TCREUR_Public/060920.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 20, 2006, Vol. 7, No. 187

                            Headlines


A U S T R I A

APOLLO MEDIA: Property Manager Declares Insufficient Assets
AXEL: Creditors' Meeting Slated for October 2
DITOK: Creditors' Meeting Slated for September 28
EXOCA-BAU: Vienna Court Orders Business Shutdown
GEOLOGICA-SHOP: Claims Registration Period Ends September 27

LEMON FEICHTINGER: Ried im Innkreis Court Shuts Down Business
SENDER: Property Manager Declares Insufficient Assets
STANISLAV TOMECEK: Creditors' Meeting Slated for October 2
UEBERREGIONALER SK: Claims Registration Period Ends Sept. 27
ULTIMO PROJEKT: Vienna Court Orders Business Shutdown


G E R M A N Y

CCN COMPUTER: Claims Registration Ends September 29
DAIMLERCHRYSLER: Tougher Market Conditions Spur Outlook Changes
DMVG DEUTSCHE: Claims Registration Ends September 29
DMW DAMMER: Creditors' Meeting Slated for September 29
EHWA BAU: Claims Registration Ends September 22

ERNST PROKSCH: Claims Registration Ends September 29
F.B.I. IMMOBILIEN: Creditors' Meeting Slated for September 26
IVG DR. STEIN: Claims Registration Ends September 22
N.B.U. BAUUNTERNEHMUNG: Claims Registration Ends Sept. 29
PROARC CONSULTING: Claims Registration Ends October 2

ROSSDEUTSCHER GLAS: Creditors' Meeting Slated for September 28


H U N G A R Y

BORSODCHEM NYRT: Kikkolux & Firthlion Amends Option Agreement


I T A L Y

FIAT SPA: Finalizes Agreement on Joint Venture with SAIC Motor


K A Z A K H S T A N

ALFA LINE S: Creditors Must File Claims by Oct. 27
AUTO-CENTER: Creditors Must File Claims by Oct. 25
AVTOTRANSSBYT: Karaganda Court Opens Bankruptcy Proceedings
AYLA-ORIENT: Proof of Claim Deadline Slated for Oct. 25
CAT CORP: Proof of Claim Deadline Slated for Oct. 27

KURYLYS-MERIDIAN: Claims Registration Ends Oct. 25
PIRS-A: Claims Registration Ends Oct. 25
REAL INVEST: Karaganda Court Begins Bankruptcy Proceedings
SAPAR: Creditors' Claims Due Oct. 25
TRANSIT-B: Creditors' Claims Due Oct. 25


K Y R G Y Z S T A N

AT-TAKVIN: Proof of Claim Deadline Slated for Oct. 27


L A T V I A

LATVIJAS KRAJBANKA: Fitch Affirms Issuer Default Rating at B+


L U X E M B O U R G

NORTEL NETWORKS: Board Declares Dividend on Preferred Shares


N E T H E R L A N D S

NXP BV: Moody's Assigns P(Ba2) Ratings to EUR3-Bln Senior Notes
VNU GROUP: Sells 34.3% Stake in Solucient to Thomson Corp


P O R T U G A L

INTERTAPE POLYMER: Responds to Takeover Rumors


R O M A N I A

HVB TIRIAC: Fitch Gives Individual D Rating Following Merger


R U S S I A

BANK KRF: Endowment Insurance Agency to Manage Assets
BEER COMPANY: Court Names S. Kachin as Insolvency Manager
BON VOYAGE: Moscow Court Names A. Kubasov as Insolvency Manager
CENTRE-GAS-STROY: Ivanovo Court Starts Bankruptcy Supervision
CENTRE-STROY: Voronezh Court Starts Bankruptcy Supervision

CHILDREN'S GOODS: Court Names V. Konovalov as Insolvency Manager
DESIGN: Primorye Court Names E. Teslenko as Insolvency Manager
DVIN-WOOD: Court Names E. Bagretsova as Insolvency Manager
EAR: Evreyskiy Court Names A. Mazur as Insolvency Manager
GAZPROM NEFT: Wins Right to Use Novorossiysk Oil Resources

GAZPROM OAO: Inks Cooperation Deal with Sakhalin Oblast
GOLDEN RING: Moscow Court Names A. Kubasov as Insolvency Manager
INTER-TRANS: Court Names G. Chmutina as Insolvency Manager
IRKUT CORP: Inks Credit Deals with Nocvatek & Societe Generale

KLYUCHEVSKIY: Court Names G. Pevrukhin as Insolvency Manager
KOTELNIKOVSKAYA SEL-KHOZ-KHIMIYA: Filing of Claims Ends Oct. 5
NEFTEKAMSK-AGRO-PROM-SNAB: S. Illarionov to Manage Assets
NELSON MOTORS: Court Names A. Kubasov as Insolvency Manager
NORTEL NETWORKS: Board Declares Dividend on Preferred Shares

PAVLOVSKIY FACTORY: Bankruptcy Hearing Slated for Nov. 14
ROS-WOOD: Court Names P. Milov as Insolvency Manager
SARATOVSKIY AIRCRAFT: Bankruptcy Hearing Slated for Jan. 30
SERDOBSKIY VALVE: Bankruptcy Hearing Slated for Nov. 30
SHERBINOVSKAYA: Krasnodar Court Starts Bankruptcy Supervision

SLAVYANSKIY FACTORY: Court Begins Reorganization Process
STRIZHAMENT: Court Names D. Perekhoda as Insolvency Manager
TEKHNO-ECOLOGY: Arkhangelsk Court Starts Bankruptcy Supervision
TRANSIT: Tomsk Court Names I. Gorn as Insolvency Manager
TRANSPORT: Court Names V. Druzhinin as Insolvency Manager

UNITARY ENTERPRISE: Court Starts Bankruptcy Supervision
VOSTOK-OIL-RESOURCE: Court Names A. Krylov as Insolvency Manager
ZHIRONOV-SEL-KHOZ-KHIMIYA: Filing of Claims Ends October 5
ZULTYS TECHNOLOGIES: Files Chapter 11 Petition in California
ZULTYS TECH: Case Summary & 20 Largest Unsecured Creditors


S L O V E N I A

ABANKA VIPA: Fitch Keeps Individual Rating at C
NOVA LJUBLJANSKA: Fitch Maintains Individual C Rating


T U R K E Y

TEKSTIL BANKASI: Fitch Keeps IDR at B on Weak Profitability


U K R A I N E

ANDRIYIVSKA: Zaporizhya Court Starts Bankruptcy Supervision
ASTARTA-YUGI: Mikolaiv Court Starts Bankruptcy Supervision
CENTURION: Court Names Mr. V. Piskurskij as Insolvency Manager
DIBROVA: Dnipropetrovsk Court Starts Bankruptcy Supervision
DIL: Volinska Court Starts Bankruptcy Supervision

ESKORT-SERVICE: Court Names Oleksandr Kushniruk as Liquidator
GORLOVCHANKA: Donetsk Court Starts Bankruptcy Supervision
NAFTOHIMIK: Lugansk Court Starts Bankruptcy Supervision
OBLREMPOBUTTEHNIKA: Court Names Oleksandr Bohan as Liquidator
SKV: Donetsk Court Names V. Piskurskij as Insolvency Manager


U N I T E D   K I N G D O M

AA TRAINING: Appoints Philip Malachy Daly as Liquidator
AES CORP: Sells U.K. Power Plant for US$60-Mln to Int'l. Power
ACACIA GROUP: Names Joint Administrators from BDO Stoy
ACORN CONFECTIONERY: Hires Joint Liquidators from Hart Shaw
ALPHA PACKAGING: Creditors' Meeting Slated for September 25

AML SYSTEMS: Brings In Ninos Koumettou as Administrator
B J ROLAND: Brings In Joint Liquidators from Portland Business
B AND J: Appoints Joint Liquidators from Insol House
BATTBOYZ LIMITED: Hires M. S. E. Solomons to Liquidate Assets
BELMAR-ZENITH: Appoints BDO Stoy as Joint Administrators

BERNARD WARD: Shay Lettice Leads Liquidation Procedure
BLUE FISH: Creditors Confirm Liquidator's Appointment
BLUE SPHERE: Taps Administrators from Mazars LLP
CAROLINE B: Calls In Joint Liquidators from Valentine & Co.
CARRIAGES LIMITED: Names Tim Alexander Clunie Liquidator

COLLINS & AIKMAN: GM Modifies Motion to Recover Tooling
COLLINS & AIKMAN: Wants More Time to Decide on Becker Leases
CORPORATE VISUAL: Appoints Michael C. Kienlen as Liquidator
CROYDON TRAVEL: Nominates Joint Liquidators from Abbott Fielding
DP COMPUTERS: Claims Filing Period Ends September 23

ENGINEER FINDER: Brings In Gerald Irwin to Liquidate Assets
FRAYNESS LIMITED: Claims Filing Period Ends Oct. 20
FREESCALE SEMI: CEO Says No Major Changes After Going Private
FORTSITE LIMITED: Hires Joint Liquidators from Valentine & Co.
GENERAL MOTORS: GMAC Offers to Buy Deferred Interest Debentures

GENERAL MOTORS: North American Facilities Cut Energy Use
GENERAL MOTORS: Court Adjourns Hearings on Contract Rejection
GUILLOT YGNIS: Appoints Liquidator to Wind Up Business
H.J. HEINZ: Shareholders Elect New Members of the Board
H.J. HEINZ: S&P Lowers Preferred Stock Rating to BB+ from BBB-

HANDLING LOGIC: Joint Liquidators Take Over Operations
HANS BROCHIER: Taps Kingston Smith to Administer Assets
J J STOCK: Taps Paul James Fleming to Liquidate Assets
JOHNSONDIVERSEY HOLDINGS: Fitch Assigns B- Default Rating
LAMINAR FLOW: Brings In Lucinda Ann Field to Administer Assets

LINCOLN CASTINGS: Brings In Ernst & Young to Administer Assets
METRO QC: Brings In Joint Liquidators from Harrisons
MOBILES 4: Names Liquidator from Butcher Woods
MTECH ENVIRONMENTAL: Creditors Confirms Voluntary Liquidation
NOISE CONTROL: Liquidator Sets Oct. 20 Claims Bar Date

OUTLOOK SPORTS: Hires Joint Administrators from Hurst Morrison
PINHOE GARAGE: Claims Registration Ends Oct. 20
PORTRAIT CORP: Chapter 11 Prompts Moody's to Withdraw Ratings
ROMAN MOSAIC: Philip Simons Leads Liquidation Procedure
ROOM OUTDOOR: Taps Liquidator from O'Hara & Co.

RUSSELL HUMAN: Appoints Philip Simons to Liquidate Assets
SAMARKAND GALLERIES: Taps Keith Veith Anderson as Liquidator
SANKEYS SOAP: Brings In Joint Liquidators from Rothman Pantall
SIHAM LIMITED: Names Liquidators from BRI Business Recovery
SLIMLINE U.K.: Appoints Joint Liquidators from Blades Insolvency

SLIPSTEAM I.T.: Hires Joint Liquidators from Insol House
SMP SYSTEMS: Appoints Ninos Koumettou as Administrator
SOUTHGATE HOLDINGS: Brings In Shay Lettice to Liquidate Assets
SPORTIZUS LIMITED: Brings In Moore Stephens as Administrators
SPOTLIGHTS LIMITED: Creditors' Meeting Slated for September 22

STANLEY CLOTHING: Creditors Confirm Voluntary Liquidation
STEELCASE INC: Moody's Rates US$250-Mln Senior Notes at Ba1
SWEDISH TRUCK: Appoints Andrew David Rosler as Administrator
SYSTEMS PRACTICE: Brings In Kroll as Joint Administrators
TBS HAULAGE: Calls In Liquidator from Jones Lowndes Dwyer

TEAKHOUSE LEISURE: Creditors Ratify Liquidators' Appointment
TECHNICAL PRINT: Taps Joint Liquidators from Blades Insolvency
VCL LOGISTICS: Names Lloyd Biscoe to Liquidate Assets
VOLUMETRIC LIMITED: Claims Filing Period Ends Sept. 30
WATKINSON INDUSTRIAL: Appoints Begbies Traynor as Liquidators

WILSONS CONVENIENCE: Taps Tenon Recovery to Administer Assets
WOODLANDS BUILDERS: Creditors Confirm Liquidator's Appointment
XIOS PROJECTS: Hires Paul Appleton to Liquidate Assets
ZULTYS TECHNOLOGIES: Files Chapter 11 Petition in California
ZULTYS TECH: Case Summary & 20 Largest Unsecured Creditors

                            *********

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


APOLLO MEDIA: Property Manager Declares Insufficient Assets
-----------------------------------------------------------
The court-appointed property manager for JSC Apollo Media
Management (FN 98562w), declared on Aug. 1 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 5 S 26/06t) was removed from (Bankr. Case No.
36 S 84/03 w) on March 6.


AXEL: Creditors' Meeting Slated for October 2
---------------------------------------------
Creditors owed money by LLC Axel (FN 75976f) are encouraged to
attend the creditors' meeting at 9:30 a.m. on Oct. 2 to consider
the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 1 (Bankr. Case No. 3 S 107/06i).  Andrea Eisner serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

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


DITOK: Creditors' Meeting Slated for September 28
-------------------------------------------------
Creditors owed money by LLC Ditok (FN 256149s) are encouraged to
attend the creditors' meeting at 9:45 a.m. on Sept. 28 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 1 (Bankr. Case No. 5 S 111/06t).  Ute Toifl serves as
the court-appointed property manager of the bankrupt estate.
Astrid Haider represents Dr. Toifl in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Ute Toifl
         c/o Mag. Astrid Haider
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 535 46 11
         Fax: 535 46 11 11
         E-mail: office@thr.at


EXOCA-BAU: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered an order on Aug. 1 shutting
down the business of LLC Exoca-Bau (FN 106822t).  Court-
appointed property manager Walter Kainz determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10 (Bankr. Case No. 2 S 114/06m).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


GEOLOGICA-SHOP: Claims Registration Period Ends September 27
------------------------------------------------------------
Creditors owed money by LLC Geologica-Shop (FN 275584x) have
until Sept. 27 to file written proofs of claims to court-
appointed property manager Tobias Mitterauer at:

         Dr. Tobias Mitterauer
         Kasernenstr. 4
         5073 Wals - Himmelreich, Austria
         Tel: 0662-854227
         Fax: 0662-854227-40
         E-mail: kanzlei@steger-partner.at

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

The meeting of creditors will be held at:

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

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Aug. 1 (Bankr. Case No. 23 S 49/06k).


LEMON FEICHTINGER: Ried im Innkreis Court Shuts Down Business
-------------------------------------------------------------
The Land Court of Ried im Innkreis entered an order on July 31
shutting down the business of LLC Lemon Feichtinger (FN
176249s).  Court-appointed property manager Maria Weidlinger
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Maria Weidlinger
         Passauer Road 13
         4780 Schaerding, Austria
         Tel: 07712/4004
         Fax: 07712/4004-16
         E-mail: maria.weidlinger@aon.at

Headquartered in Andorf, Austria, the Debtor declared bankruptcy
on July 19 (Bankr. Case No. 17 S 28/06h).


SENDER: Property Manager Declares Insufficient Assets
-----------------------------------------------------
Dr. Gerhard Mueller, the court-appointed property manager for
LLC Sender (FN 66364w), declared on July 31 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Lustenau, Austria, the Debtor declared
bankruptcy on June 26 (Bankr. Case No. 14 S 28/06i).

The property manager can be reached at:

         Dr. Gerhard Mueller
         Maria Theresien Road 8
         6890 Lustenau, Austria
         Tel: 05577/88644
         Fax: 05577/88644-3
         E-mail: kanzlei@grabher-mueller.jet2web.ataon.at


STANISLAV TOMECEK: Creditors' Meeting Slated for October 2
----------------------------------------------------------
Creditors owed money by LLC Stanislav Tomecek (FN 96125k) are
encouraged to attend the creditors' meeting at 11:15 a.m. on
Oct. 2 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 1 (Bankr. Case No. 28 S 46/06b).  Andrea Simma serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at


UEBERREGIONALER SK: Claims Registration Period Ends Sept. 27
------------------------------------------------------------
Creditors owed money by LLC Ueberregionaler SK (FN 217064m) have
until Sept. 27 to file written proofs of claims to court-
appointed property manager Helmut Caks at:

         Mag. Helmut Caks
         Friedrichgasse 6/I/8
         8010 Graz, Austria
         Tel: 0316/811455
         Fax: 0316/811455/14
         E-mail: caks@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:10 p.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 Graz
         Hall L (Room 230)
         2nd Floor
         Graz, Austria

Headquartered in Unterpremstatten, Austria, the Debtor declared
bankruptcy on Aug. 1 (Bankr. Case No. 25 S 64/06h).


ULTIMO PROJEKT: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered an order on July 31 shutting
down the business of LLC Ultimo Projekt (FN 170949x).  Court-
appointed property manager Peter Zens determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Peter Zens
         c/o Norbert Schopf
         Reichsratsstrasse 7
         1010 Vienna, Austria
         Tel: 534 90
         Fax: 534 90-50
         E-mail: office@schopf-zens.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 24 (Bankr. Case No. 5 S 107/06d).  Norbert Schopf
represents Dr. Zens in the bankruptcy proceedings.


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


CCN COMPUTER: Claims Registration Ends September 29
---------------------------------------------------
Creditors of CCN Computer Contor Nord GmbH have until Sept. 29
to register their claims with court-appointed provisional
administrator Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 30 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 Kiel
         Hall 17
         Kiel, 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 Kiel opened bankruptcy proceedings against
CCN Computer Contor Nord GmbH on Aug. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         CCN Computer Contor Nord GmbH
         Attn: Wilhelm Baumann, Manager
         Walkerdamm 17
         24103 Kiel, Germany

The administrator can be contacted at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg, Germany


DAIMLERCHRYSLER: Tougher Market Conditions Spur Outlook Changes
---------------------------------------------------------------
DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

Chrysler Group had earlier announced an anticipated operating
loss of up to EUR0.5 billion (US$0.6 billion) in the third
quarter that is now expected to be at EUR1.2 billion (US$1.5
billion).

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.

In the third quarter, the Chrysler Group was unable to follow
customer demand with its existing product portfolio, as
customers shifted towards smaller vehicles.  However, in the
second half of the year, the Chrysler Group will introduce a
total of eight new vehicles, of which many are in the growing
small vehicle segment.

Like the Dodge Caliber, which was launched in second quarter
2006, the Jeep Compass, Jeep Patriot and the new Chrysler
Sebring are equipped with the fuel-efficient, 2.4 liter, four
cylinder World Engine and offer better than 30 miles per gallon
highway mileage.  Also this year, the Chrysler Group will offer
the smallest Dodge SUV in history, the Dodge Nitro as well as an
all-new version of the quintessential Jeep Wrangler.

After the anticipated loss of EUR1.2 billion (US$1.5 billion) in
the third quarter the Chrysler Group strives to achieve positive
results in the fourth quarter.  DaimlerChrysler is forecasting
that the Chrysler Group will end 2006 as a whole with a loss in
the magnitude of approximately EUR1 billion (US$1.2 billion).
Earnings development at the Mercedes Car Group, the Truck Group,
Financial Services and Van, Bus, Other segment is fully in line
with planning.

As a result of this reassessment of the earnings situation at
the Chrysler Group, the earnings forecast for the
DaimlerChrysler Group must also be adjusted.  DaimlerChrysler is
now assuming that the operating profit for 2006 will be in the
magnitude of EUR5 billion (US$6.4 billion).  This figure
includes charges for the implementation of the new management
model (EUR 0.5 billion; US$0.6 billion), the focus on the smart
for two (EUR 1 billion; US$1.2 billion), the staff reductions at
the Mercedes Car Group (EUR0.4 billion; US$0.5 billion), as well
as gains on the disposal of the off-highway business (EUR 0.2
billion; US$ 0.2 billion), on the sale of real estate no longer
required for operating purposes (EUR 0.1 billion; US$0.1
billion) and the release of provisions for retirement-pension
obligations (EUR 0.2 billion; US$0.2 billion).

In its half-year report, EADS indicated that the review of the
Airbus program could lead to a reduction of earnings.
DaimlerChrysler's updated earnings forecast does not yet include
these potential effects on its earnings.

In order to improve the earnings situation of the Chrysler Group
as quickly, comprehensively and sustainably as possible,
measures to increase sales and cut costs in the short term are
being examined at all stages of the value chain, in addition to
structural changes being reviewed as well.  The positive
development of volumes and earnings in Mexico and Canada as well
as in other international markets also offer opportunities for
further improvements.

                     About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,
manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.


DMVG DEUTSCHE: Claims Registration Ends September 29
----------------------------------------------------
Creditors of DMVG Deutsche Meteorologische Verlagsgesellschaft
mbH have until Sept. 29 to register their claims with court-
appointed provisional administrator Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 1 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings
against DMVG Deutsche Meteorologische Verlagsgesellschaft mbH on
Aug. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         DMVG Deutsche Meteorologische Verlagsgesellschaft mbH
         Attn: Frank-Ruediger Boettcher and
         Erich Erichsen, Managers
         Magdeburger Road 17
         20457 Hamburg, Germany

The administrator can be contacted at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg, Germany
         Tel: 808136-212
         Fax: 808136-119


DMW DAMMER: Creditors' Meeting Slated for September 29
------------------------------------------------------
The court-appointed provisional administrator for DMW DAMMER
Moebelwerk GmbH, Manfred Vellmer, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:30 a.m. on Sept. 29.

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

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta, Germany

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m. on Nov. 17 at the same
venue.

Creditors have until Oct. 27 to register their claims with the
court-appointed provisional administrator.

The District Court of Vechta opened bankruptcy proceedings DMW
DAMMER Moebelwerk GmbH on Aug. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DMW DAMMER Moebelwerk GmbH
         Schacht 9
         49401 Damme, Germany

         Attn: Dr. Reinhard Steinoecker, Manager
         Pummernplatz 2
         A-4490 St. Florian
         Oesterreich, Germany

The administrator can be reached at:

         Manfred Vellmer
         Rothenburg 20/21
         48143 Muenster, Germany
         Tel: 0251/511801
         Fax: 0251/9277785


EHWA BAU: Claims Registration Ends September 22
-----------------------------------------------
Creditors of EHWA Bau GmbH have until Sept. 22 to register their
claims with court-appointed provisional administrator
Christopher Alff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A4 21
         4th Floor
         House A
         Franconia Dam 17
         Stralsund, 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 Stralsund opened bankruptcy proceedings
against EHWA Bau GmbH on Aug. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         EHWA Bau GmbH
         Attn: Michael Wanke, Manager
         Richtenberger Str. 47
         18437 Stralsund, Germany

The administrator can be contacted at:

         Christopher Alff
         Gerhart-Hauptmann-Str. 24
         18055 Rostock, Germany


ERNST PROKSCH: Claims Registration Ends September 29
----------------------------------------------------
Creditors of Ernst Proksch e.K. have until Sept. 29 to register
their claims with court-appointed provisional administrator Karl
Dinkel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Nov. 6 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 Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt, 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 Ingolstadt opened bankruptcy proceedings
against Ernst Proksch e.K. on Aug. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Ernst Proksch e.K.
         Holzmarkt 5
         85049 Ingolstadt, Germany

The administrator can be contacted at:

         Karl Dinkel
         Rosenstrasse 107
         86633 Neuburg/Donau, Germany
         Tel: 08431/7101
         Fax: 08431/7214


F.B.I. IMMOBILIEN: Creditors' Meeting Slated for September 26
-------------------------------------------------------------
The court-appointed provisional administrator for F.B.I.
Immobilien GmbH, Christoph Rosenmueller, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:10 a.m. on Sept. 26.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:10 a.m. on Jan. 16, 2007, at the
same venue.

Creditors have until Nov. 18 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings F.B.I. Immobilien GmbH on Aug. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         F.B.I. Immobilien GmbH
         Friedrichshagener Strasse 9
         12555 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


IVG DR. STEIN: Claims Registration Ends September 22
----------------------------------------------------
Creditors of IVG Dr. Stein Grundstuecks- und
Vermoegensverwaltung GmbH have until Sept. 22 to register their
claims with court-appointed provisional administrator Johannes
Zimmermann.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg, 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 Lueneburg opened bankruptcy proceedings
against IVG Dr. Stein Grundstuecks- und Vermoegensverwaltung
GmbH on Aug. 17.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         IVG Dr. Stein Grundstuecks- und
         Vermoegensverwaltung GmbH
         Attn: Peter Richard Ritter, Manager
         Hans-Eidig-Weg 2b
         21449 Radbruch, Germany

The administrator can be contacted at:

         Johannes Zimmermann
         Ringstrasse 7-9
         29525 Uelzen, Germany
         Tel: 0581/90100
         Fax: 0581/901020


N.B.U. BAUUNTERNEHMUNG: Claims Registration Ends Sept. 29
---------------------------------------------------------
Creditors of N.B.U. Bauunternehmung GmbH have until Sept. 29 to
register their claims with court-appointed provisional
administrator Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy
proceedings against N.B.U. Bauunternehmung GmbH on Aug. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         N.B.U. Bauunternehmung GmbH
         Attn: Andreas Bauer and Lars Mazurczak, Managers
         Monument Route 14
         41363 Juechen, Germany

The administrator can be contacted at:

         Dr. Paul Fink
         Rheinort 1
         40213 Düsseldorf, Germany


PROARC CONSULTING: Claims Registration Ends October 2
-----------------------------------------------------
Creditors of ProArc Consulting Limited have until Oct. 2 to
register their claims with court-appointed provisional
administrator Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         William Route 55-57
         53474 Bad Neuenahr-Ahrweiler, 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 Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against ProArc Consulting Limited on Aug. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ProArc Consulting Limited
         Neide 1
         53424 Remagen, Germany

         Attn: Hein Dirk Schmitt and
         Patrick Schloesser, Managers
         Burggrafenstr. 48
         53489 Sinzig, Germany

The administrator can be contacted at:

         Thomas Steger
         Koelnstr. 135
         53757 St. Augustin, Germany
         Tel: 02241/90600
         Fax: 02241/906090
         E-mail: kanzlei@kalker-fahnster.de


ROSSDEUTSCHER GLAS: Creditors' Meeting Slated for September 28
--------------------------------------------------------------
The court-appointed provisional administrator for Rossdeutscher,
Glas- und Gebaudereinigung GmbH, Petra Hilgers, will present her
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:20 a.m. on Sept. 28.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m. on Jan. 11, 2007, at the
same venue.

Creditors have until Nov. 18 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings Rossdeutscher, Glas- und Gebaudereinigung GmbH on
Aug. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Rossdeutscher, Glas- und Gebaudereinigung GmbH
         Cedernstrasse 28
         12559 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


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


BORSODCHEM NYRT: Kikkolux & Firthlion Amends Option Agreement
-------------------------------------------------------------
Kikkolux S.a.r.l. and Firthlion Limited amended on Sept. 15 the
agreement under which Firthlion granted a call option to
Kikkolux with respect to 21,274,975 pieces of registered
ordinary shares issued by BorsodChem Nyrt.

The Option Period has been extended and will expire on Nov. 30,
provided that if it takes more than 15 days from the submission
date for the Hungarian Financial Supervision Authority (HFSA) to
approve the public purchase offer to be made by the Option
Holder (or a subsidiary or affiliate of the Option Holder) for
the ordinary shares of the Company.

The Option Period shall be extended beyond Nov. 30 by the number
of additional calendar days it took HFSA to approve the public
purchase offer over 15 days.

Shareholder has irrevocably undertaken to tender the Option
Shares in the public purchase offer made by the Option Holder
(or a subsidiary of affiliate of the Option Holder) for the
ordinary shares of the Company providing for a HUF3,000 per
share price and in the case of termination due to a counter bid
approved by the HFSA the Option Period shall expire with the
lapse of the fifth banking day following the first day of the
acceptance period of such counter bid.

Currently the direct and indirect influence of the Option Holder
in the Company is 0%.  By acquiring the Option Shares the direct
and indirect influence of the Option Holder (or any third party
designated by the Option Holder) in the Company will increase to
26.16%.

Together with the exercise of the other options granted to the
Option Holder by other parties until the date of the Agreement
with respect to the shares of the Company, the Option Holder is
able to acquire 47.99% of all shares entitled to vote, which,
disregarding the 6,346,050 employees shares bound by the auto-
proxy arrangement with the Company, represent an aggregate
direct and indirect control of 52.05% of all shares entitled to
vote.

The Agreement has not been amended in any other respect.

Shareholdings of Permira Europe III LP1 and Permira Europe III
LP2 in the Option Holder was transferred to Permira Europe IV
LP2 on Sept. 14 and on Sept. 15.  Therefore Permira Europe IV
L.P.2 as the direct holder of 96.6% of the shares of the Option
Holder may, as the result of the exercise of the Option by the
Option Holder (calculating its 96.6% ownership as 100%
influence), reach an indirect influence of 26.16% in the Company
through the exercise of the Option by the Option Holder.

Permira Europe IV. L.P.2 may, together with the exercise of the
other options granted to the Option Holder by other parties
until the date of the Agreement with respect to the shares of
the Company, reach an aggregate indirect influence of 47.99% in
the Company which, disregarding the employee shares, results in
the direct and indirect control of 52.05% by Permira Europe IV
L.P.2.

As previously reported in TCR-Europe on Sept. 12, the Board of
Directors of BorsodChem Nyrt. was informed by Kikkolux S.ar.l.
that it had completed the business/commercial, accounting & tax,
legal & insurance, technical & environmental due diligence
performed in connection with Kikkolux's potential takeover bid
for the ordinary shares of the Company.

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


FIAT SPA: Finalizes Agreement on Joint Venture with SAIC Motor
--------------------------------------------------------------
Fiat S.p.A.'s Iveco and SAIC Motor Corp. ratified on Sept. 18
the final agreement to establish a long-term Joint Venture in
China in the field of heavy commercial vehicles.

The agreement involves a joint investment with Chongqing Heavy
Vehicle Group Co. Ltd. for the manufacture of heavy trucks in
Chongqing.

The formal signing occurred in the presence of the Chinese Prime
Minister, Wen Jiabao and the President of the Council of
Ministers of the Republic of Italy, Romano Prodi.  Sergio
Marchionne, Fiat Group CEO, also participated in the ceremony.

Iveco and SAIC established a 50-50 Joint Venture, under the name
of SAIC Iveco Commercial Vehicle Investment Company Ltd.  This
Company is going to acquire a 67% share of Chongqing Hongyan
Motor Co. Ltd, which is currently a subsidiary of the Chongqing
Heavy Vehicle Group.

The parties to the agreement also agreed about an envisaged
increase in the registered capital of Chongqing Hongyan, devoted
to the construction of a new production plant located in
Chongqing.  Industrial plans include the assembly of Iveco heavy
commercial vehicles and product and process related improvements
in the Chongqing product range, in order to enhance their
competitiveness on the local market, as well as the development
of vehicles featuring an optimal integration of Chinese and
European components and technologies.

                       About SAIC Motor

Headquartered in Shanghai, SAIC Motor Corp. Limited, is one of
the largest automakers in China.  It sells more than one million
vehicles per year and has more than 56,000 employees.  SAIC
Group activities also include a wide range of automotive
manufacturing and commercial activity, such as passengers and
commercial vehicles, agricultural and construction equipments,
components, and related services.

               About Chongqing Heavy Vehicle Group

Chongqing Heavy Vehicle Group is owned by the 33 million
inhabitants of Chongqing Municipality.  Through its subsidiary,
Chongqing Hongyan Automotive, CHVG is one of the major producers
of medium and heavy trucks in China and relies on a large
distribution network throughout China.

                           About Iveco

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

                        About Fiat S.p.A

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

                        *     *     *

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

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

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

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

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


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


ALFA LINE S: Creditors Must File Claims by Oct. 27
--------------------------------------------------
LLP Alfa Line S has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim to:

    LLP Alfa Line S
    Micro District Molodejnyi, 42-47
    Almaty District
    Astana
    Akmola Region
    Kazakhstan


AUTO-CENTER: Creditors Must File Claims by Oct. 25
--------------------------------------------------
LLP Auto-Center (RNN 600400508907) has declared insolvency.
Creditors have until Oct. 25 to submit written proofs of claim
to:

    LLP Auto-Center
    Baitursynov Str. 104a
    Almaty, Kazakhstan
    Tel: 8 (3272) 50-38-04
         8 (3272) 60-12-77


AVTOTRANSSBYT: Karaganda Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Transport
Company Avtotranssbyt (RNN 302000251963).

The company can be reached at:

    LLP Avtotranssbyt
    South Industrial Zone
    Karaganda
    Karaganda Region
    Kazakhstan


AYLA-ORIENT: Proof of Claim Deadline Slated for Oct. 25
-------------------------------------------------------
LLP Ayla-Orient (RNN 600400539206) has declared insolvency.
Creditors have until Oct. 25 to submit written proofs of claim
to:

    LLP Ayla-Orient
    Rozybakiev Str. 273
    Almaty, Kazakhstan
    Tel: 8 (3272) 60-12-77


CAT CORP: Proof of Claim Deadline Slated for Oct. 27
----------------------------------------------------
The Branch of LLP Central-Asian Tourist Corporation CAT
Corporation has declared insolvency.

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

    CAT Corporation
    Micro District 5, 42-23
    Aktau
    Mangistau Region
    Kazakhstan
    Tel: 8 (3292) 50-47-19


KURYLYS-MERIDIAN: Claims Registration Ends Oct. 25
--------------------------------------------------
LLP Kurylys-Meridian has declared insolvency.  Creditors have
until Oct. 25 to submit written proofs of claim to:

    LLP Kurylys-Meridian
    Northern Industrial Zone
    Pavlodar
    Pavlodar Region
    Kazakhstan


PIRS-A: Claims Registration Ends Oct. 25
----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Pirs-A into compulsory
liquidation.

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

    LLP Pirs-A
    Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


REAL INVEST: Karaganda Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Real Invest
Plus (RNN 302000233140).

The company can be reached at:

    LLP Real Invest Plus
    Erjanov Str. 16
    Karaganda
    Karaganda Region
    Kazakhstan


SAPAR: Creditors' Claims Due Oct. 25
------------------------------------
OJSC Sapar (RNN 451800058678) has declared insolvency.
Creditors have until Oct. 25 to submit written proofs of claim
at:

    OJSC Sapar
    Volodarskiy Str. 71
    Pavlodar
    Pavlodar Region
    Kazakhstan
    Tel: 8 (3182) 32-98-91


TRANSIT-B: Creditors' Claims Due Oct. 25
----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Transit-B insolvent.

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

    LLP Transit-B
    Jambyl Str. 9
    Karaganda
    Karaganda Region
    Kazakhstan


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


AT-TAKVIN: Proof of Claim Deadline Slated for Oct. 27
-----------------------------------------------------
LLC At-Takvin (INN 02212200510016) has declared insolvency.
Creditors have until Oct. 27 to submit written proofs of claim
at:

    LLC At-Takvin
    Abdrahmanov Str, 146-12
    Bishkek, Kyrgyzstan


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


LATVIJAS KRAJBANKA: Fitch Affirms Issuer Default Rating at B+
-------------------------------------------------------------
Fitch Ratings affirmed Latvia-based Latvijas Krajbanka's ratings
at Issuer Default B+, Short-term B, Individual D, and Support 4.
The Outlook is Stable.

The ratings reflect Krajbanka's small size within the Latvian
banking system, an average, though improving, level of
profitability and risks associated with rapid loan growth,
including into regions new to the bank.  Capitalization is low
and liquidity has come under some pressure.

The Support rating reflects the limited potential support
Krajbanka could receive from its majority owner Bankas Snoras of
Lithuania in case of need.  Bankas Snoras is controlled by the
Russian Conversbank; the two Baltic banks represent
Conversbank's strategy to expand outside Russia into EU
countries.

Krajbanka has grown rapidly, benefiting from the strong economic
conditions in the country, but remains small at just 2.2% of
system assets at end-2005, despite having the largest branch
network in the country.

"Krajbanka is leveraging its branch network, and profitability
has improved," Tim Beck, Director in Fitch's Financial
Institutions Group disclosed.

"However, costs remain relatively high.  The bank needs to grow
to improve profitability.  It is important that capital is
injected in a timely manner to support this growth," Mr. Beck
added.

Krajbanka's capitalization has declined with the growth of the
bank, with Tier 1 ratio falling to 7.8% at end-2005.  Fitch
would view any further decline negatively.  With the growth in
lending, there is the risk of future provisioning costs, though
no evidence of this has yet occurred. Fitch is informed that
lending will remain largely Latvian risk.

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 with 75
branches.


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


NORTEL NETWORKS: Board Declares Dividend on Preferred Shares
------------------------------------------------------------
The Board of Directors of Nortel Networks Limited has declared a
dividend on each of the outstanding Cumulative Redeemable Class
A Preferred Shares Series 5 and the outstanding Non-cumulative
Redeemable Class A Preferred Shares Series 7.

The dividend amount for each series is calculated in accordance
with the terms and conditions applicable to each respective
series, as set out in the Company's articles.  The annual
dividend rate for each series floats in relation to changes in
the average of the prime rate of Royal Bank of Canada and The
Toronto-Dominion Bank during the preceding month and is adjusted
on a monthly basis by an adjustment factor, based on the
weighted average daily trading price of each of the series for
the preceding month.  The maximum monthly adjustment for changes
in the weighted average daily trading price of each of the
series will be plus or minus 4% of Prime.  The annual floating
dividend rate applicable for a month will in no event be less
than 50% of Prime or greater than Prime. The dividend on each
series is payable on Nov. 13, 2006 to shareholders of record of
the series at the close of business on Oct. 31, 2006.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries.

                        *    *    *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


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


NXP BV: Moody's Assigns P(Ba2) Ratings to EUR3-Bln Senior Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Corporate Family Rating of
Ba3 to NXP B.V., the semiconductor operations spun-off by Royal
Philips.

At the same time, Moody's has also assigned a provisional P(Ba2)
rating to the prospective EUR3 billion senior secured notes as
well as a provisional P(B2) rating to the prospective EUR1.5
billion senior unsecured notes issued by NXP B.V. and NXP
Funding LLC under joint and several liability.

The debt is being issued in connection with the acquisition of
NXP by an investor consortium including KKR, Silver Lake, Bain
Capital, Apax Partners and Alpinvest.  Royal Philips is expected
to retain a 19.9% share in the company, but the ratings do not
assume any implicit or explicit credit support from Philips.
The rating outlook is stable.

The Ba3 corporate family rating reflects:

   -- the company's broad portfolio of application-specific
integrated circuits (ASICs) with strong, diversified
customer relationships in the mobile phone, consumer
electronics and automotive industries;

   -- an expectation of further material improvement in NXP's
operating metrics in the course of comprehensive
restructuring efforts initiated in 2005;

   -- the anticipation of solid liquidity resulting from about
EUR700 million cash retained initially from the
refinancing, a EUR500 million revolving credit facility,
and a very long-dated maturity profile for its debt, and

   -- the expectation that the targeted level of operating cost
flexibility and profitability will be substantially
achieved to make the company more resilient to
semiconductor industry volatility and allow for strong
free cash flows.

The ratings are constrained primarily by the significant
increase in leverage following the recapitalization: NXP will be
one of the more highly leveraged semiconductor companies, with
about EUR5.0 billion gross debt compared to EUR4.3 billion
unrestricted, tangible assets, which could limit the company's
financial flexibility in anticipation of the next cyclical
downturn.

Compared to the financing strategies of other semiconductor
companies, NXP's adjusted leverage - as measured by a pro-forma
net debt/EBITDA at 4.0-times for FYE 2005 - is high.

The risk of elevated leverage levels is further exacerbated by:

   -- the execution risk relating to management's business
program;

   -- uncertainty regarding management's assumption of strong,
sustained revenue growth, which drives the targeted
profitability improvements of the fixed cost intensive
operations;

   -- a history of revenue volatility and operating losses in
the years 2001 -2003;

   -- and an only modest 2.6% operating margin in 2005 rising
to 5.2% in the last twelve months, so that evidence for
the upturn in operating flexibility and performance is
only gradually emerging.

Moody's notes that management targets an asset-light
semiconductor company, focusing on research, development, design
and marketing of semiconductors while outsourcing the
manufacturing of additional chip volumes to foundries in lower-
cost countries primarily in Asia.

At the same time, it targets a significant reduction of the
break-even point for the own operations, industry leading profit
margins and strong cash flows benefiting from reduced capital
expenditure requirements into the company's own asset base.

The ratings also take into consideration the challenges related
to the realization of such a strategy, while at the same time
having to develop a corporate infrastructure reflective of a
globally operating, EUR5 billion sales company.

The 1-notch uplift for the senior secured notes at (P)Ba2
reflects a sufficient cushion over debt ranking junior to the
notes as well as the benefit of the security giving priority
claim on essentially all assets-but-cash of the NXP group and
any disposal proceeds related to operating subsidiaries to the
secured debt holders, albeit ranking junior to a EUR500 million
unrated syndicated revolving credit facility.

The 2-notch difference of the senior unsecured notes rated (P)B2
compared to the Ba3 CFR primarily reflects the substantial
amount of debt ranking effectively ahead of senior unsecured
claims.

The outlook for all ratings is stable, based on the expectation
that the financial profile will only begin to show significant
improvements in line with the company's business plan in fiscal
year 2008.

Downward pressure could arise if, for instance, the company were
to lose major customers or if the semiconductor market were to
significantly contract with NXP revenues declining by more than
5% p.a., or if the company were to fail reaching a double-digit-
EBITA-margin and a material free cash flow in 2007.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and that these agreements are legally valid, binding and
enforceable.  The provisional ratings will need to be affirmed
once final documentation is in place.

NXP B.V., headquartered in Eindhoven, Netherlands, is one of the
largest semiconductor companies worldwide, focusing on the
designs and manufacture of application-specific integrated
circuits for the home electronics, mobile communications,
automotive and identification technology application markets.
Next to that, NXP is focusing via its multimarket product
business on general purpose and application specific standard
semiconductor products.  Revenues were EUR4.8 billion in 2005.


VNU GROUP: Sells 34.3% Stake in Solucient to Thomson Corp
---------------------------------------------------------
VNU Group B.V. agreed to sell its 34.3% stake in Solucient, an
information products company serving the healthcare industry, to
The Thomson Corp., which is acquiring 100% of Solucient.  Terms
were not disclosed.

VNU disclosed that Solucient is no longer considered a strategic
fit with VNU's Marketing Information group, which focuses
primarily on the fast-moving consumer goods sector.

VNU has been a minority owner of Solucient since 1999.  VNU
acquired its stake by contributing a healthcare information
business, Sachs Group, to a joint venture with private-equity
firm Veronis, Suhler & Associates.  The joint-venture business,
originally known as HCIA-Sachs, was later renamed Solucient.

The company expected to complete the transaction with Thompson
later this year, subject to customary closing conditions.

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in TCR-Europe on July 20, Moody's Investors Service
downgraded the Corporate Family Rating of VNU NV to B2 from B1
and its senior unsecured debt ratings to Caa1 from B1.  This
concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


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


INTERTAPE POLYMER: Responds to Takeover Rumors
----------------------------------------------
Intertape Polymer Group Inc. advised that the Company's ongoing
in-depth operational and financial review continues.  The
Company is working diligently to complete its review and
analysis.  TD Securities Inc. is providing advice in connection
with this process.  The Company also advised that it is in the
advanced stages of its search for a new Chief Executive Officer.

Eric Reguly And Andrew Willis at The Globe and Mail had reported
that an American investor is eyeing a possible purchase of
Intertape.  Citing unnamed source, The Globe and Mail said that
Intertape's board has not responded to the investor's all cash
offer.

In response to the takeover reports, Intertape said that from
time to time the Company receives expressions of interest from
third parties.  The Company said any such expression of interest
is reviewed and dealt with appropriately in the best interests
of the Company and its shareholders.  The Company does not
generally comment on any expressions of interest it receives.

"The Board looks forward to the completion of the review
process," said Michael L. Richards, Chairman of the Board of
Directors.  "The Company will advise of any material
developments in the review process and its search for a CEO."

                About Intertape Polymer Group

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group (TSX: ITP) (NYSE: ITP) develops and
manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use.  The Company employs 2,450 employees
with operations in 18 locations, including 13 manufacturing
facilities in North America and one in Europe.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'B+' long-term
foreign & local issuer credit rating to Intertape Polymer Group
Inc. in July 2004.


=============
R O M A N I A
=============


HVB TIRIAC: Fitch Gives Individual D Rating Following Merger
------------------------------------------------------------
Fitch Ratings assigned Banca Comerciala HVB Tiriac ratings of
Issuer Default A-, Short-term F2, Individual D, and Support 1.
The Individual rating has been placed on Rating Watch Evolving.

At the same time, it has affirmed Banca Comerciala Ion Tiriac
S.A.'s ratings at Issuer Default A-, Short-term F2, Individual
D, and Support 1 and simultaneously withdrawn them.

This rating action follows the merger of Banca Tiriac with HVB
Romania, forming HVB Tiriac.  HVB Tiriac is 50% plus one share
owned by Bank Austria Creditanstalt AG and 50% less one share by
Mr. Ion Tiriac.  HVB Tiriac's ratings reflect the potential
support available to the bank from BACA and BACA's ultimate
parent, UniCredito of Italy.

Fitch has placed HVB Tiriac's Individual rating on Rating Watch
Evolving until a full review of the new entity is performed.

HVB Tiriac is the fourth largest bank in Romania, with a market
share of around 6.5%.  It is planned to merge HVB Tiriac with
UniCredito's subsidiary, UniCredit Romania, during 2007.


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


BANK KRF: Endowment Insurance Agency to Manage Assets
-----------------------------------------------------
The Arbitration Court of Moscow Region appointed State
Corporation Agency On Endowment Insurance as Insolvency Manager
for LLC Commercial Bank - Bank Krf.

The Insolvency Manager can be reached at:

         State Corporation Agency On Endowment Insurance
         Verkhne-Vaganskiy Tupik Str. 4
         109240 Moscow Region
         Russia

The Representative of Insolvency Manager is located at:

         Post User Box 45
         123022 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-39857/06-44-734B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Commercial Bank - Bank Krf
         Building 1
         Preobrazhenskaya Str. 2
         Moscow Region
         Russia


BEER COMPANY: Court Names S. Kachin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chuvashiya Republic appointed Mr. S.
Kachin as Insolvency Manager for LLC Beer Company.  He can be
reached at:

         S. Kachin
         Zh. Trilinskogo Str. 13
         Cheboksary
         428020 Chuvashiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A79-5420/2006.

The Debtor can be reached at:

         LLC Beer Company
         Apartment 24
         Elgera Str. 30
         Cheboksary
         Chuvashiya Republic
         Russia


BON VOYAGE: Moscow Court Names A. Kubasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Kubasov as
Insolvency Manager for CJSC Bon Voyage (TIN 7710237328).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-38892/06-73-710 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Bon Voyage
         3rd Tverskaya-Yamskaya Str. 29/6
         125047 Moscow Region
         Russia


CENTRE-GAS-STROY: Ivanovo Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Ivanovo Region commenced bankruptcy
supervision procedure on CJSC Kineshemskaya Company Centre-Gas-
Stroy.  The case is docketed under Case No. A17-1705/06-1-B.

The Temporary Insolvency Manager is:

         E. Lebedev
         Sechenova Str. 3
         Kineshma
         Ivanovo Region
         Russia

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Kineshemskaya Company Centre-Gas-Stroy
         Sechenova Str. 3.
         Kineshma
         Ivanovo Region
         Russia


CENTRE-STROY: Voronezh Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Voronezh Region commenced bankruptcy
supervision procedure on CJSC Centre-Stroy.  The case is
docketed under Case No. A14-5761/2006/138/27b.

The Temporary Insolvency Manager is:

         E. Mineeva
         F. Engelsa Str. 56
         394018 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Centre-Stroy
         Merkulova Str. 7a
         Voronezh Region
         Russia


CHILDREN'S GOODS: Court Names V. Konovalov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. V.
Konovalov as Insolvency Manager for OJSC Children's Goods.  He
can be reached at:

         V. Konovalov
         Post User Box 7664
         Main Post Office
         644099 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-8320/06-54/180.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Children's Goods
         Proletarskaya Str. 70-a
         Cherepanovo
         632525 Novosibirsk Region
         Russia


DESIGN: Primorye Court Names E. Teslenko as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Primorye Region appointed Ms. E.
Teslenko as Insolvency Manager for CJSC Design.  She can be
reached at:

         Post User Box 109
         Vladivostok
         690014 Primorye Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-7099/2006 9-183.

The Debtor can be reached at:

         CJSC Design
         Let Oktyabrya Pr. 89
         Dalnegorsk 50
         Primorye Region
         Russia


DVIN-WOOD: Court Names E. Bagretsova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Ms. E.
Bagretsova as Insolvency Manager for OJSC Dvin-Wood (TIN
2098000224, OGRN 1022901236346).  She can be reached at:

         E. Bagretsova
         Office 408
         Uritskogo Str. 17
         163002 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-100/2006-28.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17.
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         OJSC Dvin-Wood
         Lesnaya Str. 21
         Dvinskoy
         Verkhnetoemskiy Region
         165502 Arkhangelsk Region
         Russia


EAR: Evreyskiy Court Names A. Mazur as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Evreyskiy Autonomous Region appointed
Mr. A. Mazur as Insolvency Manager for OJSC Ear.  He can be
reached at:

         A. Mazur
         Office 1
         Komsomolskaya Str. 82
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A16-420/2006-5.

The Debtor can be reached at:

         OJSC Ear
         Gorkogo Str. 126-l 7
         Obluchye
         Evreyskiy Autonomous Region
         Russia


GAZPROM NEFT: Wins Right to Use Novorossiysk Oil Resources
----------------------------------------------------------
OAO Gazprom Neft, a unit of OAO Gazprom, won the auction for the
right to use oil resources of the Novorossiysk field, Krasnodar
Region, in order to explore, develop and produce hydrocarbons
for a term of 25 years.

Gas forecast resources of the Novorossiysk field are estimated
at 25 billion cubic meters in category D1.

The acreage of the field is 816,7 sq. km.

In May 2006, Gazprom Neft won an auction for the right to use
oil resources in the Doobsk field, Krasnodar Region.

                        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.


GAZPROM OAO: Inks Cooperation Deal with Sakhalin Oblast
-------------------------------------------------------
Alexey Miller, Chairman of the Management Committee of Gazprom,
and Ivan Malakhov, governor of the Sakhalin Region signed a
Cooperation agreement at the OAO Gazprom Headquarters.

The parties' cooperation will develop in these baseline
directions:

   -- exploration and development of hydrocarbon deposits;

   -- construction of gas pipelines, installations for gas
      processing and gasification;

   -- construction of facilities for production of CNG and LNG;

   -- construction of power generating facilities;

   -- development and introduction of energy efficient gas
      technologies; and

   -- development of the regional infrastructure.

The administration of the Sakhalin Region will assist OAO
Gazprom in implementation of perspective projects at the
territory of the region.

This relates to the issues of the land areas allocation to the
Gazprom Group enterprises for construction of industrial and
social facilities, to the processing and the state registration
of the contracts of rent for the land areas, to the technical
inventory of the real estate objects as well as the state
registration of the rights for them.  The administration
supports the intention Gazprom to receive licenses for the right
of land, water and minerals use for territories of the Region
and the adjoining maritime shelf. Authorities of the region will
also assist the Company in performing functions of the
coordinator of activities on implementation of the Eastern
program.

In its turn, Gazprom will develop production activities of
prospecting, exploration and development of the hydrocarbons
fields in the Sakhalin Region and the adjoining maritime shelf.
According to the Concept of involvement of OAO Gazprom in the
gasification of the regions of Russia, the Company will take
part in gasification of the area. During implementation of its
projects Gazprom will use without any prejudice Gazprom the
local labor and material resources.

During the meeting Alexey Miller and Ivan Malakhov have
discussed the issues related to establishment of the OAO Gazprom
representative office at the Sakhalin.

"Arrival of Gazprom to the Sakhalin will give a strong impetus
to realization of large-scale oil and gas projects in the region
and to gasification of the area," Mr. Malakhov said.  "This will
help to create new workplaces, to fill up the local budgets, and
to increase the investment attractiveness of the region."

"The Sakhalin Region is a region of strategic importance for
Gazprom," Mr. Miller commented.  "Oil and gas fields, located on
its territory, must be used, first of all, for reliable supply
of the energy carriers to the domestic consumers.  Construction
of a united system for gas supply in the Eastern Siberia and the
Far East will allow us to use most effectively the natural
resources of Sakhalin so that to reinforce the socio-economic
stability of Eastern regions of Russia, and to arrange export
deliveries of the energy carriers to the countries of Asia-
Pacific."

The Island of Sakhalin is a perspective center for oil and gas
production, it is due to the availability the significant proved
reserves of oil and gas, and also by the favorable geographical
position of the island -- it is close to the potential consumers
in the countries of Asia-Pacific, including Japan, Korea, the
Peoples Republic of China and the USA.

The level of gasification of the Sakhalin Region equals to 9%
now.

                        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.


GOLDEN RING: Moscow Court Names A. Kubasov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Kubasov as
Insolvency Manager for LLC Golden Ring (TIN 7715223784).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-35320/06-124-653b.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Golden Ring
         Novosushevskaya Str. 37
         103030 Moscow Region
         Russia


INTER-TRANS: Court Names G. Chmutina as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Magadan Region appointed Ms. G.
Chmutina as Insolvency Manager for CJSC Inter-Trans.  She can be
reached at:

         Sv. Innokentiya Per. 13
         675000 Blagoveshensk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1573/06-12B.

The Debtor can be reached at:

         CJSC Inter-Trans
         Marchekanskiy Per. 4
         685000 Magadan
         Russia


IRKUT CORP: Inks Credit Deals with Nocvatek & Societe Generale
--------------------------------------------------------------
Irkut Corp. signed an agreement with French bank Societe
Generale (ZAO Bank Societe Generale Vostok), which has opened a
revolving credit line amounting to US$20 million.

In August, French bank Natexis (ZAO Bank Natexis), offered Irkut
Corporation a credit line totaling US$10 million.

The company said it has attracted the loans from solid European
banks for the first time in its history.  European banks are
reluctant to credit foreign companies, whose business is related
to military production.  The successful realization of the
credit programs with above mentioned banks became feasible due
to the Irkut's intensive work on product line diversification,
launching some projects with European companies and, moreover,
thanks to the long-term strategic partnership with EADS and its
shareholding.

Irkut is the only one company in the Russian defense industry
which conducts a consistent policy of developing relationships
with the European banks and which launched credit programs with
these banks.

"The existing partnership with two leading French banks allows
Irkut, as well as the whole Russian aerospace industry, to
verify a status of reliable borrower," Dmitry Eliseev, Vice-
president for corporate finance of Irkut Corporation, said.  "It
is especially relevant on the threshold of industry
consolidation, since UAC would enter European debt market. In a
varying degree Irkut's success on the European debt market will
be applied to UAC, as far as military aviation will remain its
main activity."

"We view it as a very positive indication of the financial
community's confidence in Irkut Corporation' operational and
financial prospects. Moreover, I am absolutely sure, that the
partnership with such banks as Natexis and Societe Generale will
be a favorable for the public borrowings programs, especially
for the company, which is still looking forward to launch
Eurobond program."

Headquartered in Moscow, Russia, Irkut Corporation --
http://www.irkut.com/en/-- manufactures military aircraft.  The
company is one of the largest company in the Russian aerospace &
defense industry, with defense- related revenues in 2005 of over
US$602 million and total company revenue of US$712 million.  The
order book in 2006 is estimated at US$5.1 billion.  Irkut
Corporation is the only public company in the Russian defense
industry where the Government currently controls 12% through
Sukhoi Holding.

                       *     *     *

As reported in TCR-Europe on Sept. 18, Moody's Investors Service
assigned a B1 corporate family rating to Irkut Corporation and
placed the rating under review for possible upgrade.

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


KLYUCHEVSKIY: Court Names G. Pevrukhin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. G.
Pevrukhin as Insolvency Manager for LLC Klyuchevskiy Granite-
Marble Factory (TIN 6652016974).  He can be reached at:

         G. Pevrukhin
         Office 328
         Belinskogo Str. 34
         620075 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 60-7574/2006-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         LLC Klyuchevskiy Granite-Marble Factory
         Zavodskaya Str. 1
         Dvurechensk
         Sysertskiy Region
         624013 Sverdlovsk Region
         Russia


KOTELNIKOVSKAYA SEL-KHOZ-KHIMIYA: Filing of Claims Ends Oct. 5
--------------------------------------------------------------
Creditors of OJSC Kotelnikovskaya Sel-Khoz-Khimiya have until
Oct. 5 to submit written proofs of claim to:

         V. Erkhov, Insolvency Manager
         Prazhskaya Str. 8-3
         400005 Volgograd Region
         Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-18488/05-s58.

The Debtor can be reached at:

         OJSC Kotelnikovskaya Sel-Khoz-Khimiya
         Severnaya Str. 10
         Kotelnikovo
         Volgograd Region
         Russia


NEFTEKAMSK-AGRO-PROM-SNAB: S. Illarionov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. S.
Illarionov as Insolvency Manager for OJSC Neftekamsk-Agro-Prom-
Snab (TIN 0231002076, OGRN 1020201012292).  He can be reached
at:

         S. Illarionov
         Post User Box 62
         Ufa
         450001 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-31870/05-G-ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Neftekamsk-Agro-Prom-Snab
         K. Marksa Str. 12
         Nikola-Berezovka
         Krasnokamskiy Region
         452951 Bashkortostan Republic
         Russia


NELSON MOTORS: Court Names A. Kubasov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Kubasov as
Insolvency Manager for CJSC Nelson Motors (TIN 7733101316).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-33248/06-74-458 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia


The Debtor can be reached at:

         CJSC Nelson Motors
         Vishnevaya Str. 13A
         125362 Moscow Region
         Russia


NORTEL NETWORKS: Board Declares Dividend on Preferred Shares
------------------------------------------------------------
The board of directors of Nortel Networks Limited has declared a
dividend on each of the outstanding Cumulative Redeemable Class
A Preferred Shares Series 5 and the outstanding Non-cumulative
Redeemable Class A Preferred Shares Series 7.

The dividend amount for each series is calculated in accordance
with the terms and conditions applicable to each respective
series, as set out in the Company's articles.  The annual
dividend rate for each series floats in relation to changes in
the average of the prime rate of Royal Bank of Canada and The
Toronto-Dominion Bank during the preceding month and is adjusted
on a monthly basis by an adjustment factor, based on the
weighted average daily trading price of each of the series for
the preceding month.  The maximum monthly adjustment for changes
in the weighted average daily trading price of each of the
series will be plus or minus 4% of Prime.  The annual floating
dividend rate applicable for a month will in no event be less
than 50% of Prime or greater than Prime. The dividend on each
series is payable on Nov. 13, 2006 to shareholders of record of
the series at the close of business on Oct. 31, 2006.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries.

                        *    *    *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
$2 billion notes.  The outlook is stable.


PAVLOVSKIY FACTORY: Bankruptcy Hearing Slated for Nov. 14
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene at
1:45 p.m. on Nov.14 to hear the bankruptcy supervision procedure
on Ojsc Pavlovskiy Factory of Art Metal Goods Souvenir (TIN
5252000400/ KPP 525201001).

The case is docketed under Case No. A 43-9778/2006, 33-136.

The Temporary Insolvency Manager is:

         S. Gromoglasov
         Post User Box 602
         603000 Nizhniy Novgorod Region
         Russia

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Pavlovskiy Factory Of Art Metal Goods Souvenir
         Alleya Ilyicha Str. 5
         Pavlovo
         Nizhniy Novgorod Region
         Russia


ROS-WOOD: Court Names P. Milov as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
P. Milov as Insolvency Manager for OJSC Ros-Wood.  He can be
reached at:

         P. Milov
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-5283/2006-33-81.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Ros-Wood
         Zarechnaya Str. 21
         Vakhtan
         Shakhunskiy Region
         Nizhniy Novgorod Region
         Russia


SARATOVSKIY AIRCRAFT: Bankruptcy Hearing Slated for Jan. 30
-----------------------------------------------------------
The Arbitration Court of Saratov Region will convene on Jan. 30
to hear the bankruptcy supervision procedure on CJSC Saratovskiy
Aircraft Factory (TIN 6451106836).  The case is docketed under
Case No. A-57-472b/05-23.

The Temporary Insolvency Manager is:

         F. Shepskis
         Post User Box 198
         198302 St-Petersburg
         Russia

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Saratovskiy Aircraft Factory
         Ordzhonikidze Str. 1
         410015 Saratov Region
         Russia


SERDOBSKIY VALVE: Bankruptcy Hearing Slated for Nov. 30
-------------------------------------------------------
The Arbitration Court of Penza Region will convene at 2:30 p.m.
on Nov. 30 to hear the bankruptcy supervision procedure on CJSC
Serdobskiy Valve Factory.  The case is docketed under Case No.
A49-2549/2006-289b/3.

The Temporary Insolvency Manager is:

         D. Pimenov
         Lunacharskogo Str. 53
         440061 Penza 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 Serdobskiy Valve Factory
         Frunze Str. 2a
         Serdobsk
         442894 Penza Region
         Russia


SHERBINOVSKAYA: Krasnodar Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on State Unitary Enterprise Poultry Farm
Sherbinovskaya.

The case is docketed under Case No. A-32-5819/2006-2/77-B.

The Temporary Insolvency Manager is:

         A. Nefedov
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         State Unitary Enterprise Poultry Farm Sherbinovskaya
         Starosherbinovskaya St.
         Starosherbinovskiy Region
         353630 Krasnodar Region
         Russia


SLAVYANSKIY FACTORY: Court Begins Reorganization Process
--------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced external
management bankruptcy procedure on CJSC Slavyanskiy Factory
Building Materials.

The case is docketed under Case No. A 72-2877/05-19/16-B.

The External Insolvency Manager is:

         I. Krasnikova
         Zelenskogo Str. 1a
         Slavyansk-na-Kubani
         353560 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Slavyanskiy Factory Building Materials
         Zelenskogo Str. 1a
         Slavyansk-na-Kubani
         353560 Krasnodar Region
         Russia


STRIZHAMENT: Court Names D. Perekhoda as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. D.
Perekhoda as Insolvency Manager for OJSC Stavropolskiy Liqueur-
Vodka Factory Strizhament (TIN 2634043061).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-303/05-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Stavropolskiy Liqueur-Vodka Factory Strizhament
         Chernyakhovskogo Pr. 2
         Stavropol Region
         Russia


TEKHNO-ECOLOGY: Arkhangelsk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region commenced bankruptcy
supervision procedure on OJSC Tekhno-Ecology (TIN 2926005070).

The case is docketed under Case No. A05-5557/2006-27.

The Temporary Insolvency Manager is:

         A. Baskakov
         Ak. Zhuk Str. 27
         Balakovo
         413853 Saratov Region
         Russia

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         OJSC Tekhno-Ecology
         Oktyabrya Str. 27
         Arkhangelsk Region
         Russia


TRANSIT: Tomsk Court Names I. Gorn as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Transit.  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.
A67-5500/06.

The Debtor can be reached at:

         CJSC Transit
         Sovetskaya Str. 112
         Zyryanskoye
         636850 Tomsk Region
         Russia


TRANSPORT: Court Names V. Druzhinin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Druzhinin
as Insolvency Manager for OJSC Transport.  He can be reached at:

         V. Druzhinin
         19-1
         Naberezhnaya r.Penza
         440000 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-2149/2006-267b/10.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Transport
         Stroiteley Str. 19
         Belinskiy
         Penza Region
         Russia


UNITARY ENTERPRISE: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Ulyanovsk Region commenced bankruptcy
supervision procedure on Municipal Unitary Enterprise Agro-Prom-
Product.

The case is docketed under Case No. A72-14585/05-21/90-b.

The Temporary Insolvency Manager is:

         V. Fedorov
         Post User Box 41
         Syzran
         446001 Samara Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Agro-Prom-Product
         Nikolaevka
         Ulyanovsk Region
         Russia


VOSTOK-OIL-RESOURCE: Court Names A. Krylov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Krylov as Insolvency Manager for CJSC Vostok-Oil-Resource (TIN
2724044077).  He can be reached at:

         Amurskiy Avnenue 11
         680028 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-6763/2006-36.

The Debtor can be reached at:

         CJSC Vostok-Oil-Resource
         60 Let Oktyabrya Str. 1
         Khabarovsk Region
         Russia


ZHIRONOV-SEL-KHOZ-KHIMIYA: Filing of Claims Ends October 5
----------------------------------------------------------
Creditors of OJSC Zhironov-Sel-Khoz-Khimiya (TIN 3407001490)
have until Oct. 5 to submit written proofs of claim to:

         S. Ryabov, Insolvency Manager
         Post User Box 1027
         400015 Volgograd Region
         Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A12-34681/05-s50.

The Debtor can be reached at:

         OJSC Zhironov-Sel-Khoz-Khimiya
         Lenivo
         Zhirnovskiy Region
         Volgograd Region
         Russia


ZULTYS TECHNOLOGIES: Files Chapter 11 Petition in California
------------------------------------------------------------
Zultys Technologies filed for chapter 11 bankruptcy protection
in the U.S. Bankruptcy Court for the Northern District of
California on Sept. 8.

The bankruptcy filing came a month after company president Ian
Milnes said it is "operating at a reduced size, but still
building and shipping products."  He told CRN in August that it
is now profitable after it has scaled back its operations, and
noted that "the urgency for funding is not so great."

Michael W. Malter, Esq., of Binder & Malter, LLP, represents the
Debtor in its restructuring efforts.  When it filed for
bankruptcy, the Debtor listed US$1.8 million in assets and US$45
million in debts.

Headquartered in Sunnyvale, California, Zultys Technologies --
http://www.zultys.com/-- designs and manufactures products that
converge telecommunications and data communications for
businesses.  It develops its hardware and software specifically
to create products that deliver completely integrated solutions,
allowing for ease of deployment, management, and use.  The
company sells its products worldwide and has distribution in 115
countries including Russia and the United Kingdom.


ZULTYS TECH: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Zultys Technologies
        771 Vaqueros Avenue
        Sunnyvale, California 94085

Bankruptcy Case No.: 06-51764

Type of Business: The Debtor designs and manufactures products
                  that converge telecommunications and data
                  communications for businesses.  Zultys
                  develops its hardware and software
                  specifically to create products that deliver
                  completely integrated solutions, allowing for
                  ease of deployment, management, and use.
                  These products support multiple languages and
                  are based on open standards to ensure
                  interoperability in a network.  Zultys sells
                  its products worldwide and has distribution in
                  115 countries including Russia and the United
                  Kingdom.  See http://www.zultys.com/

Chapter 11 Petition Date: Sept. 8, 2006

Court: Northern District of California (San Jose)

Judge: Arthur S. Weissbrodt

Debtor's Counsel: Michael W. Malter, Esq.
                  Binder & Malter, LLP
                  2775 Park Avenue
                  Santa Clara, California 95050
                  Tel: (408) 295-1700
                  Fax: (408)295-1531

Total Assets: US$1,804,276

Total Debts:  US$45,040,725

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Foretek International         Trade debt              US$648,259
Co., Ltd.
7F, No. 447-1 through 6
SEC. 2, PATEH Road
Taipei, Taiwan

Shenzhen Gaoxinqi             Trade debt              US$438,659
Technology Co Ltd
Liuxian 1st Road
District 67
Baoan, Shenzhen 518102,
China


FAI                           Trade debt              US$278,401
3273 Paysphere Circle
Chicago, IL 60674

Avnet Electronics Marketing   Trade debt              US$196,523
PO Box 60000
File 30107
San Francisco, CA 94160

Bell Microproducts Inc.       Trade debt              US$151,250
File 57266
Los Angeles, CA 90074-7266

Arrow Electronics, Inc.       Trade debt              US$147,231
P.O. Box 60000
File 21174
San Francisco, CA 94160-1174

Text 100 Corp.                Trade debt               US$85,068

Arista Systems Corporation    Trade debt               US$72,048

Hunter Technology Corp.       Trade debt               US$70,268

Matthews Metal Products       Trade debt               US$68,185

TTI, Inc.                     Trade debt               US$64,206

Mitchell, Silberberg & Knupp  Legal services           US$53,086

De Anza Manufacturing         Trade debt               US$46,327

Merix Corporation             Trade debt               US$39,713

Digi -Key Corporation         Trade debt               US$39,180

Digital Power Corporation     Trade debt               US$39,064

Dynamic Details Incorporated  Trade debt               US$39,031

Whizz Systems Inc.            Trade debt               US$38,056

Holthouse, Carlin &           Audit services           US$37,287
Van Trigt

Venkel, Ltd.                  Trade debt               US$32,268


===============
S L O V E N I A
===============


ABANKA VIPA: Fitch Keeps Individual Rating at C
-----------------------------------------------
Fitch Ratings affirmed Slovenia-based Abanka Vipa's ratings at
Issuer Default BBB, Short-term F3, Individual C, and Support 3.
The Outlook is Negative.

Abanka's ratings reflect the bank's reasonable capitalization,
its decent asset quality, as well as the strong economic
environment in which it operates.  The Negative Outlook reflects
concerns over the strategic positioning of the bank and the
still high, albeit reducing, level of market risk.

New management was appointed during Q405 and is in the process
of developing a renewed long-term strategy for the bank.  This
should be completed during Q406, and is likely to include
expansion outside Slovenia into countries of the former
Yugoslavia, as well as closer co-operation with Abanka's main
shareholder, the insurer Zavarovalnica Triglav.

"Abanka has made significant gains on domestic Slovenian
equities," Tim Beck, Director in Fitch's Financial Institutions
Group disclosed.  "Fitch does not consider this to be a
sustainable source of income, and Abanka needs to find sources
of income to compensate," he added.

Abanka's main business is corporate banking.  Core profitability
is being pressured from competition and low nominal interest
rates.  Slovenia's adoption of the euro at the start of 2007 is
likely to increase pressure, though recent increases in euro
rates may lessen this affect.

Abanka is 32%-owned by ZT.  The remainder is held by private
companies or individuals, all with holdings under 10%.  At end-
June 2006, Abanka was the third largest bank in Slovenia,
representing 8.8% of the system assets.


NOVA LJUBLJANSKA: Fitch Maintains Individual C Rating
-----------------------------------------------------
Fitch Ratings affirmed Slovenia-based Nova Ljubljanska Banka's
ratings at Issuer Default A-, Short-term F2, Support 1, and
Individual C.  The Outlook is Stable.

NLB's Issuer Default, Short-term and Support ratings reflect the
extremely high potential support available from the Slovenian
State due to the bank's dominant domestic franchise.  The
Individual rating reflects the bank's strong domestic franchise,
sound asset quality as well as a stable operating environment
and fairly conservative risk management but also the risks
inherent in its numerous foreign operations.

"NLB has a very strong domestic market share," Tim Beck,
Director in Fitch's Financial Institutions Group commented.
"However, its profitability is somewhat lower than maybe
expected, with the bank operating on quite a high cost base.
Nonetheless, performance remains adequate," Mr. Beck added.

Lending has been growing at NLB as the bank benefits from the
strong economic conditions in Slovenia.  Credit quality remains
sound, with good reserve coverage.  Capitalization has declined
with the growth of the bank but remains reasonable.

In May 2006, NLB's 34% shareholder KBC, the Belgian bancassurer,
stated that KBC will limit its responsibility in NLB to that of
a pure financial investor, following KBC's failure to obtain an
agreement for a majority stake in NLB.

"KBC's involvement at NLB was not as extensive as at other
subsidiaries where the bank held majority stakes," added Mr.
Beck.  "However, over the longer term NLB might not have access
to the knowledge of one of the largest investors in Central and
Eastern Europe."

NLB is the largest Slovenian bank by total assets, with a
dominant market share of around 40% in Slovenia.  It offers a
full range of banking services including corporate, retail and
investment banking.  The bank is 35% owned by the Slovenian
State, 34% by KBC.  The remainder is split between other
investors, including EBRD.


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


TEKSTIL BANKASI: Fitch Keeps IDR at B on Weak Profitability
-----------------------------------------------------------
Fitch Ratings affirmed Tekstil Bankasi A.S.'s ratings at foreign
and local currency Issuer Default B, Short-term B, Individual D,
Support 5, and National Long-term BBB.  The Outlooks on the
Issuer Default and National Long-term ratings are Stable.

The ratings reflect Tekstilbank's weak profitability,
concentrated loan portfolio, rapid loan growth and a limited
franchise in a competitive operating environment.  These are
balanced by good asset quality, sound internal risk management
policies and improved capitalization.

Tekstilbank's profitability has been adversely affected by the
turbulence in the financial markets in H106. Higher income from
larger loan and securities portfolios was not sufficient to
cover the larger operating expenses related to the continued
expansion of the network, resulting in a loss of TRY15 million
in H106.

This was mainly due to the unrealized marked-to-market losses on
trading securities portfolio from the increased interest rates
during the market volatility and net foreign exchange losses
from the depreciation in the Turkish lira.  The financial
markets gradually improved thereafter and the bank recovered its
unrealized losses by end-August 2006.

Tekstilbank has historically had good asset quality.  However,
NPLs increased to 1.37% of loans at end-2005 and 1.79% at end-
H106 from 0.44% at end-2004, despite being aided by strong loan
growth.  Reserve coverage was 83%.

Fitch is concerned about rapid loan growth and borrower
concentration in the loan portfolio, which could result in
additional future asset quality problems.  The bank's
consolidated regulatory capital adequacy ratio improved to
14.75% at end-H106 as a result of an injection of cash by the
shareholders.  Free capital also improved to 8.25% of end-H106
assets.

In Fitch's opinion, improvements in capitalization are essential
to support the planned growth, given the bank's small size,
concentrated loan portfolio, weak earnings power and wholesale
funding profile.

Tekstilbank is a mid-sized bank in Turkey with 45 domestic
branches focusing on corporate and commercial banking as well as
trade finance, with an increased emphasis on retail banking.
The bank is majority-owned by GSD Holding A.S. which has
interests in financial institutions and foreign trade business.


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


ANDRIYIVSKA: Zaporizhya Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Agrofirm Andriyivska (code EDRPOU
30708237) on July 19.  The case is docketed under Case No.
21/136/06.

The Temporary Insolvency Manager is:

         Oleksandra Mitrofanova
         Pionerska Str. 67/59
         Berdyansk
         71116 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:

         LLC Agrofirm Andriyivska
         Proletarska Str. 26
         Andriyivka
         Berdyansk District
         71140 Zaporizhya Region
         Ukraine


ASTARTA-YUGI: Mikolaiv Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedure on LLC Astarta-Yugi (code EDRPOU
22427696).  The case is docketed under Case No. 2/181/06.

The Temporary Insolvency Manager is:

         Vyacheslav Drumiretskij
         Morehidna Str. 14
         54010 Mikolaiv Region
         Ukraine

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Astarta-Yugi
         Faleyevska Str. 24/9
         54001 Mikolaiv Region
         Ukraine


CENTURION: Court Names Mr. V. Piskurskij as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. V. Piskurskij
as Liquidator/Insolvency Manager for LLC Security Agency
Centurion (code EDRPOU 31762850).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 17.  The case is docketed
under Case No. 27/130 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Security Agency Centurion
         Poligrafichna Str. 18
         Donetsk Region
         Ukraine


DIBROVA: Dnipropetrovsk Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on Agricultural LLC Dibrova (code EDRPOU
03743055).  The case is docketed under Case No. B 24/33/06.

The Temporary Insolvency Manager is:

         M. Chujko
         Levanevskij Lane 1
         Dniprodzerzhinsk
         51935 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dibrova
         Centralna Str. 24
         Krichanskij District
         Dnipropetrovsk Region
         Ukraine


DIL: Volinska Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on LLC DIL (code EDRPOU 25087924) on
July 24.  The case is docketed under Case No. 4/76-B.

The Temporary Insolvency Manager is:

         Oleksandr Kushniruk
         Potebni Str. 52-a/56
         43018 Lutsk
         Volinska Region
         Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Dil
         Sobornosti Str. 26/5
         Lutsk Volinska Region
         Ukraine


ESKORT-SERVICE: Court Names Oleksandr Kushniruk as Liquidator
-------------------------------------------------------------
The Economic Court of Volinska Region appointed Oleksandr
Kushniruk as Liquidator/Insolvency Manager for Eskort-Service
(code EDRPOU 23252023).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 3.  The case is docketed
under Case No. 8/61-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:

         Eskort-Service
         Ivan Franko Str. 44
         43000 Lutsk
         Volinska Region
         Ukraine


GORLOVCHANKA: Donetsk Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Gorlovchanka (code EDRPOU
005502404) on July 27.  The case is docketed under Case No.
42/147 B.

The Temporary Insolvency Manager is:

         I. Strashnov
         Peremogi Avenue 38
         Gorlivka
         84626 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Gorlovchanka
         Yunatska Str. 1
         Gorlivka
         84639 Donetsk Region
         Ukraine


NAFTOHIMIK: Lugansk Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on OJSC Naftohimik (code EDRPOU 20157206)
on Aug. 7.  The case is docketed under Case No. 20/46 b.

The Temporary Insolvency Manager is:

         Oleg Vinyarskij
         Vozzyednannya Str. 31
         300 Rokiv
         91029 Lugansk Region
         Ukraine

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         OJSC Naftohimik
         Lisichansk
         93117 Lugansk Region
         Ukraine


OBLREMPOBUTTEHNIKA: Court Names Oleksandr Bohan as Liquidator
-------------------------------------------------------------
The Economic Court of Lugansk Region appointed Oleksandr Bohan
as Liquidator/Insolvency Manager for OJSC Oblrempobuttehnika
(code EDRPOU 03052434).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 3.  The case is docketed
under Case No. 20/9 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         OJSC Oblrempobuttehnika
         Kotelnikov Str. 14
         Lugansk Region
         Ukraine


SKV: Donetsk Court Names V. Piskurskij as Insolvency Manager
------------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. V. Piskurskij
as Liquidator/Insolvency Manager for LLC SKV (code EDRPOU
32389347).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 16.  The case is docketed
under Case No. 27/129 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC SKV
         Poligrafichna Str. 18
         Donetsk Region
         Ukraine


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


AA TRAINING: Appoints Philip Malachy Daly as Liquidator
-------------------------------------------------------
Philip Malachy Daly of Daly & Co. was appointed Liquidator of AA
Training Solutions Limited on July 18 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    AA Training Solutions Limited
    13 Batley Business & Technology Centre
    Technology Drive
    Batley WF176ER
    United Kingdom
    Tel: 01924 509 020


AES CORP: Sells U.K. Power Plant for US$60-Mln to Int'l. Power
--------------------------------------------------------------
The AES Corporation closed on the sale of its AES Indian Queens
Power Limited subsidiary, a 140 MW open cycle peaking power
plant located in Cornwall, UK, to International Power IQ
Limited, a wholly owned subsidiary of International Power
Limited, for approximately US$60 million.

AES said that after paying down existing project debt the sale
will result in a net return of cash to AES of approximately
US$28 million.  There is no material gain or loss associated
with the transaction.

"Portfolio management continues to be an important tool for AES
to create shareholder value and provide additional cash
distributions to support growth investment and debt reduction.
This was the right transaction at the right time and we are
pleased with the results," said AES President and Chief
Executive Officer Paul Hanrahan.

The sale is not subject to any further approvals.

AES initially acquired the Indian Queens business in 1997.

                      About the Company

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

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

                        *     *     *

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

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

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


ACACIA GROUP: Names Joint Administrators from BDO Stoy
------------------------------------------------------
Mark Shaw and Shay Bannon of BDO Stoy Hayward LLP were appointed
joint administrators of The Acacia Group Limited (Company Number
03399521) on Sept. 1.

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

The Acacia Group Limited can be reached at:

         Lyon House
         160-166 Borough High St.
         London SE1 1LB
         United Kingdom
         Tel: 020 7483 3434


ACORN CONFECTIONERY: Hires Joint Liquidators from Hart Shaw
-----------------------------------------------------------
Christopher J. Brown and Andrew J. Maybery of Hart Shaw were
appointed Joint Liquidators of Acorn Confectionery International
Limited on July 21 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    Acorn Confectionery International Limited
    15 Brookside Road
    Breadsall
    Derby DE215LF
    United Kingdom
    Tel: 01332 830 830


ALPHA PACKAGING: Creditors' Meeting Slated for September 25
-----------------------------------------------------------
Creditors of Alpha Packaging Films Limited (Company Number
1797096) will meet at 10:30 a.m. on Sept. 25 at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         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:

         Matthew Dunham and Dermot Justin Power
         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.


AML SYSTEMS: Brings In Ninos Koumettou as Administrator
-------------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was named
administrator of AML Systems.Co.UK Ltd. (formerly
Searchesonline.co.uk Limited) (Company Number 04663922) on
Sept. 4.

The administrator can be reached at:

         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590

Headquartered in London, United Kingdom, AML Systems.Co.U.K.
Ltd. supplies conveyance searches.


B J ROLAND: Brings In Joint Liquidators from Portland Business
--------------------------------------------------------------
Carl Derek Faulds and Peter Robin Bacon of Portland Business &
Financial Solutions Ltd. were appointed Joint Liquidators of B J
Roland Management Company Limited on July 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    B J Roland Management Company Limited
    2 Eastern Industrial Centre
    Jackson Close
    Portsmouth PO6 1QW
    United Kingdom
    Tel: 023 9238 5595


B AND J: Appoints Joint Liquidators from Insol House
----------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of B and J Commercials Limited
on July 19 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         B and J Commercials Limited
    Unit 1
    Knowle Sands Industrial Estate
    Knowle Sands
    Bridgnorth
    Shropshire WV165JL
    United Kingdom
    Tel: 01746 766 124


BATTBOYZ LIMITED: Hires M. S. E. Solomons to Liquidate Assets
-------------------------------------------------------------
M. S. E. Solomons was appointed Liquidator of Battboyz Limited
on July 13 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Battboyz Limited
    107 Southwick Road
    Bournemouth BH6 5PS
    United Kingdom
    Tel: 01202 432 127
    Web:  http://www.begin-motorcycling.co.uk
         http://www.dynamike.co.uk/


BELMAR-ZENITH: Appoints BDO Stoy as Joint Administrators
--------------------------------------------------------
Christopher Kim Rayment and Matthew Dunham of BDO Stoy Hayward
LLP were appointed joint administrators of Belmar-Zenith Limited
(Company Number 2066528) on Sept. 5.

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

Headquartered in Tamworth, United Kingdom, Belmar-Zenith Limited
-- http://www.belmar-zenith.com/-- offers air conditioning,
complete building and maintenance services, office
refurbishment, connectivity and management contractors.


BERNARD WARD: Shay Lettice Leads Liquidation Procedure
------------------------------------------------------
Shay Lettice of Peters Elworthy & Moore was appointed Liquidator
of Bernard Ward Holdings Limited on July 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Bernard Ward Holdings Limited
    Accent Park
    Bakewell Road
    Orton Southgate
    Peterborough PE2 6XS
    United Kingdom
    Tel: 01733 390 190


BLUE FISH: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Creditors of Blue Fish Computers Limited confirmed on July 24
the appointment of Martin Williamson of DS Insolvency Services
Ltd. as the company's Liquidator.

The company can be reached at:

    Blue Fish Computers Limited
    The Moat House
    133 Newport Road
    Stafford ST16 2EZ
    United Kingdom
    Tel: (0871) 5043588
    Fax: (0871) 4335933
    Web: http://www.bluefishcomputers.co.uk/


BLUE SPHERE: Taps Administrators from Mazars LLP
------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars
LLP were appointed joint administrators of Blue Sphere Games
Limited (Company Number 04415698) on Sept. 5.

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

Headquartered in Birmingham, United Kingdom, Blue Sphere Games
Limited is engaged in the development of mobile phone games.


CAROLINE B: Calls In Joint Liquidators from Valentine & Co.
-----------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Caroline B Limited on June 20 for
the purposes of the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Caroline B Limited
    17 Downing Street
    Farnham
    Surrey GU9 7PB
    United Kingdom
    Tel: 01252 721 622


CARRIAGES LIMITED: Names Tim Alexander Clunie Liquidator
--------------------------------------------------------
Tim Alexander Clunie of S G Banister & Co. was appointed
Liquidator of Carriages (London) Limited on July 21 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Carriages (London) Limited
    Cambridge Court
    210 Shepherds Bush Road
    London W6 7NJ
    United Kingdom
    Tel: 020 8874 6665


COLLINS & AIKMAN: GM Modifies Motion to Recover Tooling
-------------------------------------------------------
General Motors Corporation narrows its original request asking
the U.S. Bankruptcy Court for the Eastern District of Michigan
to lift the automatic stay to take possession of certain tooling
from Collins & Aikman Corporation and its debtor-affiliates.  GM
now wants the Court to lift the automatic stay only in
connection with a limited set of programs.

As reported in the Troubled Company Reporter on Sept. 7, 2006,
The Official Committee of Unsecured Creditors has filed an
objection to GM's lift-stay request and the Debtors have sought
to take discovery of GM.  The Debtors, Committee and GM are
currently attempting to negotiate a stipulation with respect to
the requested discovery.

In its amended motion, GM chose programs that pose the greatest
likelihood of suffering significant delay and sizable damages if
assembly lines halt:

   (1) GMX231 (Monte Carlo) Carpet;
   (2) GMX231 (Monte Carlo) Trunk Trim;
   (3) GMT201 (Vans) Carpet;
   (4) GMX272 (DTS) Carpet;
   (5) GMT315 (Saturn Vue) Carpet; and
   (6) GMX384 (Saturn Aura) Instrumental Panel.

GM further amends its request by asking the Court to lift the
stay only if certain events occur that would pose an immediate
danger to GM's production, including:

   -- the conversion of the Debtors' Chapter 11 cases to a
      Chapter 7 liquidation;

   -- the Debtors' informing GM of their decision to close a
      facility wherein the Debtors utilize any relevant tooling;

   -- an imminent or actual termination of the Debtors'
      postpetition financing;

   -- the Debtors' causing a substantial likelihood of a
      material interruption of any of GM's vehicle assembly
      operations; and

   -- the occurrence of a certain trigger event.

Scott A. Wolfson, Esq., at Honigman Miller Schwartz and Cohn
LLP, in Detroit, Michigan, tells Judge Rhodes that the scaled-
down request is in furtherance of GM's ongoing contingency plans
to re-source some or all of the components supplied by the
Debtors if circumstances arise making resourcing a necessity.

GM and the Debtors are party to valid postpetition contracts
pursuant to which GM is obliged to purchase the relevant
components and the Debtors are obliged to supply them to GM, Mr.
Wolfson says.  GM stands prepared to honor those contracts and
expects the Debtors to likewise fulfill their obligations.

However, the Debtors' ability and willingness to do so is in
doubt, Mr. Wolfson notes.

Mr. Wolfson relates that although GM hopes that the Tooling
Request may prove to be a needless precaution, GM must take
steps to safeguard the interests of its employees, shareholders,
dealers and other suppliers who rely on a dependable stream of
production.

According to Mr. Wolfson, the Debtors have no equity in the
tooling and it will be evident in specific scenarios that the
tooling will not impact the reasonable likelihood of the
Debtors' reorganization.

GM also asks the Court to clarify that the stay will not
preclude GM from enforcing its non-bankruptcy rights as to
certain tooling bailed with the Debtors' non-bankrupt foreign
affiliate, Collins & Aikman Canada.

Mr. Wolfson assures the Court that GM remains committed to
working with all constituencies towards a successful
reorganization or sale if feasible.  However, GM must prepare
for contingencies in which the Debtors cannot or will not
deliver components on a timely basis.

                       Discovery Procedures

GM and the Debtors have agreed to certain discovery procedures
in connection with GM's amended tooling request.

The parties agree that discovery will be permitted to be taken
by all parties, including the Official Committee of Unsecured
Creditors, only as it relates to GM's amended tooling request.

The scope of discovery is limited to these issues:

   (a) GM's rights in and to the Relevant Tooling;

   (b) the Debtors' rights and equity in and to the Relevant
       Tooling;

   (c) rights claimed by third parties, including under
       statutory liens, in the Relevant Tooling;

   (d) contracts relating to the Relevant Tooling;

   (e) payments GM has made in connection with the Relevant
       Tooling;

   (f) the Debtors' possession, custody, and use of the Relevant
       Tooling; and

   (g) the locations of the Relevant Tooling.

The discovery period will start on Sept. 19, 2006, and should be
completed by Nov. 30, 2006.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Wants More Time to Decide on Becker Leases
------------------------------------------------------------
Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, tells the Honorable Steven W. Rhodes of the United
States Bankruptcy Court for the Eastern District of Michigan
that Collins & Aikman Corporation and its debtor-affiliates
require more time to decide whether to assume or reject
unexpired leases with Becker Properties, LLC, and Anchor Court,
LLC, at:

   (1) 6600 East Fifteen Mile Road, Sterling Heights, Michigan;

   (2) 1601 Clark Road, Havre de Grace, Maryland; and

   (3) 47785 West Anchor Court, Plymouth, Michigan.

The Court had extended the Debtors' lease decision period with
respect to the Becker Leases until Sept. 27, 2006.  However, the
Debtors specifically negotiated to reserve their right to seek
further extensions of time to assume or reject some or all of
the Becker Leases.

The Debtors have recently filed their Plan of Reorganization and
accompanying Disclosure Statement with the Court.  In
anticipation of the confirmation of that Plan, the Debtors are
analyzing all of their executory contracts and unexpired leases.

Pursuant to the Plan, the Debtors will file a list of all the
executory contracts and unexpired leases they want to assume or
reject 10 days before the confirmation hearing.

Mr. Schrock asserts that until the Debtors have completed the
extensive review of their executory contracts and unexpired
leases, they will be unable to determine whether the Becker
Leases are necessary to continued business operations.

Accordingly, the Debtors ask the Court to extend the period
within which they must assume or reject the Becker Leases until
the Plan is confirmed.

Mr. Schrock assures the Court that the Becker Lessors are not
damaged by the Debtors' continued use of the Leases.  The
Debtors are still complying with their postpetition lease
obligations on a timely basis, Mr. Becker says.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CORPORATE VISUAL: Appoints Michael C. Kienlen as Liquidator
-----------------------------------------------------------
Michael C. Kienlen was appointed Liquidator of Corporate Visual
Communications Limited on July 19 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Corporate Visual Communications Limited
    Redhills Business Park
    Redhills
    Penrith
    Cumbria CA110DT
    United Kingdom
    Tel: 01768 864 171


CROYDON TRAVEL: Nominates Joint Liquidators from Abbott Fielding
----------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Croydon Travel Service Ltd. on July 20 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Croydon Travel Service Ltd.
    175 Selsdon Park Road
    South Croydon
    Surrey CR2 8JJ
    United Kingdom
    Tel: 020 8657 0042


DP COMPUTERS: Claims Filing Period Ends September 23
----------------------------------------------------
Creditors of DP Computers Limited have until Sept. 23 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to appointed Joint Liquidator Robert C. Keyes at:

         Hurst Morrison Thomson CR LLP
         5 Fairmile
         Henley-on-Thames
         Oxfordshire RG9 2JR
    United Kingdom

The company can be reached at:

    DP Computers Limited
         85 High Street
         Camberley
         Surrey GU15 3RB
         United Kingdom
         Tel: 01276 671 777


ENGINEER FINDER: Brings In Gerald Irwin to Liquidate Assets
-----------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed liquidator of
Engineer Finder Limited on June 28 for the purposes of
creditors' voluntary winding-up proceedings.

The company can be reached at:

         Engineer Finder Limited
         Regus Building
         Central Boulevard
         Shirley
         Solihull
         West Midlands B90 8AG
         United Kingdom
         Tel: 01564 711 064


FRAYNESS LIMITED: Claims Filing Period Ends Oct. 20
---------------------------------------------------
Creditors of Frayness Limited have until Oct. 20 to prove their
debts by sending written statements of the amounts they claim to
be due to them from the Company to appointed Joint Liquidator J.
N. R. Pitts of Begbies Traynor at:

    J. N. R. Pitts
    Glendevon House
    Hawthorn Park
    Coal Road
    Leeds LS14 1PQ
    United Kingdom

The company can be reached at:

    Frayness Limited
    Winker Green Mills
    Stanningley Road
    Leeds LS123BB
    United Kingdom
    Tel: 0113 263 3288


FREESCALE SEMI: CEO Says No Major Changes After Going Private
-------------------------------------------------------------
Freescale Semiconductor Inc. is not contemplating major changes
to either organizational or leadership structure when the
company completes its going private transaction, MarketWatch
reports citing company Chairman and CEO Michel Mayer.

"As a private company, we will have significant flexibility to
manage our business and the ability to make faster decisions,"
Mr. Mayer told employees Friday.

As reported in TCR-Europe on Sept. 18, Freescale entered into a
definitive merger agreement to be acquired by a private equity
consortium in a transaction with a total equity value of US$17.6
billion.  The consortium is led by The Blackstone Group, and
includes The Carlyle Group, Permira Funds and Texas Pacific
Group.

According to MarketWatch, other private equity groups can submit
bids for the U.S. chip supplier until Nov. 3.  A group led by
Kohlberg Kravis Roberts Company and Silver Lake Partners has
also submitted a rival bid for Freescale.

According to UBS analyst Tom Thornhill, the "KKR group may be
able to offer a higher bid for Freescale based on potential cost
savings," if the private equity shops can merge the company with
the operations of Philips Semi, now named NXP Semiconductors,
MarketWatch relates.

Freescale will be required to pay either a US$150 million or
US$300 million breakup fee if it accepts another bid, depending
on the timing of any deal termination, among other factors, Matt
Andrejczak writes for MarketWatch.

                         About Freescale

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

                        *     *     *

As reported in TCR-Europe on Sept. 18, Moody's Investors Service
places Ba1 corporate family and senior unsecured debt ratings on
review for possible downgrading following the announcement for
the sale of the company.

These ratings are under review for possible downgrade:

   * Corporate Family Rating -- Ba1

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

   * Speculative Grade Liquidity Rating -- SGL-1


FORTSITE LIMITED: Hires Joint Liquidators from Valentine & Co.
--------------------------------------------------------------
Robert Valentine and Mark Reynolds of Valentine & Co. were
appointed Joint Liquidators of Fortsite Limited on July 20 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Fortsite Limited
    Flat 3
    Weyhill Farm House
    Weyhill
    Andover
    Hampshire SP118DE
    United Kingdom
    Tel: 01264 771 728


GENERAL MOTORS: GMAC Offers to Buy Deferred Interest Debentures
---------------------------------------------------------------
GMAC Financial Services has commenced tender offers to purchase
for cash its outstanding Deferred Interest Debentures due
Dec. 1, 2012, and June 15, 2015, for an aggregate purchase price
of US$500 million or approximately 30 percent of the debentures
outstanding.  Debentures tendered prior to 5:00 p.m., EDT,
on Sept. 27, 2006, will receive an early tender premium.

The tender offer commenced Thursday, Sept. 14, 2006, and will
expire at midnight, EDT, on Oct. 12, 2006, unless extended.

"Throughout the last few years, we have successfully implemented
several innovative funding mechanisms from diversified sources
in order to strengthen our balance sheet, despite declining GMAC
credit ratings," said Sanjiv Khattri, GMAC executive vice
president and chief financial officer.  " This small but
significant step reflects our strong cash position and now
allows us to selectively reduce the level of our higher cost
debt.  This represents just one of many new opportunities that
we believe will help make GMAC even more competitive going
forward as a stand alone company."

GMAC is offering US$6,600 for each US$10,000 Accreted Value (as
defined in the Offer to Purchase) at maturity of 2012 Debentures
tendered (equal to 78 percent of the US$8,460.42 of the Accreted
Value of the 2012 Debentures as of Oct. 12, 2006 and equal to 66
percent of the Accreted Value of the 2012 Debentures at
maturity).  This also includes an early tender premium of US$200
if tendered prior to 5:00 p.m., EDT, on Wednesday, Sept. 27,
2006.

GMAC is offering US$5,600 for each US$10,000 Accreted Value at
maturity of 2015 Debentures tendered for payment (equal to 70
percent of the US$7,948.09 of the Accreted Value of the 2015
Debentures as of Oct. 12, 2006 and equal to 56 percent of the
Accreted Value of the 2015 Debentures at maturity).  This also
includes an early tender premium of US$200.00 if tendered prior
to the Early Tender Expiration Time.

Holders who do not tender before the Early Tender Expiration
Time will not be eligible to receive the applicable early tender
premium.

The tender offer will be financed from GMAC's existing cash
portfolio.  All Debentures purchased under the offers will be
retired upon completion of the tenders.  Payments of the tender
consideration for the debentures, validly tendered and not
withdrawn, on or prior to the expiration date, and accepted for
purchase, will be made promptly after the expiration date.
Debentures that are not tendered and accepted for payment as
part of the offer will remain obligations of GMAC.

The terms and conditions of the tender offer appear in GMAC's
Offer to Purchase, dated Sept. 14, 2006.  The consummation of
the tender offer is conditioned on the satisfaction of customary
conditions.  If any of the conditions are not satisfied, GMAC is
not obligated to accept for payment, purchase or pay for, or may
delay the acceptance for payment of, any tendered debentures,
and may terminate the tender offer.  Subject to applicable law,
GMAC may waive any condition applicable to the tender offer and
extend or otherwise amend the tender offer.

Questions regarding the tender offer or consent solicitation may
be directed to the dealer managers:

         Morgan Stanley & Co. Incorporated
         Phone: 800.624.1808 (U.S. toll-free)
                212.761.1864 (collect)

         Barclays Capital Inc.
         Phone: 866.307.8991 (U.S. toll-free)
                212.412.4072 (collect)

         Merrill Lynch, Pierce, Fenner & Smith Inc.
         Phone: 888.654.8637 (U.S. toll-free)
                212.449.4914 (collect)

Copies of the Offer to Purchase may be obtained at no charge
from:

         D.F. King & Co., Inc.,
         Information Agent
         Phone: 800.859.8511(U.S. toll-free).

General Motors Acceptance Corporation is a global, financial
services, limited liability Company that operates in 39
countries, in auto finance, residential mortgage, insurance and
commercial finance businesses.  With more than US$300 billion in
assets, it generated nearly US$2.4 billion in net income in
2005, on net revenues of US$19.2 billion.  General Motors, which
currently owns all of the equity of GMAC, announced earlier this
year that it will sell a majority of its interest to a
consortium of investors led by Cerberus Capital Management.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Standard & Poor's Services said its rating on GMAC LLC, formerly
General Motors Acceptance Corp., remain on CreditWatch, where
they were placed on Oct. 3, 2005, pending completion of General
Motors Corp.'s planned sale of 51% of its ownership interest in
GMAC to a consortium led by Cerberus Capital Management.  Upon
completion of the sale, Standard & Poor's is likely to raise the
to 'BB+/B-1'.


GENERAL MOTORS: North American Facilities Cut Energy Use
--------------------------------------------------------
General Motors reduced its energy use by 25 percent and added
solar and landfill gas as energy sources at its North American
facilities over the past five years.

"General Motors has a corporate commitment to make our vehicles
and our facilities energy efficient, and we have a long history
of energy reduction efforts at our plants," David Skiven,
executive director, GM Worldwide Facilities Group, said Friday
in a keynote address at the World Energy Engineering Conference
in Washington, D.C.

GM is one of the leading users of renewable energy in the North
American manufacturing sector, with renewable energy sources
representing about 2 percent of its energy use.

These energy strategies are part of an overall program that has
enabled GM to reduce its energy use from 94 trillion BTUs in
2002, to an expected 72.5 trillion BTUs by the end of the year
in GM's North American region.

GM's renewable energy portfolio includes:

    * The largest corporate use of landfill gas in the U.S.  The
      sum of landfill gas capacity at seven GM operations using
      the fuel is equivalent to the energy needed to heat over
      25,000 households, which represents about 1.6 trillion
      BTUs per year.  Landfill gas installations at GM plants
      generate annual savings exceeding US$5 million.

    * The nation's largest, corporate solar photo voltaic
      installation.  This solar installation directly converts
      solar power into electricity.

    * New small hydro-power installations for GM facilities in
      Mexico that will become operational in 2007.

"The combination of cost and environmental benefits makes
renewable energy sources extremely important to us," Mr. Skiven
said. "Our use of alternative energy is a sound business
decision, resulting in lower costs and a broader portfolio of
energy sources."

General Motors also has achieved substantial energy use
reduction as a result of its commitment to energy conservation
initiatives in its operations.

"Although renewable energy projects are highly visible and
intriguing, equally important are consistent efforts to drive
energy savings in our ongoing manufacturing operations," said
Mr. Skiven.

GM's conservation efforts include:

   -- Installing common energy management and control systems
      for lighting, heating, ventilation and air conditioning.

   -- Improving compressed air systems and paint shop
      operations.

   -- Participating in the U.S. EPA Green Lights Program to
      install more efficient lighting systems in GM's North
      American facilities.

"At General Motors, we believe that managing energy use is a
vital part of our business," Mr. Skiven said.  "Smart energy
decisions are not only good for the environment; they are good
for the bottom line."

                       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 US$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 US$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.


GENERAL MOTORS: Court Adjourns Hearings on Contract Rejection
-------------------------------------------------------------
Delphi Corp. disclosed that the US Bankruptcy Court of the
Southern District of New York has granted further adjournments
of trial dates previously set by the Court for contested
hearings on Delphi's motions to reject collective bargaining
agreements and modify retiree benefits under Sections 1113 and
1114 of the Bankruptcy Code and for authority to reject after
notice certain commercial contracts with General Motors Corp.
under Section 365 of the Bankruptcy Code.

The 1113/1114 motion hearing was previously scheduled to resume
on Sept. 18, 2006 and the 365 motion hearing was scheduled to
commence on Sept. 28, 2006.  The Court has scheduled chambers
conferences on Sept. 28, 2006, for status and scheduling
purposes with Delphi and the respondents to each motion.

The action follows a chambers conference conducted by the Court
on Sept. 14, 2006, and meetings between Delphi and its major
stakeholders including its statutory committees, labor unions
and GM.  The adjournments are intended to allow the parties to
continue to make progress in their discussions.

                       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 US$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 US$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.


GUILLOT YGNIS: Appoints Liquidator to Wind Up Business
------------------------------------------------------
Helen Timothe Phillips was appointed Liquidator of Guillot Ygnis
Heating Ltd. on July 21 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

    Guillot Ygnis Heating Ltd.
    Sovereign Ct
    Witan Gate
    Milton Keynes MK9 2HP
    United Kingdom
    Tel: 01908 227 720


H.J. HEINZ: Shareholders Elect New Members of the Board
-------------------------------------------------------
H. J. Heinz Company reconvened its annual shareholder meeting to
accept the director voting results that were officially
certified by IVS Associates, the independent Inspector of
Elections.  Shareholders elected the following to the Heinz
Board:

   -- Charles E. Bunch,
   -- Leonard S. Coleman, Jr.,
   -- John G. Drosdick,
   -- Edith E. Holiday,
   -- William R. Johnson,
   -- Candace Kendle,
   -- Dean R. O'Hare,
   -- Nelson Peltz,
   -- Dennis H. Reilley,
   -- Lynn C. Swann,
   -- Thomas J. Usher and
   -- Michael F. Weinstein.

William R. Johnson, Heinz Chairman, President and CEO stated, "I
wish to thank Mary Choksi and Peter Coors for their outstanding
service and commitment to Heinz shareholders. They have been
exemplary Directors and will be greatly missed. I would also
like to welcome Nelson Peltz and Michael Weinstein to the Heinz
Board."

Founded in 1869, H. J. Heinz Company markets and produces
branded foods in ketchup, condiments, sauces, meals, soups,
seafood, snacks and infant foods. Key brands include Heinz(R)
Ketchup, sauces, soups, beans, pasta and infant foods, Ore-
Ida(R) French Fries and roasted potatoes, Boston Market(R) and
Smart Ones(R) meals and Plasmon(R) baby food.  Heinz's 50
companies have number-one or number-two brands in 200 countries.
In South America, Heinz operates in Mexico, Costa Rica,
Venezuela and Argentina.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2006, Moody's Investors Service downgraded the long-
term debt ratings of H.J. Heinz Company and its subsidiaries'
senior unsecured debt to Baa2 from Baa1, preferred stock to Ba1
from Baa3 and retained the negative rating outlook.  The Prime-2
short-term rating of H.J. Heinz Company was affirmed.


H.J. HEINZ: S&P Lowers Preferred Stock Rating to BB+ from BBB-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings for ketchup and condiment
manufacturer H.J. Heinz Co. to 'BBB' from 'BBB+'.

"We also lowered the company's 'BBB-' preferred stock rating to
'BB+' and the 'A-1 (LOW)' Canadian commercial paper ratings to
'A-2'; the U.S. 'A-2' short-term and commercial paper ratings
have been affirmed," said Standard & Poor's credit analyst
Alison Sullivan.  The ratings were removed from CreditWatch with
negative implications where they were placed on May 23, 2006,
following 5.5% aggregate shareholders Trian Fund Management LP
and Sandell Asset Management Corp.'s release of a position paper
detailing its proposed plan that included a proposal for a more
aggressive financial policy, including increased share
repurchases, dividends, and leverage.  The outlook is stable.
The company had about US$4.5 billion total debt outstanding at
Aug. 2, 2006.

The downgrade reflects our concern that the confirmed election
of two of the five Trian Group board of director nominees to
Heinz's board could further strain financial policy and may
cause the company to alter its current plans.  While Heinz
management has indicated its intention to maintain their current
financial policy and operations strategy, we believe management
may be faced with pressures from new board members that could
result in a weakening of credit measures. (Trian's initial
proposal had included a more aggressive financial policy and
debt-financed share repurchase plan.)  Credit measures are
already weak for the current rating and are unlikely to improve
in the near term to levels more appropriate for the rating due
to management's previously announced sizable share repurchase
plans.

The ratings on Heinz reflect its broad, strong portfolio of
branded products, geographic diversity, and participation in the
relatively stable packaged and processed food industry.  These
factors are somewhat offset by the company's weakened credit
measures following several debt-financed acquisitions, and by
the numerous restructuring initiatives implemented during the
past few years.


HANDLING LOGIC: Joint Liquidators Take Over Operations
------------------------------------------------------
David Birne and Stephen Katz were appointed Joint Liquidators of
Handling Logic Limited on July 10 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Handling Logic Limited
    1 Jubilee Road
    Worth
    Deal
    Kent CT140DT
    United Kingdom
    Tel: 01843 825 576
    Web: http://www.forktrucks.org.uk/


HANS BROCHIER: Taps Kingston Smith to Administer Assets
-------------------------------------------------------
Nicholas John Miller and Ian Robert of Kingston Smith & Partners
LLP were appointed joint administrators of Hans Brochier
Holdings Limited (Company Number 04664145) on Aug. 30.

Kingston Smith -- http://www.kingstonsmith.co.uk/-- has over
400 people, including 45 partners, based in six offices in
London and the South East, and was founding member of KS
International, a network of over 100 offices in 49 countries
around the world.  It was originally formed in 1923.

Headquartered in London, United Kingdom, Hans Brochier Holdings
Limited manufactures fabricated metal products.


J J STOCK: Taps Paul James Fleming to Liquidate Assets
-------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator of J J Stock (Building) Limited on July 19 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    J J Stock (Building) Limited
    The Mount
    Appley Lane North
    Appley Bridge
    Wigan
    Lancashire WN6 9DS
    United Kingdom
    Tel: 01257 254 349


JOHNSONDIVERSEY HOLDINGS: Fitch Assigns B- Default Rating
---------------------------------------------------------
Fitch Ratings affirmed JohnsonDiversey, Inc.'s ratings at:

   -- Senior secured bank credit facilities at BB-/RR1;
   -- Senior subordinated debt rating at B-/RR4; and
   -- Issuer Default rating at B-.

In addition, Fitch assigns an IDR of B- for JohnsonDiversey
Holdings Inc.'s and affirms the senior discount notes rating of
CCC/RR6.

The Rating Outlook for both remains Negative.

The rating affirmation is supported by the progress
JohnsonDiversey has made on its divestiture program and
subsequent net debt reduction of US$390 million during the
second quarter of 2006.  Recovery analysis reflects a balance of
lower debt and also a lower asset base with no change in
recovery.  The polymer business was sold to BASF for
approximately US$470 million and the purchase price represented
an EBITDA multiple of 10 times.

JohnsonDiversey continues to make progress on its previously
announced restructuring plan, which started in November 2005.
Program to date, approximately US$175 total costs incurred;
US$82 million in restructuring expenses, primarily related to
involuntary terminations associated with the withdrawal from the
service-oriented laundry and ware washing business in the US and
US$93 million in SG&A including US$46 million non-cash asset
write-downs.

Headcount reductions of 749 of which, 360 are related to cost
reduction initiatives and organizational redesign.  The
remainder of the headcount reduction is associated with the
company's exit from the service-oriented laundry and ware
washing business in the US.

The recent asset sales will provide JohnsonDiversey greater
financial flexibility to fund and complete the current
restructuring program, since free cash flow has been weak.  Cost
pressure from raw materials have not been completely offset by
pricing initiatives although on a sequential basis gross margins
have improved since the fourth quarter of 2005 through the
second quarter of 2006.

Rating concerns continue to include the likelihood that the
company will need to re-borrow cash under existing credit lines
to have the liquidity to complete the restructuring program.
The company did draw the full amount of US$100 million under its
delayed draw term facility in July 2006.

Free cash flow for 2006 and 2007 are expected to be negative
before turning positive in 2008.  Additionally Fitch assumes
that in 2006, 2007, and 2008 the company will realize US$30
million, US$75 million and US$150 million respectively in annual
savings as a result of the current restructuring program.

The Negative Rating Outlook incorporates the challenges noted
above as well as the potential for cash payment of PIK interest
as well as a possible put of JohnsonDiversey Holdings stock held
by Unilever.  As always, the volatile cost environment for key
raw materials that JohnsonDiversey uses for its professional
products is also of concern.

Fitch expects raw material prices to continue to be unstable,
and there may be short periods of softening in prices during the
second half of 2006.  However, overall prices are likely to be
maintained at recent levels as the chemical industry proceeds to
its next cyclical peak between 2006 and 2007.

JohnsonDiversey's recent actions have enhanced liquidity and
provide financial flexibility that will allow them to execute
its on-going restructuring program during the next two to three
years.  Additional cash sources to fund the restructuring
program are likely to include potential divestitures,
availability under its existing accounts receivable
securitization program, and cash from operations.

Operating results in the near term are expected to continue to
be affected by volatile and high raw material costs, and margins
are likely to be under pressure if price initiatives are
unsuccessful.

Commencing in November 2007, JohnsonDiversey Holdings will need
to start paying cash interest on the 10.67% senior discount
notes due 2013.  However, under the terms of the notes Holdings
will not be required to pay the portion of interest on the notes
on any interest payment date that exceeds the amount
JohnsonDiversey Inc. can dividend or distribute to Holdings on
that date in compliance with the restrictive covenants under the
JohnsonDiversey Inc. credit facilities and JohnsonDiversey Inc
senior subordinated notes.

The failure to pay this interest will not constitute a default
under the indenture for the notes.  All accrued and unpaid
interest is due and payable at maturity, regardless of the above
-mentioned limitations.

On May 1, in association with the divestiture of the Polymer
Business, Commercial Markets Holdco, Inc., which is the parent
of JohnsonDiversey Inc. direct parent, JohnsonDiversey Holdings,
Inc., Marga B.V., a subsidiary of Unilever, and Holdings amended
and restated the Stockholders' Agreement dated as of May 3, 2002
among the parties.

Holdco and Marga B.V. own 66 2/3% and 33 1/3%, respectively, of
the outstanding shares of Holdings.  Under the original
stockholders' agreement, at any time after May 3, 2007, Holdings
had the option to purchase, and Unilever had the right, under
certain conditions, to require Holdings to purchase the shares
of Holdings and senior discount notes of Holdings then
beneficially owned by Marga B.V.

In September 2003, Unilever sold its senior discount notes of
Holdings to third parties in a private transaction and
therefore, no longer owns those notes.

The Put and Call Option dates were changed on May 1, 2006.
Under the New Stockholders' Agreement, at any time after
May 3, 2008, Marga B.V. has the right to require Holdings to
purchase the shares beneficially owned by Marga, B.V. Holdings
has the option to purchase the shares beneficially owned by
Marga B.V. at any time after May 3, 2010.

This soft put by Marga B.V. could force Holdings and
JohnsonDiversey to refinance its debt structure to finance the
cost of the shares.  While a concern, it is far too early to
speculate as to the outcome.

JohnsonDiversey had an EBITDA-to-gross interest expense of 2.3x,
debt-to-EBITDA of 3.22x, and total adjusted debt-to-EBITDAR,
incorporating gross rent, of 5.39x for the 12-months ending
June 30, 2006.  These credit metrics compare to EBITDA-to-gross
interest expense of 2.52x, debt-to-EBITDA of 3.89x, and total
adjusted debt-to-EBITDAR, incorporating gross rent, of 5.67x at
2005 year end.

Balance sheet debt was approximately US$1.02 billion at the end
of the second quarter.  Additionally, the company has reduced
the size of the A/R securitization program to US$75 million in
July.  The total adjusted debt amount includes operating leases,
A/R securitization program balance and JohnsonDiversey Holdings'
senior discount note.

At the end of the second quarter, JohnsonDiversey continues to
have sufficient cash balances of US$135 million including
liquidity under unused and committed revolving credit facilities
totaling US$167 million.

JohnsonDiversey, Inc. is a global player in the I&I cleaning
market and sells its products into the following market
segments: floor care, food service, restroom/housekeeping,
laundry, and food processing.  In addition, JohnsonDiversey is a
global supplier of water-based acrylic polymer resins for
printing, packaging, coatings, and plastics markets.

The company is owned by JohnsonDiversey Holdings, Inc., which is
owned by Commercial Markets Holdco and Unilever.  For the 12-
months ending June 30, 2006, JohnsonDiversey had US$3.1 billion
in net sales and US$316 million in Operating EBITDA.


LAMINAR FLOW: Brings In Lucinda Ann Field to Administer Assets
--------------------------------------------------------------
Lucinda Ann Field of Haines Watts was appointed administrator of
Laminar Flow Systems Limited (Company Number 00969184) on
Aug. 31.

Headquartered in Manchester, United Kingdom, Haines Watts --
http://www.hwca.com/-- is a national U.K. business advisory and
accountancy firm with a network of practices strategically
placed throughout England, Wales and Scotland, offering tax and
general business advice.  Its experienced tax accountants,
business advisors and special service teams will help its
clients with every aspect of its business.

Headquartered in Eastbourne, United Kingdom, Laminar Flow
Systems Limited -- http://www.lamarflo.co.uk/-- provides
advanced clean room installations and clean air equipment.


LINCOLN CASTINGS: Brings In Ernst & Young to Administer Assets
--------------------------------------------------------------
S. Allport and I. Best of Ernst & Young LLP were appointed joint
administrators of Lincoln Castings Limited (Company Number
01419988) on Sept. 7.

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.

Headquartered in Lincolnshire, United Kingdom, Lincoln Castings
Limited manufactures iron casting.


METRO QC: Brings In Joint Liquidators from Harrisons
----------------------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
Joint Liquidators of Metro QC Limited on July 24 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Metro QC Limited
    Rhodes House
    7 Birchen Road
    Liverpool
    Merseyside L26 9TJ
    United Kingdom
    Tel: 0151 448 9598
    Web:  http://www.metroqc.co.uk/


MOBILES 4: Names Liquidator from Butcher Woods
----------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
Liquidator of Mobiles 4 Free Limited on July 6 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Mobiles 4 Free Limited
    145 Ladypool Road
    Birmingham
    West Midlands B12 8LH
    United Kingdom
    Tel: 0121 440 6392
    Web: http://www.mobile4freeltd.com/


MTECH ENVIRONMENTAL: Creditors Confirms Voluntary Liquidation
-------------------------------------------------------------
Creditors of Mtech Environmental Services Limited confirmed on
June 23 the resolutions for voluntary liquidation and the
appointment of Duncan R. Beat of Tenon Recovery as Liquidator of
the company.

The company can be reached at:

         Mtech Environmental Services Limited
         11 Woodside Road
         Sidcup
         Kent DA15 7JG
         United Kingdom
         Tel: 020 8308 9222
         Web: http://www.mtechenvironmental.com/


NOISE CONTROL: Liquidator Sets Oct. 20 Claims Bar Date
------------------------------------------------------
Creditors of Noise Control Services Limited have until Oct. 20
to send in their names and addresses and full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator Timothy Colin
Hamilton Ball of Mazars LLP at:

    Timothy Colin Hamilton Ball
    Mazars LLP
    8 New Fields
    2 Stinsford Road
    Poole
    Dorset BH17 0NF
    United Kingdom

The company can be reached at:

    Noise Control Services Limited
    258 Shinfield Road
    Reading
    Berkshire RG2 8EY
    United Kingdom
    Tel: 0118 987 9301
    Web: http://www.parnoisecontrol.co.uk/


OUTLOOK SPORTS: Hires Joint Administrators from Hurst Morrison
--------------------------------------------------------------
Paul W. Ellison and Robert C. Keyes of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Outlook Sports
Limited (Company Number 02907101) on Sept. 5.

The administrators can be reached at:

         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Headquartered in Staffordshire, United Kingdom, Outlook Sports
Limited manufactures and distributes golf equipments.


PINHOE GARAGE: Claims Registration Ends Oct. 20
-----------------------------------------------
Creditors of Pinhoe Garage Limited have until Oct. 20 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 Joint
Liquidator Nigel Ian Fox of Tenon Recovery at:

    Nigel Ian Fox
    Tenon Recovery
    2nd Floor
    Berkeley House
    Dix's Field
    Exeter
    Devon EX11PZ
    United Kingdom

The company can be reached at:

    Pinhoe Garage Limited
    Main Road
    Pinhoe
    Exeter EX4 8HR
    United Kingdom
    Tel: 01392 466 448


PORTRAIT CORP: Chapter 11 Prompts Moody's to Withdraw Ratings
-------------------------------------------------------------
Moody's withdrew all ratings on Portrait Corporation of America,
Inc.  The ratings have been withdrawn because the issuer filed
for protection from creditors under Chapter 11 of the U.S.
Bankruptcy Code on Aug. 30.

Ratings withdrawn:

   -- Caa1 rating on US$50 million 14.0% senior 2nd-lien notes
(2009) issued by PCA, LLC;

   -- Ca rating on US$165 million 10.875% senior notes (2009)
issued by PCA, LLC; and the

   -- Caa2 Corporate family rating.

Portrait Corporation of America, Inc., headquartered in
Charlotte, North Carolina, operates about 2500 photography
studios principally in U.S., Canadian, and Mexican Wal-Mart
stores.  Revenue was about US$326 million for the fiscal year
ending January 2006.


ROMAN MOSAIC: Philip Simons Leads Liquidation Procedure
-------------------------------------------------------
Philip Simons of Langley Group LLP was appointed Liquidator of
Roman Mosaic Contracts Limited on July 6 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Roman Mosaic Contracts Limited
    122 Bloomfield Road
    Tipton
    West Midlands DY4 9ES
    United Kingdom
    Tel: 0121 557 2267


ROOM OUTDOOR: Taps Liquidator from O'Hara & Co.
-----------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of The
Room Outdoor Company Limited on July 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    The Room Outdoor Company Limited
    South Lodge
    Moor End
    Boston Spa
    Wetherby
    West Yorkshire LS236ER
    United Kingdom
    Tel: 0845 062 6466


RUSSELL HUMAN: Appoints Philip Simons to Liquidate Assets
---------------------------------------------------------
Philip Simons was appointed Liquidator of Russell Human
Resources Limited on July 10 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Russell Human Resources Limited
    8 Percy Street
    London W1T 1DJ
    United Kingdom
    Tel: 020 7813 0040


SAMARKAND GALLERIES: Taps Keith Veith Anderson as Liquidator
------------------------------------------------------------
Keith Veitch Anderson of Scott & Paterson was appointed
liquidator of Samarkand Galleries Limited on June 20 for the
purposes of creditors' voluntary winding-up procedure.

The company can be reached at:

         Samarkand Galleries Limited
         16 Howe Street
         Edinburgh
         Midlothian EH3 6TD
         United Kingdom
         Tel: 0131 225 2010


SANKEYS SOAP: Brings In Joint Liquidators from Rothman Pantall
--------------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed Joint Liquidators of Sankeys Soap
Limited on July 20 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    Sankeys Soap Limited
    Beehive Mill
    Jersey Street
    Manchester M4 6JG
    United Kingdom
    Tel: 0161 661 9668


SIHAM LIMITED: Names Liquidators from BRI Business Recovery
-----------------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Siham Limited on July 19 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    Siham Limited
    The Business Exchange
    Rockingham Road
    Kettering
    Northamptonshire NN168JX
    United Kingdom
    Tel: 01536 414 660


SLIMLINE U.K.: Appoints Joint Liquidators from Blades Insolvency
----------------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of Slimline U.K.
Limited on July 21 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    Slimline U.K. Limited
    Unit 4
         Imperial Building
    East Park Road
    Leicester LE5 4QD
    United Kingdom
    Tel: 0116 274 2883


SLIPSTEAM I.T.: Hires Joint Liquidators from Insol House
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Slipstream I.T. Limited on
July 19 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Slipstream I.T. Limited
    Unit 3
    Northend Trading Estate
    Erith
    Kent DA8 3PP
    United Kingdom
    Tel: 01322 345 455
    Web: http://www.slipstreamit.co.uk


SMP SYSTEMS: Appoints Ninos Koumettou as Administrator
------------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was appointed
administrator of SMP Systems Limited (Company Number 04663924)
on Sept. 6.

The administrator can be reached at:

         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590

Headquartered in Essex, United Kingdom, SMP Systems Limited
develops software.


SOUTHGATE HOLDINGS: Brings In Shay Lettice to Liquidate Assets
--------------------------------------------------------------
Shay Lettice of Peters Elworthy & Moore was appointed Liquidator
of Southgate Holdings Limited on July 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Southgate Holdings Limited
    Unit 1
    Accent Park
    Bakewell Road
    Orton Southgate
    Peterborough PE2 6XS
    United Kingdom
    Tel: 01733 390 190


SPORTIZUS LIMITED: Brings In Moore Stephens as Administrators
-------------------------------------------------------------
Nigel Price and Mark Bowen of Moore Stephens LLP were appointed
joint administrators of Sportizus Limited (Company Number
04305223) on Sept. 4.

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

Headquartered in Bristol, United Kingdom, Sportizus Limited --
http://www.sportizus.com/-- retails sporting memorabilia.


SPOTLIGHTS LIMITED: Creditors' Meeting Slated for September 22
--------------------------------------------------------------
Creditors of Spotlights (U.K.) Limited (Company Number 04687921)
will meet at 10:00 a.m. on Sept. 22 at:

         Buchanans
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         United Kingdom

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

         P. Hall
         Joint Administrator
         Buchanans PLC
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         United Kingdom
         Tel: 023 8022 1222


STANLEY CLOTHING: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Stanley Clothing Limited confirmed on June 27 the
resolutions for voluntary liquidation together with the
appointment of Paul J. Fleming of Parkin S. Booth & Co. as
Liquidator of the company.

The company can be reached at:

         Stanley Clothing Limited
         Stanley Street Mill
         Stanley Street
         Blackburn
         Lancashire BB1 3BW
         United Kingdom
         Tel: 01254 664 547


STEELCASE INC: Moody's Rates US$250-Mln Senior Notes at Ba1
-----------------------------------------------------------
Moody's assigned a Ba1 rating to Steelcase Inc.'s 6.5% US$250
million senior unsecured notes, the proceeds of which were used
to refinance its US$250 million 6.375% notes.

Steelcase's ratings reflect:

   -- its vulnerability to cyclical end-markets, particularly
the financial sector;

   -- excess manufacturing overhead; lack of consistent
profitability, especially in its International segment;
and

   -- exposure to volatile input costs.

Steelcase's ratings also reflect:

   -- its widely recognized brand name and reputation for
quality office furnishings in an industry with
considerable barriers to entry,

   -- the company's highly diversified installed customer base
of major national and multinational corporations,

   -- progress in reducing its cost structure, and

   -- its significant free cash flow generating capability.

Over the next 12-18 months, Moody's could upgrade Steelcase's
Ba1 rating if it becomes evident the company will achieve and
sustain operating margins in the high single digits, maintain
debt-to-EBITDA of under 2.0x, 25% retained cash flow to total
debt, 15% free cash flow-to-total debt and 5.0x EBIT interest
coverage.

Steelcase Inc., based in Grand Rapids, MI, is the world's
largest supplier of office furniture with LTM May 2006 revenues
of US$2.9 billion.


SWEDISH TRUCK: Appoints Andrew David Rosler as Administrator
------------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited was
appointed administrator of Swedish Truck Parts (U.K.) Limited
(Company Number 03891671) on Aug. 29.

The administrator can be reached at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom
         Tel: 01204 467100
         Fax: 01204 843030
         E-mail: andrew.rosler@idealcorporatesolutions.co.uk

Swedish Truck Parts (U.K.) Limited can be reached at:

         Broadway
         Salford
         Lancashire M50 2UW
         United Kingdom
         Tel: 0161 872 3859


SYSTEMS PRACTICE: Brings In Kroll as Joint Administrators
---------------------------------------------------------
F. Duffy and S. Wilson of Kroll were appointed joint
administrators of The Systems Practice PLC (Company Number
03052091) 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.

The Systems Practice PLC can be reached at:

         Kirkstead Way
         Golborne
         Warrington
         Cheshire WA3 3PY
         United Kingdom
         Tel: 01942 270 222
         Fax: 01942 707 709


TBS HAULAGE: Calls In Liquidator from Jones Lowndes Dwyer
---------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of TBS Haulage Limited on July 19 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    TBS Haulage Limited
    F4 Mercia Way
    Foxhills Industrial Estate
    Scunthorpe
    South Humberside DN158RE
    United Kingdom
    Tel: 01724 858 999


TEAKHOUSE LEISURE: Creditors Ratify Liquidators' Appointment
------------------------------------------------------------
Creditors of Teakhouse Leisure Limited ratified on June 27 the
resolutions for voluntary liquidation together with the
appointment of David Field of Centrum Recovery as Liquidator of
the company.

The company can be reached at:

         Teakhouse Leisure Limited
         North Church Street
         Bakewell
         Derbyshire DE45 1DB
         United Kingdom
         Tel: 0870 333 8325


TECHNICAL PRINT: Taps Joint Liquidators from Blades Insolvency
--------------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of Technical Print
Services Limited on July 19 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Technical Print Services Limited
     Brentcliffe Avenue
    Nottingham NG3 7AG
    United Kingdom
    Tel: 0115 987 3771


VCL LOGISTICS: Names Lloyd Biscoe to Liquidate Assets
-----------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of VCL
Logistics Limited on July 20 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    VCL Logistics Limited
    Merrydale Works
    Linford Road
    Grays
    Essex RM164LQ
    United Kingdom
    Tel: 01702 616 133


VOLUMETRIC LIMITED: Claims Filing Period Ends Sept. 30
------------------------------------------------------
Creditors of Volumetric Limited (formerly Potton Hotels Limited
and Rapid 1959 Limited) have until Sept. 30 to send in their
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 Anthony Harry Hyams
of Marriotts LLP at:

    Anthony Harry Hyams
    Marriotts LLP
    Allan House
    10 John Princes Street
    London W1G 0AH
    United Kingdom

The company can be reached at:

    Volumetric Limited
    Eltisley Road
    Great Gransden
    Sandy
    Bedfordshire SG193AR
    United Kingdom
    Tel: 01767 261 313


WATKINSON INDUSTRIAL: Appoints Begbies Traynor as Liquidators
-------------------------------------------------------------
David Paul Hudson and Mark Fry of Begbies Traynor (South) LLP
were appointed liquidators of Watkinson Industrial Limited on
May 31 for the purposes of creditors' voluntary liquidation.

The company can be reached at:

         Watkinson Industrial Limited
         78 River Road
         Barking
         Essex IG1 10DS
         United Kingdom
         Tel: 020 8507 9642


WILSONS CONVENIENCE: Taps Tenon Recovery to Administer Assets
-------------------------------------------------------------
Carl Stuart Jackson and Steven Parker of Tenon Recovery were
appointed joint administrators of Wilsons Convenience Stores
Limited (Company Number 4729443) on Aug. 29.

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

Wilsons Convenience Stores Limited can be reached at:

         2 Jiggins Lane
         Bartley Green
         Birmingham
         West Midlands B32 3JX
         United Kingdom
         Tel: 0121 476 1944


WOODLANDS BUILDERS: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Woodlands Builders Residential Limited confirmed on
July 7 the appointment of Neil Francis Hickling of Smith &
Williamson Limited as the company's Liquidator.

The company can be reached at:

    Woodlands Builders Residential Limited
    60 Port Street
    Evesham
    Worcestershire WR11 1AP
    United Kingdom
    Tel: 01386 443311


XIOS PROJECTS: Hires Paul Appleton to Liquidate Assets
------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Xios Projects Limited (formerly Clayhire Limited and Highgate
& Islington Internet Company Limited) on July 24 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Xios Projects Limited
    134 Liverpool Road
    London N1 1LA
    United Kingdom
    Tel: 020 7689 5604


ZULTYS TECHNOLOGIES: Files Chapter 11 Petition in California
------------------------------------------------------------
Zultys Technologies filed for chapter 11 bankruptcy protection
in the U.S. Bankruptcy Court for the Northern District of
California on Sept. 8.

The bankruptcy filing came a month after company president Ian
Milnes said it is "operating at a reduced size, but still
building and shipping products."  He told CRN in August that it
is now profitable after it has scaled back its operations, and
noted that "the urgency for funding is not so great."

Michael W. Malter, Esq., of Binder & Malter, LLP, represents the
Debtor in its restructuring efforts.  When it filed for
bankruptcy, the Debtor listed US$1.8 million in assets and US$45
million in debts.

Headquartered in Sunnyvale, California, Zultys Technologies --
http://www.zultys.com/-- designs and manufactures products that
converge telecommunications and data communications for
businesses.  It develops its hardware and software specifically
to create products that deliver completely integrated solutions,
allowing for ease of deployment, management, and use.  The
company sells its products worldwide and has distribution in 115
countries including Russia and the United Kingdom.


ZULTYS TECH: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Zultys Technologies
        771 Vaqueros Avenue
        Sunnyvale, California 94085

Bankruptcy Case No.: 06-51764

Type of Business: The Debtor designs and manufactures products
                  that converge telecommunications and data
                  communications for businesses.  Zultys
                  develops its hardware and software
                  specifically to create products that deliver
                  completely integrated solutions, allowing for
                  ease of deployment, management, and use.
                  These products support multiple languages and
                  are based on open standards to ensure
                  interoperability in a network.  Zultys sells
                  its products worldwide and has distribution in
                  115 countries including Russia and the United
                  Kingdom.  See http://www.zultys.com/

Chapter 11 Petition Date: Sept. 8, 2006

Court: Northern District of California (San Jose)

Judge: Arthur S. Weissbrodt

Debtor's Counsel: Michael W. Malter, Esq.
                  Binder & Malter, LLP
                  2775 Park Avenue
                  Santa Clara, California 95050
                  Tel: (408) 295-1700
                  Fax: (408)295-1531

Total Assets: US$1,804,276

Total Debts:  US$45,040,725

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Foretek International         Trade debt              US$648,259
Co., Ltd.
7F, No. 447-1 through 6
SEC. 2, PATEH Road
Taipei, Taiwan

Shenzhen Gaoxinqi             Trade debt              US$438,659
Technology Co Ltd
Liuxian 1st Road
District 67
Baoan, Shenzhen 518102,
China


FAI                           Trade debt              US$278,401
3273 Paysphere Circle
Chicago, IL 60674

Avnet Electronics Marketing   Trade debt              US$196,523
PO Box 60000
File 30107
San Francisco, CA 94160

Bell Microproducts Inc.       Trade debt              US$151,250
File 57266
Los Angeles, CA 90074-7266

Arrow Electronics, Inc.       Trade debt              US$147,231
P.O. Box 60000
File 21174
San Francisco, CA 94160-1174

Text 100 Corp.                Trade debt               US$85,068

Arista Systems Corporation    Trade debt               US$72,048

Hunter Technology Corp.       Trade debt               US$70,268

Matthews Metal Products       Trade debt               US$68,185

TTI, Inc.                     Trade debt               US$64,206

Mitchell, Silberberg & Knupp  Legal services           US$53,086

De Anza Manufacturing         Trade debt               US$46,327

Merix Corporation             Trade debt               US$39,713

Digi -Key Corporation         Trade debt               US$39,180

Digital Power Corporation     Trade debt               US$39,064

Dynamic Details Incorporated  Trade debt               US$39,031

Whizz Systems Inc.            Trade debt               US$38,056

Holthouse, Carlin &           Audit services           US$37,287
Van Trigt

Venkel, Ltd.                  Trade debt               US$32,268


                           *********

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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