TCREUR_Public/060921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 21, 2006, Vol. 7, No. 188

                            Headlines

A U S T R I A

CAREXPERT: Creditors to Recover 16.45% of Claims
EBNER HOLZTRANSPORT: Leoben Court Orders Closing of Business
FMS SERVICE: Property Manager Claims Insufficient Assets
G-TRUCKS: Property Manager to Sell Bankrupt Estate
I. BRAUN'S: Claims Registration Period Ends Oct. 2

ING. ULRICH: Property Manager Declares Insufficient Assets
IRSCHITZ: Creditors' Meeting Slated for October 10
KRAMPL: Creditors' Meeting Slated for September 28
WEISSER: Klagenfurt Court Orders Business Shutdown
ZIMMER DRUCKEREI: Creditors' Meeting Slated for Oct. 5


F R A N C E

EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director


G E R M A N Y

A3M BETEILIGUNGS: Claims Registration Ends October 2
BAUAREA-BETREUUNGS: Claims Registration Ends October 4
BERNHARD BUERGER: Claims Registration Ends October 2
CARL GANTER: Claims Registration Ends October 2
EWE PLANUNG: Claims Registration Ends October 2

GFQ SCHWEISSEREI: Claims Registration Ends October 4
LHB INTERNATIONALE: Fitch Affirms Individual Rating at D/E
MANFRED W. KULL: Claims Registration Ends September 29
MECK-MEDIA: Claims Registration Ends October 2
PLANBAU BAUTRAGER: Claims Registration Ends September 28

TELE COLUMBUS: Completes Merger with Cable Operator Unity Media
TELE COLUMBUS: Subscriber Sale Cues Moody's to Review Ratings
TOFF GMBH: Claims Registration Ends September 29
UNITY MEDIA: Completes Merger with Cable Operator Tele Columbus


I R E L A N D

CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes


I T A L Y

PARMALAT SPA: Earns EUR17 Million for First Half 2006
PARMALAT SPA: Investors Hit Motions to Dismiss Amended Suit


K A Z A K H S T A N

ATYRAUMETALLTRUBSNAB: Proof of Claim Deadline Slated for Oct. 13
BUILD-SERVICE: Almaty Court Begins Bankruptcy Proceedings
INTER-B: Creditors Must File Claims by Oct. 13
JALGAS: Creditors Must File Claims by October 13
LUX: Proof of Claim Deadline Slated for Oct. 13

SDS TRANS: Creditors' Claims Due Oct. 13
SARY-AGASH: Creditors' Claims Due Oct. 13
TRUCK LOGISTIK: Claims Registration Ends Oct. 13
TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+
V.I.R.A.: Claims Registration Ends Oct. 13


K Y R G Y Z S T A N

KARA-BALTA MINING: Investment Tender Scheduled for Oct. 3


N E T H E R L A N D S

KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod


R O M A N I A

HVB TIRIAC: Fitch Includes Stable Outlook Assignment


R U S S I A

AFRO-KHIM-SERVICE: Court Names S. Shishkov as Insolvency Manager
AGRO-PROM-KHIMIYA: Court Names A. Ryabov as Insolvency Manager
ALUMINIUM-PRODUCT: Court Names A. Borunov as Insolvency Manager
BRIDGE COMPANY: Court Names A. Bulin as Insolvency Manager
CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes

COMPUTER CENTRE:  Bankruptcy Hearing Slated for Dec. 29
CONCRETE SERVICE: Court Names I. Goldova as Insolvency Manager
CORD: Orel Bankruptcy Hearing Slated for Oct. 25
DMITRIEVSKIY FACTORY: Bankruptcy Hearing Slated for Oct. 18
EURO-PRODUCT: Court Names A. Kubasov as Insolvency Manager

EXPRESS-SERVICE: Court Names O. Vasilyeva as Insolvency Manager
FARM-INVEST: Moscow Court Names S. Suvorov as Insolvency Manager
FISH CENTRE: Moscow Court Names S. Suvorov as Insolvency Manager
KHANTY-AIR: Court Starts Bankruptcy Supervision
KUEDINSKIY DIARY: Perm Court Starts Bankruptcy Supervision

MONOLITH: Court Sets October 5 Deadline for Filing of Claims
OKONESHNIKOVSK-AGRO-PROM-KHIMIYA: Filings of Claims Ends Oct. 5
ORLOVSKOYE: Voronezh Court Starts Bankruptcy Supervision
PERVOMAYSKIY: Mordoviya Bankruptcy Hearing Slated for Nov. 1
PRITOBOLNYJ FEED: V. Chernovalov to Manage Insolvency Assets

PROM-INVEST: Court Names S. Levchenko as Insolvency Manager
REINFORCED CONCRETE: Bryansk Court Starts Bankruptcy Supervision
SHADRINSK: Kurgan Court Names V. Koval as Insolvency Manager
SOKOLSKIY: Court Names V. Ostroverkh as Insolvency Manager
SOSVINSKIY WOODWORKING: Court Starts Bankruptcy Supervision

SPINNING: Ivanovo Court Names A. Ryabov as Insolvency Manager
SUAL GROUP: No Merger Application Yet, Says Anti-Trust Agency
TAVDINSKOYE GRAIN: Court Starts Bankruptcy Supervision
TOTSK-AUTO: Court Names A. Taushev as Insolvency Manager
UST-ILIMSKIY: Court Names D. Slaykovskiy as Insolvency Manager

YUKOS OIL: Federal Arbitration Court Upholds Bankruptcy Ruling
YUKOS OIL: Moscow Bankruptcy Ruling Spurs Suspension of Shares


S L O V E N I A

NOVA KREDITNA: Fitch Keeps Individual Rating at C/D


S P A I N

GAT FTGENCAT: Moody's Junk EUR9.5 Million Series E Notes
GAT FTGENCAT: Gets Fitch's Junk Rating on Series E Notes
IM CAJAMAR 4: Fitch Junks Rating on EUR12 Million Series E Notes
IM GRUPO: Moody's Rates EUR32.4-Mln Series E Notes at C


S W E D E N

KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod


T U R K E Y

KUVEYT TURK: Fitch Upgrades Individual Rating to D
TURK EKONOMI: Fitch Keeps Foreign Currency Default Rating at BB


U K R A I N E

BERLADINKA: Vinnitsya Court Starts Bankruptcy Supervision
GOROSHKIV: Creditors Must File Claims Until September 29
MEGA-INVEST: Kyiv Court Starts Bankruptcy Supervision
NADIYA: Donetsk Court Starts Bankruptcy Supervision
ROMNI AGROHIM: Court Names Yevgen Chuprun as Insolvency Manager

ROS: Kyiv Court Starts Bankruptcy Supervision
UKRSHINSNAB: Court Names Viktor Sunitsya as Insolvency Manager
VINREM-ELEKTRO: Vinnitsya Court Names PFU Dep't as Liquidator
VOZNESENSKIJ BREAD: Mikolaiv Court Starts Bankruptcy Supervision

ZODCHIJ: Court Names Kyiv Tax Inspection as Liquidator

* Moody's Assigns B2 Rating to Ukraine's City of Berdyansk


U N I T E D   K I N G D O M

A M SEARLE: Appoints Joint Administrators from Grant Thornton
ADVAL GROUP: Names Martin Dominic Pickard as Administrator
ADVAL LEARNING: Brings In Mazars LLP as Administrator
AIRE VALLEY: Hires Joint Liquidators from BWC Business Solutions
AMARANTH ADVISORS: Announces Loss, Reels From Falling Gas Prices

AMARANTH ADVISORS: Transfers Energy Trades to Citadel & JPMorgan
ANDY CASH: Brings In Joint Liquidators from PKF (UK) LLP
APEX LANDSCAPE: Names Simon Thornton as Liquidator
ASSESS LIMITED: Appoints Michael Young to Liquidate Assets
BARNYARNS LIMITED: Names Joint Liquidators from Begbies Traynor

BASEMENT LIMITED: Creditors Confirm Voluntary Liquidation
BBA AUTO: Taps Colin Burke to Liquidate Assets
BLUE RIDGE: Calls In Joint Liquidators from Vantis
C S ELECTRICAL: Hires Alan S. Bradstock to Liquidate Assets
CFG SITE: Appoints Joint Liquidators from Deloitte & Touche

COLORSCOPE PRINTERS: Names Michael Young Liquidator
COUNTY SUPPLIES: Lloyd Biscoe Leads Liquidation Procedure
CRYOSAFE LIMITED: Joint Liquidators Take Over Operations
DOLE FOOD: Supports Recall of Packaged Fresh Spinach Products
DOLE FOOD: Product Recall Cues S&P to Keep Ratings on Watch Neg.

EASTERNFACTOR LIMITED: Creditors Ratify Voluntary Liquidation
EDINBURGH CRYSTAL: Creditors' Meeting Slated for September 29
ENERGY SOLUTIONS: Appoints Michael Young as Liquidator
EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director
EXBURY NURSERIES: Hires Administrators from Smith & Williamson

FALCON HOUSE: Creditors Confirm Liquidators' Appointment
FORD MOTOR: Financial Pressures Prompt Moody's to Cut Ratings
FORD MOTOR: Financial Woes Spurs S&P to Lower Credit Ratings
FORD MOTOR: S&P Cuts Ford-Related U.S. ABS Synthetic Ratings
FT CONTACT: Taps DTE Leonard as Joint Administrators

GAZZA PRODUCTS: Names Joint Liquidators from Begbies Traynor
JUST RECYCLING: Brings In BDO Stoy to Administer Assets
HALLSTRONG ESTATES: Nominates Liquidator from Cooper Young
HAMPSHIRE & SOLENT: Creditors Confirm Liquidators' Appointment
HANLYN ENGINEERING: Appoints Till Morris as Administrator

HAWKESBURY GOLF: Brings In M. T. Coyne to Liquidate Assets
JANET REGER: Calls In Liquidator from David Rubin & Partners
JUST TAXIS: Nominates Joint Liquidators from Abbott Fielding
KENBAR ELECTRICAL: Appoints Peter Anthony Jackson as Liquidator
LEEDS ENVIRONMENTAL: Hires Administrators from BDO Stoy

LIGHT ENGINE: Calls In Liquidator from ThorntonRones
LTC SVA: Hires Julie Anne Palmer to Liquidate Assets
LVA LIMITED: Brings In Keith Barry Stout to Liquidate Assets
MONITOR RISK: Claims Filing Period Ends Sept. 30
NEXCOM SYSTEMS: Taps Liquidator from Sharma & Co.

OXFORDSHIRE CO-OPERATIVE: Taps Critchleys as Administrators
PANAFIX LIMITED: Hires Michael C. Kienlen as Liquidator
PC CASUALTY: Claire L. Dwyer Leads Liquidation Procedure
PREFERRED PACKAGING: Liquidator Sets Sept. 29 Claims Bar Date
PREMIER BRICKWORK: Appoints Sabia Sahota as Liquidator

PRESSFORD LIMITED: Taps Kikis Kallis to Liquidate Assets
PUBLIC HOUSE: Brings In Begbies Traynor to Administer Assets
RANK GROUP: Repurchases 875,000 Shares for Cancellation
REFCO INC: Ad Hoc Equity Panel Balks at Excl. Period Extension
REFCO INC: Has Until December 12 to Remove State Court Actions

ROTORTECH LIMITED: Bank of Scotland Appoints PwC as Receivers
RUBYSTAR LIMITED: Calls In Liquidator from Sharma & Co.
SANMINA-SCI: Majority of Noteholders Grant Waiver Consents
SANMINA-SCI CORP: S&P Keeps BB- Ratings on CreditWatch Negative
SEARLE DISTRIBUTION: Hires Administrators from Grant Thornton

SCHMAUCH PROCON: Taps Liquidators from Begbies Traynor
SIANN COATINGS: Names Joint Liquidators to Wind Up Business
SOFTBANK CORP: Capital Deterioration Spurs S&P to Affirm Ratings
SOONEST EXPRESS: Brings In Anthony David Kent as Liquidator
STAGE 2: Brings In Mark Reynolds to Liquidate Assets

T.W. DRIVER: Creditors Confirm Voluntary Liquidation
TEDDYFONE LIMITED: Brings In Kingston Smith as Administrators
VIEW BASED: Taps O'Hara & Co. to Liquidate Assets
VOICEWORKS DATA: Hires Mazars LLP as Liquidator
WALLPAPERLAND LIMITED: Appoints A. Poxon to Liquidate Assets

WEST RIDING: Creditors Confirm Voluntary Liquidation

* Upcoming Meetings, Conferences and Seminars

                            *********

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


CAREXPERT: Creditors to Recover 16.45% of Claims
------------------------------------------------
The Land Court of Wiener Neustadt approved the final decision on
allocation of Michael Troethandl, the court-appointed property
manager of LLC carexpert (FN 238985z), on Aug. 1.

Under the property manager's project by final allocation,
creditors will recover 16.45% of their claim.

Headquartered in Deutsch Wagram, Austria, the Debtor declared
bankruptcy on Feb. 17, 2005 (Bankr. Case No. 11 S 12/05h).

The property manager can be reached at:

         Dr. Michael Troethandl
         Enzersdorfer Str.4
         2340 Moedling, Austria
         Tel: 02236/865343
         Fax: 02236/86534320
         E-mail: Troethandl@lexacta.com


EBNER HOLZTRANSPORT: Leoben Court Orders Closing of Business
------------------------------------------------------------
The Land Court of Leoben entered an order on Aug. 3 closing the
business of LLC Ebner Holztransport (FN 163888m).  Court-
appointed property manager Gernot Prattes determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Gernot Prattes
         Schinitzgasse 7
         8605 Kapfenberg, Austria
         Tel: 03862-22161
         Fax: 03862-22161-10
         E-mail: info@zsizsik.at

Headquartered in Alpl, Austria, the Debtor declared bankruptcy
on July 24 (Bankr. Case No. 17 S 57/06k).


FMS SERVICE: Property Manager Claims Insufficient Assets
--------------------------------------------------------
Dr. Brigitte Stampfer, the court-appointed property manager for
LLC FMS Service (FN 225763f), 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 declared bankruptcy
on July 13 (Bankr. Case No. 4 S 112/06g).

The property manager can be reached at:

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


G-TRUCKS: Property Manager to Sell Bankrupt Estate
--------------------------------------------------
Dr. Gerhard Kurt Kochwalter, the court-appointed property
manager for LLC G-TRUCKS (FN 249807p), declared on Aug. 1 that
the Debtor's property is up for sale or rent.

Headquartered in Klagenfurt, Austria, the Land Court of
Klagenfurt declared the Debtor bankrupt on June 20 (Bankr. Case
No. 41 S 67/06k).

The property manager can be reached at:

         Dr. Gerhard Kurt Kochwalter
         Old Place 25
         2nd Floor
         9020 Klagenfurt, Austria
         Tel: 0463/56 122
         Fax: 0463/56122-15
         E-mail: kochw@chello.at


I. BRAUN'S: Claims Registration Period Ends Oct. 2
--------------------------------------------------
Creditors owed money by LLC I. Braun's Soehne (FN 52951w) have
until Oct. 2 to file written proofs of claims to court-appointed
property manager Christian Rumplmayr at:

         Dr. Christian Rumplmayr
         Stadtplatz 36
         3rd Floor
         4840 Voecklabruck, Austria
         Tel: 07672/75931
         Fax: 07672/75953
         E-mail: mail@rumplmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 12 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Road 12
         Wels, Austria

Headquartered in Voecklabruck, Austria, the Debtor declared
bankruptcy on Aug. 3 (Bankr. Case No. 20 S 94/06h).


ING. ULRICH: Property Manager Declares Insufficient Assets
----------------------------------------------------------
Dr. Bernhard Eder, the court-appointed property manager for KEG
Ing. Ulrich (FN 192636p), declared on Aug. 31 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on July 4 (Bankr. Case No. 5 S 93/06w).

The property manager and his representative can be reached at:

         Dr. Bernhard Eder
         c/o Dr. Herbert Hochegger
         Brucknerstrasse 4
         1040 Vienna, Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at


IRSCHITZ: Creditors' Meeting Slated for October 10
--------------------------------------------------
Creditors owed money by LLC Irschitz (FN 248539z) are encouraged
to attend the creditors' meeting at 1:00 p.m. on Oct. 10 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         c/o Dr. Paula Stecher
         Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on Aug. 3 (Bankr. Case No. 19 S 77/06f).  Guenther
Maleczek serves as the court-appointed property manager of the
bankrupt estate.  Paula Stecher represents Dr. Maleczek in the
bankruptcy proceedings.  Hochstaffl & Rupprechter represents the
Debtor in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Guenther Maleczek
         Winterstellerg. 11
         6130 Schwaz, Austria
         Tel: 05242/62900
         Fax: 05242/6502221
         E-mail: maleczek-stecher@netway.at

The Debtor's representative can be reached at:

         Hochstaffl & Rupprechter
         Station Route 37
         6300 Woergl, Austria
         Tel: 05332/71800
         Fax: 05332/718007
         E-mail: mail@hochstaffl-rupprechter.com


KRAMPL: Creditors' Meeting Slated for September 28
--------------------------------------------------
Creditors owed money by LLC Krampl (FN 36864m) are encouraged to
attend the creditors' meeting at 10:10 a.m. on Sept. 28 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 222
         2nd Floor
         Graz, Austria

Headquartered in Wettmannstatten, Austria, the Debtor declared
bankruptcy on July 28 (Bankr. Case No. 26 S 78/06z).  Wolfgang
Reinisch serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr.Wolfgang Reinisch
         Main Place 28
         8430 Leibnitz, Austria
         Tel: 03452/83296
         Fax: 03452/83296-20
         E-mail: leibnitz@reinisch-wisiak.at


WEISSER: Klagenfurt Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Klagenfurt entered an order on Aug. 1 shutting
down the business of LLC Weisser (FN 248957p).  Court-appointed
property manager Leopold F. Wagner determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Leopold F. Wagner
         Station Route 6/I
         Ecke Alter Platz
         9020 Klagenfurt, Austria
         Tel: 0463/57915
         Fax: 0463/515840
         E-mail: kanzlei@doktoren.at

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on July 28 (Bankr. Case No. 41 S 84/06k).


ZIMMER DRUCKEREI: Creditors' Meeting Slated for Oct. 5
------------------------------------------------------
Creditors owed money by LLC Zimmer Druckerei (FN 242461k) are
encouraged to attend the creditors' meeting at 9:15 a.m. on
Oct. 5 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. 3 (Bankr. Case No. 5 S 113/06m).  Stefan Langer serves
as the court-appointed property manager of the bankrupt estate.
Annemarie Kosesnik-Wehrle represents Dr. Langer in the
bankruptcy proceedings.

The property manager can be reached at:

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


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


EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director
----------------------------------------------------------------
Eurotunnel Group disclosed the appointment of Michael Schuller,
Eurotunnel's Treasurer since 2002, as Corporate Finance Director
with immediate effect.

Mr. Schuller will continue to report to Claude Lienard, Chief
Financial Officer but will also have responsibility for the
Investor Relations Activities previously handled by Xavier
Clement, who is leaving Eurotunnel to pursue his career
interests elsewhere.

Prior to joining Eurotunnel, Mr. Schuller, 44, had been
Treasurer of One2One and Cable and Wireless in the U.K. and
prior to that, he was a Corporate Dealer for the ANZ Banking
Group in New Zealand.

                       Safeguard Procedure

Eurotunnel obtained on Aug. 2 an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at end of 2006, or at the latest, at
the beginning of 2007.

                        About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


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


A3M BETEILIGUNGS: Claims Registration Ends October 2
----------------------------------------------------
Creditors of A3M Beteiligungs- und Management GmbH have until
Oct. 2 to register their claims with court-appointed provisional
administrator Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         1st Floor
         Station Route 17
         25421 Pinneberg, 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 Pinneberg opened bankruptcy proceedings
against A3M Beteiligungs- und Management GmbH on Aug. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         A3M Beteiligungs- und Management GmbH
         Attn: Holger Awe, Manager
         Siebentunnelweg 76
         25469 Halstenbek, Germany

The administrator can be contacted at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg, Germany


BAUAREA-BETREUUNGS: Claims Registration Ends October 4
------------------------------------------------------
Creditors of Bauarea-Betreuungs- und Bautrager GmbH have until
Oct. 4 to register their claims with court-appointed provisional
administrator Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against Bauarea-Betreuungs- und Bautrager GmbH on Aug. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bauarea-Betreuungs- und Bautrager GmbH
         Attn: Helga Nolden, Manager
         Larchenweg 11
         65396 Wallruf, Germany

The administrator can be contacted at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden, Germany
         Tel: 0611/15040
         Fax: 0611/301774


BERNHARD BUERGER: Claims Registration Ends October 2
----------------------------------------------------
Creditors of Bernhard Buerger Bedachungen GmbH have until Oct. 2
to register their claims with court-appointed provisional
administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Oct. 23 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 Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Bernhard Buerger Bedachungen GmbH on Aug. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bernhard Buerger Bedachungen GmbH
         Attn: Karl Franz Buerger, Manager
         Engelingshaar 23
         48565 Steinfurt, Germany

The administrator can be contacted at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen, Germany


CARL GANTER: Claims Registration Ends October 2
-----------------------------------------------
Creditors of Carl Ganter Verpackungs- GmbH have until Oct. 2 to
register their claims with court-appointed provisional
administrator Claus-Peter Langer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 3 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany

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

The District Court of Munich opened bankruptcy proceedings
against Carl Ganter Verpackungs- GmbH on Aug. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Carl Ganter Verpackungs- GmbH
         Fuerstenriederstr. 279 a
         Munich, Germany

The administrator can be contacted at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich, Germany
         Tel: 236858-0
         Fax: 2603440


EWE PLANUNG: Claims Registration Ends October 2
-----------------------------------------------
Creditors of EWE Planung und Projektentwicklung GmbH have until
Oct. 2 to register their claims with court-appointed provisional
administrator Andre Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 15 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 Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against EWE Planung und Projektentwicklung GmbH on Aug. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         EWE Planung und Projektentwicklung GmbH
         Attn: Dr. Harald Ewe, Manager
         Old Lane 15A
         09387 Jahnsdorf, Germany

The administrator can be contacted at:

         Andre Mueller
         Dresdner Str. 86
         09130 Chemnitz, Germany


GFQ SCHWEISSEREI: Claims Registration Ends October 4
----------------------------------------------------
Creditors of GFQ Schweisserei und Rohrnetzbau GmbH have until
Oct. 4 to register their claims with court-appointed provisional
administrator Andreas Mittendorff.

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 Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig, 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 Braunschweig opened bankruptcy proceedings
against GFQ Schweisserei und Rohrnetzbau GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         GFQ Schweisserei und Rohrnetzbau GmbH
         Attn: Brian Adair and Stefan Rateitzak, Managers
         Friedrich-Seele-Road 21
         38122 Braunschweig, Germany

The administrator can be contacted at:

         Andreas Mittendorff
         Kupfertwete 7
         38100 Braunschweig, Germany
         Tel: 0531/6180196
         Fax: 0531/6180214
         E-mail: braunschweig@hofheinz-mittendorff.de


LHB INTERNATIONALE: Fitch Affirms Individual Rating at D/E
----------------------------------------------------------
Fitch Ratings affirmed Germany's LHB Internationale Handelsbank
AG's ratings at Issuer Default BBB-, with Stable Outlook, Short-
term F3, Support 2 and Individual D/E.

LHB's Issuer Default, Short-term and Support ratings are based
on the high potential support from its Slovenian majority-owner
Nova Ljubljanska Banka, should it be required, given LHB's
strategic importance within the NLB group.  This is further
underpinned by a declaration of exemption that NLB has given to
the depositor protection fund of the Federal Association of
German banks in respect of LHB.

Since 2001, LHB has been majority-owned by NLB, which, in turn,
is 34%-owned by KBC Bank & Insurance Group companies.  At
present, KBC Group is reassessing its investment in NLB.

The Issuer Default, Short-term and Support ratings of LHB are
linked to NLB's ratings.  "Any change in NLB's ratings would
likely lead to a change in LHB's ratings, as would a change in
the relationship between the bank and its majority-owner,"
Michael Steinbarth of Fitch's Banking Team disclosed.

"LHB's Individual rating reflects its volatile profitability,
increasing credit and operational risks, exposure to emerging
markets and small capital base," Mr. Steinbarth added.  The
rating also takes into account LHB's long-standing experience in
its key markets.

In the medium term, there is limited upside potential for LHB's
Individual rating given its volatile performance and the bank's
small absolute size.  Credit risk seems high.  However, the
bank's exposure to emerging markets is somewhat mitigated by
LHB's knowledge of and experience in its core countries,
developed over 30 years.

Non-performing loans, accounting for a high 6% of gross lending
at end-2005, were 51% reserved by specific loan loss provisions.
However, taking into account country and general risk
provisions, the coverage ratio was satisfactory at 155% at end
2005.

Downside risks exist in the bank's ability to manage its credit
and operational risks.  LHB's moderate profitability remains
vulnerable due to a high concentration of loans and deposits and
high-risk exposure to emerging markets.  LHB's already tight
profit margins in its core businesses are under pressure from
rising competition in its target markets.

Established in 1974, Frankfurt-based LHB is active in trade
finance, corporate and interbank lending as well as payment
transactions.  Through subsidiaries and participations, it is
present in five countries, focusing on countries in southeast
Europe (Slovenia, Bosnia and Herzegovina, Serbia and Montenegro,
Croatia and Macedonia) and on Germany and its neighboring
countries.  At end-2005, the group employed 727 staff.


MANFRED W. KULL: Claims Registration Ends September 29
------------------------------------------------------
Creditors of Manfred W. Kull GmbH have until Sept. 29 to
register their claims with court-appointed provisional
administrator Kurt Nonnenmacher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 3 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 Pforzheim
         Area 223
         2nd Floor
         Mannheimer Str. 17
         75179 Pforzheim, 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 Pforzheim opened bankruptcy proceedings
against Manfred W. Kull GmbH on Aug. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Manfred W. Kull GmbH
         Attn: Manfred W. Kull, Manager
         Joerg Ratgeb Road 23
         75173 Pforzheim, Germany

The administrator can be contacted at:

         Dr. Kurt Nonnenmacher
         Mannheimer Str. 17
         75179 Pforzheim, Germany


MECK-MEDIA: Claims Registration Ends October 2
----------------------------------------------
Creditors of meck-media GmbH have until Oct. 2 to register their
claims with court-appointed provisional administrator Rainer
Michael Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Oct. 31 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, 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 Hanover opened bankruptcy proceedings
against meck-media GmbH on Aug. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         meck-media GmbH
         Attn: Martina Eckenbrecher, Manager
         Vinnhorster Way 101
         30419 Hanover, Germany

The administrator can be contacted at:

         Rainer Michael Bahr
         Seestr. 12
         30171 Hanover, Germany
         Tel: 0511/8503058-0
         Fax: 0511/8503058-8


PLANBAU BAUTRAGER: Claims Registration Ends September 28
--------------------------------------------------------
Creditors of PLANBAU Bautrager GmbH have until Sept. 28 to
register their claims with court-appointed provisional
administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against PLANBAU Bautrager GmbH on Aug. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         PLANBAU Bautrager GmbH
         Koenigshardter Str. 49
         46145 Oberhausen, Germany

         Attn: Horst Loesch-Schloms, Manager
         Badener Str. 11a
         76530 Baden-Baden, Germany

         Helmuth Killewald, Manager
         Bayernstr.92
         46147 Oberhausen, Germany

The administrator can be contacted at:

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


TELE COLUMBUS: Completes Merger with Cable Operator Unity Media
---------------------------------------------------------------
Unity Media GmbH and Tele Columbus have successfully completed
their merger.  The combination creates the most dynamic German
cable business with more than 7 million subscribers.

"This merger is a major milestone in the development of German
Cable", comments Parm Sandhu, CEO of Unity Media.  "It marks the
transformation of an industry defined by network separation into
one that is market and customer focused.  This combination will
build on the successful integration of iesy and ish by deepening
our relationships with key segments of the market."

Says Mr. Herbert Leifker, CEO of Tele Columbus: "The merger
strengthens both our companies and puts us in an improved
competitive position.  With combined strength we are able to
offer our existing and new customers the advantage of triple-
play (Cable TV, Internet and VOIP) even faster than on a stand-
alone base.  Our fruitful relationships with our partners will
be deepened with an even more attractive product portfolio."

Tele Columbus shareholders exchanged their shares in Tele
Columbus Kabel Holding GmbH for shares in Unity Media SCA, the
Luxembourg holding company through which Unity Media's
shareholders own their interest in the German operations. Unity
Media GmbH acquired the shares in Tele Columbus Kabel

Holding GmbH from Unity Media SCA.  In connection with the
merger "Tele Columbus AG & Co. KG" was renamed "Tele Columbus
GmbH & Co. KG".  Unity Media and Tele Columbus will continue to
be operated as separate legal entities, but will be managed by a
unified management team with a shared strategy.  They will be
headquartered in Cologne and Hanover.

The two main shareholders of the combined business will be BC
Partners and Apollo with approximately 39% and 31% of total
shares, respectively.  In order to align leverage, there is
deferred consideration to the sum of EUR84 million increasing by
12% p.a. non-cash.

Mr. Herbert Leifker will join Unity Media GmbH as a Managing
Director.  Mr. Leifker (51) has been CEO of Tele Columbus GmbH
since 1990.  He became Managing Director of Tele Columbus GmbH
in 1990, which he has developed into today's Tele Columbus
Group.  He began his career with Landeszentralbank NRW and as a
divisional manager with Sparkasse Hildesheim.  He holds a
doctorate in law.

                    About Unity Media

Headquartered in Cologne, Germany, Unity Media is the proprietor
of the Hessian cable network operator iesy and the North Rhine-
Westphalia cable network operator ish.  The two companies are
the largest providers of cable television in their respective
states.  In addition to analogue cable services, ish and iesy
also offer digital television, high speed Internet and
telephony.  On Sept. 30, 2005, Unity Media had approximately 5.2
million basic cable customers, 101,100 digital TV customers,
30,300 high-speed Internet customers, and 11,500 telephone
lines.

                   About Tele Columbus

Headquartered in Hanover, Germany, Tele Columbus is the largest
NL4 operator in Germany with approximately 2.6 million basic
cable subscribers, 60,000 Digital TV subscribers, and 24,000
Internet subscribers.  The Company's core business is the
distribution of cable television and radio services.


TELE COLUMBUS: Subscriber Sale Cues Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Tele Columbus
GmbH & Co. KG on review for possible downgrade following the
company's announcement to sell its subscribers to ewt, a
Level 3 / 4 German cable operator with assets in a number of
German regions, and Unity Media GmbH.  Moody's does not rate
ewt.

Ratings affected:

   -- Corporate family rating at B1;

   -- Senior secured bank facility due 2009 at Ba3;

   -- EUR245 million senior floating rate note due 2010 at B1;
and

   -- EUR230 million senior subordinated note due 2012 at B3.

Moody's notes that due to the asset sale, a change of control
clause will be triggered in all the company's debt obligations.

Moody's understands from public comments by Unity Media that it
will use proceeds from the sale of Tele Columbus assets to Kabel
BW Holding GmbH earlier this year to repay the outstanding
revolving facility (EUR52.7 million outstanding as of June 30,
2006).

The review for downgrade reflects uncertainty associated with
the change in ownership and the impact of this change on the
credit profile for the existing bondholders in the event some
bonds remain outstanding.

Based in Germany, Tele Columbus is the largest Level 4 cable
television provider.  In Q2 2006, the company generated EUR66.1
million in revenues.


TOFF GMBH: Claims Registration Ends September 29
------------------------------------------------
Creditors of Toff GmbH have until Sept. 29 to register their
claims with court-appointed provisional administrator Markus
Gross.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Offenburg
         Area 0.005
         Basement
         Hindenburgstr. 5
         77654 Offenburg, 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 Offenburg opened bankruptcy proceedings
against Toff GmbH on Aug. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Toff GmbH
         Attn: Ahmet Yuceer, Manager
         Lange Str. 55
         77652 Offenburg, Germany

The administrator can be contacted at:

         Markus Gross
         Weingartenstr. 19a
         77654 Offenburg, Germany


UNITY MEDIA: Completes Merger with Cable Operator Tele Columbus
---------------------------------------------------------------
Unity Media GmbH, the largest cable television operator in the
German states of Hesse and North-Rhine Westphalia, and Tele
Columbus, the largest Network Level 4 operator in Germany, have
successfully completed their merger.  The combination creates
the most dynamic German cable business with more than 7 million
subscribers.

"This merger is a major milestone in the development of German
Cable", comments Parm Sandhu, CEO of Unity Media.  "It marks the
transformation of an industry defined by network separation into
one that is market and customer focused.  This combination will
build on the successful integration of iesy and ish by deepening
our relationships with key segments of the market."

Says Mr. Herbert Leifker, CEO of Tele Columbus: "The merger
strengthens both our companies and puts us in an improved
competitive position.  With combined strength we are able to
offer our existing and new customers the advantage of triple-
play (Cable TV, Internet and VOIP) even faster than on a stand-
alone base.  Our fruitful relationships with our partners will
be deepened with an even more attractive product portfolio."

Tele Columbus shareholders exchanged their shares in Tele
Columbus Kabel Holding GmbH for shares in Unity Media SCA, the
Luxembourg holding company through which Unity Media's
shareholders own their interest in the German operations. Unity
Media GmbH acquired the shares in Tele Columbus Kabel

Holding GmbH from Unity Media SCA.  In connection with the
merger "Tele Columbus AG & Co. KG" was renamed "Tele Columbus
GmbH & Co. KG".  Unity Media and Tele Columbus will continue to
be operated as separate legal entities, but will be managed by a
unified management team with a shared strategy.  They will be
headquartered in Cologne and Hanover.

The two main shareholders of the combined business will be BC
Partners and Apollo with approximately 39% and 31% of total
shares, respectively.  In order to align leverage, there is
deferred consideration to the sum of EUR84 million increasing by
12% p.a. non-cash.

Mr. Herbert Leifker will join Unity Media GmbH as a Managing
Director.  Mr. Leifker (51) has been CEO of Tele Columbus GmbH
since 1990.  He became Managing Director of Tele Columbus GmbH
in 1990, which he has developed into today's Tele Columbus
Group.  He began his career with Landeszentralbank NRW and as a
divisional manager with Sparkasse Hildesheim.  He holds a
doctorate in law.

                    About Tele Columbus

Headquartered in Hanover, Germany, Tele Columbus is the largest
NL4 operator in Germany with approximately 2.6 million basic
cable subscribers, 60,000 Digital TV subscribers, and 24,000
Internet subscribers.  The Company's core business is the
distribution of cable television and radio services.


                    About Unity Media

Headquartered in Cologne, Germany, Unity Media is the proprietor
of the Hessian cable network operator iesy and the North Rhine-
Westphalia cable network operator ish.  The two companies are
the largest providers of cable television in their respective
states.  In addition to analogue cable services, ish and iesy
also offer digital television, high speed Internet and
telephony.  On Sept. 30, 2005, Unity Media had approximately 5.2
million basic cable customers, 101,100 digital TV customers,
30,300 high-speed Internet customers, and 11,500 telephone
lines.

                      *     *     *

As previously reported in TCR-Europe on March 30, Standard &
Poor's Ratings Services affirmed its 'B' long-term corporate
credit rating on German cable-TV provider Unity Media Management
GmbH and removed the ratings from CreditWatch following the
group's announced investment in the rights for the German
football league, the Bundesliga.  The outlook is positive.

At the same time, Standard & Poor's assigned its 'B' long-term
corporate credit rating to Unity Media GmbH, the parent of
Unity, and related entity iesy Hessen GmbH & Co. KG.  The
outlooks on both entities are also positive.  In addition, S&P
assigned a 'B' long-term rating to iesy's proposed EUR1,350
million senior secured floating rate notes, with a '2' recovery
rating, reflecting our expectation of substantial recovery of
principal (80%-100%) for senior lenders in the event of a
payment default.

Moody's Investors Service also downgraded the ratings of Unity
Media GmbH.

Concurrently, Moody's assigned a (P)B3 rating to the secured
note issuance in the total amount of EUR1.35 billion equivalent
by Unity Media's operating subsidiaries, iesy Hessen GmbH & Co.
KG and ish NRW GmbH.  The outlook on the ratings is stable.

Ratings downgraded:

* Unity Media GmbH

   -- Corporate Family rating to B3 from B2;
   -- EUR215 million 8.75% senior notes to Caa2 from Caa1;
   -- EUR235 million 10.125% senior notes to Caa2 from Caa1;
   -- US$151 million 10.375% senior notes to Caa2 from Caa1;

Rating assigned:

* iesy Hessen GmbH & Co.  KG and ish NRW GmbH

   -- EUR1,350 million equivalent senior secured notes at (P)B3.


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


CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes
-----------------------------------------------------------
Fitch Ratings assigned CBOM Finance p.l.c.'s upcoming issue of
limited recourse loan participation notes expected Recovery
Rating RR4 and Long-term B-.  The notes are to be used solely
for financing a loan to Russia's Credit Bank of Moscow, which is
rated Issuer Default B-, Short-term B, Individual D, Support 5
and National Long-term BB+.  The Outlooks on both the IDR and
the National Long-term rating are Positive.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

CBOM Finance p.l.c., an Ireland-domiciled special purpose
vehicle, will only pay noteholders principal and interest
received from CBOM.  The SPV will charge certain of its rights
and interests under the loan agreement to J.P. Morgan Corporate
Trustee Services Limited for the benefit of noteholders under a
trust deed.  The SPV's claims under the loan agreement will rank
at least equally with the claims of other senior unsecured
creditors of CBOM, save those preferred by relevant legislation.

Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-H106, retail
deposits accounted for 20% of CBOM's total liabilities,
according to the bank's reviewed US GAAP accounts.

The loan agreement contains covenants restricting mergers and
disposals by CBOM and its subsidiaries as well as transactions
between the bank and its affiliates.  It also contains a cross
default clause and a 'negative pledge' clause, the latter of
which allows for up to 30% of loans to customers to be
securitized by CBOM and its subsidiaries.

Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  CBOM must ensure full compliance with prudential
supervision ratios and other requirements of the Central Bank of
Russia and also commits to maintaining tier one and total BIS
capital adequacy ratios of 8% and 12%, respectively.

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


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


PARMALAT SPA: Earns EUR17 Million for First Half 2006
-----------------------------------------------------
The Board of Directors of Parmalat S.p.A. approved the
Semiannual Report at June 30, 2006, which confirms a further
improvement in the Group's operating performance.

     1. Semiannual Report at June 30, 2006

                            The Group

In the first half of 2006, the Group's revenues from continuing
operations totaled EUR1,967.2 million, or 6.5% more than the
EUR1,847.8 million booked in the first six months of 2005.

EBITDA increased by 21.3% to EUR159.8 million (EUR131.7 million
in the first half of 2005).  The return on sales also improved,
rising from 7.1% in 2005 to 8.1% this year, owing in part to a
reduction of about EUR7 million in the allowance for doubtful
accounts and other provisions compared with 2005.

In Italy, consolidated revenues were slightly lower
(-2.9%) than in the first half of 2005, totaling EUR580.9
million  (EUR598.0 million for the first six months of 2005).
The main reason for this difference is a decrease in revenues
from sales of materials that are not part of the Group's
standard product line and are resold at no profit (-EUR19.6
million, from EUR35.3 million to EUR15.7 million).  Net of these
sales, cumulative six-month revenues amount to EUR562.7 million
at June 30, 2005 and EUR565.2 million at June 30, 2006, for a
gain of EUR2.5 million (+0.4%).

A better sales mix with a greater preponderance of products with
greater value added, an effective cost-cutting policy and a
reduction of working capital writedowns and other writedowns
helped boost EBITDA from EUR37.4 million to EUR48.1 million.  As
a result, the return on sales improved from 6.3% in 2005 to 8.3%
this year.

In Canada, revenues for the first half of 2006 totaled EUR648.1
million, or 7.4% more than in the same period last year
(EUR603.4 million), benefiting also of the positive exchange
rate.

EBITDA increased by EUR10.3 million (+23.2%), rising from
EUR43.9 million in the first six months of 2005 to EUR54.1
million in the same period this year, with the return on sales
improving to 8.4% (7.3% in 2005).

The improvements in revenues and EBITDA were achieved even
though 2006 had fewer days available for deliveries and billing
(one week less).  The reasons for these improvements were a
better product mix, successful marketing programs and cost
reductions.

In Australia, first-half revenues grew to EUR218.4
million in 2006, or 13.6% more than the EUR192.2 million earned
in the same period last year.

Despite a 5.5% gain in unit sales, EBITDA decreased by
EUR1.4 million, falling from EUR16.4 million in the first six
months of 2005 to EUR15.0 million in the same period this year.
However, this shortfall should be made up entirely in the second
half of the year, when the Business Unit is expected to benefit
from a decrease in the cost of raw milk and an increase in unit
sales generated by advertising campaigns launched earlier this
year.

In Africa, revenues were up sharply in the first half of
2006, rising to EUR178.2 million (19.5% more than the EUR149.1
million booked in the same period last year), boosting EBITDA to
EUR19.5 million (EUR15.4 million in the first six months of
2005), or 10.9% of revenues (10.3% in 2005).

Higher unit sales made possible by a rapidly expanding
local economy and a better product mix are the main reasons for
these gratifying results.

With the exception of the Spanish operations, which are
continuing to struggle under difficult circumstances, the
Business Units in all of the other countries reported
significantly better results than they did in the first half of
2005, particularly in South America (Colombia and Venezuela).

On June 30, 2006, the Group's net indebtedness was EUR311.5
million, down from the EUR369.3 million it owed at the end of
2005.  The net indebtedness of the Venezuelan operations (about
EUR150 million) accounts for a significant portion of the
Group's total borrowings of EUR311.5 million.

The 2005 result (EUR104.9 million) is not comparable because it
refers to the Extraordinary Administration, which benefited of
extraordinary positions typical to the accrual of funds for
contested bankruptcy debts.

The Group's interest in the net profit amounted to EUR17.0
million at June 30, 2006, compared with EUR39.6 million in the
first half of 2005.

                         Parmalat S.p.A.

The Group's Parent Company reported net revenues of
EUR504.5 million, about 4% less than the EUR525.7 million booked
in the first six months of 2005.  The impact of lower sales of
materials that are not part of the Group's standard product
line, offset in part by increased shipments of functional
products with a high value added, accounts for this decrease.

EBITDA totaled EUR32 million, or EUR8.7 million more than the
EUR23.3 million reported at June 30, 2005.  The return on sales
also improved, rising to 6.3% compared with 4.4% in the first
half of 2005.

This improvement reflects a greater preponderance of functional
products in the sales mix and the fact that the losses incurred
by Company-owned licensees, which in 2005 had been reflected in
the Company's operating data, are now being attributed to
Parmalat Distribuzione Alimenti, a company included in the
Italian SBU that is currently implementing an efficiency-
boosting reorganization plan.

The net profit earned by the Group's Parent Company in the first
half of 2006 amounted to EUR2.0 million.

The 2005 result (EUR19.1 million) is not comparable because it
refers to the Extraordinary Administration, which benefited of
extraordinary positions typical to the accrual of funds for
contested bankruptcy debts.

As a result of the approval of the Proposal of Composition with
Creditors, the Group's Parent Company is virtually debt free.

During the first half of 2006, net financial assets decreased
from EUR324.5 million at Dec. 31, 2005, to EUR291.6 million at
June 30, 2006, despite positive cash flow from operations.
Payments made to satisfy preferential and pre-deduction claims
and cover legal and restructuring costs account for this
decrease.

                 Outlook for the Balance of 2006

In the months ahead, the industrial actions undertaken in the
various countries and the seasonal factors that characterize the
second half of the year seem to justify expectations of a
significant increase in EBITDA.

These considerations and the nonrecurring gains booked after
June 30, 2006, such as the settlement with Banca Popolare
Italiana and the sale of equity investments, offset in part by
the cost of legal actions, should result in higher profits both
for Parmalat S.p.A. and the Group.

Barring any significant changes in interest rates or the
Group's scope of consolidation, the same variables should also
produce a significant reduction in net indebtedness.


     2. Code of Conduct

        The Board of Directors also agreed to update the
Company's Code of Conduct in preparation for the adoption later
this year of the Organization and Control Model required by
Legislative Decree No 231/2001.

        The updated Code of Conduct will be available at
http://www.parmalat.com/


     3. Extension of Section 304 temporary Injunction

        The Board of Directors was informed that the judge of
the
District Court of the Southern District of New York has extended
the temporary injunction deadline to October 17, 2006.


                         Parmalat S.p.A.
                    Reclassified Balance Sheet
                          June 30, 2006

NON-CURRENT ASSETS                             EUR1,686,000,000
   Intangibles                                      572,900,000
   Property, plant and equipment                    131,100,000
   Non-current financial assets                     966,100,000
   Deferred-tax assets                               15,900,000

AVAILABLE-FOR-SALE ASSETS,
   NET OF CORRESPONDING LIABILITIES                   5,200,000

NET WORKING CAPITAL                                 133,700,000
   Inventories                                       38,500,000
   Trade receivables                                228,400,000
   Other current assets                             186,200,000
   Trade payables                                  (223,800,000)
   Other current liabilities                        (95,700,000)
                                               ----------------
INVESTED CAPITAL NET OF
   OPERATING LIABILITIES                          1,825,000,000

PROVISIONS FOR EMPLOYEE BENEFITS                    (41,000,000)

PROVISIONS FOR RISKS AND CHARGES                   (225,200,000)

PROVISION FOR LIABILITIES ON
   CONTESTED PREFERENTIAL AND
   PRE-DEDUCTION CLAIMS                             (23,700,000)
                                               ----------------
NET INVESTED CAPITAL                           EUR1,535,000,000
                                               ================

Covered by:
SHAREHOLDERS' EQUITY                           EUR1,826,600,000
   Share capital                                  1,640,100,000
   Reserve for contested liabilities
      and claims of late-filing creditors
      convertible exclusively into
      share capital                                 225,600,000
   Other reserves                                   (11,700,000)
   Retained earnings
      (Loss carryforward)                           (29,300,000)
   Profit (Loss) for the period                       2,000,000

NET BORROWINGS                                     (291,600,000)
   Loans payable to banks
      and other lenders                              14,500,000
   Other financial assets                             5,100,000
   Cash and cash equivalents                       (311,200,000)
                                               ----------------
TOTAL COVERAGE SOURCES                         EUR1,535,000,000
                                               ================


                         Parmalat S.p.A.
                  Reclassified Income Statement
                         First half 2006

TOTAL NET REVENUES                               EUR519,500,000
   Revenues from operations                         504,500,000
   Other revenues                                    15,000,000

OPERATING EXPENSES                                 (487,000,000)
   Purchases, services and misc. costs             (432,800,000)
   Labor costs                                      (54,300,000)
                                               ----------------
      Subtotal                                       32,500,000

Writedowns of receivables
   and other provisions                                (500,000)
                                               ----------------
EBITDA                                               32,000,000

Depreciation, amortization and
   writedowns of non-current assets                  (9,400,000)

Other revenues and expenses:
   Legal fees for actions to void
      and actions for damages                       (25,300,000)
   Addition to provision for losses
       of investee companies                         (5,300,000)
   Miscellaneous revenues & expenses                    900,000
                                               ----------------
EBIT                                                 (7,200,000)

Financial income                                     13,300,000
Financial expense                                    (3,000,000)
                                               ----------------
PROFIT (LOSS) BEFORE TAXES AND THE
   RESULT FROM DISCONTINUING OPERATIONS               3,100,000

Income taxes                                         (1,800,000)
                                               ----------------
NET PROFIT (LOSS) FROM
   CONTINUING OPERATIONS                              1,300,000

Net profit (loss) from
   discontinuing operations                             600,000
                                               ----------------
NET PROFIT (LOSS) FOR THE PERIOD                   EUR2,000,000
                                               ================


                         Parmalat S.p.A.
         Statement of Changes in Net Financial Position
                         First half 2006

Net borrowings at beginning of period            EUR324,500,000

Changes during the period:
   Cash flow from operating activities              (53,700,000)
   Cash flow from investing activities                9,400,000
   Cash flow from financing activities               13,600,000
   Cash flow from discontinuing operations            2,800,000
   Miscellaneous items                               (5,000,000)
                                               ----------------
Total changes during the period                     (32,900,000)
                                               ----------------
Net borrowings at end of period                  EUR291,600,000
                                               ================


                          Parmalat Group
             Reclassified Consolidated Balance Sheet
                          June 30, 2006

NON-CURRENT ASSETS                             EUR2,206,900,000
   Intangibles                                    1,451,500,000
   Property, plant and equipment                    652,300,000
   Non-current financial assets                      70,200,000
   Deferred-tax assets                               32,900,000

AVAILABLE-FOR-SALE ASSETS,
   NET OF CORRESPONDING LIABILITIES                  11,600,000

NET WORKING CAPITAL                                 492,200,000
   Inventories                                      372,600,000
   Trade receivables                                509,100,000
   Other current assets                             337,900,000
   Trade payables                                  (494,300,000)
   Other current liabilities                       (233,100,000)
                                               ----------------
INVESTED CAPITAL NET OF
   OPERATING LIABILITIES                          2,710,700,000

PROVISIONS FOR EMPLOYEE BENEFITS                   (111,300,000)

PROVISIONS FOR RISKS AND CHARGES                   (398,200,000)

PROVISION FOR LIABILITIES ON
   CONTESTED PREFERENTIAL AND
   PRE-DEDUCTION CLAIMS                             (23,700,000)
                                               ----------------
NET INVESTED CAPITAL                           EUR2,177,500,000
                                               ================

Covered by:
SHAREHOLDERS' EQUITY                           EUR1,866,000,000
   Share capital                                  1,640,100,000
   Reserve for contested liabilities
      and claims of late-filing creditors
      convertible exclusively into
      share capital                                 225,600,000
   Other reserves                                   (46,300,000)
   Retained earnings
      (Loss carryforward)                              (300,000)
   Profit (Loss) for the period                      14,100,000
   Minority interest                                 32,800,000
      in shareholders' equity

NET BORROWINGS                                      311,500,000
   Loans payable to banks
      and other lenders                             757,000,000
   Loans payable to investee companies
   Other financial assets                            (7,000,000)
   Financial accrued income
      and prepaid expenses
   Cash and cash equivalents                       (443,800,000)
                                               ----------------
TOTAL COVERAGE SOURCES                         EUR2,177,500,000
                                               ================


                          Parmalat Group
            Reclassified Consolidated Income Statement
                         First half 2006

TOTAL NET REVENUES                             EUR1,982,000,000
   Revenues from operations                       1,967,200,000
   Other revenues                                    14,800,000

OPERATING EXPENSES                               (1,819,200,000)
   Purchases, services and misc. costs           (1,581,900,000)
   Labor costs                                     (237,300,000)
                                               ----------------
      Subtotal                                      162,800,000

Writedowns of receivables
   and other provisions                              (3,000,000)
                                               ----------------
EBITDA                                              159,800,000

Depreciation, amortization and
   writedowns of non-current assets                 (49,000,000)

Other revenues and expenses:
   Legal fees for actions to void                   (25,300,000)
      and actions for damages
   Restructuring costs                               (7,200,000)
   Miscellaneous revenues & expenses                 (1,500,000)
                                               ----------------
EBIT                                                 76,800,000

Financial income                                     16,700,000
Financial expense                                   (54,300,000)
Interest in profit (loss) of companies
   valued by the equity method
                                               ----------------
PROFIT (LOSS) BEFORE TAXES                           40,500,000

Income taxes                                        (24,100,000)
                                               ----------------
NET PROFIT (LOSS) FROM
   CONTINUING OPERATIONS                             16,400,000

Net profit (loss) from
   discontinuing operations                             600,000
                                               ----------------
NET PROFIT (LOSS) FOR THE PERIOD                  EUR17,000,000
                                               ================


                          Parmalat Group
         Statement of Changes in Net Financial Position
                         First half 2006

Net borrowings at beginning of period            EUR369,300,000

Changes during the period:
   Cash flow from operating activities               29,600,000)
   Cash flow from investing activities               83,100,000
   Cash flow from discontinuing operations         (139,700,000
   Translation impact and miscellaneous items       (30,800,000)
                                               ----------------
Total changes during the period                     (57,800,000)
                                               ----------------
Net borrowings at end of period                  EUR311,500,000
                                               ================

                         About Parmalat

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

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

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

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


PARMALAT SPA: Investors Hit Motions to Dismiss Amended Suit
-----------------------------------------------------------
Hermes Focus Asset Management Europe Limited; Cattolica
Partecipazioni S.p.A.; Solotrat; Societe Moderne des
Terrassements Parisiens; and Capital & Finance Asset Management,
S.A., ask Judge Lewis A. Kaplan of the U.S. District Court for
the Southern District of New York to deny separate motions filed
by Grant Thornton LLP and Credit Suisse to dismiss their Third
Amended Consolidated Class Action Complaint.

Representing the Lead Plaintiffs, Diane Zilka, Esq., at Grant &
Eisenhofer, P.A., in New York, contends that GT-US's Motion to
Dismiss is a waste of time and resources, as all of the
arguments that the firm presents have already been rejected by
the District
Court.

The Third Amended Complaint asserts a claim against GT-US under
Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C.
Section 78j(b), and Rule 10b-5 promulgated thereunder on the
theory that Grant Thornton-Italy was the agent for Grant
Thornton International and that GTI was the agent for GT-US.

The Third Amended Complaint also alleges a control person claim
against GT-US under Section 20(a) of the Exchange Act, 15 U.S.C.
Section 78t(a), on the theory that GT-US controlled GTI and is,
therefore, liable for GTI's violations of Sections 10(b) and
20(a).

GT-US has argued that a principal cannot be held liable for the
Rule 10b-5(b) violations of its agents unless the agent's
statements are specifically attributed to the principal.  GT-US
also asserted that an agency theory cannot be invoked to hold it
liable for the liabilities of GTI unless the corporate veil is
pierced and the Court finds that GTI is the alter ego of GT-US.

GT-US also pointed out that the Third Amended Complaint adds
only a handful of new allegations regarding the relationship
between GT-US and GTI.

According to Ms. Zilka, the District Court's prior rulings
provide everything needed to demonstrate that the claims in the
Third Amended Complaint against GT-US are sufficient.  Ms. Zilka
notes that the District Court has already held that:

   (a) the allegations in Dr. Bondi's amended complaint against,
       among others, the Grant Thornton entities -- which in all
       respects relevant to GT-US are now contained in the Lead
       Plaintiffs' Third Amended Complaint -- are sufficient to
       allege that GTI acted in connection with the Parmalat
       audits as the agent for GT-US;

   (b) the Lead Plaintiffs have stated a Section 10(b) claim
       against GTI on the basis that GT-Italy was the agent for
       GTI;

   (c) the Lead Plaintiffs have stated a Section 20(a) claim
       against GTI on the basis that GTI controlled GT-Italy;

   (d) allegations that a firm that is a member of an
       international auditing complex acted as an agent for
       another are also sufficient to allege a control person
       claim under Section 20(a); and

   (e) the U.S. member firm of a worldwide auditing complex can
       be held liable for audit work performed by a "sister"
       member firm in Italy on the theory that the U.S. firm
       controlled the worldwide umbrella firm, which in turn
       controlled the member firm in Italy.

The Third Amended Complaint names Credit Suisse as successor-in-
interest to the previously named defendant, Credit Suisse First
Boston.

CSFB served as the investment banking and asset management arm
of Credit Suisse Group until it merged in May 2005 with CSG's
private banking division -- formerly named Credit Suisse -- to
become the new Credit Suisse.

Credit Suisse has argued that the Third Amended Complaint fails
to state a claim under Section 10(b) because the Lead Plaintiffs
have not adequately alleged a fraudulent act or scienter, and
that the Lead Plaintiffs' allegations are too vague under
Rule 9(b) of the Federal Rules of Civil Procedure.

Credit Suisse also pointed out that the Third Amended Complaint
fails to adequately allege a claim under Section 20(a) because
the claim is predicated solely on its status as the parent
corporation of two affiliate defendants, (i) Credit Suisse First
Boston International, now known as Credit Suisse International,
and (ii) Credit Suisse First Boston Europe Limited, now known as
Credit Suisse Securities (Europe) Limited.

Ms. Zilka tells Judge Kaplan that to the contrary, the Third
Amended Complaint alleges with particularity the specific
fraudulent acts and conduct of Credit Suisse in connection with
the issuance of convertible bonds by Parmalat's Brazilian
subsidiary and the underwriting of notes issued by another
Parmalat subsidiary to artificially inflate Parmalat's assets on
its financial statements.  "These allegations are more detailed
than those alleged with respect to CSFB," Ms. Zilka says.

Ms. Zilka also asserts that the Third Amended Complaint alleges
that CSFB controlled CSFBi and Credit Suisse Europe through (i)
CSFB's ownership of these subsidiaries, and (ii) their common
directors, employees and places of business.

According to Ms. Zilka, Credit Suisse cannot dispute that it is
CSFB's successor-in-interest nor can it credibly argue that it
had no notice of a claim it has been litigating since 2004.

                         About Parmalat

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

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

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

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


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


ATYRAUMETALLTRUBSNAB: Proof of Claim Deadline Slated for Oct. 13
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Atyrau Metal and Pipe Supply Company
Atyraumetalltrubsnab insolvent.

Creditors have until Oct. 13 to submit written proofs of claim
to:

    LLP Atyraumetalltrubsnab
    Floor 3
    Abai Str. 10a
    Atyrau
    Atyrau Region
    Kazakhstan


BUILD-SERVICE: Almaty Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Build-Service (RNN
600400093077) on Aug. 8.


INTER-B: Creditors Must File Claims by Oct. 13
----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Inter-B insolvent.

Creditors have until Oct. 13 to submit written proofs of claim
to:

    LLP Inter-B
    Floor 3
    Abai Str. 10a
    Atyrau
    Atyrau Region
    Kazakhstan


JALGAS: Creditors Must File Claims by October 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Jalgas insolvent on July 13.

Creditors have until Oct. 13 to submit written proofs of claim
to:

    LLP Jalgas
    Ilyaeva Str. 24
    Shymkent
    South Kazakhstan Region
    Kazakhstan
    Tel: 8 (3252) 54-02-36


LUX: Proof of Claim Deadline Slated for Oct. 13
-----------------------------------------------
LLP Lux has declared insolvency.  Creditors have until Oct. 13
to submit written proofs of claim at:

    LLP Lux
    Tolstoy Str. 141
    Pavlodar
    Pavlodar Region
    140011 Kazakhstan


SDS TRANS: Creditors' Claims Due Oct. 13
----------------------------------------
LLP SDS Trans has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim to:

    LLP SDS
    Ablaihan Str. 118-11
    Almaty, Kazakhstan


SARY-AGASH: Creditors' Claims Due Oct. 13
-----------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Sary-Agash insolvent on July 13.

Creditors have until Oct. 13 to submit written proofs of claim
to:

    LLP Sary-Agash
    Ilyaeva Str. 24
    Shymkent
    South Kazakhstan Region
    Kazakhstan
    Tel: 8 (3252) 54-02-36


TRUCK LOGISTIK: Claims Registration Ends Oct. 13
------------------------------------------------
LLP Truck Logistik and Management has declared insolvency.
Creditors have until Oct. 13 to submit written proofs of claim
to:

    Ryskulov Str. 189-37
    Talgar
    Almaty Region
    Kazakhstan

            -- or --

    Fisuli Str. 64
    Almaty, Kazakhstan


TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+
-------------------------------------------------------------
Fitch Ratings assigned TuranAlem Finance B.V.'s upcoming EUR
fixed-rate eurobond issue due 2011 an expected BB+ Long-term
rating.  The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The issue is to be guaranteed by Kazakhstan's Bank TuranAlem,
rated foreign currency Issuer Default BB+/Stable, local currency
Issuer Default BBB-/Stable, Short-term foreign currency B,
Short-term local currency F3, Individual C/D and Support 3.
Proceeds from the issue will be deposited with BTA.

The issue is to be made within the framework of BTA's and TAF's
US$3 billion global medium-term note program, rated Long-term
BB+ for senior unsecured foreign currency notes with maturities
in excess of one year and Short-term B for senior unsecured
foreign currency notes with maturities of less than one year.

BTA's guarantee of the upcoming issue is to rank at least
equally with all present or future unsecured senior obligations
of the bank, save those preferred by relevant provisions of law
and of general application.  Under Kazakhstani law, the claims
of retail depositors rank above those of other senior unsecured
creditors.  At end-2005, retail deposits accounted for 13% of
BTA's total liabilities, according to the bank's International
Financial Reporting Standards accounts.

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at end-2005, and has top three positions in all major
market segments.  The bank's common stock is owned primarily by
a number of Kazakh investors.


V.I.R.A.: Claims Registration Ends Oct. 13
------------------------------------------
LLP V.I.R.A. has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim at:

    LLP V.I.R.A.
    Micro District 8- 4a
    Almaty, Kazakhstan


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


KARA-BALTA MINING: Investment Tender Scheduled for Oct. 3
---------------------------------------------------------
The State Committee on State Property of the Kyrgyz Republic
will conduct an investment tender on realization of JSC Kara-
Balta Mining Plant's 72.28% state share holding at 10:00 a.m. on
Oct. 3 at:

         State Committee on State Property
         of the Kyrgyz Republic
    Moskovskaya Str., 151
    Bishkek, Kyrgyzstan

The entity has priced KGS155.42 billion for the state share
holding.

The conditions of the investment tender include:

   1. The potential investor should have work experience in a
relevant branch and a stable financial solvency.

   2. Business project of the participant should include
solutions for these problems:

        * Stable supply of the raw materials for enterprise

   * Offers by searching and developing of the local
     raw materials

   * The perspectives of the enterprise development

        * Widening the types of the produced product and
     services

        * Solving of the social and current infrastructure
     problems

        * Ensuring of the environmental protection

   * Rehabilitation, saving, burial program and technical
     servicing of the tailing dump

   3. All liabilities should have quantitative term, and also
the period of their implementation.

   4. During the study the business projects, preferences will
be given to those business projects, which more take into
consideration the current profile of the enterprise.

The investment tender will be conducted in two stages:

    * Stage 1 - studying of the business projects received from
the participants of the investment tender on realization
of the state share holding in the amount of 72.28%
authorized  capital of JSC KBMP.

    * Stage 2 - studying of the offers about the price per state
share holding.

Information about JSC KBMP as of Jan. 1:

    * The state of the immovable property is satisfactory.

    * Authorized capital: KGS203.82 million

    * Cost of assets: KGS290.01 million

    * Bill payable: KGS15.30 million

    * Bill receivable: KGS83.74 million

    * Profit in 2006:  KGS1.09 million

    * Type of activity: processing of the uranium-containing
mineral, receiving of the molybdenum, producing of the
respirator like Lepestok.

    * Number of the workers: 837.

    * Land area: 744 440, 93 square meters.

Participants have until 5:00 p.m. on Oct. 2 to deposit KGS15,200
guarantee payment to the settlement account of:

         State Committee on State Property
         of the Kyrgyz Republic
         Pervomaisky District Treasury Department -2
    Settlement Account No. 1030220801400326/202802429
    Pervomaisky Branch of JS Commercial Bank Kyrgyzstan
    MFO 103002
    INN 00405200110158
    Pervomaisky State Tax Inspection

and submit their bids and necessary documents at:

    Room 208, 210, 225
    Moskovskaya Str. 151
    720017 Bishkek, Kyrgyzstan

The sum of guarantee payment is accounted to the winner's assets
price sum.  The guarantee payment will be returned within 10
banking days for the rest of the participants.

The buyer will pay the commission fee of the State Committee on
State Property of the Kyrgyz Republic in 7% amount beyond the
price of the assets.

The adjudgement and restructuring of the company's debts by the
Switzerland Bank's credit is undergoing legal process as of
press time.

Inquiries can be addressed to (+996-312) 21-65-38, 21-66-38, and
21-67-22.

The company can be reached at:

    JSC Kara-Balta Mining Plant
    Trudovaya Ave. 1
    Karabalta, Kyrgyzstan


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


KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod
------------------------------------------------------------
Nordic Capital closed the acquisition of ICA AB, the Swede unit
of Koninklijke Ahold N.V., Tuesday after the European Commission
approved the sale on Sept. 8.

With this transaction, it will be possible for ICA AB to focus
even more on its core business, retail.  The sale results in a
capital gain for ICA AB of approximately SEK360 million, which
will be accounted for in the third quarter 2006.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


HVB TIRIAC: Fitch Includes Stable Outlook Assignment
----------------------------------------------------
Fitch Ratings amended its Sept. 18 release on Banca Comerciala
HVB Tiriac to include the assignment of a Stable Outlook on HVB
Tiriac in the first paragraph.

This amends the version issued by Fitch on Sept. 18 and
published by the Troubled Company Reporter-Europe yesterday
regarding HVB Tiriac.

Fitch assigned Banca Comerciala HVB Tiriac ratings of Issuer
Default A- with a Stable Outlook, 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
===========


AFRO-KHIM-SERVICE: Court Names S. Shishkov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. S. Shishkov
as Insolvency Manager for OJSC Afro-Khim-Service.  He can be
reached at:

         S. Shishkov
         Druzhininskaya Str. 22
         305001 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-1226/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Afro-Khim-Service
         2nd Privokzalnaya Str.
         Solntsevo
         Kursk Region
         Russia


AGRO-PROM-KHIMIYA: Court Names A. Ryabov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A. Ryabov
as Insolvency Manager for CJSC Agro-Prom-Khimiya.  He can be
reached at:

         A. Ryabov
         Office 607
         15 Proezd 4
         153006 Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1426/06-1-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Prom-Khimiya
         Ivanovskaya Str. 30
         Lezhnevo
         Ivanovo Region
         Russia


ALUMINIUM-PRODUCT: Court Names A. Borunov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Borunov as
Insolvency Manager for CJSC Company Aluminium-Product (TIN
7703107631).  He can be reached at:

         A. Borunov
         Building 1
         Mira Pr. 68
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-7647/06-123-16B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Company Aluminium-Product
         Building 3
         Krasnaya Presnya Str. 9
         123100 Moscow Region
         Russia


BRIDGE COMPANY: Court Names A. Bulin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Mr. A. Bulin
as Insolvency Manager for CJSC Bridge Company.  He can be
reached at:

         A. Bulin
         Engelsa Str. 19.
         432063 Ulyanovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.

The case is docketed as A72-7880/05-19/47-B.

The Debtor can be reached at:

         CJSC Bridge Company
         Federatsii Str. 148
         432030 Ulyanovsk Region
         Russia


CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes
-----------------------------------------------------------
Fitch Ratings assigned CBOM Finance p.l.c.'s upcoming issue of
limited recourse loan participation notes expected Recovery
Rating RR4 and Long-term B-.  The notes are to be used solely
for financing a loan to Russia's Credit Bank of Moscow, which is
rated Issuer Default B-, Short-term B, Individual D, Support 5
and National Long-term BB+.  The Outlooks on both the IDR and
the National Long-term rating are Positive.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

CBOM Finance p.l.c., an Ireland-domiciled special purpose
vehicle, will only pay noteholders principal and interest
received from CBOM.  The SPV will charge certain of its rights
and interests under the loan agreement to J.P. Morgan Corporate
Trustee Services Limited for the benefit of noteholders under a
trust deed.  The SPV's claims under the loan agreement will rank
at least equally with the claims of other senior unsecured
creditors of CBOM, save those preferred by relevant legislation.

Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-H106, retail
deposits accounted for 20% of CBOM's total liabilities,
according to the bank's reviewed US GAAP accounts.

The loan agreement contains covenants restricting mergers and
disposals by CBOM and its subsidiaries as well as transactions
between the bank and its affiliates.  It also contains a cross
default clause and a 'negative pledge' clause, the latter of
which allows for up to 30% of loans to customers to be
securitized by CBOM and its subsidiaries.

Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  CBOM must ensure full compliance with prudential
supervision ratios and other requirements of the Central Bank of
Russia and also commits to maintaining tier one and total BIS
capital adequacy ratios of 8% and 12%, respectively.

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


COMPUTER CENTRE:  Bankruptcy Hearing Slated for Dec. 29
-------------------------------------------------------
The Arbitration Court of Arkhangelsk Region will convene at 2:00
p.m. on Dec. 29 to hear the bankruptcy supervision procedure on
LLC Computer Centre.  The case is docketed under Case No.
A05-7171/2006-27.

The Temporary Insolvency Manager is:

         K. Dudoladov
         Office 2
         Building 2
         Lomonosova Pr. 92
         163000 Arkhangelsk Region
         Russia

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         LLC Computer Centre
         Troitskiy Pr. 52
         Arkhangelsk Region
         Russia


CONCRETE SERVICE: Court Names I. Goldova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Ms. I. Goldova
as Insolvency Manager for LLC Concrete Service.  She can be
reached at:

         I. Goldova
         Romashina Str. 29 50
         Bryansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-4752/06-26.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         LLC Concrete Service
         Roslavlskaya Str. 28
         Bryansk Region
         Russia


CORD: Orel Bankruptcy Hearing Slated for Oct. 25
------------------------------------------------
The Arbitration Court of Orel Region will convene at 2:00 p.m.
on Oct. 25 to hear the bankruptcy supervision procedure on CJSC
Cord.  The case is docketed under Case No. A48-2621/06-16b.

The Temporary Insolvency Manager is:

         S. Romachin
         3rd Kurskaya Str. 15
         302004 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         CJSC Cord
         Konevskaya Str. 9
         302030 Orel Region
         Russia


DMITRIEVSKIY FACTORY: Bankruptcy Hearing Slated for Oct. 18
-----------------------------------------------------------
The Arbitration Court of Kursk Region will convene at 11:20 a.m.
on Oct. 18 to hear the bankruptcy supervision procedure on OJSC
Dmitrievskiy Factory Les-Khoz-Mash (TIN 4605000645).  The case
is docketed under Case No. A35-3869/06 g.

The Temporary Insolvency Manager is:

         O. Gorbatyuk
         Litovskaya Str. 12A
         305023 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Dmitrievskiy Factory Les-Khoz-Mash
         Promyshlennaya Str. 2
         Dmitriev - Lgovskiy
         Dmitrievskiy Region
         307500 Kursk Region
         Russia


EURO-PRODUCT: Court Names A. Kubasov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Kubasov as
Insolvency Manager for CJSC Euro-Product (TIN 7706009135).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.

The case is docketed as A40-30211/06-86-510B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Euro-Product
         Leninskiy Pr. 6
         119049 Moscow Region
         Russia


EXPRESS-SERVICE: Court Names O. Vasilyeva as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed O. Vasilyeva as Insolvency Manager for CJSC Express-
Service (TIN 4712001467).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A56-15066/
2006.

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

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

The Debtor can be reached at:

         CJSC Express-Service
         Lenina Str. 26.
         Priozersk
         Leningrad Region
         Russia


FARM-INVEST: Moscow Court Names S. Suvorov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Farm-Invest.  He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-36615/06-103-717b.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Farm-Invest
         B. Polyanka Str. 23
         Moscow Region
         Russia


FISH CENTRE: Moscow Court Names S. Suvorov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Fish Centre.  He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-25069/06-103-338B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Fish Centre
         692809 Moscow Region
         Russia


KHANTY-AIR: Court Starts Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
commenced bankruptcy supervision procedure on CJSC Khanty-Air.
The case was docketed as A75-3675/2006.

The Temporary Insolvency Manager is:

         S. Vinnik
         Post User Box 2699
         644099 Omsk Region Russia

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

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

The Debtor can be reached at:

         CJSC Khanty-Air
         Mira Str. 115
         Khanty-Mansiyskiy Autonomous Region
         Russia


KUEDINSKIY DIARY: Perm Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Perm Region commenced bankruptcy
supervision procedure on LLC Kuedinskiy Diary.  The case is
docketed as A 50-10617/2006-B.

The Temporary Insolvency Manager is:

         N. Vokhmina
         Geroev Khasana Str. 45B
         614064 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Kuedinskiy Diary
         Komsomolskaya Str. 58
         Kueda
         Perm Region
         Russia


MONOLITH: Court Sets October 5 Deadline for Filing of Claims
------------------------------------------------------------
Creditors of CJSC Monolith (TIN 1824002840) have until Oct. 5 to
submit written proofs of claim to:

         V. Kuzhelev, Insolvency Manager
         Post User Box 5481
         Izhevsk
         426008 Udmurtiya Republic
         Russia

The Arbitration Court of Udmurtiya Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under A71-002150/2006-G21.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5.
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         CJSC Monolith
         Kirpichnaya Str. 4
         Yakshur-Bodya
         Udmurtiya Republic
         Russia


OKONESHNIKOVSK-AGRO-PROM-KHIMIYA: Filings of Claims Ends Oct. 5
---------------------------------------------------------------
Creditors of OJSC Okoneshnikovsk-Agro-Prom-Khimiya have until
Oct. 5 to submit written proofs of claim to:

         S. Vinnik, Insolvency Manager
         Post User Box 2699
         644099 Omsk Region
         Russia

The Arbitration Court of Omsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A46-8252/2006.

The Debtor can be reached at:

         OJSC Okoneshnikovsk-Agro-Prom-Khimiya
         Okoneshnikovo
         Okoneshnikovskiy Region
         Omsk Region
         Russia


ORLOVSKOYE: Voronezh Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Voronezh Region commenced bankruptcy
supervision procedure on OJSC Orlovskoye.  The case is docketed
under A14-6780-2006/76/33b.

The Temporary Insolvency Manager is:

         V. Volgin
         Mira Str. 5
         394000 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:

         OJSC Orlovskoye
         Orlovka.
         Talovskiy Region
         Voronezh Region
         Russia


PERVOMAYSKIY: Mordoviya Bankruptcy Hearing Slated for Nov. 1
------------------------------------------------------------
The Arbitration Court of Mordoviya Republic will convence at
9:30 a.m. on Nov. 1 to hear the bankruptcy supervision procedure
on State Enterprise Meat Combine Pervomayskiy.  The case is
docketed under Case No A39-2274/06-78/7.

The Temporary Insolvency Manager is:

          D. Shirshikov
          Stroitelnaya Str. 1
          Saransk
          430000 Mordoviya Republic
          Russia

The Arbitration Court of Mordoviya Republic is located at:

         Room 208
         Building 2
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya republic
         Russia

The Debtor can be reached at:

         State Enterprise Meat Combine Pervomayskiy
         Pervomayskiy
         Kovylkinskiy Region
         431302 Mordoviya Republic
         Russia


PRITOBOLNYJ FEED: V. Chernovalov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. V.
Chernovalov as Insolvency Manager for LLC Pritobolnyj Feed Mill.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.

The case is docketed as A34-5362/05.

         K. Myagotina Str. 56-A
         640003 Kurgan Region
         Russia

The Debtor can be reached at:

         LLC Pritobolnyj Feed Mill
         Arsenovka
         Pritobolnyj Region
         Kurgan Region
         Russia


PROM-INVEST: Court Names S. Levchenko as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed S.
Levchenko as Insolvency Manager for CJSC Prom-Invest.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A76-10200/
2006-48-104.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Prom-Invest
         Sevastopolskaya Str. 1a
         Miass
         Chelyabinsk Region
         Russia


REINFORCED CONCRETE: Bryansk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Bryansk Region commenced bankruptcy
supervision procedure on LLC Factory of Reinforced Concrete
Constructions (TIN 3255045170).  The case is docketed under
A09-2944/06-26.

The Temporary Insolvency Manager is:

         S. Chernobrovenko
         Zelenaya Str. 2v
         Dubovoye
         308501 Belgorod Region
         Russia

The Debtor can be reached at:

         LLC Factory of Reinforced Concrete Constructions
         Novaya Str. 31
         Gorodets
         606508 Bryansk Region
         Russia


SHADRINSK: Kurgan Court Names V. Koval as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. V. Koval as
Insolvency Manager for LLC House Building Combine Shadrinsk.  He
can be reached at:

         V. Koval
         Tobolnaya Str. 54
         640020 Kurgan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under
A-34-1298/2006.

The Debtor can be reached at:

         LLC House Building Combine Shadrinsk
         Proletarskaya Str. 1
         Shadrinsk
         641870 Kurgan Region
         Russia


SOKOLSKIY: Court Names V. Ostroverkh as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. V.
Ostroverkh as Insolvency Manager for OJSC Sokolskiy Pulp-And-
Paper Mill (OGRN 1023502489670, TIN 3527000989).  He can be
reached at:

         V. Ostroverkh
         Sovetskiy Pr. 8
         Sokol
         162130 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-7223/2005-25.

The Debtor can be reached at:

         OJSC Sokolskiy Pulp-And-Paper Mill
         Sovetskiy Pr. 8
         Sokol
         162130 Vologda Region
         Russia


SOSVINSKIY WOODWORKING: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on OJSC Sosvinskiy Woodworking Combine.
The case is docketed under A60-151719/2006-S11.

The Temporary Insolvency Manager is:

         P. Lazarev
         Post User Box 106
         620000 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Sosvinskiy Woodworking Combine
         Lenina Str. 1
         Sosva
         624971 Sverdlovsk Region
         Russia


SPINNING: Ivanovo Court Names A. Ryabov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A. Ryabov
as Insolvency Manager for LLC Spinning Weaving-Mill.  He can be
reached at:

         A. Ryabov
         Office 607
         15 Proezd 4
         153006 Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1438/06-1-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         LLC Spinning Weaving-Mill
         Sotsialisticheskaya Str.  2
         Furmanov
         Ivanovo Region
         Russia


SUAL GROUP: No Merger Application Yet, Says Anti-Trust Agency
-------------------------------------------------------------
Siberian-Urals Aluminium Company (SUAL) and Russky Alyuminiyum
(RusAl) have not applied for a merger with Russia's Federal
Anti-Monopoly Service, RIA Novosti says.

FAS chief Igor Artemyev said the agency has not received
application from any of the parties.

"We have no materials on this deal," Mr. Artemyev said. "I think
the application will be considered for a long time."

As previously reported in TCR-Europe, RusAl, SUAL, and Swiss
company Glencore signed a non-binding agreement for a EUR23.5
billion merger.  Press reports speculate that the combined
entity would trade on the London Stock Exchange and would be
headed by SUAL chief executive Brian Gilbertson.

Experts believed that the RusAl-SUAL merger would create the
world's largest aluminum company with market capitalization of
US$20 billion.

                         About RusAl

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

                         About SUAL

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

                        *     *     *

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

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


TAVDINSKOYE GRAIN: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on CJSC Tavdinskoye Grain Receiving
Enterprise.  The case is docketed under A60-14540/06-S11.

The Temporary Insolvency Manager is:

         L. Korovnikova
         Post User Box 177
         620062 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         CJSC Tavdinskoye Grain Receiving Enterprise
         9th January Str. 138
         Tavda
         623950 Sverdlovsk Region
         Russia


TOTSK-AUTO: Court Names A. Taushev as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. A.
Taushev as Insolvency Manager for OJSC Totsk-Auto-Transport (TIN
5649000080, KPP 564901001).  He can be reached at:

         A. Taushev
         Gaya Str. 23a
         460000 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-12514/2005-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Totsk-Auto-Transport
         Totskoye
         Totskiy Region
         Orenburg Region
         Russia


UST-ILIMSKIY: Court Names D. Slaykovskiy as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. D.
Slaykovskiy as Insolvency Manager for CJSC Diary Ust-Ilimskiy
(TIN 3817019540).  He can be reached at:

         D. Slaykovskiy
         Apartment 7
         Pirogova Str. 1/2
         Bratsk
         665709 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-28121/05-8.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Diary Ust-Ilimskiy
         Bratskaya Str. 34a
         Ust-Ilimsk
         666681 Irkutsk Region
         Russia


YUKOS OIL: Federal Arbitration Court Upholds Bankruptcy Ruling
--------------------------------------------------------------
The Moscow Court of Appeals upheld the bankruptcy ruling against
embattled fuel group Yukos Oil, RIA Novosti says.

The court, acting on an appeal filed by Yukos' lawyers, rendered
final the Aug. 1 ruling of the Moscow Arbitration Court
declaring the company bankrupt, commencing liquidation and
appointing Eduard Rebgun as bankruptcy manager.

Creditors voted on July 25 to liquidate what was once Russia's
biggest oil firm rejecting a management rescue plan that valued
the company's assets at about US$30 billion.  The vote came
after bankruptcy manager Eduard Rebgun said Yukos couldn't pay
its debts in the time allotted by law.  Subsequently, the court
declared the oil firm bankrupt on Aug. 1 after three years of
litigation over back taxes.

The company is facing up to US$16.6 billion in claims filed by
more than 20 creditors including, among others:

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

                        Fraud Probe

The Prosecutor General's Office launched a probe on Aug. 8 into
alleged fraud during the oil group's bankruptcy procedure.
Russian prosecutors have accused former Yukos officials of
embezzling money by securing a US$4.5 billion loan from Yukos
Capital SARL, a Luxembourg-based unit and major creditor for
Yukos, through legal entities affiliated with the company.

Investigators alleged that the ex-Yukos officials masterminded a
plan to sell crude oil through trading companies Fargoil and
Ratibor under their control, acting both as fictitious owners
and buyers, RIA Novosti relates.

According to the Russian news agency, Mr. Rebgun agreed with
investigators that Yukos Capital had offered Yukos its own
assets.  While Yukos was in external administration, Yukos
Capital filed a motion to participate in the first creditors'
meeting and filed claims against Yukos, which the court
subsequently rejected.

                           About Yukos

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

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

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

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

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


YUKOS OIL: Moscow Bankruptcy Ruling Spurs Suspension of Shares
--------------------------------------------------------------
The Russian Trading System suspended the trading of shares of
OAO Yukos Oil Co. on its Classic and exchange-traded markets on
Sept. 19, RIA Novosti says.  The Moscow Interbank Currency
Exchange (MICEX) likewise suspended trading in Yukos shares the
same day.

The suspensions came after the Federal Arbitration Court upheld
Tuesday the Moscow Arbitration Court's Aug. 1 bankruptcy ruling
against Yukos.  It also rejected an appeal lodged by Yukos'
lawyers.

The RTS, however, lifted the ban yesterday, saying it would
continue trading Yukos' shares pending a decision by its board.

                           About Yukos

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

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

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

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

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

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


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


NOVA KREDITNA: Fitch Keeps Individual Rating at C/D
---------------------------------------------------
Fitch Ratings assigned Nova Kreditna Banka Maribor's upcoming
EUR50 million hybrid issue an expected BBB+ Long-term rating.
The final rating will be contingent on final documentation
conforming to information already received.

NKBM's ratings are affirmed at Issuer Default A-, Short-term F2,
Individual C/D, and Support 1.  The Outlook is Stable.  The
bank's Issuer Default, Short-term and Support ratings are driven
by the extremely high potential support from the Slovenian
government in case of need.

Fitch's standard policy for rating hybrid issues for entities
with an Issuer Default rating in the A range is to notch once.
For banks where the IDR is driven by Support and the bank's
Individual rating is C/D an additional notch is usually applied.
Fitch has decided not to apply additional notching to NKBM's
hybrid issue due to the bank's 100% ownership by the Slovenian
state.

The issue is of subordinated notes.  Interest payments can be
deferred in the event of zero profit being declared in the
latest IFRS audited financial statements.  The notes are
perpetual, though there is a step-up clause at which date the
securities are callable by the Issuer.

NKBM is the second largest bank in Slovenia, with a market share
of around 10%.


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


GAT FTGENCAT: Moody's Junk EUR9.5 Million Series E Notes
--------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by Spanish securitization fund GAT
FTGENCAT 2006 Fondo De Titulizacion De Activos:

   -- EUR170.3 million Series A1 notes: (P)Aaa;
   -- EUR239.1 million Series A2(G) notes: (P)Aaa;
   -- EUR5.1 million Series B notes: (P)Aa2;
   -- EUR12.3 million Series C notes: (P)A1;
   -- EUR13.2 million Series D notes: (P)Baa3; and
   -- EUR9.5 million Series E notes: (P)Ca.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (June 2039).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A1, A2(G), B, C and D at
par on or before the rated final legal maturity date, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Series E.

GAT FTGENCAT 2006, FTA is a securitization fund created with the
aim of purchasing a pool of loans granted by Caixa d'Estalvis de
Catalunya to Spanish corporates and self-employed individuals
based in Catalonia, in compliance with the conditions required
by the FTGENCAT program in order to qualify for the Generalitat
de Catalunya guarantee.

Strong features within this deal include among others:

   -- a swap agreement guaranteeing an excess spread of 0.65%
and covering the servicing fee;

   -- a 2.16% reserve fund to cover potential shortfalls in
interest or principal;

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

   -- the guarantee of the regional government of Catalonia
(Aa3) for the Series A2(G) notes; and

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

Weaker features include:

   -- limited historical default and recovery information
received from the originator;

   -- pro-rata amortization of the notes;

   -- geographical concentration in the region of Catalonia; and

   --the negative impact of the interest deferral trigger on the
subordinated series.  These increased risks were reflected
in the credit enhancement calculation.

The provisional pool of underlying assets comprised, as of 28
August 2006, a portfolio of 6,922 loans granted to 6,188
borrowers, which are Spanish enterprises or self-employed
individuals based in Catalonia.  The loans have been originated
between 1993 and June 2006, with a weighted average seasoning of
1.75 years and a weighted average remaining life of 8.1 years.

The weighted average interest rate is 4.08%, with the highest
portion of the pool linked to floating reference rates (93.37%).
Approximately 55% of the portfolio is composed of loans secured
by a mortgage guarantee over different type of properties,
although, given the particular conditions of the guarantees,
Moody's has granted benefit accordingly.  Around 30% of the
portfolio is concentrated in the buildings and real estate
sector according to Moody's industry classification.  At
closing, there will be no loans more than 30 days in arrears.

Moody's based the provisional ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement hedging the interest rate risk;

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

   -- the legal and structural integrity of the transaction.

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

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.

Upon a conclusive review of the final pool of assets and the
final documentation, Moody's will endeavor to assign a
definitive rating to the notes.  A definitive rating, if any,
may differ from a provisional rating.


GAT FTGENCAT: Gets Fitch's Junk Rating on Series E Notes
--------------------------------------------------------
Fitch Ratings assigned expected ratings to GAT FTGENCAT 2006,
Fondo de Titulizacion de Activos' EUR440 million notes due in
June 2039:

   -- EUR170.3 million Series A1: AAA;
   -- EUR239.1 million Series A2 (G): AAA;
   -- EUR5.1 million Series B: AA+;
   -- EUR12.3 million Series C: A;
   -- EUR13.2 million Series D: BBB-; and
   -- EUR9.5 million Series E: CCC.

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

This transaction is a cash flow securitization of a EUR440
million static pool of loans to small and medium-sized Spanish
enterprises granted by Caixa d'Estalvis de Catalunya.  It will
be legally represented and managed by Gestion de Activos
Titulizados SGFT, SA, a limited liability special-purpose
management company incorporated under Spanish law.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Series B, C and D notes, as
well as the repayment of principal by legal final maturity date.

The Class E notes will be issued to finance the creation of the
reserve fund at closing.  The good performance of the Class E
notes requires favorable conditions for the collateral backing
the Class A to D notes, and therefore its expected rating is
supported by the recovery rate that noteholders are likely to
receive during the life of the transaction.

The Autonomous Community of Catalonia guarantees ultimate
payment of interest and principal on the Class A2 (G) notes.
However, the Series A2 (G) notes has been stressed to an AAA
rating scenario, therefore, the AAA expected rating assigned to
these notes is not dependent on the guarantee offered by the
Generalitat of Catalunya

Caixa Catalunya is a very active player in the securitization
arena in Spain, especially for residential mortgage-backed
securities.  To date, it has participated in 13 transactions of
which 10 were all RMBS as single seller and two SME CDOs
transactions.  GAT FTGENCAT 2006, however, represents Caixa
Catlunya's first single seller SME securitization rated by
Fitch.


IM CAJAMAR 4: Fitch Junks Rating on EUR12 Million Series E Notes
----------------------------------------------------------------
Fitch Ratings assigned ratings to IM Cajamar 4 Fondo de
Titulizacion de Activos' notes totaling EUR1.012 billion due in
March 2049.

   -- EUR961.5 million Series A: AAA;
   -- EUR25 million Series B: AA;
   -- EUR5 million Series C: A+;
   -- EUR8.5 million Series D: BBB; and
   -- EUR12 million Series E: CCC.

This transaction is a cash flow securitization of a EUR1 billion
static pool of first ranking residential mortgage loans granted
by Caja Rural Intermediterranea S.C.C.

The ratings are based on the quality of the underlying
collateral, the underwriting and servicing capabilities of
Cajamar, available credit enhancement and the sound legal and
financial structure of the transaction.  CE for all Classes of
notes will be provided by the subordination of the Classes
junior to them and the reserve fund, with the exception of the
Class E notes, which are solely collateralized by the excess
spread.

The ratings address payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the Class B, C, and D notes, as well as the
repayment of principal by legal final maturity in March 2049.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to convert the
mortgage participations and mortgage transfer certificates
acquired from the seller into residential mortgage-backed
securities.  The participations and certificates were subscribed
by InterMoney Titulizacion S.G.F.T., S.A., whose activities are
limited to the management of securitization funds.

This is the fourth stand-alone residential mortgage loan
securitization originated by Cajamar, following IM Cajamar 3,
FTA, presented to the market in March 2006.  Both transactions
are similar in terms of their collateral composition and
structure.


IM GRUPO: Moody's Rates EUR32.4-Mln Series E Notes at C
-------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt to be issued by IM Grupo Banco Popular Empresas 1, FTA:

   -- EUR553.5 million Series A1 notes: Aaa;
   -- EUR1,135.8 million Series A2 notes: Aaa;
   -- EUR28.8 million Series B notes: Aa3;
   -- EUR27 million Series C notes: A3;
   -- Baa3 to the EUR 54.9 million Series D notes: Baa3; and
   -- EUR32.4 million Series E notes: C.

IM Grupo Banco Popular Empresas 1, FTA is a securitization of
loans to small- and medium-sized enterprises (SMEs) carried out
by six Spanish banks owned by Banco Popular group (Banco de
Andalucia, Banco de Credito Balear, Banco de Castilla, Banco de
Vasconia, Banco de Galicia and Banco Popular Espanol).  Although
the pool of loans meets the requirements of the Spanish
government's FTPYME guarantee program for SME loan-backed deals,
this transaction is not part of this program.

Strong features within this deal include, among others:

   -- extensive historical default and recovery information
provided by the originators;

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

   -- the fact that around 78% of the pool is secured by a
first-lien mortgage guarantee; and

   -- the good performance of Banco Popular's previous SME deal.

Weaker features include:

   -- partial hedging of the interest rate risk;

   -- partial funding of the cash reserve upfront;

   -- a high servicing fee compared with other Spanish
securitization transactions;

   -- the presence of non-amortizing loans in the pool;

   -- the pro-rata amortization of the notes; and

   -- the negative impact of the interest deferral trigger on
the subordinated series.  These increased risks were
reflected in the credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
August 2006, a portfolio of 11,802 loans granted to 10,309
borrowers, all of which are Spanish SMEs.  The loans have been
originated between 1993 and May 2006, with a weighted average
seasoning of 2.0 years and a weighted average remaining life of
9.0 years.

The weighted average interest rate is 4.18%, with all the loans
linked to floating reference rates, and the weighted average
margin over the reference rate is 1.04%. 78% of the outstanding
of the portfolio is secured by a first-lien mortgage guarantee
over different types of properties (19% being residential
properties), with a weighted average loan to value equal to 54%.

The pool is well diversified in terms of geography, with a
slight concentration in Andalusia (22%) given the location of
the originators, and is around 41% concentrated in the buildings
and real estate sector according to Moody's industry
classification.  At closing, there will be no loans more than 30
days in arrears.

Moody's based the ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

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

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

   -- the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (21 March 2033).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A1, A2,
B, C and D notes, and for ultimate payment of interest and
principal at par with respect to the Series E notes, on or
before the final legal maturity date.

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

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


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


KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod
------------------------------------------------------------
Nordic Capital closed the acquisition of ICA AB, the Swede unit
of Koninklijke Ahold N.V., Tuesday after the European Commission
approved the sale on Sept. 8.

With this transaction, it will be possible for ICA AB to focus
even more on its core business, retail.  The sale results in a
capital gain for ICA AB of approximately SEK360 million, which
will be accounted for in the third quarter 2006.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


KUVEYT TURK: Fitch Upgrades Individual Rating to D
--------------------------------------------------
Fitch Ratings upgraded Turkey-based Kuveyt Turk Katilim Bankasi
A.S.'s Individual rating to D from D/E and its National rating
to AA from AA-.

At the same time, Fitch affirmed its other ratings at foreign
and local currency Issuer Default BB and BB+, respectively,
Short-term foreign and local currency B and Support 3.  The
Outlooks on the Issuer Default ratings are Positive and the
Outlook on the National Long-term rating is Stable.

The upgrade in the Individual rating reflects the marked
improvement in asset quality and funding stability; this
enhanced the relative creditworthiness reflected in the National
rating upgrade.  Non-performing loans diminished to 5.12% of
funds granted at end-2005 through collections and the write-off
of credits with previously established 100% reserves.

Coverage of remaining NPLs remains weak at 54%.  Kuveyt Turk has
a diversified deposit structure.  The top 20 relationships
represented only 7% of the total and funding has remained very
stable.  Capitalization weakened somewhat during 2005 due to
rapid portfolio growth but the bank plans to raise new equity
during 2006 or 2007 through a public offering or shareholders.
Earnings remain weaker than peers' due to thin operating margins
and high expenses.

The IDRs, Short-term, National and Support ratings of Kuveyt
Turk reflect the high likelihood of support from its major
shareholder, Kuwait Finance House in case of need. However, this
might be affected by the potential difficulties arising in a
weak and volatile environment that could affect the flow of
support from the provider to its creditors.  The foreign
currency IDR is constrained by the Country Ceiling.


TURK EKONOMI: Fitch Keeps Foreign Currency Default Rating at BB
---------------------------------------------------------------
Fitch Ratings affirmed Turk Ekonomi Bankasi's foreign and local
currency Issuer Default ratings at BB and BB+, respectively.
The Outlooks on the IDRs are Positive.

At the same time, Fitch affirmed its other ratings at Short-term
foreign and local currency B, Individual C/D, Support 3 and
National Long-term AA.  The Outlook on the National rating is
Stable.

The IDRs, Short-term, National and Support ratings of TEB
reflect its indirect 42.13% ownership by France-based BNP
Paribas.  In Fitch's opinion, BNPP has a very high propensity to
support TEB, although its ability to do so might in some
circumstances be constrained by the transfer risk associated
with Turkey.

TEB's Support rating is thus constrained at 3.  The Individual
rating reflects diminished capitalization, rapid loan growth and
a relatively small franchise, balanced by sound asset quality,
improved operating profits and good liquidity.

Pre-tax profits increased 24% in 2005 and 9% in H106 due to
gains in net interest and fee revenue.  This offset margin
compression and a higher expense burden associated with a higher
number of branches and increased staff as well as heightened
impairment charges.

Loans grew 63% in 2005 and a further 37% in H106.  Asset quality
remains solid with NPLs at only 0.73% of the portfolio and
reserve coverage in excess of 100%.  Due to rapid portfolio
growth, TEB's Tier 1 capital ratio diminished to 11.24% at end-
2005 and declined further to 9.95% at end-June.  Fitch believes
that capitalization is adequate in light of TEB's sound asset
quality, solid earnings track record and ownership.

Turk Ekonomi Bankasi is Turkey's 14th largest commercial bank at
end-2005.  It provides corporate, commercial, retail and private
banking services through 113 branches.  TEB owns a bank in the
Netherlands and subsidiaries engaged in asset management,
brokerage, factoring and leasing.


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


BERLADINKA: Vinnitsya Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on Agricultural LLC Berladinka (code
EDRPOU 03733602) on June 27.  The case is docketed under Case
No. 5/220-06.

The Temporary Insolvency Manager is Volodimir Krutkevich.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Berladinka
         Naberezhna Str. 1
         Birlivka
         Bershadskij District
         24414 Vinnitsya Region
         Ukraine


GOROSHKIV: Creditors Must File Claims Until September 29
--------------------------------------------------------
Creditors of Agricultural LLC Goroshkiv have until Sept. 29 to
submit written proofs of claim to:

         Volodimir Lifar, Temporary Insolvency Manager
         L. Gavro Str. 11D/177
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region has commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 123/11 b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Goroshkiv
         Goroshkiv
         Tetiyivskij District
         09852 Kyiv Region
         Ukraine


MEGA-INVEST: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Mega-Invest (code EDRPOU 31087123)
on Aug. 2.  The case is docketed under Case No. 43/534.

The Temporary Insolvency Manager is:

         U. Ignatchenko
         Zhitomirska Str. 24
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Mega-Invest
         Gonta Str. 7
         Kyiv Region
         Ukraine


NADIYA: Donetsk Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on Agricultural LLC Nadiya (code EDRPOU
25343474) on July 10.  The case is docketed under Case No.
27/105 B.

The Temporary Insolvency Manager is:

         Nadiya Druk
         Yuzhna Str. 21
         Kramatorsk
         84300 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:

         Agricultural LLC Nadiya
         Lenin Str.
         Ivanopillya
         Kostyantinivskij District
         85160 Donetsk Region
         Ukraine


ROMNI AGROHIM: Court Names Yevgen Chuprun as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Sumi Region appointed Yevgen Chuprun as
Liquidator/Insolvency Manager for OJSC Romni Agrohim (code
EDRPOU 05492747).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 7.

The case is docketed under Case No. 6/47-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Romni Agrohim
         Poltavska Str. 198
         Romni
         42004 Sumi Region
         Ukraine


ROS: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Ros (code EDRPOU 03753332).  The
case is docketed under Case No. 162/14 b-06.

The Temporary Insolvency Manager is:

         Bogdan Yarinko
         40-richya Zhovtnya Str. 48/38
         03039 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ros
         Sadova Str. 13
         Biruki
         Rokityanskij District
         Kyiv Region
         Ukraine


UKRSHINSNAB: Court Names Viktor Sunitsya as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Viktor Sunitsya as
Liquidator/Insolvency Manager for LLC Ukrshinsnab (code EDRPOU
31997300).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 10.  The case is docketed
under Case No. 250/2-b-2004.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrshinsnab
         Levanevskij Str. 91
         Bila Tserkva
         09100 Kyiv Region
         Ukraine


VINREM-ELEKTRO: Vinnitsya Court Names PFU Dep't as Liquidator
-------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional PFU Department as Liquidator for Vinrem-Elektro (code
EDRPOU 20118123).  The Liquidator can be reached at:

         Vinnitsya Regional PFU Department
         Vinnichenko Str. 27
         21009 Vinnitsya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 28.  The case is docketed
under Case No. 10/137-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Vinrem-Elektro
         Lomonosov Str. 7
         Strizhavka
         Vinnitsya District
         Vinnitsya Region
         Ukraine


VOZNESENSKIJ BREAD: Mikolaiv Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedure on State Enterprise Voznesenskij Bread
Products Combine (code EDRPOU 00955064).  The case is docketed
under Case No. 5/230/06.

The Temporary Insolvency Manager is:

         Denis Goncharenko
         a/b 7
         54058 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:

         State Enterprise Voznesenskij Bread Products Combine
         Privokzalna Square 1
         Voznesensk
         56500 Mikolaiv Region
         Ukraine


ZODCHIJ: Court Names Kyiv Tax Inspection as Liquidator
------------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Kyiv Region as Liquidator for LLC Zodchij (code EDRPOU
24747560).  The Liquidator can be reached at:

         State Tax Inspection of Kyiv Region
         Smilyanska Str. 6
         03151 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 18.  The case is docketed
under Case No. 15/442-b.

The Debtor can be reached at:

         LLC Zodchij
         Ivan Lepse Str. 8
         03067 Kyiv Region
         Ukraine


* Moody's Assigns B2 Rating to Ukraine's City of Berdyansk
---------------------------------------------------------
Moody's Investors Service assigned long-term global and national
scale ratings of B2 and A2.ua to the City of Berdyansk.

According to Moody's, the ratings are supported by the City's
positive budget balances, diversified and growing economy, good
level of self-funded capital expenditure.

The ratings take into account limited budget flexibility both on
operating revenue and expenditure sides and potential growth of
indirect risk associated with the City's majority-owned
companies.  The outlook is stable.

The City of Berdyansk's enjoys a growing economy, which is
pushing up its budget revenue.  Berdyansk is entitled to a share
of centrally controlled taxes collected within its limits, which
on the one hand allows the City to benefit from its growing
economy but on the other exposes it to any changes in tax
rate/base/benefits set by the central government.  It should be
also noted that, as a seaside resort, the City's economy is
prone to cyclicality, with higher tax collections in the summer
than in winter.

Over the period 2002-2005, the proportion of the City's
operating revenue derived from taxes has gradually decreased
while the proportion of central government transfers,
particularly the equalization grant, has risen.

It should be noted that this shift in revenue is not due to any
stagnation or even decline in the city's tax base, but rather
reflects a sharp rise in transfers to compensate for a rapid
increase in the minimum wage imposed by the national government,
which has pushed up the cost of City's main responsibilities. As
a result of this policy, the City's operating expenditure
consists almost entirely of mandatory, non-flexible components.

The proportion of local taxes and non-tax revenue in operating
revenue is low and opportunities for generating additional
operating revenue are very limited.  Going forward, social
expenditure is likely to increase faster than tax revenue
growth, which will make the City's budget more dependent on
transfers and therefore even less flexible.

Moody's notes that Berdyansk's tariff policies for its majority
owned water supply and heating companies have resulted in
consistent losses and significant payables.  The City does not
subsidize the companies on a regular basis, but is obliged to
cover losses resulting from its tariff decisions and provides
one-off support from time to time.

One-off support was also provided by the central government in
2006.  The long-term solution is to adjust tariffs in line with
the major components of cost -- rapidly growing salaries and
electricity prices -- but this is politically sensitive.
However, if the City delays the tariff increases it will have to
provide financial support to the companies.

The City is considering issuing a five-year domestic bond of UAH
10 million.  Proceeds will be used to renovate the City's
infrastructure.

The City of Berdyansk is a port and seaside resort in southeast
Ukraine, located on the shore of the Azov Sea in Zaporizhna
oblast.  The city has a population of about 122,000.


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


A M SEARLE: Appoints Joint Administrators from Grant Thornton
-------------------------------------------------------------
Ian S. Carr and Anthony N. Flynn of Grant Thornton U.K. LLP were
appointed joint administrators of A M Searle Dock Shunting
Service Limited (Company Number 03033620) on Sept. 1.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

A M Searle Dock Shunting Service Limited can be reached at:

         2 Hodgkinson Road
         Felixstowe
         Suffolk IP11 3QT
         United Kingdom
         Tel: 01394 675 577


ADVAL GROUP: Names Martin Dominic Pickard as Administrator
----------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed administrator
of Adval Group PLC (Company Number 02412247) on Aug. 31.

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

Adval Group PLC can be reached at:

         Ringwood House
         Walton Street
         Aylesbury
         Buckinghamshire HP21 7QP
         United Kingdom
         Tel: 01296 388 100
         Fax: 01296 616 710


ADVAL LEARNING: Brings In Mazars LLP as Administrator
-----------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed administrator
of Adval Learning Solutions Ltd. (Company Number 02548009) on
Sept. 4.

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

Headquartered in Aylesbury, United Kingdom, Adval Learning
Solutions Ltd. are business and management consultants.


AIRE VALLEY: Hires Joint Liquidators from BWC Business Solutions
----------------------------------------------------------------
David L. Cockshott and Paul A. Whitwam of BWC Business Solutions
were appointed Joint Liquidators of Aire Valley Commercials
Limited on Aug. 10 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    Aire Valley Commercials Limited
    Railway Goods Yard
    Skipton Road
    Cross Hills
    Keighley
    West Yorkshire BD207DS
    United Kingdom
    Tel: 01535 634 067


AMARANTH ADVISORS: Announces Loss, Reels From Falling Gas Prices
----------------------------------------------------------------
Hedge fund manager Amaranth Advisors has informed its investors
of significant losses in their energy-related investments after
a dramatic move in natural gas prices.

The slump in natural gas prices could cost more than 35% of the
fund's investment, Matthew Robinson at Reuters reports.
Industry analysts have speculated the loss could hurt Amaranth
and drive investors away, CNNMoney disclosed.

In the wake of Amaranth's losses, Connecticut Attorney General
Richard Blumenthal renewed his call for greater transparency in
the hedge fund industry.  Mr. Blumenthal said Tuesday he is
collecting evidence and reviewing facts concerning the large
losses at Amaranth Advisors.

"We are collecting evidence and reviewing facts relevant to
recent hedge fund losses," Blumenthal said. "Particularly
problematic are alleged representations made to investors in
recent weeks by the management of Amaranth that may be contrary
to apparent facts. Such claims - if made - would contradict the
spirit and letter of current law.  The facts about mammoth
losses by Amaranth offer additional powerful and compelling
evidence about the need to reform disclosure and oversight
requirements," Mr. Blumenthal said.

Amaranth Advisors, based in Greenwich, Connecticut with offices
in Toronto, Canada, London, England and Singapore, is an
investment management firm.  Amaranth specializes in a broad
spectrum of alternative investments and trading strategies,
through a multi-strategy investment fund and fund dedicated to
long-short equities.


AMARANTH ADVISORS: Transfers Energy Trades to Citadel & JPMorgan
----------------------------------------------------------------
Amaranth Advisors has transferred its energy portfolio to
Citadel Investment Group and J.P. Morgan Chase & Co., Ann Davis
at the Wall Street Journal reports.

In a letter to investors obtained by Reuters, Nick Maounis,
Amaranth's founder and CEO, confirmed the completion of the
transfer to a third party.  Amaranth intends to provide
additional information on the transfer soon.

News of Amaranth's move to transfer its entire energy investment
portfolio follows the Fund's announcement on Monday that it has
incurred significant losses in energy-related investments after
a dramatic move in natural gas prices.

Ms. Davis reports that negotiations to divest Amaranth's energy
investment began before news of the loss came out.  According to
Ms. Davis, the transfer is designed to minimize the risk that
Amaranth has to close down its entire fund.

Mathew Goldstein, writing for TheStreet.com, points to brewing
speculation that Amaranth may be close to ceasing its
operations.  Reuters reported Tuesday that Amaranth sold over
EUR1 billion of its European loan portfolio to cover losses
sustained from the natural gas price plunge.  However, according
to Dow Jones Newswires, the New York Mercantile Exchange said
that Amaranth's clearinghouse is not currently in trouble.

Amaranth Advisors, based in Greenwich, Connecticut with offices
in Toronto, Canada, London, England and Singapore, is an
investment management firm.  Amaranth specializes in a broad
spectrum of alternative investments and trading strategies,
through a multi-strategy investment fund and fund dedicated to
long-short equities.


ANDY CASH: Brings In Joint Liquidators from PKF (UK) LLP
--------------------------------------------------------
Ian J. Gould and Edward T. Kerr of PKF (UK) LLP were appointed
Joint Liquidators of Andy Cash Music Limited (formerly Andrew
Cash Music Limited and Daytonvend Limited) on Aug. 10 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Andy Cash Music Limited
    115 High Street
    Harborne
    Birmingham
    West Midlands B17 9NP
    United Kingdom
    Tel: 0121 427 8989


APEX LANDSCAPE: Names Simon Thornton as Liquidator
--------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed
liquidator of Apex Landscape Services Limited on Aug. 16 for the
purposes of the creditors' voluntary winding-up proceedings.

The company can be reached at:

         Apex Landscape Services Limited
         89 Beach Road
         Kewstoke
         Weston-Super-Mare
         Avon BS22 9UQ
         United Kingdom
         Tel: 01934 629 132


ASSESS LIMITED: Appoints Michael Young to Liquidate Assets
----------------------------------------------------------
Michael Young of Vantis was appointed Liquidator of Assess
(U.K.) Limited on Aug. 18 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

    Assess (U.K.) Limited
    62 Station Approach
    South Ruislip
    Ruislip
    Middlesex HA4 6SA
    United Kingdom
    Tel: 020 8842 3335


BARNYARNS LIMITED: Names Joint Liquidators from Begbies Traynor
---------------------------------------------------------------
Bob Sadler and Michael Saville of Begbies Traynor were appointed
Joint Liquidators of Barnyarns Limited on Aug. 10 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Barnyarns Limited
    Canal Wharf
    Bondgate Green
    Ripon
    North Yorkshire HG4 1AQ
    United Kingdom
    Tel: 01765 690 069


BASEMENT LIMITED: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of The Basement Limited confirmed on Aug. 14 the
resolution for voluntary liquidation and the appointment of
Peter Jones and Roderick M. Withinshaw of Royce Peeling Green
Limited as liquidators of the company.

The company can be reached at:

         The Basement Limited
         39 South King Street
         Manchester
         Lancashire M2 6DE
         United Kingdom
         Tel: 0161 834 9155


BBA AUTO: Taps Colin Burke to Liquidate Assets
----------------------------------------------
Colin Burke of Milner Boardman & Partners (formerly BB Auto
Centre Limited) was appointed Liquidator of BBA Auto Centre
Limited on Aug. 15 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    BBA Auto Centre Limited
    203 Liverpool Road
    Cadishead
    Manchester
    Lancashire M44 5XH
    United Kingdom
    Tel: 0161 777 8444


BLUE RIDGE: Calls In Joint Liquidators from Vantis
--------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed Liquidators of Blue Ridge Contractors Limited on
Aug. 16 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Blue Ridge Contractors Limite
    Unit 9
    Lakes Industrial Park
    Lower Chapel Hill
    Braintree
    Essex CM7 3RU
    United Kingdom
    Tel: 01376 349 776


C S ELECTRICAL: Hires Alan S. Bradstock to Liquidate Assets
-----------------------------------------------------------
Alan S. Bradstock of Langley Group LLP was appointed Liquidator
of C S Electrical Wholesale Limited on Aug. 15 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    C S Electrical Wholesale Limited
    Unit 1
    Orchard Business Centre
    Kangley Bridge Road
    London SE265AQ
    United Kingdom
    Tel: 020 8659 2255
    Web: http://www.cselectricalwholesaleltd/


CFG SITE: Appoints Joint Liquidators from Deloitte & Touche
-----------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed Joint Liquidators of CFG
Site Services Limited on Aug. 16 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    CFG Site Services Limited
    Unit 1
    Englehard Industrial Estate
    Valley Road
    Bilson
    Cinderford
    Gloucestershire GL142PB
    United Kingdom
    Tel: 01594 826 364


COLORSCOPE PRINTERS: Names Michael Young Liquidator
---------------------------------------------------
Michael Young of Vantis was appointed Liquidator of Colorscope
Printers Limited on Aug. 15 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Colorscope Printers Limited
    Charlwoods Road
    East Grinstead
    West Sussex RH192HF
    United Kingdom
    Tel: 01342 311 821


COUNTY SUPPLIES: Lloyd Biscoe Leads Liquidation Procedure
---------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
County Supplies (Fresh Produce) Limited on Aug. 9 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    County Supplies (Fresh Produce) Limited
    Unit C 159
    Fruit And Vegetable Market
    New Covent Garden Market
    Wandsworth
    London SW8 5JJ
    United Kingdom
    Tel: 020 7720 3160


CRYOSAFE LIMITED: Joint Liquidators Take Over Operations
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
Joint Liquidators of Cryosafe Limited on Aug. 9 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Cryosafe Limited
    Mk 2 Business Centre
    Barton Road
    Water Eaton Industrial Estate
    Bletchley
    Milton Keynes
    Buckinghamshire MK2 3HU
    United Kingdom
    Tel: 0870 1216063


DOLE FOOD: Supports Recall of Packaged Fresh Spinach Products
-------------------------------------------------------------
Dole Food Company Inc. disclosed that it supports the voluntary
recall issued by Natural Selection Foods LLC of packaged fresh
spinach that Natural Selection Foods produced and packaged with
Best-If-Used-By dates from Aug. 17 through Oct. 1.

These packages were sold under 28 different brand names, one of
which was DOLE(R).  Natural Selection Foods produced and
packaged all spinach items under the DOLE label (with the names
"Spinach," "Baby Spinach" and "Spring Mix").  Dole has no
ownership or other economic interest in Natural Selection Foods.

Consumers should dispose of any DOLE-branded packaged fresh
spinach products stamped with a Best-If-Used-By date of Aug. 17
through Oct. 1 as a precautionary measure in keeping with Dole's
commitment to consumer safety.

The Natural Selection Foods recall and the U.S. Food and Drug
Administration (FDA) statement do not impact any Dole products
other than DOLE Spinach, Baby Spinach and Spring Mix with Best-
If-Used-By dates from Aug. 17 through Oct. 1.  Products that do
not contain spinach are not a part of the Natural Selection
Foods recall.

Dole is committed to assisting the FDA, the California
Department of Health Services and other regulatory agencies in
their investigation and this recall by Natural Selection Foods.

The full text of the Food and Drug Administration statement is
available on-line at:
http://www.fda.gov/bbs/topics/NEWS/2006/NEW01450.html

                      About the Company

Dole Food Company, Inc., with 2004 revenues of US$5.3 billion,
is the world's largest producer and marketer of high-quality
fresh fruit, fresh vegetables and fresh-cut flowers.  Dole
markets a growing line of packaged and frozen foods and is a
produce industry leader in nutrition education and research.

                       *     *     *

As reported in TCR-Europe on Sept. 15, Moody's Investors Service
placed the long-term ratings of Dole Food Company Inc. and the
B1 corporate family rating of its wholly owned subsidiary
Solvest Ltd. under review for possible downgrade.

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


DOLE FOOD: Product Recall Cues S&P to Keep Ratings on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings for
Westlake Village, Calif.-based Dole Food Co. Inc. (B+/Watch
Neg/B-2) remain on CreditWatch with negative implications
following the company's announcement that consumers should
dispose of Dole-branded packaged fresh spinach products stamped
with a Best-If-Used-By date of Aug. 17, through Oct. 1.  The
warning follows an outbreak of E.coli in several states that was
believed to have originated from spinach products.

"The ratings initially were placed on CreditWatch with negative
implications on Aug. 9, following materially weaker-than-
expected financial performance in the first half of fiscal 2006,
which typically represents a substantial portion of cash flow"
said Standard & Poor's credit analyst Alison Sullivan.

On Sept. 15, 2006, a voluntary recall was issued by Natural
Selection Foods LLC of packaged fresh spinach that the company
produced and packaged under 28 different brand names, including
Dole.  All spinach items under the Dole label were produced and
packaged by Natural Selection Foods.

Standard & Poor's will monitor the investigation for further
developments and any impact on future pre-packaged salad sales
or damage to the Dole brand image as part of its resolution of
the CrediWatch listing.

Standard & Poor's will also review Dole's operating and
financial plans with management before resolving the CreditWatch
listing.


EASTERNFACTOR LIMITED: Creditors Ratify Voluntary Liquidation
-------------------------------------------------------------
Creditors of Easternfactor Limited (t/a Zeebra Publishing)
ratified on July 19 the resolution for the company's voluntary
liquidation together with the appointment of Alan H. Tomlinson
of Tomlinsons as Liquidator.

The company can be reached at:

    Easternfactor Limited
    Broadhurst
    Bury Old Road
    Salford M7 4QX
    United Kingdom
    Tel: 0161 688 7777


EDINBURGH CRYSTAL: Creditors' Meeting Slated for September 29
-------------------------------------------------------------
Creditors of The Edinburgh Crystal Glass Company Limited
(Company Number 02531757) will meet at 10:30 a.m. on Sept. 29
at:

         The Point Hotel
         34 Bread Street
         Edinburgh EH3 9AF
         United Kingdom

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

         John C. Reid and Ian Brown
         Joint Administrators
         Deloitte & Touche LLP
         Saltire Court
         20 Castle Terrace
         Edinburgh EH1 2DB
         United Kingdom

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.


ENERGY SOLUTIONS: Appoints Michael Young as Liquidator
------------------------------------------------------
Michael Young of Vantis was appointed Liquidator of Energy
Solutions Limited on Aug. 17 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Energy Solutions Limited
    C6 Hoole Bridge
    Chester Enterprise Centre
    Chester
    Cheshire CH2 3NE
    United Kingdom
    Tel: 01244 346 634


EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director
----------------------------------------------------------------
Eurotunnel Group disclosed the appointment of Michael Schuller,
Eurotunnel's Treasurer since 2002, as Corporate Finance Director
with immediate effect.

Mr. Schuller will continue to report to Claude Lienard, Chief
Financial Officer but will also have responsibility for the
Investor Relations Activities previously handled by Xavier
Clement, who is leaving Eurotunnel to pursue his career
interests elsewhere.

Prior to joining Eurotunnel, Mr. Schuller, 44, had been
Treasurer of One2One and Cable and Wireless in the U.K. and
prior to that, he was a Corporate Dealer for the ANZ Banking
Group in New Zealand.

                       Safeguard Procedure

Eurotunnel obtained on Aug. 2 an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at end of 2006, or at the latest, at
the beginning of 2007.

                       About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


EXBURY NURSERIES: Hires Administrators from Smith & Williamson
--------------------------------------------------------------
Gregory Andrew Palfrey and Kevin James Wilson Weir of Smith and
Williamson Limited were appointed joint administrators of Exbury
Nurseries Limited (Company Number 05157248) on Sept. 6.

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

Exbury Nurseries Limited can be reached at:

         36A Station Road
         New Milton
         Hampshire BH25 6JX
         United Kingdom


FALCON HOUSE: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of Falcon House Limited confirmed on Aug. 14 the
appointment of Nigel Price and Mark Elijah Thomas Bowen as the
company's Joint Liquidators.

The company can be reached at:

    Falcon House Limited
    45 Borestone Crescent
    Stirling
    Stirlingshire FK7 9BQ
    United Kingdom
    Tel: 01786 472 774


FORD MOTOR: Financial Pressures Prompt Moody's to Cut Ratings
-------------------------------------------------------------
Moody's Investors Service lowered Ford Motor Company's corporate
family rating and senior unsecured to B3 from B2, and Ford Motor
Credit Company's senior unsecured to B1 from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

The downgrade of Ford's long-term ratings reflects the intense
pressure the company is facing as a result of the shift in
consumer preference away from trucks and SUVs, and toward more
fuel-efficient vehicles.

Although Ford's recently announced initiative to accelerate its
Way Forward restructuring plan will attempt to address all of
the key risks arising from this shift in demand, Moody's
believes the company's operating performance and cash flow will
be very weak through 2009 even if the execution of the plan is
highly successful.

Moreover, the rating agency anticipates that it will be
challenging for the company to achieve all of the cost, revenue
and pricing objectives contemplated by the plan.  As Ford
attempts the transition toward its new business model, it will
be critical for the company to maintain strong liquidity in
order to cover the considerable cash outflows it will face
during 2006 and 2007.

Bruce Clark, senior vice president with Moody's said, "Ford's
US$23 billion in cash and US$6 billion in committed bank lines
give it a sizable cushion to cover near-term expenditures.
However, the company's historically robust liquidity will be
significantly reduced by these expenditures and could be further
eroded by events such as a slowdown in the U.S. economy, a spike
in oil prices, an escalation in price discounting, or a UAW work
action in 2007.  Consequently, Ford may need to supplement these
resources with asset sales and other strategic alternatives that
are currently being investigated."

Clark went on to note that, "Ford will also have to be
consistently successful in executing each element of this plan
without any major missteps.  If it doesn't remain solidly on
track for reestablishing a viable business model by 2009,
additional restructurings would likely be necessary.  But, by
then the company will have run through much of its liquidity.
Ford really has to get it right this time."

The lowering of the Speculative Grade Liquidity rating to SGL-3
reflects the sizable cash outflow that will result from
operating losses and restructuring charges during the next
twelve months, and the resulting erosion in Ford's liquidity
position.

The negative outlook reflects the considerable challenges that
Ford will face in executing the key elements of its
restructuring plan during the next three years.

It also acknowledges that factors beyond Ford's control could
further undermine the company's financial performance despite
any progress in executing the plan.

These factors include:

   -- a more competitive pricing environment,
   -- rising fuel prices,
   -- continued erosion in its domestic supplier base, or
   -- a slowdown in the U.S. or European economies.

In downgrading Ford Credit's rating, Moody's maintained a two-
notch rating differential from Ford's rating, reflecting Ford
Credit's lower expected loss as well as its extensive business
and financial ties with its parent.

Moody's believes that creditors of Ford Credit would experience
better asset recovery than would creditors of Ford in a default
scenario.  However, heightened uncertainty relating to Ford's
deeper operating challenges and execution risks associated with
its implementation of the Way Forward plan limit the possibility
of a wider notching differential.

Moody's vice president Mark Wasden said, "The negative operating
trends at Ford have increased Ford Credit's stand-alone risk
profile; of particular concern, Ford's longer turnaround horizon
means that Ford Credit's opportunity to access unsecured funding
will be constrained for a longer period of time, to the
detriment of its liquidity profile."

Wasden added that he believes that management is likely to
pursue a number of strategies to bolster overall liquidity,
including greater use of asset securitization.  Higher levels of
securitization, though, could increase asset recovery risks for
unsecured creditors, in that their claims on Ford Credit's
assets are structurally subordinated to those of secured
creditors, which risk is included in the rating.

The rating also incorporates Moody's expectation that Ford
Credit's operating results are expected to be pressured by lower
origination volumes and asset levels and narrower interest
margins.  These challenges notwithstanding, Moody's believes
Ford Credit's stand-alone profile is modestly stronger than its
current debt rating would indicate.

"Ford's assertion that it intends to maintain control of Ford
Credit means that Ford Credit's profile continues to be subject
to the direction and oversight provided by Ford, which links
Ford Credit's ratings with Ford's," said Wasden.

The major elements of Ford's accelerated restructuring plan
include:

   -- reducing hourly employment levels by 25,000 to 30,000
workers and thereby achieving 100% manned capacity
utilization by 2008;

   -- lowering operating costs by US$5 billion;

   -- increasing the product renewal rate in North American from
an originally planned level of approximately 55% to 70%
during the next two and a half years; and

   -- maintaining US market share at 14% to 15% despite the
discontinuance of the high volume Taurus and Freestar
lines.

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.  Ford Motor
Credit Company, also headquartered in Dearborn, Michigan, is the
world's largest auto finance company.


FORD MOTOR: Financial Woes Spurs S&P to Lower Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Ford Motor Co., Ford Motor Credit
Co. and all related units -- except FCE Bank PLC -- to 'B' from
'B+' and its short-term ratings on these entities to 'B-3' from
'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.

All ratings are removed from CreditWatch with negative
implications, where they were placed Aug. 18, following Ford's
announcement of a dramatic cut in light truck production for the
fourth quarter.  The outlook is negative.

Ford Motor's consolidated debt outstanding totaled US$153
billion at June 30, 2006.

"The downgrade reflects the seemingly relentless deterioration
in Ford's North American automotive operations, which are now
expected to remain unprofitable until at least 2009," said
Standard & Poor's credit analyst Robert Schulz.

The array of challenges that have plagued Ford in recent years -
- market share erosion, adverse product mix trends, and high
dealer inventories and raw material costs -- have continued to
worsen in 2006 or even accelerate, leading to a higher than
anticipated use of cash since we last lowered Ford's ratings in
June.

Standard & Poor's expects that 2007 will also be a challenging
year for cash usage.  The recent announcements of an expanded
cost reduction program in North America, while important, cannot
be expected to gain much real traction until 2007, and the cash
costs of headcount reduction will mostly occur in 2007.

Of particular concern has been the dramatic falloff in the full-
size pickup truck market in recent months after the segment held
up well through the first quarter of this year.

Ford's F-series pickups, which represent one-third of Ford-brand
sales and a far greater share of profitability, were down 13%
through the first eight months of the year, although last
summer's volumes were abnormally boosted by the employee
discount program.

The decline in sports-utility vehicle (SUV) sales began much
earlier, but has hit Ford particularly hard in 2006, with sales
of the Expedition and Explorer both down more than 30% this year
through August.

In the first eight months of 2006, Ford sold nearly a quarter
million fewer pickups and SUVs than a year ago, a 17% drop.  As
consumers have shifted into more fuel-efficient vehicles, Ford's
ratio of light truck to overall vehicle sales fell to 62% from
67% in the year-earlier period.  This mix shift has a greatly
magnified impact on Ford's bottom line because of the smaller
vehicles' lower margins, and is unlikely to reverse.

The rating outlook on Ford is negative.  Concerns include Ford's
increasingly negative cash flow in its North American automotive
operations.  The ratings could be lowered if further setbacks,
whether industry related or Ford specific, were to increase the
use of cash, delay cash savings from the latest cost-cutting and
restructuring efforts, or constrict liquidity.

Also, if Ford Motor eventually chooses to replace its unsecured
bank facilities with secured financings, the rating for Ford's
senior unsecured debt would likely be lowered up to two notches
below the corporate credit rating.  Ford would need to reverse
its current financial and operational trends, and sustain such a
reversal, before we would revise its outlook to stable.


FORD MOTOR: S&P Cuts Ford-Related U.S. ABS Synthetic Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 10
U.S. single-issue synthetic ABS transactions related to Ford
Motor Co. and Ford Motor Credit Co. and removed them from
CreditWatch, where they were placed with negative implications
Aug. 21.

The Sept. 19 downgrade of the ratings on Ford and its related
entities and their subsequent removal from CreditWatch negative
does not have any immediate rating impact on the Ford-related
ABS supported by collateral pools of consumer auto loans or auto
wholesale loans.

Each of the securitizations with ratings lowered and removed
from CreditWatch is weak-linked to the long-term corporate
credit, senior unsecured debt, or preferred stock ratings on
Ford or Ford Credit.  Either Ford or Ford Credit provides the
underlying collateral or referenced obligations in the affected
securitizations, as indicated in the list below.

The Sept. 19 downgrades of Ford, Ford Credit, and all related
entities and the removal of the ratings from CreditWatch reflect
the seemingly relentless deterioration in Ford's North American
automotive operations, which are now expected to remain
unprofitable until at least 2009.

    Ratings Lowered and Removed From CreditWatch Negative

                   Rating
                   ------

         Class    To   From            Role
         -----    --   ----            ----

   * Corporate Backed Trust Certificates Ford Motor Co.
      Debenture-Backed Series 2001-36 Trust

         A-1      B    B+/Watch Neg    Underlying collateral
         A-2      B    B+/Watch Neg    Underlying collateral

   * Corporate Backed Trust Certificates, Ford Motor Co.
     Note-Backed Series 2003-6 Trust

         A-1      B    B+/Watch Neg    Underlying collateral

   * CorTS Trust for Ford Debentures

         Certs    B     B+/Watch Neg   Underlying collateral

   * CorTS Trust II for Ford Notes

         Certs    B    B+/Watch Neg    Underlying collateral

   * Freedom Certificates US Autos Series 2004-1 Trust

         Certs    B    B+/Watch Neg    Underlying collateral

   * PPLUS Trust Series FMC-1

         Certs    B    B+/Watch Neg    Underlying collateral

   * PreferredPLUS Trust Series FRD-1

         Certs    B    B+/Watch Neg    Underlying collateral

   * SATURNS Trust No. 2003-5

         Units    B    B+/Watch Neg    Underlying collateral

   * Trust Certificates (TRUCs) Series 2002-1 Trust

         A-1     B    B+/Watch Neg     Underlying collateral

   * STEERS Credit-Backed Trust Series 2002-3 F

        Certs    CCC   CCC+/Watch Neg  Referenced obligation


FT CONTACT: Taps DTE Leonard as Joint Administrators
----------------------------------------------------
A. Clifton and P. D. Masters of DTE Leonard Curtis were
appointed joint administrators of FT Contact Centres Limited
(Company Number 5077400) on March 2.

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

Headquartered in Birmingham, United Kingdom, FT Contact Centres
Limited is engaged in telecommunications.


GAZZA PRODUCTS: Names Joint Liquidators from Begbies Traynor
------------------------------------------------------------
Ian Michael Rose and Robert Michael Young of Begbies Traynor
were appointed Joint Liquidators of Gazza Products Limited on
July 13 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Gazza Products Limited
    Unit 8
    Glenmore Business Centre
    Witney
    Oxfordshire OX290AA
    United Kingdom
    Tel: 01993 700 665
    Web:  http://www.gazzaproducts.co.uk/
         http://www.snugpak.com/


JUST RECYCLING: Brings In BDO Stoy to Administer Assets
-------------------------------------------------------
Charles C. S. Macmillan and Toby S. Underwood of BDO Stoy
Hayward LLP were appointed joint administrators of Just
Recycling Group Limited (formerly Just Recycling Limited)
(Company Number 04152018) on Sept. 1.

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

Headquartered in Leeds, United Kingdom, Just Recycling Group
Limited recycles non-metal waste and scrap.


HALLSTRONG ESTATES: Nominates Liquidator from Cooper Young
----------------------------------------------------------
Zafar Iqbal of Cooper Young was nominated Liquidator of
Hallstrong Estates Ltd. (formerly t/a The Connaught Hotel)
on July 20 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Hallstrong Estates Ltd.
    30 West Hill Road
    Bournemouth BH2 5PH
    United Kingdom
    Tel: 01202 298 020
    Web:  http://adverts.coachdirect.co.uk/
         http://hotels.uk.com/
         http://www.bw-theconnaughthotel.co.uk/
         http://www.gbstay.co.uk/
         http://www.mediaresourcecontacts.com/
         http://www.savoyandover.co.uk/
         http://www.uk-travelodge.co.uk/


HAMPSHIRE & SOLENT: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------------
Creditors of Hampshire & Solent Learning Hub confirmed on Aug. 9
the appointment of Kevin James Wilson Weir and Gregory Andrew
Palfrey of Smith & Williamson Limited as the company's Joint
Liquidators.

The company can be reached at:

    Hampshire & Solent Learning Hub
    Carnac Lodge
    Carnac Court
    Cams Hall Estate
    Fareham
    Hampshire PO168UJ
    United Kingdom
    Tel: 01329 239 933


HANLYN ENGINEERING: Appoints Till Morris as Administrator
---------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was
appointed administrator of Hanlyn Engineering Services Limited
(Company Number 01666839) on Sept. 6.

The administrator can be reached at:

         The Till Morris Partnership
         2 Church St.
         Warwick
         Warwickshire CV34 4AB
         United Kingdom
         Tel: 01926 497722

Headquartered in Solihull, United Kingdom, Hanlyn Engineering
Services Limited is engaged in general construction and civil
engineering, other special trades construction, manufacturing of
fabricated metal products, and manufacturing of metal structures
and parts.


HAWKESBURY GOLF: Brings In M. T. Coyne to Liquidate Assets
----------------------------------------------------------
M. T. Coyne of Poppleton & Appleby was appointed Liquidator of
Hawkesbury Golf Centre Limited on July 19 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Hawkesbury Golf Centre Limited
    Black Horse Road
    Longford
    Warwickshire CB6 6HG
    United Kingdom
    Tel: 024 7636 0580


JANET REGER: Calls In Liquidator from David Rubin & Partners
------------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Janet Reger International Limited on Aug. 15 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Janet Reger International Limited
    2 Beauchamp Place
    Kensington And Chelsea
    London SW3 1NG
    United Kingdom
    Tel: 020 7584 9360


JUST TAXIS: Nominates Joint Liquidators from Abbott Fielding
------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Just Taxis Limited on July 20 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Just Taxis Limited
    10 Manor Trading Estate
    Parsons Road
    Benfleet
    Essex SS7 4PY
    United Kingdom
    Tel: 01268 754 336
    Web:  http://www.justtaxis.com/


KENBAR ELECTRICAL: Appoints Peter Anthony Jackson as Liquidator
---------------------------------------------------------------
Peter Anthony Jackson of Jackson Gregory & Co. was appointed
Liquidator of Kenbar Electrical Engineers and Contractors
Limited on July 13 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    Kenbar Electrical Engineers and Contractors Limited
    Cheethams Mill
    Park Street
    Stalybridge
    Cheshire SK152BT
    United Kingdom
    Tel: 0161 303 7715


LEEDS ENVIRONMENTAL: Hires Administrators from BDO Stoy
-------------------------------------------------------
Charles C. S. Macmillan and Toby S. Underwood of BDO Stoy
Hayward LLP were appointed joint administrators of Leeds
Environmental Organisation Ltd. (Company Number 03272456) on
Sept. 1.

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

Headquartered in Leeds, United Kingdom, Leeds Environmental
Organisation Ltd. is engaged in waste transfer and recycling.


LIGHT ENGINE: Calls In Liquidator from ThorntonRones
----------------------------------------------------
Richard Rones of ThorntonRones was appointed Liquidator of Light
Engine Lighting Limited on Aug. 10 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Light Engine Lighting Limited
    7-9 Springwood Industrial Estate
    Warner Drive
         Braintree
    Essex CM7 2YW
    United Kingdom
    Tel: 0845 451 5100
    Web:  http://www.lightengine.co.uk/


LTC SVA: Hires Julie Anne Palmer to Liquidate Assets
----------------------------------------------------
Julie Anne Palmer of Begbies Traynor was appointed Liquidator of
LTC SVA Limited (formerly Aerial Engineering Limited) on July 19
for the creditors' voluntary winding-up procedure.

The company can be reached at:

    LTC SVA Limited
    Rimrose Business Park
    Liverpool Intermodal Freeport Terminal
    Bootle
    Merseyside L20 1HA
    United Kingdom
    Tel: 0151 933 3420


LVA LIMITED: Brings In Keith Barry Stout to Liquidate Assets
------------------------------------------------------------
Keith Barry Stout of KSA was appointed Liquidator of LVA (U.K.)
Limited on Aug. 9 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    LVA (U.K.) Limited
    Dexion House
    2 Empire Way
    Wembley
    Middlesex HA9 0EP
    United Kingdom
    Tel: 020 8795 2970


MONITOR RISK: Claims Filing Period Ends Sept. 30
------------------------------------------------
Creditors of Monitor Risk Management Limited (formerly Fire &
Safety Solutions Limited) have until Sept. 30 to send in writing
their names and addresses and the particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to appointed Joint Liquidators Richard I. B. Jones and
Melanie Reevel Giles of JonesGiles at:

    Richard I. B. Jones and Melanie Reevel Giles
    JonesGiles
    8 Williams Court
    Trade Street
    Cardiff CF10 5DQ
    United Kingdom

The company can be reached at:

    Monitor Risk Management Limited
    Maerdy Road
    Maerdy Industrial Estate
    Ferndale
    Mid Glamorgan CF43 4AB
    United Kingdom
    Tel: 01443 757676


NEXCOM SYSTEMS: Taps Liquidator from Sharma & Co.
-------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of
Nexcom Systems Limited on Aug. 9 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Nexcom Systems Limited
    Quedgeley Enterprise Ctr
    Naas Lane
    Quedgeley
    Gloucester GL2 2SA
    United Kingdom
    Tel: 01452 883 777


OXFORDSHIRE CO-OPERATIVE: Taps Critchleys as Administrators
-----------------------------------------------------------
Anthony John Harris and Susan Margaret Roscoe of Critchleys were
appointed joint administrators of Oxfordshire Co-operative
Development Agency Ltd. (Company Number 02050287) on Sept. 6

Critchleys -- http://www.critchleys.co.uk/-- is a leading
independent firm of chartered accountants. We work in
partnership with businesses and individuals to help them achieve
their objectives.

Headquartered in Oxford, United Kingdom, Oxfordshire Co-
operative Development Agency Ltd. provides construction
training.


PANAFIX LIMITED: Hires Michael C. Kienlen as Liquidator
-------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed Liquidator
of Panafix Limited on Aug. 10 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Panafix Limited
    Calian
    Chester Road
    Oakenholt
    Flint
    Clwyd CH6 5ED
    United Kingdom
    Tel: 01352 735 459


PC CASUALTY: Claire L. Dwyer Leads Liquidation Procedure
--------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of PC Casualty Limited on July 18 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    PC Casualty Limited
    Bushbury House
    435 Wilmslow Road
    Manchester M20 4AF
    United Kingdom
    Tel: 0161 273 5522


PREFERRED PACKAGING: Liquidator Sets Sept. 29 Claims Bar Date
-------------------------------------------------------------
Creditors of Preferred Packaging Services Limited have until
Sept. 29 to send their names and addresses and particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator David Hill of
Begbies Traynor at:

    David Hill
    Begbies Traynor
    5th Floor
    Riverside House
    31 Cathedral Road
    Cardiff CF11 9HB
    United Kingdom

The company can be reached at:

    Preferred Packaging Services Limited
    Unit 16
    Kenfig Industrial Estate
    Margam
    Port Talbot
    West Glamorgan SA132PE
    United Kingdom
    Tel: 01656 742 777


PREMIER BRICKWORK: Appoints Sabia Sahota as Liquidator
------------------------------------------------------
Sabia Sahota of BBK Partnership was appointed Liquidator of
Premier Brickwork Contractors Limited on July 19 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Premier Brickwork Contractors Limited
    40 Howard Business Park
    Howard Close
    Waltham Abbey
    Essex EN9 1XE
    United Kingdom
    Tel: 01992 769700


PRESSFORD LIMITED: Taps Kikis Kallis to Liquidate Assets
--------------------------------------------------------
Kikis Kallis was appointed Liquidator of Pressford Limited (t/a
Gina Fashion) on July 20 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    Pressford Limited
    2nd Floor Vulcan Wks
    Pollard Street
    Manchester M4 7AN
    United Kingdom
    Tel: 0161 274 3415


PUBLIC HOUSE: Brings In Begbies Traynor to Administer Assets
------------------------------------------------------------
Michael E. G. Saville and Rob Sadler of Begbies Traynor were
appointed joint administrators of Public House Management
Services Limited (Company Number 04810839) on Sept. 6.

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

Public House Management Services Limited can be reached at:

         135 Askew Avenue
         Hull HU4 6NH
         United Kingdom


RANK GROUP: Repurchases 875,000 Shares for Cancellation
-------------------------------------------------------
The Rank Group Plc bought back 875,000 ordinary shares of 10
pence in the Company on Sept. 19 for cancellation at an average
price of 235.4357pence per share.

                        About Rank Group

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                      *    *    *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


REFCO INC: Ad Hoc Equity Panel Balks at Excl. Period Extension
--------------------------------------------------------------
Refco Inc., and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend, for an
additional 95 days, the periods for them to:

   -- exclusively file a Chapter 11 plan through and including
      December 5, 2006; and

   -- solicit acceptances of that plan until February 3, 2007,

without prejudice to the Debtors' right to seek further
extensions of the Exclusive Periods, the Troubled Company
Reporter reported on Sept 8, 2006.

                Ad Hoc Equity Panel Objects

The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
wants any request for extension of exclusivity as to Refco,
Inc., and New Refco Group Ltd., LLC, denied because the Debtors
have failed to meet their burden to demonstrate cause for an
exclusivity extension for those two entities.

Extending exclusivity will hold parent equity hostage to a
process that seems geared at forcing Refco and New Refco to
surrender to the global plan apparently being negotiated without
any input from the Ad Hoc Equity Committee, Paul N. Silverstein,
Esq., at Andrews Kurth, LLP, in New York, explains.

Mr. Silverstein relates that the Debtors have refused to include
the Ad Hoc Equity Committee in ongoing plan negotiations,
despite the fact that the Ad Hoc Equity Committee represents
legitimate stakeholders of Refco and New Refco, and constitutes
the only group at those levels not hopelessly conflicted.

"Rather than extending exclusivity, cause exists to reduce the
exclusive periods so that parent equity may propose a Chapter 11
plan that would appoint a much-needed sole fiduciary for Refco
and New Refco," Mr. Silverstein contends.

The Ad Hoc Equity Committee has repeatedly asked the Debtors for
their analysis of claims filed against Refco and New Refco, Mr.
Silverstein tells Judge Drain.  To date, the Debtors have
provided only summaries of claims registers, with no analysis.

The registers, Mr. Silverstein points out, demonstrate a filing
frenzy by lower level creditors who have improperly filed over
$5,000,000,000 worth of false and duplicative claims against
Refco and New Refco, entities that each owe creditors no more
than $16,000,000 according to the Debtors' amended -- and
presumably studied and verified -- schedules and the master
intercompany proof of claim.

The Ad Hoc Equity Committee suspects that a plan is being
formulated that will withdraw the disputed, duplicative claims
at the lower levels, where the debt -- represented by the
creditor's committee -- exists, to allow a speedy distribution
at that level.  "These are not fiduciaries to Refco and New
Refco at work here," Mr. Silverstein says.

The Ad Hoc Equity Committee consists of JMB Capital Partners,
LP; Lonestar Capital Management, LLC; Mason Capital Management;
Smith Management LLC; and Triage Management LLC.

                          *     *     *

The Court adjourns the hearing to consider the Debtors' request
until October 5, 2006, at 10:00 a.m.

In the interim, the Debtors' exclusive period to file a
reorganization plan is extended until the Court rules on the
Extension Motion.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Has Until December 12 to Remove State Court Actions
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extend, until Dec. 12, 2006, the period within which Refco Inc.,
and its debtor-affiliates may file notices of removal with
respect to actions, pursuant to Bankruptcy Rule 9006(b).

As reported in the Troubled Company Reporter on Sept. 8, 2006,
the Debtors told the Court that when they filed for bankruptcy,
they were plaintiffs in 37 actions and proceedings in a variety
of state and federal courts throughout the country.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, related that neither the Debtors nor
Refco Capital Markets, Ltd., has reviewed all the Actions to
determine whether any of those should be removed under Rule
9027(a)(2) of the Federal Rules of Bankruptcy Procedure because
the Debtors have continued to focus primarily on winding down
their businesses and formulating a global resolution of their
cases.

Ms. Henry asserted that the extension of the Removal Period will
afford the Debtors sufficient opportunity to assess whether the
Actions can and should be removed, hence, protecting their
valuable right to adjudicate lawsuits under Section 1452 of the
Judiciary and Judicial Procedure Code.

Until the Debtors have had a sufficient time to develop a
consensual plan of reorganization in their cases, it would be
premature to allow the Removal Period to lapse, as the plan
formation process may well impact the Debtors' decisions
regarding the removal of the Actions, Ms. Henry insists.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ROTORTECH LIMITED: Bank of Scotland Appoints PwC as Receivers
-------------------------------------------------------------
The Bank of Scotland appointed Stephen Mark Oldfield and Robert
Jonathan Hunt of PricewaterhouseCoopers LLP joint administrative
receivers of Rotortech Limited (Company Number 00989737) on
Sept. 6.

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

Headquartered in Cambridge, United Kingdom, Rotortech Limited
manufactures aircraft & spacecraft, aircraft engines and engine
parts, and engineering services.


RUBYSTAR LIMITED: Calls In Liquidator from Sharma & Co.
-------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of
Rubystar Limited on Aug. 9 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

    Rubystar Limited
    229 Castlereagh Road
    Belfast
    County Antrim BT5 5FH
    United Kingdom
    Tel: 028 9046 1226


SANMINA-SCI: Majority of Noteholders Grant Waiver Consents
----------------------------------------------------------
Sanmina-SCI Corp. disclosed that holders of a majority of the
outstanding aggregate principal amount of:

   -- its 6-3/4% Senior Subordinated Notes due 2013, and
   -- its 8.125% Senior Subordinated Notes due 2016

had submitted and not revoked letters of consent and that the
consent solicitation period has expired.

The waiver for each series of notes will become effective
following the payment of the applicable consent fee to each
consenting holder of such series of notes.

As previously reported in TCR-Europe on Aug. 25, Sanmina SCI- is
soliciting consents from the holders of the US$400 million
aggregate outstanding principal amount of its 6-3/4% Senior
Subordinated Notes due 2013 and the holders of the US$600
million aggregate outstanding principal amount of its 8.125%
Senior Subordinated Notes due 2016.

The Company is requesting a waiver, until Dec. 14, 2006, of any
default or event of default that may arise by virtue of the
Company's failure to file with the Securities and Exchange
Commission and furnish to the trustee and holders of notes,
certain reports required to be filed by the Company under the
Securities Exchange Act of 1934, as amended.

Headquartered in San Jose, California, Sanmina-SCI Corporation
is one of the largest electronics contract manufacturing
services companies providing a full spectrum of integrated,
value added solutions.  In Europe, the company has operations in
Finland, France, Ireland, Germany, Sweden, Hungary, and Spain.

                        *     *     *

As reported in TCR-Europe on Aug. 28, Fitch Ratings downgraded
Sanmina-SCI Corp.:

   -- Issuer Default Rating to 'B+' from 'BB-'

Fitch also placed Sanmina's IDR, as well as these ratings, on
Rating Watch Negative:

   -- Senior subordinated debt 'B+'
   -- First lien senior secured credit facility 'BB+'.


SANMINA-SCI CORP: S&P Keeps BB- Ratings on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit and other ratings on San Jose, Calif.-based Sanmina-SCI
Corp remain on CreditWatch with negative implications, where
they were placed on Aug. 14, following the receipt of various
consents from most of its bondholders and other creditors.

Amended cure periods or waivers for filing financial statements
expire between Oct. 10 and Dec. 14.

"Based on the company's liquidity and overall financial profile,
ratings are not affected at this time by cure periods that
expire in October for some of its credit facilities," said
Standard & Poor's credit analyst Lucy Patricola.

The ratings could be lowered to the 'CCC' category if financial
statements are not filed and credit facilities with cure periods
that expire in October are not refinanced or further extended,
reflecting heightened concerns of debt acceleration.  Ratings
could also be lowered if statements are not filed by the
conclusion of the December cure period.

Standard & Poor's will continue to monitor the stock option
review to assess whether any potential material restatements,
further investigation, or additional involvement of the SEC or
other judicial authorities has an impact on the rating.


SEARLE DISTRIBUTION: Hires Administrators from Grant Thornton
-------------------------------------------------------------
Ian S. Carr and Anthony N. Flynn of Grant Thornton U.K. LLP were
appointed joint administrators of Searle Distribution Limited
(Company Number 03654020) on Sept. 1.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Searle Distribution Limited can be reached at:

         Telford Way
         Wakefield 41 Industrial Estate
         Wakefield
         West Yorkshire WF2 0XW
         United Kingdom
         Tel: 01394 676 446


SCHMAUCH PROCON: Taps Liquidators from Begbies Traynor
------------------------------------------------------
Ian Michael Rose and Robert Michael Young of Begbies Traynor
were appointed Joint Liquidators of Schmauch Procon Limited on
July 13 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Schmauch Procon Limited
    23 Catkins Close
    Faringdon
    Oxfordshire SN7 7FA
    United Kingdom
    Tel: 01367 241 398


SIANN COATINGS: Names Joint Liquidators to Wind Up Business
-----------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Siann Coatings
Limited (formerly Sian Limited) on July 20 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Siann Coatings Limited
    Unit4
    Aneal Business Centre
    Cross Green Industrial Park
    Leeds LS9 0SG
    United Kingdom
    Tel: 0113 249 7100


SOFTBANK CORP: Capital Deterioration Spurs S&P to Affirm Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Softbank
Corp. excluding its euro-denominated senior unsecured notes due
2011.

At the same time, the ratings were removed from CreditWatch,
where they were placed on March 6, following the announcement of
the company's acquisition of Vodafone K.K., a Japanese
subsidiary of Vodafone Group PLC.

Softbank's capital structure is deteriorating due to the
increased debt burden as a result of the acquisition.  However,
Standard & Poor's believes that the company's improving earnings
will make further deterioration less likely.  The outlook on the
ratings on Softbank is stable.

At the same time, Standard & Poor's said that its 'BB-' rating
on Softbank's EUR400 million euro-denominated senior unsecured
notes due March 15, 2011, remains on CreditWatch with positive
implications, as Standard & Poor's has not fully confirmed the
effectiveness of the legal structuring of the legal defeasance.

In April 2006, Softbank acquired 99.54% of the outstanding
shares of Vodafone K.K., which became a wholly owned subsidiary
in August.  The name of Vodafone K.K. is scheduled to change to
Softbank Mobile Co. Ltd. on Oct. 1.  The acquisition price was
JPY1,690 billion, which was funded primarily through JPY1,166
billion in bridge financing from 17 financial institutions.

As a result, Softbank's consolidated net debt ratio deteriorated
to 77% as of June 30, 2006, from 57% at March 2006 and 68% at
March 2005.  By around the end of this month, Softbank is likely
to decide on a plan to refinance the bridge loans into long-term
financing.  Given its relationship with the lender financial
institutions and its latent profits on securities, refinancing
and liquidity risks should be limited.

On the other hand, Softbank's consolidated operating profit
recovered in the second quarter of fiscal 2005 (July through
September 2005), as its broadband infrastructure business,
specifically Asymmetric Digital Subscriber Lines services,
turned a profit.

Fixed-line communications, which had posted deficits since the
acquisition of Japan Telecom Co. in 2004, also became profitable
from the fourth quarter of fiscal 2005 (January through March
2006), backed by restructuring of its marketing strategy.

Softbank's aggressive investments to enhance its mobile
communications network are likely to drag on earnings in the
near term.  Its overall earnings, however, are improving and
should lower the chances of further deterioration in its capital
structure.

The acquisition of Vodafone K.K. turned Softbank into a
comprehensive telecom service provider offering a wide range of
fixed-line, mobile, and Internet-related services.  However,
Vodafone K.K. suffers from a weaker business franchise in Japan
than NTT Docomo Inc. and KDDI Corp.  Its market share is far
below that of the top two service providers, its churn rate is
higher, and its average revenue per user is lower.

In order to achieve synergy effects, Softbank needs to rapidly
strengthen its mobile communications business while dealing with
its increased debt burden, and the prospect of achieving these
goals remains uncertain.  Nevertheless, Softbank's business
profile in the Internet-related field and its strengths in the
content business, such as its Yahoo! Japan portal, are likely to
serve as competitive advantages, as content delivery is expected
to become more important for the mobile phone companies in
Japan.

Following the introduction of mobile phone number portability on
Oct. 24, 2006, churn rates are expected to increase.  However,
Standard & Poor's believes that a significant shift in market
shares among operators is not very likely.


SOONEST EXPRESS: Brings In Anthony David Kent as Liquidator
-----------------------------------------------------------
Anthony David Kent of Maidment was appointed liquidator of
Soonest Express (U.K.) Limited on Aug. 15 for the purposes of
creditors' voluntary liquidation.

The company can be reached at:

         Soonest Express (U.K.) Limited
         655 River Gardens
         Feltham
         Middlesex TW14 0RB
         United Kingdom
         Tel: 020 8893 1991


STAGE 2: Brings In Mark Reynolds to Liquidate Assets
----------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Stage 2 (The Agency) Limited on Aug. 16 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Stage 2 (The Agency) Limited
    1 Castle Yard
    Richmond
    Surrey TW106TF
    United Kingdom
    Tel: 020 8939 2211
    Web: http://www.stage-2.co.uk/


T.W. DRIVER: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of T.W. Driver Hire Limited confirmed on Aug. 16 the
resolution for voluntary liquidation and the appointment of
Anthony Saxton of Elwell Watchorn & Saxton LLP as liquidator of
the company.

The company can be reached at:

         T.W. Driver Hire Limited
         46 Potton Road
         St. Neots
         Cambridgeshire PE19 2NP
         United Kingdom
         Tel: 01480 218 906


TEDDYFONE LIMITED: Brings In Kingston Smith as Administrators
-------------------------------------------------------------
Ian Robert and Nicholas John Miller of Kingston Smith & Partners
LLP were appointed joint administrators of Teddyfone Limited
(Company Number 05490037) on Sept. 7.

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, Teddyfone Limited
retails electrical goods.


VIEW BASED: Taps O'Hara & Co. to Liquidate Assets
-------------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co. were appointed
liquidators of View Based Systems Limited on Aug. 15 for the
purposes of creditors voluntary winding-up procedure.

The company can be reached at:

         View Based Systems Limited
         3-4 Angel Studios
         Yorkshire Technology & Office Park
         Armitage Bridge
         Huddersfield
         West Yorkshire HD4 7NR
         United Kingdom
         Tel: 01484 344160


VOICEWORKS DATA: Hires Mazars LLP as Liquidator
-----------------------------------------------
Martin Pickard of Mazars LLP was named liquidator of Voiceworks
Data Solutions Limited on Aug. 11 for the creditors' voluntary
winding-up proceedings.

The company can be reached at:

         Voiceworks Data Solutions Limited
         Unit 4 Urban Hive
         Luton Enterprise Park
         Sundon Park Road
         Luton
         Bedfordshire LU3 3GU
         United Kingdom
         Tel: 01582 576 360
         Web: http://www.voicework-data.com/


WALLPAPERLAND LIMITED: Appoints A. Poxon to Liquidate Assets
------------------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed Liquidator of
Wallpaperland Limited on Aug. 18 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Wallpaperland Limited
    5-11
    Cheetham Hill Road
    Manchester
    Lancashire M4 4FY
    United Kingdom
    Tel: 0161 834 0367


WEST RIDING: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of West Riding Crushing Services Limited confirmed on
Aug. 1 the resolutions for the company's voluntary liquidation
and the appointment of John Russell and Allan Cooper as
Liquidators.

The company can be reached at:

    West Riding Crushing Services Limited
    Holme Lane
    Tong
    Bradford
    West Yorkshire BD4 0RJ
    United Kingdom
    Tel: 01274 687 852


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Group - "Conversations in Networking"
         Dave & Buster's, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

September 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Workshop With US
      Bankruptcy Judges Hale, Nelms and Lynn
         Belo Mansion - The Pavilion, Dallas, TX
            Contact: http://www.turnaround.org/

September 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting "From Crisis to Close"
         Oxford Hotel Grand Ballroom, Denver, CO
            Contact: http://www.turnaround.org/

September 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Pat Marso: Recipient of the 2005 International Turnaround
      of the Year Award
         Solera, Minneapolis, MN
            Contact: http://www.turnaround.org/

September 24, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring the Troubled High Tech Company
         Arizona
            Contact: http://www.turnaround.org/

September 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual Turnaround Tee-off Golf Tournament &
      Fundraiser
         Green Valley Country Club, Lafayette Hill, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

September 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Carolinas Membership Luncheon featuring a presentation by
      James Porter of Mesirow Financial
         City Club, Charlotte, NC
            Contact: 704-319-2288 or http://www.turnaround.org/

September 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Carolinas Membership Luncheon - Overseas Insolvency and
      the Carolinas
         City Club, Charlotte, NC
            Contact: http://www.turnaround.org/

September 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

September 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Supply Chain Finance: New tools for structuring
      and financing trade by proactively mitigating risks
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

September 26-27, 2006
   EUROMONEY
      Asia Pacific High Yield Debt Summit
         JW Marriott Hotel, Hong Kong
            Contact: http://www.euromoneyplc.com/

September 27, 2006
   BEARD AUDIO CONFERENCES
      Year One of BAPCPA: Lessons Learned and Outlook
         A Look at the Business Provisions One Year Later
            Contact: 240-629-3300
            Or http://www.beardaudioconferences.com/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Education Program with NYIC Joint Reception
         CFA/RMA/IWIRC
         Woodbridge Hilton, Iselin, NJ
            Contact: http://www.turnaround.org/

September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Cross Border Business Restructuring and
         Turnaround Conference
         Banff, Alberta
            Contact: http://www.turnaround.org/

September 27, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      New York Luncheon - Pension Panel Program
      Harmonie Club, New York, NY
           Contact: 541-58-1665 or http://www.airacira.org/


September 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA/IWIRC-NEON Panel Presentation "The Effect of Hedge
      Funds on the Economy"
         Lockkeepers, Valley View, OH
            Contact: http://www.turnaround.org/

September 27, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      Luncheon - Pension Panel Program
         Harmonie Club, New York, NY
            Contact: http://www.airacira.org/

September 28, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      West Coast Plan of Reorganization Conference
         The Olympic Collection Banquet, Los Angeles, CA
            Contact: http://www.airacira.org/

September 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Quarterly Networking Luncheon
         East Bank Club, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

October 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Organization of Women Networking Event/
      Fundraiser
         TBD, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

October 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Golf Outing
         Fox Chapel Golf Club, Pittsburgh, PA
            Contact: 412-644-8794 or http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Panel & Breakfast Meeting: Financial Fraud
         Center Club, Baltimore, MD
            Contact: http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Negotiations Workshop
         Standard Club, Chicago, IL
            Contact: http://www.turnaround.org/

October 6, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2006: Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http;//www.abiworld.org/

October 10, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Center Club, Baltimore, Maryland
            Contact: 703-912-3309 or http://www.turnaround.org/

October 11, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 11-14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      2006 Annual Conference
         Milleridge Cottage, Long Island, New York
            Contact: 312-578-6900; http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA of Nevada's 1st Breakfast Meeting
         The A,B,C's of Valuing and Selling a Business
            Palace Station, Las Vegas, NV
               Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA U.K.  Annual Conference
         Millennium Gloucester Hotel, London, U.K.
            Contact: http://www.turnaround.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, U.K.
            Contact: http://www.euromoneyplc.com/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

                         *********

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

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

                         *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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