TCREUR_Public/060913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, September 13, 2006, Vol. 7, No. 182

                            Headlines


A U S T R I A

CLIENT/SERVER: Claims Registration Period Ends September 26
DIPL.ING. STADLMAYR: Creditors' Meeting Slated for September 14
DIREKT STAHLWARENVERTRIEB: Vienna Court Shuts Down Business
ECO: Vienna Court Orders Business Shutdown
GRIMM MIRJAM: Vienna Court Orders Business Shutdown

HOTEL FISCHERWIRT: Property Manager Declares Insufficient Assets
JODO JOSEF: Feldkirch Court Orders Closing of Business
MINITEXTIL: Creditors' Meeting Slated for September 25
SESAR: Claims Registration Period Ends September 15
WAKOLBINGER & PEINBAUER: Claims Filing Period Ends Sept. 24


B E L G I U M

ALCATEL SA: Inaugurates New IP Transformation Center in Antwerp
HAYES LEMMERZ: Ford Production Cuts Cue S&P to Affirm B- Rating


F R A N C E

ALCATEL SA: Inaugurates New IP Transformation Center in Antwerp
CA INC: Amends Credit Facility to Repurchase US$2-Bln of Shares
DELPHI CORP: Moving Part of French Operations to Hungary
INFOGRAMES: Board Approves Final Debt Restructuring Plan


G E R M A N Y

CMA UNTERNEHMENSCONSULTING: Claims Registration Ends Sept. 26
DURA AUTOMOTIVE: Defers Dividend Payment on Preferred Securities
FANPROJEKT2006 GMBH: Claims Registration Ends September 29
FFB FOTO: Claims Registration Ends September 28
FLEISCHVERARBEITUNG GELSENKIRCHEN: Claims Filing Ends Sept. 27

GEWERBE IM PARK: Claims Registration Ends September 29
HUETI FEINKOST: Claims Registration Ends September 28
ROETTGER & KLAUSNER: Claims Registration Ends September 27
SCHUH-MAIER: Claims Registration Ends September 26
SHOP-TEC GMBH: Claims Registration Ends September 30

VOLKSWAGEN AG: To Begin Labor Talks with IG Metall on Sept. 18
WARBEG WERBEMITTEL: Claims Registration Ends September 26


H U N G A R Y

DELPHI CORP: Moving Part of French Operations to Hungary


I R E L A N D

TOWER RECORDS: Selling All Assets on October 5 in Delaware


K A Z A K H S T A N

AGROSERVICE MT: Creditors Must File Claims by Oct. 20
AKSU-TARAZ: Creditors Must File Claims by Oct. 20
ALFA: Proof of Claim Deadline Slated for Oct. 4
ASTANA STROYINTERYER: Proof of Claim Deadline Slated for Oct. 4
KORNET: Claims Registration Ends Sept. 29

KUAT-ALMAS-MUNAY: Court Opens Bankruptcy Proceedings
NOVATOR: Claims Registration Ends Sept. 29
PROGRESS: Almaty Court Begins Bankruptcy Proceedings
PROPERTY DEVELOPMENT: Creditors' Claims Due Oct. 18
TALDYKORGANSVAZSERVICE: Almaty Court Starts Bankruptcy Procedure


K Y R G Y Z S T A N

DORUK: Proof of Claim Deadline Slated for Oct. 11
INTERCORP LTD: Creditors' Claims Due Oct. 13
OSHSTROY: Creditors Must File Claims by Oct. 18


N E T H E R L A N D S

PYATEROCHKA HOLDING: Earns US$62 Million for First Half 2006


N O R W A Y

FALCONBRIDGE LTD: Inks Option & Joint Venture Accord with Benton


R U S S I A

ANDREAPOL-AGRO-KHIMIYA: Bankruptcy Hearing Slated for Oct. 4
ANNINSKIY ELEVATOR: Voronezh Court Starts Bankruptcy Supervision
BALTIKA-AMBER: Court Names V. Soldatov as Insolvency Manager
CHAPLYGINSKIY ELEVATOR: Court Starts Bankruptcy Supervision
ELBOR: Court Names A. Tsybin as Insolvency Manager

GAZPROM: Mulls 25% Stake At Most in Sakhalin II, Androsov Says
HOTEL SIBERIA: Court Commences Bankruptcy Supervision
IMPEXBANK: S&P Withdraws BB+/B Counterparty Credit Ratings
KABAKOVSKIY FACTORY: S. Gosudarev to Manage Insolvency Assets
KADNIKOVSKIY FLAX: Vologda Court Starts Bankruptcy Supervision

KAMARCHAGSKOYE MILK: S. Kalakhov to Manage Insolvency Assets
KENINSBERG: Kaliningrad Court Starts Bankruptcy Supervision
KIROVSKAYA: Court Names Ms. O. Ishenko as Insolvency Manager
KRASNOYARUZHSKIY: Bankruptcy Hearing Slated for Sept. 28
LUKOIL-TOPEKS: Court Names A. Vinogradnyj as Insolvency Manager

MELENKOVSKIY WOOD-PROM-KHOZ: A. Shurov to Manage Assets
MORSHANSK-SEL-KHOZ-TEKHNIKA: A. Baklykov to Manage Assets
NADEZHDA: Court Names D. Cheparev as Insolvency Manager
NOVOVORONEZH-MILK: Court Names V. Dyachkov as Insolvency Manager
ORANZHEREINSKIYE DELICACIES: Court Hearing Slated for Sept. 26

PECHORSKAYA FURNITURE: V. Sorokin to Manage Insolvency Assets
PYATEROCHKA HOLDING: Earns US$62 Million for First Half 2006
PYATEROCHKA HOLDING: Appoints Executives for New Management Team
ROSBANK: Moody's Assigns Ba3 Rating to Upcoming Loan
ROSLAVLSKIY METAL: A. Grimovskiy to Manage Insolvency Assets

SEAFOOD: Orel Court Names S. Galakhov as Insolvency Manager
SIBTORKOM-S: Court Names M. Vasilega as Insolvency Manager
SLAVYANSKAYA FURNITURE: S. Gavryutina to Manage Assets
SMOLENSKAYA FLAX: Smolensk Court Starts Bankruptcy Supervision
TRANSSIBERIAN REINSURANCE: Fitch Rates International IFS at B+

YASNOGORSK-AGRO-RESOURCE: V. Sakhno to Manage Insolvency Assets
YUKOS OIL: Court Moves Appeal Against Yugansk Sale to Oct. 4
ZHURAVLINO: Kursk Court Starts Bankruptcy Supervision
ZLATOUSTOVSKAYA: Court Names V. Yakovlev as Insolvency Manager
ZNAMENSKIY MARGARINE: R. Lapidus to Manage Insolvency Assets


U K R A I N E

DERKACHIVSKE: Sumi Court Starts Bankruptcy Supervision Procedure
HLIBOROB: Hmelnitskij Court Starts Bankruptcy Supervision
IN-PLUS: Volinska Court Names Lutsk Tax Inspection as Liquidator
LEASING-PREMISES: Volinska Court Starts Bankruptcy Supervision
OFSET-SERVICE: Court Names Lutsk Tax Inspection as Liquidator

PIRANT: Kyiv Court Names Andrij Zharikov as Insolvency Manager
SHTORM: Volinska Court Names Lutsk Tax Inspection as Liquidator
TRANSOCEAN EXPRESS: Court Names Ludmila Zayikina as Liquidator
UKRSOTSBANK: Improved Finances Prompt S&P to Lift Rating to B/B
VOLTEKS: Volinska Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

AEOLUS CDO: Fitch Assigns B Rating on EUR9.5 Mln Class E Notes
BENEM LAND: Appoints Kiran Mistry to Liquidate Assets
CA INC: Amends Credit Facility to Repurchase US$2-Bln of Shares
CALEDONIA INT'L: Taps T. C. E. Harrison to Liquidate Assets
CAPITONIS LIMITED: Creditors' Meeting Slated for September 20

CARTER LITHO: Printing Business Up for Sale
CLAVERGAGE LIMITED: Hires Joint Liquidators from Baker Tilly
CONSTAR INT'L: Moody's Change Outlook on Improved Performance
DIALGUARD LIMITED: Names David Anthony Horner Liquidator
DRAIN TECHNICIANS: Names Administrator from Cooper Parry

DURA AUTOMOTIVE: Defers Dividend Payment on Preferred Securities
DX GRAPHICS: Creditors Ratify Voluntary Liquidation
EASTMAN KODAK: Signs Multi-Year Kiosk Contract with Wal-Mart
FEEDCO RESOURCES: Taps Paul Appleton as Liquidator
FITNESS CONNECTION: Appoints Vincent A. Simmons as Liquidator

FLORAL EXPRESS: Names Liquidator from Ganley Burt
FOSTER WHEELER: U.K. Units Face 329 Asbestos Claims
FREESCALE SEMICONDUCTOR: In Buyout Talks with Investment Firms
FURNISH INSS: Kiran Mistry Leads Liquidation Procedure
GEMMA DESIGN: Brings In Liquidator from Marks Bloom

GPM MERIDIAN: Taps Joint Administrators from Mazars LLP
HISTORIC BUILDINGS: Creditors Confirm Voluntary Liquidation
HMV GROUP: Completes Compulsory Acquisition of Ottakar's Shares
HOMEFLAMES LIMITED: Taps Liquidator from Kay Johnson Gee
INFOGRAMES: Board Approves Final Debt Restructuring Plan

J W LANDSCAPES: Taps James Richard Duckworth to Liquidate Assets
JACKSON PETROLEUM: Appoints Liquidator from ThorntonRones
JARDINE SPORTS: Brings In Filippa Connor to Administer Assets
JASMINE DEVELOPMENTS: Taps Administrators from Tenon Recovery
KILNGROVE CORP: Hires A. J. Clark to Liquidate Assets

LAVENDER HERBAL: Taps Clive Morris to Liquidate Assets
LEES NARROWBOATS: Nominates Liquidator from Simmonds & Company
MAGICAL CHOCOLATE: Nominates Jeanette Brown as Liquidator
MARK IV: Competitive Pressures Spur S&P to Cut Rating to B
MARSHALLS SPORTS: Names Charles Howard Ranby-Gorwood Liquidator

METSON INT'L: Creditors Confirm Liquidator's Appointment
MIDTOWN CONTROL: Calls In Liquidator from Kay Johnson Gee
MOREXPLUS TECHNOLOGIES: Taps Liquidator from Haslers
NORTH & SOUTH: Hires Jeremy Nicholas Bleazard as Administrator
NORTHERN POWDER: Names Liquidator from Taylor Rowlands

OFF SUMMER: Appoints Sabia Sahota to Liquidate Assets
OPEN HOLIDAYS: Brings In Joint Administrators from KPMG LLP
ORCHID INTERIORS: Ian Bull Leads Liquidation Procedure
P & J PRODUCTS: Hires Eileen T. F. Sale to Liquidate Assets
PINK FLAG: Calls In Liquidator from Rushtons

QUEENSWAY TRADING: Creditors Confirm Liquidators' Appointment
R.P.L. PRODUCTIONS: Administrators Sell Assets as Going Concern
RUGBY ENGINEERING: Names Jonathan Elman Avery-Gee Liquidator
SCOTT STB: Joint Liquidators Take Over Operations
SCOTTISH RE: Receives Takeover Proposals from Possible Buyers

SHILLING PROPERTIES: Creditors' Meeting Slated for Today
SOLAR ACTIVE: Creditors Ratify Liquidators' Appointment
SOMERS PRESS: Brings In Joint Liquidators from Vantis
SPIRIT AEROSYSTEMS: Revenue Growth Spurs Moody's to Lift Ratings
SWINFAST LIMITED: Names Joint Administrators from Harris Lipman

TMS MANUFACTURING: Nominates Paul John Webb as Liquidator
TIME GUARD: Hires P. Nottingham to Liquidate Assets
TM KINGDOM: Taps KPMG Administrators for Restructuring Efforts
TOWER ASSURANCE: Brings In Administrators from F A Simms
U VISUALIZE: Appoints Alisdair J. Findlay to Liquidate Assets

UNITY WIRELESS: Joins Three Acquired Companies Into One Facility
VISTEON CORP: Ford Production Cuts Spur S&P to Affirm B+ Rating
W. HEPPELL: Names Joint Liquidators from Hawdon Bell & Co.
W.I.A. PUBLISHERS: Appoints Brendan Eric Doyle as Liquidator
WOOD & LAMINATE: Jamie Taylor Leads Liquidation Procedure

                            *********

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


CLIENT/SERVER: Claims Registration Period Ends September 26
-----------------------------------------------------------
Creditors owed money by LLC Client/Server (FN 143262f) have
until Sept. 26 to file written proofs of claims to court-
appointed property manager Guenther Viehboeck at:

         Dr. Guenther Viehboeck
         Station place 1a/1/5
         2340 Moedling, Austria
         Tel: 02236/22050
         Fax: 02236/49239
         E-mail: office@viehboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 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 Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on July 20 (Bankr. Case No. 11 S 72/06h).  Dr. Harald
Hauer represents the Debtor in the bankruptcy proceedings.


DIPL.ING. STADLMAYR: Creditors' Meeting Slated for September 14
---------------------------------------------------------------
Creditors owed money by LLC & KEG Dipl.Ing. Stadlmayr profly (FN
260649h) are encouraged to attend the creditors' meeting at
11:00 a.m. on Sept. 14 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

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

Headquartered in Gmunden, Austria, the Debtor declared
bankruptcy on July 11 (Bankr. Case No. 20 S 86/06g).  Gerhard
Haslbauer serves as the court-appointed property manager of the
bankrupt estate.  

The Land Court of Wels approved on July 20 the motion of the
property manager to shutdown the Debtor's business.

The property manager can be reached at:

         Dr. Gerhard Haslbauer
         Main Place 7
         4663 Laakirchen, Austria
         Tel: 07613/5588
         Fax: 07613/5588-15
         E-mail: rechtsanwalt@haslbauer.at            


DIREKT STAHLWARENVERTRIEB: Vienna Court Shuts Down Business
-----------------------------------------------------------
The Trade Court of Vienna entered an order on July 20 shutting
down the business of LLC Direkt Stahlwarenvertrieb (FN 268825g).  
Court-appointed property manager Johannes Jaksch determined that
the continuing operation of the business would reduce the value
of the estate.

The property manager and his representative can be reached at:

         Dr. Johannes Jaksch
         c/o Dr. Alexander Schoeller
         Reischachstrasse 3/12 A
         1010 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at             

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 5 S 101/06x).  Alexander Schoeller
represents Dr. Jaksch in the bankruptcy proceedings.


ECO: Vienna Court Orders Business Shutdown
------------------------------------------
The Trade Court of Vienna entered an order on July 20 shutting
down the business of LLC ECO (FN 54538d).  Court-appointed
property manager Ulla Reisch determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna, Austria
         Tel: 212 55 00
         E-mail: office.wien@ulsr.at            

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 11 (Bankr. Case No. 2 S 117/06b).  


GRIMM MIRJAM: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered an order on July 20 shutting
down the business of LLC Grimm Mirjam (FN 86720f).  Court-
appointed property manager Kurt Bernegger determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Kurt Bernegger
         c/o Mag. Maria Kainer
         Jacquingasse 21
         1030 Vienna, Austria
         Tel: 799 15 80/0
         Fax: 796 59 14
         E-mail: kanzlei@bernegger-wt.com            

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 22 (Bankr. Case No. 4 S 107/06x).  Maria Kainer
represents Dr. Bernegger in the bankruptcy proceedings.


HOTEL FISCHERWIRT: Property Manager Declares Insufficient Assets
----------------------------------------------------------------
Dr. Christoph Brandweiner, the court-appointed property manager
for JSC Hotel Fischerwirt (FN 227485m), declared on July 20 that
the Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Zell am See, Austria, the Debtor declared
bankruptcy on Dec. 30, 2003 (Bankr. Case No. 23 S 648/03v).  The
Debtor's president, Monika Raudaschl, represents the Debtor in
the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Christoph Brandweiner
         Reichenhaller Road 9
         5020 Salzburg, Austria
         Tel: 0662/844450
         Fax: 0662/84025931
         E-mail: kanzlei@dr-brandweiner.at       


JODO JOSEF: Feldkirch Court Orders Closing of Business
------------------------------------------------------
The Land Court of Feldkirch entered an order on July 20 closing
the business of LLC Jodo Josef Dorner (FN 171827m).  Court-
appointed property manager Mai Scherbantie determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Mai Scherbantie
         c/o Dr. Hanno Lecher
         Market Route 8
         6850 Dornbirn, Austria
         Tel: 05572/386898
         Fax: 05572/386898-4
         E-mail: kanzlei@scherbantie-lecher.at             

Headquartered in Lingenau, Austria, the Debtor declared
bankruptcy on June 9 (Bankr. Case No. 13 S 27/06k).  Hanno
Lecher represents Dr. Scherbantie in the bankruptcy proceedings.


MINITEXTIL: Creditors' Meeting Slated for September 25
------------------------------------------------------
Creditors owed money by LLC minitextil (FN 206372p) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Sept. 25 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz, Austria

Headquartered in Freistadt, Austria, the Debtor declared
bankruptcy on July 20 (Bankr. Case No. 12 S 56/06g).  Martin
Wakolbinger serves as the court-appointed property manager of
the bankrupt estate.  

The property manager can be reached at:

         Mag. Martin Wakolbinger
         Resting Route 36
         Town Center Tower II
         4020 Linz, Austria
         Tel: 77 46 74
         Fax: 77 46 74-33
         E-mail: office@whtp.at


SESAR: Claims Registration Period Ends September 15
---------------------------------------------------
Creditors owed money by LLC Sesar (FN 207989t) 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. 29 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Pongau, Austria, the Debtor declared bankruptcy
on July 20 (Bankr. Case No. 44 S 28/06a).  The Debtor's manager
Damir Jelic represents the Debtor in the bankruptcy proceedings.


WAKOLBINGER & PEINBAUER: Claims Filing Period Ends Sept. 24
-----------------------------------------------------------
Creditors owed money by OEG Wakolbinger & Peinbauer (FN 141048z)
have until Sept. 24 to file written proofs of claims to court-
appointed property manager Georg Buder at:

         Dr. Georg Buder
         c/o Dr. Walther Moerth
         Bethlehemstrasse 3
         4020 Linz, Austria
         Tel: 0732/771877
         Fax: 0732/77187718
         E-mail: moerth.buder@utanet.at  

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

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz, Austria

Headquartered in Leonding, Austria, the Debtor declared
bankruptcy on July 20 (Bankr. Case No. 12 S 64/06h).  Walter
Moerth represents Dr. Buder in the bankruptcy proceedings.


=============
B E L G I U M
=============


ALCATEL SA: Inaugurates New IP Transformation Center in Antwerp
---------------------------------------------------------------
Alcatel S.A. officially inaugurated on Sept. 12 a new IP
Transformation Center in Antwerp, Belgium.  The first center of
its scale in Europe, the IPTC will develop, integrate and test
end-to-end IP networking solutions for customers in Europe as
well as in Africa, the Middle East, Central Asia and Latin
America.

Located in Alcatel's new facility for its Belgian operations,
the Antwerp IPTC will bring together experts from across the
globe to design, test and build pre-integrated customer-specific
solutions as well as Alcatel reference solutions.  Hosting more
that 50 technologies in 1,500 square meters, the IPTC will open
with over 100 Alcatel experts from many disciplines, including
solution architects, network engineers, application and OSS/BSS
specialists, integration engineers, and network operation
engineers.  It will also include specialists from third party
technology suppliers.

The IPTC, which is large enough to simultaneously host more than
10 large scale projects, will ensure the end-to-end integration
and testing of customer projects and services and equipment
domains such as home environment, network infrastructure,
service application platforms and OSS/BSS.

"The Antwerp IPTC is a major milestone in our goal to be the
preferred partner for operators in their IP transformation,"
said Michel Rahier, President of Alcatel's fixed communications
activities.  "Our customers will benefit from the expertise
gathered in our US IP center as well as from the experience
gained from our prime involvement in large scale projects such
as AT&T, BT, Telecom New Zealand and Telstra."

Operators worldwide are turning to IP transformation in order to
launch new services that can generate complementary revenue
sources and to rationalize their complex and costly- to-operate
networks.  The Antwerp IPTC will enable them to design, test and
integrate solutions as if they were in their own live network.
By providing such a facility to its customers, Alcatel will help
them implement their IP transformation, meet their timeframes,
control the migration paths and manage the associated risks.

The Antwerp IPTC is part of Alcatel's strategy to support
operators worldwide in their IP transformation projects.  The
Antwerp IPTC follows the creation of Alcatel's IP Transformation
Center in Plano, Texas, for North America with another similar
center to be opened soon in Asia-Pacific.  The Antwerp IPTC
leverages Alcatel's experience acquired from more than 40 IP
network transformation projects and over 40 triple play projects
worldwide.

                       About Alcatel

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

                         *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies(rated B1).  The ratings placed
on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


HAYES LEMMERZ: Ford Production Cuts Cue S&P to Affirm B- Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Hayes Lemmerz International Inc. and removed
the rating from CreditWatch with negative implications, where it
was placed Aug. 21.  The outlook is negative.
     
The Northland, Mich.-based wheel manufacturer has total adjusted
debt of about US$780 million plus underfunded employee benefit
obligations of approximately US$390 million.
     
The rating affirmation follows a review of the impact of Ford
Motor Co.'s recently announced plans to sharply reduce vehicle
production in the fourth quarter of 2006.

"We have concluded that the negative impact on Hayes' earnings
and cash flow will be partially offset by gradually improving
performance in the company's international operations," said
Standard & Poor's credit analyst Gregg Lemos Stein.

This should enable Hayes to maintain credit measures consistent
with its already low speculative-grade rating.
     
While Hayes generates about 20% of its total sales from Ford,
about half of that comes from outside North America, where
Ford's production cuts are focused.  Hayes' sales from General
Motors Corp. and the Chrysler unit of DaimlerChrysler AG are
also well diversified between North America and Europe.
     
Hayes' guidance for the full year ending Jan. 31, 2007, remains
unchanged because of the automakers' production cuts, with the
company expecting US$2.2 billion to US$2.3 billion of sales and
a slight improvement on last year's US$176 million of EBITDA.
     
Hayes' business risk profile remains weak.  The company's
financial results have suffered in recent years because of the
difficult industry conditions facing automotive suppliers,
including high raw-material costs, customer market-share shifts,
product-mix changes, and pricing pressure.  While Hayes has a
leadership position in wheel manufacturing, the business is
highly fragmented and intensely competitive.


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


ALCATEL SA: Inaugurates New IP Transformation Center in Antwerp
---------------------------------------------------------------
Alcatel S.A. officially inaugurated on Sept. 12 a new IP
Transformation Center in Antwerp, Belgium.  The first center of
its scale in Europe, the IPTC will develop, integrate and test
end-to-end IP networking solutions for customers in Europe as
well as in Africa, the Middle East, Central Asia and Latin
America.

Located in Alcatel's new facility for its Belgian operations,
the Antwerp IPTC will bring together experts from across the
globe to design, test and build pre-integrated customer-specific
solutions as well as Alcatel reference solutions.  Hosting more
that 50 technologies in 1,500 square meters, the IPTC will open
with over 100 Alcatel experts from many disciplines, including
solution architects, network engineers, application and OSS/BSS
specialists, integration engineers, and network operation
engineers.  It will also include specialists from third party
technology suppliers.

The IPTC, which is large enough to simultaneously host more than
10 large scale projects, will ensure the end-to-end integration
and testing of customer projects and services and equipment
domains such as home environment, network infrastructure,
service application platforms and OSS/BSS.

"The Antwerp IPTC is a major milestone in our goal to be the
preferred partner for operators in their IP transformation,"
said Michel Rahier, President of Alcatel's fixed communications
activities.  "Our customers will benefit from the expertise
gathered in our US IP center as well as from the experience
gained from our prime involvement in large scale projects such
as AT&T, BT, Telecom New Zealand and Telstra."

Operators worldwide are turning to IP transformation in order to
launch new services that can generate complementary revenue
sources and to rationalize their complex and costly- to-operate
networks.  The Antwerp IPTC will enable them to design, test and
integrate solutions as if they were in their own live network.
By providing such a facility to its customers, Alcatel will help
them implement their IP transformation, meet their timeframes,
control the migration paths and manage the associated risks.

The Antwerp IPTC is part of Alcatel's strategy to support
operators worldwide in their IP transformation projects.  The
Antwerp IPTC follows the creation of Alcatel's IP Transformation
Center in Plano, Texas, for North America with another similar
center to be opened soon in Asia-Pacific.  The Antwerp IPTC
leverages Alcatel's experience acquired from more than 40 IP
network transformation projects and over 40 triple play projects
worldwide.

                       About Alcatel

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

                         *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies(rated B1).  The ratings placed
on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


CA INC: Amends Credit Facility to Repurchase US$2-Bln of Stocks
---------------------------------------------------------------
CA Inc. has entered into an amendment to its existing credit
facility that satisfies the financing condition under its
US$1 billion tender offer.  The amendment modifies certain
covenants in the credit agreement in order to permit CA to
repurchase up to US$2 billion of its common stock under its
fiscal year 2007 share repurchase program and incur additional
indebtedness in connection with those repurchases.

CA expects to use the borrowings under the revolving credit
facility to complete a portion of the US$1 billion tender offer
launched Aug. 16, 2006, and to pay related fees and expenses.
CA has stated that it plans to use a combination of available
cash and bank borrowings to finance the tender offer.  The
successful completion of debt financing on terms and conditions
satisfactory to CA in an amount sufficient to purchase shares
offered in the tender offer was a condition to the completion of
the tender offer.  This condition has now been satisfied by CA.

The US$1 billion tender offer is the first phase of the US$2
billion stock repurchase program announced June 29, 2006 by the
company.  CA is considering various options to execute the
second phase of the program and will provide further details
when appropriate.  The Company expects to complete the full US$2
billion share repurchase plan by the end of its 2007 fiscal
year.

                         About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management      
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Europe, CA has operations in
France, Germany, Italy and the United Kingdom.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


DELPHI CORP: Moving Part of French Operations to Hungary
--------------------------------------------------------
Delphi Corp. will transfer some of its production in France to
its two plants in Hungary, Bloomberg News reports, citing
Hungarian newspaper Vilaggazdasag.

Delphi wants to take advantage of lower labor costs in Hungary,
Vilaggazdasag said.  Delphi has facilities in Balassagyarmat and
Szombathely.  Relocation will start in 2007.

Vilaggazdasag said the relocation would create 80 to 100 jobs at
the two units, Bloomberg relates.

Bloomberg News reported in May 2006 that Delphi will cut 400 of
its workforce in Szombathely and relocate some production to
Slovakia.  Delphi was said to relocate operations because of
lower manufacturing and labor costs in Slovakia, Bloomberg
noted, citing Napi Gazdasag, a local newspaper.

Based in Troy, Mich., Delphi Corporation --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.  (Delphi Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


INFOGRAMES: Board Approves Final Debt Restructuring Plan
--------------------------------------------------------
The Board of Directors of Infogrames Entertainment voted in
favor of the company's final debt restructuring plan, which
would permit the restoration of the company's industrial
investment capacities.

The Company concluded an agreement with its main bank creditors
and bondholders on Sept. 8, allowing it to set up a financial
restructuring plan, the purpose of which is to significantly
reduce its financial indebtedness, to restore its equity and to
provide a cash level appropriate to its operating needs.

This agreement comes within the framework of the action plan
announced by the Company on Feb. 9 implying a program of asset
disposals and a renegotiation of the bank debt whose agreement
was announced on the April 21.

The Company estimates that the achievement of the Plan will
allow to stop the warning procedure engaged by the auditors in
accordance to the French commercial code, to insure the
operating continuity of the Company and to provide sufficient
means necessary to its financial reversal.

The Company entrusted with Associes en Finances, acting as
independent expert, the mission to confirm the equitable nature
of the plan for all the involved parties thereto.  Their report
will be available prior to the general meeting of the
shareholders.

                     Terms of the Plan

The Plan hinges on 5 steps:

  * Step 1: EUR25 million extension and rescheduling of the
            short-term loan

      Within the framework of an amendment to the existing bank
      agreements, Banc of America Securities Limited agrees with
      the Company:

      -- a EUR25 million increase of the short term loan thus
         increasing its amount from EUR20 million to EUR45
         million
   
      -- an extension of the maturity from March 31, 2007, to
         December 31, 2008

      This loan will be redeemable up to EUR10 million by the
      Capital Increase mentioned in Step 4, the balance being
      repaid on December 31st, 2008.

  * Step 2: Modification of certain terms of the 2006/2008
            Bonds

      The holders of the company's 2006/2008 bonds (6% coupon,
      nominal value of EUR14, maturity on March 15th, 2008,
      whose value amounts to EUR33.7 million) will convene on
      Sept. 29 to approve the postponement of the normal
      redemption date of the first tranche to February 15, 2007,
      and to amend the terms of early repayment.

      The main holder of the 2006/2008 Bonds, a fund managed by
      Boussard et Gavaudan Asset Management LP, holds 75.8% of
      the 2,403,772 outstanding 2006/2008 Bonds and is committed
      to vote those resolutions.

  * Step 3: Modification of certain terms of the 2003/2009
            Oceane

      The holders of the bonds maturing on April 1, 2009,
      convertible and/or exchangeable into new or existing
      shares, whose value amounts to EUR124.3 million, will
      convene on Sept. 29 to approve:

        (i) the postponement of the final maturity from
            April 1, 2009 to April 1, 2020;

       (ii) the reduction of the coupon from 4.0% to 0.01%; and

      (iii) the cancellation of the early redemption clause in
            case of default.

      The funds managed by GLG Partners and Bluebay Asset High
      Yield (Master Fund) holding 67.8% of the 1,185,658
      outstanding 2003/2009 Oceane, are committed to vote those
      resolutions.

  * Step 4: Shareholders General Meeting / Share Capital
            Increase / Early repayment of all the outstanding
            2006/2008 Bonds / Free reserved allocation of
            Warrants

      The Company plans to conduct a capital increase amounting
      to EUR74 million with maintenance of the preferential
      subscription right for the existing shareholders at a
      subscription price of EUR0.15 per share.  About EUR33.7
      million of the proceeds will be affected to the repayment
      of all the outstanding 2006/2008 Bonds, EUR10 million to
      the partial reimbursement of the Short Term Loan and
      EUR30 million to the operating financing of the Company.

      The main holder of 2006/2008 Bond and the Investors are
      irrevocably committed to subscribe, respectively up to
      EUR33.7 million and EUR40 million, the shares which would
      not be subscribed by the existing shareholders at the end
      of the subscription period.  Those commitments are
      conditional upon usual terms for this type of transaction
      and to the granting of an exemption to launch a mandatory
      Takeover Bid.

      In consideration for their contribution to the structuring
      and to the implementation of the Plan, warrants will be
      freely attributed to the Investors and the main holder of
      2006/2008 Bond following the Capital Increase.  The
      Warrants will have a 3-year maturity, and allow
      subscribing to one new share at EUR0.15, representing for
      the Investors and the main holder of 2006/2008 Bond
      respectively a total of 15% and 3% of the capital post
      Capital Increase and Exchange Offer as described in
      Step 5.

      In this respect, the Board of directors of the Company
      will propose to the shareholders at their annual general
      meeting -- stating on the annual accounts of the Company
      -- slated for Sept. 29 to vote on these resolutions:


        (i) reduction of the nominal of the shares to one cent
            of Euro (0.01 Euro);

       (ii) reverse-split of the shares: attribution of one new
            share with one Euro (1 Euro) nominal for hundred
            (100) shares with one cent of Euro (0.01 Euro)
            nominal;

      (iii) renewal of the financial authorizations in order to
            allow the Capital Increase described above and the
            Exchange Offer on the 2003/2009 Oceane, as described
            in Step 5;

       (iv) issuance of Warrants reserved to Boussard Gavaudan
            Asset Management LP and The BlueBay High Yield
            (Master Fund); and

        (v) appointment of two additional directors proposed by
            Bluebay Asset Management Limited.

  * Step 5: Exchange Offer on the 2003/2009 Oceane

      Subsequently to the Capital Increase, the Company will
      launch an Exchange Offer on the 2003/2009 Oceane, where
      each tendered 2003/2009 Oceane will be exchanged into 32
      new shares of the Company.  On the basis of a share price
      of EUR0.15 (i.e. the subscription price of the Capital
      Increase), the Exchange Offer represents a price of
      EUR4.80 per 2003/2009 Oceane, i.e. a discount of around
      37.5% (coupon included) compared to the redemption price
      of EUR7.53 per 2003/2009 Oceane.

      Investors agreed to tender to the Exchange Offer the
      11,185,658 2003/2009 Oceane they hold, i.e. 67.8% of the
      outstanding Oceane.

                     Suspensive Conditions

The completion of the Plan is conditional upon the approvals by
the holders of 2006/2008 Bond and 2003/2009 Oceane at their
respective meetings, on the approval by the shareholders at the
extraordinary general meeting and on authorizations and
exemptions required from the market authorities.

The agreement provides that the Capital Increase must be
launched before Dec. 30, 2006, or Feb. 15, 2007, in case a new
shareholders extraordinary general meeting has to be reconvened
due to the failure to meet the quorum requirements.  In
addition, the amendment to the terms of the 2003/2009 Oceane is
conditional upon the completion of the Exchange Offer on
April 30, 2007, at the latest.

                  Plan Impact on Shareholders

On an indicative basis, assuming that all the 2003/2009 Oceane
are tendered and exchanged into new shares of the Company, the
impact of such conversion on a shareholder holding 1% of the
share capital before the Capital Increase and the Exchange Offer
would be as follow:

                                           Shareholder stake
                                           -----------------
Before Capital Increase                           1%

After Capital Increase and
  before conversion of the Oceane                0.28%

After Capital Increase and
  conversion of the Oceane                     0.16%

After Capital Increase and
   conversion of the Oceane
   and exercise of the Warrants               0.13%

A shareholder holding 1% of the share capital on June 30, 2006,
who would participate to the Capital Increase would be diluted
as follow:

                                           Shareholder stake
                                           -----------------
Before Capital Increase                           1%

After Capital Increase and  
   before conversion of the 2003/2009 Oceane      1%

After Capital Increase and
   conversion of the Oceane                       0.56%

After Capital Increase and
   conversion of the Oceane
   and exercise of the warrants                   0.48%

               Plan Impact on Company's Net Debt

IFRS net debt of the Company is of EUR173.2 million (audited
accounts) as of March 31, 2006, and of EUR191.4 billion as of
June 30, 2006 (non audited estimated data).  Based on this data,
net debt will be reduced to EUR126 million after the Capital
Increase and to EUR24 million after the Exchange Offer, assuming
all the 2003/2009 Oceane are tendered and converted.

Not taking into account costs specific to the Short-Term Loan
and to the transaction, the plan generates EUR55 million of
cash.

Assuming all the Warrants are exercised, the company would have
EUR8 million in receivables.

            About Infogrames Entertainment and Atari

Infogrames Entertainment (IESA), the parent company of the Atari
Group, is listed on the Paris Euronext stock exchange (ISIN
code: FR-0000052573) and has two principal subsidiaries: Atari
Europe, a privately-held company, and Atari, Inc., a United
States corporation listed on NASDAQ (ATAR).

The Atari Group -- http://www.atari.com/-- is a major  
international producer, publisher and distributor of interactive
entertainment software for all market segments and in all
existing game formats (Microsoft, Nintendo and Sony) and on CD-
ROM for PC.  Its games are sold in more than 60 countries.

The Atari Group's extensive catalogue of popular games is based
on original franchises (Alone in the Dark, V-Rally, Test Drive,
Roller Coaster Tycoon, etc.) and international licenses (Matrix,
Dragon Ball Z, Dungeons & Dragons, etc.).  The company maintains
operations in France, Germany, Portugal, and the United Kingdom,
among others in Europe.


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


CMA UNTERNEHMENSCONSULTING: Claims Registration Ends Sept. 26
-------------------------------------------------------------
Creditors of CMA Unternehmensconsulting GmbH have until Sept. 26
to register their claims with court-appointed provisional
administrator Mattias Raupke.

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

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Augsburg opened bankruptcy proceedings
against CMA Unternehmensconsulting GmbH on July 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CMA Unternehmensconsulting GmbH
         Mildenburggasse 6
         A-5020 Salzburg, Germany

         Attn: Artur Fiedler, Manager
         Winifridweg 23
         86316 Friedberg, Germany

The administrator can be contacted at:

         Mattias Raupke
         c/o SKB Partnerschaftsgesellschaft
         Eserwallstr. 1-3
         86150 Augsburg, Germany


DURA AUTOMOTIVE: Defers Dividend Payment on Preferred Securities
----------------------------------------------------------------
Dura Automotive Systems Inc. has elected to defer the dividend
payment on the 7-1/2% Convertible Trust Preferred Securities
issued by the Dura Automotive Capital Trust that would have
otherwise been paid on Sept. 30.  The 7-1/2% Convertible Trust
Preferred Securities are traded on the Nasdaq Global Market
under the symbol "DRRAP".

The terms of the Dura Automotive Capital Trust and the
underlying 7-1/2% Convertible Subordinated Debentures due 2028
issued by the Company to the Capital Trust permit the deferral
of dividends and the underlying interest payments on the
Debentures for up to 20 consecutive quarters.

This is the first such deferral and any decision on any future
deferrals will be reviewed on a quarterly basis.  The deferral
of
the dividend is consistent with the Company's ongoing evaluation
of its capital structure.

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment
manufacturer and many leading Tier 1 automotive suppliers.  It
currently operates in 63 locations including joint venture
companies and customer service centers in 14 countries.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.


FANPROJEKT2006 GMBH: Claims Registration Ends September 29
----------------------------------------------------------
Creditors of fanprojekt2006 GmbH & Co. KG have until Sept. 29 to
register their claims with court-appointed provisional
administrator Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Mayen
         Hall 17
         St. Veit-Road 38
         56727 Mayen, 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 Mayen opened bankruptcy proceedings
against fanprojekt2006 GmbH & Co. KG on Aug. 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         fanprojekt2006 GmbH & Co. KG
         Attn: Ulrich Kramer, Manager
         Vogelsang 1
         56727 Mayen, Germany

The administrator can be contacted at:

         Dr. Ralf Bornemann
         Godesberger Avenue 125-127
         53175 Bonn, Germany
         Tel: 0228/81000-858
         Fax: 0228/81000-820
         E-mail: rae-bonn@dphg.de


FFB FOTO: Claims Registration Ends September 28
-----------------------------------------------
Creditors of FFB Foto Fachlabor Berlin/Brandenburg GmbH have
until Sept. 28 to register their claims with court-appointed
provisional administrator Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against FFB Foto Fachlabor Berlin/Brandenburg GmbH
on Aug. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         FFB Foto Fachlabor Berlin/Brandenburg GmbH
         Handwerker Str. 14
         15366 Dahlwitz- Hoppegarten, Germany

The administrator can be contacted at:

         Dr. Ulrich Wenzel
         Grossbeerenstr. 231
         14480 Potsdam, Germany


FLEISCHVERARBEITUNG GELSENKIRCHEN: Claims Filing Ends Sept. 27
--------------------------------------------------------------
Creditors of Fleischverarbeitung Gelsenkirchen Holding GmbH have
until Sept. 27 to register their claims with court-appointed
provisional administrator Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 11 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The Debtor can be contacted at:

         Fleischverarbeitung Gelsenkirchen Holding GmbH
         Attn: Willem J.A. Lamme, Manager
         Schlachthof 4a
         45883 Gelsenkirchen, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Graf-Adolf-Place 15
         40213 Duesseldorf, Germany
         Tel: 0211/540680192
         Fax: 0211 540680199


GEWERBE IM PARK: Claims Registration Ends September 29
------------------------------------------------------
Creditors of Gewerbe im Park Bautragergesellschaft mbH have
until Sept. 29 to register their claims with court-appointed
provisional administrator Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Nov. 1 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against Gewerbe im Park Bautragergesellschaft mbH on Aug. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gewerbe im Park Bautragergesellschaft mbH
         Attn: Knut Nitzsche, Jochen Weiss, and
         Claus Belaschki, Managers
         Limbacher Road 193
         09116 Chemnitz, Germany

The administrator can be contacted at:

         Frank Ruediger Scheffler
         Ulmenstrasse 14
         09112 Chemnitz, Germany
         Web: http://www.tiefenbacher.de/


HUETI FEINKOST: Claims Registration Ends September 28
-----------------------------------------------------
Creditors of HUETI -- Feinkost -- GmbH have until Sept. 28 to
register their claims with court-appointed provisional
administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke, 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 Syke opened bankruptcy proceedings against
HUETI -- Feinkost -- GmbH on Aug. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         HUETI -- Feinkost -- GmbH
         Attn: Werner Thiesbrummel and
         Klaus-Dieter Huennemann, Managers
         Krumme Str. 16
         28857 Syke, Germany

The administrator can be contacted at:

         Jan H. Wilhelm
         Market 1
         28195 Bremen, Germany


ROETTGER & KLAUSNER: Claims Registration Ends September 27
----------------------------------------------------------
Creditors of Roettger & Klausner GbR have until Sept. 27 to
register their claims with court-appointed provisional
administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Roettger & Klausner GbR on Aug. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Roettger & Klausner GbR
         Hammer Str. 17
         40219 Duesseldorf, Germany

         Attn: Andre Ayala-Roettger, Manager
         Schwalbenberg 12
         40627 Duesseldorf, Germany

         Walter Klausner, Manager
         Lindenstr. 243
         40235 Duesseldorf, Germany

The administrator can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany


SCHUH-MAIER: Claims Registration Ends September 26
--------------------------------------------------
Creditors of Schuh-Maier GmbH have until Sept. 26 to register
their claims with court-appointed provisional administrator
Oliver Reichelt.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on Oct. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim
         Meeting Room E 020
         Weilheim, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The Debtor can be contacted at:

         Schuh-Maier GmbH
         Luitpoldstr. 44
         82152 Krailling, Germany

The administrator can be contacted at:

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


SHOP-TEC GMBH: Claims Registration Ends September 30
----------------------------------------------------
Creditors of Shop-Tec GmbH have until Sept. 30 to register their
claims with court-appointed provisional administrator Tobias
Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Heidelberg
         Hall 12
         Ground Floor
         Kurfuerstenanlage 21
         69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings
against Shop-Tec GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Shop-Tec GmbH
         Attn: Klaus Keller, Manager
         Ablassweg 20A
         74924 Neckarbischofsheim, Germany

The administrator can be contacted at:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim, Germany
         Tel: 0621/877080
         Fax: 0621/8770820


VOLKSWAGEN AG: To Begin Labor Talks with IG Metall on Sept. 18
--------------------------------------------------------------
Volkswagen AG and IG Metall union will begin discussions on
Sept. 18 with regards to reducing labor spending in exchange for
production and investment securities in Germany, Bloomberg news
reports.

The discussion was scheduled to start in November but the
union's contract-negotiations committee approved to start talks
earlier.

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.

"We strongly reject the crude proposal to implement a 35-hour
workweek without giving a pay increase," Hartmut Meine, IG
Metall's chief negotiator with Volkswagen disclosed in a
statement.  "We expect major management board," he 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.  So far, more than 13,000 employees
have agreed to retire early.

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.


WARBEG WERBEMITTEL: Claims Registration Ends September 26
---------------------------------------------------------
Creditors of Warbeg Werbemittel-Vertriebs GmbH have until
Sept. 26 to register their claims with court-appointed
provisional administrator Georg F. Kreplin.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 185
         1st Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against Warbeg Werbemittel-Vertriebs GmbH on Aug. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Warbeg Werbemittel-Vertriebs GmbH
         Ruettenscheider Str. 114
         45131 Essen, Germany

         Attn: Stephan Riep, Manager
         Waldfrieden 6
         45133 Essen, Germany

The administrator can be contacted at:

         Georg F. Kreplin
         Limbecker Place 1
         45127 Essen, Germany
         Tel: 0201 220 05 02
         Fax: 0201 220 05 40


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


DELPHI CORP: Moving Part of French Operations to Hungary
--------------------------------------------------------
Delphi Corp. will transfer some of its production in France to
its two plants in Hungary, Bloomberg News reports, citing
Hungarian newspaper Vilaggazdasag.

Delphi wants to take advantage of lower labor costs in Hungary,
Vilaggazdasag said.  Delphi has facilities in Balassagyarmat and
Szombathely.  Relocation will start in 2007.

Vilaggazdasag said the relocation would create 80 to 100 jobs at
the two units, Bloomberg relates.

Bloomberg News reported in May 2006 that Delphi will cut 400 of
its workforce in Szombathely and relocate some production to
Slovakia.  Delphi was said to relocate operations because of
lower manufacturing and labor costs in Slovakia, Bloomberg
noted, citing Napi Gazdasag, a local newspaper.

Based in Troy, Mich., Delphi Corporation --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.  (Delphi Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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


TOWER RECORDS: Selling All Assets on October 5 in Delaware
----------------------------------------------------------
MTS Inc., dba Tower Records, and its debtor-affiliates will be
selling substantially all of their assets through an auction on
Oct. 5, 2006, 10:00 a.m., at the offices of Richards, Layton &
Finger P.A., One Rodney Square, 920 North King Street in
Wilmington, Delaware.

Submission of bids is until noon (Eastern Time) of Sept. 26,
2006.

To qualify as lead bidder, interested parties must submit bids
no later than 10:00 a.m., today.

A hearing to consider approval of proposed bid protections is
scheduled on Sept. 15, 2006, at 10:00 a.m.

A hearing to consider the sale of assets to the successful
bidder will be on Oct. 6, 2006 at 10:00 a.m.

Objections to the sale motion are due Sept. 29, 2006 at 4:00
p.m.

For more information and for copies of documents with regards to
the sale motion, contact the proposed special counsel to the
Debtors:

    Akin, Gump, Strauss, Hauer & Feld LLP
    Attn: Patrick J. Ivie, Esq.,
    Suite 2400
    2029 Century Park East
    Los Angeles, California 90067
    Tel: (310) 229-1000
    Fax: (310) 229-1001
    http://www.akingump.com/

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

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


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


AGROSERVICE MT: Creditors Must File Claims by Oct. 20
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Agricultural Services Agroservice MT insolvent on
July 25.  Subsequently, bankruptcy proceedings were introduced
at the company.

Creditors have until Oct. 20 to submit written proofs of claim
at:

         LLP Agroservice MT
         Room 7
    Suleimenova Str. 11a
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-25-52


AKSU-TARAZ: Creditors Must File Claims by Oct. 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Aksu-Taraz insolvent on July 25.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Oct. 20 to submit written proofs of claim
at:

         LLP Aksu-Taraz
         Room 7
    Suleimenova Str. 11a
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-25-52
                     

ALFA: Proof of Claim Deadline Slated for Oct. 4
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Alfa insolvent.

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

         LLP Alfa
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan
  

ASTANA STROYINTERYER: Proof of Claim Deadline Slated for Oct. 4
---------------------------------------------------------------
LLP Astana Building Interior Astana Stroyinteryer has declared
insolvency.

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

         LLP Astana Stroyinteryer
         Pushkin Str. 166/5
    Saryarka District
    Astana, Kazakhstan


KORNET: Claims Registration Ends Sept. 29
-----------------------------------------
LLP Kornet has declared insolvency.  Creditors have until
Sept. 29 to submit written proofs of claim to:

         LLP Kornet
         Bektasov Str. 26
    Myrzakent
    Mahtaaral District
    South Kazakhstan Region
    Kazakhstan


KUAT-ALMAS-MUNAY: Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against JSC
Kuat-Almas-Munay.


NOVATOR: Claims Registration Ends Sept. 29
------------------------------------------
LLP Trade House Torgovyi Dom Novator has declared insolvency.
Creditors have until Sept. 29 to submit written proofs of claim
at:
         
         LLP Torgovyi Dom Novator
         Dzerjynskyi Str. 14
    Makinsk
    Bulandyn District
    Akmola Region
    Kazakhstan


PROGRESS: Almaty Court Begins Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Progress (RNN
600300007675).


PROPERTY DEVELOPMENT: Creditors' Claims Due Oct. 18
---------------------------------------------------
LLP Property Development Company has declared insolvency.  
Creditors have until Oct. 18 to submit written proofs of claim
to:

         LLP Property Development Company
    Dostyk Ave. 38
    Almaty, Kazakhstan


TALDYKORGANSVAZSERVICE: Almaty Court Starts Bankruptcy Procedure
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against LLP Taldykorgan
Communication Service Taldykorgansvazservice.


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


DORUK: Proof of Claim Deadline Slated for Oct. 11
-------------------------------------------------
LLC Doruk has declared insolvency.  Creditors have until Oct. 11
to submit written proofs of claim at:

         LLC Doruk
    Hvoynaya Str. 64
    Bishkek, Kyrgyzstan


INTERCORP LTD: Creditors' Claims Due Oct. 13
--------------------------------------------
LLC Intercorp Ltd. has declared insolvency.  Creditors have
until Oct. 13 to submit written proofs of claim at:

         LLC Intercorp Ltd.
    Krivonosov Str. 5a-15
    Bishkek, Kyrgyzstan


OSHSTROY: Creditors Must File Claims by Oct. 18
-----------------------------------------------
The Branch of JSC Oshstroy in Karasuu has declared insolvency.
Creditors have until Oct. 18 to submit written proofs of claim.

Inquiries can be addressed to (+996 3222) 5-72-83.


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


PYATEROCHKA HOLDING: Earns US$62 Million for First Half 2006
------------------------------------------------------------
Pyaterochka Holding N.V. released its financial results for the
first half ended June 30, 2006.

Pyaterochka Holding, consolidating the results of both its
Pyaterochka and Perekrestok chains, posted US$62.2 million in
net profit on US$1.58 billion in net sales for the first half of
2006, compared with US$68.1 million in net profit on US$1.10
billion in net sales for the same period in 2005.

As of June 30, 2006, Pyaterochka Holding N.V. operated a total
of 1,013 stores, including 524 company-managed stores and 489
franchised stores across both chains.   

The Pyaterochka chain operated 391 company-managed stores as of
June 30, 2006, including:

   -- 187 stores in Moscow,
   -- 185 stores in St. Petersburg, and
   -- 19 stores in Yekaterinburg.

The Pyaterochka chain also has 479 branded stores operated by
franchisees as of June 30, 2006, across 20 regions of Russia,
Ukraine and Kazakhstan.    

The Perekrestok chain operated 133 company-managed stores as of
June 30, 2006, including:

   -- 8 city hypermarkets,
   -- 105 supermarkets, and
   -- 20 convenience stores.

The Perekrestok chain has:

   -- 78 stores in Moscow,

   -- 14 stores in St. Petersburg,

   -- 37 stores in the Russian regions outside of Moscow and St.
      Petersburg, and

   -- four stores in Kiev, Ukraine.

The Perekrestok chain currently has 10 stores operated by
franchisees in Moscow.

During 1H 2006 the Group opened 59 new company-managed stores in
Moscow and St. Petersburg, taking the net selling space to
399,000 square meters.  The Group plans to open 130 new
Pyaterochka stores and 40 new Perekrestok stores in 2006.  A
dedicated and experienced M&A team has been set up with the aim
to accelerate the external growth through acquisitions of
parcels of stores from competing chains as well as franchisees.

"The Pyaterochka Group is going from strength to strength," Lev
Khasis, Chief Executive Officer, said.  The merger of
Pyaterochka and Perekrestok has combined the leading retailers
in Russia in terms of formats, locations, logistics and value
proposition to our customers.  The strong performance and
achievements in 1H 2006 demonstrates these qualities. I am
excited and confident about our future."

"The financial performance of Pyaterochka in 1H 2006 clearly
shows our growth continuing unabated," Vitaliy Podolskiy, Chief
Financial Officer, commented.  "A highly satisfactory gross
margin improvement in conjunction with our tight cost control
has led to a pro forma operating profit growth in excess of 50%.  
The successful arrangement of our US$800 million facility has
also secured funding for our expansion, lower costs of capital
and the Group now stands well positioned to capitalise on new
opportunities."

                    About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.5chka.com/-- operates a large store network largely  
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following
Pyaterochka's announced acquisition of Russia's leading
supermarket chain Perekrestok.  S&P said the outlook is
negative.


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


FALCONBRIDGE LTD: Inks Option & Joint Venture Accord with Benton
----------------------------------------------------------------
Falconbridge Limited has entered into an option and joint
venture agreement with Benton Resources Corp.

Falconbridge Limited is a subsidiary of the Xstrata group,
whereby Xstrata has the exclusive right and option at its
election to earn up to a 70% interest in the Goodchild Lake Ni-
Cu-PGM Project by spending US$25,000,000 or completing a
feasibility study, which ever comes first.

The specific terms of the agreement are as follows:

    a) to maintain the right and option and earn a 50% interest
       Xstrata must complete aggregate exploration expenditures
       of US$3,000,000 by Aug. 1, 2009, and make payments to
       Benton totaling US$335,000 over the term of the earn-in:

      * an initial US$50,000 cash payment on signing of the
        agreement;

      * an additional US$60,000 cash payment and spend
        US$750,000 on exploration by Aug. 1, 2007;

      * an additional US$75,000 cash payment and spend an
        aggregate of at least US$1,750,000 on exploration by
        Aug. 1, 2008; and

      * an additional US$150,000 cash payment and spend an
        aggregate of US$3,000,000 on exploration by Aug. 1,
        2009;

   b) to earn a further 10% interest to bring its interest to
      60%, Xstrata must spend a further US$2,000,000 on
      exploration by Aug. 1, 2011;

   c) to earn a further 10% to bring its total interest up to
      70%, Xstrata must spend a further US$20,000,000 on
      exploration or complete a feasibility study, which ever
      comes first, by Aug. 1, 2014;

   d) provided Xstrata earns a minimum of a 50% interest,
      Xstrata and Benton will form a joint venture (JV) based on
      the respective interests of the parties at the stage that
      Xstrata ceases to increase its interest; and

   e) After the JV is formed, if either party dilutes to a 10%
      interest, such interest shall automatically be converted
      to a 3% Net Smelter Royalty of which 1.5% can be purchased
      for US$1.5 million by the other party.

The Goodchild Lake Project is located approximately 15 km. north
of Marathon, Ontario and is host to several nickel showings with
grab samples assaying up to 5.67% nickel -- collected by Benton
personnel -- and 6.72% nickel -- collected by Xstrata personnel.  
The large ultramafic intrusion measures approximately 5x8km and
has numerous untested airborne electromagnetic anomalies.  
Benton will keep their shareholders updated on developments at
the property as exploration moves forward.

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

                        *    *    *

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


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


ANDREAPOL-AGRO-KHIMIYA: Bankruptcy Hearing Slated for Oct. 4
------------------------------------------------------------
The Arbitration Court of Tver Region will convene on Oct. 4 to
hear the bankruptcy supervision procedure on OJSC Andreapol-
Agro-Khimiya.  The case is docketed under Case No. A66-2495/
2006.

The Temporary Insolvency Manager is:

         A. Ofitserov
         Post User Box 49
         123181 Moscow
         Russia

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         OJSC Andreapol-Agro-Khimiya
         Toropetskaya Str.
         Andreapol
         172800 Tver Region
         Russia


ANNINSKIY ELEVATOR: Voronezh Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Voronezh Region commenced bankruptcy
supervision procedure on OJSC Anninskiy Elevator.  The case is
docketed under Case No. A14-6266/2006/150/27b.

The Temporary Insolvency Manager is:

         A. Dubishev
         Barkhatnyj Bugor 25
         394071 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Anninskiy Elevator
         Engelsa Str. 1.
         Anna
         396254 Voronezh Region
         Russia


BALTIKA-AMBER: Court Names V. Soldatov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kaliningrad Region appointed Mr. V.
Soldatov as Insolvency Manager for CJSC Baltika-Amber.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A21-2330/2006.

The Arbitration Court of Kaliningrad Region is located at:  

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         CJSC Baltika-Amber
         Transportnyj Tupik 10
         236039 Kaliningrad Region
         Russia


CHAPLYGINSKIY ELEVATOR: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Lipetsk Region commenced bankruptcy
supervision procedure on OJSC Chaplyginskiy Elevator (TIN/KPP
4717001668/471701001).  

The case is docketed under Case No. A36-1270/2006.

The Temporary Insolvency Manager is:

         G. Nosikov
         Kommunalnaya Str. 9
         398059 Lipetsk Region
         Russia

The Arbitration Court of Lipetsk Region is located at:

         Skorokhodova Str. 2
         398019 Lipetsk Region
         Russia

The Debtor can be reached at:

         OJSC Chaplyginskiy Elevator
         Polevaya Str. 2a
         Chaplygin
         399900 Lipetsk Region
         Russia


ELBOR: Court Names A. Tsybin as Insolvency Manager
--------------------------------------------------
The Arbitration Court of Novgorod Region appointed Mr. A. Tsybin
as Insolvency Manager for CJSC Factory Elbor (TIN 5320002704).  
He can be reached at:

         A. Tsybin
         Pesochnaya Str. 30
         Borovichi
         174409 Novgorod Region
         Russia
         Tel./Fax: 88162-738-779

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A44-373/2006-4k.

The Debtor can be reached at:

         CJSC Factory Elbor
         Pesochnaya Str. 30
         Borovichi
         174409 Novgorod Region
         Russia
         Tel./Fax: 88162-738-779


GAZPROM: Mulls 25% Stake At Most in Sakhalin II, Androsov Says
--------------------------------------------------------------
Kirill Androsov, Russia's Deputy Minister for Economic
Development and Trade, denied any information supporting
speculations that OAO Gazprom is seeking more than a 25% stake
in Sakhalin Energy, which operates the Sakhalin II oil project
in the Far East, RIA Novosti says.

Royal Dutch Shell, which controls 55% of the Sakhalin Energy
consortium, reached a preliminary swap deal with Gazprom in
2005.  Shell would swap a 25% stake in Sakhalin II for a 50%
interest in Gazprom's Zapolyarnoye gas field.  A final deal,
however, has not been reached.

Mr. Androsov said, "We are not aware of Gazprom's plans to raise
[the negotiated] stake to more than 25%."

The comment was in reaction to press reports that Gazprom wants
more than 25% holdings in Sakhalin.  Press reports had suggested
that Gazprom might even acquire the stakes held by Mitsui & Co.
Ltd. (25%) and Mitsubishi Corp. (20%).

Sakhalin Energy is an oil project that comprises:

   -- an oil field with associated gas,
   -- a natural gas field with associated condensate production,
   -- pipeline,
   -- a liquefied natural gas plant, and
   -- an LNG export terminal.

The total reserves of the two fields are 150 million metric tons
of oil and 500 billion cubic meters of natural gas.

                        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.


HOTEL SIBERIA: Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region
commenced bankruptcy supervision procedure on OJSC Hotel Complex
Siberia.  The case is docketed under Case No. A81-3210/2006.

The Temporary Insolvency Manager is:

         I. Kravchenko
         Melnikayte Str. 106
         625026 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Hotel Complex Siberia
         Post User Box 28
         Gubkinskiy Region
         Yamalo-Nenetskiy Autonomous Region
         Russia


IMPEXBANK: S&P Withdraws BB+/B Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+/B' long-
and short-term counterparty credit ratings on JSC IMPEXBANK on
Sept. 8, at the bank's request.
     
At the same time, Standard & Poor's withdrew its 'BB+' rating on
Impex's outstanding US$100 million 9% p.a. loan participation
notes due 2007.
     
"The rating withdrawal does not indicate any deterioration in
Impex's creditworthiness," said Standard & Poor's credit analyst
Elena Romanova.

In accordance with the bank's request, the withdrawal is a
consequence of the bank's acquisition by Raiffeisen
International Bank-Holding AG earlier this year and the
forthcoming merger with Russia-based ZAO Raiffeisenbank Austria.

As a result of the withdrawal, Impex will no longer be subject
to Standard & Poor's review.


KABAKOVSKIY FACTORY: S. Gosudarev to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. S.
Gosudarev as Insolvency Manager for OJSC Kabakovskiy Factory of
Building Materials (TIN 0229004887).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-3482/05-G-KhRM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Kabakovskiy Factory of Building Materials
         Kabakovo
         Karmaskalinskiy Region
         453028 Bashkortostan Republic
         Russia


KADNIKOVSKIY FLAX: Vologda Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Vologda Region commenced bankruptcy
supervision procedure on OJSC Kadnikovskiy Flax Factory (TIN
3527000072).  

The case is docketed under Case No. A13-3353/2006-22.

The Temporary Insolvency Manager is:

         V. Shopin
         Post User Box 49
         123181 Moscow Region
         Russia

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         OJSC Kadnikovskiy Flax Factory
         Lnozavodskaya Str. 9a
         Kadnikov
         Sokolskiy Region
         162107 Vologda Region
         Russia


KAMARCHAGSKOYE MILK: S. Kalakhov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Kalakhov
as Insolvency Manager for LLC Kamarchagskoye Milk.  He can be
reached at:

         S. Kalakhov
         Pugacheva Str. 93
         302004 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-2396/06-17B.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         LLC Kamarchagskoye Milk
         Sovetskay Str. 23
         Orel Region
         Russia


KENINSBERG: Kaliningrad Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Kaliningrad Region commenced bankruptcy
supervision procedure on LLC Factory Of Soft Furniture
Keninsberg.  The case is docketed under Case No. A21-1172/06.

The Temporary Insolvency Manager is:

         A. Trifonov
         Post User Box 383
         OPS-100 Tver Region
         Russia

The Arbitration Court of Kaliningrad Region is located at:  

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         LLC Factory Of Soft Furniture Keninsberg
         Pravaya Naberezhnaya Str. 9
         Kaliningrad Region
         Russia


KIROVSKAYA: Court Names Ms. O. Ishenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Ms. O.
Ishenko as Insolvency Manager for LLC Agro Company Kirovskaya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-27281/2005 181/16b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         LLC Agro Company Kirovskaya
         Novomakarovo
         Gribanovskiy Region
         397240 Voronezh Region
         Russia


KRASNOYARUZHSKIY: Bankruptcy Hearing Slated for Sept. 28
--------------------------------------------------------
The Arbitration Court of Belgorod Region will convene at 10:40
a.m. on Sept. 28 to hear the bankruptcy supervision procedure on
OJSC Breeding Factory Krasnoyaruzhskiy.  The case is docketed
under Case No. A08-4118/06-2 B.

The Temporary Insolvency Manager is:

         A. Ovchinnikov
         Rzhevskoye Shosse, 11
         Shebekino
         309290 Belgorod Region
         Russia

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue, 135
         308610 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Breeding Factory Krasnoyaruzhskiy
         Parkovaya Str. 38
         Krasnaya yaruga
         309420 Belgorod Region
         Russia


LUKOIL-TOPEKS: Court Names A. Vinogradnyj as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Stvropol Region appointed Mr. A.
Vinogradnyj as Insolvency Manager for OJSC Lukoil-Topeks.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-2350/02-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Lukoil-Topeks
         Mira Str. 286
         Stavropol Region
         Russia


MELENKOVSKIY WOOD-PROM-KHOZ: A. Shurov to Manage Assets
-------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. A. Shurov
as Insolvency Manager for OJSC Melenkovskiy Wood-Prom-Khoz.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-19427/2005-K1-130B/11B.

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         OJSC Melenkovskiy Wood-Prom-Khoz
         Zavokzalnaya Str. 10
         Melenki
         602101 Vladimir Region
         Russia


MORSHANSK-SEL-KHOZ-TEKHNIKA: A. Baklykov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. A. Baklykov
as Insolvency Manager for OJSC Morshansk-Sel-Khoz-Tekhnika.  He
can be reached at:

         A. Baklykov
         Derzhavinskaya Str. 16-a
         392000 Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-3161/05-18.

The Debtor can be reached at:

         OJSC Morshansk-Sel-Khoz-Tekhnika
         Ustye
         Morshanskiy Region
         Tambov Region
         Russia


NADEZHDA: Court Names D. Cheparev as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. D. Cheparev
as Insolvency Manager for OJSC Agro Company Nadezhda.  He can be
reached at:

         D. Cheparev
         Room 612
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-2360/06-253/B.

The Debtor can be reached at:

         OJSC Agro Company Nadezhda
         Tikhomirova Str. 26
         Arkhangelskoye
         301990 Tula Region
         Russia


NOVOVORONEZH-MILK: Court Names V. Dyachkov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. V.
Dyachkov as Insolvency Manager for LLC Novovoronezh-Milk.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-6043-2006 12/33b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         LLC Novovoronezh-Milk
         Zavodskoy Proezd 8
         Novo
         Voronezh Region
         Russia


ORANZHEREINSKIYE DELICACIES: Court Hearing Slated for Sept. 26
--------------------------------------------------------------
The Arbitration Court of Astrakhan Region will convene at 2:00
p.m. on Sept. 26 to hear the bankruptcy supervision procedure on
OJSC Oranzhereinskiye Delicacies.  The case was docketed under
Case No. 06-1915 b/3-11/06.

The Temporary Insolvency Manager is:

         A. Eremin
         Mira Pr. 101-V
         129085 Moscow
         Russia

Arbitration Court of Astrakhan Region is located at:
         
         Guzhvina Str. 6
         Gubernatora Anatoliya
         Astrakhan Region
         Russia

The Debtor can be reached at:

         OJSC Oranzhereinskiye Delicacies
         Kirova Str. 29
         Oranzhere
         Iskryaninskiy region
         416353 Astrakhan region
         Russia


PECHORSKAYA FURNITURE: V. Sorokin to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. V. Sorokin
as Insolvency Manager for LLC Pechorskaya Furniture.  He can be
reached at:

         V. Sorokin
         Babushkina Str. 31
         Syktyvkar
         Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-4329/06-3B.

The Debtor can be reached at:

         LLC Pechorskaya Furniture
         Dimitrova Str. 44/2
         Syktyvkar
         Komi Republic
         Russia


PYATEROCHKA HOLDING: Earns US$62 Million for First Half 2006
------------------------------------------------------------
Pyaterochka Holding N.V. released its financial results for the
first half ended June 30, 2006.

Pyaterochka Holding, consolidating the results of both its
Pyaterochka and Perekrestok chains, posted US$62.2 million in
net profit on US$1.58 billion in net sales for the first half of
2006, compared with US$68.1 million in net profit on US$1.10
billion in net sales for the same period in 2005.

As of June 30, 2006, Pyaterochka Holding N.V. operated a total
of 1,013 stores, including 524 company-managed stores and 489
franchised stores across both chains.   

The Pyaterochka chain operated 391 company-managed stores as of
June 30, 2006, including:

   -- 187 stores in Moscow,
   -- 185 stores in St. Petersburg, and
   -- 19 stores in Yekaterinburg.

The Pyaterochka chain also has 479 branded stores operated by
franchisees as of June 30, 2006, across 20 regions of Russia,
Ukraine and Kazakhstan.    

The Perekrestok chain operated 133 company-managed stores as of
June 30, 2006, including:

   -- 8 city hypermarkets,
   -- 105 supermarkets, and
   -- 20 convenience stores.

The Perekrestok chain has:

   -- 78 stores in Moscow,

   -- 14 stores in St. Petersburg,

   -- 37 stores in the Russian regions outside of Moscow and St.
      Petersburg, and

   -- four stores in Kiev, Ukraine.

The Perekrestok chain currently has 10 stores operated by
franchisees in Moscow.

During 1H 2006 the Group opened 59 new company-managed stores in
Moscow and St. Petersburg, taking the net selling space to
399,000 square meters.  The Group plans to open 130 new
Pyaterochka stores and 40 new Perekrestok stores in 2006.  A
dedicated and experienced M&A team has been set up with the aim
to accelerate the external growth through acquisitions of
parcels of stores from competing chains as well as franchisees.

"The Pyaterochka Group is going from strength to strength," Lev
Khasis, Chief Executive Officer, said.  The merger of
Pyaterochka and Perekrestok has combined the leading retailers
in Russia in terms of formats, locations, logistics and value
proposition to our customers.  The strong performance and
achievements in 1H 2006 demonstrates these qualities. I am
excited and confident about our future."

"The financial performance of Pyaterochka in 1H 2006 clearly
shows our growth continuing unabated," Vitaliy Podolskiy, Chief
Financial Officer, commented.  "A highly satisfactory gross
margin improvement in conjunction with our tight cost control
has led to a pro forma operating profit growth in excess of 50%.  
The successful arrangement of our US$800 million facility has
also secured funding for our expansion, lower costs of capital
and the Group now stands well positioned to capitalise on new
opportunities."

                    About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.5chka.com/-- operates a large store network largely  
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following
Pyaterochka's announced acquisition of Russia's leading
supermarket chain Perekrestok.  S&P said the outlook is
negative.


PYATEROCHKA HOLDING: Appoints Executives for New Management Team
----------------------------------------------------------------
Pyaterochka Holding N.V., the largest Russian retailer by sales,
incorporating Pyaterochka and Perekrestok chains disclosed
important management appointments.

The Supervisory Board of the Enlarged Group recommended Herve
Defforey, one of the most experienced experts in the retail
business, to be elected as non-executive member of the Board.

Herve Defforey started his career as a marketing manager in
Nestle Co. in 1975.  From 1977 he worked in Chase Manhattan Bank
N.A., which he left in the position of Vice President in 1983.  
From 1983 to 1990 he held top positions in BMW AG.  In 1990 he
took up the duties of the Managing Director in Azucarrera EBRO
S.A. In 1993-2004 served as Finance Director and General Manager
in Carrefour, S.A.  From 2001 Mr. Defforey is a Partner in GPR
Partners where he also serves as Executive Chairman for Europe.
  
Carlos Maria Criado Perez Trefault, a well-known international
retail professional, was appointed as strategy development
consultant to the CEO of Pyaterochka Holding N.V.  He is
currently the Executive President of Spanish retail chain
Dinosol Supermercados (from 2004).  

Mr. Trefault was former Executive Officer of U.K. supermarket
chain Safeway plc (1999-2004) and Chief Operating Officer of
Wal-Mart International (1998-1999).  From 1981-1998 he worked in
SHV Makro consecutively as General Manager, Karry, Spain,
Country Manager of the Taiwan and Portugal divisions, and member
of the Executive Board.

"We expect that extensive experience of Herve and Carlos will
allow us to develop the most effective model for the further
development of the Enlarged Group, using the natural advantages
of Pyaterochka and Perekrestok merger to the maximum extent,"
said Lev Khasis, Chief Executive Officer of Pyaterochka Holding
N.V.

"The primary focus of our further activities is the
consolidation of the segmented Russian retail market, and we
hope that attracting such highly qualified professionals of
international level, who have experience in the development of
largest Western retail chains - market consolidators in Western
countries - will allow us to successfully accomplish our
aggressive expansion plans in the Russian market."

In order to centralize merger and acquisition activities and
further increase their efficiency, Pyaterochka Holding N.V.
introduced the position of Director of Mergers and Acquisitions
and Business Development.  This post was taken by Andrey Gusev,
previously the Director of Asset Management Control at Alfa
Group (from 2001), where he specialized in M&A operations.

From 1999 to 2001 Mr. Gusev worked as a consultant at Bain &
Company, and as a manager at Deloitte & Touche's Moscow office
from 1995 to 1998.  In 2000 he received MBA degree at Wharton
School, Pennsylvania University.  Since 1999 Andrey Gusev has
also been a president of the Professional Association of
Russian-speaking Leading Business Schools Graduates (CluMBA).

The company also introduced new position of Communications
Director in order to centralize external communications of the
Enlarged Group, including public, investor and government
relations.  This post was taken by Gennady Frolov, who has over
13 years of expertise in PR, IR and GR, of which 8 years in
international companies.

Mr. Frolov started his career as an account manager and new
businesses director in The Rowland Company, Moscow (1993 -
1997).  In 1998-1999 he was the public relations manager at
Video International Group.  Later he held the positions of TNT
Express public relations manager (2000-2001), APK Cherkizovsky
public relations director (2001-2003), Istok Group public and
government relations director (2003-2005).  Before he joined
Pyaterochka Holding N.V he was the deputy general director on
public and investor relations at Amtel-Vredestein and Cherkizovo
Group for the period of the IPOs of the two companies.

In order to centralize control over cash flow and financial risk
management, a position of Director of Treasury was created in
Pyaterochka Holding N.V.  It will be taken by Ivan Larin.  His
responsibilities will include strategy and policy of the
Enlarged Group financing, cash flow planning and control,
financial risk management and insurance activity.

Mr. Larin works in the financial sector since 1996.  He
previously held the position of director of risk management at
Renaissance Capital.  From 2000 to 2004 he was consecutively
vice president of Lehman Brothers Inc., Bank of America
Securities LLC and BlackRock Inc.  From 1998 to 2000 he worked
in the derivative sales department at Lehman Brothers Inc.  
From 1996-1998 He was an analyst at Credit Lyonnais Inc.

Due to recent transition of Vitaly Podolsky to the position of
Chief Financial Officer of the Enlarged Group, Evgeny Kornilov
was appointed Finance Director of Perekrestok chain.

Mr. Kornilov came to Perekrestok from SUN Interbrew, Russian
division of InBev, where he held the position of Vice President,
Finance, Central and Eastern Europe.  From 1992 to 1999 he
worked in Pricewaterhouse Coopers in audit and management
consulting departments.

As commented by Lev Khasis, the company currently faces the
following primary objectives:

   -- implementation of the synergy created by the merger of two
largest Russian retain chains, and

   -- further aggressive market expansion of the Enlarged Group.

In order to deliver on these objectives the company is
consolidating a number of management functions in the corporate
center to increase the efficiency of the Enlarged Group in such
fields as M&As.  Finance and others, at the same time keeping
reasonable margin of flexibility of each individual chain to
ensure their further uninterrupted development.  This management
model requires the creation of an experienced, highly
professional top management team.

The company continues its management upgrade.  In the near
future it will disclose further new appointments in the
corporate center, completing the creation of a new management
team in Pyaterochka Holding N.V.

Headquartered in the Netherlands, Pyaterochka Holding N.V. is a
leading Russian food retailer operating a large store network
largely covering the Moscow region and St. Petersburg but also
with a good presence in other Russian regions through its
franchise operations.  The company has recently acquired two of
its successful regional franchise operations -- in Yekaterinburg
and Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

The rating action concludes the review for possible downgrade
initiated on April 13 following the company's announcement of
its merger with Perekriostok Holdings Limited, Russia's leading
supermarket chain.

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale on
Pyaterochka's guaranteed operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following
Pyaterochka's announced acquisition of Russia's leading
supermarket chain Perekrestok.  S&P said the outlook is
negative.


ROSBANK: Moody's Assigns Ba3 Rating to Upcoming Loan
----------------------------------------------------
Moody's Investors Service assigned a Ba3 long-term rating to the
upcoming ruble-denominated loan provided by Barclays Bank Plc to
Rosbank (Russia).

This loan will underlie the Notes to be issued by the Irish-
based special purpose vehicle Dali Capital Plc.  The final
amount and maturity date of the loan have not yet been
confirmed.  The rating outlook is stable.

Moody's Ba3 local currency senior unsecured debt rating is based
on Rosbank's fundamental credit quality and on the loan's
ranking of priority of claims.  This loan to Rosbank will
represent senior unsecured debt of the bank and will rank at
least pari passu with the claims of other unsecured and
unsubordinated creditors of the bank other than those preferred
under local bankruptcy law.

The bank must comply with a number of loan covenants.  Failure
to comply, if not remedied, may result in acceleration of loan
repayment.

Headquartered in Moscow, Russian Federation, Rosbank reported
under IFRS (audited) total assets of US$7.4 billion as at
Dec. 31, 2005.


ROSLAVLSKIY METAL: A. Grimovskiy to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Mr. A.
Grimovskiy as Insolvency Manager for OJSC Roslavlskiy Metal.  He
can be reached at:

         A. Grimovskiy
         Room 6
         Building 2
         Dzerzhinskogo Str. 18
         214000 Smolensk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-950-N/06.

The Arbitration Court of Smolensk Region is located at:

         Gagarina Pr., 46
         214018 Smolensk
         Russia

The Debtor can be reached at:

         A. Grimovskiy
         Room 6
         Building 2
         Dzerzhinskogo Str. 18
         214000 Smolensk Region
         Russia


SEAFOOD: Orel Court Names S. Galakhov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Galakhov
as Insolvency Manager for OJSC Seafood.  He can be reached at:

         S. Galakhov
         Pugacheva Str. 93
         302004 Orel Region
         Russia
         Tel: (4862) 750281

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-2461/06-17b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Seafood
         Avtovokzalnaya Str. 59A
         302001 Orel Region
         Russia


SIBTORKOM-S: Court Names M. Vasilega as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for CJSC Financial-Industrial Company
Sibtorkom-S (TIN 7727063292).  He can be reached at:

         M. Vasilega
         Post User Box 100
         105318 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-24705/06-124-364b.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Financial-Industrial Company Sibtorkom-S
         Room 1
         Khoroshevskoye Shosse, 1a
         Moscow Region
         Russia


SLAVYANSKAYA FURNITURE: S. Gavryutina to Manage Assets
------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Ms. S.
Gavryutina as Insolvency Manager for OJSC Slavyanskaya Furniture
Factory.  She can be reached at:

         S. Gavryutina
         Office 37
         Krymova Str.  12
         432071 Ulyanovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-14598/05-19/118-B.

The Debtor can be reached at:

         OJSC Slavyanskaya Furniture Factory
         Slavkino
         Nikolaevskiy Region
         Ulyanovsk Region
         Russia


SMOLENSKAYA FLAX: Smolensk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Smolensk Region commenced bankruptcy
supervision procedure on LLC Smolenskaya Flax Manufacture.  
The case is docketed under Case No. A62-745-N/05(10740/2005.

The Temporary Insolvency Manager is:

         A. Ofitserov
         Post User Box 49
         123181 Moscow
         Russia  

The Debtor can be reached at:

         LLC Smolenskaya Flax Manufacture
         Novomoskovskaya Str. 2/8
         214012 Smolensk Region
         Russia


TRANSSIBERIAN REINSURANCE: Fitch Rates International IFS at B+
--------------------------------------------------------------
Fitch Ratings assigned Transsiberian Reinsurance Corporation's
an International Insurer Financial Strength rating of B+ and a
National IFS rating of A-.  The rating Outlooks are Stable.

The ratings reflect Transsib Re's relatively strong overall
profitability, regional diversification, professional
underwriting discipline procedures and experienced management.
Offsetting factors are the company's modest, though improving
capital position, continuing high exposure to reinsurance
support, relatively low loss-reserving levels and high local
reinsurance sector risks.

Profitability has been improving, with the return on equity
rising to 30.1% for 2005 (from 21.7% for 2004), reflecting
strong underwriting earnings.  The combined ratio, already
profitable at 96.5% in 2004, improved sharply to 89.6% for 2005,
reflecting a much lower level of incurred losses and despite the
impact of increased administrative expenses and reduced net
premium volumes.

Despite the rather limited investment opportunities available on
the Russian stock and bond markets, the company recorded a yield
on investments for 2005 of 11% (up from 4.8% for 2004).  The
company's overall liquidity position as at FYE05 appeared
acceptable, with 91.8% of reinsurance reserves held in liquid
form.

Capital at FYE05 was significantly strengthened by strong
earnings but remains relatively modest in relation to net
premium volumes.  At FYE05, the company's statutory capital
reached 1.6x the minimum required and its statutory equity
reached 1.4x the minimum required.  Fitch regards the management
of capital levels in relation to volume growth as a key
challenge for the company.

The company has continued to retain only a very modest
proportion of its gross premium volumes (27.8% of gross volumes
for 2005).  Most of the reinsurers are regional reinsurers and
insurers with which Transsib Re has a deliberate strategy of
developing relationships.  Although this strategy has the effect
of reducing the economic capital requirements of the company and
driving down the net commission costs, it does imply a
significant reinsurance credit risk.

Although reserve levels have remained quite low by comparison
with those of other international reinsurers, reserving accuracy
has appeared relatively high.  Nevertheless, Fitch recognizes
the inherent volatility of the company's reinsurance portfolio
and the ongoing challenge to establish appropriate reserve
levels.

Transsib Re was established in 1992 and shareholding control now
rests with the management.  It has four offices in Russia and
underwrites business all across the CIS.  It has also recently
opened an office in the Czech Republic.  It is ranked among the
top five Russian specialized reinsurers both in terms of gross
premiums written and equity.

At FYE05, its GPW and net assets stood at RUB1.1 billion
(US$41.1 million) and RUB172 million (US$6.4 million)
respectively.  Transsib Re has a relatively widely spread
shareholding structure and employs 51 staff.


YASNOGORSK-AGRO-RESOURCE: V. Sakhno to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. V. Sakhno as
Insolvency Manager for OJSC Yasnogorsk-Agro-Resource.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-2040/06-189B.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Yasnogorsk-Agro-Resource
         Dobrynina Str. 1
         Yasnogorsk
         Tula Region
         Russia


YUKOS OIL: Court Moves Appeal Against Yugansk Sale to Oct. 4
------------------------------------------------------------
(JazeL)

The Moscow Arbitration Court has adjourned until Oct. 4 hearings
on OAO Yukos Oil Co.'s request to invalidate an auction that
sold Yuganskneftegaz, RIA Novosti reports.

Yugansk, the former core production unit of Yukos, was bought by
state-owned Rosneft in December 2004 after the Russian
government seized the asset as payment for more than US$30
billion in tax arrears for 2000-2003.  Yukos, declared bankrupt
on Aug. 1, retains a stake in Yugansk.

As reported in the Troubled Company Reporter on June 16, 2005,
Yukos asked the court to annul the auction where 43 shares,
representing 76.79% of Authorized Capital of Yugansk, were sold,
and the deed of sale of the shares in its former core production
subsidiary, as well as for reimbursement of damages suffered as
a result of the auction in the amount in excess of RUB324
billion.

The court has put off the hearings on July 13 to bring Rikon,
the nominal holder of Yugansk shares, into the proceedings.  
This time, the postponement would give Yukos more time to submit
extra materials to the court.  

The case is filed against the Russian Federal Property Fund
(RFFI), OOO Baikal Finance Group, OAO Rosneft, OOO Gazpromneft,
OAO Gazprom, and the Finance Ministry of Russian Federation.
Respondent's interveners in the case are the Main Directorate of
the Justice Ministry of Russian Federation for the city of
Moscow, Federal Anti-Monopoly Service and OAO Yuganskneftegas.  
YUKOS has also filed for the court to seize the Yuganskneftegas
shares in question under the legal process.

In its motion, Yukos contests that its core asset was
expropriated to satisfy the demands of tax authorities while the
lawsuits addressing the legitimacy of those tax claims, against
which YUKOS is presently appealing, are still being heard by
various courts in Russia.

The Company's claim demands that the auction be ruled invalid.
YUKOS contests that due to unjustified undercutting of the
selling price of Yuganskneftegas' shares and grave violations of
law in announcing and holding the auction, the auction process
itself was illegal.  

The claim cites specific violations including the fact that RFFI
unlawfully set its own terms for the sale of YUKOS's property
resulting in Yuganskneftegas shares being sold below the market
value or the value determined by the Russian Federation's own
evaluation company, Dresdner Kleinwort Wasserstein.  Breaches of
Russian law during preparation and holding of the auction
included:

   -- failure to comply with the legal requirement to announcing
      the timing of the auction and thus ruling out some
      potential buyers;

   -- neglecting to follow the very clear and defined procedure
      for conducting such an auction; and

   -- the direct and unwarranted interference of government
      bodies in the auction process.  

YUKOS Oil Company contests in its claim that the auction was a
sham and a 'front' for the expropriation of property in favor of
a named state-owned company, OAO Rosneft.

                           About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an     
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
a bankruptcy suit in the Moscow Arbitration Court in an attempt
to recover the remainder of a US$1 billion debt under  
outstanding loan agreements.  The banks, however, sold the claim  
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
0775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and  
Purchase Agreement with PKN Orlen S.A., Poland's largest oil  
refiner, for its Mazeikiu ownership stake.  The move was made a  
day after the Manhattan Court lifted an order barring Yukos from  
selling its controlling stake in the Lithuanian oil refinery.


ZHURAVLINO: Kursk Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Kursk Region commenced bankruptcy
supervision procedure on CJSC Agro Company Zhuravlino.  The case
is docketed under Case No. A35-3784/06 g.

The Temporary Insolvency Manager is:

         V. Sakhno
         Post User Box 90
         123290 Kursk Region
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Agro Company Zhuravlino
         Oktyabrskiy Region
         Kursk Region
         Russia


ZLATOUSTOVSKAYA: Court Names V. Yakovlev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Altay Republic appointed Mr. V.
Yakovlev as Insolvency Manager for CJSC Zlatoustovskaya
Metallurgic Company.  He can be reached at:

         V. Yakovlev
         Post User Box 102
         656056 Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A02-903/2006.

The Debtor can be reached at:

         CJSC Zlatoustovskaya Metallurgic Company
         Gorno-Altaysk
         Altay republic
         Russia


ZNAMENSKIY MARGARINE: R. Lapidus to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Kaliningrad Region appointed Mr. R.
Lapidus as Insolvency Manager for OJSC Znamenskiy Margarine
Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A21-11086/2005g.

The Arbitration Court of Kaliningrad Region is located at:  

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         OJSC Znamenskiy Margarine Factory
         Shosseynaya Str. 25
         Znamensk
         Gvardeyskiy Region
         238200 Kaliningrad Region
         Russia



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


DERKACHIVSKE: Sumi Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Derkachivske (code EDRPOU 30864487)
on July 7.  The case is docketed under Case No. 6/90-06.

The Temporary Insolvency Manager is:

         Vadim Zakorko
         Office 412
         Ribalko Str. 2
         40011 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Derkachivske
         Pershotravneva Str. 1
         Derkachivka
         Nadrigajlivskij District
         42123 Sumi Region
         Ukraine


HLIBOROB: Hmelnitskij Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on Agricultural LLC Hliborob (code EDRPOU
23654112) on July 26.  The case is docketed under Case No.
2/179-B.

The Temporary Insolvency Manager is:

         Mikola Dejneka
         Hotovitskij Str. 8/120
         29000 Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Hliborob
         Bilogorodka
         Izyaslav District
         30343 Hmelnitskij Region
         Ukraine


IN-PLUS: Volinska Court Names Lutsk Tax Inspection as Liquidator
----------------------------------------------------------------
The Economic Court of Volinska Region appointed Lutsk United
State Tax Inspection as Liquidator for Joint Ukrainian-Polish
LLC In-Plus (code EDRPOU 20136440).  The Liquidator can be
reached at:

         Lutsk United State Tax Inspection
         Kiyivskij Square 4
         43010 Lutsk
         Volinska Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. 8/46-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:

         Joint Ukrainian-Polish LLC In-Plus
         Yershov Str. 3
         Lutsk Volinska Region
         Ukraine


LEASING-PREMISES: Volinska Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on CJSC Leasing-Premises (code EDRPOU
21753749) on June 27.  

The case is docketed under Case No. 1/76-B.

The Temporary Insolvency Manager is:

         O. Zhilich
         Kopernik Str. 3-a
         Lutsk Volinska 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:

         CJSC Leasing-Premises
         Kopernik Str. 8
         43000 Lutsk
         Volinska Region
         Ukraine


OFSET-SERVICE: Court Names Lutsk Tax Inspection as Liquidator
-------------------------------------------------------------
The Economic Court of Volinska Region appointed Lutsk United
State Tax Inspection as Liquidator for LLC Ofset-Service (code
EDRPOU 310113929).  The Liquidator can be reached at:

         Lutsk United State Tax Inspection
         Kiyivskij Square 4
         43010 Lutsk
         Volinska Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 29.  The case is docketed
under Case No. 1/69-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 Ofset-Service
         43010 Kiyivskij Square 4
         Volinska Region
         Ukraine


PIRANT: Kyiv Court Names Andrij Zharikov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Andrij Zharikov as
Liquidator/Insolvency Manager for LLC Pirant (code EDRPOU
24739968).  He can be reached at:

         Andrij Zharikov
         Melnikov Str. 2/10
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 28.  The case is docketed
under Case No. 43/471.

The Economic Court of Kyiv Regionis located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Pirant
         Bastionna Str. 4/2
         01014 Kyiv Region
         Ukraine


SHTORM: Volinska Court Names Lutsk Tax Inspection as Liquidator
---------------------------------------------------------------
The Economic Court of Volinska Region appointed Lutsk United
State Tax Inspection as Liquidator for LLC Shtorm (code EDRPOU
21755547).  The Liquidator can be reached at:

         Lutsk United State Tax Inspection
         Kiyivskij Square 4
         43010 Lutsk
         Volinska Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 5.  The case is docketed
under Case No. 1/75-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 Shtorm
         Zaliznichna Str. 29
         43000 Lutsk
         Volinska Region
         Ukraine


TRANSOCEAN EXPRESS: Court Names Ludmila Zayikina as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Ludmila Zayikina as
Liquidator/Insolvency Manager for LLC Transocean Express (code
EDRPOU 31451529).  She can be reached at:

         Ludmila Zayikina
         Melnikov Str. 2/10
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 28.  The case is docketed
under Case No. 43/470.

The Economic Court of Kyiv Regionis located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Transocean Express
         Staronavodnitska Str. 13A
         01015 Kyiv Region
         Ukraine


UKRSOTSBANK: Improved Finances Prompt S&P to Lift Rating to B/B
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on Ukraine-based Ukrsotsbank
OJSC to 'B/B' from 'B-/C'.  The 'B' long-term counterparty
credit rating remains on CreditWatch with positive implications,
where it was placed on Feb. 15.

At the same time, Standard & Poor's removed its 'B' short-term
counterparty credit rating from CreditWatch with positive
implications, where it had been placed on July 25.
     
The upgrade reflects:

   -- the bank's strengthened capitalization;

   -- improved profitability and efficiency in the first half of
2006;

   -- stabilized political environment and economic improvements
in Ukraine;

   -- the bank's good commercial franchise; and

   -- good financial flexibility and liquidity.

The long-term rating on USB was originally placed on CreditWatch
with positive implications, following the announcement that
Italy-based Banca Intesa SpA had signed a share purchase
agreement with the majority shareholder of USB on the
acquisition of 88.55% of the share capital of USB.

"This is pending regulatory approvals in Italy.  If the
transaction is not closed by the end of March 2007, Banca Intesa
and the sellers of USB may terminate the agreement and be free
to pursue other options," said Standard & Poor's credit analyst
Annette Ess.

"If the acquisition completes successfully, the ratings on USB
could be raised by a maximum of two notches," she added.


VOLTEKS: Volinska Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on OJSC Volteks (code EDRPOU 00310769) on
May 22.  The case is docketed under Case No. 7/91-B.

The Temporary Insolvency Manager is:

         Volodimir Temchishin
         Svitla Str. 5/3
         Lutsk
         Volinska 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:

         OJSC Volteks
         Karbishev Str. 8
         43023 Lutsk
         Volinska Region
         Ukraine


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


AEOLUS CDO: Fitch Assigns B Rating on EUR9.5 Mln Class E Notes
--------------------------------------------------------------
Fitch Ratings assigned Aeolus CDO Limited's Series Colonnade I
final ratings.  The issue of EUR126 million credit-linked
floating-rate notes due 2066 represents a partially funded
collateralized debt obligation securitization of European
mezzanine structured finance assets.

   -- EUR49,700,000 Class A secured notes XS0264799247: AAA;
   -- EUR25,000,000 Class B secured notes XS0264799833: AA;
   -- EUR12,500,000 Class C secured notes XS0264800276: A;
   -- EUR13,800,000 Class D secured notes XS0264800607: BBB-;
   -- EUR9,500,000 Class E secured notes XS0264800946: B; and
   -- EUR15,500,000 subordinated notes XS0264942060: not rated.

The final ratings are based on the credit quality of the
mezzanine asset-backed securities reference obligations, the
collateral arrangements, available credit enhancement, the
priorities of payment and the sound financial and legal
structure of the transaction.

Available excess spread will serve as a first layer of loss
protection. Credit enhancement for the Class A notes in the form
of subordination totals 17%, and is provided by the Class B
notes (5.6%), the Class C notes (2.8%), the Class D notes
(3.1%), the Class E notes (2.1%) and the subordinated notes
(3.4%).

Certain structuring and administration fees will amortize over
the first six years of the transaction and will therefore reduce
the amount of excess spread available.

Morgan Stanley Capital Services Inc. has bought protection via a
credit default swap agreement on a EUR450 million reference
portfolio.  The EUR395 million portfolio at closing consists of
about 73 mezzanine ABS reference obligations with an expected
weighted average life of 4.7 years.

The remainder of the portfolio will be referenced during the
initial six-month ramp-up period, after which during the first
six years of the transaction, MS has the right to replenish but
not to substitute the reference portfolio.  

MS's right to replenish will be subject to portfolio guidelines,
which include overcollateralization and interest coverage tests
as well as a VECTOR test incorporating the Fitch Default VECTOR
Model.  Additionally, the CDS counterparty may designate a
reference obligation as credit impaired and call a credit
impairment event if certain criteria are met.

MS has entered into the CDS with Aeolus, a limited liability
company incorporated in Jersey, Channel Islands.  MS obligations
under the CDS are guaranteed by Morgan Stanley.  Under the CDS,
in return for periodic premium payments based on the reference
obligations spreads, MS receives from Aeolus any loss payments
following credit and credit impairment events on the ABS
reference portfolio.  Since the subordinated notes are issued
and funded without credit enhancement, they represent the first
loss piece.

Credit events under the CDS include bankruptcy, failure to pay
interest, failure to pay principal, a loss event, a rating
downgrade and a payment-in-kind reference obligation default.
These credit and credit impairment events are subject to a cash
settlement process.  The final ratings consider the adherence of
the credit events and the settlement process to Fitch's
published criteria.

To fund its obligations under the CDS agreements, Colonnade I
issued a total of EUR126 million in credit-linked notes.  The
EUR324 million of remaining credit risk at closing is currently
retained by Morgan Stanley in through a senior CDS agreement.

The notes bear floating-rate interest of EURIBOR plus a margin,
which pay quarterly in arrears.  The proceeds from the issuance
of the notes have been invested in the Lehman Brothers Liquidity
Funds PLC Lehman Euro Liquidity Fund.


BENEM LAND: Appoints Kiran Mistry to Liquidate Assets
-----------------------------------------------------
Kiran Mistry of HKM LLP was appointed Liquidator of Benem Land
Limited on June 28 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Benem Land Limited
    The White House
    Kings Lane
    Stratford-Upon-Avon
    Warwickshire CV370RD
    United Kingdom
    Tel: 01789 404 900


CA INC: Amends Credit Facility to Repurchase US$2-Bln of Shares
---------------------------------------------------------------
CA Inc. has entered into an amendment to its existing credit
facility that satisfies the financing condition under its
US$1 billion tender offer.  The amendment modifies certain
covenants in the credit agreement in order to permit CA to
repurchase up to US$2 billion of its common stock under its
fiscal year 2007 share repurchase program and incur additional
indebtedness in connection with those repurchases.

CA expects to use the borrowings under the revolving credit
facility to complete a portion of the US$1 billion tender offer
launched Aug. 16, 2006, and to pay related fees and expenses.
CA has stated that it plans to use a combination of available
cash and bank borrowings to finance the tender offer.  The
successful completion of debt financing on terms and conditions
satisfactory to CA in an amount sufficient to purchase shares
offered in the tender offer was a condition to the completion of
the tender offer.  This condition has now been satisfied by CA.

The US$1 billion tender offer is the first phase of the US$2
billion stock repurchase program announced June 29, 2006 by the
company.  CA is considering various options to execute the
second phase of the program and will provide further details
when appropriate.  The Company expects to complete the full US$2
billion share repurchase plan by the end of its 2007 fiscal
year.

                         About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management      
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Europe, CA has operations in
France, Germany, Italy and the United Kingdom.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


CALEDONIA INT'L: Taps T. C. E. Harrison to Liquidate Assets
-----------------------------------------------------------
T. C. E. Harrison of Tom Harrison Insolvency Services was
appointed Liquidator of Caledonia International (Wallcoverings)
Limited (formerly Pavedean Limited) on June 30 for the purposes
of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Caledonia International (Wallcoverings) Limited
    6 Faraday Road
    North East Industrial Estate
    Peterlee
    County Durham SR8 5AP
    United Kingdom
    Tel: 0191 586 2381


CAPITONIS LIMITED: Creditors' Meeting Slated for September 20
-------------------------------------------------------------
Creditors of Capitonis Limited (Company Number 04812212) will
meet at 11:00 a.m. on Sept. 20 at:

         The Royal Clifton Hotel
         The Promenade
         Southport PR8 1RB
         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. 19 at:

         Clive Morris
         Administrator
         Marshall Peters
         Heskin Hall Farm
         Wood Lane
         Heskin
         Lancashire PR7 5PA
         United Kingdom
         Tel: 01257 452 021
         Fax: 01257 450 951


CARTER LITHO: Printing Business Up for Sale
-------------------------------------------
Anthony Spicer and Henry Shinners, joint administrators, offer
the business and assets for sale as a going concern of Carter
Litho Limited.

Features:

   -- high-quality printing business established in 1973;

   -- excellent reputation for providing quality pre-press,
      print, finishing and distribution services with a rapid
      turnaround;

   -- Komori 12-color and 6-color presses commissioned in 2004
      for GBP3.5 million;

   -- client list includes a number of household names;

   -- annual turnover of GBP5 million; and

   -- leasehold premises in Slough, incorporating 11,500 square
      feet of offices and warehouse accommodation.

Inquiries can be addressed to:

         Sarah Shinners
         Smith & Williamson Limited
         25 Moorgate
         London EC2R 6AY
         Tel: 020 7131 4000
         Fax: 020 7131 4001
         Web: http://www.smith.williamson.co.uk/


CLAVERGAGE LIMITED: Hires Joint Liquidators from Baker Tilly
------------------------------------------------------------
Lindsey J. Cooper and Adrian D. Allen of Baker Tilly were
appointed Joint Liquidators of Clavergate Limited on June 23 for
the purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Clavergate Limited
    150-160 Dumers Lane
    Radcliffe
    Manchester M26 2GF
    United Kingdom
    Tel: 0161 796 0711


CONSTAR INT'L: Moody's Change Outlook on Improved Performance
-------------------------------------------------------------
Moody's Investors Service changed the outlook for the ratings of
Constar International Inc. to stable from negative and
concurrently affirmed its B3 Corporate Family Rating and B3
rating for the US$220 million floating rate first mortgage note.
Moody's also upgraded the US$175 million 11% senior subordinated
note rating to Caa2 from Caa3.

The change of the ratings outlook to stable from negative
acknowledges Constar's improved consolidated performance due to
strong product mix performance and working capital improvements
as average receivables days outstanding and average inventory
days have been reduced.

While acknowledging the likely continuation of some variances in
monthly volume and profitability on the conventional business,
the stable outlook recognizes:

   -- the company's strong U.S. performance in aggregate,  

   -- disappointing but stable European performance,

   -- an improved raw material market,

   -- Constar's established customer base and sizable contracted
revenue.

Constar's ability to negotiate its contract with Pepsi, which
accounts for over 33% of it business and expires 12/31/07, or to
replace that business should negotiations fail, is integral to
the company's outlook and ratings.

The stable ratings outlook is prospective for the company
meeting revised expectations and sustaining the recent
enhancements in its consolidated credit profile, including:

   -- improved gross profit margins,

   -- successful cost reduction initiatives, and

   -- the expectation of positive cash flow from operations.  

However, the company remains constrained by substantial
financial leverage, negative to low free cash flow and minimal
interest coverage.

Constar's B3 CFR reflects the company's weak, albeit improving
credit statistics as evidenced by the expectation of positive
free cash flow throughout the intermediate term and some
reduction of its currently high financial leverage (debt to LTM
EBITDA of approximately 6.7x).  

Although improving, continued margin pressure (notably, low EBIT
margin of approximately 3.4%) given the substantial portion of
commoditized products in its revenue mix, price discounting,
price pressure as a result of customer consolidation, and high
raw material (resin) and energy costs, are also reflected in the
ratings.

Rating actions:

   -- B3 US$220 million floating rate first mortgage note, due
2012, affirmed;

   -- Caa3 US$175 million senior subordinated notes, due 2012,
upgraded to Caa2; and

   -- B3 Corporate Family Rating, affirmed.

The ratings outlook changed to stable from negative.

Headquartered in Philadelphia, PA, Constar had consolidated
revenues of approximately US$978 million for the twelve months
ended June 30, 2006.


DIALGUARD LIMITED: Names David Anthony Horner Liquidator
--------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of Dialguard Limited on July 7 for the purposes of
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Dialguard Limited
    Wakefield Road
    Ackworth
    Pontefract
    West Yorkshire WF7 7BE
    United Kingdom
    Tel: 01977 613 334


DRAIN TECHNICIANS: Names Administrator from Cooper Parry
--------------------------------------------------------
Tyrone Shaun Courtman of Cooper Parry LLP was appointed
administrator of The Drain Technicians (U.K.) Limited (Company
Number 03624125) on Aug. 31.

The administrator can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham NG1 6GR
         United Kingdom
         Tel: +44 (0) 1332 295544
         Fax: +44 (0) 1332 295600
         Web site: http://www.cooperparry.com

The Drain Technicians (U.K.) Limited can be reached at:

         St. Georges Court
         Alfreton Road
         Derby
         Derbyshire DE21 4AP
         United Kingdom
         Tel: 01332 366 673
         Fax: 01332 833 313


DURA AUTOMOTIVE: Defers Dividend Payment on Preferred Securities
----------------------------------------------------------------
Dura Automotive Systems Inc. has elected to defer the dividend
payment on the 7-1/2% Convertible Trust Preferred Securities
issued by the Dura Automotive Capital Trust that would have
otherwise been paid on Sept. 30.  The 7-1/2% Convertible Trust
Preferred Securities are traded on the Nasdaq Global Market
under the symbol "DRRAP".

The terms of the Dura Automotive Capital Trust and the
underlying 7-1/2% Convertible Subordinated Debentures due 2028
issued by the Company to the Capital Trust permit the deferral
of dividends and the underlying interest payments on the
Debentures for up to 20 consecutive quarters.

This is the first such deferral and any decision on any future
deferrals will be reviewed on a quarterly basis.  The deferral
of the dividend is consistent with the Company's ongoing
evaluation of its capital structure.

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.


DX GRAPHICS: Creditors Ratify Voluntary Liquidation
---------------------------------------------------
Creditors of DX Graphics Limited ratified on June 21 the
resolutions for voluntary liquidation together with the
appointment of Anthony Alan Josephs and Linda Ann Farish of RMT
as Liquidators of the company.

The company can be reached at:

         DX Graphics Limited
         Unit 19-20 Watford Enterprise Center
         Greenhill Crescent
         Watford
         Hertfordshire WD18 8EA
         United Kingdom
         Tel: 01923 227644


EASTMAN KODAK: Signs Multi-Year Kiosk Contract with Wal-Mart
------------------------------------------------------------
Eastman Kodak Company has signed a new multi-year contract with
Wal-Mart for digital photo kiosk equipment and consumables.  The
deal will add 2,000 Kodak Picture Kiosks to 1,000 Wal-Mart
stores across the U.S.  Financial terms of the agreement were
not disclosed.

"This is proof that Kodak's digital innovation and understanding
of the consumer is a distinct competitive advantage," said Nicki
Zongrone, Kodak's Worldwide Kiosk General Manager and Vice
President, Consumer Digital Imaging Group.  "Wal-Mart recognized
the benefit of Kodak's modular, upgradeable and flexible kiosk
platform to help their business grow and provide consumers with
an easy way to get high quality digital prints in as little as
four seconds."

Kodak's new G4 Picture Kiosk platform represents an entirely new
category of high performing photo kiosks, with significant
improvements in speed, performance, reliability and styling.  
The G4 Picture Kiosk supports all popular digital media formats,
digital scanning, and wireless printing via BLUETOOTH and
infrared technologies.

Kodak has more than 80,000 units installed at retail locations
across the globe, which provide self-service lab quality prints
in seconds to millions of consumers.

                     About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2006,
Moody's Investors Service placed Eastman Kodak Company on review
for possible downgrade.  Ratings under review include:

   * Corporate Family Rating B1
   * Senior Unsecured Rating B2
   * Senior Secured Credit Facilities Ba3

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


FEEDCO RESOURCES: Taps Paul Appleton as Liquidator
--------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed liquidator
of Feedco Resources Limited on June 29 for the purposes of
creditors' voluntary liquidation proceedings.

The company can be reached at:

         Feedco Resources Limited
         The Old Power Station
         121 Mortlake High Street
         London SW14 8SN
         United Kingdom
         Tel: 020 8878 8666


FITNESS CONNECTION: Appoints Vincent A. Simmons as Liquidator
-------------------------------------------------------------
Vincent A. Simmons was appointed Liquidator of Fitness
Connection Limited on July 6 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Fitness Connection Limited
    10 Bethel Street
    Heywood
    Lancashire OL101HU
    United Kingdom
    Tel: 01706 360 383


FLORAL EXPRESS: Names Liquidator from Ganley Burt
-------------------------------------------------
Laurence S. Burt of Ganley Burt was appointed liquidator of
Floral Express Limited on June 29 for the purposes of creditors'
voluntary winding-up procedure.

The company can be reached at:

         Floral Express Limited
         Business & Technology Centre
         Radway Green
         Crewe CW2 5PR
         United Kingdom
         Tel: 01270 876 648


FOSTER WHEELER: U.K. Units Face 329 Asbestos Claims
---------------------------------------------------
Foster Wheeler Ltd.'s subsidiaries in the United Kingdom
recorded 329 open asbestos-related claims as of June 30, 2006.
To date, 800 claims have been filed against the company's U.K.
subsidiaries.

According to the Class Action Reporter, as of March 31, 2006,
the company's U.K. subsidiaries had 325 open asbestos-related
claims. To date, 783 claims have been filed against the
company's U.K. subsidiaries.

As of June 30, 2006, the company had recorded total liabilities
of US$27,700,000 comprised of an estimated liability relating to
open claims of US$2,900,000 and an estimated liability relating
to future unasserted claims of US$24,800,000.

Of the total, US$1,100,000 was recorded in accrued expenses and
US$26,600,000 was recorded in asbestos-related liability.

The liability and asset estimates are based on a recent U.K.
court of appeal ruling that pleural plaque claims do not amount
to a compensable injury. If the ruling would be reversed, the
asbestos liability and asset recorded in the U.K. would be about
US$66,200,000.

                       About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of   
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

                           *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.


FREESCALE SEMICONDUCTOR: In Buyout Talks with Investment Firms
--------------------------------------------------------------
Freescale Semiconductor Inc. is in discussions with parties
relating to a possible business transaction.

According to Associated Press, a group of investment companies,
including Texas Pacific Group Ventures Inc. and The Blackstone
Group, is planning to buy the chipmaker.

There can be no assurances that any transaction will result from
these discussions.

To protect the interests of its stockholders, employees and
customers, Freescale said that it will not comment further on
these discussions unless and until it is appropriate to do so.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including the Czech
Republic, France, Germany, Ireland, Italy, Romania, Turkey and
the United Kingdom.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.


FURNISH INSS: Kiran Mistry Leads Liquidation Procedure
------------------------------------------------------
Kiran Mistry of HKM LLP was appointed Liquidator of Furnish Inns
(U.K.) Limited (formerly Leisure South West Limited and South
West Furnishings Limited) on June 30 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Furnish Inns (U.K.) Limited
    Unit 5 Midas Court
    Minerva Way
    Brunel Road
    Newton Abbot
    Devon TQ124PJ
    United Kingdom
    Tel: 01626 333 336


GEMMA DESIGN: Brings In Liquidator from Marks Bloom
---------------------------------------------------
Andrew John Whelan of Marks Bloom was appointed Liquidator of
Gemma Design Limited on July 5 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Gemma Design Limited
    New House
    67-68 Hatton Garden
    London EC1N8JY
    United Kingdom
    Tel: 020 7405 5595


GPM MERIDIAN: Taps Joint Administrators from Mazars LLP
-------------------------------------------------------
Timothy Colin Hamilton Ball and Roderick John Weston of Mazars
LLP were appointed joint administrators of GPM Meridian Windows
Limited (Company Number 03295311) on Aug. 29.

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

GPM Meridian Windows Limited can be reached at:

         Unit F2 F3
         Fort Wallington Industrial Estate
         Military Road
         Fareham
         Hampshire PO16 8TT
         United Kingdom
         Tel: 01329 829 229
         Fax: 01329 829 228


HISTORIC BUILDINGS: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------------
Creditors of Historic Buildings Conservation Limited confirmed
on July 4 the resolutions for voluntary liquidation and the
appointment of John Russell and Allan Cooper of The P&A
Partnership as Liquidators of the company.

The company can be reached at:

         Historic Buildings Conservation Limited
    Lilac Cottage
    Main Road
    Brentingby
    Melton Mowbray
    Leicestershire LE144RX
    United Kingdom
    Tel: 01664 410 355
    Web: http://www.derbyshirehistoricbuildings.org.uk/


HMV GROUP: Completes Compulsory Acquisition of Ottakar's Shares
---------------------------------------------------------------
HMV Group PLC acquired on Sept. 11 the remaining 152,343
Ottakar's shares for which it had not received acceptances in
accordance with the compulsory acquisition notices.

The company dispatched on July 28, compulsory acquisition
notices to Ottakar's shareholders holding approximately 0.68%
shares who had not accepted the offer.

Accordingly, HMV Group and its wholly owned subsidiaries now own
100% of Ottakar's share capital.

The offer will close at 3:00 p.m. on Sept. 25.

                            About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight  
different countries under two powerful retail brands, HMV and
Waterstone's.  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Apr. 29, 2006, the company's balance sheet showed GBP2.4
million in stockholders' deficit, compared with a GBP14.4
million deficit at April 30, 2005.


HOMEFLAMES LIMITED: Taps Liquidator from Kay Johnson Gee
--------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
Liquidator of Homeflames Limited on July 6 for the purposes of
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Homeflames Limited
    67-69 High Street
    Hillmorton
    Rugby
    Warwickshire CV214EG
    United Kingdom
    Tel: 01788 567 007


INFOGRAMES: Board Approves Final Debt Restructuring Plan
--------------------------------------------------------
The Board of Directors of Infogrames Entertainment voted in
favor of the company's final debt restructuring plan, which
would permit the restoration of the company's industrial
investment capacities.

The Company concluded an agreement with its main bank creditors
and bondholders on Sept. 8, allowing it to set up a financial
restructuring plan, the purpose of which is to significantly
reduce its financial indebtedness, to restore its equity and to
provide a cash level appropriate to its operating needs.

This agreement comes within the framework of the action plan
announced by the Company on Feb. 9 implying a program of asset
disposals and a renegotiation of the bank debt whose agreement
was announced on the April 21.

The Company estimates that the achievement of the Plan will
allow to stop the warning procedure engaged by the auditors in
accordance to the French commercial code, to insure the
operating continuity of the Company and to provide sufficient
means necessary to its financial reversal.

The Company entrusted with Associes en Finances, acting as
independent expert, the mission to confirm the equitable nature
of the plan for all the involved parties thereto.  Their report
will be available prior to the general meeting of the
shareholders.

                     Terms of the Plan

The Plan hinges on 5 steps:

  * Step 1: EUR25m extension and rescheduling of the short-term
            loan

      Within the framework of an amendment to the existing bank
      agreements, Banc of America Securities Limited agrees with
      the Company:

      -- a EUR25 million increase of the short term loan thus
         increasing its amount from EUR20 million to EUR45
         million
   
      -- an extension of the maturity from March 31, 2007, to
         December 31, 2008

      This loan will be redeemable up to EUR10 million by the
      Capital Increase mentioned in Step 4, the balance being
      repaid on December 31st, 2008.

  * Step 2: Modification of certain terms of the 2006/2008
            Bonds

      The holders of the company's 2006/2008 bonds (6% coupon,
      nominal value of EUR14, maturity on March 15th, 2008,
      whose value amounts to EUR33.7 million) will convene on
      Sept. 29 to approve the postponement of the normal
      redemption date of the first tranche to February 15, 2007,
      and to amend the terms of early repayment.

      The main holder of the 2006/2008 Bonds, a fund managed by
      Boussard et Gavaudan Asset Management LP, holds 75.8% of
      the 2,403,772 outstanding 2006/2008 Bonds and is committed
      to vote those resolutions.

  * Step 3: Modification of certain terms of the 2003/2009
            Oceane

      The holders of the bonds maturing on April 1, 2009,
      convertible and/or exchangeable into new or existing
      shares, whose value amounts to EUR124.3 million, will
      convene on Sept. 29 to approve:

        (i) the postponement of the final maturity from
            April 1, 2009 to April 1, 2020;

       (ii) the reduction of the coupon from 4.0% to 0.01%; and

      (iii) the cancellation of the early redemption clause in
            case of default.

      The funds managed by GLG Partners and Bluebay Asset High
      Yield (Master Fund) holding 67.8% of the 1,185,658
      outstanding 2003/2009 Oceane, are committed to vote those
      resolutions.

  * Step 4: Shareholders General Meeting / Share Capital
            Increase / Early repayment of all the outstanding
            2006/2008 Bonds / Free reserved allocation of
            Warrants

      The Company plans to conduct a capital increase amounting
      to EUR74 million with maintenance of the preferential
      subscription right for the existing shareholders at a
      subscription price of EUR0.15 per share.  About EUR33.7
      million of the proceeds will be affected to the repayment
      of all the outstanding 2006/2008 Bonds, EUR10 million to
      the partial reimbursement of the Short Term Loan and
      EUR30 million to the operating financing of the Company.

      The main holder of 2006/2008 Bond and the Investors are
      irrevocably committed to subscribe, respectively up to
      EUR33.7 million and EUR40 million, the shares which would
      not be subscribed by the existing shareholders at the end
      of the subscription period.  Those commitments are
      conditional upon usual terms for this type of transaction
      and to the granting of an exemption to launch a mandatory
      Takeover Bid.

      In consideration for their contribution to the structuring
      and to the implementation of the Plan, warrants will be
      freely attributed to the Investors and the main holder of
      2006/2008 Bond following the Capital Increase.  The
      Warrants will have a 3-year maturity, and allow
      subscribing to one new share at EUR0.15, representing for
      the Investors and the main holder of 2006/2008 Bond
      respectively a total of 15% and 3% of the capital post
      Capital Increase and Exchange Offer as described in
      Step 5.

      In this respect, the Board of directors of the Company
      will propose to the shareholders at their annual general
      meeting -- stating on the annual accounts of the Company
      -- slated for Sept. 29 to vote on these resolutions:


        (i) reduction of the nominal of the shares to one cent
            of Euro (0.01 Euro);

       (ii) reverse-split of the shares: attribution of one new
            share with one Euro (1 Euro) nominal for hundred
            (100) shares with one cent of Euro (0.01 Euro)
            nominal;

      (iii) renewal of the financial authorizations in order to
            allow the Capital Increase described above and the
            Exchange Offer on the 2003/2009 Oceane, as described
            in Step 5;

       (iv) issuance of Warrants reserved to Boussard Gavaudan
            Asset Management LP and The BlueBay High Yield
            (Master Fund); and

        (v) appointment of two additional directors proposed by
            Bluebay Asset Management Limited.

  * Step 5: Exchange Offer on the 2003/2009 Oceane

      Subsequently to the Capital Increase, the Company will
      launch an Exchange Offer on the 2003/2009 Oceane, where
      each tendered 2003/2009 Oceane will be exchanged into 32
      new shares of the Company.  On the basis of a share price
      of EUR0.15 (i.e. the subscription price of the Capital
      Increase), the Exchange Offer represents a price of
      EUR4.80 per 2003/2009 Oceane, i.e. a discount of around
      37.5% (coupon included) compared to the redemption price
      of EUR7.53 per 2003/2009 Oceane.

      Investors agreed to tender to the Exchange Offer the
      11,185,658 2003/2009 Oceane they hold, i.e. 67.8% of the
      outstanding Oceane.

                     Suspensive Conditions

The completion of the Plan is conditional upon the approvals by
the holders of 2006/2008 Bond and 2003/2009 Oceane at their
respective meetings, on the approval by the shareholders at the
extraordinary general meeting and on authorizations and
exemptions required from the market authorities.

The agreement provides that the Capital Increase must be
launched before Dec. 30, 2006, or Feb. 15, 2007, in case a new
shareholders extraordinary general meeting has to be reconvened
due to the failure to meet the quorum requirements.  In
addition, the amendment to the terms of the 2003/2009 Oceane is
conditional upon the completion of the Exchange Offer on
April 30, 2007, at the latest.

                  Plan Impact on Shareholders

On an indicative basis, assuming that all the 2003/2009 Oceane
are tendered and exchanged into new shares of the Company, the
impact of such conversion on a shareholder holding 1% of the
share capital before the Capital Increase and the Exchange Offer
would be as follow:

                                           Shareholder stake
                                           -----------------
Before Capital Increase                           1%

After Capital Increase and
  before conversion of the Oceane                0.28%

After Capital Increase and
  conversion of the Oceane                     0.16%

After Capital Increase and
   conversion of the Oceane
   and exercise of the Warrants               0.13%

A shareholder holding 1% of the share capital on June 30, 2006,
who would participate to the Capital Increase would be diluted
as follow:

                                           Shareholder stake
                                           -----------------
Before Capital Increase                           1%

After Capital Increase and  
   before conversion of the 2003/2009 Oceane      1%

After Capital Increase and
   conversion of the Oceane                       0.56%

After Capital Increase and
   conversion of the Oceane
   and exercise of the warrants                   0.48%

               Plan Impact on Company's Net Debt

IFRS net debt of the Company is of EUR173.2 million (audited
accounts) as of March 31, 2006, and of EUR191.4 billion as of
June 30, 2006 (non audited estimated data).  Based on this data,
net debt will be reduced to EUR126 million after the Capital
Increase and to EUR24 million after the Exchange Offer, assuming
all the 2003/2009 Oceane are tendered and converted.

Not taking into account costs specific to the Short-Term Loan
and to the transaction, the plan generates EUR55 million of
cash.

Assuming all the Warrants are exercised, the company would have
EUR8 million in receivables.

            About Infogrames Entertainment and Atari

Infogrames Entertainment (IESA), the parent company of the Atari
Group, is listed on the Paris Euronext stock exchange (ISIN
code: FR-0000052573) and has two principal subsidiaries: Atari
Europe, a privately-held company, and Atari, Inc., a United
States corporation listed on NASDAQ (ATAR).

The Atari Group -- http://www.atari.com/-- is a major  
international producer, publisher and distributor of interactive
entertainment software for all market segments and in all
existing game formats (Microsoft, Nintendo and Sony) and on CD-
ROM for PC.  Its games are sold in more than 60 countries.

The Atari Group's extensive catalogue of popular games is based
on original franchises (Alone in the Dark, V-Rally, Test Drive,
Roller Coaster Tycoon, etc.) and international licenses (Matrix,
Dragon Ball Z, Dungeons & Dragons, etc.).  The company maintains
operations in France, Germany, Portugal, and the United Kingdom,
among others in Europe.


J W LANDSCAPES: Taps James Richard Duckworth to Liquidate Assets
----------------------------------------------------------------
James Richard Duckworth of Freeman Rich Insolvency was appointed
liquidator of J W Landscapes Limited on June 29 for the purposes
of creditors' voluntary liquidation procedure.

The company can be reached at:

         J W Landscapes Limited
         284 Clifton Drive South
         Lytham St. Annes
         Lancashire FY8 1LH
         United Kingdom
         Tel: 01772 510 800


JACKSON PETROLEUM: Appoints Liquidator from ThorntonRones
---------------------------------------------------------
Richard Rones of ThorntonRones was appointed liquidator of
Jackson Petroleum Limited on June 29 for the purposes of
creditors' voluntary winding-up proceedings.

The company can be reached at:

         Jackson Petroleum Limited
         Unit 10
         Salamons Way
         Rainham
         Essex RM13 9UL
         United Kingdom
         Tel: 01708 553 880


JARDINE SPORTS: Brings In Filippa Connor to Administer Assets
-------------------------------------------------------------
Filippa Connor of B & C Associates was named administrator of
Jardine Sports Limited (Company Number 04776067) on Aug. 30.

The administrator can be reached at:

         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         United Kingdom
         Tel: 0208 906 7730
         Fax: 0208 906 7731
         E-mail: filippa@bcassociates.uk.com

Jardine Sports Limited can be reached at:

         2B Antrobus Road
         London W4 5HY
         United Kingdom
         Tel: 020 8354 1057
         Fax: 020 8354 1055


JASMINE DEVELOPMENTS: Taps Administrators from Tenon Recovery
-------------------------------------------------------------
Nigel Fox and Carl Jackson of Tenon Recovery were appointed
joint administrators of Jasmine Developments Limited (Company
Number 04242868) on Aug. 23.

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

Headquartered in Dorset, United Kingdom, Jasmine Developments
Limited develops properties.


KILNGROVE CORP: Hires A. J. Clark to Liquidate Assets
-----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of
Kilngrove Corporation Limited on June 29 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Kilngrove Corporation Limited
    Ivory House
    Cockfield
    Bury St. Edmunds
    Suffolk IP300LN
    United Kingdom
    Tel: 01284 827 474
    Web: http://www.kilngrove.co.uk/


LAVENDER HERBAL: Taps Clive Morris to Liquidate Assets
------------------------------------------------------
Clive Morris was appointed Liquidator of Lavender Herbal
Heatpack Co. Limited on June 30 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Lavender Herbal Heatpack Co. Limited
    3 Nile Close
    Nelson Court Business Centre
    Ashton-On-Ribble
    Preston PR2 2XU
    United Kingdom
    Tel: 01772 250 804


LEES NARROWBOATS: Nominates Liquidator from Simmonds & Company
--------------------------------------------------------------
Gordon Allan Mart Simmonds of Simmonds & Company was nominated
Liquidator of Lees Narrowboats Limited on July 5 for the
purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Lees Narrowboats Limited
    Broadway Industrial Estate
    Broadway
    Hyde
    Cheshire SK14 4QY
    United Kingdom
    Tel: 0161 367 9205


MAGICAL CHOCOLATE: Nominates Jeanette Brown as Liquidator
---------------------------------------------------------
Jeanette Brown of Dodd & Co. was nominated Liquidator of The
Magical Chocolate Shop Limited on July 5 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         The Magical Chocolate Shop Limited
    23-25 Castle Street
    Carlisle
    Cumbria CA3 8SY
    United Kingdom
    Tel: 01228 529 222
    Web: http://www.the-magical-chocolate-shop.com/


MARK IV: Competitive Pressures Spur S&P to Cut Rating to B
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Amherst, N.Y.-based Mark IV Industries to 'B' from
'B+' and removed the rating from CreditWatch with negative
implications, where it was placed Aug. 21.

"The downgrade reflects the company's sluggish free cash flow
generation, caused by competitive pressures in the automotive
industry, which has impeded its ability to pay down debt," said
Standard & Poor's credit analyst Gregg Lemos Stein.
     
The outlook is stable.  Mark IV, a maker of automotive,
industrial and electronic toll collection equipment, has total
debt of about US$1.1 billion and underfunded postretirement
benefit liabilities of about US$235 million.
     
Intense competition and pricing pressures in the automotive
industry have led to lower margins in many of Mark IV's
segments.  These pressures may grow in the near term as several
automakers have sharply cut their North American production
plans for the fourth quarter of 2006, including a 21% decline by
Ford Motor Co. and a 13% reduction by General Motors Corp.
     
Ford and GM's North American operations together account for
just 11% of revenues for Mark IV, which benefits from fair
customer diversity.  Still, any decline in sales to Ford and GM
comes at an inopportune time for Mark IV, which faces a total of
US$51 million of mandatory pension plan contributions by the end
of the current fiscal year ending February 2007.
    
In the electronic toll equipment segment, which accounts for 22%
of Mark IV's EBITDA, results have been soft recently because of
postponed shipments to government agencies.  Although Mark IV
expects to record these sales, the timing may be pushed back
several quarters, further stretching Mark IV's financial
profile.  In the heavy-duty truck segment, which provides 12%
percent of Mark IV's EBITDA, sales have been strong this year,
but an industry-wide downturn is expected in 2007 because of new
EPA emissions standards.
     
These business challenges notwithstanding, Mark IV's moderate
capital requirements and improved operational efficiencies
should enable the company to continue generate solid low- to
mid-teens percentage EBITDA margins over the economic cycle.


MARSHALLS SPORTS: Names Charles Howard Ranby-Gorwood Liquidator
---------------------------------------------------------------
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed Liquidator of Marshalls Sports & Social
Club Ltd. on June 27 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Marshalls Sports & Social Club Ltd.
    Middlefield Lane
    Gainsborough
    Lincolnshire DN211UU
    United Kingdom
    Tel: 01427 613 121


METSON INT'L: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Creditors of Metson International Trade & Development PLC (t/a
Emel Line) confirmed on June 28 the appointment of M. Arkin of
Arkin & Co. as Liquidator of the company.

The company can be reached at:

         Metson International Trade & Development PLC
    432 St. Ann's Road
    London N15 3JJ
    United Kingdom
    Tel: 020 8802 1234


MIDTOWN CONTROL: Calls In Liquidator from Kay Johnson Gee
---------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
Liquidator of Midtown Control Systems Limited on May 31 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Midtown Control Systems Limited
    Unit 21
    Willow Avenue
    Stockport
    Cheshire SK5 7QF  
    United Kingdom
    Tel: 0161 480 5826


MOREXPLUS TECHNOLOGIES: Taps Liquidator from Haslers
----------------------------------------------------
Roger L. Cain of Haslers was appointed Liquidator of Morexplus
Technologies (U.K.) Limited on July 6 for the purposes of the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Morexplus Technologies (U.K.) Limited
    Unit 3
    Hyssop Close
    Cannock
    Staffordshire WS117GA
    United Kingdom
    Tel: 01543 465 588
    Web: http://www.morex.co.uk/


NORTH & SOUTH: Hires Jeremy Nicholas Bleazard as Administrator
--------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of North & South Inns Limited (Company
Number 5326909) on Aug. 25.

The administrator can be reached at:

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

Headquartered in Bradford, United Kingdom, North & South Inns
Limited is a public house and restaurant.


NORTHERN POWDER: Names Liquidator from Taylor Rowlands
------------------------------------------------------
John Harvey Madden of Taylor Rowlands was appointed Liquidator
of Northern Powder Coatings Limited on June 1 for the purposes
of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Northern Powder Coatings Limited
    2 Raleigh Court
    Middlesbrough
    Cleveland TS2 1RR
    United Kingdom
    Tel: 01642 249 673


OFF SUMMER: Appoints Sabia Sahota to Liquidate Assets
-----------------------------------------------------
Sabia Sahota of BBK Partnership was appointed Liquidator of Off
Summer Footwear Limited on June 30 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Off Summer Footwear Limited
    217 Portobello Road
    London W11 1LU
    United Kingdom
    Tel: 020 7221 1999


OPEN HOLIDAYS: Brings In Joint Administrators from KPMG LLP
-----------------------------------------------------------
David John Crawshaw and David James Costley-Wood of KPMG LLP
were appointed joint administrators of Open Holidays Limited
(Company Number 02234971) and World Hoppers Limited (Company
Number 03094539) on Aug. 31.

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

Headquartered in Worthing, United Kingdom, Open Holidays Limited
and World Hoppers Limited are tour operators.


ORCHID INTERIORS: Ian Bull Leads Liquidation Procedure
------------------------------------------------------
Ian Bull of Ian Bull & Co. was appointed Liquidator of Orchid
Interiors Limited on June 16 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Orchid Interiors Limited
    South Suffolk Business Centre
    Alexandra Road
    Sudbury
    Suffolk CO102ZX
    United Kingdom
    Tel: 01787 466 837


P & J PRODUCTS: Hires Eileen T. F. Sale to Liquidate Assets
-----------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of P & J Products Limited on May 26 for the purposes
of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         P & J Products Limited
    White Horse Farm
    Tillingham Road
    Dengie
    Southminster
    Essex CM0 7UD
    United Kingdom
    Tel: 01621 778 211


PINK FLAG: Calls In Liquidator from Rushtons
--------------------------------------------
Raymond Stuart Claughton of Rushtons was appointed Liquidator of
Pink Flag Ltd. on May 26 for the purposes of the creditors'
voluntary winding-up procedure proceeding.

The company can be reached at:

         Pink Flag Ltd.
         New Works Road
    Low Moor
    Bradford
    West Yorkshire BD120QP
    United Kingdom
    Tel: 01274 678 888


QUEENSWAY TRADING: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of Queensway Trading Company Limited confirmed on
May 26 the resolutions for voluntary liquidation and the
appointment of Martin Charles Armstrong of Turpin, Baker
Armstrong and Andrew Lawrence Hosking of Grant Thornton UK LLP
as Joint Liquidators.

The company can be reached at:

         Queensway Trading Company Limited
    Wembley
    Middlesex HA9 6YB
    United Kingdom
    Tel: 020 8903 8898


R.P.L. PRODUCTIONS: Administrators Sell Assets as Going Concern
---------------------------------------------------------------
The Joint Administrators, Andrew Duncan and Jason Godefroy of
Menzies Corporate Restructuring, offer for sale, as a going
concern, the business and assets of R.P.L. Productions Limited.

Features:

   -- manufacturer of automatic repetition turned parts;
   -- turnover circa GBP3 million per annum;
   -- substantial forward order book;
   -- approved to quality standards QS9000 and TS16949;
   -- fully fitted out CNC facility;
   -- leasehold premises in Birmingham;
   -- approximately 60 employees;

Inquiries can be addressed to:

         Menzies Corporate Restructuring
         17-19 Foley Street
         London W1W 6DW
         United Kingdom
         Phone: 020 7291 9750
         Fax: 020 7291 9777
         E-mail: mcr@menzies.co.uk
         Web: http://www.menzies.co.uk/


RUGBY ENGINEERING: Names Jonathan Elman Avery-Gee Liquidator
------------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
Liquidator of Rugby Engineering Supplies Limited on May 30 for
the purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         Rugby Engineering Supplies Limited
    28 Butlers Leap
    Rugby
    Warwickshire CV213RQ
    United Kingdom
    Tel: 01788 560 111
    Web: http://www.rugbyengineering.com


SCOTT STB: Joint Liquidators Take Over Operations
-------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Scott STB Limited on May 25 for the purposes of the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Scott STB Limited
    Alvis Way
    Royal Oak Industrial Estate
    Daventry
    Northamptonshire NN118PG
    United Kingdom
    Tel: 01327 706 670


SCOTTISH RE: Receives Takeover Proposals from Possible Buyers
-------------------------------------------------------------
Scottish Re Group Limited's (NYSE: SCT) Interim Chief Executive
Officer, Paul Goldean, revealed that the Company is on track to
meet its objective of completing an auction process for the
possible sale of the Company, and that it is also reviewing its
options to address short-term liquidity pressures.

As part of the auction process, the Company has provided a
number of highly qualified parties with due diligence
information, including a confidential valuation study performed
by a third party actuarial firm indicating, based on a variety
of assumptions, an aggregate value for the Company in excess of
the Company's latest reported GAAP book value.

Scottish Re received proposals from a number of potential
bidders on Friday, Sept. 8, 2006.

The proposals will be reviewed by the Company's Management and
Board of Directors in an effort to identify those that maximize
shareholder value.  Selected parties will be invited to a second
round during which additional due diligence will occur and more
specific second round proposals will be requested.

After second round proposals are received, the Company may
initiate exclusive negotiations with a potential bidder.  It is
possible that this process could result in an announcement of a
transaction as early as mid- to-late October or early November.

In addition, the Company has received three written proposals
for possible financing and expects to receive several additional
proposals in the near future.  Each of these proposals is
subject to certain terms and conditions that have not as of yet
been negotiated.  Scottish Re plans to raise between US$150
million and US$250 million to reduce short-term liquidity
pressures under a combination of reinsurance arrangements and
credit facilities.

                        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.


SHILLING PROPERTIES: Creditors' Meeting Slated for Today
--------------------------------------------------------
Creditors of Shilling Properties Limited (Company Number
04476149) will meet at 11:00 a.m. on Sept. 13 at:

         Moore Stephens
         1 Snow Hill
         London EC1A 2DH
         United Kingdom

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

         Mark Elijah Thomas Bowen and Nigel Price
         Joint Administrators
         Moore Stephens Corporate Recovery
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         United Kingdom
         Tel: 0121 233 2557
         Fax: 0121 200 2558

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.


SOLAR ACTIVE: Creditors Ratify Liquidators' Appointment
-------------------------------------------------------
Creditors of Solar Active Limited ratified on June 29 the
appointment of Andrew Gordon Stoneman and Jason James Godefroy,
of Menzies Corporate Restructuring as Joint Liquidators of the
company.

The company can be reached at:

         Solar Active Limited
    2-10 Balham Station Road
    London SW129SG
    United Kingdom
    Tel: 020 8673 0000


SOMERS PRESS: Brings In Joint Liquidators from Vantis
-----------------------------------------------------
Jonathan Mark Birch and Nicholas Hugh O'Reilly of Vantis were
appointed Joint Liquidators of Somers Press Limited on June 29
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Somers Press Limited
    9 Maxted Road
    Hemel Hempstead Industrial Estate
         Hemel Hempstead
    Hertfordshire HP2 7DX
    United Kingdom
    Tel: 01442 269 201


SPIRIT AEROSYSTEMS: Revenue Growth Spurs Moody's to Lift Ratings
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Spirit
AeroSystems, Inc., Corporate Family and Senior Secured Credit
Facilities to Ba3 from B1.  The ratings outlook is stable.  This
concludes the review commenced on June 30.

The ratings reflect:

   -- revenue growth and strong financial performance that the
company has reported in the first year of operating
independence,

   -- relatively strong financial metrics despite substantial
debt levels, and

   -- good revenue visibility owing to long term requirements
contracts with the OEM's.

The ratings upgrade was also influenced by expectations for near
term debt reduction that would ensue through the use of funds
from Spirit's planned Initial Public Offering of stock,
announced in the company's S-1 filing dated Aug. 30.  

However, the ratings continue to be negatively impacted by thin
current free cash flow generation, Spirit's concentration of
sales on essentially only two customers, Boeing and Airbus, as
well as the company's relatively short operating history as a
stand-alone company.

The stable ratings outlook reflects Moody's expectations that
revenue will continue to grow under stable margins, while free
cash flows become substantially positive through FY 2007 as
development costs diminish and delivery rates pick up.  

As Spirit develops a longer track record as a stand-alone
entity, demonstrating continued revenue growth and margin
stability, ratings would be subject to upward revision if
leverage (Debt/EBITDA, as defined per Moody's standard
methodology) were to fall below 2.5 times and if free cash flow
were to exceed 10% of debt for a sustained period, while cash
flows generally stabilize as working capital and CAPEX
requirements abate.

Ratings or their outlook could be lowered if loss of contracts
or unexpected deterioration in operating performance were to
occur, or if Spirit were to increase debt levels materially for
any reason, such that Debt/EBITDA were to exceed 4.0 times or
free cash flow were to remain negative for a prolonged period.


* Issuer: Spirit Aerosystems, Inc.

Upgrades:

   -- Corporate Family Rating, to Ba3 from B1; and

   -- Senior Secured Bank Credit Facility, to Ba3 from B1.

Outlook Actions:

   -- Outlook, Changed To Stable From Rating Under Review

Spirit AeroSystems, Inc., headquartered in Wichita, KS, with
facilities in Wichita, Tulsa and McAlester OK, and Prestwick,
Scotland, is a designer and manufacturer of fuselages, struts,
nacelles, thrust reversers and other complex components for
Boeing and Airbus.


SWINFAST LIMITED: Names Joint Administrators from Harris Lipman
---------------------------------------------------------------
Freddy Khalastchi and Michaela Joy Hall of Harris Lipman LLP
were appointed joint administrators of Swinfast (Chiswick)
Limited (Company Number 04918011) on Aug. 22.

The administrators can be reached at:

         Harris Lipman LLP
         New Broad Street House
         35 New Broad Street
         London EC1M 1NH
         United Kingdom
         Tel: 0845 3385292  
         Web: http://www.harris-lipman.co.uk/

Swinfast (Chiswick) Limited can be reached at:

         1 Marylebone High Street
         City of Westminster
         London W1U 4NB
         United Kingdom


TMS MANUFACTURING: Nominates Paul John Webb as Liquidator
---------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of TMS Manufacturing Limited on May 30 for
the purposes of the creditors' voluntary winding-up procedure.

The company can be reached at:

         TMS Manufacturing Limited
    Unit 5
    Neachells Lane Industrial Estate
    Neachells Lane
    Wolverhampton WV113RG
    United Kingdom
    Tel: 01746 769 731


TIME GUARD: Hires P. Nottingham to Liquidate Assets
---------------------------------------------------
P. Nottingham of Nottingham Watson Ltd. was appointed Liquidator
of Time Guard (U.K.) Limited on May 31 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Time Guard (U.K.) Limited
    George Nott House   
    119 Holloway Head
    Birmingham B1 1QP
    United Kingdom
    Tel: 0121 600 5900


TM KINGDOM: Taps KPMG Administrators for Restructuring Efforts
--------------------------------------------------------------
Allan Graham and Richard Philpott from KPMG's restructuring
practice were appointed as administrators for TM Kingdom Ltd.,
which trades as Toymaster Kingdom.

"Despite cost saving measures earlier in the year, the difficult
trading conditions coupled with increasing costs have left the
directors with no alternative but to place TM Kingdom Ltd. into
administration," Ian Corfield, KPMG's Restructuring team in the
East of England disclosed.

"We will be working with the management of Toymaster Ltd., and
the management at TM Kingdom Ltd., to find purchases for the
business as a going concern, to try to secure all jobs, and to
ensure the survival of the business, particularly as it
approaches what has historically been its most busy time of the
year," Mr. Corfield added.

The company informed its 150 staff that the business is not
being closed, and the company will be trading under the control
of the administrators while a purchaser is being sought.  All
employees of the company will be paid for work carried out by
them from the last date that they were paid.

Toymaster Ltd. will continue to pay suppliers all undisputed TM
Kingdom Ltd. invoices for goods invoiced through Toymaster Ltd.,
in the normal way, as and when they become due for payment and
will be making its own announcements in due course.

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

Headquartered in Ipswich, United Kingdom, TM Kingdom Ltd. sells
toys from 14 stores around the U.K.  It is one of the largest
members of Toymaster Ltd., which has not been affected by events
at TM Kingdom Ltd. but is fully aware of the situation.


TOWER ASSURANCE: Brings In Administrators from F A Simms
--------------------------------------------------------
Richard Frank Simms, Martin Richard Buttriss and Steven Peter
Ford of F A Simms & Partners PLC were appointed joint
administrators of Tower Assurance Advisory Services Limited
(Company Number 990669) on Aug. 23.

The administrators can be reached at:

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

Tower Assurance Advisory Services Limited can be reached at:

         16 St. John Street
         Islington
         London EC1M 4NT
         United Kingdom
         Tel: 020 7454 9320


U VISUALIZE: Appoints Alisdair J. Findlay to Liquidate Assets
-------------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed Liquidator of
U Visualize Limited on July 4 for the purposes of the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         U Visualize Limited
    177 Jayshaw Avenue
    Birmingham B43 5RX
    United Kingdom
    Tel: 0121 767 1848


UNITY WIRELESS: Joins Three Acquired Companies Into One Facility
----------------------------------------------------------------
Unity Wireless Corporation completed the consolidation of the
operations of three recently acquired companies into one
facility, harmonized its sales and marketing initiatives under
the Unity Wireless brand and has completed a corporate
restructuring to reduce headcount in redundant positions.

The combination of consolidating the facilities of the three
acquired companies and reducing the employee headcount from
approximately 135 to 80 people is expected to result in
significant savings for the integrated company.

With the harmonization of the sales and marketing groups
completed, cross-selling opportunities are being exploited and
are already generating significant interest in many accounts
around the world -- particularly in accounts where one of the
pre-acquisition companies had a strong presence prior to the
transactions.  Unity Wireless now has an established presence in
many of the most active markets for wireless infrastructure
products around the world.

The Company anticipates efficiencies that come from increased
levels of business should result in reducing the overall cost of
many of the Company's product lines in many different ways. The
consolidation of operations and harmonization of the sales and
marketing functions across Unity Wireless and the three recently
acquired companies are expected to significantly contribute to
the ability of Unity Wireless to become profitable.

                      About Unity Wireless

Based in Bellingham, Washington, Unity Wireless Corporation
(OTCBB: UTYW) -- http://www.unitywireless.com/-- is a developer   
of wireless subsystems and coverage-enhancement solutions for
wireless communications networks.  It maintains operations in
Canada, the United States, Israel, China, and the United
Kingdom.

At June 30, the Company's Balance sheet showed a stockholders'
deficit of $2,370,166, compared to a deficit of $760,000 at
Dec. 31, 2005.

                          Going Concern

KPMG LLP expressed doubt about Unity Wireless' ability to
continue as a going concern after auditing the Company's 2005
financial statements.  The auditing firm pointed to the
Company's recurring losses from operations.


VISTEON CORP: Ford Production Cuts Spur S&P to Affirm B+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Van Buren Township, Mich.-based Visteon Corp.,
and removed the rating from CreditWatch with negative
implications where it was placed on Aug. 21.  Visteon, a global
manufacturer of automotive components, has total debt of about
US$2.3 billion.  The rating outlook is negative.
     
The affirmation follows our review of the impact of Ford Motor
Co.'s planned third and fourth quarter vehicle production cuts
on Visteon's credit profile.  Ford is Visteon's largest
customer, accounting for 48% of sales.

Sales to Ford in North America, where the production cuts are
concentrated, account for 24% of Visteon's sales.  Ford's
vehicle production will be down 15% in the second half of the
year, with light trucks making up the bulk of the reduction,
down 278,000 units, or 25%.
     
Standard & Poor's expects the production cuts to cause Visteon's
results to fall short of its most recent guidance, which calls
for EBIT before restructuring of US$170 million - US$200 million
and free cash flow of US$50 million.

"However, the shortfall is expected to be less than US$50
million, and Visteon should have the wherewithal to absorb the
earnings and cash flow hit without significantly impairing its
ability to meet its debt service obligations," said Standard &
Poor's credit analyst Martin King.

Two credit facilities recently put in place in the U.S. and
Europe, along with strong cash balances, give the company
substantial liquidity to deal with near-term challenges in the
auto industry.

Longer term, Visteon's continued progress under a comprehensive
restructuring program, and the gradual improvement in customer
diversity, should allow the company to raise earnings and cash
flow during the next few years despite the difficulties facing
Ford.


W. HEPPELL: Names Joint Liquidators from Hawdon Bell & Co.
----------------------------------------------------------
John Bell and Simon John Lundy of Hawdon Bell & Co. were
appointed Joint Liquidators of W. Heppell & Sons Limited on
May 31 for the purposes of the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         W. Heppell & Sons Limited
    Main Street
    Crookhall
    Consett
    County Durham DH8 7NE
    United Kingdom
    Tel: 01207 503 687


W.I.A. PUBLISHERS: Appoints Brendan Eric Doyle as Liquidator
------------------------------------------------------------
Brendan Eric Doyle was appointed Liquidator of W.I.A. Publishers
Limited on July 4 for the purposes of the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         W.I.A. Publishers Limited
    3 Trade Street
    Cardiff CF105DT
    United Kingdom
    Tel: 029 2022 4741
    Web: http://www.wianews.co.uk/


WOOD & LAMINATE: Jamie Taylor Leads Liquidation Procedure
---------------------------------------------------------
Jamie Taylor of Begbies Traynor was appointed Liquidator of Wood
& Laminate Distribution Centre Limited on June 29 for the
purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:
  
         Wood & Laminate Distribution Centre Limited
    Production House
    Princess Margaret Road
    East Tilbury
    Tilbury
    Essex RM18 8RJ
    United Kingdom
    Tel: 01375 841300

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, and Joy Agravante, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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