 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Golden Phoenix (U.K.) Limited
    129 High Street
    Needham Market
    Ipswich
    Suffolk IP6 8DH
    United Kingdom
    Tel: 01728 724 283


GROUNDWORK TRUST: Appoints PKF as Joint Administrators
------------------------------------------------------
Ian J. Gould and Matthew Gibson of PKF LLP were appointed joint
administrators of The Groundwork Trust Limited (Company Number
01604493) on Aug. 22.

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  

The Groundwork Trust Limited can be reached at:

         Vanilla Factory
         39 Fleet St.
         Liverpool
         Merseyside L1 4AR
         United Kingdom
         Tel: 0151 709 5244  


HUDSON LEATHERS: Calls In Joint Liquidators from Begbies Traynor
----------------------------------------------------------------
Gary Lee and Donald Bailey of Begbies Traynor were appointed
Joint Liquidators of Hudson Leathers Limited on June 23 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Hudson Leathers Limited
    32 Whitechapel
    Liverpool L1 6DZ
    United Kingdom
    Tel: 0151 707 8900


IMAGINE FLOORING: Names Elizabeth Arakapiotis Liquidator
--------------------------------------------------------
Elizabeth Arakapiotis was appointed Liquidator of Imagine
Flooring Limited on June 14 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Imagine Flooring Limited
    1 Wolmer Close
    Edgware
    Middlesex HA8 8PU
    United Kingdom
    Tel: 020 8905 3333


INTELSAT LTD: June 30 Stockholder's Deficit Widens to US$331M
-------------------------------------------------------------
Intelsat Ltd.'s total shareholder's deficit at June 30, 2006,
increased by US$40,630,000, to US$331,172,000 from
US$290,542,000 in the previous quarter.

At June 30, 2006, the Company had US$5,149,314,000 in total
assets and US$5,480,486,000 in total liabilities compared with
total assets of US$5,162,113,000 and total liabilities of
US$5,452,655,000 at March 31, 2006.

For the three months ended June 30, 2006, the Company's net loss
narrowed to US$42,685,000 from a US$90,110,000 net loss in the
quarter ended March 31, 2006, while its total revenues increased
to US$310,534,000 from the US$280,446,000 total revenue in the
first quarter of 2006.

Full text copies of Intelsat's financial statements for the
quarter ended June 30, 2006, are available for free at
http://researcharchives.com/t/s?1112

Full text copies of Intelsat's financial statements for the
quarter ended March 31, 2006, are available for free at
http://researcharchives.com/t/s?afe

Intelsat, Ltd. -- http://www.intelsat.com/-- offers telephony,   
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

In Europe, the company has sales offices in France, Germany, the
Netherlands and the United Kingdom.

                           *     *     *

Fitch upgraded the Issuer Default Rating for Intelsat to 'B'
from 'B-' pro forma for its pending acquisition of PanAmSat. The
ratings were also removed from Rating Watch Negative, where they
had originally been placed on Aug. 30, 2005.  Fitch said the
Rating Outlook is Stable.

Moody's Investors Service affirmed the B2 corporate family
rating of Intelsat, Ltd., and downgraded the corporate family
rating of PanAmSat Corporation to B2, given the greater clarity
regarding the final capital structure and the near-term
completion of the PanAmSat acquisition by Intelsat.


IPC ACQUISITION: Probable Default Cues Moody's to Junk Rating  
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to IPC
Acquisition Corporation's proposed US$50 million senior secured
first lien revolving credit facility and to the US$415 million
senior secured first lien term loan and a Caa1 rating to its
proposed US$170 million senior secured second lien term loan.

The ratings for the facilities reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B3, and a loss given default of LGD 2 for the first
lien secured facilities and LGD 5 to the second lien facility.

Proceeds from the credit facilities, in addition to up to US$253
million in new sponsor equity, will be used to repay about
US$423 million in existing debt, and fund the acquisition of IPC
equity by Silver Lake Partners.  Upon the closing of the
acquisition, the ratings on the existing credit facilities will
be withdrawn.  Additionally, Moody's has affirmed IPC's
corporate family rating at B2.

Rating actions:

Issuer: IPC Acquisition Corp.

   -- First lien senior secured revolving credit facility
maturing 2012, assigned Ba3 (LGD 2 -- 20%);

   -- First lien senior secured term loan maturing 2013,
assigned Ba3 (LGD 2 -- 20%);

   -- Second lien senior secured term loan maturing 2014,
assigned Caa1 (LGD 5 -- 71%);

   -- Corporate family rating, affirmed B2;

   -- Probability of default rating, assigned B3;

   -- First lien senior secured revolving credit facility
maturing 2010, affirmed B2 to be withdrawn;

   -- First lien senior secured term loan maturing 2011,
affirmed B2 to be withdrawn; and

   -- Second lien senior secured term loan maturing 2012,
affirmed B3 to be withdrawn

The outlook on all ratings is stable.

The ratings broadly reflect IPC's high leverage and moderate
prospects for meaningful free cash flow generation. Pro forma
for the acquisition financing, adjusted debt to fiscal year-end
(9/06) EBITDA will be nearly 6.9x.  

The B2 corporate family rating considers the company's
susceptibility to swings in the global financial services
industry, customer concentration and business risk as IPC moves
to diversify its revenue stream from customer installations to
generate recurring service and maintenance revenues.  

IPC's ratings benefit, however, from:

   -- high barriers to entry for competitors,

   -- high switching costs for the company's customers, and

   -- IPC's market leadership position in a small, though highly
specialized, market.

The stable rating outlook reflects Moody's view that given the
company's stable cash flow generating ability, leverage and
ratings are unlikely to change over the near term unless
triggered by a specific event.

The Ba3 rating of the first lien senior secured credit
facilities reflects an LGD 2 loss given default assessment as
this facility is secured by a pledge of all of the company's
domestic assets, and 65% of the stock of foreign subsidiaries,
while the second lien facilities provide junior debt cushion of
over 25% of total obligations.  As a result, the second lien
facility is rated Caa1, with an LGD 5 loss given default
assessment.

IPC Acquisition Corporation, headquartered in New York, NY, is a
global provider of voice communications solutions to
enterprises, primarily in the financial services industry.


J.D. ELECTRICALS: Hires William Paxton to Liquidate Assets
----------------------------------------------------------
William Paxton of Robson Laidler LLP was appointed Liquidator of
J.D. Electricals Limited on June 23 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         J.D. Electricals Limited
    20 Moss Road
    Stretford
    Manchester
    Lancashire M32 0AH
    United Kingdom
    Tel: 0161 865 9772   
    Mobile: 07761 808008  


JULIE-ANNA DESIGNS: Taps Joint Liquidators from Ashcrofts
---------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Julie-Anna Designs Limited on June 14 for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Julie-Anna Designs Limited
    601 High Road Leytonstone
    Waltham Forest
    London E11 4PA
    United Kingdom
    Tel: 020 8885 4841


LELLERS LIMITED: Appoints Lloyd Biscoe to Liquidate Assets
----------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Lellers Limited on June 21 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Lellers Limited
    Flat 19
         Furness House
    Abbots Manor
    London SW1V4JN
    United Kingdom
    Tel: 079 1616 8536


LIQUID IQ: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Creditors of Liquid IQ Limited confirmed on June 9 the
appointment of Neil Hickling of Smith & Williamson Limited as
Liquidator the company for the purposes of the voluntary
winding-up.

The company can be reached at:

         Liquid IQ Limited
    1 St. Swithins Street
    Worcester
    Worcestershire WR1 2PY
    United Kingdom
    Tel: 01527 524 568


LONGMANOR PROJECTS: Names T. Papanicola as Administrator
--------------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Longmanor Projects Limited (Company Number 05227938) on Aug. 21.

The administrator can be reached at:

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

Headquartered in Salford, United Kingdom, Longmanor Projects
Limited is engaged in motion picture and video production.


LOWE ASTON: I. E. Walker Leads Liquidation Procedure
----------------------------------------------------
I. E. Walker of Begbies Traynor was appointed Liquidator of Lowe
Aston Ltd. (formerly Lowe Aston Calendars Ltd.) on June 8 for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Lowe Aston Ltd.
    Moorlands Lane
    Saltash
    Cornwall PL124HL
    United Kingdom
    Tel: 01752 842 233


M & D TEAM: Nominates Liquidator from Piper Thompson
----------------------------------------------------
Tony James Thompson of Piper Thompson was nominated Liquidator
of M & D Team Solutions Limited on June 26 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         M & D Team Solutions Limited
    12 Arthurs Bridge Road
    Woking
    Surrey GU214NT
    United Kingdom
    Tel: 01483 762 150


MERIDEN WINDOWS: Appoints Gerald Irwin to Liquidate Assets
----------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Meriden Windows Limited on June 23 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Meriden Windows Limited
    Meriden Works
    Birmingham Road
    Millisons Wood
    Coventry
    West Midlands CV5 9AZ
    United Kingdom
    Tel: 01676 522904


METROPOLITAN MASONRY: Names Liquidator from Begbies Traynor
-----------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Metropolitan Masonry Limited on June 9 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Metropolitan Masonry Limited
    Fawkham Forge
    Fawkham Green
    Fawkham
    Longfield
    Kent DA3 8NL
    United Kingdom
    Tel: 01474 879 030


MGCS SERVICES: Taps Joint Administrators from Grant Thornton
------------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of MGCS
Services Limited (Company Number 05445119) on Aug. 22.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  

Headquartered in London, United Kingdom, MGCS Services Limited
develops and sells real estate properties.


MGD ANDREWS: Appoints Administrators from Begbies Traynor
---------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed joint administrators of MGD
Andrews & Company Limited (Company Number 05222411) on Aug. 22.

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.  

MGD Andrews & Company Limited can be reached at:

         Thame Road
         Chinnor
         Oxfordshire OX39 4QS
         United Kingdom
         Tel: 01844 354 174


MICHAEL ELLIS: Hires Neil Chesterton to Liquidate Assets
--------------------------------------------------------
Neil Chesterton was appointed Liquidator of Michael Ellis
Furniture Limited on June 26 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Michael Ellis Furniture Limited
    Unit 3/5
    Mochdre Industrial Estate
    Mochdre
    Newtown
    Powys SY164LE
    United Kingdom
    Tel: 01686 627 844


MIDLAND COMPUTER: Creditors Confirm Liquidators' Appointment
------------------------------------------------------------
Creditors of Midland Computer Connections Limited confirmed on
June 14 the appointment of Timothy James Heaselgrave and Lyne
Marie Green of Ward & Co. as Joint Liquidators of the company
for the purposes of the voluntary winding-up.

The company can be reached at:

         Midland Computer Connections Limited
    16 Wintour Walk
    Bromsgrove
    Worcestershire B60 3LR
    United Kingdom
    Tel: 01527 833 317


NOVELIS INC: Will Proceed with Sale of Certain Brazilian Assets
---------------------------------------------------------------
The resignation of Brian W. Sturgell as Novelis Inc.'s chief
executive officer will not change plans to sell some of the
firm's assets in Brazil, a company press official told Business
News Americas.

According to BNamericas, Novelis would consider selling:

     -- a primary aluminum plant in Bahia;

     -- an integrated mill in Minas Gerais, which includes a
        bauxite mine plus alumina and aluminum production;

     -- a 50% stake in the 140-megawatt Risoleta Neves
        hydroelectric power plant in Minas Gerais, a 50:50 JV
        with Brazilian miner CVRD;

     -- eight small hydroelectric plants; and

     -- a 25% stake in Sao Paulo state-based calcined coke
        producer Petrocoque.

BNamericas reported in July that Novelis' asset sale aims to
align Brazil with firm's worldwide strategy to focus on the
rolled aluminum area.

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 7,
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.


OPEN GOLF: Brings In Joint Liquidators from Valentine & Co.
-----------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Open Golf Hospitality Limited on
June 23 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Open Golf Hospitality Limited
    4 Cavendish Square
    London W1G 0BX
    United Kingdom
    Tel: 020 7499 0900


OPTIONS MARBLE: Calls In Joint Liquidators from UHY Hacker Young
----------------------------------------------------------------
Peter Kubik and Ladislav Hornan of UHY Hacker Young were
appointed Joint Liquidators of Options Marble Limited on June 14
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Options Marble Limited
    Unit 37a
    Grace Business Centre
    23 Willow Lane
    Mitcham
    Surrey CR4 4TU
    United Kingdom
    Tel: 020 8640 3560


PATHFINDER SYSTEMS: Taps Joint Liquidators from Harrisons
---------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Pathfinder Systems U.K. Limited on June 27
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Pathfinder Systems U.K. Limited
    Unit 6
    Kings Park Industrial Estate
    Primrose Hill
    Kings Langley
    Hertfordshire WD4 8ST
    United Kingdom
    Tel: 01923 263344


PENDLE CARTON: Hires Joint Liquidators from Poppleton & Appleby
---------------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed Liquidators of Pendle Carton & Packaging Limited
on June 26 for the purposes of the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Pendle Carton & Packaging Limited
    Unit 1b
    Garden Vale Business Centre
    Greenfield Road
    Colne
    Lancashire BB8 9PD
    United Kingdom
    Tel: 01282 869 031


PHDSTOW LIMITED: Appoints Liquidator from Bottomley & Co.
---------------------------------------------------------
David Halstead Bottomley of Bottomley & Co. was appointed
Liquidator of PHDSTOW Limited on June 26 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         PHDSTOW Limited
    Parklands House
    Park Street
    Stow On The Wold
    Cheltenham
    Gloucestershire GL541AQ
    United Kingdom
    Tel: 01451 870 070


RANK GROUP: Buys Back 1,492,545 Shares for Cancellation
-------------------------------------------------------
The Rank Group Plc bought back 1,492,545 ordinary shares of 10
pence in the Company on Sept. 5 for cancellation at an average
price of 224.75 pence per share.

                        About Rank Group

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

                        *     *     *

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

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

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


ROBELL LIMITED: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of Robell Limited confirmed on June 26 the appointment
of Colin Ian Vickers of Vantis plc as Liquidator of the company
for the purposes of the voluntary winding-up.

The company can be reached at:

         Robell Limited
    Chartwell Road
    Lancing
    West Sussex BN158UE
    United Kingdom
    Tel: 01903 607 100


SBS LTD: Appoints C. M. Iacovides to Liquidate Assets
-----------------------------------------------------
C. M. Iacovides of Jeffreys Henry Jacobs was appointed
Liquidator of SBS (Nationwide) Ltd. (formerly SBS (London) Ltd.)
on June 20 for the purposes of the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         SBS (Nationwide) Ltd.
    9 The Shrubberies
    George Lane
    London E18 1BD
    United Kingdom
    Tel: 01277 363 621


SERVICES TRAVEL: Names Administrator from Jeremy Knight
-------------------------------------------------------
William Jeremy Jonathan Knight of Jeremy Knight & Co. was
appointed administrator of Services Travel Centre Limited
(Company Number 2617443) on Aug. 23.

The administrator can be reached at:

         Jeremy Knight & Co.
         68 Ship Street
         Brighton
         Sussex BN1 1AE
         United Kingdom
         Tel: 01273 203654
         Fax: 01273 206056
         E-mail: jknight@mistral.co.uk

Services Travel Centre Limited can be reached at:

         Royal Air Force
         Brampton
         Huntingdon
         Cambridgeshire PE28 2EA
         United Kingdom
         Tel: 01480 436 655
         Fax: 01480 436 653   
         Web: http://www.servicestravel2.co.uk/


STAKEFIELD LIMITED: Brings In Administrators from Grant Thornton
----------------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of
Stakefield (Midlands) Limited (Company Number 05419254) on
Aug. 22.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  

Headquartered in London, United Kingdom, Stakefield (Midlands)
Limited develops and sells real estate.


SUMMERGAZE LIMITED: Hires Grant Thornton to Administer Assets
-------------------------------------------------------------
Martin Ellis and Daniel Smith of Grant Thornton U.K. LLP were
appointed joint administrators of Summergaze Limited (Company
Number 05316338) on Aug. 22.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  

Headquartered in London, United Kingdom, Summergaze Limited
develops and sells real estate.


TEEKAY SHIPPING: Acquires 40% Stake in Norwegian Petrojarl ASA
--------------------------------------------------------------
Teekay Shipping Corporation acquired, through its wholly owned
subsidiary TPO Investments AS, over 40% of the shares of
Petrojarl ASA, which is listed on the Oslo Stock Exchange.  In
accordance with Norwegian law, Teekay intends to launch a
mandatory bid for the remaining shares of Petrojarl within the
next four weeks.

Petrojarl is a leading operator of Floating Production Storage
and Offloading units in the North Sea.  It owns and operates
four FPSO units in addition to operating two shuttle tankers and
one storage tanker.  In February of this year, Teekay entered
into a joint venture with Petrojarl to pursue FPSO projects.

"We are excited about the opportunity to expand our existing
relationship with Petrojarl," commented Bjorn Moller, Teekay's
President and Chief Executive Officer.  "Petrojarl's offshore
engineering expertise and reputation as a quality operator of
FPSOs is a great fit with Teekay's existing offshore operations
and will allow us to better serve our customers in the growing
offshore oil exploration and production market."

                          About Teekay

Teekay Shipping Corporation (NYSE: TK) -- http://www.teekay.com/
-- transports more than 10% of the world's seaborne oil and has
expanded into the liquefied natural gas shipping sector through
its publicly listed subsidiary, Teekay LNG Partners L.P. (NYSE:
TGP).  With a fleet of over 145 tankers, offices in 17 countries
and 5,100 seagoing and shore-based employees, Teekay provides a
comprehensive set of marine services to the world's leading oil
and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations.  In
Europe, the country maintains offices in Germany, Luxembourg,
the Netherlands, Spain, and the United Kingdom, among others.


TEEKAY SHIPPING: Petrojarl Merger Cues Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed all debt ratings of Teekay
Shipping Corporation under review for possible downgrade --
including its senior unsecured rating at Ba2.  The review was
prompted by Teekay's announcement that is has acquired more than
40% of Petrojarl ASA, and of its intent to make an offer for all
of the remaining Petrojarl shares.

Petrojarl is a Trondheim, Norway-based operator of floating
production storage and offloading vessels and holds a leadership
position in the North Sea.  Petrojarl is also Teekay's partner
in a FPSO joint venture the companies initiated in 2006.  
Moody's estimates that the total cost of the acquisition could
exceed $1.1 billion including debt assumed, and expects that
Teekay will pay for the remaining Petrojarl shares with a
combination of cash on hand and existing revolver availability.

Moody's will review, using the Rating Methodology for the Global
Shipping Industry, the effect of the acquisition on the key
credit metrics, especially of Debt and EBIT.  Liquidity is an
important factor in the Methodology, and Moody's will consider
the level of unrestricted cash that Teekay will keep on hand
post acquisition and the timeframe within which Teekay will
restore availability under its revolving credit facilities.  In
addition, Moody's will assess Petrojarl's incremental EBITDA
potential under Teekay ownership, and whether the potential
growth will be sufficient to justify the higher post-merger debt
levels.  Moody's will also consider whether Teekay will reduce
share repurchases from the high level of the past 18 months.

Under Moody's Methodology, Teekay's credit profile currently
maps to its Ba1 corporate family rating. However, credit metrics
have weakened since December 31, 2005 and free cash flow turned
negative in the Last Twelve Month period ending June 2006.  
Although free cash flow generation is pressured by large capital
expenditure commitments for vessels on order, Moody's notes that
Teekay has pre-arranged committed term loan facilities to meet
these obligations.  In Moody's view, current spot tanker rates
and the expected firming of tanker rates through year end should
improve these metrics over the short term; however, any such
improvement in Teekay's cash flow as a result of better rates
may not be sufficient to offset the higher debt level that may
result from the potential Petrojarl acquisition.

On Review for Possible Downgrade:

Issuer: Teekay Shipping Corporation

   * Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently Ba1

   * Speculative Grade Liquidity Rating, Placed on Review for
     Possible Downgrade, currently SGL-2

   * Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Ba2

Outlook Actions:

Issuer: Teekay Shipping Corporation

   * Outlook, Changed To Rating Under Review From Stable

Teekay Shipping Corporation, a Marshall Islands corporation
headquartered in Nassau, Bahamas, having its main operating
office in Vancouver, Canada, operates a fleet of 146 owned or
chartered-in crude, refined products and LNG vessels, including
23 newbuildings on order.


TEEKAY SHIPPING: S&P Puts BB+ Corp. Credit Rating on Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB+' corporate credit rating, on Teekay Shipping Corp. on
CreditWatch with negative implications.

"The CreditWatch listing follows Teekay's announcement that it
plans to make a tender offer for Petrojarl ASA, a Norwegian-
based operator of floating production storage and offloading
units," said Standard & Poor's credit analyst Eric Ballantine.

The company has not yet announced how it intends to fund the
transaction, but Teekay has significant availability under its
revolving credit facility.

The acquisition of Petrojarl would further expand Teekay's
shipping business, which includes oil tankers, shuttle tankers,
and LNG vessels.  Petrojarl operates four FPSO's, two shuttle
tankers, and one storage tanker.  FPSO units engage in the
production, processing, and storage of oil from sub-sea
oilfields.  Petrojarl's units operate in the North Sea.

Petrojarl's annual revenue is around $300 million and its market
capitalization is slightly more than $800 million.  Although
Teekay currently has around 40% of Petrojarl's stock, there are
other major shareholders and a bidding war is possible.

Ratings on Vancouver, B.C.-based Teekay reflect its
participation in the competitive, volatile, highly fragmented,
and fixed-capital-intensive bulk shipping industry, combined
with an aggressive growth strategy, new vessel construction
program, and an increasingly shareholder-friendly financial
policy.

Positive credit factors include:

   * the company's solid business position as the leading
     midsize Aframax crude-oil tanker operator;

   * strong market share in the shuttle tanker markets; and

   * a growing liquefied natural gas business.

Teekay has been increasing its fixed-rate business and this
acquisition should continue this trend.

Standard & Poor's expects to meet with Teekay's management team
to review the proposed transaction and funding requirements.  
Teekay has been acquisitive in the past, levering up the
company; however, it has focused on debt reduction after
significant acquisitions.

Depending on how the transaction is funded, ratings outcomes
could include an affirmation at the current rating and either a
stable or negative outlook.  However, if it appears that the
transaction will weaken the company's financial profile
materially a modest one-notch downgrade is possible.


VELRIC LIMITED: Taps Clive Morris to Liquidate Assets
-----------------------------------------------------
Clive Morris of Marshall Peters Limited was appointed Liquidator
of Velric Limited (t/a Turton Plating Services) on June 15 for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Velric Limited
    9 Quarry Road
    Chorley
    Lancashire PR6 0lR
    United Kingdom
    Tel: 01257 264 532


ZENITH ENTERTAINMENT: Barclays Bank Appoints PwC Receivers
----------------------------------------------------------
Barclays Bank PLC appointed Karen Lesley Dukes and David John
Blenkarn of PricewaterhouseCoopers LLP joint administrative
receivers of Zenith Entertainment Limited (Company Number
03148461) on Aug. 23.

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

Zenith Entertainment Limited can be reached at:

         43-45 Dorset Street
         City of Westminster
         London W1U 7NA
         United Kingdom
         Tel: 020 7224 2440


* Fitch Says Rapid Credit Growth a Concern In Some Countries
------------------------------------------------------------
Fitch Ratings reported that strengthening in a number of banking
systems has reduced overall bank systemic risk over the past six
months, but continued rapid credit growth in some countries
could lead to renewed deterioration over the next six months.

"Bank systemic risk has eased marginally overall in the past six
months" Richard Fox, Senior Director in Fitch's Sovereign team
disclosed.

"Twelve banking systems have seen appreciable strengthening and
the number of countries in the highest risk categories has
fallen to 40 from 45, out of a total of 81 systems monitored,"
Mr. Fox added.

Among developed countries, Spain and Switzerland join the
highest Fitch Banking System Indicator A category.  The BSI is a
measure of intrinsic banking system quality or strength.  
Austria and Germany also move up a category to BSI B denoting a
strong/high quality banking system.  Of developed country
systems, 90% are now concentrated in these top two categories.

Japan also improves a notch to enter the BSI C category.
Emerging market-banking systems have also strengthened.  Those
in the BSI B category, which rank on a par with the typical
developed country system, increase to nine, with the addition of
Bahrain, Czech Republic, Mexico and Qatar.  

In addition, Brazil, Latvia and Oman move up into the C
category.  However, half of all emerging market banking systems
remains 'weak' (BSI D) and a further 20% 'very weak' (BSI E).

Macro-prudential risk is indicated by excessive lending growth
when accompanied by either strong asset price appreciation
and/or real exchange rate strength and is often a precursor to
systemic problems.  

Such risks - measured by the Macro-Prudential Indicator -- have
increased slightly since February.  Five countries -- Austria,
Czech Republic, India, Slovakia and Slovenia - move up into the
"moderate risk" (MPI 2) category.  But Malta and Norway move
into lower risk categories - the latter moving out of the MPI 3
category. No new countries move into the highest MPI 3 category,
which now contains just five countries - Azerbaijan, Iceland,
Ireland, Russia and South Africa.

The number of countries in any of the highest risk categories -
BSI D or E or MPI 3 - of Fitch's Systemic Risk Matrix has fallen
to 40, with Central and Eastern Europe and Latin America
accounting for over half of them.

Fitch's macro-prudential risk assessments were pushed forward a
year in its February 2006 report, by including 2005 data for the
first time.  The assessments in this report remain based on data
in the three years up to 2005 and give an indication of the
likelihood of systemic stress occurring, typically within a
three-year time horizon.

However, in anticipation of the incorporation of 2006 data for
the first time in the March 2007 report, and in response to user
feedback, this latest report gives an indication of where MPI
scores might change in six months' time, based on developments
in 2006 to date.  Macro-prudential data suggests potentially
increasing stress in a number of countries, which could result
in them moving into higher MPI categories in six months time.

Romania and Ukraine, both with relatively weak (BSI D) banking
systems, could move into the MPI 3 category.  Ecuador, France,
UAE and Venezuela could move into the MPI 2 category.  However,
Fitch stresses that developments to date in 2006 provide only a
partial indication of possible changes.  

All the series on which the MPI assessment is based are volatile
and notoriously difficult to forecast.  Actual 2006 outturns may
or may not substantiate these prospective changes in MPI in six
months' time.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$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.


                 * * * End of Transmission * * *