TCREUR_Public/060919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, September 19, 2006, Vol. 7, No. 186

                            Headlines


A U S T R I A

AKTIV: Claims Registration Period Ends October 2
BUBASI: Claims Registration Period Ends October 9
DROSCHKE: Vienna Court Orders Closing of Business
ELMONT: Claims Registration Period Ends September 25
EXSEEL: Creditors' Meeting Slated for October 3

FMS SERVICE: Postpones Creditors' Meeting to September 29
FRANZ JOSEFS: Vienna Court Orders Business Shutdown
GEOLIT: Postpones Creditors' Meeting to September 29
PUSCHITZ: Claims Registration Period Ends September 26
QUICK: Claims Registration Period Ends September 26


B E L G I U M

GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung Corp.


D E N M A R K

CHC HELICOPTER: First Quarter Profit Drops on Increased Expenses


F R A N C E

ALIXPARTNERS: Moody's Rates Proposed US$435 Mil. Sr. Loan at B1
ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
BANQUE FEDERALE: Fitch Upgrades Individual Rating to C
CA INC: Shareholders Tender 41.2 Million Shares for US$989 Mln


F I N L A N D

FINLUX LTD: Asserts EUR20 Million Claim Against Otrum ASA


G E R M A N Y

AUTOHAUS HAEDENKAMPSTRASSE: Claims Registration Ends Sept. 27
BAUMANN METALLBAU: Claims Registration Ends September 28
GVB GESELLSCHAFT: Claims Registration Ends September 28
HELLE AUE GRUNDBESITZ: Colonia Real Buys 2,500 Berlin Apartments
INTER@COM EDV: Claims Registration Ends September 25

MAX SCHLIEFKE: Creditors' Meeting Slated for September 25
METALLBAU AM HAKEL: Claims Registration Ends September 23
MICROFIRST COMPUTER: Claims Registration Ends September 25
NIENBURGER BAU GMBH: Claims Registration Ends September 23
SPARADISO MOEBELHANDEL: Claims Registration Ends September 27

XERON GMBH: Claims Registration Ends September 25


H U N G A R Y

BORSODCHEM NYRT: Returned Shares Hike Treasury Stock


I R E L A N D

ILDANA TEORANTA: Ice Broadband Purchases Assets
PROVALIS PLC: Shareholders Approve Voluntary Liquidation


I T A L Y

TISCALI SPA: Posts EUR74 Million Net Loss for First Half 2006
TISCALI SPA: Sells Dutch Biz to KPN Telecom for EUR255 Mln Cash


K A Z A K H S T A N

AGRO-INDUSTRYIA: Creditors Must File Claims by Oct. 27
AKTAU-GF: Creditors Must File Claims by Oct. 6
AVIAPROM: Proof of Claim Deadline Slated for Oct. 27
ENERGETIC SERVICE: Proof of Claim Deadline Slated for Oct. 27
FERRUM SERVICE: Claims Registration Ends Oct. 6

IKAR-12: Claims Registration Ends Oct. 20
KMET: Creditors' Claims Due Oct. 20
MAK-HVAC REFRIGERATION: Creditors' Claims Due Oct. 6
NAIZ: Almaty Court Opens Bankruptcy Proceedings
ORMAN TRADE: Creditors Must Submit Claims by Oct. 27


K Y R G Y Z S T A N

INTERFAX-BISHKEK: Proof of Claim Deadline Slated for Oct. 27


L I T H U A N I A

BANKAS SNORAS: Fitch Changes Outlook to Negative & Keeps BB- IDR


L U X E M B O U R G

GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung Corp.


N E T H E R L A N D S

TISCALI SPA: Sells Dutch Biz to KPN Telecom for EUR255 Mln Cash
GETRONICS N.V.: KZA Management Completes Full Buyout
GETRONICS N.V.: Security Package Spurs S&P to Revise Rating


N O R W A Y

FALCONBRIDGE: Redeeming Outstanding Preferred Shares on Nov. 1


R U S S I A

ABAKANSKOYE: Court Names V. Salomatin as Insolvency Manager
AGRO-STROY: Bankruptcy Hearing Slated for September 26
AGROTON: Bankruptcy Hearing Slated for November 30
ANTARES: Komi Court Names V. Efimets as Insolvency Manager
BAYKALSKIY WOOD: Court Names Mr. P. Milov as Insolvency Manager

BERILL: Magadan Bankruptcy Hearing Slated for Sept. 29
CENTER-INVEST BANK: Moody's Assigns B1 Currency Deposit Ratings
CHIKOY-EXPORT-WOOD: S. Galandin to Manage Insolvency Assets
DALNEGORSKAYA: Bankruptcy Hearing Slated for Oct. 4
FATEZHSKAYA: Kursk Court Names S. Dolgikh as Insolvency Manager

GAZPROM OAO: To Supply BP-Made LNG to Atlantic Basin Countries
INVESTMENTS CORPORATE: N. Birulya to Manage Insolvency Assets
KAMSKO-USTUNSKIY: Court Names I. Gilyazov as Insolvency Manager
LIQUEUR-VODKA KANSKIY: M. Trubachev to Manage Insolvency Assets
LIQUID GLASS: Court Names Sh. Fazailov as Insolvency Manager

MAKUSHINSKIY: Court Names D. Ustyuzhanin as Insolvency Manager
MEAT PROCESSING: Court Names I. Aleulova as Insolvency Manager
MURYGINSKIY BRICKWORKS: I. Turkov to Manage Insolvency Assets
NAFTOGAZ NJSC: Fitch Affirms Sr. Unsecured Rating at B+
NOYABRSK-GAS-SERVICE: Filing of Claims Ends October 5

NYAGAN-GOR-TORG: Bankruptcy Hearing Slated for Dec. 18
ORSKAYA GARMENT: Orenburg Court Starts Bankruptcy Supervision
PODSHIVALOVSKOYE: Court Names A. Kolpakov as Insolvency Manager
PROGRESS: Court Names A. Fazlyev as Insolvency Manager
ROSNEFT OAO: Admits Possible Purchase of Yukos Assets

SEL-KHOZ-TEKHNIKA: V. Kryuchkovskiy to Manage Insolvency Assets
TATNEFT OAO: To File 2005 Results with U.S. SEC in November
TETYUSHSKIY BACON: Bankruptcy Hearing Slated for Oct. 17
TIB FINANCE: Moody's Rates Loan Participation Notes at B1
TOMSKAYA: Tomsk Court Names I. Gorn as Insolvency Manager

TRUST BUILDER: Court Names N. Kuzakov as Insolvency Manager
TUGANSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Starts
TUGULYMSKIY: Bankruptcy Hearing Slated for Nov. 22
TULUNSKIY: Irkutsk Court Names A. Vysokikh as Insolvency Manager
SOUTHERN TELECOM: Redeems Series 01 Bonds & Repays 6th Coupon

YUKOS OIL: Rosneft Admits Possible Purchase of Bankrupt Assets


T U R K E Y

ANADOLU EFES: Fitch Lowers Local Currency Default Rating to BB+


U K R A I N E

AGRONAUKA: Court Names Sergij Shishkin as Insolvency Manager
BLAGOVISHENKA BREAD: Court Starts Bankruptcy Supervision
DEREVOOBROBSERVICE: Court Names Sergij Gorbach as Liquidator
OLESYA: Zaporizhya Court Names I. Chulakov as Insolvency Manager
SHTAMP: Court Names Valentin Mirovskij as Insolvency Manager

SPECPOSTACHANNYA: Court Names O. Yakubovich as Liquidator
TRADEMARKET-V: Odessa Court Names V. Goncharuk as Liquidator
TURA: Court Names Yurij Zubashenko as Insolvency Manager
ZAPORIZHSPETSMETIZ: Court Names Oleksij Zabrodin as Liquidator


U N I T E D   K I N G D O M

5 STAR: Appoints Joint Liquidators from Begbies Traynor
A.E.M. LIMITED: Claims Filing Period Ends Oct. 31
ACCESS WINDOWS: David Fields Leads Liquidation Procedure
ACUMA FLEET: Brings In Administrators from Begbies Traynor
AEROBOX PLC: Suspends Shares as U.S. Unit Files for Chapter 11

ALIXPARTNERS: Moody's Rates Proposed US$435 Mil. Sr. Loan at B1
ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
ARAMIS INVESTMENTS: Creditors' Meeting Slated for Sept. 21
BANGLES LTD: Liquidator Sets Oct. 11 Claims Bar Date
BATLEY COMMERCIALS: Brings In Liquidator from Rushtons

BETONSPORTS: Costa Rican Employees Allegedly Sell Customer Names
BRITISH BATA: Taps Grant Thornton as Joint Administrators
CA INC: Shareholders Tender 41.2 Million Shares for US$989 Mln
CARS IN FOCUS: Hires David Wald to Liquidate Assets
CHC HELICOPTER: First Quarter Profit Drops on Increased Expenses

COMMUNICATIONS 4: Creditors Confirm Liquidators' Appointment
D-TWO AGENCY: Taps M. S. E. Solomons to Liquidate Assets
DRIVELINE ASSOCIATES: Joint Liquidators Take Over Operations
DRY BAG: Appoints Joint Liquidators from Rothman Pantall & Co.
EUROSAIL 06-2BL: Fitch Assigns B Rating on GBP1.54-Mln Notes

EVENTEMP LIMITED: Names Lynn M. Houghton Liquidator
EXETER COMPOSITE: Names Michelle Anne Weir as Administrator
EXPRESS WASTE: Nominates Paul John Webb as Liquidator
FACTORY OUTLET: Claims Filing Period Ends Oct. 20
FORD MOTOR: General Motors Merger Unlikely, Analysts Say

FORD MOTOR: Restructuring Cues S&P to Keep Rating on Watch Neg.
GAZPROM MARKETING: To Supply BP LNG to Atlantic Basin Countries
GENERAL MOTORS: Ford Merger Unlikely, Analysts Say
GLOBAL PROFESSIONAL: Taps Liquidator from Tenon Recovery
GUS PLC: Renames Argos to Home Retail Group

GUS PLC: Demerger Update on Home Retail Group & Experian
HEAVYWEIGHT LEISURE: Calls In Joint Liquidators from Kelmanson
ICICI BANK: Appoints S R Batliboi as Statutory Auditors
LEISURETRONICS LTD.: Appoints Lines Henry as Administrators
M.T.S. LOGISTICS: Claire L. Dwyer Leads Liquidation Procedure

MEDIA PRO: Brings In Richard Rones to Liquidate Assets
MICROPLUS COMPUTER: Creditors' Meeting Slated for Sept. 25
MIND ORCHARD: Creditors Confirm Liquidators' Appointment
MOBITEK LIMITED: Names Andrew Rosler to Liquidate Assets
MULTICOLOR U.K.: Brings In Administrators from McTear Williams

NICI U.K.: Appoints Alison M. Byrne to Liquidate Assets
OAKLEA CLUB: Appoints J. M. Titley as Liquidator
ORIGIN FINANCIAL: Hires Claire L. Dwyer as Liquidator
OX LIMITED: Taps Barry P. Knights to Liquidate Assets
PAUL TAYLOR: Hires Liquidator from Shaw & Company

PC IDEAS: Claims Filing Period Ends September 22
PHYSICALITY LIMITED: Creditors Confirm Voluntary Liquidation
PLAN 4 COLOUR: Names John C. Moran as Liquidator
PLAN22 LTD: Helen Timothe Phillips Leads Liquidation Procedure
PORTRAIT CORP: Has Interim Access to Wells Fargo DIP Loan

PORTRAIT CORP: U.S. Trustee Names Four-Member Creditors' Panel
PRIORY PVCU: Creditors Confirm Voluntary Liquidation
PROVALIS PLC: Shareholders Approve Voluntary Liquidation
PS AUTOMOBILES: Names Ninos Koumettou Liquidator
QUALITY SUITES: Calls In Joint Liquidators from Moore Stephens

RANK GROUP: Alun Cathcart Retires as Non-Executive Chairman
RANK GROUP: Cancels One Million Shares in Buy Back Program
RED BARN: Brings In Raymond Stuart Claughton to Liquidate Assets
REFCO INC: Files Chapter 11 Plan of Reorganization
REFCO INC: Classification & Treatment of Claims Under Plan

RPS DATA: Taps Joint Liquidators from Atherton Bailey LLP
REARDONS SNOOKER: Hires Liquidators from Royce Peeling Green
RINK AIR: Names Claire L. Dwyer to Liquidate Assets
SAVECREST MACHINES: Hires Joint Administrators from P&A
SHELAGH M.: Taps Begbies Traynor to Administer Assets

SPIRIT AEROSYSTEMS: S&P Rates US983-Mln Bank Financing at BB+
TARGUS GROUP: Margin Decline Spurs Moody's to Junk Rating
TECPROOF LIMITED: Appoints Kroll Limited to Administer Assets
TERRA INDUSTRIES: Fitch Affirms Default Rating at B+
UNIVERSAL AERIAL: Creditors' Meeting Slated for September 21

VISCOUNT PRESERVATION: Appoints Liquidator from Tenon Recovery
WINDOW COMPANY: Creditors Confirm Liquidators' Appointment
XPRO SERVICES: Brings In Liquidator from Bridgers
YELL GROUP: Share Capital Acquisition Prompts S&P to Cut Rating

* Fitch Formalizes Use of Recovery Ratings for CLO Ratings

* Large Companies with Insolvent Balance Sheets

                            *********

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


AKTIV: Claims Registration Period Ends October 2
------------------------------------------------
Creditors owed money by LLC Aktiv (FN 135797b) have until Oct. 2
to file written proofs of claims to court-appointed property
manager Christian Hopp at:

         Dr. Christian Hopp
         Reichsstrasse 126 (Ambergpark)
         6800 Feldkirch, Austria
         Tel: 05522/38600
         Fax: 05522/38600-6
         E-mail: office@hopp.cc

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:10 a.m. on Oct. 12 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Rankweil, Austria, the Debtor declared
bankruptcy on Aug. 25 (Bankr. Case No. 14 S 38/06k).


BUBASI: Claims Registration Period Ends October 9
-------------------------------------------------
Creditors owed money by LLC Bubasi (FN 189035v) have until
Oct. 9 to file written proofs of claims to court-appointed
property manager Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Casting House Road 23
         1040 Vienna, Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Oct. 23 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 45 S 54/06d).  The Trade Court of
Vienna ordered to shut down the Debtor's business on Aug. 25.


DROSCHKE: Vienna Court Orders Closing of Business
-------------------------------------------------
The Trade Court of Vienna entered an order on Aug. 23 closing
the business of LLC Droschke (FN 258171p).  Court-appointed
property manager Horst Winkelmayr declared that the Debtor's
property is insufficient in covering creditors' claims.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 3 (Bankr. Case No. 5 S 114/06h).  Carl Knittl represents
Mag. Winkelmayr in the bankruptcy proceedings.


ELMONT: Claims Registration Period Ends September 25
----------------------------------------------------
Creditors owed money by LLC Elmont (FN 118488y) have until
Sept. 25 to file written proofs of claims to court-appointed
property manager Gerhard Brandl at:

         Dr. Gerhard Brandl
         Kardinalschuett 7
         9020 Klagenfurt, Austria
         Tel: 0463/55577
         Fax: 0463/502191
         E-mail: insolvenzverwaltung@kanzlei-brandl.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 2 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         2nd Floor
         Klagenfurt, Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Aug. 11 (Bankr. Case No. 41 S 91/06i).  The Trade
Court of Klagenfurt ordered to shut down the Debtor's business
on Aug. 14.


EXSEEL: Creditors' Meeting Slated for October 3
-----------------------------------------------
Creditors owed money by Trade LLC EXSEEL (FN 256187x) are
encouraged to attend the creditors' meeting at 9:50 a.m. on
Oct. 3 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 25 (Bankr. Case No. 2 S 124/06g).  Thomas Engelhart
serves as the court-appointed property manager of the bankrupt
estate.  Clemens Richter represents the Dr. Engelhart in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Thomas Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30
         E-mail: mailto:kanzlei@engelhart.at

The Trade Court of Vienna ordered to shutdown the Debtor's
business on Aug. 24.


FMS SERVICE: Postpones Creditors' Meeting to September 29
---------------------------------------------------------
The scheduled meeting for creditors of LLC FMS Service (FN
225763f) was postponed to 9:00 a.m. on September 29.  The
meeting will consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 4 S 112/06g). Brigitte Stampfer
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

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


FRANZ JOSEFS: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered an order on Aug. 17 closing
the business of LLC Franz Josefs-Stueberl (FN 81737b).  It is
stipulated that the period of the business shutdown will be
until Dec. 31.

Court-appointed property manager Alexander Gruber determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Dr. Alexander Gruber
         Wipplingerstrasse 20
         1010 Vienna, Austria
         Tel: 533 14 17
         Fax: 533 14 17 18
         E-mail: gruberkeg@law-mediation.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 14, 2005 (Bankr. Case No. 4 S 62/05b).


GEOLIT: Postpones Creditors' Meeting to September 29
----------------------------------------------------
The scheduled meeting for creditors of LLC Geolit (FN 254032b)
was postponed to 9:15 a.m. on Sept. 29.  The meeting will
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 13 (Bankr. Case No. 4 S 114/06a).  Josef Ebner
represents Mag. Eisner in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Andrea Eisner
         c/o Dr. Josef Ebner
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 29 94
         Fax: 512 29 04
         E-mail: rae.ebner.eisner@aon.at


PUSCHITZ: Claims Registration Period Ends September 26
------------------------------------------------------
Creditors owed money by LLC PUSCHITZ (FN 252498x) have until
Sept. 26 to file written proofs of claims to court-appointed
property manager Klaus Fattinger at:

         Dr. Klaus Fattinger
         Ring Wall Lane 8
         9500 Villach, Austria
         Tel: 04242/22 681
         Fax: 04242/22681-20
         E-mail: prett+fattinger@villach.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 3 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         2nd Floor
         Klagenfurt, Austria

Headquartered in Arriach, Austria, the Debtor declared
bankruptcy on Aug. 25 (Bankr. Case No. 40 S 65/06h).


QUICK: Claims Registration Period Ends September 26
---------------------------------------------------
Creditors owed money by LLC Quick (FN 243278m) have until
Sept. 26 to file written proofs of claims to court-appointed
property manager Arnulf Kracker-Semler at:

         Dr. Arnulf Kracker-Semler
         Nikolaigasse 27
         9500 Villach, Austria
         Tel: 04242/23622
         Fax: 04242/23622-22
         E-mail: offive@diekanzlei.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 3 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         2nd Floor
         Klagenfurt, Austria

Headquartered in Woerther See, Austria, the Debtor declared
bankruptcy on Aug. 25 (Bankr. Case No. 40 S 67/06b).


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


GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung Corp.
------------------------------------------------------------
The Goodyear Tire & Rubber Company has agreed to sell its global
tire fabric operations to Hyosung Corp., pending government and
regulatory approvals.

The transaction is also subject to certain closing conditions.

Goodyear and its affiliates will receive approximately US$80
million for their tire fabric manufacturing plants and assets,
which include operations in Decatur, Alabama; Utica, New York;
Americana, Brazil; and Colmar-Berg, Luxembourg, subject to post-
closing adjustments.  The facilities, which employ about 1,000
people, produce and treat fabric that is used in Goodyear's
tires.

In addition, Goodyear and Hyosung, a multinational corporation
with substantial tire reinforcement operations, would, upon
closing, sign a multi-year supply agreement.  Goodyear
anticipates purchases of approximately US$350 million to
US$400 million in the first year.  The tiremaker said it
believes that this agreement could provide it with significant
cost savings and improved cash flow. The asset transaction is
not expected to result in a material gain or loss.

"As Goodyear drives for improved profitability, we are focusing
more activity and investment on our core business of providing
innovative consumer and commercial tires for our customers,"
said Robert J. Keegan, Goodyear chairman and chief executive
officer.

"Our fabric associates manufacture outstanding products and have
made important contributions to Goodyear over the decades. We
thank them for these contributions," he said.

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968.  It has operations in its home country as
well as in China and the United States.

Goodyear is one of the world's largest tire companies. The
company manufactures

                  About Hyosung Corporation

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968. It has operations in its home country as well
as in China and the United States.

                     About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's European headquarters is based in
Brussels, Belgium.

                          *     *     *

Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.


=============
D E N M A R K
=============


CHC HELICOPTER: First Quarter Profit Drops on Increased Expenses
----------------------------------------------------------------
CHC Helicopter Corporation reported unaudited financial results
for the three months ended July 31, 2006.

The Company continues to aggressively expand its fleet to meet
current and future contractual agreements.  Revenue increased
during the first quarter by CDN$41.4 million, excluding the
impact of foreign exchange.  However, the quarter's results have
been affected by the cost of the Company's unprecedented
addition of 19 aircraft to its fleet, resulting in a fleet
increase of 34 aircraft compared to the first quarter of last
year.  Furthermore, foreign exchange has also had a significant
impact on the Company's earnings growth.

As a result of this rapid fleet expansion, the Company
experienced significant aircraft introduction costs, which
consist of recruitment and training, crew duplication and
overtime, mobilization costs, and pre-deployment lease and
interest costs.  There is a timing difference between when these
introduction costs are incurred and when an aircraft begins
flying and generating revenue, resulting in a significant
reduction in earnings during this introduction period.  During
the first quarter, very few of the 19 new aircraft earned
revenue while approximately CDN$3.5 million of introduction
costs and approximately CDN$2 million of lease and interest
costs were expensed to prepare these aircraft for deployment in
fiscal 2007.  These introduction costs were particularly high in
Europe where several aircraft, including new aircraft types,
were added to the fleet.

In addition, substantial costs were expensed in the first
quarter in the European Operations and Heli-One segments related
to scheduled and unscheduled maintenance requirements on newly
introduced aircraft, aircraft being modified for current and
future contracts and older aircraft on which unscheduled
maintenance work was required.  These costs totaled
approximately CDN$2.7 million, consisting of CDN$2.4 million in
operating costs and CDN$0.3 million of lease and interest costs.

During the first quarter, the Company continued to be negatively
impacted by the strengthening Canadian dollar, consistent with
previously reported quarters.  Revenue was negatively impacted
by FX of approximately CDN$22.3 million.

During the first quarter, consolidated revenue increased by
CDN$41.4 million or 17% over the same period last year,
excluding the negative impact of FX.  Revenue increased in all
operating segments with Global Operations experiencing a 33%
revenue growth this quarter, excluding FX.  Flying hours in the
first quarter increased by 3,767 hours over the same period last
year and by 4,015 hours from the fourth quarter of last year.

The first quarter was a strong quarter for Global Operations,
with increases in revenue and segment EBITDAR of CDN$25 million
and CDN$12.4 million, respectively, from the same period last
year, excluding the negative impact of FX.  Global Operations
has added 13 new aircraft to its fleet compared to the first
quarter of last year, which is partially offset by aircraft
returned to Heli-One for re-deployment.  The addition of new
aircraft is a major contributing factor to the increases in
revenue and segment EBITDAR in the Global Operations segment.

Net earnings for the first quarter were CDN$8.8 million, a
decrease of CDN$10.4 million from the first quarter last year.

                       About CHC Helicopter

CHC Helicopter Corporation (TSX: FLY.A and FLY.B; NYSE: FLI) --
http://www.chc.ca/-- provides helicopter services to the global
offshore oil and gas industry with aircraft operating in more
than 30 countries including Denmark, Ireland, the Netherlands,
Norway, and the United Kingdom.

                           *     *     *

CHC's CDN$250 million senior subordinated notes due 2014 carry
Moody's B2 rating.


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


ALIXPARTNERS: Moody's Rates Proposed US$435 Mil. Sr. Loan at B1
---------------------------------------------------------------
Moody's Investors Service assigns a B1 first time rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility (US$385 million term loan and US$50 million revolver)
and a B1 corporate family rating.

The ratings for the secured credit facility reflect both the
overall probability of default of the company, to which Moody's
assigns a PDR of B2, and a loss given default of LGD 3 for the
credit facility.  The rating outlook is stable.

On Aug. 3, 2006, AlixPartners entered into an agreement whereby
Hellman & Friedman LLC and AlixPartners' managing directors and
employees will acquire a majority equity stake in the company in
a leveraged recapitalization.  Pursuant to the recapitalization,
AlixPartners Holdings, Inc., an entity controlled by the
company's founder, agreed to sell 80.1% of the AlixPartners'
partnership units.  The transaction values AlixPartners at
US$872 million, before fees and expenses.  The transaction is
expected to close mid October.

The transaction will be funded with a US$385 million term loan,
US$296 million of cash equity contributed by the sponsor and
US$218 of rollover equity from the founder and management.

The ratings reflect strong business diversity, which helps to
mitigate exposure to cyclicality, a relatively small revenue
base compared to the company's rated peer group, significant pro
forma adjustments to historical financial statements and
concerns about employee retention.  The ratings are supported by
a track record of strong organic growth, stable segment revenues
across economic cycles, a high proportion of variable expenses,
as well as solid pro forma credit metrics.

The B1 rating on the senior secured credit facility reflects an
LGD 3 loss given default assessment as this facility is secured
by a pledge of substantially all of assets of AlixPartners and
its domestic subsidiaries and there is an immaterial amount of
junior non-debt obligations.  In the case of pledges of foreign
stock, the collateral package is limited to 65% of the voting
stock and 100% of the non-voting stock of certain of its first
tier foreign subsidiaries.  The senior secured credit facility
is guaranteed by substantially all the domestic subsidiaries of
the company.

Ratings/assessments assigned:

   * corporate Family Rating B1;
   * probability-of-default rating B2;
   * US$385 million senior secured seven-year term loan at B1;
   * US$50 million senior secured six-year revolver at B1.

The stable outlook anticipates moderate revenue and EBITA growth
over the next 12 to 18 months.  Free cash flow from operations
is expected to be used to pay down debt.

Strong revenue growth accompanied by steady EBITA margins could
lead to a change in outlook to positive.  The ratings could be
upgraded if debt to EBITDA and EBITA to interest are expected to
be sustained at under 3.5 times and over 3 times, respectively.

A loss of key personnel or a downturn in revenues and/or
utilization rates in major lines of business could lead to a
negative outlook.  The ratings could be downgraded if debt to
EBITDA and EBITA to interest are expected to be sustained at
over 5 times and under 1.6 times, respectively.  A significant
debt financed acquisition could also pressure the ratings.

Founded in 1981, AlixPartners is a leading international
business consulting and advisory firm, offering the following
five areas of consulting services financial advisory;
performance improvement; turnaround and restructuring; case
management; and information technology.

AlixPartners has approximately 530 employees operating in 12
offices across the United States, Europe and Asia.  Revenues for
the twelve month period ending July 31, 2006 was US$369.9
million.


ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating and stable outlook to Southfield, Michigan-based
business consulting firm AlixPartners LLP.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating and recovery rating of '3' to AlixPartners' US$435
million senior secured credit facility, indicating an
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.  The credit facility consists of a
US$50 million revolving credit facility due 2012 and a US$385
million term loan B due 2013.

Proceeds of the transaction will be used to finance the
acquisition of a majority interest in AlixPartners by Hellman &
Friedman LLC.  Pro forma for the transaction, total debt
outstanding was US$385 million as of July 31, 2006.

"The ratings reflect AlixPartners' dependence on highly mobile
senior consulting professionals, the competitive market for
consulting services, and some business cycle exposure,
especially as the company gains scale," said Standard & Poor's
credit analyst Andy Liu.

These factors are only partially offset by the company's
somewhat flexible cost structure, strong margins, and potential
for good discretionary cash flow.

AlixPartners specializes in corporate turnaround and
restructuring, financial advisory, performance improvement, case
management, and IT transformation.


BANQUE FEDERALE: Fitch Upgrades Individual Rating to C
------------------------------------------------------
Fitch Ratings upgraded Banque Federale Mutualiste's Individual
rating to C from C/D.  BFM's other ratings have been affirmed at
Issuer Default BBB, Short-term F3 and Support 5.  The Outlook on
the Issuer Default rating is Stable.

Today's action reflects the steady improvement in BFM's overall
performance, its low credit risk profile, the safe placement of
excess liquidity and its good working relationship with Societe
Generale for the distribution of its products.  While interest
margins continue their downward trend due to fierce pricing
competition on consumer loans and lower returns on the placement
of excess liquidity in risk-free instruments, the rise in new
consumer loans and savings deposits has outpaced the market and
operating income was up 15% in 2005.

The 57% cost-to- income ratio remains on the high side for a
bank without any branch network but reflects heavy investments
in marketing activities.  As a whole, BFM's profitability is now
adequate, and Fitch views that it will remain so despite rising
competition for consumer lending in France.

BFM's credit risk profile is low for a consumer finance company
as its public sector client base enjoys employment protection
and credit scoring is performed either by or in conjunction with
SG.  Impaired loans accounted for 3.3% of the loan book at end-
2005 and reserve coverage of 50% is adequate given the specifics
of BFM's clientele.  Savings deposits exceed the loan book and
excess liquidity is invested predominantly in government
securities and mutual funds.

BFM is a co-operative bank established in 1986.  Its business
consists of offering banking services to the 2.5 million public
sector employees who buy the insurance policies offered by BFM's
shareholders.  BFM focuses on short-term consumer loans and
savings products, which it distributes through SG's branches.
On the other hand some 11% of SG's current accounts have been
introduced by BFM.


CA INC: Shareholders Tender 41.2 Million Shares for US$989 Mln
--------------------------------------------------------------
CA Inc. disclosed Friday preliminary results of its tender offer
that expired at 5:00 p.m., New York City time, on Sept. 14,
2006.  In the tender offer, CA offered to purchase for cash up
to 40,816,327 shares of its common stock, par value US$0.10 per
share, including the associated rights to purchase Series One
Junior Participating Preferred Stock, Class A at a per share
purchase price of not less than US$22.50 nor greater than
US$24.50 per share, net to the seller in cash, without interest.

In accordance with the terms and conditions of the tender offer,
based on a preliminary count by Mellon Investor Services LLC,
the depositary for the tender offer, CA expects to accept for
purchase approximately 41.2 million shares of its common stock
at a purchase price of US$24.00 per share, for a total cost of
approximately US$989 million.

The preliminary count by Mellon Investor Services LLC indicates
that 41.2 million shares of common stock, including shares that
were tendered through notice of guaranteed delivery and shares
tendered subject to conditions, were validly tendered and not
validly withdrawn at prices at or below US$24.00 per share.

The number of shares validly tendered and not validly withdrawn
and the purchase price are preliminary and subject to
verification by Mellon Investor Services LLC.  The actual number
of shares validly tendered and not validly withdrawn and the
final purchase price will be announced promptly following the
verification process.  Thereafter, CA will promptly commence
payment for the shares purchased in the tender offer.  Any
shares validly tendered and not purchased due to conditional
tenders or shares tendered at a price above the per share
purchase price will be returned promptly to the tendering
stockholders.

The shares expected to be purchased in the tender offer
represent approximately 7.3% of CA's 567,282,396 shares of
common stock issued and outstanding as of Aug. 11, 2006.  As a
result of the completion of the tender offer, immediately
following payment for the tendered shares, CA expects that
approximately 526.1 million shares of common stock will be
issued and outstanding.

The dealer managers for the tender offer were Banc of America
Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc.

                         About CA Inc.

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

                        *    *    *

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

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


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


FINLUX LTD: Asserts EUR20 Million Claim Against Otrum ASA
---------------------------------------------------------
The liquidator of bankrupt Finlux Ltd. has, as part of their
work in connection to Finlux Ltd's bankruptcy in autumn 2005,
decided to claim for recovery from OTRUM ASA.

This claim would concern the transactions for transfer of
technology rights, during 2001 when the company was owned by
OTRUM ASA.  The claim is calculated to approximately EUR20
million.

OTRUM is rejecting the claim as invalid.

Headquartered in Turku, Finland, Finlux Ltd. manufactures
consumer televisions, digital television receivers and DVD
players.  After experiencing serious troubles with selling flat
panel televisions in the beginning of the 2000's, the company
eventually declared bankruptcy in Sept. 2005 listing EUR50
million in debts.


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


AUTOHAUS HAEDENKAMPSTRASSE: Claims Registration Ends Sept. 27
-------------------------------------------------------------
Creditors of Autohaus Haedenkampstrasse GmbH have until Sept. 27
to register their claims with court-appointed provisional
administrator Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Oct. 11 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany

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

The District Court of Essen opened bankruptcy proceedings
against Autohaus Haedenkampstrasse GmbH on Aug. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Haedenkampstrasse GmbH
         Haedenkampstrasse 77
         45143 Essen, Germany

         Attn: Michael Hoffesommer, Manager
         Falterweg 87
         45279 Essen, Germany

         Thorsten Feulner, Manager
         Stadtgarten 17
         45276 Essen, Germany

The administrator can be contacted at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen, Germany
         Tel: +49 (0201) 438740
         Fax: +49 (0201) 4387479


BAUMANN METALLBAU: Claims Registration Ends September 28
--------------------------------------------------------
Creditors of Baumann Metallbau GmbH have until Sept. 28 to
register their claims with court-appointed provisional
administrator Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, Germany

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Baumann Metallbau GmbH on Aug. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Baumann Metallbau GmbH
         Attn: Wilhelm Baumann, Manager
         Bahnhof 7
         06179 Schochwitz, Germany

The administrator can be contacted at:

         Herbert Feigl
         Hansering 1
         D-06108 Halle, Germany
         Tel: 0345/212220
         Fax: 0345/2122222


GVB GESELLSCHAFT: Claims Registration Ends September 28
-------------------------------------------------------
Creditors of GVB Gesellschaft fuer Verwaltung und Bauaufsicht
mbH have until Sept. 28 to register their claims with court-
appointed provisional administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C207
         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 GVB Gesellschaft fuer Verwaltung und Bauaufsicht mbH on
Aug. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         GVB Gesellschaft fuer Verwaltung und Bauaufsicht mbH
         Koenigshardter Str. 49
         46145 Oberhausen, Germany

         Attn: Helmut Killewald, Manager
         Bayernstr. 92
         46147 Oberhausen, Germany

         Horst Loesch-Schloms, Manager
         Badener Str. 119
         76530 Baden-Baden, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg, Germany


HELLE AUE GRUNDBESITZ: Colonia Real Buys 2,500 Berlin Apartments
----------------------------------------------------------------
The requirements laid down in the purchase agreement signed by
Colonia Real Estate AG on June 30, 2006, were met on Sept. 15
following the approval of the Creditors' Committee of the
insolvent Helle Aue Grundbesitz GmbH & Co KG and the issue of a
bank guarantee for the purchase price due in January 2007.

As a result, ownership of the 2,487 apartments is transferred to
Colonia Real Estate AG.

The residential real estate portfolio comprises total
residential space of around 148,000 sq. m.  The acquired
apartments were extensively renovated in 2001 / 2002 at a cost
of EUR640 per square meter, for a total of just under EUR95
million.  The agreed purchase price is EUR83.2 million.

The Berlin team at Resolution GmbH -- Colonia Real Estate
Group's Asset Management Division -- will begin active rental
management immediately.  The aim is to halve the portfolio's
current vacancy rate of around 21 percent over the next two
years.  Further acquisitions of residential portfolios in the
Greater Berlin area are planned in the near future.

Colonia Real Estate AG is a listed real estate investment group
focusing on the German market.  Resolution GmbH specializes in
asset management for the Group as well as for complex domestic
real estate portfolios held by international investors, whom it
also advises on transactions.  The focus is on yield
optimization and realizing appreciation potential.  CRE Fonds
Management GmbH's core business is the conception, the marketing
and the management of structured investment products such as
closed-end real estate funds for institutional investors and
private clients.

The District Court of Charlottenburg opened bankruptcy
proceedings against Helle Aue Grundbesitz GmbH & Co. KG on
Jan. 1.


INTER@COM EDV: Claims Registration Ends September 25
----------------------------------------------------
Creditors of Inter@com EDV-Distributions GmbH have until
Sept. 25 to register their claims with court-appointed
provisional administrator Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 16 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 Inter@com EDV-Distributions GmbH on Aug. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Inter@com EDV-Distributions GmbH
         Rheinlandstr. 47
         42579 Heiligenhaus, Germany

         Attn: Mark Backer, Manager
         Koelner Str. 3
         45145 Essen, Germany

The administrator can be contacted at:

         Bernd Depping
         Hofkamp 138
         42103 Wuppertal, Germany


MAX SCHLIEFKE: Creditors' Meeting Slated for September 25
---------------------------------------------------------
The court-appointed provisional administrator for Max Schliefke
GmbH, Wolfgang Schroeder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:10
a.m. on Sept. 25.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Jan. 15, 2007, at the
same venue.

Creditors have until Nov. 16 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings Max Schliefke GmbH on Aug. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Max Schliefke GmbH
         Freiheit 14 A
         13597 Berlin, Germany

The administrator can be reached at:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin, Germany


METALLBAU AM HAKEL: Claims Registration Ends September 23
---------------------------------------------------------
Creditors of Metallbau am Hakel GmbH have until Sept. 23 to
register their claims with court-appointed provisional
administrator Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Metallbau am Hakel GmbH on Aug. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Metallbau am Hakel GmbH
         Bauernstr. 23
         06449 Schadeleben, Germany

         Attn: Holger and Asmus Reinäcker, Managers
         Sollhaben I/8
         06449 Schadeleben, Germany

The administrator can be contacted at:

         Sabine von Stein-Lausnitz
         Schoenebecker Str. 82-84
         39104 Magdeburg, Germany
         Tel: 0391/4082090
         Fax: 0391/40820922


MICROFIRST COMPUTER: Claims Registration Ends September 25
----------------------------------------------------------
Creditors of Microfirst Computer GmbH have until Sept. 25 to
register their claims with court-appointed provisional
administrator Daniel Bauch.

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

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

The District Court of Landshut opened bankruptcy proceedings
against Microfirst Computer GmbH on Aug. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Microfirst Computer GmbH
         Herzogstandstrasse 2
         85435 Erding, Germany

The administrator can be contacted at:

         Daniel Bauch
         Steinmetzstrasse 10
         85435 Erding, Germany
         Tel: 08122/22960-83
         Fax: 08122/22960-84


NIENBURGER BAU GMBH: Claims Registration Ends September 23
----------------------------------------------------------
Creditors of Nienburger Bau GmbH have until Sept. 23 to register
their claims with court-appointed provisional administrator
Christian Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Nienburger Bau GmbH on Aug. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Nienburger Bau GmbH
         Ritterstr. 7
         39124 Magdeburg, Germany

         Attn: Dietmar Marks, Manager
         Stadtweg 8
         39167 Hohendodeleben, Germany

The administrator can be contacted at:

         Christian Beck
         Hansering 1
         06108 Halle/Saale, Germany
         Tel: 0345/212220
         Fax: 0345/2122222


SPARADISO MOEBELHANDEL: Claims Registration Ends September 27
-------------------------------------------------------------
Creditors of Sparadiso Moebelhandel GmbH have until Sept. 27 to
register their claims with court-appointed provisional
administrator Inge Rall.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 13
         Hauffstr. 5
         70190 Stuttgart, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Sparadiso Moebelhandel GmbH on Aug. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Sparadiso Moebelhandel GmbH
         Mozartstr. 24
         71093 Weil im Schoenbuch, Germany

The administrator can be contacted at:

         Inge Rall
         Neckarstr. 144-146
         70190 Stuttgart, Germany
         Tel: 0711/12090000


XERON GMBH: Claims Registration Ends September 25
-------------------------------------------------
Creditors of Xeron GmbH have until Sept. 25 to register their
claims with court-appointed provisional administrator Daniel
Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Landshut
         Meeting Room 8/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut, Germany

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

The District Court of Landshut opened bankruptcy proceedings
against Xeron GmbH on Aug. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Xeron GmbH
         Herzogstandstrasse 2
         85435 Erding, Germany

The administrator can be contacted at:

         Daniel Bauch
         Steinmetzstrasse 10
         85435 Erding, Germany
         Tel: 08122/22960-83
         Fax: 08122/22960-84



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


BORSODCHEM NYRT: Returned Shares Hike Treasury Stock
----------------------------------------------------
BorsodChem Nyrt. informed its investors and other participants
of the capital markets that due to developments concerning its
Registered Employee Share Ownership Program, the number of the
Company's treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Zrt.'s custody on
Nov. 9, 2005, the Company received back 49 pieces with a value
date of Sept. 14, 2006, from employees terminating their
employment relations.

Following the transaction the number of the Company's treasury
shares increased by 49 pieces to 1,192,747.

                         About BorsodChem

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

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

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

                        *     *     *

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

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

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

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


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


ILDANA TEORANTA: Ice Broadband Purchases Assets
-----------------------------------------------
Ice Broadband successfully acquired the assets of Ildana
Teoranta for an undisclosed amount.

"Acquiring Ildana is an ideal fit for Ice Broadband and will
speed up our nationwide penetration of the Irish marketplace,
adding the South West Coast, the Western Seaboard and other
prime locations to our network," Yvonne Rooney, managing
director of Ice Broadband, said.

"I'm very excited about this new project which will allow us to
commercialize projects we've been working on such as IPTV,
Business Continuity, Disaster recovery and dedicated radio for
retails multiples. Ice Broadband has a proven track record in
wireless broadband and has the facility to roll out what we have
developed," John Murphy, managing director of Ildana, said.

Ildana previously went into liquidation after a proposed EUR1.2
million sale to Pure Telecom collapsed in April.  It recorded
more than EUR500,000 in debts following the failed sale deal.
Since then, Ildana's directors, John and Mairead Murphy,
commenced High Court proceedings against Pure Telecom alleging
that the latter took EUR19,000 before the sale fell through,
Charlie Taylor of ElectricNews.Net Ltd. relates.  Pure Telecom
denied the allegations claiming that the decision to walk away
from the proposed acquisition was based on irregularities in
Ildana's accounts.

                     About Ice Broadband

Headquartered in Dublin, Ireland, Ice Broadband --
http://www.icecomms.net/-- provides broadband services to both
business and residential customers.

Headquartered in Meath, Ireland, Ildana Teoranta --
http://www.ildana.net/-- had established twelve Group Broadband
Sites throughout Ireland with 24 more schemes in advanced
planning mode.  The twelve schemes are located in: Ardcath;
Askeaton and Kilmallock Limerick; Ballivor, Meath; Ballyferriter
and Ventry, Kerry; Ballybay, Barstown and Boardsmill, Meath;
Ballyneety, Limerick; Bandon, Cork; Gweedore, Donegal; Miltown
Malbay and Summer Hill, Clare.  Established in 2001, Ildana had
successfully developed a satellite network system to deliver
broadband connectivity to rural areas.


PROVALIS PLC: Shareholders Approve Voluntary Liquidation
--------------------------------------------------------
Shareholders of Provalis PLC approved the company's voluntary
liquidation at an extraordinary general meeting on Sept. 15, AFX
discloses.

The company appointed joint liquidators and accepted the
resignations of Peter Woodford, Alan Aikman and Lee Greenbury as
its directors effective immediately.

The company's share listing was cancelled yesterday, following
the suspension of shares on Friday.

As reported in TCR-Europe on Sept. 5, Provalis passed a
resolution to approve the disposal of PB Diagnostics Limited for
effective consideration of GBP1.6 million through the sale of
the entire issued share capital of its subsidiary, PB
Diagnostics Limited to Bio-Metrics (U.K.) Limited, a subsidiary
of Bio-Rad Laboratories, Inc.  The company previously disclosed
technical problems with its in2it diabetes monitor and
disappointing sales at its pharmaceuticals business.

                      About the Company

Headquartered in Flintshire, United Kingdom, Provalis plc (LSE:
PRO) -- http://www.provalis.com/-- is an international Medical
Diagnostics group.  The company is comprised of two separate
operating businesses:

   -- Provalis Diagnostics Limited - develops, manufactures and
      sells medical diagnostic products for chronic disease
      management for world markets.  The business' principal
      products are in2it A1c and Glycosal both diabetes
      diagnostic  tests.

   -- Provalis Healthcare Limited - sold and marketed its own,
      and third party, branded, prescription medicines in the
      U.K. and Ireland to GPs and hospitals through a regionally
      managed sales force.

                        *     *     *

For the six months ended Dec. 31, 2005, the company posted
GBP4.8 million in net losses, compared with a GBP1.7 million net
loss for the same period in 2004.  For the year ended June 30,
2005, the company posted GBP5.3 million in net losses.

For the six-month period, the company also experienced strained
liquidity with GBP3.3 million in assets available to pay GBP6.5
million of debts due within the year.


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


TISCALI SPA: Posts EUR74 Million Net Loss for First Half 2006
-------------------------------------------------------------
Tiscali S.p.A. released it financial results for the first half
ended June 30, 2006.

The company posted EUR74.14 million in net loss on EUR412.47
million in revenues for the first half of 2006, markedly
opposite to EUR14.54 million in net profit on EUR353.65 million
in revenues for the same period in 2005.

As of June 30, 2006, Tiscali S.p.A. had EUR1.01 billion in net
assets, EUR773 million in net liabilities and EUR237 million in
shareholders' equity.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.  Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


TISCALI SPA: Sells Dutch Biz to KPN Telecom for EUR255 Mln Cash
---------------------------------------------------------------
Tiscali S.p.A. reached an agreement for the disposal of its
Dutch operations to KPN Telecom.  The total consideration is
EUR255 million (enterprise value) payable in cash at closing.

The value per ADSL users as of June 30, 2006 is EUR923.  The
final equity value would be determined taking into account the
net financial and working capital positions and broadband
customers' number at closing.

On the basis of the book value the capital gain is estimated at
EUR180 million.  The transaction is subject to completion of the
consultation procedure with the relevant works councils, who
have been informed, and to the approval of the Dutch antitrust
authorities.

As of June 30, 2006 Tiscali Netherlands had 276,000 DSL and
126,000 dial-up users.  1H2006 revenues were EUR52.2 million
(13% to the Group's turnover), the Operating Result was positive
for EUR9.7 million.

"This transaction represents a very important component of the
new strategic plan which will be presented to the market the
second week of October," Tommaso Pompei, CEO of the Tiscali
Group, said.  "The disposal of Tiscali Netherlands, which is one
of the most successful operations of the Tiscali Group but in a
mature and highly competitive market, will allow us to focus our
operations and financial resources in the markets with the
highest potential for value creation."

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.  Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


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


AGRO-INDUSTRYIA: Creditors Must File Claims by Oct. 27
------------------------------------------------------
LLP Agro-Industry Agro-Industryia has declared insolvency.
Creditors have until Oct. 27 to submit written proofs of claim
to:

         LLP Agro-Industryia
    Divaev Str. 22/5
    Shymkent
    South Kazakhstan Region
    Kazakhstan


AKTAU-GF: Creditors Must File Claims by Oct. 6
----------------------------------------------
LLP Aktau-GF has declared insolvency.  Creditors have until
Oct. 6 to submit written proofs of claim to:

         LLP Aktau-GF
         Micro District 15, 35-26
    Aktau
    Mangistau Region
    Kazakhstan


AVIAPROM: Proof of Claim Deadline Slated for Oct. 27
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
CJSC Aircraft Industry Aviaprom insolvent.

Creditors have until Oct. 27 to submit written proofs of claim
to:

         CJSC Aviaprom
         Melnikayte Str. 7/1
    Almaty, Kazakhstan
    Tel: 8 (3272) 29-52-83
         8 (7004) 53-17-85


ENERGETIC SERVICE: Proof of Claim Deadline Slated for Oct. 27
-------------------------------------------------------------
LLP Energetic Service has declared insolvency.  Creditors have
until Oct. 27 to submit written proofs of claim to:

         LLP Energetic Service
         Pazylbekov Str. 5/14
    Shymkent
    South Kazakhstan Region
    Kazakhstan


FERRUM SERVICE: Claims Registration Ends Oct. 6
-----------------------------------------------
LLP Ferrum Service has declared insolvency.  Creditors have
until Oct. 6 to submit written proofs of claim to:

         LLP Ferrum Service
         Dokovskaya Str. 1
    Saran
    Karaganda Region
    Kazakhstan


IKAR-12: Claims Registration Ends Oct. 20
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Ikar-12 insolvent on July 28.

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

         LLP Ikar-12
         Post Office Box 1
    JSC Kazpochta
    Post Office 57
    050057 Almaty, Kazakhstan


KMET: Creditors' Claims Due Oct. 20
-----------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Kmet insolvent on Aug. 1.

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

         LLP Kmet
         Aktau, 27-67-7
    Mangistau Region
    Kazakhstan
    Tel: 8 (3292) 41-00-42
    Fax: 8 (3292) 41-00-42


MAK-HVAC REFRIGERATION: Creditors' Claims Due Oct. 6
----------------------------------------------------
LLP MAK-HVAC Refrigeration Engineering has declared insolvency.
Creditors have until Oct. 6 to submit written proofs of claim
to:

         LLP MAK-HVAC Refrigeration Engineering
         Abai Str. 3-16
    Atyrau
    Atyrau Region
    Kazakhstan


NAIZ: Almaty Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Naiz on Aug. 11.


ORMAN TRADE: Creditors Must Submit Claims by Oct. 27
----------------------------------------------------
LLP Orman Trade has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim to:

         LLP Orman Trade
         Kobozev Str. 135
    Aktobe
    Aktube Region
    Kazakhstan


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


INTERFAX-BISHKEK: Proof of Claim Deadline Slated for Oct. 27
------------------------------------------------------------
CJSC Interfax-Bishkek has declared insolvency.  Creditors have
until Oct. 27 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 78-05-67.


=================
L I T H U A N I A
=================


BANKAS SNORAS: Fitch Changes Outlook to Negative & Keeps BB- IDR
----------------------------------------------------------------
Fitch Ratings changed Lithuania-based Bankas Snoras' Outlook to
Negative from Stable, reflecting the bank's declining
capitalization.  At the same time the agency affirmed the bank's
ratings at Issuer Default BB-, Short-term B, Individual D and
Support 4.

Fitch has been informed that the targeted level of
capitalization has been raised.  For Bankas Snoras on a stand-
alone basis, its targeted total ratio is above 13%, of which at
least 75% will qualify as Tier 1; Fitch notes that for the group
on a consolidated basis the targeted ratios are similar.

"Fitch has been informed that these ratios will be reached by
end-2006," Tim Beck, Director in Fitch's Financial Institutions
team disclosed.

"Should these targets not be reached by end-2006, and if the
bank does not manage its capital at these targeted level on a
consistent basis, with timely increases in capital for business
growth, the bank's ratings are likely to be downgraded.
Equally, if the bank does meet these targets on a consistent and
timely basis, the Outlook is likely to be revised to Stable,"
Mr. Beck added.

Bankas Snoras is controlled by the Russian bank Coversbank, and
forms part of Conversbank's expansion outside Russia into EU
countries.  This has included the acquisition of the Latvian
Latvijas Krajbanka in September 2005 and Pointon York Limited of
the U.K. in May 2006.

While Krajbanka is a subsidiary of Bankas Snoras and
consolidated into its accounts, Fitch has been informed that the
acquisition of Pointon York Limited was merely an acquisition
made in a trust on behalf of the majority owner of Conversbank,
Mr. Antonov.  Pointon York Limited is not consolidated in Bankas
Snoras' accounts and Fitch has been informed that Bankas Snoras
bears no risk/rewards with this bank.

Fitch considers there to be strategic risk from Bankas Snoras
being used as part of the Conversbank expansion strategy, as
well as raising corporate governance concerns from the
significant involvement of Mr. Antonov in making strategic
decisions.

Bankas Snoras has expanded its lending significantly helped by a
strong macro-economic environment.  Margins have declined as a
result of competition.  However, they remain strong, and better
than other banks in the market, a function of Bankas Snoras'
higher margin retail and small and medium enterprises loan book.
Profitability is reasonably strong, supported by relatively low
loan impairment charges.

Bankas Snoras was the fourth largest bank in Lithuania by assets
at end-2005, with a 7% market share.  It has been 49.9% owned by
Conversbank since March 2003, though Conversbank controls Bankas
Snoras.

Krajbanka is a small bank, ranking as Latvia's 11th largest by
assets at end-2005.  It is a universal bank serving mainly
small- to medium-sized enterprises and individuals.


===================
L U X E M B O U R G
===================


GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung Corp.
------------------------------------------------------------
The Goodyear Tire & Rubber Company has agreed to sell its global
tire fabric operations to Hyosung Corporation, pending
government and regulatory approvals.

The transaction is also subject to certain closing conditions.

Goodyear and its affiliates will receive approximately US$80
million for their tire fabric manufacturing plants and assets,
which include operations in Decatur, Alabama; Utica, New York;
Americana, Brazil; and Colmar-Berg, Luxembourg, subject to post-
closing adjustments.  The facilities, which employ about 1,000
people, produce and treat fabric that is used in Goodyear's
tires.

In addition, Goodyear and Hyosung, a multinational corporation
with substantial tire reinforcement operations, would, upon
closing, sign a multi-year supply agreement.  Goodyear
anticipates purchases of approximately US$350 million to
US$400 million in the first year.  The tiremaker said it
believes that this agreement could provide it with significant
cost savings and improved cash flow. The asset transaction is
not expected to result in a material gain or loss.

"As Goodyear drives for improved profitability, we are focusing
more activity and investment on our core business of providing
innovative consumer and commercial tires for our customers,"
said Robert J. Keegan, Goodyear chairman and chief executive
officer.

"Our fabric associates manufacture outstanding products and have
made important contributions to Goodyear over the decades. We
thank them for these contributions," he said.

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968.  It has operations in its home country as
well as in China and the United States.

Goodyear is one of the world's largest tire companies. The
company manufactures

                  About Hyosung Corporation

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968. It has operations in its home country as well
as in China and the United States.

                     About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's European headquarters is based in
Brussels, Belgium.

                          *     *     *

Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.


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


TISCALI SPA: Sells Dutch Biz to KPN Telecom for EUR255 Mln Cash
---------------------------------------------------------------
Tiscali S.p.A. reached an agreement for the disposal of its
Dutch operations to KPN Telecom.  The total consideration is
EUR255 million (enterprise value) payable in cash at closing.

The value per ADSL users as of June 30, 2006 is EUR923.  The
final equity value would be determined taking into account the
net financial and working capital positions and broadband
customers' number at closing.

On the basis of the book value the capital gain is estimated in
c.a. EUR180 million.  The transaction is subject to completion
of the consultation procedure with the relevant works councils,
who have been informed, and to the approval of the Dutch
antitrust authorities.

As of June 30, 2006 Tiscali Netherlands had 276,000 DSL and
126,000 dial-up users.  1H2006 revenues were EUR52.2 million
(13% to the Group's turnover), the Operating Result was positive
for EUR9.7 million.

"This transaction represents a very important component of the
new strategic plan which will be presented to the market the
second week of October," Tommaso Pompei, CEO of the Tiscali
Group, said.  "The disposal of Tiscali Netherlands, which is one
of the most successful operations of the Tiscali Group but in a
mature and highly competitive market, will allow us to focus our
operations and financial resources in the markets with the
highest potential for value creation."

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.   Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


GETRONICS N.V.: KZA Management Completes Full Buyout
----------------------------------------------------
Getronics N.V. revealed that the management buyout of KZA, a
100% owned subsidiary of Getronics in the Netherlands, has been
successfully concluded.  The management buyout was financed by
Strikwerda Investments.

Getronics and KZA will continue to work together as partners.

Strikwerda Group is a financial investor active in Western
Europe in various industries.  Strikwerda Investments, the Dutch
investment company, focuses on ICT, Professional Services,
Finance, FMCG and Aviation.

                      About Getronics N.V.

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

As reported in TCR-Europe on Sept. 7, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Dutch
IT services company Getronics N.V. to 'B-' from 'B'.  The
outlook is negative.

At the same time, Standard & Poor's lowered its rating on
Getronics' senior unsecured notes to 'CCC' from 'CCC+', still
two notches below the corporate credit rating.  Standard &
Poor's also lowered to 'B-' from 'B' its rating on the company's
EUR284 million senior secured credit facilities, in line with
the corporate credit rating.

"The downgrade reflects substantial uncertainties about
Getronics' cash flow generation amid steady margin pressure in
the company's key markets," said Standard & Poor's credit
analyst Patrice Cochelin.

As reported in Troubled Company Reporter - Asia Pacific on Aug.
8, that Moody's Investors Service downgraded Getronics'
corporate family rating to B2 from B1 and placed the ratings on
review for possible downgrade following the company's
announcement of half year results showing a widening of net
losses and fall in margins below the company's expectations.
Concurrently the rating on the EUR100 million senior unsecured
convertible Dutch bonds due 2008 has been downgraded to Caa1
from B3.


GETRONICS N.V.: Security Package Spurs S&P to Revise Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Dutch IT services group Getronics N.V.'s (B-/Negative/--)
EUR284 million senior secured credit facility to '4' from '3'.
The '4' recovery rating indicates our expectation of marginal
(25%-50%) recovery of principal for senior secured lenders in
the case of a payment default.

At the same time, the recovery rating was removed from
CreditWatch with negative implications, where it had been placed
on Jan. 19.

"The recovery rating revision reflects a diminution in the value
of Getronics' security package following asset disposals both
completed and forthcoming, and no consequent permanent debt
reduction," said Standard & Poor's credit analyst Marc Lewis.

The proceeds of announced disposals will be principally used to
repay revolver drawings, but will not result in a permanent
cancellation of debt facilities.

In addition, a deterioration in Getronics' trading performance
compared with our original expectations, as well as weak trading
in some of the group's European operations, has led us to revise
our hypothetical default scenario and valuation expectations.

The rating on Getronics continues to reflect ongoing margin
pressure in the company's core managed services operations, a
very weak free cash flow track record, and resulting aggressive
debt measures.

Getronics' EUR284 million facility, maturing in March 2008,
primarily supports the group's working capital requirements.


                     Recovery Analysis

The '4' recovery rating reflects the nature of Getronics'
security package, which is limited to a pledge of the shares in
Getronics Nederland B.V. and in a number of the group's
PinkRoccade subsidiaries.  Although guarantors are provided from
most of the group's operations, these will be subject to
limitations in certain jurisdictions.

Nevertheless, the group's balance of activities is predominantly
tilted towards insolvency regimes that are relatively favorable
to secured creditors where guarantee enforceability is more
certain and where debt has been pushed down.

The revolving portion of the facilities is borrowed at operating
company level in the Netherlands, U.K., Spain, and Belgium,
which would enable secured lenders to rank pari passu with
unsecured creditors of those operations, assuming effective
enforcement under the guarantees.

Due to the contract-based nature of the group's business and its
negligible tangible assets, Standard & Poor's continues to
believe that the value of the security package--for loan
recovery assessment under our simulated default scenario--is
best analyzed using an enterprise valuation.

Our hypothetical default scenario envisages a combination of
flat revenues and moderately declining profit margins as
operating cost increases outpace any growth in contract prices
from existing or new contracts.  The significant seasonality of
cash flows and large swings in working capital are, however,
likely to be a key trigger of default, which Standard & Poor's
would most likely expect in early 2008, in line with the
maturity of the group's current debt facilities.

In valuing Getronics in default, Standard & Poor's has
considered a number of approaches to reflect significant
differences in performance between some of the group's
operations.  All approaches yield similar results and include
valuing the entire group as a going concern, or various
combinations of partial sales and liquidations.

Based on a blended discounted cash flow and market multiple
valuation, Standard & Poor's values the group at about EUR550
million in a hypothetical default scenario.  This is
significantly in excess of outstanding senior debt totaling
EUR284 million.  Taking into account trade and other liabilities
of the borrower operating companies that would rank pari passu
with the senior secured facilities, cover levels reduce to 25%-
50%: hence the recovery rating of '4'.

This level of cover also takes into account a moderate increase
in payables in the run-up to a hypothetical default, which could
dilute senior recoveries.  Most of the group's other debt
obligations are provided at holding company level, Getronics
N.V., and are therefore excluded from our assessment of pari
passu obligations.

As a result of their structural and de facto subordination to
operating and secured debt, Getronics' convertible bonds are
rated 'CCC', two notches below the corporate credit rating.


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


FALCONBRIDGE: Redeeming Outstanding Preferred Shares on Nov. 1
--------------------------------------------------------------
Falconbridge Ltd., Xstrata Plc's subsidiary, mailed on Sept. 15
a notice of redemption for all of the firm's outstanding
Cumulative Redeemable Preferred Shares, Series F and Series G,
and Cumulative Preferred Shares, Series 1.

Falconbridge will redeem all of the outstanding Redeemed Shares
on Nov. 1, 2006.  The firm will redeem:

        -- each series F share for CAD25.50 in cash;
        -- each series G share for CAD25.00 in cash; and
        -- each series 1 share for CAD10.00 in cash, plus
           accrued and unpaid dividends in respect of each share
           up to, excluding.

Falconbridge intends to utilize its internal cash resources to
fund the aggregate redemption price of CAD306 million.

Falconbridge shareholders with questions or requests for copies
of the documents, may contact:

         CIBC Mellon Trust Company
         Phone: 1-800-387-0825
                +1 (416) 643-5500
         E-mail: inquiries@cibcmellon.com

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

                        *    *    *

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


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


ABAKANSKOYE: Court Names V. Salomatin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khakasiya Republic appointed Mr. V.
Salomatin as Insolvency Manager for OJSC Abakanskoye Grain
Receiving Enterprise.  He can be reached at:

         V. Salomatin
         Khlebnaya Str. 30
         Abakan
         655000 Khakasiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-74-5652/2005.

The Debtor can be reached at:

         OJSC Abakanskoye Grain Receiving Enterprise
         Khlebnaya Str. 30
         Abakan
         655000 Khakasiya Republic
         Russia


AGRO-STROY: Bankruptcy Hearing Slated for September 26
------------------------------------------------------
The Arbitration Court of Tula Region will convene at 10:30 a.m.
on Sept. 26 to hear the bankruptcy supervision procedure on OJSC
Agro-Stroy.  The case is docketed under Case No. A68-343/B-06.

The Temporary Insolvency Manager is:

         I. Merkulov
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Stroy
         Nechaevskoye Shosse 1
         Zaokskiy Region
         Tula Region
         Russia


AGROTON: Bankruptcy Hearing Slated for November 30
--------------------------------------------------
The Arbitration Court of Penza Region will convene at 11:00 a.m.
on Nov. 30 to hear the bankruptcy supervision procedure on CJSC
Agricultural Manufacturing Company Agroton.  The case is
docketed under Case No. A49-3049/2006-273B/26.

The Temporary Insolvency Manager is:

         A. Otstavnov
         Post User Box 34-78
         Astrakhanskaya Str. 22/36
         410004 Saratov Region
         Russia

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Manufacturing Company Agroton
         Yuzhnaya Str. 26
         Kondol
         Kondolskiy Region
         442350 Penza Region
         Russia


ANTARES: Komi Court Names V. Efimets as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. V. Efimets
as Insolvency Manager for CJSC Antares.  He can be reached at:

         V. Efimets
         Post User Box 65
         Inta
         169840 Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-4747/06-3B.

The Debtor can be reached at:

         CJSC Antares
         Inta, Geologicheskaya Str. 21A.
         169840 Komi Republic
         Russia


BAYKALSKIY WOOD: Court Names Mr. P. Milov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. P. Milov
as Insolvency Manager for CJSC Baykalskiy Wood (TIN 3810016170).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-8676/06-29.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Baykalskiy Wood
         Dekabrskikh Sobytiy Str. 57
         Irkutsk Region
         Russia


BERILL: Magadan Bankruptcy Hearing Slated for Sept. 29
------------------------------------------------------
The Arbitration Court of Magadan Region will convene at 10:00
a.m. on Sept. 29 to hear the bankruptcy supervision procedure on
LLC Trading-Industrial Company Berill.  The case is docketed
under Case No. A-37-619/06-10/8B.

The Temporary Insolvency Manager is:

         N. Alekseeva
         Office 81
         Proletarskaya Str. 12
         685000 Magadan Region
         Russia

The Debtor can be reached at:

         LLC Trading-Industrial Company Berill
         Proletarskaya Str. 8
         Magadan Region
         Russia


CENTER-INVEST BANK: Moody's Assigns B1 Currency Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings
with a stable outlook to Center-Invest Bank:

   -- B1 long-term and Not-Prime short-term foreign currency
deposit ratings, and

   -- an E+ financial strength rating.

At the same time, Moody's Interfax Rating Agency has assigned an
A2.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 B1/NP/E+ global
scale ratings reflect global default and loss expectation, while
the A2.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

The ratings assigned to Center-Invest Bank reflect its position
as the largest among locally registered banks in the south of
Russia and its clear-cut strategy focused on achieving
leadership in the SME and retail segments in the most
economically developed regions in this part of the country.

The bank's E+ financial strength rating is underpinned by the
following:

   -- transparency of ownership and business activities;
   -- a track record of sound profitability;
   -- a relatively diversified structure of liabilities; and
   -- good reported asset quality.

Despite these strengths, the bank's FSR is constrained by the
geographical concentration of its business in its home Rostov
region. Other negative rating drivers include:

   -- the level of free capital is much lower than the average
for the peer group of banks, although this ratio could
improve substantially after the expected increase in the
bank's capital by US$50 million by the end of 2006;

   -- the loan portfolio is concentrated towards agriculture and
trade in agricultural products;

   -- rapid growth of the retail loans portfolio which will test
the strength of the bank's credit risk management systems;
      and

   -- cost efficiency indicators that, although on an upside
trend, have room for further improvement.

The B1/NP long-term foreign currency deposit ratings do not take
into account 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, while support from
the Russian authorities in case of need is unlikely.

Center-invest Bank is headquartered in Rostov-on-Don, Russian
Federation.  As at year-end 2005, the bank reported consolidated
total assets of US$474 million under IFRS.  Center-Invest Bank
ranked 79th by assets and 74th by regulatory capital among
Russian banks as of July 1, 2006, according to Interfax.


CHIKOY-EXPORT-WOOD: S. Galandin to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. S.
Galandin as Insolvency Manager for CJSC Chikoy-Export-Wood (TIN
7509003737).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-3480/2006 B-539.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Chikoy-Export-Wood
         Pervomayskaya Str. 3
         Krasnyj Chikoy
         673060 Irkutsk Region
         Russia


DALNEGORSKAYA: Bankruptcy Hearing Slated for Oct. 4
---------------------------------------------------
The Arbitration Court of Primorye Region will convene at 1:00
p.m. on Oct. 4 to hear the bankruptcy supervision procedure on
OJSC Dalnegorskaya Geological Survey.  The case is docketed
under Case No. A51-4883/2006 21-108 b.

The Temporary Insolvency Manager is:

         A. Kravchenko
         Apartment 7
         Spiridonova Str. 30/32
         690013 Vladivostok Region
         Russia

The Debtor can be reached at:

         OJSC Dalnegorskaya Geological Survey
         Geologicheskaya Str. 2
         Dalnegorsk
         Primorye Region
         Russia


FATEZHSKAYA: Kursk Court Names S. Dolgikh as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. S. Dolgikh
as Insolvency Manager for OJSC Agricultural Industrial
Corporation Fatezhskaya.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-4513/06-g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural Industrial Corporation Fatezhskaya
         Artema Str. 17A
         Fatezh
         307100 Kursk Region
         Russia


GAZPROM OAO: To Supply BP-Made LNG to Atlantic Basin Countries
--------------------------------------------------------------
Gazprom OAO and BP Plc concluded a deal to supply LNG to the
Atlantic basin countries.  Gazprom Marketing & Trading Ltd. and
BP signed the Agreement.

According to the Agreement, BP will supply LNG to Gazprom
Marketing & Trading Ltd. in 2006 and at the start of 2007.
Gazprom Marketing & Trading Ltd will sell LNG at the markets of
the Atlantic basin countries.  Gazprom Marketing & Trading Ltd
will determine points of cargo delivery due to market
requirements.

The first BP tanker with LNG in the volume of 135000 m3 was
loaded to day in the sea port of Point Fortin (Trinidad and
Tobago) to go to regasifying terminal in Cove Point, Maryland
(U.S.A.).

"Gazprom is the world's largest gas company may become the
leading LNG supplier to the Atlantic basin countries in future,"
Anne Queen, BP Vice-President on gas, LNG and gas condensates,
said.  "The Agreement signed is the excellent example of
successful and mutually beneficial cooperation of our countries.
We are striving to find out new possibilities to strengthen our
relations in future."

"The Agreement signed anoth step to enlarge LNG contract
portfolio," Alexander Medvedev, Gazprom Management Committee
Deputy Head, said.  "Alliance with BP will enhance further
successful development of company policy in LNG market."

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                        *     *     *

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

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

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


INVESTMENTS CORPORATE: N. Birulya to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. N. Birulya
as Insolvency Manager for CJSC Investments and Corporate
Financing (TIN 7014018517).  He can be reached at:

         N. Birulya
         Post User Box 4438
         634057 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-4492/06.

The Debtor can be reached at:

         CJSC Investments and Corporate Financing
         Traktovaya Str. 76.
         Kurlek
         634077 Tomsk Region
         Russia


KAMSKO-USTUNSKIY: Court Names I. Gilyazov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. I.
Gilyazov as Insolvency Manager for OJSC Kamsko-Ustunskiy Agro-
Khim-Service.  He can be reached at:

         I. Gilyazov
         Post User Box 5
         GOS 3
         Chistopol
         422983 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-38648/2005-SG4-26.

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:

         Kamsko-Ustunskiy Agro-Khim-Service
         K. Marksa Str. 103
         Kamskoye-Ustye
         Tatarstan Republic
         Russia


LIQUEUR-VODKA KANSKIY: M. Trubachev to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. M.
Trubachev as Insolvency Manager for OJSC Liqueur-Vodka Kanskiy.
He can be reached at:

         M. Trubachev
         Lenina Str. 62A-10
         660049 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-25849/04-s4.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Liqueur-Vodka Kanskiy
         Moskovskay Str. 12
         Kansk
         663600 Krasnoyarsk Region
         Russia


LIQUID GLASS: Court Names Sh. Fazailov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. Sh. Fazailov as
Insolvency Manager for CJSC Liquid Glass (TIN 7721004903).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-23990/06-88-165 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Liquid Glass
         Ryazanskiy Pr. 8A
         109507 Moscow
         Russia


MAKUSHINSKIY: Court Names D. Ustyuzhanin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. D.
Ustyuzhanin as Insolvency Manager for OJSC Makushinskiy Butter
Making Plant.  He can be reached at:

         D. Ustyuzhanin
         K. Myagotina Str. 117/21
         Kurgan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-2462/2006.

The Debtor can be reached at:

         OJSC Makushinskiy Butter Making Plant
         Zavodskaya Str. 5
         Makushino
         Kurgan Region
         Russia


MEAT PROCESSING: Court Names I. Aleulova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Ms. I.
Aleulova as Insolvency Manager for LLC Meat Processing Complex.
She can be reached at:

         I. Aleulova
         Post User Box 512
         394036 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-6337/2006/31/33b.

The Debtor can be reached at:

         LLC Meat Processing Complex
         Oktyabrskaya Str.
         Zakhlebnoye
         Novaya Usman
         Voronezh Region
         Russia


MURYGINSKIY BRICKWORKS: I. Turkov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Mr. I. Turkov
as Insolvency Manager for CJSC Muryginskiy Brickworks.  He can
be reached at:

         I. Turkov
         Yartsevo, Gagarina Str. 15.
         215800 Smolensk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-1985/2006(881-N/06).

The Debtor can be reached at:

         CJSC Muryginskiy Brickworks
         Pochinskiy Region
         216400 Smolensk Region
         Russia


NAFTOGAZ NJSC: Fitch Affirms Sr. Unsecured Rating at B+
-------------------------------------------------------
Fitch Ratings placed NJSC Naftogaz of Ukraine's US$500 million
8.125% loan participation note due 2009 a RR4 Recovery Rating.
The senior unsecured rating of the note is affirmed at B+.

Noteholders continue to rely on a senior unsecured liability of
Naftogaz for repayment.

The RR4 rating is based on a bespoke analysis of the company's
asset base available to meet the claims of noteholders as
reported in recently obtained 2005 IFRS financial results.  The
rating reflects average recovery prospects in the event of
default.  Recovery Ratings for Ukrainian corporates are
presently capped at the RR4 level.

In April 2006 Fitch downgraded Naftogaz's Issuer Default Rating
and senior unsecured rating to B+ from BB-.  The downgrade
reflected expectations that Naftogaz could be facing a serious
liquidity constraint as the company seeks to cope with rising
natural gas costs in a regulated domestic price environment.

The Outlook remains Negative, reflecting Fitch's concerns over
potential price increases for Ukraine to import gas.  Under the
current agreement with Russia's Gazprom, transportation tariffs
through Ukraine are fixed for five years, whereas gas prices for
Ukraine could be reviewed every six months and are expected to
rise in 2007.


NOYABRSK-GAS-SERVICE: Filing of Claims Ends October 5
-----------------------------------------------------
Creditors of OJSC Noyabrsk-Gas-Service (TIN 8905003309) have
until Oct. 5 to submit written proofs of claim to:

         E. Aleskerov, Insolvency Manager
         Post User Box 27
         Sherbinka
         142171 Moscow Region
         Russia

The Arbitration Court of Yamalo Nenetskiy Autonomous Region
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A81-3279/2005.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Noyabrsk-Gas-Service
         Entuziastov Str. 29
         Noyabrsk
         692809 Yamalo Nenetskiy Autonomous Region
         Russia


NYAGAN-GOR-TORG: Bankruptcy Hearing Slated for Dec. 18
------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
will convene on Dec. 18 to hear the bankruptcy supervision
procedure on OJSC Nyagan-Gor-Torg.  The case is docketed under
Case No. A75-4439/2006.

The Temporary Insolvency Manager is:

         E. Zhikharev
         Office 500
         Krasina Str. 7a
         625003 Tyumen
         Russia

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         628012 Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         OJSC Nyagan-Gor-Torg
         Sibirskaya Str. 19
         Nyagan
         628183 Khanty-Mansiyskiy Autonomous Region
         Russia


ORSKAYA GARMENT: Orenburg Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Orenburg Region commenced bankruptcy
supervision procedure on LLC Orskaya Garment Factory (TIN
56140201629).

The case is docketed under Case No. A47-6032/06-14GK.

The Temporary Insolvency Manager is:

         A. Taushev
         Gaya Str. 23A.
         460000 Orenburg 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:

         LLC Orskaya Garment Factory
         Komsomola Str. 43
         Leninskogo
         Orsk
         462411 Orenburg Region
         Russia


PODSHIVALOVSKOYE: Court Names A. Kolpakov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. A.
Kolpakov as Insolvency Manager for OJSC Podshivalovskoye.  He
can be reached at:

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-120/2005-G2.

The Debtor can be reached at:

         OJSC Podshivalovskoye
         Podshivalovo
         Zavyalovskiy Region
         Udmurtiya Republic
         Russia


PROGRESS: Court Names A. Fazlyev as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. A.
Fazlyev as Insolvency Manager for CJSC Progress.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-4983/2006-60-43.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Progress
         Satka
         Chelyabinsk Region
         Russia


ROSNEFT OAO: Admits Possible Purchase of Yukos Assets
-----------------------------------------------------
OAO Rosneft Vice President Peter O'Brian said the company might
buy some assets from OAO Yukos Oil Co. to optimize the balance
between oil refining and production, RIA Novosti reports.

Yukos, declared bankrupt on Aug. 1, is currently appealing the
bankruptcy ruling, making the situation with Yukos assets
unclear, Mr. O'Brian revealed.  He said that Rosneft also had to
look in its portfolio for the money to purchase assets, RIA
Novosti relates.

According to Mr. O'Brian, Rosneft had no plans to purchase
assets abroad, but indicated plans to swap some assets for oil
refineries in China, the Russian news and information agency
relates.  The company, however, was ready to consider purchasing
oil assets in the Bashkortostan Republic if the moves proved to
be economically expedient, RIA added.

Some 20 creditors asserted up to US$16.2 billion in claims
against Yukos, including, among others:

         Yuganskneftegas
           (now owned by Rosneft)       US$4.07 billion
         Federal Tax Service            US$11.6 billion
         OAO Rosneft Oil Co.            US$482 million

                       Stock Flotation

On July 14, Rosneft closed the books on Russia's biggest
flotation and the world's fifth largest, placing 1.4 billion
ordinary shares in Moscow and London worth US$10.4 billion.

Mr. O'Brian said the company has no plans to float additional
shares.

Rosneft expects to use proceeds from the IPO to pay off a US$7.5
billion syndicated bank loan that helped finance the state
buyback of a 10.7% stake in Gazprom.

Rosneft president Sergei Bogdanchikov, who acquired 0.0013% of
shares worth about US$1 million, previously disclosed that three
strategic investors had subscribed for US$3 billion of the
company's shares.  He also cited subscriptions from, among
others:

         BP Plc                  US$1 billion
         Petronas                US$1.5 billion
         China National
          Petroleum Corp.        US$500 million
         Private Russian
          investors              US$755 million

Rosneft top executives acquired a 0.0179% stake in the company
with Hans-Jorg Rudloff, a member of the board of directors,
acquiring the largest stake at 0.0071%.

                           About Yukos

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

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

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

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

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

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

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services raised its long-term corporate credit and senior
unsecured debt ratings on Russia-based OJSC Oil Company Rosneft
to 'BB' from 'B+'.  S&P said the outlook is stable.


SEL-KHOZ-TEKHNIKA: V. Kryuchkovskiy to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. V.
Kryuchkovskiy as Insolvency Manager for CJSC Sel-Khoz-Tekhnika.
He can be reached at:

         V. Kryuchkovskiy
         Post User Box 271
         Mezhdurechensk
         652870 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-2726/06.

The Debtor can be reached at:

         CJSC Sel-Khoz-Tekhnika
         Traktornaya Str. 1
         Krivosheino
         Krivosheinskiy Region
         646300 Tomsk Region
         Russia


TATNEFT OAO: To File 2005 Results with U.S. SEC in November
-----------------------------------------------------------
OAO Tatneft revealed the expectations with respect to the filing
of its annual report on Form 20-F for 2005, preliminary
unaudited financial information for the year ended Dec. 31, 2005
under U.S. GAAP, upward revision of estimates of reserves and
future net revenues, and designation of a "Certification Date"
under its American Depositary Receipt Facility.

OAO Tatneft expects the audit of its financial statements for
the year ended Dec. 31, 2005 prepared pursuant to U.S. generally
accepted accounting principles to be completed by the end of
October 2006.

Furthermore, the Company intends to file its annual report on
Form 20-F for the same year with the U.S. Securities and
Exchange Commission shortly after that.

Based on its preliminary 2005 U.S. GAAP Financial Statements,
pending finalization of the financial statements -- including,
inter alia, analysis of banking entities (e.g. Bank ZENIT),
which may need to be consolidated pursuant to FIN46
(Consolidation of Variable Interest Entities) -- and completion
of their audit, the Company expects its:

   -- sales and other operating revenues and net income for the
      year ended Dec. 31, 2005 under U.S. GAAP to be RUR300 bln
      and RUR33 billion, as compared to RUR206.8 billion of
      sales and other operating revenues and RUR23.4 billion of
      net income received in
      2004;

   -- operating, exploration and selling, general and
      administrative expenses for 2005 under U.S. GAAP to rise
      to RUR45.4 billion, RUR1 billion and RUR19 billion
      respectively, from RUR34 billion, RUR0.9 billion and RUR17
      billion in 2004;

   -- transportation costs under U.S. GAAP in 2005 to fall to
      RUR8.5 billion from RUR9 billion in 2004;

   -- cost of purchased oil and refined products in 2005 under
      U.S. GAAP to rise to RUR50 billion, as compared to RUR39
      billion in 2004;

   -- lifting costs, general and administrative expenses and
      transportation costs relating to crude oil production in
      2005 to be US$2.93, US$1.12 and US$1.17 per barrel of
      crude oil produced, respectively -- as compared to 2004 of
      US$2.48, US$1.13 and US$1.15 per barrel of crude oil
      produced in 2004);

   -- short-term debt and long-term debt, excluding notes
      payable, under U.S. GAAP as of Dec. 31, 2005 to decrease
      to RUR5.9 billion and 1.8 billion respectively, from RUR18
      billion and RUR9.5 billion as of Dec. 31, 2004
      respectively; and

   -- interest expense in 2005 under U.S. GAAP to fall to RUR1.2
      billion, as compared to RUR1.4 billion in 2004.

The Company also revealed that Miller & Lents, Ltd., independent
petroleum engineering consultants, upon instructions from the
Company, revised their previously reported estimates of oil and
gas reserves and future net revenues as of Jan. 1, 2006.

The revision was triggered by an adjustment of the conversion
rate used to convert barrels into tons and by the extension of
the Company's production license for its largest Romashkinskoye
field announced by the Company on Aug. 22, 2006, resulting in an
upward revision of the reserves and future net revenues
estimates.  The revision does not affect any other previously
issued reports by Miller & Lents, Ltd. relating to the Company's
oil and gas reserves.

The Company will file the revised report by Miller & Lents, Ltd.
on the Company's oil and gas reserves and future net revenues as
of Jan. 1, 2006, as an annex to the 2005 20-F.

Finally, the Company also revealed that it has designated Oct.
30, 2006 as a "Certification Date" pursuant to Section 4.12 of
the Amended and Restated Deposit Agreement, dated as of July 10,
2006, between the Company, The Bank of New York, as Depositary,
and owners and beneficial Owners of Global Depositary Receipts.

As a consequence, as noted in the Company's previous press
releases, the ordinary shares of the Company underlying all GDRs
except those beneficially owned by persons who, on or before the
Certification Date,

  (i) have certified that they are not "resident in the
      United States" or

(ii) have certified that they are "qualified institutional
      buyers" and have been approved by the Company,

will be sold by the Depositary outside the United States
pursuant to Regulation S under the U.S. Securities Act of 1933,
as amended, and, upon completion of those sales, the proceeds of
those sales will be transferred to the beneficial holders of
such GDRs.  The certification process will be administered by
the Depositary.

Owners and beneficial owners of GDRs may withdraw the ordinary
shares of the Company evidenced by their GDRs at any time prior
to the earlier of the Certification Date and the date on which
they provide to the Depositary the certification described

                     About the Company

Tatneft JSC explores for, produces, refines and markets crude
oil.  The company operates a chain of retain gasoline filling
stations and exports some of its petrochemical products to
former Soviet Union countries and Europe.

                        *     *     *

As reported in TCR-Europe on Aug. 28, Standard & Poor's Ratings
Services withdrew its 'B-' long-term corporate credit rating on
Russia-based oil company Tatneft OAO.  The rating had been
placed on CreditWatch with negative implications on April 14,
due to a continuing lack of consistent information on the
company's financial position.


TETYUSHSKIY BACON: Bankruptcy Hearing Slated for Oct. 17
--------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at
12:00 p.m. on Oct. 17 to hear the bankruptcy supervision
procedure on LLC Agro Company Tetyushskiy Bacon.  The case is
docketed under Case No. A65-6245/2006-SG4-16.

The Temporary Insolvency Manager is:

         V. Sabirov
         Office 815
         Protochnaya Str. 8
         Kazan
         420124 Tatarstan Republic
         Russia

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:

         LLC Agro Company Tetyushskiy Bacon
         Sverdlova Str. 159
         Teyushi
         Tatarstan Republic
         Russia


TIB FINANCE: Moody's Rates Loan Participation Notes at B1
---------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the Loan
Participation Notes to be issued on a limited recourse basis by
TIB Finance p.l.c. for the sole purpose of funding a loan to
TRUST Investment Bank.  The outlook for the rating is stable.

The holders of the notes will be relying for repayment solely
and exclusively on TIB's ability to make payments under the loan
agreement.  Moody's B1 rating is based on TIB's fundamental
credit quality.

The obligations of TIB to make payments under the loan agreement
will rank at all times at least pari-passu with the claims of
all other unsubordinated creditors of the borrower, save for
those claims that are preferred by any relevant law.  The loan
agreement contains a cross-acceleration clause as well as
covenants that limit mergers, disposals and transactions with
affiliates.

According to Moody's, the notes might be eligible for early
redemption by the noteholders in the event of a change of
control over the TIB Holdings Ltd. and ZAO Trust Management,
holding companies which control TIB.

TIB is incorporated in Moscow, Russia, and reported total
consolidated assets of US$1.2 billion in accordance with IFRS as
at June 30, 2006.


TOMSKAYA: Tomsk Court Names I. Gorn as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. I. Gorn as
Insolvency Manager for LLC Tomskaya Furniture-Mirror Factory.
He can be reached at:

         I. Gorn
         Post User Box 2513
         634045 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-4258/06.

The Debtor can be reached at:

         LLC Tomskaya Furniture-Mirror Factory
         Rozy Lyuksemburg, 115
         Tomsk Region
         Russia


TRUST BUILDER: Court Names N. Kuzakov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. N. Kuzakov
as Insolvency Manager for CJSC Trust Builder.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-10665/06-29.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Trust Builder
         Sovetskaya Str. 6
         Irkutsk Region
         Russia


TUGANSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Starts
-----------------------------------------------------------
The Arbitration Court of Tomsk Region has commenced bankruptcy
supervision procedure on LLC Tuganskaya Sel-Khoz-Tekhnika.  The
case is docketed under Case No. A67-5530/06.

The Temporary Insolvency Manager is:

         V. Chayka
         Post User Box 4196
         634061 Tomsk Region
         Russia

The Debtor can be reached at:

         LLC Tuganskaya Sel-Khoz-Tekhnika
         Chulymskaya Str. 30A
         Malinovka
         Tomsk Region
         Russia


TUGULYMSKIY: Bankruptcy Hearing Slated for Nov. 22
--------------------------------------------------
The Arbitration Court of Sverdlovsk will convene on Nov. 22 to
hear the bankruptcy supervision procedure on OJSC Tugulymskiy
Wood-Prom-Khoz.  The case was docketed under Case No. A60-13586/
06-S11.

The Temporary Insolvency Manager is:

         A. Yulygin
         Office 500
         Krasina Str. 7a
         625004 Tyumen
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia


The Debtor can be reached at:

         OJSC Tugulymskiy Wood-Prom-Khoz
         Klubnaya Str. 31
         Lugovskoy
         Tugulymskiy Region
         623660 Sverdlovsk Region
         Russia


TULUNSKIY: Irkutsk Court Names A. Vysokikh as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. A.
Vysokikh as Insolvency Manager for Tulunskiy Wood-Processing
Combine (TIN 3839000487).  He can be reached at:

         A. Vysokikh
         Office 308
         Proletarskaya Str. 1A
         Ust-Kut
         666780 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-11204/06-37.

The Debtor can be reached at:

         Tulunskiy Wood-Processing Combine
         Zarubina Str. 15
         Tulun
         Irkutsk Region
         Russia


SOUTHERN TELECOM: Redeems Series 01 Bonds & Repays 6th Coupon
-------------------------------------------------------------
Southern Telecommunications Company (UTK) redeemed the nominal
value of UTK series 01 bonds (UTK-01ob., ISIN RU0009071088) to
the amount of RUR1.5 million on Sept. 14, 2006

At the same time the Company paid out in full the sixth coupon
income on the bonds Under the Decision of the Company's Board of
Directors total amount of the sixth coupon yield to be paid
under all UTK series 01 bonds made 14.24% annual rate or
RUR106,500.  The coupon income on one bond amounted to RUR71.00.

The cut-off date of the register of the holders of UTK series 01
bonds entitled to receive the sixth coupon was Sept. 6, 2006.

Payment agent of series 01 bond issue is NP NDC.

                     About the Bond Issue

   -- volume of the issue of UTK series 01 non-convertible
      interest-bearing documentary pay-to-bearer bonds is RUR
      1.5 billion;

   -- the term to maturity is three years (1,092 days) with
      half-year fixed coupon (182 days),

   -- offer for the redemption is one year from the date of
      placement at 100 % of the par value.

   -- interest rate of 14.24% per annum on the first coupon was
      fixed at the bond placement.  Interest rates on the
      second, third, fourth, fifth and sixth coupons are equal
      to the first coupon interest rate;

   -- State registration number of the bond issue is 4-05-00062-
      A of Aug. 15, 2003; trade codes are UTK-01ob., ISIN
      RU0009071088;

   -- organizers are Promishlenno-stroitelniy bank, Renaissance
      Broker.  Co-organizers of the bond issue are:

         -- Bank "Zenit",
         -- MDM-Bank,
         -- Bank Ingosstrakh-Soyuz,
         -- Transcreditbank, and
         -- Vneshtorgbank.

   -- renaissance Capital acts as Financial Consultant; and

   -- underwriter is CJSC "Management Company Baltic Financial
      Agency".

                      About the Company

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.  Standard & Poor's also assigned junk ratings to the
Company's issuer credit in 2005.



YUKOS OIL: Rosneft Admits Possible Purchase of Bankrupt Assets
--------------------------------------------------------------
OAO Rosneft Vice President Peter O'Brian said the company might
buy some assets from OAO Yukos Oil Co. to optimize the balance
between oil refining and production, RIA Novosti reports.

Yukos, declared bankrupt on Aug. 1, is currently appealing the
bankruptcy ruling, making the situation with Yukos assets
unclear, Mr. O'Brian revealed.  He said that Rosneft also had to
look in its portfolio for the money to purchase Yukos assets,
RIA Novosti relates.

Some 20 creditors asserted up to US$16.2 billion in claims
against Yukos, including, among others:

         Yuganskneftegas
           (now owned by Rosneft)       US$4.07 billion
         Federal Tax Service            US$11.6 billion
         OAO Rosneft Oil Co.            US$482 million

In July, Rosneft raised about US$10.4 billion from an initial
public offering in Moscow and London, which was Russia's biggest
flotation and the world's fifth largest.

According to Mr. O'Brian, Rosneft had no plans to purchase
assets abroad, but indicated plans to swap some assets for oil
refineries in China, the Russian news and information agency
relates.  The company, however, was ready to consider purchasing
oil assets in the Bashkortostan Republic if the moves proved to
be economically expedient, RIA added.

                           About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                           About Yukos

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

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

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

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

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

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


===========
T U R K E Y
===========


ANADOLU EFES: Fitch Lowers Local Currency Default Rating to BB+
---------------------------------------------------------------
Fitch Ratings lowered Turkish brewer Anadolu Efes Biracilik ve
Malt Sanayii A.S.'s local currency senior unsecured and Issuer
Default ratings to BB+ from BBB-.  The National rating is also
downgraded to AA from AA+.

This follows Efes' decision to fully guarantee Efes Breweries
International's new US$300 million syndicated loan.  Following
the downgrade, the Outlooks on the local currency IDR and the
National rating are Stable.

Efes' foreign currency IDR, which is constrained by Turkey's
Country Ceiling, is affirmed at BB with a Positive Outlook.  EBI
is Efes's 70%-owned subsidiary in charge of the international
beer operations.

Efes and EBI confirmed the closing of an US$500 million three-
year syndicated loan, US$200 million of which will be utilized
by Efes and US$300 million by EBI under guarantee from Efes on a
senior unsecured basis.

The proceeds will be used to refinance the US$500 million bridge
loan facility, which was utilized by EBI to fund the acquisition
of the Russian brewer Krasny Vostok as well as to buy out the
minority interest of EBI's Russian subsidiaries and to fund
other investment needs.  EBI has also initiated the procedure
for a rights issue ranging between US$250 million and US$300
million.

Until now, Fitch had analyzed Efes' capacity to service its
unsecured debt in Turkey without taking into account EBI's
contribution.  This is because some of the latter's
subsidiaries's ability to upstream dividends has been restricted
by covenants in some of the outstanding debt, and as EBI is in
an investment phase, little free cash flow has been available
for distribution to Efes.  Consequently Fitch did not include
the debt or the profits of EBI in its analysis.

However, with the issuance of the syndicated loan guaranteed by
Efes, it is now appropriate to consider the consolidated
figures, given that about half of the attributable debt and one
third of the group's EBITDA will be at the EBI level.  On that
basis, Fitch estimates that Efes's gross leverage will be at
about 1.5x debt to EBITDA versus about 0.7x for Efes's Turkish
operations in FY05.

On top of this leverage increase, the downgrade reflects Fitch's
view that the business profile of Efes in Turkey on a stand-
alone basis is stronger than the combined Efes and EBI.  This is
because EBI's market position in Russia cannot be compared with
Efes's leading 80% market share in Turkey.  While Fitch
acknowledges that the Russian market provides more growth
opportunities than the Turkish market, it is also more
competitive and the market structure is still evolving.


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


AGRONAUKA: Court Names Sergij Shishkin as Insolvency Manager
------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Sergij
Shishkin as Liquidator/Insolvency Manager for LLC Agronauka
(code EDRPOU 21347920).  He can be reached at:

         Sergij Shishkin
         Institutska Str. 17/3-47
         29000 Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 1.  The case is docketed
under Case No. 5/13/139-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Agronauka
         Ivan Franko Str. 19
         Starokostyantiniv
         Hmelnitskij Region
         Ukraine


BLAGOVISHENKA BREAD: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on OJSC Blagovishenka Bread Receiving
Enterprise (code EDRPOU 20508568) on July 12.  The case is
docketed under Case No. 19/133/06.

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:

         OJSC Blagovishenka Bread Receiving Enterprise
         Shevchenko Str. 8
         Blagovishenka
         Kamyanko-Dniprovskij District
         Zaporizhya Region
         Ukraine


DEREVOOBROBSERVICE: Court Names Sergij Gorbach as Liquidator
------------------------------------------------------------
The Economic Court of Chernigiv Region appointed Sergij Gorbach
as Liquidator/Insolvency Manager for CJSC Derevoobrobservice
(code EDRPOU 32497669).  He can be reached at:

         Sergij Gorbach
         a/b 45
         Ukrainka
         08720 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 8.  The case is docketed
under Case No. 9/177 b.

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Derevoobrobservice
         Shevchenko Str. 109/3
         Nizhin
         16600 Chernigiv Region
         Ukraine


OLESYA: Zaporizhya Court Names I. Chulakov as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. I.
Chulakov as Liquidator/Insolvency Manager for LLC OLESYA (code
EDRPOU 13610668).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 8.  The case is docketed
under Case No. 21/103/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Olesya
         Lenin Avenue 143
         69035 Zaporizhya Region
         Ukraine


SHTAMP: Court Names Valentin Mirovskij as Insolvency Manager
------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Valentin
Mirovskij as Liquidator/Insolvency Manager for OJSC Instrumental
Plant Shtamp (code EDRPOU 14274280).  He can be reached at:

         Valentin Mirovskij
         Galitska Str. 149/29
         76000 Ivano-Frankivsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 22.  The case is docketed
under Case No. B-7/145.

The Debtor can be reached at:

         OJSC Instrumental Plant Shtamp
         Avtolivmashivska, 1B
         76000 Ivano-Frankivsk Region
         Ukraine


SPECPOSTACHANNYA: Court Names O. Yakubovich as Liquidator
---------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. O. Yakubovich
as Liquidator/Insolvency Manager for LLC Specpostachannya (code
EDRPOU 32508413).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 7.  The case is docketed
under Case No. 21/158-06-4896.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Russia

The Debtor can be reached at:

         LLC Specpostachannya
         Novoshepnij Ryad 2
         65023 Odessa Region
         Ukraine


TRADEMARKET-V: Odessa Court Names V. Goncharuk as Liquidator
------------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. V. Goncharuk
as Liquidator/Insolvency Manager for LLC Trademarket-V (code
EDRPOU 33387178).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 3.  The case is docketed
under Case No. 2/208-06-6585.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Trademarket-V
         Ekaterininska Str. 27
         Odessa Region
         Ukraine


TURA: Court Names Yurij Zubashenko as Insolvency Manager
--------------------------------------------------------
The Economic Court of Volinska Region appointed for LLC
Advertising-Consulting Agency Tura (code EDRPOU 32872380).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 27.  The case is docketed
under Case No. 1/85-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Advertising-Consulting Agency Tura
         Yershov Str. 11
         43000 Lutsk Volinska Region
         Ukraine


ZAPORIZHSPETSMETIZ: Court Names Oleksij Zabrodin as Liquidator
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Oleksij
Zabrodin as Liquidator/Insolvency Manager for LLC
Zaporizhspetsmetiz (code EDRPOU 33328285).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 14.  The case is docketed
under Case No. 25/134/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Zaporizhspetsmetiz
         Rekordna Str. 20-a/202
         69037 Zaporizhya Region
         Ukraine


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


5 STAR: Appoints Joint Liquidators from Begbies Traynor
-------------------------------------------------------
Jamie Taylor and Lloyd Biscoe Begbies Traynor were appointed
Joint Liquidators of 5 Star Personnel Limited on July 21 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         5 Star Personnel Limited
    379 Gloucester Road
    Horfield
    Bristol
    Avon BS7 8TN
    United Kingdom
    Tel: 0117 907 5354


A.E.M. LIMITED: Claims Filing Period Ends Oct. 31
-------------------------------------------------
Creditors of A.E.M. (Tyneside) Limited (fka Swalwell Motorist
Centre) have until Oct. 31 to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to appointed Liquidator E. Walls of Marlor Walls at:

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

The company can be reached at:

    A.E.M. (Tyneside) Limited
    13 Lyndhurst Terrace
    Swalwell
    Newcastle Upon Tyne NE163DY
    United Kingdom
    Tel: 0191 496 0138


ACCESS WINDOWS: David Fields Leads Liquidation Procedure
--------------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of
Access Windows Limited on July 20 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Access Windows Limited
    Unit 8
    Loomer Road Industrial Estate
    Loomer Road
    Newcastle
    Staffordshire ST5 7LB
    United Kingdom
    Tel: 01782 565900


ACUMA FLEET: Brings In Administrators from Begbies Traynor
----------------------------------------------------------
David Acland and Sarah Bell of Begbies Traynor were appointed
joint administrators of Acuma Fleet Services Limited (Company
Number 04556949) on Aug. 1.

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

Headquartered in Manchester, United Kingdom, Acuma Fleet
Services Limited maintains and repairs motors.


AEROBOX PLC: Suspends Shares as U.S. Unit Files for Chapter 11
--------------------------------------------------------------
AeroBox plc suspended the trading of its shares on the AIM
market of the London Stock Exchange on Sept. 15, pending
clarification of the company's financial position.

The company's directors advised that AeroBox Composite
Structures, AeroBox's operating subsidiary, should seek court
protection under Chapter 11 of the U.S. Bankruptcy Code.  This
process is scheduled to commence this week.

The company said that its funding options have now been
exhausted and with limited cash resources, the Board has
requested an immediate suspension of trading in the Company's
shares in order to seek the best possible outcome for all
shareholders.

Early last week, creditor Laurus Master Fund suspended a US$3
million revolving debt funding facility but agreed to provide
sufficient funds for specific applications within a structure
agreed with the Board of ACS.

This agreement with LMF is for the specific purpose of
converting the existing unit load devices (ULD) stock and work-
in-progress into cash and for the exclusive benefit of LMF, the
debenture holder.  This agreement does not currently include any
funding for payment of previous creditors and does not address
cash requirements for the production of future orders.  The
initial plan was to complete the orders in progress by mid-
September.  This has not been possible in the cash constrained
position ACS was placed although LMF has advanced further funds
for short-term requirements and discussions are in progress with
LMF over future funding for the remaining unfinished and future
orders.  This discussion is taking place in the knowledge
that one customer is actively considering the purchase of all
materials for its ULD order as an aid to cash flow.

As a result, ACS' Board is currently seeking professional advice
on available options.

The current LMF funding has constrained UniversalCore and
OvoCorp to the extent that they have been unable to trade and
consequently a decision has been taken to close these operations
effective immediately.

                  Executive Resignations

Stephen Mendola and Rainer Duchene tendered their resignations
from the ARX board on Sept. 8.

The Board of ARX has accepted Friday the resignation of Jeremy
Knight, the recently appointed Group Finance Director.

ARX said it currently has very limited funds and is urgently
reviewing alternative sources of finance.  However, given the
level of uncertainty in its main subsidiary, ACS, this is
proving difficult.

                     About the Company

Headquartered in London, United Kingdom, Aerobox plc --
http://www.aeroboxplc.com/-- acts as a holding company and has
traded on the AIM market of the London Stock Exchange.  It has
one 100% owned subsidiary-Aerobox Composite Structures LLC (fka
Aerospace Composite Structures LLC) that was formed in September
1998 in Albuquerque, New Mexico, USA, to exploit composites
technology and was acquired by Aerobox plc in March 2003.


ALIXPARTNERS: Moody's Rates Proposed US$435 Mil. Sr. Loan at B1
---------------------------------------------------------------
Moody's Investors Service assigns a B1 first time rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility (US$385 million term loan and US$50 million revolver)
and a B1 corporate family rating.  The ratings for the secured
credit facility reflect both the overall probability of default
of the company, to which Moody's assigns a PDR of B2, and a loss
given default of LGD 3 for the credit facility.  The rating
outlook is stable.

On Aug. 3, 2006, AlixPartners entered into an agreement whereby
Hellman & Friedman LLC and AlixPartners' managing directors and
employees will acquire a majority equity stake in the company in
a leveraged recapitalization.  Pursuant to the recapitalization,
AlixPartners Holdings, Inc., an entity controlled by the
company's founder, agreed to sell 80.1% of the AlixPartners'
partnership units.  The transaction values AlixPartners at
US$872 million, before fees and expenses.  The transaction is
expected to close mid October.

The transaction will be funded with a US$385 million term loan,
US$296 million of cash equity contributed by the sponsor and
US$218 of rollover equity from the founder and management.

The ratings reflect strong business diversity, which helps to
mitigate exposure to cyclicality, a relatively small revenue
base compared to the company's rated peer group, significant pro
forma adjustments to historical financial statements and
concerns about employee retention.  The ratings are supported by
a track record of strong organic growth, stable segment revenues
across economic cycles, a high proportion of variable expenses,
as well as solid pro forma credit metrics.

The B1 rating on the senior secured credit facility reflects an
LGD 3 loss given default assessment as this facility is secured
by a pledge of substantially all of assets of AlixPartners and
its domestic subsidiaries and there is an immaterial amount of
junior non-debt obligations.  In the case of pledges of foreign
stock, the collateral package is limited to 65% of the voting
stock and 100% of the non-voting stock of certain of its first
tier foreign subsidiaries.  The senior secured credit facility
is guaranteed by substantially all the domestic subsidiaries of
the company.

Ratings/assessments assigned:

   * Corporate Family Rating B1;
   * Probability-of-default rating B2;
   * US$385 million senior secured 7 year term loan at B1;
   * US$50 million senior secured 6 year revolver at B1.

The stable outlook anticipates moderate revenue and EBITA growth
over the next 12 to 18 months.  Free cash flow from operations
is expected to be used to pay down debt.

Strong revenue growth accompanied by steady EBITA margins could
lead to a change in outlook to positive.  The ratings could be
upgraded if debt to EBITDA and EBITA to interest are expected to
be sustained at under 3.5 times and over 3 times, respectively.

A loss of key personnel or a downturn in revenues and/or
utilization rates in major lines of business could lead to a
negative outlook.  The ratings could be downgraded if debt to
EBITDA and EBITA to interest are expected to be sustained at
over 5 times and under 1.6 times, respectively.  A significant
debt financed acquisition could also pressure the ratings.

Founded in 1981, AlixPartners is a leading international
business consulting and advisory firm, offering the following
five areas of consulting services financial advisory;
performance improvement; turnaround and restructuring; case
management; and information technology.

AlixPartners has approximately 530 employees operating in 12
offices across the United States, Europe and Asia.  Revenues for
the twelve month period ending July 31, 2006 was US$369.9
million.


ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating and stable outlook to Southfield, Michigan-based
business consulting firm AlixPartners LLP.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating and recovery rating of '3' to AlixPartners' US$435
million senior secured credit facility, indicating an
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.  The credit facility consists of a
US$50 million revolving credit facility due 2012 and a US$385
million term loan B due 2013.

Proceeds of the transaction will be used to finance the
acquisition of a majority interest in AlixPartners by Hellman &
Friedman LLC.  Pro forma for the transaction, total debt
outstanding was US$385 million as of July 31, 2006.

"The ratings reflect AlixPartners' dependence on highly mobile
senior consulting professionals, the competitive market for
consulting services, and some business cycle exposure,
especially as the company gains scale," said Standard & Poor's
credit analyst Andy Liu.

These factors are only partially offset by the company's
somewhat flexible cost structure, strong margins, and potential
for good discretionary cash flow.

AlixPartners specializes in corporate turnaround and
restructuring, financial advisory, performance improvement, case
management, and IT transformation.


ARAMIS INVESTMENTS: Creditors' Meeting Slated for Sept. 21
----------------------------------------------------------
Creditors of Aramis Investments (U.K.) Limited (Company Number
05091806) will meet at 10:30 a.m. on Sept. 21 at:

         B2B Rooms 1 and 2
         Urbis
         Cathedral Gardens
         Manchester M4 3BG
         United Kingdom

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

         Dermot Justin Power and Matthew Dunham
         Joint Administrators
         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         United Kingdom
         Tel: 0161 817 3700
         Fax: 0161 817 3711
         E-mail: manchester@bdo.co.uk

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


BANGLES LTD: Liquidator Sets Oct. 11 Claims Bar Date
----------------------------------------------------
Creditors of Bangles Ltd. have until Oct. 11 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 M. H. Abdulali of
Moore Stephens at:

    M. H. Abdulali
    Moore Stephens
    6 Ridge House
    Ridgehouse Drive
    Festival Park
    Stoke on Trent ST1 5TL
    United Kingdom

The company can be reached at:

    Bangles Ltd.
    Far Gosford Street
    Coventry CV1 5DU
    United Kingdom
    Tel: 024 7655 5550


BATLEY COMMERCIALS: Brings In Liquidator from Rushtons
-------------------------------------------------------
Raymond Stuart Claughton of Rushtons was appointed Liquidator of
Batley Commercials Limited on July 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Batley Commercials Limited
    14 Grange Road
    Soothill
    Batley
    West Yorkshire WF176LN
    United Kingdom
    Tel: 01924 445 535


BETONSPORTS: Costa Rican Employees Allegedly Sell Customer Names
----------------------------------------------------------------
Jim Armitage, writing for the Evening Standard, reports that
employees of the now defunct BetonSports Plc's Costa Rican
operations have been selling databases of customers' names to
the highest bidders.

The lists contain names, email addresses and credit information
of the company's customers.  Mr. Armitage says most of those in
the lists are US gamblers but there are also many Europeans.

The UK gaming company is currently facing a class action suit
filed in the US District Court for the Eastern District of
Missouri on racketeering, mail fraud and facilitation of
gambling across state and national boundaries -- all as results
of taking bets from customers residing in the US.

BetonSports is also facing complaints from gambling information
portals TheOnlineWire, Gambling 911, Alternative Investments
Market Regulatory News Service over the company's Aug. 11
announcement that payments to customers of its Costa Rican and
Antiguan operations are being held by banks and cash processors.

As a result of the alleged database selling, BetonSports players
had reportedly been receiving marketing emails from other sports
betting companies, Mr. Armitage says.  Also, TheOnlineWire
director Roberto Castiglioni has been passed three customer
database lists from different company sources in Costa Rica.

The class action suits have not yet crippled the company
financially but its shares in the London Stock Exchange have
been suspended from trading.

In Costa Rica, where gambling is legal and gambling companies
pay high taxes to the government, the closure of BetonSports'
operations caused officials to worry.  The company's closure
resulted to the retrenchment of 800 employees.  In an interview,
Costa Rican Vice President Laura Chinchilla wanted to form a
regulation within the nation for the online gambling sector that
would benefit it and its workers.

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


BRITISH BATA: Taps Grant Thornton as Joint Administrators
---------------------------------------------------------
Anthony Flynn and Andrew Conquest of Grant Thornton U.K. LLP
were appointed joint administrators of British Bata Limited
(Company Number 02661996) 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.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Headquartered in Essex, United Kingdom, British Bata Limited
manufactures and wholesales footwear.


CA INC: Shareholders Tender 41.2 Million Shares for US$989 Mln
--------------------------------------------------------------
CA Inc. disclosed Friday preliminary results of its tender offer
that expired at 5:00 p.m., New York City time, on Sept. 14,
2006.  In the tender offer, CA offered to purchase for cash up
to 40,816,327 shares of its common stock, par value US$0.10 per
share, including the associated rights to purchase Series One
Junior Participating Preferred Stock, Class A at a per share
purchase price of not less than US$22.50 nor greater than
US$24.50 per share, net to the seller in cash, without interest.

In accordance with the terms and conditions of the tender offer,
based on a preliminary count by Mellon Investor Services LLC,
the depositary for the tender offer, CA expects to accept for
purchase approximately 41.2 million shares of its common stock
at a purchase price of US$24.00 per share, for a total cost of
approximately US$989 million.

The preliminary count by Mellon Investor Services LLC indicates
that 41.2 million shares of common stock, including shares that
were tendered through notice of guaranteed delivery and shares
tendered subject to conditions, were validly tendered and not
validly withdrawn at prices at or below US$24.00 per share.

The number of shares validly tendered and not validly withdrawn
and the purchase price are preliminary and subject to
verification by Mellon Investor Services LLC.  The actual number
of shares validly tendered and not validly withdrawn and the
final purchase price will be announced promptly following the
verification process.  Thereafter, CA will promptly commence
payment for the shares purchased in the tender offer.  Any
shares validly tendered and not purchased due to conditional
tenders or shares tendered at a price above the per share
purchase price will be returned promptly to the tendering
stockholders.

The shares expected to be purchased in the tender offer
represent approximately 7.3% of CA's 567,282,396 shares of
common stock issued and outstanding as of Aug. 11, 2006.  As a
result of the completion of the tender offer, immediately
following payment for the tendered shares, CA expects that
approximately 526.1 million shares of common stock will be
issued and outstanding.

The dealer managers for the tender offer were Banc of America
Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc.

                         About CA Inc.

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

                        *    *    *

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

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


CARS IN FOCUS: Hires David Wald to Liquidate Assets
---------------------------------------------------
David Wald of D. Wald & Co. was appointed Liquidator of Cars in
Focus Management Ltd. on July 11 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Cars in Focus Management Ltd.
    Tye Road
    Elmstead
    Colchester
    Essex CO7 7BB
    United Kingdom
    Tel: 01206 820 216
    Web:  http://car-transportation.near2.me.uk
         http://exhibition-centres.near2.me.uk
         http://exhibition-services.near2.me.uk


CHC HELICOPTER: First Quarter Profit Drops on Increased Expenses
----------------------------------------------------------------
CHC Helicopter Corporation reported unaudited financial results
for the three months ended July 31, 2006.

The Company continues to aggressively expand its fleet to meet
current and future contractual agreements.  Revenue increased
during the first quarter by CDN$41.4 million, excluding the
impact of foreign exchange.  However, the quarter's results have
been affected by the cost of the Company's unprecedented
addition of 19 aircraft to its fleet, resulting in a fleet
increase of 34 aircraft compared to the first quarter of last
year.  Furthermore, foreign exchange has also had a significant
impact on the Company's earnings growth.

As a result of this rapid fleet expansion, the Company
experienced significant aircraft introduction costs which
consist of recruitment and training, crew duplication and
overtime, mobilization costs, and pre-deployment lease and
interest costs.  There is a timing difference between when these
introduction costs are incurred and when an aircraft begins
flying and generating revenue, resulting in a significant
reduction in earnings during this introduction period.  During
the first quarter, very few of the 19 new aircraft earned
revenue while approximately CDN$3.5 million of introduction
costs and approximately CDN$2 million of lease and interest
costs were expensed to prepare these aircraft for deployment in
fiscal 2007.  These introduction costs were particularly high in
Europe where several aircraft, including new aircraft types,
were added to the fleet.

In addition, substantial costs were expensed in the first
quarter in the European Operations and Heli-One segments related
to scheduled and unscheduled maintenance requirements on newly
introduced aircraft, aircraft being modified for current and
future contracts and older aircraft on which unscheduled
maintenance work was required.  These costs totaled
approximately CDN$2.7 million, consisting of CDN$2.4 million in
operating costs and CDN$0.3 million of lease and interest costs.

During the first quarter, the Company continued to be negatively
impacted by the strengthening Canadian dollar, consistent with
previously reported quarters.  Revenue was negatively impacted
by FX of approximately CDN$22.3 million.

During the first quarter, consolidated revenue increased by
CDN$41.4 million or 17% over the same period last year,
excluding the negative impact of FX.  Revenue increased in all
operating segments with Global Operations experiencing a 33%
revenue growth this quarter, excluding FX.  Flying hours in the
first quarter increased by 3,767 hours over the same period last
year and by 4,015 hours from the fourth quarter of last year.

The first quarter was a strong quarter for Global Operations,
with increases in revenue and segment EBITDAR of CDN$25 million
and CDN$12.4 million, respectively, from the same period last
year, excluding the negative impact of FX.  Global Operations
has added 13 new aircraft to its fleet compared to the first
quarter of last year, which is partially offset by aircraft
returned to Heli-One for re-deployment.  The addition of new
aircraft is a major contributing factor to the increases in
revenue and segment EBITDAR in the Global Operations segment.

Net earnings for the first quarter were CDN$8.8 million, a
decrease of CDN$10.4 million from the first quarter last year.

                       About CHC Helicopter

CHC Helicopter Corporation (TSX: FLY.A and FLY.B; NYSE: FLI) --
http://www.chc.ca/-- is the world's largest provider of
helicopter services to the global offshore oil and gas industry
with aircraft operating in more than 30 countries including
Denmark, Ireland, the Netherlands, Norway, and the United
Kingdom.

                           *     *     *

CHC's CDN$250 million senior subordinated notes due 2014 carry
Moody's B2 rating.


COMMUNICATIONS 4: Creditors Confirm Liquidators' Appointment
------------------------------------------------------------
Creditors of Communications 4 U Limited confirmed on July 20 the
appointment of Mark Elijah Thomas Bowen and Nigel Price of Moore
Stephens LLP as the company's Joint Liquidators.

The company can be reached at:

    Communications 4 U Limited
    4 Nimrod House
    Sandys Road
    Malvern
    Worcestershire WR14 1JJ
    United Kingdom
    Tel: 01684 898980


D-TWO AGENCY: Taps M. S. E. Solomons to Liquidate Assets
--------------------------------------------------------
M. S. E. Solomons of SPW Poppleton & Appleby was appointed
Liquidator of D-Two Agency Ltd. on July 19 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    D-Two Agency Ltd.
    38 Charterhouse Square
    London EC1M 6EQ
    United Kingdom
    Tel: 020 7796 5830


DRIVELINE ASSOCIATES: Joint Liquidators Take Over Operations
------------------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Driveline Associates Limited (formerly Copplestones Limited) on
July 20 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Driveline Associates Limited
    3 Barrie Avenue
    Dunstable
    Bedfordshire LU6 1BP
    United Kingdom
    Tel: 01582 670 254


DRY BAG: Appoints Joint Liquidators from Rothman Pantall & Co.
--------------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. (fka Millennium Sports Productions Limited) were
appointed Joint Liquidators of The Dry Bag Company Limited on
July 17 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

    The Dry Bag Company Limited
    26 Curzon Street
    London W1J 7TQ
    United Kingdom
    Tel: 0870 242 7364


EUROSAIL 06-2BL: Fitch Assigns B Rating on GBP1.54-Mln Notes
------------------------------------------------------------
Fitch Ratings assigned expected ratings to Eurosail 06-2BL PLC's
GBP615 million-equivalent mortgage-backed floating-rate notes.

   -- GBP equivalent 258.30 million Class A1, due 2030: AAA;
   -- GBP equivalent 269.05 million Class A2, due 2044: AAA;
   -- GBP equivalent 27.68 million Class B, due 2044: AA;
   -- GBP equivalent 27.68 million Class C, due 2044: A;
   -- GBP equivalent 23.37 million Class D1, due 2044: BBB;
   -- GBP equivalent 7.38 million Class E1, due 2044: BB; and
   -- GBP equivalent 1.54 million Class F1, due 2044: B.

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

This transaction is a securitization of sub-prime and near-prime
residential mortgages originated and located in the U.K.  The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria of Preferred
Mortgages Limited and its servicing capabilities.

The ratings also take into account the servicing capabilities of
Capstone, rated RPS2+U.K. and RPS2+U.K. and of standby servicer,
Homeloan Management Limited rated RPS2+ U.K. and the
transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 14.35%,
provided by the subordination of the Class B notes, the Class C
notes, the Class D1 notes, the Class E notes, the Class F1 notes
and an initial and target reserve fund of 0.1%.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model, with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


EVENTEMP LIMITED: Names Lynn M. Houghton Liquidator
---------------------------------------------------
Lynn M. Houghton was appointed Liquidator of Eventemp (Midlands)
Limited on July 21 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

    Eventemp (Midlands) Limited
    Carrwood Road
    Chesterfield
    Derbyshire S41 9QB
    United Kingdom
    Tel: 01246 453 685


EXETER COMPOSITE: Names Michelle Anne Weir as Administrator
-----------------------------------------------------------
Michelle Anne Weir of Lameys was named administrator of Exeter
Composite Mouldings Limited (Company Number 5254396) on Aug. 30.

The administrator can be reached at:

         Lameys
         1 Courtenay Park
         Newton Abbot
         Devon TQ12 2HD
         United Kingdom
         Tel: 01626 366117
         Fax: 01626 201196
         E-mail: enquiries@lameys.co.uk

Headquartered in Exeter, United Kingdom, Exeter Composite
Mouldings Limited manufactures glass fiber moulds.


EXPRESS WASTE: Nominates Paul John Webb as Liquidator
-----------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of Express Waste Management Services
Limited on July 21 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

    Express Waste Management Services Limited
    Kidderminster
    Worcestershire DY117QA
    United Kingdom
    Tel: 01562 754 740
    Web: http://www.ewms.ltd.uk/


FACTORY OUTLET: Claims Filing Period Ends Oct. 20
-------------------------------------------------
Creditors of Factory Outlet Cars Limited have until Oct. 20 to
send 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
Gerald Maurice Krasner of Bartfields (UK) Limited at:

         Gerald Maurice Krasner
    Bartfields (UK) Limited
    Burley House
    12 Clarendon Road
    Leeds LS2 9NF
    United Kingdom

The company can be reached at:

    Factory Outlet Cars Limited
    Dalton Park
    Murton Street
    Murton
    Seaham
    County Durham SR7 9HZ
    United Kingdom
    Tel: 0191 520 8202
    Web:  http://www.factoryoutletcars.co.uk/


FORD MOTOR: General Motors Merger Unlikely, Analysts Say
--------------------------------------------------------
Industry analysts dismissed a possible merger between General
Motors Corp. and Ford Motor Co. after talks surfaced that the
two rivals had explored a possible union, Nick Bunkley at the
New York Times reports.

The Automotive News reported that the automakers had discussed
the possibility of a merger or alliance in July this year but
that the talks have concluded.

"We consider it highly doubtful that a merger would take place
and do not see the benefits for either company as they attempt
to restructure," The New York Times quotes Standard & Poor's
analyst Efraim Levy.  Analysts interviewed by Reuters also
questioned the logic of a full-blown merger.

GM and Ford declined to comment on the issue.  In a report from
Reuters, GM spokesman Brian Akre said GM routinely meets with
other automakers to discuss issues of mutual interest.  Mr. Akre
added that, as a policy, GM does not publicly comment on these
discussions.

GM and Ford are in the midst of a financial crisis as both
companies struggle to improve revenues and cut costs.

Last week, Ford unveiled a revised version of its "Way Forward"
turnaround plan that is seen to further reduce its capacity and
work force, and ramp up new product introductions.  Ford expects
ongoing annual operating cost reductions of approximately $5
billion from its restructuring efforts.

General Motors is also pondering a possible three-way
alliance with Renault SA and Nissan Motor Co.  Reports of a
possible alliance came in the wake of GM's troubles as it faces
market, production and cost issues.  GM is currently
implementing a turnaround plan that involves plant closures and
job cuts.

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                          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.


FORD MOTOR: Restructuring Cues S&P to Keep Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' long-term
and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities remain on CreditWatch with
negative implications following the announcement of additional
cost-cutting efforts and an accelerated restructuring plan.

The 'BB-' long-term and 'B-2' short-term ratings on FCE Bank
PLC, Ford Credit's European bank, also remain on CreditWatch
with negative implications, reflecting its linkage to the Ford
rating.

Ford's actions, which include buyout offers for all 75,000 U.S.
hourly workers, a 30% reduction in salaried staff, and the
suspension of quarterly dividends, are indicative of the severe
challenges and magnitude of cost reductions the company needs to
turn around--and restore acceptable profitability at--its North
American operations.

In addition, the company announced the departure of at least two
senior managers involved in the North American turnaround.

"The work force reductions and accelerated restructuring efforts
will result in massive special charges and add to the cash burn
already occurring in North America," said Standard & Poor's
credit analyst Robert Schulz, "although in the longer term, the
moves will likely result in future cash savings."

Furthermore, the downsizing and any accelerated product
introductions will entail considerable execution risk.
Evaluating these latest announcements will be a major focus in
resolving the CreditWatch review of Ford.

Standard & Poor's is assessing all ramifications of the
restructuring, as well as Ford's efforts to address other
ongoing challenges, including lower market share and
deteriorating product mix in North America.  Standard & Poor's
expects to resolve the CreditWatch within a week.


GAZPROM MARKETING: To Supply BP LNG to Atlantic Basin Countries
---------------------------------------------------------------
Gazprom OAO and BP Plc concluded a deal to supply LNG to the
Atlantic basin countries.  The Agreement was signed by Gazprom
Marketing & Trading Ltd. and BP.

According to the Agreement, BP will supply LNG to Gazprom
Marketing & Trading Ltd in 2006 and at the start of 2007.
Gazprom Marketing & Trading Ltd will sell LNG at the markets of
the Atlantic basin countries.  Gazprom Marketing & Trading Ltd
will determine points of cargo delivery due to market
requirements.

The first BP tanker with LNG in the volume of 135000 m3 was
loaded to day in the sea port of Point Fortin (Trinidad and
Tobago) to go to regasifying terminal in Cove Point, Maryland
(U.S.A.).

"Gazprom is the world's largest gas company may become the
leading LNG supplier to the Atlantic basin countries in future,"
Anne Queen, BP Vice-President on gas, LNG and gas condensates,
said.  "The Agreement signed is the excellent example of
successful and mutually beneficial cooperation of our countries.
We are striving to find out new possibilities to strengthen our
relations in future."

"The Agreement signed anoth step to enlarge LNG contract
portfolio," Alexander Medvedev, Gazprom Management Committee
Deputy Head, said.  "Alliance with BP will enhance further
successful development of company policy in LNG market."

                        About Gazprom

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

                        *     *     *

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

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

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


GENERAL MOTORS: Ford Merger Unlikely, Analysts Say
--------------------------------------------------
Industry analysts dismissed a possible merger between General
Motors Corp. and Ford Motor Co. after talks surfaced that the
two rivals had explored a possible union, Nick Bunkley at the
New York Times reports.

The Automotive News reported that the automakers had discussed
the possibility of a merger or alliance in July this year but
that the talks have concluded.

"We consider it highly doubtful that a merger would take place
and do not see the benefits for either company as they attempt
to restructure," The New York Times quotes Standard & Poor's
analyst Efraim Levy.  Analysts interviewed by Reuters also
questioned the logic of a full-blown merger.

GM and Ford declined to comment on the issue.  In a report from
Reuters, GM spokesman Brian Akre said GM routinely meets with
other automakers to discuss issues of mutual interest.  Mr. Akre
added that, as a policy, GM does not publicly comment on these
discussions.

GM and Ford are in the midst of a financial crisis as both
companies struggle to improve revenues and cut costs.

Last week, Ford unveiled a revised version of its "Way Forward"
turnaround plan that is seen to further reduce its capacity and
work force, and ramp up new product introductions.  Ford expects
ongoing annual operating cost reductions of approximately $5
billion from its restructuring efforts.

General Motors is also pondering a possible three-way
alliance with Renault SA and Nissan Motor Co.  Reports of a
possible alliance came in the wake of GM's troubles as it faces
market, production and cost issues.  GM is currently
implementing a turnaround plan that involves plant closures and
job cuts.

                         About Ford Motor

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

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                           *     *     *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed March 29,
2006.  The CreditWatch update followed GM's announcement of
second quarter results and other recent developments involving
its bank facility and progress on the GMAC sale.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new $4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up to $4.5 billion being proposed by General Motors Corporation,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


GLOBAL PROFESSIONAL: Taps Liquidator from Tenon Recovery
--------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Global Professional Sports Management Limited on July 18 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Global Professional Sports Management Limited
    15 Princes Park
    Princesway
    Team Valley Trading Estate
    Gateshead
    Tyne And Wear NE110NF
    United Kingdom
    Tel: 0191 491 0101


GUS PLC: Renames Argos to Home Retail Group
-------------------------------------------
GUS PLC disclosed that Argos Retail Group has changed its name
to Home Retail Group.  Argos and Homebase will continue to trade
under their existing brands.

"We are very excited about starting life as a separate public
company under the great new name of Home Retail Group.  This
represents an opportunity to provide a strong and clear identity
which better reflects the unparalleled breadth of home and
general merchandise products that both Argos and Homebase sell,"
Terry Duddy, Chief Executive Officer of Home Retail Group
disclosed.

                        About the Company

Headquartered in London, United Kingdom, GUS Plc --
http://www.gusplc.com/-- is a retail and business services
group.  Its activities comprise general merchandise retailing
through Argos Retail Group and information and customer
relationship management services through Experian.

ARG is the UK's leading multi-brand, multi-channel retailer.  It
has two major businesses, Argos and Homebase.

Experian is a global leader in the market for information
solutions.  It supports clients in more than 60 countries.

                        *     *     *

In a TCR-Europe report on Aug. 3, HSBC Holdings Plc, the trustee
for GUS Plc's bondholders, warned that GUS will default on its
GBP350 million 5.625% bonds due 2013 should shareholders approve
a plan to split the company into two.


GUS PLC: Demerger Update on Home Retail Group & Experian
--------------------------------------------------------
GUS PLC published Prospectuses for Home Retail Group PLC (fka
ARG Holdings (U.K.) PLC) and Experian Group Limited.

The company also posted other documents relating to the Global
Offer in Experian.

Experian intends to raise GBP800 million through the Global
Offer, before commissions, fees and expenses, which comprised an
Existing Shareholder Offer of approximately GBP600 million and a
New Investor Offer of approximately GBP200 million.

                    Existing Shareholder Offer

In addition to the Experian shares to which they will be
entitled through the demerger of GUS into Home Retail Group and
Experian, existing shareholders in GUS who were on the register
at close of business on Sept. 11 were invited to subscribe for
approximately GBP600 million by value of new shares in Experian
in the Existing Shareholder Offer on a pro rata basis.

Arrangements have been made for any entitlements not taken up
under the Existing Shareholder Offer to be offered to
institutional and certain other investors as part of the New
Investor Offer.

                       New Investor Offer

Under the New Investor Offer, new Experian shares are expected
to be made available to institutional and certain other
investors in the U.K. and elsewhere.  Existing institutional
investors in GUS will be entitled to participate in the New
Investor Offer as well as the Existing Shareholder Offer.

                   Indicative Offer Price Range

Shares subscribed for under the Global Offer will be issued at
the Offer Price expected to be determined and announced on
Oct. 6.  The Offer Price is currently expected to be within the
Indicative Offer Price Range, which has been set at between 475p
and 610p per Ordinary Experian Share.

GUS shareholders who hold fewer than 800 shares at 4:30 p.m. on
Oct. 6, will be given the opportunity to sell all their Experian
and/or Home Retail Group shares resulting from the demerger,
free of charge.  Any Experian shares elected to be sold through
this mechanism will be aggregated and sold alongside the New
Investor Offer.  Any Home Retail Group shares elected to be sold
will be aggregated and sold in the market as soon as practicable
following Admission.

The expected timetable include:

           Date   Event
           ----   -----
   Oct. 5, 2006   Last date for receipt of completed application
                  forms under the Existing Shareholder Offer at
                  3:00 p.m.

   Oct. 6, 2006   Suspension of listing of, and dealings in,
                  GUS shares at 4.30 p.m.

   Oct. 9, 2006   When issued dealings commence in ARG and
                  Experian shares

   Oct. 10, 2006  Demerger becomes effective

   Oct. 11, 2006  Shares in ARG and Experian commence trading at
                  8:00 a.m.

As disclosed on Aug. 29, GUS shareholders approved the proposed
separation of GUS' two businesses, Argos Retail Group and
Experian, by means of a demerger.  GUS's invitation to tender
has given noteholders who were concerned about the effect of the
demerger the opportunity to decide whether they wished to sell
or to retain their notes.

"We note that a small proportion of the 2013 noteholders have
accepted our offer, but most of the noteholders wish to retain
their notes as obligations of Experian.  The outcome has no
effect on the demerger, which is on track to be completed by
mid-October," David Tyler, finance director of GUS disclosed.

In a TCR-Europe report on Aug. 3, HSBC Holdings Plc, the trustee
for GUS Plc's bondholders, warned that GUS will default on its
GBP350 million 5.625% bonds due 2013 should shareholders approve
a plan to split the company into two.

                        About the Company

Headquartered in London, United Kingdom, GUS Plc --
http://www.gusplc.com/-- is a retail and business services
group.  Its activities comprise general merchandise retailing
through Argos Retail Group and information and customer
relationship management services through Experian.

ARG is the UK's leading multi-brand, multi-channel retailer.  It
has two major businesses, Argos and Homebase.

Experian is a global leader in the market for information
solutions.  It supports clients in more than 60 countries.


HEAVYWEIGHT LEISURE: Calls In Joint Liquidators from Kelmanson
--------------------------------------------------------------
John Kelmanson and Elias Paourou of The Kelmanson Partnership
were appointed Joint Liquidators of Heavyweight Leisure Limited
(t/a Mission Nightclub) on July 12 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Heavyweight Leisure Limited
    16 Eastman Road
    London W3 7YG
    United Kingdom
    Tel: 020 8746 2046


ICICI BANK: Appoints S R Batliboi as Statutory Auditors
-------------------------------------------------------
Members of ICICI Bank Ltd at the 12th Annual General Meeting
held on July 22, 2006, have accorded the:

   -- adoption of the audited Profit and Loss Account for the
      financial year ended March 31, 2006, the Balance Sheet
      as of that date and the Reports of the Directors and
      Auditors;

   -- declaration of dividend on preference shares at the rate
      of 0.001% for the year ended March 31, 2006;

   -- declaration of dividend on equity shares at the rate of
      INR8.50 per equity share of INR10 each for the year ended
      March 31, 2006;

   -- reappointment of L N Mittal, P M Sinha, V Prem Watsa and
      Lalita D Gupte as directors of the bank, liable to retire
      by rotation;

   -- appointment of S R Batliboi & Co. Chartered Accountants as
      Statutory Auditors of the bank to hold office until the
      conclusion of the next Annual General Meeting;

   -- authorization of the Board to appoint branch auditors, as
      and when required, in consultation with the statutory
      auditors, to audit the accounts in respect of the
      company's branches or offices in India and abroad, on
      remuneration, terms and conditions; and

   -- appointment of R K Joshi and Narendra Murkumbi as
      directors of the bank, liable to retire by rotation.

                        About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.


LEISURETRONICS LTD.: Appoints Lines Henry as Administrators
-----------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
joint administrators of Leisuretronics (U.K.) Ltd. (Company
Number 05107712) on Aug. 25.

The administrators can be reached at:

         Lines Henry
         27 The Downs
         Altrincham
         Cheshire WA14 2QD
         United Kingdom
         Tel: 0161 929 1905

Headquartered in Manchester, United Kingdom, Leisuretronics
(U.K.) Limited sells electronics and fancy goods.


M.T.S. LOGISTICS: Claire L. Dwyer Leads Liquidation Procedure
-------------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of M.T.S. Logistics Limited (formerly MTS North West
Express Limited) on July 11 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    M.T.S. Logistics Limited
    114 Templecombe Drive
    Bolton BL1 7TD
    United Kingdom
    Tel: 01204 394 777


MEDIA PRO: Brings In Richard Rones to Liquidate Assets
------------------------------------------------------
Richard Rones of ThorntonRones was appointed Liquidator of Media
Pro (Services) Limited on July 12 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Media Pro (Services) Limited
    Cambridge Road
    Harlow
    Essex CM202ER
    United Kingdom
    Tel: 01279 418 597


MICROPLUS COMPUTER: Creditors' Meeting Slated for Sept. 25
----------------------------------------------------------
Creditors of Microplus Computer Consultants Limited (Company
Number 03081274) will meet at 10:00 a.m. on Sept. 25 at:

         49 London Road
         St. Albans
         Hertfordshire AL1 1LJ
         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. 22 at:

         Peter Wastell and Michael Young
         Joint Administrators
         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire AL1 1HD
         United Kingdom
         Tel: 01727 811111
         Fax: 01727 810057

Headquartered in West Sussex, Vantis PLC --
http://www.vantisplc.com/-- provides accounting, business and
tax advisory services in the United Kingdom.


MIND ORCHARD: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of Mind Orchard Limited confirmed on July 12 the
appointment of Malcolm Fillmore and Ranjit Bajjon of Atherton
Bailey LLP as the company's Joint Liquidators.

The company can be reached at:

    Mind Orchard Limited
    11a Jew Street
    Brighton
    East Sussex BN1 1UT
    United Kingdom
    Tel: 01273 737122


MOBITEK LIMITED: Names Andrew Rosler to Liquidate Assets
--------------------------------------------------------
Andrew Rosler of Ideal Corporate Solutions Limited was appointed
Liquidator of Mobitek Limited on July 12 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Mobitek Limited
    A D M Building
    Deepdale Mill Street
    Preston PR1 5BY
    United Kingdom
    Tel: 01254 660 033


MULTICOLOR U.K.: Brings In Administrators from McTear Williams
--------------------------------------------------------------
Andrew McTear and Chris Williams of McTear Williams & Wood were
appointed joint administrators of Multicolor U.K. Limited
(Company Number 01551308) on Sept. 4.

The administrators can be reached at:

         McTear Williams & Wood
         De Vere House
         90 St Faiths Lane
         Norwich
         Norfolk NR1 1NE
         United Kingdom
         Tel: 01603 877540
         Fax: 01603 877549
         E-mail: chriswilliams@mw-w.com

Multicolor U.K. Limited can be reached at:

         Nacton Road
         Ipswich
         Suffolk IP3 9QP
         United Kingdom
         Tel: 01473 321 100
         Fax: 01473 270 671
         Web: http://www.multicolor.co.uk/


NICI U.K.: Appoints Alison M. Byrne to Liquidate Assets
-------------------------------------------------------
Alison M. Byrne of Byrne Associates was appointed Liquidator of
Nici U.K. Limited on July 13 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Nici U.K. Limited
    Lister House
    Station Road
    Gloucester GL1 1DH
    United Kingdom
    Tel: 01452 522225


OAKLEA CLUB: Appoints J. M. Titley as Liquidator
------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed Liquidator of
Oaklea Club Limited on July 13 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Oaklea Club Limited
    11 Cannon Street
    Accrington
    Lancashire BB5 1NJ
    United Kingdom
    Tel: 01254 234 048


ORIGIN FINANCIAL: Hires Claire L. Dwyer as Liquidator
-----------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of Origin Financial Services Limited on July 25 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Origin Financial Services Limited
    3000 Manchester Business Park
    Aviator Way
    Manchester
    Lancashire M22 5TG
    United Kingdom
    Tel: 0845 6023676


OX LIMITED: Taps Barry P. Knights to Liquidate Assets
-----------------------------------------------------
Barry P. Knights of Knights & Company was appointed Liquidator
of Ox Limited on July 18 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

    Ox Limited
    New Baltic Wharf
    Evelyn Street
    London SE8 5RJ
    United Kingdom
    Tel: 020 8469 3331


PAUL TAYLOR: Hires Liquidator from Shaw & Company
-------------------------------------------------
Clive Everitt of Shaw & Company was appointed Liquidator of Paul
Taylor (Electrical) Limited on July 21 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Paul Taylor (Electrical) Limited
    8 Forsythia Close
    Bicester
    Oxfordshire OX263GA
    United Kingdom
    Tel: 01869 320 738


PC IDEAS: Claims Filing Period Ends September 22
------------------------------------------------
Creditors of PC Ideas (Pudsey) Limited have until Sept. 22 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to appointed Liquidator Gerald M. Krasner at:

         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds LS2 9NF
    United Kingdom

The company can be reached at:

         PC Ideas (Pudsey) Limited
         17 Lowtown
         Pudsey
         West Yorkshire LS28 7BQ
         United Kingdom
         Tel: 0113 256 2552


PHYSICALITY LIMITED: Creditors Confirm Voluntary Liquidation
------------------------------------------------------------
Creditors of Physicality Limited confirmed on June 28 the
resolutions for voluntary liquidation and the appointment of
Richard Rones of ThorntonRones as Liquidator of the company.

The company can be reached at:

         Physicality Limited
         8 Hatherley Mews
         London E17 4QP
         United Kingdom
         Tel: 020 8521 5522


PLAN 4 COLOUR: Names John C. Moran as Liquidator
------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was named liquidator of
Plan 4 Colour (Liverpool) Limited on June 28 for the purposes of
creditors' voluntary liquidation proceedings.

The company can be reached at:

         Plan 4 Colour (Liverpool) Limited
         West Float
         Dock Road
         Birkenhead
         Merseyside CH41 1AE
         United Kingdom
         Tel: 0151 652 9440


PLAN22 LTD: Helen Timothe Phillips Leads Liquidation Procedure
--------------------------------------------------------------
Helen Timothe Phillips was appointed Liquidator of Plan22 Ltd.
on July 10 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Plan22 Ltd.
    Barford Road
    Bloxham
    Banbury
    Oxfordshire OX154FF
    United Kingdom
    Tel: 0870 055 2090
    Web:  http://www.plan22.com/


PORTRAIT CORP: Has Interim Access to Wells Fargo DIP Loan
---------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York gave Portrait Corp. of
America, Inc., and its debtor-affiliates, interim authority to
obtain debtor-in-possession financing from Wells Fargo Foothill,
Inc.  Judge Hardin also allows the Debtors to use cash
collateral securing repayment of their obligations to Wells
Fargo.

The interim DIP financing order grants the Debtors access to
loans of up to US$10 million, inclusive of a letter of credit
sub-facility in the amount of US$5 million.  However, until
certain conditions embodied in the DIP term sheet are met, the
Debtors will only be able to borrow up to US$3 million,
inclusive of a US$1 million letter of credit sub-facility.  The
Debtors are seeking to borrow up to US$45 million from Wells
Fargo.

Amounts outstanding under the DIP facility will bear interest,
at the Debtors' option, at a per annum rate equal to:

      a) the Base Rate plus 3 percentage points; or
      b) the LIBOR Rate plus 5 percentage points.

At no time shall any portion of the indebtedness owing under the
DIP Facility bear interest at a per annum rate less than 6%.

All obligations arising from the DIP facility will be secured by
a first priority perfected lien and security interest against
the Debtors' assets.

                    Cash Collateral Use

The Debtors owe Wells Fargo approximately US$11 million on
account of loans made under a US$30 million prepetition
revolving line of credit.  The line of credit is secured by a
first priority lien and security interest on all of the Debtors'
property and assets.

The Debtors also owe an aggregate of approximately US$255
million from holders of various notes issued by Debtors PCA LLC
and PCA Finance Corp.  The Noteholders hold junior liens on all
of the Debtors' assets.

Judge Hardin permits the Debtors to use Wells Fargo and the
Noteholders' cash collateral until Sept. 30, 2006, subject to a
budget.  A copy of the Budget is available for free at:

             http://researcharchives.com/t/s?111f

Wells Fargo and the Noteholders are entitled, pursuant to
sections 361 and 363 of the Bankruptcy Code, to adequate
protection of their interests in the collateral for any
diminution in the value resulting from the Debtors' use of their
collateral.

                     About Portrait Corp.

Portrait Corp. of America, Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corp. and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of US$153,205,000 and liabilities of US$372,124,000.

Eisner LLP raised substantial doubt about Portrait Corp. of
America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006, and insufficient liquidity to meet those
obligations.


PORTRAIT CORP: U.S. Trustee Names Four-Member Creditors' Panel
--------------------------------------------------------------
Diana G. Adams, the acting United States Trustee for Region 2,
appointed four creditors to serve on an Official Committee of
Unsecured Creditors in Portrait Corporation of America, Inc.,
and its debtor-affiliates' Chapter 11 cases:

     1. SAB Capital Management, L.P.
        Attn: Norman Louie
        712 Fifth Avenue, 42nd Floor
        New York, NY 10019
        Tel. No.: (212) 457-8064

     2. AIG Global Investment Group
        Attn: James B. Roberts
              Vice President
        70 Pine Street
        New York, NY 10270
        Tel. No.: (212) 770-7876

     3. Whippoorwill Associates, Inc.
        Attn: Roger Tjong Tjin Tai
        11 Martine Avenue
        White Plains, NY 10606
        Tel. No.: (914) 683-1002

     4. Wilmington Trust FSB
        Attn: James J. McGinley
              Managing Director
        520 Madison Avenue, 33rd Floor
        New York, NY 10022
        Tel. No.: (212) 415-0522

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtor's expense.  They may investigate the Debtor's business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

                       About Portrait Corp.

Based in Matthews, North Carolina, Portrait Corporation of
America, Inc. - http://pcaintl.com/-- provides professional
portrait photography products and services to children, adults
and families in North America.  The Company operates portrait
studios within Wal-Mart stores and Supercenters in the United
States, Canada, Mexico, Germany and the United Kingdom.  The
Company also operates a modular traveling business providing
portrait photography services in additional retail locations and
to church congregations and other institutions.

Portrait Corporation and eight subsidiaries filed for chapter 11
protection on Aug. 31, 2006 (Bankr. S.D.N.Y. Case No. 06-22541).
John H. Bae, Esq., Cadwalader Wickersham & Taft LLP represent
the Debtors' in their restructuring efforts.  Lawyers from
Kirkland & Ellis LLP represent the Debtors' outside directors.
Mesirow Financial Consulting, LLC, is the Debtors' restructuring
accountants.  Berenson & Company LLC gives financial advice to
the Debtors.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 28, 2006,
Eisner LLP raised substantial doubt about Portrait Corporation
of America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006 and insufficient liquidity to meet those
obligations.


PRIORY PVCU: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of Priory PVCU Systems (Kent) Limited confirmed on
July 20 the resolutions for voluntary liquidation and the
appointment of John Russell and Andrew Philip Wood of The P&A
Partnership as Liquidators.

The company can be reached at:

    Priory PVCU Systems (Kent) Limited
    Unit 31
    Carrwood Road
    Grange Lane Industrial Estate
    Barnsley
    South Yorkshire S71 5AS
    United Kingdom
    Tel: 01226 284 455
    Web: http://www.priorypvc.co.uk/


PROVALIS PLC: Shareholders Approve Voluntary Liquidation
--------------------------------------------------------
Shareholders of Provalis PLC approved the company's voluntary
liquidation at an extraordinary general meeting on Sept. 15, AFX
discloses.

The company appointed joint liquidators and accepted the
resignations of Peter Woodford, Alan Aikman and Lee Greenbury as
its directors effective immediately.

The company's share listing was cancelled yesterday, following
the suspension of shares on Friday.

As reported in TCR-Europe on Sept. 5, Provalis passed a
resolution to approve the disposal of PB Diagnostics Limited for
effective consideration of GBP1.6 million through the sale of
the entire issued share capital of its subsidiary, PB
Diagnostics Limited to Bio-Metrics (U.K.) Limited, a subsidiary
of Bio-Rad Laboratories, Inc.  The company previously disclosed
technical problems with its in2it diabetes monitor and
disappointing sales at its pharmaceuticals business.

                      About the Company

Headquartered in Flintshire, United Kingdom, Provalis plc (LSE:
PRO) -- http://www.provalis.com/-- is an international Medical
Diagnostics group.  The company is comprised of two separate
operating businesses:

   -- Provalis Diagnostics Limited - develops, manufactures and
      sells medical diagnostic products for chronic disease
      management for world markets.  The business' principal
      products are in2it A1c and Glycosal both diabetes
      diagnostic  tests.

   -- Provalis Healthcare Limited - sold and marketed its own,
      and third party, branded, prescription medicines in the
      U.K. and Ireland to GPs and hospitals through a regionally
      managed sales force.

                        *     *     *

For the six months ended Dec. 31, 2005, the company posted
GBP4.8 million in net losses, compared with a GBP1.7 million net
loss for the same period in 2004.  For the year ended June 30,
2005, the company posted GBP5.3 million in net losses.

For the six-month period, the company also experienced strained
liquidity with GBP3.3 million in assets available to pay GBP6.5
million of debts due within the year.


PS AUTOMOBILES: Names Ninos Koumettou Liquidator
------------------------------------------------
Ninos Koumettou of Alexander Lawson & Co. was appointed
Liquidator of PS Automobiles Limited on July 25 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    PS Automobiles Limited
    129 Burnt Oak Broadway
    Edgware
    Middlesex HA8 5EJ
    United Kingdom
    Tel: 020 8381 1355


QUALITY SUITES: Calls In Joint Liquidators from Moore Stephens
--------------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens Corporate
Recovery were appointed Joint Liquidators of Quality Suites of
Watford Limited on July 19 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

    Quality Suites of Watford Limited
    289 Lower High Street
    Watford WD172HY
    United Kingdom
    Tel: 01923 227 200


RANK GROUP: Alun Cathcart Retires as Non-Executive Chairman
-----------------------------------------------------------
Rank Group PLC disclosed that Alun Cathcart would retire as non-
executive Chairman following the appointment of a successor.
The Group has commenced the searched for his successor and
expects to conclude this process by the time of its 2007 Annual
General Meeting.

Alun Cathcart joined Rank as Chairman in May 2001.  He has
overseen a period of transformation as Rank has exited a number
of non-core businesses to focus on building strong positions in
gaming and leisure.

"Rank is now emerging from a period of transition with a clear
strategy to drive the business forward.  I have great confidence
in the management team and in the prospects for the Group," Alun
Cathcart commented.

"Alun has led the board of Rank with distinction over the past
five years, playing a major role in the transformation of the
Group from diversified leisure conglomerate to a focused gaming
and leisure business.  On behalf of the board of Rank I would
like to thank him for his commitment and hard work," Ian Burke,
Chief Executive of Rank stated.

                         About Rank Group

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RANK GROUP: Cancels One Million Shares in Buy Back Program
----------------------------------------------------------
The Rank Group Plc purchased 1,000,000 Ordinary shares of 10
pence in the Company for cancellation at an average price of
236.86375 pence per share on Sept. 15.

                        About Rank Group

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RED BARN: Brings In Raymond Stuart Claughton to Liquidate Assets
----------------------------------------------------------------
Raymond Stuart Claughton of Rushtons was appointed liquidator of
Red Barn Trading Ltd. on June 23 for the purposes of creditors'
voluntary winding-up procedure.

The company can be reached at:

         Red Barn Trading Ltd.
         45 47 Russell Street
         Darlington
         County Durham DL1 1PT
         United Kingdom
         Tel: 01325 740 610


REFCO INC: Files Chapter 11 Plan of Reorganization
--------------------------------------------------
Refco, Inc., and 25 of its subsidiaries, along with Marc S.
Kirschner, the Chapter 11 Trustee for the estate of Refco
Capital Markets, Ltd., delivered a Chapter 11 plan of
reorganization and accompanying Disclosure Statement to the
Court on Sept. 14, 2006.

The Plan is premised on a consensual pooling of assets and
liabilities of the Debtors, excluding Refco F/X Associates, LLC,
solely to implement the settlements and compromises reached by
the primary constituencies in the Chapter 11 cases, including:

   -- the Debtors;

   -- the RCM Trustee;

   -- the Official Committee of Unsecured Creditors and the
      Additional Committee of Unsecured Creditors;

   -- the Secured Lenders under the Credit Agreement, dated
      August 5, 2004, entered into by Refco Group Limited, Ltd.;
      and

   -- the holders of the 9% Senior Subordinated Notes due 2012
      issued by RGL and Refco Finance Inc.

On the Plan Effective Date, each of the Affiliate Debtors,
except FXA, will be deemed to have merged with and into Refco,
Inc., with Refco, Inc., as the surviving entity.

All non-Debtor Refco Entities will be wound up and dissolved as
soon as practicable and all available cash, after appropriate
wind-up activities, will be distributed to RCM, the Debtors, and
Refco, LLC, on account of intercompany balances or equity
dividends, where applicable.

                      Plan Administrator &
                   Creation of Litigation Trust

Refco, Inc., and FXA will continue to exist for the limited
purposes of liquidating all of the assets of the Estates, and
making Distributions in accordance with the Plan.  A Plan
Administrator will be appointed to serve as sole officer and
director or manager, as applicable, of each of the Reorganized
Debtors.

A Litigation Trust will be established to pursue claims any
Debtor or RCM may hold pursuant to Sections 547, 550 and 749 of
the Bankruptcy Code.  The Plan Administrator will serve as
trustee of the Litigation Trust.

The Committees will be dissolved on the Effective Date.  A Plan
Committee will be created, which will have ultimate supervisory
authority over the Plan Administrator.

The Litigation Trust will be structured to provide for a senior
Tranche A and a junior Tranche B.  No Distributions of
Litigation Trust Interests will be made in respect of Tranche B
until Tranche A has been fully and indefeasibly paid.

The Litigation Trustee may establish further separate sub-
Tranches, as necessary.

Beneficiaries of Tranche A Litigation Trust Interests will be:

   1. the RCM Estate;

   2. Holders of General Unsecured Claims against the Chapter 11
      Debtors, except FXA; and

   3. Holders of General Unsecured Claims against FXA.

Holders of Subordinated Claims against the Chapter 11 Debtors,
except FXA, will receive their pro rata share of the Litigation
Trust Proceeds -- Tranche B Litigation Trust Preferred Interests
-- after the beneficiaries of the Tranche A Litigation Trust
Interests have been paid in full.

Holders of Old Equity Interests in the Chapter 11 Debtors,
except FXA, will receive their pro rata share of the Litigation
Trust Proceeds -- Tranche B Litigation Trust Common Interests --
after the beneficiaries of the Tranche B Litigation Trust
Preferred Interests have been paid in full, to the extent the
Old Equity Interest Holders elect not to receive 10% of any
recovery from claims to be brought by the Litigation Trust
against underwriters of the August 2005 initial public offering.

                   Settlements Embodied in Plan

The cornerstone of the Debtors' Plan of Reorganization is a
series of interdependent settlements and compromises of various
debtor-creditor, inter-debtor, and inter-creditor disputes.  The
Settlements are reflected in the relative recoveries of the
various creditor groups under the Plan and are designed to
achieve a global, consensual resolution of the Chapter 11 cases.

The Disputes being resolved by the Settlements include:

   1. RCM Dispute

      Whether certain property held by or on behalf of RCM
      constitutes property of the RCM Estate; whether RCM is a
      "stockbroker" as defined in Section 101(53A) of the
      Bankruptcy Code, and the members of the Moving Customer
      Group Members and certain parties are "customers" of RCM
      as defined in Section 741(2); whether RCM's Chapter 11
      case is required to be converted to a case under Chapter 7
      because RCM is not eligible to be a debtor under Chapter
      11; and whether the MCG Members and Joinder Parties are
      entitled under Section 752 to enforce their claims as
      customers to "customer property" as defined in Section
      741(4);

   2. RCM Claims Priority Dispute

      Whether the RCM Intercompany Claims rank senior to, junior
      to, or pari passu with the Secured Lender Claims and the
      Senior Subordinated Note Claims as a result of contractual
      subordination or equitable subordination under Section
      510(c);

   3. Fraudulent Conveyance/Obligations Dispute

      Whether (i) the Senior Subordinated Note Claims and (ii)
      the $231,262,500 partial redemption payment made on the
      Senior Subordinated Notes on September 16, 2005, are
      subject to avoidance on the grounds that the bulk of the
      proceeds of the Senior Subordinated Notes was (x) used to
      finance a leveraged recapitalization, and (y) distributed
      to equity holders at a time when the obligors and
      guarantors of the Claims were, or were rendered, insolvent
      or undercapitalized;

   4. Preference Dispute

      Whether the $231,262,500 Notes Redemption Payment, which
      was made within the 90-day period before the Petition
      Date, constitutes a voidable preference under Section
      547(b) and, if so, whether the failure to return the
      payment to the appropriate Debtor's estate warrants
      disallowance of the Senior Subordinated Note Claims under
      Section 502(d) even if the current holders of the Claims
      were not the entities receiving the preferential payments;

   5. Substantive Consolidation Dispute

      Whether and to what extent the Debtors' estates should be
      treated separately or substantively consolidated for
      purposes of determining the rights of, and making payments
      to, holders of Claims;

   6. Intercompany Claims Disputes

      Whether and in what amount Claims asserted between and
      among the Debtors, RCM, and Refco LLC will be allowed; and

   7. Administrative and Priority Claims Dispute

      Whether and to what extent the liability for
      Administrative Claims and Priority Claims asserted against
      the Debtors or RCM will be allocated between and among the
      Debtors and RCM.

                     Releases Under the Plan

On the Effective Date, these parties will be released from all
claims and liabilities with respect to the Debtors or their
cases:

   (i) the Debtors' directors and officers;

  (ii) RCM and the RCM Trustee;

(iii) the Committees and their members;

   (v) the Debtors, except with respect to Intercompany Claims
       allowed pursuant to the Plan;

  (vi) Bank of America, as Agent for the Secured Lender, and the
       Secured Lenders;

(vii) Wells Fargo Bank, N.A., as indenture trustee under the
       Senior Subordinated Note Indenture, and the Holders of
       the Senior Subordinated Notes arising from or related to
       the Senior Subordinated Note Indenture or any related
       guaranties;

(viii) solely with respect to RCM, the Refco Entities; and

  (ix) the Debtors' professionals.

The non-Debtor entities, however, are not released from any
liabilities or obligations to the United States of America or
its agencies or subdivisions.

                      Conversion of RCM Case

The Plan also contemplates that on or prior to the Effective
Date, the RCM Chapter 11 case will be converted to a case under
subchapter III of Chapter 7 of the Bankruptcy Code.  The
Settlement Agreement among the RCM Trustee; the holders of
securities customer claims against RCM; the foreign exchange
customers of RCM; and Leuthold Funds, Inc., and Leuthold
Industrial Metals Fund, L.P., will govern the administration of
the RCM Estate.

Upon conversion, the Plan will constitute a settlement and
compromise of claims between RCM's Chapter 7 estate and the
Debtors.

The Distributions to RCM's creditors will be governed by the
terms of the RCM Settlement Agreement and the Plan in the event
that the RCM Estate does not convert to Chapter 7.

                 Plan Doesn't Apply to Refco LLC

The Plan does not contemplate the disposition of assets and the
resolution of Claims against and Interests in Refco LLC, as
those Claims and Interests are being addressed separately in
conjunction with the administration of Refco LLC's Chapter 7
case.

             Disclosure Statement Hearing on Oct. 16

The Court will convene a hearing on October 16, 2006, at 10:00
a.m. to consider whether the Debtors' Disclosure Statement
contains adequate information within the meaning of Section 1125
of the Bankruptcy Code.  Objections, if any, to the Disclosure
Statement are due October 9.

The Debtors hope to have the Plan confirmed by December 15,
2006.  The Debtors expect to emerge from bankruptcy by the end
of the year.

The Debtors believe that confirmation of the Plan is not likely
to be followed by liquidation or the need for further financial
reorganization of the Debtors.  The Debtors believe that the
Plan is feasible pursuant to Section 1129(a)(11) of the
Bankruptcy Code.

The Debtors have also determined that the Plan will provide each
holder of a Claim or Interest entitled to vote with an equal or
greater recovery than that holder would have received under a
Chapter 7 liquidation.  The Debtors will present a liquidation
analysis to the Court at a later date to support their
contention.

Consequently, the Debtors urge creditors entitled to vote to
accept the Plan.

A full-text copy of Refco's Plan and Disclosure Statement is
available at no charge at http://researcharchives.com/t/s?11d9

                        About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Classification & Treatment of Claims Under Plan
----------------------------------------------------------
Refco Inc. and its debtor-affiliates' Plan of Reorganization
separately classifies claims against and interest in:

   * Refco and its 24 affiliates,
   * Refco Capital, Markets, Ltd., and
   * Refco F/X Associates, LLC.

Administrative and priority tax claims against the 25 Debtors,
RCM, and FXA are not classified under the Plan.  Administrative
and priority tax claims will be paid in full in cash.

The Plan groups Claims against and Interest in the 25 Debtors,
except FXA, in eight classes:

Class Designation       Status/Recovery          Voting Rights
----- -----------       ---------------          -------------
  1   Non-Tax Priority  Unimpaired               deemed to
accept
         Claims         Paid in full, in cash

  2   Other Secured     Unimpaired               deemed to
accept
         Claims         Holder will receive:

                        * payment in full, in
                          cash;

                        * sale or disposition
                          proceeds of property
                          securing any allowed
                          claim to the extent of
                          the lesser of allowed
                          claim amount and value
                          of interest in
                          property; or

                        * surrender to Holder of
                          property securing the
                          claim.

  3   Secured Lender    Impaired                 entitled to
vote
      Claims            Holder will receive
                        any other amounts to
                        be paid in an early
                        payment order plus
                        releases under the
                        Plan.

  4   Senior            Impaired                 entitled to
vote
         Subordinated   Holder will receive
         Note Claims    its pro rata share of
                        the sum of $331,522,195
                        and $6 million senior
                        subordinated note fees.

  5   General           Impaired                 entitled to
vote
         Unsecured      Holder will receive a
         Claims         distribution from the
                        Debtors' distributive
                        assets equal to the
                        sum of $94 million in
                        cash and 50% of Refco
                        Group Ltd., LLC's
                        Interest in Forex
                        Capital Markets, Ltd.

  6   RCM Intercompany  Impaired                 entitled to
vote
         Claims         Holder will receive:

                        * the sum of RCM rights
                          distribution;

                        * additional RCM claim;

                        * 50% of RGL-FXCM
                          Distribution; and

                        * allocable share of
                          Tranche A litigation
                          trust Interests.
                          Distribution is
                          subject to an
                          administrative
                          claims adjustment.

  7   Subordinated      Impaired                 entitled to
vote
         Claims         Holder will receive
                        pro rate share of
                        Tranche B Litigation
                        Trust Preferred Assets
                        under the Plan.

  8   Old Equity        Impaired                 deemed to
reject
         Interests      Holder will receive
         Claims         the greater of a pro
                        rata share of:

                        * 10% of an IPO
                          Underwriter Claims
                          Recovery; or

                        * Tranche B Litigation
                          Trust Common Interest
                          under the Plan.

Claims against FXA are grouped in five classes:

Class Designation            Status/Recovery     Voting Rights
----- -----------            ---------------     -------------
  1   FXA Non-Tax Priority   Unimpaired          deemed to
accept
         Claims              Paid in full,
                             in cash

  2   FXA Other Secured      Unimpaired          deemed to
accept
         Claims              Paid in full,
                             in cash

  3   Secured Lender         Impaired            entitled to
vote
         Claims              Paid in any other
                             amounts plus
                             releases

  4   Senior Subordinated    Impaired            entitled to
vote
         Note Claims         Holder will waive
                             its claim for the
                             releases

  5   FXA General Unsecured  Impaired            entitled to
vote
         Claims              Holder will
                             receive its pro
                             rata share of
                             distribution from
                             FXA's distributive
                             assets, less any
                             amounts paid to
                             FXA Convenience
                             Claimholders.

  6   FXA Convenience        Impaired            entitled to
vote
         Claims              Paid in cash equal
                             to 25% of the
                             allowed claim

  7   FXA Subordinated       Impaired            deemed to
reject
         Claims              No holder will
                             receive any
                             property or
                             interest.  Claims
                             will be cancelled
                             and extinguished
                             on the Plan's
                             effective date.

RCM's claims are grouped in four classes:

Class Designation       Status/Recovery          Voting Rights
----- -----------       ---------------          -------------
  1   Non-Tax Priority  Unimpaired               deemed to
accept
         Claims         Paid in full, in cash

  2   Other Secured     Unimpaired               deemed to
accept
         Claims         Paid in full, in cash

  3   RCM FX/Unsecured  Impaired                 entitled to
vote
         Claims         Holder will receive a
                        pro rata share of
                        distribution for
                        claimholders under the
                        RCM Settlement and
                        proceeds to RCM from
                        the BAWAG settlement.

  4   RCM Securities    Impaired                 entitled to
vote
         Customer       Holder will receive a
         Claims         pro rata share of RCM
                        Securities Customer
                        Claims Distribution and
                        the RCM BAWAG Proceeds.

Distribution on account of RCM claims will be governed by the
RCM
Settlement Agreement.

The Debtors' disbursing agent will make distributions only to
holders of allowed claims and interests.  A holder of a disputed
claim or interest will receive a distribution on account thereof
when and to the extent that its Disputed Claim or Disputed
Interest becomes allowed.

Under the Plan, any holder of an Allowed Claim or Interest may
receive any other less favorable distribution or treatment to
which the holder and the 25 Debtors, FXA, the Reorganized
Debtors or the Plan administrator may agree in writing.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, relates that nothing will affect the rights
and
defenses of the Debtors and RCM with respect to any Unimpaired
Claims, including all rights on legal and equitable defenses to
setoffs against or recoupments of Unimpaired Claims.

Mr. Milmoe discloses that non-Debtor subsidiary claims will be
classified and treated as general unsecured claims against the
applicable Debtor.  Non-Debtor subsidiary interests will be
treated in accordance with the Plan.

Claims by a Debtor or RCM against another Debtor or RCM are
deemed to be settled and compromised by the provisions of and in
accordance with the Plan, and no distribution will be made on
account of those Clams or Interests.

Mr. Milmoe further states that claims against RCM held by any
Debtor will receive no distribution.  These claims instead are
being released in settlement of all Intercompany Claims asserted
by or against RCM.

Payment of Allowed Administrative Claims, Priority Tax Claims
and
Non-Tax Priority Claims of the Debtors and of the RCM Estate
will
be allocated such that:

   -- RCM will first provide up to $60,000,000;

   -- the Debtors will next provide up to $120,000,000; and

   -- to the extent that the Claims exceed $180,000,000 in the
      aggregate, RCM and the Debtors will bear the cost of the
      excess equally.

FXA will be responsible for all of its Allowed Administrative
Claims, Priority Tax Claims and Non-Tax Priority Claims.
Professional services -- other than those related to FXA's
claims
resolution process and issues unique to FXA after the date of
the
filing of the Plan -- and overhead allocable to FXA in the
period
between the Plan Filing Date and the Plan Effective Date will be
borne by RCM and the other Debtors.

In the event that Cargill, Inc., receives an Allowed
Administrative Claim against the Debtors, payment of the Claim
will be borne by RCM and the Debtors:

   (i) to the extent the allowance of the Cargill Administrative
       Claim reduces the Allowed amount of any RCM FX/Unsecured
       Claim held by Cargill, RCM will pay to the Debtors a
       portion of the Cargill Administrative Claim equal to 40%
       of the amount of the RCM Difference;

  (ii) the Debtors will next pay an amount up to the remainder
of
       the Cargill Administrative Claim Amount; provided,
       however, that the payment will be capped at the amount
       that would cause recoveries of Holders of Allowed
       Contributing Debtors General Unsecured Claims to fall
       below 30% of the face amount of the Allowed Contributing
       Debtors General Unsecured Claims; and

(iii) if not yet paid in full, the remainder of the Cargill
       Administrative Claim will be borne by the Debtors and RCM
       equally.

Mr. Milmoe notes that an order confirming the Plan will
establish
30 days after the Effective Date as the deadline for creditors
to
file their Administrative Claims.  Administrative Claimholders
who are not paid before the Plan's confirmation will seek
payment
of administrative expenses on or before the Administrative
Claims
Bar Date.

                        About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


RPS DATA: Taps Joint Liquidators from Atherton Bailey LLP
---------------------------------------------------------
Ranjit Bajjon and Malcolm Fillmore of Atherton Bailey LLP were
appointed Joint Liquidators of RPS Data Products (U.K.) Limited
on July 11 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    RPS Data Products (U.K.) Limited
    18 Avenue Road
    Sutton
    Surrey SM2 6JD
    United Kingdom
    Tel: 020 8652 5220
    Web: http://www.amps.net


REARDONS SNOOKER: Hires Liquidators from Royce Peeling Green
------------------------------------------------------------
Peter Jones and Roderick Withinshaw of Royce Peeling Green
Limited were appointed Joint Liquidators of Reardons Snooker
Services Limited on July 13 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Reardons Snooker Services Limited
    6 Newman Grove
    Thornton-Cleveleys
    Lancashire FY5 2WT
    United Kingdom
    Tel: 01253 864 882


RINK AIR: Names Claire L. Dwyer to Liquidate Assets
---------------------------------------------------
Claire L. Dwyer was appointed Liquidator of Rink Air
Conditioning Equipment (U.K.) Limited on July 11 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Rink Air Conditioning Equipment (U.K.) Limited
    341 Wellington Road North
    Stockport
    Cheshire SK4 4QG
    United Kingdom
    Tel: 0161 272 8686


SAVECREST MACHINES: Hires Joint Administrators from P&A
-------------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Savecrest
Machines Limited (Company Number 01618567) on Sept. 1.

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

Headquartered in Bridlington, United Kingdom, Savecrest Machines
Limited supplies industrial machinery and equipment.


SHELAGH M.: Taps Begbies Traynor to Administer Assets
-----------------------------------------------------
David R. Acland and Steven J. Williams of Begbies Traynor were
appointed joint administrators of Shelagh M. Limited (Company
Number 04625794) on Sept. 4.

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

Headquartered in Cheshire, United Kingdom, Shelagh M. Limited
manufactures textiles.


SPIRIT AEROSYSTEMS: S&P Rates US983-Mln Bank Financing at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' bank loan
rating and '1' recovery rating, indicating high expectations of
full recovery of principal in the event of a payment default, to
Spirit AeroSystems Inc.'s proposed, amended and restated US$983
million bank financing.

These ratings are not on CreditWatch.  The financing consists of
a US$400 million revolving credit facility and a US$583 million
term loan B following a US$100 million pay down from proceeds of
a planned IPO.

Standard & Poor's other ratings on Spirit remain on CreditWatch
with positive implications, where they were placed on July 6,
2006.

Standard & Poor's expects to raise the corporate credit rating
on Spirit to 'BB' from the current 'BB-' and assign a positive
outlook upon completion of the IPO of up to US$500 million of
common stock.  The aerospace supplier has around US$700 million
in rated debt outstanding.

The 'BB+' bank loan rating is one notch higher than the expected
corporate credit rating following the IPO.

"The anticipated upgrade would be based on better-than-expected
financial performance, continued favorable conditions in the
commercial aircraft market, the improved competitive position of
Boeing Co., Spirit's primary customer, and a stronger capital
structure following the IPO," said Standard & Poor's credit
analyst Roman Szuper.

The IPO proceeds are expected to be used for bank debt reduction
and certain payments related to a union equity participation
program that will be triggered by the IPO.

The ratings on Spirit reflect participation in the cyclical and
competitive commercial aerospace industry, reliance on one
customer for about 90% of sales, and significant near-term
expenditures related to development of Boeing's new 787 midsize
airliner.  Those factors are offset somewhat by the company's
position as the largest independent supplier of structures for
commercial aircraft and substantial customer advances to fund
most of the 787 development costs.

Spirit is the former Wichita Division of Boeing Commercial
Airplanes segment that was acquired by Onex Corp., a Canadian
private equity firm, for approximately US$920 million in cash in
June 2005.

Spirit is the largest non-OEM producer of commercial
aerostructures and is Boeing's largest nonengine supplier.
The company participates on all of Boeing's aircraft families,
including providing the entire fuselage for the popular 737 and
the forward fuselage for the 747, 767, and 777 series.


TARGUS GROUP: Margin Decline Spurs Moody's to Junk Rating
---------------------------------------------------------
Moody's Investors Service downgraded all ratings of Targus Group
International, Inc. including the first-lien secured bank loan
to B2 and the second-lien secured bank loan to Caa1.  The
ratings downgrades are prompted by the decline in operating
margin over the past year that has caused substantial
deterioration in credit metrics.

Operating profit has risen at a much slower pace than revenue as
the company has written off obsolete inventory, one of the
company's major customers, Office Depot, has transitioned to a
consignment relationship, and the company ended up paying for
unplanned air freight and repackaging costs in order to meet
retailer deadlines for new products.

The rating outlook is revised to negative from stable.

Ratings downgraded:

   -- US$230 million first-lien secured bank facilities to B2
from B1,

   -- US$85 million second-lien secured term loan to Caa1 from
B3,

   -- Corporate family rating to B2 from B1.

The downgrade of the corporate family rating to B2 of Targus
reflects the decline in quantitative credit metrics that have
occurred since the November 2005 rating assignment of B1, when
Moody's expected that leverage would begin to improve in 2006.

Certain qualitative credit metrics also have not proved as
stable as believed when ratings were originally assigned.
Virtually all key credit metrics, such as leverage, interest
coverage, free cash flow, and scale, are consistent with Caa
characteristics.

EBIT margin has deteriorated to B-rating levels and bargaining
power with customers has declined to Ba-rating levels over the
previous year.  However, partially offsetting these risks are
the revenue diversity from a worldwide geographic footprint,
three separate distribution channels, and two major product
categories and the favorable growth trends for notebook cases
and computer accessories as global notebook computer unit sales
continue to rapidly increase.

The negative outlook recognizes Moody's concern that ratings
could decline over the next 12 to 18 months if operating
performance, free cash flow, and leverage remain weak.
Significant deterioration in the company's currently adequate
liquidity position would also place downward pressure on the
ratings.

Ratings would decline if, over a reasonable period, debt to
EBITDA does not improve from levels currently in excess of 7
times, outflows for cash interest expense, capital expenditures,
and working capital cause continued free cash flow deficits, or
liquidity declines such that the revolving credit facility is
utilized over an extended period.

Greater than expected downward pricing pressure or inability to
grow shipments at the same pace as notebook computer shipments
could also cause further downward rating pressure.  Given the
negative outlook, Moody's currently believes that an upgrade is
unlikely.

In Moody's opinion, stabilization of ratings at current levels
would require greater financial flexibility as represented by
working capital efficiency improving to historical norms,
achievement of break-even cash flow, and a sustained reversal of
weakening credit metrics such that free cash flow to debt
improves to positive low-single digit figures, leverage falls
toward 6 times, and EBIT completely covers interest expense.

Targus Group International, Inc, headquartered in Anaheim,
California, designs, develops, and distributes notebook computer
cases and computer accessories.  The company sells its products
to original equipment manufacturers, third-party distributors,
and retailers worldwide.  Targus generated revenue of US$432
million for the twelve months ending June 30, 2006.


TECPROOF LIMITED: Appoints Kroll Limited to Administer Assets
-------------------------------------------------------------
Robert Alexander Henry Maxwell and Charles Peter Holder of Kroll
Limited were appointed joint administrators of Tecproof Limited
(Company Number 1381602) on Sept. 6.

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

Headquartered in Hull, United Kingdom, Tecproof Limited
manufactures steel frames and structures.


TERRA INDUSTRIES: Fitch Affirms Default Rating at B+
----------------------------------------------------
Fitch affirmed the credit ratings of Terra Industries Inc. with
a Stable Rating Outlook.

   -- Issuer Default Rating (IDR) B+;
   -- Senior secured credit facilities BB+/RR1;
   -- 12.875% senior secured notes BB+/RR1;
   -- 11.5% second priority senior secured notes BB/RR2; and
   -- Convertible preferred shares B-/RR6.

Fitch has also assigned new IDRs to:

Terra Capital, Inc.

   -- Issuer Default Rating B+.

Terra Nitrogen, L.P.

   -- Issuer Default Rating B+.

Terra's strong market positions in U.S. and U.K. nitrogen
fertilizer markets; manageable debt level; earnings and cash
flow volatility; narrow product portfolio; and exposure to
volatile natural gas prices support the ratings.  While the
diversity of Terra's product portfolio is limited to nitrogen
products and methanol, strong market presence and manageable
debt level are positive credit factors.  Exposure to
unpredictable raw material natural gas prices and cyclical end-
markets can cause Terra's earnings and cash flow to swing
rapidly between extremes.

Terra is currently experiencing pressure on its earnings from
lower volumes and high costs.  Terra's first-half 2006 nitrogen
products volume declined approximately 17% from last year's
first half due to weaker demand in the U.S. market.  The U.S.
spring season saw farmers planting 3% less corn acreage in 2006,
primarily due to higher planting costs.

Additionally, fertilizer applications rates may have been down
this year as farmers tried to keep costs down.  Meanwhile,
Terra's own high costs continue to persist.  Raw material
natural gas remains elevated.

The volatility of earnings and cash flow heightens the
importance of manageable debt level.  Terra has reduced its debt
to US$354.5 million as of June 30 from a high of US$462 million
in 2004, the year of the Mississippi Chemical Corporation
acquisition.  With weaker LTM EBITDA of US$117.9 million, total
debt-to-operating EBITDA was 3.0 times and operating EBITDA-to-
interest expense was 2.3x at June 30.

These statistics are weaker than comparable year-end 2005
leverage of 1.6x and coverage of 4.2x.  Lower debt levels and
contributions from the MCC assets have mitigated some of the
pressure on credit statistics.

The Stable Rating Outlook reflects Fitch's expectations for
weaker YE 2006 results and the expected volatility of earnings
near-term.  While higher corn prices, continued strong corn
consumption, and forecasted lower corn stocks could have a
positive influence on fertilizer demand next year, many of the
same issues that weakened nitrogen fertilizer demand in 2006 are
expected to remain hurdles in 2007.  In particular, farmers will
likely contend with high energy and fertilizer prices again next
spring.

Terra Industries, based in Sioux City, Iowa, is a major North
American producer of anhydrous ammonia, UAN solutions, and urea
and a leading producer of ammonium nitrate in the U.S. and the
U.K.  For the trailing 12-month period ended June 30, 2006,
Terra had revenue of US$1.9 billion, EBITDA of approximately
US$117.9 million, and total debt with equity credit of US$354.5
million.


UNIVERSAL AERIAL: Creditors' Meeting Slated for September 21
------------------------------------------------------------
Creditors of Universal Aerial Platforms Limited (Company Number
1575678) will meet at 10:00 a.m. on Sept. 21 at:

         KPMG
         20 Farringdon Street
         London EC4A 4PP
         United Kingdom

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

         Myles Antony Halley and Jane Bronwen Moriarty
         Joint Administrators
         KPMG LLP
         P.O. Box 695
         8 Salisbury Square
         London EC4Y 8BB
         United Kingdom
         Tel: (020) 7311 1000
         Fax: (020) 7311 3311

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.


VISCOUNT PRESERVATION: Appoints Liquidator from Tenon Recovery
--------------------------------------------------------------
Creditors of Viscount Preservation Ltd. confirmed on July 20 the
appointment of Duncan R. Beat of Tenon Recovery as the company's
Liquidator.

The company can be reached at:

    Viscount Preservation Ltd.
    Unit C4
    Seedbed Business Centre
    Vanguard Way
    Shoeburyness
    Southend-On-Sea
    Essex SS3 9QY
    United Kingdom
    Tel: 01702 382363


WINDOW COMPANY: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Creditors of The Window Company (Staines) Ltd. confirmed on
July 21 the appointment of S. R. Thomas and S. J. Parker of
Tenon Recovery as the company's Joint Liquidators.

The company can be reached at:

    The Window Company (Staines) Ltd.
    Unit 3
    Sproggett House
    Sproggett Industrial Estate
    Staines
    Middlesex TW197AY
    United Kingdom
    Tel: 01784 423 080


XPRO SERVICES: Brings In Liquidator from Bridgers
-------------------------------------------------
John Arthur Kirkpatrick of Bridgers was appointed Liquidator of
Xpro Services Ltd. on July 11 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Xpro Services Ltd.
    104 School Road
    Tilehurst
    Reading
    Berkshire RG31 5AX
    United Kingdom
    Tel: 0118 941 4481


YELL GROUP: Share Capital Acquisition Prompts S&P to Cut Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based classified directory
publisher Yell Group PLC to 'BB-' from 'BB', following the
closing of Yell's acquisition of about 94% of Spanish directory
leader Telefonica Publicidad e Informacion S.A.'s share capital
for about EUR3 billion.

At the same time, the ratings were removed from CreditWatch,
where they had been placed with negative implications on
April 28, 2006, following Yell's announcement of its agreement
to buy the 59% of TPI owned by Telefonica S.A., and intention to
make a tender offer for the remaining listed shares.  The
outlook is stable.

"The downgrade primarily reflects Yell's highly leveraged
capital structure following the acquisition, as well as a more
aggressive financial policy," said Standard & Poor's credit
analyst Melvyn Cooke.

"The integration of TPI enhances Yell's geographic diversity,
however, and provides the group with a leading position in the
unregulated Spanish market."

The Spanish market offers better growth prospects than the
mature and price-capped U.K. market, and superior margins than
those of Yell's fast-growing U.S. operations.

Yell's classified directories operations are steady and free
cash flow generative, and the group has a strong track record in
integrating acquisitions.

Standard & Poor's expects organic revenue growth to remain
moderately positive in the U.K. and strong in the U.S., where
margin progression should offset the continuing negative impact
on profitability of the regulatory price cap in the U.K.  The
group's stable operating performance should allow it to achieve
and sustain lease-adjusted total debt to EBITDA of about 5x over
the next few years.

"Any future sizable debt-financed acquisition activity and/or
significant operating underperformance may, however, put
pressure on the ratings," added Mr. Cooke.


* Fitch Formalizes Use of Recovery Ratings for CLO Ratings
----------------------------------------------------------
Fitch Ratings published its finalized methodology to incorporate
its Recovery Ratings into the ratings of Collateralized Loan
Obligations thereby capturing a more fundamental, granular view
of the underlying assets to more accurately determine the credit
loss profile of the CLO collateral portfolio.

As leveraged loan issuance continues its record pace the ability
to better distinguish relative risk across complex organizations
and/or capital structures and the components of that risk have
become increasingly important.  To further transparency in this
market, last year Fitch introduced Recovery Ratings for all
corporate and financial issuers rated B+ and below, affecting
nearly US$475 billion of securities issued by highly speculative
companies.

Fitch's Recovery Ratings, on a scale of RR1 (outstanding) to RR6
(poor), are established using a bespoke analysis comparing
distressed enterprise values against a given security's position
in the capital structure.  Fitch focuses primarily on ultimate
recoveries, although the recovery analysis uses stressed cash
flow scenarios and realistic enterprise valuations.

Incorporating RRs into the analysis of CLOs allows Fitch to
capture a more fundamental and granular credit view of the
underlying loans of a CLO.  In addition to providing
differentiation between senior secured leveraged loans, this
initiative is well timed to better differentiate second-lien,
mezzanine and middle-market loans, which are increasing in
allocation in many new CLO portfolios.

These types of loans may exhibit wider recovery characteristics
versus the more typical senior secured leveraged loans.  The
homogenous asset class and seniority based assumptions that have
been previously used do not recognize issue-specific strengths
and weaknesses, and in the case of newer types of loan
collateral, these assumptions may carry greater risks.

In addition, it enables managers and investors to more
accurately determine the credit loss profile of the CLO
collateral portfolio.  Fitch also outlines the use of a weighted
average recovery rate covenant and its implementation into
Fitch's CLO cash flow modeling rating criteria.

"CLO managers and investors will have greater transparency on
the collateral loss profiles, and managers will have a more
precise tool to manage the portfolio asset allocation," Senior
Director Shaun Baddeley disclosed.

The new analysis will be applied to both new and outstanding
CLOs, though Director Alla Zaydman says that the greatest effect
will likely be on new CLO issuance. "Investors may welcome the
greater certainty of a collateral loss profile that a weighted
average recovery rate covenant would provide, especially as many
CLO issuers expand into second-lien and mezzanine loans that
have much less certain recovery expectations," Mr. Zaydman
concluded.


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

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

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


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


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


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


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


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
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
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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