TCREUR_Public/060915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 15, 2006, Vol. 7, No. 184   

                            Headlines


A U S T R I A

EAT AND BEAT: Creditors' Meeting Slated for October 2
IGENEON: Vienna Court Orders Business Shutdown
KANA SOFTWARE: Forms Financial Services Vertical Sales Team
KANA SOFTWARE: Posts US$383,000 Net Loss for Second Quarter 2006
KANA SOFTWARE: Files Registration Statement for Stock Sale

LEDERER: Wiener Neustadt Court Orders Business Shutdown
MEINVORTEIL: Claims Registration Period Ends October 9
PERSONALBEREITSTELLUNG: Klagenfurt Court Closes Business
REIXNER GASTRONOMIE: Wiener Neustadt Court Shuts Down Business
WIDL & MAYRHOFER: Salzburg Court Orders Business Shutdown


B E L G I U M

SAMSONITE CORP: Posts US$6-Mln Net Loss in Second Quarter 2006
SAMSONITE CORP: Moody's Places Low-B Ratings Under Review


C R O A T I A

AGROKOR D.D.: Restructuring Spurs Moody's to Change Outlook


F I N L A N D

METSO CORP: Inks EUR100 Million Supply Pact with Guangzhou Paper


G E R M A N Y

AGENS ENGINEERING: Claims Registration Ends October 1
BRAMBACH GEBAUDEREINIGUNG: Claims Registration Ends October 2
BUSCH GMBH: Creditors' Meeting Slated for October 5
CARRE VERTRIEBS: Claims Registration Ends September 29
ELG GEBAUDETECHNIK: Claims Registration Ends October 1

ERNST SCHILLING: Creditors' Meeting Slated for September 29
FRIEDRICH-MULTIFORMA: Claims Registration Ends September 29
HERMANN HEINZ: Claims Registration Ends October 2
HOME BETREUTES: Claims Registration Ends October 4
PROVIDE HOME: Fitch Affirms BB Rating on Class E Tranche

UNI-STEIN: Claims Registration Ends October 2


I T A L Y

FIAT SPA: Acquires Vehicle-Related Business of Yuejin Motor


K A Z A K H S T A N

4K: Creditors Must File Claims by Oct. 10
DOSKEN: Creditors Must File Claims by Oct. 10
DUET LTD: Almaty Court Opens Bankruptcy Proceedings
IVIKON KURYLYS: Almaty Court Begins Bankruptcy Proceedings
LIFE: Proof of Claim Deadline Slated for Oct. 6

MEGAPOLIS-ST: Proof of Claim Deadline Slated for Oct. 10
NARYN-KALA: Claims Registration Ends Oct. 10
ORION 2001: Claims Registration Ends Oct. 6
ORNEK: Akmola Court Commences Bankruptcy Proceedings
SKIF: Creditors' Claims Due Oct. 10


K Y R G Y Z S T A N

TRAVELCOM: Proof of claim Deadline Slated for Oct. 20
FORGE: Creditors Must File Claims by Oct. 20


M A C E D O N I A

LUKOIL OAO: Eyes 40 Petrol Stations in Macedonia in Four Years


M O L D O V A

LION-GRI: June 30 Balance Sheet Upside-Down by US$440,255


N E T H E R L A N D S

PLAYLOGIC ENT: June 30 Balance Sheet Upside-Down by US$2.6 Mln


P O L A N D

NETIA SA: Third Avenue Raises Equity Stake to 14.27%
NETIA SA: Hunts for New Management President to Replace Madalski


P O R T U G A L

UNITED BISCUITS: Completes Sale of European Unit to Kraft Foods


R U S S I A

ALITET: Amur Court Commences Bankruptcy Supervision
ALMETYEVSK-AGRO-PROM-SNAB: Bankruptcy Hearing Slated for Oct. 5
AMBER: Pskov Court Names N. Vereshak as Insolvency Manager
ANASHINSKOYE: Krasnoyarsk Bankruptcy Hearing Slated for Oct. 26
ANKUR: Krasnodar Court Starts Bankruptcy Supervision

ASTAKHANSKIY DISTILLERY: B. Govorov to Manage Assets
BELOVO-TORG-COAL: Court Names L. Frantseva as Insolvency Manager
BELOZERSKIY FISHING: G. Pogosyan to Manage Insolvency Assets
BREAD: Rostov Court Names G. Kolesnikov as Insolvency Manager
BRYANSK-PACKAGE: Court Names A. Terekhov as Insolvency Manager

CHERNOVSKIY WOOD: Court Names I. Babenko to Manage Assets
CREDIT BANK: Fitch Changes Outlook to Positive & Keeps IDR at B-
FACTORY BULAT: Court Names I. Zolotukhin as Insolvency Manager
GAZPROM OAO: Mulls Listing on Asian Exchanges
INVESTMENT RESOURCE: M. Vasilega to Manage Insolvency Assets

ISETSK-AGRO: Court Names N. Chelapko to Manage Insolvency Assets
KOMSOMOLSKOYE: Rostov Court Starts Bankruptcy Supervision
LENINGRADSKAYA-2: Krasnodar Court Starts Bankruptcy Supervision
LUKOIL OAO: Eyes 40 Petrol Stations in Macedonia in Four Years
LYSVA-WOOD: Perm Court Starts Bankruptcy Supervision Procedure

NOVNIKOLAEVSKIY AGRO-SERVICE: E. Savchenko to Manage Assets
NOVOLIPETSK STEEL: Board Okays Parameters of Upgrading Program
NOVOLIPETSK STEEL: Earns US$944 Million for First Half 2006
PETROPAVLOVSKOYE: Court Starts Bankruptcy Supervision
PRIVOLZHSKOYE: Court Names N. Senchenko as Insolvency Manager

PSYGANSU: Court Names V. Kibishev as Insolvency Manager
REINFORCED-CONCRETE PRODUCTS: V. Emelyanov to Manage Assets
ROSBANK: Fitch Assigns Issuer Default Rating at B+
RZHAKSA-AGRO-PROM-KHIMIYA: S. Agapov to Manage Assets
SEVERO-LYUBINSKIY: Omsk Court Starts Bankruptcy Supervision

SOCHINSKIY FACTORY: Court Names R. Shubin as Insolvency Manager
TMK OAO: Creates Joint Venture with Hydril Company LP
TRANS-COAL-INVEST: Court Names P. Tumbasov as Insolvency Manager
TRANSNEFT OAO: Drafting Documents for October Eurobond Issue
UFIMSKIY: Bashkortostan Bankruptcy Hearing Slated for Oct. 26

WEST-ENERGO: Court Names A. Zamaraev as Insolvency Manager
YUKOS OIL: Court to Resume Hearing on Tax Claims on Sept. 28
YUKOS OIL: Court Drops Yugansk's US$8.5 Billion Damages Suit


S P A I N

UNITED BISCUITS: Completes Sale of European Unit to Kraft Foods


S W E D E N

DOLE FOOD: Weak Performance Cues Moody's to Review Ratings


U K R A I N E

ALFA BANK: Moody's Assigns B1 Rating to UAH150-Mln Bond Issue
AGROMIR: Zaporizhya Court Names Vasil Ishenko as Liquidator
BITOVIK: Sumi Court Names Andrij Savochka as Insolvency Manager
DRUZHBA: Sumi Court Names Yevgen Chuprun as Insolvency Manager
GLUHIV BREAD: Sumi Court Starts Bankruptcy Supervision

INDUSTRIALBANK: Merger Prompts Moody's to Assign Low-B Ratings
INTEGRATION: Kyiv Court Starts Bankruptcy Supervision
LMK: Volinska Court Starts Bankruptcy Supervision Procedure
PASAR: Donetsk Court Names Oleksij Mernik as Insolvency Manager
TECHNICS: Lviv Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

A MOMENT: Creditors Confirm Voluntary Liquidation
AMBIENCE FURNITURE: Brings In Liquidator from Sharma & Co.
ARMSTRONG FOUR: Names Paul John Webb as Administrator
ATLANTIC GLAZING: Appoints Joint Liquidators from Harrisons
CAPITAL STAFFING: Taps Leonard Curtis as Joint Administrators

DECOR CENTRE: Taps M. D. Hardy to Liquidate Assets
ENTERGY UK: Proof of Claim Deadline Slated for Oct. 12
EXEL RECRUITMENT: Creditors' Meeting Slated for September 18
EXSPECT LIMITED: Appoints Leonard Curtis as Liquidator
FACTORY FABRICS: Claims Filing Period Ends September 23

FLOWERS LV: Hires C. H. I. Moore to Liquidate Assets
FORD MOTOR: UAW Agrees to Voluntary, System-Wide Buyouts
FROG NETWORKING: A. J. Clark Leads Liquidation Procedure
FUTON DESIGN: Taps Cresswall Associates to Administer Assets
FUTUREMEDIA PLC: Auditors Express Going Concern Doubt

GENESIS INTEGRATED: Appoints Administrators from Begbies Traynor
GLOBAL 20: Creditors' Meeting Slated for September 22
GLOSCAN LIMITED: Creditors Confirm Liquidator's Appointment
GUARDIAN DOORS: Creditors' Meeting Slated for September 21
HARRINGTONS OF WILTSHIRE: Taps Laurence Russel as Administrator

HEIZER LIMITED: Nominates Liquidator from Mayfields Insolvency
IGO DIRECT: Nominates Andreas Georgiou Kakouris as Liquidator
INTERIOR BUILDING: Creditors Ratify Voluntary Liquidation
J & A BUILDING: Brings In Liquidator from Tenon Recovery
KANA SOFTWARE: Forms Financial Services Vertical Sales Team

KANA SOFTWARE: Posts US$383,000 Net Loss for Second Quarter 2006
KANA SOFTWARE: Files Registration Statement for Stock Sale
KEYCHAIN LIMITED: Taps Lloyd Biscoe to Liquidate Assets
KINDRACE LIMITED: Appoints Liquidators from Harrisons
LABOUR FORCE: Gagen Dulari Sharma Leads Liquidation Procedure

LEAFORD CONSTRUCTION: Names Anthony David Kent Liquidator
LEIGH ELECTRICAL: Creditors' Meeting Slated for September 21
LET'S HAVE IT: Creditors' Meeting Slated for September 29
M F TOOLS: Brings In Liquidators from Dains
MADISONS DELI: Appoints H. J. Sorsky to Liquidate Assets

METAFOR LIMITED: Taps Tony Mitchell to Liquidate Assets
MIDLAND BUILDING: Creditors Confirm Voluntary Liquidation
NURSERY RESTAURANT: Joint Liquidators Take Over Operations
OAKMACE SYSTEMS: Nominates C. M. Iacovides as Liquidator
OPTIMUM PERSONNEL: Taps Begbies Traynor to Liquidate Assets

ORGANIC EVOLUTION: Hires Joint Liquidators from Baker Tilly
P & R MARKETING: Creditors Confirm Liquidator's Appointment
PHOENIX TAPES: Calls In Liquidator from Elwell Watchorn
PREMIER FOODS: Terminates United Biscuits' Acquisition Plan
PREMIER FOODS: Repays GBP450-Million Bridge Facility in Full

PROTEC MOTOR: Brings In Joint Administrators from F A Simms
QUIDDINGTON REVELL: Creditors Confirms Liquidator's Appointment
RAPHAEL EXECUTIVE: Names Louise Donna Baxter Liquidator
S P BEATON: Passes Resolution for Voluntary Liquidation
SAMSONITE CORP: Posts US$6-Mln Net Loss in Second Quarter 2006

SAMSONITE CORP: Moody's Places Low-B Ratings Under Review
SECURE WINDOW: Creditors Confirm Liquidators' Appointment
SOUTHERN PACIFIC: Fitch Affirms BB Ratings on Class E Tranches
SUPARAMA SUPAMONKEY: Hires Ian Franses to Liquidate Assets
TBL MARINE: Calls In Joint Liquidators from Acre House

THERMAL SOLUTIONS: Names Graham Lindsey Down Liquidator
TOTAL CONVEYOR: Hires Liquidators from Jacksons Jollife Cork
TOTAL FABRICS: Taps Liquidation from Begbies Traynor
UNITED BISCUITS: Completes Sale of European Unit to Kraft Foods
WAYNE KEEPIN: Nominates Alun Evans as Liquidator

WESCO AIRCRAFT: Moody's Rates First Lien Credit Facility at Ba3
WHITEFIELD PLANT: Names Liquidator from Begbies Traynor
YORKSHIRE QUADS: Creditors Confirm Liquidator's Appointment

* Moody's Eyes New Covenant Research & Assessment Framework

* BOOK REVIEW: Panic on Wall Street: A History of America's
               Financial Disasters

                            *********

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


EAT AND BEAT: Creditors' Meeting Slated for October 2
-----------------------------------------------------
Creditors owed money by LLC Eat and Beat Gastro (FN 267063s) are
encouraged to attend the creditors' meeting at 10:50 a.m. on
Oct. 2 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Brixental, Austria, the Debtor declared
bankruptcy on July 31 (Bankr. Case No. 19 S 79/06z).  Peter
Planer serves as the court-appointed property manager of the
bankrupt estate.  Gerhard Thaler represents the Debtor in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Peter Planer
         Klostergasse 1
         Villa Margit
         6370 Kitzbuehel, Austria
         Tel: 05356/66883
         Fax: 05356/668844
         E-mail: p.planer@aon.at

The Debtor's representative can be reached at:

         Dr. Gerhard Thaler
         Larch Way 14
         6322 Kirchbichl, Germany
         Tel: 05332/77625
         Fax: 05332/76185
         E-mail: thaler.gerhard@aon.at


IGENEON: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered an order on July 26 shutting
down the business of LLC Igeneon (FN 181136b).  Court-appointed
property manager Herbert Hochegger determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna, Austria
         Tel: 505 78 61
         E-mail: office@hoch.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 18 (Bankr. Case No. 2 S 121/06s).  Bernhard Eder
represents Dr. Hochegger in the bankruptcy proceedings.


KANA SOFTWARE: Forms Financial Services Vertical Sales Team
-----------------------------------------------------------
KANA Software Inc. disclosed a series of organizational changes
in its global sales and service operations, which will enable
the company to accelerate its revenue growth and meet aggressive
sales targets worldwide.

In order to build upon its tremendous growth and customer
adoption within the financial services market, KANA has
established a global financial services vertical sales team.

Daniel Turano, a seasoned veteran, joins KANA as the newly
appointed Vice President of Global Financial Services and will
work to build a sales team that is focused specifically on
financial services accounts worldwide.

As part of Mr. Turano's expanding financial services group,
Lindsay McEwan has joined KANA as the regional sales manager for
financial services in the United Kingdom, bringing ten years of
direct sales and management experience within the investment
banking, retail and capital markets vertical along with senior
relationships with large financial institutions.

"As a strategic alliance partner, we are very pleased and
excited about KANA's new financial services initiative.  With
KANA's increased focus and investment in Financial Services, our
joint relationship will further accelerate the delivery of
market leading solutions to Financial Services organizations,"
said Mark Greene, Vice President, IBM Financial Services Sector.

                  Enhancing Worldwide Sales Team

Bill Rowe, who joined the organization in January, will expand
his current role with a promotion to Senior Vice President of
Worldwide Sales and Service.  Mr. Rowe has been responsible for
KANA's sales and professional services operations in the
Americas region and will now expand that role to include Europe
and Asia. Alf Saggese, Senior Vice President of Sales & Service
for International Operations, will report into Mr. Rowe.

Eric Ward will move into the role of Western Region Sales
Director, with responsibility for expanding sales and services
as well as continuing to build strong customer relationships.

Edwin Kuhn will join KANA as the Eastern Region Sales Director.
Mr. Kuhn has nineteen years of sales experience, most recently
having served as the Identity Management (IDM) Sales Manager at
Oracle Corporation, receiving recognition as the top IDM sales
representative of the year.

Both the Western and Eastern Region Sales Directors will report
to Bill Rowe.

In order to fully capitalize on the tremendous market
opportunity stemming from rapid adoption of eService channels,
KANA is expanding its worldwide sales organization and by the
end of 2006 the Company will have doubled its sales force over
the year ended 2005.  As a result of this significant
organizational expansion, KANA will have the necessary resources
in place to ensure excellent customer service, pursue new
transactions as well as focus on cultivating cross-sell and up-
sell opportunities within its extensive install base.  With more
than 600 customers, including approximately half of the world's
100 largest companies, KANA is in an exceptional position to
fuel its continued financial growth and success through this
sales approach.

"Elevating and expanding a worldwide sales team is an exciting
initiative for any company. KANA has seen a substantial increase
in demand for its multi-channel customer service solutions,
especially in the financial services industry.  This expansion
is not only exciting but necessary for us to stay ahead of
market demand as well as continue to give our customers the high
levels of service and support they have come to expect," said
Bill Rowe, Senior Vice President of Worldwide Sales and Service,
KANA.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

                          About KANA

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe, including Austria, Germany, the Netherlands
and the United Kingdom.


KANA SOFTWARE: Posts US$383,000 Net Loss for Second Quarter 2006
----------------------------------------------------------------
KANA Software Inc. reported a net loss in accordance with
generally accepted accounting principles of US$383,000, for the
quarter ended June 30, 2006, versus a GAAP net loss of
US$1.9 million for the quarter ended June 30, 2005.

The Company reported a GAAP net loss of US$1.5 million for the
six months ended June 30, 2006, versus a GAAP net loss of
US$15.7 million for the six months ended June 30, 2005.

KANA's total revenues for the quarter ended June 30, 2006 were
US$14.5 million, including license revenues of US$5.9 million.  
These revenue numbers represent increases of 36% in total
revenue and 150% in license revenue over the second quarter
2005.  This is KANA's fifth consecutive quarter of total revenue
growth.

KANA's total revenues for the six months ended June 30, 2006
were US$26 million, including license revenues of US$8.8
million.  These revenue numbers represent increases of 25% and
125%, respectively, from the total and license revenue numbers
reported for the six months ended June 30, 2005.

"We are very pleased with our second quarter results, as they
reflect the significant strides KANA has made over the last year
to streamline the organization and focus on its core
competencies," said Michael Fields, chief executive officer of
KANA.  "KANA's consistent revenue growth over the last five
quarters is indicative of the overall market demand for multi-
channel customer service software.  More importantly, though,
it's a testament to the depth and scalability of our solutions,
the quality and commitment of our people and the mission and
focus of our company.  As a result, KANA is well positioned for
profitability and continued success and leadership in the multi-
channel customer service market."

Based on the demand the Company is seeing and anticipating for
its multi-channel customer service solutions with new and
existing customers and integrator partners, KANA expects that
total revenues for 2006 will range between US$56 million and
US$58 million. This represents a growth of 30% to 34% percent
over 2005 total revenues.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

                          About KANA

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe, including Austria, Germany, the Netherlands
and the United Kingdom.


KANA SOFTWARE: Files Registration Statement for Stock Sale
----------------------------------------------------------
KANA Software Inc. filed with the U.S. Securities and Exchange
Commission on Sept 8, a registration statement on Form S-1
relating to the offer and sale of up to 5,277,665 outstanding
shares of the common stock and 2,393,233 shares of common stock
that may be issued on the exercise of outstanding warrants by:

     * NightWatch Capital Partners, LP;
     * NightWatch Capital Partners II, LP; and
     * RHP Master Fund, Ltd.

including an additional 478,647 shares of common stock of which
may be issued on the exercise of the warrants that may be issued
upon the occurrence of an event of dilution resulting from stock
splits, stock dividends or similar transactions or change in the
exercise price by the selling stockholders.

KANA will not receive any of the proceeds from the sales by the
Selling Stockholders of the shares covered by the September 8
prospectus.  The Company will pay the expenses related to the
registration of the Shares covered by this prospectus.  The
Selling Stockholders will pay commissions and selling expenses,
if any, incurred by them.

As of Aug. 31, 2006, there were 34,517,637 shares of common
stock outstanding and issued, excluding shares exercisable under
warrants that KANA has issued.  The Shares offered in the
prospectus, represents 22.2% of the total outstanding and issued
shares of the Company's common stock as of Aug. 31, 2006,
excluding shares exercisable under warrants that the Company has
issued.

A full-text copy of the prospectus is available for free at
http://researcharchives.com/t/s?11a0

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

                          About KANA

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe, including Austria, Germany, the Netherlands
and the United Kingdom.


LEDERER: Wiener Neustadt Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Wiener Neustadt entered an order on July 26
shutting down the business of Construction LLC Lederer (FN
52237w).  Court-appointed property manager Rudolf Vogrin
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager and his representative can be reached at:

         Mag. Rudolf Vogrin
         c/o Dr. Andreas Wippel
         Triesterstrasse 15
         2620 Neunkirchen, Austria
         Tel: 02635/62860
         Fax: 02635/6286114
         E-mail: kanzlei.wippel@aon.at            

Headquartered in Enzenreith, Austria, the Debtor declared
bankruptcy on June 16 (Bankr. Case No. 11 S 58/06z).  Andreas
Wippel represents Mag. Vogrin in the bankruptcy proceedings.


MEINVORTEIL: Claims Registration Period Ends October 9
------------------------------------------------------
Creditors owed money by LLC meinVORTEIL (FN 269892a) have until
Oct. 9 to file written proofs of claims to court-appointed
property manager Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: annemarie.kosesnik-wehrle@kosesnik-langer.at   
                 stefan.langer@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Oct. 23 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 45 S 52/06k).  The Trade Court of
Vienna ordered to shut down the Debtor's business on Aug. 25.


PERSONALBEREITSTELLUNG: Klagenfurt Court Closes Business
--------------------------------------------------------
The Land Court of Klagenfurt entered an order on July 26 closing
the business of KEG Personalbereitstellung Kollmann (FN
253825y).  Court-appointed property manager Heinz Sacher
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Heinz Sacher
         Freidlgasse 12
         9400 Wolfsberg, Austria
         Tel: 04352/3441
         Fax: 04352/3441-16
         E-mail: ra.sacher@aon.at              

Headquartered in Wolfsberg, Austria, the Debtor declared
bankruptcy on June 22 (Bankr. Case No. 40 S 49/06f).  


REIXNER GASTRONOMIE: Wiener Neustadt Court Shuts Down Business
--------------------------------------------------------------
The Land Court of Wiener Neustadt entered an order on July 26
shutting down the business of LLC Reixner Gastronomie (FN
211080m).  Court-appointed property manager Edwin Stangl
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager can be reached at:

         Mag. Edwin Stangl
         Neunkirchner Str. 34/7
         2700 Wiener Neustadt,, Austria
         Tel: 02622/84714
         Fax: 02622/84714-22
         E-mail: anwaelte@stangl-ferstl.com               

Headquartered in Sollenau, Austria, the Debtor declared
bankruptcy on July 11 (Bankr. Case No. 10 S 63/06b).  


WIDL & MAYRHOFER: Salzburg Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Salzburg entered an order on July 26 shutting
down the business of KEG Widl & Mayrhofer (FN 20011d).  Court-
appointed property manager Christian Adam determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Christian Adam
         Sigma -Haffner-Gasse 3
         5020 Salzburg, Austria
         Tel: 0662-841222-0
         Fax: 0662-841222-6
         E-mail: office@ra-adam.at

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on July 14 (Bankr. Case No. 44 S 27/06d).  


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B E L G I U M
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SAMSONITE CORP: Posts US$6-Mln Net Loss in Second Quarter 2006
--------------------------------------------------------------
Samsonite Corp. reported revenues for the six months ended
July 31, 2006, of US$498.5 million compared to revenues of
US$468.9 million during the same six-month period in the prior
year.

Operating income for the first six months of the year was
US$33.1 million compared to US$40.2 million during the prior
year period.  Operating income for the first six months of the
year was affected by charges of US$4.9 million for the write-off
of deferred offering costs related to a postponed secondary
stock offering and US$4.4 million for operational restructuring
activities and associated asset impairment.

Loss to common stockholders before the cumulative effect of an
accounting change for the first six months of the year was
US$6.4 million, or US$0.03 per share, which compares to net
income of US$2.6 million, or US$0.01 per share, during the prior
year period.  Net income (loss) to common stockholders included
charges of US$7.8 million in the current year period and US$7.3
million in the prior year period for preferred stock dividends.

For the second quarter of fiscal year 2007, revenues were
US$257.5 million, operating income was US$13.9 million and net
loss to common stockholders was US$6.0 million or US$0.03 per
common share.  These results compare to revenues of US$236.5
million, operating income of US$18.0 million and net loss to
common stockholders of US$1.3 million, or a loss of US$0.01 per
share, for the second quarter of the prior year.

Adjusted EBITDA (earnings before interest expense, taxes,
depreciation and amortization adjusted for preferred stock
dividends, certain items of other income and expense, minority
interests, stock offering costs, restructuring charges, asset
impairment charges, stock-based compensation expense, ERP
project expenses, and to include realized currency hedge gains
and losses), for the first six months of the current year was
US$59.9 million versus US$55.7 million for the same period in
the prior year.  Included in the prior year results was US$3.2
million of revenue and Adjusted EBITDA from the sale of an
apparel trademark for the U.S. market.  Adjusted EBITDA was
US$30.7 million for the second quarter compared to US$26.6
million for the second quarter of the prior year.

Chief Executive Officer, Marcello Bottoli, stated: "I'm very
pleased with the Company's progress on its major initiatives.
Sales growth during the quarter was a robust 8.5% on a constant
currency basis with solid progress in each major region.  During
the second quarter, the Company also acquired controlling
interests in three companies: we entered into a majority-owned
joint venture with our Thailand distributor; we acquired a
majority interest in the operations of our Australian
distributor; and in the U.S. we acquired a majority interest in
Lambertson Truex, a premier luxury handbag and shoe designer
label.  These investments mark continued progress in the
implementation of our long-term business plan."

Richard Wiley, Chief Financial Officer, commented: "The
Company's strategy of streamlining its operations while
achieving top line growth is resulting in increased Adjusted
EBITDA.  Driven by price increases and lower fixed manufacturing
and direct product cost, second quarter gross profit margins
improved 140 basis points over the prior year to 50.2% and
second quarter Adjusted EBITDA increased to US$30.7 million, or
15.3% over the prior year quarter.  The improvement in gross
margins has been achieved well ahead of our long-term gross
margin target of 50%.  The Company's working capital efficiency
and capital structure also continue to improve.  In the last
twelve months, average net working capital efficiency improved
330 basis points over the prior year second quarter to 15.7% of
sales and the Company repurchased and retired US$10.0 million in
Senior Subordinated Notes during the quarter."

                        About the Company

Samsonite Corporation (OTCBB: SAMC.OB) -
http://www.samsonite.com/-- -- designs, manufactures and  
distributes luggage, casual bags, business cases and travel
related products throughout the world.  The Company also
licenses its brand names and is involved with the design and
sale of apparel.

                        *     *     *

Moody's Investors Service placed the long-term ratings of
Samsonite Corporation, under review for possible upgrade.  The
review was triggered by the sustained improvement in the
company's operating performance and credit metrics, which has
been largely driven by:

   -- management's strategy to drive profitable growth through
geographic expansion, new product development, and brand
building,

   -- ongoing cost reduction initiatives, and

   -- improved cash flow generation as a result of better
efficiencies and working capital management.


SAMSONITE CORP: Moody's Places Low-B Ratings Under Review
---------------------------------------------------------
Moody's Investors Service placed the long-term ratings of
Samsonite Corp., under review for possible upgrade.  The review
was triggered by the sustained improvement in the company's
operating performance and credit metrics, which has been largely
driven by:

   -- management's strategy to drive profitable growth through
geographic expansion, new product development, and brand
building,

   -- ongoing cost reduction initiatives, and

   -- improved cash flow generation as a result of better
efficiencies and working capital management.

The review for upgrade will focus on:

   -- the sustainability of Samsonite's success under the
operating and financial plan;

   -- the impact of recent growth initiatives on overall
earnings and cash flow stability; and

   -- management's future financial policy as it relates to debt
reduction, acquisitions, and shareholder initiatives,
including the completion of the potential US$300 million
common stock offering in exchange for its existing
preferred shares.

Ratings placed on review for possible upgrade are:

* Samsonite Corporation

   -- B1 corporate family rating;

   -- B1 on the senior unsecured notes; and

   -- B3 on the 8.875% subordinated notes.

Samsonite manufactures, markets and distributes luggage and
travel-related products.  The company's owned and licensed
brands, including Samsonite, American Tourister, Trunk & Co,
Sammies, Hedgren, Lacoste and Timberland, are sold globally
through external retailers and 284 company-owned stores.  Net
sales for the twelve-month period ended April 30, 2006 were
US$976 million.  Executive offices are located in London,
England.


=============
C R O A T I A
=============


AGROKOR D.D.: Restructuring Spurs Moody's to Change Outlook
-----------------------------------------------------------
Moody's changed the outlook of the B2 corporate family rating of
Agrokor D.D. to positive.

The change in outlook reflects:

   -- the company's recent initiatives to improve the structure
of its balance sheet, notably by extending its debt
maturity profile with longer-dated instruments to
alleviate short-term refinancing risk;

   -- the cash injection and broadening of the shareholder base
following the recently-announced equity participation of
the EBRD, with which financial targets as well as
corporate governance policies have been agreed; and

   -- a strengthening business profile which should enable
management to improve the financial profile of the company
as it consolidates past acquisitions.

In July 2006 Agrokor repaid its EUR230 million Eurobond maturing
2007 and replaced it with a 5-year syndicated loan (EUR325
million) and bridge facility (EUR150 million) with better terms,
while lengthening its debt maturity profile.  

In addition, the EBRD injected EUR110 million in equity capital
in Agrokor for an 8.33% stake in the company, of which EUR90
million was used to pay down debt.  The EBRD, as the sole
external shareholder (Mr. Ivica Todoric continues to retain
91.67% of the company), will be represented on the Supervisory
Board, and participate in approving acquisitions.

Agrokor's strong top line growth continues to be fueled by
organic growth coupled with the integration of past
acquisitions.  The EBITDA margin in the twelve months to
June 30, 2006 was at 7.2%, lower than in earlier years as the
company has transitioned from being a food company to largely a
food retailer.  Margins are expected to benefit from the
consolidation of recent acquisitions.  

The company's free cash flow, however, remains negative on
account of the growth in working capital and capital
expenditures to fund growth, although Moody's expects the
company to pursue a less aggressive acquisition strategy.  The
current positive outlook therefore does not factor in any major
acquisitions.

The refinancing and capital injection have improved the
company's liquidity and significantly reduced short-term
liabilities.  The company reports approximately HRK300 million
in cash on hand (c. EUR41 million) in addition to HRK800 million
(EUR110 million) in undrawn committed facilities.

The positive outlook reflects the company's recent success in
restructuring and lengthening its debt profile, the EBRD equity
participation, and greater clarity with regards to financial
policies and governance.

Moody's believes that any deleveraging is likely to be achieved
through top line growth and stronger operating cash flows rather
than a reduction in nominal debt, as both working capital and
capex continue to absorb substantial cash.  Adj. Total
Debt/EBITDA in the year to June 30, 2006 was at 4.87x, although
this is expected to be slightly lower after the debt paydown
using EBRD funds.

Should the company achieve a deleveraging to around 4x on a
sustainable basis, while improving its operating cash flows
through stabilization in working capital, which is expected in
the current year, the rating could be revised upward.  
Alternatively, if the company were to resume its past level of
acquisitions and increase adjusted leverage to above 5x, this
would likely lead to a reconsideration of the positive outlook.

Agrokor, based in Zagreb, Croatia, is the largest food producing
and retailing group in Croatia and the largest privately owned
company in the country.  Agrokor D.D., the parent and holding
company, is majority owned by Ivica Todoric, the founder of the
Group.  In the twelve months to June 30, 2006 the company
reported revenues of HRK 13.76 billion (EUR1.9 billion) and
EBITDA of HRK987.8 million (c. EUR136 million).


=============
F I N L A N D
=============


METSO CORP: Inks EUR100 Million Supply Pact with Guangzhou Paper
----------------------------------------------------------------
Metso Paper, a subsidiary of Metso Corp., will supply Guangzhou
Paper in Guangdong province, China, with a close to 400,000 tpy
printing paper production line.  Start-up is scheduled for end
of 2007.  The total value of the order is well over EUR100
million.

The single-supplier delivery will include a complete 10.2-m-wide
(wire), 2,000 m/min (design) OptiConcept paper machine, a parent
reel cart, two winders and a roll wrapping machine, together
with related stock preparation equipment, wet end chemical
preparation and air systems.

Metso Automation will supply an extensive automation package,
including machine, process and quality controls, systems for
runnability and condition monitoring, and a system for web
runnability monitoring.

Guangzhou Paper is one of China's oldest and most respected
newsprint makers.  It is also the site of Metso Paper's first
paper machine delivery to the People's Republic of China, 50
years ago.  Currently the company operates five newsprint
machines with a combined capacity of 470,000 tpy.  The Metso-
supplied OptiConcept PM 1 was successfully started up in May
2006.  Recently Guangzhou Paper placed an order with Metso Paper
for an extensive rebuild of the mill's PM 8.

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *
  
The Company's 5-1/8% Senior Notes due 2009 carry Moody's  
Investors Service's Ba1 rating and Standard & Poor's BB rating.


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


AGENS ENGINEERING: Claims Registration Ends October 1
-----------------------------------------------------
Creditors of AGENS Engineering GmbH have until Oct. 1 to
register their claims with court-appointed provisional
administrator Stephan Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 AGENS Engineering GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AGENS Engineering GmbH
         Oskar-Messter-Str. 25
         85737 Ismaning, Germany

The administrator can be contacted at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich, Germany
         Tel: 089/361930-750
         Fax: 089/361930-999


BRAMBACH GEBAUDEREINIGUNG: Claims Registration Ends October 2
-------------------------------------------------------------
Creditors of Brambach Gebaudereinigung GmbH have until Oct. 2 to
register their claims with court-appointed provisional
administrator Christian Frystatzki.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Room W 1.24 C
         William Route 21
         53111 Bonn, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bonn opened bankruptcy proceedings against
Brambach Gebaudereinigung GmbH on Aug. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Brambach Gebaudereinigung GmbH
         Johannesstr. 19
         53721 Siegburg, Germany

         Attn: Michael Wellmann, Manager
         Sand 8
         53773 Hennef, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Road 94 a
         53225 Bonn, Germany
         Tel: 0228/ 40 09 40
         Fax: 0228/ 40 09 479


BUSCH GMBH: Creditors' Meeting Slated for October 5
---------------------------------------------------
The court-appointed provisional administrator for Busch GmbH
Sanitar- und Gasheizungstechnik, Bernd Peters, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:30 a.m. on Oct. 5.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Dec. 21 at the same
venue.

Creditors have until Nov. 7 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings Busch
GmbH Sanitar- und Gasheizungstechnik on Aug. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Busch GmbH Sanitar- und Gasheizungstechnik
         Waller Army Route 219
         28219 Bremen, Germany

         Attn: Sven Busch, Manager
         Upper Borg 118A
         28357 Bremen, Germany

The administrator can be reached at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen, Germany
         Tel: 0421/2440090
         Fax: 0421/24400929


CARRE VERTRIEBS: Claims Registration Ends September 29
------------------------------------------------------
Creditors of "Carre" Vertriebs-GmbH have until Sept. 29 to
register their claims with court-appointed provisional
administrator Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 1 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 "Carre" Vertriebs-GmbH on Aug. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         "Carre" Vertriebs-GmbH
         Waitzstrasse 16-18
         22607 Hamburg, Germany

         Attn: Klaas-Olaf Joachim Ernst, Manager
         Avenariusstrasse 16
         22587 Hamburg, Germany

The administrator can be contacted at:

         Joern Weitzmann
         Arnold-Heise-Road 9
         20249 Hamburg, Germany
         Tel: 460797-0
         Fax: 460797-25


ELG GEBAUDETECHNIK: Claims Registration Ends October 1
------------------------------------------------------
Creditors of ELG Gebaudetechnik GmbH have until Oct. 1 to
register their claims with court-appointed provisional
administrator Rolf G. Pohlmann.

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 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 ELG Gebaudetechnik GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ELG Gebaudetechnik GmbH
         Klausnerring 15
         85551 Heimstetten, Germany

The administrator can be contacted at:

         Rolf G. Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich, Germany
         Tel: 089/548033-0
         Fax: 089/548033-111


ERNST SCHILLING: Creditors' Meeting Slated for September 29
-----------------------------------------------------------
The court-appointed provisional administrator for Ernst
Schilling GmbH & Co KG, Sandra Mitter, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on Sept. 29.

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

         The District Court of Goettingen
         Hall B 8
         Berliner Road 8
         37073 Goettingen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Oct. 20 at the same
venue.

Creditors have until Sept. 30 to register their claims with the
court-appointed provisional administrator.

The District Court of Goettingen opened bankruptcy proceedings
Ernst Schilling GmbH & Co KG on July 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ernst Schilling GmbH & Co KG
         Attn: Heinz Juergen Schilling, Manager         
         Hedemuendener Road 15
         34346 Hann, Germany

The administrator can be reached at:

         Sandra Mitter
         Wilhelmshoeher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166311
         Fax: 0561/3166312


FRIEDRICH-MULTIFORMA: Claims Registration Ends September 29
-----------------------------------------------------------
Creditors of Friedrich-Multiforma-Vertriebs GmbH have until
Sept. 29 to register their claims with court-appointed
provisional administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany    
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Friedrich-Multiforma-Vertriebs GmbH on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Friedrich-Multiforma-Vertriebs GmbH
         Attn: Kaarlo Friedrich, Manager        
         Robert-Bosch-Str. 12
         61184 Karben, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Schumannstrasse 34b
         60325 Frankfurt/Main, Germany
         Tel: 069/74748980
         Fax: 069/747489810


HERMANN HEINZ: Claims Registration Ends October 2
-------------------------------------------------
Creditors of Hermann Heinz Baugeschaft GmbH have until Oct. 2 to
register their claims with court-appointed provisional
administrator Frank Bassermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe, 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 Karlsruhe opened bankruptcy proceedings
against Hermann Heinz Baugeschaft GmbH on Aug. 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hermann Heinz Baugeschaft GmbH
         Attn: Markus Heinz, Manager     
         Katzentach 8
         76275 Ettlingen, Germany

The administrator can be contacted at:

         Frank Bassermann
         Lorenzstr. 29
         76135 Karlsruhe, Germany
         Tel: 0721/160080


HOME BETREUTES: Claims Registration Ends October 4
--------------------------------------------------
Creditors of HOME Betreutes Wohnen gemeinnuetzige GmbH have
until Oct. 4 to register their claims with court-appointed
provisional administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 1 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against HOME Betreutes Wohnen gemeinnuetzige GmbH on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         HOME Betreutes Wohnen gemeinnuetzige GmbH
         Attn: Traugott Kemmesies, Manager         
         Pestalozzistr. 17
         08371 Glauchau, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Emil-Eichhorn-Str. 1
         D-06114 Halle, Germany
         Tel: 0345/530490
         Fax: 0345/5304926


PROVIDE HOME: Fitch Affirms BB Rating on Class E Tranche
--------------------------------------------------------
Fitch Ratings placed two tranches of Provide Home 2001-1 PLC on
Rating Watch Negative following continued poor collateral
performance and limited information as to the nature of
defaulted reference claims.

The remaining three tranches from this transaction have been
affirmed.  Fitch also affirmed 12 tranches of Provide Home 2002-
1 PLC and Process Home 2003 PLC.  All three deals are originated
by Aareal Bank AG.

The rating actions are:

Provide Home 2001-1:

   -- Class A+ (ISIN XS0139884711) affirmed at AAA;
   -- Class A (ISIN XS0139881451) affirmed at AAA;
   -- Class B (ISIN XS0139885015) affirmed at AA;
   -- Class C (ISIN XS0139885361) A on RWN; and
   -- Class D (ISIN XS0139885957) BBB on RWN.

Provide Home 2002-1:

   -- Class A1+ (ISIN XS0152406103) affirmed at AAA;
   -- Class A2+ (ISIN XS0152407176) affirmed at AAA;
   -- Class B (ISIN XS0152408497) affirmed at AA;
   -- Class C (ISIN XS0152408570) affirmed at A;
   -- Class D (ISIN XS0152408737) affirmed at BBB; and
   -- Class E (ISIN XS0152408901) affirmed at BB.

Process Home 2003:

   -- Class A+ (ISIN XS0182067735) affirmed at AAA;
   -- Class A (ISIN XS0182068113) affirmed at AAA;
   -- Class B (ISIN XS0182068386) affirmed at AA;
   -- Class C (ISIN XS0182068543) affirmed at A;
   -- Class D (ISIN XS0182068972) affirmed at BBB; and
   -- Class E (ISIN XS0182069350) affirmed at BB.

Fitch has been monitoring the performance of these German
residential mortgage-backed securities closely throughout 2006
as the agency has been concerned with the increasing level of
reported defaulted reference claims, particularly in PH1.  

Fitch has been requesting additional data from Aareal and in the
absence of further information being received would have
downgraded Class C and Class D of PH1.  The agency now expects
to receive additional data from Aareal shortly and as a
consequence, Class C and Class D have been placed on RWN pending
further analysis of the information to be received.  Fitch
expects to resolve the RWN on completion of this analysis at
which point further comment will be made.

The additional data are expected to include a breakdown of the
current status of the loans in default or classed as credit
events.  For example, if the property is in the restructuring
stage, if foreclosure is scheduled and also if the foreclosure
is complete.  The information to be received will allow an
analysis of the non-performing loans within the portfolio.

At the August interest payment date, 7.05% of loans were
reported as being defaulted reference claims.  However, to date,
Fitch has been unable to determine to what extent this reported
figure is non-performing, given that all claims defined as
defaulted, even if they have subsequently become performing
again, remain in this category.

The level of credit events in this transaction has remained
relatively stable and currently account for 0.62% of the
outstanding balance.  A credit event is defined as bankruptcy of
the borrower or failure to pay.  Failure to pay is defined as
amounts due not having been paid within 120 days of the due
date, subject to certain minimum limits.  In the event that a
credit event is not remedied, defaulted reference claims are
deemed to be where a credit event has occurred and the trustee
has been notified.

Reported losses for PH1 have remained remarkably low, which
suggests that maybe not all of the defaulted loans remain non-
performing.  To date, only 0.01% of losses have crystallized.
Currently EUR61.32 million are reported as defaulted claims.

PH1 has a high proportion of loans secured on properties that
Fitch considers to be key drivers of default.  According to the
latest investor report, 19.48% of the portfolio is secured on
multi-family housing and 42.34% is secured on investment
properties.  The agency will be particularly concentrating on
proportions of such features in defaulted reference claims in
its analysis, which are expected to be higher than proportions
in the portfolio as a whole.

Further, Fitch expects the 33.92% of loans that are second-lien
will have a significant impact on loss severities.  All first
liens must be paid in full before any recovery proceeds can flow
to the second-lien.  Given that second-lien claims rank junior
to the first lien, in terms of the distribution of enforcement
proceeds, lower recoveries and higher loss severities can be
expected.

Given the seasoning of the PH1 portfolio at 9.8 years, it is
amortizing relatively slowly compared to other German RMBS
transactions, with an average principal payment rate of 11.39%.  
This means that the deal has not de-leveraged as quickly as
other deals with credit enhancement rates building relatively
slowly. Overall 39% of the note principal has repaid to date.

PH2 is performing better than its predecessor.  Current
delinquencies, defined as two months or more in arrears account
for 1.04% of the outstanding balance, compared to 2.23% in PH1.
Aggregate credit events account for 0.24% in the later
transaction, and defaulted reference claims account for 3.71% of
the outstanding portfolio balance.  No losses have yet been
reported.  

The proportion of second-lien loan in the portfolio is
considerably lower than that of PH1. Given this, loss severities
can be expected to be lower in this transaction.  The portfolio
has amortized approximately 40%, at an average principal payment
rate of 10.37% per annum, which like PH1 is relatively low for
the German RMBS sector as a whole.  Consequently, there has been
an increase in credit enhancement levels for all tranches;
however, this has been relatively slow given the PPR.

Process Home 2003 transaction consists of three sub-portfolios.
Total delinquencies account for 2.04%, while aggregate credit
events and defaults are currently at 0.36% and 3.09% of the
outstanding balance respectively.  Although they continue to
show a rise since closing in December 2003, the rate at which
they are increasing remains less than PH1 and PH2 at the same
stage of transaction life.

Almost 35% of the portfolio has amortized since closing, largely
resulting from repayments and pre-payments in the commercial and
multi-family sub-portfolios.  This has had a beneficial impact
in increasing the current credit enhancement available to the
outstanding rated notes.


UNI-STEIN: Claims Registration Ends October 2
---------------------------------------------
Creditors of Uni-Stein Baustoffhandel GmbH i. L. have until
Oct. 2 to register their claims with court-appointed provisional
administrator Christian Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Tostedt
         Area CE.02
         Linden 23
         21255 Tostedt, 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 Tostedt opened bankruptcy proceedings
against Uni-Stein Baustoffhandel GmbH i. L. on Aug. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Uni-Stein Baustoffhandel GmbH i. L.
         Attn: Wolfgang Taeger, Liquidator
         Kantstr. 6 a
         2l62l Neu Wulmstorf, Germany

The administrator can be contacted at:

         Christian Scholz
         Heuberg 1
         20354 Hamburg, Germany
         Tel: 040/3501690
         Fax: 040/35016915


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


FIAT SPA: Acquires Vehicle-Related Business of Yuejin Motor
-----------------------------------------------------------
Naveco Iveco, a unit of Fiat S.p.A., signed a joint venture
agreement with Nanjing Automotive Corp. where Naveco acquires
the commercial vehicle-related business of Yuejin Motor Corp.,
controlled by NAC.

The Joint Venture contract has been signed in the presence of
the President of the Council of Ministers of the Republic of
Italy, Romano Prodi, of the Governor of Jiangsu Province, Liang
Baohua, of the President of the Italian Confederation of
Industry and of Fiat Group, Luca Cordero di Montezemolo and of
the CEO of the Fiat Group, Sergio Marchionne.

"Naveco's acquisition of Yuejin Motor Company completes Iveco's
strategy of having a full range of commercial vehicles in China
which, in addition to the vehicles we have mentioned, will also
comprehend heavy vehicles to be produced in Chongqing under a
long-term cooperation with SAIC Motor Corporation," Paolo
Monferino, Iveco CEO disclosed.

Naveco currently manufactures over 20,000 commercial vehicles
per year.  Through the new Naveco, Iveco will participate in the
Chinese market's high-volume segments of light and medium
commercial vehicles for goods transport.  The new Naveco's
anticipated volumes at start-up will be about 70,000 units per
year.  The medium-term plan envisages a further increase up to
100,000 units.

The new Naveco will couple the current production of the high-
grade commercial vehicle Daily with the current Yuejin range,
the latter currently undergoing an aggressive product
improvement plan through the introduction of Iveco technologies.
This plan will bring substantial enhancements to the Yuejin
products that will be gradually equipped with Iveco components
and engines compliant with future emission requirements.

The Iveco activities in China date back to the mid- 1980s with
the launch of light commercial vehicles based on the Daily
platform.  These vehicles were produced by the newly established
Joint Venture NAC-Iveco, called Naveco, whose current product
range is positioned in the high-end, premium market segment,
mainly focused upon passenger transport, but limited in terms of
volumes.

                          About Naveco

Naveco Ltd., a Sino-Italian Joint Venture established by Nanjing
Automotive Corporation and Iveco, is a light commercial vehicle
and engine manufacturer.  The JV's product offerings comprise
more than 200 models in 6 segments, from 3 to 6 tons, including
light and medium buses, military off-road vehicles, and special
vehicles. Over the years, the company has built up a reliable
and effective quality system certified in accordance with
several international quality standards.

                 About Yuejin Motor Corporation

Yuejin Motor Corporation is one of the largest automotive
enterprises in China.  At present, Yuejin Motor Corporation
possesses an annual production capacity of 180,000 vehicles of
various models and oversees three major vehicle production
bases, namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat.

                           About Iveco

Iveco designs, manufactures, and sales a broad range of light,
medium and heavy commercial vehicles, off-road trucks, city and
intercity buses and coaches as well as special vehicles for
applications such as fire fighting, off-road missions, defence
and civil protection.  Iveco employs 32,000 people and runs 43
production units in 18 Countries in the world using excellent
technologies developed in 15 research centres.  Besides Europe,
the company operates in China, Russia, Turkey, Australia,
Argentina, Brazil, and South Africa.  

                        About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported in TCR-Europe on Aug. 8, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Italian
industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the same
time, Standard & Poor's affirmed its 'B' short-term rating on
Fiat.  S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


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


4K: Creditors Must File Claims by Oct. 10
-----------------------------------------
LLP 4K has declared insolvency.  Creditors have until Oct. 10 to
submit written proofs of claim at:

         LLP 4K
         Shevchenko Str. 5-19
    Almaty, Kazakhstan  
    Tel: 8 (3272) 91-71-59


DOSKEN: Creditors Must File Claims by Oct. 10
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Dosken insolvent on July 13.

Creditors have until Oct. 10 to submit written proofs of claim
to:
         
         LLP Dosken
         Micro District Samal, 15-29
    Taldykorgan
    Almaty Region
    Kazakhstan
    Tel: 8 (3282) 25-43-90
                     

DUET LTD: Almaty Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against LLP Duet Ltd. (RNN
600700196497) on July 24.


IVIKON KURYLYS: Almaty Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against LLP Ivikon Kurylys (RNN
600500513437) on July 25.


LIFE: Proof of Claim Deadline Slated for Oct. 6
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Life into compulsory
liquidation.

Creditors have until Oct. 6 to submit written proofs of claim
to:
         
         LLP Life
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


MEGAPOLIS-ST: Proof of Claim Deadline Slated for Oct. 10
--------------------------------------------------------
LLP Megapolis-ST has declared insolvency.  Creditors have until
Oct. 10 to submit written proofs of claim to:

         LLP Megapolis-ST
         Momyshuly Str. 17
    Astrahanka
    Astrahanskyi District
    Akmola Region
    Kazakhstan


NARYN-KALA: Claims Registration Ends Oct. 10
--------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
LLP Naryn-Kala has declared insolvency.

Creditors have until Oct. 10 to submit written proofs of claim
to:

         LLP Naryn-Kala
         3rd Floor
     Abai Str. 10a
    Atyrau
    Atyrau Region
    Kazakhstan


ORION 2001: Claims Registration Ends Oct. 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Orion 2001 into compulsory
liquidation.

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

         LLP Orion 2001
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


ORNEK: Akmola Court Commences Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Ornek on July 13.


SKIF: Creditors' Claims Due Oct. 10
------------------------------------
LLP Skif has declared insolvency.  Creditors have until Oct. 10
to submit written proofs of claim to:

         Momyshuly Str. 17
    Astrahanka
    Astrahanskyi District
    Akmola Region
    Kazakhstan


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


TRAVELCOM: Proof of claim Deadline Slated for Oct. 20
-----------------------------------------------------
LLC Travelcom (RNN 02605200510154) has declared insolvency.
Creditors have until Oct. 20 to submit written proofs of claim
to:

         LLC Travelcom
    Moskovskaya Str. 49
    Bishkek, Kyrgyzstan
    Tel: (+996 312) 66-22-17


FORGE: Creditors Must File Claims by Oct. 20
--------------------------------------------
LLC Forge has declared insolvency.  Creditors have until Oct. 20
to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 64-10-26.


=================
M A C E D O N I A
=================


LUKOIL OAO: Eyes 40 Petrol Stations in Macedonia in Four Years
--------------------------------------------------------------
OAO Lukoil (RTS: LKOH) will open 40 petrol stations in Macedonia
over the next four years, RIA Novosti says.

Lukoil agreed to supply oil products to Macedonia under a
memorandum of cooperation signed in June 2005.  Lukoil acquired
a 5,600 cubic meter-capacity oil storage facility in August
2006, which would receive oil products from the company's
refineries in Bulgaria and Romania.

Lukoil opened its first petrol station in Skopje, Macedonia on
Sept. 8.

                        About Lukoil

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

                        *     *     *

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

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

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


=============
M O L D O V A
=============


LION-GRI: June 30 Balance Sheet Upside-Down by US$440,255
---------------------------------------------------------
Lion-Gri International Inc. (nka Promotora Valle Hermoso Inc.)
disclosed its unaudited financial results for the quarter ended
June 30, 2006.  

At June 30, 2006, the company's balance sheet showed US$440,255
in stockholders' deficit, compared with a US$532,256 deficit at
Dec. 31, 2005.

For the three months ended June 30, 2006, the company posted a
US$222,915 net loss on US$506,955 of net sales.

On June 6, Promotora Valle entered into a share exchange with
Lion Gri, which calls for Lion Gri to acquire the assets and
assume the liabilities of Promotora.

As provided for in the share acquisition agreement, Promotora's
stockholders received 4 million shares of Lion Gri common stock,
representing 64% of the outstanding stock after the acquisition,
in exchange for the outstanding shares of Promotora's common
stock they held, which was accounted for as a reverse
acquisition.

Immediately following the share acquisition, Lion Gri had a
total 6,352,500 common shares issued and outstanding.  The
financial statements show a retroactive restatement of Promotora
Valle Hermoso's historical stockholders' equity (deficiency) to
reflect the equivalent number of common shares issued in the
acquisition.

The acquisition of Promotora Valle Hermoso was reported as a
purchase with no goodwill, with book values considered to be
fair value.  Promotora Valle Hermoso was then liquidated and
Lion Gri changed its name to Promotora Valle Hermoso, Inc.

                       Change of Auditors

On Aug. 14, Promotora dismissed Sherb & Co. LLP as its
independent accountant and engaged Wiener, Goodmand & Co. PC to
replace the firm.

                        Going Concern Doubt

Sherb previously expressed substantial doubt about Lion-Gri's
ability to continue as a going concern after auditing the
Company's consolidated financial statements for the year ended
Dec. 31, 2005.  The auditing firm pointed to the Company's claim
that the Russian government may ban alcohol imports from
Moldova, claiming impurities in the drinks posed a threat to
public health.

Management believes that these claims are politically motivated
and is related to worsening relations with both countries.  
Management believes that these claims are false and that these
issues will be resolved in the near future.

Headquartered in Chisinau, Moldova, Lion-Gri International Inc.
(nka Promotora Valle Hermoso Inc.) and its subsidiaries produce,
market and sell premium Moldovan wines in countries outside the
Republic of Moldova, with approximately 90% of revenue coming
from the Russian Federation.


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


PLAYLOGIC ENT: June 30 Balance Sheet Upside-Down by US$2.6 Mln
--------------------------------------------------------------
Playlogic Entertainment Inc. incurred a US$3,965,285 net loss on
US$3,132,671 of revenues on the second quarter ending June 30,
2006, the Company disclosed in a Form 10-QSB report filed with
the U.S. Securities and Exchange Commission.  

As of June 30, 2006, the Company's balance sheet showed assets
amounting to US$9,518,266 and liabilities aggregating
US$12,182,312.  The Company's equity position slid from a
US$1,255,826 positive equity as of June 30, 2005, to a
US$2,664,046 equity deficit at June 30, 2006.
    
As of June 30, 2006, the Company had US$151,593 of cash on hand.   
Willem M. Smit, the Company's Chief Executive Officer, said that
to cover the Company's working capital requirements through the
third quarter of 2006, the Company needs to obtain additional
financing from third parties.  The cash flow from operating
activities could not be sufficient to cover the existing
commitments and the development costs for both externally and
internally developed games.  As of June 30, 2006, the Company
had US$3,905,993 in current assets to pay for US$11,934,409 in
current debts.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?1109

                        Going Concern Doubt

S. W. Hatfield, CPA, the Company's auditor, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ending Dec. 31, 2005.  The auditor pointed to the
Company's net operating losses and reliance on outside sources
of working capital to meet current obligations.

                        Change of Auditors

On Aug. 16, 2006, the company appointed Rothstein, Kass &
Company, P. C. as its new independent registered public
accounting firm to audit the Company's 2006 financial
statements.  Concurrently with the appointment of the new
independent accountant, S. W. Hatfield CPA ceased to be the
Company's independent accountant.  These decisions were approved
by the Board of Directors of the Company.


                   About Playlogic Entertainment

Headquartered in Amsterdam, Netherlands, Playlogic Entertainment
Inc. publishes interactive entertainment products, such as video
game software and other digital entertainment products.  The
Company publishes for most major interactive entertainment
hardware platforms, like Sony's PlayStation2, Microsoft's Xbox
and Nintendo's Game Cube, PCs, next generation consoles and
handheld (such as Nintendo's Game Boy, Nintendo DS, and PSP) and
mobile devices.


===========
P O L A N D
===========


NETIA SA: Third Avenue Raises Equity Stake to 14.27%
----------------------------------------------------
Netia S.A. received a notification on Sept. 12 filed on behalf
of Third Avenue Management LLC that ownership of Netia's shares,
held by Third Avenue Management on behalf of its clients, has
increased above the threshold of 14% of the total number of
votes at Netia's General Meeting of Shareholders.

As a result of the settlement on Sept. 8 of a purchase of Netia
shares effected on the Warsaw Stock Exchange, Third Avenue
Management holds 55,539,769 Netia shares, representing 14.27% of
Netia's share capital and entitling the holder thereof to
exercise 55,539,769 votes, which represents 14.27% of the total
number of votes at Netia's General Meeting of Shareholders.  

Prior to this transaction, Third Avenue Management held
54,731,154 Netia shares, which represented 14.06% of Netia's
share capital, and was entitled to 54,731,154 votes,
representing 14.06% of the total number of votes at Netia's
General Shareholder Meeting.

                      About the Company

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


NETIA SA: Hunts for New Management President to Replace Madalski
----------------------------------------------------------------
Netia S.A. disclosed the resignation of the President of its
Management Board, Wojciech Madalski, effective Sept. 13.

Mr. Madalski left Netia after four years in the post of
President of the Management Board.  He was instrumental in
leading Netia after its financial restructuring, which took
place in 2002-2003, and played an important role in the progress
that the Company has made in recent years.  He was also the
central figure in the establishment of Netia's mobile affiliate
P4 Sp. z o.o., the award of Poland's fourth mobile telephony
license to P4, and the recent signing of the agreement on
national roaming between P4 and Polkomtel.

The Supervisory Board of Netia has asked Pawel Karlowski to
assume the role of Acting President of the Management Board of
Netia.  Mr. Karlowski is currently the Chief Commercial Officer
of Netia and a Member of the Management Board.  He has had a
long career in the telecommunication industry in Poland and
brings significant experience to the role.

In parallel with the appointment of Mr. Karlowski, the
Supervisory Board of Netia has engaged an executive search firm
to assist it in evaluating its options in identifying a
permanent replacement for Mr. Madalski.  Mr. Karlowski will be
one of the candidates under consideration for the position.

"I am looking forward to the challenge of strengthening Netia's
position as the leading alternative operator in the currently-
liberalizing Polish telecoms market and thus bringing greater
choice and more competition to both business and residential
customers," Mr. Karlowski said.  "Netia is well-placed with both
a fixed-line and mobile strategy, and human and financial
resources, to implement that strategy."

Mr. Karlowski assumed the position of Acting President of the
Management Board of Netia as of Sept. 14, 2006.

                      About the Company

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


===============
P O R T U G A L
===============


UNITED BISCUITS: Completes Sale of European Unit to Kraft Foods
---------------------------------------------------------------
United Biscuits has completed the sale of its Southern European
business to Kraft Foods Inc. for an enterprise value of GBP575
million.  The Sale also returns to Kraft the rights to all
Nabisco trademarks, including Oreo and Ritz, in the European
Union, Eastern Europe, the Middle East and Africa.

UB's Southern European business is the largest biscuit
manufacturer in Spain and Portugal with approximately 26% and
37% market share respectively.  UB purchased the Southern
European business from Nabisco Holdings in July 2000 and became
the market leader in Portugal in 2004 with the acquisition of
Triunfo Productos Alimentares S.A.

In connection with the consummation of the Sale, UB has issued a
notice of redemption in respect of the outstanding 10.625% Euro-
denominated and 10.75% Sterling-denominated Senior Subordinated
Notes due 2011 issued by United Biscuits Finance plc.  UB has
simultaneously defeased the Notes by depositing funds with the
trustee for the Notes sufficient for the redemption of the Notes
on the Redemption Date.  

By defeasing the Notes, UB is no longer obligated to comply with
most of the covenants contained in the indenture governing the
Notes.  Redemption of the Notes will occur on Oct. 6, 2006.  The
aggregate redemption prices for the 10.625% Euro-denominated
Notes and 10.75% Sterling-denominated Notes are EUR212.4 million
and GBP182.3 million, respectively, which constitute the
principal amount and interest payable on such Notes up to, but
not including, the redemption date, and the call premium of
105.313% in the case of the Euro-denominated Notes and 105.375%
in the case of the Sterling-denominated Notes.

UB previously announced on July 11, 2006 its intent to defease
and redeem the Notes.

Headquartered in London, United Kingdom, United Biscuits --
http://www.unitedbiscuits.com/-- is the country's leading   
biscuit manufaturer and second largest snack maker.  The company
is a leading biscuit and snack maker in Spain, Portugal.  UB's
biscuit and snack cake brands include stalwarts BN, Carr's,
Cream Crackers, Delacre, Jacob's, Krackawheet, and McVitie's
Digestive Biscuits.  Its nut and snack brands include KP Nuts,
McCoy's, and Hula Hoops.  

                        *     *     *

As reported in TCR-Europe on July 17, Fitch Ratings placed the
ratings of U.K.-based United Biscuits on Rating Watch Positive,
following the announcement of the sale of its Southern European
business to Kraft Foods Inc and the stated intention to redeem
UB's high-yield notes.  The following ratings are affected:

   -- Regentrealm Limited Issuer Default rating: B- on RWP;
   -- Regentrealm Limited senior secured debt: BB-/RR1 on RWP;
   -- United Biscuits Finance PLC IDR: B- on RWP; and
   -- United Biscuits Finance PLC senior subordinated notes due
      2011 B-/RR4 on RWP.

In a TCR-Europe report on July 14, Moody's affirmed the B1
corporate family rating of United Biscuits Finance Plc with a
stable outlook, following the announced transaction with Kraft
Foods Inc.


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


ALITET: Amur Court Commences Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Amur Region commenced bankruptcy
supervision procedure on CJSC Alitet (TIN 2801092617).
The case is docketed under Case No. A 04-639/06-4/12B.

The Temporary Insolvency Manager is:

         A. Mazur
         Post User Box 74/7
         680030 Khabarovsk
         Russia

The Debtor can be reached at:

         CJSC Alitet
         Verkhneblagoveshenskoye
         Blagoveshensk
         Amur Region
         Russia


ALMETYEVSK-AGRO-PROM-SNAB: Bankruptcy Hearing Slated for Oct. 5
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at 2:30
p.m. on Oct. 5 to hear the bankruptcy supervision procedure on
OJSC Almetyevsk-Agro-Prom-Snab.  The case is docketed under Case
No. A65-10926/2006-SG4-21.

The Temporary Insolvency Manager is:

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

The Debtor can be reached at:

         OJSC Almetyevsk-Agro-Prom-Snab
         Tekhsnab
         Almetyevsk
         Tatarstan Republic
         Russia


AMBER: Pskov Court Names N. Vereshak as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. N. Vereshak
as Insolvency Manager for LLC Amber.  He can be reached at:

         N. Vereshak
         Post User Box 169
         Post Office
         Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-683/2006/4.

The Debtor can be reached at:

         LLC Amber
         Zakharkino
         Ostrovskiy Region
         181312 Pskov Region
         Russia


ANASHINSKOYE: Krasnoyarsk Bankruptcy Hearing Slated for Oct. 26
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene at
10:00 a.m. on Oct. 26 to hear the bankruptcy supervision
procedure on CJSC Anashinskoye.  The case is docketed under Case
No. A33-10734/2006.  

The Temporary Insolvency Manager is:

         B. Stepanov
         Post User Box 28495
         660020 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Anashinskoye
         Oktyabrskaya Str. 18
         Anash
         Novoselovskiy Region
         662433 Krasnoyarsk Region
         Russia


ANKUR: Krasnodar Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on OJSC Trading House Ankur.  The case is
docketed as under Case No. A-32-67376/2006/-37/23B.

The Temporary Insolvency Manager is:

         Y. Archibasov
         Sovetskaya Str. 82
         Staronizhesteblievskaya St
         Krasnoarmeyskiy Region
         353840 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 Trading House Ankur
         Komsomolskaya Str. 95
         Kurganinsk
         352430 Krasnodar Region
         Russia


ASTAKHANSKIY DISTILLERY: B. Govorov to Manage Assets
----------------------------------------------------
The Arbitration Court of Astrakhan Region appointed Mr. B.
Govorov as Insolvency Manager for OJSC Astakhanskiy Distillery
(TIN 3016026842).  He can be reached at:

         B. Govorov
         Post User Box 81
         Post Office 280
         Avtozavodskaya Str. 5
         115280 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A06-6460 b/3-11k/2005.

The Debtor can be reached at:

         OJSC Astakhanskiy Distillery
         Energeticheskaya Str. 5
         414032 Astrakhan Region
         Russia


BELOVO-TORG-COAL: Court Names L. Frantseva as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Ms. L.
Frantseva as Insolvency Manager for CJSC Belovo-Torg-Coal.  She
can be reached at:

         L. Frantseva
         Lenina Pr. 5-8
         650000 Kemerovo Region
         Russia  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-10574/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Belovo-Torg-Coal
         Teleut Str. 1
         Belovo
         Kemerovo Region
         Russia


BELOZERSKIY FISHING: G. Pogosyan to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. G.
Pogosyan as Insolvency Manager for OJSC Belozerskiy Fishing
Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-4333/2006-25.

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         OJSC Belozerskiy Fishing Factory
         Maeksa
         Belozerskiy Region
         Vologda Region
         Russia


BREAD: Rostov Court Names G. Kolesnikov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. G.
Kolesnikov as Insolvency Manager for LLC Bread.  He can be
reached at:

         G. Kolesnikov
         Lenina Str. 110
         Kruchenaya Balka
         Salskiy Region
         347618 Rostov 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 Rostov Region is located at:

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

The Debtor can be reached at:

         LLC Bread
         Komsomolskaya Str. 165
         Orlovskiy
         Rostov Region
         Russia


BRYANSK-PACKAGE: Court Names A. Terekhov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. A.
Terekhov as Insolvency Manager for OJSC Bryansk-Package.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-4723/06-28.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Bryansk-Package
         Moskovskiy Proezd 4
         Bryansk Region
         Russia


CHERNOVSKIY WOOD: Court Names I. Babenko to Manage Assets
---------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Mr. I. Babenko as Insolvency Manager for CJSC
Chernovskiy Wood-Prom-Khoz.  He can be reached at:

         I. Babenko
         Post User Box 6
         194214 St-Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-56101/2005.

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:

         CJSC Chernovskiy Wood-Prom-Khoz
         Chernovskoye
         Slantsevskiy Region
         Leningrad Region
         Russia


CREDIT BANK: Fitch Changes Outlook to Positive & Keeps IDR at B-
----------------------------------------------------------------
Fitch Ratings changed Russia-based Credit Bank of Moscow's
Outlooks on Issuer Default and National Long-term ratings to
Positive from Stable.  CBOM's ratings are affirmed at Issuer
Default B-, National Long-term BB+, Short-term B, Individual D
and Support 5.

"Enhancement of profitability, as the bank expands into the new
segments of SME and mortgage lending and new regions, coupled
with planned increased diversification of funding could result
in a rating upgrade for CBOM," Alexei Kechko, Associate Director
in Fitch's Financial Institutions team disclosed.

"Although not expected in the currently favorable environment, a
liquidity crisis or significant asset quality deterioration
could exert downward pressure on CBOM's ratings," Mr. Kechko
added.

CBOM's ratings reflect its improved but still potentially
vulnerable liquidity and currently modest profitability, as well
as certain weaknesses in the Russian operating environment.
However, capitalization is adequate, customer concentration
levels have fallen and the bank has made some progress in
diversifying its funding base.

CBOM was ranked the 57th-largest Russian bank by total assets at
end-H106.  Its core business lies in providing banking services
to medium-sized trading companies and also retail customers in
Moscow and the Moscow region.


FACTORY BULAT: Court Names I. Zolotukhin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. I.
Zolotukhin as Insolvency Manager for OJSC Factory Bulat.  He can
be reached at:

         I. Zolotukhin
         Post User Box 103
         Main Post Office
         Zlatoust
         456200 Chelyabinsk Region

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-3273/2005-48-3.

The Debtor can be reached at:


         OJSC Factory Bulat
         3rd Internatsionala Square
         Zlatoust
         456200 Chelyabinsk Region
         Russia


GAZPROM OAO: Mulls Listing on Asian Exchanges
---------------------------------------------
OAO Gazprom (RTS: GAZP) might list its shares on stock exchanges
in Asia, RIA Novosti cites Pyotr Bakayev, head of the company's
Department for Work on Financial Markets.

"We do not have plans to obtain a listing on New York stock
exchanges, but we are looking at several Asian exchanges," Mr.
Bakayev told RIA Novosti.

Mr. Bakayev added Gazprom will decide on the matter within a
year, but declined to specify the target exchanges.  Gazprom
currently has American Depositary Receipts, which account for
10% of the company's charter capital.

According to the Russian news and information agency, Gazprom's
venture into other exchanges followed after Russia allowed
foreigners to acquire shares starting December 2005.

                        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.


INVESTMENT RESOURCE: M. Vasilega to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. M. Vasilega
as Insolvency Manager for CJSC Investment Resource (TIN
7730054019).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-29443/06-78-642 B.

The Arbitration Court of Moscow Region is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Resource
         Filevskiy Avenue 21
         Moscow Region
         Russia


ISETSK-AGRO: Court Names N. Chelapko to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. N. Chelapko
as Insolvency Manager for OJSC Isetsk-Agro-Prom-Khimiya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-70-2896/3-2006.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Isetsk-Agro-Prom-Khimiya
         Stroiteley Str. 43
         Isetskoye
         Tyumen Region
         Russia


KOMSOMOLSKOYE: Rostov Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Rostov Region has commenced bankruptcy
supervision procedure on CJSC Komsomolskoye.  The case is
docketed under Case No. A53-9009/06-S2-8.

The Temporary Insolvency Manager is:

         S. Kononov
         Lermontovskaya Str. 83
         344010 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Komsomolskoye
         Komsomolskiy
         Morozovskiy Region
         Rostov Region
         Russia


LENINGRADSKAYA-2: Krasnodar Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on OJSC Leningradskaya-2.  The case is
docketed under Case No. A-32-1946/2006-2/14-B.

The Temporary Insolvency Manager is:

         A. Borisenko
         Yubileynaya Str. 51
         353862 Primorsko-Akhtarsk
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Leningradskaya-2
         Leningradskaya St.
         Krasnodar Region
         Russia


LUKOIL OAO: Eyes 40 Petrol Stations in Macedonia in Four Years
--------------------------------------------------------------
OAO Lukoil (RTS: LKOH) will open 40 petrol stations in Macedonia
over the next four years, RIA Novosti says.

Lukoil agreed to supply oil products to Macedonia under a
memorandum of cooperation signed in June 2005.  Lukoil acquired
a 5,600 cubic meter-capacity oil storage facility in August
2006, which would receive oil products from the company's
refineries in Bulgaria and Romania.

Lukoil opened its first petrol station in Skopje, Macedonia on
Sept. 8.

                        About Lukoil

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

                        *     *     *

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

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

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


LYSVA-WOOD: Perm Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on CJSC Lysva-Wood.  The case is docketed
under Case No. A50-11680/2006-B.

The Temporary Insolvency Manager is:

         E. Shumilov
         Raskovoy Str. 1.
         618540 Solikamsk Region
         Russia

The Debtor can be reached at:

         CJSC Lysva-Wood
         Galyagina Str. 1
         Kormovishe
         Lysvenskiy Region
         Perm Region
         Russia


NOVNIKOLAEVSKIY AGRO-SERVICE: E. Savchenko to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. E.
Savchenko as Insolvency Manager for OJSC Novnikolaevskiy Agro-
Service (TIN 3420000030).  He can be reached at:

         E. Savchenko
         Post User Box 3195
         400039 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-35488/05-s50.

The Debtor can be reached at:

         OJSC Novnikolaevskiy Agro-Service
         Rabochaya Str. 239
         Novonikolaevskiy Region
         Volgograd Region
         Russia


NOVOLIPETSK STEEL: Board Okays Parameters of Upgrading Program
--------------------------------------------------------------
The Board of Directors of Novolipetsk Steel has approved the key
parameters of the second phase of the Technical Upgrading
Program, covering the period from 2007 to 2011.  The Program was
developed in accordance with the company's sustainable growth
strategy, which is aimed at maintaining the Group's position
among the world's most efficient steel companies.

Key strategic goals of the second phase of the Technical
Upgrading Program are:
     
   1. to increase crude steel production from 9 million tons
per year up to 12.4 million tons per year.

      The Technical Upgrading Program foresees growth of crude
      steel production to 12.4 million tons per year (+40%) by
      2011.  The increase in crude steel production volumes will
      primarily be achieved by the construction of new blast
      furnace 7, with capacity of 3.4 million tons per year.  
      NLMK is also planning to renovate three out of five blast
      furnaces and BOF (Basic Oxygen Furnace) Shops #1 and #2.  
      The major investments in the segment are:

         -- blast furnace division -- US$0.9 billion;
         -- steelmaking division -- US$1 billion; and
         -- infrastructure and auxiliary facilities investments
            (over US$0.1 billion).
     
   2. to develop iron ore and coking coal assets to achieve 100%
self-sufficiency of the steelmaking segment in major raw
materials, taking into account the projected increase in
steel production volumes.

      Implementation of the second phase of the Technical
      Upgrading Program foresees the construction of an iron-ore
      pellet plant at Stoilensky GOK with production capacity of
      three million tons per year by 2009.  It is planned to
      increase production of iron-ore concentrate in Stoilensky
      GOK from 12.5 million tons up to 15 million tons per year.

      According to the Technical Upgrading Program, 100% self-
      sufficiency in coking coal will be reached by 2009, while
      the annual production increases to 11 million tons by
      2011.  The major investments in the segment are:

         -- Stoilensky GOK - US$0.5 billion;
         -- Altai-koks     - US$35 million; and
         -- Zhernovskoe-1  - US$0.5 billion.
     
   3. to increase production of finished flat steel products
from 5 million tons up to 9.5 million tons per year
through the modernization of rolling facilities in Lipetsk
and acquisition of new rolling assets.

      NLMK will increase production of finished flat steel
      products and balance its value chain through pursuing
      strategic acquisition opportunities with respect to high
      quality rolling facilities in the company's core export
      markets.  NLMK plans to acquire rolling facilities with
      capacity of at least three million tons per year.

      In addition, NLMK will enhance its own production
      facilities. At NLMK's facilities in Lipetsk, the Technical
      Upgrading Program provides for substantial investments       
      into the renovation of rolling plants, with both upgrading
      of existing and building new technological production
      units.

      as for the recently acquired rolling facilities, NLMK
      plans to modernize production of electrical steel at VIZ
      Stal facilities in Yekaterinburg as well as the production
      facilities of DanSteel.  The total investments into
      modernization of existing rolling assets under second
      phase of the Technical Upgrading Program are US$0.9
      billion.  The major projects are:

         -- modernization of hot-rolling mill and construction
            of reversing mill in Lipetsk;

         -- modernization of electrical steel production; and

         -- DanSteel development program.
     
   4. to enhance fuel and energy facilities in Lipetsk

      The second phase of the Technical Upgrading Program
      foresees an increase in capacity of the electricity
      generating facilities in Lipetsk.  NLMK will generate 60%
      of its electricity requirements on site by 2011 compared
      to 37% in 2005.  The 60% of generated electric power will
      be based on blast furnace and coke gas processing.   The
      company also plans additional projects with respect to
      fuel and energy facilities.  The total investments into
      modernization and enhancement of fuel and energy
      facilities are US$0.3 billion.

      Total investments in the second phase of the Technical
      Upgrading Program will amount to US$4.4 billion by 2011.  
      The second phase of the Technical Upgrading Program is
      planned to be financed from cash flow from operating
      activities and existing cash funds.

The estimated IRR for projects under the second phase of the
Technical Upgrading Program is 18%.

Vladimir Lisin, Chairman of the Board of Directors of NLMK,
comments: "NLMK's sustainable growth strategy is oriented
towards maximizing our key competitive advantage; low cost steel
production platform in Lipetsk.  The substantial increase in
crude steel production in Lipetsk will be balanced by the
development of raw materials assets and strategic acquisitions
of high quality rolling facilities.  The projected increase in
the production of finished flat steel products will be based on
rolling our own slabs with 100% self-sufficiency of raw
materials.

Along with our Technical Upgrading Program, enhancing the
profitability of the Company remains our key objective.  All our
actions in the M&A area and development of production facilities
will be directed to the improvement of NLMK's financial
results."

NLMK has completed the first phase of the Technical Upgrading
Program covering the period from 2000 to 2005, committing total
investments of US$1.3 billion.  These principal objectives were
accomplished:

   -- increase the efficiency of the production process and
maintain low cost production structure.  The cost of
production per ton of slabs on a consolidated basis was  
US$163 in H1 2006;

   -- 10% growth of steel production volumes resulted in
increasing NLMK's sales revenue and profitability;

   -- 30% growth of production in high value-added segment from
2001 to 2005;

   -- IMPROVEMENTS in quality.  The whole NLMK's product
portfolio has complied with requirements set forth in ISO
9000 (2000 edition) since 2003 as well as International
Standard ISO/TU 16949:2002 since 2004;

   -- lessen environmental impact of company's operations.  The
reduction of atmospheric emissions from 2001 to 2005
accompanied by growing production volumes was 13.5%.

                       About the Company

Headquartered in the Lipetsk Region of the Russian Federation,
Novolipetsk Steel (LSE: NLMK), a Russian open joint-stock
company, was established as a state owned enterprise in 1931 and
was privatized in 1993, as part of the Russian privatization
program.  NLMK is the fourth largest Russian steel producer in
terms of tonnage.  It operates an integrated plant with complete
metallurgical cycle with a total crude steel output of 9.1
million tons (in 2004).  About 73% of NLMK's output is exported,
mainly to South East Asia (representing 21% of exports), the
European Union (29%) and North America (23%).

                        *     *     *

As reported in TCR-Europe on July 14, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russia-
based steelmaker OJSC Novolipetsk Steel to 'BB+' from 'BB'.  S&P
said the outlook is stable.  The Russia national scale rating
was also raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


NOVOLIPETSK STEEL: Earns US$944 Million for First Half 2006
-----------------------------------------------------------
OJSC Novolipetsk Steel released its financial results for the
second quarter and first half ended June 30, 2006.

For the second quarter of 2006, Novolipetsk Steel posted US$398
million in net profit on US$1.48 billion in revenues, compared
with US$546 million in net profit on US$1.12 billion in revenues
for the same period in 2005.

For the first half of 2006, Novolipetsk Steel posted US$944
million in net profit on US$2.6 billion in revenues, compared
with US$838 million in net profit on US$2.38 billion in revenues
for the same period in 2005.

The Board of Directors recommended dividend payment in respect
of the first six months of 2006 of RUR1.5 per ordinary share.   
The dividend payment is subject for the approval of shareholders
meeting on Sept. 29.

The Annual General Meeting held on June 6 has approved final
dividends for 2005 of RUR2.0 per ordinary share.  Including
earlier paid interim dividend of RUR1.0 per ordinary share for
the first six months of 2005, the total dividend for 2005 is
RUR3.0 per ordinary share.

As of June 30, 2006, Novolipetsk Steel US$7.37 billion in total
assets, US$1.40 billion in total liabilities and US$5.97 billion
in total equity.  

                       About the Company

Headquartered in the Lipetsk Region of the Russian Federation,
Novolipetsk Steel (LSE: NLMK), a Russian open joint-stock
company, was established as a state owned enterprise in 1931 and
was privatized in 1993, as part of the Russian privatization
program.  NLMK is the fourth largest Russian steel producer in
terms of tonnage.  It operates an integrated plant with complete
metallurgical cycle with a total crude steel output of 9.1
million tons (in 2004).  About 73% of NLMK's output is exported,
mainly to South East Asia (representing 21% of exports), the
European Union (29%) and North America (23%).

                        *     *     *

As reported in TCR-Europe on July 14, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russia-
based steelmaker OJSC Novolipetsk Steel to 'BB+' from 'BB'.  The
outlook is stable.  The Russia national scale rating was also
raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


PETROPAVLOVSKOYE: Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on CJSC Petropavlovskoye.  The
case is docketed under Case No. A33-9799/2006.

The Temporary Insolvency Manager is:

         A. Kozhematov
         Post User Box 20647.
         660017 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Petropavlovskoye
         Petropavlovka
         Balakhtinskiy Region
         662346 Krasnoyarsk Region
         Russia


PRIVOLZHSKOYE: Court Names N. Senchenko as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. N.
Senchenko as Insolvency Manager for OJSC Privolzhskoye.  He can
be reached at:

         N. Senchenko
         Zavodskaya Str. 1
         Privolzhskiy
         Volzhskiy Region
         425000 Mariy El Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-7819-11/9-2006.

The Debtor can be reached at:

         OJSC Privolzhskoye
         Zavodskaya Str. 1
         Privolzhskiy
         Volzhskiy Region
         425000 Mariy El Republic
         Russia


PSYGANSU: Court Names V. Kibishev as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic appointed
Mr. V. Kibishev as Insolvency Manager for OJSC Tinned Food
Factory Psygansu.  He can be reached at:

         V. Kibishev
         Baksanskoye Shosse 3
         Chegem
         Kabardino Balkariya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A20-547/2006.

The Debtor can be reached at:

         OJSC Tinned Food Factory Psygansu
         Psygansu
         Urvanskiy Region
         Kabardino Balkariya Republic
         Russia


REINFORCED-CONCRETE PRODUCTS: V. Emelyanov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. V.
Emelyanov as Insolvency Manager for LLC Combine of Reinforced-
Concrete Products.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6811/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Combine of Reinforced-Concrete Products
         Krasnopresnenskaya Str. 1
         Krasnoyarsk Region
         Russia


ROSBANK: Fitch Assigns Issuer Default Rating at B+
--------------------------------------------------
Fitch Ratings assigned Russia's Rosbank a local currency Issuer
Default rating of B+ with a Positive Outlook.  Rosbank's other
ratings are foreign currency IDR B+/Positive Outlook, National
Long-term A-/Positive Outlook, Short-term B, Support 4 and
Individual D.

At the same time, Fitch has assigned to the Series 23 upcoming
issue of fixed-rate RUB notes of Dali Capital PLC's ("Dali") an
expected ratings of Long-term B+ and Recovery rating of RR4.  
The notes are to finance an unsecured loan made by Barclays Bank
PLC to Rosbank.  

Dali will only pay noteholders principal and interest received
by Barclays from Rosbank.  The final rating is contingent on
receipt of final documents conforming materially to information
already received.

The issue is structured such that Dali, a special-purpose
vehicle domiciled in Ireland, issues RUB denominated notes
payable in US$, the proceeds from which are converted into RUB
by authorized FX exchange agents, Barclays and Credit Suisse
Securities (Europe) Limited, and placed with Barclays for the
subsequent loan to Rosbank.  

The Bank of New York acts as trustee and as issuing and paying
for Dali.  Interest and principal amounts on the loan from
Barclays to Rosbank are calculated and paid in RUB, converted to
US$ using the same foreign exchange agents and placed with Dali
for the payments to the noteholders.  Noteholders are therefore
subject to the risk of a depreciation of the RUB against the
US$.

Rosbank has an option to repay the loan early, on annual
interest period dates; however, this can be done only at a
certain premium for noteholders.

The loan agreement between Barclays Bank and Rosbank contains a
negative pledge clause.  It also has numerous other covenants,
which among others, limit mergers, acquisitions and disposals by
Rosbank, as well as transactions with affiliated parties, and
require Rosbank to maintain a minimum consolidated Basel total
capital ratio of 8%.  

The negative pledge clause allows for a degree of securitization
by Rosbank, and Fitch comments that the nature and extent of any
over-collateralization would be assessed by the agency for any
potential impact on unsecured creditors.

Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets.  About 80% of its shares are ultimately
controlled by Interros, one of Russia's largest financial
industrial groups, with interests in the metals, power-machine
building, agricultural and insurance sectors.  

Another 10% stake is owned by Societe Generale (IDR AA/Outlook
Stable), which also signed a cooperation agreement with Interros
potentially allowing it to increase the stake to 20%.


RZHAKSA-AGRO-PROM-KHIMIYA: S. Agapov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. S. Agapov
as Insolvency Manager for OJSC Rzhaksa-Agro-Prom-Khimiya (TIN
6816003494).  He can be reached at:

         S. Agapov
         Proletarskaya Str. 337
         392033 Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-1727/06-18.

The Debtor can be reached at:

         OJSC Rzhaksa-Agro-Prom-Khimiya
         Rzhaksa
         Rzhaksinskiy Region
         Tambov Region
         Russia


SEVERO-LYUBINSKIY: Omsk Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on CJSC Breeding Factory Severo-Lyubinskiy
(TIN 5519000026).  

The case is docketed under Case No. A46-8991/2006.

The Temporary Insolvency Manager is:

         A. Grabovetskiy
         Marshala Zhukova Str. 76
         644010 Omsk Region
         Russia

The Debtor can be reached at:

         CJSC Breeding Factory Severo-Lyubinskiy
         Severo-Lyubinskiy
         Lyubinskiy Region
         646177 Omsk Region
         Russia


SOCHINSKIY FACTORY: Court Names R. Shubin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. R.
Shubin as Insolvency Manager for CJSC Sochinskiy Factory Of
Building Materials.  He can be reached at:

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene at 2:30 p.m.
on June 18, 2007.  The case is docketed under Case No. A32-
15710/2005-38/233-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Sochinskiy Factory Of Building Materials
         Krasnodonskaya Str. 77
         Sochi
         354055 Krasnodar Region
         Russia


TMK OAO: Creates Joint Venture with Hydril Company LP
-----------------------------------------------------
OAO TMK and Hydril Company LP (United States) have created a
joint company called TMK-Hydril CJSC.

The charter capital of the new company will be divided equally
between the two participants in the joint venture.

As part of the project, the companies plan to acquire, build and
use equipment, technologies and infrastructure on the basis of
the production site of Pipe Production Unit No. 1 (TPTs-1) of
the Volzhsky Pipe Plant, a subsidiary of TMK.

The joint venture will engage in the cutting of Hydril's premium
threaded connections on casing pipes used in oil and gas
drilling and production (OCTG, Oil Country Tubular Goods).  
Casing pipe will be provided by TMK mills.  It will be the first
company in Russia and the CIS to provide oil & gas sector with
tubular goods of such quality.

TMK-Hydril CJSC will produce the entire line of premium
connections offered by Hydril.  The planned production capacity
of the joint venture will be up to 38,000 metric tons of OCTG
pipes with threaded connections per year.  It will meet the
requirements of Russian and the CIS companies for premium OCTG
products.  The agreement between TMK and Hydril also stipulates
the possibility of installing additional capacity.  Production
is scheduled to begin in 2007.

Premium threaded connections for OCTG pipes (casing, pump and
compressor, and drilling) differ from American Petroleum
Institute standard threading in their high level of gas
tightness and reliability.  Premium connections are used in
drilling environments where extreme pressure, temperature,
corrosion and mechanical stresses are encountered, as well as in
environmentally sensitive drilling.  These harsh drilling
conditions are typical for deep-formation, deepwater and
horizontal or extended reach wells.

The average growth rate of the consumption of such pipes is 10%,
which is due to the increasing complexity of oil and gas
extraction in the world.  Currently 100% of the casing pipes
used in offshore drilling, as well as more than 80% of casing
pipes being used in gas wells, have Premium class threaded
connections.

                           About TMK

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

                        *     *     *

As reported in TCR-Europe on Sept. 11, Moody's Investors Service
assigned a B1 corporate family rating to TMK and a (P)B2 senior
unsecured rating to the loan participation notes issued by TMK
Capital S.A., guaranteed by the operating subsidiaries of TMK.  
Moody's said the outlook on both ratings is positive.

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


TRANS-COAL-INVEST: Court Names P. Tumbasov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow Region appointed for LLC Trans-
Coal-Invest (TIN 7704146464).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-15474/06-71-95B.

The Arbitration Court of Moscow Region is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Trans-Coal-Invest
         Dovatora Str. 1/28.
         119048 Moscow Region
         Russia


TRANSNEFT OAO: Drafting Documents for October Eurobond Issue
------------------------------------------------------------
OAO Transneft (RTS: TRNF) is preparing pertinent documents for
its first Eurobond issue in October, RIA Novosti says.

"We'll start drafting documentation for the debut Eurobond issue
in October," Yevgeny Astafyev, Transneft Vice-President, told
RIA Novosti.

Mr. Astafyev said Transneft would use the proceeds from the
issue to fund the first stage of building the East Siberia-
Pacific Ocean oil pipeline -- a project that is expected to come
on-stream in the second half of 2008.

As reported in TCR-Europe on Aug. 23, Transneft and the Savings
Bank of Russia signed an agreement involving a six-year
Framework for a Revolving Credit Facility with an upper limit of
RUR65 billion.  A contract was also signed to launch a closed-
end credit facility with a RUR20 billion ceiling.

                     About the Company

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks  
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                        *     *     *

Transneft carries 'BB' rating from Fitch and BB+ local and
foreign issuer credit ratings from Standard & Poor's.


UFIMSKIY: Bashkortostan Bankruptcy Hearing Slated for Oct. 26
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
10:00 a.m. on Oct. 26 to hear the bankruptcy supervision
procedure commenced against OJSC Ufimskiy Combine of Building
Materials.  The case was docketed under Case No. A07-39422/
2005-PAV.

The Temporary Insolvency Manager is:

         V. Osipov
         Post User Box 114
         Kazan-87
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Room 123
         Oktyabrskoy Revolyutsii Str. 63
         Ufa
         Russia

The Debtor can be reached at:

         OJSC Ufimskiy Combine Of Building Materials
         Ufa
         Bashkortostan Republic
         Russia


WEST-ENERGO: Court Names A. Zamaraev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Zamaraev as Insolvency Manager for CJSC Company West-Energo.
He can be reached at:
  

         A. Zamaraev
         Zoologicheskaya Str. 9
         620149 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-11228/2006-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Company West-Energo
         Zavodskaya Str. 20
         Kamensk-Uralskiy
         623400 Sverdlovsk Region
         Russia


YUKOS OIL: Court to Resume Hearing on Tax Claims on Sept. 28
------------------------------------------------------------
The Moscow Arbitration Court has postponed until Sept. 28
hearings relating to an additional 2004 tax claim against OAO
Yukos Oil Co. due to lack of documents, RIA Novosti reports.

On March 17, the Federal Tax Service claimed that Yukos owed
RUR108 billion (US$3.99 billion) in back taxes for 2004.  On
June 14, a court ruling found the 2004 claim legitimate and
declared that the claim should be included in the list of
creditors' claims against Yukos.

According to the Russian news and information service, the debt
and interest penalty have been charged from Yukos in an extra-
judicial manner, while over RUR42 billion (US$1.57 billion) in
fines will be charged via the arbitration court.  

As reported in TCR-Europe on Aug. 15, the Arbitration Appeal
Court in Moscow reduced the tax regulator's claims against Yukos
from RUR353.8 billion (US$13.2 billion) to RUR$311.8 billion
(US$11.6 billion).

Up to US$16.2 billion in claims have been asserted against the
company by 20 creditors, among others:

         Yuganskneftegas        US$4.07 billion
         Federal Tax Service    US$11.6 billion
         OAO Rosneft Oil Co.    US$482 million

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 $9.35 billion, as
payment for $27.5 billion in tax arrears for 2000- 2003.
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than $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 $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 $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: Court Drops Yugansk's US$8.5 Billion Damages Suit
------------------------------------------------------------
The Moscow Arbitration Court rejected a lawsuit filed by
Yuganskneftegaz claiming US$8.5 billion in damages against its
former parent, OAO Yukos Oil Co., according to published
reports.

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

Yugansk filed the suit in March 2005 claiming at least RUR304
billion (US$11.4 billion) in damages, including RUR163 billion
(US$6.1 billion) for losses suffered as a result of Yukos' lower
transfer pricing schemes in oil deals in 1999-2003, RIA Novosti
says.  A court later raised the amount to RUR226 billion
(US$8.46 billion).

Yugansk was seeking the remainder of a RUB141 billion (US$5.28
billion) sum to compensate for losses arising from the tax
settlement, the Russian news agency relates.

Eduard Rebgun, Yukos' bankruptcy receiver, insisted that all
claims should be considered within bankruptcy procedures
following the court's bankruptcy ruling against the company.

Up to US$16.2 billion in claims have been asserted against the
company by 20 creditors, among others:

         Yuganskneftegas        US$4.07 billion
         Federal Tax Service    US$11.6 billion
         OAO Rosneft Oil Co.    US$482 million

                           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.


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


UNITED BISCUITS: Completes Sale of European Unit to Kraft Foods
---------------------------------------------------------------
United Biscuits has completed the sale of its Southern European
business to Kraft Foods Inc. for an enterprise value of GBP575
million.  The Sale also returns to Kraft the rights to all
Nabisco trademarks, including Oreo and Ritz, in the European
Union, Eastern Europe, the Middle East and Africa.

UB's Southern European business is the largest biscuit
manufacturer in Spain and Portugal with approximately 26% and
37% market share respectively.  UB purchased the Southern
European business from Nabisco Holdings in July 2000 and became
the market leader in Portugal in 2004 with the acquisition of
Triunfo Productos Alimentares S.A.

In connection with the consummation of the Sale, UB has issued a
notice of redemption in respect of the outstanding 10.625% Euro-
denominated and 10.75% Sterling-denominated Senior Subordinated
Notes due 2011 issued by United Biscuits Finance plc.  UB has
simultaneously defeased the Notes by depositing funds with the
trustee for the Notes sufficient for the redemption of the Notes
on the Redemption Date.  

By defeasing the Notes, UB is no longer obligated to comply with
most of the covenants contained in the indenture governing the
Notes.  Redemption of the Notes will occur on Oct. 6, 2006.  The
aggregate redemption prices for the 10.625% Euro-denominated
Notes and 10.75% Sterling-denominated Notes are EUR212.4 million
and GBP182.3 million, respectively, which constitute the
principal amount and interest payable on such Notes up to, but
not including, the redemption date, and the call premium of
105.313% in the case of the Euro-denominated Notes and 105.375%
in the case of the Sterling-denominated Notes.

UB previously announced on July 11, 2006 its intent to defease
and redeem the Notes.

Headquartered in London, United Kingdom, United Biscuits --
http://www.unitedbiscuits.com/-- is the country's leading   
biscuit manufaturer and second largest snack maker.  The company
is a leading biscuit and snack maker in Spain, Portugal.  UB's
biscuit and snack cake brands include stalwarts BN, Carr's,
Cream Crackers, Delacre, Jacob's, Krackawheet, and McVitie's
Digestive Biscuits.  Its nut and snack brands include KP Nuts,
McCoy's, and Hula Hoops.  

                        *     *     *

As reported in TCR-Europe on July 17, Fitch Ratings placed the
ratings of U.K.-based United Biscuits on Rating Watch Positive,
following the announcement of the sale of its Southern European
business to Kraft Foods Inc and the stated intention to redeem
UB's high-yield notes.  The following ratings are affected:

   -- Regentrealm Limited Issuer Default rating: B- on RWP;
   -- Regentrealm Limited senior secured debt: BB-/RR1 on RWP;
   -- United Biscuits Finance PLC IDR: B- on RWP; and
   -- United Biscuits Finance PLC senior subordinated notes due
      2011 B-/RR4 on RWP.

In a TCR-Europe report on July 14, Moody's affirmed the B1
corporate family rating of United Biscuits Finance Plc with a
stable outlook, following the announced transaction with Kraft
Foods Inc.


===========
S W E D E N
===========


DOLE FOOD: Weak Performance Cues Moody's to Review Ratings
----------------------------------------------------------
Moody's Investors Service placed the long-term ratings of Dole
Food Company Inc. and the B1 corporate family rating of its
wholly owned subsidiary Solvest Ltd. under review for possible
downgrade.

The review reflects Dole's weaker than expected operating
performance and the deterioration in its debt protection
measures.  It also reflects the uncertainty surrounding the
longer-term impact that structural changes in the key EU banana
market will have on Dole's operating performance.

Moody's review will focus on:

   -- the degree to which Dole's European banana business is
being impacted as the company adjusts to the new EU banana
regulatory structure, including how long it may take for
the company to adjust to this new framework as well as the
possible impact on its financial performance;

   -- efforts the company is making to address continuing
weakness in its fresh flower business; and

   -- near term actions the company can take to strengthen debt
protection measures to levels appropriate to its current
ratings.

Ratings placed under review for possible downgrade are:

* Dole Food Company, Inc.

   -- Corporate family rating at B1;

   -- US$225 million senior secured 7-year term loan at Ba3;

   -- US$50 million senior secured 7-year pre-funded letter of
credit facility at Ba3;

   -- Senior unsecured notes at B3;

   -- Senior unsecured shelf at (P)Caa1;

   -- Senior subordinated shelf at (P)Caa2; and

   -- Junior subordinated shelf at (P)Caa2.

* Solvest, Ltd.

   -- US$750 million senior secured 7-year term loan at Ba3; and

   -- US$50 million senior secured 7-year pre-funded letter of
credit facility at Ba3.

Dole Food Company, Inc., headquartered in Westlake Village,
California, has revenues of US$5.8 billion.


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


ALFA BANK: Moody's Assigns B1 Rating to UAH150-Mln Bond Issue
-------------------------------------------------------------
Moody's Investors Service assigned a B1 global local currency
long-term senior unsecured debt rating as well as an Aa2.ua
long-term National Scale Rating to the local currency- (hryvnia)
denominated bonds to be issued by Alfa Bank Ukraine, which will
represent a senior unsecured claim on the bank.  The planned
issue size is UAH150 million (approximately US$30 million) with
a final maturity of five years.  The outlook for the global
rating is stable, while the NSR carries no specific outlook.

According to Moody's, the B1 global scale local currency rating
reflects global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
Aa2.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.

Moody's B1 rating for the bonds is based on ABU's fundamental
credit quality and factors in the bank's ability to fulfill both
its long-term and short-term obligations.  The latter
obligations include those associated with the put option that
the bondholders will, according to the terms of the issue, be
able to exercise in order to sell the bonds back to the bank on
the first, second, third and fourth anniversaries of the issue.

Moody's notes that if the bank's credit quality were to
deteriorate at these times, exercise of the put options might
exert additional pressure on its financial condition.

Headquartered in Kiev, Ukraine, ABU reported total IFRS assets
of US$422 million as at year-end 2005 and net loss of US$1.9 for
the year 2005.


AGROMIR: Zaporizhya Court Names Vasil Ishenko as Liquidator
-----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Vasil Ishenko
as Liquidator/Insolvency Manager for Agricultural LLC Agromir
(code EDRPOU 31400736).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 14.  The case is docketed
under Case No. 25/282.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Agromir
         Radyanska Str. 12
         Trudove
         Melitopol District
         72354 Zaporizhya Region
         Ukraine


BITOVIK: Sumi Court Names Andrij Savochka as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Sumi Region appointed Andrij Savochka as
Liquidator/Insolvency Manager for LLC Bitovik (code EDRPOU
03062023).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 27.  The case is docketed
under Case No. 8/377-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Bitovik
         Pushkin Str. 1
         Krolevets
         41300 Sumi Region
         Ukraine


DRUZHBA: Sumi Court Names Yevgen Chuprun as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Sumi Region appointed Yevgen Chuprun as
Liquidator/Insolvency Manager for LLC Agrofirm Druzhba (code
EDRPOU 03778312).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 7.  The case is docketed
under Case No. 6/47-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Druzhba
         Sosnivka
         Gluhiv District
         41822 Sumi Region
         Ukraine


GLUHIV BREAD: Sumi Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on OJSC Gluhiv Bread Receiving Enterprise
(code EDRPOU 00955905) on Aug. 14.  The case is docketed under
Case No. 12/97.

The Temporary Insolvency Manager is:

         Andrij Sisoyev
         Korotchenko Str. 37/20
         40030 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Gluhiv Bread Receiving Enterprise
         Industrialna Str. 4
         Gluhiv
         42830 Sumi Region
         Ukraine


INDUSTRIALBANK: Merger Prompts Moody's to Assign Low-B Ratings
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to
Industrialbank (Ukraine):

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

   -- B3 long-term and Not-Prime short-term local currency
deposit ratings;

   -- E+ financial strength rating; and

   -- Baa2.ua long-term National Scale Rating.

The outlooks on all global scale ratings are stable, while the
bank's NSR carries no specific outlook.

According to Moody's, the global scale deposit ratings reflect
global default and loss expectation, while the Baa2.ua NSR
reflects the bank's average credit standing relative to its
domestic peers.

According to its management, the bank is beneficially controlled
by several individuals who presently own a significant stake in
Zaporizhstal, the fourth-largest Ukrainian steelmaker in terms
of output.  Apart from their interests in Zaporizhstal, they
operate some other businesses and are also engaged in M&A
activities in the Ukrainian banking sector.

In 2004 the bank's owners acquired a majority stake in
Kremenchug-based MT-Bank and in 2005 merged it with
Industrialbank in a move to create a larger and potentially more
viable institution.  Quite recently they also gained control of
Express-bank (house bank for the Ukrainian Railways), which
could also be potentially merged with Industrialbank in the
foreseeable future.

While through these acquisitions the shareholders are making
efforts to transform the bank from a captive institution
primarily servicing the accounts of Zaporizhstal into a bank
with a wider franchise, Industrialbank's B3/NP local and foreign
currency deposit ratings currently do not factor in any
shareholder support in case of need.  While such support cannot
be ruled out, its predictability is fairly low and its extent
could be rather limited.  Hence the bank's deposit ratings are
based on its intrinsic strength and are unconstrained by the
Ukrainian B2 country ceiling for foreign currency bank deposits.

The bank's E+ FSR, which is a measure of its intrinsic financial
strength, is constrained by its very limited although
strengthening regional franchise, associated with a high level
of balance sheet concentrations, especially on the funding side,
exposing the bank to higher than average liquidity risk.  Post-
merger risks associated with running a considerably expanded
institution also constrain the FSR.

At the same time, the FSR is underpinned by the bank's good
profitability although this may not be sustainable at its
historical levels, and by its limited history of credit losses.
Although the merger with MT-bank resulted in an elevated level
of problem exposures, especially those stemming from
agricultural lending, impaired loans were generously provisioned
for.

The bank's balance sheet had grown dramatically by the end of
2005, mostly inorganically, due to merger with MT-Bank.  The
combined loan portfolio and deposit base became more diverse
both geographically and sectorally, but still remains fairly
restricted compared to banks with less limited franchises.  On
the liabilities side Industrialbank was to a large degree funded
by two groups of customers related to the bank, including
Zaporizhstal, which was the single largest depositor.

The ratings reflect the expectation that the bank's conversion
into an institution with a more nationwide franchise would not
be a straightforward process.  For some time the bank operated
predominantly in Zaporizhzhia, its hometown, where it lent to
the trading sector.  Therefore, making inroads into other
markets and sectors beyond its area of expertise may be fraught
with additional risks.

The merger with MT-Bank paved the way for operation in other
territories and provided access to customers from a broader
range of industries, but in future only organic growth will show
how successful the bank will be in generating new business and
developing its franchise, while keeping its risks under control.

The bank has displayed fairly robust, although volatile,
profitability over the last few years.  However, its earning
power -- especially with regard to fee and commission income --
remains heavily reliant on a number of related-party customers.
Also, Moody's expects the bank's profitability to come under
some pressure in 2006 following the merger with MT-Bank and
significant expansion of the branch network, with an
accompanying increase in the burden of operating costs.

Headquartered in Zaporizhzhia, administrative center of
Zaporizhzhia region in Eastern Ukraine, Industrialbank reported
total IFRS assets of UAH1,776 million (US$351.7 million) as at
year-end 2005.


INTEGRATION: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Trade House Integration (code
EDRPOU 31240005) on July 6.  The case is docketed under Case No.
43/467.

The Temporary Insolvency Manager is:

         Oleg Nechayenko
         Kahovska Str. 60
         Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Integration
         Vasilkivska Str. 28
         03022 Kyiv Region
         Ukraine


LMK: Volinska Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on LLC LMK (code EDRPOU 31670770).  The
case is docketed under Case No. 1/65-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC LMK
         Lidavska Str. 2
         43000 Lutsk
         Volinska Region
         Ukraine


PASAR: Donetsk Court Names Oleksij Mernik as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Oleksij Mernik as
Liquidator/Insolvency Manager for LLC Pasar (code EDRPOU
30962544).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 9.  The case is docketed
under Case No. 27/117 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Pasar
         Sechenov Str. 31/10
         83023 Donetsk Region
         Ukraine


TECHNICS: Lviv Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
Creditors of LLC Scientific-Production Company Technics (code
EDRPOU 25238174) have until Sept. 22 to submit written proofs of
claim to:

         Nadiya Slidzyona
         Novoznesenska Str. 103
         Lviv Region
         Ukraine

The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on the company on July 6.  The case is
docketed under Case No. 6/105-8/198.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production Company Technics
         Lvivska Str. 2
         Veliki Mosti
         Sokalskij District
         80074 Lviv Region
         Ukraine


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


A MOMENT: Creditors Confirm Voluntary Liquidation
-------------------------------------------------
Creditors of A Moment In Time Limited confirmed on July 7 the
company's voluntary liquidation and the appointment of I. P.
Sykes of Begbies Traynor as Liquidator.

The company can be reached at:

         A Moment In Time Limited
    10 Wentworth Close
    Worthing
    West Sussex BN13 2LQ
    United Kingdom
    Tel: 01903 260035  


AMBIENCE FURNITURE: Brings In Liquidator from Sharma & Co.
----------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of
Ambience Furniture Limited on July 4 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Ambience Furniture Limited
    30 Witton Street
    Stourbridge
    West Midlands DY8 3YE
    United Kingdom
    Tel: 01384 236 222


ARMSTRONG FOUR: Names Paul John Webb as Administrator
-----------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was named
administrator of Armstrong Four Limited (Company Number
04882447) on Aug. 23.

The administrator can be reached at:

         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen
         West Midlands B63 4AB
         United Kingdom
         Tel: 0121 550 0011

Armstrong Four Limited can be reached at:

         12 York Place
         Leeds
         West Yorkshire LS1 2DS
         United Kingdom


ATLANTIC GLAZING: Appoints Joint Liquidators from Harrisons
-----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Atlantic Glazing Solutions Limited on
July 11 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Atlantic Glazing Solutions Limited
    3 Barton Cottages
    Newton Tracey
    Barnstaple
    Devon EX313PL
    United Kingdom
    Tel: 01271 379 379


CAPITAL STAFFING: Taps Leonard Curtis as Joint Administrators
-------------------------------------------------------------
N. A. Bennett and A. Poxon of Leonard Curtis were appointed
joint administrators of Capital Staffing Services Limited
(Company Number 04055663) on Aug. 31.

The administrators can be reached at:

         Leonard Curtis & Co
         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         United Kingdom
         Tel: 020 7535 7000
         Fax: 020 7723 6059
         E-mail: solutions@leonardcurtis.co.uk
         Web site: http://www.leonardcurtis.co.uk

Headquartered in London, United Kingdom, Capital Staffing
Services Limited is an employment agency.


DECOR CENTRE: Taps M. D. Hardy to Liquidate Assets
--------------------------------------------------
M. D. Hardy of Poppleton & Appleby was appointed Liquidator of
D,cor Centre Plus Limited on July 13 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Decor Centre Plus Limited
    Sparkbrook Street
    Sparkbrook Street Industrial Estate
    Coventry
    West Midlands CV1 5LB
    United Kingdom
    Tel: 024 7622 4398


ENTERGY UK: Proof of Claim Deadline Slated for Oct. 12
------------------------------------------------------
Entergy U.K. Enterprises Limited was placed into Members'
Voluntary Liquidation on Aug. 31.  Peter Spratt was appointed
Liquidator.

The company is expected to be able to pay its known liabilities
in full.

Creditors have until Oct. 12 to send their proofs of debt in
writing to:

         Peter Spratt
    PricewaterCoopers Advisory & Restructuring LLC
    300 Madison Avenue
    New York NY 10017
    United States

Creditors are requested to provide details or produce such
documentary or other evidence deemed necessary by the
Liquidator.

The Liquidator intends to declare a first and final distribution
to creditors of 100 pence in the pound within the period of four
months from the last date.    

The Liquidator has the right to make any distributions, which
they may think fit, without further regard to creditors' claims
not proved within the specified period.


EXEL RECRUITMENT: Creditors' Meeting Slated for September 18
------------------------------------------------------------
Creditors of Exel Recruitment Limited will meet at 11:00 a.m. on
Sept. 18 to consider the Administrators' proposals.

The meeting will be held at:

         The P&A Partnership
         93 Queen Street
         Sheffield S1 1WF
         United Kingdom

The joint administrators can be reached at:

         Christopher Michael White and Derek Leslie Woolley
         Joint Administrators
         The P&A Partnership
         93 Queen Street
         Sheffield S1 1WF
         United Kingdom
         Tel: (0114) 275 5033
         Fax: (0114) 276 8556

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.


EXSPECT LIMITED: Appoints Leonard Curtis as Liquidator
------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed liquidator of
Exspect Limited on June 28 for the purposes of creditors'
voluntary liquidation proceedings.

The company can be reached at:

         Exspect Limited
         Suite 305
         Grosvenor House
         Hollinswood Road
         Central Park
         Telford
         Shropshire TF2 9TW
         United Kingdom
         Tel: 01952 216166


FACTORY FABRICS: Claims Filing Period Ends September 23
-------------------------------------------------------
Creditors of Factory Fabrics LLP have until Sept. 23 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to appointed Liquidator Jeremy Berman at:

         Berley
         76 New Cavendish Street
         London W1G 9TB
    United Kingdom

The company can be reached at:

         Factory Fabrics LLP
         12 Market Square
         Bicester
         Oxfordshire OX26 6AD
         United Kingdom
         Tel: 01869 244 877


FLOWERS LV: Hires C. H. I. Moore to Liquidate Assets
----------------------------------------------------
C. H. I. Moore of K.J. Watkin & Co. was appointed Liquidator of
Flowers LV Supplies Limited on July 7 on for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Flowers LV Supplies Limited
    Dunstall Hill Trading Estate
    Gorsebrook Road
    Wolverhampton
    West Midlands WV6 0PJ
    United Kingdom
    Tel: 01902 424147   


FORD MOTOR: UAW Agrees to Voluntary, System-Wide Buyouts
--------------------------------------------------------
The United Auto Workers has reached agreement on voluntary,
system-wide buyouts for more than 75,000 UAW-represented hourly
workers at Ford Motor Company.

"Once again, our members are stepping up to make hard choices
under difficult circumstances," said UAW President Ron
Gettelfinger.  "Now, it's Ford Motor Company's responsibility to
lead this company in a positive direction -- which means using
the skills, experience and dedication to quality that UAW
members demonstrate every day in order to deliver quality
vehicles to customers."

A variety of buyout and incentive packages will be available,
depending on length of service and other eligibility factors.  
All active UAW Ford hourly workers will be eligible for at least
one of the programs, which will be offered on a one-time basis
only due to current conditions in the industry, including Ford's
continued loss of market share.

The buyout packages include retirement incentives, early
retirement, pre-retirement leave, incentives for workers to
terminate their employment at Ford and special educational
opportunities.  UAW Ford workers currently assigned to
Automotive Components Holding facilities will have the
opportunity to flow back to any job openings created at Ford as
a result of the buyout packages.

No UAW Ford hourly worker will have his or her contractual
rights compromised as a result of these buyout packages, and no
worker will be involuntarily separated from Ford Motor Company,
the union disclosed.

A summary of the terms and conditions of the packages is
available for free at http://researcharchives.com/t/s?11ad

The buyouts are part of Ford's move to accelerate its "Way
Forward" turnaround plan initiated early this year.   The
Company is set to announce details of the accelerated Plan
today.     

                         About Ford Motor

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

                           *     *     *

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

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

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

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


FROG NETWORKING: A. J. Clark Leads Liquidation Procedure
--------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Frog
Networking Solutions Limited on July 5 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Frog Networking Solutions Limited
    Unit 1
         Lion Works
    Station Road
    Whittlesford
    Cambridge
    Cambridgeshire CB2 4NL
    United Kingdom
    Tel: 0870 444 3994
    Web: http://www.frog.co.uk/


FUTON DESIGN: Taps Cresswall Associates to Administer Assets
------------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of Futon Design
Limited (Company Number 3191788) on Aug. 25.

The administrators can be reached at:

         Cresswall Associates Limited
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683  

Headquartered in Suffolk, United Kingdom, Futon Design Limited
manufactures furniture.


FUTUREMEDIA PLC: Auditors Express Going Concern Doubt
-----------------------------------------------------
BDO Stoy Hayward LLP expressed substantial doubt about
Futuremedia PLC's ability to continue as a going concern after
auditing the company's financial statements for the fiscal years
ended April 30, 2006 and 2005.  The auditing firm pointed to the
company's recurring losses from operations and net capital
deficit.

At April 30, 2006, the company's balance sheet showed US$2
million in stockholders' deficit, compared with a US$1.6 million
deficit at April 30, 2005.

For the 12-month period ended April 2006, the company posted
US$12.3 million of net losses on US$6 million of gross profit,
compared with US$3.9 million of net losses on US$1.2 million of
profits for the same period in 2005.

                     Financial Resources

Since its initial public offering, the Company has incurred net
losses and experienced negative cash flows from operating
activities.  Net losses since its IPO have resulted in an
accumulated deficit of GBP28,481,000 as of April 30, 2006.  

"At Aug. 30, 2006, the Company's cash resources and available
borrowings are insufficient to fund the current level of
operations for the next twelve months," the company disclosed in
a regulatory filing with the U.S. Securities and Exchange
Commission.  

Management is engaged in various activities to secure the
additional funding required by the company to meet its working
capital needs for the next twelve months, including:

   -- cost reductions on the integration of its recent
      acquisitions;

   -- the securing of bank overdraft facilities;

   -- generation of cash from future trading operations; and

   -- the provision of further equity or debt funding.

Headquartered in West Sussex, United Kingdom, Futuremedia PLC
develops on-line branded learning business.  Branded learning is
the application of eLearning to marketing communications through
online learning communities, academies and portals.


GENESIS INTEGRATED: Appoints Administrators from Begbies Traynor
----------------------------------------------------------------
D. R. Acland and S. J. Williams of Begbies Traynor were
appointed joint administrators of Genesis Integrated Security
Limited (Company Number 04401432) on Aug. 29.

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

Headquartered in Accrington, United Kingdom, Genesis Integrated
Security Limited -- http://www.genesis-sys.com/-- provides a  
complete range of safety and protection solutions to homes,
businesses, local authorities and a wealth of medium and high-
risk environments across the U.K.


GLOBAL 20: Creditors' Meeting Slated for September 22
-----------------------------------------------------
Creditors of Global 20 PLC (Company Number 3098150) will meet at
3:00 p.m. on Sept. 22 at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 21 at:

         Carl Stuart Jackson and Nigel Ian Fox
         Joint Administrators
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom
         Tel: 023 8064 6464
         Fax: 023 8064 6666
         E-mail: southampton@tenongroup.com

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


GLOSCAN LIMITED: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Gloscan Limited confirmed on July 12 the
appointment of Neil Francis Hickling of Smith & Williamson
Limited as the company's Liquidator.

The company can be reached at:

         Gloscan Limited
    Unit 10
    Forest Vale Road
    Forest Vale Industrial Estate
    Cinderford
    Gloucestershire GL142PH
    United Kingdom
    Tel: 01594 825 888
    Web:  http://www.gloscan.co.uk/


GUARDIAN DOORS: Creditors' Meeting Slated for September 21
----------------------------------------------------------
Creditors of Guardian Doors Limited (Company Number 05198324)
will meet at 10:30 a.m. on Sept. 21 at:

         KPMG LLP
         37 Hills Road
         Cambridge
         Cambridgeshire CB2 1XL
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 20 at:

         Allan Watson Graham and Richard James Philpott
         Joint Administrators
         KPMG LLP         
         37 Hills Road
         Cambridge
         Cambridgeshire CB2 1XL
         United Kingdom
         Tel: (01223) 366692
         Fax: (01223) 460701

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


HARRINGTONS OF WILTSHIRE: Taps Laurence Russel as Administrator
---------------------------------------------------------------
Laurence Russell of Albert Goodman was appointed administrator
of Harringtons of Wiltshire Limited (Company Number 04617956) on
Aug. 31.

The administrator can be reached at:

         Albert Goodman
         Mary Street House
         Mary Street
         Taunton
         Somerset TA1 3NW
         United Kingdom
         Tel: 01823 286096
         Fax: 01823 257319

Headquartered in Wiltshire, United Kingdom, Harringtons of
Wiltshire Limited supplies food.


HEIZER LIMITED: Nominates Liquidator from Mayfields Insolvency
--------------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Heizer (U.K.) Limited on July 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Heizer (U.K.) Limited
    10 Mountain Ash Road
    Clayhanger
    Walsall WS8 7QS
    United Kingdom
    Tel: 01922 478 777


IGO DIRECT: Nominates Andreas Georgiou Kakouris as Liquidator
-------------------------------------------------------------
Andreas Georgiou Kakouris was nominated Liquidator of Igo Direct
Limited on July 14 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Igo Direct Limited
    Blake Industrial Park
    Brue Avenue
    Bridgwater
    Somerset TA6 5LT
    United Kingdom
    Tel: 01278 426 226


INTERIOR BUILDING: Creditors Ratify Voluntary Liquidation
---------------------------------------------------------
Creditors of Interior Building Systems Limited ratified on
May 27 the resolutions for voluntary liquidation together with
the appointment of Neil Brackenbury and Michael E G Saville of
Begbies Traynor as Joint Liquidators of the company.

The company can be reached at:

         Interior Building Systems Limited
         Lund House Farm
         Walshford
         Wetherby LS22 5HX
         United Kingdom
         Tel: 01423 359 213


J & A BUILDING: Brings In Liquidator from Tenon Recovery
--------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of J &
A Building and Construction Limited on June 26 for the purposes
of creditors voluntary winding-up procedure.

The company can be reached at

         J & A Building & Construction Limited
         Mountnessing Road
         Billericay
         Essex CM12 0TS
         United Kingdom
         Tel: 01277 624 538


KANA SOFTWARE: Forms Financial Services Vertical Sales Team
-----------------------------------------------------------
KANA Software Inc. disclosed a series of organizational changes
in its global sales and service operations, which will enable
the company to accelerate its revenue growth and meet aggressive
sales targets worldwide.

In order to build upon its tremendous growth and customer
adoption within the financial services market, KANA has
established a global financial services vertical sales team.

Daniel Turano, a seasoned veteran, joins KANA as the newly
appointed Vice President of Global Financial Services and will
work to build a sales team that is focused specifically on
financial services accounts worldwide.

As part of Mr. Turano's expanding financial services group,
Lindsay McEwan has joined KANA as the regional sales manager for
financial services in the United Kingdom, bringing ten years of
direct sales and management experience within the investment
banking, retail and capital markets vertical along with senior
relationships with large financial institutions.

"As a strategic alliance partner, we are very pleased and
excited about KANA's new financial services initiative.  With
KANA's increased focus and investment in Financial Services, our
joint relationship will further accelerate the delivery of
market leading solutions to Financial Services organizations,"
said Mark Greene, Vice President, IBM Financial Services Sector.

                  Enhancing Worldwide Sales Team

Bill Rowe, who joined the organization in January, will expand
his current role with a promotion to Senior Vice President of
Worldwide Sales and Service.  Mr. Rowe has been responsible for
KANA's sales and professional services operations in the
Americas region and will now expand that role to include Europe
and Asia. Alf Saggese, Senior Vice President of Sales & Service
for International Operations, will report into Mr. Rowe.

Eric Ward will move into the role of Western Region Sales
Director, with responsibility for expanding sales and services
as well as continuing to build strong customer relationships.

Edwin Kuhn will join KANA as the Eastern Region Sales Director.
Mr. Kuhn has nineteen years of sales experience, most recently
having served as the Identity Management (IDM) Sales Manager at
Oracle Corporation, receiving recognition as the top IDM sales
representative of the year.

Both the Western and Eastern Region Sales Directors will report
to Bill Rowe.

In order to fully capitalize on the tremendous market
opportunity stemming from rapid adoption of eService channels,
KANA is expanding its worldwide sales organization and by the
end of 2006 the Company will have doubled its sales force over
the year ended 2005.  As a result of this significant
organizational expansion, KANA will have the necessary resources
in place to ensure excellent customer service, pursue new
transactions as well as focus on cultivating cross-sell and up-
sell opportunities within its extensive install base.  With more
than 600 customers, including approximately half of the world's
100 largest companies, KANA is in an exceptional position to
fuel its continued financial growth and success through this
sales approach.

"Elevating and expanding a worldwide sales team is an exciting
initiative for any company. KANA has seen a substantial increase
in demand for its multi-channel customer service solutions,
especially in the financial services industry.  This expansion
is not only exciting but necessary for us to stay ahead of
market demand as well as continue to give our customers the high
levels of service and support they have come to expect," said
Bill Rowe, Senior Vice President of Worldwide Sales and Service,
KANA.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

                          About KANA

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe, including Austria, Germany, the Netherlands
and the United Kingdom.


KANA SOFTWARE: Posts US$383,000 Net Loss for Second Quarter 2006
----------------------------------------------------------------
KANA Software Inc. reported a net loss in accordance with
generally accepted accounting principles of US$383,000, for the
quarter ended June 30, 2006, versus a GAAP net loss of
US$1.9 million for the quarter ended June 30, 2005.

The Company reported a GAAP net loss of US$1.5 million for the
six months ended June 30, 2006, versus a GAAP net loss of
US$15.7 million for the six months ended June 30, 2005.

KANA's total revenues for the quarter ended June 30, 2006 were
US$14.5 million, including license revenues of US$5.9 million.  
These revenue numbers represent increases of 36% in total
revenue and 150% in license revenue over the second quarter
2005.  This is KANA's fifth consecutive quarter of total revenue
growth.

KANA's total revenues for the six months ended June 30, 2006
were US$26 million, including license revenues of US$8.8
million.  These revenue numbers represent increases of 25% and
125%, respectively, from the total and license revenue numbers
reported for the six months ended June 30, 2005.

"We are very pleased with our second quarter results, as they
reflect the significant strides KANA has made over the last year
to streamline the organization and focus on its core
competencies," said Michael Fields, chief executive officer of
KANA.  "KANA's consistent revenue growth over the last five
quarters is indicative of the overall market demand for multi-
channel customer service software.  More importantly, though,
it's a testament to the depth and scalability of our solutions,
the quality and commitment of our people and the mission and
focus of our company.  As a result, KANA is well positioned for
profitability and continued success and leadership in the multi-
channel customer service market."

Based on the demand the Company is seeing and anticipating for
its multi-channel customer service solutions with new and
existing customers and integrator partners, KANA expects that
total revenues for 2006 will range between US$56 million and
US$58 million. This represents a growth of 30% to 34% percent
over 2005 total revenues.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

                          About KANA

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe, including Austria, Germany, the Netherlands
and the United Kingdom.


KANA SOFTWARE: Files Registration Statement for Stock Sale
----------------------------------------------------------
KANA Software Inc. filed with the U.S. Securities and Exchange
Commission on Sept 8, a registration statement on Form S-1
relating to the offer and sale of up to 5,277,665 outstanding
shares of the common stock and 2,393,233 shares of common stock
that may be issued on the exercise of outstanding warrants by:

     * NightWatch Capital Partners, LP;
     * NightWatch Capital Partners II, LP; and
     * RHP Master Fund, Ltd.

including an additional 478,647 shares of common stock of which
may be issued on the exercise of the warrants that may be issued
upon the occurrence of an event of dilution resulting from stock
splits, stock dividends or similar transactions or change in the
exercise price by the selling stockholders.

KANA will not receive any of the proceeds from the sales by the
Selling Stockholders of the shares covered by the September 8
prospectus.  The Company will pay the expenses related to the
registration of the Shares covered by this prospectus.  The
Selling Stockholders will pay commissions and selling expenses,
if any, incurred by them.

As of Aug. 31, 2006, there were 34,517,637 shares of common
stock outstanding and issued, excluding shares exercisable under
warrants that KANA has issued.  The Shares offered in the
prospectus, represents 22.2% of the total outstanding and issued
shares of the Company's common stock as of Aug. 31, 2006,
excluding shares exercisable under warrants that the Company has
issued.

A full-text copy of the prospectus is available for free at
http://researcharchives.com/t/s?11a0

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

                          About KANA

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe, including Austria, Germany, the Netherlands
and the United Kingdom.


KEYCHAIN LIMITED: Taps Lloyd Biscoe to Liquidate Assets
-------------------------------------------------------
Lloyd Biscoe and Jamie Taylor of Begbies Traynor was appointed
Liquidator of Keychain Limited on July 7 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Keychain Limited
    1 Delancey Street
    London NW1 7NL
    United Kingdom
    Tel: 020 7419 4646


KINDRACE LIMITED: Appoints Liquidators from Harrisons
-----------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
liquidators of Kindrace Limited on June 26 for the purposes of
creditors voluntary winding-up proceedings.

The company can be reached at:

         Kindrace Limited
         Addison Road
         Port Talbot
         West Glamorgan SA12 6HZ
         United Kingdom
         Tel: 01639 898 946


LABOUR FORCE: Gagen Dulari Sharma Leads Liquidation Procedure
-------------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of
Labour Force Services Limited on June 29 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Labour Force Services Limited
    533 Moseley Road
    Birmingham B12 9BU
    United Kingdom
    Tel: 0121 440 4408


LEAFORD CONSTRUCTION: Names Anthony David Kent Liquidator
---------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Leaford Construction Limited on July 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Leaford Construction Limited
    91 Leaford Crescent
    Watford WD245JQ
    United Kingdom
    Tel: 01923 254 901


LEIGH ELECTRICAL: Creditors' Meeting Slated for September 21
------------------------------------------------------------
Creditors of Leigh Electrical Controls Limited (Company Number
2154783) will meet at 11:00 a.m. on Sept. 21 at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 20 at:

         Carl Stuart Jackson and Nigel Ian Fox
         Joint Administrators
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom
         Tel: 023 8064 6464
         Fax: 023 8064 6666
         E-mail: southampton@tenongroup.com

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


LET'S HAVE IT: Creditors' Meeting Slated for September 29
---------------------------------------------------------
Creditors of Let's Have It Limited (Company Number 03846103)
will meet at 12:00 noon on Sept. 29 at:

         DTE Leonard Curtis         
         DTE House
         Hollins Mount
         Hollins Lane
         Bury BL9 8AT
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 28 at:

         J M Titley and A Poxon
         Joint Administrators
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury BL9 8AT
         United Kingdom
         Tel: 0161 767 1200
         Fax: 0161 767 1201

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


M F TOOLS: Brings In Liquidators from Dains
-------------------------------------------
M. F. P. Smith and N. J. Hawksley of Dains were appointed
liquidators of M F Tools Limited on June 23 for the purposes of
creditors' voluntary liquidation.

The company can be reached at:

         M F Tools Limited
         Unit V
         Aven Industrial Park
         Tickhill Road
         Maltby
         Rotherham
         South Yorkshire S66 7QR
         United Kingdom
         Tel: 01709 818 579


MADISONS DELI: Appoints H. J. Sorsky to Liquidate Assets
--------------------------------------------------------
H. J. Sorsky of SPW Poppleton & Appleby was appointed Liquidator
of Madisons Deli & Salt Beef Bar Ltd. on July 5 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Madisons Deli & Salt Beef Bar Ltd.
    Buckingham Parade
    The Broadway
    Stanmore
    Middlesex HA7 4EB
    United Kingdom
    Tel: 020 8954 9998


METAFOR LIMITED: Taps Tony Mitchell to Liquidate Assets
-------------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
liquidator of Metafor Limited on June 26 for the purposes of the
creditors voluntary winding-up proceedings.

The company can be reached at:

         Metafor Limited
         17 The Square
         Kenilworth
         Warwickshire CV8 1EF
         United Kingdom
         Tel: 01603 821 084


MIDLAND BUILDING: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Midland Building Restoration Services Limited
confirmed on June 29 the resolutions for voluntary liquidation
and the appointment of Martin Williamson of DS Insolvency
Services Ltd. as the company's liquidator.

The company can be reached at:

         Midland Building Restoration Services Limited
         Unit 19
         Horton Court
         Hortonwood 50
         Telford
         Shropshire TF1 7GY
         United Kingdom
         Tel: 01952 677 612


NURSERY RESTAURANT: Joint Liquidators Take Over Operations
----------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of The
Nursery Restaurant Limited on July 5 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         The Nursery Restaurant Limited
    Nursery Restaurant
    Dunn Street
    Bredhurst
    Gillingham
    Kent ME7 3ND
    United Kingdom
    Tel: 01634 360 588


OAKMACE SYSTEMS: Nominates C. M. Iacovides as Liquidator
--------------------------------------------------------
C. M. Iacovides of Jeffreys Henry Jacobs was nominated
Liquidator of Oakmace Systems Ltd. on June 30 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Oakmace Systems Ltd.
    Aimes Green Farm
    Aimes Green
    Waltham Abbey
    Essex EN9 2AU
    United Kingdom
    Tel: 020 8886 3672


OPTIMUM PERSONNEL: Taps Begbies Traynor to Liquidate Assets
-----------------------------------------------------------
Paul Finnity and Peter A. Blair of Begbies Traynor were
appointed liquidators of Optimum Personnel Limited on June 23
for the purposes of creditors' voluntary winding-up proceedings.

The company can be reached at:

         Optimum Personnel Limited
         Guild Street
         Burton On Trent
         Staffordshire DE14 1NA
         United Kingdom
         Tel: 01283 547 600


ORGANIC EVOLUTION: Hires Joint Liquidators from Baker Tilly
-----------------------------------------------------------
Andrew White and Susan Agnes Maund of Baker Tilly were appointed
Joint Liquidators of Organic Evolution Limited on July 11 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Organic Evolution Limited
    112 Malling Street
    Lewes
    East Sussex BN7 2RJ
    United Kingdom
    Tel: 01273 897 361


P & R MARKETING: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of P & R Marketing Limited confirmed on July 7 the
appointment of Andrew James Nichols of Redman Nichols as the
company's Liquidator.

The company can be reached at:

         P & R Marketing Limited
    Windsor Court
    3 La Route Du Mont Mado
    St. John
    Jersey JE3 4DN
    United Kingdom
    Tel: 01534 861 710


PHOENIX TAPES: Calls In Liquidator from Elwell Watchorn
-------------------------------------------------------
Paul Anthony Saxton of Elwell Watchorn & Saxton LLP was
appointed Liquidator of Phoenix Tapes Limited on July 13 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Phoenix Tapes Limited
         113 Tower Drive
    Neath Hill
    Milton Keynes MK146JX
    United Kingdom
    Tel: 01908 667 085


PREMIER FOODS: Terminates United Biscuits' Acquisition Plan
-----------------------------------------------------------
Premier Foods Plc disclosed that discussions regarding its
potential acquisition of the U.K. and Ireland biscuits and
snacks businesses of United Biscuits have terminated.

As previously reported in TCR-Europe on Sept. 12, Premier Foods
confirmed press speculation that it is evaluating making an
offer to United Biscuits' current owners to acquire the U.K. and
Ireland biscuits and snacks business of United Biscuits.

The company continues to consider acquisitions to be an
important part of its overall strategy and evaluates potential
acquisition opportunities according to its strict set of
acquisition criteria.

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

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


PREMIER FOODS: Repays GBP450-Million Bridge Facility in Full
------------------------------------------------------------
Premier Foods plc disclosed that following the closing of the
Rights Issue in connection with the acquisition of the U.K. and
Irish businesses of Campbell Soup Company from Campbell Soup
Company, the bridge facility of GBP450 million has been repaid
in full.  

The bridge facility was provided by Merrill Lynch International
and ABN AMRO Bank N.V. in order to facilitate completion of the
Acquisition on Aug. 15, following shareholder approval of the
Acquisition and before the Rights Issue closed.

As previously reported in TCR-Europe on Sept. 12, Premier Foods
received valid acceptances in respect of 242,378,218 New
Ordinary Shares, representing approximately 97.79% of the total
number of New Ordinary Shares offered to Shareholders pursuant
to the fully underwritten Rights Issue disclosed by the Company
on July 12.

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

Merrill Lynch International acted as sole global co-ordinator,
sole bookrunner, joint underwriter and joint broker to the
Rights Issue.  Hoare Govett Limited acted as joint underwriter
and joint broker to the Rights Issue.

It is expected that definitive share certificates in respect of
New Ordinary Shares in certificated form will be dispatched to
shareholders by Sept. 15.

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

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


PROTEC MOTOR: Brings In Joint Administrators from F A Simms
-----------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed joint administrators of Protec Motor
Care Limited (Company Number 5137927) on Aug. 25.

The administrators can be reached at:

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

Headquartered in Milton Keynes, United Kingdom, Protec Motor
Care Limited maintains and repairs motors.


QUIDDINGTON REVELL: Creditors Confirms Liquidator's Appointment
---------------------------------------------------------------
Creditors of Quiddington Revell Limited confirmed on July 5 the
appointment of Anthony Harry Hyams of Marriotts LLP as the
company's Liquidator.

The company can be reached at:

         Quiddington Revell Limited
    Signet House
    41-49 Farringdon Road
    London EC1M3JP
    United Kingdom
    Tel: 020 7831 6400
    Web:  http://www.quiddingtonrevell.co.uk/


RAPHAEL EXECUTIVE: Names Louise Donna Baxter Liquidator
-------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Raphael Executive Chauffeuring Limited on July 7 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Raphael Executive Chauffeuring Limited
    11-17 Fowler Road
    Hainault Business Park
    Ilford
    Essex IG6 3UJ
    United Kingdom
    Tel: 020 8501 4411


S P BEATON: Passes Resolution for Voluntary Liquidation
-------------------------------------------------------
S P Beaton Plumbing & Heating Services Limited passed on July 5
a resolution placing the company into creditors' voluntary
liquidation.

The company can be reached at:

         S P Beaton Plumbing & Heating Services Limited
    67 Manor House Road
    Glastonbury
    Somerset BA6 9DG
    United Kingdom
    Tel: 01458 443 024


SAMSONITE CORP: Posts US$6-Mln Net Loss in Second Quarter 2006
--------------------------------------------------------------
Samsonite Corp. reported revenues for the six months ended
July 31, 2006, of US$498.5 million compared to revenues of
US$468.9 million during the same six-month period in the prior
year.

Operating income for the first six months of the year was
US$33.1 million compared to US$40.2 million during the prior
year period.  Operating income for the first six months of the
year was affected by charges of US$4.9 million for the write-off
of deferred offering costs related to a postponed secondary
stock offering and US$4.4 million for operational restructuring
activities and associated asset impairment.

Loss to common stockholders before the cumulative effect of an
accounting change for the first six months of the year was
US$6.4 million, or US$0.03 per share, which compares to net
income of US$2.6 million, or US$0.01 per share, during the prior
year period.  Net income (loss) to common stockholders included
charges of US$7.8 million in the current year period and US$7.3
million in the prior year period for preferred stock dividends.

For the second quarter of fiscal year 2007, revenues were
US$257.5 million, operating income was US$13.9 million and net
loss to common stockholders was US$6.0 million or US$0.03 per
common share.  These results compare to revenues of US$236.5
million, operating income of US$18.0 million and net loss to
common stockholders of US$1.3 million, or a loss of US$0.01 per
share, for the second quarter of the prior year.

Adjusted EBITDA (earnings before interest expense, taxes,
depreciation and amortization adjusted for preferred stock
dividends, certain items of other income and expense, minority
interests, stock offering costs, restructuring charges, asset
impairment charges, stock-based compensation expense, ERP
project expenses, and to include realized currency hedge gains
and losses), for the first six months of the current year was
US$59.9 million versus US$55.7 million for the same period in
the prior year.  Included in the prior year results was US$3.2
million of revenue and Adjusted EBITDA from the sale of an
apparel trademark for the U.S. market.  Adjusted EBITDA was
US$30.7 million for the second quarter compared to US$26.6
million for the second quarter of the prior year.

Chief Executive Officer, Marcello Bottoli, stated: "I'm very
pleased with the Company's progress on its major initiatives.
Sales growth during the quarter was a robust 8.5% on a constant
currency basis with solid progress in each major region.  During
the second quarter, the Company also acquired controlling
interests in three companies: we entered into a majority-owned
joint venture with our Thailand distributor; we acquired a
majority interest in the operations of our Australian
distributor; and in the U.S. we acquired a majority interest in
Lambertson Truex, a premier luxury handbag and shoe designer
label.  These investments mark continued progress in the
implementation of our long-term business plan."

Richard Wiley, Chief Financial Officer, commented: "The
Company's strategy of streamlining its operations while
achieving top line growth is resulting in increased Adjusted
EBITDA.  Driven by price increases and lower fixed manufacturing
and direct product cost, second quarter gross profit margins
improved 140 basis points over the prior year to 50.2% and
second quarter Adjusted EBITDA increased to US$30.7 million, or
15.3% over the prior year quarter.  The improvement in gross
margins has been achieved well ahead of our long-term gross
margin target of 50%.  The Company's working capital efficiency
and capital structure also continue to improve.  In the last
twelve months, average net working capital efficiency improved
330 basis points over the prior year second quarter to 15.7% of
sales and the Company repurchased and retired US$10.0 million in
Senior Subordinated Notes during the quarter."

                        About the Company

Samsonite Corporation (OTCBB: SAMC.OB) -
http://www.samsonite.com/-- -- designs, manufactures and  
distributes luggage, casual bags, business cases and travel
related products throughout the world.  The Company also
licenses its brand names and is involved with the design and
sale of apparel.

                        *     *     *

Moody's Investors Service placed the long-term ratings of
Samsonite Corporation, under review for possible upgrade.  The
review was triggered by the sustained improvement in the
company's operating performance and credit metrics, which has
been largely driven by:

   -- management's strategy to drive profitable growth through
geographic expansion, new product development, and brand
building,

   -- ongoing cost reduction initiatives, and

   -- improved cash flow generation as a result of better
efficiencies and working capital management.


SAMSONITE CORP: Moody's Places Low-B Ratings Under Review
---------------------------------------------------------
Moody's Investors Service placed the long-term ratings of
Samsonite Corp., under review for possible upgrade.  The review
was triggered by the sustained improvement in the company's
operating performance and credit metrics, which has been largely
driven by:

   -- management's strategy to drive profitable growth through
geographic expansion, new product development, and brand
building,

   -- ongoing cost reduction initiatives, and

   -- improved cash flow generation as a result of better
efficiencies and working capital management.

The review for upgrade will focus on:

   -- the sustainability of Samsonite's success under the
operating and financial plan;

   -- the impact of recent growth initiatives on overall
earnings and cash flow stability; and

   -- management's future financial policy as it relates to debt
reduction, acquisitions, and shareholder initiatives,
including the completion of the potential US$300 million
common stock offering in exchange for its existing
preferred shares.

Ratings placed on review for possible upgrade are:

* Samsonite Corporation

   -- B1 corporate family rating;

   -- B1 on the senior unsecured notes; and

   -- B3 on the 8.875% subordinated notes.

Samsonite manufactures, markets and distributes luggage and
travel-related products.  The company's owned and licensed
brands, including Samsonite, American Tourister, Trunk & Co,
Sammies, Hedgren, Lacoste and Timberland, are sold globally
through external retailers and 284 company-owned stores.  Net
sales for the twelve-month period ended April 30, 2006 were
US$976 million.  Executive offices are located in London,
England.


SECURE WINDOW: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------
Creditors of Secure Window & Door Systems Limited confirmed on
July 4 the appointment of Nigel Price and Mark Bowen of Moore
Stephens LLP as the company's Joint Liquidators.

The company can be reached at:

         Secure Window & Door Systems Limited
    Unit 1
    Hayseech Road
    Halesowen
    West Midlands B63 3PD
    United Kingdom
    Tel: 0121 585 9797


SOUTHERN PACIFIC: Fitch Affirms BB Ratings on Class E Tranches
--------------------------------------------------------------
Fitch Ratings upgraded 13 tranches of the Southern Pacific
Securities and the Southern Pacific Financing series of non-
conforming residential mortgage transactions issued by Southern
Pacific Mortgage Limited including detachable coupons.  At the
same time, Fitch affirmed 59 other tranches.

Fitch has remodeled all the transactions using its U.K.
residential mortgage default and cash flow models.  The SPS
deals featuring upgraded tranches are those issued from the
earlier vintages of 2002 through to mid-2003 (SPS D through SPS
G), which have experienced a healthy growth in credit
enhancement levels.

The switch to pro rata amortization initially slowed the growth
but the high prepayment rates have had a positive impact on de-
leveraging the deals and building levels of CE.  Also, SPF 04-A,
a transaction that consists of fewer loans to borrowers who have
demonstrated adverse credit in the past, has also had its
mezzanine and junior notes upgraded.

With the exception of SPF 04-A and SPF 05-B whose portfolios are
made up of near-prime collateral, the later SPS transactions,
issued in H203 through to 2005 (SPS H through SPS 05-2) have
experienced high levels of arrears, with many serious arrears
cases now proceeding to repossession and sale.  However, the
remodeling of these deals has given Fitch the comfort that the
current ratings remain appropriate for all tranches within these
transactions.

It has shown that CE is sufficient to support the ratings of all
tranches at their current levels.  However, while the ratings
have been affirmed, Fitch notes there remains potential for
reserve fund drawings in some of the less seasoned transactions
where the A DACs are set to step up in the coming quarters.

In SPS 05-1 and SPS 05-2, rising arrears, repossessions and
losses, as well as the presence of DACs all contribute to a
depression of excess spread.  In SPS 05-1, at the June 2006
interest payment date, the DAC stripped out much of the excess
spread.  

As a result, the June performance report showed excess spread
fall to just over GBP202,000 from GBP4.3 million.  The rate
payable on DAC increased to 2.45% from 0.1% over this period.  
It has increased further to 2.75% in the sixth quarter and then
will increase further still to 3.45% from the seventh to the
12th quarter.

SPS 05-1 is experiencing higher-than-average arrears levels
given the seasoning of the portfolio collateral.  At the June
IPD, 16 months after close, it had 19.87% of loans more than
three months in arrears, compared with an average of 10.53% for
similarly seasoned U.K. non-conforming RMBS transactions as per
Fitch's U.K. non-conforming index.

Similarly, SPS 05-2 is also experiencing high arrears and
repossessions.  Only 11 months after closing, some 16% of loans
are in arrears of more than three months, compared to an average
of 8.12% as per the Fitch index.  The DAC is yet to step up in
this transaction, but will increase to 2.2% from 0.1% at the
fifth IPD.

These transactions are generally structured so that the increase
in the DAC coincides with the timing of discounted loan
reversion.  Reversion to the full stabilized rate from the
discounted margins should theoretically benefit the transactions
through increased excess spread, but stretched affordability at
the higher loan rate may potentially cause a further increase in
arrears levels for those borrowers that remain in the pool.

With the DAC taking a significant proportion of excess spread,
avoiding possible future reserve fund draws will depend on the
impact on available revenue funds from arrears levels - arrears
are expected to increase further as the deals season - and
whether loss levels continue to remain low and stable.  With the
exception of SPS 05-1, SPF 05-B, SPS 05-2, and the more recent
SPS 05-3, SPF 06-A, SPS 06-1 and Eurosail 06-1, which have cash
collateralization in the first year, SPML does not post cash
collateral to cover the difference between the stabilized rate
and the discounted rate.  The extent of available excess spread
during such times is therefore restricted, although the start
rate of the DAC is minimal.

Currently, the losses remain relatively low for all outstanding
deals.  At this point, the highest weighted average loss
severity being displayed is 7.86% in the Southern Pacific
Financing 04-A transaction.  This is not unexpected given the
transaction consists of near-prime borrowers and therefore
demonstrates a higher average original loan-to-value ratio than
for sub-prime transactions, where lower LTVs are required
according to underwriting criteria.  For the other transactions,
the WA loss severities range from 3.11% in SPS D to 7.33% in SPS
05-1.

Prepayment rates have been relatively high in these deals, and
also tend to pick up after the end of a discounted loan period.
In the earlier transactions, Fitch expects the prepayment rate
to remain high as those borrowers who are able to refinance do
so at more attractive rates, while serious arrears cases get
pushed to repossession and sale.  For the portfolios where
discounted loans are still present, the prepayment is likely to
pick up as more borrowers see their teaser rates expire, leaving
them free to refinance.

For the earlier transactions, arrears of more than three months,
inclusive of current possessions should start to stabilize and
improve according to historical trends.  This, however, should
be viewed in context with the rise in sold repossessions.  As
these properties are worked out of the portfolios, Fitch
foresees that more losses will crystallize.

This trend is becoming apparent across the U.K. non-conforming
sector.  Neither the latest round of utility bill rises nor the
most recent August rate rise has yet had time to bite on
borrowers' affordability.  Further interest rate rises cannot be
ruled out over the next few months as the Bank of England
grapples with inflation and house price data shows signs of
house prices accelerating again.  The impact of these factors
could spell further difficulty in affordability and contribute
to further rises in arrears.

The rating actions are:

Southern Pacific Securities D PLC:

   -- Class A (ISIN XS0148238081) affirmed at AAA;
   -- Class M (ISIN XS0148241036) upgraded to AA+ from A+; and
   -- Class B (ISIN XS0148241200) upgraded to AA from BBB.

At June 2006, 8.95% of the notes remain outstanding.  The deal
can be expected to be called shortly, as there is call option to
call the deal when outstanding notes drop to 10% of initial.

Southern Pacific Securities E PLC:

   -- Class A (ISIN XS0155827313) affirmed at AAA;
   -- Class M1 (ISIN XS0155828048) upgraded to AA+ from A+;
   -- Class M2 (ISIN XS0155901068) upgraded to AA+ from A+;
   -- Class B1 (ISIN XS0155828477) upgraded to AA from BBB; and
   -- Class B2 (ISIN XS0155901225) upgraded to AA from BBB.

At the June 2006, 10.45% of the notes remain outstanding.  The
deal can be expected to be called shortly, as there is call
option to call the deal when outstanding notes drop to 10% of
initial.

Southern Pacific Securities F PLC:

   -- Class A2 (ISIN XS0163532566) affirmed at AAA;
   -- Class A3 (ISIN XS0163534182) affirmed at AAA;
   -- Class M1 (ISIN XS0163536120) upgraded to AA from A; and
   -- Class M2 (ISIN XS0163537524) upgraded to AA from A.

The AAA-rated notes benefit from a guarantee provided by AMBAC
Assurance U.K. Ltd. (rated AAA).  The underlying rating of the
notes has been upgraded to AAA from AA at close.

Southern Pacific Securities G PLC:

   -- Class A2 (ISIN XS0170183700) affirmed at AAA;
   -- Class A3 (ISIN XS0170186711) affirmed at AAA;
   -- Class M (ISIN XS0170187016) upgraded to AA from AA-; and
   -- Class B (ISIN XS0170187792) upgraded to A+ from A.

The AAA-rated notes benefit from a guarantee provided by AMBAC
Assurance U.K. Ltd. (rated AAA).  The underlying rating of the
notes has been upgraded to AAA from AA at close.

Southern Pacific Securities H PLC:

   -- Class A2 (ISIN XS0179982698) affirmed at AAA;
   -- Class A2 DAC (ISIN XS0179982938) affirmed at AAA;
   -- Class M1 (ISIN XS0179983159) affirmed at BBB+;
   -- Class M2 (ISIN XS0179983316) affirmed at BBB+; and
   -- Class B (ISIN XS0179984397) affirmed at BB+.

The AAA-rated notes benefit from a guarantee provided by MBIA
Assurance S.A. (rated AAA).  The underlying rating of the notes
has been upgraded to AAA from AA at close.

Southern Pacific Securities 04-1 PLC:

   -- Class A1a (ISIN XS0186711585) affirmed at AAA;
   -- Class A1b (ISIN XS0186713102) affirmed at AAA;
   -- Class A2 (ISIN XS0186713797) affirmed at AAA;
   -- Class A2 DAC (ISIN XS0186714092) affirmed at AAA;
   -- Class M (ISIN XS0186714506) affirmed at BBB+; and
   -- Class B (ISIN XS0186715222) affirmed at BB+.

The AAA-rated notes benefit from a guarantee provided by MBIA
Assurance S.A. (rated AAA). The credit quality of the notes
underlying the guarantee is consistent with a AA rating level.
Fitch has affirmed the underlying rating at AA.

Southern Pacific Financing 04-A PLC:

   -- Class A (ISIN XS0190203124) affirmed AAA;
   -- Class A DAC (ISIN XS0190204106) affirmed at AAA;
   -- Class B (ISIN XS0190204445) affirmed at AA;
   -- Class C (ISIN XS0190205178) upgraded to A+ from A;
   -- Class D (ISIN XS0190205681) upgraded to BBB+ from BBB; and
   -- Class E (ISIN XS0190206143) upgraded to BB+ from BB.

Southern Pacific Securities 04-2 PLC:

   -- Class A1a (ISIN XS0196609829 ) affirmed at AAA;
   -- Class A1b (ISIN XS0196610835) affirmed at AAA;
   -- Class A1c (ISIN XS0196611569) affirmed at AAA;
   -- Class A2a (ISIN XS0196612021) affirmed at AAA;
   -- Class A2c (ISIN XS0196612963) affirmed at AAA;
   -- A2c DAC (ISIN XS0197412736) affirmed at AAA;
   -- Class B1b (ISIN XS0196613425) affirmed at AA;
   -- Class B1c (ISIN XS0196614829) affirmed at AA;
   -- Class C1a (ISIN XS0196615396) affirmed at A;
   -- Class C1c (ISIN XS0196616360) affirmed at A;
   -- Class D1a (ISIN XS0196616527) affirmed at BBB+;
   -- Class D1c (ISIN XS0196618069) affirmed at BBB+; and
   -- Class E (ISIN XS0196618499) affirmed at BB+.

Southern Pacific Securities 05-1 PLC:

   -- Class A1a (XS0212690696) affirmed at AAA;
   -- Class A1c (XS0212690852) affirmed at AAA;
   -- Class A2a (XS0212691157) affirmed at AAA;
   -- Class A2c (XS0212691314) affirmed at AAA;
   -- A2c DAC (XS0212691405) affirmed at AAA;
   -- Class B1c (XS0212691660) affirmed at AA;
   -- Class C1c (XS0212691744) affirmed at A;
   -- Class D1c (XS0212692122) affirmed at BBB; and
   -- Class E (XS0212692478) affirmed at BB.

Southern Pacific Financing 05-B PLC:

   -- Class A (ISIN XS0221839318) affirmed at AAA;
   -- Class B (ISIN XS0221840324) affirmed at AA;
   -- Class C (ISIN XS0221840910) affirmed at A;
   -- Class D (ISIN XS0221841561) affirmed at BBB; and
   -- Class E (ISIN XS0221842023) affirmed at BB.

Southern Pacific Securities 05-2 PLC:

   -- Class A1a (XS0225842359) affirmed at AAA;
   -- Class A1b (XS0225843670) affirmed at AAA;
   -- Class A1c (XS0225851186) affirmed at AAA;
   -- Class A2c (XS0225858512) affirmed at AAA;
   -- A2c DAC (XS0226046604) affirmed at AAA;
   -- Class B1a (XS0225861490) affirmed at AA;
   -- Class B1c (XS0225862894) affirmed at AA;
   -- Class C1a (XS0225865483) affirmed at A;
   -- Class C1c (XS0225876688) affirmed at A;
   -- Class D1a (XS0225877652) affirmed at BBB;
   -- Class E1c (XS0225879278) affirmed at BB; and
   -- Class E2c (XS0225879518) affirmed at BB.


SUPARAMA SUPAMONKEY: Hires Ian Franses to Liquidate Assets
----------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed Liquidator
of Suparama Supamonkey Limited (formerly Superama Supermonkey
Limited) on July 13 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Suparama Supamonkey Limited
    11 Poland Street
    London W1F 8QA
    United Kingdom
    Tel: 020 7287 1783


TBL MARINE: Calls In Joint Liquidators from Acre House
------------------------------------------------------
David Birne and Stephen Katz of Acre House were appointed Joint
Liquidators of TBL Marine Limited (formerly Thoth Bullpett
Limited) on July 10 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         TBL Marine Limited
    Unit 24
    South Hampshire Industrial Park
    Totton
    Southampton SO403SA
    United Kingdom
    Tel: 023 8066 9024


THERMAL SOLUTIONS: Names Graham Lindsey Down Liquidator
-------------------------------------------------------
Graham Lindsey Down of BN Jackson Norton was appointed
Liquidator of Thermal Solutions (U.K.) Limited on July 11 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Thermal Solutions (U.K.) Limited
    3 Orchard Avenue
    Poole
    Dorset BH148AH
    United Kingdom
    Tel: 01202 715 792


TOTAL CONVEYOR: Hires Liquidators from Jacksons Jollife Cork
------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Total Conveyor
Services Limited on July 10 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Total Conveyor Services Limited
    Ravensbridge Indstrial Estate
    Bridge Street
    Dewsbury
    West Yorkshire WF133EN
    United Kingdom
    Tel: 01924 488 355


TOTAL FABRICS: Taps Liquidation from Begbies Traynor
----------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Total Fabrics Limited on July 5 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Total Fabrics Limited
    Maitland House
    Warrior Square
    Southend-On-Sea SS1 2JY
    United Kingdom
    Tel: 01702 610 030


UNITED BISCUITS: Completes Sale of European Unit to Kraft Foods
---------------------------------------------------------------
United Biscuits has completed the sale of its Southern European
business to Kraft Foods Inc. for an enterprise value of GBP575
million.  The Sale also returns to Kraft the rights to all
Nabisco trademarks, including Oreo and Ritz, in the European
Union, Eastern Europe, the Middle East and Africa.

UB's Southern European business is the largest biscuit
manufacturer in Spain and Portugal with approximately 26% and
37% market share respectively.  UB purchased the Southern
European business from Nabisco Holdings in July 2000 and became
the market leader in Portugal in 2004 with the acquisition of
Triunfo Productos Alimentares S.A.

In connection with the consummation of the Sale, UB has issued a
notice of redemption in respect of the outstanding 10.625% Euro-
denominated and 10.75% Sterling-denominated Senior Subordinated
Notes due 2011 issued by United Biscuits Finance plc.  UB has
simultaneously defeased the Notes by depositing funds with the
trustee for the Notes sufficient for the redemption of the Notes
on the Redemption Date.  

By defeasing the Notes, UB is no longer obligated to comply with
most of the covenants contained in the indenture governing the
Notes.  Redemption of the Notes will occur on Oct. 6, 2006.  The
aggregate redemption prices for the 10.625% Euro-denominated
Notes and 10.75% Sterling-denominated Notes are EUR212.4 million
and GBP182.3 million, respectively, which constitute the
principal amount and interest payable on such Notes up to, but
not including, the redemption date, and the call premium of
105.313% in the case of the Euro-denominated Notes and 105.375%
in the case of the Sterling-denominated Notes.

UB previously announced on July 11, 2006 its intent to defease
and redeem the Notes.

Headquartered in London, United Kingdom, United Biscuits --
http://www.unitedbiscuits.com/-- is the country's leading   
biscuit manufaturer and second largest snack maker.  The company
is a leading biscuit and snack maker in Spain, Portugal.  UB's
biscuit and snack cake brands include stalwarts BN, Carr's,
Cream Crackers, Delacre, Jacob's, Krackawheet, and McVitie's
Digestive Biscuits.  Its nut and snack brands include KP Nuts,
McCoy's, and Hula Hoops.  

                        *     *     *

As reported in TCR-Europe on July 17, Fitch Ratings placed the
ratings of U.K.-based United Biscuits on Rating Watch Positive,
following the announcement of the sale of its Southern European
business to Kraft Foods Inc and the stated intention to redeem
UB's high-yield notes.  The following ratings are affected:

   -- Regentrealm Limited Issuer Default rating: B- on RWP;
   -- Regentrealm Limited senior secured debt: BB-/RR1 on RWP;
   -- United Biscuits Finance PLC IDR: B- on RWP; and
   -- United Biscuits Finance PLC senior subordinated notes due
      2011 B-/RR4 on RWP.

In a TCR-Europe report on July 14, Moody's affirmed the B1
corporate family rating of United Biscuits Finance Plc with a
stable outlook, following the announced transaction with Kraft
Foods Inc.


WAYNE KEEPIN: Nominates Alun Evans as Liquidator
------------------------------------------------
Alun Evans of Bevan & Buckland was nominated Liquidator of Wayne
Keepin Limited on July 5 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Wayne Keepin Limited
    6-7 Duke Street
    Cardiff CF101AY
    United Kingdom
    Tel: 01443 476 176


WESCO AIRCRAFT: Moody's Rates First Lien Credit Facility at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time rating to
Wesco Aircraft Hardware, Corp.'s US$510 million first lien
credit facility consisting of a US$435 million term loan due
2013 and a US$75 million revolver due 2012, a Caa1 rating to the
company's US$165 million second lien term loan due 2014, and a
B2 Corporate Family Rating.

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

The purpose of the proposed credit facilities is to partially
fund the acquisition of the company by Falcon Aerospace Holdings
LLC, an affiliate of The Carlyle Group.  Management will own a
significant portion of equity upon close.

Wesco's B2 Corporate Family Rating reflects the company high
debt levels and leverage that will ensue from the acquisition,
its relatively small revenue base, as well as the company's
reliance on OEM production levels supporting its business.  

The ratings also positively consider Wesco's strong operating
and gross margins and adequate cash flow generation at those
margins, the company's lead position in the aerospace hardware
distribution segment, and its long operating history in this
segment prior to the Falcon acquisition.

The stable ratings outlook reflects Moody's expectations that
the company will be able to maintain gross margins adequate to
generate moderate levels of free cash flows to cover all but
extraordinary working capital or CAPEX requirements over the
next 12 months, possibly resulting in modest levels of debt
repayment.

Ratings or their outlook could be subject to downward revision
if gross margins were to decline for a sustained period, or if
debt were increased for any reason, such that leverage
(Debt/EBITDA as measured per Moody's standard methodologies)
were to exceed 6.5 times, if EBIT coverage of interest were to
fall below 1.3 times, or if compliance with financial covenants
currently prescribed by the proposed credit facilities were to
become doubtful.

Conversely, the ratings or their outlook could be positively
adjusted if Wesco were to undertake accelerated debt repayment
while experiencing a period of strong cash flow generation,
possibly resulting in Debt/EBITDA of below 5.2 times or
EBIT/Interest of greater than 1.7 times.

The Ba3 rating of the first lien senior secured credit
facilities reflects an LGD 2 loss given default assessment as
this facility is secured by a pledge of all of the company's
assets, while there is a significant amount of junior debt
(US$165 million, or 24% of total debt commitments) behind these
facilities in priority.

The Caa1 rating of the second lien facilities reflects an LGD 5
loss given default assessment given that it is effectively
subordinated to Wesco's first lien senior creditors.  Both the
first and second lien facilities are guaranteed by parent Wesco
Holdings, Inc. and by all of Wesco's subsidiaries.

Wesco Aircraft Hardware Corp., headquartered Valencia, CA, is a
wholly-owned subsidiary of Wesco Holdings Inc. Wesco is a
leading provider of integrated Just-in-Time inventory management
services and distributor of aerospace components to the global
aerospace industry.


WHITEFIELD PLANT: Names Liquidator from Begbies Traynor
-------------------------------------------------------
David Acland of Begbies Traynor was appointed Liquidator of
Whitefield Plant Hire Limited on June 30 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Whitefield Plant Hire Limited
    5 Charnley Street
    Whitefield
    Manchester M45 6BG
    United Kingdom
    Tel: 0161 796 6926


YORKSHIRE QUADS: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Yorkshire Quads Limited confirmed on July 14 the
appointment of A. Graham of Hamilton Insolvency Practitioners
Limited as the company's Liquidator.

The company can be reached at:

         Yorkshire Quads Limited
    210-216 Newhall Road
    Sheffield S9 2QL
    United Kingdom
    Tel: 0114 242 6799


* Moody's Eyes New Covenant Research & Assessment Framework
-----------------------------------------------------------
Moody's Investors Service plans this fall to introduce a new
covenant research and assessment framework for non-financial
corporate issuers.  For a 30-day period, the rating agency is
inviting comment from market participants on the new framework
for evaluating bond covenants.

Moody's has noted in recent years that as corporate strategies
have become more aggressive, inadequate document protections
have weakened the positions of bondholders vis-a-vis
shareholders.

"The lack of meaningful covenants in bond indentures as event
risk has accelerated is an increasing concern among investors,"
said Managing Director Michael Rowan, citing the greater roles
currently being played in the marketplace by shareholder
activists and private equity firms in the current cycle of
mergers and acquisitions.

Following a trend that began in the early 1980's, a relatively
standard set of protective covenants has given way to those
which are less restrictive.  In Europe, this trend was aided by
much improved liquidity in the market following the introduction
of the Euro.

Typically, the most protective covenants are found in bonds
issued by speculative-grade rated companies.  As more investment
grade companies migrate to the speculative grade universe,
protective covenants are lacking.

"A burgeoning leveraged buyout market has indicated a need for
covenant assessments in Europe," said Michael West, Moody's
London-based managing director for European corporate finance.
"The increasing amounts of leverage in transactions make us
concerned about investor protections in an adverse economy."

Moody's plan looks to implement a more systematic approach to
analyzing indenture covenants.  The result also will include
analyst commentary on the relative protection provided by each
covenant in a particular bond issue as well as an overall
assessment of the covenant package.

Moody's will focus on certain key covenants it believes are
critical for bondholder protection without overly hampering a
company's flexibility and ability to access liquidity.  For
example, Moody's places a high value on restricted payments
tests and change of control provisions.

Moody's has established guidelines to gauge the level of
protection offered by each key covenant, defining it as strong
to weak covenant quality (CQ) on a scale of CQ-1 through CQ-3
while also noting the absence of covenants.  In addition to
analyzing individual covenants, Moody's will use this framework
to determine the degree of protection afforded by the entire
covenant package.

The need for such assessments is supported by Moody's data
indicating that the stability of the corporate landscape is
being affected by the increasing leveraged buy out activity of
private equity firms and shareholder activists.  During 2005,
46% of fallen angel rating actions by Moody's were driven by
leveraged buyouts, mergers, and share repurchases.  From 2004 to
2005, private equity transactions rose 18% to US$500 billion.

In order to encourage the fullest possible discussion, Moody's
is inviting comment on topics including, but not limited to: the
importance of covenants in investing decisions, the types of
covenants of particular interest to investors, situations where
detailed covenant information is not available, the need for
ranking individual covenants, considering covenants as a
package, etc.

Called "Request for Comment on: Moody's Indenture Covenant
Research & Assessment Framework," this document is available at
http://www.moodys.com/ The rating agency will be accepting  
comments from market participants until Oct. 12.  Comments
should be addressed to the Credit Policy Committee at
cpc@moodys.com.


* BOOK REVIEW: Panic on Wall Street: A History of America's                        
               Financial Disasters
-----------------------------------------------------------
Author:     Robert Sobel
Publisher:  Beard Books
Paperback:  469 pages
List Price: $34.95

Order your personal copy at:
http://amazon.com/exec/obidos/ASIN/1893122468/internetbankrupt

"Mere anarchy is loosed upon the world, the blood-dimmed tide is
loosed, and everywhere the ceremony of innocence is drowned; the
best lack all conviction, while the worst are full of passionate
intensity."

What a terrific quote to find at the beginning of a book on a
financial catastrophe!  First published in 1968.  Panic on Wall
Street covers 12 of the most painful episodes in American
financial history between 1768 and 1962.

Author Robert Sobel chose these particular cases, among a dozen
or so others, to demonstrate the complexity and array of
settings that have led to financial panics, and to show that we
can only make the vaguest generalizations" about financial panic
as a phenomenon.

In his view, these 12 all had a great impact on Americans of the
time, "they were dramatic, and drama is present in most
important events in history."  They had been neglected by other
financial historians.

They are:

      William Duer Panic, 1792
      Crisis of Jacksonian Finances, 1837
      Western Blizzard, 1857
      Post-Civil War Panic, 1865-69
      Crisis of the Gilded Age, 1873
      Grant's Last Panic, 1884
      Grover Cleveland and the Ordeal of 183-95
      Northern Pacific Corner, 1901
      The Knickerbocker Trust Panic, 1907
      Europe Goes to War, 1914
      Great Crash, 1929
      Kennedy Slide, 1962

Sobel tells us there is no universally accepted definition of
financial panic.  He quotes William Graham Sumner, who died long
before the Great Crash of 1929, describing a panic as ". . . a
wave of emotion, apprehension, alarm.  It is more or less
irrational.  It is superinduced upon a crisis, which is real and
inevitable, but it exaggerates, conjures up possibilities, take
away courage and energy."

Sobel could find no "law of panics" which might allow us to
predict them, but notes their common characteristics.  Most
occur during periods of optimism ("irrational exuberance?").  
Most arise as "moments of truth," after periods of self-
deception, when players not only suddenly recognize the
magnitude of their problems, but are also stunned at their
inability to solve them. He also notes that strong financial
leaders may prove a mitigating factor, citing Vanderbilt and
J.P. Morgan.

Sobel concludes by saying that although financial panics have
proven as devastating in some ways as war, and while much
research has been carried out on war and its causes, little
research has been done on financial panics.  Panics on Wall
Street stands as a solid foundation for later research on the
topic.


                           *********

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.


                 * * * End of Transmission * * *