TCREUR_Public/060922.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 22, 2006, Vol. 7, No. 189      

                            Headlines


A U S T R I A

CHRISTIAN STURM: Eisenstadt Court Shuts Down Business
CINADR: Korneuburg Court Orders Closing of Business
DALIBOR KNEZEVIC: Creditors' Meeting Slated for October 16
GABRAIL: Property Manager Declares Insufficient Assets
GAE LEBENSMITTEL: Creditors' Meeting Slated for October 11

KOMBITHERM: Creditors' Meeting Slated for October 16
MOLAND: Property Manager Declares Insufficient Assets
STA: Property Manager Declares Insufficient Assets
STYROPLAN OHLER: Wels Court Orders Closing of Business
VAMA: Claims Registration Period Ends October 10


B E L G I U M

MILACRON CORP: Contributes US$30 Million to Pension Obligation


B U L G A R I A

BULGARIAN POST: Fitch Keeps Individual C/D Rating
UNITED BULGARIAN: Fitch Keeps Individual Rating at C/D


F I N L A N D

METSO CORP: Paper Unit to Supply Tissue Line to Fujian HengAn
METSO CORP: To Strengthen Aftermarket Business in Sweden


F R A N C E

ALCATEL SA: Moody's Expects to End Review for Lucent Merger
NOVASAUR S.A.S: Solid Performance Cues Moody's to Change Outlook


G E R M A N Y

AKANTHUS BAU: Creditors' Meeting Slated for October 4
ARCHITEKT DR. BRUNO: Claims Registration Ends October 6
ATZ AUTOMOTIVE: Claims Registration Ends October 5
CIPMI AG: Claims Registration Ends October 2
EWEN F. GMBH: Creditors' Meeting Slated for October 4

GEORG BEHRENS: Creditors' Meeting Slated for October 5
KAMPS AG: Fitch Affirms & Withdraws B- Issuer Default Rating
MEDIASERVICE GESELLSCHAFT: Claims Registration Ends Oct. 6
METERKUECHE GMBH: Claims Registration Ends October 4
NAPSTER: Engages UBS Investment to Assist in Possible Sale

NOSTRO GRUNDSTUECKS: Creditors' Meeting Slated for October 5
RAMBUS INC: Receives Notice of Purported Defaults From U.S. Bank
TORGISCHE OBJEKTENTWICKLUNG: Claims Registration Ends Oct. 6


H U N G A R Y

AES CORP: Regulator's Study on Concession Requests Almost Done


I T A L Y

CLINICAL DATA: Posts US$6.1-Mln Net Loss in Quarter Ended 2006
CELL THERAPEUTICS: Inks Exclusive Licensing Pact with Novartis


K A Z A K H S T A N

ALIYA: Creditors' Claims Due Oct. 13
BAU SULTAN: Creditors Must File Claims by Oct. 13
KM & COMPANY: Proof of Claim Deadline Slated for Oct. 13
TSESNABANK: Fitch Assigns Issuer Default Rating at B-
VALENTINA: Creditors Must File Claims by Oct. 13

VERENKA-LTD: Claims Registration Ends Oct. 13


K Y R G Y Z S T A N

SERGORUS: Proof of Claim Deadline Slated for Oct. 27


L U X E M B O U R G

RSHB CAPITAL: Parent Issues US$500-Mln Subordinated Eurobonds


P O L A N D

NETIA SA: Transport Minister Amends License Fee Decisions


R U S S I A

ALEKSINSKOYE GRAIN: Court Names R. Kutlin as Insolvency Manager
ASKO: Moscow Court Starts Bankruptcy Supervision Procedure
BUSINESS INCOME: Court Names L. Titova as Insolvency Manager
CBOM FINANCE: Moody's Rates Senior Unsecured Notes at B1
CONCRETE GOODS: Irkutsk Court Starts Bankruptcy Supervision

INFORM-INVEST: Court Names A. Maltabar as Insolvency Manager
IVANOVSKIY BAKERY: Court Names A. Provorov as Insolvency Manager
KARAKULINO-AGRO-PROM-KHIMIYA: M. Sergeeva to Manage Assets
KASHKHATAUSKIY: Court Starts Bankruptcy Supervision Procedure
KRASNOSELSKAYA POULTRY: Creditors Must File Claims by Oct. 12

LAKASHINSKIY DISTILLERY:  V. Motorzhin to Manage Assets
MALYSHEVSKIYE EMERALDS: Court Starts Bankruptcy Supervision
MILK: Irkutsk Court Names O. Lukina as Insolvency Manager
MONOLITH: Court Names S. Lemeshkin as Insolvency Manager
MOSENERGO: Improved Liquidity Spurs S&P to Lift Rating to B

MUROM-AGRO-TORG: Vladimir Court Starts Bankruptcy Supervision
NEFTEKUMSKIY: Stavropol Bankruptcy Hearing Slated for Dec. 7
OBIDIMSKIY BRICKWORKS: V. Semochkin to Manage Assets
POLYGRAPH-MASH: Court Sets Bankruptcy Hearing for Oct. 16
PRIOKSKAYA FUEL: Court Names E. Bogdanov as Insolvency Manager

ROSNEFT: Russia Eyes Full Privatization in 3-10 Years, Aid Says
ROSSELKHOZBANK: Issues US$500-Million Subordinated Eurobonds
RUSSIAN FLAX: Court Names N. Tkachenko as Insolvency Manager
SEMENOVSKOYE: Moscow Bankruptcy Hearing Slated for Nov. 15
SENGILEEVSKIY WOOD: O. Berdnikova to Manage Insolvency Assets

STONE WORKING: Court Names I. Nesterov as Insolvency Manager
STROY-INVEST: Creditors Must File Claims by October 12
SUVOROV: Tambov Court Starts Bankruptcy Supervision
SUVOROVSKIY SECONDARY: O. Trynkova to Manage Insolvency Assets
TOMSKAYA ENERGY: Court Names A. Maltabar as Insolvency Manager

VECTOR: Ryazan Bankruptcy Hearing Slated for Nov. 21
VIMPELCOM OJSC: Elects Alexander Izosimov to Continue as CEO
WEEAVING-MILL: Court Names A. Lyasman as Insolvency Manager

* Fitch Revises Lipetsk's Outlook to Stable & Affirms BB- Rating


S P A I N

MILACRON CORP: Contributes US$30 Million to Pension Obligation


S W I T Z E R L A N D

BOOKHAM INC: Investors Buy 2.8-Mln Shares in Private Placement
BOOKHAM INC: Ernst & Young Raises Going Concern Doubt


U K R A I N E

AES CORP: Regulator's Study on Concession Requests Almost Done
AVTOSHTAMP: Kirovograd Court Names V. Kosarenko as Liquidator
EUROLANDER: Kyiv Court Names Yurij Bilik as Insolvency Manager
FORTUNA: Court Names Igor Ivanishin as Insolvency Manager
INDEXBANK: Moody's Keeps E+ Financial Strength Rating

KONOTOP ELECTRIC-MECHANICAL: Court Starts Bankruptcy Supervision
KOSMETIC TRADE: Court Names Igor Ferberov as Insolvency Manager
KURAHOVEENRGOBUD: Donetsk Court Starts Bankruptcy Supervision
NAFTOGAZ UKRAINY: Posts US$368 Million Loss for 2005
NIZHNYOGIRSKE RTP: AR Krym Court Names Vasil Kuhta as Liquidator

NOVO SVIT: Kyiv Court Names Yurij Bilik as Liquidator
PEREMOGA: Court Names Yevgenij Shtepenko as Insolvency Manager
VEZUVIJ: Kyiv Court Names Yurij Bilik as Insolvency Manager


U N I T E D   K I N G D O M

ADVANCED SCAFFOLDING: Joint Liquidators Take Over Operations
ALBION SPRING: Metal Spring Manufacturer up for Sale
ASHAMOOR LIMITED: Names Andrew T. Clay as Liquidator
AVIALL INC: Completes US$1.7-Bln Merger Agreement with Boeing
AVIALL INC: Acquisition Prompts S&P to Withdraw Ratings

B J ROLAND: Brings In Joint Liquidators from Portland Business
BENSONMILL LIMITED: Taps Lloyd Biscoe to Liquidate Assets
BOFF LIMITED: Appoints Joint Liquidators to Wind Up Business
BOOKHAM INC: Investors Buy 2.8-Mln Shares in Private Placement
BOOKHAM INC: Ernst & Young Raises Going Concern Doubt

BOURNVILLE.NET: Creditors Confirm Voluntary Liquidation
BOYDS COLLECTION: Hires Liquidators from Benedict Mackenzie
BRIARSOFT LIMITED: Creditors Confirm Liquidators' Appointment
BRITISH UNITED: Shoe Machinery Manufacturer Up for Sale
BURNLEY CAR: Calls In Joint Liquidators from BWC Business

C & J MIDDLETON: Brings In A. Turpin to Liquidate Assets
CASTLE HOSIERY: Appoints Joint Liquidators from Ashcrofts
CGSI LIMITED: Creditors Ratify Liquidator's Appointment
CHAPEL FURNISHINGS: Creditors Confirm Voluntary Liquidation
CINRAM INT'L: Urged to Retain Financial Advisor and Explore Sale

CLINICAL DATA: Posts US$6.1-Mln Net Loss in Quarter Ended 2006
CUT AND DRY: Names Paul Appleton as Liquidator
D.B. CLOTHING: Names Claire L. Dwyer Liquidator
DURA AUTOMOTIVE: Operating Pressures Cue Moody's to Cut Ratings
ELECTRICAL DISTRIBUTORS: Taps Paul John Webb as Administrator

FARM HOUSE: Names Joint Liquidators from Chantrey Vellacott
FARSIGHT SECURITY: Brings In Administrators from Grant Thornton
FENNTURN PROPERTY: Appoints Liquidator from Haines Watts
FIBRE DEPOT: Claims Filing Period Ends Sept. 29
FORD MOTOR: Attorney General Lockyer Files Global Warming Suit

FORD MOTOR: Mulls Purchase of Rover Brand Name From BMW
GENERAL MOTORS: Talks with Nissan and Renault Enter Final Phase
GENERAL MOTORS: Fitch Gauges 34% Recovery Rate for Debtholders
GENERAL MOTORS: Atty. General Lockyer Files Global Warming Suit
GIS CONTRACT: Taps Administrators from Carter Backer

GLIDEMORE LIMITED: Simon John Lowes Leads Liquidation Procedure
GOODFELLOWS LIMITED: Taps Liquidators from Smith & Williamson
HOMEBUY GROUP: Administrators Place Appliance Supplier on Sale
HORNMANOR LIMITED: Appoints Colin Burke as Liquidator
HOTELOC PLC: Moody's Cuts Rating on GBP88-Mln Class D Notes

HUNSTON JOINERY: Names Jeffrey Mark Brenner Liquidator
HYLIC LIMITED: Brings In Liquidator from Bishop Fleming
INCO LTD: Revises Earnings Outlook for 2006 Third Quarter
INSPIRED HR: Paul Appleton Leads Liquidation Procedure
IPC ACQUISITION: Moody's Assigns Loss-Given-Default Ratings

JIGSAW PRINT: Creditors Confirm Liquidators' Appointment
JOWETT ARTSTONE: Brings In XL Business to Administer Assets
LEADING EDGE: Liquidator Sets Oct. 3 Claims Bar Date
LOADBETTER LIMITED: Names Joint Liquidators to Wind Up Business
MATTHEW CORNISH: Hires Administrators from Smith & Williamson

MORETTI LIMITED: Claims Registration Ends Oct. 10
MOTORIST CENTRE: Hires Joint Administrators from Critchleys
MURDER MYSTERY: Hires Joint Liquidators from Portland Business
NAPSTER: Engages UBS Investment to Assist in Possible Sale
NOVA FITNESS: Taps Julian Clive Rendell to Liquidate Assets

OAK TREE: Nominates Alex Kachani as Liquidator
ORGANICINDIA.CO: Creditors' Meeting Slated for September 25
PACIFIC TRADING: Names Liquidator from Parkin S. Booth & Co.
PARADIGM LIMITED: Appoints John C. Moran to Liquidate Assets
PARAGON CONCESSIONS: Brings In Joint Administrators from Kroll

PDP ELECTRICAL: Claims Filing Period Ends Nov. 30
PLASTIC DESIGN: Brings In Joint Liquidators from Vantis
POBOX LIMITED: Taps Liquidator from Levy & Partners
R.P.L. PRODUCTIONS: Taps Menzies to Administer Assets
REGAL FLOWERS: Hires Martin Charles Armstrong as Liquidator

RESTAURANT. MEMBERS: Administrators Place Club Operator for Sale
SHARPE MCKENNA: Filippa Connor Leads Liquidation Procedure
SHARPMOVE LIMITED: Appoints Joint Liquidators from Kelmanson
STAR LOGISTICS: Appoints Smith & Williamson as Administrators
STATUS PRODUCTS: Hires Jeffrey Mark Brenner as Liquidator

SUTLERS STORES: Brings In Administrators from Tenon Recovery
SWITCH MEDIA: Calls In Liquidator from Rooney Associates
TEDDYFONE LIMITED: Mobile Service Provider Up for Sale
THORNYCROFT LIMITED: Hires BDO Stoy as Administrators
TIGER GARDEN: Appoints Joint Liquidators from Ashcrofts

TRADEFRAME UPVC: Taps Ian C. Brown to Liquidate Assets
TY MANUFACTURING: Brings In Administrator from Crawfords
TYSON FOODS: Moody's Assigns Loss-Given-Default Ratings
VALUELIST LIMITED: Nominates Liquidator from Hodgsons
WATERSIDE KITCHENS: Alison M. Byrne Leads Liquidation Procedure

WESCO AIRCRAFT: Moody's Assigns Loss-Given-Default Ratings
WESTON PLANT: Appoints Joint Administrators from Baker Tilly
WIREBINDING COMPANY: Creditors' Meeting Slated for September 28

* BOOK REVIEW: Grounded: Frank Lorenzo and the Destruction of
               Eastern Airlines

                            *********

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


CHRISTIAN STURM: Eisenstadt Court Shuts Down Business
-----------------------------------------------------
The Land Court of Eisenstadt entered an order on Aug. 31
shutting down the business of KEG Christian Sturm (FN 185826z).  
Court-appointed property manager Christian Supper determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Dr. Christian Supper
         Main Place 1
         7350 Oberpullendorf, Austria
         Tel: 02612/43543
         Fax: 02612/43543-10
         E-mail: op@rss.at                 

Headquartered in Marz, Austria, the Debtor declared bankruptcy
on Aug. 23 (Bankr. Case No. 26 S 88/06b).  


CINADR: Korneuburg Court Orders Closing of Business
---------------------------------------------------
The Land Court of Korneuburg entered an order on Aug. 31 closing
the business of LLC Cinadr (FN 67363p).  Court-appointed
property manager Brigitte Stampfer determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 01/877 33 30
         Fax: 01/877 33 30 33
         E-mail: ra-stampfer@utanet.at              

Headquartered in Petronell, Austria, the Debtor declared
bankruptcy on July 7 (Bankr. Case No. 36 S 73/06m).  


DALIBOR KNEZEVIC: Creditors' Meeting Slated for October 16
----------------------------------------------------------
Creditors owed money by KEG Dalibor Knezevic (FN 234511w) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Oct. 16 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 3 S 76/06f).  Wolfgang Winkler serves
as the court-appointed property manager of the bankrupt estate.  
Maximilian Schludermann represents Mag. Winkler in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Wolfgang Winkler
         c/o Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna, Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at


GABRAIL: Property Manager Declares Insufficient Assets
------------------------------------------------------
Dr. Helmut Salzbrunn, the court-appointed property manager for
KEG Gabrail (FN 208595h), 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 Nov. 3, 2005 (Bankr. Case No. 4 S 121/05d).

The property manager can be reached at:

         Dr. Helmut Salzbrunn
         Zelinkagasse 12
         1010 Vienna, Austria
         Tel: 533 36 69
         Fax: 533 36 19
         E-mail: salzbrunnanwalt@aon.at


GAE LEBENSMITTEL: Creditors' Meeting Slated for October 11
----------------------------------------------------------
Creditors owed money by LLC GAE Lebensmittel-Analyse- Service
(FN 194766x) are encouraged to attend the creditors' meeting at
2:00 p.m. on Oct. 11 to consider the compulsory payment of
compensation.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Room 112
         1st Floor
         Conference Hall        
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on May 22 (Bankr. Case No. 7 S 16/06x).  Markus
Komarek serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Dr. Markus Komarek
         Sparkassengasse 1
         6060 Hall in Tirol, Austria
         Tel: 05223/57266
         Fax: 05223/5726676
         E-mail: komarek@a1.net   


KOMBITHERM: Creditors' Meeting Slated for October 16
----------------------------------------------------
Creditors owed money by LLC Kombitherm (FN 259460i) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Oct. 16 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 3 (Bankr. Case No. 3 S 93/06f).  Helmut Platzgummer
serves as the court-appointed property manager of the bankrupt
estate.  Caroline Klus represents Dr. Platzgummer in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Helmut Platzgummer
         c/o Caroline Klus
         Kohl Market 14
         1010 Vienna, Austria
         Tel: 533 19 39
         Fax: 533 19 39-39
         E-mail: helmut.platzgummer@lp-law.at


MOLAND: Property Manager Declares Insufficient Assets
-----------------------------------------------------
Dr. Bernhard Eder, the court-appointed property manager for LLC
Moland (FN 60787v), 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 May 24 (Bankr. Case No. 45 S 33/06s).

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


STA: Property Manager Declares Insufficient Assets
--------------------------------------------------
Mag. Christian Koechl, the court-appointed property manager for
LLC STA (FN 199080s), declared on Aug. 3 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Arnoldstein, Austria, the Debtor declared
bankruptcy on April 20 (Bankr. Case No. 41 S 49/06p).

The property manager can be reached at:

         Mag. Christian Koechl
         10. Oktober Road 17/I
         9500 Villach, Austria
         Tel: 04242/27 18 3-0
         Fax: 04242/214925
         E-mail: ra.office@koechl.com


STYROPLAN OHLER: Wels Court Orders Closing of Business
------------------------------------------------------
The Land Court of Wels entered an order on Aug. 3 closing the
business of KEG Styroplan Ohler (FN 139626h).  Court-appointed
property manager Klaus Schiller determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Klaus Schiller
         Stadtplatz 27
         4690 Schwanenstadt, Austria
         Tel: 07673/6720
         Fax: 07673/6720-20
         E-mail: office@kanzlei-schiller.at               

Headquartered in Vorchdorf, Austria, the Debtor declared
bankruptcy on June 6 (Bankr. Case No. 20 S 70/06d).  


VAMA: Claims Registration Period Ends October 10
------------------------------------------------
Creditors owed money by LLC VAMA (FN 123632m) have until Oct. 10
to file written proofs of claims to court-appointed property
manager Hubert Just at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 p.m. on Oct. 24 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Molln, Austria, the Debtor declared bankruptcy
on Aug. 17 (Bankr. Case No. 14 S 46/06x).  Julius Bitter
represents Dr. Just in the bankruptcy proceedings.

The property manager's representative can be reached at:

         Dr. Julius Bitter
         Schmideggstrasse 5
         4560 Kirchdorf/Krems, Austria
         Tel: 07582/60040
         Fax: 07582600404
         E-mail: ra.bitter@aon.at

The Land Court of Steyr entered an order on Aug. 31 closing the
Debtor's LLC Gruene Erde, LLC Optima Schlafsysteme, and LLC
Rosenauer Holzwarenverarbeitung branches.


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


MILACRON CORP: Contributes US$30 Million to Pension Obligation
--------------------------------------------------------------
Milacron Inc. launched a voluntary advance contribution to its
U.S.-defined benefit plan of approximately US$30 million on
Sept. 15.  Credit for this pre-funding will eliminate any
contributions required in 2007, currently estimated at
approximately US$57 million.

Milacron raised the bulk of the prepayment, approximately
US$18 million, through the liquidation of investments for non-
qualified retirement plans for executives. The company also used
approximately US$2 million in proceeds from the recent sale of a
previously closed facility as well as approximately US$6 million
in cash repatriated from outside the U.S. The balance,
approximately US$4 million, was borrowed through its revolving
credit facility.

Milacron is currently in the process of selling various other
non-core, non-operating assets such as land, facilities and
equipment made redundant through current and previous
consolidations.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.  In
Europe, the company maintains operations in Belgium, Germany,
Italy, the Netherlands, Spain, and England.

Milacron's annual revenues approximated US$805 million over the
last twelve months.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 12, 2006,
Moody's Investors Service affirmed the Caa1 corporate family
ratings of Milacron Inc. and the Caa1 rating of the Company's
US$225 million of 11.5% guaranteed senior secured notes due
2011.


===============
B U L G A R I A
===============


BULGARIAN POST: Fitch Keeps Individual C/D Rating
-------------------------------------------------
Fitch Ratings affirmed Bulgarian Post Bank's Issuer Default
rating at BBB+, Short-term rating at F2, Individual rating at
C/D and Support rating at 2.  The Outlook is Positive,
reflecting that of its parent Efg Eurobank Ergasias.

The IDR, Short-term and Support ratings for BPB reflect the
support it is likely to receive from Eurobank, its 99.6%
shareholder, in case of need, as well as the bank's close
integration and cooperation with its parent.  Any change in
Eurobank's ability and/or propensity to support the bank could
affect BPB's IDR, Outlook and Support rating.

"An upgrade of BPB's Individual rating could be driven by the
bank establishing a strong track record of asset quality in
light of its changing risk profile," Francesca Vasciminno,
Associate Director in Fitch's Financial Institutions Group
disclosed.  "Conversely, a downgrade would most likely result
from a sharp deterioration in capitalization, particularly given
the bank's aggressive growth plans, or in asset quality," he
added.

The Individual rating considers BPB's reasonable franchise and
the benefits it derives from being part of the Eurobank group,
in terms of risk management practices and product expertise.
Profitability is also improving on the back of strong loan
growth notably in higher-yielding, but more risky, retail
lending and despite ongoing investments to expand and modernize
its branch network.

In addition, capitalization is reasonable, although the 18.6%
Tier 1 ratio at end-May 2006 could be slightly overstated given
that BPB booked a proportion of its lending with other group
companies in early 2006 following the Bulgarian National Bank
restrictions on loan growth.

However, BPB's Individual rating also considers rising credit
risk resulting from rapid growth, notably in retail lending
where BPB has more limited experience.  Loans overdue by 90 days
have also risen to account for 3.4% of gross loans at end-July
2006.  Furthermore, this ratio could be understated given rapid
loan growth.

BPB has been part of Eurobank since July 2004 and is important
to the latter's expansion strategy in Eastern Europe.  BPB
provides a broad range of banking services through its domestic
branch network.  It ranked seventh among Bulgarian banks by
total assets at end-2005.


UNITED BULGARIAN: Fitch Keeps Individual Rating at C/D
------------------------------------------------------
Fitch Ratings affirmed United Bulgarian Bank's Issuer Default
rating at BBB+, Short-term rating at F2, Individual rating at
C/D, and Support rating at 2.  The Outlook remains Stable.

The IDR, Short-term and Support ratings for United Bulgarian
Bank reflect the high potential support it can expect to receive
in case of need from its 99.9%- owner, National Bank of Greece.
The Stable Outlook on UBB's IDR reflects that of NBG.  Any
change in NBG's ability and/or propensity to support the bank
could affect UBB's IDR, Outlook and Support rating.

"UBB's Individual rating could be upgraded if it was successful
in establishing a strong track record in managing its increasing
credit risk," Francesca Vasciminno, Associate Director in
Fitch's Financial Institutions Group disclosed.  "Conversely, a
sharp deterioration in asset quality could result in downward
pressure," he added.

The Individual rating reflects UBB's good franchise and
reasonable profitability, which is supported by rising business
volumes and the increasing proportion of higher-yielding, but
higher-risk, retail loans.  In addition, UBB's capitalization is
also reasonable, with an eligible capital-to-weighted risks
ratio of 19.4% at end-2005.  The funding base, although still
largely short-term, is adequately diversified, and market risk
is limited.

However, the Individual rating also considers the risks
associated with rapid loan growth in the retail and SME segments
in which UBB has less experience.  Asset quality ratios have
deteriorated slightly since 2004, with 2.8% of loans overdue by
90 days as at end-June 2006.  Given rapid loan growth, asset
quality ratios may underestimate actual loan quality.

UBB was Bulgaria's third-largest bank by total assets at end-
March 2006 with a market share of around 10%.  It has the fifth-
largest branch network and one of the largest ATM networks in
the country.  Despite historically being a corporate bank, UBB
has built up reasonable market shares in retail lending that
represented nearly 50% of gross loans at end-2005.  UBB is an
important part of NBG's operations in Central and Eastern
Europe.


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


METSO CORP: Paper Unit to Supply Tissue Line to Fujian HengAn
-------------------------------------------------------------
Metso Paper will supply a second complete Advantage DCT 200
tissue production line to Fujian HengAn Paper Co., Ltd in China.
The line is scheduled to start up at their Anhai mill in Fujian
province in the beginning of 2008.  The value of the order
approaches EUR20 million.

The order follows the successful start-up of a similar Advantage
DCT 200 tissue line at the same mill in July 2006.  The new
Metso delivery comprises a complete tissue production line with
Metso stock preparation equipment.  The delivery will also
include Metso Paper's new pressing technology, which saves
energy and enhances final product quality.

Metso Automation will supply an extensive automation package
including metsoDNA machine and process controls, PaperIQ Plus
scanner and quality controls, as well as a IQDilutionPro Lite
basis weight profiling system.

With a width of 5.6 meter and an operating speed of 2,000 m/min,
the new machine will add another 60,000 tons a year of high-
quality facial, toilet and towel grades to HengAn Group's total
production.  This will consolidate their position as China's
leading tissue producer.  The raw material for the new machine
will be virgin pulp.

HengAn is the leading, fast-growing Chinese consumer product
company with a nationwide sales and distribution network.  It is
a fully owned subsidiary of HengAn International, whose shares
are listed on the Hong Kong stock exchange.  Their turnover is
HKD4 billion (approx. EUR 400 million) and they have 16,000
employees.

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

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


METSO CORP: To Strengthen Aftermarket Business in Sweden
--------------------------------------------------------
Metso Corp. has signed contracts to acquire the business assets
of Svensk Gruvteknik AB and Svensk Pappersteknik AB in Sweden to
strengthen Metso's aftermarket business.  The business group
that SGT and SPT belong to is owned by P"r-Anders Johansson and
Conny Johansson.  The business assets will be transferred to
Metso on Oct. 1, 2006.  The debt-free purchase price is
approximately EUR4 million.

The total net sales of the acquired business in 2005 were EUR11
million.  Svensk Gruvteknik employs some 70 people and Svensk
Pappersteknik approximately 40 people.

Svensk Gruvteknik provides maintenance and service parts to
mines in northern Sweden.  Its biggest customer is New Boliden.  
The acquired business is based in G"llivare and will be merged
with Metso Minerals' Swedish sales company.

Svensk Pappersteknik offers mechanical services and maintenance
for the pulp and paper industry in northern Sweden.  It has a
long-term agreement for mechanical maintenance with Mondi
Packaging Paper Dyn"s in V"ja, which is its main customer.  The
acquired business will be a part of the Metso-owned Scandinavian
Mill Service AB, which provides maintenance operations and
development for the pulp and paper industry.

The acquisitions are in line with Metso's strategy of profitable
growth and they will complement and further strengthen Metso's
position as a life cycle service provider for the pulp and paper
industry and the mining industry in Sweden.  One of Metso's
strategic goals is to increase aftermarket services and
strengthen its service network close to customers.

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

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


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


ALCATEL SA: Moody's Expects to End Review for Lucent Merger
-----------------------------------------------------------
Moody's Investors Service expects to conclude the review of the
Corporate Family Ratings for Alcatel (rated Ba1, review for
downgrade) and for Lucent Technologies (B1, review for upgrade)
upon closing of the merger of the two companies.

The rating agency also indicated that the CFR for Lucent will be
withdrawn upon completion of the merger.  The ratings for
Alcatel's and Lucent's debt instruments will likely remain on
review until the ranking and possible support mechanisms for the
various classes of debt within the group's capital structure are
clarified.

Alcatel and Lucent Technologies are currently arranging the
final steps of their merger process.  To date all approvals
material for the group merger have been received from
shareholders and regulators, but for the agreement of the
Committee on Foreign Investments in the U.S.

Afterwards the merger will require only a set of legal steps for
the transaction to close, upon which Moody's expects to conclude
its rating review on the CFR for Alcatel Lucent, the combined
group.

At that time, the Lucent CFR will be withdrawn and the ratings
for its debt instruments will be assessed with regard to their
creditor position and their ranking in the group capital
structure.  Moody's expects completion of the transaction in the
fourth calendar quarter of 2006.

The last rating actions of April 3 placed the Ba1 ratings for
Alcatel on review for possible downgrade and the B1 ratings for
Lucent on review for possible upgrade following the merger
announcement.

Headquartered in Paris, France, Alcatel had sales of EUR13.1
billion and a net profit of EUR930 million in fiscal year 2005
and is one of the world leaders in providing advanced solutions
for telecommunications systems and equipment.

Lucent Technologies Inc., headquartered in Murray Hill, New
Jersey is also a global provider of telecommunications equipment
and services with revenues of US$9.4 billion in its fiscal year
ending 30 September 2005.

Alcatel will change its name into Alcatel Lucent and remain
headquartered in Paris, France, and will be the global leader in
communication solutions with 2005 pro-forma sales of !18.6
billion.


NOVASAUR S.A.S: Solid Performance Cues Moody's to Change Outlook
----------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba2
Corporate Family Rating of Novasaur S.A.S., the ultimate holding
company for Saur S.A.S., to positive from stable due to its
solid operating and financial performance.

At the same time, Moody's also changes to positive from stable
the outlook on the B1 rating of the EUR265 million senior
subordinated notes issued by FG4 S.A., a finance subsidiary of
Novasaur.

Moody's rating action reflects Saur's ongoing robust operating
performance since it was divested last year by the French
construction group Bouygues, as evidenced by a robust increase
in both sales and reported EBITDA compared to the pro-forma
period of the previous year (+6.5% and +17.8%, respectively) as
well as by a significant reduction in working capital.

As a result, current financial metrics are somewhat stronger
than anticipated earlier by Moody's, with RCF to net adjusted
debt of 12.8% and net adjusted debt to EBITDA of 4.7x in
2005/06.

In Moody's view, Novasaur's ratings could be upgraded by no more
than one notch in the next twelve months, provided that the
company continues:

   -- to demonstrate solid operating performance, and

   -- to reduce its leverage, resulting in ratios of net
adjusted debt to EBITDA below 4.0x, RCF to net adjusted
debt in excess of 15% and adjusted EBITDA minus capex to
net cash interest above 1.7x.

Conversely, failure to maintain adjusted EBITDA minus capex to
net cash interest above 1.1x and net adjusted debt to EBITDA
below 6.0x would exert downward pressure on ratings.

Moody's last rating action on Novasaur was on April 12, 2005,
when the agency assigned ratings for the first time to the
group.

Novasaur S.A.S., headquartered in Guyancourt, France, is the
third largest provider of water and sanitation services as well
as waste management services in France.  In 2005/06, the group
reported net sales of EUR1.4 billion.


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


AKANTHUS BAU: Creditors' Meeting Slated for October 4
-----------------------------------------------------
The court-appointed provisional administrator for Akanthus Bau
GmbH, Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:20 a.m. on Oct. 4.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:15 a.m. on Jan. 3, 2007, at the
same venue.

Creditors have until Nov. 15 to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be reached at:

         Akanthus Bau GmbH
         Forest Route 5-7
         12555 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


ARCHITEKT DR. BRUNO: Claims Registration Ends October 6
-------------------------------------------------------
Creditors of Architekt Dr. Bruno Wasser GmbH have until Oct. 6
to register their claims with court-appointed provisional
administrator Klaus Bollig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Nov. 10 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Architekt Dr. Bruno Wasser GmbH on Aug. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Architekt Dr. Bruno Wasser GmbH
         Attn: Dr. Bruno Wasser, Manager
         Yorckstr. 12
         50733 Cologne, Germany

The administrator can be contacted at:

         Klaus Bollig
         Duerener Str. 189
         50931 Cologne, Germany


ATZ AUTOMOTIVE: Claims Registration Ends October 5
--------------------------------------------------
Creditors of ATZ Automotive GmbH have until Oct. 5 to register
their claims with court-appointed provisional administrator
Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on Nov. 10 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against ATZ Automotive GmbH on Aug. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ATZ Automotive GmbH
         Hauptstr. 99
         42929 Wermelskirchen, Germany

         Attn: Gabriele Paas, Manager
         Heisterstr. 7
         42929 Wermelskirchen, Germany

The administrator can be contacted at:

         Dr. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne, Germany


CIPMI AG: Claims Registration Ends October 2
--------------------------------------------
Creditors of cipmi AG have until Oct. 2 to register their claims
with court-appointed provisional administrator Arno Wolf.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on Nov. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Area 106 A
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts., 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 Koenigstein/Ts. opened bankruptcy
proceedings against cipmi AG on Aug. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         cipmi AG
         Haingraben 3 A
         65779 Kelkheim, Germany

         Attn: Hans Seitz, Manager
         Eibenweg 3
         65779 Kelkheim, Germany

The administrator can be contacted at:

         Arno Wolf
         Minnholzweg 2b
         61476 Kronberg, Germany
         Tel: 06173/7834-0
         Fax: 06173/7834-22


EWEN F. GMBH: Creditors' Meeting Slated for October 4
-----------------------------------------------------
The court-appointed provisional administrator for Ewen F. GmbH
Bitburg, Thomas B. Schmidt, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 2:00
p.m. on Oct. 4.

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

         The District Court of Bitburg
         Hall 128
         Court Road 2/4
         54634 Bitburg, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Nov. 6 at the same
venue.

Creditors have until Oct. 10 to register their claims with the
court-appointed provisional administrator.

The District Court of Bitburg opened bankruptcy proceedings Ewen
F. GmbH Bitburg on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ewen F. GmbH Bitburg
         Attn: Felix Ewen, Manager
         Raiffeisenstr. 13
         54636 Idenheim, Germany

The administrator can be reached at:

         Dr. Thomas B. Schmidt
         Kalenfelsstr. 5 a
         54290 Trier, Germany


GEORG BEHRENS: Creditors' Meeting Slated for October 5
------------------------------------------------------
The court-appointed provisional administrator for Georg Behrens
Holzelementebau GmbH, Haro Helms, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:30 a.m. on Oct. 5.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Dec. 6 at the same venue.

Creditors have until Oct. 23 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings Georg
Behrens Holzelementebau GmbH on Aug. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Georg Behrens Holzelementebau GmbH
         Attn: Marc Behrens, Manager
         March Route 10B
         28309 Bremen, Germany

The administrator can be reached at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen, Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         Web: http://www.dr-stankewitz.de/
         E-mail: helms@drstankewitz.de


KAMPS AG: Fitch Affirms & Withdraws B- Issuer Default Rating
------------------------------------------------------------
Fitch Ratings affirmed Germany-based Kamps AG's Issuer Default
and senior unsecured ratings at B- and simultaneously withdrawn
them.  The B-/RR4 ratings on Kamps EUR325 million bond due 2009,
which has been prepaid by the company, are also withdrawn.  The
Issuer Default rating had a Negative Outlook.

Fitch will no longer provide rating coverage of Kamps AG.


MEDIASERVICE GESELLSCHAFT: Claims Registration Ends Oct. 6
----------------------------------------------------------
Creditors of MEDIASERVICE Gesellschaft fuer digitale
Dienstleistungen mbH have until Oct. 6 to register their claims
with court-appointed provisional administrator Andreas Mueller-
Stein.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against MEDIASERVICE Gesellschaft fuer digitale Dienstleistungen
mbH on Aug. 11.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         MEDIASERVICE Gesellschaft fuer digitale
         Dienstleistungen mbH
         Leyboldstrasse 14
         50354 Huerth, Germany

         Attn: Mirjam Schmitz, Manager
         53332 Bornheim, Germany

The administrator can be contacted at:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim, Germany


METERKUECHE GMBH: Claims Registration Ends October 4
----------------------------------------------------
Creditors of Meterkueche GmbH have until Oct. 4 to register
their claims with court-appointed provisional administrator
Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 1 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Meterkueche GmbH on Aug. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Meterkueche GmbH
         Feldbergstrasse 10
         65239 Hochheim am Main, Germany

         Attn: Klaus Peter Bezold, Manager
         Weiher 27
         65239 Hochheim, Germany

         Stefan Birkenbach, Manager
         Illinger Str. 84
         66299 Friedrichsthal, Germany

The administrator can be contacted at:

         Thomas Illy
         Kanzlei Thierhoff, Illy + Partner
         Welle 5
         60322 Frankfurt/M., Germany
         Tel: 069/979953-0
         Fax: 069/979953-99


NAPSTER: Engages UBS Investment to Assist in Possible Sale
----------------------------------------------------------
Napster has retained UBS Investment Bank to assist the Board and
management in its evaluation of strategic alternatives.  The
company said the move is in response to recent third party
interest in establishing strategic partnerships or potentially
acquiring the company.

"Napster is in a strong position to continue aggressively
building our business as an independent company and we are
pleased to also have the opportunity to thoughtfully examine
potential combinations that may further enhance Napster's unique
strategic and brand position in the center of digital media,"
Chris Gorog, Napster's Chairman & CEO, said.  "Our goal is to
enhance shareholder value which could potentially lead to a new
strategic partnership or the sale of the company but in any
event our primary focus will remain on growing Napster."

Nand Gangwani, Napster's CFO, said, "Napster has a strong
balance sheet with a healthy cash position of US$97 million as
of the close of the first quarter and we are currently
generating annual revenues in excess of US$100 million.  For the
second half of our fiscal year, we project a strong up-tick in
subscription growth from a base of more than half a million
subscribers and a significant expansion of our mobile business,
including the addition of new tier one wireless partners.  We
are also looking forward to launching in Japan this fall as
scheduled, expanding our global footprint to include the top
four music markets in the world."

The company advised that it has not set a definitive timetable
for completion of its evaluation and further that there can be
no assurances that the evaluation process will result in any
specific transaction.  The company also advised that it does not
intend to disclose developments regarding its evaluation of
strategic alternatives unless and until its Board of Directors
approves a definitive transaction.

Napster (Nasdaq: NAPS) -- http://www.napster.com/-- is  
committed to making great music experiences more accessible to
all music fans.  Napster.com gives web users the power to
legally listen on-demand to a massive catalog of music from
major and independent labels, wherever they are on the Web --
for FREE.  The Napster music subscription service offers a
premium experience that includes unlimited access to CD-quality
music and advanced discovery, community and programming features
in an advertising-free environment.  Napster To Go subscribers
also enjoy unlimited transfer of music to a compatible MP3
player.  Napster Light, an a la carte download store, and
Napster Mobile, a hosted music service featuring artist images,
ring tones and full-length songs, round out the Napster digital
music lineup.  Napster is headquartered in Los Angeles with
sales offices in Frankfurt and London.

Napster along with its affiliates filed for chapter 11
protection on June 6, 2002 (Bankr. D. Del. Case No. 02-11573).  
Daniel J. DeFranceschi, Esq., Russell C. Silberglied, Esq., at
Richards, Layton & Finger and Richard M. Cieri, Esq., Michelle
Morgan Harner, Esq., at Jones, Day, Reavis & Pogue represented
the Debtors in their restructuring efforts.  When the Company
filed for protection from its creditors, it listed debts of more
than US$100 million.  The Debtors chapter 11 plan of liquidation
was confirmed on Apr. 20, 2004.  The court entered an order
formally closing the Debtor's chapter 11 petition on Jan. 10,
2005.


NOSTRO GRUNDSTUECKS: Creditors' Meeting Slated for October 5
------------------------------------------------------------
The court-appointed provisional administrator for NOSTRO
Grundstuecks-GmbH & Co. Mariendorfer Weg KG, Wolfgang Schroeder,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:15 a.m. on Oct. 5.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:05 a.m. on Jan. 11, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings NOSTRO Grundstuecks-GmbH & Co. Mariendorfer Weg KG
on Aug. 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         NOSTRO Grundstuecks-GmbH & Co. Mariendorfer Weg KG
         Scharnweberstrasse 1
         13405 Berlin, Germany

The administrator can be reached at:

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


RAMBUS INC: Receives Notice of Purported Defaults From U.S. Bank
----------------------------------------------------------------
Rambus Inc. received a notice of purported defaults from U.S.
Bank National Association, as trustee for the Company's Zero
Coupon Convertible Senior Notes due 2010.

The Notice asserted that the Company's failure to file its
Form 10-Q for the quarter ended June 30, 2006, to the U.S.
Securities and Exchange Commission, constituted defaults under
Sections 7.2 and 14.1 of the Indenture, dated as of Feb. 1,
2005, between the Company and the Trustee governing the Notes.

The Notice indicated that if the Company does not cure these
purported defaults under the Indenture within 60 days of
Aug. 17, 2006, which is the date of the Trustee's first
communication with the Company on this matter, an Event of
Default would occur.  The Company believes that it is not in
default under the terms of the Indenture.

The Notice states that Section 7.2 of the Indenture required the
Company to file with the Securities and Exchange Commission, and
provide copies to the Trustee within 15 days after such filing,
its annual report and such other information, documents and
other reports which the Company is required to file with the SEC
pursuant to Sections 13 or 15(d) of the Securities Exchange Act
of 1934.

In fact, Section 7.2(a) of the Indenture states that: "(a) The
Company shall file with the Trustee, within 15 days after it
files them with the SEC, copies of its annual report and the
information, documents and other reports which the Company is
required to file with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act."

The Company believes that the plain words of Section 7.2 of the
Indenture only require the Company to file with the Trustee
reports that have been filed with the SEC, and, since the
Company's Form 10-Q for the quarter ended June 30, 2006, has not
been filed with the SEC, the Company is under no obligation to
file it with the Trustee.  Therefore, the Company is not in
breach of Section 7.2 of the Indenture.

Furthermore, even if Section 7.2 of the Indenture requires the
Company to file a Form 10-Q for the quarter ended June 30, 2006,
with the Trustee within 15 days of the time such filing is
required to be filed with the SEC, the Company would have 60
days from receiving notice of an actual default before such
failure to file would ripen into an "Event of Default."  Thus,
because the Company did not receive the Notice until Sept. 8,
2006, the Company would have until Nov. 7, 2006, to file its
Form 10-Q for the quarter ended June 30, 2006, with the Trustee,
instead of the Oct. 17, 2006, referenced in the Notice.

In addition, the Notice states that Section 14.1 of the
Indenture requires the Company to comply with Section 314(a) of
the Trust Indenture Act of 1939, including filing with the SEC
and the Trustee annual reports and such information, documents
and other reports which the Company is required to file with the
SEC pursuant to the Section 13 or 15(d) of the Exchange Act.

The Company does not agree with the Trustee's assertion in the
Notice that the Indenture and the TIA "incorporates by
reference" the filing obligations and deadlines of the Exchange
Act, or with the implicit assertion that a failure to comply
with the TIA could result in an "Event of Default" under the
Indenture.  Therefore, the Company believes its failure to file
its Form 10-Q with the SEC is not a default under Section 14.1
of the Indenture.

If an "Event of Default" were to occur under the Indenture, the
Trustee or holders of at least 25% in aggregate principal amount
of the Notes then outstanding would have the contractual right
to declare all unpaid principal, and any accrued, default or
additional interest, on the Notes then outstanding to be due and
payable.

As of the date hereof, there is US$160 million in aggregate
principal amount of the Notes outstanding and no accrued but
unpaid interest.

If an "Event of Default" were to occur, the noteholders would
have a right to receive the US$160 million in aggregate
principal amount outstanding plus any additional interest or
default interest (which would accrue at a rate of 2% per annum
from the date on which full payment of the Notes was due to the
date that full payment is made) which may have accrued.  The
Company believes that, if an Event of Default were to occur and
the Notes were accelerated, it has adequate financial resources
to pay any unpaid principal, and any accrued, default or
additional interest due on the Notes.

Headquartered in Los Altos, Calif., Rambus Inc. --
http://www.rambus.com/-- is one of the world's premier  
technology licensing companies specializing in the invention and
design of high-speed chip interfaces.  Rambus licenses both its
world-class patent portfolio as well as its family industry-
standard interface products.  Rambus has regional offices in
North Carolina, India, Germany, Japan, and Taiwan.


TORGISCHE OBJEKTENTWICKLUNG: Claims Registration Ends Oct. 6
------------------------------------------------------------
Creditors of Torgische Objektentwicklung und Baubetreuung GmbH
have until Oct. 6 to register their claims with court-appointed
provisional administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 8 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 Leipzig
         Hall 145
         Leipzig, 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 Leipzig opened bankruptcy proceedings
against Torgische Objektentwicklung und Baubetreuung GmbH on
Aug. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Torgische Objektentwicklung und Baubetreuung GmbH
         Gueterbahnhofstr. 11a
         04860 Torgau, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Kathe-Kollwitz-Road 9
         04109 Leipzig, Germany


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


AES CORP: Regulator's Study on Concession Requests Almost Done
--------------------------------------------------------------
An official of Autoridad Nacional de los Servicios Publicos or
ANSP -- Panama's public service regulator -- told Business News
Americas that the agency's review on AES Corp.'s three
hydroelectric concession requests is almost done.

BNamericas relates that the official said the projects, which
would use water from the Changuinola River in Bocas del Toro,
are:

         -- 158-megawatt Gavilan,
         -- 132-megawatt Cauchero II, and
         -- 126-megawatt Chan-220.

The official told BNamericas that ANSP will award the
concessions soon.  In general terms, once a concession has been
awarded, the developer has a year to finalize project details
and up to four years to construct the project.

A report posted in AES Corp.'s Web site says that the firm
currently runs four hydro plants with 470-megawatt total
installed capacity and one 43-megawatt thermal plant.

                      About the Company

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

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

                        *     *     *

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

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

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


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


CLINICAL DATA: Posts US$6.1-Mln Net Loss in Quarter Ended 2006
--------------------------------------------------------------
Clinical Data Inc. filed its quarter financial statements for
the three months ended June 30, 2006, with the U.S. Securities
and Exchange Commission.

The Company reported a US$6,185,000 net loss on US$24,816,000 of
revenues for the three months ended June 30, 2006.

The Company generated net cash flow of US$11.7 million in the
three months ended June 30, 2006, as compared to US$1 million in
the same period last year.  The increased net cash flow in 2006
was because of the issuance of common stock and other equity
instruments partially offset by the Company's operating losses,
debt repayments and purchases of equipment.

At June 30, 2006, the Company's balance sheet showed
US$116,833,000 in total assets and US$35,691,000 in total
liabilities resulting in US$72,245,000 stockholders' equity.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?11dd

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 7, 2006,
Deloitte & Touche, LLP, expressed substantial doubt about
Clinical Data, Inc.'s ability to continue as a going concern
after auditing the Company's financial statements for the fiscal
years ended March 31, 2006 and 2005.  The auditing firm pointed
to the Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.

                        About Clinical Data

Clinical Data, Inc. (NASDAQ: CLDA) -- http://www.clda.com/--
is a worldwide leader in providing comprehensive molecular and
pharmacogenomics services as well as genetic tests to improve
patient care.  The Company, founded in 1972, is organized under
three worldwide divisions segmented by service offerings and
varying client constituents: PGxHealth(TM); Cogenics(TM); and
Vital Diagnostics(TM).  Clinical Data currently employs a
staff of over 430.  The Company is headquartered in Newton,
Massachusetts with operations in Texas, Connecticut, RTP - North
Carolina, Rhode Island, and California as well as
internationally in the UK, France, the Netherlands, Italy and
Australia.


CELL THERAPEUTICS: Inks Exclusive Licensing Pact with Novartis
--------------------------------------------------------------
Cell Therapeutics Inc. entered into an exclusive worldwide
licensing agreement with Novartis for the development and
commercialization of XYOTAX(TM), an investigational agent in
Phase III for the treatment of non-small cell lung cancer and
other cancers.

The Company disclosed that total product registration and sales
milestones for XYOTAX under the agreement could reach as much as
US$270 million.  Novartis has also agreed to make a US$15
million equity investment in the Company.  The Company will have
the option of co-detailing XYOTAX in the United States under the
direction of Novartis, under a separate agreement if the Company
exercises the option.  The closing of the transaction is subject
to antitrust regulatory clearance and certain other closing
conditions.

The agreement also provides Novartis with an option to develop
and commercialize Pixantrone, an investigational agent designed
to potentially increase anti-tumor activity and decrease the
potential for cardiac toxicity associated with the currently
marketed anthracyclines.  If Novartis exercises its option on
Pixantrone, it would pay the Company a US$7.5 million fee and up
to US$104 million in registration and sales related milestones.

"This agreement brings the strength of one of the most
innovative leaders in oncology to the development and
commercialization of XYOTAX, an agent that could be demonstrated
in ongoing trials to prolong survival in women with lung cancer
and potentially become the first gender specific therapy for
this disease," James A. Bianco, M.D., president and chief
executive officer, said.  "It also provides pixantrone with
potential access to a market leader in blood related cancer
therapeutics to fully maximize its commercial potential."

Dr. Bianco, added: "This collaboration takes CTI one step closer
to rebuilding its commercial presence in the United States and
its goal of becoming a profitable cancer focused company.  It
also allows us to continue our growth through an acquisition
strategy looking for other novel targeted agents to add to our
development pipeline and into our future commercial
infrastructure."

The common stock to be issued to Novartis has not been
registered under the Securities Act of 1933, as amended, or any
state securities laws.  The common stock may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities
Act of 1933, as amended, and any applicable state laws.

                        About Novartis

Headquartered in Basel, Switzerland, Novartis, AG, (NYSE: NVS)
-- http://www.novartis.com/-- is a world leader in offering   
medicines to protect health, treat disease and improve well-
being.  Its goal is to discover, develop and successfully market
innovative products to treat patients, ease suffering and
enhance the quality of life.  Novartis Group companies employ
approximately 97,000 people and operate in over 140 countries
around the world.

                     About Cell Therapeutics

Based in Seattle, Washington, Cell Therapeutics, Inc.,
(NASDAQ and MTAX: CTIC) -- http://www.cticseattle.com/--  
engages in the development, acquisition, and commercialization
of treatments for cancer.  The company was co-founded by James
A. Bianco, Louis A. Bianco, and Jack W. Singer in 1991.  The
company maintains research and development facilities, Cell
Therapeutics Europe S.r.l, in Bresso (Milan), Italy.

At June 30, 2006, the Company's equity deficit narrowed to
US$102.2 million from a US$107.1 equity deficit at Dec. 31,
2005.


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


ALIYA: Creditors' Claims Due Oct. 13
-------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Aliya insolvent on July 24.

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

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


BAU SULTAN: Creditors Must File Claims by Oct. 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Bau-Sultan-Service insolvent.

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

         LLP Bau-Sultan-Service
    Floor 3
    Abai Str. 10a
    Atyrau
    Atyrau Region
    Kazakhstan


KM & COMPANY: Proof of Claim Deadline Slated for Oct. 13
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP KM & Company insolvent on
July 19.

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

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


TSESNABANK: Fitch Assigns Issuer Default Rating at B-
-----------------------------------------------------
Fitch Ratings assigned Kazakhstan-based Tsesnabank ratings of
Issuer Default B- with Stable Outlook, Short-term B, Support 5,
and Individual D/E.

The ratings reflect TSB's small absolute size by international
standards, significant, albeit declining, business and regional
concentration levels on both sides of the balance sheet, notable
liquidity risk exposure as well as certain weaknesses in the
operating environment.  However, they also take into account
TSB's strong regional submarket positions, reasonable revenue
generation and asset quality.

Upside to the ratings could result from further growth of the
bank's national franchise, helping to reduce regional and
customer concentration levels.  Narrower asset/liability
mismatches would also be positive for TSB's ratings.  Downward
pressure could be triggered by asset quality problems arising
from the rapid lending growth and portfolio seasoning.

TSB was established in 1992 by Tsesna Corporation in Astana as a
bank predominantly serving captive companies within the same
group.  Shortly after the movement of the Kazakhstani capital to
Astana, the bank underwent a period of business revival in an
almost competition-free environment.  

However, Tsesna Corporation's position in the region has
weakened and TSB has faced tougher competition from new market
entrants.  This has forced the bank to expand its activities
beyond the group's regionally confined business and seek a more
national presence.

Nevertheless, the bank was able to retain its leading position
in the region.  TSB was the 13th-largest bank in Kazakhstan at
end-July 2006, with only a small, but increasing, market share.
Today, the bank is ultimately owned by Adylbek Djaksybekov (who
has a 70% stake), the current chairman of the president's
administration, and his family.


VALENTINA: Creditors Must File Claims by Oct. 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Valentina insolvent on July 21.  Subsequently,
bankruptcy proceedings were introduced at the company.  

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

         LLP Valentina
    Suleymenova Str. 17 (11a)
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-76-49


VERENKA-LTD: Claims Registration Ends Oct. 13
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Verenka-Ltd insolvent on July 24.

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

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


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


SERGORUS: Proof of Claim Deadline Slated for Oct. 27
----------------------------------------------------
LLC Sergorus has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim at:

    LLC Sergorus
    Mira Ave. 63-45
    Bishkek, Kyrgyzstan


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


RSHB CAPITAL: Parent Issues US$500-Mln Subordinated Eurobonds
-------------------------------------------------------------
Rosselkhozbank, also known as the Russian Agricultural Bank,
through Luxembourg-based unit RSHB Capital S.A., has placed a
10-year US$500-million subordinated Eurobond issue, RIA Novosti
says.

Rosselkhozbank placed the bonds, issued at par value and 6.97%
coupon rate, among 122 European and Asian companies and banks.  
The proceeds of the placement will be used to finance a
subordinated loan.  The Eurobond issue carries Baa1 rating from
Moody's and BBB rating from Fitch.

Barclays Capital and HSBC investment banks serve as organizer
for the bond issues.

                        About Rosselkhozbank

Headquartered in Moscow, Russia, Rosselkhozbank --
http://www.rshb.ru/english-- provides banking services  
nationwide to over 170,000 clients, especially from the agrarian
sector.  Rosselkhozbank had more than RUR75 billion in assets
and RUR11.3 billion in equity.

                          *     *     *

The company carries these ratings:

Moody's:

   -- Long-term Baa2, positive;
   -- Short-term Prime-2, stable;
   -- Financial strength E+, stable;
   -- National scale Aaa.ru long-term, and
   -- RUS-1 short-term.

Fitch:

   -- Long-term BBB, stable;
   -- Short-term F3; Support 2;
   -- Individual D/E;
   -- National Scale AAA (rus) long-term, stable.


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


NETIA SA: Transport Minister Amends License Fee Decisions
---------------------------------------------------------
Netia S.A. received the decisions of the Minister of Transport,
dated Sept. 14, 2006, amending the previous decisions of:

   -- the Minister of Infrastructure, dated July 12, 2004; and
   -- the Minister of Transport and Construction, dated
      March 28, 2006,

with regard to the deferral and promise to cancel the license
fee obligations of Regionalne Sieci Telekomunikacyjne El-Net SA,
a company that merged with Netia on July 31, 2006.

The amendments to the decisions follow Netia's motion and enable
conducting the restructuring of license fee obligations based on
the capital investments incurred by Netia from January 1, 2003,
to July 31, 2006.

The receipt of the above decisions constitutes a significant
element in the ongoing process of El-Net's license fee
liabilities' cancellation.  The nominal value of outstanding
license fee obligations and prolongation fees amounts to EUR74.5
million and PLN25.6 million, respectively, while capital
expenditures declared for the purpose of license fees conversion
amount to EUR88.6 million.

As reported in TCR-Europe on June 29, the El-Net S.A. received
the decision of the Polish Minister of Transportation on June
26, which cancels part of outstanding obligations including:

   -- EUR9.17 million in local license fees, and
   -- PLN3.56 million in prolongation fees,

in exchange for investments in the telecommunications
infrastructure incurred in years 2004 and 2005.

On March 21, the company obtained a decision from the Polish
Minister of Transportation and Construction canceling EUR20.9
million of license fee obligations and PLN8.6 million of
prolongation fees, with regard to cancellation of outstanding
license fee obligations of El-Net.

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


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


ALEKSINSKOYE GRAIN: Court Names R. Kutlin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. R. Kutlin as
Insolvency Manager for OJSC Aleksinskoye Grain Receiving
Enterprise.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A68-55/
B-06.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Aleksinskoye Grain Receiving Enterprise
         Dzerzhinskogo Str. 21A
         Aleksin
         Tula Region
         Russia


ASKO: Moscow Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
supervision procedure on OJSC Insurance Company Asko.  The case
is docketed under Case No. A40-12190/06-86-25b.

The Temporary Insolvency Manager is:

         D. Yablonovskaya
         Sovetskaya Str. 25
         170100 Tver Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Insurance Company Asko
         Mozhayskoye Shosse, 10
         121374 Moscow Region
         Russia


BUSINESS INCOME: Court Names L. Titova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. L. Titova as
Insolvency Manager for CJSC Business Income Expert (TIN
7722213699).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A40-35492/
06-74-582b.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Business Income Expert
         Building 4
         Perovskiy Proezd 2
         111021 Moscow Region
         Russia


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

Moody's notes that the rating for the Notes is based on the
fundamental credit quality of CBM -- the ultimate obligor under
the transaction -- as well as on the key features of the Notes,
which will constitute senior unsecured obligations of the bank.

According to Moody's, the B1 long-term foreign currency rating
for the Notes does not incorporate any support in the event of
need from the bank's shareholders given that, while such support
cannot be ruled out, its scope and timeliness are somewhat
uncertain. Support from the Russian financial authorities is
unlikely.

Under the terms of the issue, CBM must comply with certain
covenants, such as negative pledge, limitation on mergers and
disposals as well as on transactions with its affiliates.

In addition, it must maintain a minimum total capital adequacy
ratio (CAR) of 12% and a minimum Tier-1 CAR of 8%, and its
maximum single-party exposure may not exceed 25% of the bank's
net asset value.

The loan agreement, the Notes and the trust deed will be
governed by and construed in accordance with English law, and
the courts of England will have exclusive jurisdiction to settle
any dispute, arising from or connected with the loan agreement.

CBM is incorporated in Moscow, Russia, and reported total
consolidated assets of US$747 million in accordance with US GAAP
as at June 30, 2006.


CONCRETE GOODS: Irkutsk Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Irkutsk Region commenced bankruptcy
supervision procedure on LLC Combine of Reinforced Concrete
Goods.  The case is docketed as A19-15023/06-38.

The Temporary Insolvency Manager is:

         N. Kuzakov
         Post User Box 357
         664025 Irkutsk-25
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         LLC Combine of Reinforced Concrete Goods
         Korostova 20
         Usolye-Sibirskoye
         Irkutsk Region
         Russia


INFORM-INVEST: Court Names A. Maltabar as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Maltabar as
Insolvency Manager for CJSC Inform-Invest.  He can be reached
at:

         A. Maltabar
         Post User Box 619
         170006 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-22692/06-78-280B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Inform-Invest
         Room 2
         Panfenova Str. 5
         Moscow Region
         Russia


IVANOVSKIY BAKERY: Court Names A. Provorov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A.
Provorov as Insolvency Manager for OJSC Ivanovskiy Bakery 4
(OGRN 1023700535528).  He can be reached at:

         A. Provorov
         Post User Box 1866
         153000 Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1221/04-14-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Ivanovskiy Bakery 4
         Parizhskoy Kommuny Str. 62
         153005 Ivanovo Region
         Russia


KARAKULINO-AGRO-PROM-KHIMIYA: M. Sergeeva to Manage Assets
----------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Ms. M.
Sergeeva as Insolvency Manager for OJSC Karakulino-Agro-Prom-
Khimiya.  She can be reached at:

         M. Sergeeva
         Post User Box 2194
         Izhevsk
         426063 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-17010/2005-G21.

The Debtor can be reached at:

         OJSC Karakulino-Agro-Prom-Khimiya
         Kamanina Str. 50
         Karakulino
         Karakulinskiy Region
         Udmurtiya Republic
         Russia


KASHKHATAUSKIY: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic commenced
bankruptcy supervision procedure on OJSC Kashkhatauskiy Tinned
Food Factory.  The case was docketed under Case No.
A20-1202/2006.

The Temporary Insolvency Manager is:

         E. Semenova
         Post User Box 153
         Baysultanova Str.
         Nalchik
         Kabardino Balkariya Republic
         Russia

The Debtor can be reached at:

         OJSC Kashkhatauskiy Tinned Food Factory
         Mechieva Str. 147
         Karasu
         Cherekskiy Region
         Kabardino Balkariya Republic
         Russia


KRASNOSELSKAYA POULTRY: Creditors Must File Claims by Oct. 12
-------------------------------------------------------------
Creditors of OJSC Krasnoselskaya Poultry Farm have until Oct. 12
to submit written proofs of claim to:

         O. Veretelnik, Insolvency Manager
         B. Tatarskaya Str. 26/28
         115184 Moscow Region
         Russia

The Arbitration Court of Kostroma Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A31-9686/2005-18.

The Debtor can be reached at:

         OJSC Krasnoselskaya Poultry Farm
         Krasnoye-na-Volge
         Krasnoselskiy Region
         Kostroma Region
         Russia


LAKASHINSKIY DISTILLERY:  V. Motorzhin to Manage Assets
-------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. V.
Motorzhin as Insolvency Manager for OJSC Lakashinskiy
Distillery.  He can be reached at:

         V. Motorzhin
         Building 1
         Polonskogo Str. 19
         390000 Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-1005/2006-S1.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Lakashinskiy Distillery
         Lakash
         Spasskiy Region
         Ryazan Region
         Russia


MALYSHEVSKIYE EMERALDS: Court Starts Bankruptcy Supervision  
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on OJSC Malyshevskiye Emeralds.  The case
is docketed under Case No. A60-4389/2006-S11.

The Temporary Insolvency Manager is:

         S. Domas
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Malyshevskiye Emeralds
         Azina Str. 1
         Malysheva
         Asbest
         624286 Sverdlovsk Region
         Russia


MILK: Irkutsk Court Names O. Lukina as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Ms. O. Lukina
as Insolvency Manager for OJSC Milk (TIN 3819002278).  She can
be reached at:

            Ms. O.Lukina
            440027 Irkutsk
            Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-39613/05-38.

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Milk
         Burlova Str. 2
         Usolye-Sibirskoye
         665470 Irkutsk Region
         Russia


MONOLITH: Court Names S. Lemeshkin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. S.
Lemeshkin as Insolvency Manager for LLC Monolith.  He can be
reached at:

         S. Lemeshkin
         Uritskogo Str. 78
         Zelenokumsk
         357910 Stavropol Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-6893/06-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Monolith
         Soldato-Aleksandrovskoye
         Sovetskiy Region
         Stavropol Region
         Russia


MOSENERGO: Improved Liquidity Spurs S&P to Lift Rating to B
-----------------------------------------------------------  
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based electricity and heat
generator Mosenergo (AO) to 'B' from 'B-', and its Russia
national scale rating on the entity to 'ruA-' from 'ruBBB+'.
The outlook is positive.
     
"The upgrade reflects Mosenergo's improved liquidity position
following the issuance of Russian ruble 5 billion of unsecured
bonds," said Standard & Poor's credit analyst Eugene Korovin.
"The company is using the proceeds mainly to refinance its
short-term debt."
     
The ratings are supported by:

   -- Mosenergo's strong competitive position in the relatively
lucrative, and growing, Moscow region;

   -- its diversified combined heat and power generation
portfolio; and

   -- technical limitations on competition from alternative
power and heat producers.
     
The ratings are constrained, however, by:

   -- unsupportive tariff regulation that is exposed to
political influence, and

   -- the inherent risks of ongoing Russian power sector reform.

Other risk factors include:

   -- the company's ambitious investment program that creates
significant external funding requirements, and

   -- significant contingent liabilities.

Mosenergo is the fourth-largest Russian electricity generator by
installed capacity (10.6 gigawatts {GW}) and the largest by
installed heat capacity (39.8 GW).
     
Standard & Poor's expects Mosenergo to raise sufficient
additional equity capital through a forthcoming share issue to
finance the majority of its investment program, and that it will
maintain a moderately aggressive financial profile.
     
"The improvement of the Russian regulatory framework, and
deregulation of the country's power markets, should improve
Mosenergo's business profile and create additional upside
potential for the rating," added Mr. Korovin.     

The company's credit quality could also benefit from a likely
change of control, in view of the forthcoming restructuring of
its 50.9% owner, vertically integrated power and heat utility
RAO UES of Russia.


MUROM-AGRO-TORG: Vladimir Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Vladimir Region commenced bankruptcy
supervision procedure on OJSC Murom-Agro-Torg.  The case is
docketed as A11-3724/2006-K1-147B.  

The Temporary Insolvency Manager is:

         V. Shelchkov
         Stroiteley Str. 39
         Kovrov
         601911 Vladimir Region Russia

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         Vladimir Region
         Russia

The Debtor can be reached at:

         OJSC Murom-Agro-Torg
         Melenkovskoye Shosse 23
         Murom
         Vladimir Region
         Russia


NEFTEKUMSKIY: Stavropol Bankruptcy Hearing Slated for Dec. 7  
------------------------------------------------------------
The Arbitration Court of Stavropol Region will convene at 11:00
a.m. on Dec. 7 to hear the bankruptcy supervision procedure on
OJSC Meat Combine Neftekumskiy.  The case is docketed under Case
No.A63-8845/06-S5.

The Temporary Insolvency Manager is:

         S. Rudomanov
         Krasnoflotskaya Str. 46
         355003 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Neftekumskiy
         Kosmonavtov Str.
         Neftekumsk
         Stavropol Region
         Russia


OBIDIMSKIY BRICKWORKS: V. Semochkin to Manage Assets
----------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. V. Semochkin
as Insolvency Manager for OJSC Obidimskiy Brickworks.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A68-208/
B-06.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Obidimskiy Brickworks
         Leninskiy Region
         Tula Region
         Russia


POLYGRAPH-MASH: Court Sets Bankruptcy Hearing for Oct. 16
---------------------------------------------------------
The Arbitration Court of Dagestan Republic will convene at 10:00
a.m. on Oct. 16 to hear the bankruptcy supervision procedure on
OJSC Polygraph-Mash.  The case is docketed as A15-773/2006.

The Temporary Insolvency Manager is:

         D. Ramazanov
         Umakhanova Str. 12
         Makhachkala
         Dagestan Republic
         Russia

The Debtor can be reached at:

         OJSC Polygraph-Mash
         Shamilya Pr. 4
         Kizilyurt
         Dagestan Republic
         Russia


PRIOKSKAYA FUEL: Court Names E. Bogdanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. E. Bogdanov
as Insolvency Manager for OJSC Priokskaya Fuel Company.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A54-2694/
2006-S1.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Priokskaya Fuel Company
         Ryazan Region
         Russia


ROSNEFT: Russia Eyes Full Privatization in 3-10 Years, Aid Says
---------------------------------------------------------------
The Russian government is planning to privatize state-owned oil
company OAO Rosneft in the near future, says RIA Novosti citing
presidential aide Igor Shuvalov.

"Rosneft will be privatized in full sooner or later . . . in the
next three to 10 years," Mr. Shuvalov told RIA Novosti.

Mr. Shuvalov said the government would limit the stakes of
investors up to 10% in Rosneft.

Rosneft went public on both London and Moscow stock exchanges on
July 19, raising US$10.4 billion.  Largest subscribers include
U.K.'s BP PLC (US$1 billion), Malaysia's Petroliam Nasional
Berhad (US$1.5 billion), and China National Petroleum
Corporation (US$500 million).

                        About Rosneft

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

                        *     *     *

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


ROSSELKHOZBANK: Issues US$500-Million Subordinated Eurobonds
------------------------------------------------------------
Rosselkhozbank, also known as the Russian Agricultural Bank,
through Luxembourg-based unit RSHB Capital S.A., has placed a
10-year US$500-million subordinated Eurobond issue, RIA Novosti
says.

Rosselkhozbank placed the bonds, issued at par value and 6.97%
coupon rate, among 122 European and Asian companies and banks.  
The proceeds of the placement will be used to finance a
subordinated loan.  The Eurobond issue carries Baa1 rating from
Moody's and BBB rating from Fitch.

Barclays Capital and HSBC investment banks serve as organizer
for the bond issues.

                        About Rosselkhozbank

Headquartered in Moscow, Russia, Rosselkhozbank --
http://www.rshb.ru/english-- provides banking services  
nationwide to over 170,000 clients, especially from the agrarian
sector.  Rosselkhozbank had more than RUR75 billion in assets
and RUR11.3 billion in equity.

                          *     *     *

The company carries these ratings:

Moody's:

   -- Long-term Baa2, positive;
   -- Short-term Prime-2, stable;
   -- Financial strength E+, stable;
   -- National scale Aaa.ru long-term, and
   -- RUS-1 short-term.

Fitch:

   -- Long-term BBB, stable;
   -- Short-term F3; Support 2;
   -- Individual D/E;
   -- National Scale AAA (rus) long-term, stable.


RUSSIAN FLAX: Court Names N. Tkachenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. N. Tkachenko as
Insolvency Manager for CJSC Russian Flax.  He can be reached at:

         N. Tkachenko
         M. Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A40-27314/
06-103-443B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Russian Flax
         M. Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia


SEMENOVSKOYE: Moscow Bankruptcy Hearing Slated for Nov. 15
----------------------------------------------------------
The Arbitration Court of Moscow Region will convene at 2:00 p.m.
on Nov. 15 to hear the bankruptcy supervision procedure on CJSC
Semenovskoye.  The case is docketed as A41-K2-12140/06.

The Temporary Insolvency Manager is:

         A. Yastrebov
         Post User Box 12
         115597 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Semenovskoye
         Semenovskoye.
         Mozhayskiy Region
         143273 Moscow Region
         Russia


SENGILEEVSKIY WOOD: O. Berdnikova to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Ms. O.
Berdnikova as Insolvency Manager for State Enterprise
Sengileevskiy Wood Combine.  She can be reached at:

         O. Berdnikova
         Office 408A
         Goncharova Str. 32A
         432063 Ulyanovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A72-1765/
06-19/22-B.

The Debtor can be reached at:

         State Enterprise Sengileevskiy Wood Combine
         Krasnoarmeyskaya Str. 53
         Sengiley
         Ulyanovsk Region
         Russia


STONE WORKING: Court Names I. Nesterov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. I.
Nesterov as Insolvency Manager for OJSC Stone Working.  He can
be reached at:

         I. Nesterov
         Post User Box 147
         Balakovo-23
         413863 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-389B/05-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Stone Working
         Balakovo
         Saratov Region
         Russia  


STROY-INVEST: Creditors Must File Claims by October 12
------------------------------------------------------
Creditors of CJSC Stroy-Invest have until Oct. 12 to submit
written proofs of claim to:

         S. Galakhov, Insolvency Manager
         Pugacheva Str. 93
         302004 Orel Region
         Russia

The Arbitration Court of Orel Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as A48-2608/06-16b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         CJSC Stroy-Invest
         Komsomolskaya Str. 231
         Orel Region
         Russia


SUVOROV: Tambov Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Tambov Region commenced bankruptcy
supervision procedure on CJSC Named After Suvorov.  The case was
docketed as A64-3214/06-10.

The Temporary Insolvency Manager is:

         A. Khludentsov
         Magistralnaya Str. 4
         392024 Tambov Region
         Russia

The Debtor can be reached at:

         CJSC Named After Suvorov
         Ulyanovka
         Uvarovskiy Region
         Tambov Region
         Russia


SUVOROVSKIY SECONDARY: O. Trynkova to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Tula Region appointed Ms. O. Trynkova
as Insolvency Manager for LLC Suvorovskiy Secondary Metal (TIN
7133002225).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A68-2230/
06-217/B.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         LLC Suvorovskiy Secondary Metal
         Suvorov
         201430 Tula Region
         Russia


TOMSKAYA ENERGY: Court Names A. Maltabar as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Maltabar as
Insolvency Manager for CJSC Tomskaya Energy Company.  He can be
reached at:

         A. Maltabar
         Post User Box 619
         170006 Tver Region
         Russia  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-17848/06-71-161B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Tomskaya Energy Company
         Filevskiy Avenue 21  
         Moscow Region
         Russia


VECTOR: Ryazan Bankruptcy Hearing Slated for Nov. 21
----------------------------------------------------
The Arbitration Court of Ryazan Region will convene at 11:30
a.m. on Nov. 21 to hear the bankruptcy supervision procedure on
OJSC Vector.  The case is docketed under Case No. A54-2828/
06-S6.

The Temporary Insolvency Manager is:

         G. Bogdanova
         Letter O
         Mayakovskogo Str. 1a
         390046 Ryazan Region
         Russia

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Vector
         Gagarina Str. 26
         Voslebovo
         Skopinskiy Region
         391833 Ryazan Region
         Russia


VIMPELCOM OJSC: Elects Alexander Izosimov to Continue as CEO
------------------------------------------------------------
OJSC Vimpel-Communications decided to enter into a new two-year
employment agreement with its current CEO Alexander Izosimov,
following a majority vote by its Board of Directors.  

After being informed of the Board's vote by David J. Haines, the
Chairman of the Board of Directors, Mr. Izosimov agreed to
continue to serve as VimpelCom's CEO.

Following Thursday's Board meeting, Mr. Haines expressed his
pleasure that a solution was reached which enabled VimpelCom to
retain the services of Mr. Izosimov.  "I am pleased that
Alexander has agreed to stay on and I am very confident that
Alexander will continue to lead this company in the same
successful manner as he has in the past.  While it is
regrettable that we were unable to get all the members of the
Board to unanimously agree on the decision to keep Alexander, I
am convinced that we, as a Board, have arrived at the best
possible solution for the Company, its shareholders and
employees and its more than 50 million customers."

After being informed of the Board's decision, Mr. Izosimov
stated that, "I look forward to continuing my duties as CEO of
VimpelCom and remain fully committed."  He added that, "clearly
today's vote demonstrates that there are still issues which need
to be resolved among the Board and VimpelCom's strategic
shareholders.  However, I truly appreciate the support I have
received from a majority of the Board."

Mr. Izosimov will continue in office as CEO in accordance with
Russian law as he was neither dismissed nor reappointed as CEO
at today's meeting by the 80% vote of the Board required under
the Company's charter.  Certain members of the Board or
shareholders of the Company may disagree with and challenge this
interpretation of Russian law.   The Company intends to
vigorously contest any challenges.

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications   
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings
Services said that its ratings and outlook on Russian mobile
telecommunications operator Vimpel-Communications (VimpelCom;
BB/Positive/--) are unaffected by the company's announcement
that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of US$5 billion in VimpelCom
common registered shares plus assumed debt.


WEEAVING-MILL: Court Names A. Lyasman as Insolvency Manager   
-----------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. A. Lyasman as
Insolvency Manager for LLC Weeaving-Mill.  She can be reached
at:

         A. Lyasman
         Kuybysheva Str. 81-103
         644010 Omsk-10
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-8250/2006.

The Debtor can be reached at:

         LLC Weeaving-Mill
         Kirova Str. 2
         Kalachinsk
         646900 Omsk Region
         Russia


* Fitch Revises Lipetsk's Outlook to Stable & Affirms BB- Rating
----------------------------------------------------------------
Fitch Ratings changed the Russian Region of Lipetsk's Long-term
rating and National rating Outlooks to Stable from Positive.  
The ratings are affirmed at Long-term foreign and local currency
BB- and Short-term B.  The National Long-term rating is affirmed
at AA-.

The change in Outlook reflects the deterioration in the region's
budgetary performance as a result of a revenue decline in its
largest taxpayer, the Novolipetsk steel smelting plant.  The
regional economy is heavily weighted towards ferrous metallurgy,
and NLMK is the single largest contributor to the regional
budget.  

The dominance of a single taxpayer leaves the budget vulnerable
to the fluctuations of market conditions for NLMK.  The metal
market price conditions deteriorated last year, resulting in a
30% decline in operating profit before tax for NLMK in 2005 and
a further 15% decline in H106.

The region's budgetary performance deteriorated in 2005 with
operating and current margins declining to 3.9% and 4.1%
respectively from 38% in 2004.  The operating revenue growth has
fallen sharply to 6.3% from average of 50% in the 2002-2004
period while the operating expenditure growth rate doubled to
64.9% in 2005 from 33.6% in 2004.

Social expenditure pressure on the regional budget has increased
as the region acquired new responsibilities for financing social
allowances and other social expenses.  Healthcare and sports
expenditure increased 76% in 2005 while education spending grew
115%.  As a result the region recorded budget deficit and was
forced to resort to debt issuance.

At the same time, the region has been successful in attracting
foreign capital including foreign direct investment.  In 2005
the total volume of foreign capital invested in the region
exceeded US$1.2 billion.  The region is home to Italy's "Indesit
International" factory, which has also constructed a logistics
center in the region and created the largest industrial home
appliance- producing area in Europe.

Contrary to budgeted operating and current balance deficits in
2006, the region demonstrated a recovery in its budgetary
performance during H106, recording positive operating and
current margins of 15.2% and 15.1% respectively.  The debt
burden of the region remains manageable with total debt reaching
3.7% of revenue in 2005 and is projected to reach 11.1% by end-
2006.  The interest expense and debt servicing remained below 1%
of operating and current revenue respectively during the last
two years.

The Region of Lipetsk is located in the center of the European
part of Russia and accounts for 1.0% of the GDP and 0.8% of
country's total population.


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


MILACRON CORP: Contributes US$30 Million to Pension Obligation
--------------------------------------------------------------
Milacron Inc. launched a voluntary advance contribution to its
U.S.-defined benefit plan of approximately US$30 million on
Sept. 15.  Credit for this pre-funding will eliminate any
contributions required in 2007, currently estimated at
approximately US$57 million.

Milacron raised the bulk of the prepayment, approximately
US$18 million, through the liquidation of investments for non-
qualified retirement plans for executives. The company also used
approximately US$2 million in proceeds from the recent sale of a
previously closed facility as well as approximately US$6 million
in cash repatriated from outside the U.S. The balance,
approximately US$4 million, was borrowed through its revolving
credit facility.

Milacron is currently in the process of selling various other
non-core, non-operating assets such as land, facilities and
equipment made redundant through current and previous
consolidations.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.  In
Europe, the company maintains operations in Belgium, Germany,
Italy, the Netherlands, Spain, and England.

Milacron's annual revenues approximated US$805 million over the
last twelve months.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 12, 2006,
Moody's Investors Service affirmed the Caa1 corporate family
ratings of Milacron Inc. and the Caa1 rating of the Company's
US$225 million of 11.5% guaranteed senior secured notes due
2011.


=====================
S W I T Z E R L A N D
=====================


BOOKHAM INC: Investors Buy 2.8-Mln Shares in Private Placement
--------------------------------------------------------------
Bookham Inc. disclosed Tuesday that certain institutional
investors have exercised their right to purchase 2,898,667
shares of common stock and warrants to purchase up to 724,667
shares of common stock pursuant to a second closing of a private
placement contemplated by a securities purchase agreement dated
Aug. 31, 2006.

In the initial closing on Sept. 1, 2006, investors purchased
8,696,000 newly issued shares of common stock at US$2.70 per
share, and warrants to purchase up to 2,174,000 shares of common
stock.  The warrants have a term of five years and become
exercisable after March 1, 2007, at an exercise price of US$4.00
per share.

In the second closing, Bookham will receive additional gross
proceeds of US$7.9 million resulting in total gross proceeds of
US$31.4 million for this private placement.

Cowen and Company, LLC, acted as the sole placement agent for
this offering.

Pursuant to an agreement with the investors, the Company will
file a registration statement with the U.S. Securities and
Exchange Commission covering the resale of the shares of common
stock issued to the investors as well as the shares of common
stock issuable upon exercise of the warrants, subject to certain
terms and conditions.

The securities offered in the private placement were not
registered under the Securities Act of 1933, as amended or any
state securities laws, and may not be offered or sold in the
United States absent registration, or an applicable exemption
from registration, under the Act and applicable state securities
laws.

                       About Bookham Inc.

Bookham, Inc. -- http://www.bookham.com/-- designs,  
manufactures and markets optical components, modules and
subsystems that generate, detect, amplify, combine and separate
light signals principally for use in high-performance fiber
optics communications networks.  The Company has manufacturing
facilities in the UK, US, Canada, China and Switzerland; and
offices in the US, UK, Canada, France and Italy and employs
approximately 2000 people worldwide.


BOOKHAM INC: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP expressed substantial doubt about Bookham,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the fiscal year ended
July 1, 2006.  The auditing firm pointed to the Company's
recurring operating losses.

Bookham posted an US$87.5 million net loss for the fiscal year
ended July 1, 2006, compared with a net loss of US$248 million
in fiscal 2005.  Net revenue for fiscal 2006 was US$231.6
million, compared with US$200.3 million in fiscal 2005.

"We achieved 16% revenue growth in fiscal 2006 and significantly
improved our overall financial structure with the elimination of
our long-term debt," said Dr. Giorgio Anania, president and
chief executive officer of Bookham.  "On the operations front,
we extended our supply agreement with Nortel through calendar
2006 and completed the move of our assembly and test
manufacturing to Shenzhen, which is already delivering better
performance and substantial cost savings.  In addition, we
introduced several new products, including wideband tunable
laser products, next generation high power 980 pumps, new
optical amplifiers and extended temperature XFPs and SFP DWDM
transceiver products, all of which, we believe, will be key to
our revenue growth in fiscal 2007."

Revenue in the fourth quarter of fiscal 2006 was US$55 million,
compared with US$53.4 million in the third quarter of fiscal
2006 and US$61 million in the fourth quarter of fiscal 2005.  
Revenue from customers other than Nortel increased 25%
sequentially to $36.5 million from US$29.3 million last quarter.  
Revenue from Nortel in the fourth quarter declined as previously
forecast to $18.5 million compared with US$24.1 million in the
prior quarter.

Net loss in the fourth quarter was US$270 million.  Included in
fourth quarter GAAP net loss are restructuring charges of
approximately US$5.2 million.  Fourth quarter net loss compares
with a net loss of US$48 million in the third quarter and a net
loss of US$39 million in the fourth quarter of fiscal 2005.

"We are making good progress on the cost reduction plans we
announced in May.  Our lasers prototype line with associated
engineering support will be transferring to our Shenzhen, China
facility in the August to October timeframe, and our chip-on-
carrier line will be starting up in Shenzhen in September with
the move to be completed before year-end.  We are also in the
process of transferring a certain number of development,
manufacturing support and administrative functions to Shenzhen
to continue driving down our overhead cost structure.  This will
result in significant reductions in Western-world staff,
especially in our Paignton, U.K. site, which will occur between
the middle of August and November of this year," said Dr.
Anania.

"We initially expected these moves would result in quarterly
cost savings of between US$5 million and US$6 million per
quarter.  We now expect cost savings of about US$4 million per
quarter in the December quarter with an additional US$1.5
million to US$2.5 million achieved by the March 2007 quarter,"
added Dr. Anania.

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?11fa

                     Outlook and Guidance

"The market outlook for telecom optical components remains
strong and as a key player in the telecom optical components
space we are experiencing the benefits from this positive
momentum," said Dr. Anania.  "We are seeing solid demand for our
new products and believe this will translate into additional
growth for these products over the next several quarters."

                       About Bookham Inc.

Bookham, Inc. -- http://www.bookham.com/-- designs,  
manufactures and markets optical components, modules and
subsystems that generate, detect, amplify, combine and separate
light signals principally for use in high-performance fiber
optics communications networks.  The Company has manufacturing
facilities in the UK, US, Canada, China and Switzerland; and
offices in the US, UK, Canada, France and Italy and employs
approximately 2000 people worldwide.


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


AES CORP: Regulator's Study on Concession Requests Almost Done
--------------------------------------------------------------
An official of Autoridad Nacional de los Servicios Publicos or
ANSP -- Panama's public service regulator -- told Business News
Americas that the agency's review on AES Corp.'s three
hydroelectric concession requests is almost done.

BNamericas relates that the official said the projects, which
would use water from the Changuinola River in Bocas del Toro,
are:

         -- 158-megawatt Gavilan,
         -- 132-megawatt Cauchero II, and
         -- 126-megawatt Chan-220.

The official told BNamericas that ANSP will award the
concessions soon.  In general terms, once a concession has been
awarded, the developer has a year to finalize project details
and up to four years to construct the project.

A report posted in AES Corp.'s Web site says that the firm
currently runs four hydro plants with 470-megawatt total
installed capacity and one 43-megawatt thermal plant.

                      About the Company

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

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

                        *     *     *

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

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

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


AVTOSHTAMP: Kirovograd Court Names V. Kosarenko as Liquidator
-------------------------------------------------------------
The Economic Court of Kirovograd Region appointed Mr. V.
Kosarenko as Liquidator/Insolvency Manager for CJSC Avtoshtamp
(code EDRPOU 14368956).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 4.  The case is docketed
under Case No. 10/155.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         CJSC Avtoshtamp
         Yoganson Lane 1
         Oleksandriya
         Kirovograd Region
         Ukraine


EUROLANDER: Kyiv Court Names Yurij Bilik as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Yurij Bilik as
Liquidator/Insolvency Manager for LLC Eurolander (code EDRPOU
32138037).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
337/3b-05/14.

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 Eurolander
         V. Kiltseva Str. 4-b
         Kiyevo-Svyatoshinskij District
         Kyiv Region
         Ukraine


FORTUNA: Court Names Igor Ivanishin as Insolvency Manager
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Igor
Ivanishin as Liquidator/Insolvency Manager for LLC Fortuna (code
EDRPOU 32295139).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 20.  The case is docketed
under Case No. B-7/41-19/227.

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         LLC Fortuna
         Brin
         Galitskij District
         Ivano-Frankivsk Region
         Ukraine


INDEXBANK: Moody's Keeps E+ Financial Strength Rating
-----------------------------------------------------
Moody's Investors Service upgraded the global local currency
long-term and short-term deposit ratings of Indexbank (Ukraine)
to Baa1/P-2 as result of the successful acquisition of a 99.9%
stake of the latter by Credit Agricole.

The global foreign currency deposit ratings and E+ Financial
Strength Rating remain unchanged.  The outlook for all the
bank's ratings is stable.  

At the same time, Moody's has assigned a long-term national
scale rating of Aaa.ua, which corresponds to the bank's Baa1
long-term local currency rating.

According to Moody's, the upgrade reflects an increased
likelihood of support from the financially sound and experienced
new controlling shareholder.

The global long-term foreign currency deposit rating remains
constrained by Ukraine's B2 foreign currency deposit ceiling.

The bank's global foreign currency long-term rating would be
likely to be upgraded as a result of a rise in Ukraine's foreign
currency deposit ceiling.

The E+ FSR is likely to benefit from the acquisition, although
not in the short run, as the bank's restructuring and the
development of the new strategy still have to take place and the
outcome is yet to be seen.

At the current stage a negative rating action is not very
likely, unless in the case of a significant asset quality
problem, or losses caused by operational risk stemming from the
previous uncontrolled growth.

Indexbank is headquartered in Kyiv, Ukraine, and as of
Dec. 31, 2005 reported total assets of US$448 million and equity
of US$34 million under IFRS.


KONOTOP ELECTRIC-MECHANICAL: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on OJSC Konotop Electric-Mechanical Plant
(code EDRPOU 31716652) on July 21.  The case is docketed under
Case No. 12/106-05.

The Temporary Insolvency Manager is:

         Boris Krivenko
         Nezalezhnosti Square 1
         40030 Sumi Region Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Konotop Electric-Mechanical Plant
         Chervonozavodska Str. 5
         Konotop
         41600 Sumi Region
         Ukraine


KOSMETIC TRADE: Court Names Igor Ferberov as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Igor Ferberov as
Liquidator/Insolvency Manager for LLC Kosmetic Trade (code
EDRPOU 30189933).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 10.  The case is docketed
under Case No. 27/67 b.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Kosmetic Trade
         Eryomenko Str. 24/1-a
         83007 Donetsk Region
         Ukraine


KURAHOVEENRGOBUD: Donetsk Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on Building-Erection Department
Kurahoveenrgobud (code EDRPOU 00119793) on Aug. 2.  The case is
docketed under Case No. 42/157 B.

The Temporary Insolvency Manager is:

         Vitalij Paterilov
         a/b 6915
         83050 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:

         Building-Erection Department Kurahoveenrgobud
         Plehanov Str. 1
         Kurahove
         Maryinskij District
         85612 Donetsk Region
         Ukraine


NAFTOGAZ UKRAINY: Posts US$368 Million Loss for 2005
----------------------------------------------------
NJSC Naftogaz Ukrainy has released its audited financial results
for the year ended Dec. 31, 2005, RIA Novosti says.

Naftogaz posted UAH1.842 billion (US$368 million) in losses for
2005.  The figure was better than forecasted by ratings agency
Fitch, which said losses could reach as high as US$1 billion,
RIA Novosti reports.

As of Dec. 31, 2005, Naftogaz had -UAH9.014 billion (-US$1.8
billion) in net current assets.  The figure includes UAH5.168
billion (US$1 billion) in tax arrears.  

In 2005, Naftogaz almost doubled it long-term loans to UAH7.862
billion (US$1.37 billion).  The company took around US$1 billion
in loans from foreign banks to fund its operations, make
investments, and repay short-term debt.

The company, RIA Novosti reports, accumulated US$700 million in
debts for natural gas supplied by Gazprom unit RosUkrEnergo in
February and March, after Ukraine's Finance Ministry rejected a
price hike proposal.  The rejection forced Naftogaz to sell
imported gas at prices lower than the acquisition price,
spurring US$500-US$600 million in losses for the first quarter
of 2006.

As reported in TCR-Europe on Sept. 14, Gazprom is mulling to
hike its gas prices in Ukraine after sealing a deal early this
month with Turkmenistan.  Under the contract, Gazprom will buy
50 billion cubic meters of gas from Turkmenistan at US$100 per
1,000 cubic meters, up from previous price of US$65 per 1,000
cubic meters.  With the higher cost, Gazprom is demanding that
Ukraine's Naftogaz pay between US$135 and US$140 per 1,000 cubic
meters of gas.

Naftogaz, however, is offering to repay US$322 million debt in
three installments:

   -- US$150 million on Sept. 17,
   -- US$150 million on Sept. 25, and
   -- US$22 million in early October.

to keep the gas prices at US$95 in the fourth quarter of 2006.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at  
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                        *     *     *

As reported in TCR-Europe on May 26, Moody's Investor Service
upgraded Naftogaz's Corporate Family Rating (foreign currency)
to Ba3 from B1, with Stable Outlook.  Moody's also affirmed the
group's Ba2 Senior Unsecured Debt Rating.

As reported in TCR-Europe on April 26, Fitch Ratings lowered
OJSC Naztogaz of Ukraine's local and foreign currency Issuer
Default Ratings to B+ from BB- due to the company's
deteriorating financial condition.  The Outlooks for the IDRs
remain Negative.

The senior unsecured rating on the company's US$500 million
Eurobond maturing in 2007 is also downgraded to B+ from BB-.


NIZHNYOGIRSKE RTP: AR Krym Court Names Vasil Kuhta as Liquidator
----------------------------------------------------------------
The Economic Court of AR Krym Region appointed Vasil Kuhta as
Liquidator/Insolvency Manager for OJSC Nizhnyogirske RTP (code
EDRPOU 03565582).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 3.  The case is docketed
under Case No. 2-6/3220-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         OJSC Nizhnyogirske RTP
         Zhelyabovka
         Nizhnyogirskij District
         Pridorozhnya Str. 24
         96033 AR Krym Region
         Ukraine


NOVO SVIT: Kyiv Court Names Yurij Bilik as Liquidator
-----------------------------------------------------
The Economic Court of Kyiv Region appointed Yurij Bilik as
Liquidator/Insolvency Manager for LLC Novo Svit (code EDRPOU
32227294).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 3.  The case is docketed
under Case No. 242/14b-05.

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 Novo Svit
         Lesya Ukrainka Str. 64
         Vishneve
         Kiyevo-Svyatoshinskij District
         Kyiv Region
         Ukraine


PEREMOGA: Court Names Yevgenij Shtepenko as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Poltava Region appointed Yevgenij
Shtepenko as Liquidator/Insolvency Manager for LLC Peremoga
(code EDRPOU 31327709).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 6.  The case is docketed
under Case No. 18/157.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Peremoga
         Giryavi Iskivtsi
         Lohvitskij District
         Poltava Region
         Ukraine


VEZUVIJ: Kyiv Court Names Yurij Bilik as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Yurij Bilik as
Liquidator/Insolvency Manager for LLC Vezuvij (code EDRPOU
31425441).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
123/14b-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:

         LLC Vezuvij
         Balukov Str. 6
         Vishneve
         Kiyevo-Svyatoshinskij District
         Kyiv Region
         Ukraine


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


ADVANCED SCAFFOLDING: Joint Liquidators Take Over Operations
------------------------------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
Joint Liquidators of Advanced Scaffolding (NW) Limited on
Aug. 22 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Advanced Scaffolding (NW) Limited
    216-222
    County Road
    Walton
    Liverpool
    Merseyside L4 5PJ
    United Kingdom
    Tel: 0151 523 9100


ALBION SPRING: Metal Spring Manufacturer up for Sale
----------------------------------------------------
Rob Hunt and Mark Hopkins, Joint Administrative Receivers, offer
for sale the business and assets of Albion Spring Company
Limited.

Albion Spring is a long established West Bromwich-based company.  
The group manufactures springs, clips and pressings for the
automotive, medical, white goods and pharmaceutical sectors.

The assets for sale features:

   -- GBP2 million in annual turnover;
   -- established customer base;
   -- skilled workforce; and
   -- plant and machinery.

Inquiries can be addressed to:

         Scott Bevan
         Paul Edwards
         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham B3 2DT
         United Kingdom
         Tel: 0121 200 3000
         Fax: 0121 265 5650
         
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.  


ASHAMOOR LIMITED: Names Andrew T. Clay as Liquidator
----------------------------------------------------
Andrew T. Clay Andrew Michaels & Co. Ltd. was named liquidator
of Ashamoor Limited on Aug. 11 for the purposes of the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Ashamoor Limited
         7 Walsall Street
         Willenhall
         West Midlands WV13 2ES
         United Kingdom
         Tel: 01902 637 072


AVIALL INC: Completes US$1.7-Bln Merger Agreement with Boeing
-------------------------------------------------------------
The Boeing Company has concluded its purchase of Aviall Inc.,
the largest independent provider of new aviation parts and
related aftermarket services in the aerospace industry.

Aviall supports Boeing's strategy of providing a wide array of
value-added products and services that helps commercial and
military customers operate more efficiently.

Boeing has purchased Aviall Inc. for US$48 per share or US$1.7
billion, plus the assumption of debt, net of cash existing on
Aviall's balance sheet, of US$448 million.

Aviall's capabilities include global parts distribution and
supply chain services for aerospace, defense and marine
industries worldwide.

"We are excited to welcome the Aviall team to Boeing," said Lou
Mancini, vice president and general manager of Boeing Commercial
Aviation Services.  "We will add Aviall's great products and
people to our expanding Integrated Materials Management program
that is so important to our customers."

"We are delighted to become part of The Boeing Company," said
Paul Fulchino, chairman, president and chief executive officer
of Aviall.  "Our combined industry knowledge creates a dynamic
team that will continue to enable our customers to achieve
greater efficiency, operational savings and profitability."

Aviall will report to Boeing Commercial Aviation Services and
operate as a wholly owned subsidiary.  Commercial Aviation
Services offers Integrated Materials Management services to
airline customers.  

Through this program, Boeing and selected suppliers maintain an
airline's inventory of maintenance supplies - including spare
parts - and provide items only as needed, reducing the airline's
cost and complexity of doing business.  Aviall's parts ordering
and supply chain management capabilities will also be utilized
by Boeing's Integrated Defense Systems' Support Systems
business.

"This is an exciting time for Boeing with the addition of
Aviall's capabilities," said Pat Finneran, president of Support
Systems.  "Their strengths and abilities are well aligned with
our current business strategies and I look forward to leveraging
our combined strengths to improve our supply chain services for
our customers."

Headquartered in Dallas, U.S.A., with customer service centers
located in North America, Europe and Asia, Aviall Inc. (NYSE:
AVL) -- http://www.aviall.com/-- is the world's largest    
independent provider of new aviation parts and related
aftermarket services.

Aviall markets and distributes products for approximately 220
manufacturers and offers approximately 700,000 catalog items.
Aviall also offers a full line of aviation batteries, hoses,
wheels and brakes, and paint services.

                         *     *     *

As reported in the Troubled Company Reporter on May 3, 2006,
Standard & Poor's Ratings Services placed its ratings on Aviall
Inc., including the 'BB' corporate credit rating, on CreditWatch
with positive implications.

As reported in the Troubled Company Reporter on Mar. 22, 2006,
Moody's Investors Service raised the ratings Aviall, Inc.,
Corporate Family Rating to Ba2 from Ba3, prompted by a
continuing trend towards improvement in operating results as
well as by the company's recent successful win of a long term
distribution agreement with Smiths Aerospace LLC.  The rating
outlook has been changed to stable from positive.


AVIALL INC: Acquisition Prompts S&P to Withdraw Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings,
including the 'BB' corporate credit rating, on Aviall Inc. and
removed the ratings from CreditWatch, where they were placed
with positive implications on May 1.
     
The aircraft parts distributor was acquired by Boeing Co. for
US$2 billion and its rated debt has been repaid.


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

The company can be reached at:

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


BENSONMILL LIMITED: Taps Lloyd Biscoe to Liquidate Assets
---------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Bensonmill Limited on Aug. 15 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Bensonmill Limited
    47 Thundersley Grove
    Benfleet
    Essex SS7 3EB
    United Kingdom
    Tel: 01268 799496  


BOFF LIMITED: Appoints Joint Liquidators to Wind Up Business
------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Boff Limited (formerly
Digital Marketing Limited and Visuality 2000 Limited) on Aug. 17
for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Boff Limited
    24 Wells Street
    London W1T 3PH
    United Kingdom
    Tel: 020 7580 8922
    Fax: 020 7580 8933
    Web: http://www.boffgroup.com/  


BOOKHAM INC: Investors Buy 2.8-Mln Shares in Private Placement
--------------------------------------------------------------
Bookham Inc. disclosed Tuesday that certain institutional
investors have exercised their right to purchase 2,898,667
shares of common stock and warrants to purchase up to 724,667
shares of common stock pursuant to a second closing of a private
placement contemplated by a securities purchase agreement dated
Aug. 31, 2006.

In the initial closing on Sept. 1, 2006, investors purchased
8,696,000 newly issued shares of common stock at US$2.70 per
share, and warrants to purchase up to 2,174,000 shares of common
stock.  The warrants have a term of five years and become
exercisable after March 1, 2007, at an exercise price of US$4.00
per share.

In the second closing, Bookham will receive additional gross
proceeds of US$7.9 million resulting in total gross proceeds of
US$31.4 million for this private placement.

Cowen and Company, LLC, acted as the sole placement agent for
this offering.

Pursuant to an agreement with the investors, the Company will
file a registration statement with the U.S. Securities and
Exchange Commission covering the resale of the shares of common
stock issued to the investors as well as the shares of common
stock issuable upon exercise of the warrants, subject to certain
terms and conditions.

The securities offered in the private placement were not
registered under the Securities Act of 1933, as amended or any
state securities laws, and may not be offered or sold in the
United States absent registration, or an applicable exemption
from registration, under the Act and applicable state securities
laws.

                       About Bookham Inc.

Bookham, Inc. -- http://www.bookham.com/-- designs,  
manufactures and markets optical components, modules and
subsystems that generate, detect, amplify, combine and separate
light signals principally for use in high-performance fiber
optics communications networks.  The Company has manufacturing
facilities in the UK, US, Canada, China and Switzerland; and
offices in the US, UK, Canada, France and Italy and employs
approximately 2000 people worldwide.


BOOKHAM INC: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP expressed substantial doubt about Bookham,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the fiscal year ended
July 1, 2006.  The auditing firm pointed to the Company's
recurring operating losses.

Bookham posted an US$87.5 million net loss for the fiscal year
ended July 1, 2006, compared with a net loss of US$248 million
in fiscal 2005.  Net revenue for fiscal 2006 was US$231.6
million, compared with US$200.3 million in fiscal 2005.

"We achieved 16% revenue growth in fiscal 2006 and significantly
improved our overall financial structure with the elimination of
our long-term debt," said Dr. Giorgio Anania, president and
chief executive officer of Bookham.  "On the operations front,
we extended our supply agreement with Nortel through calendar
2006 and completed the move of our assembly and test
manufacturing to Shenzhen, which is already delivering better
performance and substantial cost savings.  In addition, we
introduced several new products, including wideband tunable
laser products, next generation high power 980 pumps, new
optical amplifiers and extended temperature XFPs and SFP DWDM
transceiver products, all of which, we believe, will be key to
our revenue growth in fiscal 2007."

Revenue in the fourth quarter of fiscal 2006 was US$55 million,
compared with US$53.4 million in the third quarter of fiscal
2006 and US$61 million in the fourth quarter of fiscal 2005.  
Revenue from customers other than Nortel increased 25%
sequentially to $36.5 million from US$29.3 million last quarter.  
Revenue from Nortel in the fourth quarter declined as previously
forecast to $18.5 million compared with US$24.1 million in the
prior quarter.

Net loss in the fourth quarter was US$270 million.  Included in
fourth quarter GAAP net loss are restructuring charges of
approximately US$5.2 million.  Fourth quarter net loss compares
with a net loss of US$48 million in the third quarter and a net
loss of US$39 million in the fourth quarter of fiscal 2005.

"We are making good progress on the cost reduction plans we
announced in May.  Our lasers prototype line with associated
engineering support will be transferring to our Shenzhen, China
facility in the August to October timeframe, and our chip-on-
carrier line will be starting up in Shenzhen in September with
the move to be completed before year-end.  We are also in the
process of transferring a certain number of development,
manufacturing support and administrative functions to Shenzhen
to continue driving down our overhead cost structure.  This will
result in significant reductions in Western-world staff,
especially in our Paignton, U.K. site, which will occur between
the middle of August and November of this year," said Dr.
Anania.

"We initially expected these moves would result in quarterly
cost savings of between US$5 million and US$6 million per
quarter.  We now expect cost savings of about US$4 million per
quarter in the December quarter with an additional US$1.5
million to US$2.5 million achieved by the March 2007 quarter,"
added Dr. Anania.

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?11fa

                     Outlook and Guidance

"The market outlook for telecom optical components remains
strong and as a key player in the telecom optical components
space we are experiencing the benefits from this positive
momentum," said Dr. Anania.  "We are seeing solid demand for our
new products and believe this will translate into additional
growth for these products over the next several quarters."

                       About Bookham Inc.

Bookham, Inc. -- http://www.bookham.com/-- designs,  
manufactures and markets optical components, modules and
subsystems that generate, detect, amplify, combine and separate
light signals principally for use in high-performance fiber
optics communications networks.  The Company has manufacturing
facilities in the UK, US, Canada, China and Switzerland; and
offices in the US, UK, Canada, France and Italy and employs
approximately 2000 people worldwide.


BOURNVILLE.NET: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Bournville.Net Limited confirmed on Aug. 16 the
resolution for voluntary liquidation and the appointment of Lyn
Marie Green of Ward & Co. as liquidator of the company.

The company can be reached at:
         
         Bournville.Net Limited
         35 Barbourne Road
         Worcester
         Worcestershire WR1 1SA
         United Kingdom
         Tel: 0870 236 2360
         Web: http://www.commsconnect.net/


BOYDS COLLECTION: Hires Liquidators from Benedict Mackenzie
-----------------------------------------------------------
Ian Donald Williams and Laurence Pagden of Benedict Mackenzie
LLP were appointed Joint Liquidators of The Boyds Collection
Limited on Aug. 18 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    The Boyds Collection Limited
    Unit J
    Dunkeswell Airfield
    Dunkeswell Business Park
    Honiton
    Devon EX144LE
    United Kingdom
    Tel: 01404 891 404
    Fax: 01404 891 818


BRIARSOFT LIMITED: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of Briarsoft Limited confirmed on Aug. 16 the
appointment of Gordon Smythe Goldie and Allan David Kelly of
Tait Walker as the company's Liquidators.

The company can be reached at:

    Briarsoft Limited
    Unit 1C
    Hownsgill Industrial Park
    Knitsley Lane
    Consett
    County Durham DH8 7NU
    United Kingdom
    Tel: 01207 583 562
    Fax: 01207 583 952


BRITISH UNITED: Shoe Machinery Manufacturer Up for Sale
-------------------------------------------------------
The Directors of British United Shoe Machinery Limited is
offering to sell the group's business and assets either as a
complete group or as separate trading businesses comprising of:

   * BUSM

      -- designs and manufactures shoe machines and cutting
         machines, including trade names Samco Strong and
         Exact, and

      -- owns a manufacturing facility in Asia.

   * USM International Limited

      -- produces Computer Aided Design software for shoe
         manufacture applications

   * Shoemat

      -- supplies of footwear materials and components

The Group has consolidated turnover of GBP6,141,000.

The long established businesses have an enviable reputation
within the worldwide shoe manufacturing industry having
developed, over many years, a substantial customer base
utilizing "BUSM" machinery which it still supplies with spares.

In addition new developments in single point cutting technology
have resulted in exciting new opportunities in material cutting
for the aerospace, automotive and other industries.

The group or individual businesses are offered for sale by way
of a sale of assets to include brand and trading styles,
Intellectual Property Rights relating to machinery designs and
software and technical development, production plant machinery
and equipment, stock, customer lists and order books.

Inquiries can be addressed to:

         Charterfields Limited
         The Lodge
         Westbrook Court
         2 Sharrow Vale Road
         Sheffield S11 8YZ
         United Kindom
         Tel: 0870 0434170
         Fax: 0870 0434172
         E-mail: enquiries@charterfields.com

Headquartered in London and Sheffield, United Kingdom,
Charterfields Limited -- http://www.charterfields.com/--  
provides a broad range of valuation and asset management
services to corporate clients and professional intermediaries
throughout the world.


BURNLEY CAR: Calls In Joint Liquidators from BWC Business
---------------------------------------------------------
Paul A. Whitwam and Gary E. Blackburn of BWC Business Solutions
were appointed Joint Liquidators of Burnley Car Audio Limited on
Aug. 25 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Burnley Car Audio Limited
    Parker Lane
    Burnley
    Lancashire BB112BY
    United Kingdom
    Tel: 01282 433 344


C & J MIDDLETON: Brings In A. Turpin to Liquidate Assets
--------------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed liquidator of C &
J Middleton Limited on Aug. 15 for the purposes of creditors'
voluntary liquidation.

The company can be reached at:

         C & J Middleton Limited
         Bedworth Road
         Longford
         Coventry
         West Midlands CV6 6BP
         United Kingdom
         Tel: 024 7636 5598


CASTLE HOSIERY: Appoints Joint Liquidators from Ashcrofts
---------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Castle Hosiery (London) Limited on Aug. 31
for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Castle Hosiery (London) Limited
    6 White Church Lane
    Tower Hamlets
    London E1 7QR
    United Kingdom
    Tel: 020 7375 2146
    Fax: 020 7247 4138


CGSI LIMITED: Creditors Ratify Liquidator's Appointment
-------------------------------------------------------
Creditors of CGSI Limited ratified on Aug. 15 the appointment of
Ian C. Schofield of PKF (U.K.) LLP as liquidator after they
decided to wind-up the business.

The company can be reached at:

         CGSI Limited
         Unit 2
         Royds Lane
         Leeds
         West Yorkshire LS12 6DU
         United Kingdom
         Tel: 0113 387 5700


CHAPEL FURNISHINGS: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------------
Creditors of Chapel Furnishings Limited confirmed on Aug. 16 the
resolutions for voluntary liquidation and the appointment of
John Russell and Brendan Ambrose Guilfoyle as Liquidators.

The company can be reached at:

    Chapel Furnishings Limited
    14 Crown Point Road
    Leeds
    West Yorkshire LS101HU
    United Kingdom
    Tel: 0113 243 3638
    Fax: 0113 243 4529


CINRAM INT'L: Urged to Retain Financial Advisor and Explore Sale
----------------------------------------------------------------
Amaranth Canada Trust advised the Trustees of Cinram
International Income Fund Monday that the trustees of Cinram
should immediately retain financial advisors to explore a sale
of Cinram, including a going private transaction.  

Amaranth told the Cinram Trustees that they could materially
enhance unitholder value by concluding that Cinram simply will
not receive an appropriate valuation in the public markets.

Amaranth issued the memorandum after the Amaranth investment
fund group announced significant trading losses in its natural
gas trading business.  Following Amaranth's disclosure, the
trust units of Cinram came under intense selling pressure.

Manos Vourkoutiotis of Amaranth told the Cinram Trustees that
given the absence of any fundamental news about Cinram, Amaranth
has concluded that the selling was due to market participants
speculating about Amaranth Canada Trust's intentions with
respect to its Cinram holdings.

Mr. Vourkoutiotis said that the public markets have failed to
recognize the value of Cinram's business for quite some time.
Given that the Cinram unit price has dropped 5% on Monday
without any fundamental news, Mr. Vourkoutiotis explained that
Amaranth has concluded that this fact will persist for the
foreseeable future.

Amaranth Canada Trust has beneficial ownership of 8,000,000
trust units of Cinram representing approximately 15.3% of the
issued and outstanding trust units, and is the largest equity
holder in the fund.

Amaranth LLC indirectly beneficially owns all units beneficially
owned by the Amaranth Canada Trust.  In addition, Amaranth has
an economic interest in 2,654,895 Units.

                           About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior
secured rating to the US$825 million credit facility of Cinram
International Inc. dated May 5, 2006, removing the provisional
status from this rating.  Moody's also withdrew the B1 senior
secured rating from Cinram's prior credit facility, originally
dated October 2003.  Moody's said Cinram's Corporate Family
Rating is B1 and the outlook is stable.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.


CLINICAL DATA: Posts US$6.1-Mln Net Loss in Quarter Ended 2006
--------------------------------------------------------------
Clinical Data Inc. filed its quarter financial statements for
the three months ended June 30, 2006, with the U.S. Securities
and Exchange Commission.

The Company reported a US$6,185,000 net loss on US$24,816,000 of
revenues for the three months ended June 30, 2006.

The Company generated net cash flow of US$11.7 million in the
three months ended June 30, 2006, as compared to US$1 million in
the same period last year.  The increased net cash flow in 2006
was because of the issuance of common stock and other equity
instruments partially offset by the Company's operating losses,
debt repayments and purchases of equipment.

At June 30, 2006, the Company's balance sheet showed
US$116,833,000 in total assets and US$35,691,000 in total
liabilities resulting in US$72,245,000 stockholders' equity.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?11dd

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 7, 2006,
Deloitte & Touche, LLP, expressed substantial doubt about
Clinical Data, Inc.'s ability to continue as a going concern
after auditing the Company's financial statements for the fiscal
years ended March 31, 2006 and 2005.  The auditing firm pointed
to the Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.

                        About Clinical Data

Clinical Data, Inc. (NASDAQ: CLDA) -- http://www.clda.com/--
is a worldwide leader in providing comprehensive molecular and
pharmacogenomics services as well as genetic tests to improve
patient care.  The Company, founded in 1972, is organized under
three worldwide divisions segmented by service offerings and
varying client constituents: PGxHealth(TM); Cogenics(TM); and
Vital Diagnostics(TM).  Clinical Data currently employs a
staff of over 430.  The Company is headquartered in Newton,
Massachusetts with operations in Texas, Connecticut, RTP - North
Carolina, Rhode Island, and California as well as
internationally in the UK, France, the Netherlands, Italy and
Australia.


CUT AND DRY: Names Paul Appleton as Liquidator
----------------------------------------------
Paul Appleton of David Rubin & Partners was named liquidator of
Cut and Dry Limited on Aug. 16 for the purposes of creditors'
voluntary winding-up proceedings.

The company can be reached at:

         Cut and Dry Limited
         Shires Walk
         High Street
         Leicester
         Leicestershire LE1 4FR
         United Kingdom
         Tel: 0116 262 0815


D.B. CLOTHING: Names Claire L. Dwyer Liquidator
-----------------------------------------------
Claire L. Dwyer was appointed Liquidator of D.B. Clothing Co.
Limited on Aug. 29 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

    D.B. Clothing Co. Limited
    169 Great Ducie Street
    Manchester
    Lancashire M3 1FF
    United Kingdom
    Tel: 0161 834 5769
    Fax: 0161 832 0190


DURA AUTOMOTIVE: Operating Pressures Cue Moody's to Cut Ratings
---------------------------------------------------------------
Moody's Investors Service lowered the ratings of Dura Operating
Corp., and its direct parent, Dura Automotive Systems, Inc.  
Dura Automotive's Corporate Family Rating has been lowered to Ca
from Caa1.  Moody's also assigned a probability of default
rating of Caa3 to Dura Automotive.  

Dura Operating Corp.'s senior secured second lien ratings were
lowered to Caa2 (LGD 3, 35%) from Caa1, the senior unsecured
notes were lowered to Ca (LGD 4, 61%) from Caa3; and the senior
subordinated notes were lowered to C (LGD 6, 92%) from Ca.  Dura
Automotive Systems Capital Trust's preferred securities also
were lowered to C (LGD 6, 98%) from Ca.

The lowered ratings reflect the company's ongoing operating
pressures in the automotive supplier sector, which have recently
been exacerbated by the announcement of additional production
declines in the second half of 2006.

Sales to Ford and GM approximate 23% and 20% of revenue,
respectively, with roughly half of Ford exposure, and 75% of GM
exposure derived in the US.  Combined with the company's
announced restructuring program and interest payments on its
senior unsecured and senior subordinated notes in the fourth
quarter, the lower expected production in the second half of
2006 will increase the cash flow pressure on the company.

The company's Atwood division is expected to be impacted by non-
recurring FEMA sales resulting from hurricane Katrina and higher
fuel cost.  The outlook remains negative reflecting the
continuing industry pressures of lower Big 3 production in North
America, raw material pricing pressures, and published reports
indicating the company has hired restructuring advisors.

Ratings Assigned:

   -- Probability-of-Default rating of Caa3

Ratings lowered:

* Dura Automotive Systems, Inc.

   -- Corporate Family Rating to Ca from Caa1;

* Dura Operating Corp.

   -- US$150 million guaranteed senior secured second-lien term
loan due May 2011, to Caa2 (LGD 3, 35%) from Caa1;

   -- US$75 million guaranteed senior secured second-lien add-on
term loan due May 2011, to Caa2 (LGD 3, 35%) from Caa1;

   -- US$400 million of 8.625% guaranteed senior unsecured notes
due April 2012 (consisting of US$350 million and US$50
million tranches), to Ca (LGD 4, 61%) from Caa3;

   -- US$456 million of 9% guaranteed senior subordinated notes
due May 2009, to C (LGD 6, 92%) from Ca;

   -- EUR100 million of 9% guaranteed senior subordinated notes
due May 2009, to C (LGD 6, 92%) from Ca; and

* Dura Automotive Systems Capital Trust

   -- US$55.25 million of 7.5% convertible trust preferred
securities due 2028, to C (LGD 6, 98%) from Ca.

Ratings affirmed:

   -- SGL-4 Speculative Grade Liquidity Rating

Dura Automotive's US$175 million guaranteed senior secured
first-lien asset-based revolving credit is not rated by Moody's.

The last rating action was July 28 when the ratings were
lowered.

Dura Automotive, headquartered in Rochester Hills, Michigan,
designs and manufactures components and systems primarily for
the global automotive industry including driver control systems,
structural door modules, glass systems, seating control systems,
exterior trim systems, and mobile products.  Annual revenues
approximate US$2.3 billion.


ELECTRICAL DISTRIBUTORS: Taps Paul John Webb as Administrator
-------------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
appointed administrator of Electrical Distributors (W-Ton)
Limited (Company Number 05597557) on Sept. 1.

The administrator can be reached at:

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

Headquartered in Wolverhampton, United Kingdom, Electrical
Distributors (W-Ton) Limited wholesales electric household
goods.


FARM HOUSE: Names Joint Liquidators from Chantrey Vellacott
-----------------------------------------------------------
J. C. Heath and D. J. Oprey of Chantrey Vellacott DFK were
appointed Joint Liquidators of Farm House Pine (GB) Limited on
Aug. 1 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Farm House Pine (GB) Limited
    Norfolk House
    Sterling Close
    Loddon Industrial Estate
    Loddon
    Norwich
    Norfolk NR14 6UG
    Tel: 01508 521198


FARSIGHT SECURITY: Brings In Administrators from Grant Thornton
---------------------------------------------------------------
Richard M Hawes and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint administrators of Farsight Security Limited
(Company Number 03152277) on Sept. 6.

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

Headquartered in Peterborough, United Kingdom, Farsight Security
Limited -- http://www.farsight.co.uk/-- is a subsidiary of  
Farsight PLC and is engaged in security video surveillance and
consultancy.


FENNTURN PROPERTY: Appoints Liquidator from Haines Watts
--------------------------------------------------------
Timothy Calverley of Haines Watts was appointed Liquidator of
Fennturn Property Services Limited on Aug. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Fennturn Property Services Limited
    Unit 11
    Newcomen Road
    Skippers Lane Industrial Estate
    Middlesbrough
    Cleveland TS6 6PS
    Tel: 01642 469 342


FIBRE DEPOT: Claims Filing Period Ends Sept. 29
-----------------------------------------------
Creditors of Fibre Depot Limited (formerly Blueland Management
Limited) have until Sept. 29 to send in their names, addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their Solicitors (if any), to
appointed Joint Liquidator Peter Alan Kubik of UHY Hacker Young
at:

    Peter Alan Kubik
    UHY Hacker Young
    St. Alphage House
    2 Fore Street
    London EC2Y 5DH
    United Kingdom

The company can be reached at:

    Fibre Depot Limited
    1 Magellan Terrace
    Gatwick Road
    Crawley
    West Sussex RH109PJ
    United Kingdom
    Tel: 0870 141 7125
    Fax: 0870 141 7126


FORD MOTOR: Attorney General Lockyer Files Global Warming Suit
--------------------------------------------------------------
Attorney General Bill Lockyer filed a lawsuit against U.S. and
Japanese auto manufacturers on Sept. 21, alleging their
vehicles' emissions have contributed significantly to global
warming, harmed the resources, infrastructure and environmental
health of California, and cost the state millions of dollars to
address current and future effects.

"Global warming is causing significant harm to California's
environment, economy, agriculture and public health.  The
impacts are already costing millions of dollars and the price
tag is increasing," said Mr. Lockyer.  "Vehicle emissions are
the single most rapidly growing source of the carbon emissions
contributing to global warming, yet the federal government and
automakers have refused to act.  It is time to hold these
companies responsible for their contribution to this crisis."

Filed in U.S. District Court for the Northern District of
California, the complaint names as defendants: Chrysler Motors
Corporation, General Motors Corporation, Ford Motor Company,
Toyota Motor North America, Inc., Honda North America, and
Nissan North America.  The lawsuit is the first of its kind to
seek to hold manufacturers liable for the damages caused by
greenhouse gases that their products emit.  Mr. Lockyer filed
the lawsuit on behalf of the People of the State of California.

The complaint alleges that under federal and state common law
the automakers have created a public nuisance by producing
"millions of vehicles that collectively emit massive quantities
of carbon dioxide," a greenhouse gas that traps atmospheric heat
and causes global warming.  Under the law, a "public nuisance"
is an unreasonable interference with a public right, or an
action that interferes with or causes harm to life, health or
property.  The complaint asks the court to hold the defendants
liable for damages, including future harm, caused by their
ongoing, substantial contribution to the public nuisance of
global warming.

As stated in the complaint, the automakers produce vehicles that
emit a combined 289 million metric tons of carbon dioxide in the
United States each year.  Those emissions, the complaint
alleges, currently account for nearly 20 percent of the carbon
dioxide emissions in the United States and more than 30 percent
in California.  The defendants rank "among the world's largest
contributors to global warming and the adverse impacts on
California," according to the complaint.

The filing comes as Mr. Lockyer fights the auto industry's
attempt to invalidate California's landmark global warming
regulations curbing tailpipe emissions.  In their federal-court
lawsuit, the automakers claim the regulations, adopted in 2005
through legislation sponsored by Assembly Member Fran Pavley,
are pre-empted by federal law. Lockyer is defending the rules
against the industry's legal challenge.

Mr. Lockyer noted the Bush Administration's inaction on global
warming has forced California and other states to take action on
their own.  The U.S. Supreme Court is currently reviewing a
lawsuit filed by Lockyer, 11 other Attorneys General, two cities
and major environmental groups challenging the U.S.
Environmental Protection Agency's refusal to regulate greenhouse
gas emissions.  Numerous parties have submitted amicus briefs
supporting the states, including climate scientists, three
former EPA Administrators, former Secretary of State Madeleine
Albright, and environmental and religious groups.

In addition, Mr. Lockyer, along with nine other state Attorneys
General, the District of Columbia and the City of New York,
filed a lawsuit earlier this year challenging the Bush
Administration's new fuel economy standards for SUVs and light
trucks.  That complaint alleges the rules fail to address the
effects on the environment and global warming.

"We are seeing the harmful impacts of global warming today, and
if we continue with 'business as usual,' we can expect to see
more and larger impacts in the future," said Mr. Lockyer.  "As a
coastal state, an agricultural state, and a state that relies on
its Sierra snow pack, California has an enormous stake in acting
now to combat global warming."

                       About Ford Motor

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

                        *     *     *

As reported in TCR-Europe on Sept. 21, 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.

At the same time, 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.


FORD MOTOR: Mulls Purchase of Rover Brand Name From BMW
-------------------------------------------------------
Ford Motor Co. will exercise its right to purchase the "Rover"
brand name from BMW AG, in order to prevent confusion regarding
the brand among customers, Newratings.com reports.

Ford purchased the Land Rover brand from BMW in 2000 and holds
the option to acquire the Rover brand as part of that deal.  
Land Rover is part of Ford's Premier Automotive Group, which
includes other brands like Volvo, Jaguar and Aston Martin.  The
segment incurred a US$180 million net loss in Ford's second
quarter results.

According to Newratings.com, BMW has agreed to sell the Rover
brand to Shanghai Automotive Industry Corp for GBP11 million if
Ford won't exercise its right.  SAIC had previously acquired the
right to the designs for the Rover cars from BMW.

James Doran, writing for The Times, reports that while Ford does
not intend to roll out the Rover in its original form, the
company is planning to introduce Rover vehicles under the Land
Rover series.

                         About Ford Motor

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

                         *     *     *

As reported in TCR-Europe on Sept. 21, 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.

At the same time, 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.


GENERAL MOTORS: Talks with Nissan and Renault Enter Final Phase
---------------------------------------------------------------
Talks on the planned collaboration between General Motors
Corporation and the Nissan Motor Company-Renault S.A. alliance
have entered the final stage as the Oct. 15, 2006, preliminary
deadline for the parties to complete a review on the potential
benefits of the tie-up approaches, The Yomiuri Shimbun reveals.

According to the Yomiuri, General Motors' interest in the deal
has waned, especially over the idea of forming a capital
alliance.  Consequently, the nature of the tie-up may turn out
to be much less comprehensive than the Nissan-Renault bloc had
initially planned.

In July, the three carmakers agreed to conduct a 90-day study of
the potential benefits of an alliance that could create an
automobile giant with a combined annual production of 15 million
vehicles, The Associated Press reports.  The study came after GM
shareholder Kirk Kerkorian, who owns a 9.9% stake in the company
through his investment firm Tracinda Corp., called for the
carmakers to pursue an alliance.

Carlos Ghosn, the chief executive of Renault and Nissan, has
said the benefits from an alliance would be similar to the gains
from the Renault-Nissan alliance, which have included cost
savings from joint purchases of auto parts, AP relates.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 8, 2006, that Renault S.A. has named BNP Paribas to
advise on a possible three-way alliance with General Motors
Corp. and Nissan Motor Co.  According to AFX, the French
carmaker has also drawn up a shortlist of around eight British
and US banks from which it will choose a second adviser.  

If the firms reach a comprehensive tie-up deal with capital
involvement, the alliance would create a giant that produces 25%
of all automobiles in the world, the Yomiuri says.  General
Motors, however, has been cautious since the talks began,
whereas the Nissan-Renault side has been consistently positive
over the prospective deal.

The opposition of the United Auto Workers' Union may be a factor
behind General Motors' reluctance, according to the Yomiuri.  
Alarmed by Mr. Ghosn's past record on aggressive corporate
restructuring, union head Ron Gettelfinger has publicly said he
wants talks on the three-way alliance to be put away forever.  
With the rise of such resistance in the United States, Mr. Ghosn
now seems to have backed down from his initial goal of acquiring
a capital stake in General Motors to maximize the synergy effect
of the alliance, and has said a capital tie-up is not a
precondition to the deal.

                       About General Motors

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

                           *     *     *

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

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

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

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


GENERAL MOTORS: Fitch Gauges 34% Recovery Rate for Debtholders
--------------------------------------------------------------
Fitch Ratings has modified the details of its March 1, 2006,
recovery analysis for General Motors.  

Fitch now estimates a 34% recovery rate for unsecured
debtholders versus an original estimate of 41% published earlier
this year.  The revision primarily reflects GM's recent
establishment of a secured revolving credit agreement, which
impairs expected recoveries for unsecured holders in the event
of a default.  Fitch has also modified its recovery analysis to
reflect GM's ongoing restructuring efforts and updated
financials.

Fitch estimates that unsecured claims would total approximately
US$74 billion and that GM's enterprise value available to
service those claims, after extensive administrative claims,
would be approximately US$25 billion -- a recovery rate of 34%.
This recovery rate remains within the historic corporate average
of recovery values, which in Fitch's methodology translates into
a Recovery Rating of 'RR4' (expected recovery of 30%-50%) for
the senior unsecured debt.

The primary factor behind the lower recovery rate versus the
initial scenario was the replacement of GM's unsecured revolving
credit facility with a US$6 billion secured credit facility,
thereby subordinating the remaining unsecured debt.  Fitch has
assigned the new senior secured bank facility an 'RR1' (recovery
of 90%-100%) based on expected full recovery for this facility
in the event of a bankruptcy filing.

Fitch's analysis assumes that the sale of a 51% interest in GMAC
is completed prior to any bankruptcy scenario, with GM's
retained 49% interest added to the recovery values.

In a bankruptcy scenario, Fitch believes that General Motors
would not seek to terminate its U.S. hourly or salaried pension
plans by attempting to offload them to the Pension Benefit
Guaranty Corp.  The high asset levels and potential future asset
returns on these funds, as compared to current benefit payout
rates, provide some flexibility to negotiate changes to the
current defined benefit program under any new labor agreement
with the UAW.

Fitch's recovery analysis provides a framework for expected
recoveries in the event of a bankruptcy scenario and is not
meant to be a predictor of when or if a default will occur.
Recovery Ratings (RR) are assigned to corporate issuers that
have an Issuer Default Rating of 'B+' or below.  Fitch has an
IDR of 'B' on General Motors with a Negative Rating Watch.


GENERAL MOTORS: Atty. General Lockyer Files Global Warming Suit
---------------------------------------------------------------
Attorney General Bill Lockyer filed a lawsuit against U.S. and
Japanese auto manufacturers on Sept. 21, alleging their
vehicles' emissions have contributed significantly to global
warming, harmed the resources, infrastructure and environmental
health of California, and cost the state millions of dollars to
address current and future effects.

"Global warming is causing significant harm to California's
environment, economy, agriculture and public health.  The
impacts are already costing millions of dollars and the price
tag is increasing," said Mr. Lockyer.  "Vehicle emissions are
the single most rapidly growing source of the carbon emissions
contributing to global warming, yet the federal government and
automakers have refused to act.  It is time to hold these
companies responsible for their contribution to this crisis."

Filed in U.S. District Court for the Northern District of
California, the complaint names as defendants: Chrysler Motors
Corporation, General Motors Corporation, Ford Motor Company,
Toyota Motor North America, Inc., Honda North America, and
Nissan North America.  The lawsuit is the first of its kind to
seek to hold manufacturers liable for the damages caused by
greenhouse gases that their products emit.  Mr. Lockyer filed
the lawsuit on behalf of the People of the State of California.

The complaint alleges that under federal and state common law
the automakers have created a public nuisance by producing
"millions of vehicles that collectively emit massive quantities
of carbon dioxide," a greenhouse gas that traps atmospheric heat
and causes global warming.  Under the law, a "public nuisance"
is an unreasonable interference with a public right, or an
action that interferes with or causes harm to life, health or
property.  The complaint asks the court to hold the defendants
liable for damages, including future harm, caused by their
ongoing, substantial contribution to the public nuisance of
global warming.

As stated in the complaint, the automakers produce vehicles that
emit a combined 289 million metric tons of carbon dioxide in the
United States each year.  Those emissions, the complaint
alleges, currently account for nearly 20 percent of the carbon
dioxide emissions in the United States and more than 30 percent
in California.  The defendants rank "among the world's largest
contributors to global warming and the adverse impacts on
California," according to the complaint.

The filing comes as Mr. Lockyer fights the auto industry's
attempt to invalidate California's landmark global warming
regulations curbing tailpipe emissions.  In their federal-court
lawsuit, the automakers claim the regulations, adopted in 2005
through legislation sponsored by Assembly Member Fran Pavley,
are pre-empted by federal law. Lockyer is defending the rules
against the industry's legal challenge.

Mr. Lockyer noted the Bush Administration's inaction on global
warming has forced California and other states to take action on
their own.  The U.S. Supreme Court is currently reviewing a
lawsuit filed by Lockyer, 11 other Attorneys General, two cities
and major environmental groups challenging the U.S.
Environmental Protection Agency's refusal to regulate greenhouse
gas emissions.  Numerous parties have submitted amicus briefs
supporting the states, including climate scientists, three
former EPA Administrators, former Secretary of State Madeleine
Albright, and environmental and religious groups.

In addition, Mr. Lockyer, along with nine other state Attorneys
General, the District of Columbia and the City of New York,
filed a lawsuit earlier this year challenging the Bush
Administration's new fuel economy standards for SUVs and light
trucks.  That complaint alleges the rules fail to address the
effects on the environment and global warming.

"We are seeing the harmful impacts of global warming today, and
if we continue with 'business as usual,' we can expect to see
more and larger impacts in the future," said Mr. Lockyer.  "As a
coastal state, an agricultural state, and a state that relies on
its Sierra snow pack, California has an enormous stake in acting
now to combat global warming."

                      About General Motors

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

                           *     *     *

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

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

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

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


GIS CONTRACT: Taps Administrators from Carter Backer
----------------------------------------------------
John Alfred George Alexander and Melvyn Julian Carter of Carter
Backer Winter were appointed joint administrators of GIS
Contract Services Limited (Company Number 04669445) on Sept. 8.

Headquartered in London, United Kingdom, Carter Backer Winter --
http://www.cbw.co.uk/-- is an independent firm of Chartered  
Accountants, business advisers and tax specialists established
for over 50 years.  Its client base varies and ranges from
private clients through to overseas multi-national companies
with U.K. branches and activities.

Headquartered in London, United Kingdom, GIS Contract Services
Limited provides investigation and security services.


GLIDEMORE LIMITED: Simon John Lowes Leads Liquidation Procedure
---------------------------------------------------------------
Simon John Lowes was appointed Liquidator of Glidemore Limited
(t/a Virgin Windows) on Aug. 17 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Glidemore Limited
    Winchester Road
    Fair Oak
    Eastleigh
    Hampshire SO507HD
    United Kingdom
    Tel: 023 8060 0810


GOODFELLOWS LIMITED: Taps Liquidators from Smith & Williamson
-------------------------------------------------------------
Stephen John Tancock and Vincent John Green of Smith &
Williamson Limited were appointed Joint Liquidators of
Goodfellows (U.K.) Limited on Aug. 21 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Goodfellows (U.K.) Limited
    26 Commercial Road
    Paddock Wood
    Tonbridge
    Kent TN126EL
    United Kingdom
    Tel: 01892 837 799
    Fax: 01892 833 333


HOMEBUY GROUP: Administrators Place Appliance Supplier on Sale
--------------------------------------------------------------
The Joint Administrators of Homebuy Group PLC, David Hargrave,
Rob Hunt, Graham Martin and Zelf Hussain, are offering the
company's business and assets for sale as a going concern.

The assets for sale features:

   -- turnover of around GBP92 million for the year end April
      2006;

   -- trading as homebuy and PerfectHome; and

   -- approximately 100,000 customers.

Headquartered in Glasgow, United Kingdom, Homebuy --
http://www.homebuy-direct.com/-- is the U.K.'s No.1 supplier of  
top quality electrical goods and home furnishing products on
personal credit.

Inquiries can be addressed to:

         Stefano Perfumo
         PricewaterhouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom
         Tel: 020 7804 8905
         Fax: 020 7804 5566
         E-mail: stefano.s.perfumo@uk.pwc.com

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


HORNMANOR LIMITED: Appoints Colin Burke as Liquidator
-----------------------------------------------------
Colin Burke of Milner Boardman & Partners was appointed
Liquidator of Hornmanor Limited on Aug. 30 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Hornmanor Limited
    Higher Road
    Urmston
    Manchester
    Lancashire M41 9BQ
    United Kingdom
    Tel: 0161 748 4664
    Fax: 0161 748 4664


HOTELOC PLC: Moody's Cuts Rating on GBP88-Mln Class D Notes
-----------------------------------------------------------
Moody's Investors Service downgraded Class A, Class B, Class C
and Class D Notes issued by HOTELoC plc.  All Classes of Notes
issued by Hoteloc remain on review for further downgrade.

Moody's rating action in detail (amounts reflecting current
outstandings):

   -- Class A, GBP103,740,945 Floating Rate Notes, due May
2007: downgraded to Aa3 from Aaa and on further review for
possible downgrade;

   -- Class B, GBP100,000,000 Floating Rate Notes, due May
2007: downgraded to A3 from Aa3 and on further review for
possible downgrade;

   -- Class C, GBP43,000,000 Floating Rate Notes, due May 2007:
downgraded to Ba1 from Baa2 and on further review for
possible downgrade; and

   -- Class D, GBP88,000,000 Floating Rate Notes, due May 2007,
downgraded to B3 from B2 and on further review for
possible downgrade.

Class E1, E2 and E3 Notes remain on review for possible
downgrade.

The Notes are backed by one loan secured by a portfolio of 28
hotels located throughout the United Kingdom.  Each of the
hotels is operated by Thistle Hotels (Management) Limited.

In May 2005 the loan matured and the borrower failed to make the
required payment.  Since then the borrower and the Special
Servicer have been working towards a sale of the assets.  The
legal final maturity for all Classes of Notes is May 10, 2007.

Moody's rating action has been triggered by:

   -- the increasing uncertainty that full note repayment will
be received by Noteholders by the approaching legal final
maturity date; and

   -- the further deterioration in the financial performance of
the hotels.

Moody's ratings address the expected loss posed to investors by
the legal final maturity.  Accordingly, the ratings reflect the
likelihood of full and timely payment to the Noteholders by May
2007.

According to the investor reports, the Special Servicer is still
working with the preferred bidder, the borrower and the Operator
to achieve a sale of the portfolio.

Moody's notes that:

   -- the performance of the hotels has further deteriorated,

   -- that approximately only GBP20 million has been  spent as
capital expenditure over the last three years and

   -- the consent of the Operator is required for the sale of
the hotels, which may result in delaying a resolution.

The preferred bidder was selected in September 2005.  In the
past negotiations between the Operator and the borrower took
significant time and Moody's notes that it took approximately 15
months to complete the sale of three other hotels in the
portfolio.

Moody's considers that the current uncertainty regarding a sale
completion by the legal final maturity date is not commensurate
with the highest rating levels.  At the same time, Moody's notes
that the prospects of full recovery on the Class A Notes is very
strong, however that may occur after the legal final maturity
date.  

Moody's will continue to take into account the ability to
commence enforcement as well as the relatively lower leverage of
the more senior classes in any rating actions in the future.

Moody's will monitor the transaction closely and may take
further rating actions based on either:

   -- new information regarding the asset sale process or

   -- any further adjustments in the probability that recoveries
will be received by the legal final maturity.


HUNSTON JOINERY: Names Jeffrey Mark Brenner Liquidator
------------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of Hunston Joinery Limited on Aug. 25 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Hunston Joinery Limited
    Southover Way
    Hunston
    Chichester
    West Sussex PO20 1NY
    United Kingdom
    Tel: 01243 789368  


HYLIC LIMITED: Brings In Liquidator from Bishop Fleming
-------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of Hylic Limited on Aug. 30 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Hylic Limited
    Unit 6A
    Webbers Way
    Dartington
    Totnes
    Devon TQ9 6JY
    United Kingdom
    Tel: 01803 849090  


INCO LTD: Revises Earnings Outlook for 2006 Third Quarter
---------------------------------------------------------
Inco Ltd. anticipates record earnings for the third quarter of
2006 given the continued strength in the market for its nickel
products.  Inco expects its adjusted net earnings to exceed
significantly both current analyst estimates and the company's
record second quarter results.  

The company has lowered its production estimates for nickel and
copper for the third quarter following equipment breakdowns at
its Ontario and Manitoba operations.  These production losses
are in addition to the previously announced extended outage at
the company's Indonesian operations and the ongoing strike at
its Voisey's Bay operations in Labrador.  

The company has now restored full production at both Indonesian
and Ontario operations and expects the Manitoba operations to
return to full production in early October.  Contract talks
between Inco and the union representing workers at Voisey's Bay
resumed this week.

Nickel and copper prices have increased considerably during the
third quarter.  The LME benchmark cash nickel price has averaged
$13.18 per pound ($29,048 per ton) for the third quarter-to-date
compared with the second quarter average of US$9.09 per pound
($20,036 per ton).  The LME benchmark cash copper price has
averaged US$3.49 per pound ($7,688 per ton) for the third
quarter-to-date compared with the second quarter average of
US$3.29 per pound ($7,251 per ton).  

Using actual nickel and copper prices for July and August and
assuming nickel and copper prices for September equal the month-
to-date average LME nickel price of US$13.68 per pound ($30,157
per ton) and the month-to-date average LME copper price of
US$3.46 per pound ($7,637 per ton), the company currently
estimates its adjusted net earnings for the third quarter to be
approximately $610 to US$630 million based on revised production
estimates.  This is approximately 44 per cent above the current
First Call consensus mean estimate of US$1.88 per share and more
than three times the company's adjusted net earnings per share
for the third quarter of 2005.

Third quarter nickel production is now expected to be 118 to 123
million pounds (54,000 to 56,000 tons) compared with previously-
announced estimates of 135 to 140 million pounds (61,000 to
63,000 tons), primarily as a result of downstream production
issues at the company's Manitoba, Indonesian and Ontario
operations.  

Third quarter copper production is expected to be 60 to 65
million pounds (27,000 to 29,000 tons) compared with the
previously-announced estimate of 76 million pounds (34,000
tons), primarily as a result of the ongoing strike at Voisey's
Bay and reduced oxygen availability at the company's smelter in
Sudbury, Ontario.

Inco's forecast platinum-group metals production for the third
quarter is just slightly below 80,000 troy ounces as such
production was largely unaffected by the equipment breakdowns or
strike.  

Several factors have contributed to the reduction in third
quarter production estimates.  

At the company's Indonesian subsidiary, PT Inco, repairs to an
electric furnace damaged by fire in late May 2006, took longer
than originally anticipated, reducing PT Inco's production of
nickel-in-matte during the third quarter.  The operation is now
back to operating at full capacity.  

At the company's Sudbury, Ontario operations, a motor failure on
one of the oxygen plants in July 2006 and the long lead-time to
purchase and install a replacement motor will reduce finished
nickel and copper production.  

At the company's Manitoba operations a production incident
during the second week of September resulted in damage to the
furnace and a converter and has led to the temporary suspension
of the operation of one of the two smelter furnaces.  Nickel
refining operations in Manitoba are expected to return to stable
operations in early October.  

"Inco's processing operations have been delivering at record
production levels, as demonstrated by the company's first half
results.  Both the Ontario and Indonesian operations are now
operating at plan production levels and Manitoba will resume
operating at plan production levels in October," said Mark
Cutifani, President, North America and Europe of Inco.  "Our
operations team is continuing to push operations performance to
new levels and is focused on addressing the reliability of
performance as part of our long-term improvement strategy."  

The strike by production workers at Voisey's Bay Nickel Company
Limited is not expected to affect Inco's production of finished
nickel or cobalt in the third quarter as Inco has sufficient
stocks of nickel concentrates available for processing at its
smelting and refining operations at Sudbury, Ontario and
Thompson, Manitoba.  However, the strike at Voisey's Bay has
affected Inco's production of copper concentrate that is sold to
customers in Europe.  

Meanwhile, very strong demand, especially from the stainless
steel industry, and struggling production from a number of
producers have created a very tight market and driven nickel
prices to record levels.  "Inventories throughout the supply
chain are at the lowest levels we have ever seen," said
Executive Vice-President Marketing, Peter Goudie.  "Our
customers are looking for more nickel and we are doing all we
can to supply them, but it is difficult to meet all demands. As
we have suggested would happen, the nickel market is now in a
place where the industry has never been before.  This is
creating, as expected, considerable volatility in prices as the
market adapts to the new pricing levels."

Inco continues to expect that robust market conditions will lead
to record second half earnings, despite the lower production
estimates. "We believe that the great strength we are seeing in
the nickel market will continue through the remainder of the
year, and we continue to expect unprecedented earnings and cash
flow in the second half of 2006," said Chairman and CEO Scott
Hand.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily   
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INSPIRED HR: Paul Appleton Leads Liquidation Procedure
------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Inspired HR Limited (formerly Inspired H R Limited) on
Aug. 29 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

    Inspired HR Limited
    49A Richmond Avenue
    Islington
    London N1 0LX
    United Kingdom
    Tel: 020 7619 9619
    Fax: 020 7745 2453


IPC ACQUISITION: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency took these actions on IPC
Acquisition Corp.:

Ratings changed:

* IPC Acquisition Corp.

   -- First priority senior secured credit facilities to B1
      (LGD 3) from Ba3 (LGD 2); and

   -- Corporate Probability of Default Rating (PDR) to B2 from
B3.

Ratings affirmed:

* IPC Acquisition Corp.

   -- Corporate family rating at B2; and
   -- Second lien credit facilities at Caa1 (LGD 5).

The ratings were assigned between Sept. 6 and 16.  The changes
were made as a result of an adjustment to Moody's assumptions
regarding expected loss given default recovery rates at the
family level.  

The corporate family ratings were affirmed as there were no
changes to Moody's opinion regarding the strength of the
underlying credits.


JIGSAW PRINT: Creditors Confirm Liquidators' Appointment
--------------------------------------------------------
Creditors of Jigsaw Print Limited confirmed on Aug. 30 the
resolutions for voluntary liquidation and the appointment of
Allan Cooper and Brendan Ambrose Guilfoyle of The P&A
Partnership as Liquidators.

The company can be reached at:

    Jigsaw Print Limited
    Moorfield Business Park
    Moorfield Close
    Yeadon
    Leeds
    West Yorkshire LS197YA
    United Kingdom
         Tel: 0113 250 0855


JOWETT ARTSTONE: Brings In XL Business to Administer Assets
-----------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of Jowett Artstone Limited (Company
Number 3504537) on Sept. 5.

The administrator can be reached at:

         XL Business Solutions Limited
         1st Floor
         2-4 Market Street
         Cleckheaton BD19 5AJ
         United Kingdom
         Fax: 01274 870606
         Tel: 01274 870101
         E-mail: enquiries@xlbs.co.uk
                 jbleazard@xlbs.co.uk

Headquartered in Heckmondwike, United Kingdom, Jowett Artstone
Limited retails artificial stones.


LEADING EDGE: Liquidator Sets Oct. 3 Claims Bar Date
----------------------------------------------------
Creditors of Leading Edge Solutions Limited have until Oct. 3 to
send in their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator Shay Lettice of Peters Elworthy & Moore at:

    Shay Lettice
    Peters Elworthy & Moore
    Salisbury House
    Station Road
    Cambridge CB1 2LA
    United Kingdom

The company can be reached at:

    Leading Edge Solutions Limited
    Stow-Cum-Quy
    Cambridge
    Cambridgeshire CB5 9WU
    United Kingdom
    Tel: 01223 813 500
    Web: http://www.leading-edge-solutions.co.uk/  


LOADBETTER LIMITED: Names Joint Liquidators to Wind Up Business
---------------------------------------------------------------
Steven Draine and David Rolph were appointed Joint Liquidators
of Loadbetter Limited on Aug. 18 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Loadbetter Limited
    Old Wolverton Road
    Old Wolverton
    Milton Keynes
    Buckinghamshire MK125NH
    Tel: 01908 315 275
    Fax: 01908 315 274


MATTHEW CORNISH: Hires Administrators from Smith & Williamson
-------------------------------------------------------------
Anthony Murphy and Roger Tulloch of Smith & Williamson Limited
were appointed joint administrators of Matthew Cornish Transport
Limited (Company Number 01784845) on Sept. 8.

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.

Matthew Cornish Transport Limited can be reached at:

         Sub-Station Road
         Felixstowe
         Suffolk IP11 3JB
         United Kingdom
         Tel: 01394 676134  


MORETTI LIMITED: Claims Registration Ends Oct. 10
-------------------------------------------------
Creditors of Moretti (Swiss Patisserie) Limited have until
Oct. 10 to send in their names and addresses with particulars of
the debts or claims to appointed Joint Liquidator David Moore of
Begbies Traynor at:

    David Moore
    Begbies Traynor
    No. 1 Old Hall Street
    Liverpool L3 9HF
    United Kingdom

The company can be reached at:

    Moretti (Swiss Patisserie) Limited
    44 Liverpool Road
    Southport
    Merseyside PR8 4AY
    United Kingdom
    Tel: 01704 566 424


MOTORIST CENTRE: Hires Joint Administrators from Critchleys
-----------------------------------------------------------
Anthony John Harris and Susan Margaret Roscoe of Critchleys were
appointed joint administrators of The Motorist Centre Didcot
Ltd. (Company Number 05300382) on Sept. 7.

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 Didcot, United Kingdom, The Motorist Centre
Didcot Ltd. -- http://www.tmcdltd.co.uk/--sells car styling  
accessories and performance car parts.


MURDER MYSTERY: Hires Joint Liquidators from Portland Business
--------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed Joint Liquidators of
Murder Mystery Southern Limited on Aug. 29 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Murder Mystery Southern Limited
    57 High Street
    Fareham
    Hampshire PO167BG
    United Kingdom
    Tel: 01329 231 361
    Fax: 01329 230 460


NAPSTER: Engages UBS Investment to Assist in Possible Sale
----------------------------------------------------------
Napster has retained UBS Investment Bank to assist the Board and
management in its evaluation of strategic alternatives.  The
company said the move is in response to recent third party
interest in establishing strategic partnerships or potentially
acquiring the company.

"Napster is in a strong position to continue aggressively
building our business as an independent company and we are
pleased to also have the opportunity to thoughtfully examine
potential combinations that may further enhance Napster's unique
strategic and brand position in the center of digital media,"
Chris Gorog, Napster's Chairman & CEO, said.  "Our goal is to
enhance shareholder value which could potentially lead to a new
strategic partnership or the sale of the company but in any
event our primary focus will remain on growing Napster."

Nand Gangwani, Napster's CFO, said, "Napster has a strong
balance sheet with a healthy cash position of US$97 million as
of the close of the first quarter and we are currently
generating annual revenues in excess of US$100 million.  For the
second half of our fiscal year, we project a strong up-tick in
subscription growth from a base of more than half a million
subscribers and a significant expansion of our mobile business,
including the addition of new tier one wireless partners.  We
are also looking forward to launching in Japan this fall as
scheduled, expanding our global footprint to include the top
four music markets in the world."

The company advised that it has not set a definitive timetable
for completion of its evaluation and further that there can be
no assurances that the evaluation process will result in any
specific transaction.  The company also advised that it does not
intend to disclose developments regarding its evaluation of
strategic alternatives unless and until its Board of Directors
approves a definitive transaction.

Napster (Nasdaq: NAPS) -- http://www.napster.com/-- is  
committed to making great music experiences more accessible to
all music fans.  Napster.com gives web users the power to
legally listen on-demand to a massive catalog of music from
major and independent labels, wherever they are on the Web --
for FREE.  The Napster music subscription service offers a
premium experience that includes unlimited access to CD-quality
music and advanced discovery, community and programming features
in an advertising-free environment.  Napster To Go subscribers
also enjoy unlimited transfer of music to a compatible MP3
player.  Napster Light, an a la carte download store, and
Napster Mobile, a hosted music service featuring artist images,
ring tones and full-length songs, round out the Napster digital
music lineup.  Napster is headquartered in Los Angeles with
sales offices in Frankfurt and London.

Napster along with its affiliates filed for chapter 11
protection on June 6, 2002 (Bankr. D. Del. Case No. 02-11573).  
Daniel J. DeFranceschi, Esq., Russell C. Silberglied, Esq., at
Richards, Layton & Finger and Richard M. Cieri, Esq., Michelle
Morgan Harner, Esq., at Jones, Day, Reavis & Pogue represented
the Debtors in their restructuring efforts.  When the Company
filed for protection from its creditors, it listed debts of more
than US$100 million.  The Debtors chapter 11 plan of liquidation
was confirmed on Apr. 20, 2004.  The court entered an order
formally closing the Debtor's chapter 11 petition on Jan. 10,
2005.


NOVA FITNESS: Taps Julian Clive Rendell to Liquidate Assets
-----------------------------------------------------------
Julian Clive Rendell of Rendell Thompson was appointed
Liquidator of Nova Fitness Limited on Aug. 23 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

    Nova Fitness Limited
    Unit 1
    Gasex Centre
    Frome Road
    Radstock
    Avon BA3 3PY
    United Kingdom
    Tel: 01761 233 823


OAK TREE: Nominates Alex Kachani as Liquidator
----------------------------------------------
Alex Kachani of Crawfords was nominated Liquidator of Oak Tree
Furniture Limited on Aug. 23 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

    Oak Tree Furniture Limited
    Unit 3
    Pennine Way
    Birmingham B8 1JW
    United Kingdom
         Tel: 0161 432 3839
    

ORGANICINDIA.CO: Creditors' Meeting Slated for September 25
-----------------------------------------------------------
Creditors of Organicindia.Co.UK Limited (Company Number
003999999) will meet at 10:30 a.m. on Sept. 25 at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 22 at:

         Andrew Andronikou
         Joint Administrator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


PACIFIC TRADING: Names Liquidator from Parkin S. Booth & Co.
------------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator of Pacific Trading Limited on Aug. 16 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

    Pacific Trading Limited
    Unit 14
    Cleveleys Road
    Penketh Business Park
    Great Sankey
    Warrington
    Cheshire WA5 2TJ
    United Kingdom
    Tel: 01925 243 344
    Fax: 01925 636 926


PARADIGM LIMITED: Appoints John C. Moran to Liquidate Assets
------------------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was appointed Liquidator
of Paradigm (U.K.) Limited on Aug. 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Paradigm (U.K.) Limited
    Unit 6
    Beeches Business Centre
    Heysham Road
    Aintree
    Bootle
         Merseyside L30 6UZ
    United Kingdom
    Tel: 0151 523 3334


PARAGON CONCESSIONS: Brings In Joint Administrators from Kroll
--------------------------------------------------------------
Simon Wilson and Charles Peter Holder of Kroll were appointed
joint administrators of Paragon Concessions Limited (Company
Number 03981722) on Sept. 6.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Manchester United Kingdom, Paragon Concessions
Limited wholesales textiles.


PDP ELECTRICAL: Claims Filing Period Ends Nov. 30
-------------------------------------------------
Creditors of PDP Electrical Contractors Limited have until
Nov. 30 to send their names and addresses and particulars of
their debts or claims and the names and addresses of the
Solicitors (if any) to appointed Joint Liquidators Peter Andrew
Blair and Richard Albert Brock Saville of Begbies Traynor at:

    Peter Andrew Blair
         Richard Albert Brock Saville
    Begbies Traynor
    Regency House
    21 The Ropewalk
    Nottingham NG1 5DU
    United Kingdom

The company can be reached at:

    Trafalgar Industrial Estate
    3 Sovereign Way
    Downham Market
    Norfolk PE38 9SW
    United Kingdom
    Tel: 01366 384477  


PLASTIC DESIGN: Brings In Joint Liquidators from Vantis
-------------------------------------------------------
J. S. French & G. Mummery of Vantis Business Recovery were
appointed Liquidators of Plastic Design Engineering Limited on
Aug. 29 for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Plastic Design Engineering Limited
    Unit 7 Silk Mead
    Hare Street
    Buntingford
    Hertfordshire SG9 0DX
    United Kingdom
    Tel: 01763 849 992
    Fax: 01763 849 997


POBOX LIMITED: Taps Liquidator from Levy & Partners
----------------------------------------------------
Peter Maurice Levy of Levy & Partners was appointed Liquidator
of Pobox Limited (formerly Cheapnet Limited) on Aug. 15 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Pobox Limited
    Lenton Business Centre
    Nottingham NG7 2BG
    United Kingdom
    Tel: 0870 516 8160


R.P.L. PRODUCTIONS: Taps Menzies to Administer Assets
-----------------------------------------------------
Andrew John Duncan and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of R.P.L.
Productions Holdings Limited (Company Number 05213106) and
R.P.L. Productions Limited (Company Number 01196463) on Sept. 6.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries. MRI, which is ranked
8th amongst the leading international accounting associations,
achieved global revenues of US$1,800 million in 2003.

R.P.L Productions Limited and R.P.L. Productions Holdings
Limited can be reached at:

         Donovan Works
         Northcote Road
         Birmingham
         West Midlands B33 9BE
         United Kingdom
         Tel: 0121 784 5000  


REGAL FLOWERS: Hires Martin Charles Armstrong as Liquidator
-----------------------------------------------------------
Martin Charles Armstrong of Turpin, Barker Armstrong was
appointed Liquidator of Regal Flowers U.K. Limited on Aug. 25
for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Regal Flowers U.K. Limited
    Units 18-19
    Barwell Business Park
    Leatherhead Road
    Chessington, Surrey KT9 2NY
    United Kingdom
    Tel: 020 8397 8973  


RESTAURANT. MEMBERS: Administrators Place Club Operator for Sale
----------------------------------------------------------------
The Joint Administrators, Jeremy French & Glyn Mummery, of
Vantis Business Recovery Services offer for sale the business
and assets of Restaurant. Members Club & Night Club.

The Company operates an exclusive members club principally
focused on members being in the creative communities of arts,
literary and fashion in London.

The assets for sale features:

   -- prime leasehold premises based in South Molton Street;

   -- good hospitality brand built over a short period; and

   -- good potential to grow business, especially in the music
      and film industries that have yet to be targeted by the
      Company.

Inquiries can be addressed to:

         Nigel Strike, or
         Gemma Lane
         Vantis Business Recovery Services
         43/45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         United Kindom

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.


SHARPE MCKENNA: Filippa Connor Leads Liquidation Procedure
----------------------------------------------------------
Filippa Connor of B & C Associates was appointed Liquidator of
Sharpe McKenna Limited on Aug. 24 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Sharpe McKenna Limited
    49 51
    Causton Street
    City Of Westminster
    London SW1P4AT
    Tel: 020 7834 0775


SHARPMOVE LIMITED: Appoints Joint Liquidators from Kelmanson
------------------------------------------------------------
John Kelmanson and Elias Paourou of The Kelmanson Partnership
were appointed Joint Liquidators of Sharpmove Limited on Aug. 25
for the creditors' voluntary winding-up procedure.

The company can be reached at:

    Sharpmove Limited
    High Road
    Haringey
    London N17 0DA
    United Kingdom
    Tel: 020 8493 9911
    Fax: 020 8493 0505


STAR LOGISTICS: Appoints Smith & Williamson as Administrators
-------------------------------------------------------------
Anthony Murphy and Roger Tulloch of Smith & Williamson Limited
were appointed joint administrators of Star Logistics Limited
(Company Number 05817746) on Sept. 8.

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

Headquartered in Surrey, United Kingdom, Star Logistics is
engaged in road haulage.


STATUS PRODUCTS: Hires Jeffrey Mark Brenner as Liquidator
---------------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of Status Products Limited on Aug. 29 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Status Products Limited
    Unit 1 Pilot Close
    Fulmar Way
    Wickford
    Essex SS118YW
    United Kingdom
    Tel: 01268 764 343
    Fax: 01268 560 245


SUTLERS STORES: Brings In Administrators from Tenon Recovery
------------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed joint administrators of The Sutlers Stores Limited
(Company Number 03795791) on Sept. 5.

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

The Sutlers Stores Limited can be reached at:

         35 The Wessex Trade Centre
         Old Wareham Road
         Parkstone Poole BH12 3PG
         United Kingdom
         Tel: 01202-711660
         Web: http://www.sutlers.co.uk/


SWITCH MEDIA: Calls In Liquidator from Rooney Associates
--------------------------------------------------------
Gerard Keith Rooney of Rooney Associates was appointed
Liquidator of Switch Media (U.K.) Limited on Aug. 25 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

    Switch Media (U.K.) Limited
    64 Park Road West
    Prenton
    Merseyside CH438SF
    United Kingdom
    Tel: 0870 220 0797


TEDDYFONE LIMITED: Mobile Service Provider Up for Sale
------------------------------------------------------
The Administrators, Nicholas John Miller and Ian
Robert, offer for sale the following business and assets of
Teddyfone Limited.

The assets for sale features:

   -- dedicated supplier of children's mobile phones;

   -- registered trademark;

   -- innovative business with brand and Web site support; and

   -- substantial holding of SIM-ready "Teddyfone" phone
      handsets.

Inquiries can be addressed to:

         Kingston Smith & Partners LLP
         Devonshire House
         60 Goswell Road
         London EC1M 7AD
         United Kingdom
         Tel: 020 7566 4020
         Fax: 020 7566 4021

Kingston Smith -- http://www.kingstonsmith.co.uk/-- advises  
owner-managers seeking solutions to business problems.  The
company 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.


THORNYCROFT LIMITED: Hires BDO Stoy as Administrators
-----------------------------------------------------
Shay Bannon and Geoffrey Stuart Kinlan of BDO Stoy Hayward LLP
were appointed joint administrators of Thornycroft (1862)
Limited (Company Number 00907365) on Sept. 5.

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

Thornycroft (1862) Limited can be reached at:

         New Farm
         Buckworth Road
         Alconbury Weston
         Huntingdon
         Cambridgeshire PE28 4JX
         United Kingdom
         Tel: 01480 891642  
         Web: http://www.thornycroft1862.com/


TIGER GARDEN: Appoints Joint Liquidators from Ashcrofts
-------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Tiger Garden (Eton) Limited (formerly
Lillymark Limited) on Aug. 22 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Tiger Garden (Eton) Limited
    The Old House
    West Street
    Marlow
    Buckinghamshire SL7 2LX
    United Kingdom
    Tel: 01753 866 310


TRADEFRAME UPVC: Taps Ian C. Brown to Liquidate Assets
------------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed Liquidator
of Tradeframe UPVC Limited on Aug. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

    Tradeframe UPVC Limited
    Unit 1
    Berry Street
    Bootle
    Merseyside L20 8AT
    United Kingdom
    Tel: 0151 933 8883  


TY MANUFACTURING: Brings In Administrator from Crawfords
--------------------------------------------------------
David N. Kaye of Crawfords was appointed administrator of TY
Manufacturing Limited (Company Number 04749388) on Sept. 4.

The administrator can be reached at:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829
         
TY Manufacturing Limited can be reached at:

         202 Monton Road
         Eccles
         Manchester
         Lancashire M30 9LJ
         United Kingdom
         Tel: 0161 789 1007  


TYSON FOODS: Moody's Assigns Loss-Given-Default Ratings  
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency took these actions on Tyson
Foods, Inc.:

New ratings assigned:

* Tyson Foods, Inc.

   -- U$1 billion senior unsecured revolving credit facility at
Ba1 (LGD 3, 44%);

   -- Probability of default rating at Ba1; and

* Lakeside Farms Industries Ltd.

   -- US$345 million senior unsecured term loan (originally
US$353 million) at Ba1 based on full Tyson Foods, Inc. and
Tyson Fresh Meats, Inc. guarantees (LGD 3, 44%).

Ratings Upgraded:

* Tyson Foods, Inc.

   -- Senior secured industrial revenue bonds to Baa2 from Ba1
based on full Tyson Foods, Inc. guarantee (LGD 2, 14%);
and

* Tyson Fresh Meats, Inc.

   -- Senior secured industrial revenue bonds to Baa2 from Ba1
based on full Tyson Fresh Meats, Inc. guarantee
(LGD 2, 14%).

Ratings Affirmed:

* Tyson Foods, Inc.

   -- Corporate family rating at Ba1;

   -- US$1 billion 6.60% senior unsecured notes due 2016 at Ba1
(LGD 3, 44%);

   -- Short term rating at Not Prime;

   -- Speculative grade liquidity assessment at SGL-3; and

* Tyson Fresh Meats, Inc.

   -- Senior unsecured debt at Ba1 based on the full guarantee
of Tyson Foods, Inc. (LGD 3, 44%).

Ratings Downgraded:

* Tyson Foods, Inc.

   -- Senior unsecured debt with no guarantees to Ba2 from Ba1
(LGD 5, 88%); and  

   -- Senior unsecured shelf registration with no guarantees to
Ba2 from Ba1 (LGD 5, 88%).

The outlook on all long-term ratings continues to be negative.

The affirmation of Tyson's Ba1 corporate family rating reflects
the fact that several elements of Tyson's overall business
profile are very strong - such as its size, scale and
diversification - and consistent with a mid-investment grade
rating.  However, these elements are more than offset by the
severe volatility of the company's earnings and cash flow and
its weak debt protection measures, which score well below
investment grade.

Moody's also continues to have concerns regarding some elements
of Tyson's corporate governance, and shade its ratings as a
result.  Together these factors bring the corporate family
rating down to the Ba1 level.

Moody's has applied its new Probability-of-Default and Loss-
Given-Default rating methodology to Tyson and its subsidiaries.  
Moody's current long-term credit ratings are opinions about
expected credit loss, which incorporate both the likelihood of
default and the expected loss in the event of default.

The LGD rating methodology disaggregates these two key
assessments in long-term ratings.  The LGD rating methodology
also enhances the consistency in Moody's notching practices
across industries and improves the transparency and accuracy of
our ratings as our research has shown that credit losses on bank
loans have tended to be lower than those for similarly rated
bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

The assignment of Ba1 ratings to Tyson's various bank
facilities, as well as the rating actions taken in relation to
its various debt securities, reflects -- with one exception
noted below -- Moody's new methodology for assigning ratings to
individual securities and bank facilities rather than a change
in the characteristics of any debt security or bank facility or
in the company's fundamental credit profile.

Moody's notes, however, that the higher rating on Tyson's 6.60%
senior unsecured bonds reflects the benefits that these bonds
receive from a recently established upstream guarantee from
Tyson Fresh Meats which some other Tyson Foods, Inc. debt does
not have.

Tyson's SGL-3 speculative grade liquidity rating reflects
concerns over the company's financial flexibility given
continuing weakness in global protein markets.  Tyson received
covenant relief from its banks in March, April, and then again
in July 2006.

Tyson's ratings could come under downward pressure if earnings
and cash flow remain weak - conceivably due to a prolonged
continuation of the downturn in the beef processing industry -
or its liquidity becomes constrained.

Tyson's ratings could be downgraded if it is unable to improve
its debt protection measures such that LTM Debt/EBITDA remains
higher than 4.0 times at 9/30/07, and LTM EBIT/Interest remains
below 2.0 times at 9/30/07.  Given the recent downgrade, we do
not expect an upgrade in Tyson's ratings in the near term.

Tyson's rating outlook could stabilize if operating performance
and returns on invested capital improve, and it is able to
generate more stable and consistent earnings and cash flow.  A
stabilized rating outlook would also require Tyson to be able to
boost earnings and/or reduce debt such that LTM Debt/EBITDA
falls below 3.5 times, and LTM EBIT/interest rises above 2.5
times.

With sales over US$26 billion, Tyson Foods is the world's
largest protein processor with operations in beef, chicken, and
pork processing, as well as branded packaged food manufacturing.


VALUELIST LIMITED: Nominates Liquidator from Hodgsons
-----------------------------------------------------
Lawrence I. Freedman of Hodgsons was nominated Liquidator of
Valuelist Limited on Aug. 25 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Valuelist Limited
    219 Chester Road
    Manchester M15 4JE
    United Kingdom
    Tel: 0870 811 3600
    Fax: 0870 811 3600


WATERSIDE KITCHENS: Alison M. Byrne Leads Liquidation Procedure
---------------------------------------------------------------
Alison M. Byrne was appointed Liquidator of Waterside Kitchens
and Bathrooms Limited on Aug. 10 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

    Waterside Kitchens and Bathrooms Limited
    The Crystal Cave
    Commercial Road
    Penryn
    Cornwall TR108AF
    United Kingdom
    Tel: 01326 377 053


WESCO AIRCRAFT: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency took these actions on Wesco
Aircraft Hardware Corp.:

Ratings changed:

* Wesco Aircraft Hardware Corp.

   -- First priority senior secured credit facilities to B1
(LGD 3) from Ba3 (LGD 2); and

   -- Corporate Probability of Default Rating (PDR) to B2 from
B3.

Ratings affirmed:

   -- Corporate family rating at B2; and

   -- Second lien credit facilities at Caa1 (LGD 5).

The ratings were assigned between Sept. 6 and 16.  The changes
were made as a result of an adjustment to Moody's assumptions
regarding expected loss given default recovery rates at the
family level.  

The corporate family ratings were affirmed as there were no
changes to Moody's opinion regarding the strength of the
underlying credits.


WESTON PLANT: Appoints Joint Administrators from Baker Tilly
------------------------------------------------------------
Adrian David Allen and Alec David Pillmoor of Baker Tilly were
appointed joint administrators of Weston Plant Limited (Company
Number 02567305) on Sept. 4.

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

Headquartered in Leeds, United Kingdom, Weston Plant Limited
wholesales and rents construction equipment.


WIREBINDING COMPANY: Creditors' Meeting Slated for September 28
---------------------------------------------------------------
Creditors of The Wirebinding Company Limited (Company Number
05266286) will meet at 11:00 a.m. on Sept. 28 at:

         Turpin Barker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey SM1 4LA
         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. 27 at:

         Martin C. Armstrong
         Administrator
         Turpin Barker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey SM1 4LA
         United Kingdom
         Tel: +44 (0) 20 8661 7878
         Fax: +44 (0) 20 8661 0598
         E-mail: tba@turpinba.co.uk

Turpin Barker Armstrong -- http://www.turpinba.co.uk/-- is an  
independent four Partner firm of accountants, dedicated to
ensuring our clients achieve their goals, maximizing profits and
minimizing taxation liabilities.


* BOOK REVIEW: Grounded: Frank Lorenzo and the Destruction of
               Eastern Airlines
-------------------------------------------------------------
Author:     Aaron Bernstein
Publisher:  Beard Books
Paperback:  272 Pages
List Price: US$34.95

Order your personal copy at
   http://www.amazon.com/exec/obidos/ASIN/1893122131/internetbankrupt

Barbara Walters once referred to Frank Lorenzo as "the most
hated man in America."  Since 1990, when this work was first
published and Eastern Airlines' troubles were front-page news,
there had been many worthy contenders for the title.  
Nonetheless, readers sensitive to labor-management concerns,
particularly in the context of corporate restructuring, will
find in this book much to support Barbara Walters'
characterization.

To recap: For a few brief and discordant years, Frank Lorenzo
was boss of the biggest airline conglomerate in the free world
(Aeroloft was larger), combining Eastern Continental, Frontier,
and People Express into Texas Air Corporation, financing his
empire with junk bonds.  TAC ultimately comprised a fleet of
452 planes and 50,000 employees, with revenues of $7 billion.

But Lorenzo was lousy on people issues, famously saying, "I'm
not paid to be a candy ass."  The mid-1980's were a bad time to
take that approach.  Those were the years when the so-called
Japanese model of management, which emphasized cooperation
between management and labor, was creating a stir.  The Lorenzo
model was old school: If the unions give you any trouble, break
'em.

That strategy had worked for him at Continental, where he'd
filed Chapter 11 despite the airline's $60 million in cash
reserves, in order to exploit a provision in the Bankruptcy Code
allowing him to abrogate his contracts with the unions.  But
Congress plugged that Loophole by the time Lorenzo went to the
mat with Charles Bryan, IAM chapter president.  Lorenzo might
have succeeded in breaking the machinists alone, but when flight
attendants and pilots honored the picket line, he should have
known it was time to deal.  He didn't.

Instead he tried again for a strategic advantage through the
bankruptcy courts, by filing Chapter 11 in the Southern District
of New York where bankruptcy judges were believed to be more
favorably disposed toward management than in Miami where Eastern
is headquartered, Eastern had to hide behind the skirts of its
subsidiary, Ionosphere clubs, Inc., a New York Corporation, in
order to get into SDNY.  Six minutes later, Eastern itself filed
in the same court as a related proceeding.

The case was assigned to Judge Burton Lifland, whom Eastern's
bankruptcy lawyer, Harvey Miller, knew well, but Lorenzo was
mistaken if he believed that serendipitous lottery assignment
would be his salvation.  Judge Lifland a year later declared
Lorenzo unfit to run the airline and appointed Martin Shugrue as
trustee.

Most hated man or not, one wonders whether the debacle was all
Lorenzo's fault.  Eastern unions, in particular the notoriously
militant machinist, were perpetual malcontents, and Charlie
Bryan was an anti-management zealot, to the point of
exasperating even other IAM officers.

The book provides a detailed account of the three-and-a-half
period between Lorenzo's acquisition of Eastern in the autumn of
1986 and Judge Lifland's appointment of the trustee in April
1990. It includes the history of Eastern's pre-Lorenzo
management, from World War I flying ace Eddie Rickenbacker to
astronaut Frank Borman.

                           *********

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

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

                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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