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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, September 25, 2006, Vol. 7, No. 190

                            Headlines


A U S T R I A

ALDARA: Claims Registration Period Ends October 6
BIOGAS SYSTEM: Creditors' Meeting Slated for October 3
BT: Salzburg Court Orders Closing of Business
MONEY POINT: Claims Registration Period Ends October 9
OBJEKT: Steyr Court Dismisses Case on Insufficient Assets

PIZZERIA RISTORANTE: Claims Registration Period Ends October 2
SANTNER HOLZINDUSTRIE: Property Manager Claims Lack of Assets
SCHMOEGER HANDELSHAUS: Creditors to Recover 10.26% of Claims
SESAR: Salzburg Court Orders Closing of Business
WAGNER HARALD: Claims Registration Period Ends October 5


B E L A R U S

BELARUSBANK: Fitch Keeps Issuer Default Rating at B-


F R A N C E

ALCATEL SA: Signs Network Deal with Taiwan's Chungwa Telecom
ALCATEL SA: Wins EUR30-Mln Signaling Contract with Beijing MTR
ALCATEL SA: Equips Finnish Cities with Signaling Technology


G E R M A N Y

AKAT GMBH: Claims Registration Ends October 3
AS.IS FERNLAST: Creditors' Meeting Slated for October 4
DREXEL GASTRONOMIE: Claims Registration Ends October 4
DST-BAUELEMENTE: Claims Registration Ends October 2
HOB BETRIEBSGESELLSCHAFT: Claims Registration Ends Sept. 29

OWR AUTO-WERKSTATT: Claims Registration Ends October 5
PORTRAIT CORP: Hires BSI as Claims and Balloting Agent
SPREETERRASSEN KOEPENICK: Creditors' Meeting Slated for Oct. 4
TNW. THE NET: Creditors' Meeting Slated for October 4
TRM CORP: S&P Holds CCC Ratings on Developing Watch

VIF VANCAMP: Claims Registration Ends October 2
WOHLFAHRT BAUBETREUUNG: Creditors' Meeting Slated for Sept. 28


I R E L A N D

TOWER RECORDS: Committee Taps McGuireWoods as Bankruptcy Counsel
TOWER RECORDS: Selects Great American as Lead Bidder in Auction


I T A L Y

FIAT SPA: Names Robert Ronchi as Head of Maserati


K A Z A K H S T A N

ADEMI I K: Creditors Must File Claims by Oct. 13
AKTOBE BUR: Atkube Court Opens Bankruptcy Proceedings
AMIK-2005: Proof of Claim Deadline Slated for Oct. 13
ARTEK INDUSTRIT-Z: Creditors Must File Claims by Oct. 13
AUGAMBAEV I K: Proof of Claim Deadline Slated for Oct. 13

DIM ASK: Claims Registration Ends Oct. 13
JYBEK JOLY-A: Creditors' Claims Due Oct. 13
PARITET LANDIS: Claims Registration Ends Oct. 13
PROTON INVEST-Z: Creditors' Claims Due Oct. 13
S.K. COTTON: Creditors Must File Claims by Oct. 13

SAID-2004: Proof of Claim Deadline Slated for Oct. 13
TECH CENTRE: Claims Registration Ends Oct. 13
TEMIRBANK: Fitch Places Issuer Default B- on Watch Positive
VERAS: Creditors' Claims Due Oct. 13


K Y R G Y Z S T A N

BRIDGE EUROASIA: Creditors Must File Claims by Oct. 31
IT SERVICE: Proof of Claim Deadline Slated for Oct. 27
VODSTROY: Commercial Tender Scheduled for Oct. 4


N E T H E R L A N D S

ASHLAND INC: CFO Provides Quarter Ended September 30 Outlook


R U S S I A

AGRO-KHIMIYA: Court Names V. Konovalov as Insolvency Manager
AGRO-PROM-KHIMIYA:  A. Snegireva to Manage Assets
ASTRAKHANSKIY FACTORY: Court Starts Bankruptcy Supervision
BALTIYSKIY BANK: Moody's Affirms E+ Financial Strength Rating
BELOKALITVINSKIY LIMESTONE: I. Shirshov to Manage Assets

BUILDING CONCERN 137: Creditors Must File Claims by October 12
GEORGIEVSKIY TINNED: D. Eroshkin to Manage Insolvency Assets
GRANITE: Court Names N. Storozhenko as Insolvency Manager
GUBKINSKIY DIARY: Court Names I. Bondar as Insolvency Manager
INFRASTRUCTURE: Court Names R. Safaryanov as Insolvency Manager

KAMENSKIY DIARY: Rostov Bankruptcy Hearing Slated for Oct. 23
MASTER COMPANY: Court Names N. Egorova as Insolvency Manager
MILK OF DON: Rostov Court Starts Bankruptcy Supervision
MORDOVSKOYE WOODWORKING: N. Novikova to Manage Insolvency Assets
OMSKIY-2 OF OMSK: Omsk Court Starts Bankruptcy Supervision

PERESLAVL: Yaroslavl Court Starts Bankruptcy Supervision
PERVOMAYSK-AGRO-PROM-KHIMYA: Claims Registration Ends Oct. 12
PERVOMAYSKIY WOOD-PROM-KHOZ: E. Teplova to Manage Assets
PRIAZOVYE: Krasnodar Court Starts Bankruptcy Supervision
SEAFOOD: Primorye Court Names A. Snegireva as Insolvency Manager

SHEVCHENKO: Bankruptcy Hearing Slated for January 29
TAGAN-FISH: Creditors Must File Claims by October 12
TYAZHINSKIY ELEVATOR: Court Starts Bankruptcy Supervision
TYUKALINSKIY: Creditors Must File Claims by October 12
UDMURTSKAYA: Bankruptcy Hearing Slated for Oct. 19

ULAN-UDENSKAYA: Court Names M. Magomedov as Insolvency Manager
VERESHAGINSKIY BREAD-MACARONI: M. Gordeev to Manage Assets
VOLGOGRADSKIY: Court Names A. Vasev as Insolvency Manager
YUKOS OIL: Creditors Must File Claims by October 12


S W I T Z E R L A N D

BOOKHAM INC: Sells U.K. Assembly & Test Facility for US$9.5 Mln


T U R K E Y

MNG BANK: Arab Bank Equity Purchase Spurs Fitch's Watch Positive


U K R A I N E

KIROVOGRADSKIJ PLODOOVOCHKOMBINAT: Claims Filing Ends Sept. 30
MALA VISKA: Kirovograd Court Starts Bankruptcy Supervision
MEHTEHSERVICE: Creditors Must File Claims by September 30
MOTORGAZ: Creditors Must File Claims by September 30
POBUTMASH: Kyiv Court Starts Bankruptcy Supervision

SPARK: Court Names Oleg Shestopalov as Insolvency Manager
STIROL JSC: BSTDB Waives Covenant Breaches Under Loan Agreement
TEHPOSTACHRESURSI: Court Names Oleg Shestopalov as Liquidator


U N I T E D   K I N G D O M

A.D. CLARABUT: Appoints Joint Liquidators from Begbies Traynor
A.R.E. LIMITED: Creditors' Meeting Slated for September 26
AERO WASTE: Hires BDO Stoy to Administer Assets
ANDREW JAMES: Brings In Joint Liquidators from BRI Business
ATHENE CONSULTANCY: Claims Filing Period Ends Sept. 30

B J ROLAND: Names Joint Liquidators to Wind Up Business
BAHRA METAL: Appoints Richard A. J. Hooper as Liquidator
BOOKHAM INC: Sells U.K. Assembly & Test Facility for US$9.5 Mln
BWL CORPORATE: Hires Joint Liquidators from Vantis
CELF LOAN: S&P Rates EUR19.5-Mln Class E Notes at BB

CITYCAST LIMITED: Mark Reynolds Leads Liquidation Procedure
CORALSWIFT LIMITED: Nominates Liquidator from Ansers
DAVIES PLUMBING: Names David John Watchorn Liquidator
DAVIS HARRISON: Appoints Liquidator to Wind Up Business
DIRECT WHOLESALE: Calls In Liquidator from Till Morris

DRAPES DIRECT: Brings In Liquidator from Richard Long & Co.
E.W. RECRUITMENT: Names Vincent A. Simmons as Liquidator
EL PASO INSURANCE: Scheme Administrators Pay Creditors
ELITE CEILINGS: Creditors Confirm Voluntary Liquidation
EMPORIO LINGERIE: Taps Lloyd Biscoe to Liquidate Assets

EXPOSURE PROMOTIONAL: Joint Liquidators Take Over Operations
FORMAT INTERIORS: Names Keith Barry Stout Liquidator
FORWARD FREIGHT: Appoints P&A as Liquidators
G-WAGEN.CO.UK: Appoints Peter Bridger to Liquidate Assets
GLAZTEKNOLOGY U.K.: Taps Administrators from Poppleton & Appleby

GRANITE OTT: Brings In Poppleton & Appleby as Liquidators
HAMPTON HOUSE: Brings In BDO Stoy as Joint Administrators
HARBRO ENGINEERING: Liquidator Sets Oct. 5 Claims Bar Date
HIGH EFFICIENCY: Calls In Liquidator from Begbies Traynor
HOWARD 2000: Nominates Liquidator from Griffin & King

HUMBROL LIMITED: Appoints Grant Thornton as Joint Administrators
ISLE OF CAPRI: Earns US$9 Million for the Quarter Ended July 30
J. & J.: Creditors Confirm Voluntary Liquidation
KELMAT LIMITED: Taps Liquidator from Turpin Baker Armstrong
KINGSCROFT INSURANCE: Scheme Administrators Pay Creditors

L.E.D. SYSTEMS: Hires Richard Ian Williamson to Liquidate Assets
LIME STREET: Scheme Administrators Pay Creditors
LITIGATION SOLUTIONS: David Acland Leads Liquidation Procedure
LOULOU BRIDALWEAR: Appoints Joint Liquidators from Vantis
LPC DEVELOPMENTS: Taps Joint Administrators from Moore Stephens

M S I SCANTECH: Hires Liquidator from Rendell Thompson
MFI FURNITURE: Disposes of Retail Business to MEP Mayflower
N C S ENTERPRISE: Calls In Joint Liquidators from Moore Stephens
N2 LIMITED: Taps Sale Smith to Liquidate Assets
NELSON BREWING: Names Joint Liquidators from Gerald Edelman

OCEAN STUDIO: Claims Registration Ends Nov. 22
ONE STOP: Calls In Joint Liquidators from Begbies Traynor
PAPER DRAGON: Brings In Joint Administrators from PKF
PORTRAIT CORP: Hires BSI as Claims and Balloting Agent
PREMIER STOREFITTERS: Creditors Confirm Voluntary Liquidation

PROVIDE HOME: Fitch Downgrades Rating on Class D Tranche to BB+
SLEEPSAFE LIMITED: Names David Andrew Field as Administrator
SPECIALIST BOOKS: Brings In Joint Liquidators from Harrisons
SPORTS BETTING: Creditors' Meeting Slated for September 27
TERRA CAPITAL: Fitch Upgrades Second Priority Notes to BB+

SUNDECKVIP LIMITED: Names Anthony David Kent Liquidator
TIMBERLAND FOREST: Taps Joint Liquidators from Ashcrofts
TRANSEDA TECHNOLOGY: Creditors Confirm Liquidator's Appointment
TRM CORP: S&P Holds CCC Ratings on Developing Watch
TRM CORP: Moody's Withdraws Junk Ratings for Business Reasons

TYSON FOODS: S&P Lowers Rating on US$2.1-Bln Sr. Unsecured Debt
W.E. JONES: Hires Paul John Webb as Liquidator
WALBROOK INSURANCE: Scheme Administrators Pay Creditors
YESTERYEAR PUB: Scottish & Newcastle Hires Begbies as Receivers

                            *********

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


ALDARA: Claims Registration Period Ends October 6
-------------------------------------------------
Creditors owed money by LLC Aldara (FN FN 140250a) have until
Oct. 6 to file written proofs of claims to court-appointed
property manager Josef Kantner at:

         Dr. Josef Kantner
         c/o Dr. Andreas Ruetz
         Colingasse 8/I
         6020 Innsbruck, Austria
         Tel: 0512/571092
         Fax: 0512/57109215
         E-mail: office@forcher-mayr-kantner.at                

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Oct. 20 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         2nd Floor
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Aug. 18 (Bankr. Case No. 7 S 22/06d).  Andrease
Ruetz represents Dr. Kanther in the bankruptcy proceedings.
Annamaria Rudel represents the Debtor in the bankruptcy
proceedings.

The Debtor's representative can be reached at:

         Mag. Annamaria Rudel
         Maximilianstrasse 2
         6020 Innsbruck, Austria
         Tel: 0512/585510
         Fax: 0512/58551011
         E-mail: office@kanzlei-rudel.at


BIOGAS SYSTEM: Creditors' Meeting Slated for October 3
------------------------------------------------------
Creditors owed money by LLC Biogas System Technik (FN 207483y)
are encouraged to attend the creditors' meeting at 10:50 a.m. on
Oct. 3 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on Aug. 4 (Bankr. Case No. 14 S 121/06v).  Volker
Leitner serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Mag. Volker Leitner
         Viennese Road 3
         3100 St. Poelten, Austria
         Tel: 02742/354 355
         Fax: 02742/351 435
         E-mail: office@gpls.at  


BT: Salzburg Court Orders Closing of Business
---------------------------------------------
The Land Court of Salzburg entered an order on Aug. 3 closing
the business of LLC BT (FN 230610h).  Court-appointed property
manager Alfred Hammerer determined that the continuing operation
of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Alfred Hammerer
         Alpenstr. 26
         5020 Salzburg, Austria
         Tel: 0662-648899-0
         Fax: 0662-648899-14
         E-mail: office@sluka-hammerer.biz  

Headquartered in Bischofshofen, Austria, the Debtor declared
bankruptcy on July 20 (Bankr. Case No. 23 S 44/06z).  Davor
Baotic and Verica Bajri represent the Debtor in the bankruptcy
proceedings.


MONEY POINT: Claims Registration Period Ends October 9
------------------------------------------------------
Creditors owed money by JSC Money Point Franchise (FN 223249h)
have until Oct. 9 to file written proofs of claims to court-
appointed property manager Clemens Richter at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Oct. 23 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22 (Bankr. Case No. 45 S 57/06w).  Thomas Engelhart
represents Mag. Richter in the bankruptcy proceedings.


OBJEKT: Steyr Court Dismisses Case on Insufficient Assets
---------------------------------------------------------
The Land Court of Steyr dismissed the bankruptcy case of LLC
Objekt (FN 226487w) on Aug. 3, after proving that the Debtor's
property is insufficient to cover administrative expenses.

Accordingly, creditors will not receive any recovery on account
of their claim.

Headquartered in Steyr-Gleink, Austria, the Debtor declared
bankruptcy on Jan. 24, 2005 (Bankr. Case No. 14 S 6/05p).  Heinz
Kassmannhuber served as the court-appointed property manager of
the bankrupt estate.  Gerwald Schmidberger represents Dr.
Kassmannhuber in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Heinz Kassmannhuber
         c/o Dr. Gerwald Schmidberger
         Stelzhamerstrasse 11
         4400 Steyr, Austria
         Tel: 07252/50 300
         E-mail: heinz.kassmannhuber@b-shop.at  
                 ra.schmidberger@utanet.at  


PIZZERIA RISTORANTE: Claims Registration Period Ends October 2
--------------------------------------------------------------
Creditors owed money by LLC Pizzeria Ristorante O Sole Mio (FN
255183w) have until Oct. 2 to file written proofs of claims to
court-appointed property manager Bernd Widerin at:

         Mag. Bernd Widerin
         Rathausgasse 6
         6700 Bludenz, Austria
         Tel: 05552/650930
         Fax: 05552/650936
         E-mail: rechtsanwaelte@widerin.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 12 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Bludenz, Austria, the Debtor declared
bankruptcy on Aug. 22 (Bankr. Case No. 14 S 37/06p).  


SANTNER HOLZINDUSTRIE: Property Manager Claims Lack of Assets
-------------------------------------------------------------
Dr. Wolfgang Rohringer, the court-appointed property manager for
LLC Santner Holzindustrie (FN 255134y), declared Aug. 3 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Tamsweg, Austria, the Debtor declared
bankruptcy on Feb. 6 (Bankr. Case No. 44 S 6/06s).

The property manager can be reached at:

         Dr. Wolfgang Rohringer
         Post Office Place 115
         5580 Tamsweg, Austria
         Tel: 06474/6404
         Fax: 06474/6404-20
         E-mail: rechtsanwalt.rohringer@sbg.at


SCHMOEGER HANDELSHAUS: Creditors to Recover 10.26% of Claims
------------------------------------------------------------
The Land Court of Krems an der Donau approved the final decision
on allocation of Edmund Kitzler, the court-appointed property
manager of LLC Schmoeger Handelshaus (FN 151161 x), on Aug. 3.

Under the property manager's project by final allocation,
creditors will recover 10.26% of their claim.

Headquartered in Dobersberg, Austria, the Debtor declared
bankruptcy on Dec. 3, 1999 (Bankr. Case No. 9 S 46/99h).

The property manager can be reached at:

         Dr. Edmund Kitzler
         Station Route 58
         3950 Gmuend, Austria
         Tel: 02852/51935
         Fax: 02852/51937


SESAR: Salzburg Court Orders Closing of Business
------------------------------------------------
The Land Court of Salzburg entered an order on Aug. 3 closing
the business of LLC Sesar (FN 207989t).  Court-appointed
property manager Alfred Hammerer determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Alfred Hammerer
         Alpenstr. 26
         5020 Salzburg, Austria
         Tel: 0662-648899-0
         Fax: 0662-648899-14
         E-mail: office@sluka-hammerer.biz              

Headquartered in Schwarzach im Pongau, Austria, the Debtor
declared bankruptcy on July 20 (Bankr. Case No. 44 S 28/06a).  
The Debtor's manager, Damir Jelic, represents the Debtor in the
bankruptcy proceedings.


WAGNER HARALD: Claims Registration Period Ends October 5
--------------------------------------------------------
Creditors owed money by KEG Wagner Harald (FN 254467t) have
until Oct. 5 to file written proofs of claims to court-appointed
property manager Walter Engler at:

         Dr. Walter Engler
         Wollzeile 18/14
         1010 Vienna, Austria
         Tel: 512 56 96
         Fax: 513 99 15
         E-mail: dr.engler@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 19 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22 (Bankr. Case No. 5 S 119/06v).  


=============
B E L A R U S
=============


BELARUSBANK: Fitch Keeps Issuer Default Rating at B-
----------------------------------------------------
Fitch Ratings affirmed Belarus-based Belarusbank's ratings at
Issuer Defualt B-, Short-term B, Individual D/E, and Support 5.  
The Outlook on the Issuer Default Rating remains Stable.

Fitch notes that BBK's stand-alone financial strength has
improved sufficiently to warrant a B- IDR without considering
possible support from the Belarusian authorities.  Previously,
the bank's IDR had been driven by the potential for support
being forthcoming from the Belarusian authorities.

BBK's improved stand-alone financial strength reflects the
bank's strengthening franchise, extended track record of sound
asset quality and greater funding diversification.  The stable
funding base is also a rating positive for the bank.  At the
same time, the ratings also reflect the bank's challenging
operating environment, including the high level of actual and
potential government influence on its operations, modest
profitability and capitalization and the low loan loss reserves.

Upward movement in the bank's IDR would only be possible if the
sovereign's credit position improves.  Any improvement in the
sovereign creditworthiness could raise the support floor for the
bank's rating and reduce the country risks that influence
Fitch's view of BBK's stand-alone financial strength.  Downward
pressure on the IDR would result from a weakening of the
sovereign's credit position.

The Ministry of Economy owns 73.2% of BBK, while the executive
committees of Minsk and the six local regions own 26.5%.  The
Belarusian government has stated its intention to remain the
majority owner of the bank until at least 2010.  

BBK is the largest bank by assets in Belarus.  It was founded in
1922 but has existed in its current form since 1995, when a
merger took place between State Belarus Savings Bank and Joint-
Stock Commercial Bank Belarusbank.  BBK dominates the retail
market, where it benefits from an extensive nationwide branch
network.  BBK also has a relatively diversified corporate
banking business with a large share of SME business.


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


ALCATEL SA: Signs Network Deal with Taiwan's Chungwa Telecom
------------------------------------------------------------
Alcatel S.A. has signed a contract with Chunghwa Telecom,
Taiwan's recently privatized incumbent operator, to deploy an
aggregation and transport solution for the delivery of
innovative services such as digital video.

The project follows CHT's announcement of a five-year investment
plan to transform its existing network infrastructure towards
Next Generation Networks, which in turn will allow CHT to act as
a content provider to Taiwanese TV broadcast companies.  The
first example of this kind of distribution service was a recent
broadcast of a national rock music festival held in northern
Taiwan.

The Alcatel optical networking solution will enable CHT to
benefit from enhanced aggregation capabilities to accommodate
its customers' increasing demand for content-rich applications.  
Its deployment will help CHT further support the cost-effective
and efficient delivery of its service offering ranging from
multimedia on demand (MOD), high-speed Internet, Voice over IP
(VoIP) to broadcast TV.

Alcatel will supply its data-aware Optical Multi-Service Node
systems, which offer a flexible platform enabling large-scale,
cost-effective transport of video signals via multiple kinds of
connectivity including Ethernet, Asynchronous Transfer Mode
(ATM), Asynchronous Serial Interface (ASI), and Serial Digital
Interface (SDI).

                       About Alcatel
  
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                      *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies (rated B1).  The ratings
placed on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


ALCATEL SA: Wins EUR30-Mln Signaling Contract with Beijing MTR
--------------------------------------------------------------
Alcatel S.A. has been selected by Beijing MTR Corporation
Limited to deploy its industry leading radio-based signaling
system for the Metro Line 4.  The contract, worth EUR30 million,
was awarded to the consortium led by Alcatel Shanghai Bell,
Alcatel's flagship Chinese company.

The Beijing Metro Line 4 is 28.18 km long, linking 23
underground stations and one aboveground station in total.  
Under the contract, Alcatel will deploy its advanced SelTrac S40
radio Communications-Based Train Control (CBTC) solution to this
new mass transit line in Beijing.

The CBTC signaling system provides moving-block technology to
optimize safe operation of trains with closer separation, as
well as fully automated central control.  These features allow
high capacity for service frequency and efficiency, as well as
flexible fleet operations. Operating data is transmitted between
train and trackside equipment via an open-standards radio and
WLAN system.  Compared to conventional signaling systems,
Alcatel's CBTC significantly reduces life-cycle costs.

"Alcatel's world leading CBTC signaling system will help
strengthen our service capacity on train control and passenger
satisfaction," said Mr. Wang ShaoJi, General Manager of Beijing
MTR Corporation Limited.  "With the new deployment, we can bring
improved train operations and services to our passengers."

"We are honored to be selected to deploy our CBTC solution to
the new mass transit line in China's capital city," said Gerard
Dega, President of Alcatel Shanghai Bell.  "Alcatel was already
selected to deploy its radio CBTC solution on Shanghai's metro
lines 8 and 6.  This contract further reinforces our leading
position in CBTC urban metro signaling system provision."

                         About Alcatel
  
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                         *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies (rated B1).  The ratings
placed on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


ALCATEL SA: Equips Finnish Cities with Signaling Technology
-----------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) has equipped the new
high-speed line connecting the Finnish cities of Kerava and
Lahti with signaling technology.  The 63-kilometer long line in
southern Finland was commercially opened on Sept. 1.

Over the last two years, Alcatel has equipped the route with the
very latest train control and signaling technology.  This has
resulted in a substantial reduction of travel time between
Lahti, a city with nearly 100,000 inhabitants, and Helsinki.  
The 220 kilometer per hour high speed trains connect the Finnish
capital and Lahti via Kerava in only 44 minutes, compared to 82
minutes previously.

This new High Speed Line Kerava-Lahti is equipped with five new
Alcatel LockTrac 6151 (ESTW L90 5) electronic interlocking
systems, which are controlled from the existing Centralized
Traffic Control Center in Kouvola, which was put into service in
October 2001.

In addition, the contract included the delivery of outdoor
equipment such as main signals and axle counter detection points
as well as the disposition system ARAMIS used in order to
visualize current operations and to compare train schedules.

This order has been the most important milestone for Alcatel in
Finland since the first interlocking system installed in 1999.

                       About Alcatel
  
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                      *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies (rated B1).  The ratings
placed on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


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


AKAT GMBH: Claims Registration Ends October 3
---------------------------------------------
Creditors of Akat GmbH have until Oct. 3 to register their
claims with court-appointed provisional administrator Axel
Geese.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Akat GmbH on Aug. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Akat GmbH
         Attn: Atila Akat, Manager        
         Brockhagener Str. 193 - 195
         33469 Bielefeld, Germany

The administrator can be contacted at:

         Axel Geese
         Adenauer Place 4
         33602 Bielefeld, Germany


AS.IS FERNLAST: Creditors' Meeting Slated for October 4
-------------------------------------------------------
The court-appointed provisional administrator for AS.IS Fernlast
Berlin GmbH i.L., Hartwig Albers, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:25 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 10:20 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 AS.IS Fernlast Berlin GmbH i.L. on Aug. 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AS.IS Fernlast Berlin GmbH i.L.
         Telegrafenweg 12
         13599 Berlin, Germany

The administrator can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin, Germany


DREXEL GASTRONOMIE: Claims Registration Ends October 4
------------------------------------------------------
Creditors of Drexel Gastronomie GmbH have until Oct. 4 to
register their claims with court-appointed provisional
administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Drexel Gastronomie GmbH on Aug. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Drexel Gastronomie GmbH
         Attn: Drexel Dirk, Manager
         Jakoberstr. 55
         86152 Augsburg, Germany

The administrator can be contacted at:

         Knut Thomas Hofheinz
         Spicherer Str. 26
         86157 Augsburg, Germany


DST-BAUELEMENTE: Claims Registration Ends October 2
---------------------------------------------------
Creditors of DST-Bauelemente GmbH have until Oct. 2 to register
their claims with court-appointed provisional administrator
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Muenster opened bankruptcy proceedings
against DST-Bauelemente GmbH on Aug. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DST-Bauelemente GmbH
         Attn: Daniel Stockmann, Manager
         Hanselweg 21
         48431 Rheine, Germany

The administrator can be contacted at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen, Germany


HOB BETRIEBSGESELLSCHAFT: Claims Registration Ends Sept. 29
-----------------------------------------------------------
Creditors of HOB Betriebsgesellschaft Bayerisch Eisenstein mbH
have until Sept. 29 to register their claims with court-
appointed provisional administrator Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Deggendorf
         Meeting Room 3
         E 29
         Amanstrasse 17
         94469 Deggendorf, 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 Deggendorf opened bankruptcy proceedings
against HOB Betriebsgesellschaft Bayerisch Eisenstein mbH on
Aug. 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         HOB Betriebsgesellschaft Bayerisch Eisenstein mbH
         Hauptstr. 16
         94252 Bayer, Germany

The administrator can be contacted at:

         Dr. Carlos Mack
         Brienner Road 21
         80333 Munich, Germany
         Tel: 089/5488880
         Fax: 089/54888899


OWR AUTO-WERKSTATT: Claims Registration Ends October 5
------------------------------------------------------
Creditors of OWR Auto-Werkstatt u. Handel GmbH have until Oct. 5
to register their claims with court-appointed provisional
administrator Dieter P. Zenz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 OWR Auto-Werkstatt u. Handel GmbH on Aug. 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         OWR Auto-Werkstatt u. Handel GmbH
         Attn: Willibald Katzer, Manager
         Neiderstr. 12 a
         51491 Overath, Germany

The administrator can be contacted at:

         Dieter P. Zenz
         Eugen Langen Str. 12
         50968 Cologne, Germany


PORTRAIT CORP: Hires BSI as Claims and Balloting Agent
------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York authorized Portrait
Corporation of America, Inc., and its debtor-affiliates, on an
interim basis, to retain Bankruptcy Services LLC as their
noticing, claims and balloting agent.

In this engagement, BSI will:

     a) prepare and serve required notices in these chapter 11
        cases, including:

             * a notice of the commencement of the chapter 11
               cases and the initial meeting of creditors under
               section 341(a) of the Bankruptcy Code;

             * a notice of the claims bar date;

             * notices of objections to claims;

             * notices of any hearings on a disclosure statement
               and confirmation of a plan or plans of
               reorganization; and

             * other miscellaneous notices as the Debtors or
               Court may deem necessary or appropriate for an
               orderly administration of the chapter 11 cases;

      b) within three business days after the service of a
         particular notice, prepare for filing with the Clerk of
         the Court a certificate or affidavit of service that
         includes:

             * an alphabetical list of persons on whom the
               notice was served, along with their addresses,
               and

             * the date and manner of service;

      c) maintain copies of all proofs of claim and proofs of
         interest filed in these chapter 11 cases;

      d) maintain official claims registers in these chapter 11
         cases by docketing all proofs of claim and proofs of
         interest in a claims database that includes these
         information for each claim or interest asserted:

             * the name and address of the claimant or interest
               holder and any agent, if the proof of claim or
               proof of interest was filed by an agent;

             * the date the proof of claim or proof of interest
               was received by BSI and/or the Court;

             * the claim number assigned to the proof of claim
               or proof of interest; and

             * the asserted amount and classification of the
               claim;

      e) implement necessary security measures to ensure the
         completeness and integrity of the claims registers;

      f) transmit to the Clerk of the Court a copy of the claims
         registers on a weekly basis unless requested more or
               less frequently by the Clerk's Office;

      g) maintain an up-to-date mailing list for all entities
         that have filed proofs of claim or proofs of interest
         and make this list available upon request to the Clerk
         of the Court or any party in interest;

      h) provide access to the public for examination of copies
         of the proofs of claim or proofs of interest filed in
         the Debtors' chapter 11 cases without charge during
         regular business hours;

      i) record all transfers of claims pursuant to Bankruptcy
         Rule 3001(e) and, if directed to do so by the Court,
         provide notice of these transfers as required by
         Bankruptcy Rule 3001(e);

      j) comply with applicable federal, state, municipal, and
         local statutes, ordinances, rules, regulations, orders,
         and other requirements;

      k) provide temporary employees to process claims as
         necessary;

      l) promptly comply with further conditions and
         requirements as the Clerk of the Court or the Court may
         at any time prescribe;

      m) provide other claims processing, noticing, balloting,
         and related administrative services as may be requested
         from time to time by the Debtors;

      n) act as balloting agent

      o) at the close of the case, box and transport all
         original documents in proper format, as provided by the
         Clerk's office, to the Federal and Record
         Administration;

The current hourly rates for BSI's professionals are:

         Designation                       Hourly Rate
         -----------                       -----------
         Senior Bankruptcy Counsel       US$225 - $295
         Bankruptcy Consultant              185 - 225
         IT Programming Consultant          140 - 190
         Case Managers                      125 - 175
         Clerical                            40 - 60

James Katchadurian, a vice-president at BSI, assures the Court
that his firm does not hold any interest adverse to the Debtors'
estate and is a disinterested person as that term is defined in
Section 101(14) of the Bankruptcy Code.

A copy of the bankruptcy services agreement between BSI and the
Debtors is available for free at:

              http://researcharchives.com/t/s?1217

                    About Portrait Corporation

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

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

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


SPREETERRASSEN KOEPENICK: Creditors' Meeting Slated for Oct. 4
--------------------------------------------------------------
The court-appointed provisional administrator for Spreeterrassen
Koepenick GmbH, Rolf Nacke, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:20
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 9:10 a.m. on Jan. 17, 2007, at the
same venue.

Creditors have until Nov. 17 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings Spreeterrassen Koepenick GmbH on Aug. 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Spreeterrassen Koepenick GmbH
         Alt-Koepenick 1
         12555 Berlin, Germany

The administrator can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin, Germany


TNW. THE NET: Creditors' Meeting Slated for October 4
-----------------------------------------------------
The court-appointed provisional administrator for tnw. the net
works. GmbH agentur fuer werbung, Christoph Rosenmueller, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:10 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 9:00 a.m. on Jan. 17, 2007, at the
same venue.

Creditors have until Nov. 17 to register their claims with Mr.
Rosenmueller.

The District Court of Charlottenburg opened bankruptcy
proceedings tnw. the net works. GmbH agentur fuer werbung on
Aug. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         tnw. the net works. GmbH agentur fuer werbung
         Aufg. II
         Leuschnerdamm 13
         10999 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


TRM CORP: S&P Holds CCC Ratings on Developing Watch
---------------------------------------------------
Standard & Poor's Ratings Services' 'CCC' ratings on
Portland, Oregon-based TRM Corporation remained on CreditWatch
with developing implications, where they were placed on
March 21, 2006, reflecting continued operating uncertainties
since the CreditWatch placement.

"While the company was successful in refinancing its defaulted
credit agreement, operational trends continue to be negative,
the company is highly leveraged, and cash flow remains weak,"
said Standard & Poor's credit analyst Martha Toll-Reed.

ATM revenues declined 10% in the first six months of 2006,
mostly because of ATM attrition.  TRM expects continued erosion
of its ATM portfolio through 2006, although at a decelerating
pace.  Profitability has declined sharply, with EBITDA margins
at 14% for the first half of 2006, down from about 31% in the
year earlier period.  Vault cash expense, unfavorable foreign
exchange and higher processing expenses contributed to the
decline in profitability.

Cash flow remains under pressure because of declining profit
levels combined with required upgrades of about 60% of TRM's ATM
portfolio to comply with industry encryption standards.

Standard & Poor's will monitor the company's progress in
reversing current operating trends and evaluate its new credit
agreements to determine the final impact on the rating.  Upside
rating potential is predicated on confirmation of acceptable
profitability and cash flow trends.  If the company is unable to
reverse negative operating trends, the rating could be lowered.


VIF VANCAMP: Claims Registration Ends October 2
-----------------------------------------------
Creditors of VIF Vancamp Leipzig 2006 GmbH have until Oct. 2 to
register their claims with court-appointed provisional
administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 111:20 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 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 VIF Vancamp Leipzig 2006 GmbH on Aug. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         VIF Vancamp Leipzig 2006 GmbH
         Attn: Peter and Udo Ueberschar, Managers
         Connewitzer Str. 21
         04289 Leipzig, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Kaethe Kollwitz Road 9
         04109 Leipzig, Germany


WOHLFAHRT BAUBETREUUNG: Creditors' Meeting Slated for Sept. 28
--------------------------------------------------------------
The court-appointed provisional administrator for Wohlfahrt
Baubetreuung, Gesellschaft fuer die Uebernahme und Vergabe
schluesselfertiger Bauleistungen mbH, Christoph Schulte-
Kaubruegger, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
Sept. 28.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:10 a.m. on Dec. 21 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings Wohlfahrt Baubetreuung, Gesellschaft fuer die
Uebernahme und Vergabe schluesselfertiger Bauleistungen mbH on
Aug. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wohlfahrt Baubetreuung, Gesellschaft fuer die
         Uebernahme und Vergabe schluesselfertiger
         Bauleistungen mbH
         Kaiserin-Augusta-Strasse 64
         12103 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


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


TOWER RECORDS: Committee Taps McGuireWoods as Bankruptcy Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of MTS
Incorporated, dba Tower Records, and its debtor-affiliates, asks
the U.S. Bankruptcy Court for the District of Delaware for
permission to retain McGuirewoods LLP as its lead bankruptcy
counsel.

McGuirewoods will:

    a. advise the Committee with respect to its powers and
       duties under Section 1103 of the Bankruptcy Code;

    b. advise the Committee with respect to its efforts to
       interview, select, and retain a financial advisor to
       provide the Committee with financial advisory, forensic
       accounting, investment banking, and other related
       services in connection with the Debtors' bankruptcy
       cases, in general, and the Debtors' proposed sale of
       their businesses;

    c. advise and represent the Committee with respect to the
       Debtors' efforts to obtain postpetition secured
       financing;

    d. advise and represent the Committee with respect to its
       review and analysis of the relief requested in the
       Debtors' various bankruptcy pleading and its negotiation
       of, or formal objection tom requested relief as when
       necessary to preserve the rights of the Debtors'
       unsecured creditors and to maintain the value of the
       Debtors' assets;

    e. advise and represent the Committee in connection with its
       performance of the necessary due diligence and analysis
       to ensure that the Debtors conduct a fully vetted and
       meaningful investment banking and sale process in the
       Debtors' bankruptcy cases in order to maximize the value
       of the sale proceeds;

    f. advise and represent the Committee in its role to
       evaluate and negotiate the terms and conditions of any
       offer to purchase the Debtors' businesses or assets so as
       to maximize the sale proceeds that will be allocated and
       preserved for subsequent distribution to the Debtors'
       unsecured creditors;

    g. advise and represent the Committee with respect to its
       investigation into the Debtors' businesses and prior
       transactions in order to determine the viability of any
       theories of recovery against any parties;

    h. take all necessary action to preserve, protect, and
       maximize the value of the Debtors' estates for the
       benefit of the Debtors' unsecured creditors, including
       but not limited to, investigating the acts, conduct,
       assets, liabilities, and financial condition of the
       Debtors, the operation of the Debtors' businesses and the
       desirability of the continuance of such businesses, and
       any other matters relevant to these chapter 11 cases or
       to the formulation of a plan;

    i. advise and represent the Committee in connection with the
       formulation of a plan that is in the best interests of
       the Committee and the unsecured creditors of the Debtors'
       estates;

    j. appear before the Court, any appellate courts, and the
       U.S. Trustee to protect the interests of the Committee
       and the value of the Debtors' estates before the courts
       and the U.S. Trustee;

    k. consult with the Debtors' professional on behalf of the
       Committee regarding various tax, intellectual property,
       labor and employment, real estate, corporate, and
       litigation matters involving the Debtors or their
       estates, as well as the Debtors' general business or
       operational issues;

    l. prepare and prosecute any and all motions, applications,
       objections, replies, orders, complaints, answers,
       reports, and other papers on behalf of the Committee that
       may be necessary to assert or preserve the Committee's
       interest in the Debtors; chapter 11 cases; and

    m. perform all other necessary legal services and provide
       all other necessary legal advice to the Committee in        
       connection with the Debtors' chapter 11 cases.

Lawrence E. Rifken, Esq., a partner at McGuireWoods, tells the
Court that the firm's professionals bill:

         Professional                    Hourly Rate
         ------------                    -----------
         Partners                      US$275 - US$700
         Associates                    US$200 - US$405
         Paralegals                     US$80 - US$235

Mr. Rifken assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Rifken can be reached at:

         Lawrence E. Rifken, Esq.
         McGuirewoods LLP
         1750 Tysons Boulevard, Suite 1800
         McLean, VA 22102-4215
         Tel: (703) 712-5000
         Fax: (703) 712-5050
         http://www.mcguirewoods.com/

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer  
of music in the U.S., with nearly 100 company-owned music, book,
and video stores run by licensees in nine different countries
including Hong Kong, Malaysia, Philippines, Republic of Ireland,
Israel, Colombia, Ecuador and Mexico.  The Company and seven of
its affiliates filed for chapter 11 protection on Aug. 20, 2006
(Bankr. D. Del. Case Nos. 06-10886 through 06-10893).  Richards,
Layton & Finger, P.A. and O'Melveny & Myers LLP represent the
Debtors.  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than US$100
million.  The Debtors' exclusive period to file a chapter 11
plan expires on Dec. 18, 2006.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No.
04-10394).  The Court confirmed the plan on March 15, 2004.


TOWER RECORDS: Selects Great American as Lead Bidder in Auction
---------------------------------------------------------------
MTS Incorporated, dba Tower Records, and its subsidiaries
selected the Great American Group as lead bidder for the sale of
inventory at all of the Company's stores.  The Great American
offer represents the start of the process to sell the Company's
assets at the upcoming auction.

Under the sale process approved by the U.S. Bankruptcy Court for
the District of Delaware on Sept. 6, 2006, the Company may
select other qualified bidders who have an interest in
purchasing the ongoing business of the Company or its individual
assets.  The auction will be held at the offices of Richards,
Layton, & Finger, P.A. at One Rodney Square, 920 N. King Street,
Wilmington, Delaware 19801, at 10 a.m. on Oct. 5, 2006.

Other potential bidders who would like to participate in the
auction should contact Houlihan Lokey Howard & Zukin and must,
among other things, submit their interest to Tower Records
pursuant to the court's Bid Procedures Order by Sept. 26, 2006.

"We are happy to have the Great American Group offer, and look
forward to a vigorous auction with more bidders for Tower's
business," said Joseph L D'Amico, CEO of Tower Records.

A full-text copy of the Asset Sale Court Order is available for
free at http://ResearchArchives.com/t/s?1192

                      About Great American

Great American Group is the premier asset management company,
providing financial services to North America's most successful
retailers, distributors, manufacturers, and healthcare
administrators.

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer  
of music in the U.S., with nearly 100 company-owned music, book,
and video stores run by licensees in nine different countries
including Hong Kong, Malaysia, Philippines, Republic of Ireland,
Israel, Colombia, Ecuador and Mexico.  The Company and seven of
its affiliates filed for chapter 11 protection on Aug. 20, 2006
(Bankr. D. Del. Case Nos. 06-10886 through 06-10893).  Richards,
Layton & Finger, P.A. and O'Melveny & Myers LLP represent the
Debtors.  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than US$100
million.  The Debtors' exclusive period to file a chapter 11
plan expires on Dec. 18, 2006.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No.
04-10394).  The Court confirmed the plan on March 15, 2004.


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


FIAT SPA: Names Robert Ronchi as Head of Maserati
-------------------------------------------------
Fiat SpA handed Robert Ronchi the responsibility of Maserati car
brand, replacing Karl-Heinz Kalbfell.

Mr. Ronchi, head of Fiat Auto's Fleet and Network development,
will retain responsibility for automotive fleet sales.

Mr. Ronchi joined Fiat Group in 2002 as Commercial Director for
Maserati and moved over to Fiat Auto in April 2005.

Fiat thanked Mr. Kalbfell for his significant contributions to
the development of both Alfa Romeo and Maserati.  He is leaving
the Group to pursue other interests.

                         About Fiat S.p.A

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

                        *     *     *

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

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

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

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

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


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


ADEMI I K: Creditors Must File Claims by Oct. 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Ademi I K insolvent.

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

         LLP Ademi I K
    Room 7
    Suleimenova Str. 11a
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-25-52


AKTOBE BUR: Atkube Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Aktobe Bur Service
on Aug. 11.


AMIK-2005: Proof of Claim Deadline Slated for Oct. 13
-----------------------------------------------------
LLP Amik-2005 has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim to:

         LLP Amik-2005
    Micro District Talas, 10-6
    Taraz
    Jambyl Region
    Kazakhstan


ARTEK INDUSTRIT-Z: Creditors Must File Claims by Oct. 13
--------------------------------------------------------
LLP Artek Industrit-Z has declared insolvency.  Creditors have
until Oct. 13 to submit written proofs of claim to:
         
         LLP Artek Industrit-Z
    Almatinskaya Str. 160a
    Esik
    Almaty Region
    Kazakhstan


AUGAMBAEV I K: Proof of Claim Deadline Slated for Oct. 13
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Augambaev I K insolvent.  Subsequently, bankruptcy
proceedings were introduced at the company.

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

         LLP Augambaev I K
    Room 7
    Suleimenova Str. 11a
    Taraz
    Jambyl Region
    Kazakhstan
    Tel: 8 (3262) 43-25-52
                     

DIM ASK: Claims Registration Ends Oct. 13
-----------------------------------------
LLP Dim Ask has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim to:

         LLP Dim Ask
    Micro District 28a, 4-303
    Aktau
    Mangistau Region
    Kazakhstan  

     
JYBEK JOLY-A: Creditors' Claims Due Oct. 13
-------------------------------------------
Jybek Joly-A has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim to:

         Jybek Joly-A
    Micro District 7, 7-50
    Aktau
    Mangistau Region
    Kazakhstan


PARITET LANDIS: Claims Registration Ends Oct. 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Paritet Landis on July 25.

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

         LLP Paritet Landis
    Altynsarina Str. 31
    Aktobe
    Aktube Region
    Kazakhstan
    Tel: 8 (3132) 21-30-32
                     

PROTON INVEST-Z: Creditors' Claims Due Oct. 13
----------------------------------------------
LLP Proton Invest-Z has declared insolvency.  Creditors have
until Oct. 13 to submit written proofs of claim to:

         LLP Proton Invest-Z
    Almatinskaya Str.2-3
    Esik
    Enbekshykazakh Region
    Almaty Region
    Kazakhstan


S.K. COTTON: Creditors Must File Claims by Oct. 13
--------------------------------------------------
LLP S.K. Cotton Group has declared insolvency.  Creditors have
until Oct. 13 to submit written proofs of claim to:

         LLP S.K. Cotton Group
    Kunaev Ave. 31
    Shymkent
    South Kazakhstan Region
    Kazakhstan


SAID-2004: Proof of Claim Deadline Slated for Oct. 13
-----------------------------------------------------
LLP Said-2004 has declared insolvency.  Creditors have until
Oct. 13 to submit written proofs of claim to:

         LLP Said-2004
    Bektaev Str. 998
    Shymkent
    South Kazakhstan Region
    Kazakhstan  


TECH CENTRE: Claims Registration Ends Oct. 13
---------------------------------------------
LLP Tech Centre Polis has declared insolvency.  Creditors have
until Oct. 13 to submit written proofs of claim to:

         LLP Tech Centre Polis
    Proletarskaya Str. 134-27
    Ust-Kamenogorsk
    East Kazakhstan Region
    Kazakhstan


TEMIRBANK: Fitch Places Issuer Default B- on Watch Positive
-----------------------------------------------------------
Fitch Ratings placed Kazakhstan-based Temirbank's B- Issuer
Default Rating and 5 Support rating on Rating Watch Positive.  
At the same time, the agency affirmed the bank's other ratings
at Individual D/E and Short-term B.

The Positive Watch reflects Fitch's view that there will be a
greater probability of support being forthcoming from Temir, in
case of need, after the consolidation of a 51% stake in Temir by
Bank TuranAlem, rated foreign currency IDR BB+.

Following the consolidation, which was announced recently and is
scheduled to be completed by end-2006, Temir's IDR will likely
be upgraded to B+ or BB-.  

The level of Temir's IDR, following the consolidation, will
depend, among other things, on the IDR and stand-alone financial
strength of BTA at that time, the degree of transparency of the
full shareholder structures of both banks and Fitch's view of
the Kazakhstani regulator's willingness to allow any support
made available by the Kazakhstani authorities to BTA to flow
through to Temir.

BTA's own IDR is driven by the moderate probability of support
being made available by the Kazakhstani authorities in case of
need.

Fitch also notes the recent improvements in Temir's stand-alone
financial position, including better performance, reduced
customer concentration levels on both sides of the balance sheet
and enhanced funding diversification.  Continuation of these
trends and maintenance of adequate capitalization and sound
asset quality would be likely to lead to an upgrade of Temir's
Individual rating in the short- to medium-term.

The current ratings of Temir reflect its adequate
capitalization; decreased concentration levels on both sides of
its balance sheet; limited market risks; and sound asset quality
to date.  However, they also consider the high credit and
operational risks of Temir's new strategy, its still small,
albeit rapidly growing, size and franchise and modest core
profitability, as well as certain weaknesses in the operating
environment.

Temir is one of the 10 largest banks in Kazakhstan, but held a
small 2% of the system's assets at end-H106.  In 2005, Temir's
owners changed the bank's senior management and refocused its
strategy towards aggressive growth in retail lending, in
particular mortgages, home equity and car loans.

Experienced local managers have been hired to implement this
strategy; however, more time will be needed to demonstrate
Temir's risk management and operational capacities in this new
area.


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

         LLP Veras
    Dulatova Str. 145-22
    Semipalatinsk
    East Kazakhstan Region
    Kazakhstan  


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


BRIDGE EUROASIA: Creditors Must File Claims by Oct. 31
------------------------------------------------------
LLC Bridge Euroasia Most Evroasia has declared insolvency.  
Creditors have until Oct. 31 to submit written proofs of claim
to:

         LLC Bridge Euroasia Most Evroasia
    Nabarejnaya Str. 57
    Leninskoye
    Alamudun District
    Chui Region
    Kyrgyzstan
    Tel: (+996 312) 65-75-78


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

         LLC IT Service Group
    Kievskaya Str.135
    Bishkek, Kyrgyzstan
    Tel: (+996 312) 61-16-43


VODSTROY: Commercial Tender Scheduled for Oct. 4
------------------------------------------------
The State Committee on State Property of the Kyrgyz Republic
will conduct a commercial tender on realization of OJSC USM
Vodstroy's 51% state share holding at 10:00 a.m. on Oct. 4 at:

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

The entity has priced KGS2,102,040 for the state share holding.

The conditions of the commercial tender include:
    
    * proposition of the highest price for the object's ransom;

    * sum of the proposed investments;

    * the perspective of the enterprise development;

    * introduction of the effective management and rising of the
      level of staff's skills;

    * social program in the field of salary, level of
      employment, usage of the social sphere objects;

    * the preservation of the environment; and

    * increase of work places.

All liabilities should have quantitative term and specific
period of implementation.

The winner of the commercial tender is the obligatory person who
proposed the highest price for the state share holding.

Information on OJSC USM Vodstroy as of July 1:
    
    * the state of the immovable property is satisfactory

    * area of land: 39,000 square meters

    * authorized capital: KGS162,0892

    * book cost of fixed assets: KGS472,035

    * bill payable is KGS4,209,062

    * bill receivable: KGS3,315,177

    * profit received on July 1: KGS9,680

    * type of activity: rehabilitation and construction of
      irrigational systems.

    * number of workers: 114

Participants have until 5:00 p.m., Oct. 3 to deposit KGS210,204
guarantee payment to the discount account of:

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

and submit their bids and necessary documents at:

         Moskovskaya Str., 151
         720017 Bishkek, Kyrgyzstan

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

The buyer will pay a 7% commission beyond the asset price to the
State Committee on State Property of the Kyrgyz Republic.

Inquiries can be addressed to (+996-312) 21-67-24.

The company can be reached at:

    OJSC USM Vodstroy
    Naukat Highway
    Osh
    Osh Region
    Kyrgyzstan


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


ASHLAND INC: CFO Provides Quarter Ended September 30 Outlook
------------------------------------------------------------
Ashland Inc.'s Senior Vice President and Chief Financial
Officer, J. Marvin Quin, provided participants in the Credit
Suisse 19th Annual Chemical Conference in New York City with an
update on the Company's outlook for its fiscal fourth quarter,
ending Sept. 30, 2006.

Commenting on Valvoline, Mr. Quin estimated that it would incur
an operating loss due to weak operating margins, especially
early in the current quarter.  "The previously disclosed price
increase of roughly 50 cents per gallon does appear to be
holding," Mr. Quin said, "so we are more optimistic about the
next quarter, beginning Oct. 1, which should be profitable."  
Mr. Quin also noted that the establishment of a US$3 million
reserve related to the sale of 33 Valvoline Instant Oil Change
stores will contribute to the operating loss.

Commenting on the Company's other divisions, Mr. Quin said,
"Performance Materials and Distribution have performed well thus
far this quarter.  Performance Materials should produce
operating results well above the prior year, and Distribution
should report solid profit growth."

Mr. Quin noted that the Company's Water Technologies division is
also performing better, due in large part to the operating
income produced by the Environmental and Process Solutions
flocculants business acquired from Degussa AG in May 2006.

Concluding, Mr. Quin said, "I do want to caution that we may
record restructuring and severance charges in the quarter that
are not reflected in my outlook.  Also, we are now conducting
our regular quarterly review of various assets and contingent
liabilities, including insurance receivables and environmental
remediation, and the associated reserves could increase or
decrease.  In total, we do not expect reserve adjustments to be
material to Ashland as a whole.  Of course, these items may
impact some divisions more than others.  However, we cannot
accurately project the impact of these items until our
accounting close processes are complete."

Ashland, Inc., (NYSE: ASH) -- http://www.ashland.com/-- a
diversified, global chemical company, provides quality products,
services and solutions to customers in more than 100 countries.
Ashland operates through four wholly owned divisions: Ashland
Performance Materials, Ashland Distribution, Valvoline and
Ashland Water Technologies.  The company maintains a major
office in Rotterdam, the Netherlands.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 24, 2006
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on Ashland to
'BB+' from 'BBB-', and its short-term corporate credit and
commercial paper ratings to 'B' from 'A-3'.  The outlook is
stable for this Ashland, Kentucky-based company.


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


AGRO-KHIMIYA: Court Names V. Konovalov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. V.
Konovalov as Insolvency Manager for CJSC Agro-Khimiya.  He can
be reached at:

         V. Konovalov
         Post User Box 7664
         644099 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-7912/06-54/201.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Khimiya
         Moldavskaya Str. 5.
         Iskitim
         Novosibirsk Region
         Russia

AGRO-PROM-KHIMIYA:  A. Snegireva to Manage Assets
-------------------------------------------------
The Arbitration Court of Kursk Region appointed Ms. A. Snegireva
as Insolvency Manager for OJSC Agro-Prom-Khimiya (TIN
4619001222).  She can be reached at:

         A. Snegireva
         K. Marksa Str. 62
         305000 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-4521/06 "g".

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Prom-Khimiya
         Pristen
         306200 Kursk Region
         Russia


ASTRAKHANSKIY FACTORY: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Astrakhan Region commenced bankruptcy
supervision procedure on OJSC Astrakhanskiy Factory of Rubber
Technical Goods.  

The case is docketed under Case No. A06-2704 b/z-11/2006.

The Temporary Insolvency Manager is:

         B. Karnaukhova
         Demidenko Str. 157
         Cherkessk
         Karachaevo-Cherkessiy Republic
         Russia

The Arbitration Court of Astrakhan Region is located at:

         Gubernatora A. Guzhvina Str. 6.
         Astrakhan Region
         Russia

The Debtor can be reached at:

         OJSC Astrakhanskiy Factory of Rubber Technical Goods
         Latysheva Str. 18.
         Astrakhan Region
         Russia


BALTIYSKIY BANK: Moody's Affirms E+ Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign
currency deposit rating of Baltiyskiy Bank from B1 to B2.  The
E+ Financial Strength Rating has been affirmed.  The outlook on
the B2 deposit rating and the E+ FSR is stable.

The bank's short-term foreign currency deposit rating of Not-
Prime is unaffected by this rating action.  At the same time,
Moody's Interfax Rating Agency, which is majority owned by
Moody's, has downgraded the bank's long-term National Scale
Rating from A2.ru to Baa1.ru.

According to Moody's, the downgrade of the bank's long-term
foreign currency deposit rating from B1 to B2 reflects primarily
lack of progress in reduction of its excessive related-party
exposure, which was equal to 263% of equity at year-end 2005.

As the concentration of this exposure is mainly to the St.
Petersburg real estate sector, the bank is vulnerable to
possible negative market developments.

Other key drivers of the rating change are the bank's continuing
weak financial performance and further decline in capitalization
in 2005, with capital adequacy ratios and the share of free
capital currently at a very low level.

The stable outlook on the ratings considers the bank's ultimate
shareholders' commitment to make new contributions sufficient to
stop the decline of the bank's capitalization indicators, and
Moody's expectation that risks related to aggressive territorial
expansion and rapid growth of consumer lending currently
underway will be properly managed by the bank.

Moody's will closely monitor future changes in the bank's
financial performance and asset risk profile, and further
negative rating actions could follow in case of a further
increase in related-party exposure or material deterioration of
the bank's loan book quality, or if its capitalization continues
on a declining trend.

Baltiyskiy Bank is headquartered in Moscow, Russian Federation,
and reported total assets of US$803 million in accordance with
IFRS at year-end 2005.


BELOKALITVINSKIY LIMESTONE: I. Shirshov to Manage Assets
--------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. I. Shirshov
as Insolvency Manager for LLC Belokalitvinskiy Limestone Factory
(TIN 6142015733).  He can be reached at:  

         I. Shirshov
         Apartment 103
         Entuziastov Str. 7
         Belaya Kalitva
         347042 Rostov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-1675/2005-S2-51.

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Belokalitvinskiy Limestone Factory
         Lermontova Str. 2A
         Krasnoarmeysk
         141290 Rostov Region
         Russia


BUILDING CONCERN 137: Creditors Must File Claims by October 12
--------------------------------------------------------------
Creditors of OJSC Building Concern 137 (TIN 780105964) have
until Oct. 12 to submit written proofs of claim to:

         V. Fedichev, Insolvency Manager
         Bolshoy Pr. P.S. 79
         197022 St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and the Leningrad Region
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A56-21589/2006.

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

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

The Debtor can be reached at:

         OJSC Building Concern 137
         Bolshoy Pr. P.S. 79
         197022 St. Petersburg Region
         Russia


GEORGIEVSKIY TINNED: D. Eroshkin to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. D.
Eroshkin as Insolvency Manager for LLC Georgievskiy Tinned Food
Factory (TIN 2625026398).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-217/05-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Georgievskiy Tinned Food Factory
         Druzhby Str. 4
         Georgievsk
         357827 Stavropol Region
         Russia


GRANITE: Court Names N. Storozhenko as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Mr. N.
Storozhenko as Insolvency Manager for CJSC Granite.  He can be
reached at:

         N. Storozhenko
         Room 207
         Gagarina Str. 8
         248000 Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A23-5226/05B-7-91.

The Arbitration Court of Kaluga Region is located at:

         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         CJSC Granite
         Duminicheskiy Region
         Kaluga Region
         Russia  


GUBKINSKIY DIARY: Court Names I. Bondar as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region
appointed Mr. I. Bondar as Insolvency Manager for Municipal
Unitary Enterprise Gubkinskiy Diary (TIN 8913000301).  He can be
reached at:

         I. Bondar
         Post User Box 39
         Promzona
         Panel 3 17
         Tyumen region
         629830 Yamalo-Nenetskiy Autonomous Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A81-1245/2005.

The Arbitration Court of Yamalo-Nenetskiy Autonomous Region is
located at:

         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Gubkinskiy Diary
         Promzona
         Gubkinskiy
         629840 Yamalo-Nenetskiy Autonomous Region
         Russia


INFRASTRUCTURE: Court Names R. Safaryanov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. R.
Safaryanov as Insolvency Manager for OJSC Infrastructure.  He
can be reached at:

         R. Safaryanov
         Room 422
         Mira Pr. 36
         660049 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-32072/2005.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Infrastructure
         Pionernyj location 16
         Sharypovo
         Krasnoyarsk Region
         Russia


KAMENSKIY DIARY: Rostov Bankruptcy Hearing Slated for Oct. 23
-------------------------------------------------------------
The Arbitration Court of Rostov Region will convene at 11:30
a.m. on Oct. 23 to hear the bankruptcy supervision procedure on
OJSC Kamenskiy Diary.  The case is docketed under Case No.
A53-10642/2006-S2-33.

The Temporary Insolvency Manager is:

         A. Dolzhenko
         Moskovskaya Str. 68
         344007 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Kamenskiy Diary
         Astakhovskiy Per. 89
         Kamensk-Shakhtinskiy
         346000 Rostov Region
         Russia


MASTER COMPANY: Court Names N. Egorova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Ms. N. Egorova
as Insolvency Manager for LLC Master Company Tobacco (TIN
5023007594, KPP 508801001).  She can be reached at:

         N. Egorova
         Post User Box 58
         127349 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-7370/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Master Company Tobacco
         Building 1
         Lermontova Str. 2A
         Krasnoarmeysk
         141290 Moscow Region
         Russia


MILK OF DON: Rostov Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
supervision procedure on LLC Milk of Don (TIN 6165120854/KPP
616501001).

The case is docketed under Case No. A53-10203/2006-S2-33.

The Temporary Insolvency Manager is:

         V. Gaydunkov
         Oborony Str. 24
         344012 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Milk of Don
         Vavilova Str. 56.
         344064 Rostov-na-Donu
         Russia


MORDOVSKOYE WOODWORKING: N. Novikova to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Mordoviya Republic appointed Ms. N.
Novikova as Insolvency Manager for CJSC Mordovskoye Woodworking
Union.  She can be reached at:

         N. Novikova
         Post User Box 335
         Saransk
         430000 Mordoviya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A39-3562-166/7.

The Arbitration Court of Mordoviya Republic is located at:

         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         CJSC Mordovskoye Woodworking Union
         Saransk
         Mordoviya Republic
         Russia


OMSKIY-2 OF OMSK: Omsk Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Omsk Region commenced bankruptcy
supervision procedure on CJSC Meat Processing Factory Omskiy-2
of Omsk.  The case is docketed under Case No. A46-2179/2006.

The Temporary Insolvency Manager is:

         V. Khmelnitskiy
         Marksa Pr. 4-209A
         644024 Omsk-24
         Russia

The Debtor can be reached at:

         V. Khmelnitskiy
         Marksa Pr. 4-209A
         644024 Omsk-24
         Russia


PERESLAVL: Yaroslavl Court Starts Bankruptcy Supervision  
--------------------------------------------------------
The Arbitration Court of Yaroslavl Region commenced bankruptcy
supervision procedure on CJSC Pereslavl.  The case is docketed
under Case No. A82-3680/06-43-B/53.

The Temporary Insolvency Manager is:

         S. Galkin
         Office 1
         Respublikanskaya Str. 42
         150040 Yaroslavl
         Russia

The Debtor can be reached at:

         CJSC Pereslavl
         Mendeleeva Square 2
         Pereslval-Zalesskiy
         152020 Yaroslavl Region
         Russia


PERVOMAYSK-AGRO-PROM-KHIMYA: Claims Registration Ends Oct. 12
-------------------------------------------------------------
Creditors of OJSC Agricultural Chemical Company Pervomaysk-Agro-
Prom-Khimya (TIN 5639002057) have until Oct. 12 to submit
written proofs of claim to:

         N. Tokarev, Insolvency Manager
         Ryabinovyj Per. 5
         Prigorodnyj
         460507 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-17299/2005-14GK.

The Debtor can be reached at:

         OJSC Agricultural Chemical Company
         Pervomaysk-Agro-Prom-Khimya
         Transportnaya Str. 3
         Pervomayskiy Region
         Orenburg Region
         Russia


PERVOMAYSKIY WOOD-PROM-KHOZ: E. Teplova to Manage Assets
--------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Ms. E.
Teplova as Insolvency Manager for OJSC Pervomayskiy Wood-Prom-
Khoz.  She can be reached at:

         E. Teplova
         Post User Box 17
         127106 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-9375/18.

The Debtor can be reached at:

         OJSC Pervomayskiy Wood-Prom-Khoz
         Pervomayka
         Makaryevskiy Region
         Kostroma Region
         Russia


PRIAZOVYE: Krasnodar Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on CJSC Priazovye.  The case is docketed
under Case No. A-32-1610/2006-1/875 B.

The Temporary Insolvency Manager is:

         P. Kolchitskiy
         Mira Str. 1
         Novoderevyanskovskaya
         Kanevskoy Region
         353710 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Priazovye
         Mira Str. 1
         Novoderevyanskovskaya
         Kanevskoy Region
         353710 Krasnodar Region
         Russia


SEAFOOD: Primorye Court Names A. Snegireva as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Primorye Region appointed Ms. A.
Snegireva as Insolvency Manager for CJSC Seafood.  She can be
reached at:

         A. Snegireva
         Post User Box 138
         48 OPS
         Vladivostok
         Primorye Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-7125/2006 11-198.

The Debtor can be reached at:

         CJSC Seafood
         Irtyshskaya Str. 12
         Vladivostok
         Primorye Region
         Russia


SHEVCHENKO: Bankruptcy Hearing Slated for January 29
----------------------------------------------------
The Arbitration Court of Krasnodar region will convene at 10:00
a.m. on Jan. 29 to hear the bankruptcy supervision procedure on
LLC Shevchenko (TIN 2351009380, KPP 235101001).  The case is
docketed under Case No. A-32-16933/2006-37/1033-B.

The Temporary Insolvency Manager is:

         V. Forban
         Tsentralnaya Usadba
         Shevchenko
         Tbilisskiy Region
         352359 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Shevchenko
         Tsentralnaya Usadba
         Shevchenko
         Tbilisskiy Region
         352359 Krasnodar Region
         Russia


TAGAN-FISH: Creditors Must File Claims by October 12
----------------------------------------------------
Creditors of CJSC Tagan-Fish (TIN 3154068659) have until Oct. 12
to submit written proofs of claim to:

         Y. Petrov, Insolvency Manager
         Krasnoarmeyskaya Str. 109
         344010 Rostov Region
         Russia

The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A53-13534/05-S2-7.

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Tagan-Fish
         Chekhova Str.  337-93.
         Tagarog
         347900 Rostov Region
         Russia


TYAZHINSKIY ELEVATOR: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Kemerovo Region commenced bankruptcy
supervision procedure on OJSC Tyazhinskiy Elevator.  The case is
docketed under Case No. A27-10900/2006-4.  

The Temporary Insolvency Manager is:

         E. Basedin
         Lenina Pr. 164-272
         650065 Kemerovo Region
         Russia

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo Region
         Russia

The Debtor can be reached at:

         OJSC Tyazhinskiy Elevator
         Tyazhinskiy, Rabochaya Str. 27
         652240 Kemerovo Region
         Russia


TYUKALINSKIY: Creditors Must File Claims by October 12
------------------------------------------------------
Creditors of OJSC Butter-Cheese Combine Tyukalinskiy have until
Oct. 12 to submit written proofs of claim to:

         Y. Kushenko, Temporary Insolvency Manager
         Post User Box 4143
         644089 Omsk-89
         Region

The Arbitration Court of Omsk Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A46-2933/2006.

The Debtor can be reached at:

         OJSC Butter-Cheese Combine Tyukalinskiy
         Kooperativnaya Str. 49
         Tyukalinsk
         646330 Omsk Region
         Russia


UDMURTSKAYA: Bankruptcy Hearing Slated for Oct. 19
--------------------------------------------------
The Arbitration Court of Udmurtiya Republic will convene at 9:00
a.m. on Oct. 19 to hear the bankruptcy supervision procedure on
OJSC Udmurtskaya Insurance Medical Company Astra (TIN
1835016926).  The case was docketed under Case No.
A71-004524/2006-G2.

The Temporary Insolvency Manager is:

         I. Shpitsyn
         Post User Box 224
         Izhevsk
         426001 Udmurtiya Republic
         Russia

The Arbitration Court of Udmurtiya Republic is located at:

         Apartment 105
         Lomonosova Str. 5
         Izhevsk
         Russia

The Debtor can be reached at:

         OJSC Udmurtskaya Insurance Medical Company Astra
         Kholmogorova Str. 17
         Izhevsk
         426011 Udmurtiya Republic
         Russia


ULAN-UDENSKAYA: Court Names M. Magomedov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Dagestan Republic appointed Mr. M.
Magomedov as Insolvency Manager for CJSC Ulan-Udenskaya Heavy
Cloth Manufacture (TIN 0323081085, KPP 054701001).  He can be
reached at:

         M. Magomedov
         Askerkhanova Str. 5 V
         Makhachkala
         367000 Dagestan Republic
         Russia

The Debtor can be reached at:

         CJSC Ulan-Udenskaya Heavy Cloth Manufacture
         Krasnia Str. 57
         Kizlyar
         Dagestan Republic
         Russia


VERESHAGINSKIY BREAD-MACARONI: M. Gordeev to Manage Assets
----------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. M. Gordeev as
Insolvency Manager for LLC Vereshaginskiy Bread-Macaroni
Combine.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-9734/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Vereshaginskiy Bread-Macaroni Combine
         Sadovaya Str. 4
         Vereshagino
         617120 Perm Region
         Russia


VOLGOGRADSKIY: Court Names A. Vasev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. A. Vasev
as Insolvency Manager for LLC Volgogradskiy Factory of Linoleum
(TIN 3443059560).  He can be reached at:
         
         A. Vasev
         Dorozhnaya Str. 36
         400012 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-11899/06-s50.

The Debtor can be reached at:

         LLC Volgogradskiy Factory Of Linoleum
         Krasnoarmeyskaya Str. 53
         Sengiley
         Volgograd Region
         Russia


YUKOS OIL: Creditors Must File Claims by October 12
---------------------------------------------------
Creditors of OAO Yukos Oil have until Oct. 12 to submit written
proofs of claim to:

         Eduard Rebgun, Bankruptcy Manager
         Zvenigorodskoye Shosse 3
         123022 Moscow Region
         Russia

                           About Yukos

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

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

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

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

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

On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court
upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt
(Bankr. Case No. A40-11836/06-88-35 B).

On Sept. 19, the Moscow Court of Appeals rendered final the
Aug. 1 ruling of the Moscow Arbitration Court declaring the
company bankrupt, commencing liquidation and appointing Eduard
Rebgun as bankruptcy manager.


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


BOOKHAM INC: Sells U.K. Assembly & Test Facility for US$9.5 Mln
---------------------------------------------------------------
Bookham Inc. signed an agreement on Sept. 20 for the sale of its
Paignton, U.K. assembly and test facility.  On closing, which is
expected to occur in the middle of November, the Company expects
to receive proceeds of approximately US$9.5 million.

"With this latest transaction we will have raised approximately
US$41 million from the recent private placement of common stock
and the sale of our Paignton facility," said Dr. Giorgio Anania,
president and CEO of Bookham Inc.  "We now have a much stronger
balance sheet, which we plan to leverage to better address our
growing markets."

                       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.

                         *     *     *

                      Going Concern Doubt

As reported in the TCR-Europe on Sept. 22, Ernst & Young LLP
expressed substantial doubt about Bookham'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.


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


MNG BANK: Arab Bank Equity Purchase Spurs Fitch's Watch Positive
----------------------------------------------------------------
Fitch Ratings placed Turkey-based MNG Bank's foreign and local
currency Issuer Default ratings B-, National Long-term rating
BBB and Support rating 5 on Rating Watch Positive.  Its other
ratings are affirmed at Short-term B and Individual D/E.

The rating actions follow Arab Bank PLC's announcement along
with BankMed that they have agreed to acquire a 91% stake in MNG
Bank and filed their application with Turkish regulatory
authorities.  According to the agreement Arab Bank will own 50%
while BankMed will have 41% of the bank.  

The current owner of MNG Bank, Mehmet N. Gunal will keep 9%
ownership.  Subject to regulatory approvals, the acquisition is
expected to be finalized by mid-Q406, upon which the RWP will be
resolved.

The RWP reflects the benefits pending the successful completion
of the acquisition that MNG Bank is expected to receive from its
potential new shareholder Arab Bank.  The bank's foreign
currency IDR could potentially be upgraded to the Country
Ceiling BB pending the acquisition.

The local currency IDR will be capped at two notches above the
Sovereign rating BB- following the acquisition.  The potential
acquisition of MNG Bank is not expected to have any impact on
Arab Bank's ratings.

Arab Bank has a leading position in the Middle East, extensive
global presence, history of consistent profitability, prudent
balance sheet management, and safe haven status. Although
domiciled in Jordan, the bank is geographically diversified,
with 80% of consolidated activities outside the Kingdom.
Following a substantial rights issue in early 2006, it is the
largest banking group by equity in the Arab World.

MNG Bank is owned by Mehmet N. Gunal, who is also a major
shareholder in the MNG Group of companies, operating in the
construction, tourism, and air cargo/logistics sectors.  He has
owned the bank since 1997.  MNG Bank is one of Turkey's smaller-
sized banks and operates with 10 branches as of H106, focusing
on corporate and commercial banking, targeting small- to medium-
sized enterprises with growth potential.


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


KIROVOGRADSKIJ PLODOOVOCHKOMBINAT: Claims Filing Ends Sept. 30
--------------------------------------------------------------
Creditors of OJSC Kirovogradskij Plodoovochkombinat (code EDRPOU
01559873) have until Sept. 30 to submit written proofs of claim
to:

         Viktoriya Nikolayenko, Liquidator/Insolvency Manager
         Kirov Str. 73/10
         25006 Kirovograd Region
         Ukraine

The Economic Court of Kirovograd Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 3.  The case is docketed under Case No. 10/33.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         OJSC Kirovogradskij Plodoovochkombinat
         Vistavochna Str. 2
         25006 Kirovograd Region
         Ukraine


MALA VISKA: Kirovograd Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on OJSC Mala Viska Sugar Plant (code
EDRPOU 00372061) on July 18.  The case is docketed under Case
No. 10/143.

The Temporary Insolvency Manager is:

         Vadim Kosarenko
         Preobrazhenska Str. 6/29
         Kirovograd Region
         Ukraine

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         OJSC Mala Viska Sugar Plant
         Kondratuk Str. 10
         Mala Viska
         26200 Kirovograd Region
         Ukraine


MEHTEHSERVICE: Creditors Must File Claims by September 30
---------------------------------------------------------
Creditors of LLC Mehtehservice (code EDRPOU 31889654) have until
Sept. 30 to submit written proofs of claim to:

         Volodimir Nesvit, Temporary Insolvency Manager
         Nezalezhnosti Square 1-B
         Poltava Region
         Ukraine

The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on the company on July 24.  The case is
docketed under Case No. 4/175.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Mehtehservice
         Gogol Str. 176
         Mirgorod
         37600 Poltava Region
         Ukraine


MOTORGAZ: Creditors Must File Claims by September 30
----------------------------------------------------
Creditors of LLC Motorgaz (code EDRPOU 32094241) have until
Sept. 30 to submit written proofs of claim to:

         Olena Pogorelova, Temporary Insolvency Manager
         Anri Barbus Str. 6/16
         Harkiv Region
         Ukraine

The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on the company on Aug. 10.  The case is
docketed under Case No. B-50/95-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Motorgaz
         Proletarska Str. 1
         Izum
         64300 Harkiv Region
         Ukraine


POBUTMASH: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on State Enterprise Pobutmash (code EDRPOU
04415985) on July 28.  The case is docketed under Case No.
24/485-b.

The Temporary Insolvency Manager is:

         Vitalij Levin
         Pochajninska Str. 50/49-32
         04070 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Pobutmash
         Kirovogradska Str. 38/58
         03069 Kyiv Region
         Ukraine


SPARK: Court Names Oleg Shestopalov as Insolvency Manager
---------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Oleg
Shestopalov as Liquidator/Insolvency Manager for LLC Spark (code
EDRPOU 23879928).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 18.  The case is docketed
under Case No. 21/149/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Spark
         Sportivna Str. 1
         69006 Zaporizhya Region
         Ukraine


STIROL JSC: BSTDB Waives Covenant Breaches Under Loan Agreement
---------------------------------------------------------------
UkrChem Capital B.V., at the request of JSC Concern Stirol,
disclosed information to holders of the US$125,000,000 7.875%
Loan Participation Notes due 2008 issued by UkrChem on a limited
recourse basis for the sole purpose of funding a loan by Moscow
Narodny Bank Limited to Stirol pursuant to a Loan Agreement
dated July 28, 2005 between MNB and Stirol.

On July 20, Stirol received a notice from MNB requiring it to
remedy the aforementioned breach in relation to the delivery of
the 2005 Accounts by Aug. 8.  Notwithstanding that at the time
it had not concluded its investigation and discussions of the
alleged breaches of the Loan Agreement with KPMG, Stirol
delivered its 2005 Accounts to MNB and the Trustee on Aug. 8.

On Aug. 3, Stirol did not fulfill the requirement under the Loan
Agreement to deliver its audited financial statements for the
year ended Dec. 31, 2005, to The Bank of New York as Trustee for
the noteholders and MNB within 180 days after the end of the
financial year.

The delay resulted from Stirol's ongoing investigation and
explanation of certain actions taken during the year, which were
identified by its auditors, KPMG Ukraine Ltd., as breaching
certain restrictions set out in the Loan Agreement referred to
the 2005 Accounts.  Having investigated matters further, Stirol
has concluded that certain of these actions did not breach the
Loan Agreement and has identified steps to remedy other matters.

As a consequence, Stirol is currently in discussions with KPMG
with a view to obtaining KPMG's approval to the 2005 Accounts
being corrected in this regard.  Further, Stirol wishes to draw
the noteholders' attention to the fact that none of the alleged
breaches relate to the actual or potential non-payment of any
amounts due by Stirol under the Loan Agreement.

On Aug. 9, Stirol received a default notice from MNB,

   -- requiring Stirol to provide a complete list of events of
      default and potential events of default under the Loan
      Agreement and the steps being taken to remedy such events
      of default and potential events of default within 10
      business days of the date of such default notice,

   -- requiring Stirol to remedy the breaches of covenant
      identified in note 18 to the 2005 Accounts within 15    
      business days of the date of such default notice, and

   -- informing Stirol that an event of default had occurred
      pursuant to clause 14.3 (Cross-Default) of the Loan
      Agreement on the basis that the 2005 Accounts disclose
      that the BSTDB Loan Facility has become capable of being
      declared due and payable before its stated maturity.

On Aug. 16, Stirol provided MNB and the Trustee with its
explanation as to why it considers that certain of the actions
identified by KPMG do not breach the Loan Agreement and the
steps being taken by Stirol to remedy other matters.

Set out below is the wording in respect of each of the covenants
contained in the Loan Agreement to which note 18 to the 2005
Accounts refers, together with Stirol's explanation as to why it
considers that certain of the actions identified by KPMG do not
constitute breaches of the Loan Agreement and the steps being
taken by Stirol to remedy other matters:

"The Group shall ensure that at least 80% of its sales of
ammonia, urea and ammonium nitrate in any financial year will be
at, or above, the mid-point of the range of spot prices as
quoted by FMB Weekly Fertilizer Report at the time of the
relevant sale.  The Group does not sell at least 80% of its
sales of ammonia, urea and ammonium nitrate in 2005 at, or
above, the mid-point of the range of spot prices at the time of
the relevant sale."

It is not clear whether Stirol is in compliance with the
covenant due to questions as to its proper interpretation.  
However, Stirol continues to discuss this situation with KPMG.
Stirol believes that all its sales of ammonia, urea and ammonium
nitrate in any financial year are at the prices prevailing at
the export or import markets for a relevant product as at the
time of the relevant export (or import) sale, subject to the
delivery terms and payment terms and conditions as set forth in
compliance with the Ukrainian laws.

On Sept. 5, Stirol obtained a report from an independent
appraiser (Ekotsentr LLC) confirming that Stirol's sale prices
during 2005 were fair market prices for the relevant products.  
In addition, Stirol is under discussions with an independent
appraiser of international standing from which it intends to
obtain at the earliest time a report confirming that all its
sales of ammonia, urea and ammonium nitrate in 2005 were at the
market prices.

"All transactions with related parties should be performed on an
arm's-length basis.  The Group has entered into a series of
transactions with related parties involving the purchase and
sale of equity securities and bonds.  The difference between
purchase and sales prices is recorded as a distribution to a
shareholder."

Stirol does not believe that this covenant has been breached.  
The transactions to which note 18 of 2005 Accounts referred as
potentially breaching this covenant involved the sale and
repurchase of equity securities with a shareholder and the sale
and repurchase of bonds with a shareholder.  All transactions
were settled in cash.

In each case, there was no quoted price for these securities on
an organized securities market, and therefore what constitutes
an arm's-length or fair market price is difficult to ascertain.
As these transactions resulted in a net balance payable to the
relevant shareholder, Stirol booked this amount as a
distribution to a shareholder.  Stirol's net cash position would
have been no different if the sale and repurchase prices had
been set at the same level and it had paid a cash dividend in an
amount equal to the deemed dividend.

"In respect of transactions or series of transactions involving
aggregate payments or value in excess of US$10,000 thousand (UAH
50,500 thousand at the exchange rate as at Dec. 31, 2005), the
Group should deliver to MNB a written opinion from an
independent appraiser regarding whether the transactions with
related parties are performed on an arm's-length basis.  No
written opinion from an independent appraiser regarding whether
the series of transactions in excess of US$10,000 thousand with
related parties are performed on an arm's-length basis was
obtained."

Stirol has obtained a report from an independent appraiser
(Ekotsentr LLC) prepared in accordance with the International
Valuation Standards, National Standard 1, as approved by
Resolution 1440 of the Cabinet of Ministers of Ukraine dated
Sept. 5, 2003, and the Appraisers' Code of Business Conduct, in
compliance with the requirements of the Ukrainian Appraisers'
Society and the applicable Ukrainian laws and regulations.  

Further, Stirol is under discussions in respect of such
transactions with an independent appraiser of international
standing from which Stirol intends to obtain an opinion that the
series of transactions in excess of US$10,000 thousand with
related parties are performed on an arm's-length basis

"The Group or any of its subsidiaries cannot declare or pay any
dividends.  Dividends were paid by the Group and some of its
subsidiaries during 2005."

                           Dividends

The covenant was misstated in the notes to the 2005 Accounts.  
Dividends are restricted payments under the covenant in question
and are permitted if, when aggregated with other restricted
payments previously made in a given fiscal year, they do not
exceed 50% of the Group's consolidated net profit under IFRS for
such fiscal year and would not cause or result in a breach of
any of Stirol's financial covenants under the Loan Agreement.

Stirol and its subsidiaries paid dividends amounting in
aggregate to UAH107,997,000 during fiscal year 2005, which, when
aggregated with other restricted payments, is less than 50% of
the Group's consolidated net profit for the year
(UAH428,651,000).  Moreover, the payment of such dividend would
not have breached other financial covenants in the Loan
Agreement.

"The Group must comply (with) terms and conditions of all other
liabilities, in order not to make these liabilities become
payable prior to their stated maturity date.  The Group does not
comply with certain covenants of the loan agreement with BSTDB
as described in note 17."

Stirol is in discussions with Black Sea Trade and Development
Bank and expects to receive any necessary waivers in respect of
non-compliance with the covenants under its loan facility from
BSTDB and confirmation from BSTDB that the loan will not be
accelerated, in the near future.

Stirol believes that, to the extent any breach of the Loan
Agreement has occurred as a result of the foregoing matters,
such breach is not materially prejudicial to the noteholders.
In addition, Stirol wishes to inform noteholders that it has
sufficient funds to meet its repayment obligations under the
Loan Agreement and its other loan facilities (including the
BSTDB Loan Facility).

Stirol has obtained letters from two Ukrainian banks
(Prominvestbank and Brokbusinessbank), confirming that they hold
at deposit accounts the aggregate funds, which are sufficient to
repay the amount outstanding under the Loan Agreement.  

MNB has advised the Trustee that, pursuant to the Trust Deed
dated Aug. 4, 2005, it will act in accordance with the
instructions of the Trustee in relation to any further action to
be taken in relation to the matters specified in the default
notice sent to Stirol on Aug. 9 and summarized in paragraph 3,
subject to MNB's right to prior indemnification against costs.

Stirol further advises the noteholders that:

   -- Stirol has complied with all payment obligations under the
Loan Agreement on a timely basis, having paid the most
recent interest installment due under the Loan Agreement
to MNB (for the purpose of funding payment of interest on
the Notes) in the total amount of US$4,921,875.00 on  
      Aug. 17;

   -- Stirol has complied with all payment obligations under the
BSTDB Loan Facility on a timely basis, having paid the
most recent interest installment due under the BSTDB Loan
Facility to BSTDB in the total amount of US$143,805.56
together with a scheduled repayment of principal in the
total amount of US$461,666.67 on 15 Aug. 15;

   -- Stirol is in the process of appointing a financial adviser
to advise it in relation to the foregoing matters and is
developing of a set of measures which will help prevent
such issues arising in the future; and

   -- as another step to prevent such situation arising in the       
future, Stirol has established a task group, two
departments and has issued a series of internal documents
to ensure control over the compliance with the terms and
conditions of the loan agreements.

On Sept. 19, Stirol obtained a letter from BSTDB pursuant to
which BSTDB agreed to waive the requirements of those covenants
under its loan facility from BSTDB which were identified as
having been breached and not remedied before the 2005 Accounts
were authorized for issue.  

Accordingly, Stirol considers that the event of default under
clause 14.3 (Cross Default) of the Loan Agreement, as described
in the Sept. 11 Notice, is no longer continuing.

                      About the Company

Headquartered in Ukraine, JSC Concern Stirol --
http://www.stirol.net/-- manufactures chemical and  
pharmaceutical products.

                   *     *     *

As previously reported in TCR-Europe on Aug. 15, Moody's
Investors Service placed the B3 corporate family rating of OJSC
Concern Stirol and the B3 rating on the loan participation notes
issued by UkrChem Capital BV under review for possible
downgrade.

Fitch Ratings downgraded Ukraine-based OJSC Stirol's Issuer
Default rating to B- from B.  The US$125 million limited
recourse notes issued by UkrChem Capital B.V. have also been
downgraded to senior unsecured B- from B.  Fitch said the B
rating remains on Rating Watch Negative.

                  
TEHPOSTACHRESURSI: Court Names Oleg Shestopalov as Liquidator
-------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Oleg
Shestopalov as Liquidator/Insolvency Manager for LLC
Tehpostachresursi (code EDRPOU 31250280).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 18.  The case is docketed
under Case No. 21/150/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Tehpostachresursi
         Ozerna Str. 7
         69014 Zaporizhya Region
         Ukraine


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


A.D. CLARABUT: Appoints Joint Liquidators from Begbies Traynor
--------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed Joint Liquidators of A.D.
Clarabut Limited on Aug. 17 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

      A.D. Clarabut Limited
      Cavendish
      Sudbury
      Suffolk CO108DA
      United Kingdom
      Tel: 01787 282 804
      Fax: 01787 282 805


A.R.E. LIMITED: Creditors' Meeting Slated for September 26
----------------------------------------------------------
Creditors of A.R.E. Limited (Company Number 01124942) will meet
at 3:00 p.m. on Sept. 26 at:

         Bdo Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         United Kingdom
         Tel: 020 7486 5888
         Fax: 020 7487 3686
         E-mail: london@bdo.co.uk

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. 25 at:

         David Harry Gilbert and Dermot Coakley
         Joint Administrator
         Bdo Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         United Kingdom
         Tel: 020 7486 5888
         Fax: 020 7487 3686
         E-mail: london@bdo.co.uk

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


AERO WASTE: Hires BDO Stoy to Administer Assets
-----------------------------------------------
Charles C. S. Macmillan and Tony S. Underwood of BDO Stoy
Hayward LLP were appointed joint administrators of Aero Waste
Disposal Limited (Company Number 04199639) on Sept. 1.

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

Aero Waste Disposal Limited can be reached at:

         Ratcliffe Mill
         280 Tong Road
         Leeds
         West Yorkshire LS12 3BG
         United Kingdom
         Tel: 01977 683 094


ANDREW JAMES: Brings In Joint Liquidators from BRI Business
-----------------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Andrew James Logistics Limited (formerly DTS Express U.K.
Limited) on Aug. 23 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

      Andrew James Logistics Limited
      Regency House
      17 Albion Place
      Northampton
      Northamptonshire NN1 1UD
      United Kingdom
      Tel: 01604 899 412


ATHENE CONSULTANCY: Claims Filing Period Ends Sept. 30
------------------------------------------------------
Creditors of Athene Consultancy Limited have until Sept. 30 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Brian Warwick Prince of Somers Baker Prince Kurz at:

      Brian Warwick Prince
      Somers Baker Prince Kurz
      Premier House
      45 Ealing Road
      Wembley
      Middlesex HA0 4BA
      United Kingdom

The company can be reached at:

      Athene Consultancy Limited
      289A High Street
      West Bromwich
      West Midlands B70 8ND
      United Kingdom
      Tel: 020 8900 5659


B J ROLAND: Names Joint Liquidators to Wind Up Business
-------------------------------------------------------
Carl Derek Faulds and Peter Robin Bacon of Portland Business &
Financial Solutions Ltd. were appointed Joint Liquidators of B J
Roland (Portsmouth) Limited on July 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

      B J Roland (Portsmouth) Limited
      33a Lower Farlington Road
      Portsmouth PO6 1JJ
      United Kingdom
      Tel: 023 9238 5595


BAHRA METAL: Appoints Richard A. J. Hooper as Liquidator
--------------------------------------------------------
Richard A. J. Hooper of Haslers was appointed Liquidator of
Bahra Metal Finishers Limited on Aug. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

      Bahra Metal Finishers Limited
      Graiseley Row
      Wolverhampton
      West Midlands WV2 4HJ
      Tel: 01902 420 860
      Fax: 01902 420 860
      United Kingdom


BOOKHAM INC: Sells U.K. Assembly & Test Facility for US$9.5 Mln
---------------------------------------------------------------
Bookham Inc. signed an agreement on Sept. 20 for the sale of its
Paignton, U.K. assembly and test facility.  On closing, which is
expected to occur in the middle of November, the Company expects
to receive proceeds of approximately US$9.5 million.

"With this latest transaction we will have raised approximately
US$41 million from the recent private placement of common stock
and the sale of our Paignton facility," said Dr. Giorgio Anania,
president and CEO of Bookham Inc.  "We now have a much stronger
balance sheet, which we plan to leverage to better address our
growing markets."

                       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.

                         *     *     *

                      Going Concern Doubt

As reported in the TCR-Europe on Sept. 22, Ernst & Young LLP
expressed substantial doubt about Bookham'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.


BWL CORPORATE: Hires Joint Liquidators from Vantis  
--------------------------------------------------
Mark Newman and Robert Knight of Vantis Business Recovery were
appointed Joint Liquidators of BWL Corporate Finance Limited on
Aug. 24 for the creditors' voluntary winding-up procedure.

The company can be reached at:

      BWL Corporate Finance Limited
      Flat 10 Tower Bridge Wharf
      86 St. Katharines Way
      Tower Hamlets
      London E1W 1UR
      United Kingdom
      Tel: 020 7831 8318


CELF LOAN: S&P Rates EUR19.5-Mln Class E Notes at BB
----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR461 million secured floating-rate notes
to be issued by CELF Loan Partners III PLC, an SPE.  At the same
time, CELF Loan Partners III will issue EUR46.5 million unrated
notes.
  
The ratings are supported by credit enhancement provided by
junior classes, a diversified collateral pool of loans,
derivative instruments, and high-yield bonds, as well as
currency risk protection and various amortization triggers.
  
At closing, CELF Loan Partners III will issue the notes. After
paying transaction fees and expenses, the issuance proceeds will
be invested in a portfolio of predominantly senior-secured
leveraged loans.  The transaction has a seven-year reinvestment
period and the collateral manager will be CELF Investment
Advisors Ltd.
  
This transaction allows the issuer to enter into credit default
swaps as protection buyer.  The issuer can buy protection
through an offsetting CDS for a specified reference obligation
that it already owns or enter into a credit-short obligation on
an asset it does not own.
  
                         Ratings List
                   CELF Loan Partners III PLC
          EUR507.5 Million Secured Floating-Rate Notes
  
                              Prelim.        Prelim.
             Class (1)        rating         amount (Mil. EUR)
             -----            ------         ------
             A                 AAA            345.0
             B-1 (2)           AA              36.0
             B-2 (2)           AA                 -
             C                 A               31.5
             D                 BBB             29.0
             E                 BB              19.5
             F-1 subordinated  
             notes (2)         NR              46.5
             F-2 subordinated  
             notes (2)         NR                 -

  
   (1) There is a possibility that combination notes will be  
       issued at the closing date, which may or may not be
       rated.

   (2) The principal breakdown between the class B-1 and B-2  
       notes and between the class F-1 and F-2 notes will be
       determined at closing.

       NR - Not rated.
  

CITYCAST LIMITED: Mark Reynolds Leads Liquidation Procedure
-----------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Citycast Limited on Aug. 24 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Citycast Limited
         201A Bromley Road
         Lewisham
         London SE6 2PG
         United Kingdom
         Tel: 020 8695 8899


CORALSWIFT LIMITED: Nominates Liquidator from Ansers
----------------------------------------------------
Anthony Julius Donovan Bakonyvari of Ansers! was nominated
Liquidator of Coralswift Limited on Aug. 25 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Coralswift Limited
         Sandy Lane
         West Thurrock
         Grays
         Essex RM204BH
         United Kingdom
         Tel: 01708 864 908
         Fax: 01708 869 200


DAVIES PLUMBING: Names David John Watchorn Liquidator
-----------------------------------------------------
David John Watchorn of Elwell Watchorn & Saxton LLP was
appointed Liquidator of Davies Plumbing & Heating Ltd. on
Aug. 25 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Davies Plumbing & Heating Ltd.
         42 Haddon Way
         Loughborough
         Leicestershire LE112UE
         United Kingdom
         Tel: 01509 237 588


DAVIS HARRISON: Appoints Liquidator to Wind Up Business
-------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed Liquidator of Davis Harrison Limited on Aug. 24 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Davis Harrison Limited
         Unit 20 Riverside Mill
         Lune Street
         Padiham
         Burnley
         Lancashire BB128DG
         United Kingdom
         Tel: 01282 777 959
         Fax: 01282 773 145
         Web: http://www.davisharrison.com/


DIRECT WHOLESALE: Calls In Liquidator from Till Morris
------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was
appointed Liquidator of Direct Wholesale Limited on Aug. 29 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Direct Wholesale Limited
         31 Frederick Street
         Birmingham
         West Midlands B1 3HH
         Tel: 0121 604 2604


DRAPES DIRECT: Brings In Liquidator from Richard Long & Co.
-----------------------------------------------------------
Richard William James Long of Richard Long & Co. was appointed
Liquidator of Drapes Direct Limited on Aug. 25 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Drapes Direct Limited
         2 Crayford Road
         Tower Retail Park
         Crayford
         Dartford
         Kent DA1 4LD
         United Kingdom
         Tel: 01322 525 213
         Fax: 01322 523 200
         Web: http://www.drapes-direct.co.uk/


E.W. RECRUITMENT: Names Vincent A. Simmons as Liquidator
--------------------------------------------------------
Vincent A. Simmons of Bennett Verby was appointed liquidator of
E.W. Recruitment Limited on Aug. 15 for the purposes of
creditors' voluntary liquidation.

The company can be reached at:

         E.W. Recruitment limited
         Churchgate Chambers 48A
         Churchgate
         Stockport
         Cheshire SK1 1YG
         United Kingdom
         Tel: 0161 480 3939


EL PASO INSURANCE: Scheme Administrators Pay Creditors
------------------------------------------------------
Ian Bond and Chris Hughes, in their capacities as the scheme
administrators of Kingscroft Insurance Company Ltd., Walbrook
Insurance Company Ltd., El Paso Insurance Company Ltd., Lime
Street Insurance Company Ltd. and Mutual Reinsurance Company
Ltd. (KWELM Companies), have materialized the increased payments
to their creditors on Sept. 14, 2006.

The increased payment percentages are subject to the of 100% on
aggregate Scheme and Adjusting Payments under the Scheme of
Arrangement

The scheme administrators will pay the interest to the Scheme
Creditors of Walbrook and El Paso in October.

Revised Payment Percentages

                    Substantive Closure   Revised Payment
                    Distribution          Percentage
                    Percentage
                    (Dec. 15, 2005)       (Sept. 14, 2006)

   Kingscroft             81%                  83%
   Walbrook               100%                 100%
   El Paso                95%                  100%
   Lime Street            83%                  86%
   Mutual                 72%                  74%

Inquiries can be addressed to:

         KWELM Companies   
         c/o KMS Insurance Management Limited
         America House  
         2 America Square  
         London EC3N 2LU  
         Tel: +44 (0) 20 7488 5488  
         Fax: +44 (0) 20 7488 5478  
         E-mail: scheme.administrator@kwelm.com
         Web: http://www.kwelm.com/

The five companies known collectively as KWELM are insurance
companies incorporated in England (other than Mutual, which is
incorporated in Bermuda).

Kingscroft Insurance Company Limited, (formerly Kraft Insurance
Company Limited, and Kraft Insurance Company Limited and Dart
Insurance Company Limited), Walbrook Insurance Company Limited
El Paso Insurance Company Limited, Lime Street Insurance Company
Limited (formerly Louisville Insurance Company Limited), and
Mutual Reinsurance Company Limited were subsidiaries of the
insolvent London United Investments Plc (in Administration),
carrying on business principally through HS Weavers
(Underwriting) Agencies Limited and CR Driver & Co Limited.

The KWELM companies used to underwrite U.S. Casualty,
Professional Indemnity and other liability business from as
early as 1972.  They are no longer authorized to underwrite any
Insurance business.

The companies has been declared insolvent, having insufficient
assets to meet all its liabilities, including estimated future
claims in 1992.


ELITE CEILINGS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Elite Ceilings Manufacturers Limited confirmed on
Aug. 14 the resolution for voluntary liquidation and the
appointment of Matthew Waghorn of Oury Clark as liquidator of
the company.

The company can be reached at:

         Elite Ceilings Manufacturers Limited
         The Ridgeway
         Iver
         Buckinghamshire SL0 9HU
         United Kingdom
         Tel: 01753 654 411


EMPORIO LINGERIE: Taps Lloyd Biscoe to Liquidate Assets
-------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Emporio Lingerie Limited on Aug. 18 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Emporio Lingerie Limited
         83 High Street
         Waltham Cross
         Hertfordshire EN8 7AF
         Tel: 0870 4740001  
         United Kingdom


EXPOSURE PROMOTIONAL: Joint Liquidators Take Over Operations
------------------------------------------------------------
Stephen Katz and David Birne were appointed Joint Liquidators of
Exposure Promotional Gifts Limited for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Exposure Promotional Gifts Limited
         Boundary House
         Barnet Lane
         Elstree
         Herts
         Hertfordshire WD6 3JP
         United Kingdom
         Tel: 020 8238 6790   
         Fax: 0208 207 6289  


FORMAT INTERIORS: Names Keith Barry Stout Liquidator
----------------------------------------------------
Keith Barry Stout of KSA was appointed Liquidator of Format
Interiors Limited on Aug. 24 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Format Interiors Limited
         Unit 39A Globe Works
         Globe Industrial Estate
         Rectory Road
         Grays
         Essex RM176ST
         Tel: 01375 374 059
         Fax: 01375 385 124
         Web: http://www.format-interiors.co.uk/


FORWARD FREIGHT: Appoints P&A as Liquidators
--------------------------------------------
John Russell and Andrew Philip Wood of the P&A Partnership were
appointed liquidators of Forward Freight Solutions Limited on
Aug. 11 for the purposes of creditors' voluntary winding-up
procedure.

The company can be reached at:

         Forward Freight Solutions Limited
         Unit 28 Batley Enterprise Centre
         513 Bradford Road
         Batley
         West Yorkshire WF17 8LL
         United Kingdom
         Tel: 01924 440 010


G-WAGEN.CO.UK: Appoints Peter Bridger to Liquidate Assets
---------------------------------------------------------
Peter Bridger of Bridgers was appointed Liquidator of
G-Wagen.co.uk Ltd. on Aug. 22 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         G-Wagen.co.uk Ltd.
         Mapledurham
         Reading
         Berkshire RG4 7UN
         United Kingdom
         Tel: 0118 972 1100
         Fax: 0118 972 2186


GLAZTEKNOLOGY U.K.: Taps Administrators from Poppleton & Appleby
----------------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed joint administrators of Glazteknology (Glaztek)
U.K. Limited (Company Number 03803449) on Sept. 8.

The administrators can be reached at:

         Poppleton & Appleby
         32 High Street
         Manchester
         Greater Manchester M4 1QD
         United Kingdom
         Tel: 0161 834 7025
         Fax: 0161 833 1548
         E-mail: insol@pandamanchester.co.uk

Headquartered in Huddersfield, United Kingdom, Glazteknology
(Glaztek) U.K. Limited manufactures glass.


GRANITE OTT: Brings In Poppleton & Appleby as Liquidators
---------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed liquidators of Granite Ott Limited on Aug. 16 for
the purposes of creditors voluntary liquidation.

The company can be reached at:

         Granite Ott Limited
         Unit 1
         VIP Centre
         Vulcan St.
         Oldham
         Lancashire OL1 4LQ
         United Kingdom
         Tel: 0161 624 0251


HAMPTON HOUSE: Brings In BDO Stoy as Joint Administrators
---------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint administrators of Hampton House
Furniture Ltd. (Company Number 03113581) on Sept. 6.

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.

Hampton House Furniture Ltd. can be reached at:

         Ynysboeth Factory Est
         Abercynon
         Mountain Ash
         Mid Glamorgan CF45 4SF
         United Kingdom
         Tel: 014 4374 2255
         Fax: 014 4374 2464


HARBRO ENGINEERING: Liquidator Sets Oct. 5 Claims Bar Date
----------------------------------------------------------
Creditors of Harbro Engineering Limited have until Oct. 5 to
send in their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their Solicitors (if any), to appointed Liquidator
Christopher Ratten of Tenon Recovery at:

         Christopher Ratten
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester M3 2LF
         United Kingdom

The company can be reached at:

         Harbro Engineering Limited
         Unit 11
         Gillibrand Mill
         Hollins Grove Street
         Darwen
         Lancashire BB3 1HG
         Tel: 01254 760136
         United Kingdom


HIGH EFFICIENCY: Calls In Liquidator from Begbies Traynor
---------------------------------------------------------
Richard Andrew Segal of Begbies Traynor was appointed Liquidator
of High Efficiency Heating Limited on Aug. 29 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         High Efficiency Heating Limited
         8 Bernard Road
         Romford
         Essex RM7 0HX
         United Kingdom
         Tel: 01708 752 900
         Fax: 01708 752 600
         Web: http://www.highefficiencyheating.co.uk/


HOWARD 2000: Nominates Liquidator from Griffin & King
-----------------------------------------------------
Timothy Frank Corfield of Griffin & King was nominated
Liquidator of Howard 2000 Ltd. on Aug. 22 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Howard 2000 Ltd.
         West Midlands
         B44 8NH
         United Kingdom
         Tel: 0121 356 9833
         Fax: 0121 356 0280


HUMBROL LIMITED: Appoints Grant Thornton as Joint Administrators
----------------------------------------------------------------
Keith Hinds and Joseph Peter Francis McLean of Grant Thornton
U.K. LLP were appointed joint administrators of Humbrol Limited
(Company Number 00437643), Hobby Products Group Holdings Limited
(Company Number 03785375), and Hobby Products Group Limited
(Company Number 02911035) on Aug. 30.

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

Headquartered in Hull, United Kingdom, Humbrol Limited, Hobby
Products Group Holdings Limited, and Hobby Products Group
Limited is manufactures and wholesales models, adhesives, and
DIY goods.


ISLE OF CAPRI: Earns US$9 Million for the Quarter Ended July 30
---------------------------------------------------------------
Isle of Capri Casinos Inc. has filed its financial report,
reflecting the consolidated operations of all its subsidiaries,
for the quarter ended July 30, 2006 on Form 10-Q with the
U.S. Securities and Exchange Commission.

Results for the Isle-Vicksburg and the Isle-Bossier City have
been classified as discontinued operations.

Gross revenues for the fiscal quarter ended July 30, 2006 were
US$332 million, compared to gross revenues for the fiscal
quarter ended July 24, 2005 of US$292.3 million.

The Company's net income for the quarter ended July 30, 2006 was
US$9 million, versus net income of US$4 million for the
comparable quarter in 2005.

Casino revenue increased by US$33.3 million, or 13.6 %, compared
to the fiscal quarter ended July 24, 2005, with a large increase
in revenues from Isle-Biloxi due to the limited competition in
the market.  Isle-Natchez showed an increase in revenues due to
population shifts from eastern Louisiana.

Room revenue increased US$4.4 million, or 42.8%, compared to the
fiscal quarter ended July 24, 2005, primarily resulting from the
increased capacity at Isle-Biloxi, Colorado Central Station and
Isle-Boonville.

Pari-mutuel commissions earned at Pompano Park in Florida for
the fiscal quarter were down a total of US$200,000, or 4.1%.

Food, beverage and other revenues increased by US$2.2 million,
or 6.7%, primarily attributable to an increase at Isle-Biloxi.

Total current assets at July 30, 2006 stood at US$471 million,
with total current liabilities of US$228 million, of which
current maturities of long term debt was US$8 million and
accounts payable was US$45 million.

Cash and cash equivalents and marketable securities, at
July 30, 2006 was US$116 million compared to US$138.9 million at
April 30, 2006, the end of its last fiscal year.  In addition,
as of July 30, 2006, the Company had US$317.8 million of
capacity under lines of credit and available term debt which
consisted of US$292.2 million in unused credit capacity under
the revolving loan commitment on its senior secured credit
facility, US$21.6 million of unused credit capacity under the
Isle-Black Hawk's senior secured credit facility and US$4
million under other lines of credit and available term debt.  
During the three months ended July 30, 2006, net borrowings on
the Company's senior secured credit facility was US$41.6 million
and the Isle-Black Hawk made net borrowings US$3.3 million under
the Isle-Black Hawk's senior secured credit facility.

                      Investing Activities

The Company made US$80.7 million in cash expenditures for
property and equipment during the three months ended July 30,
2006, including US$27.7 million in construction costs related to
the Isle-Biloxi casino reconstruction following Hurricane
Katrina.

The Company signed a development agreement with the City of
Bettendorf pursuant to which it will construct a new 250-room
Isle hotel, additional parking, a Kitt's Kitchen restaurant, and
an expansion of the existing buffet.  The City of Bettendorf
agreed to construct a 50,000 square foot convention center
adjacent to the Company's facility, which will be managed by
Isle-Bettendorf.  The cost of the project is approximately US$45
million and the new hotel is scheduled to open in the late
spring of 2007.

The Company agreed, in June 2005, to a US$43 million project
with the City of Davenport to build a 180-room hotel and rooftop
restaurant, and the City of Davenport will be constructing a
500 plus space parking ramp and provide funding to realign the
Company's casino with the new hotel facility.  The project is
scheduled to open 18-20 months after all permits and approvals
are received.

The Company is also constructing a slot machine and
entertainment area at Pompano Park adjacent to the existing
grandstand at a cost of US$155.5 million with slot machine
gaming anticipated to commence in early 2007.  The statute
authorizes Pompano Park to install and operate up to 1,500 slot
machines at its facility 365 days per year, 16 hours per day.

The Company also disclosed construction of a 35,000 square foot
single level casino with 1,300 gaming positions, three
restaurants, a 200-room hotel and 1,000 parking spaces in
Waterloo, Iowa, which it expects to open in late spring of 2007
at a total cost of approximately US$139.5 million.

The Company further disclosed plans for an US$85 million
expansion project at our Kansas City, Missouri property.  As of
July 30, 2006, US$1.4 million was spent on the project.

The Company entered into an agreement to develop and operate an
Isle of Capri-themed casino in a commercial leisure complex
currently under development in Coventry, England.  Total project
costs are estimated to be US$55 million.  As of fiscal quarter
end of July 30, 2006, US$32.7 million was spent on the Coventry
project.  Completion of the casino at the RICOHTM Arena Coventry
is estimated to be in early 2007.

The Company signed a casino management and related development
and option agreements with resort developer Eighth Wonder to
manage the casino included in Eighth Wonder's proposal for a new
integrated resort complex in Singapore.  Subsequent to the end
of the first quarter of fiscal year 2007, it expensed US$2
million related to the agreements.

Based in Biloxi, Miss., Isle of Capri Casinos, Inc. (Nasdaq:
ISLE) -- http://www.islecorp.com/-- a developer and owner of  
gaming and entertainment facilities, operates 16 casinos in 14
locations.  The Company owns and operates riverboat and dockside
casinos in Biloxi, Vicksburg, Lula and Natchez, Miss.; Bossier
City and Lake Charles (two riverboats), La.; Bettendorf,
Davenport and Marquette, Iowa; and Kansas City and Boonville,
Mo.  The Company also owns a 57% interest in and operates land-
based casinos in Black Hawk (two casinos) and Cripple Creek,
Colorado.  Isle of Capri's international gaming interests
include a casino that it operates in Freeport, Grand Bahama, and
a 2/3 ownership interest in casinos in Dudley, Walsal and
Wolverhampton, England.  The company also owns and operates
Pompano Park Harness Racing Track in Pompano Beach, Fla.

                         *     *     *

Moody's Investors Service confirmed, effective Feb. 14, 2006,
Isle of Capri, Inc.'s Corporate family rating at Ba3; US$400
million senior secured revolver due 2010 at Ba2; US$300 million
senior secured term loan due 2011 at Ba2; US$500 million 7%
senior subordinated debt due 2014 at B2; and US$200 million 9%
senior subordinated debt due 2012 at B2.  Moody's assigned a
negative ratings outlook.

Standard & Poor's Ratings Services, effective Dec. 22, 2005,
affirmed its ratings on Isle of Capri Casinos Inc., including
its 'BB-' corporate credit rating. At the same time, all ratings
were removed from CreditWatch with negative implications where
they were placed on Sept. 1, 2005. S&P said the outlook is
negative.


J. & J.: Creditors Confirm Voluntary Liquidation
------------------------------------------------
Creditors of J. & J. Mountain Limited confirmed on Aug. 24 the
resolutions for voluntary liquidation and the appointment of
John Russell and Allan Cooper of The P&A Partnership as
Liquidators.

The company can be reached at:

         J. & J. Mountain Limited
         Mill Street East
         Dewsbury
         West Yorkshire WF129BQ
         United Kingdom
         Tel: 01924 438 111
         Fax: 01924 383 173


KELMAT LIMITED: Taps Liquidator from Turpin Baker Armstrong
-----------------------------------------------------------
Martin Charles Armstrong of Turpin Barker Armstrong was
appointed Liquidator of Kelmat Limited on Aug. 24 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Kelmat Limited
         Ormside Street
         Southwark
         London SE151TF
         United Kingdom
         Tel: 020 7277 5167
         Fax: 020 7277 6601


KINGSCROFT INSURANCE: Scheme Administrators Pay Creditors
---------------------------------------------------------
Ian Bond and Chris Hughes, in their capacities as the scheme
administrators of Kingscroft Insurance Company Ltd., Walbrook
Insurance Company Ltd., El Paso Insurance Company Ltd., Lime
Street Insurance Company Ltd. and Mutual Reinsurance Company
Ltd. (KWELM Companies), have materialized the increased payments
to their creditors on Sept. 14, 2006.

The increased payment percentages are subject to the of 100% on
aggregate Scheme and Adjusting Payments under the Scheme of
Arrangement

The scheme administrators will pay the interest to the Scheme
Creditors of Walbrook and El Paso in October.

Revised Payment Percentages

                    Substantive Closure   Revised Payment
                    Distribution          Percentage
                    Percentage
                    (Dec. 15, 2005)       (Sept. 14, 2006)

   Kingscroft             81%                  83%
   Walbrook               100%                 100%
   El Paso                95%                  100%
   Lime Street            83%                  86%
   Mutual                 72%                  74%

Inquiries can be addressed to:

         KWELM Companies   
         c/o KMS Insurance Management Limited
         America House  
         2 America Square  
         London EC3N 2LU  
         Tel: +44 (0) 20 7488 5488  
         Fax: +44 (0) 20 7488 5478  
         E-mail: scheme.administrator@kwelm.com
         Web: http://www.kwelm.com/

The five companies known collectively as KWELM are insurance
companies incorporated in England (other than Mutual, which is
incorporated in Bermuda).

Kingscroft Insurance Company Limited, (formerly Kraft Insurance
Company Limited, and Kraft Insurance Company Limited and Dart
Insurance Company Limited), Walbrook Insurance Company Limited
El Paso Insurance Company Limited, Lime Street Insurance Company
Limited (formerly Louisville Insurance Company Limited), and
Mutual Reinsurance Company Limited were subsidiaries of the
insolvent London United Investments Plc (in Administration),
carrying on business principally through HS Weavers
(Underwriting) Agencies Limited and CR Driver & Co Limited.

The KWELM companies used to underwrite U.S. Casualty,
Professional Indemnity and other liability business from as
early as 1972.  They are no longer authorized to underwrite any
Insurance business.

The companies has been declared insolvent, having insufficient
assets to meet all its liabilities, including estimated future
claims in 1992.


L.E.D. SYSTEMS: Hires Richard Ian Williamson to Liquidate Assets
----------------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed Liquidator of L.E.D. Systems Limited on Aug. 25 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         L.E.D. Systems Limited
         Aldon House
         Aldon Road
         Poulton Industrial Estate
         Poulton Le Fylde
         Lancashire FY6 8JL
         United Kingdom
         Tel: 01253 892 299
         Web: http://www.ledsystems.co.uk/   


LIME STREET: Scheme Administrators Pay Creditors
------------------------------------------------
Ian Bond and Chris Hughes, in their capacities as the scheme
administrators of Kingscroft Insurance Company Ltd., Walbrook
Insurance Company Ltd., El Paso Insurance Company Ltd., Lime
Street Insurance Company Ltd. and Mutual Reinsurance Company
Ltd. (KWELM Companies), have materialized the increased payments
to their creditors on Sept. 14, 2006.

The increased payment percentages are subject to the of 100% on
aggregate Scheme and Adjusting Payments under the Scheme of
Arrangement

The scheme administrators will pay the interest to the Scheme
Creditors of Walbrook and El Paso in October.

Revised Payment Percentages

                    Substantive Closure   Revised Payment
                    Distribution          Percentage
                    Percentage
                    (Dec. 15, 2005)       (Sept. 14, 2006)

   Kingscroft             81%                  83%
   Walbrook               100%                 100%
   El Paso                95%                  100%
   Lime Street            83%                  86%
   Mutual                 72%                  74%

Inquiries can be addressed to:

         KWELM Companies   
         c/o KMS Insurance Management Limited
         America House  
         2 America Square  
         London EC3N 2LU  
         Tel: +44 (0) 20 7488 5488  
         Fax: +44 (0) 20 7488 5478  
         E-mail: scheme.administrator@kwelm.com
         Web: http://www.kwelm.com/

The five companies known collectively as KWELM are insurance
companies incorporated in England (other than Mutual, which is
incorporated in Bermuda).

Kingscroft Insurance Company Limited, (formerly Kraft Insurance
Company Limited, and Kraft Insurance Company Limited and Dart
Insurance Company Limited), Walbrook Insurance Company Limited
El Paso Insurance Company Limited, Lime Street Insurance Company
Limited (formerly Louisville Insurance Company Limited), and
Mutual Reinsurance Company Limited were subsidiaries of the
insolvent London United Investments Plc (in Administration),
carrying on business principally through HS Weavers
(Underwriting) Agencies Limited and CR Driver & Co Limited.

The KWELM companies used to underwrite U.S. Casualty,
Professional Indemnity and other liability business from as
early as 1972.  They are no longer authorized to underwrite any
Insurance business.

The companies has been declared insolvent, having insufficient
assets to meet all its liabilities, including estimated future
claims in 1992.


LITIGATION SOLUTIONS: David Acland Leads Liquidation Procedure
--------------------------------------------------------------
David Acland of Begbies Traynor was appointed Liquidator of
Litigation Solutions Limited on Aug. 22 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Litigation Solutions Limited
         506 Four Oaks Road
         Walton Summit Centre
         Bamber Bridge
         Preston
         Lancashire PR5 8BW
         United Kingdom
         Tel: 01772 317317  


LOULOU BRIDALWEAR: Appoints Joint Liquidators from Vantis
---------------------------------------------------------
Mark Newman and Robert Knight of Vantis Business Recovery were
appointed Joint Liquidators of Loulou Bridalwear Limited on
Aug. 25 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Unit G2 Europa House
         Europa Trading Estate
         Fraser Road
         Erith
         Kent DA8 1QL
         United Kingdom
         Tel: 01322 440 225


LPC DEVELOPMENTS: Taps Joint Administrators from Moore Stephens
---------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of LPC Developments Limited
(Company Number 03849693) on Sept. 6.

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

Headquartered in Birmingham, United Kingdom, LPC Developments
Limited is engaged in property development.


M S I SCANTECH: Hires Liquidator from Rendell Thompson
-------------------------------------------------------
Robert James Thompson of Rendell Thompson was appointed
Liquidator of M S I Scantech Limited (formerly M S I Sensors
Limited/M S I Scantech Limited, Bilbate Research Limited/M S I
Scantech Sensors Limited) on Aug. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         M S I Scantech Limited
         Eversley Centre
         Hook
         Hampshire RG270NB
         United Kingdom
         Tel: 0118 973 7926
         Fax: 0118 973 7927


MFI FURNITURE: Disposes of Retail Business to MEP Mayflower
-----------------------------------------------------------
The Board of MFI Furniture Group Plc reached an agreement with
MEP Mayflower Limited, controlled by Equity Partners LLP, for
the disposal of its retail business.  

Under the terms of the Disposal, MEP will acquire the retail
unit for the nominal consideration of GBP1.  MEP's shareholders
have agreed to invest a total of approximately GBP50 million in
the Purchaser on completion and may invest up to a further
GBP12.0 million in April 2008.  In addition, MEP has undertaken
to arrange not less than GBP40.0 million of working capital
facilities by March 31, 2007.

The Continuing Group will make a payment of GBP53.1 million into
the Purchaser's Group on Sept. 3, 2007, and, subject to the
Purchaser's shareholders investing an equal amount, will make a
further payment of up to GBP12.0 million in April 2008.

The Continuing Group will pay the Purchaser's Group an estimated
GBP60.6 million on Completion including an estimated GBP51.9
million in respect of customer deposits, being payments made by
Retail customers in advance of delivery of their orders.

The Group has also agreed the terms of certain supply and
transitional service arrangements with the Purchaser.

The Continuing Group will focus on the growth potential of
Howden Joinery and its Supply operations.  The Board believed
there is scope to grow the current portfolio of 362 Howdens
depots to over 500 depots in the U.K. by opening 60 depots in
2007, and at least 40 depots per annum, thereafter.

The proposed disposal of Retail will provide management with the
opportunity to focus on accelerating Howdens' roll out plan,
while over time realizing the cost and scale benefits of an
exclusive supply chain provided though the Supply Business.

The Disposal constitutes a Class 1 transaction, and as such is
conditional upon the approval of Shareholders.  There will be an
extraordinary general meeting of the Company, which is expected
to be held on or about Oct. 16.  If Shareholders vote in favor
of the Disposal, Completion will take place by Oct. 23.

A further extraordinary general meeting to approve the change of
name of the Company to Galiform Plc is expected to take place on
or about Oct. 23.

"Over a number of months, the Board of MFI has considered
various options for the retail business, and had concluded that
the disposal of Retail on the terms agreed is in the best
interests of Shareholders," Matthew Ingle, Chief Executive of
MFI Furniture Group Plc commented.

"We believe that a restructuring of Retail within the Group
would have considerable operational and financial risks.  
Exiting Retail will allow us to focus on the growth potential of
the highly profitable Howden Joinery business and make cost
savings and efficiency gains in the Supply Business.  The new
owners have agreed to invest significant sums in Retail and
their senior management team is highly experienced retailers.  
We wish them well in making a success of Retail," Mr. Ingle
added.

Headquartered in London, England, MFI Furniture Group --
http://www.mfi.co.uk/-- manufactures and sells household  
furniture.  The Company markets its furniture products through
its retail establishments located in the United Kingdom and
France.  MEI's subsidiaries include Schreiber Furniture Limited,
MFI Furniture Centres, and Howden Joinery Limited.

The company reported a GBP500,000 net loss for the six month
ended June 10, 2005, after closing two factories located in
Stockton and Scunthorpe and three regional delivery centers.  
The company also closed 13 retail stores and had announced plans
to cut as much as 12% of the workforce to help revive earnings.

The Scotsman had reported that the furniture group is battling
rising debts and approximately GBP150 million in pension
deficit.  In 2005, it posted GBP85.1 million in operating
losses.


N C S ENTERPRISE: Calls In Joint Liquidators from Moore Stephens
----------------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed Joint Liquidators of N C S Enterprise Limited on
Aug. 22 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         N C S Enterprise Limited
         56E Vicarage Road
         Watford
         Hertfordshire WD180EN
         United Kingdom
         Tel: 01923 210 200
         Web: http://www.ncs-enterprise.com/


N2 LIMITED: Taps Sale Smith to Liquidate Assets
-----------------------------------------------
Eileen Theresa Frances Sale of Sale Smith & Co. Limited was
appointed liquidator of N2 (Hair) Limited on Aug. 17 for the
purposes of creditors' voluntary winding-up proceedings.

The company can be reached at:

         N2 (Hair) Limited
         30 Great Western Arcade
         Birmingham
         West Midlands B2 5HU
         United Kingdom
         Tel: 0121 236 6600


NELSON BREWING: Names Joint Liquidators from Gerald Edelman
-----------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of Nelson
Brewing Company Limited on Aug. 29 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Nelson Brewing Company Limited
         Church Lane
         The Historic Dockyard
         Chatham
         Kent ME4 4LF
         United Kingdom
         Tel: 01634 832 828


OCEAN STUDIO: Claims Registration Ends Nov. 22
----------------------------------------------
Creditors of Ocean Studio Limited have until Nov. 22 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidator Daniel Paul Hennessy of Cresswall Associates Limited
at:

         Daniel Paul Hennessy
         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

The company can be reached at:

         Ocean Studio Limited
         Crowland Street
         Southport
         Merseyside PR9 7RU
         United Kingdom
         Tel: 0870 350 4701


ONE STOP: Calls In Joint Liquidators from Begbies Traynor
---------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
Joint Liquidators of One Stop Improvements Limited (formerly DNR
Consultants Limited) on Aug. 24 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         One Stop Improvements Limited
         Merlin House 182 188
         Hoylake Road
         Wirral
         Merseyside CH468TH
         United Kingdom
         Tel: 0151 677 1000


PAPER DRAGON: Brings In Joint Administrators from PKF
-----------------------------------------------------
Kerry Bailey and Matthew Gibson of PKF (U.K.) LLP were appointed
joint administrators of Paper Dragon Limited (Company Number
04447127) on Sept. 7.

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  

Headquartered in Manchester, United Kingdom, Paper Dragon
Limited supplies paper.


PORTRAIT CORP: Hires BSI as Claims and Balloting Agent
------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York authorized Portrait
Corporation of America, Inc., and its debtor-affiliates, on an
interim basis, to retain Bankruptcy Services LLC as their
noticing, claims and balloting agent.

In this engagement, BSI will:

     a) prepare and serve required notices in these chapter 11
        cases, including:

             * a notice of the commencement of the chapter 11
               cases and the initial meeting of creditors under
               section 341(a) of the Bankruptcy Code;

             * a notice of the claims bar date;

             * notices of objections to claims;

             * notices of any hearings on a disclosure statement
               and confirmation of a plan or plans of
               reorganization; and

             * other miscellaneous notices as the Debtors or
               Court may deem necessary or appropriate for an
               orderly administration of the chapter 11 cases;

      b) within three business days after the service of a
         particular notice, prepare for filing with the Clerk of
         the Court a certificate or affidavit of service that
         includes:

             * an alphabetical list of persons on whom the
               notice was served, along with their addresses,
               and

             * the date and manner of service;

      c) maintain copies of all proofs of claim and proofs of
         interest filed in these chapter 11 cases;

      d) maintain official claims registers in these chapter 11
         cases by docketing all proofs of claim and proofs of
         interest in a claims database that includes these
         information for each claim or interest asserted:

             * the name and address of the claimant or interest
               holder and any agent, if the proof of claim or
               proof of interest was filed by an agent;

             * the date the proof of claim or proof of interest
               was received by BSI and/or the Court;

             * the claim number assigned to the proof of claim
               or proof of interest; and

             * the asserted amount and classification of the
               claim;

      e) implement necessary security measures to ensure the
         completeness and integrity of the claims registers;

      f) transmit to the Clerk of the Court a copy of the claims
         registers on a weekly basis unless requested more or
               less frequently by the Clerk's Office;

      g) maintain an up-to-date mailing list for all entities
         that have filed proofs of claim or proofs of interest
         and make this list available upon request to the Clerk
         of the Court or any party in interest;

      h) provide access to the public for examination of copies
         of the proofs of claim or proofs of interest filed in
         the Debtors' chapter 11 cases without charge during
         regular business hours;

      i) record all transfers of claims pursuant to Bankruptcy
         Rule 3001(e) and, if directed to do so by the Court,
         provide notice of these transfers as required by
         Bankruptcy Rule 3001(e);

      j) comply with applicable federal, state, municipal, and
         local statutes, ordinances, rules, regulations, orders,
         and other requirements;

      k) provide temporary employees to process claims as
         necessary;

      l) promptly comply with further conditions and
         requirements as the Clerk of the Court or the Court may
         at any time prescribe;

      m) provide other claims processing, noticing, balloting,
         and related administrative services as may be requested
         from time to time by the Debtors;

      n) act as balloting agent

      o) at the close of the case, box and transport all
         original documents in proper format, as provided by the
         Clerk's office, to the Federal and Record
         Administration;

The current hourly rates for BSI's professionals are:

         Designation                       Hourly Rate
         -----------                       -----------
         Senior Bankruptcy Counsel         $225 - $295
         Bankruptcy Consultant              185 - 225
         IT Programming Consultant          140 - 190
         Case Managers                      125 - 175
         Clerical                            40 - 60

James Katchadurian, a vice-president at BSI, assures the Court
that his firm does not hold any interest adverse to the Debtors'
estate and is a disinterested person as that term is defined in
Section 101(14) of the Bankruptcy Code.

A copy of the bankruptcy services agreement between BSI and the
Debtors is available for free at:

              http://researcharchives.com/t/s?1217

                    About Portrait Corporation

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

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

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


PREMIER STOREFITTERS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------------
Creditors of Premier Storefitters Limited confirmed on Aug. 14
the resolution for voluntary liquidation and the appointment of
Stephen P. J. White as liquidator of the company.

The company can be reached at:

         Premier Storefitters Limited
         Ingram House
         High Street
         Girton
         Newark
         Nottinghamshire NG23 7JA
         United Kingdom
         Tel: 01522 778 422


PROVIDE HOME: Fitch Downgrades Rating on Class D Tranche to BB+
---------------------------------------------------------------
Fitch Ratings downgraded two tranches of Provide Home 2001-1 PLC
and removed them from Rating Watch Negative.  This action
follows continued poor collateral performance and further
analysis carried out on defaulted reference claims and credit
events.  The remaining three tranches from this transaction have
been affirmed.

The rating actions are:

   -- Class A+ (ISIN XS0139884711) affirmed at AAA;

   -- Class A (ISIN XS0139881451) affirmed at AAA;

   -- Class B (ISIN XS0139885015) affirmed at AA;

   -- Class C (ISIN XS0139885361) downgraded to A- from A
      and removed from RWN; and

   -- Class D (ISIN XS0139885957) downgraded to BB+ from BBB
      and removed from RWN.

In assessing the expected future performance of the pool and in
the absence of full loan by loan data, Fitch used its credit
cover multiple methodology, adjusted where necessary to include
specifics of the defaulted loans.

At the August interest payment date, 7.05% (EUR61 million) of
loans were reported as being defaulted reference claims with a
further 0.62% (EUR5 million) reported as credit events.  Further
analysis was carried out on this portion of the portfolio in
relation to the value of loans which had been fully foreclosed,
those that are currently now performing again and the percentage
of second liens.

Reported losses for PH1 have remained remarkably low, to date,
with only 0.01% of losses having been crystallized.  However, a
small percentage of the defaulted claims have been foreclosed,
and thus are no longer backed by property.  Further recoveries
from the borrower may be possible on this portion and
consequently the defaulted claims have not yet been allocated as
a loss to the notes.

Fitch removed this percentage from the defaulted analysis and
assumed the amount would be fully allocated as a loss, reducing
the available credit enhancement to the junior tranche.

Only a small percentage of the loans currently reported as
defaulted or in credit event are now considered performing and
have cleared their arrears to a level where they may be excluded
from the defaulted loan analysis.  Therefore this does not have
a significant impact on the analysis.

Currently 34% of loans in the whole portfolio are second-lien.
Based on reported losses in the German RMBS market, these loans
are expected to have a significant impact on loss severities.
All first liens must be paid in full before any recovery
proceeds can flow to the second-lien.

Given that second-lien claims rank junior to the first lien, in
terms of the distribution of enforcement proceeds, lower
recoveries and higher loss severities can be expected.  The
defaulted pool is consistent with the portfolio as a whole and
therefore a 100% loss severity across all rating scenarios was
applied to this percentage of the defaulted claims.

Based on this analysis and the expectation of significant
further losses to accrue from the EUR66 million of impaired
loans, which are likely to substantially erode the available
first loss piece of EUR22 million, the Class C and D tranches
have been downgraded.  There is also some potential for credit
protection to improve for the senior classes through prepayment,
which has shown some signs of acceleration in recent periods.


SLEEPSAFE LIMITED: Names David Andrew Field as Administrator
------------------------------------------------------------
David Andrew Field of Centrum Recovery Limited was named
administrator of Sleepsafe Limited (Company Number 03170824) on
Sept. 6.

The administrator can be reached at:

         Centrum Recovery Limited
         Cambridge House
         North Church St.
         Bakewell
         Derbyshire DE45 1DB
         United Kingdom
         Tel: 01629 810260  

Headquartered in Maidenhead, United Kingdom, Sleepsafe Limited
manufactures mattress.


SPECIALIST BOOKS: Brings In Joint Liquidators from Harrisons
------------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Specialist Books Limited on Aug. 18 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Specialist Books Limited
         29 Leslie Park Road
         Croydon
         Surrey CR0 6TN
         United Kingdom
         Tel: 020 8239 1300  


SPORTS BETTING: Creditors' Meeting Slated for September 27
----------------------------------------------------------
Creditors of Sports Betting Media Limited (Company Number
05492759) will meet at 11:30 a.m. on Sept. 27 at:

         New Connaught Rooms
         61-65 Great Queen Street
         London WC2B 5DA
         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 noon tomorrow at:

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


TERRA CAPITAL: Fitch Upgrades Second Priority Notes to BB+
----------------------------------------------------------
Fitch Ratings upgraded the rating on Terra Capital, Inc.'s 11.5%
second priority senior secured notes.  In addition, Fitch
affirms all other ratings of Terra Industries Inc.'s and its
subsidiaries Terra Capital, Inc. and Terra Nitrogen, L.P.  The
Rating Outlook is Stable.

Fitch affirms these ratings:

Terra Industries Inc.

   -- Issuer default rating at B+; and
   -- Convertible preferred shares at B-/RR6.

Terra Nitrogen, L.P.

   -- IDR at B+; and
   -- Senior secured credit facility at BB+/RR1.

Terra Capital, Inc.

   -- IDR at B+;
   -- Senior secured credit facility at BB+/RR1; and
   -- 12.875% senior secured notes at BB+/RR1.

Additionally, the rating on the 11.5% second priority senior
secured notes at Terra Capital was upgraded as follows.

   -- 11.5% second priority senior secured notes upgraded to
      BB+/RR1 from BB/RR2.

The rating upgrade was driven by an increase in expected
principal recovery in the updated analysis of a liquidation
scenario.

Terra's strong market positions in U.S. and U.K. nitrogen
fertilizer markets; manageable debt level; earnings and cash
flow volatility; narrow product portfolio; and exposure to
volatile natural gas prices support the ratings.  While the
diversity of Terra's product portfolio is limited to nitrogen
products and methanol, strong market presence and manageable
debt level are positive credit factors.  

Exposure to unpredictable raw material natural gas prices and
cyclical end-markets can cause Terra's earnings and cash flow to
swing rapidly between extremes.

Terra is currently experiencing pressure on its earnings from
lower volumes and high costs.  Terra's first half 2006 nitrogen
products volume declined approximately 17% from last year's
first half due to weaker demand in the U.S. market.  

The U.S. spring season saw farmers planting 3% less corn acreage
in 2006, primarily due to higher planting costs.  Additionally,
fertilizer applications rates may have been down this year as
farmers tried to keep costs down.  Meanwhile, Terra's own high
costs continue to persist. Raw material natural gas remains
elevated.

The volatility of earnings and cash flow heightens the
importance of manageable debt level.  Terra has reduced its debt
to US$354.5 million as of June 30, 2006 from a high of US$462
million in 2004, the year of the Mississippi Chemical
Corporation acquisition.  

With weaker LTM EBITDA of US$117.9 million, total debt-to-
operating EBITDA was 3 times and operating EBITDA-to-interest
expense was 2.3x at June 30, 2006.  These statistics are weaker
than comparable year-end 2005 leverage of 1.6x and coverage of
4.2x.  Lower debt levels and contributions from the MCC assets
have mitigated some of the pressure on credit statistics.

The Stable Rating Outlook reflects Fitch's expectations for
weaker year-end 2006 results and the expected volatility of
earnings near-term.  While higher corn prices, continued strong
corn consumption, and forecasted lower corn stocks could have a
positive influence on fertilizer demand next year, many of the
same issues that weakened nitrogen fertilizer demand in 2006 are
expected to remain hurdles in 2007.  In particular, farmers will
likely contend with high energy and fertilizer prices again next
spring.

Based in Sioux City, Iowa, Terra Industries Inc. is a major
North American producer of anhydrous ammonia, UAN solutions, and
urea and a leading producer of ammonium nitrate in the U.S. and
the U.K.  For the trailing 12-month period ended June 30, 2006,
Terra had revenue of US$1.9 billion, EBITDA of approximately
US$117.9 million, and total debt with equity credit of US$354.5
million.


SUNDECKVIP LIMITED: Names Anthony David Kent Liquidator
-------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Sundeckvip Limited on Aug. 24 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Queensway Court
         Queensway
         Hemel Hempstead
         Hertfordshire HP1 1LS
         United Kingdom
         Tel: 01442 258 000


TIMBERLAND FOREST: Taps Joint Liquidators from Ashcrofts
--------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Timberland Forest Products Limited on
Aug. 25 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Timberland Forest Products Limited
         Chime Centre
         Old Nazeing Road
         Broxbourne
         Hertfordshire EN106RJ
         United Kingdom
         Tel: 0870 755 0155


TRANSEDA TECHNOLOGY: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------------
Creditors of Transeda Technology Limited confirmed Aug. 18 the
appointment of Terry Christopher Evans as the company's
Liquidator.

The company can be reached at:

         Transeda Technology Limited
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO533TG
         United Kingdom
         Tel: 023 8065 0740


TRM CORP: S&P Holds CCC Ratings on Developing Watch
---------------------------------------------------
Standard & Poor's Ratings Services' 'CCC' ratings on
Portland, Oregon-based TRM Corporation remained on CreditWatch
with developing implications, where they were placed on
March 21, 2006, reflecting continued operating uncertainties
since the CreditWatch placement.

"While the company was successful in refinancing its defaulted
credit agreement, operational trends continue to be negative,
the company is highly leveraged, and cash flow remains weak,"
said Standard & Poor's credit analyst Martha Toll-Reed.

ATM revenues declined 10% in the first six months of 2006,
mostly because of ATM attrition.  TRM expects continued erosion
of its ATM portfolio through 2006, although at a decelerating
pace.  Profitability has declined sharply, with EBITDA margins
at 14% for the first half of 2006, down from about 31% in the
year earlier period.  Vault cash expense, unfavorable foreign
exchange and higher processing expenses contributed to the
decline in profitability.

Cash flow remains under pressure because of declining profit
levels combined with required upgrades of about 60% of TRM's ATM
portfolio to comply with industry encryption standards.

Standard & Poor's will monitor the company's progress in
reversing current operating trends and evaluate its new credit
agreements to determine the final impact on the rating.  Upside
rating potential is predicated on confirmation of acceptable
profitability and cash flow trends.  If the company is unable to
reverse negative operating trends, the rating could be lowered.


TRM CORP: Moody's Withdraws Junk Ratings for Business Reasons
-------------------------------------------------------------
Moody's Investors Service withdrew all ratings for TRM
Corporation for business reasons.

Ratings withdrawn:

   -- Corporate Family Rating of Caa1; and
   -- Senior Secured Revolving Credit Faclity of Caa1; and
   -- Speculative grade liquidity rating of SGL-4.


TYSON FOODS: S&P Lowers Rating on US$2.1-Bln Sr. Unsecured Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating to
Springdale, Ark.-based meat processor Tyson Foods Inc.'s  
US$1 billion unsecured revolving credit facility maturing
Sept. 10, 2010, guaranteed by wholly owned subsidiary Tyson
Fresh Meats Inc.  

Also, a 'BBB-' rating was assigned to Canadian operating
subsidiary Lakeside Farm Industries Ltd.'s US$345 million
unsecured three-year term loan, guaranteed by Tyson and Tyson
Fresh Meats.
     
At the same time, Standard & Poor's lowered its rating on US$2.1
billion of the company's outstanding senior unsecured debt to
'BB+' from 'BBB-' because these debt issues do not have the
benefit of the Tyson Fresh Meats guarantee, which was recently
provided to the holders of Tyson's 6.6% notes due 2016.

Under Standard & Poor' notching criteria, the holders of the
US$2.1 billion of debt are disadvantaged because of the amount
of priority debt ahead of it.  The 'BBB-' rating on the 6.6%
notes was affirmed.  The 'BBB-' rating on Tyson Fresh Meats'
senior unsecured debt was also affirmed, due to this debt's
priority position in the event of bankruptcy.
     
In addition, Standard & Poor's affirmed its 'BBB-' long-term
corporate credit rating and 'A-3' short-term rating on Tyson and
its 'BBB-' long-term corporate credit rating on Tyson Fresh
Meats.  The rating outlook is negative.  About US$4.2 billion of
consolidated debt (including capitalized operating leases) was
outstanding at July 1.

"The 'BBB-' corporate credit rating reflects Tyson's market
positions in the poultry and meat production businesses, its
position as a low-cost producer, and the high barriers to entry
in these industries," said Standard & Poor's credit analyst
Jayne Ross.  

"Partially mitigating these strengths is the company's lower
operating margins following its acquisition of beef and pork
producer Tyson Fresh Meats and the inherent cyclical nature of
the protein sector."
     
Tyson is the world's largest fully integrated producer,
processor, and marketer of poultry-based products, which account
for about 32% of its total sales.  The company is also the
world's largest processor of fresh beef and a leading pork
processor.  

Beef and pork operations account for about 57% of sales and have
much lower EBITDA margins than the company's poultry segment,
which produces a much greater amount of value-added poultry
products.  

The prepared foods segment accounts for the remaining portion of
sales; this division manufactures and markets frozen and
refrigerated food products.  Tyson's products are sold through
the food service, retail, and wholesale club channels, as well
as internationally.


W.E. JONES: Hires Paul John Webb as Liquidator
----------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of W.E. Jones & Son (Hetton) Limited on
Aug. 15 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         W.E. Jones & Son (Hetton) Limited
         Claude Street
         Hetton Le Hole
         Houghton Le Spring
         Tyne And Wear DH5 0AU
         United Kingdom
         Tel: 0191 526 2139
         Fax: 0191 526 4301


WALBROOK INSURANCE: Scheme Administrators Pay Creditors
-------------------------------------------------------
Ian Bond and Chris Hughes, in their capacities as the scheme
administrators of Kingscroft Insurance Company Ltd., Walbrook
Insurance Company Ltd., El Paso Insurance Company Ltd., Lime
Street Insurance Company Ltd. and Mutual Reinsurance Company
Ltd. (KWELM Companies), have materialized the increased payments
to their creditors on Sept. 14, 2006.

The increased payment percentages are subject to the of 100% on
aggregate Scheme and Adjusting Payments under the Scheme of
Arrangement

The scheme administrators will pay the interest to the Scheme
Creditors of Walbrook and El Paso in October.

Revised Payment Percentages

                    Substantive Closure   Revised Payment
                    Distribution          Percentage
                    Percentage
                    (Dec. 15, 2005)       (Sept. 14, 2006)

   Kingscroft             81%                  83%
   Walbrook               100%                 100%
   El Paso                95%                  100%
   Lime Street            83%                  86%
   Mutual                 72%                  74%

Inquiries can be addressed to:

         KWELM Companies   
         c/o KMS Insurance Management Limited
         America House  
         2 America Square  
         London EC3N 2LU  
         Tel: +44 (0) 20 7488 5488  
         Fax: +44 (0) 20 7488 5478  
         E-mail: scheme.administrator@kwelm.com
         Web: http://www.kwelm.com/

The five companies known collectively as KWELM are insurance
companies incorporated in England (other than Mutual, which is
incorporated in Bermuda).

Kingscroft Insurance Company Limited, (formerly Kraft Insurance
Company Limited, and Kraft Insurance Company Limited and Dart
Insurance Company Limited), Walbrook Insurance Company Limited
El Paso Insurance Company Limited, Lime Street Insurance Company
Limited (formerly Louisville Insurance Company Limited), and
Mutual Reinsurance Company Limited were subsidiaries of the
insolvent London United Investments Plc (in Administration),
carrying on business principally through HS Weavers
(Underwriting) Agencies Limited and CR Driver & Co Limited.

The KWELM companies used to underwrite U.S. Casualty,
Professional Indemnity and other liability business from as
early as 1972.  They are no longer authorized to underwrite any
Insurance business.

The companies has been declared insolvent, having insufficient
assets to meet all its liabilities, including estimated future
claims in 1992.


YESTERYEAR PUB: Scottish & Newcastle Hires Begbies as Receivers
---------------------------------------------------------------
Scottish & Newcastle U.K. Limited appointed Steven John Williams
and David Robert Acland of Begbies Traynor joint administrative
receivers of The Yesteryear Pub Company Limited (Company Number
03402562) on Sept. 7.

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

Headquartered in Wigan, United Kingdom, The Yesteryear Pub
Company Limited -- http://www.yesteryearpubco.co.uk/-- trades  
under Bowling Green, Cross Keys, George, Harry's Bar, Jazz Bar,
Little Fifteen, Maloney's, Number Fifteen, Shrew, and Waiting
Room.


                           *********

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

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

                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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