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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, August 14, 2006, Vol. 7, No. 160    

                            Headlines


A U S T R I A

FAIR FREIGHT: Property Manager Says Insufficient Funds
GORBICZ GERHARD: First Creditors' Meeting Slated for Aug. 23
KEG SELAMI: First Creditors' Meeting Slated for Aug. 28
TRATTORIA SAN MARIO: First Creditors' Meeting Slated for Aug. 18


B E L G I U M

GOODYEAR TIRE: Reports US$2 Million Net Income in Second Quarter


G E R M A N Y

AGT ALLGEMEINE: Claims Registration Ends August 25
BODIE395 GMBH: Claims Registration Ends September 1
BUCKEYE TECHNOLOGIES: Earns US$1.2 Mil. in Quarter Ended June 30
GA-LA-BAU: Claims Registration Ends September 11
H & W GETRANKE: Claims Registration Ends September 11

HEIDELBERGCEMENT AG: Moody's Places Ba1 Ratings Under Review
HENGST BETEILIGUNGS: Claims Registration Ends August 22
HIBO-BAU: Claims Registration Ends August 23
KARSTADTQUELLE AG: S.J. Stockdale Heads Itellium Mgt. Board
LUX BAU: Claims Registration Ends September 11

RAHN & SCHIEFKE: Claims Registration Ends August 23
SYSTEMPARTNER COMPUTERVERTRIEBS: Meeting Slated for August 21
TUI AG: Financial Woes Prompt S&P to Revise Outlook to Negative
VISUAL MANAGEMENT: Claims Registration Ends September 12


I T A L Y

ALITALIA SPA: Selling Real Estate Assets
INTERNATIONAL PAPER: Earns US$115 Million in Second Quarter 2006
INTERNATIONAL PAPER: Sells Unit to CMP Holdings for US$1.4 Bln


K A Z A K H S T A N

AK-JIBEK: Creditors Must File Claims by Sept. 8
ATYRAUUNIVERSALSTROISERVIS: Creditors' Claims Due Sept. 8
BALKAR: Proof of Claim Deadline Slated for Sept. 11
RITON: Claims Registration Ends Sept. 11
TRANS-UGOL-SERVIS: Creditors Must Submit Claims by Sept. 11


N E T H E R L A N D S

CITYMORTGAGE MBS: Moody's Assigns B1 Rating to Class B Notes
DUTCH MORTGAGE: S&P Assigns BB Rating to Class D Notes
HEIDELBERGCEMENT FINANCE: Moody's Reviewing Ba1 Ratings


N O R W A Y

FALCONBRIDGE LTD: Extends Novicourt Shares Tender to August 22
FALCONBRIDGE: Commits to Major Investment Plan for Raglan Mine


P O L A N D

NETIA SA: Posts EUR5.8 Million Net Loss in 2006 First Half


R U S S I A

BOGATOVSKAYA SEL-KHOZ-KHIMIYA: M. Kiyamov to Manage Assets
OAO CAUSTIC: S&P Affirms Junk Corporate Credit Rating
CHELYABINSK-STROY-MATERIALS: E. Krestovskikh to Manage Assets
IN-OST: Tyumen Court Starts Bankruptcy Supervision
MARIYSKIY ZOO-VET-SNAB: Court Starts Bankruptcy Supervision

MARSHAL: Tatarstan Court Starts Bankruptcy Supervision
NAFTA-TRANS: Moscow Court Starts Bankruptcy Supervision
NIZHEGORODSKOYE ENTERPRISE: Court Starts Bankruptcy Supervision
NORTH-WEST: Fitch Affirms Issuer Default Rating at B+
NOVGOROD-AIR: Novgorod Court Starts Bankruptcy Supervision

PLASTCARD: S&P Affirms CCC+ Corporate Credit Rating
REINFORCED CONCRETE: Komi Court Starts Bankruptcy Supervision
RESTAURANT AIRPORT: Court Starts Bankruptcy Supervision
SEL-KHOZ-KHIMIYA: Perm Court Starts Bankruptcy Supervision
SERDOBSKIY ENGINEERING: Court Starts Bankruptcy Supervision

SURGUTNEFTEGASBANK: Low Risk Profile Spurs S&P to Lift Rating
SVOBODNYJ: Court Names S. Pintusova as Insolvency Manager
TENKINSKOYE TRANSPORT: Court Starts Bankruptcy Supervision
VEGETABLE-FRUIT TINNERY: O. Kuzmina to Manage Assets


U K R A I N E

CHERKASSY' NOODLE: Court Names Ludmila Zayikina as Liquidator
KOMSOMOLSKE' STONE: Court Starts Bankruptcy Supervision
MEDVIROB: Zaporizhya Court Starts Bankruptcy Supervision
MRIYA: Sumi Court Starts Bankruptcy Supervision
RANP: Hmelnitskij Court Starts Bankruptcy Supervision

RIVNENSHINA: Court Names Nadiya Slidzyona as Liquidator
RODOVID BANK: Moody's Assigns E+ Financial Strength Rating
SINTEZ: Zhitomir Court Names V. Mora as Insolvency Manager
SULKIVSKE: Court Names Vitalij Bolhovitin as Liquidator
UKRINVESTBUD: Kyiv Court Starts Bankruptcy Supervision

UKRINVESTCENTER: Court Names Vadim Bolejko as Liquidator


U N I T E D   K I N G D O M

40 AND 41 PARK: Appoints Joint Administrators from BWC Business
A1 KITCHEN: Names Claire L. Dwyer as Administrator
AMITY EUROPE: Taps Vantis to Administer Assets
AMT SYSTEMS: Names Jeremiah Anthony O'Sullivan Liquidator
ALDER PRECISION: Brings In Joint Liquidators from Vantis

ASSOCIATED PROJECT: Taps Peter Bridger to Liquidate Assets
BUILDING MAINTENANCE: Hires Administrators from Ernst & Young
C2 SUPPORT: Appoints Peter George Byatt as Liquidator
C.I.C. CARLISLE: Andrew T. Clay Leads Liquidation Procedure
CABLE & WIRELESS: Moody's Cuts Senior Notes Rating to B1

CELLTALK PLC: Brings In Begbies Traynor to Administer Assets
COTT CORP: Second Quarter Earnings Down to US$7.6 Million
CRYSTAL DYERS: Hires Joint Liquidators from CBA
DAREM LIMITED: Creditors Confirm Liquidator's Nomination
DRIFTWOOD CONSTRUCTION: Shay Lettice Leads Liquidation

DTV COMMERCIALS: Names Cooper Parry as Administrator
GCSS LIMITED: Creditors' Meeting Slated for August 21
FLOWER CRAFT: Hires Phillip Anthony Roberts to Liquidate Assets
GLOBAL OFFICE: Brings In KPMG as Joint Administrators
INCO LTD: Brazil's CVRD Offers to Buy Firm in All-Cash Bid

INTERPAT LIMITED: Names Andrew David Rosler as Administrator
KANA SOFTWARE: March 31 Balance Sheet Upside-Down by US$9.9 Mln
KEY RESOURCES: Creditors' Meeting Slated for August 22
MARLOWES RESTAURANTS: Brings in Liquidator from Nunn Hayward
MEDSTAR CYMRU: Creditors' Meeting Slated for August 16

METEK BUILDING: Brings In Joint Administrators from KPMG LLP
MILLFIELD GROUP: Appoints Joint Administrators from PwC
MMP GROUP: Brings In KPMG LLP to Administer Assets
NAISH ENGINEERING: Creditors' Meeting Slated for August 16
NICKKNOWS.COM LIMITED: Appoints Liquidator to Wind Up Business

O'CONNELLS LIMITED: Creditors' Confirm Liquidator's Appointment
OAKLEY TRAVEL: Creditors' Meeting Slated for August 16
PACKAGING PROMOTIONS: Taps Liquidator from Findlay James
QUICK GLAZE: Nominates Liquidator from Marks Bloom
REFCO INC: Chapter 7 Trustee Wants Court to Confirm Authority

REFCO INC: Files Amended Claimants List on Master Proof Filing
REFCO INC: Customers Want Rule 2004 Examination on Refco F/X
STAMPER ENTERPRISES: Creditors' Meeting Slated for August 17
TEXIMA LIMITED: Taps Joint Administrators from Hurst Morrison
THINKING FOOD: Submission of Claims Ends August 18

THOMAS HOLT: Names Matthew Bowker as Administrator
TITANIUM METALS: Earns US$56.2 Million in Second Quarter June 30
TOUCH TECHNOLOGY: Appoints Liquidator from Bottomley & Co.

                            *********

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


FAIR FREIGHT: Property Manager Says Insufficient Funds
------------------------------------------------------
Thomas Payer, the court-appointed property manager for LLC
Fair Freight (FN 253424h), declared on June 23 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 Salzburg, Austria, the Debtor declared
bankruptcy on April 12 (Bankr. Case No. 23 S 30/06s).

The property manager can be reached at:

         Mag. Thomas Payer
         Paris-Lodron-Str. 19
         5020 Salzburg
         Tel: 0662-872350
         Fax: 0662-871214
         E-Mail: office@lhl.at


GORBICZ GERHARD: First Creditors' Meeting Slated for Aug. 23
------------------------------------------------------------
Creditors owed money by LLC Gorbicz Gerhard (FN 95730f) are
encouraged to attend the first creditors' meeting at 9:30 a.m.
on Aug. 23 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 23 (Bankr. Case 4 S 108/06v).  Felix Stortecky serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Platz 2
         1010 Vienna
         Tel: 513 88 37
         Fax: 514 35 40
         E-Mail: ra-stortecky@aon.at


KEG SELAMI: First Creditors' Meeting Slated for Aug. 28
-------------------------------------------------------
Creditors owed money by KEG Selami (FN 204769g) are encouraged
to attend the first creditors' meeting at 9:00 a.m. on Aug. 28
to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Linz
         Hall 522
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 23 (Bankr. Case 12 S 55/06k).  Maria Kincses serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Mag. Maria Kincses
         Hochstrasse 1
         4060 Leonding
         Tel: 0732/683100
         Fax: 0732/6831100/10
         E-Mail: ramag.kincses@aon.at


TRATTORIA SAN MARIO: First Creditors' Meeting Slated for Aug. 18
----------------------------------------------------------------
Creditors owed money by LLC Trattoria San Mario (FN 28 S 42/06i)
are encouraged to attend the first creditors' meeting at 10:15
a.m. on Aug. 18 to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 23 (Bankr. Case 12 28 S 42/06i).  Gunther Hodl serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Mag. Dr. Gunther Hodl
         Schulerstrasse 18
         1010 Vienna
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-Mail: Hoedl@anwaltsteam.at  


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


GOODYEAR TIRE: Reports US$2 Million Net Income in Second Quarter
----------------------------------------------------------------
The Goodyear Tire & Rubber Company filed its financial results
for the second quarter ended June 30, 2006, with the Securities
and Exchange Commission on Aug. 4, 2006.

For the three months ended June 30, 2006, the Company earned
US$2 million of net income on US$5.14 billion of net revenues,
compared to US$69 million of net income on US$5 billion of net
revenues in 2005.

At June 30, 2006, the Company had US$1.56 billion in cash and
cash equivalents as well as US$1.68 billion of unused
availability under the company's various credit arrangements,
compared to US$2.16 billion and US$1.68 billion at Dec. 31,
2005, respectively.  Cash and cash equivalents decreased
primarily due to payments of debt maturities and funding of
seasonal working capital.  Cash and cash equivalents do not
include restricted cash.  Restricted cash primarily consists of
Goodyear contributions made related to the settlement of the
Entran II litigation and proceeds received pursuant to insurance
settlements.  In addition, the Company will, from time to time,
maintain balances on deposit at various financial institutions
as collateral for borrowings incurred by various subsidiaries,
as well as cash deposited in support of trade agreements and
performance bonds.

As of June 30, 2006, cash balances totaling US$224 million were
subject to restrictions, compared to US$241 million at Dec. 31,
2005.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?f3b

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

                           *     *     *

As reported in the Troubled Company Reporter on June 8, 2006,
Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on June 23, 2005,
Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.

As reported in the Troubled Company Reporter on June 22, 2005,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s US$400 million senior notes due
2015 and affirmed its 'B+' corporate credit rating.


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


AGT ALLGEMEINE: Claims Registration Ends August 25
-------------------------------------------------
Creditors of AGT Allgemeine Gebaudetechnik GmbH & Co. KG have
until Aug. 25 to register their claims with court-appointed
provisional administrator Alexander Saponjic.

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

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Landshut opened bankruptcy proceedings
against AGT Allgemeine Gebaudetechnik GmbH & Co. KG on July 19.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AGT Allgemeine Gebaudetechnik GmbH & Co. KG
         Sedlmeierweg 6
         85399 Hallbergmoos, Germany

The administrator can be contacted at:

         Alexander Saponjic
         Bachstr. 6
         84036 Landshut, Germany
         Tel: 0871/943210
         Fax: 0871/9432150


BODIE395 GMBH: Claims Registration Ends September 1
---------------------------------------------------
Creditors of BODIE395 GmbH have until Sept. 1 to register their
claims with court-appointed provisional administrator Joachim
Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Oct. 4 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against BODIE395 GmbH on July 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         BODIE395 GmbH
         Griegstrasse 25
         22763 Hamburg, Germany

The administrator can be contacted at:

         Joachim Buettner
         Osdorfer Highway 230
         22549 Hamburg, Germany
         Tel: 8078810
         Fax: 807881-20


BUCKEYE TECHNOLOGIES: Earns US$1.2 Mil. in Quarter Ended June 30
----------------------------------------------------------------
Buckeye Technologies, Inc., earned US$1.2 million after tax in
the quarter ended June 30, 2006.

The Company disclosed that the results included a US$800,000 tax
benefit and restructuring and impairment expenses of US$500,000
after tax on equipment sales at its closed operations in
Lumberton, North Carolina, and Glueckstadt, Germany.

During the same quarter of the prior year, the Company earned
US$8.8 million after tax, which included a US$5.5 million tax
benefit and US$1.7 million after tax, in restructuring and
impairment expenses.

The Company also disclosed that, during fiscal year 2006 it
earned US$2 million after tax, including restructuring and
impairment expenses of US$3.6 million after tax, compared to
fiscal year 2005 earnings of US$20.2 million after tax.

Net sales for the April-June quarter were US$193.4 million, 5%
above the US$183.9 million achieved in the same quarter of the
prior year.  Net sales for fiscal year 2006 were US$728.5
million, 2% above the US$712.8 million achieved in the prior
year.

John B. Crowe, the Company's chairman, said, "Fiscal year 2006
was highlighted by the completion of the restructuring programs
that began three years ago.  The closure of the Glueckstadt,
Germany cotton cellulose pulp plant and the start of market pulp
production at our Americana, Brazil cotton cellulose pulp plant
completed the planned consolidation necessary to improve our
cost structure.  While the Americana ramp-up has been slower
than we expected, the facility is building revenue and we expect
to improve financial performance in fiscal 2007.  With the
restructuring program completed, we are positioned for growth in
fiscal year 2007."

Mr. Crowe went on to say, "During fiscal year 2006 high energy,
chemical, and transportation costs coupled with the Americana
startup compressed our margins.  However, cash flow in the
second half of the fiscal year was encouraging.  Net cash
provided by operating activities for fiscal 2006 totaled US$58.7
million, which enabled us to complete the investment in
Americana and reduce debt by US$16 million (from US$537 million
to US$521 million).  We intend to continue to reduce debt in
fiscal 2007."

Headquartered in Memphis, Tennessee, Buckeye Technologies, Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- is a leading  
manufacturer and marketer of specialty fibers and nonwoven
materials.  The Company currently operates facilities in the
United States, Germany, Canada, and Brazil.  Its products are
sold worldwide to makers of consumer and industrial goods.

                           *     *     *

As reported in the Troubled Company Reporter on March 9, 2006,
Standard & Poor's Ratings Services revised its outlook on
Buckeye Technologies Inc. to negative from stable.  At the same
time, Standard & Poor's affirmed its ratings, including the
'BB-' corporate credit rating, on the Memphis, Tennessee-based
specialty pulp producer.


GA-LA-BAU: Claims Registration Ends September 11
------------------------------------------------
Creditors of GA-LA-Bau Fischer GmbH have until Sept. 11 to
register their claims with court-appointed provisional
administrator Ulrich Wenzel.

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

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against GA-LA-Bau Fischer GmbH on July 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         GA-LA-Bau Fischer GmbH
         Attn: Frank Kessler, Manager
         Nuthedamm 15
         14974 Ludwigsfelde, Germany

The administrator can be contacted at:

         Dr. Ulrich Wenzel
         Grossbeerenstrasse 231
         14480 Potsdam, Germany


H & W GETRANKE: Claims Registration Ends September 11
-----------------------------------------------------
Creditors of H & W Getranke Vertriebs GmbH have until Sept. 11
to register their claims with court-appointed provisional
administrator Katrin Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 11 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         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 H & W Getranke Vertriebs GmbH on July 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         H & W Getranke Vertriebs GmbH
         Attn: Frank Hattendorf, Manager
         Gutenbergstr. 8
         85737 Ismaning, Germany

The administrator can be contacted at:

         Katrin Bringezu
         Zwenkauer Str. 29
         04420 Markranstadt, Germany


HEIDELBERGCEMENT AG: Moody's Places Ba1 Ratings Under Review
------------------------------------------------------------
Moody's Investors Service placed the Ba1 long-term and Not-Prime
short-term debt ratings of HeidelbergCement AG and its
guaranteed finance subsidiaries HeidelbergCement Finance B.V.
and HeidelbergCement Financial Services AB on review for
possible upgrade.

The review is prompted by:

   -- the strong improvement in HeidelbergCement's financial
performance in the first half of 2006 following the
successful implementation of cost-cutting measures which
have resulted in, among others, a notably improved
financial leverage of RCF/Net Debt of 26% (LTM),

   -- the expectation that HeidelbergCement will continue to
benefit from the implementation of further cost-cutting
measures, and

   -- the improvement of HeidelbergCement's core markets.

Even taking into consideration potential share buybacks used to
service debt at its major shareholder, Spohn Cement, Moody's
notes that HeidelbergCement's business and financial risk
profile demonstrates many investment-grade characteristics but
remain constrained mainly by the remaining uncertainty about the
company's short-term refinancing plans.

The review will therefore focus on HeidelbergCement's
refinancing strategy with a particular focus on the debt coming
due in the beginning of next year.  HeidelbergCement's
EUR1-billion benchmark bond, of which around EUR300 million has
already been bought back, comes due at the beginning of 2007.
Coupled with EUR300 million in commercial papers currently
outstanding, this leads to refinancing requirements of more than
EUR1 billion within the next seven months.

Dividend and several other restrictions imposed by the
documentation of the existing high-yield bond will be removed in
the event that the company achieves an investment-grade rating.
Moody's expects that management will continue to manage the
company's cash flows prudently in the event that a higher-than-
expected contribution from HeidelbergCement is needed for
repayment of the Spohn debt, without compromising the company's
improved capital structure.

Ratings placed on review for possible upgrade:

On Review for Possible Upgrade:

Issuer: HeidelbergCement AG

   -- Ba1 Corporate Family Rating;

   -- Ba1 Issuer Rating;

   -- Ba1 Senior Unsecured Bank Credit Facility;

   -- Ba1 and Not-Prime Rating of Senior Unsecured Medium-Term
Note Program; and

   -- Ba1 Senior Unsecured Regular Bond/Debenture.

Issuer: Heidelbergcement Finance B.V.

   -- Ba1 and Not-Prime Rating of Senior Unsecured Medium-Term
Note Program; and

   -- Ba1 Rating of Senior Unsecured Regular Bond/Debenture.

Issuer: Heidelbergcement Financial Services AB

   -- Ba1 and Not-Prime Rating of Senior Unsecured Medium-Term
Note Program

Outlook Actions:

Issuer: HeidelbergCement AG

   -- Outlook, Changed To Rating Under Review From Positive

Issuer: Heidelbergcement Finance B.V.

   -- Outlook, Changed To Rating Under Review From Positive

Issuer: Heidelbergcement Financial Services AB

   -- Outlook, Changed To Rating Under Review From Positive.

Moody's previous rating action on HeidelbergCement was the
confirmation of the ratings at Ba1 with a positive outlook in
September 2005.

Headquartered in Heidelberg, Germany, HeidelbergCement AG was
founded in 1873 and is publicly traded.  The company produces
cement as well as building materials and building chemicals.  
The group's first-half revenues in fiscal 2006 amounted to
EUR4.3 billion.


HENGST BETEILIGUNGS: Claims Registration Ends August 22
-------------------------------------------------------
Creditors of Hengst Beteiligungs GmbH have until Aug. 22 to
register their claims with court-appointed provisional
administrator Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Sept. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Wuppertal opened bankruptcy proceedings
against Hengst Beteiligungs GmbH on July 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hengst Beteiligungs GmbH
         Attn: Ursula Hengst and Ioannis Trikaliotes, Managers
         Trecknase 7 - 9
         42897 Remscheid, Germany

The administrator can be contacted at:

         Norbert Weber
         Friedrich-Ebert-Road 146
         42117 Wuppertal, Germany


HIBO-BAU: Claims Registration Ends August 23
--------------------------------------------
Creditors of HIBO-Bau GmbH i.L. have until Aug. 23 to register
their claims with court-appointed provisional administrator
Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Sept. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against HIBO-Bau GmbH i.L. on July 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HIBO-Bau GmbH i.L.
         Altonaer Chaussee 49
         22869 Schenefeld, Germany

         Attn: Karl-Friedrich Meyer, Liquidator
         Village Route 28
         23847 Siebenbaumen, Germany

The administrator can be contacted at:

         Dr. Tjark Thies
         Cathedral Route 15
         20095 Hamburg, Germany
         Tel: 41522416


KARSTADTQUELLE AG: S.J. Stockdale Heads Itellium Mgt. Board
-----------------------------------------------------------
Steven-James Stockdale has been appointed Chairman of the
Management Board at Itellium Systems & Services GmbH effective
Aug. 1.  He also serves as chief information officer at
KarstadtQuelle AG.  

The graduate business economist and computer scientist was
previously employed at Lidl & Schwarz, where he was member of
the Management Board responsible for IT and Organization.  Prior
to this, as CIO of MediaMarkt/Saturn, he spent four years
leading the company's international expansion in ten European
countries.  Stockdale also served on the international IT and
Organization Committee of the Metro Group. Stockdale, 51, who
was born in Llaniltyd Fawr (Wales, United Kingdom), is married
and has four children.

As Chairman of the Management Board, Steven-James Stockdale will
be responsible for business development and other Group-wide
activities at Itellium.  The remits of the other members of the
Management Board remain unchanged: Joachin Brands retains
responsibility for IT in Over-the-Counter Retail, while Dr.
Peter Patzina remains responsible for IT in Mail Order.   

Itellium Systems & Services GmbH is KarstadtQuelle AG's IT
service company.  With around 650 staff employed in Essen,
Frankfurt and Nuremberg, it is a major provider in the
innovative, growing market of information technology.

                       KarstadtQuelle

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- operates department stores and  
mail order businesses.  It has annual sales of EUR15.5 billion
and employs around 70,000.  The retailer has been suffering from
sluggish consumption and high unemployment rate in Germany.  
KarstadtQuelle posted an EBITDA of -EUR428 million in 2004.  The
group is currently restructuring operations by selling off non-
core assets and implementing cost-saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.

In 2005, net financial liabilities were reduced by a third to
EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion
in the previous year.


LUX BAU: Claims Registration Ends September 11
----------------------------------------------
Creditors of LUX Bau GmbH Bautrager-Baubetreuer-Makler have
until Sept. 11 to register their claims with court-appointed
provisional administrator Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Oct. 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 Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against LUX Bau GmbH Bautrager-Baubetreuer-Makler on July 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         LUX Bau GmbH Bautrager-Baubetreuer-Makler
         Werkstr. 16
         45527 Hattingen, Germany

         Attn: Esad Kurbasevic, Manager
         Erlenweg 9
         45525 Hattingen, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Jagerhofstr. 29
         40479 Duesseldorf, Germany
         Tel: 0211/5406800


RAHN & SCHIEFKE: Claims Registration Ends August 23
---------------------------------------------------
Creditors of Rahn & Schiefke Planbau GmbH have until Aug. 23 to
register their claims with court-appointed provisional
administrator Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Sept. 18 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against Rahn & Schiefke Planbau GmbH on July 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Rahn & Schiefke Planbau GmbH
         Bahnhofstr. 7
         41849 Wassenberg, Germany

         Attn: Uwe Rahn and Norbert Schiefke
         Gerhard Hauptmann-Ring 11
         81737 Munich

The administrator can be contacted at:

         Dr. Martin Dreschers
         Juelicher Road 116
         52070 Aachen, Germany
         

SYSTEMPARTNER COMPUTERVERTRIEBS: Meeting Slated for August 21
-------------------------------------------------------------
The court-appointed provisional administrator for Systempartner
Computervertriebs GmbH, Silke Hasenoehrl, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m. on Aug. 21.

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

         The District Court of Passau
         Meeting Room 12
         Schustergasse 4
         Passau, Germany

The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on Oct. 9 at the same
venue.

Creditors have until Aug. 31 to register their claims with the
court-appointed provisional administrator.

The District Court of Passau opened bankruptcy proceedings
against Systempartner Computervertriebs GmbH on July 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Systempartner Computervertriebs GmbH
         Spitalhofstr. 78
         94032 Passau, Germany

The administrator can be reached at:

         Silke Hasenoehrl
         Bahnhofstr. 28
         94032 Passau, Germany
         Tel: 0851/9885960


TUI AG: Financial Woes Prompt S&P to Revise Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based integrated tourism and container shipping group
TUI AG to negative from positive, following disappointing first-
half results in the group's shipping division, owing to
overcapacity and pricing pressure.  At the same time, the 'BB+'
long-term corporate credit rating and related debt ratings on
TUI were affirmed.

"The negative outlook reflects the significant deterioration in
our expectation of the funds from operations (FFO)-to-net debt
ratio achievable by TUI in 2006 and 2007," said Standard &
Poor's credit analyst Olaf Toelke.

"Based on the earnings shortfall in the container shipping
division in the first half of 2006 and its potential longer-term
implications, we expect TUI to achieve a ratio of between 20%
and 25% in 2006, on a fully adjusted basis."

TUI's first-half 2006 performance was mainly characterized by
the container shipping division's loss of EUR41 million, while
the tourism segment recorded satisfactory results.

"It is therefore unrealistic to expect that the company will be
able to achieve the targeted FFO-to-net debt ratio of 35%,
adjusted for pensions and leases, within a reasonable time,"
said Mr. Toelke.
     
The ratings on TUI continue to reflect the group's exposure to
cyclical and the competitive European tourism and global
container shipping markets.  In addition, the recent takeover of
CP Ships Ltd., while positive from a business point of view,
poses integration risk.  

TUI's current financial profile needs to be seen in the context
of the group's long-lasting transformation process from an
industrial conglomerate to a group focusing on tourism and
shipping, and its dependence on volatile underlying markets.  
The rating is supported by TUI's leading position in European
tourism markets, with a market share of 10%-15%; its increased
exposure to the growing container shipping market, where its
combined units Hapag Lloyd and CP Ships rank among the top-five
global container shipping operators; and its balanced geographic
position.  

At June 30, 2006, TUI's total financial debt consisted of EUR4
billion (US$4.8 billion) in senior unsecured debt and a EUR295
million hybrid issue.

With annual 2005 group revenues of EUR19.6 billion, TUI has two
core divisions: an integrated European tourism operating
division and a global container shipping division.  The group
derived about 60% of group profits from tourism and 40% from
container shipping in 2005.


VISUAL MANAGEMENT: Claims Registration Ends September 12
--------------------------------------------------------
Creditors of Visual Management GmbH have until Sept. 12 to
register their claims with court-appointed provisional
administrator Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Oct. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against Visual Management GmbH on July 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Visual Management GmbH
         Liebigstrasse 72
         22113 Hamburg, Germany

         Attn: Michael Blumkowski, Manager
         Dahmsdorf 42
         23619 Zarpen, Germany

The administrator can be contacted at:

         Dr. Tjark Thies
         Cathedral Route 15
         20095 Hamburg, Germany
         Tel: 41522416


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


ALITALIA SPA: Selling Real Estate Assets
----------------------------------------
National carrier Alitalia S.p.A. is planning to auction off
around 50 hectares of real properties, Bloomberg News says.

Alitalia will sell lands owned near the Fiumicino Airport and at
the company's headquarters in Rome.

Alitalia will also sell part some of its office building in
Sesto San Giovanni, Bloomberg News relates.  An Alitalia
spokesman, however, declined to reveal the value of the sale.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


INTERNATIONAL PAPER: Earns US$115 Million in Second Quarter 2006
----------------------------------------------------------------
International Paper Company filed its second quarter financial
statements for the three months ended June 30, 2006, with the
Securities and Exchange Commission on Aug. 7, 2006.

For the second quarter of 2006, International Paper reported net
sales of US$6.3 billion, compared with US$5.9 billion in the
second quarter of 2005 and US$6.1 billion in the first quarter
of 2006.

Net income totaled US$115 million in the second quarter of 2006.
This compared with net income of US$77 million in the second
quarter of 2005 and a net loss of US$1.2 billion in the first
quarter of 2006.  The first quarter 2006 net loss included a
US$1.3 billion pre-tax charge to reduce the carrying values of
the net assets of the Coated and Supercalendered Papers
businesses to their estimated fair value.  Amounts include the
effects of special items in all periods.

At June 30, 2006, the Company's balance sheet showed
US$26.154 billion in total assets, US$18.853 billion in total
liabilities, US$200 million in minority interests, and
US$7.101 billion in total stockholders' equity.

                      Antitrust Matters

The Company is party to a class action lawsuit by a group of
private landowners alleging that the Company and certain of its
fiber suppliers, known as Quality Suppliers, engaged in an
unlawful conspiracy to artificially depress the prices at which
the Company procures fiber for its mills.

While the Company continues to maintain that its Quality
Supplier program did not violate any antitrust laws,
International Paper agreed to settle this case in the second
quarter by paying US$12.4 million, including plaintiff counsel
fees.

The Federal District Court in Columbia, South Carolina, has
preliminarily approved the settlement.  A final hearing for
court approval is scheduled for Sept. 25, 2006.

The Company was a defendant in a purported antitrust class
action brought by purchasers of coated publication papers in
various U.S. federal and state courts.  These cases are based on
alleged cartel activity by various U.S. and European
manufacturers of coated papers.  The Company believed it was not
a proper party to these cases, and in the second quarter, has
been dismissed with prejudice from all but one remaining
California indirect-purchaser case.  In that case, the Company
and the California indirect-purchaser class counsel have filed a
stipulation to dismiss the Company as a defendant, which is
pending court approval.

Full-text copies of the second quarter financials are available
for free at http://ResearchArchives.com/t/s?f51

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.  
These businesses are complemented by an extensive North American
merchant distribution system.  International Paper is committed
to environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


INTERNATIONAL PAPER: Sells Unit to CMP Holdings for US$1.4 Bln
--------------------------------------------------------------
International Paper completed the sale of its coated and
supercalendered papers business to CMP Holdings LLC, for
approximately US$1.4 billion, plus approximately US$30 million
in the form of a 10% limited partnership interest in CMP
Investments L.P.

CMP Investments L.P is the parent company of CMP Holdings, which
is also a subsidiary of Verso Paper Holdings LLC, an affiliate
of Apollo Management L.P.

                          New Name

The business will be renamed Verso Paper Holdings LLC.  It
annually produces approximately 1.7 million tons of coated
freesheet and coated groundwood papers for the magazine, catalog
and retail insert markets.  It includes four paper mills,
located in Jay, Maine; Bucksport, Maine; Quinnesec, Mich.; and
Sartell, Minn., and generated US$1.6 billion in sales in 2005.  
Its major brands are Advocate(R), Influence(R), Liberty(TM),
Savvy(R), Trilogy(R) and Velocity(TM).  The business, which will
remain headquartered in Memphis, Tenn., employs approximately
3,000 people.

               Sale of Sartell Hybrid Poplar

International Paper also disclosed that it has agreed to sell
the Sartell Hybrid Poplar Farm to CMP Fiber Farm LLC, a
subsidiary of CMP Investments.

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.  
These businesses are complemented by an extensive North American
merchant distribution system.  International Paper is committed
to environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


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


AK-JIBEK: Creditors Must File Claims by Sept. 8
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Ak-Jibek insolvent.

Creditors have until Sept. 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Atyrau Region
         3rd Floor
         Abai Str. 10a
         Atyrau
    Atyrau Region
    Kazakhstan


ATYRAUUNIVERSALSTROISERVIS: Creditors' Claims Due Sept. 8
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Atyrauuniversalstroiservis insolvent.

Creditors have until Sept. 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Atyrau Region
         3rd Floor
    Atyrau
    Atyrau Region
         Kazakhstan


BALKAR: Proof of Claim Deadline Slated for Sept. 11
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Balkar (RNN 302500210205) insolvent without
the introduction of the bankruptcy proceedings.

Creditors have until Sept. 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
    Karaganda
         Karaganda Region
    Kazakhstan


RITON: Claims Registration Ends Sept. 11
----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Riton insolvent.

Creditors have until Sept. 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
    Karaganda
     Karaganda Region
    Kazakhstan


TRANS-UGOL-SERVIS: Creditors Must Submit Claims by Sept. 11
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Trans-Ugol-Servis declared insolvent on June 26.

Creditors have until Sept. 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Gogol Str. 177a
    Kostanai
    Kostanai Region
         Kazakhstan


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


CITYMORTGAGE MBS: Moody's Assigns B1 Rating to Class B Notes
------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the Notes issued by CityMortgage MBS Finance B.V.:

   -- US$63,127,964 Class A-FL Senior Mortgage-Backed Sequential
Capped Floating Rate Pass-through Notes due 2033: Baa2;

   -- US$ Class A-IIO Senior Mortgage-Backed Inverse Interest-
only Notes due 2033: Baa2; and

   -- US$6,288,610 9.25 per cent. Class B Mezzanine Mortgage-
Backed Fixed Rate Pass-through Notes due 2033: B1.

Moody's has not assigned ratings to the US$3,144,305 9.25 per
cent.  Class Z Subordinated Accrual and Profit Participation
Notes.

CityMortgage MBS Finance B.V., an SPV incorporated under the
laws of The Netherlands, issued four classes of US dollar-
denominated notes to fund the purchase of receivables arising
from Russian mortgage loans originated by CityMortgage Bank.  
The transfer of Mortgage Certificates (zakladnaya), the
Collection Account Agreement, the Custodian Agreement, and the
Pledge Agreement are governed by Russian law, while the
remaining documents are governed by English or Dutch law.

The ratings of the notes are inter alia based on:

   -- favorable pool characteristics such as the moderate
weighted average LTV of 61.8%,

   -- the sound legal structure including the re-registration
of all mortgages in the name of the Issuer, and

   -- credit enhancement in the form of subordination - for
the Class A: subordination of Class B (8.67%) and Class Z
(4.33%) and for the Class B, subordination of Class Z.
Class Z Notes will be acquired by CityMortgage Bank.

The pool consists of fixed rate loans, denominated in US dollars
and secured by mortgages on approximately 1,300 residential
properties mainly located in Moscow, the Moscow region, and St.
Petersburg.  The servicing will be done by CityMortgage Bank,
while ZAO Raiffeisen Austria is the contracted back-up servicer
for this transaction.

Moody's ratings of each of the Notes address the expected loss
posed to investors by the legal final maturity.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


DUTCH MORTGAGE: S&P Assigns BB Rating to Class D Notes
------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the subordinate
classes of notes issued by Dutch Mortgage Portfolio Loans III
B.V.  The senior class A notes in the transaction remain
unaffected by the CreditWatch placement.
  
The CreditWatch placement follows an initial review of the most
recent information received for the transaction by Standard &
Poor's.
  
This analysis showed that the likelihood of a positive rating
action has increased for all the classes listed below. Levels of
credit enhancement available to the notes placed on CreditWatch
positive have improved and the underlying collateral continues
to perform well.
  
Standard & Poor's has received loan-level data for this
transaction and will now carry out a more detailed loan-level
and cash flow analysis to investigate whether any or all of
these notes can attain a higher rating.  The results of this
review and any changes in the ratings are expected in the next
three months.
  
The notes, issued in December 2003, are backed by a portfolio of
performing loans secured by first and (in combination with
first) sequential lower-ranking mortgages over residential
properties situated in The Netherlands.
  
                      Ratings List
           Dutch Mortgage Portfolio Loans III B.V.
       EUR1.256 Billion Secured Floating-Rate Notes
  
                 Class                   Rating
                 -----                   ------                
                             To                        From
                             --                        ----

Ratings Placed On CreditWatch With Positive Implications
  
                B            A/Watch Pos               A
                C            BBB/Watch Pos             BBB
                D            BB/Watch Pos              BB


HEIDELBERGCEMENT FINANCE: Moody's Reviewing Ba1 Ratings
-------------------------------------------------------
Moody's Investors Service placed the Ba1 long-term and Not-Prime
short-term debt ratings of HeidelbergCement AG and its
guaranteed finance subsidiaries HeidelbergCement Finance B.V.
and HeidelbergCement Financial Services AB on review for
possible upgrade.

The review is prompted by:

   -- the strong improvement in HeidelbergCement's financial
performance in the first half of 2006 following the
successful implementation of cost-cutting measures which
have resulted in, among others, a notably improved
financial leverage of RCF/Net Debt of 26% (LTM),

   -- the expectation that HeidelbergCement will continue to
benefit from the implementation of further cost-cutting
measures, and

   -- the improvement of HeidelbergCement's core markets.

Even taking into consideration potential share buybacks used to
service debt at its major shareholder, Spohn Cement, Moody's
notes that HeidelbergCement's business and financial risk
profile demonstrates many investment-grade characteristics but
remain constrained mainly by the remaining uncertainty about the
company's short-term refinancing plans.

The review will therefore focus on HeidelbergCement's
refinancing strategy with a particular focus on the debt coming
due in the beginning of next year.  HeidelbergCement's
EUR1-billion benchmark bond, of which around EUR300 million has
already been bought back, comes due at the beginning of 2007.
Coupled with EUR300 million in commercial papers currently
outstanding, this leads to refinancing requirements of more than
EUR1 billion within the next seven months.

Dividend and several other restrictions imposed by the
documentation of the existing high-yield bond will be removed in
the event that the company achieves an investment-grade rating.
Moody's expects that management will continue to manage the
company's cash flows prudently in the event that a higher-than-
expected contribution from HeidelbergCement is needed for
repayment of the Spohn debt, without compromising the company's
improved capital structure.

Ratings placed on review for possible upgrade:

On Review for Possible Upgrade:

Issuer: HeidelbergCement AG

   -- Ba1 Corporate Family Rating;

   -- Ba1 Issuer Rating;

   -- Ba1 Senior Unsecured Bank Credit Facility;

   -- Ba1 and Not-Prime Rating of Senior Unsecured Medium-Term
Note Program; and

   -- Ba1 Senior Unsecured Regular Bond/Debenture.

Issuer: Heidelbergcement Finance B.V.

   -- Ba1 and Not-Prime Rating of Senior Unsecured Medium-Term
Note Program; and

   -- Ba1 Rating of Senior Unsecured Regular Bond/Debenture.

Issuer: Heidelbergcement Financial Services AB

   -- Ba1 and Not-Prime Rating of Senior Unsecured Medium-Term
Note Program

Outlook Actions:

Issuer: HeidelbergCement AG

   -- Outlook, Changed To Rating Under Review From Positive

Issuer: Heidelbergcement Finance B.V.

   -- Outlook, Changed To Rating Under Review From Positive

Issuer: Heidelbergcement Financial Services AB

   -- Outlook, Changed To Rating Under Review From Positive.

Moody's previous rating action on HeidelbergCement was the
confirmation of the ratings at Ba1 with a positive outlook in
September 2005.

Headquartered in Heidelberg, Germany, HeidelbergCement AG was
founded in 1873 and is publicly traded.  The company produces
cement as well as building materials and building chemicals.  
The group's first-half revenues in fiscal 2006 amounted to
EUR4.3 billion.


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


FALCONBRIDGE LTD: Extends Novicourt Shares Tender to August 22
--------------------------------------------------------------
Following the expiry on Aug. 9 of Falconbridge Limited's
offer dated June 26, 2006, to purchase all of the outstanding
common shares of its subsidiary, Novicourt Inc., that
Falconbridge does not already own, all of the conditions set out
in the Offer had been met.  

A total of 5,068,720 Novicourt Shares, representing
approximately 66.5% of all Novicourt Shares that were not
already owned by Falconbridge, were tendered to the Offer.  
Accordingly, Falconbridge has taken up and intends to pay for
all Novicourt Shares deposited under the Offer on Aug. 14, 2006.

Falconbridge granted additional time to Novicourt shareholders
who have not yet tendered their Novicourt Shares, by extending
its offer to 6:00 p.m. (Toronto time) on Aug. 22, 2006.  
Falconbridge intends to acquire all outstanding Novicourt Shares
not tendered by that date pursuant to rights of compulsory
acquisition, if available, or pursuant to a subsequent
acquisition transaction, with the result that Novicourt will
become a wholly owned subsidiary of Falconbridge.

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

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 4, 2006,
Standard & Poor's Ratings Services revised the CreditWatch
implications on Inco Ltd. and Falconbridge Ltd. to positive from
developing, where they were placed July 18, 2006.  This action
stems from the lower probability under all current takeover
scenarios that ratings will be lowered into the speculative-
grade category.

The ratings on Falconbridge will likely be raised or affirmed at
'BBB-', assuming that Xstrata PLC (parent of Xstrata Queensland
Ltd. (BBB+/Watch Neg/--)) is successful in acquiring
Falconbridge on Aug. 14, 2006, which now appears highly probable
after Inco dropped its bid last week.

Falconbridge Ltd.'s CDN$0.9 Million Cumulative Preffered Shares
Series 1, CDN$119.7 Million Cumulative Preferred Shares Series
2, and CDN$150 Million Preferred Shares Series H, all carry
Standar & Poor's BB rating.


FALCONBRIDGE: Commits to Major Investment Plan for Raglan Mine
--------------------------------------------------------------
Falconbridge Ltd. reported a major investment program for its
nickel installations in Northern Quebec, at the Raglan Mine in
Nunavik Territory.  The declaration was made in the presence of
Quebec Premier Jean Charest and the Minister of Natural
Resources and Fauna Pierre Corbeil.

Falconbridge disclosed the launch of two important studies for
the Raglan Mine expansion.  The first will focus on developing
new ore reserves to replace those depleted since the mine's
opening in 1997.  This investment will likely reach nearly
CDN$240 million over six years.

The second study is to support the expansion of nickel ore
production from one million tonnes per year to 1.3 million tons
as early as 2009.  This 30% increase, requiring an additional
investment of roughly CDN$250 million, would create 50
additional jobs and increase the value of annual royalties
Falconbridge pays to local Inuit communities.  On April 7, 2006,
Falconbridge presented a CDN$9.3 million cheque to the Makivik
Corporation covering the payment of the first royalties as part
of the Raglan Agreement.

This amount is in addition to the nearly CDN$200 million in
equipment and upgrades Falconbridge has invested at the Raglan
Mine in the past two years.  The initial investment in the
construction of Raglan was in excess of US$600 million.

Falconbridge also reported the start of major renovations to its
Deception Bay loading dock.  The CDN$50 million investment will
extend the dock's service life and support the production
increases.

"These studies will enable the Raglan Mine to expand production
while maintaining the flow of benefits to local Inuit
communities, and also respecting the environment", stated Ian
Pearce, Chief Operating Officer of Falconbridge.  "Falconbridge
has strong roots in the immense Abitibi-Temiscamingue region of
Quebec, through its predecessor company Noranda.  Over the past
75 years we have made every effort to combine economic and
community benefits in all our projects, while continuously
improving our environmental performance.  In recent years,
Quebec has demonstrated its unequivocal support for the mining
sector and is today one of the world's most attractive
jurisdictions for our industry."

Inaugurated in 1997, the Falconbridge nickel mining camp at
Raglan comprises three underground mines, one open-pit mine, as
well as a concentrator.  The site enjoys year-round road
connections to a landing strip at Donaldson and to harbour
facilities at Deception Bay.  Ore from the mine is crushed,
ground and processed into nickel-copper concentrate at the
Raglan plant.

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

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 4, 2006,
Standard & Poor's Ratings Services revised the CreditWatch
implications on Inco Ltd. and Falconbridge Ltd. to positive from
developing, where they were placed July 18, 2006.  This action
stems from the lower probability under all current takeover
scenarios that ratings will be lowered into the speculative-
grade category.

The ratings on Falconbridge will likely be raised or affirmed at
'BBB-', assuming that Xstrata PLC (parent of Xstrata Queensland
Ltd. (BBB+/Watch Neg/--)) is successful in acquiring
Falconbridge on Aug. 14, 2006, which now appears highly probable
after Inco dropped its bid last week.

Falconbridge Ltd.'s CDN$0.9 Million Cumulative Preffered Shares
Series 1, CDN$119.7 Million Cumulative Preferred Shares Series
2, and CDN$150 Million Preferred Shares Series H, all carry
Standar & Poor's BB rating.


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


NETIA SA: Posts EUR5.8 Million Net Loss in 2006 First Half
----------------------------------------------------------
Netia S.A. released its unaudited consolidated financial results
for the second quarter and six months ended June 30, 2006.

Revenues for the first half of 2006 were PLN421.7 million
(EUR104.3 million), representing a year-on-year decrease of 4%.
Revenues for the second quarter of 2006 were PLN203.3 million
(EUR50.3 million), representing a year-on-year decrease of 9%.

EBITDA for the first half of 2006 was PLN117.2 million (EUR29
million), representing an EBITDA margin of 27.8%.  EBITDA for
the second quarter of 2006 was PLN58.4 m (EUR14.5 million),
representing an EBITDA margin of 28.8%.  

In the second quarter of 2006, Netia recorded a non-cash
exceptional adjustment of PLN10.4 million (EUR2.6 million) as a
result of reassessment of the carrying value of El-Net's license
fee liabilities upon receiving positive decisions on their
partial cancellation.

Accordingly, EBITDA for the first of half of 2006 adjusted by
the above one-off item amounted to PLN106.8 million
(EUR26.4 million), representing an adjusted EBITDA margin of
25.3%.  Adjusted EBITDA for the second quarter of 2006 was
PLN48 million (EUR11.9 million), representing an adjusted EBITDA
margin of 23.6%.

Net loss for the first half of 2006 was PLN23.3 million (EUR5.8
million), while net loss for the second quarter of 2006 was
PLN12.8 million (EUR3.2 million).

Cash and cash equivalents at June 30, 2006 were PLN136 million
(EUR33.6 million) as compared to PLN 308.6 million at
June 30, 2005 and PLN229 million at March 31, 2006.  In
addition, at June 30, 2006, Netia held PLN54.6 million
(EUR13.5 million) in money market funds deposits, as compared to
PLN63.9 million at March 31, 2006, and a further PLN61.5 million
(EUR15.2 million) represented prepaid consideration for the
acquisition of Pro Futuro SA.

The acquisition of Pro Futuro SA, an independent
telecommunications operator, for the total amount of
PLN70 million (EUR17.3 million), net of transaction costs, was
completed by Netia in July 2006.

At June 30, 2006, the company's balance sheet showed PLN2.5
million in total assets and PLN220,945 in total liabilities.  
Total stockholders' equity for the period amounted to PLN2.3
million.

Operational Highlights:

   -- Sales of telecommunications products other than
traditional direct voice (including indirect voice, data
transmission, interconnection revenues, wholesale,
intelligent network and other telecom services) increased
their share in total revenues from telecom services to 49%
or PLN98.8 million (EUR24.4 million) in the second
quarter of 2006 from 44% in the second quarter of 2005
and to 49% or PLN205.8 million (EUR50.9 million) in the
first half of 2006 from 42% in the first half of 2005.

   -- Revenues from business customers accounted for 75% and 76%
of total telecom revenues in the second quarter of 2006
and in the first half of 2006, respectively, as compared
to 74% in the second quarter of 2005 and 73% in the first
half of 2005.

   -- Subscriber lines (net of voluntary churn and
disconnections) were 404,451 at June 30, 2006 as compared
with 423,678 at June 30, 2005 and 406,738 at March 31,
2006.  Business customer lines increased by 5% year-on-
year to 156,184 and now account for 38.6% of total
subscriber lines as compared to 35.2% a year ago.

   -- ADSL active ports increased to 46,566 at June 30, 2006 as
compared with 31,470 at June 30, 2005, reaching a
penetration rate of 12% of Netia's total subscriber lines.

   -- ARPU (average monthly revenue per line with regard to
direct voice services only) decreased by 14% to PLN84
(EUR21) in the second quarter of 2006 from PLN98 in the
second quarter of 2005 and by 6% from PLN89 in the first
quarter of 2006, reflecting the continued overall tariff
reduction trends in the sector.

   -- Headcount of the Netia group was 1,295 at June 30, 2006,
compared with 1,201 at June 30, 2005 and 1,246 at March
31, 2006.  Headcount growth principally supports WiMAX and
anti-churn strategic initiatives.  As of July 1, 2006, 301
Netia employees were transferred to Ericsson under the
managed services contract for network maintenance signed
on April 28, 2006.

   -- A framework agreement on delivering transmission solutions
for P4's UMTS network was signed between Netia and
P4 on July 3, 2006.

Wojciech Madalski, Netia's President and Chief Executive
Officer, commented, "Netia was faced with a challenging
operating environment this quarter, as continued weakness in the
direct voice segment impacted our financial performance.
To counter the difficulty in this market, we continue our
efforts to grow our business related products other than
traditional voice, and have increased these sales as a
percentage of total revenues to 49% from 42% in the first half
of 2005.  At the same time, fixed costs remain under tight
control while we continue to invest in new initiatives such as
WiMAX and anti-churn projects.

"Netia has been successful in building and expanding the scope
of its capabilities in support of our growth strategy.  We are
pleased to announce that in early July we signed a five-year
agreement with P4 for the delivery of transmission solutions on
its 3G network.  We expect to recognize significant revenue over
the five-year period as a result of this agreement, beginning in
2007.  We also completed the acquisition of Pro Futuro, an
independent telecommunications operator, from which we expect to
realize significant synergies and cross-selling opportunities.
Specifically, we expect to leverage Pro Futuro's extensive radio
network to accelerate our progress in WiMAX.

"WiMAX roll-out continues, as we recently commenced a large-
scale commercial trial.  We currently have seven stations fully
operational as part of this trial, and expect to have stations
up and running in 20 cities nationwide by the end of August.
Our goal is to install 80 base stations by the end of 2006.
Successful development of WiMAX-based services is expected to be
a key growth driver in 2007.

"At P4, our mobile venture, we reached a major milestone signing
a national roaming agreement with Polkomtel in early June.

"Despite difficult industry trends in direct voice, through
WiMAX and P4 initiatives, Netia has taken strategic steps to
diversify its business and position the Company to effectively
navigate through current market conditions and return to growth
in the coming quarters.  Furthermore, regulatory developments in
the areas of bitstream access, wholesale line rental and local
loop unbundling are expected to offer additional growth
opportunities in the years beyond 2006."

Jon Eastick, Netia's Chief Financial Officer, commented, "The
second quarter was unusually challenging for Netia.  Difficult
market conditions in fixed voice services impacted our entire
industry, and were the main driver behind the year on year and
sequential decline in our revenue and EBITDA.  Fewer profitable
opportunities in interconnection services and a pause in the
growth trend of wholesale revenues also affected our results
this quarter.

"Looking forward, we expect Netia to return to sequential growth
in the second half of 2006 as a result of growth in data and
wholesale services, new product launches, the expansion of our
customer base and initial revenues from WiMAX.  Including the
contribution from Pro Futuro, we are forecasting revenues in the
PLN870-895 million range.  Higher second half revenues and the
impact of efficiency measures should result in an adjusted
EBITDA margin above 25% for the year.

"Netia's current service lineup continues to be substantially
cash generative.  The company finished the quarter with PLN136
million in cash and PLN55 million in money market funds despite
PLN27 million in the second quarter of 2006 capital investments
in fixed assets, the pre-funding of the Pro Futuro acquisition
and a PLN50 million dividend payment.  This solid liquidity
enables Netia to invest with confidence in future revenue
streams from WiMAX and P4, and to evaluate the opportunities
presented by the accelerating deregulation of the
telecommunications market in Poland."

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


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


BOGATOVSKAYA SEL-KHOZ-KHIMIYA: M. Kiyamov to Manage Assets
----------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. M. Kiyamov
as Insolvency Manager for Municipal Enterprise Bogatovskaya Sel-
Khoz-Khimiya.  He can be reached at:

         M. Kiyamov
         Lugovaya Str. 26
         Nadezhdino
         Koshkinskiy Region
         446802 Samara Region Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A55-3014/06.

The Debtor can be reached at:

         Municipal Enterprise Bogatovskaya Sel-Khoz-Khimiya
         Bogatoye
         Samara Region
         Russia


OAO CAUSTIC: S&P Affirms Junk Corporate Credit Rating  
-----------------------------------------------------    
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit rating and 'ruBB' Russia national scale rating on OAO
Caustic and OAO Plastcard, the two core operating companies of
Russia-based chemicals group Nikos.  The outlooks on both
entities remain stable.
     
At the same time, Standard & Poor's assigned its 'ruBB' senior
unsecured debt rating to the proposed Russian ruble RUR1.5
billion issue by Nikoshim-Invest LLC, a special financial
vehicle of Nikos.  The proposed bond matures in three years and
is jointly and severally guaranteed by Caustic, Plastcard, and
group trading vehicle OOO Vnesheconomtorg -- all of which are
under the common control of Nikos.

Plastcard and Caustic are the core operating arms that produce
polyvinyl chloride and caustic soda, respectively.  The
companies are located at the same production site and are
closely linked technologically.
     
"The key factors that constrain the ratings on Caustic and
Plastcard at the 'CCC+' level are Nikos' complex and evolving
structure, limited transparency, and exposure to refinancing
risks," said Standard & Poor's credit analyst Elena Anankina.

"The group is not consolidated but is united through common
shareholding and discretionary intra-group cash flows.  This
implies corporate governance risks, obscures transparency, and
limits access to long-term financing."
     
Although in July 2006, a newly created entity, OOO Gruppa Nikos,
took hold of 85% stakes in Caustic and Plastcard, a significant
portion of cash flows and profits and certain assets remain
outside of the group, and their consolidation would require some
time.

These constraints, however, are somewhat tempered by the fact
that the group's short-term maturities are covered by short-term
bank lines.  In addition the group maintains a strong position
as the third-largest player in Russia's growing PVC market.
     
The stable outlook assumes that Nikos will be able to refinance
its existing short-term debt and succeed in arranging additional
credit lines to support its liquidity in 2006 and 2007.  If the
new RUR1.5 billion bond placement is successful, that would
benefit the group's liquidity.

Standard & Poor's will specifically focus on the group's
liquidity arrangements for the first Russian ruble bond issue
that matures in December 2006.

Although the group demonstrated a significant improvement in
profitability and cash flow in 2004 and 2005, which could
potentially support a higher rating, and although its core
production subsidiaries have been consolidated in 2006, upgrade
potential is constrained until Nikos achieves significant
progress in consolidating the group's cash flows, achieving
better transparency, and optimizing its debt maturity profile.
Standard & Poor's believes this will take some time.  A downside
scenario for the rating is liquidity disruption


CHELYABINSK-STROY-MATERIALS: E. Krestovskikh to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Ms. E.
Krestovskikh as Insolvency Manager for OJSC Chelyabinsk-Stroy-
Materials.  She can be reached at:  

         E. Krestovskikh
         Chucheva Str. 1
         Miass
         456300 Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A76-6142/2006-32-37.

The Debtor can be reached at:

         OJSC Chelyabinsk-Stroy-Materials
         Keramikov Str. 32
         Korkino
         456550 Chelyabinsk Region
         Russia


IN-OST: Tyumen Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
supervision procedure on LLC In-Ost.  The case is docketed under
Case No. A70-3229/3-06.

The Temporary Insolvency Manager is:

         V. Materov
         Minskaya Str. 88
         625027 Tyumen Region
         Russia

The Debtor can be reached at:

         LLC In-Ost
         Khutoryanskogo Square 1
         Tyumen Region
         Russia


MARIYSKIY ZOO-VET-SNAB: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Mariy El Republic has commenced
bankruptcy supervision procedure on OJSC Mariyskiy Zoo-Vet-Snab.  
The case was docketed under Case No. A-38-575-11/118-2006.

The Temporary Insolvency Manager is:

         N. Maksimov
         Room 215
         Tekstilshikov Str. 10
         428008 Cheboksary Region
         Russia

The Debtor can be reached at:

         OJSC Mariyskiy Zoo-Vet-Snab
         Mashinostroiteley Str. 117
         Yoshkar-Ola
         424007 Mariy El Republic
         Russia


MARSHAL: Tatarstan Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on CJSC Automobile Company
Marshal.  The case is docketed under Case No. A65-8440/
2006-SG4-27.

The Temporary Insolvency Manager is:

         V. Shevelev
         Sibirskiy Trakt, 34, Post User Box 44.
         Kazan
         420029 Tatarstan Republic
         Russia

The Debtor can be reached at:

         CJSC Automobile Company Marshal
         Polkovaya Str. 4
         Vysokaya Gora
         Vysokogorskiy Region
         422700 Tatarstan Republic
         Russia


NAFTA-TRANS: Moscow Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on CJSC Nafta-Trans.  The case is docketed
under Case No. A40-14537/06-95-67B.

The Temporary Insolvency Manager is:

         K. Shakirov
         Post User Box 16
         115612 Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Nafta-Trans
         Building 2
         Krasina Str. 7
         123056 Moscow Region
         Russia


NIZHEGORODSKOYE ENTERPRISE: Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region has commenced
bankruptcy supervision procedure on OJSC Nizhegorodskoye
Enterprise Era (TIN 5259009545).  The case is docketed under
Case No. A43-67b3/2006 18-6.  

The Temporary Insolvency Manager is:

         V. Kuzminykh
         Post User Box 5
         603005 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Nizhegorodskoye Enterprise Era
         Sormovskoye Shosse 20
         GSP 698
         603074 Nizhniy Novgorod Region
         Russia


NORTH-WEST: Fitch Affirms Issuer Default Rating at B+
-----------------------------------------------------
Fitch Ratings affirmed Russia-based OAO North-West Telecoms'
Issuer Default rating at B+ with a Stable Outlook and Short-term
rating at B.

The ratings reflect NWT's dominant market position as a regional
incumbent telecoms operator.  The company controls about 76% of
the local services market and is well positioned to retain its
dominance in this segment.  Although its market share is strong,
it is smaller in the corporate segment where it controls about
55% of fixed lines.  

However, Fitch views that a significant decline in NWT's share
in this segment is unlikely.  Its client base is well
diversified, which provides it with relatively stable and highly
visible operating cash flow.

NWT owns and operates the largest last-mile and backbone
telecoms network in the region, which helps to protect it's
interconnect revenues and gives it strategic competitive
advantages.  It benefits from large economies of scale, which
allow it to better control costs and offer lower tariffs on
local services than its peers.

However, as a dominant market player it is heavily regulated,
which limits its price flexibility, distorts demand for its
services and sometimes puts it in a disadvantageous position
compared to its competitors.  The company does not have any
mobile operations, which limits its growth opportunities and
deprives it of the potential benefits of fixed-mobile
integration.  However, this has also significantly curbed NWT's
capital expenditure needs, which has helped to reduce the free
cash outflows that are primarily driven by investments in
network modernization and development.

Despite its lack of exposure to profitable mobile operations and
significant loss of market share in the lucrative corporate
segment, the company has been able to demonstrate reasonably
strong and sustainable margins.  NWT benefits from the highest
operating efficiency among its domestic peers, which helps it to
economize on labor costs and maintain profitability.

However, the company faces only limited growth opportunities as
tangible fixed-line expansion is no longer expected.  Future
growth will be primarily driven by 'new', internet-related
services with the broadband being the most promising area for
expansion.  However, at present their share is still relatively
low and was recorded at only 5.3% of revenues in 2005.

NWT is only moderately leveraged with net debt/EBITDA of 1.5x
and lease-adjusted net debt/EBITDA of 1.8x at end-2005, down
slightly from a year ago.  The new Svyazinvest guidance to cap
total debt/EBITDA ratio at 1.88x at all its subsidiaries will
help keep leverage under control.  NWT's leverage ratios are not
expected to rise in the medium term.  At present the company is
one of the least leveraged incumbent telecoms operator in
Russia.  However, the company is not expected to turn free cash
flow positive as capital expenditure remains a priority.

In 2005 the company significantly improved the maturity
structure of its debt with the proportion of short-term
financing declining to 15.7% at end-2005 from 43.3% at end-2004,
mitigating short-term refinancing risks.  NWT also managed to
source most of its funding on unsecured basis with the share of
secured debt dropping to just 5% at end-2005.

The ratings also reflect the influence of the company's 50.8%
majority shareholder, Svyazinvest, on the decision-making
process of the board and management.  The ratings also reflect
Fitch's expectation that Svyazinvest, as a government-affiliated
company, will be able to provide lobbying support although no
direct cash support is anticipated.


NOVGOROD-AIR: Novgorod Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Novgorod Region has commenced
bankruptcy supervision procedure on OJSC NOVGOROD-AIR (TIN
5321105340).  

The case was docketed under Case No. A44-585/2006-4-k.

The Temporary Insolvency Manager is:

         A. Tsybin
         Yuryevskoye Shosse 2
         173007 Novgorod Region
         Russia
         Tel/Fax: 8-8162-738-779

The Debtor can be reached at:

         OJSC Novgorod-Air
         Yuryevskoye Shosse 2
         173007 Novgorod Region
         Russia
         Tel/Fax: 8-8162-738-779


PLASTCARD: S&P Affirms CCC+ Corporate Credit Rating
---------------------------------------------------    
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit rating and 'ruBB' Russia national scale rating on OAO
Caustic and OAO Plastcard, the two core operating companies of
Russia-based chemicals group Nikos.  The outlooks on both
entities remain stable.
     
At the same time, Standard & Poor's assigned its 'ruBB' senior
unsecured debt rating to the proposed Russian ruble RUR1.5
billion issue by Nikoshim-Invest LLC, a special financial
vehicle of Nikos.  The proposed bond matures in three years
(with a one-year put option) and is jointly and severally
guaranteed by Caustic, Plastcard, and group trading vehicle OOO
Vnesheconomtorg--all of which are under the common control of
Nikos.

Plastcard and Caustic are the core operating arms that produce
polyvinyl chloride and caustic soda, respectively.  The
companies are located at the same production site and are
closely linked technologically.
     
"The key factors that constrain the ratings on Caustic and
Plastcard at the 'CCC+' level are Nikos' complex and evolving
structure, limited transparency, and exposure to refinancing
risks," said Standard & Poor's credit analyst Elena Anankina.

"The group is not consolidated but is united through common
shareholding and discretionary intra-group cash flows.  This
implies corporate governance risks, obscures transparency, and
limits access to long-term financing."
     
Although in July 2006, a newly created entity, OOO Gruppa Nikos,
took hold of 85% stakes in Caustic and Plastcard, a significant
portion of cash flows and profits and certain assets remain
outside of the group, and their consolidation would require some
time.

These constraints, however, are somewhat tempered by the fact
that the group's short-term maturities are covered by short-term
bank lines.  In addition the group maintains a strong position
as the third-largest player in Russia's growing PVC market.
     
The stable outlook assumes that Nikos will be able to refinance
its existing short-term debt and succeed in arranging additional
credit lines to support its liquidity in 2006 and 2007.  If the
new RUR1.5 billion bond placement is successful, that would
benefit the group's liquidity.

Standard & Poor's will specifically focus on the group's
liquidity arrangements for the first Russian ruble bond issue
that matures in December 2006.

Although the group demonstrated a significant improvement in
profitability and cash flow in 2004 and 2005, which could
potentially support a higher rating, and although its core
production subsidiaries have been consolidated in 2006, upgrade
potential is constrained until Nikos achieves significant
progress in consolidating the group's cash flows, achieving
better transparency, and optimizing its debt maturity profile.
Standard & Poor's believes this will take some time.  A downside
scenario for the rating is liquidity disruption


REINFORCED CONCRETE: Komi Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Komi Republic has commenced bankruptcy
supervision procedure on LLC Reinforced Concrete (TIN
1105015824).  

The case is docketed under Case No. A29-2424/06-3B.

The Temporary Insolvency Manager is:

         I. Russkikh
         Apartment 2
         Pokrovskiy Avenue 1
         Syktyvkar
         167005 Komi Republic
         Russia
         Tel/Fax: (8212) 55-17-74, 51-65-28

The Debtor can be reached at:

         LLC Reinforced Concrete
         Transportnyj Proezd 16
         Pechora
         Komi Republic
         Russia


RESTAURANT AIRPORT: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on CJSC Restaurant Airport.  
The case is docketed under Case No. A07-6377/06-G-KhRM.

The Temporary Insolvency Manager is:

         V. Fatykhov
         Post User Box 10202
         450044 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Restaurant Airport
         Ufimskiy Region
         450056 Bashkortostan Republic
         Russia


SEL-KHOZ-KHIMIYA: Perm Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on LLC Sel-Khoz-Khimiya.  The case is
docketed under Case No. A50-8084/2006-B.  

The Temporary Insolvency Manager is:

         G. Savinov
         Sverdlova Str. 36
         Osa
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Sel-Khoz-Khimiya
         K. Marksa Str. 2A
         Vereshagino
         Perm Region
         Russia


SERDOBSKIY ENGINEERING: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Penza Region has commenced bankruptcy
supervision procedure on CJSC Production Enterprise Serdobskiy
Engineering Factory.  

The case was docketed under Case No. A49-1912/2006-143B/10.

The Temporary Insolvency Manager is:

         E. Meshenkova
         Vokzalnaya Str. 10
         Serdobsk
         442891 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Production Enterprise
         Serdobskiy Engineering Factory
         Vokzalnaya Str. 10.
         Serdobsk
         Penza Region
         Russia


SURGUTNEFTEGASBANK: Low Risk Profile Spurs S&P to Lift Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on Russia-based
Surgutneftegasbank to 'B+/B' from 'B/C'.  The outlook is stable.

"The upgrade reflects the bank's low risk profile, improving
business diversification, and high proportion of liquid assets
in its balance sheet," said Standard & Poor's credit analyst
Elena Romanova.

The ratings are also supported by the continuing close
relationship between the bank and its parent, Surgutneftegas,
one of largest oil companies in Russia.

"Constraining rating factors include weak profitability, high
concentrations in lending and liabilities, low capitalization,
and limited franchise outside of SNG, although improving
particularly in retail banking," she added.
     
SNGB and its parent are incorporated in the City of Surgut in
Western Siberia, the largest oil-producing region in Russia.
SNGB's risk profile and operating performance are largely
influenced by business flows and funds from its parent company.
SNGB is dependent on SNG for funding, and most of these funds
are placed in interbank deposits with high-investment-grade
international banks, as well as with Russian bank
counterparties, and Eurobonds of Russian issuers.
     
"Standard & Poor's expects that SNGB will maintain its close
relationship with SNG, servicing its business flows and
providing payroll services to its employees," added Ms.
Romanova.

Standard & Poor's also expects the bank to increase its exposure
to independent companies, which should improve profitability,
but also raise the bank's risk profile.
     
"The ratings could be raised if the bank receives a material
capital increase, improves its profitability, and reduces
single-party concentrations in lending and funding," said Ms.
Romanova.

"A negative rating action may follow if the ties between SNGB
and its parent were to weaken, or if the bank's financial
performance and capitalization were to deteriorate," she added.


SVOBODNYJ: Court Names S. Pintusova as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Amur Region appointed Ms. S. Pintusova
as Insolvency Manager for LLC Building Company Svobodnyj (TIN
2807012311).  She can be reached at:

         S. Pintusova
         Apartment 81
         Shimanovskogo Str. 36
         Blagoveshensk
         Amur Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A04-1680/06-6/89 B.

The Debtor can be reached at:

         LLC Building Company Svobodnyj
         Lunacharskogo Str. 38
         Svobodnyj
         Amur Region
         Russia


TENKINSKOYE TRANSPORT: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Magadan Region has commenced bankruptcy
supervision procedure on OJSC Tenkinskoye Transport Enterprise.  
The case was docketed under Case No. A37-422/06-13B.

The Temporary Insolvency Manager is:

         N. Alekseeva
         Proletarskaya Str. 12, office 81.
         685000 Magadan Region Russia

The Debtor can be reached at:

         OJSC Tenkinskoye Transport Enterprise
         Transportnyj
         Tenkinskiy Region
         Klubnaya Str. 13
         Magadan Region
         Russia


VEGETABLE-FRUIT TINNERY: O. Kuzmina to Manage Assets
----------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Ms. O.
Kuzmina as Insolvency Manager for CJSC Vegetable-Fruit Tinnery
(TIN 6663011512).  She can be reached at:

         O. Kuzmina
         Moskovskaya Str. 58-192
         620086 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against at the
company after finding it insolvent.  The case is docketed under
Case No. A60-8641/06-S11.

The Debtor can be reached at:

         CJSC Vegetable-Fruit Tinnery
         Nikolskiy Per. 1
         620000 Sverdlovsk Region
         Russia


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


CHERKASSY' NOODLE: Court Names Ludmila Zayikina as Liquidator
-------------------------------------------------------------
The Economic Court of Kyiv appointed Ludmila Zayikina as
Liquidator/Insolvency Manager for CJSC Cherkassy' Noodle Factory
(code EDRPOU 31991639).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 1.  The case is docketed
under Case No. 43/325.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Cherkassy' Noodle Factory
         Kutuzov Str. 18/7
         01133 Kyiv Region
         Ukraine


KOMSOMOLSKE' STONE: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on LLC Komsomolske' Stone Quarry (code
EDRPOU 01535111).  The case is docketed under Case No. 22/45 b.

The Temporary Insolvency Manager is:

         Mikola Hajlo
         Karbishev 12/157
         Stahanov
         Lugansk Region
         Ukraine

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         LLC Komsomolske' Stone Quarry
         Komsomolske
         Sverdlovskij District
         94824 Lugansk Region
         Ukraine


MEDVIROB: Zaporizhya Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on State Enterprise Medvirob (code EDRPOU
19268981) on May 4.  The case is docketed under Case No.
25/97/06.

The Temporary Insolvency Manager is:

         O. Plahotnik
         Medichna Str. 4/50-51
         Dniprodzerzhinsk
         Dnipropetrovsk Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Medvirob
         Novobudov Str. 7-A
         69076 Zaporizhya Region
         Ukraine


MRIYA: Sumi Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Mriya (code EDRPOU 30879912) on
April 25.  The case is docketed under Case No. 12/88-06.

The Temporary Insolvency Manager is:

         Yevgen Chuprun
         Petropavlovska Str. 74/49-a
         Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Mriya
         Manuhivka
         Putivlskij District
         41553 Sumi Region
         Ukraine


RANP: Hmelnitskij Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Financial Company Ranp (code EDRPOU
31725468) on June 16.  

The case is docketed under Case No. 13-106-B.

The Temporary Insolvency Manager is:

         Denis Matvijchuk
         a/b 189
         Mariupol
         87557 Donetsk Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Financial Company Ranp
         Zatishna Str. 1
         Ostashki
         Hmelnitskij District
         31300 Hmelnitskij Region
         Ukraine


RIVNENSHINA: Court Names Nadiya Slidzyona as Liquidator
-------------------------------------------------------
The Economic Court of Rivne Region appointed Nadiya Slidzyona as
Liquidator/Insolvency Manager for LLC Trade House Rivnenshina
(code EDRPOU 31358889).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 16.  The case is docketed
under Case No. 8/15.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Rivnenshina
         Kovelska Str. 10
         Sarni
         Rivne Region
         Ukraine


RODOVID BANK: Moody's Assigns E+ Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service assigned these ratings to Rodovid Bank
(Ukraine):

   -- B3 long-term and Not-Prime short-term foreign currency
deposit ratings;

   -- B3 long-term and Not-Prime short-term local currency
deposit ratings;

   -- E+ financial strength rating;

   -- Baa2.ua long-term National Scale Rating; and

   -- B3/Baa2.ua long-term global and NSR, respectively, to the
upcoming issue of senior unsecured Ukrainian hryvna-
denominated bonds with the tentative size of UAH 100
million (US$20 million equivalent) and three-year final
maturity.

The outlooks on all global scale ratings are stable, while the
bank's NSR carries no specific outlook.

According to Moody's, the B3/NP global scale local currency
ratings reflect global default and loss expectation and are not
constrained by any foreign currency transfer risk, while the
Baa2.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.

Moody's noted that the bank's B3/NP/E+/Baa2.ua ratings factor:

   -- the relatively short track record of Rodovid's new
management which assumed the control of the bank in 2004,

   -- its modest size and less recognizable name compared to
more mature local banking franchises,

   -- its highly unseasoned -- and hence untested -- and rapidly
growing retail loan book, with an unproven credit quality
of most of the bank's borrowers,

   -- its strikingly low level of provisions for loan impairment
despite relatively high levels of risk inherent to its
portfolio,

   -- its mediocre, albeit improving profitability,

   -- its relatively high single-name concentrations on both
sides of the balance sheet, and

   -- its rather tight liquidity position.

Moody's is cognizant of the fact that the bank's focus on high-
yield -- but also high risk -- consumer lending products, such
as point-of-sale loans and co-branded credit cards, may start to
pay off handsomely in the future should the bank keep under
control the level of credit losses and operating expenses
associated with this business.

However, it is premature to make a judgment on the risk-adjusted
performance of the bank's individual sub-portfolios as most of
them to date have not even passed through a single lifecycle.
Also, any excessive build-up in delinquent accounts may put the
bank's nascent debt collection function under considerable
pressure.

The bank's ratings also reflect Moody's general corporate
governance concerns which, to a different extent, apply to most
of the non-foreign-owned banks in Ukraine.  Rodovid Bank
exhibits a lack of clear segregation between management and
ownership, which, in the absence of strong compensating
mechanisms other than regulatory supervision, is a primary cause
for concern.

At the same time Rodovid's ratings are underpinned by:

   --the innovative management style of its relatively young and
aggressive management;

   -- its growing franchise, market visibility and expanding
customer base on the back of name and logotype change,
wider market presence and publicity, and proactive
approach towards acquisition of large customers with their
own retail chains offering wide cross-selling
opportunities; and

   -- the broadening of its own territorial coverage and
distribution channels.

Headquartered in Kiev, Ukraine, Rodovid Bank reported total
assets of US$363.3 million under IFRS as of December 31, 2005.
As of July 1, 2006, Rovodid ranked at the bottom of Ukrainian
Top-30 in terms of total assets in a system where the Top-20
banks accounted for the bulk of the system's assets


SINTEZ: Zhitomir Court Names V. Mora as Insolvency Manager
----------------------------------------------------------
The Economic Court of Zhitomir Region appointed Mr. V. Mora as
Liquidator/Insolvency Manager for OJSC Sintez (code EDRPOU
31991639).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 19.  The case is docketed
under Case No. 3/115-b.

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         OJSC Sintez
         Kutuzov Str. 18/7
         01133 Kyiv Region
         Ukraine


SULKIVSKE: Court Names Vitalij Bolhovitin as Liquidator
-------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vitalij
Bolhovitin as Liquidator/Insolvency Manager for Agricultural LLC
Sulkivske (code EDRPOU 20094836).  

         Vitalij Bolhovitin
         Hmelnitske Shose Str. 2/411
         Vinnitsya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 23.  The case is docketed
under Case No. 10/73-06.

The Debtor can be reached at:

         Agricultural LLC Sulkivske
         Sulkivka
         Hmilnitskij District
         Vinnitsya Region
         Ukraine


UKRINVESTBUD: Kyiv Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on Ukrainian Scientific-Production Concern
Ukrinvestbud (code EDRPOU 30578253) on May 23.  The case is
docketed under Case No. 23/241-b.

The Temporary Insolvency Manager is:

         Andrij Koveza
         Antonovich Str. 47-B
         03150 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:

         Ukrainian Scientific-Production Concern Ukrinvestbud
         Radishev Lane 18
         03680 Kyiv Region
         Ukraine


UKRINVESTCENTER: Court Names Vadim Bolejko as Liquidator
--------------------------------------------------------
The Economic Court of Kyiv appointed Vadim Bolejko as
Liquidator/Insolvency Manager for LLC Ukrinvestcenter (code
EDRPOU 31926533).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 9.  The case is docketed
under Case No. 43/329.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrinvestcenter
         Kruglouniversitetska Str. 4-B
         01024 Kyiv Region
         Ukraine


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


40 AND 41 PARK: Appoints Joint Administrators from BWC Business
---------------------------------------------------------------
Gary Edgar Blackburn and Paul Andrew Whitwam of BWC Business
Solutions were appointed joint administrators of 40 And 41 Park
Square Limited (Company Number 4564908) on July 12.

The administrators can be reached at:

         BWC Business Solutions
         8 Park Place
         Leeds
         West Yorkshire LS1 2RU
         United Kingdom
         Tel: 0113 243 3434
         Fax: 0113 243 5049
         E-mail: bwc@bwc-solutions.com

Headquartered in Leeds, United Kingdom, 40 And 41 Park Square
Limited is engaged in property development.


A1 KITCHEN: Names Claire L. Dwyer as Administrator
--------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was named
administrator of A1 Kitchen Doors (U.K.) Limited (Company Number
05132552) on July 13.

The administrator can be reached at:

         Jones Lowndes Dwyer LLP
         John Swift Building
         19 Mason Street
         Manchester
         Greater Manchester M4 5FT
         United Kingdom
         Tel: 0161 832 9454
         Fax: 0161 832 9455
         E-mail: clairedwyer@joneslowndesdwyer.co.uk

Headquartered in Leyland, United Kingdom, A1 Kitchen Doors
(U.K.) Limited manufactures kitchen doors.


AMITY EUROPE: Taps Vantis to Administer Assets
----------------------------------------------
Nicholas O'Reilly and Simon Glyn of Vantis PLC were appointed
joint administrators of Amity Europe Limited (Company Number
05292586) on July 10.

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

Headquartered in Oakham, United Kingdom, Amity Europe Limited is
engaged in printing and lithographics.


AMT SYSTEMS: Names Jeremiah Anthony O'Sullivan Liquidator
---------------------------------------------------------
Creditors of AMT Systems (International) Limited appointed
Jeremiah Anthony O'Sullivan as Liquidator of the company on
May 17.

The company can be reached at:

         AMT Systems (International) Limited
    58 The Terrace
    Torquay TQ1 1DE
    United Kingdom
    Tel: 01803 546 090


ALDER PRECISION: Brings In Joint Liquidators from Vantis
--------------------------------------------------------
Peter Hughes-Holland and Frank Wessely of Vantis were appointed
Joint Liquidators of Alder Precision Engineering Limited on
May 12.

The appointment was confirmed at a subsequent meeting of
creditors held on the same day.

The company can be reached at:

         Alder Precision Engineering Limited
    6 Kings Grove
         Kings Grove Industrial Estate
    Maidenhead
    Berkshire SL6 4DP
    United Kingdom
    Tel: 01628 770 842
    Fax: 01628 776 233


ASSOCIATED PROJECT: Taps Peter Bridger to Liquidate Assets
----------------------------------------------------------
Peter Bridger was appointed Liquidator of Associated Project
Services Limited on May 15 by resolutions of members and
creditors.

The company can be reached at:

         Associated Project Services Limited
    169c New Greenham Park
    Greenham
    Thatcham
    Berkshire RG196HN
    United Kingdom
    Tel: 01635 569 010


BUILDING MAINTENANCE: Hires Administrators from Ernst & Young
-------------------------------------------------------------
Charles Graham John King and Robert Hunter Kelly of Ernst &
Young LLP were appointed joint administrators of The Building
Maintenance Company Limited (Company Number 02276347) on
July 13.

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

The Building Maintenance Company Limited can be reached at:

         Swan Street
         Gateshead
         Tyne and Wear NE8 1BQ
         United Kingdom
         Tel: 0191 4776066  


C2 SUPPORT: Appoints Peter George Byatt as Liquidator
-----------------------------------------------------
Peter George Byatt was appointed Liquidator of C2 Support
Limited on May 12 by resolutions of shareholders and creditors.

Subsequently, the appointment was confirmed at a meeting of
creditors held on the same day.

The company can be reached at:

    C2 Support Limited
    The Lorry Park
    Langston Road
    Loughton
    Essex IG103UE
      United Kingdom
    Tel: 0870 240 6064
    Fax: 020 8508 6311


C.I.C. CARLISLE: Andrew T. Clay Leads Liquidation Procedure
-----------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
Liquidator of C.I.C. (Carlisle) Limited at an extraordinary
general meeting on May after creditors decided to voluntarily
wind up the company.

The company can be reached at:

         C.I.C. (Carlisle) Limited
    Eden House
    Lancaster Street
    Carlisle CA1 1TF
    United Kingdom
    Tel: 01228 546 418
    Fax: 01228 810 582


CABLE & WIRELESS: Moody's Cuts Senior Notes Rating to B1
--------------------------------------------------------
Moody's Investors Service changed the outlook of Cable &
Wireless plc to negative from stable following continued
operating difficulties at the U.K. business, which has resulted
in a cash burn that has exceeded Moody's original expectations.

Concurrently, Moody's introduced notching between the company's
corporate family rating and the rating on the its senior notes,
reflecting the rating agency's concerns over the company's
weakening liquidity profile and consequently the increased
likelihood that debt will be layered in ahead of the notes at
the operating subsidiary and International group level.

Moody's continues to positively recognize, however, C&W's solid
financial profile and satisfactory liquidity, given the
company's net cash position of over GBP300 million as at March
31, 2006.  Moreover, C&W has no significant debt maturities
until 2010 and, following the company's GBP98 million top-up
contribution to its U.K. pension scheme in March 2006, its FRS
17 pension deficit is limited.  

However, as a result of the high cash burn in the U.K. division,
its cash flow metrics are weak and this trend is expected to
continue over the next twelve months.  In addition, cash flow is
likely to be further constrained by the company's current
dividend policy and by small- to medium-sized acquisitions of
regional integrated telcos, albeit that this should be
principally offset by proceeds from disposals.  On the other
hand, Moody's notes positively that C&W has now discontinued the
balance of its GBP250 million share repurchase program.

The current rating of Ba3 assumes that the cash position at the
plc level will remain sufficient to meet all of C&W's
outstanding debt obligations.  There would likely be downward
pressure on the rating in the event that the prospective rate of
investment and cash burn is such that Moody's expects the cash
cushion to fall below this level.  

In addition, the notching between the rating of the notes and
the corporate family rating could be widened further in the
event that the company funds acquisitions through debt issuance
at the national telco or International business division level.

At this juncture, upward pressure on the rating is likely to be
limited to a stabilization of the ratings outlook.  This is
unlikely to occur until the company, as a whole is able to
generate free cash flow, which would require a material
reduction in the cash burn at the U.K. division.

This rating action follows the stabilization of the C&W's
outlook in August 2005, which reflected the progress the company
had made since 2003 in restructuring and rationalizing its
operations as well as the clarification of its U.K. business
strategy provided by the announced acquisition of Energis.

Summary of rating actions:

Ratings affirmed:

Cable & Wireless Plc:

   -- Ba3 Corporate family rating

Ratings downgraded:

Cable & Wireless Plc:

   -- GBP200 million 8.75 % Eurobonds due 2012 downgraded to B1
from Ba3; and

   -- GBP258 million 4.0% Convertible Eurobonds due 2010
downgraded to B1 from Ba3.

Cable & Wireless International Finance B.V.:

   -- GBP200 million 8.625% gtd Eurobonds due 2019 downgraded to
B1 from Ba3.

The outlook for all ratings is negative.

Domiciled in London UK, Cable & Wireless plc is a world leading
group of international communications companies.  The group
provides voice, data and IP services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  C&W's principal operations are in the U.K.,
the Caribbean, Panama, Macau, Monaco and the Channel Islands.
For the year ended March 31, 2006, Cable & Wireless plc reported
group revenues of GBP3.2 billion.


CELLTALK PLC: Brings In Begbies Traynor to Administer Assets
------------------------------------------------------------
Paul Stanley and Richard William Traynor of Begbies Traynor were
appointed joint administrators of Celltalk PLC (Company Number
03740658) on July 11.

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

Headquartered in Manchester, United Kingdom, Celltalk PLC
retails mobile telephones.


COTT CORP: Second Quarter Earnings Down to US$7.6 Million
---------------------------------------------------------
Cott Corp.'s net income for the second quarter ended July 1
was US$7.6 million, compared to US$25 million in the second
quarter of 2005.

The Company disclosed that the decline in net income reflects
pre-tax charges of US$8.9 million related to the Company's
recent chief executive officer change, the expensing of stock
options and charges related to unusual items.

Revenue increased 2% in the quarter to US$502 million compared
to US$492.7 million in the second quarter of last year.  
However, excluding the impact of acquisitions and foreign
exchange, second quarter revenue declined 5% when compared to
the second quarter of 2005.

Gross margin as a percentage of revenue declined to 14.4% in the
quarter from 16.4% in the second quarter of last year, but
increased from 13.4% in the first quarter of 2006.

The Company disclosed, revenue in the first six months increased
1% to US$896.2 million from US$888.2 million in the first six
months of the prior year and gross margin as a percentage of
revenue for the first half of the year was 13.9%, compared to
15.4% during the first half of last year.

Net income for the first half of 2006 declined to US$5.5 million
compared with US$33.3 million in the first half of 2005.

The Company also reported that it has initiated an extensive
ongoing cost reduction program designed to transform business
practices and support its goal of being the lowest cost producer
in its segments.

The Company further reported, it is making progress expanding
its portfolio of energy drinks with new flavors and packaging
formats to new customers and channels in the U.K., Canada, and
the U.S., has developed a line of premium ready-to-drink single
serve teas and has gained authorizations from major North
American customers.  The teas, offered in 20-ounce PET bottles,
will begin shipping in the third quarter.

The Company's new business in Brazil is on track and expected to
expand further in that country through the balance of the year
and that it has also entered into arrangements with three
bottlers in China.

Headquartered in Toronto, Ontario, Canada, Cott Corporation
(NYSE:COT; TSX:BCB) -- http://www.cott.com/-- is a non-
alcoholic beverage company and a retailer brand beverage
supplier.  The Company commercializes its business in over 60
countries worldwide, with its principal markets being the United
States, Canada, the United Kingdom and Mexico.  Cott markets or
supplies over 200 retailer and licensed brands, and Company-
owned brands including Cott, Royal Crown, Vintage, Vess and So
Clear.  Its products include carbonated soft drinks, sparkling
and flavored mineral waters, energy drinks, juices, juice drinks
and smoothies, ready-to-drink teas, and other non-carbonated
beverages.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 3, 2006,
Moody's Investors Service downgraded Cott Beverages, Inc.'s
Senior Subordinated Regular Bond/Debenture rating to B1 from Ba3
and Cott Corporation's Corporate Family Rating, to Ba3 from Ba2.  
The ratings outlook is stable, Moody's said.

As reported in the Troubled Company Reporter on Jan. 31, 2006,
Standard & Poor's Ratings Services lowered its ratings on Cott
Corp. by one notch, including its corporate credit rating, to
'BB-' from 'BB'.  S&P said the outlook is negative.


CRYSTAL DYERS: Hires Joint Liquidators from CBA
-----------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
Joint Liquidators of Crystal Dyers Limited at an extraordinary
general meeting on May 10.

Subsequently, creditors confirmed the appointment on the same
day.

The company can be reached at:

         Crystal Dyers Limited
    Unit 14
    62 Evington Valley Road
         Leicester
    Leicestershire LE5 5LJ
    United Kingdom
    Tel: 0116 273 9082
    Fax: 0116 273 6076


DAREM LIMITED: Creditors Confirm Liquidator's Nomination
--------------------------------------------------------
The nomination of Anthony Harry Hyams of Marriotts LLP as
Liquidator of Darem Limited was confirmed at a meeting of
creditors on May 12.

The company can be reached at:

         Darem Limited
         Temple Works
    Brett Passage
    London E8 1JR
         United Kingdom
    Tel: 020 8989 1919


DRIFTWOOD CONSTRUCTION: Shay Lettice Leads Liquidation
------------------------------------------------------
Shay Lettice was appointed Liquidator of Driftwood Construction
Limited on May 17 by resolutions of members and creditors.

The company can be reached at:

         Driftwood Construction Limited
    Drift End
    The Drift
    Exning
    Newmarket
    Suffolk CB8 7EZ
    United Kingdom
    Tel: 01638 578 123
    Fax: 01638 578 008


DTV COMMERCIALS: Names Cooper Parry as Administrator
----------------------------------------------------
Jeremy Philip William Meadows of Cooper Parry LLP was named
administrator of DTV Commercials Limited (Company Number
03352327) on July 3.

The administrator can be reached at:

         Cooper Parry LLP
         The Crescent
         King Street
         Leicester
         Leicestershire LE1 6RX
         United Kingdom
         Tel: 0116 285 4424

Headquartered in Coalville, United Kingdom, DTV Commercials
Limited repairs commercial vehicles.


GCSS LIMITED: Creditors' Meeting Slated for August 21
-----------------------------------------------------
Creditors of GCSS Limited (Company Number 04645441) will meet at
11:00 a.m. on Aug. 21 at:

         66 Wigmore Street
         London W1A 3RT
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 18 at:

         Geoffrey Paul Rowley and Nicholas O'Reilly
         Joint Administrators
         Vantis PLC
         PO Box 2653
         66 Wigmore Street
         London W1A 3RT
         United Kingdom
         Tel: 020 7467 4000
         Fax: 020 7284 4995

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


FLOWER CRAFT: Hires Phillip Anthony Roberts to Liquidate Assets
---------------------------------------------------------------
Phillip Anthony Roberts was appointed Liquidator of Flower Craft
Limited at an extraordinary general meeting on May 12.

Subsequently, the appointment was confirmed at a meeting of
creditors held on the same day.

The company can be reached at:

         Flower Craft Limited
    10 Southgate
         Chichester
    West Sussex PO191ES
    United Kingdom
     Tel: 01243 786 953
         Web: http://www.flowercraftltd.com/


GLOBAL OFFICE: Brings In KPMG as Joint Administrators
-----------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Global Office Solutions Limited (Company
Number 3918209) on July 7.

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services

Headquartered in Bradford, United Kingdom, Global Office
Solutions Limited -- http://www.globalofficesolutions.co.uk/--  
distributes computer consumables.


INCO LTD: Brazil's CVRD Offers to Buy Firm in All-Cash Bid
----------------------------------------------------------
Companhia Vale do Rio Doce intends to make an all-cash offer to
acquire all of the outstanding common shares of Inco Limited at
a price of CDN$86 in cash per Inco common share.

The combination of CVRD and Inco will create one of the three
largest diversified mining companies in the world, with leading
global market positions in iron ore, pellets, nickel, bauxite,
alumina, manganese and ferroalloys, and an exciting world-class
pipeline of projects, supported by a large-scale, long-life and
low-cost asset portfolio.

CVRD's all-cash offer of CDN$86 per share will allow Inco
shareholders to realize upfront in cash Inco's profitable growth
potential without incurring the risk of that such potential will
not be realized.

The acquisition will be financed through a two-year committed
bridge loan facility provided by four large first-tier banks:
Credit Suisse, UBS, ABN AMRO and Santander.  CVRD expects to
take out the bridge facility with a long-term capital package
within 18 months after the closing of the proposed transaction.

CVRD remains firmly committed to maintaining its investment-
grade rating.  CVRD will retain financial flexibility after the
transaction and will seek to obtain future upgrades in its
current ratings, continuing to pursue the minimization of the
cost of capital.

Full details of the offer will be included in the formal offer
and take-over bid circular documents to be publicly filed and
subsequently mailed to Inco's security holders.  CVRD is
formally requesting a list of Inco's shareholders and expects to
mail the take-over bid and circular documents to Inco's
shareholders as soon as possible following receipt of the
shareholder list.

CVRD expects to formally commence its offer by newspaper
advertisement today, Aug. 14, 2006.  The offer will be open for
acceptance for 45 days following its formal commencement and no
Inco common shares will be taken up and paid for pursuant to the
offer unless, at such date, each of the conditions of the offer
is satisfied or waived.

Completion of the offer will be subject to a sufficient number
of shares being tendered to the offer such that CVRD would own
at least 66-2/3% of Inco's common shares, on a fully diluted
basis, following completion of the offer.  The offer will be
also conditional upon the receipt of all necessary regulatory
approvals, the absence of litigation, no material adverse change
at Inco and other customary conditions.

"This is an exciting opportunity for CVRD," CVRD Chief Executive
Officer, Roger Agnelli said.  "The operations of the two
companies are complementary and the combination will enhance our
capabilities to benefit from the fast changing global landscape
in the metals and mining industry.  For Inco shareholders, our
all-cash offer provides a very attractive opportunity to realize
substantial gains with no exposure to market risks".

            Strategic Alignment and Expected Benefits

The offer is consistent with CVRD's long-term corporate strategy
and with its non-ferrous metals business strategy.  It is a new
step in our strategy of developing, operating and maximizing the
performance of large-scale, long-life and low-cost assets.

The proposed transaction enhances its options to further
generate the increase in production capacity needed to meet the
demand for minerals and metals of high growth markets over time.

The proposed transaction will bring a better diversification to
CVRD's activities by products, markets and geographic asset base
contributing to reducing our business and financial risks.

                           About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                       About Inco Ltd.

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

                          *     *     *

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


INTERPAT LIMITED: Names Andrew David Rosler as Administrator
------------------------------------------------------------
Andrew David Rosler of ICS (North East) Limited was named
administrator of Interpat (Aycliffe) Limited (Company Number
01688903) on July 12.

The administrator can be reached at:

         ICS (North East) Limited
         49 Duke Street
         Darlington
         County Durham DL3 7SD
         United Kingdom

Headquartered in County Durham, United Kingdom, Interpat
(Aycliffe) Limited manufactures precision tools.


KANA SOFTWARE: March 31 Balance Sheet Upside-Down by US$9.9 Mln
---------------------------------------------------------------
KANA Software Inc. filed its first quarter financial report for
the three months ended March 31, 2006, with the Securities and
Exchange Commission.

The Company reported a US$1,078,000 net loss on US$11,433,000 of
total revenues for the first quarter ended March 31, 2006,
compared with a US$13,800,000 net loss on US$10,071,000 of total
revenues for the same period in 2005.

At March 31, 2006, the Company's balance sheet showed
US$32,454,000 in total assets and US$42,414,000 in total
liabilities, resulting in a US$9,960,000 stockholders' deficit.  
The Company also had US$4,304,486,000 of accumulated deficit on
that date.

The Company's March 31 balance sheet also showed strained
liquidity with US$18,297,000 in total current assets available
to pay US$36,671,000 in total current liabilities coming due
within the next 12 months.

Full-text copies of the Company's financials are available for
free at http://ResearchArchives.com/t/s?efd

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe.


KEY RESOURCES: Creditors' Meeting Slated for August 22
------------------------------------------------------
Creditors of Key Resources-Security Limited (Company Number
05178667) will meet at 11:00 a.m. on Aug. 22 at:

         25 Harley Street
         London W1G 9BR
         United Kingdom

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

         Bernard Hoffman and Ian Douglas Yerrill
         Joint Administrators
         Gerald Edelman
         Suite 2
         Kent House
         Station Road
         Ashford
         Kent TN23 1PP
         United Kingdom
         Tel: 01233 666 280
         Fax: 01233 666 281
         E-mail: gemail@geraldedelman.com  

Gerald Edelman -- http://www.geraldedelman.com/-- is registered  
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority.


MARLOWES RESTAURANTS: Brings in Liquidator from Nunn Hayward
------------------------------------------------------------
David A. Butler of Nunn Hayward was appointed Liquidator of
Marlowes Restaurants & Bars Limited at an extraordinary general
meeting of members on May 16.

The appointment was confirmed at a subsequent meeting of
creditors held on the same day.

The company can be reached at:

         Marlowes Restaurants & Bars Limited
    Burcot Farm
    Burcot
    Abingdon
    Oxfordshire OX143DL
    United Kingdom
    Tel: 01865 407 771


MEDSTAR CYMRU: Creditors' Meeting Slated for August 16
------------------------------------------------------
Creditors of Medstar Cymru Limited (Company Number 04076311)
will meet at 3:00 p.m. on Aug. 16 at:

         Stanton House
         41 Blackfriers Road
         Salford
         Manchester M3 7DB
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon tomorrow, Aug. 15 at:

         David Norman Kaye
         Administrator
         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829


METEK BUILDING: Brings In Joint Administrators from KPMG LLP
------------------------------------------------------------
Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Metek Building Systems Limited
(Company Number 04421067) on July 7.

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Headquartered in County Durham, United Kingdom, Metek Building
Systems Limited is manufactures metal structure and parts.


MILLFIELD GROUP: Appoints Joint Administrators from PwC
-------------------------------------------------------
Michael John Andrew Jervis and Dan Yoram Schwarzmann of
PricewaterhouseCoopers LLP were appointed joint administrators
of Millfield Group PLC (Company Number 04132567) on July 7.

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

Headquartered in Croydon, United Kingdom, Millfield Group PLC
are independent financial advisor.


MMP GROUP: Brings In KPMG LLP to Administer Assets
--------------------------------------------------
Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of MMP Group Limited (Company
Number 02066477) on July 7.

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Headquartered in County Durham, United Kingdom, MMP Group
Limited is engaged in general construction and civil
engineering.


NAISH ENGINEERING: Creditors' Meeting Slated for August 16
----------------------------------------------------------
Creditors of Naish Engineering Limited (Company Number 03640490)
will meet at 10:00 a.m. on Aug. 16 at:

         Clareville House
         26-27 Oxendon Street
         London SW1Y 4EP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 15 at:

         Stephen Blandford Ryman and Robert Derek Smailes
         Joint Administrators
         Rothman Pantall & Co.
         Clareville House
         26-27 Oxendon Street
         London SW1Y 4EP
         United Kingdom
         Tel: +44 (0) 20 7930 7272
         Fax: +44 (0) 20 7930 9849

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.


NICKKNOWS.COM LIMITED: Appoints Liquidator to Wind Up Business
--------------------------------------------------------------
Creditors of nickknows.com Limited appointed Roger Anthony
Stanford Isaacs as Liquidator of the company on May 8.

The company can be reached at:

         nickknows.com Limited
         214-224 Broomhill Road
         Bristol BS4 5RG
         United Kingdom
         Tel: 0845 280 2882


O'CONNELLS LIMITED: Creditors' Confirm Liquidator's Appointment
---------------------------------------------------------------
Creditors of O'Connells Limited confirmed the appointment of
E. J. Stonham of Stonham.Co as Liquidator on May 8.

The company can be reached at:

         O'Connells Limited
    5 Mill Street
         London W1S 2AY
         United Kingdom
         Tel: 020 7499 6414   


OAKLEY TRAVEL: Creditors' Meeting Slated for August 16
------------------------------------------------------
Creditors of Oakley Travel Limited (Company Number 03319842)
will meet at 11:00 a.m. on Aug. 16 at:

         Tenon Recovery
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon tomorrow, Aug. 15 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

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


PACKAGING PROMOTIONS: Taps Liquidator from Findlay James
---------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed Liquidator of
Packaging Promotions & Design Limited at an extraordinary
general meeting of members on May 9.

The company can be reached at:

         Packaging Promotions & Design Limited
    Hertfordshire Business Centre
         Alexander Road
         London Colney
         St. Albans
         Hertfordshire AL2 1JG
         United Kingdom
         Tel: 01727 828170  


QUICK GLAZE: Nominates Liquidator from Marks Bloom
--------------------------------------------------
Philip Weinberg of Marks Bloom was nominated Liquidator of Quick
Glaze (Glass & Glazing) Limited at an extraordinary general
meeting of members on May 17.

The company can be reached at:

         Quick Glaze (Glass & Glazing) Limited
    144 Camberwell Road
    London SE5 0EE
    Tel: 020 7703 5000
    Fax: 020 7703 4003
    Web: http://www.quickglaze.co.uk/


REFCO INC: Chapter 7 Trustee Wants Court to Confirm Authority
-------------------------------------------------------------
Albert Togut, the interim Chapter 7 trustee appointed to oversee
the liquidation of Refco, LLC's estate, asks the Honorable
Robert Drain of the U.S. Bankruptcy Court for the Southern
District of New York to confirm that his authority to operate
Refco LLC's business continues past Aug. 22, 2006, until
terminated by further Court order.

The Court authorized Mr. Togut, to operate the Chapter 7
Debtor's business pursuant to Sections 721 of the Bankruptcy
Code.  The operation aims to, inter alia, consummate a sale of
Refco LLC's assets to Man Financial, Inc., and otherwise taking
necessary steps to wind down Refco LLC's business affairs.

The Bankruptcy Court entered a supplemental operating order on
March 27, 206, authorizing the Chapter 7 Trustee to:

   (i) permit customers to work out of open trading positions
       in any "Open Excluded Accounts";

  (ii) direct Man Financial to liquidate open trading positions
       in any Open Excluded Account; and

(iii) transfer account positions to a third party and take
       necessary actions to mitigate the estate's potential
       losses.

The Court also extended its express grant of qualified immunity
to any decisions and activities of the Chapter 7 Trustee.

Under an order allowing Refco LLC to assume and perform the
Acquisition Agreement, the Chapter 7 Trustee will provide
certain transition services to Man Financial for up to 270 days
following consummation of the Sale, which date falls on Aug. 22,
2006.  This deadline will, among others, determine whether Man
Financial wants to take an assignment of various executory
contracts and nonresidential real property leases.

Moreover, the Chapter 7 Trustee states that he is responsible
for complying with the applicable provisions of the Commodity
Exchange Act and Title 17 of the Code of Federal Regulations,
including Part 190 - "Bankruptcy," promulgated by the Commodity
Futures Trading Commission.  These regulations impose numerous
obligations on the Chapter 7 Trustee with respect to customer
securities, property or other commodities contracts.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
however, tells Judge Drain that numerous Sale-related tasks like
completing reconciliation and allocation of the Sale proceeds
and consummating various transactions related to the Sale still
remain to be completed.  In addition, the Chapter 7 Trustee has
not completed the wind-down of Refco LLC's business and
administration of its estate.

The Chapter 7 Trustee wants to make abundantly clear that the
Supplemental Operating Order was meant to expand and not limit
the Initial Operating Order.  The Chapter 7 Trustee asserts that
the clarification request will permit him to continue to fulfill
his obligations under the Sale Order, the Acquisition Agreement,
the CFTC regulations, and Subchapter IV of Chapter 7, which
obligations he likely could not satisfy without the authority
granted by the Operating Orders.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: Files Amended Claimants List on Master Proof Filing
--------------------------------------------------------------
Refco Inc. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York an
amended list of claimants to which the Debtors extended benefits
of an agreed order concerning filing of master proofs of claim
against the Debtors, excluding Refco Capital Markets, Ltd., and
Refco, LLC.

A schedule of the Requesting Claimants as of July 21, 2006, is
available for free at http://ResearchArchives.com/t/s?eaa

The Court had authorized certain claimants asserting identical
claims against each of the Debtors other thanRefco Capital
Markets, Ltd., and Refco, LLC, to file a master proof of claim
if these requirements were met:

   (a) The proof of claim is filed in the bankruptcy estate of
       Refco Group Ltd, LLC., Case No. 05-60027.

   (b) The actual proof of claim form provides that the claim
       also applies to all RGL affiliates, except RCM and
       Refco, LLC.

Judge Drain ruled that the Master Proof of Claim will be deemed
to have been filed in the bankruptcy estates of each of the
Other Refco Debtors without further Court order, action, or
undertaking by a Requesting Claimant.

Nothing in the Order will prohibit any Requesting Claimant from
filing individual proofs of claim in lieu of a Master Proof of
Claim against each of the Other Refco Debtors.

The Debtors may, in their sole discretion, extend the benefits
of the Order to other claimants without further Court order at
any time before expiration of the July 16, 2006 Bar Date by
having their counsel sign a schedule referencing the Order and
providing the names of additional creditors who wish to be
deemed a Requesting Claimant.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: Customers Want Rule 2004 Examination on Refco F/X
------------------------------------------------------------
Pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure, an ad hoc committee of Refco F/X Associates, LLC
customers asks the U.S. Bankruptcy Court for the Southern
District of New York to authorize and direct FXA to disclose
names and contact information of each of its account holders who
maintained trading accounts with a positive account balance as
of Oct. 17, 2005.

The Customer Committee is currently composed of around 200 FXA
customers working to protect and advance the interests of the
FXA customer body as a whole.

The Customer Committee members believe that many additional
customers would be interested in participating in the proceeding
through the Committee if they were informed of the opportunity.  
By joining the Committee, the FXA customers will also be able to
enhance the value of FXA's estate by, among other things,
working with the Debtors and the Official Committee of Unsecured
Creditors to increase the proceeds from the sale of FXA assets.

Todd E. Duffy, Esq., at Duffy & Amedeo LLP, in New York, tells
Judge Drain that the Customer Committee is entitled to customer
information pursuant to the Bankruptcy Court's Oct. 20, 2005
order and Bankruptcy Rule 1007(a)(1), which require FXA to file
with its petition a list containing names and addresses of each
of its creditors.

Mr. Duffy ensures that the requested disclosure will preserve
the FXA customers' rights.

To the extent that a settlement between the Customer Committee
and FXA is achieved, allowing more customers to participate in
the settlement could benefit the estate and its creditors by
satisfying a significant portion of FXA's creditor body and
clearing the way for a more comprehensive plan of
reorganization, Mr. Duffy states.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


STAMPER ENTERPRISES: Creditors' Meeting Slated for August 17
------------------------------------------------------------
Creditors of Stamper Enterprises & Co. Limited (Company Number
02507137) will meet at 11:00 a.m. on Aug. 17 at:

         Bridgestones
         125-127 Union Street
         Oldham OL1 1TE
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Aug. 16 at:

         Jonathan Lord and Robert Cooksey
         Joint Administrators
         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk


TEXIMA LIMITED: Taps Joint Administrators from Hurst Morrison
-------------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Hurst Morrison Thomson
CR LLP were appointed joint administrators of Texima Limited
(Company Number 04848799) July 12.

The administrators can be reached at:

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

Headquartered in London, United Kingdom, Texima Limited manages
lounge bars and clubs.


THINKING FOOD: Submission of Claims Ends August 18
--------------------------------------------------
Creditors of Thinking Food International (Biggin Hill) Limited
(Company Number 05249554) 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 Aug. 18 at:

         Paul Michael Davis and Timothy John Edward Dolder
         Joint Administrators
         Begbies Traynor (South) LLP
         Chiltern House
         24-30 King Street
         Watford WD18 0BP
         United Kingdom
         Tel: 01923 812 900
        
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.  


THOMAS HOLT: Names Matthew Bowker as Administrator
--------------------------------------------------
Matthew Colin Bowker of Unity Business Services LLP was
appointed administrator of Thomas Holt & Son (Blackburn) Limited
(Company Number 188733) on July 12.

The administrator can be reached at:

         Unity Business Services LLP
         Clive House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Headquartered in Clitheroe, United Kingdom, Thomas Holt & Son
(Blackburn) Limited retails jewelry.


TITANIUM METALS: Earns US$56.2 Million in Second Quarter June 30
----------------------------------------------------------------
Titanium Metals Corp. delivered its financial results for the
second quarter ended June 30, 2006, to the Securities and
Exchange Commission on Aug. 4.

For the three months ended June 30, 2006, the Company earned
US$56.2 million of net income on US$300.9 million of net
revenues, compared with US$36.9 million of net income on
US$183.7 million of net revenues in 2005.

As of June 30, 2006, the Company had outstanding borrowings of
US$45.2 million under its U.S. credit agreement and US$3.3
million under its U.K. credit facility.  As of June 30, 2006,
the weighted average interest rates on borrowings outstanding
under its U.S. and U.K. credit facilities were 6.1% and 5.6%,
respectively.

At June 30, 2006, the Company had US$4.1 million of letters of
credit outstanding under its U.S. credit facility required by
various utilities and government entities for performance and
insurance guarantees, and the Company had US$3.7 million of
letters of credit outstanding under its European credit
facilities as collateral under certain inventory purchase
contracts.  These letters of credit reduce the Company's
borrowing availability under its credit facilities.  Aggregate
unused borrowing availability under its U.S. and U.K. credit
facilities was approximately US$164 million as of June 30, 2006.  
The Company also has overdraft and other credit facilities at
certain of the Company's other European subsidiaries, with
aggregate unused borrowing availability of US$15.7 million at
June 30, 2006.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?f4c

Headquartered in Denver, Colorado, Titanium Metals Corporation
-- http://www.timet.com/-- is a worldwide producer of titanium  
metal products.

                           *     *     *

Moody's Investors Services placed a Caa1 issuer rating and B3 LT
Corp Family Rating on Titanium Metals.


TOUCH TECHNOLOGY: Appoints Liquidator from Bottomley & Co.
----------------------------------------------------------
David Halstead Bottomley of Bottomley & Co. was appointed
Liquidator of Touch Technology U.K. Limited on May 10 by
resolutions of members and creditors.

The company can be reached at:

         Touch Technology U.K. Limited
    Plum Park
    Watling Street
    Paulerspury
    Towcester
    Northamptonshire NN126LG
    United Kingdom
    Tel: 0870 777 1928
    Fax: 0870 777 1929

                           *********

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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