TCREUR_Public/060918.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 18, 2006, Vol. 7, No. 185   

                            Headlines


A U S T R I A

HERTA GLUECK: Creditors' Meeting Slated for October 2
HOLZTRANSPORTE JOSEF: Court Approves Property Manager's Decision
HUETTER: Creditors' Meeting Slated for October 2
PMG: Graz Court Approves Property Manager's Final Decision
PRASCH: Graz Court Approves Property Manager's Decision

PRATO: Claims Registration Period Ends October 4


A Z E R B A I J A N

* Moody's Assigns Ba1 Rating to Azerbaijan on Low Debt Ratios


F R A N C E

ACXIOM CORP: Discloses Preliminary Results of Dutch Auction
ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB


G E R M A N Y

D.S. PUTZ: Claims Registration Ends September 27
DRESSER INC: Financial Statement Filing Extended Until Dec. 31
GKG WOHNEN: Creditors' Meeting Slated for September 28
KABELWERK LAUSITZ: Claims Registration Ends September 27
MADRID VERWALTUNGS: Claims Registration Ends September 29

MURMANN GMBH: Creditors' Meeting Slated for September 22
OPTIK KREY: Claims Registration Ends September 20
PB DOMICILE: Fitch Gives BB Rating on EUR15.4 Mln Class E Notes
SCHEFENACKER AG: Debt Restructuring Cues Moody's to Cut Ratings
SGL CARBON: Dismisses Plans to Bid for Morgan Crucible

SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Filing Ends Sept. 28
TEAMSPORT FRECHEN: Claims Registration Ends September 29
TRIGGERAGENT PRODUCTIONS: Creditors' Meeting Slated for Sept. 27
WGR LOHNMONTAGEN: Claims Registration Ends September 22


I T A L Y

IMPREGILO SPA: Earns EUR168.8 Million for First Half 2006
PARMALAT: Farmland & Carmen Green Want Pact on PI Suit Approved
PARMALAT GROUP: Share Capital Increases to EUR1.6 Bil. in August


K A Z A K S H T A N

C.D: Creditors Must File Claims by Oct. 6
DELTA-2000: Creditors Must File Claims by Oct. 6
INTEGRAL COMMUNICATION: Claims Registration Ends Oct. 10
KURYLYS-99: Proof of Claim Deadline Slated for Oct. 10
LIBERTY: Proof of Claim Deadline Slated for Oct. 6

PVNH: Claims Registration Ends Oct. 6
RENESSANS: Creditors' Claims Due Oct. 6
S. MERKURYI: Creditors' Claims Due Oct. 6
TAYMAS: Jambyl Court Opens Bankruptcy Proceedings
VK KAZNEFTESERVICE: Court Begins Bankruptcy Proceedings


K Y R G Y Z S T A N

AK-BULAK CEMENT: Proof of Claim Deadline Slated for Oct. 25
MEGA BUS: Creditors Must File Claims by Oct. 25
RUSNEFTEHIM: Claims Registration Ends Oct. 25


P O L A N D

NETIA SA: Inks Services Pact with Telekomunikacja Polska


R U S S I A

AGRO-COMPANY RAY: Orel Bankruptcy Hearing Slated for Sept. 27
AGRO-KHIMIYA: Court Names N. Zarutskiy as Insolvency Manager
BAKERY ENISEY: Court Names I. Kozlov as Insolvency Manager
BANK KEDR: Moody's Assigns E+ Financial Strength Rating
BUGULMINSKIY REPAIR-MECHANICAL: S. Lgach to Manage Assets

CANADSKIY: Court Names V. Batrakov as Insolvency Manager
CRYSTAL FACTORY: Vladimir Bankruptcy Hearing Slated for Nov. 9
DAL-VTOR-TSVET-MET: G. Chmutina to Manage Insolvency Assets
DIARY VOLGOGRADSKIY: Bankruptcy Hearing Slated for Nov. 29
INNOVATION CONSULTING: O. Ershov to Manage Insolvency Assets

IRKUT CORP: Market Position Prompts Moody's to Assign B1 Rating
LENINSK-AGRO-SERVICE: Court Names B. Yun as Insolvency Manager
MED-SERVICE: Court Names N. Pavlova as Insolvency Manager
MINE BERINGOVAYA: Court Names N. Chelapko as Insolvency Manager
OKHOTSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision

ORENBURG-AUTO-TRANS: Court Commences Bankruptcy Supervision
ORSKAYA BUILDING: Court Names S. Egorova as Insolvency Manager
PETUKHOVSKIY FLAX: Kirov Court Starts Bankruptcy Supervision
PLATONOVSKOYE GRAIN: Saratov Court Starts Bankruptcy Supervision
RESO-RE: S&P Puts Rating on CreditWatch on Core Status Concerns

RYLSK-MEAT-MILK-INDUSTRY: N. Gutenev to Manage Assets
SIR AERO: Court Names G. Gromov as Insolvency Manager
TO-ALA: Filing of Claims Ends September 29
TULSKAYA SHOES: Court Names D. Kochetkov as Insolvency Manager
TVK: Moscow Court Names A. Kubasov as Insolvency Manager

UFA-OIL-GAS-STROY: Court Names R. Gazizov as Insolvency Manager
URALO-SIBERIAN FURNITURE: A. Plotnikov to Manage Assets
VAZ-REM-DETAIL: Samara Court Starts Bankruptcy Supervision
VYAT-VOD-SPIRIT: Bankruptcy Hearing Slated for Oct. 26
YUZHNO-SAKHALINSKIY COMBINE: Filing of Claims Ends September 29

ZAVOLZHSKIY CHEMICAL: Court Starts Reorganization Process


S W E D E N

DRESSER INC: Financial Statement Filing Extended Until Dec. 31
MODERN TIMES: S&P Withdraws BB Rating Following Debt Repayment


U K R A I N E

GLINSKE: Sumi Court Starts Bankruptcy Supervision
CABLE INFORMATION: Creditors Claims Due September 22
SNABKOMPLEKT: Filing of Claims Ends September 22
MARKET SECURITY: Kyiv Court Starts Bankruptcy Supervision
EXIMKOM: Kyiv Court Starts Bankruptcy Supervision

DINKO: Filing of Claims Ends September 22
SLOVYANSK AUTO 11417: Donetsk Court Freezes Payment of Debts
SPETSIZOLYATORSTROJ: Donetsk Court Starts Bankruptcy Supervision
OPEKS: Odessa Court Commences Bankruptcy Supervision
DAEM: Zaporizhya Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

A2B LOGISTICS: Creditors Confirm Liquidator's Appointment
ACCESS PARTNERSHIP: Appoints Liquidator from David Horner & Co.
ACXIOM CORP: Discloses Preliminary Results of Dutch Auction
ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB
APEX WINDOWS: M. T. Coyne Leads Liquidation Procedure

ARDAN J: Names Beverley Ellice Budsworth Liquidator
ASSIST MAINTENANCE: Creditors' Meeting Slated for Sept. 19
CARTER LITHO: Brings In Administrators from Smith & Williamson
CDOS TECHNOLOGY: Creditors Confirm Liquidator's Appointment
CLINICAL PATHWARE: Nominates Liquidator from Simmonds & Company

DEVONSHIRE STATUARY: Taps BDO Stoy as Joint Administrators
E.M. TOOL: Appoints Baker Tilly to Administer Assets
EASTWOOD CABINET: Hires Joint Liquidators from Larking Gowen
ELEMENTS ORIENTAL: Brings In Joint Liquidators from Haines Watts
EMERY HOLDINGS: Names Joint Administrators from Begbies Traynor

EUROSAIL 2006-2BL: S&P Assigns B Rating to Class F1C Notes
EUROSAIL 2006-2BL: Moody's Rates GBP1.54-Mln F1C Notes at (P)B1
F.A. TAYLOR: Taps Solomon Cohen to Liquidate Assets
FASET LIMITED: Nominates Liquidator from Piper Thompson
FORD MOTOR: Eyes US$5-Bln Savings in Accelerated Turnaround Plan

FREESCALE SEMICONDUCTOR: Inks US$17-Bln Merger with Equity Group
FREESCALE SEMICON: Asset Sale Cues Moody's to Review Ratings
FREIGHSTOP LIMITED: Joint Liquidators Take Over Operations
FURNITURE 4: Calls In Joint Liquidators from Begbies Traynor
GENEL 92: Appoints Richard Rones to Liquidate Assets

GLENDINNING TRANSPORT: Hires Joint Liquidators from Haines Watts
GOVERNMENT COMPUTING: Names Liquidator from DTE Leonard Curtis
HED LIMITED: Calls In Liquidator from Begbies Traynor
HOUNSLOW SCAFFOLD: Taps Joint Liquidators from Ashcrofts
INVENSYS PLC: Fitch Assigns Issuer Default Rating at BB-

ISOFT: Government Admits Making EUR82 Mln Payments Upfront
ISTIKBAL U.K.: Names Martin Henry Linton Liquidator
J & S PLASTERING: Taps KPMG to Administer Assets
LOCK STOCK: Creditors Confirm Liquidators' Appointment
MARKET HARBOROUGH: Names Barry Peter Knights as Administrator

MATCHMERIT LIMITED: Claims Filing Period Ends Sept. 29
MEERKAT U.K.: Creditors Confirm Liquidator's Appointment
MELBO LIMITED: Appoints Ninos Koumettou as Liquidator
MONADREAM LIMITED: Brings In Administrators from Grant Thornton
PAUL JAMES: Brings In Gagen Dulari Sharma to Liquidate Assets

PINE TABLE: Liquidator Sets Sept. 29 Claims Bar Date
PREMTEC SYSTEMS: Nominates Alex Kachani as Liquidator
QUAY ENGINEERING: Taps Liquidator from James & Lizzell
RSE ELECTRICAL: Hires Liquidator from Turpin Baker Armstrong
RICE BAR: Creditors Ratify Voluntary Liquidation

ROOFLIGHT SYSTEMS: Creditors Confirm Liquidator's Appointment
S.R GENT: HSBC Bank Appoints PwC as Administrative Receivers
SCORPIO MEDIA: Appoints J. N. Bleazard to Liquidate Assets
SECURITY STORAGE: Hires Joint Liquidators from Valentine & Co.
SHIELD NATIONWIDE: Names Helen Timothe Phillips Liquidator

SOVEREIGN ELECTRICAL: Brings In Joint Liquidators from Vantis
SPENCER CARS: Lloyd Biscoe Leads Liquidation Procedure
UMO PLANT: Appoints Martin Henry Linton to Liquidate Assets
WESCO AIRCRAFT: S&P Rates First Lien Credit Facilities at B+
WESLEYAN HOTEL: Appoints Kevin Thomas Brown as Administrator

                            *********

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


HERTA GLUECK: Creditors' Meeting Slated for October 2
-----------------------------------------------------
Creditors owed money by LLC Herta Glueck (FN 168011a) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Oct. 2 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 12 (Bankr. Case No. 4 S 79/06d).  Horst Winkelmayr serves
as the court-appointed property manager of the bankrupt estate.  
Carl Knittl represents the Debtor in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Horst Winkelmayr
         c/o Dr. Carl Knittl
         Porzellangasse 22A/1/7
         1090 Vienna, Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at  


HOLZTRANSPORTE JOSEF: Court Approves Property Manager's Decision
----------------------------------------------------------------
The Land Court of Steyr approved the final decision on
allocation of Julius Bitter, the court-appointed property
manager of LLC Holztransport Josef Limberger (FN145173s) on
Aug. 25

Under the property manager's project by final allocation,
creditors will recover 1.67% of their claim.

Headquartered in Ziehberg, Austria, the Debtor declared
bankruptcy on Jan. 26 (Bankr. Case No. 14 S 4/06w).  Hubert Just
represents Dr. Bitter in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Julius Bitter
         Schmideggstrasse 5
         4560 Kirchdorf/Krems, Austria
         Tel: 07582/60040
         E-mail: office@ra-bitter.at

The representative of the property manager can be reached at:

         Dr. Hubert Just
         Main Place 7
         4560 Kirchdorf/Krems, Austria
         Tel: 07582/62 0 74
         E-mail: ra.just.kirchdorf@utanet.at


HUETTER: Creditors' Meeting Slated for October 2
------------------------------------------------
Creditors owed money by LLC Huetter (FN 199597a) are encouraged
to attend the creditors' meeting at 9:45 a.m. on Oct. 2 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 5, 2005 (Bankr. Case No. 4 S 85/05k).  Felix Stortecky
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Place 2
         1010 Vienna, Austria
         Tel: 513 88 37
         Fax: 514 35 40
         E-mail: ra-stortecky@aon.at


PMG: Graz Court Approves Property Manager's Final Decision
----------------------------------------------------------
The Land Court of Graz approved the final decision on allocation
of Heimo Hofstatter, the court-appointed property manager of LLC
PMG (FN 242512k), on Aug. 25

Under the property manager's project by final allocation,
creditors will recover 8.38% of their claim.

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 25 S 73/05f).  The Debtor's manager
Gerhard Ettl represents the Debtor in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Heimo Hofstatter
         Marburgerkai 47
         8010 Graz, Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: advokat@hofstaetter.co.at


PRASCH: Graz Court Approves Property Manager's Decision
-------------------------------------------------------
The Land Court of Graz approved the final decision on allocation
of Helmut Klementschitz, the court-appointed property manager of
LLC Prasch (FN 160875g), on Aug. 25.

Under the property manager's project by final allocation,
creditors will recover 14.87% of their claim.

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on March 2, 2005 (Bankr. Case No. 25 S 23/05b).  Dr. Franz
Krainer represents the Debtor in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Helmut Klementschitz
         Friedrichgasse 6/12
          8010 Graz, Austria
         Tel: 0316/810000
         Fax: 0316/810000-81
         E-mail: ra.klementschitz@aon.at  

The representative of the Debtor can be reached at:

         Dr. Franz Krainer
         Herrengasse 19
         2nd Floor
         8010 Graz, Austria


PRATO: Claims Registration Period Ends October 4
------------------------------------------------
Creditors owed money by LLC PRATO (FN 241743f) have until Oct. 4
to file written proofs of claims to court-appointed property
manager Werner Dax at:

         Mag. Werner Dax
         Esterhazyplatz 5
         7000 Eisenstadt, Austria
         Tel: 05/90105500
         Fax: 05/90105510
         E-mail: guessing@rapartner.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 18 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Jennersdorf, Austria, the Debtor declared
bankruptcy on July 25 (Bankr. Case No. 26 S 78/06g).  The Land
Court of Eisenstadt ordered to close down the Debtor's business
on Aug. 25.


===================  
A Z E R B A I J A N
===================


* Moody's Assigns Ba1 Rating to Azerbaijan on Low Debt Ratios
-------------------------------------------------------------
Moody's Investors Service assigned a foreign and local currency
issuer rating of Ba1 to the Republic of Azerbaijan.  The agency
also assigned a foreign currency country ceiling for bonds and
notes for Azerbaijan at Baa2/P-2, reflecting a medium risk of a
moratorium in the event of a government default.

Simultaneously, Moody's assigned a foreign currency bank deposit
ceiling of Ba2/NP, and a local currency deposit ceiling of
Baa1/P-2.  The local currency guideline, the highest possible
rating that can be assigned to any issuer domiciled in
Azerbaijan, is assigned at A3.

Azerbaijan has little government debt and excellent medium-to-
long term prospects for surpluses on the current account and
consolidated budget balances, based on a very rapid expansion of
oil production and exports and resultant windfall profits.  
These are expected to swell government coffers, expand official
and oil fund foreign currency reserves significantly, and shrink
the already low debt ratios.  

The key challenges for the Republic will center on its ability
to manage these windfall gains prudently and to encourage
diversification in non-oil sectors of the economy.

In approaching these challenges, the Republic of Azerbaijan is
committed to addressing several issues including:

   -- the potential for disproportionate currency appreciation,

   -- a need to increase dramatically the number of high quality
economic and managerial decision-makers in both public and
private sectors as a means to improve public sector
administrative efficiency and accountability,

   -- the need for appropriate measures to stimulate competition
in the banking system in an economy currently dominated by
sector monopolies, and

   -- the necessity to pursue cautious foreign policies with
potentially hostile regional powers and irredentist
neighbors.

With excellent prospects, but with a short track record and
considerable obstacles, Moody's will monitor future developments
closely.


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


ACXIOM CORP: Discloses Preliminary Results of Dutch Auction
-----------------------------------------------------------
Acxiom Corp. disclosed preliminary results of its modified
"Dutch Auction" self-tender offer, which expired at 5:00 p.m. on
Sept. 12, 2006.

Based on the preliminary count by the depositary for the tender
offer, an aggregate of 24,911,233 shares of Acxiom common stock
were properly tendered and not withdrawn at or below a price of
US$27.00 per share, including 8,537,481 shares that were
tendered through notice of guaranteed delivery.  Based on these
preliminary results the company expects to purchase 11,111,111
shares in the tender offer, subject to proration, at US$25.75
per share.  Pursuant to the terms of the tender offer, Acxiom
offered to purchase shares of its common stock at a price not
less than US$25 and not greater than US$27 per share.

Acxiom has been informed by Computershare Trust Company, N.A.,
the depositary for the tender offer, that the preliminary
proration factor for the shares tendered at US$25.75 and below
is approximately 97 percent.  The exact proration factor is
subject to delivery of the shares that were tendered through
notice of guaranteed delivery.

The results disclosed are preliminary and subject to
verification by the depositary of the proper delivery of the
shares validly tendered and not withdrawn.  Final results will
be announced following the completion of the verification
process.  Acxiom expects payment for the shares accepted for
purchase and the return of all shares tendered and not accepted
for purchase to occur within one week.

The repurchase of the shares will be funded with proceeds from a
new US$800 million credit facility on or about Sept. 15.

ValueAct Capital has advised Acxiom that neither ValueAct
Capital nor any of its affiliates tendered any of its shares of
Acxiom into the modified Dutch Auction.

The dealer managers for the self-tender offer are J.P. Morgan
Securities Inc. and Stephens Inc.  The information agent is
Innisfree M&A Incorporated, and the depositary is Computershare
Trust Company, N.A. Any questions about the self-tender offer
may be directed to the information agent at 1-877-750-9457, or
the dealer managers, J.P. Morgan Securities Inc. at 1-877-371-
5947 or Stephens Inc. at 1-800-643-9691.

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  In Europe, Acxiom has operations in France, Germany, the
Netherlands, Portugal, Spain, and the United Kingdom.


ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s
proposed US$800 million secured first-lien financing.  The
first-lien facilities consist of a US$200 million revolving
credit facility and a US$600 million term loan.  They are rated
'BB' (at the same level as the corporate credit rating on
Acxiom) with a recovery rating of '2', indicating the
expectation for substantial (80%-100%) recovery of principal in
the event of a payment default.

Proceeds from the facilities will be used to fund the company's
proposed Dutch tender offer for the repurchase of its common
stock, to refinance existing debt, to finance working capital,
and for general corporate purposes.

The corporate credit rating on Acxiom is BB/Stable/--.  The 'BB'
rating reflects the company's relatively small size in a growing
and fragmented industry that may see the entrance of several
much larger competitors.  This is somewhat offset by Acxiom's
good niche market position and adequate cash flow generation.
Business risk is tempered by the company's expertise in managing
its comprehensive consumer databases.


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


D.S. PUTZ: Claims Registration Ends September 27
------------------------------------------------
Creditors of D.S. Putz GmbH have until Sept. 27 to register
their claims with court-appointed provisional administrator
Angela Gerigk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 18 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C205
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against D.S. Putz GmbH on Aug. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         D.S. Putz GmbH
         Schornacker 58 A
         46485 Wesel, Germany

         Attn: Dietmar Stepputt, Manager
         Dahlienweg 2
         46485 Wesel, Germany

The administrator can be contacted at:

         Angela Gerigk
         Katharinenstr. 7
         46282 Dorsten, Germany


DRESSER INC: Financial Statement Filing Extended Until Dec. 31
--------------------------------------------------------------
Dresser, Inc., has amended its senior secured credit facility to
extend the date required for providing the company's audited
financial statements to its senior secured lenders and to
include various technical amendments.  The date for providing
audited financial statements for the fiscal year ended Dec. 31,
2005, has been extended from Sept. 30, 2006, to Dec. 31, 2006.

                       About Dresser

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets  
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including
Germany, Italy, Russia, Switzerland, and Sweden.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service downgraded Dresser, Inc.'s ratings.
Moody's said the rating outlook is negative.

Dresser's Corporate Family Rating was downgraded to B1 from Ba3.
The rating for the Company's Senior Secured Tranche C Term Loan
maturing 2009 was downgraded to B1 from Ba3.  Moody's also
downgraded the rating for the Company's Senior Unsecured Term
Loan maturing 2010 to B2 from B1.  The Company's Senior
Subordinated Notes maturing 2011 was downgraded to B3 from B2.


GKG WOHNEN: Creditors' Meeting Slated for September 28
------------------------------------------------------
The court-appointed provisional administrator for GKG Wohnen am
KaDeWe GmbH, Petra Hilgers, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at 9:35
a.m. on Sept. 28.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Dec. 21 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings GKG Wohnen am KaDeWe GmbH on Aug. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GKG Wohnen am KaDeWe GmbH
         Kleiststr. 3-6
         10787 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


KABELWERK LAUSITZ: Claims Registration Ends September 27
--------------------------------------------------------
Creditors of Kabelwerk Lausitz GmbH have until Sept. 27 to
register their claims with court-appointed provisional
administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Oct. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln, 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 Hameln opened bankruptcy proceedings
against Kabelwerk Lausitz GmbH on Aug. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Kabelwerk Lausitz GmbH
         Attn: Traugott Kemmesies, Manager         
         Pestalozzistr. 17
         08371 Glauchau, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Gerichtsfach-Nr. 83
         Arthur-Menge-Ufer 5
         30169 Hanover, Germany
         Tel: 0511/626287-0
         Fax: 0511/626287-10
         E-mail: eckert-hannover@rae-eckert.de


MADRID VERWALTUNGS: Claims Registration Ends September 29
---------------------------------------------------------
Creditors of Madrid Verwaltungs GmbH have until Sept. 29 to
register their claims with court-appointed provisional
administrator Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, 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 Bochum opened bankruptcy proceedings
against Madrid Verwaltungs GmbH on Aug. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Madrid Verwaltungs GmbH
         Nordring 57
         44797 Bochum, Germany

         Attn: Kurt Madry, Manager
         Clemensstr. 14
         44789 Bochum, Germany

The administrator can be contacted at:

         Uwe Hueggenberg
         Huestrasse 34
         44787 Bochum, Germany


MURMANN GMBH: Creditors' Meeting Slated for September 22
--------------------------------------------------------
The court-appointed provisional administrator for Murmann GmbH
Elektroninstallation u. Blitzschutzbau, Herbert Spittler, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:00 a.m. on Sept. 22.

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

         The District Court of Passau
         Meeting Room 214
         2nd Floor
         Schustergasse 4
         Passau, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Nov. 13 at the same
venue.

Creditors have until Oct. 4 to register their claims with the
court-appointed provisional administrator.

The District Court of Passau opened bankruptcy proceedings
Murmann GmbH Elektroninstallation u. Blitzschutzbau on Aug. 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Murmann GmbH Elektroninstallation u. Blitzschutzbau
         Market Place 6
         94081 Fuerstenzell, Germany

The administrator can be reached at:

         Herbert Spittler
         Yard Lane 8 (City Hall)
         94081 Fuerstenzell, Germany
         Tel: 08502/8484
         Fax: 08502/3041


OPTIK KREY: Claims Registration Ends September 20
-------------------------------------------------
Creditors of Optik Krey GmbH have until Sept. 20 to register
their claims with court-appointed provisional administrator
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 26 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     
      
The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Oct. 17 at the same
venue.

The District Court of Duesseldorf opened bankruptcy proceedings
against Optik Krey GmbH on Aug. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Optik Krey GmbH
         Shopkeeper Route 2-4
         41460 Neuss, Germany

         Attn: Konrad Krey, Manager
         Market Place 29
         67547 Worms, Germany

The administrator can be contacted at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf, Germany


PB DOMICILE: Fitch Gives BB Rating on EUR15.4 Mln Class E Notes
---------------------------------------------------------------
Fitch Ratings assigned PB Domicile 2006-1 PLC's mortgage-backed
credit-linked note issuance due 2052 expected ratings as:

   -- EUR500,000 Class A+: AAA;
   -- EUR65,800,000 Class B: AA;
   -- EUR51,500,000 Class C: A;
   -- EUR48,900,000 Class D: BBB; and
   -- EUR15,400,000 Class E: BB.

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

This transaction is the second synthetic partially funded
securitization of residential mortgage loans originated by
Deutsche Postbank AG in Germany.  The Class A+ to C notes are
backed by public sector Pfandbriefe rated AAA issued by
BayernLB.  

At closing, the Pfandbrief collateral will be purchased by
Postbank for the benefit of these Classes and transferred to the
trustee.  Classes D and E are backed by bearer notes issued by
Postbank.

The expected ratings address timely payment of interest and
ultimate repayment of principal for Classes A+ to D and ultimate
payment of interest and ultimate repayment of principal for
Class E.  They are based on the quality of the reference
portfolio, the underwriting and servicing capabilities of
Postbank, the collateral in the form of Pfandbriefe issued by
BayernLB and the sound financial and legal structure.

Credit enhancement for the Class A+ notes and the senior credit
default swap, provided by subordination and synthetic excess
spread, will total 7.23%, consisting of the Class B, C, D, E and
synthetic excess spread of 57bp per annum.

The transaction structure will benefit from synthetic excess
spread provided by Postbank.  Excess spread can be used to cover
losses within a period, thereafter to redeem losses from
previous periods, thus resulting in a write-up of the respective
note and to pay accrued interest.  

The latter two effects were only considered for Classes D and E,
which are rating-linked to Postbank's Issuer Default rating.  
Any downgrade of Postbank's rating below the Class D or E
ratings, respectively, would result in a corresponding downgrade
of these notes.

As of the cut-off date, the reference portfolio consisted of
41,394 mortgage loan parts, secured on 19,510 properires,
originated by Postbank since 1978, with a total outstanding
nominal amount of approximately EUR2.5 billion.  At the cut-off
date, none of the loans had been in arrears by more than 15 days
in the past 17 months.  The reference claims in the portfolio
are secured on senior-ranking mortgages, with a small portion
secured on subordinated mortgages.

The majority of the mortgages in the portfolio are standard
annuity/installment loans; the remaining 21.6% are interest-only
loans backed by a building savings contract, life insurance or
investment plan.  These loans are repaid at maturity and do not
amortize.  

Some 9.23% of the loans by initial aggregate balance are to
borrowers classified by Fitch as self-employed.  The agency
increased the default probability for these loans, taking into
account the greater risk of default owing to volatility in the
regular income of such borrowers compared with those in full-
time employment.


SCHEFENACKER AG: Debt Restructuring Cues Moody's to Cut Ratings
---------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Schefenacker AG to Caa2 from Caa1 and the rating on the
company's senior subordinated notes to Ca from Caa3.  The rating
for the senior secured EUR205 million facility was affirmed at
Caa1.  The outlook remains negative.  The last rating action was
on Aug. 30, 2006.

The downgrade of the company's Corporate Family Rating to Caa2
from Caa1 reflects the increased likelihood of a debt
restructuring following the company's announcement of the
engagement of an adviser specialized in financial restructuring.

It is Moody's expectation that a reorganization of the company's
capital structure is imminent in the absence of a material
injection of additional funds, given recent deterioration in
operating performance and cash generation as well as the limited
liquidity resources available.

Moody's believes that as a consequence of a possible debt
restructuring, any loss by the company's lenders under the
senior secured credit agreement will likely be moderate, given
their senior position in the capital structure; this is
reflected in the affirmation of the senior secured rating at
Caa1.

The downgrade of the senior subordinated notes to Ca from Caa3
reflects the weak position of unsecured lenders in a potential
debt restructuring given their structural, effective and
contractual subordination to the group's senior secured notes.

The negative outlook reflects continuing uncertainty whether
Schefenacker can restore its financial flexibility, avoid a
filing for insolvency proceedings and stem the erosion in its
operating performance, as well as uncertainty about recovery
values in the potential event of a default.

Ratings downgraded:

   -- Corporate Family Rating to Caa2 from Caa1; and

   -- Senior subordinated rating on the EUR200 million notes due
2014 to Ca from Caa3.

Ratings affirmed:

   -- Senior secured rating on the EUR205 million facility due
2011 and 2012 at Caa1.

Outlook on all ratings is negative.

Based in Schwaikheim, Germany, Schefenacker is a leading private
Tier 1 automotive supplier of rear vision systems, lighting
systems and a Tier 2 supplier of sound systems.  For the twelve
months ended Dec. 31, 2005, Schefenacker generated revenues of
EUR930.4 million.  Revenues in the first half of 2006 totaled
EUR456.9 million.


SGL CARBON: Dismisses Plans to Bid for Morgan Crucible
------------------------------------------------------
SGL Carbon AG dismissed reports that it is making an offer for
industrial-ceramics supplier Morgan Crucible Co.

"In view of recent speculation in the press and financial
markets, SGL Carbon wishes to clarify that it does not intend to
make an offer for Morgan Crucible," the company said in a
statement.

Morgan Crucible disclosed on Aug. 7 that it had received a
preliminary approach from an undisclosed party.  The Sunday
Times reported on Aug. 20 that Morgan had rejected a takeover
bid by Germany's SGL Carbon, without saying where it got the
information.  Morgan Crucible said, however, that talks in
relation to the approach from the undisclosed party are still
continuing, which may or may not lead to a cash offer being made
for the company.

Registered in Germany, SGL Carbon AG manufacturers carbon and
graphite-based products.  For the twelve months ended Dec. 31,
2005, SGL Carbon generated revenues of EUR1,069 million and
Adjusted EBITDA of EUR198 million.  

                        *     *     *

As reported in TCR-Europe on May 8, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on
Germany-based graphite-electrodes producer SGL Carbon AG to
'BB-' from 'B+' and removed the rating from CreditWatch.  

The rating actions reflect SGL's improved financial profile
following a recent capital increase, progress toward meeting EU
anti-trust fines, and good operational performance.  S&P said
the outlook is stable.

On March 22, the TCR-Europe said Moody's Investors Service
upgraded SGL Carbon corporate family rating one notch to Ba3,
rating on secured facilities at SGL Carbon AG and certain of its
subsidiaries to Ba3 from B1 and rating on senior notes at SGL
Carbon Luxembourg S.A. to B2 from B3.  Moody's said the outlook
is stable.


SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Filing Ends Sept. 28
------------------------------------------------------------
Creditors of Systempartner Computervertriebs GmbH have until
Sept. 28 to register their claims with court-appointed
provisional administrator Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 26 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against Systempartner Computervertriebs GmbH on Aug. 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Systempartner Computervertriebs GmbH
         Eschenstr. 1
         01097 Dresden, Germany

The administrator can be contacted at:

         Albert Wolff
         Weisseritzstrasse 3
         01067 Dresden, Germany
         Web: http://www.WORAKO.de/


TEAMSPORT FRECHEN: Claims Registration Ends September 29
--------------------------------------------------------
Creditors of TEAMSPORT Frechen GmbH have until Sept. 29 to
register their claims with court-appointed provisional
administrator Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against TEAMSPORT Frechen GmbH on Aug. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         TEAMSPORT Frechen GmbH
         Attn: Wilfried Vogt, Manager
         Hauptstr. 27
         50226 Frechen, Germany

The administrator can be contacted at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne, Germany


TRIGGERAGENT PRODUCTIONS: Creditors' Meeting Slated for Sept. 27
----------------------------------------------------------------
The court-appointed provisional administrator for TRIGGERagent
productions GmbH, Knut Rebholz, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:10 a.m. on Sept. 27.

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

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

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

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

The District Court of Charlottenburg opened bankruptcy
proceedings TRIGGERagent productions GmbH on Aug. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TRIGGERagent productions GmbH
         Adalbertstr.7-8
         10999 Berlin, Germany

The administrator can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin, Germany


WGR LOHNMONTAGEN: Claims Registration Ends September 22
-------------------------------------------------------
Creditors of WGR Lohnmontagen GmbH have until Sept. 22 to
register their claims with court-appointed provisional
administrator Hans Peter Runkel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, 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 Wuppertal opened bankruptcy proceedings
against WGR Lohnmontagen GmbH on Aug. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         WGR Lohnmontagen GmbH
         Blaffertsberg 100
         42369 Wuppertal, Germany

         Attn: Uwe Grafe, Manager
         Hohenbirkerstr. 3
         42855 Remscheid, Germany

The administrator can be contacted at:

         Hans Peter Runkel
         Friedrich-Ebert-Road 146
         42117 Wuppertal, Germany


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


IMPREGILO SPA: Earns EUR168.8 Million for First Half 2006
---------------------------------------------------------
Impregilo S.p.A. released its approved consolidated financial
results for the first half ended June 30, 2006.

For the first half of 2006, the Group posted EUR168.8 million in
net profit on EUR1.197 billion in revenues, compared with
EUR328.5 million in net losses on EUR1.138 billion in revenues
for the same period in 2005.

Factors contributing to the half-year results included:

   -- profit margins on industrial operations;

   -- financial income on equity investments;

   -- capital gains from the ongoing disposals plan; and

   -- the sharp reduction in current losses on the municipal
      solid waste disposal services in the region of Campania
      (Campania MSW projects) following resolution ope legis of
      the contracts in question.

At June 30, 2006, Impregilo had -EUR19.8 million in working
capital, EUR667.3 million in equity, -EUR262.6 million in net
financial position and 0.39 in debt-to-equity ratio.

                        About Impregilo

Headquartered in Milan, Italy, Impregilo S.p.A. --
http://www.impregilo.it/-- is involved in the construction of   
dams and hydroelectric schemes since 1906.  In 2005, Impregilo
posted consolidated net sales of EUR2.4 billion, compared to
EUR2.9 billion in 2004.  It attributed the decrease to a general
downturn in sales volumes, the de-consolidation of some
operations and the absence of extraordinary items recognized in
2004.  

In 2005, the Group posted a consolidated operating loss of
EUR254.4 million.  A significant factor in the result was the
aggregate operating loss (EUR260 million) of the non-core
businesses (Building & Services, Campania MSW Project, Imprepar
in liquidation), which are being sold/retired or are in
liquidation.

At Dec. 31, 2005, the company reported EUR739.18 million of net
debt, including discontinued operations.  Shareholders' equity
at Dec. 31, 2005, amounted to EUR516.7 million, an increase of
EUR305 million from Dec. 31, 2004.  Impregilo is optimistic it
could achieve its profit forecast and debt-to-equity ratio of
0.5 in 2007.  Lazard Freres & Co. LLC is advising Impregilo.


PARMALAT: Farmland & Carmen Green Want Pact on PI Suit Approved
---------------------------------------------------------------
Reorganized Farmland Dairies, LLC, the Farmland Dairies LLC
Unsecured Creditors' Trust and Carmen Green ask the United
States Bankruptcy Court for the Southern District of New York to
approve their stipulation modifying the Plan Injunction to
permit the parties to prosecute and defend against Ms. Green's
lawsuit, and to take actions as are necessary or appropriate to
exercise their rights.

Ms. Green, as reported in the Troubled Company Reporter on
Aug. 16, 2006, sought modification of the automatic stay so she
may pursue a lawsuit in the New Jersey Superior Court against
the Farmland Entities.

Accordingly, the parties agree that Ms. Green will in no event
be entitled to recover any property of or from the U.S. Debtors
or their estates, Reorganized Farmland, or the Trust.  She will
have recourse solely against any available insurance proceeds
from Farmland's automobile insurance policy with Lumbermens
Mutual Casualty Company.

Ms Green agrees that payment of any judgment awarded against the
U.S. Debtors' insurer, if any, will be reduced by the lesser of
(a) the payment or (b) the amount of the Policy's deductible
that the U.S. Debtors, Reorganized Farmland or the Trust might
otherwise be liable for.

Ms. Green withdraws her lift stay request and her proof of claim
against Farmland, and releases the U.S. Debtors, Reorganized
Farmland and the Trust from any and all claims and causes of
action.

Ms. Green's action relates to personal injuries she sustained
from a 2002 accident involving a vehicle owned by Sunnydale
Farms, a business unit of Farmland Dairies.

Ms. Green is represented in the U.S. Debtors' cases by Frank A.
Tobias, Esq., and David H. Kaplan, Esq., at Tobias & Kaplan, in
Perth Amboy, New Jersey.

                         About Parmalat

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

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

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

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


PARMALAT GROUP: Share Capital Increases to EUR1.6 Bil. in August
----------------------------------------------------------------
In August 2006, the subscribed and fully paid up share capital
in Parmalat Group increased by EUR63,896 to EUR1,640,757,886
from EUR1,640,693,990, following the allocation of shares to
Parmalat's creditors.

The share capital increase is due to the conversion of warrants
for 63,896 shares, Parmalat S.p.A. said.

The latest status of the share allotment, according to Parmalat
S.p.A., is approximately 59,187,515 shares representing 3.6% of
the share capital are still in a deposit account c/o Parmalat
S.p.A., of which:

      * 17,023,647 or 1.0% of the share capital, registered in
        the name of individually identified commercial
        creditors, are still deposited by the intermediary
        account of Parmalat S.p.A. centrally managed by Monte
        Titoli (compared with 21,763,451 shares as at as at
        July 21, 2006); [and]

      * 42,163,868 or 2.6% of the share capital registered in
        the name of the Foundation, called Fondazione Creditori
        Parmalat, of which:

        -- 120,000 shares representing the initial share capital
           of Parmalat S.p.A. (unchanged); [and]

        -- 42,043,868 or 2.6% of share capital that pertain to
           currently undisclosed creditors (compared with
           44,936,482 shares as at July 21, 2006).

                         About Parmalat

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

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

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

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


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


C.D: Creditors Must File Claims by Oct. 6
-----------------------------------------
LLP C.D has declared insolvency.  Creditors have until Oct. 6 to
submit written proofs of claim at:

         LLP C.D
    Auezov Str. 69a
    Atyrau
    Atyrau Region
    Kazakhstan  


DELTA-2000: Creditors Must File Claims by Oct. 6
------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Delta-2000 insolvent.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

         LLP Delta-2000
         Suleymanova Str. 17 (11a)
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-25-52


INTEGRAL COMMUNICATION: Claims Registration Ends Oct. 10
--------------------------------------------------------
LLP Integral Communication has declared insolvency.  Creditors
have until Oct. 10 to submit written proofs of claim at:

    LLP Integral Communication
         Office 111
    Tatibekov Str. 103a
    Almaty, Kazakhstan


KURYLYS-99: Proof of Claim Deadline Slated for Oct. 10
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Kurylys-99 insolvent on July 13.

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

         LLP Kurylys-99
         Room 228
    Auelbekova Str. 139a
    Kokshetau
    Akmola Region
    Tel: 8 (3162) 25-79-32


LIBERTY: Proof of Claim Deadline Slated for Oct. 6
--------------------------------------------------
LLP Liberty has declared insolvency.  Creditors have until
Oct. 6 to submit written proofs of claim to:

         LLP Liberty
         Oktyabrskaya Str. 47
    Shymkent
    South Kazakhstan Region
    Kazakhstan  


PVNH: Claims Registration Ends Oct. 6
-------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP PVNH insolvent.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

         LLP PVNH
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


RENESSANS: Creditors' Claims Due Oct. 6
----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Holding Company Renessans insolvent.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Renessans
         Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


S. MERKURYI: Creditors' Claims Due Oct. 6
------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP S. Merkuryi Taraz insolvent.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Oct. 6 to submit written proofs of claim
to:
         LLP S. Merkuryi Taraz
         Room 7
    Suleymanova Str. 11a
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-25-52
                     

TAYMAS: Jambyl Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against LLP Taymas on July 17.


VK KAZNEFTESERVICE: Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP East
Kazakhstan Oil Service VK Kaznefteservice (RNN 181600223167) on
July 21.


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


AK-BULAK CEMENT: Proof of Claim Deadline Slated for Oct. 25
-----------------------------------------------------------
LLC Ak-Bulak Cement has declared insolvency.  Creditors have
until Oct. 25 to submit written proofs of claim at:

Inquiries can be addressed to (+996 312) 29-25-16.


MEGA BUS: Creditors Must File Claims by Oct. 25
-----------------------------------------------
LLC Mega Bus has declared insolvency.  Creditors have until
Oct. 25 to submit written proofs of claim at:

Inquiries can be addressed to (+996 312) 43-21-16.


RUSNEFTEHIM: Claims Registration Ends Oct. 25
---------------------------------------------
LLC Kyrgyz-Russian Petroleum Chemical Company Rusneftehim has
declared insolvency.

Creditors have until Oct. 25 to submit written proofs of claim
to:

         LLC Rusneftehim
         Mir Ave. 4
    Bishkek, Kyrgyzstan


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


NETIA SA: Inks Services Pact with Telekomunikacja Polska
--------------------------------------------------------
Netia SA received a signed copy of an agreement with
Telekomunikacja Polska SA with its seat in Warsaw on
provisioning by TP to Netia of the local loop unbundling
services for the purpose of Netia's selling broadband data
transmission services (bitstream access).

The Agreement was concluded based on the terms established in
the bitstream access reference offer, introduced by the decision
of the President of the Office of Electronic Communications
(UKE) dated May 10, 2006 (decision No. DRT-WWM-6062-9/04(226)).
The Agreement is binding since August 16, 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.


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


AGRO-COMPANY RAY: Orel Bankruptcy Hearing Slated for Sept. 27
-------------------------------------------------------------
The Arbitration Court of Orel Region will convene on Sept. 27 to
hear the bankruptcy supervision procedure on OJSC Association Of
Agricultural Complex Agro-Company Ray.  The case is docketed
under Case No. A48-2311/06-20b.

The Temporary Insolvency Manager is:

         A. Gavrikov
         3rd floor, Room 40  
         3rd Kurskaya Str. 15
         Orel Region
         Russia
         Tel./Fax: (4862) 47-09-54

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Company Ray
         Muraevka
         Soskovskiy Region
         Orel Region
         Russia


AGRO-KHIMIYA: Court Names N. Zarutskiy as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. N.
Zarutskiy as Insolvency Manager for OJSC Agro-Khimiya (TIN
2618003791).  He can be reached at:

         N. Zarutskiy
         Pushkina Str. 63
         Essentuki
         357600 Stavropol Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-854/02-S5.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Khimiya
         Pyatigorsk
         Russia


BAKERY ENISEY: Court Names I. Kozlov as Insolvency Manager  
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. I.
Kozlov as Insolvency Manager for OJSC Bakery Enisey (TIN
2466071628).  He can be reached at:

         I. Kozlov
         Post User Box 55
         664022 Irkutsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-30987/2005.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Bakery Enisey
         Severnoye Shosse, 25
         660020 Krasnoyarsk Region
         Russia


BANK KEDR: Moody's Assigns E+ Financial Strength Rating
-------------------------------------------------------
Moody's Investors Service assigned these global scale ratings
with stable outlook to Bank Kedr:

   -- B2 long-term and Not-Prime short-term foreign currency
deposit ratings; and

   -- E+ financial strength rating.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa1.ru long-term national scale credit rating to the bank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B2/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa1.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

The ratings assigned to Bank Kedr reflect its entrenched
positions in Eastern Siberia's Krasnoyarsk region, which has
significant economic potential.  Kedr is the largest among
locally registered banks in terms of assets, while its network
comprising over 40 branches and outlets covers the entire
territory of the Krasnoyarsk region, as well as the neighboring
Republic of Hakassiya.  The bank has a relatively developed
plastic cards business with about 320,000 cards issued at mid-
2006, mainly for payment of salaries to employees of corporate
customers.

Kedr's E+ financial strength rating is underpinned by its good
financial indicators -- in particular its stable liquidity
position propped up by a fairly matched asset-liability maturity
structure -- and by relatively high profitability with fees and
commissions making up about 50% of operating income, as well as
acceptable reported asset quality.

The bank's FSR is primarily constrained by low capital adequacy
ratios and insufficient free capital.  Poor capitalization
hampers the bank's organic growth resulting in limited
opportunities to gain access to new retail and corporate
clients.  

Kedr is attempting to strengthen its franchise by expansion
outside its home territory: the bank has established branches in
Moscow, as well as in Southern Russia and in the Far East of the
country, while the opening of a branch abroad is currently
underway.

In Moody's opinion, implementation of this strategy is likely to
entail serious credit and operational risks.  Due to inability
on the part of the bank's current shareholders to provide
additional capital in sufficient amounts, Kedr is making efforts
to attract new investors.

In May 2006 the board of EBRD approved the investment of up to
US$12 million in the bank's stock through the acquisition of
newly issued shares in the third quarter of 2006.  Moody's views
positively the forthcoming equity participation in Kedr by EBRD,
but notes that it is insufficient to reach sustainable
improvement in capitalization.

Other negative rating drivers include:

   -- significant single-party concentration in the loan
portfolio as the top ten borrowers accounted for about 25%
of gross loans at mid-2006, and

   -- pressure on profitability from high operating expenses,
mainly related to branch network development and
maintenance.

The B2/NP foreign currency deposit ratings do not incorporate
possible support from the bank's shareholders.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain.  Given the bank's size and
market position, any support from the Russian financial
authorities is unlikely.

Bank Kedr is headquartered in Krasnoyarsk, Russian Federation.
As at year-end 2005, the bank reported total assets of US$289
million under IFRS and ranked 117th by assets among Russian
banks, according to Interfax.


BUGULMINSKIY REPAIR-MECHANICAL: S. Lgach to Manage Assets
---------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. S.
Lgach as Insolvency Manager for OJSC Bugulminskiy Repair-
Mechanical Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-345/2005-SG4-27.

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         OJSC Bugulminskiy Repair-Mechanical Factory
         Lenina Str. 145
         Bugulma
         423235 Tatarstan Republic
         Russia


CANADSKIY: Court Names V. Batrakov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Batrakov
as Insolvency Manager for OJSC Canadskiy Combine Of Building
Materials (TIN 5812000772).  He can be reached at:

         V. Batrakov
         Pushkina Str. 2
         Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-3281/2006-325B/26.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Canadskiy Combine Of Building Materials
         Molodyezhnaya Str.
         Kanaevka
         Gorodish Region
         Penza Region
         Russia


CRYSTAL FACTORY: Vladimir Bankruptcy Hearing Slated for Nov. 9
--------------------------------------------------------------
The Arbitration Court of Vladimir Region will convene at 10:00
a.m. on Nov. 9 to hear the bankruptcy supervision procedure on
OJSC Crystal Factory.  The case was docketed under Case No.
A11-4302/2006-K1-208B.

The Temporary Insolvency Manager is:

         V. Pronyushkina
         Office 302
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow Region
         Russia

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         OJSC Crystal Factory
         Kalinina Str. 28
         Gus-Khrustalnyj
         601501 Vladimir Region
         Russia


DAL-VTOR-TSVET-MET: G. Chmutina to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Ms. G.
Chmutina as Insolvency Manager for OJSC Dal-Vtor-Tsvet-Met.  She
can be reached at:

         G. Chmutina
         Sv. Innokeniya Per. 13
         Blagoveshensk
         675000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-5808/2006-38.

The Debtor can be reached at:

         OJSC Dal-Vtor-Tsvet-Met
         Zelenaya Str. 2B
         680000 Khabarovsk Region
         Russia


DIARY VOLGOGRADSKIY: Bankruptcy Hearing Slated for Nov. 29
----------------------------------------------------------
The Arbitration Court of Volgograd Region will convene at 10:00
a.m. on Nov. 29 to hear the bankruptcy supervision procedure on
OJSC Diary Volgogradskiy.  The case is docketed under Case No.
A12-11128/06-s55.

The Temporary Insolvency Manager is:

         E. Slushkin
         Post User Box 1034
         400105 Volgograd Region
         Russia

The Debtor can be reached at:

         OJSC Diary Volgogradskiy
         Raboche-Krestyanskaya Str. 44
         Volgograd Region
         Russia


INNOVATION CONSULTING: O. Ershov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. O. Ershov as
Insolvency Manager for CJSC Innovation Consulting Centre.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 40-21534/06-78-260B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Innovation Consulting Centre
         Chistoprudnyj Avenue 2
         Moscow
         Russia


IRKUT CORP: Market Position Prompts Moody's to Assign B1 Rating
---------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Irkut Corporation and placed the rating under review for
possible upgrade.

Moody's said that the B1 Corporate Family rating primarily
reflects:

   -- Irkut's strong market position of its SU-30MK multi-role
jet fighter among the Indian, Algerian and Malaysian air
force and increasing exports to other markets;

   -- the company's ability to deliver products which can
compete globally;

   -- positive trends to diversify product range into non-
defense related areas, for example the BE-200 multipurpose
amphibious aircraft and components production for EADS;

   -- a solid base of signed order contracts providing for
medium-term revenue visibility.

At the same time, the rating remains constrained primarily by:

   -- the weak position with its most significant domestic
client, the Russian military, exposing it to political
imponderabilities which can affect business prospects and
undermine future revenue potential;

   -- concentration on one foreign customer accounting for a
significant part of the order book;

   -- substantial global competition;

   -- product concentration on currently one main product which
accounts for a core part of the revenue, and which is
approaching the maturity of its life-cycle, requiring
significant research and development expenditure going
forward;

   -- predominance of sales outside Russia; and
  
   -- challenging operating environment characterized by
significant political, legal, fiscal and exchange rate
risks.

As one of Russia's leading military aircraft producers, the B1
rating also incorporates a moderate degree of implicit support
from the Russian government.

Based on the imminent reorganization of the Russian aviation
industry and the integration of Irkut Corporation into UAC, the
B1 rating has been placed under review for possible upgrade,
reflecting Moody's expectation that support by the Russian
government will strengthen for Irkut Corporation as a result of
this initiative.

The review for possible upgrade will focus on:

   -- the future group structure of UAC and Irkut's position in
that group,

   -- the degree of expected state support for this combined
entity and Irkut Corporation in particular, and

   -- the impact on Irkut's business and financial profile
resulting from the integration of other entities into the
group.

Moody's expects the rating to remain sub-investment grade given
the anticipated legal structure under which Irkut Corporation
would be only indirectly majority owned by the Russian
government, and taking into consideration the existing moderate
level of support already integrated into the B1 rating.

Irkut Corporation is a leading military aircraft producer and
one of the largest company in the Russian aerospace & defense
industry, with defense- related revenues in 2005 of over US$602
million and total company revenue of US$712 million.  The order
book in 2006 is estimated at US$5.1 billion.  Irkut Corporation
is the only public company in the Russian defense industry where
the Government currently controls 12% through Sukhoi Holding.


LENINSK-AGRO-SERVICE: Court Names B. Yun as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. B. Yun as
Insolvency Manager for OJSC Leninsk-Agro-Service.  He can be
reached at:

         B. Yun
         Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-227/B-05.

The Debtor can be reached at:

         OJSC Leninsk-Agro-Service
         Odoevskoye Shosse, 63
         Tula Region
         Russia


MED-SERVICE: Court Names N. Pavlova as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. N.
Pavlova as Insolvency Manager for CJSC Med-Service.  She can be
reached at:

         N. Pavlova
         Orskaya Str. 6
         Novotroitsk
         462356 Orenburg region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-3106/2006-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         CJSC Med-Service
         Leninskogo Komsomola Str. 21
         Orsk
         Orenburg Region
         Russia


MINE BERINGOVAYA: Court Names N. Chelapko as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chukotskiy autonomous Region appointed
Mr. N. Chelapko as Insolvency Manager for OJSC Mine Beringovaya
(TIN 8702000172).  He can be reached at:

         N. Chelapko
         Post User Box 214
         Anadyr
         689000 Chukotskiy autonomous region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A80-23/2006-14GK.

The Debtor can be reached at:

         OJSC Mine Beringovaya
         Shakhtnaya Str. 2
         Beringovskij
         689101 Chukotskiy autonomous Region
         Russia


OKHOTSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Khabarovsk Region has commenced
bankruptcy supervision procedure on Municipal Unitary Enterprise
Okhotsk-Agro-Prom-Khimiya.  The case is docketed under Case No.
A 73-19086/2005-39.

The Temporary Insolvency Manager is:

         Y. Shirokov
         Aleutskaya Str. 45-a
         690091 Vladivostok Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Okhotsk-Agro-Prom-Khimiya
         Komsomolskaya Str. 50
         Okhotsk
         Khabarovsk Region
         Russia


ORENBURG-AUTO-TRANS: Court Commences Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Orenburg Region has commenced
bankruptcy supervision procedure on OJSC Transport Company
Orenburg-Auto-Trans.  

The case is docketed under Case No. A47-3689/2006-14GK.

The Temporary Insolvency Manager is:

         N. Ershov
         Post User Box 1914
         443052 Samara Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Transport Company Orenburg-Auto-Trans
         Matrosskiy Per. 12
         460000 Orenburg Region
         Russia


ORSKAYA BUILDING: Court Names S. Egorova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed as Insolvency
Manager for LLC Orskaya Building Transport Company (TIN
5615018890).  She can be reached at:

         S. Egorova
         Post User Box 44
         Orlova Str. 5
         460006 Orenburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-4147/06-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         LLC Orskaya Building Transport Company
         Soyuznaya Str. 9
         Orsk
         462407 Orenburg Region
         Russia


PETUKHOVSKIY FLAX: Kirov Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Kirov Region has commenced bankruptcy
supervision procedure on OJSC Petukhovskiy Flax Factory.  The
case is docketed under Case No. A28-228/06-183/3.

The Temporary Insolvency Manager is:

         V. Lutoshkin
         Proizvodstvennaya Str. 20, office 6.
         610021 Kirov Region Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Petukhovskiy Flax Factory
         B. Polomka
         Sanchurskiy Region
         612397 Kirov Region
         Russia


PLATONOVSKOYE GRAIN: Saratov Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on CJSC Platonovskoye Grain Receiving
Processing Enterprise.  The case is docketed under Case No.
A-57-105B/06-31.

The Temporary Insolvency Manager is:

         V. Klemeshev
         Michurina Str. 50
         410056 Saratov Region
         Russia

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Platonovskoye Grain Receiving
         Processing Enterprise
         Bakhmetyvskaya Str. 5
         410004 Saratov Region
         Russia


RESO-RE: S&P Puts Rating on CreditWatch on Core Status Concerns
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
counterparty credit and insurer financial strength ratings and
its 'ruA+' Russia national scale rating on Russia-based  
reinsurer RESO-Re on CreditWatch with negative implications.
     
"The CreditWatch placement reflects growing uncertainty about
the future strategic direction of RESO-Re, which could
potentially undermine its core status within the RESO-Garantia
group," said Standard & Poor's credit analyst Tatiana Grineva.

"At present, as a core entity of the group, the ratings on
RESO-Re reflect the financial strength characteristics of RESO-
Garantia, rather than the stand-alone characteristics of the
reinsurer," she added.
     
Standard & Poor's will meet with RESO-Garantia's management
within the next few weeks to discuss its willingness and ability
to continue to support RESO-Re.

Standard & Poor's expects to resolve the CreditWatch listing
before the end of November 2006, once a decision about RESO-Re's
future strategy has been taken.  


RYLSK-MEAT-MILK-INDUSTRY: N. Gutenev to Manage Assets
-----------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. N. Gutenev
as Insolvency Manager for CJSC Rylsk-Meat-Milk-Industry (TIN
4620006320).  He can be reached at:

         N. Gutenev
         Apartment 115
         Khutorskaya Str. 12V
         305029 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-4515/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Rylsk-Meat-Milk-Industry
         Novaya Str. 2
         Rylsk
         307373 Kursk Region  
         Russia


SIR AERO: Court Names G. Gromov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed Mr.
G. Gromov as Insolvency Manager for CJSC Aviation Company Sir
Aero.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-6216/05.

The Arbitration Court of Sakha Republic-Yakutiya is located at:

         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         CJSC Aviation Company Sir Aero
         Yakutsk
         Sakha Republic-Yakutiya
         Russia


TO-ALA: Filing of Claims Ends September 29
------------------------------------------
Creditors of CJSC Agro Company To-Ala have until Sept. 29 to
submit written proofs of claim to:

         A. Strinadkin, Insolvency Manager
         Krasina Str. 7a
         625003 Tyumen Region
         Russia

The Arbitration Court of Kurgan Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A34-2007/2006.

The Debtor can be reached at:

         CJSC Agro Company To-Ala
         Krasina Str. 7a
         625003 Tyumen Region
         Russia


TULSKAYA SHOES: Court Names D. Kochetkov as Insolvency Manager  
--------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. D. Kochetkov
as Insolvency Manager for LLC Tulskaya Shoes Factory Rainbow.
He can be reached at:

         D. Kochetkov
         Office 507
         Boldina Str. 98
         300028 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-137/B-06.

The Debtor can be reached at:

         LLC Tulskaya Shoes Factory Rainbow
         Dubovskaya Str. 27
         Uzlovaya
         301657 Tula Region
         Russia


TVK: Moscow Court Names A. Kubasov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Moscow appointed for CJSC Insurance
Company TVK (TIN 7710075780).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-19245/06-74-202 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Insurance Company TVK
         Tverskaya Str. 10
         125009 Moscow
         Russia


UFA-OIL-GAS-STROY: Court Names R. Gazizov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. R.
Gazizov as Insolvency Manager for OJSC Ufa-Oil-Gas-Stroy (TIN
0274050998).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-52100/05-G-PAV.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Ufa-Oil-Gas-Stroy
         Maykopskaya Str. 53.
         Ufa
         450095 Bashkortostan Republic
         Russia


URALO-SIBERIAN FURNITURE: A. Plotnikov to Manage Assets
-------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Plotnikov as Insolvency Manager for CJSC Uralo-Siberian
Furniture Factory.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-9391/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Uralo-Siberian Furniture Factory
         Industrii Str. 36-7
         620042 Ekaterinburg Region
         Russia


VAZ-REM-DETAIL: Samara Court Starts Bankruptcy Supervision  
----------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on OJSC Vaz-Rem-Detail.  The case is
docketed under Case No. A55-7412/2006-38.

The Temporary Insolvency Manager is:

         N. Ovchinnikova
         Office 314
         Komsomolskaya Str. 84A
         Tolyatti
         445009 Samara Region
         Russia

The Debtor can be reached at:

         OJSC Vaz-Rem-Detail
         Zastavnaya Str. 5
         Tolyatti
         445024 Samara Region
         Russia


VYAT-VOD-SPIRIT: Bankruptcy Hearing Slated for Oct. 26
------------------------------------------------------
The Arbitration Court of Kirov Region will convene on Oct. 26 to
hear the bankruptcy supervision procedure on OJSC Vyat-Vod-
Spirit.  The case is docketed under Case No. A28-242/06-204/6.

The Temporary Insolvency Manager is:

         Y. Malgin
         Oktyabrskiy Pr. 104
         610000 Kirov Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Vyat-Vod-Spirit
         Moskovskaya Str. 114.
         610044 Kirov Region
         Russia


YUZHNO-SAKHALINSKIY COMBINE: Filing of Claims Ends September 29
---------------------------------------------------------------
Creditors of OJSC Yuzhno-Sakhalinskiy Combine Of Grain Products
have until Sept. 29 to submit written proofs of claim to:

         V. Ivanov
         2nd Krasnoselskaya Str. 18-37.
         693022 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalin Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-3386/05-S9.

The Debtor can be reached at:

         OJSC Yuzhno-Sakhalinskiy Combine of Grain Products
         Mira Pr. 2.
         Yuzhno-Sakhalinsk
         Russia


ZAVOLZHSKIY CHEMICAL: Court Starts Reorganization Process
---------------------------------------------------------
The Arbitration Court of Ivanovo Region commenced external
management bankruptcy procedure on CJSC Zavolzhskiy Chemical
Factory.  The case is docketed under Case No. A17-1330/05-10-B.

The External Insolvency Manager is:

         A. Ryabov
         Office 607
         15th Proezd 4
         153006 Ivanovo Region
         Russia
         Tel./Fax: (4932) 47-54-41

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Zavolzhskiy Chemical Factory
         Zavodskaya Str. 1
         Kineshma
         Ivanovo Region
         Russia


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


DRESSER INC: Financial Statement Filing Extended Until Dec. 31
--------------------------------------------------------------
Dresser, Inc., has amended its senior secured credit facility to
extend the date required for providing the company's audited
financial statements to its senior secured lenders and to
include various technical amendments.  The date for providing
audited financial statements for the fiscal year ended Dec. 31,
2005, has been extended from Sept. 30, 2006, to Dec. 31, 2006.

                       About Dresser

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets  
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including
Germany, Italy, Russia, Switzerland, and Sweden.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service downgraded Dresser, Inc.'s ratings.
Moody's said the rating outlook is negative.

Dresser's Corporate Family Rating was downgraded to B1 from Ba3.
The rating for the Company's Senior Secured Tranche C Term Loan
maturing 2009 was downgraded to B1 from Ba3.  Moody's also
downgraded the rating for the Company's Senior Unsecured Term
Loan maturing 2010 to B2 from B1.  The Company's Senior
Subordinated Notes maturing 2011 was downgraded to B3 from B2.


MODERN TIMES: S&P Withdraws BB Rating Following Debt Repayment
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' long-term
corporate credit rating on Sweden-based media company Modern
Times Group AB at the company's request.  The outlook on the
company was positive.  MTG had no rated debt.
     
The rating withdrawal follows a request by the company after the
repayment of MTG's only rated debt instrument in June 2006.
     

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


GLINSKE: Sumi Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Glinske (code EDRPOU 30827656) on
June 7.  The case is docketed under Case No. 7/117-06.

The Temporary Insolvency Manager is:

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

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Glinske
         Lenin Str. 23
         Glinske
         Romni District
         42081 Sumi Region
         Ukraine


CABLE INFORMATION: Creditors Claims Due September 22
----------------------------------------------------
Creditors of CJSC Cable Information TV System (code EDRPOU
13607005) have until Sept. 22 to submit written proofs of claim
to the temporary insolvency manager at:

         I. Chulakov
         a/b 7683
         69050 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on the company on July 25.  The case is
docketed under Case No. 16/71/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         CJSC Cable Information TV System
         Ukraini Str. 45
         40 rokiv Radyanskoi
         69037 Zaporizhya Region
         Ukraine


SNABKOMPLEKT: Filing of Claims Ends September 22
------------------------------------------------
Creditors of OJSC Snabkomplekt (code EDRPOU 32242600) have until
Sept. 22 to submit written proofs of claim to the insolvency
manager at:

         I. Chulakov
         a/b 7683
         69050 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on the company on July 28.  The case is
docketed under Case No. 16/73/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         OJSC Snabkomplekt
         Krasnogradska Str. 40
         69083 Zaporizhya Region
         Ukraine


MARKET SECURITY: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Market Security (code EDRPOU
31405231).  The case is docketed under Case No. 23/249-b.

The Temporary Insolvency Manager is:

         V. Letskan
         Dovzhenko Str. 16V/42
         03057 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Market Security
         Rejtarska Str. 11/1
         Kyiv Region
         Ukraine


EXIMKOM: Kyiv Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Eximkom (code EDRPOU 23519348).  
The case is docketed under Case No. 15/488-b.

The Temporary Insolvency Manager is:

         V. Letskan
         Dovzhenko Str. 16V/42
         03057 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Eximkom
         Sherbakov Str. 45 A
         Kyiv Region
         Ukraine


DINKO: Filing of Claims Ends September 22
-----------------------------------------
Creditors of LLC Production-Commercial Firm Dinko have until
Sept. 22 to submit written proofs of claim to the insolvency
manager at:

         P. Solomyanuk
         Vasilkivska Str. 40a/31
         01022 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region has commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 15/489-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Production-Commercial Firm Dinko
         Donvar-Zapolskij Str. 4/2
         Kyiv Region
         Ukraine


SLOVYANSK AUTO 11417: Donetsk Court Freezes Payment of Debts
------------------------------------------------------------
The Economic Court of Donetsk Region ordered a moratorium on
satisfaction of creditors claims on OJSC Slovyansk Auto
Transport Enterprise 11417

The Court commenced bankruptcy supervision procedure on OJSC
Slovyansk Auto Transport Enterprise 11417 (code EDRPOU
09334564) on June 19.  The case is docketed under Case No.
42/131 B.

The Temporary Insolvency Manager is:

         Vadim Skalyanskij
         Olimpijska Str. 7/91
         Slovyansk
         84116 Donetsk Region Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Slovyansk Auto Transport Enterprise 11417
         Slovyansk, Frunze Str. 58
         84100 Donetsk Region
         Ukraine


SPETSIZOLYATORSTROJ: Donetsk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Spetsizolyatorstroj (code EDRPOU
00126020) on June 13.  The case is docketed under Case No.
42/119 B.

The Temporary Insolvency Manager is:

         Tetyana Pashkova
         Kujbishev Str. 240/50
         83122 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Spetsizolyatorstroj
         Uritskij Lane 6
         Slovyansk
         84100 Donetsk Region
         Ukraine


OPEKS: Odessa Court Commences Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on OJSC Opeks (code EDRPOU 30019801) on
July 17.  The case is docketed under Case No. 32/151-06-6202.

The Temporary Insolvency Manager is:

         Gennadij Verlan
         Vira Inber Str. 8/5
         65014 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         OJSC Opeks
         Serednya Str. 10-a
         65091 Odessa Region
         Ukraine


DAEM: Zaporizhya Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on CJSC Building-Erection Enterprise Daem
(code EDRPOU 02830993) on July 12.  The case is docketed under
Case No. 19/132/06.

The Temporary Insolvency Manager is:

         R. Kravchenko
         a/b 42
         Skifska Str. 18/17
         Energodar
         71500 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         CJSC Building-Erection Enterprise Daem
         a/b 14
         Energodar
         71503 Zaporizhya Region
         Ukraine



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


A2B LOGISTICS: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of A2B Logistics Limited confirmed on July 14 the
appointment of Ian William Kings of Tenon Recovery as the
company's Liquidator.

The company can be reached at:

         A2B Logistics Limited
    Newcastle Road
    South Shields
    Tyne And Wear NE349PB
    United Kingdom
    Tel: 0191 456 6444


ACCESS PARTNERSHIP: Appoints Liquidator from David Horner & Co.
---------------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of The Access Partnership Limited on July 10 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         The Access Partnership Limited
    Hilton House
    Lord Street
    Stockport
    Cheshire SK1 3NA
    United Kingdom
    Tel: 0161 480 2323


ACXIOM CORP: Discloses Preliminary Results of Dutch Auction
-----------------------------------------------------------
Acxiom Corp. disclosed preliminary results of its modified
"Dutch Auction" self-tender offer, which expired at 5:00 p.m. on
Sept. 12, 2006.

Based on the preliminary count by the depositary for the tender
offer, an aggregate of 24,911,233 shares of Acxiom common stock
were properly tendered and not withdrawn at or below a price of
US$27.00 per share, including 8,537,481 shares that were
tendered through notice of guaranteed delivery.  Based on these
preliminary results the company expects to purchase 11,111,111
shares in the tender offer, subject to proration, at US$25.75
per share.  Pursuant to the terms of the tender offer, Acxiom
offered to purchase shares of its common stock at a price not
less than US$25 and not greater than US$27 per share.

Acxiom has been informed by Computershare Trust Company, N.A.,
the depositary for the tender offer, that the preliminary
proration factor for the shares tendered at US$25.75 and below
is approximately 97 percent.  The exact proration factor is
subject to delivery of the shares that were tendered through
notice of guaranteed delivery.

The results disclosed are preliminary and subject to
verification by the depositary of the proper delivery of the
shares validly tendered and not withdrawn.  Final results will
be announced following the completion of the verification
process.  Acxiom expects payment for the shares accepted for
purchase and the return of all shares tendered and not accepted
for purchase to occur within one week.

The repurchase of the shares will be funded with proceeds from a
new US$800 million credit facility on or about Sept. 15, 2006.

ValueAct Capital has advised Acxiom that neither ValueAct
Capital nor any of its affiliates tendered any of its shares of
Acxiom into the modified Dutch Auction.

The dealer managers for the self-tender offer are J.P. Morgan
Securities Inc. and Stephens Inc.  The information agent is
Innisfree M&A Incorporated, and the depositary is Computershare
Trust Company, N.A. Any questions about the self-tender offer
may be directed to the information agent at 1-877-750-9457, or
the dealer managers, J.P. Morgan Securities Inc. at 1-877-371-
5947 or Stephens Inc. at 1-800-643-9691.

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  In Europe, Acxiom has operations in France, Germany, the
Netherlands, Portugal, Spain, and the United Kingdom.


ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s
proposed US$800 million secured first-lien financing.  The
first-lien facilities consist of a US$200 million revolving
credit facility and a US$600 million term loan.  They are rated
'BB' (at the same level as the corporate credit rating on
Acxiom) with a recovery rating of '2', indicating the
expectation for substantial (80%-100%) recovery of principal in
the event of a payment default.

Proceeds from the facilities will be used to fund the company's
proposed Dutch tender offer for the repurchase of its common
stock, to refinance existing debt, to finance working capital,
and for general corporate purposes.

The corporate credit rating on Acxiom is BB/Stable/--.  The 'BB'
rating reflects the company's relatively small size in a growing
and fragmented industry that may see the entrance of several
much larger competitors.  This is somewhat offset by Acxiom's
good niche market position and adequate cash flow generation.
Business risk is tempered by the company's expertise in managing
its comprehensive consumer databases.


APEX WINDOWS: M. T. Coyne Leads Liquidation Procedure
-----------------------------------------------------
M. T. Coyne of Poppleton & Appleby was appointed Liquidator of
Apex Windows Manufacturing Co. Ltd. on July 18 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Apex Windows Manufacturing Co. Ltd.
    Unit 2
    Cloverfield
    Hinckley
    Leicestershire LE101YD
    United Kingdom
    Tel: 01455 891 333


ARDAN J: Names Beverley Ellice Budsworth Liquidator
---------------------------------------------------
Beverley Ellice Budsworth was appointed Liquidator of Ardan J
Limited on June 29 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Ardan J Limited
    Woods Farm
    Britwell Hill
    Watlington
    Oxfordshire OX495HD
    United Kingdom
    Tel: 01491 614 315


ASSIST MAINTENANCE: Creditors' Meeting Slated for Sept. 19
----------------------------------------------------------
Creditors of Assist Maintenance Services Limited (Company Number
04142373) will meet at 3:00 p.m. on Sept. 19 at:

         The Judges Hotel
         Kirklevington Hall
         Kirklevington
         Yarm TS15 9LW
         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. 18 at:

         David Horner
         Administrator
         3 Guisborough Road
         Great Ayton
         Middlesbrough TS9 6AA
         United Kingdom
         Tel: 01642 500117
         
David Horner & Co. -- http://www.davidhornerandco.co.uk/-- is a  
firm of insolvency practitioners based at three different
locations, which together cover the whole of Yorkshire and the
North East.  It also has offices in York, Doncaster and
Middlesbrough.  The firm offers practical advice and solutions
to all types of businesses, individuals and creditors, often
enabling formal insolvency to be avoided.


CARTER LITHO: Brings In Administrators from Smith & Williamson
--------------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited were appointed joint administrators of Carter
Litho Limited (Company Number 01992510) on Sept. 1.

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

Headquartered in Berkshire, United Kingdom, Carter Litho Limited
is engaged in paper printing and publishing.


CDOS TECHNOLOGY: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of CDOS Technology Limited confirmed on July 17 the
appointment of Roderick Graham Butcher of Butcher Woods as the
company's Liquidator.

The company can be reached at:

         CDOS Technology Limited
    74-76 High Street
    Coleshill
    Birmingham B46 3AH
    United Kingdom
    Tel: 01675 464 450
    Web:  http://www.cdos.com/  
         http://www.pcdoctor.uk.net/


CLINICAL PATHWARE: Nominates Liquidator from Simmonds & Company
---------------------------------------------------------------
Gordon Allan Mart Simmonds of Simmonds & Company was nominated
Liquidator of Clinical Pathware Limited on July 11 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Clinical Pathware Limited
    Dorfold Cottage
    Wrexham Road
    Acton
    Nantwich
    Cheshire CW5 8LP
    United Kingdom
    Tel: 01270 610 399


DEVONSHIRE STATUARY: Taps BDO Stoy as Joint Administrators
----------------------------------------------------------
Mark Peter George Roach and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Devonshire
Statuary Limited (Company Number 03276655) on Sept. 1.

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

Headquartered in Devon, United Kingdom, Devonshire Statuary
Limited manufactures garden ornaments.


E.M. TOOL: Appoints Baker Tilly to Administer Assets
----------------------------------------------------
Graham Paul Bushby and Bruce Alexander Mackay of Baker Tilly
were appointed joint administrators of E.M. Tool (Designs)
Limited (Company Number 00890721) on Sept. 4.

Headquartered in Birmingham, United Kingdom, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of  
chartered accountants and business advisers in the United
Kingdom.  The firm's annual fee income is over GBP168 million
and is part of a global network, which has 122 member firms in
85 countries as an independent member of Baker Tilly
International.

Headquartered in London, United Kingdom, E.M. Tool (Designs)
Limited is engaged in general mechanical engineering.


EASTWOOD CABINET: Hires Joint Liquidators from Larking Gowen
------------------------------------------------------------
Matthew Robert Howard and Robert Geoffrey Rose of Larking Gowen
were appointed Joint Liquidators of Eastwood Cabinets Limited on
July 14 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Eastwood Cabinets Limited
    Fen Road
    Pidley
    Huntingdon
    Cambridgeshire PE283DF
    United Kingdom
    Tel: 01487 740 164


ELEMENTS ORIENTAL: Brings In Joint Liquidators from Haines Watts
----------------------------------------------------------------
Timothy Calverley and David Michael Clements of Haines Watts
were appointed Joint Liquidators of Elements Oriental
(Castleford) Ltd. on July 6 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Elements Oriental (Castleford) Ltd.
    Colorado Way
    Castleford
    West Yorkshire WF104TA
    United Kingdom
    Tel: 01977 554 888


EMERY HOLDINGS: Names Joint Administrators from Begbies Traynor
---------------------------------------------------------------
Steven Williams and David Acland of Begbies Traynor were
appointed joint administrators of Emery Holdings Limited
(Company Number 04044734) of 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.  

Emery Holdings Limited can be reached at:

         Oddfellows Hall
         Bridge Street
         Todmorden
         Lancashire OL14 5AQ
         United Kingdom
         Tel: 01706 811 500


EUROSAIL 2006-2BL: S&P Assigns B Rating to Class F1C Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP615 million (equivalent) mortgage-
backed floating-rate notes to be issued by Eurosail 2006-2BL
PLC.
  
Eurosail 2006-2BL is the second transaction under the Eurosail
program.  The transaction features an interest rate cap
agreement to hedge against rising LIBOR, a discount margin
reserve to partially hedge against the risk associated with
reduced rates of interest payable on discounted loans, and a
bullet cap reserve fund.  A fixed/floating swap will be in place
to hedge against certain interest rate mismatches.
  
At closing, Eurosail 2006-2BL will issue the class A1, A2, B, C,
D1, E1c, and F1c notes and use part of the proceeds to acquire
the loan pool from the originator, Preferred Mortgages Ltd.  
This loan pool comprises first- and second-ranking mortgages on
properties located in England, Wales, and Northern Ireland, and
standard securities on properties located in Scotland.
  
The mortgage loans in the pool consist of a combination of
"near-prime" and nonconforming mortgages.  A portion of the pool
is characterized as "near-prime" as these loans have been made
to borrowers with little or no adverse credit history.

Approximately 64% of the provisional pool comprises
nonconforming mortgages.  Of the borrowers whose mortgage loans
are included in the provisional pool, 19.28% have been subject
to a county court judgment, and 2.11% of the provisional pool
comprises loans to borrowers that have previously been bankrupt.
  
                        Ratings List
                    Eurosail 2006-2BL PLC
          GBP615 Million (Equivalent) Mortgage-Backed
                     Floating-Rate Notes
  
                           Prelim.        Prelim.
            Class          rating         amount (Mil. GBP) (1)
            -----          ------         ------  
            A1a            AAA                TBD
            A1b            AAA                TBD
            A1c            AAA            258.300
            A2a            AAA                TBD
            A2b            AAA                TBD
            A2c            AAA            269.062
            B1a            AA+                TBD
            B1b            AA+                TBD
            B1c            AA+             27.675
            C1a            A+                 TBD
            C1b            A+                 TBD
            C1c            A+              27.675
            D1a            BBB                TBD
            D1b            BBB                TBD
            D1c            BBB             23.370
            E1c            BB-              7.380
            F1c            B                1.538

        (1) The exact split between the classes at each rating
            level is yet to be determined.  Some of the notes
            issued in this transaction may be denominated in
            U.S. dollars and euros.

      TBD - To be determined.


EUROSAIL 2006-2BL: Moody's Rates GBP1.54-Mln F1C Notes at (P)B1
---------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to the Notes to be issued by Eurosail 2006-2BL PLC:

   -- GBP258,300,000 Class A1 Mortgage Backed Floating Rate
Notes due [2030]: (P)Aaa;

   -- GBP269,062,500 Class A2 Mortgage Backed Floating Rate
Notes due [2044]: (P)Aaa;

   -- GBP27,675,000 Class B Mortgage Backed Floating Rate Notes
due [2044]: (P)Aa2;

   -- GBP27,675,000 Class C Mortgage Backed Floating Rate Notes
due [2044]: (P)A2;

   -- GBP23,370,000 Class D1 Mortgage Backed Floating Rate Notes
due [2044]: (P)Baa2;

   -- GBP7,380,000 Class E1c Mortgage Backed Floating Rate Notes
due [2044]: (P)Ba1; and

   -- GBP1,537,500 Class F1c Mortgage Backed Floating Rate Notes
due [2044]: (P)B1.

It is anticipated that the Class A1, Class A2, Class B, Class C
and Class D1 Notes might be issued in U.S.  Dollars, Sterling
and/or Euros, subject to market demand.  The final currency
denominations within each separate class of note will rank pari-
passu with each other in all respects.  

Moody's provisional ratings are based, inter alia, on these
sterling equivalent split of the Notes:

   -- Class A1: 42.00%;
   -- Class A2: 43.75%;
   -- Class B: 4.50%;
   -- Class C: 4.50%;
   -- Class D1: 3.80%;
   -- Class E1c: 1.20%; and
   -- Class F1c: 0.25%.

This is the 12th RMBS-transaction of non-conforming, mortgage
loans originated by Preferred Mortgages Limited and the second
one featuring "Near Prime" loans and second-ranking mortgages.
This is Preferred's first transaction under the Eurosail name.
Capstone Mortgage Services Limited is the initial primary
mortgage servicer and cash/bond administrator for the
transaction.

Homeloan Management Ltd, a wholly owned subsidiary of Skipton
Building Society, is the standby mortgage servicer and cash/bond
administrator.  [.] will be the liquidity facility and GIC
provider.

The transaction will incorporate at the closing date a cash
reserve to mitigate the reduced interest rate on discounted
loans during the first year.  A fixed cash amount will be
withdrawn from the Discounted Margin Reserve Ledger on each of
the first four Interest Payment Dates and will flow through the
revenue waterfall as available revenue.

A beneficial feature for Eurosail 2006-2BL PLC is the cap
agreement; approximately [50.0]% of the loans are initially set
at a fixed rate for a period expiring on or before October 2009.  

The Issuer will enter into bullet cap agreements to mitigate the
potential variations between mortgage loan LIBOR and the fixed
rates in the pool.  The cap agreement has a staggered strike
rate during the period from the First Interest Payment Date and
ending on the Interest Payment Date falling in December 2009,
with a fixed notional of GBP184,500,000.  Eurosail 2006-2BL PLC
will further mitigate the interest rate risk by entering into a
fixed/floating interest rate swap.

The provisional ratings of the A1 Notes, the A2 Notes, the B
Notes, the C Notes, the D1 Notes, the E1c Notes and the F1c
Notes are based upon an analysis of the characteristics of the
mortgage pool backing the Notes, the protection the Notes
receive from credit enhancement against defaults and arrears in
the mortgage pool, and the legal and structural integrity of the
issue.  An additional level of protection to investors in the
Notes will be the Reserve Fund, which on closing will equal
GBP[615,000] or [0.10]% of the original transaction size.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal by the legal final maturity.

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


F.A. TAYLOR: Taps Solomon Cohen to Liquidate Assets
---------------------------------------------------
Solomon Cohen was appointed Liquidator of F.A. Taylor & Company
Limited on July 4 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         F.A. Taylor & Company Limited
    Faraday House
    17 Essendene Road
    Caterham
    Surrey CR3 5PB
    United Kingdom
    Tel: 01883 344 979


FASET LIMITED: Nominates Liquidator from Piper Thompson
-------------------------------------------------------
Tony James Thompson of Piper Thompson was nominated Liquidator
of Faset Limited on July 17 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Faset Limited
    72 New Bond Street
    London W1S 1RR
    United Kingdom
    Tel: 020 8291 0329


FORD MOTOR: Eyes US$5-Bln Savings in Accelerated Turnaround Plan
----------------------------------------------------------------
Ford Motor Company disclosed Friday plans to further reduce its
capacity and work force, and ramp up new product introductions
as it accelerates its North America "Way Forward" turnaround
plan.

Ford will cut its North American salaried-related work force by
about a third and offer buyout packages to all Ford and
Automotive Components Holdings hourly employees in the U.S.  The
reductions will contribute significantly to reducing ongoing
annual operating costs by about US$5 billion.  In addition, Ford
will renew 70% of its North American product lineup by volume by
the end of 2008.

"These actions have painful consequences for communities and
many of our loyal employees," said Bill Ford, the company's
executive chairman.  "But rapid shifts in consumer demand that
affect our product mix and continued high prices for commodities
mean we must continue working quickly and decisively to fix our
business.  Mark Fields and his team deserve credit for the
accelerated Way Forward strategy, which puts us on an even
faster product-driven path to success.

"Alan Mulally's experience in turning around a major industrial
company will help guide the implementation of these measures as
he assumes leadership of the company," Mr. Ford continued.  "The
actions we announced [fri]day - coupled with the North American
production cuts we announced last month, the strategic
alternatives we are considering for Aston Martin and a push for
greater progress from our operating units and brands around the
world - are part of a series of actions that Alan and our entire
global team will be taking to put the company on a path to
sustained profitability and success."

Mr. Mulally, whose appointment as CEO and President of Ford was
announced last week, echoed support for the Way Forward plan and
for the team leading the company's North American turnaround.

"The steps we are announcing [Fri]day are clearly needed to
ensure the ultimate turnaround of the business in Ford's biggest
and most important market," Mr. Mulally said.  "Although the
process has been under way for months, I have had a chance to
review these actions and am convinced that they provide the
sound, product-led underpinnings and cost reductions we will
need to achieve our goals.  I look forward to helping with the
implementation.

"Turnarounds of this magnitude succeed when capacity and costs
are aligned with a realistic expectation of demand," Mr. Mulally
continued.  "These actions are certainly consistent with that
goal.  We will focus intensely on the needs of our customers in
North America, and around the world, by pulling forward new
products and creating new markets.  We are a team united by a
shared vision to build the best automobiles in the world at Ford
Motor Company."

Mark Fields, Ford's President of The Americas, said the Way
Forward plan will continue to focus every part of the business
on the customer - building stronger Ford, Lincoln and Mercury
brands; strengthening the company's North American product
lineup; improving quality, and accelerating progress on
productivity and competitive costs.

"The fundamentals of our Way Forward plan have not changed, but
our timetable has changed dramatically," said Mr. Fields.  
"We've taken a sobering look at the industry and our own
business, and the entire team in North America has a renewed
sense of urgency and a clear view of what it will take to
position this business for profitability.

"We know our decisions bring more pain to the business in the
short-term, and they require sacrifice from our employees, labor
unions, dealers and suppliers," he added.  "But, together, we
are building a much stronger Ford Motor Company and a more
secure future for us all."

Mr. Fields said the team will continue to push to move further
and faster throughout the business.

"Our work is far from over.  We recognize that the competitive
landscape and cost pressures have significantly challenged our
traditional business model, and that recognition is driving more
investment in small cars and crossovers, even as we continue to
position ourselves to remain the truck leader," Mr. Fields said.  
"We will remain quick and decisive in executing our Way Forward
plan and flexible in reacting to changing conditions in the
future."

Market share declines, reflecting primarily segment shifts, and
higher-than-planned raw material costs will mean full-year
profitability for Ford's North American auto operations is not
expected before 2009.

"Clearly, we could have cut product programs and maintained our
goal of North American profitability in 2008," Fields said.  
"But, even as we further reduce our costs and capacity and make
tough-but-necessary decisions throughout our business, we cannot
and will not retreat from the critical investments to deliver
the right products for our customers."

Actions to be implemented by the end of 2008 and resulting
financial impact if the revised North America Way Forward
turnaround plan include:

Product-Led Turnaround:

70% of Ford, Lincoln and Mercury products by volume will be new
or significantly upgraded starting Friday through the end of
2008.  The new lineup builds on Ford's strength as America's
truck leader while expanding in growth segments, such as
crossovers.  

Ford will introduce an all-new full-size crossover based on the
Ford Fairlane concept.  The seven-passenger vehicle for modern
families goes on sale in 2008 and will be produced at Ford's
Oakville(Ontario, Canada) Assembly Plant.

Ford will continue to lead the American truck market with a new
Super Duty pickup confirmed to go on sale in early 2007 and an
all-new F-150 pickup confirmed to go on sale in 2008.  The
vehicles boast powertrain, design and feature upgrades.

Ford will continue to lead America's sports car market with new
Mustang derivatives each year.

The new Lincoln MKS flagship sedan will go on sale in 2008 -
packed with more technology and features than any prior Lincoln,
including all-wheel drive.  Current plans are to produce the
vehicle at the company's Chicago Assembly Plant.

Lincoln will continue offering the Lincoln Town Car to meet
ongoing demand.  After assembly ends at Ford's Wixom ( Mich.)
Assembly Plant in 2007, Ford intends to move Town Car production
to Ford's St. Thomas (Ontario, Canada) Assembly Plant.  St.
Thomas will be reduced to one shift of production, as previously
announced.

Product development work is intensifying through 2008 on
creating new small cars and even more crossovers that will go on
sale in the future.  These vehicles will be based on the
company's global vehicle architectures, including "B" and "C"
platforms not presently used in North America.

Major investments continue in new gasoline, flexible-fuel,
diesel, hydrogen and hybrid powertrains, including additional E-
85 ethanol-powered and hybrid vehicles on the road by the end of
2008.  In addition, two out of every three Ford, Lincoln and
Mercury vehicles will be offered with fuel-saving 6-speed
transmission technology by the end of 2008.

The new products and a voluntary consolidation of the Ford and
Lincoln Mercury dealer network are designed to significantly
improve the dealers' through-put and profitability by the end of
2008.

Accelerated Cost Savings, Leaner Structure:

Compared with 2005, annual operating costs will be reduced by
about US$5 billion by the end of 2008.  

Salaried-related costs will be reduced through the elimination
of the equivalent of about 14,000 salaried-related positions,
which represents approximately a third of Ford's North American
salaried work force.  The reduction includes the equivalent of
4,000 positions eliminated in the first quarter of 2006.  The
additional reductions will be achieved through early
retirements, voluntary separations and, if necessary,
involuntary separations - with most employees expected to depart
by the end of the first quarter in 2007.

An agreement with the UAW will expand early retirement offers
and separation packages to all Ford U.S. hourly employees,
including Ford employees at the company's ACH plants.  Employees
will begin receiving details by mid-October, and those accepting
offers will leave the company by September 2007.

Ford will accelerate by four years its previously announced goal
of reducing 25,000 to 30,000 North American manufacturing
employees by the end of 2012.  The reductions now will be
completed by the end of 2008.

The sale or closure of all ACH facilities by the end of 2008
will result in additional employee reductions.

Ford continues to work with the UAW to improve the
competitiveness of its U.S. manufacturing facilities.  As a
result, new competitive operating agreements have been ratified
by UAW locals in 30 different U.S. Ford and ACH facilities - and
nearly US$600 million in annual savings is projected to be
realized.

Capacity Further Aligned with Consumer Demand

North America manufacturing capacity is being adjusted to
3.6 million units by the end of 2008, down 26% versus 2005 - in
line with consumer demand and as announced earlier.  Nine
facilities will be idled and cease production through 2008,
including seven already announced.  The two additional plants
are the Maumee ( Ohio) Stamping Plant and the Essex ( Ontario,
Canada) Engine Plant.

Ford's Norfolk ( Va.) Assembly Plant will be idled a year
earlier than planned, and a shift reduction, in advance of
idling the facilities, now is planned at Norfolk and Twin Cities
( Minn.) Assembly.

Facilities affected by the end of 2008 include the following:

    * Atlanta Assembly - to be idled in October 2006

    * Batavia Transmission - to be idled in 2008

    * Essex Engine - to cease operations in 2007

    * Maumee Stamping - intended to be idled in 2008

    * Norfolk Assembly - to be idled in 2007, a year earlier
      than previously planned, with a shift reduction planned in
      January 2007

    * St. Louis Assembly - already idled in March 2006

    * Twin Cities Assembly - to be idled in 2008, with a shift
      reduction planned in 2007

    * Windsor Casting - to be idled in 2007

    * Wixom Assembly - to be idled in 2007

    * Dearborn Truck Plant will add a third crew, beginning in
      2007, for F-150 truck production.

All ACH operations will be sold or closed by the end of 2008.  
Including Maumee Stamping and Essex Engine, Ford has announced
plans to cease production at 16 North American manufacturing
facilities by the end of 2012, including seven assembly plants.

Financial Impact

"Though North America's return to profitability will take longer
than planned, the actions we're taking are the right ones, and
are fundamental and necessary steps to improving our business
structure," said Mr. Don Leclair, the company's Chief Financial
Officer.  "The planned improvements in our auto operations, in
conjunction with Ford Credit - which remains a core asset - will
leave us well-positioned for the future.

"We are starting from a position of strong liquidity, including
our cash, credit lines and VEBA," Mr. Leclair added.  "We will
continue to focus on enhancing our liquidity, building upon our
decision to explore strategic alternatives for Aston Martin and
the board's intent to eliminate our quarterly dividend."

Automotive Operations

Full-year pre-tax special items for 2006 are expected to be
significantly increased from the US$3.8 billion estimated
previously to reflect the accelerated Way Forward actions.  
Further details will be provided when Ford announces Third
Quarter financial results next month.

Full-year profitability in North American automotive operations
not expected before 2009.

Ford and Lincoln Mercury U.S. market share is projected to be in
the low-16% range at the end of 2006.

A further share decline is expected as production of the Ford
Taurus sedan and Mercury Monterey minivan ends in 2006 and
production of the Ford Freestar minivan ends in 2007.  The end
of these vehicles will reduce the company's sales to daily
rental fleets.

With the investment in new products and improvements in quality,
Ford expects to be in the 14 to 15% market share range going
forward - with a focus on profitable retail share.  South
America and Ford of Europe still are expected to be solidly
profitable in 2006.  However, full-year operating losses now are
expected in 2006 for Asia Pacific and Africa, as well as the
Premier Automotive Group - primarily reflecting lower volumes.

Liquidity

Ford Motor Company's 2006 year-end liquidity is expected to
include automotive gross cash of about US$20 billion, including
marketable and loaned securities and the effects of US$3.4
billion of VEBA.  The company will continue to have committed
automotive credit facilities totaling more than US$6 billion .

Ford Motor Company's Board indicates that it will suspend
payment of the quarterly dividend on its common and Class B
Stock beginning in the fourth quarter of 2006.

                         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.


FREESCALE SEMICONDUCTOR: Inks US$17-Bln Merger with Equity Group
----------------------------------------------------------------
Freescale Semiconductor Inc. entered into a definitive merger
agreement to be acquired by a private equity consortium in
a transaction with a total equity value of US$17.6 billion.  The
consortium is led by The Blackstone Group, and includes The
Carlyle Group, Permira Funds and Texas Pacific Group.

Under the terms of the merger agreement, the consortium will
acquire all of the outstanding Class A and Class B shares of
Freescale for $40 per share in cash, representing a premium of
approximately 36% over Freescale's average closing share price
during the 30 trading days ended Sept. 8, 2006.  The company
first acknowledged it was in discussions with third parties
regarding a possible transaction on Sept. 11, 2006.

The board of directors of Freescale has unanimously approved the
merger agreement and resolved to recommend that Freescale's
stockholders adopt the agreement.

There is no financing condition to the obligations of the
private equity consortium to consummate the transaction, and
equity and debt commitments for the full amount of the merger
consideration have been received.  It is currently anticipated
that substantially all of the company's outstanding Notes will
either be tendered for or repaid.

The merger is subject to customary conditions to closing,
including the affirmative vote of Freescale stockholders and
requisite antitrust approvals.  The merger agreement contains a
provision under which Freescale may solicit alternative
proposals from third parties during the next 50 calendar days.  
In addition, Freescale may, at any time, subject to the terms of
the merger agreement, respond to unsolicited proposals.  If the
company accepts a superior proposal, a break-up fee would be
payable by the company. There can be no assurance of any
alternative proposal.

Goldman, Sachs & Co. serves as financial advisor to Freescale
and provided a fairness opinion in connection with the
transaction.  Wilson Sonsini Goodrich & Rosati Professional
Corporation serves as legal adviser to Freescale in connection
with the transaction.

Credit Suisse Securities (USA) LLC, Citigroup Corporate and
Investment Banking and Blackstone Corporate Advisory Services
act as financial advisors to the private equity consortium.  
Skadden, Arps, Slate, Meagher & Flom LLP serves as legal adviser
to the private equity consortium in connection with the
transaction.

                         About Freescale

Freescale Semiconductor, Inc. -- http://www.Freescale.com/--  
designs and manufactures embedded semiconductors for the
automotive, consumer, industrial, networking and wireless
markets.  The company is based in Austin, Texas, and has design,
research and development, manufacturing or sales operations in
more than 30 countries, including the Czech Republic, France,
Germany, Ireland, Italy, Romania, Turkey and the United Kingdom.


FREESCALE SEMICON: Asset Sale Cues Moody's to Review Ratings
------------------------------------------------------------
Moody's Investors Service places Ba1 corporate family and senior
unsecured debt ratings on review for possible downgrading
following the announcement for the sale of the company.

Freescale entered into a definitive agreement for the sale of
the company to a group of private investment firms.  The
transaction is valued at $17.6 billion, or $40 a share.  In
accordance with the merger agreement, Freescale will solicit
alternative proposals from other parties over the next 50
calendar days.

The review will focus on:
          
   -- the operating strategy of the company under the new
      ownership; and,

   -- the proposed financing and capital structure arising from
      this acquisition.

The ratings could be subject to a multi-notch downgrade
depending in the level of debt incurred in the transaction.

The company expects to repay substantially all of the $850
million senior unsecured notes either through a tender offer or
a change of control put at the option of noteholders.  Since
Freescale is currently rated below investment-grade by Moody's,
the change of control provision contained in the note indenture
is currently operative.  Accordingly, a sale of the company
would require Freescale to repurchase the senior unsecured notes
at the option of noteholders at a price of 101% of face value
plus accrued and unpaid interest.  Once the notes are
substantially tendered for or repaid, Moody's will withdraw the
ratings.

These ratings are under review for possible downgrade:

   * Corporate Family Rating -- Ba1

   * Senior Unsecured Guaranteed Notes with various maturities      
     totaling $850 million -- Ba1

   * Speculative Grade Liquidity Rating -- SGL-1

Headquartered in Austin, Texas, Freescale designs and
manufactures embedded semiconductors for the transportation,
networking and wireless markets.


FREIGHSTOP LIMITED: Joint Liquidators Take Over Operations
----------------------------------------------------------
John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed Joint Liquidators of Freightstop
Limited (formerly Standcool Limited) on July 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Freightshop Limited
    19 West Walk
    Yate
    Bristol
    Avon BS374AX
    United Kingdom
    Tel: 01454 320 780


FURNITURE 4: Calls In Joint Liquidators from Begbies Traynor
------------------------------------------------------------
Michael Saville and Rob Sadler of Begbies Traynor were appointed
Joint Liquidators of Furniture 4 PLC on July 6 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Furniture 4 PLC
    Chantry House
    10a High Street
    Billericay
    Essex CM12 9BQ
    United Kingdom
    Tel: 01277 636571


GENEL 92: Appoints Richard Rones to Liquidate Assets
----------------------------------------------------
Richard Rones of ThorntonRones was appointed Liquidator of
Genel92 Limited on July 11 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Genel92 Limited
    147 Sloane Street
    London SW1X9BZ
    United Kingdom
    Tel: 020 7937 5498


GLENDINNING TRANSPORT: Hires Joint Liquidators from Haines Watts
----------------------------------------------------------------
Timothy Calverley and David Michael Clements of Haines Watts
were appointed Joint Liquidators of Glendinning Transport
Limited on July 4 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Glendinning Transport Limited
    Mill House
    Littleburn Industrial Estate
    Langley Moor
    Durham
    County Durham DH7 8HG
    United Kingdom
    Tel: 0191 3787400


GOVERNMENT COMPUTING: Names Liquidator from DTE Leonard Curtis
--------------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed Liquidator of
Government Computing Limited (formerly HCL SMS Limited) on
July 5 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Government Computing Limited
    2nd floor Hilton House
    Lord Street
    Stockport
    Cheshire SK1 3NA
    United Kingdom
    Tel: 0870 4215679


HED LIMITED: Calls In Liquidator from Begbies Traynor
-----------------------------------------------------
David Acland of Begbies Traynor was appointed Liquidator of HED
(U.K.) Limited (formerly Video Express Limited) on July 10 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         HED (U.K.) Limited
    Milnshaw House
    161 Whalley Road
    Accrington
    Lancashire BB5 1BX
    United Kingdom
    Tel: 01254 234 229
    Web:  http://www.claudbutler.co.uk
         http://www.falconcycles.co.uk


HOUNSLOW SCAFFOLD: Taps Joint Liquidators from Ashcrofts
--------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Hounslow Scaffold Co. Limited on July 19
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Hounslow Scaffold Co. Limited
    Henrys Yard
    Challenge Road
    Ashford
    Middlesex TW151AX
    United Kingdom
    Tel: 01784 240 220


INVENSYS PLC: Fitch Assigns Issuer Default Rating at BB-
--------------------------------------------------------
Fitch Ratings assigned U.K.-based Invensys PLC and Invensys
International Holdings Ltd. Issuer Default ratings of BB- and
Short-term ratings of B.  The Outlooks are Stable.

At the same time, Fitch assigned Invensys' senior notes a B+
rating and Invensys International Holding Ltd.'s senior secured
loan a BB+ rating.

Over the past two years, the engineering group's financial
structure has been markedly bolstered by several asset disposals
and two refinancing packages in 2004 and 2006.  In March 2004,
Invensys raised GBP470 million in ordinary shares and GBP2.3
billion in high-yield bonds and senior credit facilities.

In May 2006, it completed a GBP1 billion refinancing package,
including a GBP341 million capital increase and a new senior
credit facility of around GBP700 million maturing in Dec. 2010.  
This improved the debt maturity profile by around one and a half
years on average.  Since 2004, the group has also made a number
of disposals, generating gross proceeds of approximately GBP900
million including the May 2006 divestment of Invensys Building
Systems to Schneider Electric for GBP157 million.  

As a result, financial flexibility improved materially as net
financial debt declined to GBP752 million at March 31, 2006 from
GBP802 million at FYE05 and GBP986 million at FYE04.  Adjusted
for the 2006 rights issue and IBS disposal, net debt stood at
GBP298 million at June 30, 2006.  Consequently, financial ratios
have significantly improved with net adjusted debt/EBITDAR
falling to 3.5x at FYE06 from 3.8x at FYE05.

The ratings are constrained by Fitch's concerns that cash flow
generation will remain weak in the next couple of years.  Free
cash flows have been negative as a result of legacy payments and
declining earnings at the controls and APV divisions, although
Fitch notes that FCF are on an improving trend and were positive
in the past two years when excluding legacy liabilities.

These liabilities are expected to diminish in the next five
years but will nonetheless weigh on cash generation.  In
addition, restructuring at controls, the group's largest
division, have not been sufficient so far to tackle margin
erosion while APV's operating margins continued to decline in
FY06.  Fitch views that competition, pricing pressure and legacy
issues will continue to put pressure on Invensys' cash flow
generation ability.

However, Fitch is confident that the new refinancing will enable
the company to focus on operations, improve its commercial
position, thanks to increased consumer confidence, and mitigate
the abovementioned challenges.  Successful restructuring of the
controls division will act as a catalyst for an overall
strengthening of Invensys' credit profile. Conversely, the
inability to address the issues at the controls division would
put renewed pressure on the ratings.

The BB+ rating on the senior secured debt reflects the superior
recovery prospects for this instrument upon default based on its
ranking, security package and low senior leverage.  This
translates into a substantial buffer underneath provided by
subordinated debt and equity value.  The B+ rating on the senior
notes reflects its structural subordination and the lack of
upstream guarantees and therefore the more limited recoveries
anticipated for this instrument.

Invensys is the holding company for a group of businesses
producing and selling a variety of products including motors,
electronic drives, sensors, power transmission products, and
remote monitoring systems.  Invensys operates five main
divisions: controls, process systems, rail systems, APV and
Eurotherm.  Invensys International Holding Ltd. is an
intermediate holding company between Invensys and its operating
companies.


ISOFT: Government Admits Making EUR82 Mln Payments Upfront
----------------------------------------------------------
The government, through Health Secretary Patricia Hewitt, had
admitted making upfront payments of EUR82 million to iSoft,
raising some speculations that it was trying to rescue the
company from its financial crises, the Guardian says.

The payments of EUR58 million and EUR23.8 million, which were
made on 2005 and 2006 respectively, were transacted just days
before the company's financial year came to a close on April 30,
2006.

To help meet the city's expectations, a certain amount of EUR82
million was booked for the firm's accounts.  

As reported in TCR-Europe on Aug. 28, 2006, Deloitte & Touche
and Eversheds LLP found evidence of accounting irregularities
affecting the financial years ended April 30, 2004, and
April 30, 2005.  Moreover iSoft issued a statement that it was
unable to complete the contract with the NHS ahead of its year-
end in two days time, the Guardian adds.

Tory MP Richard Bacon, member of the Public Accounts Committee
said that, "It is hard to avoid the conclusion that Connecting
for Health -- the NHS's IT procurement arm -- has repeatedly
bent over backwards to try to rescue this company from its
financial crisis, presumably to avoid the disaster that would
hit it if a vital software supplier were to collapse.

"What good reason could there possibly be for what looks like
another giant free public subsidy to a failing company?"
Mr. Bacon added.

According to Ms. Hewitt, the upfront payments were in exchange
for a EUR20 million saving to the NHS over three years. The deal
replaced 1,800 individual iSoft contracts, across 393 trusts,
with one centralised deal with Connecting for Health.  The
payments were made against letters of credit from iSoft and
underwritten by its lending banks.  

The Guardian reveals that the trusts were told to keep paying
iSoft, which would then gradually repay Connecting for Health.

Ms. Hewitt added that despite upfront payments of EUR82 million,
iSoft collected and passed back to the Department of Health just
EUR37.9 million.

Ms. Hewitt further said that, "The iSoft upfront payments
arrangement is not part of the National Programme for IT."  The
government has repeatedly stressed that suppliers to the
programme would not receive any upfront payments and would be
paid only for services delivered.

The Guardian relates that the government's upfront payments to
iSoft were laid bare when the company reported its twice-delayed
2006 results last month, showing a EUR344 million pre-tax loss.  
The company's auditors refused to sign off the accounts while
its banks extended borrowing facilities for just 15 months at
onerous rates of interest.

According to iSoft Chairman John Weston, the firm's previous
accounting policy had been "in certain circumstances a disaster
waiting to happen".

                           About iSoft

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical   
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

An initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005.  The
group submitted the findings, which contained grounds for a more
formal investigation, to the Financial Services Authority, a
British regulator.  According to the company, Deloitte was
appointed as the group's auditor in July 2005 and was not
therefore acting for the group during the period covered by the
investigation.  After the initial review, the board suspended
Steve Graham, the group's commercial director, pending the
outcome of the formal investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years 2004 and 2005 in
accordance with the accounting policy in force at that time.  
The irregularities uncovered to date do not appear to have
affected the group's cash position.


ISTIKBAL U.K.: Names Martin Henry Linton Liquidator
---------------------------------------------------
Martin Henry Linton of Brentmead House was appointed Liquidator
of Istikbal U.K. Limited on July 13 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Istikbal U.K. Limited
    21-31 Shacklewell Lane
    London E8 2DA
    United Kingdom
    Tel: 020 7254 3916


J & S PLASTERING: Taps KPMG to Administer Assets
------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of J & S Plastering and Dry
Lining Limited (Company Number 3790042) and J & S Plastering and
Dry Lining Holdings Limited (Company Number 5074827) on Aug. 30.

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.

J & S Plastering and Dry Lining Limited and J & S Plastering and
Dry Lining Holdings Limited can be reached at:

         1 Rock Street
         Aberkenfig
         Bridgend
         Mid Glamorgan CF32 9BD
         United Kingdom


LOCK STOCK: Creditors Confirm Liquidators' Appointment
------------------------------------------------------
Creditors of Lock Stock Wholesale Limited confirmed on July 17
the appointment of Tyrone Shaun Courtman and Evelyn Gabrielle
Exley as the company's Joint Liquidators.

The company can be reached at:

         Lock Stock Wholesale Limited
    Unit 16
    Maun Valley Industrial Estate
    Junction Road
    Sutton-In-Ashfield
    Nottinghamshire NG17 5GS
    United Kingdom
    Tel: 01623 443655  


MARKET HARBOROUGH: Names Barry Peter Knights as Administrator
-------------------------------------------------------------
Barry Peter Knights of Knights & Co. was appointed administrator
of Market Harborough Nursery School Limited (Company Number
04362690) and Market Harborough Nursery School Services Limited
(Company Number 04362725) on Aug. 31.

The administrator can be reached at:

         Knights & Co.
         1st Floor
         Milford House
         43-45 Milford Street
         Salisbury
         Wiltshire SP1 2BP
         United Kingdom
         Tel: 01722 330688
         Fax: 01722 414546

Market Harborough Nursery School Limited and Market Harborough
Nursery School Services Limited can be reached at:

         75 St. Marys Road
         Market Harborough
         Leicestershire LE16 7DT
         United Kingdom
         Tel: 01858 464 172


MATCHMERIT LIMITED: Claims Filing Period Ends Sept. 29
------------------------------------------------------
Creditors of Matchmerit Limited have until Sept. 29 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors, if any, to the company's
appointed Joint Liquidator Simon John Lundy of Hawdon Bell & Co.
at:

         Simon John Lundy
    Hawdon Bell & Co.
    4 Northumberland Place
    North Shields NE30 1QP
    United Kingdom

The company can be reached at:

         Matchmerit Limited
    50 Hutton Close
    Crowther
    Washington
    Tyne and Wear NE38 0AH
    United Kingdom
    Tel: 0191 415 7945


MEERKAT U.K.: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Creditors of Meerkat U.K. Limited confirmed on July 18 the
appointment of Roderick Graham Butcher of Butcher Woods as the
company's Liquidator.

The company can be reached at:

         Meerkat U.K. Limited
    12 Charter Street
    Brierley Hill
    West Midlands DY5 1LA
    United Kingdom
    Tel: 01384 265 050


MELBO LIMITED: Appoints Ninos Koumettou as Liquidator
-----------------------------------------------------
Ninos Koumettou of Alexander Lawson & Co. was appointed
Liquidator of Melbo Limited on July 11 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Melbo Limited
    39 Chiltern Street
    London W1U 7PP
    United Kingdom
    Tel: 020 7935 8055


MONADREAM LIMITED: Brings In Administrators from Grant Thornton
---------------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of
Monadream Limited (Company Number 03437330) on Sept. 4.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  

Headquartered in London, United Kingdom, Monadream Limited
develops and sells real estate.


PAUL JAMES: Brings In Gagen Dulari Sharma to Liquidate Assets
-------------------------------------------------------------
Gagen Dulari Sharma was appointed Liquidator of Paul James
Furnishers Limited on July 4 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Paul James Furnishers Limited
    30 Witton Street
    Stourbridge
    West Midlands DY8 3YE
    United Kingdom
    Tel: 01902 497 076


PINE TABLE: Liquidator Sets Sept. 29 Claims Bar Date
----------------------------------------------------
Creditors of The Pine Table Company Ltd. have until Sept. 29 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Stephen P. J. White of White & Co. at:

    Stephen P. J. White
    White & Co.
    20 Cornhill
    Lincoln LN5 7HB
    United Kingdom

The company can be reached at:

    The Pine Table Company Ltd.
    Unit 2
    Sleaford Road Industrial Estate
    Sleaford Road
    Bracebridge Heath
    Lincoln LN4 2ND
    United Kingdom
    Tel: 01522 511 220


PREMTEC SYSTEMS: Nominates Alex Kachani as Liquidator
-----------------------------------------------------
Alex Kachani of Crawfords was nominated Liquidator of Premtec
Systems Limited on July 5 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

    Premtec Systems Limited
    Yapton Road
    Middleton Business Park
    Middleton-On-Sea
    Bognor Regis
    West Sussex PO226HS
    United Kingdom
    Tel: 01243 855 558
    Web: http://www.premtec.co.uk/   


QUAY ENGINEERING: Taps Liquidator from James & Lizzell
------------------------------------------------------
Anthony Edward James of James & Lizzell was appointed Liquidator
of Quay Engineering Services Limited on July 7 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Quay Engineering Services Limited
    4 Sitwell Way
    Port Talbot
    West Glamorgan SA126BL
    United Kingdom
    Tel: 01639 886 990


RSE ELECTRICAL: Hires Liquidator from Turpin Baker Armstrong
------------------------------------------------------------
Martin Charles Armstrong of Turpin Barker Armstrong was
appointed Liquidator of RSE Electrical Installations Limited on
July 10 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         RSE Electrical Installations Limited
    90B The Street
    Ashtead
    Surrey KT211AW
    United Kingdom
    Tel: 01372 271 443


RICE BAR: Creditors Ratify Voluntary Liquidation
------------------------------------------------
Creditors of Rice Bar Limited ratified on July 27 the resolution
for voluntary liquidation together with the appointment of John
P. Bell of Clarke Bell as the company's Liquidator.

The company can be reached at:

         Rice Bar Limited
    Unit 1a-B
         Piccadilly Gardens
    Manchester
    Lancashire M1 1AF
    United Kingdom
    Tel: 0161 244 5540


ROOFLIGHT SYSTEMS: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Creditors of Rooflight Systems Co. Limited (formerly Mistsafe
Ltd.) confirmed on July 4 the appointment of Ian William Kings
of Tenon Recovery as the company's Liquidator.

The company can be reached at:

         Rooflight Systems Co. Limited
    Unit 3
    Regents Drive
    Low Prudhoe Industrial Estate
    Prudhoe
    Northumberland NE426PX
    United Kingdom
    Tel: 01661 830 083
    Web:  http://www.rooflight.co.uk/


S.R GENT: HSBC Bank Appoints PwC as Administrative Receivers
------------------------------------------------------------
HSBC Bank PLC appointed Ian David Green, Michael David Gereke
and Steven Anthony Pearson of PricewaterhouseCoopers LLP joint
administrative receivers of S.R Gent (U.K.) Limited (Company
Number 02516074) on Sept. 1.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

Headquartered in Pontefract, United Kingdom, S.R Gent (U.K.)
Limited manufactures and wholesales clothing.


SCORPIO MEDIA: Appoints J. N. Bleazard to Liquidate Assets
----------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of Scorpio Media Services Limited on July 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Scorpio Media Services Limited
    Wellington Street
    Leeds
    West Yorkshire LS1 1EF
    United Kingdom
    Tel: 0113 243 2003
    Web: http://www.scorpio-media.com/


SECURITY STORAGE: Hires Joint Liquidators from Valentine & Co.
-------------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Security Storage Facilities
Limited on July 17 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Security Storage Facilities Limited
    25-29 Harper Road
    London SE1 6AW
    United Kingdom
    Tel: 020 7378 0121


SHIELD NATIONWIDE: Names Helen Timothe Phillips Liquidator
----------------------------------------------------------
Helene Timothe Phillips was appointed Liquidator of Shield
Nationwide Ltd. (formerly Ssshield (H.C.F) Ltd. and Anyfast
Ltd.) on July 7 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Shield Nationwide Ltd.
    Milam House
    Longwater Lane
    Finchampstead
    Wokingham
    Berkshire RG404NZ
    United Kingdom
    Tel: 0118 973 5711


SOVEREIGN ELECTRICAL: Brings In Joint Liquidators from Vantis
-------------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Business Recovery Services
were appointed Joint Liquidators of Sovereign Electrical
Supplies Limited on July 17 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Sovereign Electrical Supplies Limited
    14 Tadworth Parade
    Hornchurch
    Essex RM125AS
    United Kingdom
    Tel: 01708 441 944


SPENCER CARS: Lloyd Biscoe Leads Liquidation Procedure
------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Spencer Cars Limited on July 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Spencer Cars Limited
    126 Ardleigh Green Road
    Hornchurch
    Essex RM112SH
    United Kingdom
    Tel: 01708 700 123
    Web: http://www.spencercars.com/


UMO PLANT: Appoints Martin Henry Linton to Liquidate Assets
-----------------------------------------------------------
Martin Henry Linton of Brentmead House was appointed Liquidator
of Umo Plant Limited on July 14 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Umo Plant Limited
    Umo House
    Blackhorse Road
    Letchworth Garden Ci
    Hertfordshire SG6 1HT
    United Kingdom
    Tel: 01462 671 411


WESCO AIRCRAFT: S&P Rates First Lien Credit Facilities at B+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to aerospace supplier Wesco Aircraft Hardware
Corp.  The outlook is stable.
     
At the same time, Standard & Poor's assigned its 'B+' bank loan
rating and '2' recovery rating, indicating substantial (80%-
100%) recovery of principal in the event of a payment default,
to the company's proposed US$510 million first-lien credit
facilities consisting of a US$75 million senior secured
revolving credit facility and a US$435 million senior secured
term loan.

Standard & Poor's also assigned its 'B-' bank loan rating and
'5' recovery rating, indicating negligible (0-25%) recovery of
principal in the event of a payment default, to the firm's
proposed US$165 million senior secured second-lien term loan.
      
"The corporate credit rating on Wesco reflects high debt
leverage, weak cash flow protection measures, modest scale of
operations, and risks associated with cyclical demand for
commercial aircraft, the company's largest end market," said
Standard & Poor's credit analyst Roman Szuper.

"This more than offsets the firm's position as a leading
distributor of small aerospace components and good profit
margins."

The rating also incorporates expectations that Wesco will employ
its free cash flow to reduce its high debt level.
     
The Carlyle Group, one of the world's largest private equity
firms, is acquiring a majority interest in Valencia, Calif.-
based Wesco, with the balance to be held by current management.
Pro forma for the transaction, the company's financial profile
will be highly leveraged.  

Internal cash flow generation will likely be limited by working
capital requirements to support growth of the business.  A
gradual, albeit steady, debt reduction is anticipated, which
should improve key credit protection measures to levels
appropriate for the rating.
     
Commercial aircraft manufacturing is Wesco's largest end market,
accounting for about two-thirds of sales.  The sector's long-
term growth prospects are generally favorable, supported by an
expected global economic growth and the need to replace older
planes.  Wesco's stability is enhanced by sales to the military
sector and a broad customer base.
     
Wesco is the leading distributor of high-volume, low-cost
aerospace parts, such as fasteners, rivets, nuts, bolts, screws,
and clamps.  These, known as "C class" components, comprise
about 90% of the firm's sales.  The company also provides supply
chain management services, including just-in-time.
     
A generally favorable market environment, efficient operations,
and a commitment to debt reduction should gradually strengthen
the company's financial profile to a level appropriate for the
rating.  An outlook revision to either positive or negative is
not likely in the near term.


WESLEYAN HOTEL: Appoints Kevin Thomas Brown as Administrator
------------------------------------------------------------
Kevin Thomas Brown of Marriotts LLP was appointed administrator
of The Wesleyan Hotel Limited (Company Number 04439678) on
Sept. 1.

The administrator can be reached at:

         Marriotts LLP
         Allan House
         10 John Princes St.
         London W1G 0JW
         United Kingdom
         Tel: 020 7495 2348  

The Wesleyan Hotel Limited

         80 Great Eastern Street
         Hackney
         London EC2A 3RS
         United Kingdom


                           *********

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

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

                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
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information, contact Christopher Beard at 240/629-3300.


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