TCREUR_Public/060914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 14, 2006, Vol. 7, No. 183

                            Headlines

A U S T R I A

A. TRENTINI: Creditors' Meeting Slated for September 20
AMS NUSSBAUMER: Creditors' Meeting Slated for September 15
BAWAG PSK: Lack of Funds Prods OTP Bank to Reconsider Bid
CORDT GERHARD: Claims Registration Ends September 22
CRC: Creditors' Meeting Slated for September 18

DIE KUECHE: Claims Registration Period Ends September 22
E + M: Property Manager Declares Insufficient Assets
GESELLSCHAFT FUER TEAMENTWICKLUNG: Meeting Slated for Sept. 19
INN-FLEISCH: Claims Registration Period Ends September 20
INNOVENT: Creditors' Meeting Slated for September 21

LEONARDO GASTRO: Graz Court Orders Closing of Business


F R A N C E

CAP GEMINI: Improved Margins Spur S&P to Change Rating Outlook
CAP GEMINI: Inks Partnership Agreement with Hindustan for Indigo


G E R M A N Y

DR. ERICH SPITZ: Claims Registration Ends September 28
DRUVE HEIZUNGS: Claims Registration Ends September 20
EVENT GROUP: Claims Registration Ends September 28
FIRSTREAM AG: Claims Registration Ends September 29
KARSTADQUELLE AG: Mail Order Unit Pursues Action vs. Fraudsters

KOPP GMBH: Claims Registration Ends September 15
KURT UND ANDRE: Claims Registration Ends September 25
PB DOMICILE: S&P Rates EUR15.4-Mln Class E Notes at BB
R. M. LICHT: Claims Registration Ends September 29
RAUSCHER MARKUS: Claims Registration Ends September 29

SCHEFENACKER AG: Financial Restructuring Cues S&P to Junk Rating
SUMMIT REAL-ESTATE: Creditors' Meeting Slated for September 27
VOLKSWAGEN AG: Workers In Brazil to Vote on Labor Plan Today
WORLDWIDE FOOD: Claims Registration Ends September 29


H U N G A R Y

AES CORP: Selling 33% Stake in Eletropaulo Metropolitana


I R E L A N D

DALI CAPITAL: Moody's Assigns (P)Ba3 Rating to Series 23 Notes
EUROCREDIT CDO: Moody's Rates EUR24-Mln Class E Notes at Ba3


I T A L Y

ALITALIA SPA: Posts EUR221 Million Net Loss for First Half 2006
PARMALAT SPA: Grand Cayman Court Names Kroll as Liquidator
PARMALAT SPA: Sells Stake In Italcheese & Australian Business


K A Z A K H S T A N

AJSK: Creditors Must File Claims by Oct. 10
ALATAU: Creditors Must File Claims by Oct. 10
ARDAGER-MUNAY: Akmola Court Opens Bankruptcy Proceedings
ARSI SERVICE: Proof of Claim Deadline Slated for Oct. 10
DASTAR: Proof of Claim Deadline Slated for Oct. 6

DELTA PLUS-2: Akmola Court Begins Bankruptcy Proceedings
KAZPOST JSC: Weak Profile Prompts S&P to Affirm BB+ Rating
LARUS-UNITUM MODULE: Atyrau Court Starts Bankruptcy Procedure
OKSI-AGRO: Claims Registration Ends Oct. 6
PROGRESS KASPYI: Atyrau Court Commences Bankruptcy Proceedings

TECHNOSPETSSTROY: Atyrau Court Starts Bankruptcy Proceedings
TEMIR-KAZYK: Claims Registration Ends Oct. 6
TEPLOSET: Creditors' Claims Due Oct. 6
TULPAR STROY: Creditors' Claims Due Oct. 18
TUMAR LOGISTIC: Akmola Court Starts Bankruptcy Procedure

ZHETYSU COMMERCE: Creditors Must File Claims by Oct. 18


K Y R G Y Z S T A N

FLINT: Proof of Claim Deadline Slated for Oct. 18
MBI COMPANY: Creditors Must Submit Claims by Oct. 18
OSHSTROY: Claims Registration Ends Oct. 18


L A T V I A

PARITATE BANK: Moody's Assigns E+ Financial Strength Rating


R U S S I A

AVANGARD: Court Names S. Ryabov as Insolvency Manager
BUTURLINSKIY DIARY: Court Names V. Morozov as Insolvency Manager
CEDAR: Leningrad Court Names M. Golubeva as Insolvency Manager
CORNELIAN: Court Names M. Vasilega as Insolvency Manager
DIVEEVSKIY BUTTER: Court Names P. Milov as Insolvency Manager

EDINSTVO: Court Names V. Morozov as Insolvency Manager
FERRUM-STROY: Sakhalin Court Names V. Glik as Insolvency Manager
FILLIPOV: Court Names E. Golenkov as Insolvency Manager
GAZPROM OAO: Ukraine Presents Scheme to Keep US$95 Gas Price
GORODETSKIY SHIPYARD: Bankruptcy Hearing Slated for Dec. 26

GRAVEL FACTORY: Court Names A. Mazur as Insolvency Manager
KEZSKIY FLAX: Udmurtiya Court Starts Bankruptcy Supervision
KIROVETS: Court Names L. Kornilova as Insolvency Manager
KORKINSKIY DIARY: Court Starts Bankruptcy Supervision
MIKHAYLOVSKOYE: Altay Court Starts Bankruptcy Supervision

MONOLITH-V: Moscow Court Names M. Sorokin as Insolvency Manager
NOVOPOKRORVSK-AGRO: Bankruptcy Hearing Slated for Oct. 17
OMSK-LEATHER: Court Names A. Budelev as Insolvency Manager
REINFORCED CONCRETE: Bankruptcy Hearing Slated for Nov. 2
RUSSIAN FOREST: Court Names O. Feldman as Insolvency Manager

SARAKTASHSKIY: Court Names O. Suslov as Insolvency Manager
SEVER-TRANSPORT: Sverdlovsk Court Starts Reorganization Process
SIBERIAN STOCKINET: Bankruptcy Hearing Slated for Nov. 28
SUAL GROUP: Finalizing Rusal Merger by Oct. 1, Report Says
THEATRICAL EQUIPMENT: Court Starts Bankruptcy Supervision

TOYS LIBERTY: Court Names D. Yaroslavtsev as Insolvency Manager
VEGETABLES OF URAL: V. Vshivkov to Manage Insolvency Assets
VNESHTORGBANK JSC: Buys 5% Stake in EADS for EUR922 Million
VOLGOGRADSKIY INDUSTRIAL: V. Goncharov to Manage Assets
WOODWORKING COMPANY: Bankruptcy Hearing Slated for Nov. 21

YUKOS OIL: Federal Court Nixes Moravel Appeal on US$680M Charge
YUKOS OIL: Federal Court Denies State Appeal for Extra Tax Bill
YUKOS OIL: To Seek US$50 Billion in Damages From Russia
ZEMETCHINO-SUGAR: Court Names A. Bespalov as Insolvency Manager


S P A I N

IM CAJAMAR: Moody's Junks EUR12-Million Series E Notes
PYME BANCAJA: Moody's Rates EUR28.7-Mln Series D Notes at (P)C


U K R A I N E

DUKO LLC: Donetsk Court Names Privatbank to Liquidate Assets
GAZPROM OAO: Ukraine Presents Scheme to Keep US$95 Gas Price
LADA-N: Court Names Mihajlo Tsurika as Insolvency Manager
MARIOL-TEHNO MIKOLAIV: Court Names Mihajlo Tsurika as Liquidator
SHALFEJNE: Court Names Vasil Kuhta as Insolvency Manager

TISSA: Court Names Mihajlo Tsurika as Insolvency Manager
TRANSUNIVERSAL: Court Names Nina Saricheva as Liquidator
VASKO: Ivano-Frankivsk Court Names Andrji Budz as Liquidator


U N I T E D   K I N G D O M

4 CLEAN: Appoints Joint Administrators from Gerald Edelman
A AND A: Taps C. H. I. Moore to Liquidate Assets
ALAN CORPORATE: Creditors Ratify Voluntary Liquidation
BAA PLC: Reports GBP13 Million Cost From August Terror Alert
BAGUETTE BITE: Brings In Milner Boardman as Joint Administrators

BIG HAIRY: Appoints Peter Engel as Liquidator
BRADLEY COMMUNICO: Hires T. Papanicola to Liquidate Assets
CARPET COURIERS: Brings In Liquidators from Vantis Redhead
CHELSEA CARPET: Appoints Liquidator from Rendell Thomson
CLUB HEAVEN: Brings In Liquidator from Begbies Traynor

COLLINS & AIKMAN: Customers Oppose Committee's Planned Inquiries
COOL-TOOLS: Creditors Confirm Liquidator's Appointment
CORLEY AND LAWRENCE: Creditors Confirm Voluntary Liquidation
COTSWOLD HONEY: Taps Menzies to Administer Assets
COTSWOLD SPECIALITY: Appoints Joint Administrators from Menzies

D & A SPORTS: Hires Liquidators from Gerald Edelman
D M DONNER: Appoints Peter O'Hara as Liquidator
DESIGNERWEAR SHOP: Names Salman Saud to Liquidate Assets
DOVE VALLEY: Creditors Confirm Voluntary Liquidation
E. MELLIT: Brings In Administrators from Begbies Traynor

E. SKORSKI: Appoints Joint Liquidators from Begbies Traynor
ETHNIC FOOD: Names Liquidator from Kay Johnson Gee
EUROLIFE ASSURANCE: Appoints Administrators from F A Simms
EUROLIFE CAPITAL: Brings In Administrators from F A Simms
FAST COMMERCIALS: Taps Liquidator from Kay Johnson Gee

FIBA-FIL: Brings In Jonathan M. Timmis to Liquidate Assets
HENDON GLAZING: Calls In Joint Liquidators from Begbies Traynor
INEOS VINYLS: Acquisition Cues Moody's to Confirm B3 Rating
INTELSAT: Launches Broadband Services with European Companies
INTELSAT LTD: Works with Telenor to Expand Network Coverage

KRISPY KREME: Expects to Report Lower Second Quarter Revenues
LEONARD FIELD: Appoints Joint Liquidators from Begbies Traynor
LONDON BATHROOM: Nominates Liquidators from Abbott Fielding
MAPLE PRESS: Hires Joint Administrators from Tenon Recovery
METROPOLIS INT'L: Taps Ian William Kings to Liquidate Assets

MID ESSEX: Creditors Confirm Liquidator's Appointment
MONOCHROME EXPRESS: C. H. I. Moore Leads Liquidation Procedure
NORTHERN PACKAGING: Calls In Liquidator from Debtmatters Ltd.
NORTHERN REFRIGERATION: Claims Filing Period Ends Oct. 31
OAKBUILD SERVICES: Taps Stephen Evans to Liquidate Assets

OLIVE GROVE: Appoints Liquidator from Parkin S. Booth & Co.
OLYMPIA FOODS: Names Jonathan Elman Avery-Gee Liquidator
OMEGA DESIGN: Nominates Timothy Frank Corfield as Liquidator
PARA-FAIR: Creditors Confirm Voluntary Winding-Up Procedure
PRINT 2000: Creditors Confirm Voluntary Liquidation

QUADRO CONSULTING: Creditors Ratify Voluntary Liquidation
RICHARD BARRY: G. W. Rhodes Leads Liquidation Procedure
RIVERSIDE CONFERENCE: Names Eileen T. F. Sale Liquidator
S.T.A.R. CONSULTANCY: Creditors Confirm Liquidator's Appointment
SABRE EMPLOYMENT: Hires Mark Peter Jones to Liquidate Assets

SCENE INTERIORS: Calls In Joint Liquidators from Begbies Traynor
SCOTTISH RE: On Track of Auction Process, Chief Executive Says
SCOTTISH RE: Will Launch Second Round of Bidding for Company
SHEP ASSOCIATES: Brings In Liquidators from F A Simms
SHERWOOD CASTLE: Moody's Assigns (P)Ba2 Ratings to Notes

SHERWOOD CASTLE: S&P Assigns Low-B Ratings to EUR53-Mln Notes
SHILDON PALLETS: Appoints T. Papanicola to Administer Assets
SPECIALIST JOINERY: Names A. H. Tomlinson to Liquidate Assets
STEEL TEAM: Nominates Joint Liquidators from Abbott Fielding
STEPHEN BROWN: Names Timothy John Hargreaves as Administrator

SWITCH DESIGN: Appoints N. A. Bennett to Liquidate Assets
TOWERACTION LIMITED: Brings In Liquidator from Redman Nichols
VIZ COMIC: Taps William Paxton to Liquidate Assets
WORLD END: Creditors Confirm Liquidators' Appointment
XMP SERVICE: Appoints Ian William Kings to Liquidate Assets

* FTI Consulting to Acquire Financial Dynamics for $260 Million
* PricewaterhouseCoopers Launches New Restructuring Practice

* Upcoming Meetings, Conferences and Seminars

                            *********

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


A. TRENTINI: Creditors' Meeting Slated for September 20
-------------------------------------------------------
Creditors owed money by LLC A. Trentini (FN 129122k) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
Sept. 20 to consider the creditors' compensation payment.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 26 (Bankr. Case No. 28 Sa 3/06d).  Christian Bachmann
serves as the court-appointed compensation manager of the
bankrupt estate.

The compensation manager can be reached at:

         Christian Bachmann
         Opera Ring 8
         1010 Vienna, Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at


AMS NUSSBAUMER: Creditors' Meeting Slated for September 15
----------------------------------------------------------
Creditors owed money by LLC AMS Nussbaumer (FN 102192h) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Sept. 15 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 28 S 15/06v) was removed from (Bankr. Case No.
36 S 18/05t) on March 28.


BAWAG PSK: Lack of Funds Prods OTP Bank to Reconsider Bid
---------------------------------------------------------
OTP Bank Plc, Hungary's largest retail bank, will not bid for
Austrian bank Bawag P.S.K., citing lack of sufficient funds.

As reported in TCR-Europe on July 10, OTP Bank said it was
"evaluating BAWAG and deciding whether it's worth its resources
to engage in the tender process," people privy to the company
told Reuters.  According to the source, OTP is eyeing Bawag's
good position in the Austrian banking market, which it described
as "mature but still growing."

The Hungarian bank, however, would fall short of cash if it
would take over Bawag since OTP recently acquired banks in
Russia, Serbia and Ukraine.  "At this point, OTP doesn't have
the cash," the source further relays.  "It could raise the
money, possibly through issuing new shares but as it stands, it
doesn't have the money."

OTP's Board of Directors, AFX News reports, voted against
launching a bid for Bawag.  "OTP Bank announces that based on
the decision of its Executive Board, the Bank does not
participate in the tender for the sale of Vienna-based BAWAG
P.S.K. Bank," the bank said.

Both OTP chairman Sandor Csanyi and deputy CEO Laszlo Wolf had
hinted the bank might bid for Bawag.  "There will be much
competition for the bank and the smaller growth on Austria's
market relative to the market in Eastern Europe must be taken
into consideration when pricing the bank," Mr. Wolf noted.

"As we said already last week, BAWAG is too big for OTP to buy,
and not a target in line with OTP's strategy," Jiri Stanik of
Wood & Co. told Fortfolio.hu.

OTP also denied reports in Austrian daily Der Standard that it
plans to submit a joint bid with U.S. billionaire George Soros.

OTP's decision followed announcements by Austria's Erste Banka
and Bank Austria Creditanstalt that they would not also bid for
Bawag.

Osterreichischer Gewerkschaftsbund (OeGB), Bawag's parent
company, officially began the bank's sale process in mid-July.
Morgan Stanley, which began inviting bids after Bawag inked a
US$675 million settlement deal with RefCo Inc. investors, will
allow 10-12 possible buyers to access Bawag's accounts in
September or October this year.  Chief Executive Ewald Nowotny
said that a number of parties have expressed interest in
acquiring the financially embattled bank.

OeGB, previously disclosed that it prefers to sell the bank as a
whole and not in pieces indicating that the purchaser can break
up the bank after the sale.  OeGB has placed Bawag on the
trading table following the bank's alleged role in the collapse
of Refco.

                        About OTP Bank

Headquartered in Budapest, Hungary, OTP Bank Ltd., --
http://www.otpbank.hu/-- provides providing institutional,
commercial, corporate, and private-level banking.  The company
operates around 430 banks in Hungary.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's:

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;

   -- BAWAG P.S.K.: long-term debt and deposit


CORDT GERHARD: Claims Registration Ends September 22
----------------------------------------------------
Creditors owed money by LLC Cordt Gerhard Dipl.Ing.Dr. have
until Sept. 22 to file written proofs of claims to court-
appointed property manager Peter Perner at:

         Dr. Peter Perner
         Karolingerstrasse 1
         5020 Salzburg, Austria
         Tel: 0662/826661
         Fax: 0662/826661-10
         E-mail: office@dr-perner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Oct. 5 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Zell am See, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 23 S 48/06p).


CRC: Creditors' Meeting Slated for September 18
-----------------------------------------------
Creditors owed money by LLC CRC (FN 216238y) are encouraged to
attend the creditors' meeting at 10:45 a.m. on Sept. 18 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Oberwart, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 26 S 79/06d).  Gertraud
Hofer serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Gertraud Hofer
         Main Place 11
         Atrium
         Top 16 A
         7400 Oberwart, Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hofer@utanet.at


DIE KUECHE: Claims Registration Period Ends September 22
--------------------------------------------------------
Creditors owed money by LLC Die KUECHE Hoecketstaller (FN
41690i) have until Sept. 22 to file written proofs of claims to
court-appointed property manager Christian Maurer at:

         Mag. Christian Maurer
         Paris Lodron Road 3a
         5020 Salzburg, Austria
         Tel: 0662/879998
         Fax: 0662/879998-20
         E-mail: office@smbi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 5 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 23 S 51/06d).  The
Debtor's manager, Michael Andreas Hoecketstaller, represents the
Debtor in the bankruptcy proceedings.


E + M: Property Manager Declares Insufficient Assets
----------------------------------------------------
Dr. Brigitte Stampfer, the court-appointed property manager for
LLC E + M (FN 173674d), declared on July 26 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10 (Bankr. Case No. 2 S 115/06h).

The property manager can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30
         E-mail: ra-stampfer@utanet.at


GESELLSCHAFT FUER TEAMENTWICKLUNG: Meeting Slated for Sept. 19
--------------------------------------------------------------
Creditors owed money by LLC Gesellschaft fuer Teamentwicklung
(FN 220120g) are encouraged to attend the creditors' meeting at
1:30 p.m. on Sept. 19 to consider the final calculation of
creditors' claims.

Creditors will receive 20% recovery on account of their claim.

The creditors' meeting will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on March 3 (Bankr. Case No. 11 S 19/06i).  Gerald
Hegenbart serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Mag. Gerald Hegenbart
         Emperor Franz Ring 13
         2500 Baden bei Wien, Austria
         Tel: 02252/85500
         Fax: 02252/42577
         E-mail: g.hegenbart@advokat-baden.at


INN-FLEISCH: Claims Registration Period Ends September 20
---------------------------------------------------------
Creditors owed money by LLC INN-FLEISCH (FN 136828v) have until
Sept. 20 to file written proofs of claims to court-appointed
property manager Christoph Danner at:

         Mag. Christoph Danner
         c/o Dr. Ernst Grubeck
         Lamprechtstr. 2
         4780 Schaerding, Austria
         Tel: 07712 / 5133
         Fax: 07712 / 5133 20
         E-mail: office@grubeck-danner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Sept. 27 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         Land Court of Ried im Innkreis
         Hall 101
         1st Floor
         Ried im Innkreis, Austria

Headquartered in Wernstein am Inn, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 17 S 29/06f).  Ernst
Grubeck represents Mag. Christoph Danner in the bankruptcy
proceedings.


INNOVENT: Creditors' Meeting Slated for September 21
----------------------------------------------------
Creditors owed money by LLC Innovent (FN 195759g) are encouraged
to attend the creditors' meeting at 9:10 a.m. on Sept. 21 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Hall 45
         1st Floor
         Feldkirch, Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 13 S 39/06z).  Ralph
Vetter serves as the court-appointed property manager of the
bankrupt estate.  Andreas Fritsch represents Dr. Vetter in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Ralph Vetter
         c/o Dr. Andreas Fritsch
         Realm Yard Route 11
         6890 Lustenau, Austria
         Tel: 05577/89300
         Fax: 05577/89300-20
         E-mail: vetter-fritsch@aon.at


LEONARDO GASTRO: Graz Court Orders Closing of Business
------------------------------------------------------
The Land Court of Graz entered an order on July 26 closing the
business of LLC Leonardo Gastro (FN 220053h).  Court-appointed
property manager Regina Schedlberger determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Regina Schedlberger
         Andritzer Reichsstrasse 42
         8045 Graz - Andritz, Austria
         Tel: 0316/695100
         Fax: 0316/6951009
         E-mail: regina.schedlberger@chello.at

Headquartered in Graz, Austria the Debtor declared bankruptcy on
July 6 (Bankr. Case No. 26 S 71/06w).  Werner Freistatter and
Peter Freistatter - managers, represent the Debtor in the
bankruptcy proceedings.


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


CAP GEMINI: Improved Margins Spur S&P to Change Rating Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
stable its outlook on France-based IT services provider Cap
Gemini S.A., as the group has demonstrated ongoing improvements
in its margins and free cash flow generation, recent gains in
market share, and significantly better financial controls.

At the same time, the 'BB+' long-term corporate credit and
senior unsecured debt ratings were affirmed.

At June 30, 2006, Cap Gemini reported consolidated gross on-
balance-sheet debt of EUR1.2 billion.  The company posted a 4.8%
operating margin before restructuring in first-half 2006, up
from 1.8% in first-half 2005.

"The positive outlook recognizes the medium-term possibility of
an upgrade if Cap Gemini manages to affirm the improvements it
has made in its margin and free cash flow in 2007 and beyond,"
said Standard & Poor's credit analyst Patrice Cochelin.

Standard & Poor's expects Cap Gemini to take part in the ongoing
consolidation in the sector, although it also anticipates that
any midsize to large acquisitions would be essentially equity
funded, in line with the company's practices, with careful
assessment of the related integration risks.

"We do not expect the company to issue any new debt in the
medium term, although part of Cap Gemini's cash pile could be
used for small acquisitions or to fund the company's defined-
benefit pension gap, without affecting the rating," added Mr.
Cochelin.


CAP GEMINI: Inks Partnership Agreement with Hindustan for Indigo
----------------------------------------------------------------
Hindustan Lever Limited has reached an agreement with Cap Gemini
S.A., to acquire a 51% stake in Unilever India Shared Services
Limited (Indigo).

Indigo is currently a fully owned subsidiary of HLL, providing
BPO services to a number of Unilever companies, including HLL,
around the world.  Terms of the agreement were not disclosed and
the transaction is expected to be completed in October 2006.

The partnership with Capgemini will bring world-leading
financial BPO practices to HLL and to Unilever.  Indigo's domain
knowledge and deep capabilities built in the FMCG sector coupled
with Capgemini's BPO expertise will enable Indigo to leverage
its strengths and offer services to customers outside the
Unilever Group.  The partnership arrangement will ensure smooth
implementation of HLL's transition into SAP as the ERP platform,
as well as in other ongoing projects.

The partnership with Unilever will strongly supplement
Capgemini's market-leading business process outsourcing
capabilities in finance and accounting in India and support
Capgemini's strategy to enhance the existing BPO global delivery
network in Poland, China, India, Australia, USA and Canada.  It
will also bring to Capgemini tremendous capabilities around
innovative services like compliance and control assurance.
Capgemini already has about 6000 professionals performing work
in India (in Bangalore, Kolkata and Mumbai) and aims to reach
the strategic objective of 10,000 employees in India by the end
of 2007.

Indigo is a provider of financial shared services and Sarbanes
Oxley compliance services to the Unilever Group throughout the
world.  It has operating centers in Bangalore and Chennai and
has nearly 600 professionals, including about 75 Chartered
Accountants, working in these centers.  It currently serves
Unilever companies in about 45 countries in Asia, Africa,
Australasia, Europe and North America.  Indigo has rich
experience of migrating and operating a variety of accounting
and financial services across a number of countries and has
considerable domain expertise in servicing the Fast Moving
Consumer Goods industry.

Mr. D. Sundaram, Finance Director of HLL and Chairman of Indigo
said, "the partnership with Capgemini brings global shared
services skills and technology to HLL and Unilever.  It also
enables leveraging the current Indigo expertise and capabilities
and represents an exciting opportunity for Indigo employees to
extend the business outside of the Unilever Group".

"This acquisition reaffirms Capgemini's commitment to increasing
its presence worldwide, in particular in India, and
strengthening its position in BPO F&A services.  We will greatly
benefit from the expertise of the Indigo team, consolidating our
capabilities to serve a wide range of clients," said Hubert
Giraud - Chief Executive Officer, BPO Capgemini.

                     About Hindustan Lever

HLL is India's largest Fast Moving Consumer Goods company,
touching the lives of two out of three Indians.  HLL's mission
is to "add vitality to life" through its presence in over 20
distinct categories in Home & Personal Care Products and Foods &
Beverages.  The company meets everyday needs for nutrition,
hygiene, and personal care, with brands that help people feel
good, look good and get more out of life.

                       About Capgemini

Headquartered in Paris, France, Cap Gemini S.A. --
http://www.capgemini.com/-- is one of the world's foremost
providers of Consulting, Technology and Outsourcing services,
has a unique way of working with its clients, which it calls the
Collaborative Business Experience.  The company helps businesses
implement growth strategies, leverage technology, and thrive
through the power of collaboration.  Capgemini reported 2005
global revenues of EUR6.954 billion and employs approximately
61,000 people worldwide.

                        *     *     *

Standard & Poor's Ratings Services revised to positive from
stable its outlook on France-based IT services provider Cap
Gemini S.A., as the group has demonstrated ongoing improvements
in its margins and free cash flow generation, recent gains in
market share, and significantly better financial controls.

At the same time, the 'BB+' long-term corporate credit and
senior unsecured debt ratings were affirmed.


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


DR. ERICH SPITZ: Claims Registration Ends September 28
------------------------------------------------------
Creditors of Dr. Erich Spitz Consult Ingenieurgesellschaft mbH
have until Sept. 28 to register their claims with court-
appointed provisional administrator Dirk-Henning Toennesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W126
         1. Stick
         William Route 21
         53111 Bonn, Germany

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

The District Court of Bonn opened bankruptcy proceedings against
Dr. Erich Spitz Consult Ingenieurgesellschaft mbH on Aug. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Dr. Erich Spitz Consult Ingenieurgesellschaft mbH
         Charleviller Place 29
         53879 Euskirchen, Germany

         Attn: Dr. Erich Spitz, Manager
         Augenbroicher Str. 100
         53879 Euskirchen, Germany

The administrator can be contacted at:

         Dirk-Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen, Germany
         Tel: 02251/65081-22
         Fax: 02251/65081-25


DRUVE HEIZUNGS: Claims Registration Ends September 20
-----------------------------------------------------
Creditors of Druve Heizungs- und Sanitarbau GmbH have until
Sept. 20 to register their claims with court-appointed
provisional administrator Wolfgang Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schwarzenbek
         Hall 3
         Moellner Str. 20
         Schwarzenbek, 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 Schwarzenbek opened bankruptcy proceedings
against Druve Heizungs- und Sanitarbau GmbH on Aug. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Druve Heizungs- und Sanitarbau GmbH
         Attn: Heinz Markus Druve, Manager
         Main Street 14
         23847 Kastorf, Germany

The administrator can be contacted at:

         Wolfgang Weber
         Lauenburger Road 15
         21493 Schwarzenbek, Germany


EVENT GROUP: Claims Registration Ends September 28
--------------------------------------------------
Creditors of Event Group GmbH have until Sept. 28 to register
their claims with court-appointed provisional administrator
Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Event Group GmbH on Aug. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Event Group GmbH
         Gilleshuette 99
         41352 Korschenbroich, Germany

         Attn: Klaus Hartmann, Manager
         Old Krefelder Road 75
         47829 Krefeld, Germany

The administrator can be contacted at:

         Volker Quinkert
         Brucknerallee 6
         41236 Moenchengladbach, Germany


FIRSTREAM AG: Claims Registration Ends September 29
---------------------------------------------------
Creditors of Firstream AG have until Sept. 29 to register their
claims with court-appointed provisional administrator Christian
Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Oct. 31 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against Firstream AG on Aug. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Firstream AG
         c/o Dr. Werner Weber
         Thuillestrasse 52
         81247 Munich, Germany

The administrator can be contacted at:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich, Germany
         Tel: 089/120260
         Fax: 089/12026137


KARSTADQUELLE AG: Mail Order Unit Pursues Action vs. Fraudsters
---------------------------------------------------------------
Quelle GmbH, mail order unit of KarstadQuele AG, initiated legal
proceedings with the Dessau police authorities against persons
unknown on account of suspicion of several cases of serious
fraud.

The fraud involved illegally accessing and manipulating
storeowner and customer data, ordering goods on account of third
parties, using false addresses, and subsequently failing to pay
for goods.

The perpetrators evidently exploited a temporary gap in Quelle's
IT system that had arisen following a software update and which
was immediately rectified once it was discovered, as a result of
which further misuse can now be excluded.  The resulting
economic damage is limited.  While no Quelle customers suffered
any loss, the company has reimbursed a number of individual
Quelle storeowners who did suffer financial loss as a result of
the fraud.

The IT companies Atosorigin GmbH and Itellium GmbH examine all
Quelle's IT systems for weak points on a permanent and
systematic basis and immediately rectify any problems in the
event that these are discovered.  Quelle thus intentionally
subjects itself to a series of systematic security controls so
as to be able to guarantee data security at all times.  The
company has now further intensified these already stringent
measures.  Data security at Quelle meets the security standards
for German distance retail trade.

"For a short period of time, Quelle unfortunately fell prey to
defrauders, who illegally accessed data and used this for their
economic benefit, Gerd Koslowski, spokesman, said.  "We regret
this.  Our customers did not suffer any losses as a result of
the above.  We responded rapidly and systematically to guarantee
the security of our customer data.  We urgently recommend our
customers not to pass on personal information that allows access
to their personal Quelle account personal information such as
their date of birth or customer number to third parties," said.

                       About KarstadtQuelle

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- operates department stores and
mail order businesses.  It has annual sales of EUR15.5 billion
and employs around 70,000.  The retailer has been suffering from
sluggish consumption and high unemployment rate in Germany.
KarstadtQuelle posted an EBITDA of -EUR428 million in 2004.  The
group is currently restructuring operations by selling off non-
core assets and implementing cost-saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.  In 2005, net financial
liabilities were reduced by a third to EUR3.0 billion (including
Thomas Cook), down from EUR4.5 billion in the previous year.

In the first six months of 2006, adjusted group sales totaled
EUR6.5 billion (2005: EUR6.8 billion).  Adjusted EBITDA declined
to -EUR41.7 million (2005: -EUR19.4 million).  As of June 30,
2006, net financial liabilities (pro forma) stood at EUR600
million.


KOPP GMBH: Claims Registration Ends September 15
------------------------------------------------
Creditors of Kopp GmbH have until Sept. 15 to register their
claims with court-appointed provisional administrator Thomas
Luger.

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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Road 28
         Ludwigsburg, 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 Ludwigsburg opened bankruptcy proceedings
against Kopp GmbH on July 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Kopp GmbH
         Attn: Ilona Kopp, Manager
         Kronenstr. 9
         70825 Korntal Muenchingen, Germany

The administrator can be contacted at:

         Thomas Luger
         Olgastr. 54
         70182 Stuttgart, Germany


KURT UND ANDRE: Claims Registration Ends September 25
-----------------------------------------------------
Creditors of Kurt und Andre Kohlmann GbR have until Sept. 25 to
register their claims with court-appointed provisional
administrator Thomas Guenther.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 26 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Room 033
         Leipzig, Germany

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

The District Court of Leipzig opened bankruptcy proceedings
against Kurt und Andre Kohlmann GbR on Aug. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Kurt und Andre Kohlmann GbR
         Attn: Andre Kohlmann, Manager
         Roedgener Anger 17
         04509 Delitzsch, Germany

The administrator can be contacted at:

         Thomas Guenther
         Spruce Road 3
         04275 Leipzig, Germany


PB DOMICILE: S&P Rates EUR15.4-Mln Class E Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR117.8 million floating-rate credit-
linked notes and EUR64.3 million deferrable floating-rate
credit-linked notes to be issued by PB Domicile 2006-1 PLC, a
special-purpose entity.

The transaction is structured as a synthetic, partially funded
RMBS that benefits from a synthetic excess spread mechanism.
The purpose is to transfer the credit risk associated with a
pool of residential mortgage loans that are currently on the
balance sheet of Deutsche Postbank AG (A/Negative/A-1).  These
loans were originated in Germany by Postbank.

"This is the first synthetic German RMBS transaction to
introduce a synthetic excess spread mechanism," said Standard &
Poor's credit analyst Volker Laeger.

The excess spread is set at 57 bps a year on the performing
balance of the portfolio and is available to cover current
losses, to cure losses that resulted in note write-downs in
previous periods, and to cure interest payments that were missed
due to those write-downs.

Mr. Laeger added: "Because this mechanism has been introduced,
there is no additional cash reserve or unrated first-loss piece
to provide further subordination.  Only the ratings on the two
lowest classes of notes are based on the availability of excess
spread in later periods to cure previous write-downs and missed
interest payments.  As a result, the rating on these two classes
will be linked to the 'A' rating on Postbank."

At closing, Postbank will enter into a loss guarantee with the
issuer.  Under this agreement, the issuer will sell credit
protection to the bank on the portfolio of loans.  In turn, the
issuer will issue credit-linked notes in the capital markets and
invest the proceeds in collateral.


                       Ratings List
                   PB Domicile 2006-1 PLC
      EUR117.8 Million Floating-Rate Credit-Linked Notes and
   EUR64.3 Million Deferrable Floating-Rate Credit-Linked Notes

                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             A+             AAA              0.5
             B              AA              65.8
             C              A               51.5
             D              BBB             48.9
             E              BB              15.4


R. M. LICHT: Claims Registration Ends September 29
--------------------------------------------------
Creditors of R. M. Licht- & Werbetechnik GmbH have until
Sept. 29 to register their claims with court-appointed
provisional administrator Oliver Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Meiningen
         Hall A 0208
         Linden Avenue 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against R. M. Licht- & Werbetechnik GmbH on Aug. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         R. M. Licht- & Werbetechnik GmbH
         Attn: Koeditz Bernd, Manager
         Johann-Christian-von-Weiss-Str. 3
         36448 Schweina, Germany

The administrator can be contacted at:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Munich, Germany


RAUSCHER MARKUS: Claims Registration Ends September 29
------------------------------------------------------
Creditors of Rauscher Markus GmbH have until Sept. 29 to
register their claims with court-appointed provisional
administrator Peter May.

Creditors and other interested parties are encouraged to attend
the meeting at 8:05 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 Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut, Germany

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

The District Court of Landshut opened bankruptcy proceedings
against Rauscher Markus GmbH on Aug. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Rauscher Markus GmbH
         Waldstr. 1
         84056 Rottenburg, Germany

The administrator can be contacted at:

         Dr. Peter May
         Bachstr. 6
         84036 Landshut, Germany
         Tel: 0871/94321-0
         Fax: 0871/9432150


SCHEFENACKER AG: Financial Restructuring Cues S&P to Junk Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German automotive parts supplier
Schefenacker AG to 'CCC-' from 'CCC+'.  At the same time, the
rating was placed on CreditWatch with negative implications.

The rating actions follow the company's announcement that it has
appointed financial-restructuring experts.

"This confirms our concerns that Schefenacker might not respect
the existing covenants on its bank debt and that a restructuring
of the existing financial debt is needed," said Standard &
Poor's credit analyst Barbara Castellano.

"We see increasing risk of a solution that would include
agreements to either reduce or postpone the scheduled payments
on the financial debt, which are often part of financial-
restructuring transactions."

At end-June 2006, Schefenacker's debt comprised EUR200 million
in subordinated bonds due 2014, EUR155 million in second-lien
debt, and a EUR50 million secured revolving credit facility.  In
addition, there was about EUR20 million in bilateral credit
lines.

Standard & Poor's will closely monitor the situation, with the
aim of resolving the CreditWatch status once the details of the
restructuring process have been disclosed.


SUMMIT REAL-ESTATE: Creditors' Meeting Slated for September 27
--------------------------------------------------------------
The court-appointed provisional administrator for Summit Real-
Estate Pink GmbH, Peter Leonhardt, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:05 a.m. on Sept. 27.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Jan. 10, 2007 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Summit Real-Estate Pink GmbH on Aug. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Summit Real-Estate Pink GmbH
         Dol 64
         14195 Berlin, Germany

The administrator can be reached at:

         Peter Leonhardt
         Kurfuerstendamm 212
         10719 Berlin, Germany


VOLKSWAGEN AG: Workers In Brazil to Vote on Labor Plan Today
------------------------------------------------------------
Volkswagen AG and the Brazilian union representing its 12,000
workers reached preliminary accord to terminate 3,600 workers in
the next two years, Romina Nicaretta writes for Bloomberg News.

Krishma Carreira, a spokeswoman for the union at the plant in
Sao Bernardo do Campo in Sao Paulo told Bloomberg that workers
are scheduled to vote on the plan today.

Volkswagen offered early retirement to workers before starting
the termination and reduced how much workers would have to pay
health insurance costs, Ms. Carreira disclosed.  Workers who
decide to take early retirement by Nov. 21 will receive 1.4-
times the monthly salary per year worked at company.

The carmaker will cease the production of Fox compact cars for
European shipment by next year and start production of a pick-up
truck and another car in coming years if workers approve of the
plan, Ms. Carreira was quoted by Bloomberg as saying.

Volkswagen needs to shed exports by 40% through 2008, and
production to 100,000 units to reduce its losses in the country.

The preliminary accord was reached after 8,000 workers at the
main plant went on a six-day strike after failed talks on the
staff reduction plan.

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

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.


WORLDWIDE FOOD: Claims Registration Ends September 29
-----------------------------------------------------
Creditors of WORLDWIDE FOOD GmbH have until Sept. 29 to register
their claims with court-appointed provisional administrator
Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against WORLDWIDE FOOD GmbH on Aug. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         WORLDWIDE FOOD GmbH
         Deepenstoecken 5
         22529 Hamburg, Germany

         Attn: Michael Schoop, Manager
         Sagemuehlenstrasse 1
         22767 Hamburg, Germany

The administrator can be contacted at:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg, Germany
         Tel: 3501690
         Fax: 35016915


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


AES CORP: Selling 33% Stake in Eletropaulo Metropolitana
--------------------------------------------------------
AES Corp. plans to sell a 33% stake in its Brazilian unit,
Eletropaulo Metropolitana Electricidade de Sao Paulo SA,
to help reschedule a US$1.2 billion debt owed to the state
development bank, Bloomberg News reports.

According to the report, the stake in Eletropaulo is valued at
BRL1.29 billion (US$603 million) as of Sept. 1.

AES Transgas Empreendimentos SA, a unit based in Sao Paulo, will
sell 13.76 billion preferred B shares of Eletropaulo this month,
through a public offering on domestic and international markets,
Bloomberg says, citing a statement filed with Brazil's
securities regulator.

Brazil's state development bank, Banco Nacional de
Desenvolvimento Economico e Social, could have gotten hold of
AES' Brazilian assets two years ago if the power company did not
agree to a debt restructuring.

"AES is trying to improve its cash position in Brazil," Januario
Hosten Jr., an equity analyst at Leme Investimentos in
Florianopolis, Brazil was quoted by Bloomberg as saying.  "It
also shows that the company is seeing better opportunities of
gains in other types of investments than Eletropaulo."

Meanwhile, Eletropaulo's shares are adversely affected by the
proposed sale.

"The sale is having a negative impact on the price of shares
because it shows that Transgas doesn't expect Eletropaulo's
shares to rise too much in the future," Leme Investimentos
analyst told Bloomberg.

After the sale, Transgas' shares will be up to 4.9% in
Eletropaulo. Transgas plans to price the shares on Sept. 21,
Bloomberg says.

                     About Eletropaulo

Eletropaulo distributes power in Brazil's industrial hub of Sao
Paulo city and 23 surrounding towns. Power consumption in Sao
Paulo state grew 3.8% in 2005 from 2004, according to data from
Sao Paulo state government.

                      About the Company

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

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

                        *     *     *

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

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

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


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


DALI CAPITAL: Moody's Assigns (P)Ba3 Rating to Series 23 Notes
--------------------------------------------------------------
Moody's assigned a provisional rating of (P)Ba3 to the Series 23
RUB issue of Fixed Rate Notes to be issued by DALI Capital plc,
a special-purpose vehicle.  The exact amount and maturity date
of the issue are not yet known.

The Notes to be issued by the SPV will be used to fund a loan by
Barclays Bank plc to the rosbank (OJSC JSCB), a bank established
under the laws of the Russian Federation.  The ruble denominated
loan between Barclays Bank plc and ROSBANK is rated Ba3 by
Moody's.

The (P)Ba3 rating of the Notes is based primarily on:

   -- the integrity of the structure;

   -- the ability of ROSBANK, the ultimate obligor in respect of
payments under the Notes, to make timely payments of
interest and ultimate payment of principal on the Loan;
and

  -- the ability of Barclays Bank plc to act as Lender.

Moody's issues provisional ratings in advance of the final sale
of the securities.  The ratings, however, only represent Moody's
preliminary credit opinion.  Upon conclusive review of all
transaction and associated documents, Moody's will endeavor to
assign definitive ratings to the notes.  A definitive rating may
differ from a prospective rating.

The SPV is a special purpose company located in Ireland and
established for the purpose of repackaging debt securities.


EUROCREDIT CDO: Moody's Rates EUR24-Mln Class E Notes at Ba3
------------------------------------------------------------
Moody's assigned these definitive ratings to eight classes of
notes issued by Eurocredit CDO V PLC, a bankruptcy remote
special-purpose vehicle incorporated in Ireland:

   -- EUR210 Million Class A-1 Senior Secured Floating Rate
Notes: Aaa;

   -- EUR120 Million Class A-2 Senior Floating Rate Dual
Currency Notes: Aaa;

   -- EUR72 Million Class A-3 Senior Secured Floating Rate
Notes: Aaa;

   -- EUR42 Million Class B Senior Secured Floating Rate Notes:
Aa2;

   -- EUR36 Million Class C Secured Deferrable Floating Rate
Notes: A2;

   -- EUR27 Million Class D Secured Deferrable Floating Rate
Notes: Baa3;

   -- EUR24 Million Class E Secured Deferrable Floating Rate
Notes: Ba3; and

   -- EUR6 Million Class V Combination Notes: Baa2.

These ratings are based upon:

   -- An assessment of the credit quality and of the
diversification of the assets in the initial portfolio;

   -- An assessment of the eligibility criteria applicable to
the future additions to the portfolio;

   -- The overcollateralization of the notes;

   -- The protection against losses through the subordination of
the Class B, C, D, E notes, the EUR69 million subordinated
notes and the excess spread available in the transaction;

   -- The analysis of the foreign currency risk involved in the
transaction; and

   -- The legal and structural integrity of the issue.

The ratings of the Class A, B, C, D and E Notes address the
expected loss posed to investors by the legal maturity of each
class (in September 2022).  The rating of Class V Notes
addresses the expected loss posed to investors by the legal
final maturity as a proportion of the Rated Balance, where the
Rated Balance is equal, at any time, to the principal amount of
the Combination Notes on the closing date minus the aggregate of
all payments made from the closing date to such date, either
through interest or principal payments.

This transaction is a high yield collateralized loan obligation
related to a portfolio of mainly senior and mezzanine loans.
This portfolio is dynamically managed by Intermediate Capital
Managers Limited.  This portfolio will be partially acquired at
closing date and partially during the six-month ramp-up period
at the end of which the portfolio shall comply (amongst others)
with the following tests (subject to Moody's matrices): a
diversity score greater than 43, a weighted average rating
factor lower than 2,200, and weighted average spread greater
than 2.65% and a weighted average recovery rate greater than
52%.

Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to direct the issuer
to buy or sell loans. Any addition or removal of loans will be
subject to a number of portfolio criteria.

This transaction features a multi-currency revolving class of
notes (class A-2 notes) that can be drawn either in Euros or in
Sterlings.  Sterling advances will be initially used to purchase
loans denominated in Sterling.  Should such Sterling assets
default, Sterling advances would not be fully collateralized by
Sterling assets and therefore Euro proceeds may need to be
converted into Sterling in order to redeem Sterling advances,
thus creating a foreign exchange risk exposure.  This currency
risk has been considered in Moody's analysis.


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


ALITALIA SPA: Posts EUR221 Million Net Loss for First Half 2006
---------------------------------------------------------------
The Board of Directors of Alitalia Linee Aeree Italiane S.p.A.,
chaired by President-CEO Giancarlo Cimoli, has approved the
consolidated report for the first half of 2006 for the Alitalia
Group.

Following the negative economic results of the first quarter,
characterized by strong union unrest in January, the second
quarter showed an indicative and tangible recovery, still
underway, which enabled the Alitalia Group to reach an effective
balance in terms of the operating result -- which gave rise to a
small profit, excluding the effect of the subsidiary Volare
S.p.A., which went through a difficult start up period due to
questions which are unrelated to the industrial scenario.

The persistence of the difficult market conditions marked by
higher fuel costs and increased competition in some network
sectors, combined with continuing unrest in the industrial
relations field, made it necessary to implement further measures
of the Business Plan.

It should be noted that the main economic and financial factors
relating to the semester, shown below, have been drawn up in
compliance with international accounting principles (IAS/IFRS)
and reflect the changed Company organization following the
splitting off of Alitalia Servizi, which took place in November
2005.

   -- traffic revenues during the first half of 2006 amounted to
      EUR2.043 billion showing an increase of EUR55 million
      (+2.8%) compared to the previous year, with an increase in
      the second quarter of EUR54 million (+5.0%) compared to
      the same period in 2005.

   -- consolidated net results for the first half of 2006
      amounted to EUR2.24 billion showing a decrease of about
      EUR36 million (-1.6%) mainly due to deconsolidating the
      revenues from Alitalia Servizi -- for the semester, the
      other operating revenues are reduced by about EUR91
      million of which about EUR61 million refer directly to
      handling and maintenance activities carried out for third-
      party customers in 2005, now deconsolidated with Alitalia
      Servizi.

   -- the consumption costs for materials, services and other
      operating expenses (excluding fuel) amounted to EUR1.39
      billion showing an increase of about EUR111 million
      compared to 2005 mainly due to the fact that Alitalia
      Servizi issued invoices for activities previously carried
      out within the Company organization, using its own
      workforce.

   -- labor costs amounted to EUR384 million showing a decrease
      of EUR184 million compared to 2005 (-32%) due to splitting
      off Alitalia Servizi and implementing the measures set out
      in the Company's Business Plan.

   -- the cost of purchasing fuel reached EUR471 million showing
      a marked upswing of EUR107 million compared to the same
      period last year (+30%), mainly due to the sharp rise in
      fuel prices and associated exchange rate factors.

   -- the consolidated operating loss for the first half of 2006
      amounted to EUR132 million, higher than the loss for the
      first half of 2005 (which was EUR84 million) partly due to
      high fuel costs (+EUR107 million) and to the strikes which
      took place during the first quarter of the year (which led
      to a worsening of the accounts by about EUR40 million).

      It should be noted that, in spite of a further rise in
      fuel costs of about EUR46 million during the second
      semester, the operating result was only slightly negative
      (an operating loss of only EUR3 million).

   -- the sharp rise in fuel costs (which increased by more than
      EUR107 million during the semester, compared to the
      previous year), the increased competitive pressure from
      low-cost companies, together with the negative impact of
      the strikes last January, led to a net result for the
      semester of -EUR221 million (down EUR97 million compared
      to the previous year).

   -- the net financial position on June 30, 2006, amounted to
      EUR791 million, a decline of approximately EUR37 million
      compared to Dec. 31, 2005, mainly due to monetary
      requirements caused by typical seasonal factors in the
      first quarter.

   -- on June 30, 2006, cash-to-hand amounted to EUR893 million.

   -- the Group's average workforce on the payroll on June 30,
      2006 was 10,052 people showing a decrease of 8,963 (-47%
      circa) compared to June 30, 2005, mainly due to splitting
      off Alitalia Servizi (7,985 people) and to improving
      efficiency in deploying resources (-1,110 people, without
      including the members of the subsidiary Volare not
      consolidated on June 30, 2005).

   -- the Group's workforce on 30 June 2006 was 11,663 people
      showing a decrease of 8,374 (-42% circa) compared to 30
      June 2005, due to splitting off Alitalia Servizi and
      improving efficiency in the deployment of resources.

   -- the operational fleet on 30 June 2006 consisted of 183
      aircraft of which 154 for short/medium-haul routes and 29
      for long-haul routes.

   -- regarding the evolution of traffic and the network in the
      passenger sector, where a large part of the Alitalia
      Group's results come from, during the first half of 2006,
      there was an overall increase in the number of passengers
      carried amounting to +2.4% (from 1,777 million ton
      kilometers carried to 1,819) in spite of a drop in the
      capacity offered of -2.7% (from 2,598 million ton
      kilometers offered to 2,527).

   -- in overall terms, the load factor reached 72%, showing an
      improvement of 3.6 percentage points compared to the
      previous period.

   -- the absolute value of revenues from passenger traffic
      showed an increase of 1.4% (from EUR1.728 billion to
      EUR1.752 billion) while the number of passengers carried
      during the first half of 2006 amounted to 11.7 million, up
      by 3.1% compared to the same period in 2005.

   -- the semester also reported a reduction in the level of
      unit revenue (yield) amounting to -1.5%.

The forecast for the second half of the year is for positive
operating and net results, partly due to some non-recurring
items.  The Group's consolidated net result for the full year
2006 should approach the level achieved in 2005.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


PARMALAT SPA: Grand Cayman Court Names Kroll as Liquidator
----------------------------------------------------------
The appointment of Gordon I. MacRae and James Cleaver at Kroll
(Cayman) Limited as Joint Official Liquidators of Parmalat
Capital Finance Limited has been affirmed by the Court of
Appeals in Cayman Islands, Richard I. Janvey, Esq., at Janvey
Gordon Herlands Randolph & Cox LLP, in New York, informs Judge
Drain.

As previously reported, the Grand Court of Cayman Islands
appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators of Parmalat Capital, Dairy Holdings Limited, and
Food Holdings Limited in May 2006.  Parmalat Finanziaria S.p.A.
and its affiliates and subsidiaries took an appeal from the
Grand Court Order.

Dr. Enrico Bondi, Extraordinary Administrator of the Parmalat
companies, has indicated that he will take the appeal to the
Privy Counsel, Mr. Janvey relates.

Messrs. MacRae and Cleaver are former partners of Ernst & Young
Restructuring Ltd., before Kroll Cayman, an affiliate of Kroll,
Inc., acquired the Cayman Islands insolvency and advisory arm of
Ernst & Young in 2005.

                         About Parmalat

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

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

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

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


PARMALAT SPA: Sells Stake In Italcheese & Australian Business
-------------------------------------------------------------
Parmalat S.p.A. communicates that, as part of the restructuring
process of the Group, it has sold 100% of its Italian subsidiary
Italcheese S.p.A. as well as stakes held indirectly in some
Australian companies.

Italcheese S.p.A. is an Italian company that commercializes and
stores food products and in 2005 generated EUR27 million in
revenues.

The Australian holdings:

   -- Norco Pauls Milk Joint Venture,
   -- Norcofields Pty Ltd.,
   -- The Norcofields Unit Trust,
   -- Fieldco Pty. Ltd.,
   -- The Fieldco Unit Trust,
   -- Gold Coast Milk Pty. Ltd., and
   -- Beaudesert Milk Pty. Ltd

were held in a joint venture agreement with Norco Co-operative
Ltd. and were sold following the approval of the Composition
with Creditors of the Parmalat Group of Oct.1  2005, and the
consequent exercise of the call option accorded to the partner
under the joint venture agreement.

The proceeds of the sale of these Australian participations will
be applied to reducing indebtedness towards the Group's
Australian bank lenders and therefore to decreasing the interest
due by AUS$5 million (approximately EUR3 million) annually. The
sale will result in a marginal decrease in EBITDA of
approximately A$6.3 million (approximately EUR3.7 million).

Itaca and Consorzio Latterie Reggiane, consortiums of
Confcooperative and Legacoop of Reggio Emilia, acquired
Italcheese S.p.A. for EUR4,000,000, Agenzia Giornalistica Italia
reports.

                         About Parmalat

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

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

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

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


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


AJSK: Creditors Must File Claims by Oct. 10
-------------------------------------------
CJSC AJSK has declared insolvency.  Creditors have until Oct. 10
to submit written proofs of claim at:

         CJSC AJSK
    Azerbaev Str. 60
    Almaty, Kazakhstan
    Tel: 8 (3272) 34-39-48


ALATAU: Creditors Must File Claims by Oct. 10
---------------------------------------------
LLP Alatau has declared insolvency.  Creditors have until
Oct. 10 to submit written proofs of claim at the company's
addresses in:

         Karasay-Batyr Str. 39-2
    Almaty, Kazakhstan

            -- or --

         Vitner Str. 2a
    Almaty, Kazakhstan
    Tel: 8 (3272) 91-10-86


ARDAGER-MUNAY: Akmola Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Ardager-Munay on
August 2.


ARSI SERVICE: Proof of Claim Deadline Slated for Oct. 10
--------------------------------------------------------
LLP Arsi Service (RNN 600300536516) has declared insolvency.
Creditors have until Oct. 10 to submit written proofs of claim
at:

         LLP Arsi Service
         Ubileynaya Str. 20a
    Almaty, Kazakhstan
    Tel: 8 (3272) 21-95-61


DASTAR: Proof of Claim Deadline Slated for Oct. 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Dastar insolvent.

Creditors have until Oct. 6 to submit written proofs of claim
at:
         LLP Dastar
         Proletarskaya Str. 93-47
    Ust-Kamenogorsk
    East Kazakhstan Region
    Kazakhstan


DELTA PLUS-2: Akmola Court Begins Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Delta Plus-2 on
July 31.


KAZPOST JSC: Weak Profile Prompts S&P to Affirm BB+ Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term 'BB+'
issuer credit and 'kzAA-' Kazakhstan national scale ratings on
the state-owned postal company Kazpost (JSC).  The outlook is
stable.

"The ratings on Kazpost reflect its weak financial profile
resulting from the modest profitability of its core services and
strong competition faced by the company in Kazakh cities," said
Standard & Poor's credit analyst Felix Ejgel.

"These factors are mitigated by the fact that Kazpost continues
to be a 100% state-owned entity, now via the recently
established Samruk holding company."

In addition, Kazpost is expected to receive extraordinary
support from the Republic of Kazakhstan in case of financial
distress in recognition of the important public service role
that Kazpost provides in rural areas.

Standard & Poor's follows the top-down approach for assessing
Kazpost, which is therefore rated higher than its stand-alone
credit quality would warrant.  The absence of a liquidity
mechanism or an explicit state guarantee for all the company's
debts, and the planned cessation of direct state financial
support after 2007, justifies the gradual divergence between the
ratings on Kazpost and those on Kazakhstan.

Kazpost is the national postal operator in the Republic,
providing public postal services, unregulated private postal
services, and financial services.  In 2006, the company's sales
are expected to reach US$90 million.

"We expect Kazpost's current public-policy role to remain
unchanged in the foreseeable future, and expect that although
state financial support will diminish there will be continuing
strong state oversight," said Mr. Ejgel.

"Furthermore, the strengthening of the company's market position
and continuing infrastructure upgrade following capital
injections from the state should offset the potential reduction
in direct subsidies and consequent growth of nonguaranteed
borrowings after 2007."

If the company benefits from substantial financial support from
the state, directly or through Samruk, after 2007, in the form
of additional capital injections, compensation for losses, or
higher tariffs, the outlook could be revised to positive.
Conversely, if Kazpost's debt burden grows beyond expected
levels, or the company's profitability deteriorates, this could
put the ratings under pressure.


LARUS-UNITUM MODULE: Atyrau Court Starts Bankruptcy Procedure
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced bankruptcy proceedings against LLP Larus-Unitum
Module.


OKSI-AGRO: Claims Registration Ends Oct. 6
------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Oksi-Agro insolvent on July 17.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Oct. 6 to submit written proofs of claim
at:

         LLP Oksi-Agro
         3rd Floor
    Sutushev Str. 58
    Petropavlovsk
    North Kazakhstan Region
    Kazakhstan


PROGRESS KASPYI: Atyrau Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced bankruptcy proceedings against LLP Progress Kaspyi.


TECHNOSPETSSTROY: Atyrau Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced bankruptcy proceedings against LLP Technospetsstroy.


TEMIR-KAZYK: Claims Registration Ends Oct. 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Temir-Kazyk insolvent.

Creditors have until Oct. 6 to submit written proofs of claim
at:

         LLP Temir-Kazyk
         Taran Str. 85-40
    Kostanai
    Kostanai Region
    Kazakhstan
    Tel: 8 (3142) 54-28-39


TEPLOSET: Creditors' Claims Due Oct. 6
--------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Teploset insolvent.

Creditors have until Oct. 6 to submit written proofs of claim
at:

         LLP Teploset
         Proletarskaya Str. 93-47
    Ust-Kamenogorsk
    East Kazakhstan Region
    Kazakhstan


TULPAR STROY: Creditors' Claims Due Oct. 18
-------------------------------------------
LLP Construction Company Tulpar Stroy Ltd. has declared
insolvency.  Creditors have until Oct. 18 to submit written
proofs of claim to:

         LLP Tulpar Stroy Ltd.
         Novaya Str. 27
    Alatau
    Karasai District
    Almaty Region,
    Kazakhstan


TUMAR LOGISTIC: Akmola Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Tumar Logistic on
July 27.


ZHETYSU COMMERCE: Creditors Must File Claims by Oct. 18
-------------------------------------------------------
LLP Zhetysu Commerce has declared insolvency.  Creditors have
until Oct. 18 to submit written proofs of claim at:

         LLP Zhetysu Commerce
         Micro District Jetysu 12/5
    Taldykorgan
    Almaty Region
    Kazakhstan
    Tel: 8 (3282) 24-18-54


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


FLINT: Proof of Claim Deadline Slated for Oct. 18
-------------------------------------------------
Kyrgyz-Russian LLC Flint has declared insolvency.  Creditors
have until Oct. 18 to submit written proofs of claim at:

Inquiries can be addressed to (+996 3922) 5-03-57.


MBI COMPANY: Creditors Must Submit Claims by Oct. 18
----------------------------------------------------
LLC MBI Company has declared insolvency.  Creditors have until
Oct. 18 to submit written proofs of claim at:

         LLC MBI Company
    Imanaliev Str. 62
    Ortosay
    Bishkek, Kyrgyzstan


OSHSTROY: Claims Registration Ends Oct. 18
------------------------------------------
UM-3 of JSC Oshstroy has declared insolvency.  Creditors have
until Oct. 18 to submit written proofs of claim.

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


===========
L A T V I A
===========


PARITATE BANK: Moody's Assigns E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned local currency and foreign
currency deposit ratings of B2/Non-Prime and a financial
strength rating of E+ to Paritate Bank.  The ratings carry a
stable outlook.

Paritate Bank is predominantly owned by Ukraine's Privatbank and
is engaged in the provision of banking services to local and
non-resident private individuals as well as domestic and foreign
corporate customers.

According to Moody's, the B2/NP/E+ ratings reflect Paritate
Bank's fairly resilient market share as well as the improvements
in the bank's profitability, notwithstanding the fact that
interest income could in time become more susceptible to margin
pressure.

Moody's also notes the competitive challenges facing the bank
owing to the presence of larger foreign-owned players in Latvia,
which are in a position to benefit from the commercial scale and
expertise of their respective backers.

Beyond Latvia, the bank is also targeting EU-wide opportunities
in terms of servicing existing clients of its parent and to that
end plans to open overseas offices in the future.  The B2 long-
term deposit ratings additionally incorporate a degree of
support from the bank's primary owner, Privatbank.

Paritate's loan portfolio is primarily domestically oriented and
has evidenced good credit quality indicators in recent years.
Moreover the absolute level of write-offs is negligible.
Nevertheless, the institution is considerably exposed to the
Latvian real estate market, particularly with regard to retail
mortgage lending.

Additionally, rapid growth in the bank's loan portfolio,
specifically retail mortgages, could lead to a less seasoned
book going forward.  Similar to other banks operating in the
Baltic region, the credit standing of Paritate Bank remains
constrained by the less mature operating environment in which it
operates.

However, concerns are mitigated to a degree by the fact that the
majority of loans are secured, the fact that loan growth has
occurred from a relatively low base as well as improvements in
the classification and provisioning of non-performing loans.  A
substantial proportion of the mortgage loan portfolio has been
granted within fairly conservative loan-to-value parameters.  In
Moody's view, capitalization levels are relatively modest owing
to the aforementioned portfolio concentration risks.

Paritate Bank's deposit base is characterized by a preponderance
of corporate, non-resident deposits.  Consequently, the
institution displays a greater vulnerability to the threat of
external shocks than banks, which have a more substantial
domestic retail deposit base.

In Moody's opinion, Paritate Bank faces the challenge of raising
its domestic retail funding base, but expects that, over time,
the institution should be in a position to take advantage of
developments within the Latvian economy as well as the growing
confidence in the Latvian banking system, particularly in light
of EU accession.

From an ALM perspective, the bank is also addressing the
maturity gap between its assets and liabilities by raising
longer-term funding, as reflected by the first-time issuance of
mortgage bonds in May 2006.  However, Moody's also notes the
degree of ALM currency incongruence.

Paritate Bank maintains good liquidity levels, reflected by its
liquidity ratio of 49.47% as at year-end 2005, above the minimum
regulatory requirement of 30%.  Market risk is low reflected in
part by the small size of the bank's securities portfolio in
addition to the fact that Paritate Bank does not engage in
proprietary trading activities.

Headquartered in Riga, Latvia, Paritate Bank's total assets
amounted to LVL69.98 million (EUR100.8 million) as at
Dec. 31, 2005.


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


AVANGARD: Court Names S. Ryabov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Ryabov as
Insolvency Manager for CJSC Trading Company Avangard.  He can be
reached at:

         S. Ryabov
         Post User Box 132
         603005 N.Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
40-23602/06-123-291 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Trading Company Avangard
         Building 1
         Bolshaya Spasskaya Str. 6
         Moscow Region
         Russia


BUTURLINSKIY DIARY: Court Names V. Morozov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
V. Morozov as Insolvency Manager for OJSC Buturlinskiy Diary.
He can be reached at:

         V. Morozov
         Apartment 66
         Golovanova Str. 59
         603137 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 43-46091/2005-33-507.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Buturlinskiy Diary
         Pristantsionnaya Str. 35
         Buturline
         Buturlinskiy Region
         607440 Nizhniy Novgorod Region
         Russia


CEDAR: Leningrad Court Names M. Golubeva as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Ms. M. Golubeva as Insolvency Manager for OJSC
Woodworking Factory Cedar.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-13594/2006.

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

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

The Debtor can be reached at:

         OJSC Woodworking Factory Cedar
         Lavrsloy Proezd 5
         191167 St. Petersburg
         Region


CORNELIAN: Court Names M. Vasilega as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for CJSC Cornelian (TIN 7706008861).  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.
A40-38169/06-95-108b.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Cornelian
         Krymskiy Val 8
         Moscow Region
         Russia


DIVEEVSKIY BUTTER: Court Names P. Milov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
P. Milov as Insolvency Manager for LLC Diveevskiy Butter
Factory.  He can be reached at:

         P. Milov
         Shmidta Str. 4
         440039 Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-7650/2006-27-248.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         LLC Diveevskiy Butter Factory
         Magistralnaya Str. 1
         Diveevo
         Nizhniy Novgorod Region
         Russia


EDINSTVO: Court Names V. Morozov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
V. Morozov as Insolvency Manager for CJSC Agro Company Edinstvo.
He can be reached at:

         V. Morozov
         Apartment 66
         Golovanova Str. 59
         603137 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-6111/2006-36-384.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Agro Company Edinstvo
         Varvarino
         Vorotynskiy Region
         Nizhniy Novgorod Region
         Russia


FERRUM-STROY: Sakhalin Court Names V. Glik as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Mr. V. Glik
as Insolvency Manager for CJSC Ferrum-Stroy.  He can be reached
at:

         V. Glik
         Post User Box 168
         693008 Yuzhno-Sakhalinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-1463/06-S4.

The Debtor can be reached at:

         CJSC Ferrum-Stroy
         Lenina Str. 486.
         Yuzhno-Sakhalinsk Region
         693000 Sakhalin Region
         Russia


FILLIPOV: Court Names E. Golenkov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
E. Golenkov as Insolvency Manager for LLC Brewing Company
Fillipov.  He can be reached at:

         E. Golenkov
         Shmidta Str. 4
         440039 Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-5272/2006-33-80.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         LLC Brewing Company Fillipov
         Parkhomenko Str.
         Shakhunya
         Nizhniy Novgorod Region
         Russia


GAZPROM OAO: Ukraine Presents Scheme to Keep US$95 Gas Price
------------------------------------------------------------
The Ukrainian government is offering to repay its US$322 million
debt to RosUkrEnergo, a unit of OAO Gazprom, to keep the gas
prices at US$95 in the fourth quarter of 2006.

The proposal follows an agreement between Gazprom Chief
Executive Alexei Miller and Ukraine Fuel and Energy Minister
Yuriy Boiko concerning the country's looming fuel crisis in the
next six months from October 2006 to March 2007.

Ukraine is offering to pay state-owned gas firm Naftogaz
Ukrainy's US$322 million debt in three installments:

   -- US$150 million on Sept. 17,
   -- US$150 million on Sept. 25, and
   -- US$22 million in early October.

Gazprom is mulling to hike its gas prices in Ukraine after
sealing a deal early this month with Turkmenistan.  Under the
contract, Gazprom will buy 50 billion cubic meters of gas from
Turkmenistan at US$100 per 1,000 cubic meters, up from previous
price of US$65 per 1,000 cubic meters.  With the higher cost,
Gazprom is demanding that Ukraine pay between US$135 and US$140
per 1,000 cubic meters of gas.

Gazprom, through RosUkrEnergo, has been supplying Russian and
Turkmen gas to Ukraine since January 2006.  The company buys
Russian gas for US$230 per 1,000 cubic meters.  The blend of
Russian and Turkmenian gas is then sold to Ukrainian consumers
for US$95 per 1,000 cubic meters.

                   About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, Naftogaz Ukrainy OJSC --
http://www.naftogaz.com/-- produces and transmits of oil and
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.


GORODETSKIY SHIPYARD: Bankruptcy Hearing Slated for Dec. 26
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene at
9:45 a.m. on Dec. 26 to hear the bankruptcy supervision
procedure on OJSC Gorodetskiy Shipyard.  The case is docketed
under Case No. A43-14611/2006 24-174.

The Temporary Insolvency Manager is:

         O. Vdovin
         Minina Str. 3a-1
         603005 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Gorodetskiy Shipyard
         Novaya Str. 31
         Gorodets
         606508 Nizhniy Novgorod Region
         Russia


GRAVEL FACTORY: Court Names A. Mazur as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Mazur as Insolvency Manager for LLC Gravel Factory.  He can be
reached at:

         A. Mazur
         Komsomolskaya Str. 82
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-3917/2006-39.

The Debtor can be reached at:

         LLC Gravel Factory
         Komsomolskaya Str. 82
         680000 Khabarovsk Region
         Russia


KEZSKIY FLAX: Udmurtiya Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Udmurtiya Republic commenced bankruptcy
supervision procedure on Municipal Unitary Enterprise Kezskiy
Flax Factory (TIN 1812000493).  The case is docketed under Case
No. A71-004457/2006-G2.

The Temporary Insolvency Manager is:

         S. Olin
         K. Libknekhta Str. 65
         Izhevsk
         426063 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Kezskiy Flax Factory
         Lnozavodskaya Str. 2
         Kez
         Kezskiy Region
         427693 Udmurtiya Republic
         Russia


KIROVETS: Court Names L. Kornilova as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Ms. L.
Kornilova as Insolvency Manager for CJSC Kirovets.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-12354/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         CJSC Kirovets
         Mashinostroiteley Str. 32-7
         Ekaterinburg Region
         Russia


KORKINSKIY DIARY: Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced bankruptcy
supervision procedure on OJSC Korkinskiy Diary.  The case is
docketed under Case No. A76-10751/06-60-110.

The Temporary Insolvency Manager is:

         Y. Remizov
         Kirova Str. 118
         454091 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Korkinskiy Diary
         Kirova Str. 118
         454091 Chelyabinsk Region
         Russia


MIKHAYLOVSKOYE: Altay Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Altay Region commenced bankruptcy
supervision procedure on OJSC Agro Company Mikhaylovskoye.
The case is docketed under Case No. A03-3919/06-B.

The Temporary Insolvency Manager is:

         N. Zaeva
         Lenina Pr. 162-79
         Rubtsovsk
         658200 Altay region
         Russia

The Debtor can be reached at:

         OJSC Agro Company Mikhaylovskoye
         K. Marksa Str. 779
         Mikhaylovskoye
         Mikhaylovskiy region
         658960 Altay region
         Russia


MONOLITH-V: Moscow Court Names M. Sorokin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Sorokin as
Insolvency Manager for CJSC Monolith-V.  He can be reached at:

         M. Sorokin
         M. Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-14918/06-78-93B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Monolith-V
         M. Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia


NOVOPOKRORVSK-AGRO: Bankruptcy Hearing Slated for Oct. 17
---------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene on
Oct. 17 to hear the bankruptcy supervision procedure on OJSC
Novopokrorvsk-Agro-Prom-Khimiya (TIN 2344012329).  The case was
docketed under Case No. A-32-12954/2006-27/591 B.

The Temporary Insolvency Manager is:

         A. Baskakov
         Post User Box 162
         350020 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Novopokrorvsk-Agro-Prom-Khimiya
         Leteynaya Str. 100
         Novopokrovskaya St
         353020 Krasnodar Region
         Russia


OMSK-LEATHER: Court Names A. Budelev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. A. Budelev as
Insolvency Manager for CJSC Omsk-Leather.  He can be reached at:

         A. Budelev
         5th Kordnaya Str. 65b
         644018 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
K/E-387/05.

The Debtor can be reached at:

         CJSC Omsk-Leather
         Perova Str. 43
         644034 Omsk Region
         Russia


REINFORCED CONCRETE: Bankruptcy Hearing Slated for Nov. 2
---------------------------------------------------------
The Arbitration Court of Kemerovo Region will convene at 2:00
p.m. on Nov. 2 to hear the bankruptcy supervision procedure on
LLC Factory of Reinforced Concrete Products.  The case is
docketed under Case No. A-27-10339/2006-4.

The Temporary Insolvency Manager is:

         S. Bortnikov
         Post User Box 966
         650000 Kemerovo Region
         Russia

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Factory of Reinforced Concrete Products
         Vokzalnaya Str. 51a
         Sheregesh
         652971 Kemerovo Region
         Russia


RUSSIAN FOREST: Court Names O. Feldman as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. O. Feldman as
Insolvency Manager for CJSC Russian Forest (TIN 7724126850).  He
can be reached at:

         O. Feldman
         Post User Box 53
         109156 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-28425/06-86-425B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Russian Forest
         Mussy Dzhalilya Str. 5-1017
         115580 Moscow Region
         Russia


SARAKTASHSKIY: Court Names O. Suslov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. O. Suslov
as Insolvency Manager for OJSC Saraktashskiy Brick.  He can be
reached at:

         O. Suslov
         Office 400
         Mekhanizatorov Str. 1
         460006 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 47-3893/2006-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Saraktashskiy Brick
         Location
         Orenburg Region
         Russia


SEVER-TRANSPORT: Sverdlovsk Court Starts Reorganization Process
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced external
management bankruptcy procedure on OJSC Sever-Transport.  The
case is docketed under Case No. A60-3940/06-S11.

The External Insolvency Manager is:

         D. Mazurovskiy
         Post User Box 106
         Main Post Office
         62000 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Sever-Transport
         Vatutina Str. 1a
         Severouralsk
         624480 Sverdlovsk Region
         Russia


SIBERIAN STOCKINET: Bankruptcy Hearing Slated for Nov. 28
---------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 10:30
a.m. on Nov. 28 to hear the bankruptcy supervision procedure on
CJSC Siberian Stockinet.  The case is docketed under Case No.
A39-1 3046/06-38.

The Temporary Insolvency Manager is:

         V. Safonov
         Post User Box 146
         664025 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:

         Room #319
         Gagarina Avenue 70
         Irkutsk
         Russia

The Debtor can be reached at:

         CJSC Siberian Stockinet
         Vostochnyj Proezd 5
         Cheremkhovo
         665401 Irkutsk Region
         Russia


SUAL GROUP: Finalizing Rusal Merger by Oct. 1, Report Says
----------------------------------------------------------
Siberian-Urals Aluminium Company has set an Oct. 1 deadline to
finalize a possible merger deal with Rusal Ltd., Jackie Range
and Michael Wang of the Wall Street Journal cites people
familiar with the matter.

The parties entered into a tentative agreement late August,
which would create the world's biggest aluminum company with a
US$20 billion market capitalization.  The WSJ says that if a
definitive agreement isn't reached, the preliminary deal will
expire, allowing Sual to accelerate flotation plans on the
London Stock Exchange.

According to the report, Sual will proceed to complete its
prospectus in October and begin its search for potential
investors on a valuation for an initial public offering of stock
if the negotiation deadline is missed.

Another source, however, pointed out that either Sual or Rusal
could leave the negotiating table before the deadline since the
preliminary agreement is still non-binding.

                           IPO Plans

Sual CEO Brian Gilbertson confirmed last week that the company
intends to trade on the LSE in November.  The company, which is
expected to place at least 25% of the company in public hands,
has tapped J.P. Morgan Cazenove and UBS AG for advice regarding
the share offering.

If the merger pushes through, Sual, controlled by Russian
billionaire Viktor Vekselberg, would hold a 21.5% stake in the
combined entity, which would be inflated with the purchase of
alumina assets from Switzerland's Glencore International AG, the
WSJ reports.  In exchange, Glencore would hold a 14% stake in
the new company while Rusal, owned by billionaire Oleg
Deripaska, would control 64.5%.

The WSJ reveals that Sual is in advanced talks to acquire a 25%
stake in Canada's Global Alumina Corp., competing against BHP
Billiton PLC's intent to purchase Global Alumina's stake.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

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

                        *     *     *

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

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


THEATRICAL EQUIPMENT: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced bankruptcy
supervision procedure on OJSC Chelyabinskiy Factory of
Theatrical Equipment.  The case is docketed under Case No.
A76-9799/2006-60-S11.

The Temporary Insolvency Manager is:

         E. Lysov
         Lenina Pr. 5
         454007 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Chelyabinskiy Factory of Theatrical Equipment
         Lenina Pr. 5
         454007 Chelyabinsk Region
         Russia


TOYS LIBERTY: Court Names D. Yaroslavtsev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. D. Yaroslavtsev as
Insolvency Manager for CJSC Toys Liberty.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-26494/06-74-391B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Toys Liberty
         Smolenskiy Avenue, 13
         119121 Moscow Region
         Russia


VEGETABLES OF URAL: V. Vshivkov to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. V.
Vshivkov as Insolvency Manager for LLC Agro Company Vegetables
of Ural.  He can be reached at:

         V. Vshivkov
         Tsvetnikov Str. 1
         Revda
         623283 Sverdlovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-3827/2006-S2-8.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         LLC Agro Company Vegetables of Ural
         Sovkhoznaya Str. 5
         Polevskoy
         Sverdlovsk Region
         Russia


VNESHTORGBANK JSC: Buys 5% Stake in EADS for EUR922 Million
-----------------------------------------------------------
JSC Vneshtorgbank notified European Aeronautic, Defence & Space
Co. late Friday that it has bought a 5% stake for EUR922 million
in EADS, Bloomberg News reports.

The state-owned Vneshtorgbank, which is holding the shares for
the Russian aerospace industry, has been purchasing shares in
the defense and aerospace contractor for months.

"This may strengthen the relationship between the Russian state
and EADS, which in turn may help their prospects of sharing in
valuable future orders and development work while partnering or
manufacturing and materials supply with Russian industry," Will
Mackie, an analyst at Mainfirst Bank AG in London told
Bloomberg.

                       About Vneshtorgbank

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

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

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

                        *     *     *

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

Vnesheconombank:

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

Vneshtorgbank:

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

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


VOLGOGRADSKIY INDUSTRIAL: V. Goncharov to Manage Assets
-------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. V.
Goncharov as Insolvency Manager for CJSC Volgogradskiy
Industrial Complex (TIN 3435044739).  He can be reached at:

         V. Goncharov
         Kholzunova Str. 19-9
         400123 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-8624/06-s48.

The Debtor can be reached at:

         CJSC Volgogradskiy Industrial Complex
         Druzhby Str. 74
         Volzhskiy
         Volgograd Region
         Russia


WOODWORKING COMPANY: Bankruptcy Hearing Slated for Nov. 21
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene at
11:00 a.m. on Nov. 21 to hear the bankruptcy supervision
procedure on CJSC Woodworking Company (TIN 5254017399).
The case is docketed under Case No. A43-15405/2006 27-607.

The Temporary Insolvency Manager is:

         S. Slepov
         Beketova Str. 38a
         603146 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Woodworking Company
         Zheleznodorozhnaya Str. 16
         Sarov
         607188 Nizhniy Novgorod Region
         Russia


YUKOS OIL: Federal Court Nixes Moravel Appeal on US$680M Charge
---------------------------------------------------------------
The Moscow District Federal Arbitration Court rejected an appeal
filed by Moravel Investment Ltd., a subsidiary of Yukos' core
shareholder, Group Menatep, to charge US$680 million from OAO
Yukos Oil Co., RIA Novosti says.

The Federal Arbitration Court upheld a July 17 ruling of the
Moscow Arbitration Court rejecting the company's appeal to
enforce a decision made by a London arbitration tribunal on
Sept. 16, 2005, to charge the principal amount of the debt and
interest from Yukos, Russia's news and information agency
reports.

On Sept. 30, 2003, Societe Generale Bank extended a US$1.6
billion loan to Yukos under which it may demand early repayment
over threats of default.  The bank then demanded the repayment
of the remaining US$655.25 million debt when Yukos ran into
financial difficulties.  When Yukos failed to meet its
obligations, the bank re-assigned its claim to Moravel
Investment which then took the case to an arbitration tribunal
in London, the Russian news agency relates.

                           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.

On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court
upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.  The
expected court ruling paves the way for the company's
liquidation and auction.


YUKOS OIL: Federal Court Denies State Appeal for Extra Tax Bill
---------------------------------------------------------------
The Federal Arbitration Court in Moscow rejected an appeal by
Russia's tax authorities to charge additional RUR165 million
(about US$6.1 million) from Samaraneftegaz, a subsidiary of OAO
Yukos Oil Co., RIA Novosti reports.

The federal court ruling upheld a decision by the Moscow
Arbitration Court on Feb. 26 that invalidated an extra tax bill
for January 2005 brought against Samaraneftegaz.

Tax charges against Samaraneftegaz include:

            Year          Amount
            ----          ------
            2001          RUR8.9 billion
            2002          RUR8.7 billion
            2004          RUR7 billion

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.

On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court
upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.  The
expected court ruling paves the way for the company's
liquidation and auction.


YUKOS OIL: To Seek US$50 Billion in Damages From Russia
-------------------------------------------------------
GML (fka Group Menatep), the majority shareholder of OAO Yukos
Oil Co., intends to seek more than US$50 billion in compensation
against Russia, MosNews reports citing The Times as its source.

The Times says the damages, which were previously estimated at
US$30 billion, is set to rise to about US$50 billion.

"We would have sold out of Yukos at this higher price, so when
our accountants are finished working out the numbers I think the
claim will be closer to US$50 billion," Tim Osborne, a director
of GML, said.

According to the report, GML is bringing the Energy Charter
Treaty Claim against the Kremlin, seeking damages and accusing
it of discriminatory treatment against the company.  The case is
being heard by the United Nations Commission on International
Trade Law in the Hague.

Mr. Osborne disclosed that GML decided to abandon settlement
negotiations until Russian President Vladimir Putin is due to
step down.

Yukos, what was once Russia's largest oil producer, is now split
into two parts: the Russian assets under administration, and the
foreign assets held by a Dutch holding company.  The company's
Russian assets are likely to be sold to either Rosneft and
Gazprom while the foreign properties are being sold off to
return cash to GML and pay debts, MosNews relates.

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.

On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court
upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.  The
expected court ruling paves the way for the company's
liquidation and auction.


ZEMETCHINO-SUGAR: Court Names A. Bespalov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. A. Bespalov
as Insolvency Manager for OJSC Zemetchino-Sugar.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 49-2233/2006-222b/3.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Zemetchino-Sugar
         Zavodskoy Pr. 1
         Zemetchino
         442000 Penza Region
         Russia


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


IM CAJAMAR: Moody's Junks EUR12-Million Series E Notes
------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt to be issued by IM CAJAMAR 4 FONDO DE TITULIZACIÓN DE
ACTIVOS:

   -- EUR961.5 million Series A notes: Aaa;
   -- EUR25 million Series B notes: Aa3;
   -- EUR5 million Series C notes: Baa1;
   -- EUR8.5 million Series D notes: Ba1 and
   -- EUR12 million Series E notes: Ca.

This transaction marks the fourth time that Cajamar has
independently tapped the residential mortgage-backed securities
market.  The products being securitized are first-lien mortgage
loans granted to individuals, all of whom will use these loans
to acquire properties located in Spain.   All of the mortgage
loans were originated by Cajamar, which will continue to service
them.

Strong features within this deal include among others:

   -- good collateral in terms of LTV;

   -- a reserve fund to cover potential shortfalls in interest
or principal;

   -- a 12-month artificial write-off mechanism; and

   -- the fact that all the loans are secured by a first-lien
mortgage guarantee.

It is worth pointing out that the reserve fund will be fully
funded with the benefits from the issuance of Series E Notes.

Weaker features in Moody's opinion include:

   -- about half of the debtors have the possibility of enjoying
automatic discounts in their margin based on their degree
of linkage to Cajamar;

   -- geographical concentration in the regions of Andalusia and
Murcia;

   -- pro rata amortization of the notes;

   -- the negative impact of the interest deferral trigger on
the subordinated series; and

   -- interest rate risk only partially hedged.  These increased
risks are reflected in the credit enhancement calculation.

As of Aug. 25, 2006, the provisional portfolio comprises 10,921
loans for a total amount of EUR1,205,909,409.  The original
weighted average LTV (WALTV) is 67.83%.  The current WALTV is
65.43%.  The average loan size is EUR110,921 and the largest
loan is EUR780,599.  The loans have been originated between 1994
and 2006 with a weighted average seasoning of 1.05 years and a
weighted average remaining term of 24.90 years.  All the loans
are paid via direct debit.  No loan more than 30 days in arrears
will be finally securitized.

Moody's based the ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement partially hedging the interest rate
risk;

   -- the credit enhancement provided through the GIC account,
the pool spread, the reserve fund and the subordination of
the notes; and

   -- the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (March 22, 2049).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A, B, C and D at par on or before
the rated legal final maturity date, and for ultimate payment of
interest and principal at par on or before the rated legal final
maturity date on Series E.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

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


PYME BANCAJA: Moody's Rates EUR28.7-Mln Series D Notes at (P)C
--------------------------------------------------------------
Moody's Investors Service assigned these provisional (P) ratings
to the debt to be issued by Spain's PYME BANCAJA 5, FTA:

   -- EUR260.0 million Series A1 notes: (P)Aaa;
   -- EUR185.0 million Series A2 notes: (P)Aaa;
   -- EUR618.2 million Series A3 notes: (P)Aaa;
   -- EUR62.7 million Series B notes: (P)A2;
   -- EUR24.1 million Series C notes: (P)Baa3; and
   -- EUR28.8 million Series D notes: (P)C.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (Feb. 14, 2039).

In Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par on or before
the rated final legal maturity date on Classes A/B/C, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Class D.

The ratings do not address full redemption of the Notes on the
expected maturity date.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.

PYME Bancaja 5, FTA is a securitization fund created with the
aim of purchasing a pool of loans granted by Caja de Ahorros de
Valencia, Castellon y Alicante (Bancaja) to Spanish small- and
medium-sized enterprises.

Strong features within this deal include among others:

   -- a reserve fund to cover potential shortfalls in interest
or principal;

   -- an 18-month artificial write-off mechanism;

   -- the fact that the management company will elect the loans
from the provisional pool that will result in the least
concentrated securitized pool; and

   -- good performance of Bancaja's previous FTPYME deals.

The deal's weaker features include:

   -- interest rate risk only partially hedged;

   -- pro rata amortization of the notes;

   -- geographical concentration in the region of Valencia; (4)
the negative impact of the interest deferral trigger on
the subordinated series; and

   -- 66% of the portfolio is concentrated in Building and Real
Estate sector according to Moody's industry
classification.  These increased risks were reflected in
the credit enhancement calculation.

The provisional pool of underlying assets was 1,276,186,875 as
of Aug. 31, 2006.  The loans were originated between 2001 and
April 2006, with a weighted average seasoning of 1.01 years and
a weighted average remaining term of 6.68 years.  The loan with
the longest duration matures in December 2035.

Around 56.71% of the pool enjoys a grace period on principal
payments with an average length of five quarters.  Around 77% of
the outstanding of the portfolio is secured by a mortgage
guarantee over different types of properties.  The remaining 22%
is secured by personal guarantee.  Geographically the pool is
concentrated in Valencia (50.86%), Madrid (16.81%) and Catalonia
(9.08%).

Moody's based the provisional ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement partially hedging the interest rate
risk;

   -- the credit enhancement provided through the Guaranteed
Investment Contract account, the pool spread, the reserve
fund and the subordination of the notes; and

   -- the legal and structural integrity of the transaction.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect the agency's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.


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


DUKO LLC: Donetsk Court Names Privatbank to Liquidate Assets
------------------------------------------------------------
The Economic Court of Donetsk Region appointed CJSC Privatbank
as Liquidator for LLC Duko (code EDRPOU 23426351).  The
Liquidator can be reached at:

         CJSC Privatbank
         Kramatorsk
         Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 42/133-B.

The Debtor can be reached at:

         LLC Duko
         Yuvilejna Str. 50/128
         Kramatorsk
         84300 Donetsk Region
         Ukraine


GAZPROM OAO: Ukraine Presents Scheme to Keep US$95 Gas Price
------------------------------------------------------------
The Ukrainian government is offering to repay its US$322 million
debt to RosUkrEnergo, a unit of OAO Gazprom, to keep the gas
prices at US$95 in the fourth quarter of 2006.

The proposal follows an agreement between Gazprom Chief
Executive Alexei Miller and Ukraine Fuel and Energy Minister
Yuriy Boiko concerning the country's looming fuel crisis in the
next six months from October 2006 to March 2007.

Ukraine is offering to pay state-owned gas firm Naftogaz
Ukrainy's US$322 million debt in three installments:

   -- US$150 million on Sept. 17,
   -- US$150 million on Sept. 25, and
   -- US$22 million in early October.

Gazprom is mulling to hike its gas prices in Ukraine after
sealing a deal early this month with Turkmenistan.  Under the
contract, Gazprom will buy 50 billion cubic meters of gas from
Turkmenistan at US$100 per 1,000 cubic meters, up from previous
price of US$65 per 1,000 cubic meters.  With the higher cost,
Gazprom is demanding that Ukraine pay between US$135 and US$140
per 1,000 cubic meters of gas.

Gazprom, through RosUkrEnergo, has been supplying Russian and
Turkmen gas to Ukraine since January 2006.  The company buys
Russian gas for US$230 per 1,000 cubic meters.  The blend of
Russian and Turkmenian gas is then sold to Ukrainian consumers
for US$95 per 1,000 cubic meters.

                   About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, Naftogaz Ukrainy OJSC --
http://www.naftogaz.com/-- produces and transmits of oil and
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.


LADA-N: Court Names Mihajlo Tsurika as Insolvency Manager
---------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mihajlo Tsurika
as Liquidator/Insolvency Manager for LLC Lada-N (code EDRPOU
32819237).  He can be reached at:

         Mihajlo Tsurika
         General Karpenko Str. 2/1-41
         54038 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 4.  The case is docketed
under Case No. 14/190/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine


MARIOL-TEHNO MIKOLAIV: Court Names Mihajlo Tsurika as Liquidator
----------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mihajlo Tsurika
as Liquidator/Insolvency Manager for LLC Mariol-Tehno Mikolaiv
(code EDRPOU 33188817).  He can be reached at:

         Mihajlo Tsurika
         General Karpenko Str. 2/1-41
         54038 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 8.  The case is docketed
under Case No. 5/352/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine


SHALFEJNE: Court Names Vasil Kuhta as Insolvency Manager
--------------------------------------------------------
The Economic Court of AR Krym Region appointed Vasil Kuhta as
Liquidator/Insolvency Manager for OJSC Shalfejne (code EDRPOU
00388116).  The Court commenced bankruptcy proceedings against
the company after finding it insolvent on Aug. 3.  The case is
docketed under Case No. 2-20/6654-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         OJSC Shalfejne
         Shkilna Str. 3
         Razdolne
         Sovetskij District
         97215 AR Krym Region
         Ukraine


TISSA: Court Names Mihajlo Tsurika as Insolvency Manager
--------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mihajlo Tsurika
as Liquidator/Insolvency Manager for LLC Tissa (code EDRPOU
32819284).  He can be reached at:

         Mihajlo Tsurika
         General Karpenko Str. 2/1-41
         54038 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 4.  The case is docketed
under Case No. 148/188/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine


TRANSUNIVERSAL: Court Names Nina Saricheva as Liquidator
--------------------------------------------------------
The Economic Court of Odessa Region appointed Nina Saricheva as
Liquidator/Insolvency Manager for LLC Transuniversal (code
EDRPOU).  She can be reached at:

         Sabanskij Lane 2
         65014 Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 21.  The case is docketed
under Case No. 24/171-06-7241.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Transuniversal
         Kulikove Pole 1/131
         65079 Odessa Region
         Ukraine


VASKO: Ivano-Frankivsk Court Names Andrji Budz as Liquidator
------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Andrji
Budz as Liquidator/Insolvency Manager for LLC Vasko (code EDRPOU
30535659).  He can be reached at:

         Andrji Budz
         Shevchenko Str. 14
         Stari Kuti
         Kosivskij District
         Ivano-Frankivsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 30.  The case is docketed
under Case No. B-7/40.

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         LLC Vasko
         Zhabyevska Str. 1
         Verhovuna
         78700 Ivano-Frankivsk Region
         Ukraine


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


4 CLEAN: Appoints Joint Administrators from Gerald Edelman
----------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of 4 Clean
Supplies Limited (Company Number 05580459) on Aug. 22.

Gerald Edelman -- http://www.geraldedelman.com/-- is registered
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority.  Gerald Edelman Financial
Solutions Ltd is an appointed representative of Independent
Solutions Group Ltd who is regulated by the Financial Services
Authority.

Headquartered in Kent, United Kingdom, 4 Clean Supplies Limited
supplies consumables to the dry cleaning industry.


A AND A: Taps C. H. I. Moore to Liquidate Assets
------------------------------------------------
C. H. I. Moore of K.J. Watkin & Co. was appointed Liquidator of
A and A Tree Surgery Limited on June 28 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         A and A Tree Surgery Limited
    42 Mostyn Avenue
    Llandudno
    Gwynedd LL301DZ
    United Kingdom
    Tel: 01492 872 594


ALAN CORPORATE: Creditors Ratify Voluntary Liquidation
------------------------------------------------------
Creditors of Alan Corporate Promotion Limited ratified on
June 27 the resolution for voluntary liquidation together with
the appointment of Robert C. Keyes and Gareth W. Roberts of
Hurst Morrison Thomson Corporate Recovery LLP as Liquidators of
the company.

The company can be reached at:

         Alan Corporate Promotion Limited
         Unit 17
         Eversley Way
         Thorpe Industrial Estate
         Egham
         Surrey TW20 8RG
         United Kingdom
         Tel: 01784 470 020


BAA PLC: Reports GBP13 Million Cost From August Terror Alert
------------------------------------------------------------
BAA PLC's UK airports handled a total of 14.3 million passengers
in August 2006, an increase of 0.3% on August 2005.

Despite the sudden tightening of security at all UK airports on
Aug. 10, fewer than 2% of a total of 116,000 flights were
cancelled at BAA's UK airports.  Passenger numbers fell 5%
against forecast with a loss of revenue and incurred costs for
the month of GBP13 million, which includes a number of 'one-off'
costs specifically related to the immediate period following the
introduction of the new security measures

The market most affected by the disruption was UK Domestic where
passenger numbers were down 7.6%.  European scheduled traffic
was up 4.5%.  European charter traffic was down 6.8% although
this was largely due to the ongoing competition from low cost
scheduled services.  North Atlantic traffic fell 3.3%, whilst
other long haul traffic grew 8.8%, in line with recent trends.

Among individual airports, Heathrow and Glasgow both saw
passenger numbers fell 2.2%, whilst Edinburgh saw a decrease of
1.3%.  Stansted continued to see good growth with a 4.9% gain.
Gatwick's grew 2.1%, while Aberdeen improved on recent trends
with an increase of 8.1%. Southampton recorded growth of 1%.

The number of air transport movements recorded increased 0.1% on
last year, when British Airways also suffered flight
cancellations as a result of the Gate Gourmet dispute.  In total
cargo tonnage was down 7.6% on last year.

                      About the Company

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

                        *     *     *

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

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

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


BAGUETTE BITE: Brings In Milner Boardman as Joint Administrators
----------------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Baguette Bite Limited
(Company Number 04895405) on Aug. 31.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Headquartered in Liverpool, United Kingdom, Baguette Bite
Limited is engaged in catering.


BIG HAIRY: Appoints Peter Engel as Liquidator
---------------------------------------------
Peter W. Engel of Solomon Hare Business Rescue was appointed
liquidator of Big Hairy Monsters Ltd. on June 23 for the
creditors' voluntary winding-up proceedings.

The company can be reached at:

         Big Hairy Monsters Ltd.
         6 West Park
         Bristol
         Avon BS8 2LT
         United Kingdom
         Tel: 01454 320 500


BRADLEY COMMUNICO: Hires T. Papanicola to Liquidate Assets
----------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Bradley Communico Limited on July 5 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Bradley Communico Limited
    North Lodge
    Coneysthorpe
    York YO607DD
    United Kingdom
    Tel: 0870 922 0707


CARPET COURIERS: Brings In Liquidators from Vantis Redhead
----------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Limited were
appointed liquidators of Carpet Couriers Limited on June 26 for
the creditors' voluntary liquidation procedure.

The company can be reached at:

         Carpet Couriers Limited
         11 London Road
         Westside Centre
         Stanway
         Colchester
         Essex CO3 8PH
         United Kingdom
         Tel: 01206 212 313


CHELSEA CARPET: Appoints Liquidator from Rendell Thomson
--------------------------------------------------------
Robert James Thompson of Rendell Thomson was appointed
liquidator of Chelsea Carpet Company Limited on June 20 for the
creditors' voluntary winding-up proceedings.

The company can be reached at:

         Chelsea Carpet Company Limited
         Unit 2
         Capital Business Centre
         Willow Lane
         Mitcham
         Surrey CR4 4NQ
         United Kingdom
         Tel: 020 8687 2889


CLUB HEAVEN: Brings In Liquidator from Begbies Traynor
------------------------------------------------------
S. J. Williams of Begbies Traynor was appointed Liquidator of
Club Heaven & Hell (Leeds) Ltd. (formerly Hallco 314 Limited) on
July 11 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Club Heaven & Hell (Leeds) Ltd.
    Unit 5-6
    Metropolitan Business Park
    Preston New Road
    Blackpool FY3 9LT
    United Kingdom
    Tel: 0113 243 9963


COLLINS & AIKMAN: Customers Oppose Committee's Planned Inquiries
----------------------------------------------------------------
The request of the Official Committee of Unsecured Creditors of
Collins & Aikman Corporation and its debtor-affiliates to
conduct examinations and obtain documents from the Debtors'
three largest customers, Ford Motor Corporation, General Motors
Corporation, and DaimlerChrysler Corporation, drew fire from
both the Debtors and the affected customers.

As reported in the Troubled Company Reporter on Aug. 18, 2006,
the committee wished to obtain additional evidence relating to
potential causes of action that may be asserted against these
principal customers under applicable fraudulent transfer and
antitrust laws.

                          Objections

(1) Debtors

The Committee seeks overly broad discovery with respect to
tenuous causes of action for which it lacks standing at a
particularly sensitive juncture in the Debtors' Chapter 11
cases, Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, argues.

As previously reported, the Committee wants to conduct an
examination under Rule 2004 of the Federal Rules of Bankruptcy
Procedure against DaimlerChrysler Corporation, General Motors
Corporation, and Ford Motor Company to investigate alleged
fraudulent actions.

Mr. Schrock points out that the Committee's requested discovery
is duplicative of an investigation currently being conducted by
the Debtors.

The Debtors believe that through the Request, the Committee has
turned to an ill-timed effort to gain negotiation leverage with
respect to the Debtors' plan of reorganization.  Mr. Schrock
argues that these tactics directed at DaimlerChrysler, GM, and
Ford are not only outside the permissible scope of Rule 2004 but
also place at risk the success of the Debtors' ongoing
negotiations with their major customers regarding the global
resolutions necessary for the Debtors to emerge from bankruptcy.

Mr. Schrock relates that, as reflected in the recently filed
Disclosure Statement and the Plan of Reorganization, the value
of the Debtors' enterprise appears to be substantially below the
debt owed to its lenders.

The Debtors continue to be engaged in productive discussions
with the Customers regarding the award of future new business,
the resolution of outstanding commercial issues, and the
reconciliation of prepetition claims, Mr. Schrock says.

The Debtors ask the U.S. Bankruptcy Court for the Eastern
District of Michigan to view the Committee's request in its true
light -- a harassment tactic being used in an effort to gain
leverage in negotiations with respect to the Plan.

(2) GM

E. Todd Sable, Esq., at Honigman Miller Schwartz and Cohn LLP,
in Detroit, Michigan, tells Judge Rhodes that the Committee has
sought expansive discovery to investigate claims that can be
described, at best, as specious.

According to Mr. Sable, the Committee's fraudulent transfer
theory can be summarized as: if a debtor loses money on a
contract with a third party that the debtor entered into at a
time when it was insolvent, then, by definition, a debtor is
entitled to collect the amount of the losses under such
contract.

Fundamentally, this theory ignores the risks inherent in
contracting in a free market, which include fluctuating raw
material costs, rising labor costs and a myriad of other factors
that impact upon a contract's ultimate profitability, Mr. Sable
points out.

Mr. Sable relates that the Debtors are investigating the facts
underlying the Committee's allegations and analyzing the
attenuated legal theory introduced by the Committee in support
of those claims.

The Court should not take the extraordinary step of divesting
the Debtors of the right to pursue, settle or abandon those
claims, Mr. Sable says.

(3) Ford

The Committee, by its own admission, seeks permission to go on a
"fishing expedition" into the confidential business records of
Ford, DaimlerChrysler and GM to investigate alleged fraudulent
transfers.

Stephen S. LaPlante, Esq., at Miller, Canfield, Paddock and
Stone, PLC, in Detroit, Michigan, points out that while the
Request was filed a few weeks before the Plan, it is apparent
that the Committee was well aware of the terms and conditions of
the Plan and the treatment provided for its constituencies.

Mr. LaPlante explains that the Plan offers little, if anything,
for unsecured creditors and asserts that unsecured creditors are
out of the money.

The filing of the Request at the same as the Debtors'
determination of the treatment for unsecured creditors and the
commencement of the Plan confirmation process is not mere
coincidence, Mr. LaPlante notes.

Mr. LaPlante argues that the Request lacks any discernible legal
basis or legitimate purpose.  Its apparent purpose is to unduly
pressure Ford, GM and DaimlerChrysler in an effort to extract an
enhanced payment under the Plan.

Ford denies that it engaged in any collusive conduct with
DaimlerChrysler, GM or any other competitor.  Mr. LaPlante
assure the Court that information and decisions about the
pricing of component parts purchased from suppliers like the
Debtors are confidential and proprietary to Ford.

(4) DaimlerChrysler

James A. Plemmons, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan, asserts that overall, the Committee's claims are prima
facie insufficient to state a claim and the timing of the
Committee's Request speaks volumes as to its true motivations.

The discussions taking place now between the Customers and
Debtors may well determine whether the Debtors are able to
emerge from bankruptcy, Mr. Plemmons points out.

As the Debtors' financial condition has continued to
deteriorate, the Committee certainly recognizes that its members
will likely not realize any substantial value on their claims
against the Debtors, Mr. Plemmons said.

"[T]he Committee is desperately resorting to the possible 'in
terrorem' affect this sort of broad discovery might have and how
it would negatively affect the Customers in their discussions
with the Debtors," notes Mr. Plemmons.

DaimlerChrysler asks the Court to not condone these tactics.

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


COOL-TOOLS: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of Cool-ToolsLimited (formerly Datatech Computer
Software Limited) confirmed on July 13 the appointment of Tracy
Ann Taylor of Abbey Taylor Limited as the company's Liquidator.

The company can be reached at:

         Cool-ToolsLimited
    9 Turbary Avenue
    Worcester WR4 0PS
    United Kingdom
    Tel: 01905 330 281
    Web: http://www.cool-tools.co.uk/


CORLEY AND LAWRENCE: Creditors Confirm Voluntary Liquidation
------------------------------------------------------------
Creditors of Corley and Lawrence Limited confirmed on July 6 the
resolutions for voluntary liquidation and the appointment of
Martin Charles Armstrong of Turpin, Barker Armstrong as the
company's Liquidator.

The company can be reached at:

         Corley and Lawrence Limited
    30-32 Crayford High Street
    Dartford DA1 4HG
    United Kingdom
    Tel: 01322 625 908


COTSWOLD HONEY: Taps Menzies to Administer Assets
-------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Cotswold
Honey Limited (Company Number 02884188) on Aug. 30.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.

Headquartered in Witney, United Kingdom, Cotswold Honey Limited
manufactures food products.


COTSWOLD SPECIALITY: Appoints Joint Administrators from Menzies
---------------------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Cotswold
Speciality Foods Limited (Company Number 03986910) on Aug. 30.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.

Cotswold Speciality Foods Limited can be reached at:

         Coach Way
         Mill Lane
         Benson
         Wallingford
         Oxfordshire OX10 6SU
         United Kingdom


D & A SPORTS: Hires Liquidators from Gerald Edelman
---------------------------------------------------
Bernard Hoffman and Ian Yerrill of Gerald Edelman Business
Recovery were appointed liquidators of D & A Sports Limited on
June 28 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         D & A Sports Limited
         39 High Street
         Sittingbourne
         Kent ME10 4AW
         United Kingdom
         Tel: 01795 470 501


D M DONNER: Appoints Peter O'Hara as Liquidator
-----------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of D M
Donner Building Contractors Ltd. on July 14 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         D M Donner Building Contractors Ltd.
    23 Wilsic Road
    Tickhill
    Doncaster
    South Yorkshire DN119JG
    United Kingdom
    Tel: 01302 752 918


DESIGNERWEAR SHOP: Names Salman Saud to Liquidate Assets
--------------------------------------------------------
Salman Saud of Saud & Company was appointed Liquidator of
Designwear Shop Limited on July 13 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Designwear Shop Limited
    Broad Street Mall
    Reading RG1 7QE
    United Kingdom
    Tel: 0118 957 5384


DOVE VALLEY: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of Dove Valley Limited confirmed on June 28 the
resolutions for voluntary liquidation and the appointment of
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP as joint liquidators of the company.

The company can be reached at:

         Dove Valley Limited
         By-Ways
         Draycott-In-The-Clay
         Ashbourne
         Derbyshire DE6 5GX
         United Kingdom
         Tel: 01283 820 414


E. MELLIT: Brings In Administrators from Begbies Traynor
--------------------------------------------------------
J. N. R. Pitts and S. L. Conn of Begbies Traynor were appointed
joint administrators of E. Millet & Son Limited (Company Number
0393300) on Aug. 30.

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

E. Millet & Son Limited can be reached at:

         Pym Street
         Leeds
         West Yorkshire LS10 1PG
         United Kingdom
         Tel: 0113 243 4734
         Fax: 0113 246 5551


E. SKORSKI: Appoints Joint Liquidators from Begbies Traynor
-----------------------------------------------------------
Stephen Leonard Conn and Donald Bailey of Begbies Traynor were
appointed Joint Liquidators of E. Skorski & Son Limited on
July 14 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         E. Skorski & Son Limited
    Cortress House
    Julia Street
    Manchester M3 1DQ
    United Kingdom
    Tel: 0161 831 7017


ETHNIC FOOD: Names Liquidator from Kay Johnson Gee
--------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
Liquidator of Ethnic Food Company Limited on July 5 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ethnic Food Company Limited
    Unit 5
    Halfpenny Bridge Industrial Estate
    Lincoln Street
    Rochdale
    Lancashire OL111NS
    United Kingdom
    Tel: 01706 656 909


EUROLIFE ASSURANCE: Appoints 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 Eurolife Assurance Company Limited (Company
Number 967989) 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

Headquartered in London, United Kingdom, Eurolife Assurance
Company Limited is engaged in insurance and reinsurance.


EUROLIFE CAPITAL: 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 Eurolife Capital Funding PLC (Company Number
3763668) 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

Headquartered in London, United Kingdom, Eurolife Capital
Funding PLC issues bonds listed on the Irish Stock Exchange.
The company also carries businesses of traders, dealers and
brokers in financial futures.


FAST COMMERCIALS: Taps Liquidator from Kay Johnson Gee
------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
Liquidator of Fast Commercials Limited on July 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Fast Commercials Limited
    14 Sussex Street
    Rochdale
    Lancashire OL111EL
    United Kingdom
    Tel: 01706 660 184


FIBA-FIL: Brings In Jonathan M. Timmis to Liquidate Assets
----------------------------------------------------------
Jonathan M. Timmis of J M Marriott & Co. was appointed
Liquidator of Fiba-Fil Limited on July 6 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Fiba-Fil Limited
    Lune Industrial Estate
    Lancaster LA1 5QP
    United Kingdom
    Tel: 01524 436 214


HENDON GLAZING: Calls In Joint Liquidators from Begbies Traynor
---------------------------------------------------------------
Paul Michael Davis and Nicholas Roy Hood of Begbies Traynor
(South) LLP were appointed Joint Liquidators of Hendon Glazing
Company Limited on July 5 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Hendon Glazing Company Limited
    78a Brent Street
    London NW4 2ES
    United Kingdom
    Tel: 020 8202 0531


INEOS VINYLS: Acquisition Cues Moody's to Confirm B3 Rating
-----------------------------------------------------------
Moody's Investors Service confirmed B3 rating on notes of Ineos
Vinyls Finance plc following acquisition of Ineos Vinyls group
by Ineos Group, and assigned a B1 rating on EUR250 million
second lien facilities issued by Ineos Holdings Limited.

Concurrently, Moody's has withdrawn the B1 corporate family
rating at EVC International NV and the B1 rating on its repaid
senior facilities. Outlook is stable.  This rating action
concluded the review of Ineos Vinyls ratings initiated on
May 25.

As part of reorganization within the Ineos Group, Ineos Holdings
Limited acquired Ineos Vinyls Group Limited, which had
historically been separately held by common shareholders.

As part of the financing structure, the Ineos Vinyls B3 notes
are now guaranteed by Ineos Group Holdings plc, the immediate
parent entity of Ineos Holdings Limited and the legacy EUR124.2
million senior facilities at EVC International NV have been
refinanced with an inter-company loan.

The guaranteed notes at Ineos Vinyls Finance plc, however, are
subordinated to the inter-company loan and remain in a weaker
position vis-a-vis the existing B2 rated notes at Ineos Group
Holdings plc given the existing security structure available to
those holders.

To fund the inter-company loan, Ineos Holdings Limited raised
EUR250 million in second lien facilities on the terms and
conditions broadly in line with the existing B1 second lien
facilities.

Ineos Group Holdings plc is a diversified and integrated
chemicals group headquartered in Southampton, the United
Kingdom.  Following the completion of the Innovene acquisition
in December 2005, Ineos reported 2005 revenues of EUR22.3
billion and 1H 2006 revenues of EUR12.8 billion and EBITDA of
1.9 billion for 2005 and EUR1.1 billion for 1H 2006.


INTELSAT: Launches Broadband Services with European Companies
-------------------------------------------------------------
Intelsat Ltd., Telespazio and Hughes Network Systems Europe are
cooperating in the launch of a new satellite broadband service
platform to provide high-quality broadband IP connectivity,
primarily serving Italian corporations with locations in Eastern
Europe.  Each location will be equipped with a Hughes very small
aperture terminal or VSAT to access satellite broadband service
with guaranteed levels of service.

Intelsat is providing capacity on the IS-901 satellite located
at 342 degrees E; Telespazio (Finmeccanica/Alcatel Company) is
providing Internet backbone connectivity and managing operations
from its teleport in Fucino, Italy; and Hughes is supplying the
recently launched HN7000S product platform with DVB-S2 including
a NOC (Network Operations Center) and broadband satellite
routers, plus related services.  End-user services will be
marketed through Telespazio's and Hughes Europe's retail service
provider sales channels.

The new service platform will provide integrated networks to
corporate enterprises incorporating fast Internet access, data
and voice links, VoIP, and VPN solutions, giving them all the
advantages of broadband connectivity, even where terrestrial
infrastructure is not available.

"This service offering is a perfect illustration of Intelsat's
strategy to be a reliable wholesale supplier to its customers
and to work in cooperation with them, enabling the deployment of
new, flexible communications services in various parts of the
world," said Intelsat's Stephen Spengler, Senior Vice President
Europe, Africa, Middle East and Asia Pacific Sales. "Telespazio
and Hughes Europe are important customers and trusted
communications providers that we knew would share our commitment
to providing superior connectivity services."

"Hughes Europe is proud to be a contributor to this broadband
service," said Luigi Pagni, Vice President, Hughes Europe.
"Hughes technology is leading the way for enterprises and
governments around the world to realize the benefits of an ever-
growing suite of value-added broadband solutions, such as
digital signage and other retail media networks, staff
communications solutions, content distribution, access
continuity and managed network services."

"With the launch of this new broadband satellite service
platform, our company intends to further reinforce its position
in the international market, contributing to enhancing
competitiveness in areas with a high potential for growth, but
not always an adequate terrestrial communication
infrastructure," said Telespazio's CEO, Giuseppe Veredice.

                         About Hughes

Hughes Europe is a group of European companies wholly owned by
Hughes Network Systems, LLC (Hughes), and provides broadband
satellite solutions, services and products throughout Europe,
North Africa and the Middle East.  Hughes provides broadband
satellite networks and services to large enterprises,
governments, small businesses and consumers.

                       About Telespazio

Telespazio, a joint venture between Finmeccanica (67%) and
Alcatel (33%), is a world leader in satellite services from
management of satellites to Earth observation services, and from
satellite navigation to broadband multimedia telecommunications.
Telespazio plays a leading role in the reference markets
harnessing technological experience acquired over the years and
through its participation in major European space programs such
as: Galileo, Egnos, Gmes and Cosmo-Skymed.

                        About Intelsat

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

                        *     *     *

As reported in the Troubled Company Reporter - Europe on
Sept. 11, Moody's Investors Service assigned a B2 rating to
Intelsat  Corporation' (formerly PanAmSat Corp.) proposed senior
unsecured term loan, the proceeds of which will be used to fund
the repurchase of the existing 9% senior notes at Intelsat
Corporation, that are subject to a mandatory change of control
offer triggered by the acquisition of PanAmSat by Intelsat.

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

Ratings actions:

* Intelsat Corporation

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

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

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

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

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

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

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

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

* Intelsat Ltd.

   -- Corporate family rating, affirmed B2;
   -- SGL Rating, affirmed SGL-2;
   -- 5.25% Global notes, due 2008, affirmed Caa2;
   -- 7.625% Sr. Notes, due 2012, affirmed Caa2; and
   -- 6.5% Global Notes, due 2013, affirmed Caa2.

* Intelsat (Bermuda) Ltd.

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

* Intelsat Intermediate Holding Company Ltd.

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

* Intelsat Subsidiary Holding Company Ltd.

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

Moody's said the outlook is stable.

At the same time, Standard & Poor's Rating Services assigned a
'B' rating to Intelsat Corp.'s US$667 million senior unsecured
credit facility.


INTELSAT LTD: Works with Telenor to Expand Network Coverage
-----------------------------------------------------------
Intelsat Ltd. has entered into an agreement with Telenor
Satellite Broadcasting aka TSBc to interconnect the two
companies' fiber networks in London, providing customers of both
Intelsat and Telenor with expanded, seamless access to new
regions and services through each provider.

Under the agreement, Telenor now has complete access to services
on Intelsat's 51 satellites and GlobalConnex Media fiber and
teleport network.  This enables Telenor to offer global, end-to-
end solutions to its broadcast customers who are primarily
located in the UK, Scandinavia and Eastern Europe.  Telenor
expects this new capability to generate particular interest
among European broadcasters who are seeking to carry US
professional sports content, especially for basketball and ice-
hockey, which are already carried on Intelsat's US fiber network
in both high definition or HD and standard definition or SD.

The London interconnect, being established as an extension of
Intelsat's successful partnership with Broadwing Communications
in the US, will allow Intelsat to provide its customers
worldwide with services originating and terminating in six of
Telenor's European points-of-presence or PoP.  Content
will pass through the interconnection in first generation, with
no format changes or conversions necessary.  This will allow
Intelsat to better support coverage of sports and news events
originating in the region, and improve access to DTH platforms
on Intelsat and Telenor satellites that are co-located at 1
degreesW.

David Gilmore, Telenor's Commercial Director, said, "This
agreement is the latest phase in our successful, long-standing
relationship with Intelsat.  We expect this interconnect will
significantly expand our customer service in Europe.  We look
forward to bringing enhanced sports and news coverage in
both SD and HD to programmers in Europe, as well as marketing
the 1 degreesW European DTH platform to programmers worldwide."

Stephen Spengler -- Intelsat's Senior Vice President in Europe,
Africa, Middle East and Asia Pacific Sales -- said, "The
expansion of our presence in London is another example of how
Intelsat, working in partnership with customers such as Telenor,
is continuing to deliver more flexible and comprehensive
solutions.  Our customers can now access the huge quantity of
content carried on our network each day and reach global cable
and DTH platforms in more than 40 cities on three continents via
a simple fiber connection."

              About Telenor Satellite Broadcasting

Telenor Satellite Broadcasting -- http://www.telenorsbc.com/--
is part of Telenor Broadcast, one of the three core businesses
of Norway's leading communications operator, Telenor ASA.
Telenor Satellite provides extensive television broadcasting
services for distribution, contribution and occasional
applications to all the Nordic Broadcasters and many other
broadcasters throughout Europe, using its hybrid network
comprised of three satellites, terrestrial circuits and earth
stations.  It provides fixed satellite communication and
uplinking services for data and remote Internet applications
together with VSAT and broadband services in Europe and the
Middle East.

                        About Intelsat

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

                        *     *     *

As reported in the Troubled Company Reporter - Europe on
Sept. 11, Moody's Investors Service assigned a B2 rating to
Intelsat  Corporation' (formerly PanAmSat Corp.) proposed senior
unsecured term loan, the proceeds of which will be used to fund
the repurchase of the existing 9% senior notes at Intelsat
Corporation, that are subject to a mandatory change of control
offer triggered by the acquisition of PanAmSat by Intelsat.

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

Ratings actions:

* Intelsat Corporation

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

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

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

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

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

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

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

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

* Intelsat Ltd.

   -- Corporate family rating, affirmed B2;
   -- SGL Rating, affirmed SGL-2;
   -- 5.25% Global notes, due 2008, affirmed Caa2;
   -- 7.625% Sr. Notes, due 2012, affirmed Caa2; and
   -- 6.5% Global Notes, due 2013, affirmed Caa2.

* Intelsat (Bermuda) Ltd.

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

* Intelsat Intermediate Holding Company Ltd.

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

* Intelsat Subsidiary Holding Company Ltd.

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

Moody's said the outlook is stable.

At the same time, Standard & Poor's Rating Services assigned a
'B' rating to Intelsat Corp.'s US$667 million senior unsecured
credit facility.


KRISPY KREME: Expects to Report Lower Second Quarter Revenues
-------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., disclosed that on a preliminary
basis it expects to report revenues of approximately US$110
million for the second quarter of fiscal 2007, which ended
July 30, 2006, compared to revenues of approximately US$140
million for the second quarter of fiscal 2006.  The decrease in
revenues reflects a decline in the number of Company stores as
well as lower sales to franchisees by the Company's
Manufacturing and Distribution segment.

Systemwide sales fell approximately 15% in the second quarter of
fiscal 2007 compared to the second quarter of the prior year
primarily due to an approximately 17% decrease in the number of
factory stores to 303 (total stores, including satellites,
decreased approximately 6%).  Average weekly sales per factory
store (which is computed by dividing sales from all factory and
satellite stores by the number of factory stores in operation)
increased approximately 8% and 5% in Company stores and
systemwide, respectively, compared to the second quarter of
fiscal 2006.  Average weekly sales per store (which is computed
by dividing sales from all factory and satellite stores by the
aggregate number of all such stores in operation) increased
approximately 7% for Company stores and decreased approximately
8% systemwide, compared to the second quarter of fiscal 2006.
Systemwide average sales per store declined while Company
average sales per store rose principally because the growth in
satellite stores, which have lower average sales than factory
stores, largely has been concentrated in franchise stores and
not in Company stores.  The average sales per unit data reflect,
among other things, store closures and the related shift in off-
premises doughnut production into a smaller number of stores.

Systemwide sales data include sales at all Company and franchise
locations.  Systemwide sales are a non-GAAP financial measure;
however, the Company believes systemwide sales information is
useful in assessing the overall performance of the Krispy Kreme
brand and, ultimately, the performance of the Company.

"We continue to make progress in Krispy Kreme's turnaround,"
said Daryl Brewster, President and Chief Executive Officer. "In
the past quarter we resolved several legal disputes with
franchisees.  We reduced our guarantees of franchisee
obligations from approximately US$22 million to approximately
US$14 million and successfully executed pricing to offset rising
input costs.  In the United States, we saw signs of stability in
company stores as evidenced by average weekly sales trends.  We
also advanced our international expansion plans with the signing
of franchisees in six new markets."

The Company noted that its financial results continue to be
adversely affected by the substantial costs associated with the
legal and regulatory matters previously disclosed by the
Company. The Company expects to report a net loss for the second
quarter of fiscal 2007.

                     Financial Position

The Company believes that cash flow from operations, combined
with other anticipated cash inflows, will be sufficient to meet
its liquidity needs.  As of July 30, 2006, the Company's cash
balance was approximately US$28 million and its indebtedness was
approximately US$121 million (including capital lease
obligations), compared to approximately US$16 million and US$123
million, respectively, at Jan. 29, 2006.  The January amounts
exclude amounts relating to Glazed Investments, its sole
consolidated franchisee at the time.  As of July 30, 2006, the
Company had no consolidated franchisees.

                        About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a leading
branded specialty retailer of premium quality doughnuts,
including the Company's signature Hot Original Glazed.  There
are currently approximately 300 Krispy Kreme stores and 90
satellites operating systemwide in the U.S., Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.  The Company filed
for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case
No. 05-14268).  M. Blake Cleary, Esq., Margaret B. Whiteman,
Esq., and Matthew Barry Lunn, Esq., at Young Conaway Stargatt &
Taylor, LLP, represent the Debtor in its restructuring efforts.
When the Debtor filed for protection from its creditors, it
estimated US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.

Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


LEONARD FIELD: Appoints Joint Liquidators from Begbies Traynor
--------------------------------------------------------------
Julie Anne Palmer and Michael Francis Stevenson of Begbies
Traynor were appointed Joint Liquidators of Leonard Field Group
PLC on July 18 for the purposes of the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Leonard Field Group PLC
    233 Botley Road
    Southampton SO190AA
    United Kingdom
    Tel: 023 8040 2135


LONDON BATHROOM: Nominates Liquidators from Abbott Fielding
-----------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of The London Bathroom Studio Ltd. on July 17
for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         The London Bathroom Studio Ltd.
    14 Church Road
    Sidcup
    Kent DA146BX
    United Kingdom
    Tel: 020 8302 4023


MAPLE PRESS: Hires Joint Administrators from Tenon Recovery
-----------------------------------------------------------
S. J. Parker and S Burkett-Coltman of Tenon Recovery were
appointed joint administrators of Maple Press (U.K.) Limited
(Company Number 2634094) on Aug. 24.

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

Maple Press (U.K.) Limited can be reached at:

         439 440 Perth Avenue
         Slough
         Berkshire SL1 4TS
         United Kingdom
         Tel: 01753 531 511
         Fax: 01753 691 881


METROPOLIS INT'L: Taps Ian William Kings to Liquidate Assets
------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Metropolis International Developments Limited (t/a Metropolis
Model Making) on June 27 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Metropolis International Developments Limited
    The Grange Business Centre
    Belasis Avenue
    Billingham
    Cleveland TS231LG
    United Kingdom
    Tel: 01642 361 255


MID ESSEX: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Creditors of Mid Essex Fasteners Limited confirmed on July 14
the appointment of Peter George Byatt of Lake Bushells as the
company's Liquidator.

The company can be reached at:

         Mid Essex Fasteners Limited
    Beehive Lane
    Chelmsford CM2 9TE
    United Kingdom
    Tel: 01245 257 323


MONOCHROME EXPRESS: C. H. I. Moore Leads Liquidation Procedure
--------------------------------------------------------------
C. H. I. Moore of K.J. Watkin & Co. was appointed Liquidator of
Monochrome Express Limited on July 3 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Monochrome Express Limited
    174 Argyle Street
    Birmingham B7 5TE
    United Kingdom
    Tel: 0870 411 1121


NORTHERN PACKAGING: Calls In Liquidator from Debtmatters Ltd.
-------------------------------------------------------------
G. N. Ratcliffe of Debtmatters Ltd. was appointed Liquidator of
Northern Packaging & Display Limited on July 4 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Northern Packaging & Display Limited
    446 Bradford Road
    Batley
    West Yorkshire WF175LW
    United Kingdom
    Tel: 01924 476 666


NORTHERN REFRIGERATION: Claims Filing Period Ends Oct. 31
---------------------------------------------------------
Creditors of Northern Refrigeration Services Ltd. have until
Oct. 31 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator E. Walls of Marlor Walls at:

         E. Walls
    Marlor Walls
    C12 Marquis Court
    Marquis Way
    Team Valley
    Gateshead NE11 0RU
    United Kingdom

The company can be reached at:

    Northern Refrigeration Services Ltd.
    25 Broomridge Avenue
    Condercum Park Estate
    Newcastle Upon Tyne
    Tyne And Wear NE156QN
    United Kingdom
    Tel: 0191 273 8651


OAKBUILD SERVICES: Taps Stephen Evans to Liquidate Assets
---------------------------------------------------------
Stephen Evans of Pure Recovery LLP was appointed liquidator of
Oakbuild Services Limited on June 22 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Oakbuild Services Limited
         22 Waverley Road
         Enfield
         Middlesex EN2 7BT
         United Kingdom
         Tel: 020 8364 6227


OLIVE GROVE: Appoints Liquidator from Parkin S. Booth & Co.
-----------------------------------------------------------
Jonathan R. Booth of Parkin S. Booth & Co. was appointed
Liquidator of Olive Grove Taverna Limited on July 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Olive Grove Taverna Limited
    Regina House
    1 Victoria Street
    Liverpool L2 5QA
    United Kingdom
    Tel: 0151 342 9100


OLYMPIA FOODS: Names Jonathan Elman Avery-Gee Liquidator
--------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
Liquidator of Olympia Foods Limited on July 4 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Olympia Foods Limited
    Unit 2
    Crawford Street
    M K Business Park
    Rochdale
    Lancashire OL165NU
    United Kingdom
    Tel: 01706 651 155
    Web:  http://www.olympiafoods.co.uk/


OMEGA DESIGN: Nominates Timothy Frank Corfield as Liquidator
------------------------------------------------------------
Timothy Frank Corfield of Griffin & King was nominated
Liquidator of Omega Design and Developments Limited on July 4
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Omega Design and Developments Limited
    Unit 6
    Villiers Trading Estate
    Marston Road
    Wolverhampton WV2 4LA
    United Kingdom
    Tel: 01902 711 011
    Web:  http://www.omegaconservatories.co.uk/


PARA-FAIR: Creditors Confirm Voluntary Winding-Up Procedure
-----------------------------------------------------------
Creditors of Para-Fair International Limited confirmed on
June 30 the resolutions for voluntary winding-up procedure and
the appointment of Harjinder Johal and George Michael of
Ashcrofts as joint liquidators of the company.

The company can be reached at:

         Para-Fair International Limited
         129 Shirland Road
         City of Westminster
         London W9 2EP
         United Kingdom
         Tel: 020 7266 5556


PRINT 2000: Creditors Confirm Voluntary Liquidation
---------------------------------------------------
Creditors of Print 2000 (Stockport) Limited confirmed on June 8
the resolutions for voluntary liquidation and the appointment of
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited as joint liquidators of the company.

The company can be reached at:

         Print 2000 (Stockport) Limited
         Unit 8
         Enterprise Centre Two
         Chester Street
         Stockport
         Cheshire SK3 0BR
         United Kingdom
         Tel: 0161 477 2466


QUADRO CONSULTING: Creditors Ratify Voluntary Liquidation
---------------------------------------------------------
Creditors of Quadro Consulting Limited ratified on July 14 the
resolutions for voluntary liquidation.

They also confirmed the appointment of Robert Cooksey of
Bridgestones as Liquidator on the same day.

The company can be reached at:

         Quadro Consulting Limited
    Sandon
    Buntingford
    Hertfordshire SG9 0RU
    United Kingdom
    Tel: 01763 274 156


RICHARD BARRY: G. W. Rhodes Leads Liquidation Procedure
-------------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of
Richard Barry Southern Marketing Limited on July 17 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Richard Barry Southern Marketing Limited
    2 Chapel Place
    Portslade
    Brighton BN411DR
    United Kingdom
    Tel: 01273 424 552
    Web:  http://richardbarry.co.uk
         http://www.richardbarry.co.uk


RIVERSIDE CONFERENCE: Names Eileen T. F. Sale Liquidator
--------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Riverside Conference & Training Centre Limited on
July 4 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Riverside Conference & Training Centre Limited
    Austin Way
    Hampstead Industrial Estate
    Birmingham B42 1DU
    United Kingdom
    Tel: 0121 357 2323


S.T.A.R. CONSULTANCY: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------------
Creditors of S.T.A.R. Consultancy (North East) Limited confirmed
on July 13 the appointment of Ian William Kings of Tenon
Recovery as the company's Liquidator.

The company can be reached at:

         S.T.A.R. Consultancy (North East) Limited
    The Eco Centre
    Windmill Way
    Hebburn
    Tyne And Wear NE311SR
    United Kingdom
   Tel: 0870 751 7717


SABRE EMPLOYMENT: Hires Mark Peter Jones to Liquidate Assets
------------------------------------------------------------
Mark Peter Jones of Mark Jones & Co. was appointed Liquidator of
Sabre Employment Limited on July 4 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Sabre Employment Limited
    Unit 1-3
    Deptford Park Business Centre
    Grinstead Road
    London SE8 5AD
    United Kingdom
    Tel: 020 8305 6060


SCENE INTERIORS: Calls In Joint Liquidators from Begbies Traynor
----------------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed Joint Liquidators of Scene Interiors Limited on
July 14 for the purposes of the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Scene Interiors Limited
    6 The Drove
    West Wilts Trading Estate
    Westbury
    Wiltshire BA134JE
    United Kingdom
    Tel: 01373 827 465
    Web: http://www.sceneinteriors.com/


SCOTTISH RE: On Track of Auction Process, Chief Executive Says
--------------------------------------------------------------
Scottish Re Group Limited's Interim CEO Paul Goldean said 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 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.

                        *     *     *

As reported in TCR-Europe on Sept. 7, 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

In August, 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+'.

Fitch said all ratings remain on Rating Watch Negative.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.


SCOTTISH RE: Will Launch Second Round of Bidding for Company
------------------------------------------------------------
Scottish RE Group Limited told AFX News that selected entities
will be invited to a second round of the bidding process for the
acquisition of the company.

Scottish RE said that the second round could be disclosed in
October or November.

According to the report, Scottish RE's shares went up US$1.13 or
12% to US$10.44 on Sept. 11 on the New York Stock Exchange when
the company made the announcement, after months of uncertainty
over its future.

Scottish Re told AFX News that it has received three written
proposals for possible funding.  The company said it expects to
receive several additional proposals in the future.  The firm
plans to raise up to US$250 million to decrease short-term
liquidity pressures.

The report says that among companies interested in purchasing
Scottish RE could be Germany's Hannover Re AG.

Hannover Re's chief executive raised expectations that it might
be a bidder when he said he couldn't comment on whether he had
signed a non-disclosure accord with Scottish Re, which he would
have to do if his company were a potential bidder, according to
AFX News.

Executives of Hannover Re had said in the past that the firm
would consider acquiring Scottish Re if the latter would be
sold, AFX News states.

                        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.

                        *     *     *

As reported in TCR-Europe on Sept. 7, 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

In August, 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+'.

Fitch said all ratings remain on Rating Watch Negative.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.


SHEP ASSOCIATES: Brings In Liquidators from F A Simms
-----------------------------------------------------
Richard Frank Simms and Steven Peter Ford of F A Simms &
Partners PLC were appointed liquidators of Shep Associates
Limited on June 28 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Shep Associates Limited
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01763 261 686


SHERWOOD CASTLE: Moody's Assigns (P)Ba2 Ratings to Notes
--------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
approximately GBP[53.07] million of asset-backed notes to be
issued by Sherwood Castle Funding Series 2006-1 PLC:

   -- GBP[ ] Class S1 Floating Rate Asset-Backed Notes: (P)Ba2;

   -- EUR[ ] Class S2 Floating Rate Asset-Backed Notes: (P)Ba2;
and

   -- US$[ ] Class S3 Floating Rate Asset-Backed Notes: (P)Ba2.

Sherwood Castle Funding Series 2006-1 PLC is the sixteenth
transaction issued out of Capital One Bank (Europe) PLC'scredit
card master trust.

Pursuant to the terms of the Series 2006-1 Notes, pro-rata
allocation of funds from the receivables trust to the Series
2006-1 Notes may be used in priority to meet any shortfalls in
finance charge allocations to meet payments required in respect
of the outstanding referenced series issued out of the Castle
Receivables Trust Limited.

The Referenced Series comprise Series 2002-1, Series 2002-2,
Series 2003-1, Series 2003-2, Series 2004-1, Series 2004-2,
Series 2004-3 and Series 2005-1.

Moody's has taken into account in its analysis the use of
allocations to the Series 2006-1 Notes as effective enhancement
for the Referenced Series.  Series 2006-1 Notes will not
commence amortisation until the investor interest for each
Referenced Series has reduced to zero.

The provisional ratings of the Class S1, S2 and S3 Notes are
based on the benefit of a spread trapping account that will trap
excess spread, in a manner similar to the spread accounts that
support the Class C Notes of the Referenced Series.

The Series 2006-1 spread account may be funded from excess
spread arising from the pro-rata allocation of finance charge
receivables from the receivables trust to the Series 2006-1, any
excess spread shared by any Referenced Series and other series
within the Trust and amounts on deposit in the spread account of
any Referenced Series upon release of such amounts.

The provisional ratings address the expected loss posed to
investors by the legal final maturity date.  In Moody's opinion,
the structure allows for ultimate payment of interest and
principal at par on or before the rated legal final maturity
date.


SHERWOOD CASTLE: S&P Assigns Low-B Ratings to EUR53-Mln Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR53 million (equivalent) asset-backed
floating-rate notes to be issued by Sherwood Castle Funding
Series 2006-1 PLC, a special-purpose entity.

The notes are backed by collateral consisting of originated
credit-card receivables.

"Charge-offs have increased to unprecedented levels over the
past couple of years.  This is reflective of performance across
the credit card industry generally," said Standard & Poor's
credit analyst Nikki Patel.

"Yield and payment rates have remained fairly stable over this
period.  The current series of notes will be issued to address
the increase in charge-offs and maintain the ratings on and
provide effective enhancement to certain existing series of
notes under the Castle Trust program."

Ms. Patel explained: "Currently, the 'BBB' rated notes in the
previous public term series are supported by their own excess
spread account.  Credit enhancement will be provided to the
series 2006-1 notes themselves through a second, separate,
excess spread capture mechanism."

This issuance will be the servicer Capital One Bank (Europe)
PLC's ninth public securitization of U.K.-originated credit card
receivables.  As in previous transactions, the collateral
consists of Visa, MasterCard, and American Express receivables
generated on accounts owned by COBE.  The most recent
transaction, Sherwood Castle Funding Series 2005-1 PLC, was
completed in August 2005.

The key difference in this transaction is that only one class of
notes will be issued, divided into three tranches.  These will
provide effective enhancement to all the existing public series
issued under the Sherwood Castle Trust in the market (the
referenced series).

                      Ratings List
         Sherwood Castle Funding Series 2006-1 PLC
  EUR53 Million (Equivalent) Asset-Backed Floating-Rate Notes

                          Prelim.        Prelim.
           Class          rating         amount (Mil.)
           -----          ------         ------
           S1             BB             GBPTBD
           S2             BB             EURTBD
           S3             BB             US$TBD

           TBD - To be determined.


SHILDON PALLETS: Appoints T. Papanicola to Administer Assets
------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Shildon Pallets Limited (Company Number 03827068) on Aug. 25.

The administrator can be reached at:

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

Headquartered in Darlington, United Kingdom, Shildon Pallets
Limited manufactures wood products.


SPECIALIST JOINERY: Names A. H. Tomlinson to Liquidate Assets
-------------------------------------------------------------
A. H. Tomlinson of Tomlinsons was appointed Liquidator of
Specialist Joinery Services Limited on July 11 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Specialist Joinery Services Limited
    Richmond House
    90 Rose Place
    Liverpool L3 3BN
    United Kingdom
    Tel: 0151 207 4090


STEEL TEAM: Nominates Joint Liquidators from Abbott Fielding
------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Steel Team Southern Ltd. on June 29 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Steel Team Southern Ltd.
    Mackenzie House
    Coach & Horses Passage
    Tunbridge Wells
    Kent TN2 5NP
    United Kingdom
    Tel: 01892 614 311


STEPHEN BROWN: Names Timothy John Hargreaves as Administrator
-------------------------------------------------------------
Timothy John Hargreaves of T H Associates was named
administrator of Stephen Brown Associated Contractors Limited
(Company Number 02935572) on Aug. 31.

The administrator can be reached at:

         T H Associates
         Towngate House
         116-118 Towngate
         Leyland
         Lancashire PR25 2LQ
         United Kingdom
         Tel: 01772 641146

Headquartered in Kent, United Kingdom, Stephen Brown Associated
Contractors Limited is engaged in general construction of
buildings and civil engineering work.


SWITCH DESIGN: Appoints N. A. Bennett to Liquidate Assets
---------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed Liquidator of
Switch Design & Promotions Limited on July 14 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Switch Design & Promotions Limited
    4 Square Rigger Row
    London SW113TZ
    United Kingdom
    Tel: 020 7978 4900


TOWERACTION LIMITED: Brings In Liquidator from Redman Nichols
-------------------------------------------------------------
Andrew James Nichols of Redman Nichols was appointed Liquidator
of Toweraction Limited on July 5 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Toweraction Limited
    Unit 5
    Belprin Road
    Beverley
    North Humberside HU170LN
    United Kingdom
    Tel: 01482 866 492


VIZ COMIC: Taps William Paxton to Liquidate Assets
--------------------------------------------------
William Paxton of Robson Laidler LLP was appointed Liquidator of
Viz Comic Distributions on July 5 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Viz Comic Distributions
    Unit 14
    Brough Park Way
    Newcastle Upon Tyne
    Tyne And Wear NE6 2YF
    United Kingdom
    Tel: 0191 228 4090


WORLD END: Creditors Confirm Liquidators' Appointment
----------------------------------------------------
Creditors of World End Imports (U.K.) Limited (t/a Think East
Fashion Jewellery) ratified on July 14 the resolutions for
voluntary liquidation.

They also confirmed the appointment of Allan Cooper and John
Russell of The P&A Partnership as Liquidators on the same day.

The company can be reached at:

         World End Imports (U.K.) Limited
    Park House
    Green Road
    Harrogate
    North Yorkshire HG1 4BA
    United Kingdom
    Tel: 01765 640 189


XMP SERVICE: Appoints Ian William Kings to Liquidate Assets
-----------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
XMP Service Limited on July 5 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         XMP Service Limited
    Unit 10
    Chillingham Industrial Estate
    Back Chapman Street
    Newcastle Upon Tyne NE6 2XX
    United Kingdom
    Tel: 0845 230 8044


* FTI Consulting to Acquire Financial Dynamics for $260 Million
---------------------------------------------------------------
FTI Consulting, Inc. entered into an agreement to acquire
privately held Financial Dynamics International (Holdings)
Limited for approximately $260 million.

"Our acquisition of FD is a unique opportunity to execute, in a
single transaction, many of the strategic objectives for our
international expansion and one that should enable us to achieve
our 2009 Plan a year earlier than expected," Jack Dunn, FTI's
president and chief executive officer, commented.  "First, FD
has senior level, deeply ingrained, trusted advisor
relationships with businesses and governments in important
financial centers throughout the world.  These relationships
will allow us to expand and grow our "gold standard" practices
into new markets under the auspices and through the contacts of
FD, a widely recognized and trusted brand.  Second, FD brings
global market leadership to FTI and our clients in a new
practice area -- strategic business and financial communications
-- one of the most critical areas facing corporate boards and
executives given the vital and increasing importance of
reputational risk.  These strategic communications services
represent immediate opportunity and value to our clients
in the U.S. Finally, the core values of the great professionals
at FD are the same as our own: dedication to clients, highest
standards of integrity and a commitment to bring the very best
in intellectual capital to bear on the financial, regulatory and
reputational issues that affect the futures of our clients.
Teams of professionals from both companies are already at work
on the integration and client service opportunities that will
allow us to hit the ground running."

"FTI is a company we have greatly admired for some time and we
believe this partnership is a perfect commercial, cultural and
strategic fit for FD," Charles Watson, CEO of FD, added.  "We
live and operate in complementary markets and practices where we
enjoy numerous relationships and interests in common.  The
potential for collaboration is compelling.  Joining forces with
a recognized leader in the consulting world that, like FD,
focuses on critical issues that confront clients, also marks a
landmark for the communications industry -- creating the optimal
environment in which FD will continue to thrive and grow for the
benefit of all our staff and, most importantly, our clients.  We
are genuinely excited about our future together."

FD's business is structured around four principal practice
areas:

    * Financial Communications: FD provides counsel on matters
      that affect the valuation of companies' securities in the
      public markets, such as M&A transactions, capital market
      activities including IPOs, regulatory and corporate
      governance issues and financial markets intelligence;

    * Brand Communications: FD counsels clients on all issues
      pertaining to protecting and enhancing the reputation of
      their products and services;

    * Public Affairs and Crisis & Issues Management: FD advises
      on issues affecting corporate and organizational
      reputation, relations with governments at the national and
      local level, public policy and all aspects of crisis
      communications;

    * Business Consulting: FD's business consulting practice is
      at the intersection of all three communications practices.
      It uses extensive diagnostic research tools to assess
      brand, reputation and valuation issues and develops
      strategies to address and resolve the issues coming from
      the research.

                         Purchase Price

The purchase price for the acquisition is $260 million,
consisting of $215 million in cash, $20 million in notes and
deferred purchase obligations and $25 million of restricted FTI
stock.  To finance the acquisition of FD, FTI intends to offer
$215 million of senior unsecured notes.  Deutsche Bank
Securities, Inc., which acted as financial advisor to FTI, is
committed to provide the financing to fund the acquisition.  It
is anticipated that the acquisition will close in the first week
of October and be accretive to FTI's 2007 earnings per diluted
share.

FD is currently owned by Advent International, a global private
equity firm, and FD management.  Advent has elected to receive
cash for all of its holdings.  Management shareholders are
expected to elect the alternate offer comprised of cash, the FTI
restricted stock and the opportunity to participate in future
contingent consideration of up to $80 million based on exceeding
certain financial objectives over the next five years, which
would further align the interests of FD professionals and FTI
and its shareholders. Robert W. Baird & Co. acted as exclusive
financial advisor to FD.

FTI intends to operate FD as a separate business segment run by
the existing management team, including FD's London based Group
CEO Charles Watson and U.S. CEO Declan Kelly.

Margin Improvement Steps In light of the acquisition and in
keeping with the Company's previously announced commitment to
address underperforming operations, FTI has taken action to
restructure its U.K. operations and consolidate certain non-core
practices in the U.S.  The Company expects to record a one-time
charge related to this of approximately $20 million ($0.28 per
diluted share after tax), in the third quarter, primarily
reflecting severance costs.

Excluding the one-time charge, the Company is maintaining its
earnings guidance for 2006 and continues to expect earnings per
diluted share to be in a range of $1.26 to $1.35, which includes
the impact of the FD acquisition and expensing stock options.

                            About FD

FD is a strategic business and financial communications
consultancy, providing a comprehensive range of solutions for
the communications requirements of the corporate boardroom.  The
Company advises over 750 clients with a staff of over 450
people.  It has offices in London, New York, Washington, San
Francisco, Frankfurt, Paris, Dublin, Boston, Bahrain, Chicago,
Hong Kong, Moscow, Dubai, Manchester, Johannesburg and Cape
Town.

                      About FTI Consulting

FTI Consulting Inc. (NYSE:FCN) provides problem-solving
consulting and technology services to major corporations,
financial institutions and law firms when confronting critical
issues that shape their future and the future of their clients,
such as financial and operational improvement, major litigation,
complex investigations, mergers and acquisitions and regulatory
issues.  FTI has 25 offices in major U.S. cities, and offices in
Europe, Asia and Australia.  FTI's total workforce of more than
1,400 employees includes numerous PhDs, MBAs, CPAs, CIRAs and
CFEs, who are committed to delivering the highest level of
service to clients.


* PricewaterhouseCoopers Launches New Restructuring Practice
------------------------------------------------------------
PricewaterhouseCoopers LLP formally launched on Sept. 12,
PricewaterhouseCoopers Corporate Advisory & Restructuring LLC, a
new business providing integrated financial, transactional and
operational services to underperforming and distressed
companies.

The company's restructuring advisor Tom Sperry has joined PwC
CAR's leadership team as U.S. Market Leader.  Peter Spratt will
serve as president of PwC CAR and head of PwC's global
restructuring practice.

PwC CAR's formation marks the natural extension of
PricewaterhouseCooper's related service offerings and market
leading global restructuring capabilities into the U.S. market.
These services encompass value-enhancing solutions for companies
at various stages of financial pressure.

With its ability to leverage the global network of
PricewaterhouseCoopers and its extensive range of services and
industry-specific capabilities, PwC CAR addresses the increasing
demand for a suite of financial, transactional and operational
services that clients need to implement the types of changes
that lead to a sustained recovery.

"PwC CAR will bring fresh thinking and a renewed approach to the
corporate turnaround market for the benefit not only of
companies in difficulty, but also for the restructuring business
itself," Mr. Spratt disclosed.

On the addition of Mr. Sperry, Mr. Spratt commented, "Tom brings
a wealth of practical experience and creativity to the corporate
restructuring market in the U.S. that will enhance PwC CAR's
broad capabilities in solving problems of companies facing
operational issues and financial difficulties."

"I am thrilled at the opportunity to work with top professionals
in PwC CAR to help lead and grow our U.S. practice," Mr. Sperry
expressed.  "I am excited about the capabilities PwC CAR has to
preserve and create value for our clients by drawing on our
already deep restructuring expertise as well as the full range
of services that only a major global organization can provide,"
he added.

A former managing director at UBS Warburg, where he founded and
headed its Restructuring Group, Mr. Sperry most recently started
and ran a restructuring advisory practice for middle market
mergers and acquisitions firm Goldsmith Agio Helms.  Mr. Sperry
has an extensive background in helping underperforming and
insolvent multinational and middle market companies to
restructure billions of dollars in liabilities in the U.S. and
various countries around the world.

Mr. Sperry has worked as an advisor and investment banker for
both public and private companies in many of the largest out-of-
court and Chapter 11 cases.  These include acting as financial
advisor to multinational Ferruzzi/Montedison Group of Italy on a
multi-tiered US$12 billion debt restructuring; advising
Integrated Health Services on its US$3.4 billion Chapter 11 debt
restructuring and break-up; and representing the creditors of
Confederation Life of Canada in the largest ever North American
insurance company failure.

PwC CAR provides integrated financial, transactional and
operational services to underperforming and distressed
companies.  Drawing upon the global network of
PricewaterhouseCoopers member firms, PwC CAR provides a wide
array of services designed to help troubled companies emerge
healthier and drive a sustained recovery.

The PwC CAR team includes experienced advisors drawn from its
restructuring and corporate finance practices throughout the
global network of PricewaterhouseCoopers.  PwC CAR consolidates
the position of PricewaterhouseCoopers as the dominant global
restructuring practice with approximately 2,000 dedicated
professionals from member firms located in over 60 countries.

In combination with the industry resources of PwC, the PwC CAR
team possesses restructuring experience across numerous
industries and senior members of the U.S.-based PwC CAR team
have played significant roles in many high profile domestic and
cross-border restructurings.  Examples include America West
Airlines, Beaulieu of America, P.A. Bergner/Carson Pirie Scott,
ConFederation Life Insurance, Drax Power, El Paso Electric,
Ferruzzi/Montedison Group, Globopar, Global Telesystems, Huffy
Corp., Integrated Health Services, Iridium Satellite, Marconi,
Sylvania, Tower Automotive, TrizecHahn Corporation, and Von Roll
Corporation.

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 130,000 people in 148 countries work
collaboratively across our network using Connected Thinking to
develop fresh perspectives and practical advice.

PricewaterhouseCoopers Corporate Advisory & Restructuring LLC
(PwC CAR) is owned by PricewaterhouseCoopers LLP, a member firm
of the PricewaterhouseCoopers network and is a member of the
NASD and SIPC.  PwC CAR is not engaged in the practice of public
accountancy.  "PricewaterhouseCoopers" refers to the network of
member firms of PricewaterhouseCoopers International Limited,
each of which is a separate and independent legal entity.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 13-15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Texas Regional Conference
         Hyatt Regency Resort & Spa
            Lost Pines, TX
               Contact: 870-760-7116 or
                  http://www.turnaround.org/

September 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Kick-Off Reception
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

September 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BOK Review - Management
         Gardner Carton & Douglas, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

September 17-24, 2006
   NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
      Optional Alaska Cruise
         Seattle, Washington
            Contact: 800-929-3598 or http://www.nabt.com/

September 19-20, 2006
   STRATEGIC RESEARCH INSTITUTE
      2nd Annual Euro Distressed Debt Summit
         Le Meridien Parkhotel, Frankfurt, Germany
            Contact: http://www.srinstitute.com/

September 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Bankers Club, Miami, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Workshop With US
      Bankruptcy Judges Hale, Nelms and Lynn
         Belo Mansion - The Pavilion, Dallas, TX
            Contact: http://www.turnaround.org/

September 24, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring the Troubled High Tech Company
         Arizona
            Contact: http://www.turnaround.org/

September 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Education Program with NYIC Joint Reception
         CFA/RMA/IWIRC
            Woodbridge Hilton, Iselin, NJ
               Contact: http://www.turnaround.org/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Cross Border Business Restructuring and
         Turnaround Conference
            Banff, Alberta
               Contact: http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 10, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Center Club, Baltimore, Maryland
            Contact: 703-912-3309 or http://www.turnaround.org/

October 11, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 11-14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      2006 Annual Conference
         Milleridge Cottage, Long Island, New York
            Contact: 312-578-6900; http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
   CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
             Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

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

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

                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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