TCREUR_Public/060911.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 11, 2006, Vol. 7, No. 180

                            Headlines


A U S T R I A

A.M.U.: Meeting on Final Calculation Slated for Sept. 19
CHRISTIAN STURM: Claims Registration Period Ends September 25
DALIBOR KNEZEVIC: Property Manager Declares Insufficient Assets
DANY: Creditors' Meeting Slated for September 14
DROSCHKE: Claims Registration Period Ends September 14

KUECHENMEISTER: Claims Registration Period Ends September 13
MAG.PHARM: Property Manager Declares Insufficient Assets
MARK. LABEL: Claims Registration Period Ends September 18
NEUDORFER: Property Manager Claims Insufficient Assets
OLGUN: Korneuburg Court Orders Closing of Business


F R A N C E

ALCATEL SA: Shareholders Approve Lucent Merger Deal
EUROTUNNEL GROUP: Creditors Contest Subsidiaries' Jurisdiction
EUTELSAT COMMUNICATIONS: Moody's Lifts Corp. Rating to Ba2


G E R M A N Y

ALMOTEC GMBH: Claims Registration Ends September 20
B&D BACK: Claims Registration Ends September 26
BOETTGER KIOSK: Claims Registration Ends September 25
INFOMATEC AG: Completes Insolvency Exit Plan
LAHMANN BAUGESELLSCHAFT: Claims Registration Ends September 14

MERKUR WERKZEUG: Claims Registration Ends September 15
ROXY BAU: Claims Registration Ends September 15
SCHOEDL VERTRIEBSSERVICE: Claims Registration Ends September 25
STOCKMAR DAS HAUS: Claims Registration Ends September 13
TUERK BAUGESELLSCHAFT: Claims Registration Ends September 20

UTG UMWELTTECHNIK: Claims Registration Ends September 19


H U N G A R Y

AES CORP: AESWapiti Inks 30-Year Supply Agreement with BC Hydro


I T A L Y

PARMALAT SPA: Finanziara, et al., Seek Stay Pending Appeal


K A Z A K H S T A N

AVR- GROUP: Creditors Must File Claims by Oct. 3
ASTANA OIL: Creditors Must File Claims by Oct. 4
FIRATROM PLASTIK: Proof of Claim Deadline Slated for Sept. 29
IVAKON: East Kazakhstan Court Opens Bankruptcy Proceedings
NAIZATAS: Proof of Claim Deadline Slated for Oct. 3

PSB: Claims Registration Period Ends Oct. 3
POSREDTORG: Claims Registration Ends Oct. 3
TASMURUN: Creditors' Claims Due Oct. 3
TRIK: East Kazakhstan Court Begins Bankruptcy Proceedings


K Y R G Y Z S T A N

ANEKSIM-SERVICE: Claims Registration Ends Oct. 6
INTERACT: Proof of Claim Deadline Slated for Oct. 6
PRO BRAND: Creditors' Claims Due Oct. 6


N E T H E R L A N D S

CENTERCREDIT INT'L: Moody's Rates US$200-Mln Sr. Notes at Ba1
JUBILEE CDO: S&P Rates EUR20-Million Class E Notes at BB-
KONINKLIJKE AHOLD: Earns EUR219 Million for Second Quarter 2006


R U S S I A

AUTOMATION CONSTRUCTION: Court Starts Bankruptcy Supervision
BALASHOV-AGRO-PROM-KHIMIYA: I. Ponomarev to Manage Assets
CERAMIC BUILDING: Court Names A. Kovalskiy as Insolvency Manager
CERAMICS: Court Names T. Buldyreva as Insolvency Manager
CHAINSKOYE: Novosibirsk Bankruptcy Hearing Slated for Oct. 25

CONTACT: Khabarovsk Court Names V. Radskiy as Insolvency Manager
FAYSKIY FACTORY: Orenburg Bankruptcy Hearing Slated for Nov. 14
FORTUNE: Nizhniy Novgorod Court Starts Bankruptcy Supervision
FURNITURE FACTORY: Court Names V. Ivanov as Insolvency Manager
GAMMA-SERVICE: Murmansk Bankruptcy Hearing Slated for Oct. 3

GATCHINSKIY: Court Names N. Vereshak as Insolvency Manager
KALININSKIY: Court Names S. Frolov as Insolvency Manager
KOZMODEMYANSKIY BUTTER: Court Starts Bankruptcy Supervision
MARIYSK-MELIORATION: V. Yakovlev to Manage Insolvency Assets
MOBILE TELESYSTEMS: Extraordinary General Meeting Set on Oct. 30

OIL-GAS-SYSTEM: Court Names Y. Rudenko as Insolvency Manager
OSINSKAYA AGRO-PROM-KHIMIYA: N. Tugarinova to Manage Assets
PAVINSKIY BUTTER: Court Names T. Buldyreva as Insolvency Manager
RABOCHEE: Novosibirsk Bankruptcy Hearing Slated for Sept. 13
RUSSIAN BREAD: Court Names E. Golenkov as Insolvency Manager

SAMARSKIY MIXED: Samara Court Starts Bankruptcy Supervision
SARSINSKIY: Bankruptcy Hearing Slated for Dec. 11 in Perm
SIDOROVKA: Court Names I. Klemeshov as Insolvency Manager
SEREDA-WOOD: Filing of Claims Ends September 15
TAYSHETSKIY: Court Names T. Buldyreva as Insolvency Manager

TMK: Market Position Prompts Moody's to Assign B1 Rating
TONKINSKAYA SEL-KHOZ-TEKHNIKA: V. Kopchenov to Manage Assets
VIMPEL COMMUNICATIONS: Appellate Court Ratifies URS Acquisition
VNESHTORGBANK JSC: Signs Cooperation Agreement with Oboronprom
VOSTOK-MONTAGE-GAS: Bankruptcy Hearing Slated for Nov. 9

ZAVODOUKOVSKAYA: Court Names S. Leshev as Insolvency Manager


S W I T Z E R L A N D

CONVERIUM FINANCE: A.M. Best Affirms Issuer Credit Rating at bb+


U K R A I N E

AGROMASHINA: Court Names Vladislav Maksimihin as Liquidator
NIVA: Sumi Court Commences Bankruptcy Supervision Procedure
VIBIR: Sumi Court Starts Bankruptcy Supervision
VIVAT: Volinska Court Names O. Zhilich as Insolvency Manager
WORD BUILDING: Court Names A. Dudarenko as Insolvency Manager


U N I T E D   K I N G D O M

14 ECCLESTON: Hires Joint Administrators from Smith & Williamson
AIRTEC SEATING: Nominates Andrew Fender as Liquidator
ANCHOR RINGMER: Taps Chantrey Vellacott to Administer Assets
ARC METAL: H. J. Sorsky Leads Liquidation Procedure
BARON MEDICAL: Joint Liquidators Take Over Operations

BLACK MAGIC: Appoints Joint Liquidators to Wind Up Business
BOYDS FLOORING: Names H. J. Sorsky Liquidator
C J PEARCE: Creditors' Meeting Slated for September 13
CARTON CRAFT: Appoints Claire L. Dwyer to Liquidate Assets
CBS BUILDING: Brings in Joint Liquidators from Robson Laidler

CHOICEALLOW LIMITED: Hires Joint Liquidators from Insol House
ELEVATION ENGINEERING: Taps Liquidator from Findlay James
ENRON CORP: District Court Denies Stay on Termination Fee Suits
EUROTUNNEL GROUP: Creditors Contest Subsidiaries' Jurisdiction
FLEMING FABRICATIONS: Creditors Confirm Liquidator's Nomination

GENCOR INT'L: Brings In Joint Liquidators from Kroll
GILBERT SUTTON: Names Joint Liquidators to Wind Up Business
GREENVILLE MORLEY: Creditors Confirm Voluntary Liquidation
HYDROWE ENGINEERING: Hires Liquidators from Begbies Traynor
IMS TRAVEL: Hires Joint Liquidators from Menzies

INTELSAT CORP: Moody's Assigns B2 Rating to Proposed Term Loan
INTELSAT CORP: S&P Rates US$667-Mln Sr. Credit Facility at B
IPC ACQUISITION: Acquisition Spurs S&P to Affirm B+ Rating
JDM ELECTRICAL: Brings In Vantis to Administer Assets
JMG TEXTILES: Nominates Joint Liquidators from Abbott Fielding

JOHN DYER: Taps G. W. Rhodes to Liquidate Assets
M.R.N. SCREEN: Creditors Confirm Liquidator's Appointment
MV HAIRDRESSING: Hires Peter Anthony Jackson to Liquidate Assets
NEW BUSINESS: Names M. S. E. Solomons Liquidator
NORTEL NETWORKS: Delivers Business VoIP Services to Swisscom

NORTEL NETWORKS: Outlines Three Key Areas for Market Expansion
NORTEL NETWORKS: Supplies Golden Telecom's Optical Network
NORTHNIGHTS LIMITED: Appoints J. N. Bleazard as Liquidator
PAINT SHACK: Creditors Confirm Voluntary Liquidation
PERFECT IMAGE: Hires John C. Moran to Liquidate Assets

PLATINUM CONSERVATORIES: Names Peter Anthony Jackson Liquidator
POLLINGTON STORAGE: Taps T. C. E. Harrison to Liquidate Assets
POLYCOAT SPECIALISED: Calls In Liquidator from P S Wallace & Co.
PRENTIS ENGINEERING: Appoints Liquidators from Gerald Edelman
RACE NIGHT: Names Vincent A. Simmons as Liquidator

READING SPEAKING: Names David William Tann as Administrator
S & B ELECTRICAL: Taps Joint Liquidators from KPMG LLP
SAVEGUARD LIMITED: Creditors Ratify Liquidators' Appointment
SIMS FLOWERS: Creditors' Meeting Slated for September 14
SLOANES OF HOLT: Creditors Ratify Voluntary Liquidation

SOLAR INSTALLATIONS: Appoints Keith Barry Stout as Liquidator
SOUTH EAST: Creditors' Meeting Slated for September 14
SPEEDTERN LIMITED: Brings In CRG Insolvency as Administrator
STEEL GATES: C. H. I. Moore Leads Liquidation Procedure
TAITS LIMITED: Brings In Liquidator from Rendell Thompson

TANIT MOTORS: Appoints Joint Administrators from CBA
TECHLINK ENTERPRISES: Appoints O'Hara & Co to Liquidate Assets
TRADEWINDS LIMITED: Hires Liquidator from S. G. Banister & Co.
TRANSACCESS LIMITED: Nominates Liquidator from Griffin & King
TRADING NATION: Creditors Confirm Voluntary Liquidation

TREBLE M: Appoints BWC to Liquidate Assets
WARMLAND FIRES: Creditors Ratify Voluntary Liquidation
VOSS NET: Board Gives Conditional Nod on Tanzania Share Purchase
WHITTAKER FINANCIAL: Creditors Confirm Liquidators' Appointment
WILDEN LIMITED: Names Mark S. Willis as Liquidator

WINSLOW ELECTRICAL: Creditors Confirm Liquidator's Appointment
WORLD OF SPORT: Brings in Jeffrey Lamey to Liquidate Assets
WORDMAP LIMITED: Appoints BDO Stoy as Joint Administrators
YELLOW ROSE: Stephen Paul Grant Leads Liquidation Procedure

* Moody's Keeps Reinsurers' Stable Rating Outlook Despite Losses

                            *********

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


A.M.U.: Meeting on Final Calculation Slated for Sept. 19
--------------------------------------------------------
Creditors owed money by LLC A.M.U. (FN 208275m) are encouraged
to attend the creditors' meeting at 3:00 p.m. on Sept. 19 to
consider the adoption of the rule by revision and final
calculation.

The creditors' meeting will be held at:

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

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on Feb. 22 (Bankr. Case No. 14 S 9/06f).  Christoph Rogler
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Christoph Rogler
         Stelzhamerstrasse 9
         4400 Steyr, Austria
         Tel: 07252/54768-0
         E-mail: dr.rogler@aon.at


CHRISTIAN STURM: Claims Registration Period Ends September 25
-------------------------------------------------------------
Creditors owed money by KEG Christian Sturm (FN 185826z) have
until Sept. 25 to file written proofs of claims to court-
appointed property manager Christian Supper at:

         Dr. Christian Supper
         Main Place 1
         7350 Oberpullendorf, Austria
         Tel: 02612/43543
         Fax: 02612/43543-10
         E-mail: op@rss.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Oct. 9 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Marz, Austria, the Debtor declared bankruptcy
on Aug. 23 (Bankr. Case No. 26 S 88/06b).  


DALIBOR KNEZEVIC: Property Manager Declares Insufficient Assets
---------------------------------------------------------------
Mag. Wolfgang Winkler, the court-appointed property manager for
KEG Dalibor Knezevic (FN 234511w), declared on July 19 that the
Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 3 S 76/06f).  Maximilian Schludermann
represents Mag. Winkler in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Wolfgang Winkler
         c/o Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna, Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at


DANY: Creditors' Meeting Slated for September 14
------------------------------------------------
Creditors owed money by LLC Dany (FN 207529s) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Sept. 14 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 19 (Bankr. Case No. 5 S 102/06v).  Georg Getreuer serves
as the court-appointed property manager of the bankrupt estate.  
Martin Getreuer represents Dr. Getreuer in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Georg Getreuer
         c/o Dr. Martin Getreuer
         Weyrgasse 6
         1030 Vienna, Austria
         Tel: 713 14 25-0
         Fax: 713 14 25 17
         E-mail: georg@getreuer.at  


DROSCHKE: Claims Registration Period Ends September 14
------------------------------------------------------
Creditors owed money by LLC Droschke (FN 258171p) have until
Sept. 14 to file written proofs of claims to court-appointed
property manager Horst Winkelmayr at:

         Mag. Horst Winkelmayr
         c/o Dr. Carl Knittl
         Porzellangasse 22A/7
         1090 Vienna, Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Sept. 28 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 3 (Bankr. Case No. 5 S 114/06h).  Carl Knittl represents
Mag. Winkelmayr in the bankruptcy proceedings.


KUECHENMEISTER: Claims Registration Period Ends September 13
------------------------------------------------------------
Creditors owed money by LLC Kuechenmeister (FN 77417z) have
until Sept. 13 to file written proofs of claims to court-
appointed property manager Kurt Freyler at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 27 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 19 (Bankr. Case No. 3 S 104/06y).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


MAG.PHARM: Property Manager Declares Insufficient Assets
--------------------------------------------------------
Mag. Michael Neuhauser, the court-appointed property manager for
KEG Mag.Pharm. Cvijovic (FN 236075w) declared on July 18 that
the Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 16 (Bankr. Case No. 2 S 11/06i).  Stefan Jahns
represents Mag. Neuhauser in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Michael Neuhauser
         c/o Mag. Stefan Jahns
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         E-mail: officewien@aaa-law.at         


MARK. LABEL: Claims Registration Period Ends September 18
---------------------------------------------------------
Creditors owed money by OEG Mark. Label Austria Hoechsmann &
Hofbauer (FN 231917f) have until Sept. 18 to file written proofs
of claims to court-appointed property manager Andreas Meissner
at:

         Mag. Andreas Meissner
         Feldgasse 6
         4840 Voecklabruck, Austria
         Tel: 07672/24418
         Fax: 07672/77830
         E-mail: hitzenberger@geocomp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 28 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Voecklabruck, Austria, the Debtor declared
bankruptcy on July 12 (Bankr. Case No. 20 S 89/06y).  


NEUDORFER: Property Manager Claims Insufficient Assets
------------------------------------------------------
Dr. Alois Nussbaumer, the court-appointed property manager for
LLC Neudorfer (FN 108845t), declared on July 18 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Wels will approve the property manager's
motion to shutdown the business.

Headquartered in Hausruckwald, Austria, the Debtor declared
bankruptcy on July 6 (Bankr. Case No. 20 S 84/06p).  

The property manager can be reached at:

         Dr. Alois Nussbaumer
         Stadtplatz 19
         4840 Voecklabruck, Austria
         Tel: 07672/72607
         Fax: 07672/75567
         E-mail: rae.nuss-hoff-herz@aon.at           


OLGUN: Korneuburg Court Orders Closing of Business
--------------------------------------------------
The Land Court of Korneuburg entered an order on July 18 closing
the business of LLC Olgun (FN 258346x).  Court-appointed
property manager Ilse Korenjak determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Grossengersdorf, Austria, the Debtor declared
bankruptcy on July 14 (Bankr. Case No. 36 S 79/06v).  


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


ALCATEL SA: Shareholders Approve Lucent Merger Deal
---------------------------------------------------
Shareholders of Alcatel S.A. approved all proposed resolutions
related to the merger with Lucent Technologies Inc.

All other resolutions were also approved by the Alcatel
shareholders, with the exception of a proposed resolution
related to the cancellation of double voting rights which was
not recommended by the Board of Directors.

"I'm delighted that Alcatel's shareholders have approved our
strategic merger with Lucent Technologies, and I thank them for
their trust," Alcatel Chairman and CEO Serge Tchuruk said.  
"This significant transaction is about creating the world leader
in our industry.  This offensive strategy, strengthened by the
projects to acquire some of Nortel's assets and the
reinforcement of our partnership with Thales, aims to increase
Alcatel's value for its shareholders, and to provide its
customers with the broadest portfolio and to give its employees
great opportunities.  We remain confident in the closing of
these three strategic moves by the end of the year, when all the
necessary approvals are granted."

Lucent shareholders approved the merger at the Lucent
Shareholders' Meeting, held on Sept. 8.

The Shareholders' Meeting also approved the 2005 consolidated
financial statements and the payment of a dividend of Euro 0.16
per Alcatel ordinary share or Alcatel ADS comprising the capital
of the company on Dec. 31, 2005, and being entitled to dividends
as of Jan. 1, 2005.  This dividend will be paid in cash as of
Sept. 11, 2006.

                          About Lucent

Headquartered in New Jersey, United States of America, Lucent
Technologies (NYSE: LU) -- http://www.lucent.com/-- designs and    
delivers the systems, services and software that drive next-
generation communications networks.  Backed by Bell Labs
research and development, Lucent uses its strengths in mobility,
optical, software, data and voice networking technologies, as
well as services, to create new revenue-generating opportunities
for its customers, while enabling them to quickly deploy and
better manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

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

                         *     *     *

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


EUROTUNNEL GROUP: Creditors Contest Subsidiaries' Jurisdiction
--------------------------------------------------------------
Some of Eurotunnel Group's creditors filed objections in the
Paris Commercial Court contesting that the British Eurotunnel
subsidiaries are not under French jurisdiction.

The objections were lodged on Friday by creditors belonging in
different tiers of Eurotunnel's GBP6.18 billion debt.

"All the proposals we have seen so far are a long way from being
acceptable to us," a person familiar with the talks told
Reuters.

"The administrators and [Chairman and CEO Jacques] Gounon are
putting maximum pressure on us.  We're not going to be forced
into a bad deal just because the clock is ticking," the source
added.

Eurotunnel will meet its administrators on Sept. 13 in the hope
of presenting a deal to creditors by Oct. 15 or by Nov. 1 at the
latest.  

On Aug. 2, the court administrators sent out letters to
registered holders of bank debt informing them to their
appointment to a committee of bank debt holders.  This committee
will get to vote on Eurotunnel's restructuring plan, Dow Jones
Newswire reports.

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at end of 2006, or at the latest, at
the beginning of 2007.  

"I am more than ever focused on defending the future of
Eurotunnel.  You may recall that I undertook to do my best to
bring about in early 2007 a definitive solution to the
uncertainties surrounding the future of Eurotunnel.  We should
be able to keep this deadline," Mr. Gounon disclosed in a
statement.

As previously reported, Eurotunnel obtained on Aug. 2 an order
placing the channel operator under the protection of the Court
pursuant to the new safeguard legislation (Procedure de
sauvegarde).

                     Restructuring Proposals

Eurotunnel had turned down, on June 27, a restructuring plan
prepared by a group of secured bondholders led by Deutsche Bank
AG asserting that it requires too much debt and gives too much
to bondholders.

The bondholders' restructuring plan, which values the company at
EUR7.99 billion, aimed to reduce 60% of total debt to EUR3.7
billion and issue a EUR2.175 billion convertible hybrid note
with a 4% coupon.

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included a EUR1.5 billion hybrid
issue with a 6% to 9% coupon and would reduce debt by 54%.

Under the agreement, bondholders will get a GBP75 million return
for their GBP1.9 billion bond holdings.

On July 12, Eurotunnel presented an ultimate proposal to reach a
compromise between the May 23 preliminary restructuring
agreement and the demands made by its subordinated creditors
represented by ARCO.

The company claimed that the majority of these demands were
satisfied by the substantial efforts jointly made by the company
and the Ad Hoc Committee, which represents the group's senior
creditors.  The subordinated creditors, led by Deutsche Bank,
rejected this final attempt to reach a consensual deal.

The Joint Board of Eurotunnel unanimously decided to cancel the
General Meetings of Shareholders of Eurotunnel PLC and
Eurotunnel SA, planned for July 27.

Absent a final agreement, the Group may default in January 2007
under a 1998 debt agreement.

                      About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


EUTELSAT COMMUNICATIONS: Moody's Lifts Corp. Rating to Ba2   
----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Eutelsat Communications S.A. to Ba2 from Ba3.  Concurrently
the rating agency upgraded to Ba3 from B1 the existing ratings
on both the Term Loan and the Revolving Credit Facility.  The
outlook for all ratings is now stable.

Ratings upgraded include:

* Eutelsat Communications SA

   -- Corporate Family Rating to Ba2 from Ba3;

   -- EUR1.6 billion Term Loan due 2013 to Ba3 from B1; and

   -- EUR300 million Revolving Credit Facility due 2013 to Ba3
from B1.

The rating upgrade recognizes Eutelsat's improving operating
performance as evidenced by the company's recent results and
acknowledges that Eutelsat has maintained debt at the reduced
levels achieved with its IPO in late 2005.  

At the same time operational risk has been improved through the
successful launch of two key satellites, HOT BIRD 7A and HOT
BIRD 8.  The ratings continue to acknowledge Eutelsat's strong
business position based on its joint market leadership in
satellite-distributed video content over Europe, a substantial,
mainly video-based contract back-log, one of the industry's
youngest satellite fleets and strong distribution partners.

The stable outlook reflects Moody's expectation that Eutelsat
will continue to perform in line with operational guidance
(revenue in excess of Euro 800 million and EBITDA margins of 77%
for 06-07) and preserve current leverage levels in broad terms.

At 30 June 2006, the ratio of adjusted gross debt as calculated
by Moody's (including performance incentives and adjustments
made for operating leases and pensions) to EBITDA was
approximately 4.2 times.  

Further ratings progress could well be achieved over time as the
company develops a track record in its current constellation and
pursues a strategy of combining further development of its
premium 13 degrees East and 28.5 degrees East positions with the
development of additional video positions and growth in data
services.

However, Moody's also notes that the company's recent
refinancing has increased the company's borrowing headroom by
relaxing relevant covenants (Net Financial Debt/EBITDA at 5.5x,
decreasing over time).  Any material utilization of this
headroom through a debt-financed acquisition or otherwise, could
result in ratings pressure.

Headquartered in Paris, Eutelsat Communications SA is a holding
company, which indirectly owns 95.2% of Eutelsat SA and its
subsidiaries.  Eutelsat SA is a leading, internationally
operating supplier of fixed satellite services.  Following the
2005 IPO financial investors still hold around 60% of Eutelsat
Communications's equity.  The post-IPO lock up for these shares
expired in June of 2006.


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


ALMOTEC GMBH: Claims Registration Ends September 20
---------------------------------------------------
Creditors of Almotec GmbH have until Sept. 20 to register their
claims with court-appointed provisional administrator Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Oct. 4 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Almotec GmbH on Aug. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Almotec GmbH
         Rather Road 25
         40476 Duesseldorf, Germany

         Attn: Heribert Walter, Manager
         Donnerberg 22
         45359 Essen, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         Heinrich-Held-Str. 16
         45133 Essen, Germany
         Tel: 0201 330550
         Fax: 0201 3305511


B&D BACK: Claims Registration Ends September 26
-----------------------------------------------
Creditors of B&D Back GmbH have until Sept. 26 to register their
claims with court-appointed provisional administrator Oliver
Reichelt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Weilheim
         Meeting Room E 020
         Weilheim, 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 Weilheim opened bankruptcy proceedings
against B&D Back GmbH on Aug. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         B&D Back GmbH
         Eduard-Kandl-Str. 29b
         82211 Herrsching, Germany

The administrator can be contacted at:

         Oliver Reichelt
         Ohmstr. 13/III
         80802 Munich, Germany
         Tel: 089/3838710
         Fax: 089/338308


BOETTGER KIOSK: Claims Registration Ends September 25
-----------------------------------------------------
Creditors of Boettger Kiosk GmbH have until Sept. 25 to register
their claims with court-appointed provisional administrator
Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 11 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Boettger Kiosk GmbH on Aug. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Boettger Kiosk GmbH
         Koelner Str. 82
         40764 Langenfeld, Germany

         Attn: Andreas Boettger, Manager
         Untergruendemich 36 a
         51491 Overath, Germany

The administrator can be contacted at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf, Germany


INFOMATEC AG: Completes Insolvency Exit Plan
--------------------------------------------
Infomatec AG has completed its insolvency exit plan in close
cooperation with the decision-making bodies, as well as with the
relevant authorities and institutions, and an investor group,
consisting of several independent consortia, under the
leadership of ALV AG.

As originally expected, this plan was submitted to the relevant
court at the beginning of August 2006, in parallel with the
successful completion of the repurchase of more than 60% of the
company debt by the same investor group.  The approval of the
creditor majority has also been achieved through the efforts of
the investor group and the respective consortia.  

Negotiations are underway to achieve strategic alliances and
possible acquisitions in the very lucrative field of various
proven internet platforms.

Headquartered in Gersthofen, Germany, Infomatec AG (G.IFO) --
http://www.infomatec.de/-- develops and markets software   
technology for industrial customers.  The group offers complete
service solutions, providing customized software plus necessary
hardware, training and after sales service.

Infomatec filed for insolvency proceedings in May 2001 due to
inadequate cash.  The company's financial difficulties became
apparent as the Neuer Markt lost more than 80% of its value and
fell out of favor with many investors.         


LAHMANN BAUGESELLSCHAFT: Claims Registration Ends September 14
--------------------------------------------------------------
Creditors of Lahmann Baugesellschaft mbH have until Sept. 14 to
register their claims with court-appointed provisional
administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, 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 Hamburg opened bankruptcy proceedings
against Lahmann Baugesellschaft mbH on Aug. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Lahmann Baugesellschaft mbH
         Griegstrasse 75
         22764 Hamburg, Germany

         Attn: Detlef Scheele, Manager
         Gehlenkamp 20
         22559 Hamburg, Germany

The administrator can be contacted at:

         Peter-Alexander Borchardt
         Dyke Route 1
         20459 Hamburg, Germany
         Tel: 040/80903047
         Fax: 040/37601199


MERKUR WERKZEUG: Claims Registration Ends September 15
------------------------------------------------------
Creditors of "Merkur" Werkzeug-Fabrik Fritz Happich GmbH have
until Sept. 15 to register their claims with court-appointed
provisional administrator Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Dortmund opened bankruptcy proceedings
against "Merkur" Werkzeug-Fabrik Fritz Happich GmbH on Aug. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         "Merkur" Werkzeug-Fabrik Fritz Happich GmbH
         Uferstr. 4
         59192 Bergkamen, Germany

         Attn: Karlheinz Kuegler, Manager
         Grund 1
         64832 Babenhausen, Germany

The administrator can be contacted at:

         Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund, Germany


ROXY BAU: Claims Registration Ends September 15
-----------------------------------------------
Creditors of Roxy Bau GmbH have until Sept. 15 to register their
claims with court-appointed provisional administrator Sebastian
Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 11:55 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 Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Potsdam opened bankruptcy proceedings
against Roxy Bau GmbH on Aug. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Roxy Bau GmbH
         Anni-von-Gottberg-Str. 10
         14480 Potsdam, Germany

         Attn: Martin-Hermann Palts, Manager
         Mittenwalder Road 5
         10961 Berlin, Germany

The administrator can be contacted at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin, Germany
         Web: http://www.Kuebler-gbr.de/


SCHOEDL VERTRIEBSSERVICE: Claims Registration Ends September 25
---------------------------------------------------------------
Creditors of Schoedl Vertriebsservice und Spedition GmbH have
until Sept. 25 to register their claims with court-appointed
provisional administrator Juergen Pietzker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Schoedl Vertriebsservice und Spedition GmbH on Aug. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schoedl Vertriebsservice und Spedition GmbH
         Postgasse 2
         84076 Pfeffenhausen, Germany

The administrator can be contacted at:

         Juergen Pietzker
         Isargestade 732
         84028 Landshut, Germany
         Tel: 0871/89629
         Fax: 0871/274638


STOCKMAR DAS HAUS: Claims Registration Ends September 13
--------------------------------------------------------
Creditors of Stockmar Das Haus GmbH have until Sept. 13 to
register their claims with court-appointed provisional
administrator Michael Miersch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Oct. 9 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Room 108
         Rosenheim, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Rosenheim opened bankruptcy proceedings
against Stockmar Das Haus GmbH on Aug. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Stockmar Das Haus GmbH
         Schaefererweg 3
         83620 Feldkirchen Westerham Kleinhoeh, Germany

The administrator can be contacted at:

         Dr. Michael Miersch
         Kufsteiner Road 14/II
         83022 Rosenheim, Germany
         Tel: 08031/36770
         Fax: 08031/367736


TUERK BAUGESELLSCHAFT: Claims Registration Ends September 20
------------------------------------------------------------
Creditors of Tuerk Baugesellschaft mbH have until Sept. 20 to
register their claims with court-appointed provisional
administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court 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 Tuerk Baugesellschaft mbH on Aug. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Tuerk Baugesellschaft mbH
         Davenstedter Str. 64a
         30453 Hanover, Germany

         Attn: Adem Tuerk, Manager
         Scharfstr. 5
         46140 Bottrop, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Elisenstr. 70
         30451 Hanover, Germany


UTG UMWELTTECHNIK: Claims Registration Ends September 19
--------------------------------------------------------
Creditors of UTG Umwelttechnik Grossefehn Gesellschaft fuer
Abwasser und Grundwasser mbH have until Sept. 19 to register
their claims with court-appointed provisional administrator
Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Aurich
         Room 018
         Schlossplatz 2
         26603 Aurich, 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 Aurich opened bankruptcy proceedings
against UTG Umwelttechnik Grossefehn Gesellschaft fuer Abwasser
und Grundwasser mbH on Aug. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         UTG Umwelttechnik Grossefehn Gesellschaft fuer
         Abwasser und Grundwasser mbH
         Schmiedestr. 3
         26629 Grossefehn, Germany

         Attn: Friedrich Eckhoff, Manager
         Birkhahnweg 49
         26639 Wiesmoor, Germany

The administrator can be contacted at:

         Dr. Heiner Buss
         Main Street 169
         D-26639 Wiesmoor, Germany
         Tel: 04944/1033
         Fax: 04944/912035


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


AES CORP: AESWapiti Inks 30-Year Supply Agreement with BC Hydro
---------------------------------------------------------------
AESWapiti Energy Corporation, the Canadian subsidiary of The AES
Corp., has signed a power purchase agreement with BC Hydro
Corporation for the AESWapiti 184 MW power generation project
which is expected to be built northeast of Tumbler Ridge in
northeastern British Columbia, Canada.  The agreement has a term
of thirty years beginning in 2010.

AESWapiti is developing the new coal and biomass powered plant
and a 35-kilometer 230Kv power transmission line.  The project
also includes development and operation of a thermal coal mine
by Hillsborough Resources Limited (TSX:HLB).  Hillsborough
Resources Limited will be the exclusive supplier of coal to the
project.  The power plant will be located at Hillsborough's
Wapiti thermal coal property near Tumbler Ridge where it will be
fueled by thermal coal from the Wapiti property and by up to 20%
bio-mass from local forestry waste.  The estimated cost of the
power plant is US$450 million.

The project is now undergoing review through the BC regulatory
review, which includes filing the power purchase agreement with
the British Columbia Utilities Commission for approval.  
AESWapiti has started the Environmental Assessment process and
is holding information meetings regarding the project in a
number of northeastern BC communities.  Construction is expected
to begin in late 2007, after the project receives all necessary
approvals from the Utilities Commission and the Environmental
Assessment Office.  Mine development will begin one year prior
to the opening of the power generation facility, expected in
2010.

                      About Hillsborough

Hillsborough Resources Limited is a coal mining company that
operates the Quinsam underground thermal coal mine in Campbell
River, British Columbia, serving the local and west-coast U.S.
cement industry. Near Tumbler Ridge in northeast B.C.,
Hillsborough has substantial metallurgical coal properties under
development including the Horizon mine project, and is
developing the Wapiti thermal coal mine to be the exclusive
supplier commencing in 2010 for the power generation plant to be
constructed and operated on the property by AESWapiti Energy
Corporation. Hillsborough also holds the Bingay Creek
metallurgical coal property located in the Elk Valley region of
Southeast British Columbia.

                      About the Company

AES Corporation -- http://www.aes.com/-- is a global power   
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Today, AES has
two distribution companies in Ukraine, which serve 1.2 million
customers and generation plants in the Czech Republic and
Hungary.  AES is also the leading company in biomass conversion
in Hungary, generating 37% of the nation's total renewable
generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on May 25, Fitch
affirmed The AES Corporation's Issuer Default Rating at 'B+'.  
Fitch also affirmed and withdrew the ratings for the company's
junior convertible debt.  Fitch said the rating outlook for all
remaining instruments is stable.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, Moody's
affirmed the ratings of The AES Corporation, including its Ba3
Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


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


PARMALAT SPA: Finanziara, et al., Seek Stay Pending Appeal
----------------------------------------------------------
Parmalat Finanziara S.p.A. and affiliated entities, and the
reorganized company formed in the Foreign Debtors' Italian
insolvency proceedings ask Judge Lewis A. Kaplan of the U.S.
District Court for the Southern District of New York for an
order granting injunctive relief or a stay.

The Foreign Debtors want any proceedings concerning Reorganized
Parmalat in the securities litigation suspended pending
determination of an appeal from a District Court order
permitting the filing of a Third Amended Complaint.

In July 2006, the District Court permitted the investor
plaintiffs to file the Third Amended Complaint naming
Reorganized Parmalat as a defendant.  The Foreign Debtors and
Reorganized Parmalat have taken an appeal to the U.S. Court of
Appeals for the Second Circuit from the July 2006 Order insofar
as it (i) modified or dissolved the prior injunctive relief that
had been granted pursuant to Section 304 of the Bankruptcy Code,
or (ii) denied the Section 304 relief.

Citing In re Sonnax Industries, Inc., 907 F.2d 1280, 1283 (2d
Cir. 1990), Howard B. Comet, Esq., at Weil, Gotshal & Manges
LLP, in New York, asserts that the rule is well-settled in
bankruptcy cases that immediate appeals may be taken of orders
that finally dispose of discrete disputes within the larger
case.

Mr. Comet contends that the July 2006 Order may be immediately
appealed because it finally resolves the dispute as to whether
the Foreign Debtors and Reorganized Parmalat are entitled to
Section 304 relief regarding the investors' claims in the
Securities Litigation.

The Foreign Debtors and Reorganized Parmalat believe that a
District Court order dissolving or denying Section 304
injunctive relief has the same finality as an order lifting the
automatic stay.  Since courts have considered an order lifting
stay to be final and appealable, Mr. Comet says that the July
2006 Order may be appealed.

Pending the determination of the appeal, Mr. Comet asserts that
the District Court may enjoin or stay the proceedings against
Reorganized Parmalat pursuant to Rule 62 of the Federal Rules of
Civil Procedures.  Mr. Comet argues that:

   a. if the Section 304 relief previously granted is not
      restored pending appeal, the Foreign Debtors and
      Reorganized Parmalat will incur the very harm that the
      statute is designed to prevent -- they will be subjected
      to massive U.S. litigation on claims that belong in the
      Italian bankruptcy court;

   b. the only harm the investors will incur if the appeal is
      unsuccessful is that they will have been temporarily
      delayed in the prosecution of claims, which delay provides
      no basis for denying the relief pending appeal;

   c. the appeal is likely to be successful; and

   d. public interest weighs heavily in favor of a stay pending
      appeal.

          Credit Suisse Wants 3rd Amended Suit Dismissed

Since filing their first amended consolidated complaint, the
investors have taken 20 months to specify which Credit Suisse
entities they seek to sue despite this deficiency having been
brought to their attention, Michael S. Feldberg, Esq., at Allen
& Overly LLP, in New York, tells the Court.

In the Third Amended Complaint, the investors alleged, among
others, that Credit Suisse, Credit Suisse International, and
Credit Suisse Securities (Europe), Limited, structured and
participated in a transaction to provide financing to the
Brazilian subsidiary of Parmalat, knowing that Parmalat would
use it to conceal debt on its financial statements.

According to Mr. Feldberg, Credit Suisse stands on a different
footing with Credit Suisse International and Credit Suisse
Securities.

Mr. Feldberg contends that the Third Amended Complaint is devoid
of any facts that detail with specificity Credit Suisse's role
in the challenged transaction.  Credit Suisse believes that the
Complaint fails adequately to plead a primary violation of the
securities laws under the particularity requirements of Rule
9(b) of the Federal Rules of Civil Procedure.

There is no allegation in the Third Amended Complaint that
Credit Suisse committed a deceptive or manipulative act, Mr.
Feldberg points out.  Instead, he continues, investors meld
Credit Suisse into the umbrella term "Credit Suisse Entities"
without detailing the nature of its participation in the alleged
fraudulent scheme.

Credit Suisse also believes that the investors' references to it
as the corporate parent of Credit Suisse International and
Credit Suisse Securities do not advance their position.  Mere
allegation of a status as a corporate parent of alleged
wrongdoers does not suffice, Mr. Feldberg says.

Mr. Feldberg also notes that the investors did not allege that
Credit Suisse acted scienter with particularity, as required by
the Reform Act and Second Circuit decisional law.  To plead
scienter, the plaintiff must allege a purpose to harm by
intentionally deceiving, manipulating or defrauding, Mr.
Feldberg explains, citing Ernst & Ernst v. Hochfelder, 425 U.S.
185, 193, 96 S. Ct. 1375, 1381 (1976).

The Third Amended Complaint adds a new claim for controlling
person liability against Credit Suisse.  However, Credit Suisse
says the claim is deficient.

Mr. Feldberg argues that the Third Amended Complaint's
allegations of control "do not show that Credit Suisse had
actual control over the transaction at issue."

"No amendment could cure the deficiencies identified in the
third amended complaint," Mr. Feldberg insists.  "Credit Suisse
simply had no involvement in the Parmalat matters at issue . . .
and there are no facts that could support the legal conclusion
of [it's participation] in the alleged fraudulent scheme or
actively controlled the . . . entities which are alleged to have
participated."

Credit Suisse asks the District Court to dismiss the Third
Amended Complaint as against it and reject all claims against
it, with prejudice.

Grant Thornton LLP also asks the District Court to dismiss the
Third Amended Complaint.  It filed a memorandum of law
supporting its dismissal motion under seal.

              BofA Wants Liquidators' Suit Dismissed

The lawsuit initiated by Gordon I. MacRae and James Cleaver, as
the Joint Official Liquidators of Parmalat Capital Finance
Limited, against various Bank of America entities was
transferred to the U.S. District Court for the Southern District
of New York and consolidated with other suits before Judge
Kaplan.

BofA asks Judge Kaplan to dismiss the Liquidators' complaint and
reject the Liquidators' claims, with prejudice.

The Liquidators' real complaint is with Parmalat Capital's
corrupt corporate parent, not BofA, Daniel A. McLaughlin, Esq.,
at Sidley Austin LLP, in New York, asserts.  Because of the
preliminary injunction granted under Section 304, however, the
Liquidators cannot sue Parmalat SpA in the U.S.

BofA alleges that the Liquidators concocted claims that are
nothing more than a transparent attempt to find a solvent entity
to pay for Parmalat's wrongdoing -- notwithstanding that BofA
happens to be a victim itself.

The Liquidators' Complaint should be dismissed because the
Liquidators lack standing to bring the suit, Mr. McLaughlin
argues.  The Complaint, he notes, does not allege that Parmalat
Capital had any operations of its own, or any value as an
ongoing business.  Parmalat Capital was not an operating entity,
rather it was a financing entity.

Hence, BofA contends, any harm caused by Parmalat's actions was
not suffered by Parmalat Capital.  In fact, Mr. McLaughlin
points out, the Liquidators admit that they are claiming losses
allegedly suffered by Parmalat Capital's creditors.

BofA also believes that the Liquidators are barred from bringing
claims under the doctrine of in pari delicto, which forecloses
recovery by a claimant that was a participant in the complained-
of wrong.

Because the Complaint makes clear that Parmalat Capital was a
financing entity created as an instrumentality of Parmalat's
wrongdoing, Mr. McLaughlin asserts that in pari delicto bars the
Liquidators' claims.

The Complaint fails to allege the essential elements of each
cause of action asserted, necessitating dismissal of each claim,
Mr. McLaughlin adds.

Distilled to its essence, BofA asserts that the Complaint is an
attempt to hold the bank liable for Parmalat's use of its wholly
owned subsidiary as an instrumentality to perpetuate its fraud.

             Liquidators Want Dismissal Motion Denied

Messrs. MacRae and Cleaver insist that BofA helped certain
Parmalat Capital and Parmalat SpA insiders steal from Parmalat
Capital for over a number of years.

Contrary to BofA's arguments, the Liquidators assert that they
have standing to bring the suit.

"[BofA's] argument ignores the reality of [Parmalat Capital's]
corporate existence," Richard I. Janvey, Esq., at Janvey Gordon
Herlands Randolph & Cox LLP, notes.  "Moreover, 'financing
entities' routinely bring claims to recover damages they have
suffered."

According to Mr. Janvey, BofA's in pari delicto argument seeks
to pervert an equitable doctrine to achieve the inequitable
result of letting a wrongdoer go free at the expense of Parmalat
Capital's creditors.

Parmalat Capital, Mr. Janvey points out, is under the control of
the Liquidators appointed by the Cayman Court seeking recovery
for the benefit of its creditors, not the original bad actors.
Moreover, Parmalat Capital's culpable insiders acted completely
adverse to Parmalat Capital's interests, and thus the wrongful
knowledge of those insiders cannot be imputed to it.

Accordingly, the Liquidators ask the Court to reject BofA's
arguments and deny the dismissal request.

                         BofA Talks Back

BofA insists that Parmalat Capital's Liquidators lack standing
to bring the claims in the Complaint.

Citing Wight v. BankAmerica Corp., 219 F.3d 79, 86 (2d Cir.
2000), Mr. McLaughlin contends that a plaintiff cannot assert
the interests or rights of third parties.

BofA also maintains that the in pari delicto doctrine applies to
Parmalat Capital and the Liquidators.

Mr. McLaughlin further points out that In re Parmalat Sec.
Litig., 383 F. Supp. 2d 587, 594 (S.D.N.Y. 2005), the District
Court rejected a similar argument raised by Parmalat Capital
that its role in Parmalat SpA's fraud is irrelevant because its
corrupt management resigned in favor of the Liquidators.

As Parmalat Capital admitted in the Complaint, Parmalat was its
ultimate operating parent, Parmalat engaged in a massive fraud,
and Parmalat Capital was an "instrumentality" used to carry out
that fraud, Mr. McLaughlin notes.

                         About Parmalat

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

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

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

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


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


AVR- GROUP: Creditors Must File Claims by Oct. 3
------------------------------------------------
LLP AVR- Group has declared insolvency.  Creditors have until
Oct. 3 to submit written proofs of claim at:

         LLP AVR- Group
    Micro District Al- Farabi, 50, VP-1
    Astana, Kazakhstan
    Tel: 8 (3005) 18-80-11


ASTANA OIL: Creditors Must File Claims by Oct. 4
------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
JSC Astana Oil insolvent.  Subsequently, bankruptcy proceedings
were introduced at the company.

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

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


FIRATROM PLASTIK: Proof of Claim Deadline Slated for Sept. 29
-------------------------------------------------------------
LLP Firatrom Plastik Pavlodar has declared insolvency.  
Creditors have until Sept. 29 to submit written proofs of claim
at:

         LLP Firatrom Plastik Pavlodar
         Lermontov Str. 84-71a
    Pavlodar
    Pavlodar Region
    Kazakhstan


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


NAIZATAS: Proof of Claim Deadline Slated for Oct. 3
---------------------------------------------------
LLP Naizatas has declared insolvency.  Creditors have until
Oct. 3 to submit written proofs of claim at:


         LLP Naizatas
         Popov Str. 20
    Almaty, Kazakhstan


PSB: Claims Registration Period Ends Oct. 3
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP PSB insolvent.  Subsequently, bankruptcy proceedings were
introduced at the company.

Creditors have until Oct. 3 to submit written proofs of claim
at:

         LLP PSB
         Post Office Box 1
    JSC Kazpochta
    Post Office 57
    Almaty, Kazakhstan


POSREDTORG: Claims Registration Ends Oct. 3
-------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Posredtorg insolvent.

Creditors have until Oct. 3 to submit written proofs of claim
to:

         LLP Posredtorg
         Altynsarina Str. 31
    Aktobe
    Aktube Region
    Kazakhstan
    Tel: 8 (3132) 21-30-32


TASMURUN: Creditors' Claims Due Oct. 3
--------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Tasmurun insolvent.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Oct. 3 to submit written proofs of claim
at:
         
         LLP Tasmurun
         Jarbolov Str. 12/2
    Saryozek
    Almaty Region
    Kazakhstan
    Tel: 8 (32840) 31-8-65
         8 (70173) 48-5-26


TRIK: East Kazakhstan Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Trik on
July 31.


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


ANEKSIM-SERVICE: Claims Registration Ends Oct. 6
------------------------------------------------
LLC Aneksim-Service has declared insolvency.  Creditors have
until Oct. 6 to submit written proofs of claim at:

         LLC Aneksim-Service
    Kulatov Str. 8
    Bishkek, Kyrgyzstan
          
           
INTERACT: Proof of Claim Deadline Slated for Oct. 6
---------------------------------------------------
LLC Interact has declared insolvency.  Creditors have until
Oct. 6 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 66-71-38.


PRO BRAND: Creditors' Claims Due Oct. 6
---------------------------------------
LLC Pro Brand has declared insolvency.  Creditors have until
Oct. 6 to submit written proofs of claim:

Inquiries can be addressed to (+996 312) 54-46-96.


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


CENTERCREDIT INT'L: Moody's Rates US$200-Mln Sr. Notes at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term local
currency rating to the senior unsecured notes expected to be
issued by CenterCredit International B.V. (Netherlands), a
direct wholly owned subsidiary of Kazakhstan's CenterCredit
Bank.  

The issue is planned to be unconditionally and irrevocably
guaranteed by BCC.  The notes will be denominated in Kazakh
Tenge (KZT).  The amount of the issue is expected to be
equivalent to US$200 million, with a five-year tenor.  The
outlook on the rating is stable.  The rating is subject to
reviewing the final documentation on the transaction.

The Ba1 rating incorporates potential support from the Kazakh
authorities in the event of need, in reflection of BCC's
importance to the national banking system as the country's
sixth-largest bank in terms of total assets and fourth-largest
in terms of retail customer deposits as of end-1H 2006, with
market shares of 7% and 11%, respectively.  However, Moody's
cautions that any outside support for BCC from the authorities
in case of distress might be of a limited nature and its volume
and timeliness uncertain.

Under the terms of the bond issue, all principal and interest
payments to the noteholders will be made in US dollars at the
prevailing exchange rate at the time such payments are due; this
will be provided for by means of a foreign exchange conversion
agreement between BCC and Halyk Bank.  

Only in the event that the Kazakh currency becomes
inconvertible, will noteholders receive payments in KZT, which
may require opening an account with a local bank.  This means
there are additional foreign exchange and transfer risks
attached to the notes which will be carried by potential
investors, and which are not captured by the Ba1 local currency
rating of the notes.

In addition, BCC must comply with certain covenants, such as
negative pledge, limitation on payment of dividends and
maintenance of a minimum consolidated BIS Capital Adequacy Ratio
of 10%.  The noteholders will also have the right to redeem the
notes before maturity if BCC should undertake a merger or an
asset sale, which results in a rating downgrade.  

Moody's notes that while the likelihood of such an event is
currently relatively low, it could have negative implications
for BCC's liquidity position, which in turn could further
pressurize the bank's ratings.

BCC is headquartered in Almaty, Kazakhstan, and reported total
consolidated assets of KZT330 billion (US$2.5 billion) under
IFRS as at Dec. 31, 2005, representing a rapid 122% year-on-year
growth.


JUBILEE CDO: S&P Rates EUR20-Million Class E Notes at BB-
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR500 million senior secured floating-
rate notes to be issued by Jubilee CDO VII B.V., a special
purpose entity.
  
The collateral for this transaction comprises senior and
mezzanine leveraged loans, and high-yield bonds.  The
transaction has a six-year reinvestment period.  The collateral
manager will be Alcentra Ltd.
  
The portfolio is subject to par value tests and interest
coverage tests.  Failure of these tests will cause a diversion
of first principal proceeds, and, if insufficient, interest
proceeds to pay down the notes sequentially until the failure is
cured.
    
The quality of the portfolio will be monitored during the the
reinvestment period using Standard & Poor's CDO Monitor model.

                       Ratings List
                  Jubilee CDO VII B.V.
      EUR500 Million Senior Secured Floating-Rate Notes
  
                          Prelim.        Prelim.
           Class          rating         amount (Mil. EUR)
           -----          ------         ------
           A-T            AAA            218
           A-R            AAA            100
           B              AA             50
           C              A              30
           D              BBB-           31
           E              BB-            20
           Subordinated
           securities     NR             51
  
           NR - Not rated.


KONINKLIJKE AHOLD: Earns EUR219 Million for Second Quarter 2006
----------------------------------------------------------------
Koninklijke Ahold N.V. released its financial results for the
second quarter and first half ended July 16, 2006.

Ahold posted EUR219 million in net profit on EUR10.48 billion in
revenues for the second quarter ended July 16, 2006, compared
with EUR137 million in net profit on EUR10.45 million in
revenues for the same period in 2005.

Ahold posted in EUR465 million net profit on EUR24.56 billion in
revenues for the first half ended July 16, 2006, compared to
EUR274 million in net profit on EUR23.42 million in revenues for
the same period in 2005.

As of July 16, 2006, Ahold had EUR18.20 billion in assets,
EUR13.36 billion in liabilities, and EUR4.84 billion in equity.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,   
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


AUTOMATION CONSTRUCTION: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Altay Region commenced bankruptcy
supervision procedure on CJSC Automation And Construction.  The
case is docketed under Case No. A03-20721/05-B.

The Temporary Insolvency Manager is:

         S. Blinova
         Post User Box 99/384
         Main Post Office
         654000 Novokuznetsk
         Russia

The Debtor can be reached at:

         CJSC Automation And Construction
         Prigorodnyj
         Altay Region
         Russia


BALASHOV-AGRO-PROM-KHIMIYA: I. Ponomarev to Manage Assets
---------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. I.
Ponomarev as Insolvency Manager for OJSC Balashov-Agro-Prom-
Khimiya.  He can be reached at:

         I. Ponomarev
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-648B/05-32.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Balashov-Agro-Prom-Khimiya
         Vetlyanki 6
         Balashov
         Saratov Region
         Russia


CERAMIC BUILDING: Court Names A. Kovalskiy as Insolvency Manager  
----------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region
appointed Mr. A. Kovalskiy as Insolvency Manager for OJSC
Factory Of Ceramic Building Materials (TIN 8905025503, KPP
890501001).  He can be reached at:

         A. Kovalskiy
         Apartment 28
         Chekhova Str. 13
         160001 Vologda
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A81-3282/2005.

The Debtor can be reached at:

         OJSC Factory Of Ceramic Building Materials
         Zapadno-Noyabrskoye field
         Noyabrsk
         629811 Yamalo-Nenetskiy Autonomous Region
         Russia


CERAMICS: Court Names T. Buldyreva as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Ms. T.
Buldyreva as Insolvency Manager for LLC Ceramics (TIN
3811001392).  She can be reached at:

         T. Buldyreva
         Post User Box 79
         664003 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-12479/06-8.

Arbitration Court of Irkutsk Region is located at:

         Room 317
         Gagaina Avenue 70
         664000 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Ceramics
         Site #2 of brickworks
         Lisikha
         664075 Irkutsk Region
         Russia


CHAINSKOYE: Novosibirsk Bankruptcy Hearing Slated for Oct. 25
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at
10:00 a.m. on Oct. 25 to hear the bankruptcy supervision
procedure on CJSC Chainskoye.  

The case is docketed under Case No. A45-11795/06-4/214.

The Temporary Insolvency Manager is:

         Y. Gomerov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk Region
         Russia
         Tel: 348-60-77

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         Room 911
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Chainskoye
         Chainka
         Kupinskiy Region
         Novosibirsk Region
         Russia


CONTACT: Khabarovsk Court Names V. Radskiy as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. V.
Radskiy as Insolvency Manager for OJSC Factory Contact (TIN
2706002028).  He can be reached at:

         V. Radskiy
         Office 113
         Gamarnika Str. 39
         680030 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-5371/2006-9.

The Debtor can be reached at:

         OJSC Factory Contact
         Mashinostroiteley Shosse 2
         Amursk
         682640 Khabarovsk Region
         Russia


FAYSKIY FACTORY: Orenburg Bankruptcy Hearing Slated for Nov. 14
---------------------------------------------------------------
The Arbitration Court of Orenburg Region will convene at 10:30
a.m. on Nov. 14 to hear the bankruptcy supervision procedure on
OJSC Fayskiy Factory of Nonferrous Machining Alloy.  

The case is docketed under Case No. A47-2450/2006-14GK.

The Temporary Insolvency Manager is:

         A. Sivakov
         Mekhanizatorov Str. 1
         460027 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Fayskiy Factory of Nonferrous Machining Alloy          
         Gaya
         Orenburg Region
         Russia


FORTUNE: Nizhniy Novgorod Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region commenced
bankruptcy supervision procedure on CJSC Fortune.  The case is
docketed under Case No. A43-35191/2005 24-531.

The Temporary Insolvency Manager is:

         E. Tyutikov
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Fortune
         M-Pushkinskaya Str. 37
         B. Boldino
         Nizhniy Novgorod Region
         Russia


FURNITURE FACTORY: Court Names V. Ivanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Rostov Region appointed for CJSC
Furniture Factory (TIN 6111008775).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-4537/2006-S2-51.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         CJSC Furniture Factory
         Selektsionnyj Per. 13A
         Zernograd
         Rostov Region
         Russia


GAMMA-SERVICE: Murmansk Bankruptcy Hearing Slated for Oct. 3
------------------------------------------------------------
The Arbitration Court of Murmansk Region will convene on Oct. 3
to hear the bankruptcy supervision procedure on LLC Gamma-
Service.  The case is docketed under Case No. A42-2265/2006g.

The Temporary Insolvency Manager is:

         E. Klimov
         Domostroitelnaya Str. 21/2
         183018 Murmansk Region
         Russia

The Debtor can be reached at:

         LLC Gamma-Service
         Minkino
         Kolskiy Region
         Murmansk Region
         Russia


GATCHINSKIY: Court Names N. Vereshak as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad Region
appointed Mr. N. Vereshak as Insolvency Manager for CJSC
Gatchinskiy Foundry.  He can be reached at:

         N. Vereshak
         Post User Box 169
         Main Post Office
         Tver Region
         Russia
         Tel: (4822)39-48-43

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-58044/2005.

The Debtor can be reached at:

         CJSC Gatchinskiy Foundry
         Ryseva Str. 32
         Gatchina
         188301 Leningrad Region
         Russia


KALININSKIY: Court Names S. Frolov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. S.
Frolov as Insolvency Manager for CJSC Agricultural Complex
Kalininskiy.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-19381/2005-38/271-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Complex Kalininskiy
         Bratyev Stepanovykh Str. 1
         Dzhumaylovka
         Kalininskiy Region
         353792 Krasnodar Region
         Russia


KOZMODEMYANSKIY BUTTER: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Mariy El Republic commenced bankruptcy
supervision procedure on OJSC Kozmodemyanskiy Butter Factory.  
The case is docketed under Case No. A-38-940-19/158-2006.

The Temporary Insolvency Manager is:

         S. Kachin
         Zh.Trilinskogo Str. 13.
         428020 Cheboksary Region
         Russia

The Arbitration Court of Mariy El Republic is located at:

         Leninskiy Pr.
         Yoshkar-Ola
         424002 Mariy El Republic
         Russia

The Debtor can be reached at:

         OJSC Kozmodemyanskiy Butter Factory
         Gagarina Str. 52.
         Kozmodemyansk
         Mariy El Republic
         Russia


MARIYSK-MELIORATION: V. Yakovlev to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. V.
Yakovlev as Insolvency Manager for OJSC Mariysk-Melioration.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-170-18/106-2006.

The Arbitration Court of Mariy El Republic is located at:

         Leninskiy Pr.
         Yoshkar-Ola
         424002 Mariy El Republic
         Russia

The Debtor can be reached at:

         OJSC Mariysk-Melioration
         Chekhova Str. 24
         Medvedevo
         425200 Mariy El Republic
         Russia


MOBILE TELESYSTEMS: Extraordinary General Meeting Set on Oct. 30
----------------------------------------------------------------
Mobile TeleSystems OJSC has scheduled an extraordinary general
meeting of shareholders for Oct. 30, 2006.

The deadline date for record of the Company's share- and ADR-
holders entitled to participate in the EGM has is Sept. 14,
2006.

Items on the agenda include the composition of the management
board and approval of the mergers into MTS of the Company's
100%-owned subsidiaries, ReCom and Telesot - Alania.

                    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.


OIL-GAS-SYSTEM: Court Names Y. Rudenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. Y. Rudenko as
Insolvency Manager for CJSC Oil-Gas-System (TIN 7724006465).
He can be reached at:

         Y. Rudenko
         to be called for Mr. Y. Rudenko
         117335 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-28357/06-78-529B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Oil-Gas-System
         Bakinskaya Str. 29
         115516 Moscow Region
         Russia


OSINSKAYA AGRO-PROM-KHIMIYA: N. Tugarinova to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Ms. N.
Tugarinova as Insolvency Manager for OJSC Osinskaya Agro-Prom-
Khimiya.  She can be reached at:

         N. Tugarinova
         Post User Box 218
         664082 Irkuts-82
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-9062/06-8.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         N. Tugarinova
         Post User Box 218
         664082 Irkuts-82
         Russia


PAVINSKIY BUTTER: Court Names T. Buldyreva as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Ms. T.
Buldyreva as Insolvency Manager for Municipal Enterprise
Pavinskiy Butter Making Plant.  She can be reached at:

         T. Buldyreva
         Moskovskaya Str. 55
         156001 Kostroma Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-1994/2006-18.

The Debtor can be reached at:

         Municipal Enterprise Pavinskiy Butter Making Plant
         Oktyabrskaya Str. 45
         Pavino
         Kostroma Region


RABOCHEE: Novosibirsk Bankruptcy Hearing Slated for Sept. 13
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at 2:00
p.m. on Sept. 13 to hear the bankruptcy supervision procedure on
CJSC Rabochee.  The case is docketed under Case No. A45-7787/
06-4/12.

The Temporary Insolvency Manager is:

         V. Larichkin
         Zhurinskaya Str. 37
         630099 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Rabochee
         Verkh-Aleus
         Ordynskiy Region
         633261 Novosibirsk Region
         Russia


RUSSIAN BREAD: Court Names E. Golenkov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. E. Golenkov
as Insolvency Manager for LLC Russian Bread.  He can be reached
at:

         E. Golenkov
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-2706/2006(42).

The Debtor can be reached at:

         LLC Russian Bread
         Krasnoyarskiy Region, Belozerki.
         Samara Region
         Russia


SAMARSKIY MIXED: Samara Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on CJSC Samarskiy Mixed Fodder Mill.  The
case is docketed under Case No. A55-1165/06.

The Temporary Insolvency Manager is:

         I. Madzhuga
         Br. Korostelevykh Str. 268
         443001 Samara Region
         Russia

The Debtor can be reached at:

         CJSC Samarskiy Mixed Fodder Mill
         Samara Region
         Russia


SARSINSKIY: Bankruptcy Hearing Slated for Dec. 11 in Perm
---------------------------------------------------------
The Arbitration Court of Perm Region will convene on Dec. 11 to
hear the bankruptcy supervision procedure on OJSC Sarsinskiy
Wood-Working Factory.  

The case was docketed under Case No. A50-11179/2006-B.

The Temporary Insolvency Manager is:

         M. Leongardt
         Post User Box 6088
         614000 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         OJSC Sarsinskiy Wood-Working Factory
         Sovetskaya Str. 39
         Oktyabrskiy Region
         617870 Perm Region
         Russia


SIDOROVKA: Court Names I. Klemeshov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. I.
Klemeshov as Insolvency Manager for OJSC Sidorovka.  He can be
reached at:

         I. Klemeshov
         Post User Box 173
         630077 Novosibirsk-77
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-29538/06-4/1.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Sidorovka
         Lenina Str. 25
         Sidorovka
         Kolyvanskiy Region
         633166 Novosibirsk Region
         Russia


SEREDA-WOOD: Filing of Claims Ends September 15
-----------------------------------------------
Creditors of CJSC Sereda-Wood have until September 15 to submit
written proofs of claim to:

         E. Pukhova, Insolvency Manager
         Karyernaya Str. 2-22
         153034 Ivanovo Region
         Russia

The Arbitration Court of Ivanovo Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17-1479/06-10-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Sereda-Wood
         Karyernaya Str. 2-22
         153034 Ivanovo Region
         Russia


TAYSHETSKIY: Court Names T. Buldyreva as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. T.
Buldyreva as Insolvency Manager for OJSC Meat Combine
Tayshetskiy (TIN 3815000618).  She can be reached at:

         T. Buldyreva
         Post User Box 79
         664003 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-11078/06-29.

The Arbitration Court of Irkutsk Region is located at:  

         Room 307
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Tayshetskiy
         Sibirskaya Str. 1
         Tayshet
         Tayshetskiy region
         665004 Irkutsk region
         Russia


TMK: Market Position Prompts Moody's to Assign B1 Rating
--------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to TMK and a (P)B2 senior unsecured rating to the loan
participation notes issued by TMK Capital S.A., guaranteed by
the operating subsidiaries of TMK.  The outlook on both ratings
is positive.

In assigning the ratings to TMK, Moody's has taken into account
TMK's position as the largest manufacturer of value-added pipe
products in Russia, notably for the oil and gas industry.

Moody's also views the company's geographic focus on the rapidly
developing Russian and CIS markets, as well as the strategy to
diversify into European, Middle Eastern and Asian markets as a
credit positive for future cash flow potential.

The rating also reflects TMK's relatively sizeable debt
position, including indebtedness at the level of the
shareholder, following the planned increase of the majority
shareholder's stake under as yet undisclosed terms and
conditions.  The initial financing of this transaction will
proceed directly and indirectly via debt at TMK level as well as
at shareholder level.  It is Moody's assumption that the debt at
shareholder level will also have to be served via increased
dividend payments of TMK.

The rating further factors the company's uneven past performance
and short credit history -- TMK has existed in its current form
only since 2002-2003 -- as well as the weak liquidity structure
following the planned shareholder transaction with a sizeable
portion of initial indebtedness being short term.  The debt
structure and reduction in cash balances places a high
dependency on a successful bond issue and IPO, which is expected
later in 2006.

According to Moody's, credit positives include:

   -- TMK's strong market position for seamless and large
diameter welded pipes;

   -- the continued good industry environment for oil and gas
drilling and transmission pipes;

   -- TMK's diversified product profile, serving its quality
customer base including all Russian oil and gas majors;

   -- the implementation of a modernization program, which
includes efficiency gains and quality improvements;

   -- a solid revenue base associated with the production of
large-diameter pipes backed by multi-year contracts;

   -- a geographically advantageous location close to major
Russian oil and gas drilling areas and scrap abundant
territories; good access to sea ports;

   -- a strong management focus on profitability and operational
efficiency, including a clear business strategy; and

   -- relatively modest balance sheet leverage, even prior to
any potential IPO.

However, Moody's cautions that the company is exposed to:

   -- the inherently volatile oil and gas industry, and more
specifically, the drilling cycle which moves in
conjunction with commodity prices;

   -- a concentration of revenues, with one customer accounting
for nearly 25% of consolidated revenues;

   -- cost pressures associated with steel and scrap prices,
which can significantly impact margins despite robust
market conditions and ability to pass along higher steel
and scrap costs;

   -- a vulnerability associated with its reliance on third-
party supplies, especially suppliers of scrap;

   -- intense competition from other Russian producers and
imports, notably from Ukraine, in certain product
segments;

   -- the primary use of debt to finance the modernization
program and the share buy-back;

   -- the need to increase capacity to achieve organic growth;

   -- the potential appetite for international acquisitions;

   -- the concentration of ultimate control with one individual
holding control over the company via a Cyprus-based
company; and

   -- the challenging operating environment in Russia, which is
characterized by significant political legal, fiscal and
exchange rate risks.

Moody's positive outlook on the rating reflects the expectation
that proceeds from a potential IPO would be used to reduce
indebtedness and to free up liquidity for the ongoing
modernization projects, and that the results for the current
year will confirm the positive expectation for 2006 and 2007.

Moody's would consider a rating downgrade in the event that the
company substantially increased its indebtedness such that,
coupled with lower cash flows generated by the business, its
cash flow-to-debt metrics deteriorated significantly.

The rating of the loan participation notes has been notched down
to (P)B2 in light of the subordination to existing secured term
bank debt.  Carve-outs in the indenture also allow for
substantial additional indebtedness to potentially rank ahead of
the Notes (up to more than 10% of total assets, translating into
more than USD400 million of secured indebtedness).  Moody's
expects that the current subordination of 22% secured to
unsecured debt will remain above 20% going forward.

The loan participation notes are subject to various restrictions
and financial covenants, including a minimum debt/EBITDA ratio
of 3.5x and limitations regarding additional indebtedness.
Moreover, dividend payments are restricted subject to a basket
of 50% of net income and the possibility to incur USD1
additional debt under the debt/EBITDA ratio.

The proceeds of the notes will be on-lent to TMK's majority
shareholder and used to finance the planned increase of his 67%
stake in TMK.  Proceeds that the majority shareholder will
receive from the planned IPO will be used to repay his loan
received from TMK.  The company will subsequently use these
proceeds to finance its capital expenditure program.

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

TMK is Russia's largest and one of the world's leading
manufacturers of value-added steel pipe products for the oil &
gas industry.  TMK has shipped more than 2.9 million metric tons
of pipe products in 2005 and generated revenues of US$2.9
billion.  Around 67% of OAO TMK is indirectly fully owned by Dr.
Dmitry Pumpyanskiy.


TONKINSKAYA SEL-KHOZ-TEKHNIKA: V. Kopchenov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
V. Kopchenov as Insolvency Manager for OJSC Tonkinskaya Sel-
Khoz-Tekhnika.  He can be reached at:

         V. Kopchenov
         Apartment 38
         Chaadaeva Str. 12
         603035 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-45666/05-18-735.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Tonkinskaya Sel-Khoz-Tekhnika
         Pervomayskaya Str. 43
         Tonkino
         606970 Nizhniy Novgorod Region
         Russia


VIMPEL COMMUNICATIONS: Appellate Court Ratifies URS Acquisition
---------------------------------------------------------------
The Court of Appeals has ratified the June 26, 2006, ruling by
the Moscow Arbitration Court in favor of Open Joint Stock
Company Vimpel-Communications in one of the three lawsuits filed
by Telenor East Invest AS.

VimpelCom is pleased with the ruling, which once again denies
Telenor's claim to invalidate the decision made by VimpelCom's
CEO to complete the acquisition of CJSC Ukrainian Radio Systems.  
This is the fourth occasion that a court has ruled in
VimpelCom's favor on Telenor's claims challenging the URS
acquisition.

The court ruling is subject to further appeal.

                      About VimpelCom

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

                        *     *     *

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


VNESHTORGBANK JSC: Signs Cooperation Agreement with Oboronprom
--------------------------------------------------------------
JSC Vneshtorgbank and Oboronprom United Industrial Corporation
have signed a Cooperation Agreement, reflecting the strength and
progression of the Bank's partnership with defense enterprises.

It also signals the intention of VTB and the leading Russian
integrated production and investment group to further develop
mutually beneficial collaboration.

The Agreement was signed by:

   -- Igor Zavyalov, Deputy Chairman of Vneshtorgbank, and
   -- Denis Manturov, General Director of OPK Oboronprom.

Under the Agreement the Corporation will invite VTB as a major
bank to service OPK Oboronprom and its enterprises.  Besides
standard bank-customer relationship, the parties will cooperate
in implementing investment and other projects, carried out by
Oboronprom and its subsidiaries.  Alongside foreign financial
institutions, Vneshtorgbank will finance current activities and
investment projects of the Corporation, and also perform as a
priority partner in arranging loans in domestic and
international markets.

Further, as a strategic partner, the Bank will offer OPK
Oboronprom services aimed at executing and raising funds for
corporate control transactions, such as asset acquisition,
disposal or restructuring, as well as attracting new
shareholders.

Once implemented, within the framework of the Agreement modern
technologies of finance management will facilitate the
development of international and domestic settlement systems of
the Corporation and increase its performance overall.

                       About Oboronprom

OPK Oboronprom is a multifaceted production and investment
group.  Its shareholders are Rosimuschestvo (51%), FGUP
Rosoboronexport (31.13%), the Republic of Tatarstan (15.07%) and
JSC Rostvertol (2.79%).  Also, OPK Oboronprom controls over 75%
of JSC Defense Systems shares, 100% of Oboronpromleasing shares,
and shares in other companies.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.  

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

At the beginning of 2006, VTB purchased a 98% stake in the Bank
Mriya located in Ukraine.  VTB has operated under a full banking
License No. 1000 from the Central Bank of the Russian Federation
since 1990.  With 23,145 employees as of Dec. 31, 2005, the
Group operates in the commercial banking sector including
deposit taking and commercial lending, support of clients'
export/import transactions, foreign exchange, securities
trading, and trading in derivative financial instruments.  The
Government of the Russian Federation is the main shareholder of
VTB and owns through the Federal Property Management Agency
99.9% of its registered share capital.  

                        *     *     *

As reported in TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


VOSTOK-MONTAGE-GAS: Bankruptcy Hearing Slated for Nov. 9
--------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at
10:30 a.m. on Nov. 9 to hear the bankruptcy supervision
procedure on OJSC Vostok-Montage-Gas.  The case is docketed
under Case No. A65-10929/2006-SG4-31.

The Temporary Insolvency Manager is:

         Y. Afanasyev
         Post User Box 128
         GOS-1
         Almetyevsk
         423451 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Vostok-Montage-Gas
         Beloglazova Str. 137 A
         Almetyevsk
         Tatarstan Republic
         Russia


ZAVODOUKOVSKAYA: Court Names S. Leshev as Insolvency Manager  
------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. S. Leshev
as Insolvency Manager for LLC Zavodoukovskaya Garment Factory
Bim-Bo.  He can be reached at:

         S. Leshev
         Kirova Str. 10-88
         Yugorsk
         Khanty-Mansiyskiy Autonomous Region
         628260 Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-5767/3-05.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         LLC Zavodoukovskaya Garment Factory Bim-Bo
         Tyumen Region
         430000 Russia


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


CONVERIUM FINANCE: A.M. Best Affirms Issuer Credit Rating at bb+
----------------------------------------------------------------
A.M. Best Co. affirmed the financial strength rating of B++ and
the issuer credit rating of bbb+ of Converium AG   and its main
subsidiaries.  The outlook for all ratings has been revised to
positive from stable.

A.M. Best also affirmed the ICR of bb+ of Converium Finance S.A.

The rating action reflects Converium's improving risk-adjusted
capitalization, increasing net income and recovering business
profile, as well as the election of several new directors to the
board and the appointment of new executive management team
members filling vacant positions, despite a remaining -- albeit
smaller -- potential for reserve deficiencies.

Improving risk-adjusted capitalization -- Converium's risk-
adjusted capitalization is expected to continue to improve over
the next two years due to its stronger net income, continued
moderate dividend policy and the placing of its North American
subsidiary into run-off in 2004.

A.M. Best believes that despite Converium's actions and the
large reduction in liabilities in North America due to the run-
off of CRNA, there is still potential for adverse reserve
development in the run-off business and the continuing
professional liability business.  However, the potential sale of
CRNA, according to Converium's 2006 stated intentions, is
expected to further support its capitalization.

Recovering business profile -- A.M. Best anticipates a
continuing improvement of Converium's business profile with
strong gross premium growth in 2007.  The growth stems mainly
from regaining property and casualty and, to a lesser extent,
specialty business generated from clients that were lost in
recent years following the downgrade of the company's rating.

Converium will continue to benefit from strong revenue streams
through its long-term relationships with the Medical Defense
Union and Global Aerospace Managers Limited.

Increasing net income -- A.M. Best expects Converium's net
income to continue to strongly improve in 2006 and 2007.
Converium continues to assume long-tail business with high
combined ratios resulting in continuing negative underwriting
results, which the group expects to be offset by investment
returns.

However, the combined ratio is expected to improve to
approximately 102% in 2007 from 108% in 2006 due to the combined
effect of strong underwriting returns from the regained
business, continuing favorable rate development in the non-life
market and significant scale effects.

Appointments to the senior management -- In 2006, Converium
appointed new members to its executive management team filling
all vacant positions and elected several new directors to the
board.  The appointments and the subsequent communication of the
strategic plans for Converium ended a period of uncertainty
regarding the future strategic direction of the group.

The FSR of B++ and the ICR of bbb+ have been affirmed and the
outlook has been revised to positive from stable for:

   -- Converium AG;
   -- Converium Rueckversicherung (Deutschland) AG; and
   -- Converium Insurance (U.K.) Limited.

The following debt rating of bbb- has been affirmed:

Converium Finance S.A.

   -- USD200 million 8.25% guaranteed subordinated notes, due
      December 2032.


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


AGROMASHINA: Court Names Vladislav Maksimihin as Liquidator
-----------------------------------------------------------
The Economic Court of Harkiv Region appointed Vladislav
Maksimihin as Liquidator/Insolvency Manager for LLC Agromashina
(code EDRPOU 33605771).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 26.  The case is docketed
under Case No. B-39/39/77.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Agromashina
         Zernova Str. 53-K/18
         Harkiv Region
         Ukraine


NIVA: Sumi Court Commences Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Agrofirm Niva (code EDRPOU
30902134) on June 13.  The case is docketed under Case No.
8/329-06.

The Temporary Insolvency Manager is:

         Sergij Gajdukov
         Psilska Str. 4/9
         40030 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Niva
         Lenin Str. 6
         Bilki
         Trostyanets District
         42600 Sumi Region
         Ukraine


VIBIR: Sumi Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on Agricultural LLC Vibir (code EDRPOU
31623144) on June 27.  

The case is docketed under Case No. 6/88-06.

The Temporary Insolvency Manager is:

         Oleksij Sisoyev
         Petropavlovska Str. 74
         Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Vibir
         Miru Str. 1
         Ribalske
         Ohtirka District
         42700 Sumi Region
         Ukraine


VIVAT: Volinska Court Names O. Zhilich as Insolvency Manager
------------------------------------------------------------
The Economic Court of Volinska Region appointed Mr. O. Zhilich
as Liquidator/Insolvency Manager for LLC Vivat (code EDRPOU
25089596).  He can be reached at:

         O. Zhilich
         Kopernik Str. 36a
         Lutsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 1.  The case is docketed
under Case No. 7/117-B.

The Economic Court of Volinska Region is located at

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Vivat
         Privokzalna Str. 15/90
         43000 Lutsk Region
         Ukraine


WORD BUILDING: Court Names A. Dudarenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. A. Dudarenko as
Liquidator/Insolvency Manager for LLC Word Building Systems
Ukraine (code EDRPOU 20067897).  He can be reached at:

         A. Dudarenko
         Rudnev Str. 49/20-77
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 30.  The case is docketed
under Case No. 24/647-06.

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 Word Building Systems Ukraine
         Bauman Str. 23/2-7
         Kyiv Region
         Ukraine


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


14 ECCLESTON: Hires Joint Administrators from Smith & Williamson
----------------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited were appointed joint administrators of 14
Eccleston Place Management Company Limited (Company Number
4566034) on Aug. 25.

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

Headquartered in London, United Kingdom, 14 Eccleston Place
Management Company Limited manages residential accommodations.


AIRTEC SEATING: Nominates Andrew Fender as Liquidator
-----------------------------------------------------
Andrew Fender of Sanderlings LLP was nominated Liquidator of
Airtec Seating Limited on June 21 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Airtec Seating Limited
    Unit 39F
    Vale Business Park
    Llandow
    Cowbridge
    South Glamorgan CF717PF
    United Kingdom
    Tel: 01446 775 752


ANCHOR RINGMER: Taps Chantrey Vellacott to Administer Assets
------------------------------------------------------------
David John Oprey and William John Turner of Chantrey Vellacott
DFK LLP were appointed joint administrators of Anchor Ringmer
Limited (Company Number 04613068) on Aug. 22.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

Anchor Ringmer Limited can be reached at:

         Lewes Road
         Ringmer
         Lewes
         East Sussex BN8 5QE
         United Kingdom
         Tel: 01273 812 370


ARC METAL: H. J. Sorsky Leads Liquidation Procedure
---------------------------------------------------
H. J. Sorsky was appointed Liquidator of Arc Metal Fabrications
Limited on June 13 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Arc Metal Fabrications Limited
    Gable House
    239 Regents Park Road
    Barnet
    London N3 3LF
    United Kingdom
    Tel: 01273 814 760


BARON MEDICAL: Joint Liquidators Take Over Operations
-----------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of Baron
Medical Limited on June 22 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Baron Medical Limited
    The Oast
    Spade Lane
    Hartlip
    Sittingbourne
    Kent ME9 7TT
    United Kingdom
    Tel: 01634 377 207


BLACK MAGIC: Appoints Joint Liquidators to Wind Up Business
-----------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed Joint Liquidators of Black Magic
Designs Limited (t/a Dukes Media Group) on June 15 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Black Magic Designs Limited
    Westfield House
    Helena Street
    Birmingham
    West Midlands B1 2RQ
    United Kingdom
    Tel: 0121 233 4919


BOYDS FLOORING: Names H. J. Sorsky Liquidator
---------------------------------------------
H. J. Sorsky was appointed Liquidator of Boyds Flooring Ltd. on
June 16 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Boyds Flooring Ltd.
    57 High Street
    Stevenage
    Hertfordshire SG1 3AQ
    United Kingdom
    Tel: 01438 355 050


C J PEARCE: Creditors' Meeting Slated for September 13
------------------------------------------------------
Creditors of C J Pearce & Company Limited (Company Number
02969832) will meet at 11:00 a.m. on Sept. 13 at:

         Hyatt Regency Hotel
         2 Bridge Street
         Birmingham
         West Midlands B1 2JZ
         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. 12 at:

         Simon Franklin Plant and Daniel Plant
         Joint Administrators
         SFP
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom
         Tel: 020 7538 2222  


CARTON CRAFT: Appoints Claire L. Dwyer to Liquidate Assets
----------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of Carton Craft Limited on June 19 for the purposes
of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Carton Craft Limited
    Unit 2E
    Crossley Park
    Crossley Road
    Heaton Chapel
    Stockport
    Cheshire SK4 5BF
    United Kingdom
    Tel: 0161 432 8111


CBS BUILDING: Brings in Joint Liquidators from Robson Laidler
-------------------------------------------------------------
William Paxton and Peter William Gray, of Robson Laidler LLP
were appointed Joint Liquidators of CBS Building Co. Limited on
June 15 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         CBS Building Co. Limited
    Unit 3
    Alvis Court
    Billingham
    Cleveland TS234JG
    United Kingdom
    Tel: 01642 566 026


CHOICEALLOW LIMITED: Hires Joint Liquidators from Insol House
-------------------------------------------------------------
Richard Frank Simms and Steven Peter Ford of Insol House were
appointed Joint Liquidators of Choiceallow Limited (t/a Central
Models and Hobbies) on June 15 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Choiceallow Limited
    Blaby Industrial Park
    Winchester Avenue
    Blaby
    Leicester
    Leicestershire LE8 4GZ
    United Kingdom
    Tel: 0116 286 4575


ELEVATION ENGINEERING: Taps Liquidator from Findlay James
---------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed Liquidator of
Elevation Engineering Limited on June 20 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Elevation Engineering Limited
    Unit 15
    High Hazles Road
    Cotgrave
    Nottingham NG123GZ
    United Kingdom
    Tel: 0115 989 4419


ENRON CORP: District Court Denies Stay on Termination Fee Suits
---------------------------------------------------------------
The United States District Court for the Southern District of
New York denied a request by Luzenac America, Inc., and Public
Utility District No. 1 of Snohomish County, Washington, to
dismiss or stay Enron Corp.'s adversary proceedings against
them.  

The District Court's ruling paves a way in Enron's efforts to
recover more than US$100,000,000 of contract termination
payments provided for in Enron's long-term power supply
contracts from both Luzenac and Snohomish.

The District Court also denied Luzenac's motion to transfer the
actions to the Federal Energy Regulatory Commission, and granted
Enron Power Marketing, Inc.'s motion for a determination of the
continuing jurisdiction of the bankruptcy court, as opposed to
the FERC, over the adversary proceedings.

                    Constitutionality Issue

In their District Court request, Luzenac and Snohomish point out
that that EPMI did not seek rehearing of the FERC's conclusions
on the Cantwell Amendment, which is a statutory prerequisite to
judicial review, and thus failed to preserve its claims on the
scope and constitutionality of the Cantwell Amendment.  

The Defendants also argue that EPMI should appeal the actions to
the Court of Appeals rather than have two actions proceeding
simultaneously before a district court and a court of appeals.  
Moreover, they argue that FERC appeals are properly before the
appropriate Court of Appeals, as required by 16 USCS Section
825l(b) and not the District Court.

EPMI, on the other hand, notes that the FERC refused to decide
on the constitutionality issue of the Amendment and instead
specifically deferred to the District Court any decision on the
constitutionality issue.

In her ruling, District Court Judge Loretta A. Preska holds that
it is an Article III court, including a federal district court,
which should construe and decide on the constitutionality of the
Cantwell Amendment.  Determining the constitutionality of
legislation is not in the domain of an agency like the FERC, she
says.

The District Court notes that the Court of Appeals, in Greene
County Planning Bd. v. Federal Power Comm'n, 528 F.2d 38, 40 (2d
Cir. 1975), has held that it did not have jurisdiction to hear
an appeal by an order of the Federal Power Commission, the
predecessor agency of the FERC, when the FPC issues a ruling
that was not under the FPA.  The Court of Appeals asserts that
the district court would be the appropriate court to which to
appeal a FERC decision.

Therefore, the District Court finds that the Defendants'
arguments on the constitutionality issue of the Cantwell
Amendment and the jurisdictional issue of the FERC are without
merit.

Luzenac, in the alternative, seeks a transfer of the actions to
the FERC because a transfer would create a more complete record
with the FERC having ruled on its own jurisdiction under the
Cantwell Amendment and all rulings would then become appealable
to an appropriate Court of Appeals.  

Judge Preska, however, finds that transferring the actions to
the FERC will preclude a conflicting ruling from the District
Court and previous court rulings have already ruled that the
FERC does not have the authority to determine a district court's
jurisdiction.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at
Weil, Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts.  Luc A. Despins, Esq., Matthew Scott
Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, represent the Official Committee of Unsecured
Creditors.  (Enron Bankruptcy News, Issue No. 176; Bankruptcy
Creditors' Service, Inc., 15/945-7000)


EUROTUNNEL GROUP: Creditors Contest Subsidiaries' Jurisdiction
--------------------------------------------------------------
Some of Eurotunnel Group's creditors filed objections in the
Paris Commercial Court contesting that the British Eurotunnel
subsidiaries are not under French jurisdiction.

The objections were lodged on Friday by creditors belonging in
different tiers of Eurotunnel's GBP6.18 billion debt.

"All the proposals we have seen so far are a long way from being
acceptable to us," a person familiar with the talks told
Reuters.

"The administrators and [Chairman and CEO Jacques] Gounon are
putting maximum pressure on us.  We're not going to be forced
into a bad deal just because the clock is ticking," the source
added.

Eurotunnel will meet its administrators on Sept. 13 in the hope
of presenting a deal to creditors by Oct. 15 or by Nov. 1 at the
latest.  

On Aug. 2, the court administrators sent out letters to
registered holders of bank debt informing them to their
appointment to a committee of bank debt holders.  This committee
will get to vote on Eurotunnel's restructuring plan, Dow Jones
Newswire reports.

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at end of 2006, or at the latest, at
the beginning of 2007.  

"I am more than ever focused on defending the future of
Eurotunnel.  You may recall that I undertook to do my best to
bring about in early 2007 a definitive solution to the
uncertainties surrounding the future of Eurotunnel.  We should
be able to keep this deadline," Mr. Gounon disclosed in a
statement.

As previously reported, Eurotunnel obtained on Aug. 2 an order
placing the channel operator under the protection of the Court
pursuant to the new safeguard legislation (Procedure de
sauvegarde).

                     Restructuring Proposals

Eurotunnel had turned down, on June 27, a restructuring plan
prepared by a group of secured bondholders led by Deutsche Bank
AG asserting that it requires too much debt and gives too much
to bondholders.

The bondholders' restructuring plan, which values the company at
EUR7.99 billion, aimed to reduce 60% of total debt to EUR3.7
billion and issue a EUR2.175 billion convertible hybrid note
with a 4% coupon.

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included a EUR1.5 billion hybrid
issue with a 6% to 9% coupon and would reduce debt by 54%.

Under the agreement, bondholders will get a GBP75 million return
for their GBP1.9 billion bond holdings.

On July 12, Eurotunnel presented an ultimate proposal to reach a
compromise between the May 23 preliminary restructuring
agreement and the demands made by its subordinated creditors
represented by ARCO.

The company claimed that the majority of these demands were
satisfied by the substantial efforts jointly made by the company
and the Ad Hoc Committee, which represents the group's senior
creditors.  The subordinated creditors, led by Deutsche Bank,
rejected this final attempt to reach a consensual deal.

The Joint Board of Eurotunnel unanimously decided to cancel the
General Meetings of Shareholders of Eurotunnel PLC and
Eurotunnel SA, planned for July 27.

Absent a final agreement, the Group may default in January 2007
under a 1998 debt agreement.

                      About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


FLEMING FABRICATIONS: Creditors Confirm Liquidator's Nomination
---------------------------------------------------------------
Creditors of Fleming Fabrications (U.K.) Limited confirmed on
May 12 the nomination of Anthony Harry Hyams of Marriotts LLP as
Liquidator of the company.

The company can be reached at:

         Fleming Fabrications (U.K.) Limited
    2 Derby Road
    London N18 2PA
    United Kingdom
    Tel: 020 8884 1752


GENCOR INT'L: Brings In Joint Liquidators from Kroll
----------------------------------------------------
Neil Hunter Cooper and Andrew John Pepper of Kroll were
appointed Joint Liquidators of Gencor International Limited on
June 14 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Gencor International Limited
    Wharf Way
    Glen Parva
    Leicester
    Leicestershire LE2 9TF
    United Kingdom
    Tel: 0116 277 5555


GILBERT SUTTON: Names Joint Liquidators to Wind Up Business
-----------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of Gilbert
Sutton Limited (formerly Forward Commerce Limited) on June 14
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Gilbert Sutton Limited
    Unit 9 10 16
    Alfred Street South
    Robin Hood Industrial Estate
    Nottingham
    Nottinghamshire NG3 1GE
    United Kingdom
    Tel: 0115 958 4942


GREENVILLE MORLEY: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Greenville Morley & Sons Limited confirmed on
June 14 the resolutions for voluntary liquidation and the
appointment of John Russell and Allan Cooper of The P&A
Partnership as Liquidators of the company.

The company can be reached at:

         Greenville Morley & Sons Limited
    Main Road
    Watnall
    Nottingham
    Nottinghamshire NG161HA
    United Kingdom  
    Tel: 0115 945 9757


HYDROWE ENGINEERING: Hires Liquidators from Begbies Traynor
-----------------------------------------------------------
James P. N. Martin and W. John Kelly of Begbies Traynor were
appointed Joint Liquidators of Hydrowe Engineering Limited on
June 16 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Hydrowe Engineering Limited
    Empire Industrial Park
    Aldridge
         Walsall
    West Midlands WS9 8UY
    United Kingdom
    Tel: 01922 459 642


IMS TRAVEL: Hires Joint Liquidators from Menzies
------------------------------------------------
Paul John Clark and Andrew John Duncan of Menzies Corporate
Restructuring were appointed Joint Liquidators of IMS Travel &
Consulting Limited on June 19 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         IMS Travel & Consulting Limited
    9 Mandeville Place
    London W1U 3AU
    United Kingdom
    Tel: 020 7224 2115
    Web: http://www.imstravel.co.uk/


INTELSAT CORP: Moody's Assigns B2 Rating to Proposed Term Loan
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Intelsat
Corporation' (formerly PanAmSat Corp.) proposed senior unsecured
term loan, the proceeds of which will be used to fund the
repurchase of the existing 9% senior notes at Intelsat
Corporation, that are subject to a mandatory change of control
offer triggered by the acquisition of PanAmSat by Intelsat.

If the change of control offer is fully accepted, Moody's will
withdraw the ratings on the existing 9% senior notes, due 2014.
Moody's views the new term loan as a dollar for dollar
replacement of the existing notes, with minimal impact on
leverage or cash flow.  In addition, Moody's has affirmed all
existing ratings.  The outlook remains stable.

Ratings actions:

* Intelsat Corporation

   -- Proposed Sr. Unsecured Term Loan, due 2014, assigned B2;

   -- 9% senior notes, due 2014, affirmed B2 to be withdrawn
if the change of control offer is fully accepted;

   -- Guaranteed Sr. Secured Revolver, due 2012, affirmed B1;

   -- Guaranteed Sr. Secured Loan A, affirmed B1;

   -- Guaranteed Sr. Secured Loan B, affirmed B1;

   -- 6.375% senior secured notes, due 2008, affirmed B1;

   -- 6.875% senior secured debentures, due 2028, affirmed B1;
and

   -- 9% senior notes, due 2016, affirmed B2.

* Intelsat Ltd.

   -- Corporate family rating, affirmed B2;

   -- SGL Rating, affirmed SGL-2;

   -- 5.25% Global notes, due 2008, affirmed Caa2;

   -- 7.625% Sr. Notes, due 2012, affirmed Caa2; and

   -- 6.5% Global Notes, due 2013, affirmed Caa2.

* Intelsat (Bermuda) Ltd.

   -- 9.25% Guaranteed Sr. Notes, affirmed B2;
   -- Floating Rate Sr. Notes, affirmed Caa1; and
   -- 11.25% Sr. Notes, affirmed Caa1.

* Intelsat Intermediate Holding Company Ltd.

   -- Sr. Discount Notes, due 2015, affirmed Caa1

* Intelsat Subsidiary Holding Company Ltd.

   -- Guaranteed Sr. Secured Revolver, due 2012, affirmed B1;
   -- Guaranteed Sr. Secured T/L B, due 2013, affirmed B1;
   -- Sr. Floating Rate Notes, due 2012, affirmed B2;
   -- 8.25% Sr. Notes, due 2013, affirmed B2; and
   -- 8.625% Sr. Notes, due 2015, affirmed B2.

The outlook is stable.

Intelsat, headquartered in Bermuda, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.
  

INTELSAT CORP: S&P Rates US$667-Mln Sr. Credit Facility at B
--------------------------------------------------------
Standard & Poor's Rating Services said today it assigned a 'B'
rating to Intelsat Corp.'s US$667 million senior unsecured
credit facility.  

Proceeds from the loan will be used to purchase up to US$657
million of Intelsat Corp.'s (formerly PanAmSat Corp.'s) 9%
senior unsecured notes due in 2014 to the extent that they are
put to the company because of a change of control provision
triggered by parent Intelsat Ltd.'s July 2006 purchase of
PanAmSat.
     
The rating on the new credit facility, which matures in 2014, is
two notches below the corporate credit rating, reflecting the
significant amount of secured debt in the capital structure.
All other ratings for Intelsat Ltd. (Intelsat) and Intelsat
Corp. and related entities are affirmed.  Affirmations include
the 'BB-' corporate credit ratings for Intelsat Ltd. and
Intelsat Corp.  The outlook for both entities is stable.
     
Intelsat is the largest global satellite services provider,
ranking ahead of SES Global S.A. in terms of revenue.
Consolidated debt for Intelsat totaled about US$11.4 billion as
of June 30, 2006, pro forma for the acquisition of PanAmSat.
      
"The ratings on Intelsat primarily reflect high financial risk
from acquisition-related debt and a demonstrated shareholder-
oriented financial policy," said Standard & Poor's credit
analyst Susan Madison.

Although the company has indicated it will refrain from
shareholder distributions for one year following the PanAmSat
transaction, (absent an initial public offering), the company's
historical financial policy suggests that it may make
substantial shareholder distributions over the medium term.

Other concerns include:

   -- mature industry growth prospects,

   -- declining demand for point-to-point satellite
applications, and

   -- modest risk of satellite failure.
     
Tempering factors include:

   -- good cash flow predictability from a substantial combined
US$8.2 billion backlog of future revenue derived from
long-term contracts (as of June 30, 2006);

   -- limited competition because of high barriers to entry and
orbital slot scarcity;

   -- the essential nature of satellite services for point-to-
multipoint applications;

   -- strong EBITDA margins and discretionary cash flow from low
variable costs; and

   -- fixed-cost and capital expenditure saving opportunities
from combining Intelsat and PanAmSat.

  
IPC ACQUISITION: Acquisition Spurs S&P to Affirm B+ Rating  
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on New York, N.Y.-based IPC Acquisition Corp.  The
ratings were removed from CreditWatch with negative
implications, where they were placed on Aug. 2, following the
announcement that Silver Lake Partners would acquire IPC from
its existing owner, GS Capital Partners, for approximately
US$800 million.

At the same time, Standard & Poor's assigned its 'B+' rating,
with a '2' recovery rating, to the company's proposed US$465
million first-lien senior secured bank facility, which will
consist of a US$50 million revolver due 2012 and a US$415
million term loan due 2013.

Standard & Poor's also assigned its 'B-' rating, with a '5'
recovery rating, to the company's proposed US$170 million
second-lien senior secured term loan, due 2014.  The ratings
outlook is negative.
     
The first-lien bank loan rating, which is the same as the
corporate credit rating, along with the '2' recovery rating,
reflect our expectation of substantial (80%-100%) recovery of
principal by creditors in the event of a payment default.  

The second-lien bank loan rating, which is two notches below the
corporate credit rating, along with the '5' recovery rating,
reflect our expectation of negligible (0%-25%) recovery of
principal by creditors in the event of a payment default, given
their priority in the capital structure.  

Proceeds from the facilities, along with approximately US$253
million of equity, will be used to fund the acquisition of IPC
by Silver Lake Partners.
     
"The ratings affirmation reflects our expectation that IPC's
strong and growing backlog will continue to drive increased
levels of EBITDA and improved financial leverage from current
levels in the mid-to-high 6x range," said Standard & Poor's
credit analyst Ben Bubeck.

The negative outlook, however, reflects IPC's heightened
leverage position following the proposed transaction.


JDM ELECTRICAL: Brings In Vantis to Administer Assets
-----------------------------------------------------
Nick O'Reilly and Geoff Rowley of Vantis PLC were appointed
joint administrators of JDM Electrical Wholesale Limited
(Company Number 4056415) on Aug. 25.

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

JDM Electrical Wholesale Limited can be reached at:

         928-930 North Circular Road
         Brent
         London NW2 7JR
         United Kingdom
         Tel: 020 8450 9222
         Fax: 020 8208 7390


JMG TEXTILES: Nominates Joint Liquidators from Abbott Fielding
--------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of JMG Textiles Limited on June 22 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         JMG Textiles Limited
    Unit 3C
    Aberdeen Centre
    22-24 Highbury Grove
    London N5 2EA
    United Kingdom
    Tel: 020 7226 2070


JOHN DYER: Taps G. W. Rhodes to Liquidate Assets
------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of John
Dyer (Lithographers) Limited on June 22 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         John Dyer (Lithographers) Limited
    Unit 8
    Decoy Road
    Worthing
    West Sussex BN148ND
    United Kingdom
    Tel: 01903 232 444


M.R.N. SCREEN: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of M.R.N. Screen Process Limited confirmed on June 16
the appointment of Andrew James Nichols as Liquidator of the
company for the purposes of the voluntary winding-up procedure.

The company can be reached at

         M.R.N. Screen Process Limited
    Saxon Way
    Priory Park
    Hessle
    North Humberside HU139PB
    United Kingdom
    Tel: 01482 627 717


MV HAIRDRESSING: Hires Peter Anthony Jackson to Liquidate Assets
----------------------------------------------------------------
Peter Anthony Jackson was appointed Liquidator of MV
Hairdressing Limited on June 14 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         MV Hairdressing Limited
    Oxford Street
    Kidderminster
    Worcestershire DY101BJ
    United Kingdom
    Tel: 01562 744 700


NEW BUSINESS: Names M. S. E. Solomons Liquidator
------------------------------------------------
M. S. E. Solomons was appointed Liquidator of New Business
Interiors Ltd. on June 20 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         New Business Interiors Ltd.
    Unit 6
    Hannington Farm
    Hannington
    Tadley
    Hampshire RG26 5TZ
    United Kingdom
    Tel: 0870 0622395  
    Web: http://www.newbusinessinteriors.co.uk/


NORTEL NETWORKS: Delivers Business VoIP Services to Swisscom
------------------------------------------------------------
Swisscom, Switzerland's leading telecommunications company, has
launched Business VoIP Services powered by a carrier-hosted VoIP
business solution from Nortel Networks Corp.  The new services,
VoIP Phone and VoIP Gate, form part of a broad VoIP and
Multimedia portfolio to enable customers to outsource their
communications, enhance productivity with SIP-based multimedia
and web-based self-service tools, and prepare for fixed mobile
convergence.

"With Business VoIP Services, Swisscom is strengthening its core
business with convergent service offerings and driving growth in
the area of business customer solutions," said Urs Schaeppi, CEO
Swisscom Solutions.  "Demand for interactive services is
increasing and anywhere, anytime communications must be
guaranteed.  We chose the Nortel carrier VoIP and multimedia
solution because it helped us deliver the broadest suite of VoIP
Business Services with high levels of service reliability and
availability."

A clear evolution path that provides IMS-ready elements for
secure services running across both Internet and mobile networks
and supports a full range of multimedia capabilities were also
deciding factors in Swisscom's selection of a Nortel solution.

"We are excited to be helping Swisscom to deliver secure and
effective services and products for mobile, fixed and IP-based
voice and data communications now," said Thomas Marfurt,
managing director, Nortel Switzerland.  "We're also providing
the opportunity to develop attractive new offerings as customer
needs and industry trends change."

Swisscom's Business VoIP Services are provided on a fully
geographic redundant Nortel carrier VoIP solution, ensuring the
highest degree of availability for these IP-enabled business
services.  The solution incorporates services from Nortel's
Global Services portfolio including outsourced operations,
OSS/BSS and Billing Integration as well as Service
Development support.

Swisscom is also laying the foundation for enabling its Business
Service offerings to sustain SIP-based multimedia, self-service
capability and fixed mobile convergence, as well as supporting
evolution to an IMS-based architecture.

The Swisscom VoIP solution is based on the Nortel Communication
Server 2000-Compact, a carrier-grade softswitch that supports a
wide range of voice and multimedia business features and
industry-standard VoIP protocols.  Nortel ranked number one in
the global markets for service provider softswitches and
gateways for the first half of 2006, according to Synergy
Research Group.

Nortel's Global Services include a full range of integrated
services for design, deployment, management and maintenance of
end-to-end multi-vendor network solutions, including seamless
migration to next generation technologies.

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

                        *    *    *

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

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

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

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


NORTEL NETWORKS: Outlines Three Key Areas for Market Expansion
--------------------------------------------------------------
Nortel Networks Corp has outlined three of the key areas that
the Company will focus on to make its promise of "Business Made
Simple" a reality, and disclosed a series of contract wins
demonstrating momentum in the European market.

At a press conference in London, Nortel President and Chief
Executive Officer, Mike Zafirovski, outlined that mobility and
convergence, enterprise transformation and services and
solutions will form the heart of Nortel's business.

"In the broadest sense of the term, mobility is about freedom
and possibility.  By leveraging our strength in Metro Ethernet,
CDMA and our renewed investment in 4G wireless, we will drive
simple and effective convergence," said Zafirovski.

"The bandwidth glut left by the Internet bubble bursting has
disappeared and we clearly see the opportunity for next
generation optical and backbone transport networks.  We aim to
capture the video explosion and, with IMS, ensure next-
generation convergence services become a reality at an
affordable price point."

"Customers want to see their business applications integrated
with their telephony systems and this lies at the heart of our
Enterprise Transformation.  We will create a powerful ecosystem
of disruptive partnerships and -- coupled with strong go-to-
market capabilities -- will re-invent voice and further blur the
lines between IT and telephony."

"Expanding Nortel's Services capability is an integral part of
our future.  We will also expand our reusable solutions
offerings to deliver powerful bundles and integration
capabilities -- freeing customers to integrate and manage as
much or as little of their network as they want," said
Zafirovski.

Nortel's new Europe, Middle East and Africa regional president,
Darryl Edwards, used the event to reveal a number of new
customers demonstrating European market momentum in these areas:

Mobility and Convergence:

   -- Golden Telecom in Russia is expanding its optical network
with Nortel to increase its voice and broadband services
across the region.
     
   -- Craig Wireless in Greece has been supplied with a fixed
WiMAX solution from Nortel for the rapid roll-out of
broadband across four major Greek cities including Athens.
    
   -- COMCOR Group in Russia will provide VoIP and broadband
services to Moscow residents using a network powered by
next generation IMS-ready technology from Nortel.

Enterprise Transformation:
     
   -- The Telegraph Group is equipping its reporters with
anytime, anywhere communications for video-streaming and
multimedia services through IP-based communication
capabilities from Nortel.
     
   -- The Economist Group is deploying a complete Nortel IP
communications solution to allow its editors and analysts
to communicate more effectively.

Services and Solutions:
     
   -- Swisscom has launched Business VoIP Services operated and
maintained by Nortel Global Services and based on Nortel
IMS-ready technology.

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

                        *    *    *

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

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

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

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


NORTEL NETWORKS: Supplies Golden Telecom's Optical Network
----------------------------------------------------------
Golden Telecom, a leading telecommunications operator in Russia,
plans to extend secure, affordable voice and broadband Internet
services across Russia using a next-generation optical network
from Nortel Networks Corp.  Nortel has already delivered
equipment and services for the network's first stage and when
completed, the network will extend into the east of Russia.

Nortel has had a long-term strategic relationship with Golden
Telecom since 1993 when a Nortel optical solution was put into
operation for Golden Telecom in Moscow.  Since then, Nortel has
continuously supported the Golden Telecom optical network,
ensuring that it is ready to efficiently handle growth in
network traffic and deliver the latest communications services
including secure, affordable, voice and broadband Internet
services.

Golden Telecom's next-generation optical network will provide
transport networking for both TDM and Ethernet traffic and
support a wide variety of links between 2.5 Gbps and 10 Gbps
capacities. This solution also prepares the Golden Telecom
transport network for significant traffic growth in the future,
providing a cost-effective upgrade path to 40 Gbps capacity when
required.

"We chose a Nortel multiservice optical platform because it
combined broad functionality, flexibility and scalability with
compliance to global industry standards at a competitive price,"
said Alexey Goryachkin, vice president and chief technical
officer, Golden Telecom.  "We expect these features to help us
deliver services, such as broadband Internet access and voice
services, to a greater number of subscribers across Russia."

"As well as enabling Golden Telecom to offer service more widely
across Russia, the fiber optic backbone will also be able to
handle next-generation IMS-based bandwidth-hungry applications
such as IPTV, as demand for these services grows," said Sorin
Lupu, president Eastern Europe, Nortel.

Golden Telecom's wholly-owned nationwide fiber optic backbone
network will significantly increase geographic coverage and is
expected to attract new subscribers from the regional population
of the Russian Federation which is estimated at 63 million users
and is approximately 45% of Russia's entire population.

Golden Telecom plans to use its fiber optic backbone to create
an effective transition-path to DWDM (Dense Wavelength Division
Multiplexing) technology that will deliver network efficiencies
such as real-time data back up, maximized server efficiency, and
fast access to data recovery services for emergency situations.
To date, in the first stage of the project, Golden Telecom
deployed the Nortel Optical Multiservice Edge 6500 platform to
provide the necessary flexibility and optimal transition path to
DWDM technology.

                  About Golden Telecom

Golden Telecom, Inc. (NASDAQ: GLDN) is a leading facilities-
based provider of integrated telecommunications and Internet
services in major population centers throughout Russia and other
countries of the Commonwealth of Independent States (CIS).  The
Company offers voice, data and Internet services to
corporations, operators and consumers using its overlay network
in major cities including Moscow, Kiev, St. Petersburg, Nizhniy
Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and
Tashkent, and via intercity fiber optic and satellite-based
networks, including approximately 287 combined access points in
Russia and other countries of the CIS.  The Company offers
cellular communication services in Kiev and Odessa.


                      About Nortel

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

                        *    *    *

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

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

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

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


NORTHNIGHTS LIMITED: Appoints J. N. Bleazard as Liquidator
----------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of Northnights Limited on June 23 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Northnights Limited
    Flat 4 Millwright
    47 Byron Street
    Leeds LS2 7NA
    United Kingdom
    Tel: 0845 644 4844


PAINT SHACK: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of The Paint Shack Limited confirmed on June 29 the
resolutions for voluntary liquidation and the appointment of
Mark Stephen Goldstein of DCM Insolvency Services Limited as
Liquidator of the company.

The company can be reached at:

         The Paint Shack Limited
         Westwood Farm
         Highcross Road
         Southfleet
         Gravesend
         Kent DA13 9PH
         United Kingdom
         Tel: 01474 834 223


PERFECT IMAGE: Hires John C. Moran to Liquidate Assets
------------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was appointed Liquidator
of Perfect Image (Formby) Limited on June 16 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Perfect Image (Formby) Limited
    130 Church Road
    Formby
    Liverpool
    Merseyside L37 3NH
    United Kingdom
    Tel: 01704 834 555


PLATINUM CONSERVATORIES: Names Peter Anthony Jackson Liquidator
---------------------------------------------------------------
Peter Anthony Jackson was appointed Liquidator of Platinum
Conservatories Limited on June 16 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Platinum Conservatories Limited
    Unit 1A
    Alveley Industrial Estate
    Alveley
    Bridgnorth
    Shropshire WV156HG
    United Kingdom
    Tel: 01746 781 181


POLLINGTON STORAGE: Taps T. C. E. Harrison to Liquidate Assets
--------------------------------------------------------------
T. C. E. Harrison of Tom Harrison Insolvency Services was
appointed Liquidator of Pollington Storage Limited on June 21
for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Pollington Storage Limited
    Moor Lane Trading Estate
    Sherburn In Elmet
    Leeds
    West Yorkshire LS25 6ES
    United Kingdom
    Tel: 0845 0750001


POLYCOAT SPECIALISED: Calls In Liquidator from P S Wallace & Co.
----------------------------------------------------------------
Philip Stephen Wallace of P S Wallace & Co. was appointed
Liquidator of Polycoat Specialised Coatings Limited on June 16
for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

    Polycoat Specialised Coatings Limited
    Progress Business Park
    Orders Lane
    Kirkham
    Preston
    Lancashire PR4 2TZ
    United Kingdom
    Tel: 01772 685 200


PRENTIS ENGINEERING: Appoints Liquidators from Gerald Edelman
-------------------------------------------------------------
Bernard Hoffman and Ian Yerrill of Gerald Edelman Business
Recovery were appointed Joint Liquidators of Prentis Engineering
Limited on June 21 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Prentis Engineering Limited
    Prentis Quay
    Gas Road
    Sittingbourne
    Kent ME102QD
    United Kingdom
    Tel: 0179 477 128


RACE NIGHT: Names Vincent A. Simmons as Liquidator
--------------------------------------------------
Vincent A. Simmons of Bennett Verby was appointed Liquidator of
The Race Night People Limited on June 29 for the purposes of
creditors' voluntary winding-up procedure.

The company can be reached at:

         The Race Night People Limited
         51 Walton Road
         Stockton Heath
         Warrington WA4 6NW
         United Kingdom
         Tel: 0870 600 5003


READING SPEAKING: Names David William Tann as Administrator
-----------------------------------------------------------
David William Tann of The Norton Practice was named
administrator of Reading Speaking Up Group (Company Number
4924251) on Aug. 24.

The administrator can be reached at:

         The Norton Practice
         1 Wesley Gate
         70 Queens Road
         Reading
         Berkshire RG1 4AP
         United Kingdom
         Tel: 0118 957 6464
         Fax: 0118 959 5560
         E-mail: d.tann@nortonp.co.uk   

Headquartered in Reading, United Kingdom, Reading Speaking Up
Group provides help to people with learning difficulties.


S & B ELECTRICAL: Taps Joint Liquidators from KPMG LLP
------------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton of KPMG LLP were
appointed Joint Liquidators of S & B Electrical Contractors
Limited on June 22 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         S & B Electrical Contractors Limited
    Coppice House
    Coppice Side Industrial Estate
    Brownhills
    Walsall WS8 7EX
    United Kingdom
    Tel: 01543 370 400


SAVEGUARD LIMITED: Creditors Ratify Liquidators' Appointment
------------------------------------------------------------
Creditors of Saveguard (U.K.) Limited ratified on June 12 the
appointment of Gary Norton Lee and Paul Stanley of Begbies
Traynor as Joint Liquidators of the company.

The company can be reached at:

         Saveguard (U.K.) Limited
    Tame Valley Mill
    Wainwright Street
    Dukinfield
    Cheshire SK165NB
    United Kingdom
    Tel: 0161 344 2484


SIMS FLOWERS: Creditors' Meeting Slated for September 14
--------------------------------------------------------
Creditors of Sims Flowers Limited (Company Number 04592403) will
meet at 11:00 a.m. on Sept. 14 at:

         CRG Insolvency & Financial Recovery
         Alexandra Dock Business Centre
         Fisherman's Wharf
         Grimsby
         North East Lincolnshire DN31 1UL
         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. 13 at:

         Charles Howard Ranby-Gorwood
         Administrator
         CRG Insolvency & Financial Recovery
         Alexandra Dock Business Centre
         Fishermans Wharf
         Grimsby
         North East Lincolnshire DN31 1UL
         United Kingdom
         Tel: 01472 250001


SLOANES OF HOLT: Creditors Ratify Voluntary Liquidation
-------------------------------------------------------
Creditors of Sloanes of Holt Limited ratified on June 28 the
resolutions for voluntary liquidation together with the
appointment of Ian Nigel Millington of Debtmatters Ltd. as
Liquidator of the company.

The company can be reached at:

         Sloanes of Holt Limited
         9-13 Market Place
         Holt
         Norfolk NR25 6BE
         United Kingdom
         Tel: 01263 713 526


SOLAR INSTALLATIONS: Appoints Keith Barry Stout as Liquidator
-------------------------------------------------------------
Keith Barry Stout of KSA was appointed Liquidator of Solar
Installations Limited on June 16 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Solar Installations Limited
    Gallows Corner
    Southend Arterial Road
    Romford
    Essex RM3 0BZ
    United Kingdom
    Tel: 01708 344004


SOUTH EAST: Creditors' Meeting Slated for September 14
------------------------------------------------------
Creditors of South East Tipping Limited (Company Number
03705675) will meet at 10:00 a.m. on Sept. 14 at:

         Berg Kaprow Lewis
         35 Ballards Lane
         London N3 1XW
         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. 13 at:

         Charles Howard Ranby-Gorwood
         Administrator
         Berg Kaprow Lewis
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121


SPEEDTERN LIMITED: Brings In CRG Insolvency as Administrator
------------------------------------------------------------
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed administrator of Speedtern Limited
(Company Number 3415634) on Aug. 21.

The administrator can be reached at:

         CRG Insolvency & Financial Recovery
         Alexandra Dock Business Centre
         Fishermans Wharf
         Grimsby
         North East Lincolnshire DN31 1UL
         United Kingdom
         Tel: 01472 250001

Speedtern Limited can be reached at:

         71 High Street
         Waltham
         Grimsby
         South Humberside DN37 0LT
         United Kingdom
         Tel: 01472 828 671
         Fax: 01472 825 348


STEEL GATES: C. H. I. Moore Leads Liquidation Procedure
-------------------------------------------------------
C. H. I. Moore of K.J. Watkin & Co. was appointed Liquidator of
Steel Gates & Railings Supplies Limited on June 14 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Steel Gates & Railings Supplies Limited
    Emerald House 20 22
    Anchor Road
    Walsall
    West Midlands WS9 8PH
    United Kingdom
    Tel: 01922 457 493


TAITS LIMITED: Brings In Liquidator from Rendell Thompson
---------------------------------------------------------
Julian Clive Rendell of Rendell Thompson was appointed
Liquidator of Taits Limited (Taits Medical) on June 13 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Taits Limited
    Vectura House
    40 Vallis Way
    Frome
    Somerset BA113BA
    United Kingdom
    Tel: 01373 464 284


TANIT MOTORS: Appoints Joint Administrators from CBA
----------------------------------------------------
Neil Richard Gibson and Mark Grahame Tallby of CBA were
appointed joint administrators of Tanit Motors Limited (Company
Number 01471685) on Aug. 25.

CBA -- http://www.cba-insolvency.co.uk/-- is a small compact  
group of experts specializing only in the fields of corporate
and personal insolvency.

Headquartered in Essex, United Kingdom, Tanit Motors Limited
recycles tyre.


TECHLINK ENTERPRISES: Appoints O'Hara & Co to Liquidate Assets
--------------------------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co. were appointed joint
liquidators of Techlink Enterprises Limited on June 27 for the
purposes of creditors' voluntary winding-up proceedings.

The company can be reached at:

         Techlink Enterprises Limited
         Unit C
         Abbey Lane Industrial Estate
         Abbey Lane
         Burscough
         Ormskirk
         Lancashire L40 7SR
         United Kingdom
         Tel: 01704 892 775


TRADEWINDS LIMITED: Hires Liquidator from S. G. Banister & Co.
--------------------------------------------------------------
Tim Alexander Clunie of S. G. Banister & Co. was appointed
Liquidator of Tradewinds (Gifts) Limited on June 16 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Tradewinds (Gifts) Limited
    44 Marylebone High Street
    London W1U 5HF
    United Kingdom
    Tel: 020 7487 4959


TRANSACCESS LIMITED: Nominates Liquidator from Griffin & King
-------------------------------------------------------------
Timothy Frank Corfield of Griffin & King was nominated
Liquidator of Transaccess Limited on June 13 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Transaccess Limited
    Unit 28
    Izons Industrial Estate
    Oldbury Road
    West Bromwich
    West Midlands B70 9BS
    United Kingdom
    Tel: 0121 553 2855


TRADING NATION: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Trading Nation Limited confirmed on June 27 the
resolutions for voluntary liquidation and the appointment of
Daniel Plant of SFP as Liquidator of the company.

The company can be reached at:

         Trading Nation Limited
         Unit 6 Crown Business Centre
         Horton Road
         West Drayton
         Middlesex UB7 8HZ
         United Kingdom
         Tel: 01895 444111


TREBLE M: Appoints BWC to Liquidate Assets
------------------------------------------
David Leighton Cockshott and Gary Edgar Blackburn of BWC
Business Solutions Limited were appointed Liquidators of Treble
M (U.K.) Limited on June 29 for the purposes of creditors'
voluntary winding-up proceedings.

The company can be reached at:

         Treble M (U.K.) Limited
         205 Garnett St.
         Bradford
         West Yorkshire BD3 9HA
         United Kingdom
         Tel: 01274 393937


WARMLAND FIRES: Creditors Ratify Voluntary Liquidation
------------------------------------------------------
Creditors of Warmland Fires & Fireplaces Limited ratified on
June 30 the resolutions for voluntary liquidation together with
the appointment of Malcolm Edward Fergusson of Fergusson & Co.
Ltd. as Liquidator of the company.

The company can be reached at:

         Warmland Fires & Fireplaces Limited
         Branch Road
         Batley
         West Yorkshire WF17 5RY
         United Kingdom
         Tel: 01924 471 000


VOSS NET: Board Gives Conditional Nod on Tanzania Share Purchase
----------------------------------------------------------------
The Board of Directors of Voss Net plc conditionally agreed to
acquire the entire issued share capital of Tanzania Gold
Limited, which has an interest in the Mkurumu Gold Project in
Tanzania, through the issue of 9,000,000 New Ordinary Shares.  

The placement values Tanzania Gold at approximately GBP4.5
million at the Placing Price and approximately GBP6.75 million
based on the closing middle market price of 75 pence (as
adjusted for the share consolidation) per New Ordinary Share on
May 17, 2006.  

Following press speculation concerning this transaction, and an
announcement by the Company on May 18 confirming that the
Company was in discussions with respect to an acquisition which
would constitute a reverse takeover under the AIM Rules, the
Existing Ordinary Shares were suspended from trading on AIM.  
The trade suspension has been lifted following this
announcement.

Tanzania Gold is an Irish registered holding company which seeks
to create tangible shareholder value through the discovery and
exploitation of gold projects and assets situated in Tanzania
and which owns an interest in a property forming a block of
approximately 43.39 square kilometers situated in Mkurumu, 125
kilometres to the south-west of Dodoma, Tanzania which is an
area of current artisanal gold mining.

                     Working Capital Funding

In order to provide funding for the ongoing working capital
requirements of the Enlarged Group, Voss Net proposes to raise
approximately GBP2.44 million before expenses through the
placing of 4,872,500 New Ordinary Shares with institutional and
other investors at the Placing Price.  Strand Partners has
conditionally agreed to use its reasonable endeavors to procure
placees for all of the Placing Shares.

In view of the size and nature of the Acquisition and the fact
that one of the sellers, Hereford Group Limited, owns the entire
issued share capital of Zaika (an existing substantial
shareholder in Voss Net), the acquisition constitutes both a
reverse takeover of the Company and a related party transaction
under the AIM Rules.

Accordingly, the proposals are conditional, inter alia, on the
approval of both Shareholders and Independent Shareholders, such
approval to be sought at the EGM.  Following completion, the
sellers, Zaika and Finscan Investments (an existing minority
shareholder in Voss Net) will, together, be the beneficial
owners of, in aggregate, 11,637,401 New Ordinary Shares,
representing approximately 48.44 percent of the Enlarged Share
Capital.  Independent Shareholders will therefore
be asked to vote on the Waiver Resolution to approve a waiver by
the Panel of any obligation on the part of the Sellers, Zaika or
Finscan Investments to make a general offer to Shareholders
under Rule 9 of the City Code arising from the issue to the
Sellers of the Acquisition Shares pursuant to the Acquisition
Agreement.

If the Resolutions are duly passed at the EGM, the Company's
existing trading facility on AIM will be cancelled and the
Company will apply for the Enlarged Share Capital to be re-
admitted to trading on AIM.  If the Resolutions are passed, it
is expected that Admission will take place and that dealings in
the shares comprising the Enlarged Share Capital will commence
on Sept. 29, 2006.

Following completion, the existing management team of Tanzania
Gold, together with the other Proposed Directors, will assume
responsibility for the Enlarged Group, including all of Voss
Net's and Tanzania Gold's assets, and all of Tanzania Gold's
existing shareholders will exchange their Tanzania Gold Shares
for New Ordinary Shares.

                    Investment Strategy

The Company's investment strategy, approved by Shareholders at
the annual general meeting held on May 22, 2006, is to acquire
the shares or assets of an early stage company within the mining
sector.  Suitable potential targets would operate outside the
United Kingdom and would preferably be based in Africa to enable
the Company to capitalize on the executive directors'
considerable direct experience in the African mining community
and their contacts within the industry.

                     Insolvency Warning

The Board believes that the combination of the acquisition and
the placement is an essential step towards restoring the company
to a secure financial position.  If these do not proceed, the
company warns that it would need to attempt to raise further
funds or seek alternative methods of financing on account of the
fact that it will have incurred expenses amounting to
approximately GBP365,000 in pursuit of the Acquisition and would
not have sufficient working capital for its present
requirements, that is for at least the next twelve months from
the date of this announcement.  If such funds could not be
raised or alternative methods of financing secured, the Board
would have to urgently consider alternative courses of action,
such as the initiation of insolvency procedures, in which event
the Company would be delisted from trading on AIM.

                     Board of Directors

The Board will be strengthened through the appointment of Clive
Sinclair-Poulton, Mark Burchnall, Tony Hopkins and Melissa
Sturgess, conditional upon completion of the transaction.

Under the terms of the agreement, Voss Net will change its name
to 'Tanzania Gold plc'.

Strand Partners Limited, which is authorized and regulated in
the United Kingdom by the Financial Services Authority, is
acting as nominated adviser and broker to the Company in
connection with the acquisition, placing and proposed admission
of the Enlarged Share Capital to trading on AIM.  

Headquartered in England, Voss Net plc develops and markets a
generic electronic system for the exchange and sale of
purchasing information, and communication consultancy and
hardware sales.


WHITTAKER FINANCIAL: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------------
Creditors of Whittaker Financial Services Limited confirmed on
June 20 the appointment of Lyn Marie Green as Liquidator of the
company.

The company can be reached at:

         Whittaker Financial Services Limited
    68 High Street
    Twerton
    Bath BA2 1DQ
    United Kingdom
    Tel: 0176 414 660


WILDEN LIMITED: Names Mark S. Willis as Liquidator
--------------------------------------------------
Mark S. Willis of In Time Financial Recovery Limited was
appointed Liquidator of Wilden Limited on June 23 for the
purposes of creditors' voluntary liquidation.

The company can be reached at:

         Wilden Limited
         45a Nork Way
         Banstead
         Surrey SM7 1PB
         United Kingdom
         Tel: 01737 370 020


WINSLOW ELECTRICAL: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Winslow Electrical Limited confirmed on June 23 the
appointment of B. J. Ward of Ward & Co. as Liquidator of the
company.

The company can be reached at:

         Winslow Electrical Limited
    Bolters Close
    Winslow
    Bromyard
    Herefordshire HR7 4LR
    United Kingdom
    Tel: 01885 488689  


WORLD OF SPORT: Brings in Jeffrey Lamey to Liquidate Assets
-----------------------------------------------------------
Jeffrey Lamey of Lameys was named liquidator of World of Sport
Limited on June 26 for the purposes of creditors' voluntary
winding-up procedure.

The company can be reached at:

         World of Sport Limited
         24 Torbay Road
         Paignton
         Devon TQ4 6AF
         United Kingdom
         Tel: 01803 523 866


WORDMAP LIMITED: Appoints BDO Stoy as Joint Administrators
----------------------------------------------------------
Simon Edward Jex Girling and Mark Peter Roach of BDO Stoy
Hayward LLP were appointed joint administrators of Wordmap
Limited (Company Number 03641734) on Aug. 25.

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

Headquartered in Avon, United Kingdom, Wordmap Limited --
http://www.wordmap.com/-- develops software.


YELLOW ROSE: Stephen Paul Grant Leads Liquidation Procedure
-----------------------------------------------------------
Stephen Paul Grant of Wilkins Kennedy was appointed Liquidator
of Yellow Rose Catering Services Limited (t/a Snack Box) on June
20 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Yellow Rose Catering Services Limited
    Hampden Ho
    Hathaway Road
    Grays
    Essex RM175JL
    United Kingdom
    Tel: 01375 391 777


* Moody's Keeps Reinsurers' Stable Rating Outlook Despite Losses
----------------------------------------------------------------
Moody's Investors Service has maintained its stable rating
outlook on the global reinsurance industry, despite record
losses from the windstorms of 2005.  The rating outlook
incorporates a number of recapitalizations following the storms
as well as steps taken by several reinsurers to reduce their
catastrophe exposures.

Moody's noted that most reinsurers have sound balance sheets and
good earnings momentum (absent catastrophes).  These strengths
are tempered by:

   -- the inherent volatility of catastrophe related business,

   -- the current pricing pressure on casualty lines of
business, and

   -- the ease with which capital enters the market.

Moody's explains its outlook and provides comparative financial
information on leading reinsurers in its Global Reinsurance
Industry Outlook, dated September 2006.

"The vast majority of our reinsurance company outlooks are
stable, which drives the industry outlook," said Bruce
Ballentine, a Moody's insurance analyst and author of the
industry report.

"We have examined all reinsurance company ratings in light of
the 2005 storms, but to date just two Bermuda-based companies
have been downgraded primarily as a result of the storms and
related risk management concerns," added Ballentine.

Moody's noted that the hard market for catastrophe risk has
attracted large amounts of fresh capital to the industry, with
investors pouring some US$27 billion into equity, debt and
hybrid securities issued by existing and start-up reinsurers and
through alternative market structures.

The most popular alternative structures have been sidecars,
which assume risks from one or a small number of reinsurers for
a limited time, and catastrophe bonds, which offer repayment
relief to issuers upon certain trigger events.  The rating
agency noted that hedge funds and private equity funds, eager to
diversify away from traditional investment risks, have played a
prominent role in funding the new entities and structures.

Reinsurance market conditions vary sharply across business
lines, said Moody's.  Whereas catastrophe coverage is costly and
scarce, casualty lines are subject to persistent competition and
downward pressure on rates.  Moody's expects many reinsurers to
continue to seek casualty business to offset their more volatile
catastrophe exposures.

The report shows that reinsurers' reserves for U.S. casualty
business, which were sorely deficient through the soft-market
years of 1997-2001, have been strengthened considerably in
subsequent years.  Nevertheless, asbestos, environmental and
other latent claims remain a challenge.

Moody's noted that reinsurers are generally becoming more
disciplined in their underwriting and their overall risk
management, applying lessons learned from the soft-market years
and the more recent natural catastrophes.  The rating agency
expects boards of directors and high-level risk committees to
play an increasingly prominent role in the oversight of risk
management.

Other themes addressed in the report include:

   -- the extension of the U.S. Terrorism Risk Insurance Act and    
its implications for reinsurers;

   -- a continuation of modest investment returns, which Moody's
views as a plus for underwriting discipline; and

   -- the ongoing regulatory investigations into finite
reinsurance.

The report also discusses region-specific trends in North
America, Bermuda, Europe and Asia.

                           *********

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
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Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
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information, contact Christopher Beard at 240/629-3300.


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