TCREUR_Public/060912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, September 12, 2006, Vol. 7, No. 181  

                            Headlines


A U S T R I A

AMARO: Claims Registration Period Ends September 18
B.A.H.C.O.: Creditors' Meeting Slated for September 19
BEER-LILLY: Meeting on Final Calculation Slated for Oct. 2
BT: Claims Registration Period Ends September 15
ELITESCHLOSS: Claims Registration Period Ends September 26

FEURSTEIN: Leoben Court Orders Business Shutdown
GOLFANLAGE SCHLOSS: St. Poelten Court Orders Business Shutdown
LINHART TRUCK: Claims Registration Period Ends October 9
PRO 2000: Claims Registration Period Ends September 26
SOHA: Creditors' Meeting Slated for September 18


F R A N C E

RED & BLACK: Moody's Assigns (P)Ba1 Rating to Class E Notes
RED & BLACK: S&P Rates EUR59.5-Mln Class E Notes at BB


G E R M A N Y

GROSSE DRUCK: Claims Registration Ends September 29
HA-IMMOBILIEN: Claims Registration Ends September 29
HZ NUTZFAHRZEUGESERVICE: Claims Registration Ends September 26
LANDESBANK BERLIN: Moody's Affirms D+ Financial Strength Rating
LIMEX GMBH: Claims Registration Ends September 29

MAX SEIDEMANN: Claims Registration Ends September 25
PRIVAT MAIL: Creditors' Meeting Slated for September 28
SOL IM: Claims Registration Ends September 22
SOMASA FOOD: Creditors' Meeting Slated for September 27
SPIEKERMANN FLEISCHZERLEGUNGS: Claims Registration Ends Sept. 22

VFL PFULLINGEN: Claims Registration Ends September 25
VOLKSWAGEN AG: Mulls Profit Sharing Scheme for Extended Hours


H U N G A R Y

BORSODCHEM NYRT: Extraordinary Meeting Slated for Oct. 13
BORSODCHEM NYRT: Kikkolux Sarl Clears Way for Planned Takeover


K A Z A K H S T A N

ADALDYK: Creditors Must File Claims by Oct. 4
FESTA: East Kazakhstan Court Begins Bankruptcy Proceedings
KAZTRANSGAS: Growth Policy Prompts S&P to Affirm BB Ratings
SAULET KURYLYS-XXI: Proof of Claim Deadline Slated for Oct. 4
STROYSERVIS-AE: Claims Registration Ends Oct. 4

VOLFUS: East Kazakhstan Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

KYRGYZ MIGRATION: Proof of Claim Deadline Slated for Oct. 11
TINOLI ENTERPRISES: Claims Registration Ends Oct. 11


R U S S I A

AIRPORT SERVICE: Ulyanovsk Court Starts Bankruptcy Supervision
ALFA BANK: Fitch Upgrades IDR to BB- on Improved Core Earnings
BELEBEEVSKIY BAKERY: Bankruptcy Hearing Slated for October 5
BOGATOVSKIY ELEVATOR: Bankruptcy Hearing Slated for December 19
BRATSK-OIL: Court Names A. Sergeeva as Insolvency Manager

BORZINSKAYA POULTRY: G. Konstantinov to Manage Assets
BUDGET: Moscow Court Names A. Lyutyj as Insolvency Manager
BUILDING MATERIALS: Court Names V. Molchun as Insolvency Manager
BULGAR-TOBACCO-SOCHI: I. Novikova to Manage Insolvency Assets
BUSINESS MOSCOW: Court Names Endowment Agency as Liquidator

DINSKOY: Court Names V. Rybachenko as Insolvency Manager
EAR: Kurgan Court Names S. Skryabin as Insolvency Manager
ENERGO-FINANCE: Court Names M. Vasilega as Insolvency Manager
GAZPROM OAO: Nears Deal to Own 20% of OAO Novatek
IRBITSKIY: Sverdlovsk Court Starts Bankruptcy Supervision

IRKUTS-MARBLE-GRANITE: Y. Bezverbnyj to Manage Assets
IVOLGA: Volgograd Bankruptcy Hearing Slated for October 3
KALM-OIL: Kalmykiya Court Names Y. Nazarov as Insolvency Manager
KAZANORGSINTEZ OJSC: Fitch Affirms Issuer Default Rating at B
KOMSOMOLSKOYE: Chuvashiya Court Starts Bankruptcy Supervision

KRASNOSELSKAYA: Court Names A. Zaytsev as Insolvency Manager
KURGANSKAYA: Court Names N. Kiselev as Insolvency Manager
LUKOIL OAO: Improves Ranking in Platts' Top European Energy Firm
NOVATEK OAO: Nears 20% Equity Sale Deal with OAO Gazprom
PERVOMAYSKOYE: Bankruptcy Hearing Slated for Dec. 5

POLYTROPHIC: Kurgan Court Starts Bankruptcy Supervision
POULTRY FARM: Court Names L. Akhmetshina as Insolvency Manager
ROS-INSTRUMENT: Court Names G. Kazakbaev as Insolvency Manager
SHIGRY-AGRO-KHIM-SERVICE: Bankruptcy Hearing Slated for Oct. 18
SUKHOLOZHSKIY: Court Names V. Kovalev as Insolvency Manager

TMK OAO: Hikes Pipe Shipments by 30% in First Half 2006
URALSKIY JEWELER: Sverdlovsk Court Starts Bankruptcy Supervision
USSURIYSKIY BREWERY: A. Strelnikov to Manage Insolvency Assets
UVINSKIY: Court Names L. Bogdanov as Insolvency Manager
VNESHTORGBANK JSC: Signs Cooperation Deal with Attijariwafa Bank


S P A I N

AYT GENOVA: Fitch Gives BB+ Rating on EUR21-Mln Class D Notes
HIPOCAT 10: Fitch Junks EUR25.5 Million Class D Notes
IM CAJAMAR 4: Fitch Junks EUR12 Million Series E Notes
TDA 25: Fitch Gives Final BB+ on EUR2.5 Million Class D Notes
TDA 26-MIXTO: Fitch Junks EUR8.1 Million Class 1-D & 2-C Notes


U K R A I N E

AGRIYA: Court Names Oleksandr Zhilich as Insolvency Manager
AGROINDUSTRIAL INVESTING: Court Starts Bankruptcy Supervision
ALPREIK: Kyiv Court Commenced Bankruptcy Proceedings
BILOVODSK BREAD: Lugansk Court Starts Bankruptcy Supervision
COMGATES UKRAINE: Kyiv Court Commences Bankruptcy Proceedings

DOLINA-AGRO: Court Names Oleksandr Tereshenko as Liquidator
MARLEN: Kyiv Court Commences Bankruptcy Proceedings
NERPA: Volinska Court Starts Bankruptcy Supervision
PASAVTOPROM: Lviv Court Starts Bankruptcy Supervision
POLYANA: Cherkassy Court Starts Bankruptcy Supervision

SUNRISE-INVESTMENTS: Court Names O. Sherban as Liquidator
TECHNICAL SUPPORT: Court Names Mr. V. Koval as Liquidator
UKREXIMBANK: Fitch Assigns BB- Rating on US$350 Million Eurobond


U N I T E D   K I N G D O M

3 COUNTIES: Appoints Ian Franses as Liquidator
ACTION PACK: Stephen P. J. Whites Leads Liquidation Procedure
ADVANCED INDUSTRY: Names Devdutt Patel as Liquidator
ARCFORCE MECHANICAL: Names Stephen Harfitt Liquidator
ATKINSONS PRESSINGS: Joint Liquidators Take Over Operations

BAA PLC: Facing GBP20 Million Cost From August Terror Alert
BALTOIS LIMITED: Taps Gerald Irwin to Liquidate Assets
BARRINGTONS FURNITURE: Names Ian William Kings as Administrator
BETONSPORTS PLC: District Court Extends Ban on U.S. Operations
BILLERICAY MUSIC: Taps Lloyd Biscoe to Liquidate Assets

BRASSFORM LIMITED: Creditors Confirm Voluntary Liquidation
BUDGET WINDOW: Hires Liquidator from Andrew Michaels
BURGER KING: Improved Performance Cues S&P to Lift Rating to BB-
CAROLINE B: Brings In Joint Liquidators from Valentine & Co.
CASTLE SECURITY: Appoints Joint Liquidators from Purnells

CRADLEY SERVICES: Creditors Ratify Voluntary Liquidation
D. C. DONOVAN: Names Joint Liquidators from Tenon Recovery
DISCCITY LIMITED: Appoints Joint Liquidators from Kroll
DISPEC ANODIZING: Creditors' Meeting Slated for September 13
DYNAMIC AIR: Hires Liquidator from Begbies Traynor

EYEKO INT'L: Alan Simon Leads Liquidation Procedure
FORD MOTOR: New President and CEO Getting $2 Mil. Annual Salary
FORD MOTOR: Turnaround Plan Could Cost Up to 40,000 Jobs
FORDHAM DEVELOPMENTS: Appoints M. S. E. Solomons as Liquidator
G & B LADDERS: Names Bruce G. T. Rees Liquidator

GILHAMS LIMITED: Nominates Zafar Igbal as Liquidator
GLOBAL MEDICAL: Hires Joint Liquidators from Begbies Traynor
GRAVITY GAMES: Brings In Stephen Hull to Liquidate Assets
HINCKLEY AUTOS: Names Joint Liquidators to Wind Up Business
IN VOGUE: Nominates Liquidator from Crawfords

JAM TM: Hires Joint Liquidators from Royce Peeling Green Limited
JONATHAN PATRICK: Taps Joint Liquidators from Vantis
LEVEL ONE: Creditors Confirm Liquidators' Appointment
LITTLE MOTOS: Appoints Terry Christopher Evans as Liquidator
M&M FLOWERS: Hires Joint Liquidators from PKF

M.G. GROUNDWORKS: Taps Liquidator from Begbies Traynor
MCMAHON & ASSOCIATES: Names David Rankin to Liquidate Assets
MANOR DEVELOPMENTS: Joint Liquidators Take Over Operations
MARTINI TRANSPORT: Brings In Joint Liquidators from Wilson Field
MINSTER WINDOWS: Taps Kroll as Joint Administrators

NORTEL NETWORKS: Selects Followap's Presence Technology for IMS
NORTEL NETWORKS: Partner Deploys IP Infrastructure for Telegraph
OPEN TEXT: Stable Market Position Spurs S&P to Assign BB- Rating
PHELPS DODGE: Moody's Confirms (P)Ba1 Pfd. Stock Shelf Ratings
PREMIER FOODS: Confirms Interest in United Biscuits' Business

PREMIER FOODS: Receives Acceptances for New Ordinary Shares
PREMIER INVESTMENTS: Nominates Ashok K. Bhardwaj as Liquidator
PROJECTS DISTRIBUTION: Taps Begbies Traynor as Administrators
RAMSDEN LIMITED: Nominates Alex Kachani to Liquidate Assets
REFCO INC: Wants Removal Period Extended to Dec. 12

REFCO INC: Wants Exclusive Plan-Filing Period Extended to Dec. 5
REFCO INC: Wants to Walk Away from 18 Trading Operation Deals
ROBIN HOOD: Brings In Joint Administrators from CBA
SCOTTISH RE: Gives Former Employees 60 Days to Exercise Options
SHARP INTERNATIONAL: Creditors' Meeting Slated for September 13

SQ LIMITED: Calls In Liquidators from Baker Tilly
SUPA8 LIMITED: Hires Joint Administrators from Begbies Traynor
UK COAL: Earns GBP7 Million in 2006 First Half
VIRGIN MOBILE: Moody's Withdraws Low-B Ratings
WERL ACCESSORIES: Creditors' Meeting Slated for September 15

WETHERBY FASHIONS: Bank of Scotland Taps Deloitte as Receivers
YOO MEDIA: Appoints Joint Administrators from UHY

* Large Companies with Insolvent Balance Sheets

                            *********

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


AMARO: Claims Registration Period Ends September 18
---------------------------------------------------
Creditors owed money by LLC Amaro (FN 216968x) have until
Sept. 18 to file written proofs of claims to court-appointed
property manager Wolfgang Dlaska at:

         Mag. Wolfgang Dlaska
         Bridgehead Lane 1
         8020 Graz, Austria
         Tel: 0316/833840-377
         Fax: 0316/833840-305
         E-mail: office@lawoffice.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 3 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         2nd Floor
         Graz, Austria

Headquartered in Zettling, Austria, the Debtor declared
bankruptcy on Aug. 8 (Bankr. Case No. 40 S 39/06t).  The
Debtor's manager Tibor Barany represents the Debtor in the
bankruptcy proceedings.


B.A.H.C.O.: Creditors' Meeting Slated for September 19
------------------------------------------------------
Creditors owed money by LLC B.A.H.C.O. (FN 250714y) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
Sept. 19 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 20 (Bankr. Case No. 40 S 35/06d).  Franz Krainer serves
as the court-appointed property manager of the bankrupt estate.  
The Debtor's manager Zivka Krneta represents the Debtor in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Franz Krainer
         Herrengasse 19
         3rd Floor
         8010 Graz, Austria
         Tel: 0316/822082
         Fax: 0316/822082-75
         E-mail: office@dr-krainer.at    


BEER-LILLY: Meeting on Final Calculation Slated for Oct. 2
----------------------------------------------------------
Creditors owed money by LLC beer-lilly (FN 144328y) are
encouraged to attend the creditors' meeting at 11:20 a.m. on
Oct. 2 to consider the final calculation and allocation.

The court-appointed property manager offered a 0.51% allocation
on creditors' claim.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 45 S 32/05t) was removed from (Bankr. Case No.
2 S 256/03i) on Feb. 2.


BT: Claims Registration Period Ends September 15
------------------------------------------------
Creditors owed money by LLC BT (FN 230610h) have until Sept. 15
to file written proofs of claims to court-appointed property
manager Alfred Hammerer at:

         Dr. Alfred Hammerer
         Alpenstr. 26
         5020 Salzburg, Austria
         Tel: 0662-648899-0
         Fax: 0662-648899-14
         E-mail: office@sluka-hammerer.biz  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 28 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         2nd Floor
         Salzburg, Austria

Headquartered in Bischofshofen, Austria, the Debtor declared
bankruptcy on July 20 (Bankr. Case No. 23 S 44/06z).  Davor
Baotic and Verica Bajri represent the Debtor in the bankruptcy
proceedings.


ELITESCHLOSS: Claims Registration Period Ends September 26
----------------------------------------------------------
Creditors owed money by LLC Eliteschloss (FN 230415x) have until
Sept. 26 to file written proofs of claims to court-appointed
property manager Stephan Riel at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Landstrasser Main Street 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 10 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 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 8 (Bankr. Case No. 2 S 129/06t).  Johannes Jaksch
represents Dr. Riel in the bankruptcy proceedings.

The Trade Court of Vienna declared on Aug. 23 the shutdown of
the Debtor's business.


FEURSTEIN: Leoben Court Orders Business Shutdown
------------------------------------------------
The Land Court of Leoben entered an order on Aug. 23 shutting
down the business of LLC Feurstein (FN 54622b).  Court-appointed
property manager Heinz Pichler determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Heinz Pichler
         Burggasse 61
         8750 Judenburg, Austria
         Tel: 03572-82372
         Fax: 03572-82372-19
         E-mail: kanzlei-j@pichler-schuetz.at           

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on June 19 (Bankr. Case No. 17 S 49/06h).  


GOLFANLAGE SCHLOSS: St. Poelten Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of St. Poelten entered an order on Aug. 23
shutting down the business of LLC Golfanlage Schloss Goldegg (FN
74472v).  Court-appointed property manager Georg Thum determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Dr. Georg Thum
         Josefstrasse 13
         3100 St. Poelten, Austria
         Tel: 02742/72222
         Fax: 02742/72222-10
         E-mail: kanzlei@tws-rae.at          

Headquartered in Neidling, Austria, the Debtor declared
bankruptcy on Aug. 8 (Bankr. Case No. 14 S 123/06p).  


LINHART TRUCK: Claims Registration Period Ends October 9
--------------------------------------------------------
Creditors owed money by LLC Linhart Truck Service (FN 214026w)
have until Oct. 9 to file written proofs of claims to court-
appointed property manager Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Main Street 14-16/8
         1030 Vienna, Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 23 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 Aug. 23 (Bankr. Case No. 3 S 115/06s).  


PRO 2000: Claims Registration Period Ends September 26
------------------------------------------------------
Creditors owed money by LLC PRO 2000 Consulting (FN 145823x)
have until Sept. 26 to file written proofs of claims to court-
appointed property manager Volker Leitner at:

         Mag. Volker Leitner
         Viennese Road 3
         3100 St. Poelten, Austria
         Tel: 02742/354 355
         Fax: 02742/351 435
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Oct. 17 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Aug. 23 (Bankr. Case No. 14 S 131/06i).  


SOHA: Creditors' Meeting Slated for September 18
------------------------------------------------
Creditors owed money by LLC Soha (former LLC Almassi) (FN
051437v) are encouraged to attend the creditors' meeting at 9:30
a.m. on Sept. 18 to consider the adoption of the rule by
revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor 's bankruptcy case
(Bankr. Case No. 2 S 25/06y) was removed from (Bankr. Case No.
41 S 33/00b) on March 3.


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


RED & BLACK: Moody's Assigns (P)Ba1 Rating to Class E Notes
-----------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
seven classes of asset-backed notes to be issued by Red&Black
Consumer 2006-1 PLC:

   -- EUR0.25 million Class A1+ Floating Rate Notes due 2021:
(P)Aaa;

   -- EUR [ ] million Class A2+ Floating Rate Notes due 2021:
(P)Aaa;

   -- EUR45.5 million Class A Floating Rate Notes due 2021:
(P)Aaa;

   -- EUR122.50 million Class B Floating Rate Notes due 2021:
(P)Aa1;

   -- EUR108.5 million Class C Floating Rate Notes due 2021:
(P)Aa3;

   -- EUR84 million Class D Floating Rate Notes due 2021: (P)A3;
and

   -- EUR59.5 million Class E Floating Rate Notes due 2021:
(P)Ba1.

Moody's has not assigned a provisional rating to the threshold
amount.

In addition, Moody's has assigned a provisional rating to the
Bank Credit Default Swap between Societe Generale as the credit
protection buyer and the bank credit default swap counterparty
in connection with the notes to be issued by Red&Black Consumer
2006-1 plc:

   -- EUR [ ] Bank Credit Default Swap: (P)Aaa.

The final sizes of the Class A2+ Notes and the Bank Credit
Default Swap, which rank pro rata and pari passu, are not yet
determined.

Red&Black Consumer 2006-1 PLC is the first synthetic unsecured
consumer loan transaction by Societe Generale.

In this transaction, Societe Generale is buying credit
protection on a reference portfolio of EUR3.5 billion consisting
of unsecured consumer loans to private individuals in France.
The transaction will have a replenishment period of up to 16
months during which new reference obligations can be included in
the reference portfolio, subject to early amortization triggers
and termination triggers.

Under the transaction Societe Generale will enter into two
credit default swaps.  The Bank Credit Default Swap will be
directly between SocGen and the bank swap counterparty and
additionally SocGen will enter into an issuer swap with the SPV
(Red&Black Consumer 2006-1 PLC).  

Under the issuer swap, SocGen will pay issuer swap fixed
payments to the SPV and in return SocGen will be hedged for
losses occurring in the reference portfolio which are higher
than the threshold amount as the SPV will have to pay the credit
protection payments to SocGen.

In order to hedge its obligations under the issuer swap, the SPV
issues Class A+ to Class E Notes and invests the note proceeds
in cash.  The Class A1+ and the Class A2+ rank pro rata and pari
passu among themselves and the Bank Credit Default Swap.

The bank swap counterparty receives from SocGen the bank swap
fixed payments and in return SocGen receives the bank swap cash
settlement amounts in case the Class A notes are fully written
down and additional losses occur in the portfolio.

Principal allocation is fully sequential and loss allocation is
done in reverse sequential order (Bank Credit Default Swap,
Class A1+, Class A2+ rank pro rata and pari passu).  The notes
and the bank swap benefit from a threshold amount and from a
synthetic excess spread feature, which is very similar to an
excess spread mechanism (PDL mechanism) in cash transactions.

According to Moody's, the ratings of the notes and the bank swap
are based, inter alia, on the following factors:

   -- credit enhancement is provided by subordination and a
strong synthetic excess spread feature;

   -- Moody's received an extensive amount of historical data on
defaults (cohort analysis), recoveries (cohort analysis),
delinquencies (dynamic) and prepayments for the two sub-
portfolios Standard loans and Compact loans respectively;

   -- collateral is invested in cash. The cash deposit bank is
required to have a P-1 rating -- if P-1 is lost, the new
deposit bank with the required rating must be found within
30 days, otherwise the issuer swap terminates; and

   -- the loss definition is principal only -- accrued interest
and enforcement costs will not increase the loss amount.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal
final maturity.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

Moody's will monitor this transaction on an ongoing basis.


RED & BLACK: S&P Rates EUR59.5-Mln Class E Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the euro-denominated floating-rate notes to be
issued by Red & Black Consumer 2006-1 PLC, a special purpose
entity.
  
The reference portfolio comprises fixed-rate unsecured consumer
loans originated by Franfinance and sold in France to
individuals in the Societe Generale retail network.  Franfinance
is a subsidiary of Societe Generale.
  
The purpose of this transaction is to transfer to investors the
credit risk of the reference portfolio.  The portfolio is
extremely granular.  The initial pool comprises 443,385 loans of
an average outstanding amount of EUR7,893 per loan.
  
                         Ratings List
               Red & Black Consumer 2006-1 PLC
             Euro-Denominated Floating-Rate Notes
  
                           Prelim.        Prelim.
            Class          rating         amount (Mil. EUR)
            -----          ------         ------
            A1+            AAA             0.25
       A2+            AAA              TBD
       A              AAA            45.50
       B              AA            122.50
       C              A             108.50
       D              BBB            84.00
       E              BB             59.50
  
            TBD - To be determined


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


GROSSE DRUCK: Claims Registration Ends September 29
---------------------------------------------------
Creditors of Grosse Druck GmbH have until Sept. 29 to register
their claims with court-appointed provisional administrator
Burghard Wegener.

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 Goettingen
         Hall B11
         Machine Mill Way 11
         37073 Goettingen, 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 Goettingen opened bankruptcy proceedings
against Grosse Druck GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Grosse Druck GmbH
         Attn: Klaus-Jochen Rolka, Manager          
         Adolf Hoyer Road 5
         37079 Goettingen, Germany

The administrator can be contacted at:

         Burghard Wegener
         Upper Karspuele 36
         D-37073 Goettingen, Germany
         Tel: 0551/5085920
         Fax: 0551/5085921


HA-IMMOBILIEN: Claims Registration Ends September 29
----------------------------------------------------
Creditors of HA-Immobilien GmbH have until Sept. 29 to register
their claims with court-appointed provisional administrator
Hans-Peter Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Traunstein
         Meeting Room C 001
         Herzog-Otto-Road 1
         83278 Traunstein, 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 Traunstein opened bankruptcy proceedings
against HA-Immobilien GmbH on Aug. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         HA-Immobilien GmbH
         Werner-von-Siemens-Str. 1
         83301 Traunreut, Germany

The administrator can be contacted at:

         Hans-Peter Mueller
         Marienstr. 5
         83278 Traunstein, Germany
         Tel: 0861/69999
         Fax: 0861/69941


HZ NUTZFAHRZEUGESERVICE: Claims Registration Ends September 26
--------------------------------------------------------------
Creditors of HZ Nutzfahrzeugeservice GbR have until Sept. 26 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. 31 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 HZ Nutzfahrzeugeservice GbR on Aug. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         HZ Nutzfahrzeugeservice GbR
         Attn: Guido Heise and Sabine Koether-Heise, Managers
         Wilhelm-Roentgen-Str. 4
         30966 Hemmingen, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hanover, Germany
         Tel: 0511/626287-0
         Fax: 0511/626287-10


LANDESBANK BERLIN: Moody's Affirms D+ Financial Strength Rating  
---------------------------------------------------------------
Moody's Investors Service affirmed the D+ financial strength
rating and A1/P-1 short- and long-term ratings of Landesbank
Berlin AG.  Likewise, the subordinated A2 rating and the Aa3
ratings for backed securities (including those of BGB Finance
(Ireland) plc) were affirmed.

Moody's has also withdrawn the A2/P-1/E+ ratings for the former
Bankgesellschaft Berlin as the issuer has been reorganized.  The
unguaranteed obligations of the former BGB have been assumed by
LBB and have been upgraded to A1 on a long-term senior basis.  
The outlook on all LBB ratings is stable.

These rating actions follow changes made to the group's legal
and operating structures on Aug. 29.  With retroactive effect to
Jan. 1, LBB's parent institution, Bankgesellschaft Berlin,
changed its name to Landesbank Berlin Holding AG and transferred
all of its banking assets and liabilities to LBB, thus leaving
Landesbank Berlin Holding AG as a purely financial holding
company for the banking assets of LBB.

This transfer of business to LBB is an important step towards
creating a simpler ownership structure in advance of the group's
anticipated sale in 2007 and creates one bank, which controls
the group's capital markets operations and its principal
operating entities of Berliner Sparkasse and BerlinHyp.  In line
with EU conditions for the City of Berlin's support for LBB in
2001, the bank agreed in late June 2006 to sell its Berliner
Bank franchise to Deutsche Bank.

In affirming LBB's D+ FSR rating, Moody's noted the progress
made by LBB management towards simplifying the group's
structure, the continued improvement in the bank's financial
fundamentals and LBB's attractive, though underexploited, retail
and SME franchise.

Likewise, the affirmation of LBB's A1/P-1 short- and long-term
debt ratings reflect the cross-sector support mechanism that
exists for German public sector banking institutions and the
strong support for LBB shown by its majority shareholder, the
City of Berlin.  The affirmation of LBB's Aa3 backed ratings
(including the backed obligations of BGB Finance (Ireland) plc)
continues to reflect the creditworthiness of the bank's
principal guarantor, the City of Berlin.

The withdrawal of the A2/P-1/E+ short- and long-term deposit and
FSR ratings for the former Bankgesellschaft Berlin (now
Landesbank Berlin Holding AG) directly reflects the pure finance
holding company nature of this entity going forward, as well as
Moody's understanding that the holding company will terminate
its banking license in October 2006.  The obligations of the
former Bankgesellschaft Berlin have now been assumed by LBB and
upgraded to A1 on a senior basis to reflect the reorganization.

The current outlook for the D+ FSR is stable and reflects
Moody's expectation that the bank's financials will continue to
improve.  The agency remains cognizant of the uncertainty that
relates to the bank's forthcoming sale/privatization during the
course of 2007, so that rating stability for the A1/P-1 short-
and long-term ratings may be impacted by the quality and
strength of the future owner(s), the strategic importance LBB
might have for them, and by the bank's financial performance in
a still difficult market.

Headquartered in Berlin, Germany, Landesbank Berlin AG comprises
the banking operations of Landesbank Berlin Holding AG.  On a
group basis, first half 2006 earnings reached EUR121 million and
total assets were reported at EUR140 billion.


LIMEX GMBH: Claims Registration Ends September 29
-------------------------------------------------
Creditors of Limex GmbH have until Sept. 29 to register their
claims with court-appointed provisional administrator Klaus
Lutz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Traunstein
         Meeting Room C 001
         Herzog-Otto-Road 1
         83278 Traunstein, 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 Traunstein opened bankruptcy proceedings
against Limex GmbH on Aug. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Limex GmbH
         Sagewerkstr. 3
         83395 Freilassing, Germany

The administrator can be contacted at:

         Klaus Lutz
         Kufsteiner Str. 14
         83022 Rosenheim, Germany
         Tel: 08031/3677-0
         Fax: 08031/3677-36


MAX SEIDEMANN: Claims Registration Ends September 25
----------------------------------------------------
Creditors of Max Seidemann GmbH have until Sept. 25 to register
their claims with court-appointed provisional administrator
Gerhard Wilhelm IV.

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 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 Max Seidemann GmbH on Aug. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Max Seidemann GmbH
         Attn: Edgar Dost, Manager
         Friesenstr. 22
         30161 Hanover, Germany

The administrator can be contacted at:

         Gerhard Wilhelm IV
         Oskar-Winter-Str. 8
         30161 Hanover, Germany
         Tel: 0511/696846-0
         Fax: 0511/696846-79


PRIVAT MAIL: Creditors' Meeting Slated for September 28
-------------------------------------------------------
The court-appointed provisional administrator for Privat Mail
Limited, Hartwig Albers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:10 a.m. on Sept. 28.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:05 a.m. on Dec. 21 at the same
venue.

Creditors have until Nov. 9 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Privat Mail Limited on Aug. 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Privat Mail Limited
         Motzener Str. 12-14
         12277 Berlin, Germany

The administrator can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin, Germany
         

SOL IM: Claims Registration Ends September 22
---------------------------------------------
Creditors of Sol Im- und Export GmbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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 Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duesseldorf opened bankruptcy proceedings
against Sol Im- und Export GmbH on Aug. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Sol Im- und Export GmbH
         Neumannstr. 2
         40235 Duesseldorf, Germany

         Attn: Juan Manuel Pinto, Manager
         Thewissenweg 89
         40468 Duesseldorf, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf, Germany


SOMASA FOOD: Creditors' Meeting Slated for September 27
-------------------------------------------------------
The court-appointed provisional administrator for Somasa Food
and Services GmbH, Christoph Schulte-Kaubruegger, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m. on Sept. 27.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Jan. 10, 2007 at the same
venue.

Creditors have until Nov. 14 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Somasa Food and Services GmbH on Aug. 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Somasa Food and Services GmbH
         Salzufer 1
         10587 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany
         

SPIEKERMANN FLEISCHZERLEGUNGS: Claims Registration Ends Sept. 22
----------------------------------------------------------------
Creditors of Spiekermann Fleischzerlegungs GmbH have until
Sept. 22 to register their claims with court-appointed
provisional administrator Marcus Wehler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 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 Bonn
         Room W 1.24 C
         William Route 21
         53111 Bonn, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bonn opened bankruptcy proceedings against
Spiekermann Fleischzerlegungs GmbH on Aug. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Spiekermann Fleischzerlegungs GmbH
         Attn: Dieter Spiekermann, Manager         
         Werthstr. 29
         53332 Bornheim, Germany

The administrator can be contacted at:

         Marcus Wehler
         Wilhelmstr. 40-42
         53111 Bonn, Germany
         Tel: 0228 92666-0
         Fax: 0228 92666-99


VFL PFULLINGEN: Claims Registration Ends September 25
-----------------------------------------------------
Creditors of VfL Pfullingen Handball Bundesliga GmbH & Co. KG
have until Sept. 25 to register their claims with court-
appointed provisional administrator Hansjoerg Wanner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         2nd Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings
against VfL Pfullingen Handball Bundesliga GmbH & Co. KG on
Aug. 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         VfL Pfullingen Handball Bundesliga GmbH & Co. KG
         Attn: Alfred Mayer, Manager
         Grosse Ziegelstrasse 3
         72793 Pfullingen, Germany

The administrator can be contacted at:

         Hansjoerg Wanner
         Reutlinger Road 105
         72800 Eningen, Germany


VOLKSWAGEN AG: Mulls Profit Sharing Scheme for Extended Hours
-------------------------------------------------------------
Volkswagen AG contemplated on profit-sharing agreement with its
workers in exchange for an extended workweek, Chad Thomas writes
for Bloomberg News.

"Such an arrangement has a lot of potential," Horst Neumann,
Volkswagen personnel director was quoted by Bloomberg as saying.  
"The key is that we must return to normal work hours at
Volkswagen," Mr. Neumann added.

The carmaker threatened to move the production of Golf hatchback
models from its Wolfsburg plant if workers won't agree to extend
work to 35 hours instead of the current 28.8 hours per week,
without any change in the base pay.

"Volkswagen has to take this threat off the table," Hartmut
Meine, the IG Metall union's chief negotiator with Volkswagen
disclosed at a press conference.  "Wolfsburg without the Golf is
like Paris without the Eiffel Tower," Mr. Meine added.

Chief Executive Officer Bernd Pischetsrieder planned to increase
pretax profit to EUR5.1 billion in 2008 from EUR1.1 billion in
2004.  To achieve this he is trying to decrease spending on
labor and reduce Volkswagen's global workforce by eliminating
some 20,000 German jobs.

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

                        *    *    *

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

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

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

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


BORSODCHEM NYRT: Extraordinary Meeting Slated for Oct. 13
---------------------------------------------------------
The Board of Directors of BorsodChem Nyrt. notifies the
shareholders that the Extraordinary General Meeting of the
Company will be held at 9:00 a.m. on Oct. 13 at:

         Kempinski Hotel Corvinus Budapest
         Salon Regiomontanus
         Erzsebet ter 7-8
         Budapest
         Hungary

In case a quorum has not been reached at the General Meeting,
the repeated General Meeting will be held at the same place with
the same agenda at 10:00 a.m. on Oct. 23.

Agenda:

   -- decrease of the registered capital by HUF 640,951,050
      through the withdrawal of 3,173,025 employee shares --
      amendment of the Articles of Association in connection
      with the decrease of the registered capital

   -- amendment of the Articles of Association in order to align
      them with Act IV of 2006 on Business Associations;

   -- approval of the amended Rules of Procedure of the
      Supervisory Board; and

   -- election of the members of the Audit Committee

The approval of the decisions regarding item No. 1 and No. 2 on
the agenda requires the support of at least three-fourth of the
votes cast.

Concerning agenda item No. 1, the purpose of the decrease of the
registered capital is to make distribution to the shareholders
and the method of the decrease of the registered capital is the
withdrawal of 3,173,025 employee shares.

In accordance with 8.32 of the Articles of Association such a
separate approval may be given by the beneficiaries of the
voting rights attached to the employee shares:

   -- their statement of approval included in a private document
      with full evidentiary force submitted to the Board of
      Directors by the second working day preceding the General
      Meeting that is to vote on the resolutions proposed in
      connection with agenda item No. 1 (that is by Oct. 11), or

    -- by signing immediately prior to the General Meeting a
      statement of approval delivered to them contemporaneously
      with their signing of the attendance list when registering
      for the General Meeting;

   -- the approvals granted in accordance with a) and b) above
      can be added up.

When adding up the approvals granted in accordance with the
above, the Board of Directors will only take into account the
approval of those shareholders who are registered in the
Company's share register on the date of the General Meeting
voting on the proposals concerned.

The proposals of the Board of Directors and all other documents
relating to the items on the agenda can be inspected from 9:00
a.m. to 3:00 p.m. from Oct. 2 to 12, 2006, at the registered
seat of the Company at:

         Bolyai ter 1.
         3700 Kazincbarcika
         Hungary

            -- or --

         Szabadsag ter 7.
         Budapest
         Hungary

Shareholders can exercise their rights of participation and vote
at the General Meeting either in person or by a duly authorized
proxy.

At the venue and on the day of the General Meeting between 8:00
a.m. and 8:45 a.m. (or, in case of a repeated General Meeting,
between 9:30 a.m. and 9:45 a.m.) the shareholder or his
authorized proxy after verifying his identity and concurrently
with signing the attendance sheet may call for the voting cards
or voting device, which will entitle him to attend and vote at
the General Meeting.

In the case of proxies, the authorization shall be included in
an official document or a private document of full probative
effect and it -- inclusive of documents required for
identification -- shall be handed over not later than the time
of registration.  The authorization will also be valid for the
repeated General Meeting in case a quorum was not achieved and
for the continued General Meeting.

                         About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total
assets, HUF98.9 billion in total liabilities and HUF139.02
billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Hungary-based intermediate chemicals producer BorsodChem Rt. on
CreditWatch with negative implications, following BorsodChem's
announcement of the receipt of a takeover bid from Permira, a
private equity fund.

"The CreditWatch placement reflects our concerns regarding
BorsodChem's potential higher debt load and subsequent weaker
credit protection measures if this sale materializes," said
Standard & Poor's credit analyst Khaled Zitouni.

The ratings continue to reflect the group's exposure to a single
site, limited scale of markets, and presence in cyclical
industries.  These negative factors are partially offset by the
group's leading positions and solid profitability in performance
chemicals, namely toluene di-isocyanate and methylene di-para-
phenylene isocyanate; firm positions in polyvinyl chloride;
presence in growing markets in central and Eastern Europe; and
moderate financial profile.


BORSODCHEM NYRT: Kikkolux Sarl Clears Way for Planned Takeover
--------------------------------------------------------------
The Board of Directors of BorsodChem Nyrt. was informed by
Kikkolux S.ar.l. that it had completed the business/commercial,
accounting & tax, legal & insurance, technical & environmental
due diligence performed in connection with Kikkolux's potential
takeover bid for the ordinary shares of the Company.

On the basis of the positive findings of the due diligence
Kikkolux maintains its intention to make a public purchase offer
for the ordinary shares of the Company on the terms announced
earlier subject to the completion of the financing necessary for
the public purchase offer.

                         About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total
assets, HUF98.9 billion in total liabilities and HUF139.02
billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Hungary-based intermediate chemicals producer BorsodChem Rt. on
CreditWatch with negative implications, following BorsodChem's
announcement of the receipt of a takeover bid from Permira, a
private equity fund.

"The CreditWatch placement reflects our concerns regarding
BorsodChem's potential higher debt load and subsequent weaker
credit protection measures if this sale materializes," said
Standard & Poor's credit analyst Khaled Zitouni.

The ratings continue to reflect the group's exposure to a single
site, limited scale of markets, and presence in cyclical
industries.  These negative factors are partially offset by the
group's leading positions and solid profitability in performance
chemicals, namely toluene di-isocyanate and methylene di-para-
phenylene isocyanate; firm positions in polyvinyl chloride;
presence in growing markets in central and Eastern Europe; and
moderate financial profile.


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


ADALDYK: Creditors Must File Claims by Oct. 4
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Adaldyk insolvent.

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

         LLP Adaldyk
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


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


KAZTRANSGAS: Growth Policy Prompts S&P to Affirm BB Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit ratings on Kazakhstan-based gas pipeline
operator Intergas Central Asia and its holding company,
KazTransGas.  The outlooks on both ratings are stable.
     
"The ratings reflect the group's aggressive growth policy,
involving both investments and acquisitions; the opaque
regulatory regime under which it operates; and its aged
infrastructure," said Standard & Poor's credit analyst
Eugene Korovin.
     
The group is also indirectly exposed to central Asian gas
producers, and is highly dependent on the operations of OAO
Gazprom.  

Further rating constraints include:

   -- the limited profitability of KTG's gas distribution and
power production acquisitions, and

   -- significant exposure to refinancing risk.

These risks are mitigated by:

   -- the strong profitability of ICA's gas transit operations
in the absence of transit tariff regulation;

   -- the group's strategic importance to its parent, the Kazakh
state-owned KazMunaiGas oil and gas group; and

   -- the favorable position of its transit gas pipelines
between central Asian gas producers and European
suppliers.

KTG also benefits from strong worldwide gas demand and is
protected from downside volume and price risk through a long-
term gas transit contract with Gazprom, related to the Central
Asia-Center pipeline.
     
Standard & Poor's expects KTG's financial profile to become
increasingly aggressive over the short to medium term, as a
result of weaker cash flow generation following the acquisitions
of Almaty Power Consolidated and TbilGas's assets, increased
debt to fund the CAC pipeline expansion, and increased
investment in gas distribution and power.  Consolidated funds
from operations to debt will likely fall to 15%-20% over the
short term.
     
A further weakening of KTG's stand-alone credit quality--due
either to a failure to improve distribution and power subsidiary
performance or a further increase in debt to finance new
acquisitions or investments--could lead Standard & Poor's to
lower the ratings on both KTG and ICA, in the absence of
stronger parental or state support.
     
"The ratings could also be revised to reflect any change in
KMG's credit quality," said Mr. Korovin.

"They do not factor any potential new gas pipeline projects or
acquisitions.  Standard & Poor's would not automatically revise
the ratings in the event of a rating action on the sovereign."
  

SAULET KURYLYS-XXI: Proof of Claim Deadline Slated for Oct. 4
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Saulet Kurylys-XXI insolvent on July 12.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

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


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

Creditors have until Oct. 4 to submit written proofs of claim
at:
   
         LLP Stroyservis-ae
         Valihanov Str. 71-68
    Astana, Kazakhstan
    Tel: 8 (3172) 21-48-16


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


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


KYRGYZ MIGRATION: Proof of Claim Deadline Slated for Oct. 11
------------------------------------------------------------
LLC Kyrgyz Migration Service has declared insolvency.  Creditors
have until Oct. 11 to submit written proofs of claim at:

         LLC Kyrgyz Migration Service
    Isanov Str. 60
    Bishkek, Kyrgyzstan


TINOLI ENTERPRISES: Claims Registration Ends Oct. 11
----------------------------------------------------
LLC Tinoli Enterprises has declared insolvency.  Creditors have
until Oct. 11 to submit written proofs.

Inquiries can be addressed to (+996 312) 62-52-89.


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


AIRPORT SERVICE: Ulyanovsk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region commenced bankruptcy
supervision procedure on CJSC Airport Service.  The case was
docketed under Case No. A72-556/06-17/3-b.

The Temporary Insolvency Manager is:

         A. Sverchkov
         Post User Box 1068
         432026 Ulyanovsk-26
         Russia

The Debtor can be reached at:

         CJSC Airport Service
         Airport Ulyanovsk-Vostochnyj
         Cherdaklinskiy Region
         Ulyanovsk Region
         Russia


ALFA BANK: Fitch Upgrades IDR to BB- on Improved Core Earnings
--------------------------------------------------------------
Fitch Ratings upgraded Russia-based Alfa Bank's ratings to
Issuer Default BB- from B+, Individual C/D from D and National
Long-term to A+ from A.  The Outlooks on the Issuer Default and
National Long-term ratings remain Stable.  Alfa's other ratings
are affirmed at Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

Alfa's upgrade reflects the improvements in the core earnings of
Alfa Banking Group of which Alfa is the main operating entity
and reduced loan concentration.  The upgrade also reflects
improved funding and capital flexibility following international
debt issuance, as well as improvements in the operating
environment.

The ratings are also supported by ABG's large domestic
franchise, its above-average risk management function, good,
asset quality to date and moderate related-party loan and market
risk exposures.  At the same time, the ratings also reflect
ABG's moderate capitalization and still significant
concentrations on both sides of the balance sheet, as well as
remaining weaknesses in the operating environment.

Upward pressure on the ratings could result from a continuation
of current positive trends in respect to loan and funding
diversification and enhancement of core earnings, as well as
further improvements in the operating environment.  A
strengthening of capital ratios would also be a rating positive,
but this is not expected at present.

Downward pressure is viewed as unlikely in the near term, but a
significant deterioration in ABG's currently strong asset
quality, a reduction in already moderate target capitalization
levels or further pressure on the bank's liquidity would all be
rating negatives.

ABG is the largest privately owned banking group in Russia,
although market shares are modest, reflecting the fragmented
nature of the sector.  The group is ultimately owned by seven
individuals, with the largest stake (36%) held by Mikhail
Fridman, the Chairman of the Board.


BELEBEEVSKIY BAKERY: Bankruptcy Hearing Slated for October 5
------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
11:00 a.m. on Oct. 5 to hear the bankruptcy supervision
procedure on OJSC Belebeevskiy Bakery.  The case is docketed
under Case No. A07-12566/06-G-ADM.

The Temporary Insolvency Manager is:

         P. Krivov
         Vostochnaya Str. 68
         Belebey
         452009 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Belebeevskiy Bakery
         Vostochnaya Str. 68
         Belebey
         452009 Bashkortostan Republic
         Russia


BOGATOVSKIY ELEVATOR: Bankruptcy Hearing Slated for December 19
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
will convene at 2:20 p.m. on Dec. 19 to hear the bankruptcy
supervision procedure on OJSC Bogatovskiy Elevator.  

The case is docketed under Case No. A56-20497/2006.

The Temporary Insolvency Manager is:

         A. Tarantov
         17th Linia V.O. 4-6
         199034 St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         OJSC Bogatovskiy Elevator
         Instrumentalshikov Str. 13A
         Sestroretsk
         197706 St. Petersburg Region
         Russia


BRATSK-OIL: Court Names A. Sergeeva as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Ms. A.
Sergeeva as Insolvency Manager for CJSC Bratsk-Oil.  She can be
reached at:

         A. Sergeeva
         Post User Box 1364
         664025 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case    
No. A19-8480/06-29.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Bratsk-Oil
         Gidrostroiteley Str. 536
         Bratsk
         Irkutsk Region
         Russia


BORZINSKAYA POULTRY: G. Konstantinov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Chita Region appointed Mr. G.
Konstantinov as Insolvency Manager for OJSC Borzinskaya Poultry
Farm.  He can be reached at:

         G. Konstantinov
         Post User Box 836
         672051 Chita Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-2260/2006-B-357.  

The Debtor can be reached at:

         OJSC Borzinskaya Poultry Farm
         Borzya
         674607 Chita Region
         Russia


BUDGET: Moscow Court Names A. Lyutyj as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Lyutyj as
Insolvency Manager for CJSC Investment Company Budget.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-23104/06-124-210B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Company Budget
         Leninskiy Pr. 4
         117936 Moscow Region
         Russia


BUILDING MATERIALS: Court Names V. Molchun as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. V. Molchun
as Insolvency Manager for OJSC Republican Institute Of Building
Materials.  He can be reached at:

         V. Molchun
         Room 2
         Michurina Str. 50
         410056 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-9B/06-12.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Republican Institute Of Building Materials
         Pugachevskaya Str. 147/151
         Saratov Region
         Russia


BULGAR-TOBACCO-SOCHI: I. Novikova to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Ms. I.
Novikova as Insolvency Manager for CJSC Bulgar-Tobacco-Sochi
(TIN 2317031019).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-6097/2003-1/71-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Bulgar-Tobacco-Sochi
         Gastello Str. 38
         Sochi
         354024 Krasnodar Region
         Russia


BUSINESS MOSCOW: Court Names Endowment Agency as Liquidator
-----------------------------------------------------------
The Arbitration Court of Moscow appointed the State Corporation
Agency on Endowment Insurance for JSCB Business Moscow.  The
Insolvency Manager can be reached at:

         State Corporation Agency on Endowment Insurance
         Tupik Str. 4.
         Verkhne-Vaganskiy
         109240 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-33474/05-95-649B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         JSCB Business Moscow (OJSC)
         9th Parkovaya Str. 39
         Moscow Region
         Russia


DINSKOY: Court Names V. Rybachenko as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. V.
Rybachenko as Insolvency Manager for OJSC Diary Dinskoy (TIN
2330016242, OGRN 1022303612242).  He can be reached at:

         V. Rybachenko
         Armavirskaya Str. 45
         Eysk
         353680 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-13980/2005-44/184B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Diary Dinskoy
         Sadovaya Str. 48
         Dinskaya St.
         Dinskoy Region
         353200 Krasnodar Region
         Russia


EAR: Kurgan Court Names S. Skryabin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. S. Skryabin
as Insolvency Manager for CJSC Ear.  He can be reached at:

         S. Skryabin
         Post User Box 4277
         640023 Kurgan-23
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-1449/2006.

The Debtor can be reached at:

         CJSC Ear
         Maloye Okuneva
         Mishkinskiy Region
         Kurgan Region
         Russia


ENERGO-FINANCE: Court Names M. Vasilega as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for CJSC Financial-Investment Company Energo-
Finance (TIN 7727063292).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-30643/06-101-385B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Financial-Investment Company Energo-Finance
         Sevastopolskiy Pr. 34
         Moscow Region
         Russia


GAZPROM OAO: Nears Deal to Own 20% of OAO Novatek
-------------------------------------------------
OAO Gazprom revealed that it is close to sealing its planned
share acquisition in independent natural gas producer OAO
Novatek [RTS: NVTK], Ria Novosti says.

Gazprom is planning to acquire a 20% stake in Novatek.  The deal
will allow Gazprom to gain two seats on Novatek's board.

                        About Novatek

Headquartered in Moscow, OAO Novatek (RTS: NVTK; LSE: NVTK;
NASDAQ: NVATY) is Russia's second largest gas company after
state-controlled Gazprom, and the largest of the country's
independent gas producers.

For the first half of 2006, Novatek posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.

                        About Gazprom

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

                        *     *     *

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

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

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


IRBITSKIY: Sverdlovsk Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on LLC Irbitskiy Motor Cycle Factory.  The
case is docketed under Case No. A60-13610/2006-S11.

The Temporary Insolvency Manager is:

         V. Legalov
         Gorkogo Str. 31
         Ekaterinburg
         620075 Sverdlovsk Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         LLC Irbitskiy Motor Cycle Factory
         Sovetskaya Str. 100
         Irbit
         623851 Sverdlovsk Region
         Russia


IRKUTS-MARBLE-GRANITE: Y. Bezverbnyj to Manage Assets
-----------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. Y.
Bezverbnyj as Insolvency Manager for CJSC Irkuts-Marble-Granite.  
He can be reached at:

         Y. Bezverbnyj
         Post User Box 141
         664081 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-13414/06-29.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Irkuts-Marble-Granite
         Y. Bezverbnyj
         Post User Box 141
         664081 Irkutsk Region
         Russia


IVOLGA: Volgograd Bankruptcy Hearing Slated for October 3
---------------------------------------------------------
The Arbitration Court of Volgograd Region commenced bankruptcy
supervision procedure on LLC Kamyshinskaya Garment Factory
Ivolga (TIN 34436011687).  The case is docketed under Case No.
A12-7595/06-55.

The Temporary Insolvency Manager is:

         A. Titov
         Office 400
         7th Gvardeyskaya Str. 2a
         400005 Volgograd Region
         Russia

The Debtor can be reached at:

         LLC Kamyshinskaya Garment Factory Ivolga
         Mira Str. 2a
         Kamyshin
         403870 Volgograd Region
         Russia


KALM-OIL: Kalmykiya Court Names Y. Nazarov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kalmykiya Republic appointed Mr. Y.
Nazarov as Insolvency Manager for OJSC Kalm-Oil.  He can be
reached at:

         Y. Nazarov
         Pushkina Str. 50
         Elista
         358000 Kalmykiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 22-123/05/4-18.

The Debtor can be reached at:

         OJSC Kalm-Oil
         Elista
         Kalmykiya Republic
         Russia


KAZANORGSINTEZ OJSC: Fitch Affirms Issuer Default Rating at B
-------------------------------------------------------------
Fitch Ratings affirmed Russia-based OJSC Kazanorgsintez's
ratings at Issuer Default B with Stable Outlook and Short-term
B.

The ratings continue to reflect Kazanorgsintez's strong
profitability and solid position in the Russian chemicals
market.  They have factored in the company's ambitious capital
expenditure program, with total investments of around US$755
million in 2005-2008, of which US$272 million is for 2006 alone.

The program is due to be completed in 2008.  These investment
projects appear to be on track but still carry significant
execution and integration risks.

While Kazanorgsintez's EBITDA margin has dropped to 25% in FY05
from 28% in FY04, it remains high and superior to its major
petrochemical peers in Western Europe.  Despite solid results in
FY05, H106 results prepared according to Russian accounting are
somewhat weak.  The group reported H106 sales growth of 8% y-o-y
but a 40% drop in net profit to RUR570 million (US$21.3 million)
after production costs rose 24%.

Deterioration in profits is a result of disruption of ethane
supply from Kazanorgsintez's core supplier.  Although supplies
have been fully restored at end-April, the financial impact of
the disruption will be reflected in the FY06 results and in
Fitch's view might prevent Kazanorgsintez from achieving its
forecasted 23.8% revenue growth and 36% increase in EBITDA.

As assumed in Fitch's analysis published on Dec. 5, 2005,
Kazanorgsintez's capital structure has deteriorated
significantly.  Total debt/EBITDA increased to 1.8x at FYE05
(0.2x in FYE04) and is estimated to exceed 3x in 2006.  Group's
management projection of total debt/EBITDA of 2.4x at FYE06 is
viewed as over optimistic by Fitch.

This is further supported by the fact that Kazanorgsintez had to
renegotiate its financial covenants, namely debt/EBITDA to 4.05x
(from 3x) and total debt/net worth to 140% (from 100%).  
Although still strong, interest coverage ratios have
deteriorated with operating EBITDA/interest falling to 27x in
FY05 from 61x in FY04 and are expected to drop further in 2006-
2007.

With market fundamentals remaining strong for Kazanorgsintez,
Fitch views the capital spending program as a step forward to
improve its competitiveness and business profile.  The
deterioration of its financial profile has already been factored
into the ratings and is expected to reverse following the
completion of the investment program.

Kazanorgsintez is one of the leading Russian petrochemical
producers based in the Republic of Tatarstan (rated BB/B) and
focused on the manufacturing of commodity chemicals such as
ethylene, certain types of polyethylene along with phenol and
acetone.  In FY05 the group achieved sales of RUR13.2 billion
(US$496 million) and EBITDA of RUR3.3 billion (USD 124 million).


KOMSOMOLSKOYE: Chuvashiya Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced
bankruptcy supervision procedure on OJSC Agro Company
Komsomolskoye.  The case is docketed under Case No. A79-2693/
2006.

The Temporary Insolvency Manager is:

         V. Gavryutin
         Office 37
         Krymova Str. 12
         432071 Ulyanovsk Region
         Russia

The Debtor can be reached at:

         OJSC Agro Company Komsomolskoye
         Kuybysheva Str. 5
         Komsomolskoye
         429140 Chuvashiya Republic
         Russia


KRASNOSELSKAYA: Court Names A. Zaytsev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Zaytsev as Insolvency Manager for CJSC Agro Company
Krasnoselskaya.  He can be reached at:

         A. Zaytsev
         Post User Box 2897
         350004 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-52765/05-38/552 B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Agro Company Krasnoselskaya
         Lenina Str. 4a
         Sovetskiy
         Timashevskiy Region
         352731 Krasnodar Region
         Russia


KURGANSKAYA: Court Names N. Kiselev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. N. Kiselev
as Insolvency Manager for OJSC Kurganskaya Leasing Company (TIN
4501050560).  He can be reached at:

         N. Kiselev
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-2059/2006.

The Debtor can be reached at:

         OJSC Kurganskaya Leasing Company
    Kuybysheva Str. 35
         640000 Kurgan Region
         Russia


LUKOIL OAO: Improves Ranking in Platts' Top European Energy Firm
----------------------------------------------------------------
OAO Lukoil has moved up in the American energy agency Platts'
2006 Top 250 listing of Global Energy Companies.

It is now ranked in sixth place amongst European companies and
15th of the global enterprises.

Companies were ranked according to four main criteria -- asset
value, revenue, profit and return on capital employed.

The assessments were made based on data from Standard & Poor's,
which like Platts is a division of the McGraw-Hill Group.

In the 2005 Top 250 Global Energy Companies Rankings, Lukoil
held ninth and 16th positions respectively.

                        About Lukoil

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

                        *     *     *

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

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

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


NOVATEK OAO: Nears 20% Equity Sale Deal with OAO Gazprom
--------------------------------------------------------
OAO Gazprom revealed that it is close to sealing its planned
share acquisition in independent natural gas producer OAO
Novatek [RTS: NVTK], Ria Novosti says.

Gazprom is planning to acquire a 20% stake in Novatek.  The deal
will allow Gazprom to gain two seats on Novatek's board.

                        About Gazprom

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

                        About Novatek

Headquartered in Moscow, OAO Novatek (RTS: NVTK; LSE: NVTK;
NASDAQ: NVATY) is Russia's second largest gas company after
state-controlled Gazprom, and the largest of the country's
independent gas producers.

For the first half of 2006, Novatek posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


PERVOMAYSKOYE: Bankruptcy Hearing Slated for Dec. 5
---------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene at 2:00
p.m. on Dec. 5 to hear the bankruptcy supervision procedure on
CJSC Pervomayskoye (TIN 7425000151).  The case is docketed under
Case No. A76-9751/2006-48-86.

The Temporary Insolvency Manager is:

         R. Akhmetov
         Stalevarov Str. 17
         Magnitogorks
         455037 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Pervomayskoye
         Tsentralnaya Str. 31
         Pervomayskiy
         Agapovskiy Region
         457441 Chelyabinsk Region
         Russia


POLYTROPHIC: Kurgan Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Kurgan Region commenced bankruptcy
supervision procedure on OJSC Polytrophic Combine Zauralye (TIN
4501117279).  The case is docketed under Case No. A34-10563/05.

The Temporary Insolvency Manager is:

         O. Shelepov
         K. Myagotina Str. 129-1
         640000 Russia

The Debtor can be reached at:

         OJSC Polytrophic Combine Zauralye
         K. Marksa Str. 106
         Kurgan Region
         Russia


POULTRY FARM: Court Names L. Akhmetshina as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Ms. L.
Akhmetshina as Insolvency Manager for State Unitary Enterprise
Poultry Farm.  She can be reached at:

         L. Akhmetshina
         Post User Box 212
         Elabuga
         423603 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-32268/2005-SG4-21.

The Debtor can be reached at:

         State Unitary Enterprise Poultry Farm
         Leninogorsk
         Tatarstan Republic
         Russia


ROS-INSTRUMENT: Court Names G. Kazakbaev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. G.
Kazakbaev as Insolvency Manager for CJSC Ros-Instrument.  He can
be reached at:

         G. Kazakbaev
         O. Tikhomirovoy Str. 59
         Yoskar Ola
         424031 Mariy El Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-1571-19/197-2006.

The Debtor can be reached at:

         CJSC Ros-Instrument
         Y. Kyrlya Str. 19-b
         Yoshkar-Ola
         424019 Mariy El republic
         Russia


SHIGRY-AGRO-KHIM-SERVICE: Bankruptcy Hearing Slated for Oct. 18
---------------------------------------------------------------
The Arbitration Court of Kursk Region will convene on Oct. 18 to
hear the bankruptcy supervision procedure on OJSC Shigry-Agro-
Khim-Service.  

The case is docketed under Case No. A35-3487/06 g.

The Temporary Insolvency Manager is:

         M. Savryukov
         Seregina Str. 20
         305018 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Shigry-Agro-Khim-Service
         Lazareva Str. 17
         Shigry
         306530 Kursk Region
         Russia


SUKHOLOZHSKIY: Court Names V. Kovalev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. V.
Kovalev as Insolvency Manager for OJSC Sukholozhskiy Mechanical
Factory (TIN 6633002528).  He can be reached at:

         V. Kovalev
         Gogolya Str. 1
         Sukhoy Log
         624800 Sverdlovsk region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-38967/05-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Sukholozhskiy Mechanical Factory
         Gogolya Str. 1
         Sukhoy Log
         624800 Sverdlovsk Region
         Russia


TMK OAO: Hikes Pipe Shipments by 30% in First Half 2006
-------------------------------------------------------
During the first half 2006, OAO TMK shipped some 700,000 tons of
oil and gas pipes to customers globally, with 30% of these
drilling, casing and oilwell products going for export.

Compared to the same 2005 period, oilwell tubing and casing pipe
supplies to Russian oil and gas companies grew by 51.6% and
drilling pipes supply rose by 13.5%.  The share of new high-
technology pipes in the total volume of shipped products
amounted to around 60%.  In general, the supply of high-strength
drilling pipes increased by 15%, and the overall growth in
volume of pipe shipment to oil and gas companies is up 26% on
last year.

Quality improvements and expansion of the range of seamless
pipes for the oil and gas industry has become possible due to
long-term scientific and technical cooperation with TMK's
partners and implementation of in-house technological
developments.  The latter includes highly hermetical close-
coupled thread connections for casing pipes TMK-GF, TMK-FM, TMK-
FMC, TMK-TTL-01, TMK-CS, TMK-1, as well as the new highly
hermetical connection for oilwell tubing TMK-FMT.

In July 2006, TMK signed a long-term supply contract with the
oil company Salym Petroleum Development N.V., and started a
programme of scientific and technical cooperation with Gazprom
(effective through 2009).

Key consumers of oil and gas pipes produced by TMK in Russia in
January-June 2006 were such companies as Rosneft,
Surgutneftegas, Sibheft, TNK-BP, Lukoil, Gazprom, Tatneft,
Bashneft and Sidanko.

                           About TMK

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

                        *     *     *

As reported in TCR-Europe on Sept. 11, 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.  
Moody's said the outlook on both ratings is positive.

On Sept. 9, the TCR-Europe reported that Standard & Poor's
Ratings Services assigned a 'B+' long-term corporate credit
rating to OAO TMK.  Standard & Poor's also assigned its 'B+'
preliminary senior unsecured debt rating to TMK's proposed
Eurobond, which will be issued by special-purpose vehicle TMK
Capital S.A.


URALSKIY JEWELER: Sverdlovsk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on CJSC Uralskiy Jeweler (TIN 664048561).
The case is docketed under Case No. A60-4634/2006-S11.

The Temporary Insolvency Manager is:

         D. Lazarev
         Post User Box 106
         Main Post Office
         620000 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Str. 34
         620075 Ekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Uralskiy Jeweler
         Rodonitovaya Str. 23-12
         Frunze Str. 20
         Sverdlovsk Region
         Russia


USSURIYSKIY BREWERY: A. Strelnikov to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Primorskiy Region appointed Mr. A.
Strelnikov as Insolvency Manager for LLC Ussuriyskiy Brewery.   
He can be reached at:

         A. Strelnikov
         Post User Box 198
         Ussuriysk
         692512 Primorskiy Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-15080/2005 21-226 b.

The Debtor can be reached at:

         LLC Ussuriyskiy Brewery
         Toporkova Str. 126
         Ussuriysk
         692512 Primorskiy Region
         Russia


UVINSKIY: Court Names L. Bogdanov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. L.
Bogdanov as Insolvency Manager for LLC Uvinskiy Brickworks.  He
can be reached at:

         L. Bogdanov
         Post User Box 425
         8th department
         427628 Glazov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-252/2003-G26.

The Debtor can be reached at:

         LLC Uvinskiy Brickworks
         Lesnaya Str. 1
         Podmoy
         Uvinskiy Region
         Udmurtiya Republic
         Russia


VNESHTORGBANK JSC: Signs Cooperation Deal with Attijariwafa Bank
----------------------------------------------------------------
Vneshtorgbank entered into a Cooperation Agreement with
Attijariwafa bank, Morocco on Sept. 5.

The Agreement is designed to enhance a mutually rewarding
partnership between Vneshtorgbank and Attijariwafa bank in order
to facilitate banking services underpinning foreign trade
turnover between the Russian Federation and the Kingdom of
Morocco.

In particular, the Agreement provides for stronger cooperation
in trade finance, investment support and export enhancement; a
further boost is also expected in cooperation in capital market.  
It is of note that this is the first document of this kind
signed between the banks of Russia and Morocco.

                      About Attijariwafa

Attijariwafa bank is the largest bank in Morocco. As of Dec. 31,
2005, the bank`s own capital amounted to around US$208 million,
with assets approaching US$13billion.

                      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.


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


AYT GENOVA: Fitch Gives BB+ Rating on EUR21-Mln Class D Notes
-------------------------------------------------------------
Fitch Ratings assigned final ratings to AyT Genova Hipotecario
VIII, Fondo de Titulizacion Hipotecaria' mortgage-backed
floating-rate notes totaling EUR2.1 billion due in May 2039.

   -- EUR462 million Class A1: AAA;
   -- EUR1.575 billion Class A2: AAA;
   -- EUR21 million Class B: AA;
   -- EUR21 million Class C: BBB+; and
   -- EUR21 million Class D: BB+.

This transaction is a cash flow securitization of a EUR2.1
billion static pool of first-ranking residential mortgage loans
originated by Barclays Bank, S.A., which is 99.63%-owned by
Barclays Bank PLC (rated AA+/F1+).

The ratings on the notes are based on the quality of the
underlying collateral, the underwriting and servicing of the
mortgage loans, available credit enhancement and the sound legal
and financial structure of the transaction.  

The ratings address the fund's capacity for timely payment of
interest on each payment date and for repayment of the principal
during the life of the operation and, in all events, prior to
the legal maturity date, according to the terms and conditions
of the documentation, which envisage interest deferral triggers
on the Class B, C and D notes.

This is the eighth residential mortgage securitization conducted
by BBSA out of the "Genova" program and the sixth rated by
Fitch.  As in previous Genova transactions, BBSA originated the
securitised mortgages and will continue to service the
portfolio.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
securities the mortgage participations it has acquired from BBSA
and from two outstanding securitization funds, AyT Genova
Hipotecario I and AyT Genova Hipotecario V, as part of their
liquidation process.

PHs for these transactions were issued in December 2002 and
November 2004, respectively.  The PHs were subscribed by Ahorro
y Titulizacion, S.G.F.T., S.A., whose sole function is to manage
asset-backed notes on behalf of the fund.

The securitized pool comprises "Hipoteca Remunerada" loans, an
amortizing mortgage product bearing a margin of 45bp over 12-
month Euribor.  All loans are paid via direct debit since the
Hipoteca Remunerada product is marketed along with an interest-
bearing bank account. The weighted-average seasoning of the
portfolio is over 26 months, compared with 13 months in the
previous Genova VI and VII transactions.

Since Hipoteca Remunerada is primarily offered to high net worth
Spanish clients, the average value of the properties backing the
mortgages is over EUR278,000 and many of them fall into the high
end of the Spanish property market, where demand may slow in
times of economic crisis.  This risk was addressed in Fitch's
recovery rate calculations by applying a jumbo stress of 15% to
these loans.


HIPOCAT 10: Fitch Junks EUR25.5 Million Class D Notes
-----------------------------------------------------
Fitch Ratings assigned ratings to HIPOCAT 10, Fondo de
Titulizacion de Activos' mortgage-backed floating-rate notes
totaling EUR1.526 billion.

   -- EUR160 million Class A1 due in October 2007: AAA;
   -- EUR733.4 million Class A2 due in October 2039: AAA;
   -- EUR300 million Class A3 due in October 2039: AAA;
   -- EUR200 million Class A4 due in April 2012: AAA;
   -- EUR54.8 million Class B due in October 2039: A;
   -- EUR51.8 million Class C due in October 2039: BBB; and
   -- EUR25.5 million Class D due in October 2039: CCC.

This transaction is a cash flow securitization of a EUR1.5
billion static pool of first-ranking residential mortgage loans
granted by Caixa d'Estalvis de Catalunya to residents in Spain.

The ratings are based on the quality of the collateral,
available credit enhancement, the legal and financial structure
of the deal, the underwriting and servicing of the collateral
and Gestion de Activos Titulizados, S.G.F.T., S.A.'s
administrative capabilities.  

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

The Class D notes have been issued to finance the cash reserve
fund.  The Class D notes are ultimately likely to default, and
their ratings are supported by the expected recovery rate for
noteholders, that is, the amounts investors are likely to
receive during the life of the transaction.

This is the tenth residential mortgage securitization conducted
out of the "HIPOCAT" programme and the eight rated by Fitch.  As
in previous HIPOCAT transactions, the securitized pool comprises
the initial drawdowns of mortgage lines of credit originated by
Caixa Catalunya, who will continue to service the portfolio.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
securities a portfolio of mortgage certificates acquired from
Caixa Catalunya.  The CTHs have been subscribed by the sociedad
gestora, whose sole function is to manage asset-backed notes on
behalf of the fund.

The Class A1 notes will be repaid on a pass-through basis until
their final legal maturity in date October 2007, and the Class
A4 notes will be repaid with a bullet payment in April 2012.  
The AAA rating assigned to the A1 and A4 notes was sized using
conservative constant prepayment rate scenarios.

Additionally, a sole purpose credit line provided by Calyon,
Spanish branch (rated AA/F1+) and sized at 6.7% of the original
collateral balance will be set up to guarantee that funds are
available to redeem these notes in their entirety at their legal
maturity.


IM CAJAMAR 4: Fitch Junks EUR12 Million Series E Notes
------------------------------------------------------
Fitch Ratings assigned expected ratings to IM Cajamar 4 Fondo de
Titulizacion de Activos' notes totaling EUR1.012 billion due in
March 2049.

   -- EUR961.5 million Series A: AAA;
   -- EUR25 million Series B: AA;
   -- EUR5 million Series C: A+;
   -- EUR8.5 million Series D: BBB; and
   -- EUR12 million Series E: CCC.

This transaction is a cash flow securitization of a EUR1 billion
static pool of first ranking residential mortgage loans granted
by Caja Rural Intermediterranea S.C.C.

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

The expected ratings are based on the quality of the underlying
collateral, the underwriting and servicing capabilities of
Cajamar, available credit enhancement and the sound legal and
financial structure of the transaction.  CE for all Classes of
notes will be provided by the subordination of the Classes
junior to them and the reserve fund, with the exception of the
Class E notes, which are solely collateralized by the excess
spread.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, C, and D notes, as
well as the repayment of principal by legal final maturity in
March 2049.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose is to convert the
mortgage participations and mortgage transfer certificates
acquired from the seller into residential mortgage-backed
securities.  The participations and certificates will be
subscribed by InterMoney Titulizacion S.G.F.T., S.A., whose
activities are limited to the management of securitization
funds.

This is the fourth stand-alone residential mortgage loan
securitization originated by Cajamar, following IM Cajamar 3,
FTA, presented to the market in March 2006.  Both transactions
are similar in terms of their collateral composition and
structure.


TDA 25: Fitch Gives Final BB+ on EUR2.5 Million Class D Notes
-------------------------------------------------------------
Fitch Ratings assigned final ratings to TDA 25, Fondo de
Titulizacion de Activos' EUR265 million mortgage-backed
floating-rate notes.

   -- EUR250.3 million Class A due in March 2041: AAA;

   -- Non-accelerated interest-only security (NAS-IO) due in
      September 2009: AAA;

   -- EUR6.9 million Class B due in March 2041: A;

   -- EUR5.3 million Class C due in March 2041: BBB; and

   -- EUR2.5 million Class D due in March 2041: BB+.

This transaction is a cash flow securitization of a EUR265
million static pool of first-ranking Spanish residential
mortgage loans originated and serviced by Banco Gallego and
Union de Credito Financiero Mobiliario e Inmobiliario, together
"the sellers".

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos, S.G.F.T.,
S.A.'s administrative capabilities.

Initial CE for the A to C notes is provided by subordination and
a reserve fund, which has been funded at closing using part of
the proceeds from the issuance of the notes.  Initial CE for the
class D notes is provided by the reserve fund only.  

The ratings of the Class A, B, C and D notes address payment of
interest on the notes according to the terms and conditions of
the documentation, subject to a deferral trigger on the Class B,
C and D notes, as well as the repayment of principal by the
legal final maturity date of the fund.  The rating of the NAS-IO
strip addresses the timely payment of interest.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage participations
and mortgages certificates acquired from the sellers.  The PHs
and CTHs will be subscribed by the sociedad gestora, whose sole
function is to manage asset-backed notes on behalf of the fund.

The NAS-IO notes will pay a coupon on a notional balance defined
as the minimum of 18% of the initial balance of the Class A
notes or the current balance of the Class A notes at any point
in time.  

The coupon will be equivalent to 2.5% per year until the fourth
interest payment date of the transaction in September 2007, and
2% per year for the next eight interest payment dates until the
expected maturity date of the NAS-IO in September 2009.  

During this period, some collateral revenues will be used to pay
the NAS-IO note coupon, reducing the amount of excess spread
available for first loss protection.


TDA 26-MIXTO: Fitch Junks EUR8.1 Million Class 1-D & 2-C Notes
--------------------------------------------------------------
Fitch Rating assigned final ratings to TDA 26-Mixto, Fondo de
Titulizacion de Activos' mortgage-backed floating-rate notes
totaling EUR908.1 million due in January 2049.

  -- EUR165 million Class 1-A1: AAA;
  -- EUR636.4 million Class 1-A2: AAA;
  -- EUR18.2 million Class 1-B: A;
  -- EUR5.4 million Class 1-C: BBB;
  -- EUR6.2 million Class 1-D: CCC;
  -- EUR70.1 million Class 2-A: AAA;
  -- EUR4.9 million Class 2-B: A-; and
  -- EUR1.9 million Class 2-C: CCC.

This transaction is a cash flow securitization of a EUR900
million static pool of Spanish residential mortgage loans
originated and serviced by Banco Guipuzcoano and Banca March,
together "the sellers".  This is the second securitization of
residential mortgage loan originated by both sellers and the
first one rated by Fitch.

The ratings are based on the quality of the collateral,
available credit enhancement, the legal and financial structure
of the deal, the underwriting and servicing of the collateral
and the Titulizacion de Activos, S.G.F.T., S.A.'s administrative
capabilities.  

The ratings on the Class 1-A1, 1-A2, 1-B, 1-C, 2-A and 2-B notes
address payment of interest on the notes according to the terms
and conditions of the documentation, subject to a deferral
trigger on the Class 1-B, 1-C and 2-B notes, as well as the
repayment of principal by the legal final maturity for each
note.  

The Class 1-D and 2-C notes have been issued to finance the cash
reserve fund of 1-A1, 1-A2, 1-B, 1-C (Group 1) and 2-A and 2-B
(Group 2) notes, respectively.  The Class 1-D and 2-C notes are
ultimately likely to default, and their ratings are supported by
the expected recovery rate for noteholders, that is, the amounts
investors are likely to receive during the life of the
transaction.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform two
segregated portfolios of residential mortgage loans - a
portfolio of mortgage participations and another portfolio of
mortgage certificates acquired from the sellers into two
different groups of securities, Group 1 and Group 2.

The PHs and CTHs have been subscribed by Titulizacion de
Activos, S.G.F.T., S.A., whose sole function is to manage asset-
backed notes on behalf of the fund.

The credit quality of the PHs portfolio backing Group 1 notes is
stronger than the credit quality of the CTHs portfolio backing
Group 2 notes since all the PHs are first-ranking mortgages with
loan-to-values below 80%, whereas CTHs are first and second
raking mortgages with LTV above 80%.


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


AGRIYA: Court Names Oleksandr Zhilich as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Volinska Region appointed Oleksandr
Zhilich as Liquidator/Insolvency Manager for LLC Agriya (code
EDRPOU 31102392).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 14.  The case is docketed
under Case No. 1/63-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 Agriya
         Vidrodzhennya Str. 1
         43025 Lutsk Region
         Ukraine


AGROINDUSTRIAL INVESTING: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Agroindustrial Investing Company
(code EDRPOU 31171822) on July 27.  The case is docketed under
Case No. 43/462.

The Temporary Insolvency Manager is:
        
         Viktor Sunitsya
         a/b 70
         01042 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Agroindustrial Investing Company
         Artema Str. 66/1
         Kyiv Region
         Ukraine


ALPREIK: Kyiv Court Commenced Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Alpreik (code EDRPOU 32306826) after
finding it insolvent on April 11.  The case is docketed under
Case No. 15/201-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Alpreik
         Vozyednannya Avenue 7-a
         02160 Kyiv Region
         Ukraine


BILOVODSK BREAD: Lugansk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on Joint Enterprise Bilovodsk Bread
Combine (code EDRPOU 01729826).  The case is docketed under Case
No. 20/37 b.

The Temporary Insolvency Manager is:
        
         Oleksandr Klinchev
         Lermontov Str. 1-g
         Lugansk Region
         Ukraine

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         Joint Enterprise Bilovodsk Bread Combine
         Lenin Str. 206
         Bilovodsk
         92800 Lugansk Region
         Ukraine


COMGATES UKRAINE: Kyiv Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Comgates Ukraine Ltd. (code EDRPOU
31172716) after finding it insolvent.  The case is docketed
under Case No. 44/529-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Comgates Ukraine Ltd.
         R. Okipna Str. 2
         02002 Kyiv Region
         Ukraine


DOLINA-AGRO: Court Names Oleksandr Tereshenko as Liquidator
-----------------------------------------------------------
The Economic Court of Poltava Region appointed Oleksandr
Tereshenko as Liquidator/Insolvency Manager for Agricultural LLC
Dolina-Agro (code EDRPOU 31913875).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 27.  The case is docketed
under Case No. 20/357.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dolina-Agro
         Shiroka Dolina
         Velikobagachanskij District
         38320 Poltava Region
         Ukraine


MARLEN: Kyiv Court Commences Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Marlen (code EDRPOU 30855577) after
finding it insolvent.  The case is docketed under Case No.
44/531-b.
        
The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Marlen
         Fanerna Str. 1
         02160 Kyiv Region
         Ukraine


NERPA: Volinska Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on LLC Nerpa (code EDRPOU 30007162) on
Aug. 3.  The case is docketed under Case No. 8/63-B.

The Temporary Insolvency Manager is:

         I. Kostukevich
         Grushevskij Str. 30/22
         43000 Lutsk Region
         Ukraine

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 Nerpa
         Rivnenska Str. 60-b
         Strumivka
         Lutsk District
         45603 Volinska Region
         Ukraine


PASAVTOPROM: Lviv Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on OJSC Pasavtoprom (code EDRPOU 05808787)
on June 14.  The case is docketed under Case No. 6/95-8/165.

The Temporary Insolvency Manager is:

         Galina Kovalko
         Klusivska Str. 18/29
         Chervonograd
         Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         OJSC Pasavtoprom
         Strijska Str. 45
         79026 Lviv Region
         Ukraine


POLYANA: Cherkassy Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on Agricultural LLC Machine-Technological
Station Polyana (code EDRPOU 31100589) on July 25.  The case is
docketed under Case No. 01/3634.

The Temporary Insolvency Manager is:
        
         Volodimir Bilan
         Lazarev Str. 6
         18000 Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Machine-Technological Station Polyana
         Lazarev Str. 6
         18000 Cherkassy Region
         Ukraine


SUNRISE-INVESTMENTS: Court Names O. Sherban as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Sherban as
Liquidator/Insolvency Manager for LLC Sunrise-Investments (code
EDRPOU 23514606).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 19.  The case is docketed
under Case No. 43/110.

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 Sunrise-Investments
         40-richya Zhovtnya Avenue 116-a
         03127 Kyiv Region
         Ukraine


TECHNICAL SUPPORT: Court Names Mr. V. Koval as Liquidator
---------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. V. Koval as
Liquidator/Insolvency Manager for Enterprise Technical Support
Department (code EDRPOU 00182828).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 8.  The case is docketed
under Case No. 42/140 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Enterprise Technical Support Department
         Izotov Str. 2
         Gorlivka
         84601 Donetsk Region
         Ukraine


UKREXIMBANK: Fitch Assigns BB- Rating on US$350 Million Eurobond
----------------------------------------------------------------
Fitch Ratings assigned Credit Suisse International's US$350
million 7.65% issue of limited recourse loan participation notes
due September 2011 a final Long-term rating of BB-.  The notes
are to be used solely for financing a loan to The State Export-
Import Bank of Ukraine (Issuer Default BB-/Stable Outlook,
Short-term B, Support 3, Individual D/E, National Long-term
AA/Stable Outlook) under a loan agreement.

Ukrexim has covenanted to restrict the aggregate exposure to
related parties to 35% of consolidated IFRS assets.  

Ukreximbank was founded in 1992 and was the fifth largest
Ukrainian bank by assets at end-H106.  The bank's principal
franchise lies in serving corporate customers (mainly
export/import oriented) and their workforce.


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


3 COUNTIES: Appoints Ian Franses as Liquidator
----------------------------------------------
Ian Franses of Ian Franses Associates was appointed Liquidator
of 3 Counties Developments Limited on May 22 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         3 Counties Developments Limited
    Old Bedford Road
    Luton LU2 7BW
    United Kingdom
    Tel: 01582 585 652


ACTION PACK: Stephen P. J. Whites Leads Liquidation Procedure
-------------------------------------------------------------
Stephen P. J. White was appointed Liquidator of Action Pack
Limited on June 22 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Action Pack Limited
    Unit 3
    Preston Enterprise Centre
    Salter Street
    Preston
    Lancashire PR1 1NT
    United Kingdom
    Tel: 01772 200125   


ADVANCED INDUSTRY: Names Devdutt Patel as Liquidator
----------------------------------------------------
Devdutt Patel was named liquidator of Advanced Industry Ltd. on
June 30 for the purposes of creditors' voluntary liquidation
proceedings.

The company can be reached at:

         Advanced Industry Ltd.
         Claypit Lane
         West Bromwich
         West Midlands B70 9UN
         United Kingdom
         Tel: 0121 553 4060


ARCFORCE MECHANICAL: Names Stephen Harfitt Liquidator
-----------------------------------------------------
Stephen Harfitt of Haines Watts BRI was appointed Liquidator of
Arcforce Mechanical Services Ltd. on June 20 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Arcforce Mechanical Services Ltd.
    5-9 Berkeley Avenue
    Reading RG1 6EL
    United Kingdom
    Tel: 0118 901 8882


ATKINSONS PRESSINGS: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Richard John Elwell and David John Watchorn of Elwell Watchorn &
Saxton LLP were appointed Joint Liquidators of Atkinsons
Pressings Limited on June 1 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Atkinsons Pressings Limited
    Sapcote Road
    Burbage
    Hinckley
    Leicestershire LE102AZ
    United Kingdom
    Tel: 01455 635 291


BAA PLC: Facing GBP20 Million Cost From August Terror Alert
-----------------------------------------------------------
U.K.'s largest airport operator BAA plc is set to announce a
GBP20 million cost in August due to thousands of flight
cancellations over last month's foiled terror attempts, BBC News
reports.

The company will publish today the details of passenger figures
for August, which will also outline the cost of the alert to its
business, BBC relates.

Last week, British Airways reported a GBP40 million loss after
it cancelled some 1,280 flights during the period Aug. 10 to
Aug. 17 as a result of the disruption at the London airports.  

                      About the Company

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

                        *     *     *

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

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

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


BALTOIS LIMITED: Taps Gerald Irwin to Liquidate Assets
------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed liquidator of
Baltois Limited on June 29 for the purposes of creditors'
voluntary winding-up procedure.

The company can be reached at:

         Baltois Limited
         Unit 6a
         Willenhall Lane Industrial Estate
         Willenhall Lane
         Bloxwich
         Walsall WS3 2XN
         United Kingdom
         Tel: 01922 473 351


BARRINGTONS FURNITURE: Names Ian William Kings as Administrator
---------------------------------------------------------------
Ian William Kings of Tenon Recovery was named administrator of
Barringtons Furniture Store Limited (Company Number 03776490) on
Aug. 29.

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

Barringtons Furniture Store Limited can be reached at:

         24 Fawcett Street
         Sunderland
         Tyne and Wear SR1 1RH
         United Kingdom
         Tel: 0191 565 8834
         Fax: 0191 514 7237


BETONSPORTS PLC: District Court Extends Ban on U.S. Operations
--------------------------------------------------------------
The Hon. Carol Jackson of the U.S. District Court for the
Eastern District of Missouri extended the temporary restraining
order against U.K. gaming company BetonSports Plc until Sept. 20
to give the Justice Department extra time to serve pleadings on
the company in Costa Rica and London, Bloomberg News says.

Judge Jackson extended the ban, which was to expire on Sept. 1,
at the request of U.S. prosecutor Marty Woelfle.  The Court
issued the restraining order on July 17, the day the Justice
Department unsealed a 22-count indictment against BetonSports
founder Gary Kaplan and Chief Executive Officer David
Carruthers.  

Charges include racketeering, mail fraud and facilitation of
gambling across state and national boundaries -- all as results
of taking bets from customers residing in the U.S.  According to
the indictment, BetonSports in 2003 had 100,000 active players
who placed 33 million wagers worth US$1.6 billion through the
company's Web sites.

"The primary goal has been to serve Betonsports so we can move
forward, because it is essential that the company be notified,"
Judge Jackson said from the bench.  She then issued a written
order extending the restraining order until Sept. 20.

Meanwhile, BetonSports issued an update on its Web site, saying
that "after thoroughly reviewing possible alternative business
plans," the group's Board of Directors "no longer consider the
U.S. facing operations of the Company, which are based in Costa
Rica and Antigua, to be viable."

The company also set three goals related to its current case:

   -- cease its operations in Costa Rica and Antigua as soon as
      practicable;

   -- pay any liabilities to staff and creditors in an orderly
      manner; and

   -- repay balances due to U.S. customers in an orderly manner.

The company added that the repayments would depend on the
company's ability to "persuade banks and cash processors to
release its funds."

BetonSports added the repayments would also depend on "the
Company's ability to realize further and sufficient funds from
its assets and operations outside Costa Rica and Antigua and to
earn sufficient profits from operations which are not U.S.
facing."

BetonSports also assured that it would not "knowingly accept any
wagering transactions from U.S.-based customers."

                     Class Action Suits

As reported in the Class Action Reporter on Sept. 6, BetonSports
is also facing a complaint filed by gambling information portals
The Online Wire, Gambling 911, Alternative Investments Market
Regulatory News Service over alleged corporate fraud.  The
complaint is directed at BetonSports' Aug. 11 announcement that
payments to its customers after the shutdown of its Costa Rican
and Antiguan operations are being held by banks and cash
processors.   

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
Argentina and Mexico.


BILLERICAY MUSIC: Taps Lloyd Biscoe to Liquidate Assets
-------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Billericay Music Limited on May 31 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Billericay Music Limited
    54 Chapel Street
    Billericay
    Essex CM129LS
    United Kingdom
    Tel: 01277 655 558
    Web: http://www.trinitymusic.co.uk/


BRASSFORM LIMITED: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Brassform Limited confirmed on June 28 the
resolutions for voluntary liquidation and the appointment of
Timothy Frank Corfield of Griffin & King as Liquidator of the
company.

The company can be reached at:

         Brassform Limited
         Unit E
         Hortonwood 31
         Telford
         Shropshire TF1 7GS
         United Kingdom
         Tel: 01952 606 998


BUDGET WINDOW: Hires Liquidator from Andrew Michaels
----------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
liquidator of Budget Window Company Limited on June 15 for the
purposes of creditors' voluntary liquidation proceedings.

The company can be reached at:

         Budget Window Company Limited
         81 Chase Cross
         Romford
         Essex RM5 3PL
         United Kingdom
         Tel: 0800 783 3018


BURGER KING: Improved Performance Cues S&P to Lift Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised the corporate credit
and senior secured debt ratings on Miami-based quick-service
operator Burger King Corp. to 'BB-' from 'B+'.  

Concurrently, the recovery rating on the company's secured
credit facility was raised to '2' from '3' due to the repayment
of $400 million of debt.  The '2' recovery rating indicates the
expectation for substantial (80%-100%) recovery of principal in
the event of a payment default.
     
All ratings are removed from CreditWatch, where they were placed
on Feb. 1, with positive implications.  The outlook is stable.
      
"The upgrade reflects Burger King's improving operating
performance and reduced leverage," said Standard & Poor's credit
analyst Diane Shand.

A healthier franchise system, the streamlining of general and
administrative operations, and better products and advertising
have enabled Burger King to generate positive operating trends
over the past three years.  

The company has also decreased leverage significantly -- to 4.8x
in fiscal 2006 from 7.5x in fiscal 2005 -- as a result of
utilizing US$350 million of its proceeds from its initial public
offering to reduce debt and improve profitability.
     
Ratings on Burger King reflect:

   -- the company's vulnerable business profile,

   -- participation in the competitive quick service sector of
the restaurant industry,

   -- leveraged capital structure, and

   -- aggressive financial policy.  

These risks are partially mitigated by the company's good market
position and improving operating performance.
     
Burger King's operating performance has shown improvement since
the company was purchased by a consortium of investors in 2002.
The company has strengthened its management team, developed new
products, and addressed financial and relationship issues in the
franchise system.  This has resulted in positive same-store
sales for the past 10 quarters and the operating margin
expanding to 24% in fiscal 2006, from 19.2% in fiscal 2005.

Standard & Poor's believes that the company has the opportunity
to further improve operating performance over the next few years
through menu changes, further strengthening store execution and
advertising, and expanding store hours.  But progress could be
slow and uneven because Burger King is up against formidable
competitors such as McDonald's Corp., Wendy's International
Inc., and Yum! Brands Inc.
     
Burger King is the third-largest quick-service restaurant
operator in the world in terms of sales and units, with 1,204
company-owned restaurants and 9,889 franchised restaurants
worldwide.


CAROLINE B: Brings In Joint Liquidators from Valentine & Co.
------------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Caroline B (Farnham) Limited on
June 20 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Caroline B (Farnham) Limited
    22A Market Street
    Alton
    Hampshire GU341HA
    United Kingdom
    Tel: 01252 721 622


CASTLE SECURITY: Appoints Joint Liquidators from Purnells
---------------------------------------------------------
Susan Purnell and Leigh-Jane Holmes of Purnells were appointed
joint liquidators of Castle Security Services Limited on June 29
for the purposes of creditors' voluntary winding-up procedure.

The company can be reached at:

         Castle Security Services Limited
         Unit 8a
         Goat Mill Road
         Dowlais
         Merthyr Tydfil
         Mid Glamorgan CF48 3TD
         United Kingdom
         Tel: 01685 375 975
         Web: http://www.castlesecurityservices.co.uk/


CRADLEY SERVICES: Creditors Ratify Voluntary Liquidation
--------------------------------------------------------
Creditors of Cradley Services Limited ratified on June 27 the
resolutions for voluntary liquidation together with the
appointment of Roderick Graham Butcher of Butcher Woods as
Liquidator of the company.

The company can be reached at:

         Cradley Services Limited
         Woods Lane
         Cradley Heath
         West Midlands B64 7AN
         United Kingdom
         Tel: 01384 638 277


D. C. DONOVAN: Names Joint Liquidators from Tenon Recovery
----------------------------------------------------------
Filippa Connor of B & C Associates and Dilip Dattani of Tenon
Recovery were appointed Joint Liquidators of D. C. Donovan
Scaffolding Limited on May 18 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         D. C. Donovan Scaffolding Limited
    Towerfield
    Fane Road
    Benfleet
    Essex SS7 3NH
    United Kingdom
    Tel: 01268 777 740


DISCCITY LIMITED: Appoints Joint Liquidators from Kroll
-------------------------------------------------------
P. Duffy and D. J. Whitehouse of Kroll were appointed Joint
Liquidators of Disccity Limited on June 21 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Disccity Limited
    Unit 12
    Westbrook Trading Estate
    Westbrook Road
    Trafford Park
    Manchester M17 1AY
    United Kingdom
    Tel: 0870 166 0757


DISPEC ANODIZING: Creditors' Meeting Slated for September 13
------------------------------------------------------------
Creditors of Dispec Anodizing Limited (Company Number 04112457)
will meet at 2:00 p.m. on Sept. 13 at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury BL9 8AT
         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:

         J. M. Titley
         Joint Administrator
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury BL9 8AT
         United Kingdom
         Tel: 0161 767 1200
         Fax: 0161 767 1201

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


DYNAMIC AIR: Hires Liquidator from Begbies Traynor
--------------------------------------------------
Michael Francis Stevenson of Begbies Traynor was appointed
Liquidator of Dynamic Air Products Limited on May 18 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dynamic Air Products Limited
    Unit 2
    Hurricane Close
    Old Sarum
    Salisbury SP4 6LG
    United Kingdom
    Tel: 0845 230 6810
    Web:  http://www.dynamic-air-products.co.uk/


EYEKO INT'L: Alan Simon Leads Liquidation Procedure
---------------------------------------------------
Alan Simon was appointed Liquidator of Eyeko International
Limited on June 16 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Eyeko International Limited
    77 Beak Street
    London W1F 9ST
    United Kingdom
    Tel: 020 8969 9008


FORD MOTOR: New President and CEO Getting $2 Mil. Annual Salary
---------------------------------------------------------------
Alan Mulally, the newly appointed president and chief executive
officer of Ford Motor Company, will receive a $2,000,000 per
year base salary from the Company.

Mr. Mulally replaces William Clay Ford, Jr.  Mr. Ford was
appointed Executive Chairman of the Company effective
Sept. 1, 2006.

As part of the hiring arrangement, the Company also agreed to
pay Mr. Mulally, no later than Sept. 15, 2006, $7,500,000 as a
hiring bonus and $11,000,000 as an offset for forfeited
performance and stock option awards at his former employer.  He
may elect to defer these amounts in whole or in part under the
Ford's Deferred Compensation Plan.

Effective Sept. 1, 2006, the Company granted Mr. Mulally:

    a) 3,000,000 ten-year nonqualified options that vest 33% one
       year after the grant date, 33% two years after the grant
       date and 34% three years after the grant date; and

    b) 1,000,000 five year non-qualified performance-based
       options that vest based on the regular way trading
       closing price of Ford common stock on the New York Stock
       Exchange reaching certain thresholds that are maintained
       for a period of at least 30 consecutive trading days as
       follows:

          -- 250,000 options vest after Ford common stock closes
             at least $15 per share for such a period,

          -- an additional 250,000 options vest after Ford
             common stock closes at least $20 per share for such
             a period,

          -- an additional 250,000 options vest after Ford
             common stock closes at least $25 per share for such
             a period and an additional 250,000 options vest
             after Ford common stock closes at least $30 per
             share for such a period.

All of the options granted to Mr. Mulally have an option price
equal to the grant date's current fair market value of $8.28 per
share (based on the average of the high and low trading price on
the New York Stock Exchange on the grant date).

In addition, effective Sept. 1, 2006, the Company granted Mr.
Mulally 600,000 restricted stock units.  The units vest as to
200,000 units one year after the grant date, 200,000 units two
years after the grant date and 200,000 units three years after
the grant date.  Dividend equivalent payments will be made in
cash until the restrictions lapse.  When the restrictions lapse,
the units will be valued based on the closing price of Ford
common stock on the New York Stock Exchange on the date of lapse
and paid out in cash as soon as practicable thereafter.  

Mr. Mulally may elect to defer a portion of these payments under
the Deferred Compensation Plan.  Further, the Company agreed
that the 2007 performance-based restricted stock unit
opportunity and stock options to be granted to Mr. Mulally in
March 2007 will have a minimum grant date value of $6,000,000
and $5,000,000, respectively.  The Company also agreed that his
target bonus opportunity for 2007 will be 175% of his base
salary.

Mr. Mulally is required to use Company aircraft for personal
travel under the Company's executive security program.  When
traveling on personal business on Company aircraft, Mr. Mulally
will be entitled to be accompanied by his wife, children and any
guests, at Company expense.

                           About Ford

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

                         *     *     *

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

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

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

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



FORD MOTOR: Turnaround Plan Could Cost Up to 40,000 Jobs
--------------------------------------------------------
Ford Motor Co. could opt to cut its workforce by up to 40,000 as
the Company braces to accelerate its restructuring efforts, the
Associated Press reports.

Ford, which had previously disclosed a reduction of plant-
related employment by 25,000 to 30,000 by 2012 as part of its
"Way Forward" plan, may speed up the lay-offs as pressure for a
faster turnaround mounts.  The Company had disclosed changes to
its "Way Forward" plan as it reeled from a $254 million net loss
in the second quarter of 2006.

According to the Associated Press, the Company's Board or
Directors will meet tomorrow and on Thursday to consider the
additional job cuts.

                          About Ford Motor

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

                           *     *     *

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

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

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

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


FORDHAM DEVELOPMENTS: Appoints M. S. E. Solomons as Liquidator
--------------------------------------------------------------
M. S. E. Solomons was appointed Liquidator of Fordham
Developments Ltd. on June 22 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Fordham Developments Ltd.
    1 Cavendish Drive
    Lawford
    Manningtree
    Essex CO112EX
    United Kingdom
    Tel: 01206 230 245


G & B LADDERS: Names Bruce G. T. Rees Liquidator
------------------------------------------------
Bruce G. T. Rees was appointed Liquidator of G & B Ladders
Limited on June 5 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         G & B Ladders Limited
    Dyffryn Close
    Swansea Enterprise Park
    Swansea SA6 8QG
    United Kingdom
    Tel: 01792 700 642


GILHAMS LIMITED: Nominates Zafar Igbal as Liquidator
----------------------------------------------------
Zafar Iqbal of Cooper Young was nominated Liquidator of Gilhams
(Butchers) Limited on June 23 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Gilhams (Butchers) Limited
    17 High Street
    Ramsgate
    Kent CT119AG
    United Kingdom
    Tel: 01843 570 002


GLOBAL MEDICAL: Hires Joint Liquidators from Begbies Traynor
------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed Joint Liquidators of Global
Medical Limited on June 19 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Global Medical Limited
    Riches House
    1 Riches Road
    Ilford
    Essex IG1 1JH
    United Kingdom
    Tel: 020 8911 8188


GRAVITY GAMES: Brings In Stephen Hull to Liquidate Assets
---------------------------------------------------------
Stephen Hull of Geoffrey Martin & Co. was appointed Liquidator
of Gravity Games Limited on May 31 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Gravity Games Limited
    1 Market Street
    Preston
    Lancashire PR1 2EL
    United Kingdom
    Tel: 01772 203444  


HINCKLEY AUTOS: Names Joint Liquidators to Wind Up Business
-----------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP were appointed Joint Liquidators of
Hinckley Autos Limited on June 22 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Hinckley Autos Limited
    70 Druid Street
    Hinckley
    Leicestershire LE101QQ
    United Kingdom
    Tel: 01455 632 826


IN VOGUE: Nominates Liquidator from Crawfords
---------------------------------------------
David N. Kaye of Crawfords was nominated Liquidator of In Vogue
Limited on May 30 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    In Vogue Limited
    25 Mercer Row
    Louth
    Lincolnshire LN119JG
    United Kingdom
    Tel: 01507 605 333


JAM TM: Hires Joint Liquidators from Royce Peeling Green Limited
----------------------------------------------------------------
Roderick M. Withinshaw and Peter Jones of Royce Peeling Green
Limited were appointed Joint Liquidators of Jam TM Limited on
May 18 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Jam TM Limited
    Lord Street
    Wrexham
    Clwyd LL111LF
    United Kingdom
    Tel: 01978 313 111


JONATHAN PATRICK: Taps Joint Liquidators from Vantis
----------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French were
appointed Joint Liquidators of Jonathon Patrick Recruitment
Limited on June 19 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Jonathon Patrick Recruitment Limited
    22 Godric Road
    Witham
    Essex CM8 1PQ
    United Kingdom
    Tel: 01376 530 300
    Web: http://www.jonathonpatrickrecruitment.co.uk/


LEVEL ONE: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------
Creditors of Level One Security Limited confirmed on June 20 the
resolutions for voluntary liquidation and the appointment of
John Russell and Allan Cooper of The P&A Partnership as Joint
Liquidators.

The company can be reached at:

         Level One Security Limited
    96 Oakmount Road
    Chandlers Ford
    Eastleigh
    Hampshire SO53 2LP
    United Kingdom
    Tel: 023 8025 4696


LITTLE MOTOS: Appoints Terry Christopher Evans as Liquidator
------------------------------------------------------------
Terry Christopher Evans was appointed Liquidator of Little Motos
Limited on June 22 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Little Motos Limited
    12 Southampton Road
    Eastleigh
    Hampshire SO509FJ
    United Kingdom
    Tel: 023 8061 6151
    Web: http://www.littlemotos.com/


M&M FLOWERS: Hires Joint Liquidators from PKF
---------------------------------------------
Jonathan D. Newell and Kerry Bailey of PKF were appointed Joint
Liquidators of M&M Flowers and Plants Limited on May 30 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

    M&M Flowers and Plants Limited
    Wholesale Fruit & Vegetable Mark
    Edge La
    Old Swan
    Liverpool L13 2EG
    United Kingdom
    Tel: 0151 220 6210


M.G. GROUNDWORKS: Taps Liquidator from Begbies Traynor
------------------------------------------------------
Lloyd Biscoe of Begbies Traynor were appointed Joint Liquidators
of M.G. Groundworks Limited on June 22 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

    M.G. Groundworks Limited
    8 West Station Yard
    Spital Road
    Maldon
    Essex CM9 6TR
    United Kingdom
    Tel: 01621 840 960


MCMAHON & ASSOCIATES: Names David Rankin to Liquidate Assets
------------------------------------------------------------
David Rankin of Debtmatters Limited was appointed Liquidator of
McMahon & Associates Limited on May 31 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

    McMahon & Associates Limited
    Unit 5
    Codas House
    52-60 Merthyr Road
    Whitchurch
    Cardiff
    South Glamorgan CF14 1DJ
    United Kingdom
    Tel: 029 2061 6444   


MANOR DEVELOPMENTS: Joint Liquidators Take Over Operations
----------------------------------------------------------
Roderick Withinshaw and Peter Jones of Royce Peeling Green
Limited were appointed Joint Liquidators of Manor Developments
(Residential) Limited on June 23 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Manor Developments (Residential) Limited
    85E Main Road
    Goostrey
    Crewe CW4 8JP
    United Kingdom
    Tel: 01477 533 547


MARTINI TRANSPORT: Brings In Joint Liquidators from Wilson Field
----------------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of Martini Transport Limited on May 31 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Martini Transport Limited
    1 Cosgrove Close
    Liverpool L6 0DQ
    United Kingdom
    Tel: 0151 284 3421


MINSTER WINDOWS: Taps Kroll as Joint Administrators
---------------------------------------------------
R. A. H. Maxwell and S. C. E. Mackellar of Kroll were appointed
joint administrators of Minster Windows and Conservatories
Limited (Company Number 04161864) on Aug. 29.

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

Headquartered in York, United Kingdom, Minster Windows and
Conservatories Limited is engaged in the selling and fitting of
PVC windows.


NORTEL NETWORKS: Selects Followap's Presence Technology for IMS
---------------------------------------------------------------
Nortel Networks Corp. has selected Followap's Presence
technology to power its IP multimedia subsystem portfolio to
unprecedented levels of personalization, mobility and security
in communications.

IMS is designed to deliver uninterrupted, seamless
communications regardless of network, making it possible for
interactive services such as instant messaging, VoIP, push-to-
talk and multimedia gaming to follow users in real-time as they
roam across wireless, wireline or cable networks.  Presence
technology is an essential component of IMS that enables
networks to be intuitive, allowing users to specify their
availability and willingness to communicate via the network and
device of their choice.

Presence technology enriches communications by providing real-
time information about the status of subscribers.  This
information can include a range of details from whether a device
is on or off, through to more advanced information about users'
availability such as indicating whether they are driving or in a
meeting.

Presence can provide visibility on how best to communicate with
other subscribers whether by text, voice or IM.
Presence-enabled applications will allow subscribers to enjoy
services such as multi-player gaming, location services and chat
room dating.  For example, gamers will be able to receive real-
time status updates on whether their contacts want to play/chat
and who is available online.

"IMS has enjoyed significant momentum across the industry as
service providers look to this new standard and architecture as
a means of enhancing their ability to become more service-agile
by developing an array of new and innovative combinational
services," said Tom Valovic, director of VOIP Infrastructure at
IDC.

"Leveraging new combinations of capability to advance mobile IM
and presence such as that exemplified by Nortel's partnership
with Followap is the kind of approach that can help service
providers develop the necessary building blocks to improve
communications and drive fixed/mobile convergence."

"Nortel is committed to delivering an open, standards-based IMS
solution, which is essential for service provider success," said
Sita Lowman, business leader, IMS, Nortel.

"Followap's impressive presence technology for personalized,
mobile and secure multimedia communications together with
Nortel's IMS core technology and SIP application expertise is a
powerful combination for positioning service providers to
deliver a more personalized and enjoyable communications
experience to subscribers, no matter where they are or what
device they may be using."

Followap's Presence Platform (iFollow PSP), incorporating
Followap's Presence Server and Group List Management Server
(XDMS/GLMS), will power presence enabled IMS-based applications,
allowing operators to presence-enable their existing services
and design future services.

Dotan Volach, CEO at Followap said, "Presence is the personal
enablement communication choice of the future and is a key
component needed to seamlessly orchestrate integrated
communications.  Followap is pleased to be working with Nortel,
one of the industry's leading providers of carrier
VoIP/IMS technology, to deliver flexible, next-generation mobile
services."

The iFollow PSP collects and broadcasts in real-time
subscribers' availability and willingness to communicate to
other subscribers and services.  Such status information is
displayed and updated immediately through the device's address
book using Followap's XDMS/GLMS.

The iFollow Presence Platform (PSP) will be integrated into
Nortel's IMS Core solution, which is responsible for
authenticating users and setting up IMS sessions using Session
Initiation Protocol (SIP).  Once a session has been set up and
user availability communicated through the iFollow PSP, data
transfer will be handled by the appropriate media server or
application.

The iFollow Presence Platform is standards-based, supporting
OMA, IETF, 3GPP and OSA/Parlay standards.  Using iFollow PSP,
operators can quickly generate significant incremental revenues
by incorporating meaningful presence information into existing
and new value added services.  iFollow PSP powers fixed-mobile
converged (FMC) networks across mobile and fixed, public and
private, voice and data networks.

Nortel's IMS solution is access-aware and supports 3GPP (IMS),
3GPP2 (MMD), Packet Cable 2.0 and TISPAN standards.  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 is currently engaged in IMS trials with leading operators
in wireline, cable, CDMA and GSM/UMTS markets.  Nortel is
sponsoring GMI 2006, the world's first massive 'real network'
trial of multi-vendor interoperability of the IMS service
framework.

                        About Followap

Followap is the leading provider of Presence and Instant
Messaging solutions to the telecommunications industry.
Pioneering this field, Followap's customer base consists today
of about 20 network operators, most of them tier-one operators,
with a combined user base of over 200 million users.  Followap's
products enable operators to establish advanced, interoperable
presence-enhanced services, while also creating the
infrastructure for next-generation networks.  Followap supports
and contributes to industry standardization efforts in forums
including OMA, IETF, 3GPP and the GSM Association.

                         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.


NORTEL NETWORKS: Partner Deploys IP Infrastructure for Telegraph
----------------------------------------------------------------
The Telegraph Group, a major British media organization, is
equipping its reporters in the field with anytime, anywhere
communications mobility for video-streaming and multimedia
services through IP-based communication capabilities from Nortel
Networks Corp.  The multi-million dollar IP infrastructure at
the Group's new London headquarters will be deployed by Nortel's
Gold Solutions Partner Applinet plc.

"The Telegraph Group required a network capable of providing a
wide range of multimedia services that would contribute to the
success of our business objectives," said Peter Green,
operations director, Telegraph Group Ltd.  "We found the
technology we needed, at the right place through Applinet and
Nortel."

Nortel's technology will provide a highly secure and reliable,
high-speed network based on some of the latest technologies for
current and next-generation multimedia applications.  This
includes IP telephony, video streaming and video conferencing to
help drive The Telegraph Group's aim to be at the forefront of
multimedia communications.

"The ability to simplify its business through a state-of-the-art
solution was critical to the success of the Telegraph Group in
today's highly competitive media market," said Peter Kelly,
president, Enterprise EMEA, Nortel.

"Our excellent relationship with Applinet and its redentials
ensured we had a compelling proposition for the customer which
met the requirements for the Group's new headquarters.  A new
network with the flexibility to easily expand to meet future
demand plus deliver highly secure and highly reliable always on
business critical applications was crucial to meeting the
Group's business plan for higher productivity and efficiency for
its staff."

"The Telegraph Group's new network will be a fantastic showcase
example of how an organization can use technology to achieve
greater efficiencies and competitive advantage," said Darren
Boyce, managing director, Applinet.

"With the development of mobility in the workforce and the need
for reporters to be able to communicate anytime, anywhere, the
adoption of highly reliable technology to deliver a range of
multimedia services will differentiate The Telegraph Group
within the media market."

The deployment includes a comprehensive end-to-end portfolio of
solutions based on Nortel Ethernet Routing Switches and Ethernet
Switches with Nortel's server-based, full-featured IP PBX
Communication Server 1000 and Nortel's Multimedia Communication
Server (MCS) 5100 for SIP-based multimedia and collaborative
applications.  End to end security of the new network is ensured
by Nortel's VPN Gateway, Threat Protection System and Switched
Firewall running Check Point firewall-1.

The implementation also includes Nortel's Contact Center
portfolio, a comprehensive, next generation set of products for
effective, real-time customer service and Nortel IP Phones 1100
series, plus conference and soft phones.

                 About Telegraph Group

Telegraph Group Limited is a newspaper publisher, which
publishes The Daily Telegraph, The Sunday Telegraph,
telegraph.co.uk and The Weekly Telegraph.  This is a wholly
owned subsidiary of Press Holdings Limited.

                    About Applinet

Applinet is a U.K. leading professional converged network
solutions provider.  Applinet helps customers, via consultancy
and support services, overcome their technology challenges by
providing end-to-end solutions in Mobility, Security,
Convergence, Multimedia and Wireless.

                     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.


OPEN TEXT: Stable Market Position Spurs S&P to Assign BB- Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Waterloo, Ont.-based enterprise
software provider, Open Text Corp.  

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating, with a recovery rating of '2', to the company's proposed
US$490 million senior secured bank facility, which consists of a
US$75 million five-year revolving credit facility and a US$415
million seven-year term loan B.  The '2' recovery rating
reflects expectations for a substantial (80%-100%) recovery of
principal in the event of default.  The outlook is negative.

Concurrently with the closing of the bank facility, Open Text
plans to complete the 100% acquisition of Toronto-based
enterprise software provider, Hummingbird Ltd.  The US$500
million acquisition will be financed by the US$415 million term
loan B and pro forma cash balances.  Pro forma for the
Hummingbird acquisition, Open Text has fiscal 2006 revenues of
US$668 million and balance-sheet debt of US$428 million.
    
Open Text is a leading provider of Enterprise Content Management
(ECM) software targeting large Global 2000 enterprise customers.
ECM software and support services--an estimated US$2.25 billion
addressable market--help businesses capture, store, and manage
unstructured corporate data.  The company's flagship product,
Livelink ECM, has an installed base in excess of 20 million
seats in more than 114 countries.

"The ratings on Open Text reflect its stable market position
within a niche segment of the software industry, its solid scale
given a large installed base of customers, good customer and
geographic diversity, a large base of recurring revenues, and a
history of generating good free operating cash flow," said
Standard & Poor's credit analyst Madhav Hari.

These factors are partially offset by:

   -- a highly competitive and consolidating technology
marketplace characterized by the presence of bigger and
better-integrated vendors,

   -- an aggressive financial policy, declining organic software
license revenue growth,

   -- weaker execution, and

   -- significant integration risk from the Hummingbird
acquisition.

The company will have aggressive leverage on completion of the
Hummingbird acquisition and will likely remain acquisitive,
albeit on a smaller scale.

The negative outlook reflects concerns over weak operating
performance in the past several quarters, specifically with
regard to the negative organic license revenue growth.

The potential execution risk associated with the Hummingbird
acquisition and associated ability to bring key credit measures
in line with the ratings are other factors governing the
negative outlook.  The outlook could be revised to stable if the
company meets expectations and reverses the trend of declining
organic license revenue growth.  

Should the company fail to integrate Hummingbird as planned, or
lose significant market share, resulting in a deterioration of
credit metrics, the ratings could be lowered.


PHELPS DODGE: Moody's Confirms (P)Ba1 Pfd. Stock Shelf Ratings
--------------------------------------------------------------
Moody's Investors Service confirmed Phelps Dodge's Baa2 senior
unsecured debt rating and revised its outlook to positive.  The
outlook was stable prior to the ratings being placed under
review.

The confirmation and outlook revision follow the announcement
that Phelps Dodge has terminated its combination agreement with
Inco.  This concludes Moody's review of Phelps Dodge's ratings,
which were placed under review for possible downgrade on
June 26.

Outlook Actions:

* Issuer: Cyprus Amax Minerals Company

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

* Issuer: PD Capital Trust I

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

* Issuer: PD Capital Trust II

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

* Issuer: Phelps Dodge Corporation

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

Confirmations:

* Issuer: Cyprus Amax Minerals Company

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at
Baa2;

* Issuer: PD Capital Trust I

   -- Preferred Stock Shelf, Confirmed at (P)Baa3;

* Issuer: PD Capital Trust II

   -- Preferred Stock Shelf, Confirmed at (P)Baa3;

* Issuer: Phelps Dodge Corporation

   -- Junior Preferred Stock Shelf, Confirmed at (P)Ba1;

   -- Junior Subordinated Shelf, Confirmed at (P)Baa3;

   -- Preferred Stock Shelf, Confirmed at (P)Ba1;

   -- Preferred Stock 2 Shelf, Confirmed at (P)Ba1;

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at
Baa2;

   -- Senior Unsecured Shelf, Confirmed at (P)Baa2.

The Baa2 rating reflects:

   -- Phelps Dodge's position as the world's second largest
producer of copper and molybdenum,

   -- its solid capital structure, and

   -- its strong cash flow in the currently very robust markets
for copper and molybdenum.

However, the rating also considers:

   -- the substantial amount of cash being returned to
shareholders via special dividends,

   -- a still relatively high cost structure, exposure to
cyclical metals markets through two closely related metals
copper and molybdenum, and

   -- a demonstrated appetite for potentially highly levered
acquisitions.

The revision in outlook to positive reflects the very strong
fundamentals in the copper and molybdenum markets and Moody's
expectation that Phelps Dodge's financial performance will
continue to be strong over the next twelve to fifteen months.

However, any upgrade consideration of the rating will be
tempered by the current program of shareholder returns, recent
aggressive acquisition activities, and uncertainty about the
future direction these activities may take.

Phelps Dodge is a Phoenix-based producer of copper and
molybdenum and had revenues in 2005 of US$7.1 billion.


PREMIER FOODS: Confirms Interest in United Biscuits' Business
-------------------------------------------------------------
Premier Foods Plc confirmed press speculation that it is
evaluating making an offer to United Biscuits' current owners to
acquire the U.K. and Ireland biscuits and snacks business of
United Biscuits.  

While Premier currently intends to make such an offer in the
near future, there can be no certainty that this will result in
a transaction.

The company disclosed on July 27 that it was at the early stages
of evaluating the possible acquisition of part of the business
of United Biscuits.

Headquartered in Birmingham, England, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures Ambrosia custard    
and rice pudding, Branston pickle, Hartley's jams and marmalade
and Sarsons vinegar.

At Dec. 31, 2005, Premier Foods PLC's balance sheet showed
GBP858.4 million in total assets and GBP876.4 in total
liabilities, resulting in an GBP18 million stockholders'
deficit.


PREMIER FOODS: Receives Acceptances for New Ordinary Shares
-----------------------------------------------------------
Premier Foods plc has received valid acceptances in respect of
242,378,218 New Ordinary Shares, representing approximately
97.79% of the total number of New Ordinary Shares offered to
Shareholders pursuant to the fully underwritten Rights Issue
disclosed by the Company on July 12.

A total of 247,848,157 New Ordinary Shares were offered to
Shareholders in the Rights Issue, which closed at 11.00 a.m. on
Sept. 7.

It is expected that the New Ordinary Shares in uncertificated
form will be credited to CREST accounts on Sept. 8 and that
definitive share certificates in respect of New Ordinary Shares
in certificated form will be dispatched to shareholders by
Sept. 15.

Merrill Lynch International and Hoare Govett have procured
subscribers for the remaining 5,469,939 New Ordinary Shares for
which valid acceptances were not received at a price of 269.5
pence per New Ordinary Share.  Accordingly, sub-underwriters
will not be required to subscribe for any New Ordinary Shares.

The net proceeds, after deduction of the Issue Price of 185
pence per New Ordinary Share and the expenses of procuring
subscribers -- including any related value added tax -- will,
save for amounts less than GBP5, be paid to those persons whose
rights have lapsed in accordance with the terms of the Rights
Issue, pro rata to their lapsed provisional allotments.

Headquartered in Birmingham, United Kingdom, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures Ambrosia custard    
and rice pudding, Branston pickle, Hartley's jams and marmalade
and Sarsons vinegar.

At Dec. 31, 2005, Premier Foods PLC's balance sheet showed
GBP858.4 million in total assets and GBP876.4 in total
liabilities, resulting in an GBP18 million stockholders'
deficit.


PREMIER INVESTMENTS: Nominates Ashok K. Bhardwaj as Liquidator
--------------------------------------------------------------
Ashok K. Bhardwaj was nominated Liquidator of Premier
Investments International Limited (t/a Yas Restaurant) on
June 23 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Premier Investments International Limited
     7 Hammersmith Road
    London W14 8XJ
    United Kingdom
    Tel: 020 7602 4611


PROJECTS DISTRIBUTION: Taps Begbies Traynor as Administrators
-------------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Projects Distribution
Limited (Company Number 03664646) on Aug. 24.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Headquartered in Staffordshire, United Kingdom, Projects
Distribution Limited distributes active sports wear.


RAMSDEN LIMITED: Nominates Alex Kachani to Liquidate Assets
-----------------------------------------------------------
Alex Kachani of Crawfords was nominated Liquidator of Ramsden
Limited (t/a Bottom Dollar) on June 21 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ramsden Limited
    3 Church Street
    Aylesbury
    Buckinghamshire HP20 2QP
    United Kingdom
    Tel: 01296 423585   


REFCO INC: Wants Removal Period Extended to Dec. 12
---------------------------------------------------
Refco Inc., and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend, until
Dec. 12, 2006, the period within which they may file notices of
removal with respect to actions, pursuant to Bankruptcy Rule
9006(b).

The Debtors tell the Court that when they filed for bankruptcy,
they were plaintiffs in 37 actions and proceedings in a variety
of state and federal courts throughout the country.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, relates that neither the Debtors nor
Refco Capital Markets, Ltd., has reviewed all the Actions to
determine whether any of those should be removed under Rule
9027(a)(2) of the Federal Rules of Bankruptcy Procedure because
the Debtors have continued to focus primarily on winding down
their businesses and formulating a global resolution of their
cases.

Ms. Henry asserts that the extension of the Removal Period will
afford the Debtors sufficient opportunity to assess whether the
Actions can and should be removed, hence, protecting their
valuable right to adjudicate lawsuits under Section 1452 of the
Judiciary and Judicial Procedure Code.

Until the Debtors have had a sufficient time to develop a
consensual plan of reorganization in their cases, it would be
premature to allow the Removal Period to lapse, as the plan
formation process may well impact the Debtors' decisions
regarding the removal of the Actions, Ms. Henry insists.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Wants Exclusive Plan-Filing Period Extended to Dec. 5
----------------------------------------------------------------
Refco Inc., and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend, for an
additional 95 days, the periods for them to:

  -- exclusively file a Chapter 11 plan through and including
     Dec. 5, 2006; and

  -- solicit acceptances of that plan until Feb. 3, 2007,

without prejudice to the Debtors' right to seek further
extensions of the Exclusive Periods.

From the outset of their Chapter 11 cases, the Debtors have
worked diligently to stabilize and preserve the value of their
businesses, Sally McDonald Henry, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in New York, tells the Bankruptcy Court.

After the Debtors filed for bankruptcy, Ms. Henry relates, the
Debtors initiated the process to sell their regulated futures
brokerage business.  Despite facing numerous complicated issues,
the Debtors managed in roughly a month to hold a competitive
auction with five active bidders and structure the sale of their
assets in an unprecedented dual-bankruptcy structure, ultimately
resulting in enormous benefit to the estates through a sale of
futures brokerage business to Man Financial Inc.

Ms. Henry notes that through the Man Sale and various other
smaller asset sales, more than US$1,000,000,000 in proceeds has
come into the Refco, Inc. estates for ultimate distribution to
creditors.  The Debtors and Marc Kirschner, the Chapter 11
Trustee of Refco Capital Markets, Ltd.'s estate, continue to
analyze and value their remaining assets to realize value for
the Debtors' creditors and interest holders for distribution
through a plan of reorganization.

Concurrently with managing the orderly sale and wind-down of
their business operations, Ms. Henry states that the Debtors
have been involved in numerous complex and expedited litigations
that have returned significant value to their estates and have
helped to clarify legal positions of various case
constituencies.  The Debtors continue to evaluate other possible
causes of action against various parties that might serve as
additional sources of value to fund a plan.

In addition, the Debtors and their advisors continue to devote
significant time and effort to analyze, among others:

  (i) the complex web of intercompany obligations among the
      Debtors; and

(ii) the quantification and evaluation of claims asserted
      against the Debtors' estates by third-party creditors.

Although the claims analysis process has been ongoing since the
Petition Date, Ms. Henry points out that the claims bar date
recently passed and the last of the timely filed proofs of claim
was added to the claims register as of Aug. 21, 2006.  Thus, the
full-blown claims analysis is only in its early stages, and the
results of that process may fundamentally affect the structure
of any proposed reorganization plan.

In this light, Ms. Henry states that the Debtors have been able
to develop a framework for a consensual resolution of their
cases.  The process is ongoing, and the Debtors' models may
require revision as newly received claims data is used to
confirm or revise the Debtors' underlying liability assumptions.

Furthermore, the Debtors continue to assess potential claims and
causes of action that may provide additional assets to fund a
reorganization plan.

Now that the Debtors' efforts have yielded fruit and the
groundwork for a global resolution of their cases is in place,
the Debtors should be given the opportunity to bring the process
to completion, Ms. Henry tells Judge Drain.

The Debtors maintain that the Exclusive Periods are designed to
afford them the opportunity to negotiate and propose a Plan
without the disruption that might be caused by competing plans.

A hearing on the Debtors' Second Extension Motion will be held
at 10:00 a.m., today.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Wants to Walk Away from 18 Trading Operation Deals
-------------------------------------------------------------
By orders dated November 14 and 15, 2005, the U.S. Bankruptcy
Court for the Southern District of New York authorized Refco
Inc., and its debtor-affiliates and certain of their affiliates
to enter into and perform under an Acquisition Agreement with
Man Financial Inc.  The Court also approved the sale of the
Sellers' regulated commodities trading business and the
assumption and assignment of certain related executory contracts
and unexpired leases to be designated by Man.

The Acquisition Agreement provides for the Sellers and Man to
enter into a Buyer Transition Services Agreement and a Seller
Transition Services Agreement, pursuant to which the Sellers and
Man were to provide each other services necessary to facilitate
the transfer of the Acquired Assets to Man for 270 days
following the closing of the asset sale.  The Transition
Services Agreements expired on August 22, 2006.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, informs Judge Drain that 18 contracts
were utilized in trading operations of the Debtors' business
that was sold to Man.  The contracts generally relate to
routing, trading information, connectivity and communication
services.

The Contracts are:

Debtor             Counterparty           Description
------             ------------           -----------
Refco Inc.         4Cast Inc              Client Order Form

                   Avotus Corp.           Revised 90-Day Annual
                                          Support Renewal Notice

                   De Lage Landen         Lease Agreement
                      Financial Services

                   IBM Corporation        Master Services
                                             Attachment for
                                             ServiceElite

Refco Group Ltd.,  Brio Technology, Inc.  Brio Software License
   LLC                                       Agreement

                   Cogent Canada Inc.     Layer 2 Network
                                             Services

                   Cogent Communications  Layer 2 Network
                                             Services

                   CQG, Inc.              NASDAQ Consolidated
                                             Subscriber
                                             Agreement

                   CQG, Inc., and CQGI,   CQG Order Routing
                      Ltd.                   Service Broker
                                             Agreement

                   Ecco, LLC, & EccoWare  Software License
                      Limited                Agreement

                   FNX Limited            Sierra System Product   
                                             License Agreement

                   IFC Credit Corp.       Equipment Lease
                                             Agreement & Advance
                                             Funding Addendum

                   Imceda Software        Sales Quotation

                   Matrix Integration     Services Agreement
                      Technology

                   Patsystems (NA) LLC    Software License
                                             Agreement

                   SalesForce.com         Master Services
                                             Agreement

                   Sybase, Inc.           Software License
                                             Agreement &
Addendum

                   Tibco Software, Inc.   End User Maintenance
                                             Agreement

Considering that the Transition Services Agreements have now
expired, the services provided pursuant to the Contracts are no
longer needed, Ms. Henry says.

Accordingly, the Debtors seek the Court's permission under
Section 365 of the Bankruptcy Code to reject the Contracts,
effective as of August 30, 2006.

The Debtors also propose that any counterparties seeking to
assert rejection damage claims must file a proof of claim within
30 days after the Court rules on the request.

The Debtors currently believe that the Contracts are executory
contracts within the meaning of Section 365.  However, further
investigation and analysis may reveal that one or more of the
Contracts are not executory.  Therefore, the Debtors reserve the
right to assert, including in connection with resolution of
contract rejection damage claims, that the Contracts are not
executory.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ROBIN HOOD: Brings In Joint Administrators from CBA
---------------------------------------------------
Neil Richard Gibson and Mark Grahame Tailby of CBA were
appointed joint administrators of Robin Hood Recycling Limited
(Company Number 00816878) 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.

Robin Hood Recycling Limited can be reached at:

         Oakfield Lane
         Warsop
         Mansfield
         Nottinghamshire NG20 0JG
         United Kingdom
         Tel: 01623 842 408
         Fax: 01623 846 562


SCOTTISH RE: Gives Former Employees 60 Days to Exercise Options
---------------------------------------------------------------
Scottish Re Group Limited (NYSE: SCT) revealed, by way of
explanation in response to a number of investor inquiries, that
under existing employment contracts and executive compensation
plans, former employees have 60 days from the date of their
separation from Scottish Re to exercise their stock options.

As a result, the Company expects that former Scottish Re
executives Scott Willkomm and Seth Vance will likely sell
Scottish Re stock in the coming weeks at prevailing market
prices as a result of their accumulation of shares and options
under the Company's 401K, Deferred Compensation and stock option
plans.

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--   
offers reinsurance of life insurance, annuities and annuity-type
products through its operating companies in Bermuda, Charlotte,
North Carolina, Grand Cayman Dublin, Ireland, and Windsor,
United Kingdom.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.

                           *    *    *

Moody's Investors Service changed the direction of review for
Scottish Re Group Limited's ratings to uncertain from possible
downgrade.   The change in the direction of the ratings review
impacts the company's Ba3 senior unsecured debt rating and the
Baa3 insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (SALIC) and Scottish Re (U.S.), Inc.

Moody's Rates Scottish Re Group Limited as:

   -- Senior Unsecured, to Ba2 from Baa2;
   -- Senior Unsecured Shelf, to (P)Ba2 from (P)Baa2;
   -- Subordinate Shelf, to (P)Ba3 from (P)Baa3;
   -- Junior subordinate Shelf, to (P)B1 from (P)Ba1;
   -- Preferred Stock, to B1 from Ba1;
   -- Preferred Shelf, to (P)B1 from (P)Ba1

Fitch Ratings also initiated these rating actions:

    -- IDR downgraded to 'BBB-' from 'BBB';

    -- 4.5% US$115 million senior convertible notes downgraded
       to 'BB+' from 'BBB-';

    -- 5.875% US$142 million hybrid capital units downgraded to
       'BB' from 'BB+';

    -- 7.25% US$125 million non-cumulative perpetual preferred
       stock downgraded to 'BB' from 'BB+'.

All ratings remain on Rating Watch Negative.

A.M. Best likewise downgraded the ICR of Scottish Re to "bb+"
from "bbb-".  A.M. Best Co. also downgraded the financial
strength rating to B++ from A- and the issuer credit ratings to
"bbb+" from "a-" of the primary operating insurance subsidiaries
of Scottish Re Group Limited (Scottish Re) (Cayman Islands).

All FSR and debt ratings have been placed under review with
negative implications.

The FSR has been downgraded to B++ from A- and the ICRs have
been downgraded to "bbb+" from "a-" and placed under review with
negative implications for these subsidiaries of Scottish Re
Group Limited:

  -- Scottish Annuity & Life Insurance Company (Cayman) Ltd;
  -- Scottish Re (U.S.), Inc.;
  -- Scottish Re Life Corporation;
  -- Scottish Re Limited; and
  -- Orkney Re, Inc.

The ICR has been downgraded to "bb+" from "bbb-" and placed
under review with negative implications for Scottish Re Group
Limited.

These debt ratings have been downgraded and placed under review
with negative implications:

Scottish Re Group Limited

   -- "bb+" from "bbb-" on US$115 million 4.5% senior
      unsecured convertible notes, due 2022;

   -- "bb-" from "bb" on US$143 million 5.875% of hybrid
      capital units, due 2007; and

   -- "bb-" from "bb" on US$125 million non-cumulative
      preferred shares;

Stingray Pass-thru Trust

   -- "bbb+" from "a-" on US$325 million senior unsecured
      pass-thru certificates, due 2012

These indicative ratings for debt securities under the shelf
registration have been downgraded and placed under review with
negative implications:

Scottish Re Group Limited

   -- "bb-" from "bb" on preferred stock;
   -- "bb" from "bb+" on subordinated debt; and
   -- "bb+" from "bbb-" on senior unsecured debt.

Scottish Holdings Statutory Trust II and III

   -- "bb" from "bb+" on preferred securities.

Standard & Poor's Ratings Services placed its 'BBB- counterparty
credit rating on Scottish Re Group Ltd. on CreditWatch with
negative implications.  Standard & Poor's also said that it
placed its various ratings on Scottish Re's operating
subsidiaries and other related entities on CreditWatch negative.

The ratings will remain on CreditWatch until the capital has
been raised and the company's strategic alternatives have been
clarified.  As a result, the ultimate ratings will depend on the
resulting capital, liquidity, and business position of the
company.


SHARP INTERNATIONAL: Creditors' Meeting Slated for September 13
---------------------------------------------------------------
Creditors of Sharp International Limited (Company Number
03192238) will meet at 11:00 a.m. on Sept. 13 at:

         BDO Stoy Hayward LLP
         4th Floor
         Edmund House
         12-24 Newhall Street
         Birmingham B3 3EW
         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:

         Christopher Kim Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham B3 3SD
         United Kingdom
         Tel: 0121 200 4600
         Fax: 0121 200 4650
         E-mail: birmingham@bdo.co.uk

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.


SQ LIMITED: Calls In Liquidators from Baker Tilly
-------------------------------------------------
Philip Edward Pierce and Adrian David Allen of Baker Tilly were
appointed Liquidators of SQ (U.K.) Limited on June 16 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

    SQ (U.K.) Limited
    22 Moor Lane
    Sherburn In Elmet
    Leeds LS256DN
    United Kingdom
    Tel: 01977 681 519


SUPA8 LIMITED: Hires Joint Administrators from Begbies Traynor
--------------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Supa8 Limited (Company
Number 04562618) on Aug. 24.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Headquartered in Bristol, United Kingdom, Supa8 Limited retails
active sports wear.


UK COAL: Earns GBP7 Million in 2006 First Half
----------------------------------------------
UK Coal PLC disclosed interim financial results for the six
months ended June 30, 2006.

For the six months ended June 30, 2006, U.K. Coal posted GBP7
million of net profit, compared with GBP30.6 million in net
losses for the six months ended June 30, 2005.

In the six months ended June 30, 2006, the company reported
operating profit of GBP12 million, versus operating loss of
GBP26.4 million in the same period last year.

Coal sales in the first six months of 2006 were up 19% at 5.7
million tons, compared with the previous year's 4.8 million
tons.  

At June 30, 2006, the company's balance sheet showed GBP491.1
million in total assets and GBP319.8 million in total
liabilities, resulting in a GBP14 million stockholders' equity.

"As expected, the performance of the business has improved
throughout the six months," David Jones, Chairman said.  "Face
gap production delays at the deep mines were cut and overall
costs reduced contributing to a drop in mining costs of 11%.

"These results demonstrate the benefits of management action in
reorganizing our deep mines.  We now have a mining business,
which will continue to experience volatility but that is capable
of profitability even at current contracted prices, which are
significantly below current market levels.

"The appointment of Jon Lloyd, our new chief executive of
property, will give us the ability to realize significant extra
value in our property business over and above the latest
valuation at December 2005 of GBP274 million.  This value will
be realized as planning permissions are gained, helped by
priority treatment for brownfield development under Government
planning guidelines.

The recent Government energy review announcement has signaled
the need for indigenous sources of fuel. U.K. COAL is well
placed to benefit from this."

                     Energy Review

U.K. COAL welcomes the DTI's Energy Review report published in
July, which underscores the important long-term contribution of
coal-fired generation and aims to optimize the use of economic
domestic coal reserves.   In particular, the company is pleased
with the Government's decision to convene a Coal Forum, which
will bring together electricity generators and coal producers to
help find solutions to secure the long-term future of domestic
coal production.

                       Daw Mill

The board of U.K. COAL deeply regrets the loss of two valued and
experienced employees at Daw Mill in July and August 2006
following accidents at the mine.

                       Outlook

Coal mining in the U.K. will continue to be a demanding activity
but it is clear that management action has established a robust
platform for addressing the challenges.

Results volatility will remain a feature, and output is
estimated to be lower than expected in the second half, at 4.5
million tons due to longer face gaps at Welbeck and Thoresby,
difficult mining at Maltby, and disruption at Daw Mill following
the accidents.  

The Group's deep mines business has demonstrated it was able to
operate at only a small loss in the first half even at current
low contract prices and it is expected that deep mines will
return to profitability for the last four months of the year
following under performance in July and August.

Although it is not expected that deep mines will return a profit
for the second half as a whole, the medium term outlook for deep
mines is attractive, as coal contracts expire mainly in the next
18 months and underlying demand remains strong, which is
expected to enable a renewal of coal supply contracts based on
the much higher current open market prices.

Surface mining output is set to increase significantly later
this year, reversing the trends of recent years.

The property business is well placed to realize significantly
more value over and above its most recent asset valuation at
December 2005 of GBP274 million.

The appointment of Jon Lloyd as property chief executive will
further sharpen the focus on this key objective.  Jon has
already made a material contribution and a further update on the
significant potential within the property portfolio will be made
later in the year.

Harworth Power is developing its wind power and other power
generation projects and is becoming a profitable business in its
own right.

                     Operating Highlights

Deep Mines

The Group entered the year with seven deep mines, two of which
were moving towards 'care and maintenance' following the
operational reviews of 2005.

Operational initiatives are being pursued to reduce costs
further. They include:

   -- Closure or mothballing of high risk, uneconomic areas of
      reserve;

   -- Reorganization of Headquarters functions;

   -- Introduction of project control techniques to improve the       
      management and accountability through the identification

      and delivery of critical activities to time and cost;

   -- Focus on improving the maintenance regime at the mines in

      order to improve machine availability and reduce down   

      time;

   -- Increasing productivity through cycle time improvements

      and delay reduction; and

   -- Integrated workforce and management teams for improved    

      planning and performance.

Production ceased at Rossington in April, followed by a period
of equipment recovery.

Production ceased at Harworth Colliery in August, together with
development activities following the discovery of faulting.

Harworth Colliery will be mothballed following salvage of
equipment on the current coalface, pending evaluation of
reserves in an alternate coal seam.

Surface Mining

With the completion of coaling at Orgreave in January, the Group
is currently coaling on only one surface mine, Maidens Hall in
Northumberland.

Two new planning consents for a total of 1.6 million tons were
received during the period at Stobswood North and Long Moor
(following a Public Inquiry).  A challenge has since been put
forward against the planning decision on Long Moor, which is
expected to delay the planned start on site until early 2007.

Preliminary work has commenced at the Cutacre site near
Manchester, and operations are due to start in the second half
of the year at two further sites in the North East, at Stobswood
North and Stony Heap.  Major restoration work continues at the
Stobswood and Orgreave sites.

Property

The Group continues to manage its land and property assets to
optimize returns and value, with management strengthened by the
appointment of Jon Lloyd from HBOS as its Chief Executive from
July.  This appointment to the Board will increase the focus on
the strategic development of the Group's property assets.

The business is split into three main segments: Development
Properties, Business Parks (including investment properties) and
Agricultural Land.

Power Generation

The Power generation business continued to grow its generation
of electricity from methane on both its operating and closed
deep mines.   Further capacity is to be installed on sites to
increase methane generation by approximately 136,000 MWH.

The Group is developing its wind farm at Royal Oak (Darlington)
after receiving planning permission last year and expect this
site to be operational in 2007.  Eight further wind farm
applications are being progressed totaling 80 MW.

Other renewable energy projects are being evaluated where the
business can leverage its experience of both power generation
and methane utilization to obtain an acceptable commercial
return.

Other Operations

The Group has formed a joint venture company with Hargreaves
Services plc to produce, market and distribute domestic and
industrial coal products, building on the market strengths of
U.K. COAL and Hargreaves.

Full-text copies of the Company's financial statements for the
six months ended June 30, 2006 are available for free at
http://ResearchArchives.com/t/s?115e  

                       About the Company

U.K. Coal PLC is Britain's biggest producer of coal, supplying
around 7% of the country's energy needs for electricity
generation.  The group has 5 ongoing deep mines located in
Central and Northern England with substantial reserves and
employs 4,000 people.  It has 1 active surface mine and has
received planning permission for a further 3 sites.  With
substantial land and property interests, the company regenerates
brownfield sites, develops business parks on former mine sites
and manages a substantial agricultural portfolio of land and
buildings.  It owns a power generation business utilizing waste
gas from coal mines to generate electricity and has received
planning permission for the development of the Group's first
wind farm.

U.K. Coal PLC reported net loss of GBP62.1 million for the 12
months to December 2005.  At Dec. 31, 2005, the company's
balance sheet showed a stockholders' deficit of GBP14.7 million.  


VIRGIN MOBILE: Moody's Withdraws Low-B Ratings
----------------------------------------------
Moody's Investors Service withdrew all ratings of Virgin Mobile
USA, LLC for business reasons.

Outlook Actions:

* Issuer: Virgin Mobile USA, LLC

   -- Outlook, Changed To Rating Withdrawn From Rating Under
Review

Withdrawals:

* Issuer: Virgin Mobile USA, LLC

   -- Corporate Family Rating, previously rated B3; and

   -- Senior Secured Bank Credit Facility, previously
rated B3.

Headquartered in Warren, NJ, Virgin Mobile USA is a provider of
wireless services targeting the youth market.


WERL ACCESSORIES: Creditors' Meeting Slated for September 15
------------------------------------------------------------
Creditors of Werl Accessories Limited, Wykes Electrical Repairs
Limited, and Wykes Wholesale Limited will meet at 11:00 a.m. on
Sept. 15 at:

         Ward & Co.
         Bank House
         7 Shaw Street
         Worcester WR1 3QQ
         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. 14 at:

         T. J. Heaselgrave
         Joint Administrator
         Ward & Co.
         Bank House
         Shaw Street
         Worcester
         Worcestershire WR1 3DT
         United Kingdom
         Tel: 01905 25000
         Fax: 01905 26555
         E-mail: aws@ward-co.co.uk


WETHERBY FASHIONS: Bank of Scotland Taps Deloitte as Receivers
--------------------------------------------------------------
The Royal Bank of Scotland appointed Adrian Peter Berry and Ian
Brown of Deloitte & Touche LLP joint administrative receivers of
Wetherby Fashions Limited (Company Number 00990864) on Aug. 29.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of  
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.  

Wetherby Fashions Limited can be reached at:

         2 Grant Avenue
         Leeds
         West Yorkshire LS7 1RQ
         United Kingdom
         Tel: 0113 244 6327
         Fax: 0113 242 1882


YOO MEDIA: Appoints Joint Administrators from UHY
-------------------------------------------------
Peter Alan Kubik and Ladislav Hornan of UHY Hacker Young were
appointed joint administrators of Yoo Media Dating Limited
(Company Number 02792947) on Aug. 29.

The administrators can be reached at:

         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159

Headquartered in London, United Kingdom, Yoo Media Dating
Limited is engaged in business management consultancy.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
Senator Entertainment    
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than $3
per share in public markets.  At first glance, this list may
look like the definitive compilation of stocks that are ideal to
sell short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, and Joy Agravante, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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