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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 21, 2006, Vol. 7, No. 165

                            Headlines


A U S T R I A

BAUMEISTER MULLY: Claims Registration Period Ends August 22
CULT: Claims Registration Period Ends September 1
DESIGN: Creditors' Meeting Slated for August 24
ENRICO BOTTINI: Creditors' Meeting Slated for September 5
FRAR: Creditors' Meeting Slated for August 23

HERRMANN & SCHMIDT: Vienna Court Orders Business Shutdown
IVAN: Vienna Court Orders Closing of Business
RASCHIGER: Claims Registration Period Ends August 22
SEILERN-ASPANG: Claims Registration Period Ends September 1
TEAM TIM: Claims Registration Period Ends September 1


B E L G I U M

TELENET BIDCO: Fitch Rates EUR1 Billion Credit Facilities at BB+


F R A N C E

ALCATEL SA: To Provide Optical Solution Service to Taiwan's APTG


G E R M A N Y

DASHI CHINA: Claims Registration Ends August 28
FRIKOWERK FRITZ: Claims Registration Ends August 26
FU ENTSORGUNGS: Claims Registration Ends September 5
GEMEINDENAHE PFLEGE: Claims Registration Ends September 1
GUL TECHNOLOGIES: Loss After Tax Narrows on Higher Margins

ILCE LOGISTIC: Claims Registration Ends August 28
INVERSYS GMBH: Claims Registration Ends August 31
JOEST-VERWALTUNGS: Claims Registration Ends August 24
KURTH GMBH: Claims Registration Ends September 5
SANITAR & HEIZUNGSTECHNIK: Claims Registration Ends August 22

WL WHITE: Claims Registration Ends August 24


H U N G A R Y

BORSODCHEM NYRT: Cuts First Half Net Profit to HUF2.59 Billion
BORSODCHEM NYRT: Returned Shares Hike Treasury Stock


I R E L A N D

BCM IRELAND: Finalizes Debt Financing Package for eircom Offer
EIRCOM GROUP: Court Approves Acquisition Arrangement with BCM


K A Z A K H S T A N

AGROGAZAVTOSERVIS: Creditors Must File Claims by Sept. 19
ALTAISTROYMARKET: Creditors Must File Claims by Sept. 19
ASIA-TRAIDING: Proof of Claim Deadline Slated for Sept. 19
ASTANA-ASHIM: Proof of Claim Deadline Slated for Sept. 19
GEO LTD: Claims Registration Ends Sept. 19

GOR LTD: Claims Registration Ends Sept. 19
RAMIN LTD: Creditors' Claims Due Sept. 19
TECH ASOIL: Creditors' Claims Due Sept. 19
MITSAR RECRUITMENT: Creditors' Claims Due Sept. 19


K Y R G Y Z S T A N

STROIMASHINA: Public Auction Scheduled for Aug. 28


N O R W A Y

FALCONBRIDGE LTD: Xstrata Nominees Replace Board of Directors


R U S S I A

ABANSKIY: Court Names S. Rozhdestvenskiy as Insolvency Manager
AGRO-KLIMENKOVSKOYE: Court Commences Bankruptcy Supervision
ARIKO: Tatarstan Court Names R. Samigullin as Insolvency Manager
CHOYSKIY DIARY: Altay Court Starts Bankruptcy Supervision
GROATS COMPANY: Court Names A. Nesterov as Insolvency Manager

KRASBOYARSKIY FEED: B. Nassonov to Manage Insolvency Assets
KRASNOSLOBODSKAYA BUILDING: G. Lebedev to Manage Assets
KURMANAEVSKOYE REPAIR-TECHNICAL: V. Ivanov as Insolvency Manager
LUKOIL OAO: Eyes Citgo Petroleum's US Refining Assets
MEKUR: Kursk Court Starts Bankruptcy Supervision

MUROM-SEL-KHOZ-TEKHNIKA: V. Salkazanov to Manage Assets
NOVOCHEBOKSARSKIY HOUSE: External Management Procedure Starts
PIKALEVSKIY BUILDER: O. Gonzharov to Manage Insolvency Assets
ROSNEFT OIL: Banks Acquire 31.2-Million Overalloted Shares
SEL-KHOZ-KHIMYA: Court Names A. Sherbak as Insolvency Manager

SEL-KHOZ-TEKHNIKA: Court Names Y. Kushenko as Insolvency Manager
SHIRINSKOYE: Tula Court Commences Bankruptcy Supervision
SYUREKSKIY TIMBER-INDUSTRY: E. Shestakov to Manage Assets
SYZRANSKIY LIQUEUR-VODKA: Court Starts Bankruptcy Supervision
TAIGA-TRADE: Altay Court Commences Bankruptcy Supervision

TASHLINSKOYE GRAIN: Court Names N. Tokarev as Insolvency Manager
TRANSNEFT JSC: Inks RUB65 Billion Credit Pact with Savings Bank
TUKAY-AGRO-KHIM-SERVICE: I. Gilyazov to Manage Insolvency Assets
UFIMSKAYA EXPERIMENTAL: L. Vlasova to Manage Insolvency Assets
VOLODARSKIY COMBINE: N. Khets to Manage Insolvency Assets

YUKOS OIL: Appeals Aug. 1 Bankruptcy Ruling by Moscow Court
YUKOS OIL: Court Postpones Yugansk Claims Hearing to Sept. 12
ZARYA: Kirov Court Names L. Tomilova as Insolvency Manager


S P A I N

GUL TECHNOLOGIES: Loss After Tax Narrows on Higher Margins


T U R K E Y

ANADOLU EFES: Fitch Lifts Foreign Currency IDR to BB
ARCELIK A.S.: Fitch Upgrades Local Currency IDR to BB
COCA-COLA ICECEK: Fitch Lifts Currency Default Rating to BB
HSBC BANK: Fitch Affirms & Withdraws BB- Foreign Currency IDR
HURRIYET GAZETECILIK: Fitch Raises Foreign Currency IDR to BB
PETKIM PETROKIMYA: Fitch Lifts Foreign Currency IDR to BB

TURKCELL ILETISIM: Fitch Raises Foreign Currency IDR to BB
TURKIYE IS: Fitch Upgrades Local Currency Default Rating to BB+
TURKIYE PETROL: Fitch Lifts Currency Default Rating to BB


U K R A I N E

ABOMELIKOVO: Court Names Liseyev Kirilo as Insolvency Manager
AGROSERVICE: Court Names V. Ribachuk as Insolvency Manager
DNIPROPETROVSK' AGROTEHSERVICE: Sergij Sidko to Liquidate Assets
DUBNONASINNYA: Rivne Court Names V. Sokotun as Liquidator
HLIBINVEST: Court Names Roman Bigun as Insolvency Manager

NADIYA: Sumi Court Starts Bankruptcy Supervision
OVRAMENKOVE: Court Names Mr. M. Derkach as Insolvency Manager
RANOK: Hmelnitskij Court Starts Bankruptcy Supervision
SMIKOVETSKE: Court Names Nataliya Mihnenko as Liquidator
UKRAINE MEDIA: Kyiv Court Names L. Kondra as Liquidator

UKPOL: Volinska Court Names Lubomir Cherevatij as Liquidator


U N I T E D   K I N G D O M

ALPHA HEATING: Names Joint Administrators from Hurst Morrison
ALPHA PACKAGING: Brings In BDO Stoy to Administer Assets
ARAMIS INVESTMENTS: Hires BDO Stoy as Joint Administrators
BCM IRELAND: Finalizes Debt Financing Package for eircom Offer
BLUE SKY: Appoints Joint Administrators from Vantis

BROWN GROUP: Taps BDO Stoy as Joint Administrators
CORNERSTONE PROPERTIES: Taps Administrators from Begbies Traynor
EASY ROUTE: Names T. Papanicola as Administrator
EIRCOM GROUP: Court Approves Acquisition Arrangement with BCM
EMI GROUP: In Talks with YouTube Over Potential Business Models

EX-PAC LIMITED: Hires Joint Administrators from BWC Business
GHARANI STROK: Appoints Harrisons as Joint Administrators
INCO LTD: Board Says CVRD Offer Could Be a Superior Proposal
INCO LIMITED: Teck Cominco Withdraws Proposed Equity Offering
INTERSPACE LIMITED: Creditors' Meeting Slated for August 31

JOHN MACNAB: Hires BDO Stoy as Joint Administrators
LA BAGUETTE: Brings In Administrators from Begbies Traynor
LEIGH ELECTRICAL: Taps Tenon Recovery to Administer Assets
LINK PACKAGING: Brings In Administrators from Mazars LLP
MFI FURNITURE: Confirms Possible Disposal of its U.K. Retail
R. COOPER: Appoints Tracy A. Taylor as Administrator

REDLINE RECRUITMENT: Hires PKF as Joint Administrators
SANDELE LIMITED: Hires F.A. Simms as Joint Administrators
SHILLING PROPERTIES: Hires Administrators from Moore Stephens
TADROSS HOTELS: Taps T. Papanicola to Administer Assets
TENTACLE 1: Brings In SPW Poppleton as Joint Administrators

TRAVEL WORLD: Tour Operator Shuts Down Firm
TYCON CONTAINER: Appoints Milner Boardman as Administrators
WISE METALS: Business Loss Spurs Moody's to Junk Ratings
XELO PLC: S&P Assigns BB+ Rating to EUR37.5-Mln Notes

* Fitch Revises Country Ceiling for 40 Countries


                            *********

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


BAUMEISTER MULLY: Claims Registration Period Ends August 22
-----------------------------------------------------------
Creditors owed money by LLC Baumeister Mully (FN 245318m) have
until Aug. 22 to file written proofs of claims to court-
appointed property manager Stefan Jahns at:

         Mag. Stefan Jahns
         c/o Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50
         Fax: 536 50 14
         E-mail: officewien@aaa-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:25 a.m. on Sept. 5 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         21st Floor
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 29 (Bankr. Case No. 45 S 44/06h).  Michael Neuhauser
represents Mag. Stefan Jahns in the bankruptcy proceedings.


CULT: Claims Registration Period Ends September 1
-------------------------------------------------
Creditors owed money by LLC Cult (FN 184128b) have until Sept. 1
to file written proofs of claims to court-appointed property
manager Guenther Auer at:

         Dr. Guenther Auer
         Church Square 3
         5110 Oberndorf bei Salzburg, Austria
         Tel: 06272/7087-0
         Fax: 06272/7088-14
         E-mail: office@greger-auer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Sept. 14 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

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

Headquartered in Oberndorf bei Salzburg, Austria the Debtor
declared bankruptcy on June 29 (Bankr. Case No. 23 S 42/06f).
Wolfgang Pichler, the Debtor's manager, represents the Debtor in
the bankruptcy proceedings.


DESIGN: Creditors' Meeting Slated for August 24
-----------------------------------------------
Creditors owed money by LLC Design (FN 223956y) are encouraged
to attend the creditors' meeting at 10:15 a.m. on Aug. 24 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Germany

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 29 (Bankr. Case No. 5 S 92/06y).  Eva-Maria Bachmann-
Lang serves as the court-appointed property manager of the
bankrupt estate.  Christian Bachmann represents Dr. Bachmann-
Lang in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Dr. Eva-Maria Bachmann-Lang
         c/o Dr. Christian Bachmann
         Opernring 8
         1010 Vienna, Germany
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at


ENRICO BOTTINI: Creditors' Meeting Slated for September 5
---------------------------------------------------------
Creditors owed money by LLC Enrico Bottini (FN 258538d) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Sept. 5 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         2nd Floor
         Graz, Austria

Headquartered in Deutschlandsberg, Austria, the Debtor declared
bankruptcy on June 29 (Bankr. Case No. 40 S 30/06v).  Peter
Handler serves as the court-appointed property manager of the
bankrupt estate.  The Debtor will be represented by its manager
Peter Paul Konrad and Dr. Andreas Ladstatter in the bankruptcy
proceedings.

The property manager can be reached at:

         Mag. Peter Handler
         Holleneggerstr. 6 a
         8530 Deutschlandsberg, Austria
         Tel: 03462/4141
         Fax: 03462/4141-41
         E-mail: office@handler.at

The Debtor's representative can be reached at:

         Dr. Andreas Ladstatter
         Jasomirgottstr. 6
         1010 Vienna, Austria


FRAR: Creditors' Meeting Slated for August 23
---------------------------------------------
Creditors owed money by LLC Frar (FN 231403z) are encouraged to
attend the creditors' meeting at 9:45 a.m. on Aug. 23 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Germany

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 30 (Bankr. Case No. 4 S 60/06k).  Christoff Beck
represents Mag. Prochaska in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Mag. Andrea Prochaska
         c/o Mag. Christoff Beck
         Water Lane 33/12
         1030 Vienna, Germany
         Tel: 718 77 50
         Fax: 718 77 50 15
         E-mail: kanzlei@andrea-prochaska.at


HERRMANN & SCHMIDT: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered an order on June 28 closing
the business of LLC Herrmann & Schmidt (FN 176944m).  Court-
appointed property manager Judith Eisenberg-Mirecki determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager can be reached at:

         Mag. Judith Eisenberg-Mirecki
         Reisnerstrasse 25/2
         1030 Vienna, Austria
         Tel: 714 82 44
         E-mail: ra.eisenberg-mirecki@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 30, 2005 (Bankr. Case No. 4 S 69/05g).


IVAN: Vienna Court Orders Closing of Business
---------------------------------------------
The Trade Court of Vienna entered an order on June 28 closing
the business of LLC Ivan (FN 261070b).  Court-appointed property
manager Maria Brandstetter determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Maria Brandstetter
         Step Hans Place 4
         Stiege VI
         2nd Floor
         1010 Vienna, Austria
         Tel: 513-85-12
         E-mail: office@rechtsberaterin.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 2 S 86/06v).


RASCHIGER: Claims Registration Period Ends August 22
----------------------------------------------------
Creditors owed money by LLC Raschiger (FN 252677i) have until
Aug. 22 to file written proofs of claims to court-appointed
property manager Norbert Schopf at:

         Dr. Norbert Schopf
         c/o Dr. Peter Zens
         Reichsratsstrasse 7
         1010 Vienna, Austria
         Tel: 534 90-0
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 5 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria the Debtor declared bankruptcy
on June 29 (Bankr. Case No. 2 S 106/06k).  Peter Zens represents
Dr. Schopf in the bankruptcy proceedings.


SEILERN-ASPANG: Claims Registration Period Ends September 1
-----------------------------------------------------------
Creditors owed money by LLC & KEG Seilern-Aspang (FN 28382p)
have until Sept. 1 to file written proofs of claims to court-
appointed property manager Helmut Huettinger at:

         Dr. Helmut Huettinger
         Old Market 7
         5020 Salzburg, Austria
         Tel: 0662/841141-0
         Fax: 0662/848415
         E-mail: gehmacher-hüttinger@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 15 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         Land Court of Salzburg
         Hall 256
         2nd Floor
         Salzburg, Austria

Headquartered in Wallersee, Austria the Debtor declared
bankruptcy on June 28 (Bankr. Case No. 44 S 22/06v).  Dr. Walter
Meissner represents the Debtor in the bankruptcy proceedings.


TEAM TIM: Claims Registration Period Ends September 1
-----------------------------------------------------
Creditors owed money by LLC Team tim Entwicklung & Vertrieb (FN
215322a) have until Sept. 1 to file written proofs of claims to
court-appointed property manager Helmut Huettinger at:

         Dr. Helmut Huettinger
         Old Market 7
         5020 Salzburg, Austria
         Tel: 0662/841141-0
         Fax: 0662/848415
         E-mail: gehmacher-hüttinger@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Sept. 15 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Hall 256
         2nd Floor
         Salzburg, Austria

Headquartered in Wallersee, Austria the Debtor declared
bankruptcy on June 28 (Bankr. Case No. 44 S 20/06z).  Elmar Wolf
represents the Debtor in the bankruptcy proceedings.


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


TELENET BIDCO: Fitch Rates EUR1 Billion Credit Facilities at BB+
----------------------------------------------------------------
Fitch Ratings upgraded Belgium-based Telenet BidCo NV's Issuer
Default rating to BB- from B+ and affirmed its Short-term rating
at B.  The Outlook remains Stable.

At the same time the agency has assigned Telenet's EUR1 billion
senior secured credit facilities a BB+ rating.  Fitch has also
affirmed Telenet Communications NV's senior notes and Telenet
Group Holding NV senior discount notes at BB and B+,
respectively.  Fitch no longer publishes recovery rating for
these issuers.

The upgrade of the IDR reflects the growing maturity of
Telenet's operations and financial profile.  The company
exhibits increasingly well-diversified revenue and cash flow,
with strong contributions from each of its core services - CATV,
broadband and telephony.

Its financial maturity is reflected in a leverage ratio that is
low by European cable standards.  Although Telenet's markets are
competitive, Fitch views the Belgian market as more benign than
in countries like the U.K. or the Netherlands, where consumers
are highly price sensitive and where the size of the market
offers greater incentive to service providers to enter these
markets.

"The company enjoys good penetration in each of its core
products: CATV, telephony and broadband internet.  The fact that
the company started out as a telephony provider has led to good
uptake in each of the latter two categories, and Fitch sees
continued growth potential for these services," Stuart Reid, a
Director in Fitch's European TMT group disclosed.  These
factors, combined with the increasing maturity of the company's
balance sheet, are reflected in a leverage ratio of 3.7x (at
March 2006), and provide support for the upgrade.

Telenet's leading market share in the Flanders region for
broadband (estimated approximately 50%), and its number two
position in telephony (estimated 21%) demonstrate the company's
strong business position.  Basic cable TV penetration exceeding
94% provides a strong annuity income, while at the same time
creating good brand recognition and a captive market for the
company to up-sell and cross-sell additional services.

While both broadband and telephony continue to exhibit good
momentum, Fitch considers that there is reasonable scope for
further growth in these segments.  Although Telenet's revenue
generating unit/customer ratio of 1.43x (at March 2006) is good
in Fitch's view, it is capable of further improvement.

The BB+ instrument rating for the senior secured credit
facilities reflects Fitch's expectation of strong recoveries for
this class of debt, given the relatively low level of senior
debt at this time.

The BB rating of the senior notes also reflects the expectation
of relatively good recoveries for this class of debt, while the
B+ rating of the senior discount notes reflects the more limited
recovery potential for debt holders at this level.  Further de-
leveraging on a consolidated basis could, however, lead to
improved notching of this asset class over time.

Telenet is Belgium's leading cable operator, with total revenue
generating units of 2,816k and an average revenue per user for
Q106 of EUR27.5 (up from EUR26.4 in Q105).  The company
generated revenues of EUR197.6 million and EBITDA of EUR88.7
million for the quarter, reflecting a 45% EBITDA margin.


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


ALCATEL SA: To Provide Optical Solution Service to Taiwan's APTG
----------------------------------------------------------------
Alcatel SA (Paris: CGEP.PA and NYSE: ALA) has signed a contract
with Asia Pacific Telecom Group (APTG) -- a leading incumbent
operator offering fixed and 3G mobile services, and cable TV
services -- to upgrade and expand its existing network in Taiwan
with Alcatel's optical transport solution.

The project will allow APTG to support new Ethernet-based
applications for addressing the increased traffic requirements
of research institutions, as well as to enhance mobile traffic
backhaul capabilities.

Alcatel will deploy its optical multi-service and dense
wavelength division multiplexing (DWDM) technologies, enabling
APTG to significantly increase its network capacity, flexibility
and performance.  The Alcatel solution will be based on its 1626
Light Manager (LM) multi-reach DWDM system that maximizes the
capacity of core optical networks, while lowering the overall
transmission cost per bit.

Additionally, Alcatel will supply its data-aware Optical Multi-
Service Node (OMSN) providing APTG with a single platform
optimized to aggregate multiple traffic types and backhaul the
mobile traffic, carried over the APTG CDMA network, from base
stations to the core.  Under the terms of the contract, Alcatel
will also upgrade its Alcatel 1350 management suite -- which
allows the management of packet, TDM and wavelength connectivity
services - further enabling operational cost-savings.

"Fixed-mobile convergence is taking place in Taiwan, throughout
the Asia-Pacific region, and APTG is further enhancing its
network and expanding its service offering," stated Vincent
Chih, Chief Technology Officer of APTG. "Alcatel's leadership in
optical networking will help us leverage advanced features and
give our customers access to the most advanced services and
technologies available."

"As end-users increasingly request fixed and mobile voice, data
and video services, operators need enhanced network capabilities
to support their delivery, while continuing to guarantee the
highest quality," said Romano Valussi, President of Alcatel's
optical networking activities.  "Alcatel's optical technology
will help APTG benefit from higher flexibility and reliability
to cope with its growing end-user service demands."

This achievement strengthens Alcatel's position in Asia-Pacific
and further reinforces its successful cooperation with APTG,
which dates back to May 2000, when Alcatel was selected as
vendor of choice for the deployment of APTG's transmission
network.

                About Asia Pacific Telecom Group

APTG consists of Asia Pacific Broadband Telecom Co., Ltd.
(APBT), Asia Pacific Online (APOL), and Asia Pacific Broadband
Wireless (APBW). APTG has composed a value chain of broadband
networks in the industries of wireline, wireless and Internet
services. APTG operates its broadband telecom businesses by
following the principles of convergence, innovation, and speed
to achieve the success in the telecom market.

                        About Alcatel

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

                         *     *     *

As reported in TCR-Europe on March 28, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
France-based telecommunications equipment maker Alcatel on
CreditWatch with negative implications.


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


DASHI CHINA: Claims Registration Ends August 28
-----------------------------------------------
Creditors of Dashi China-Center GmbH have until Aug. 28 to
register their claims with court-appointed provisional
administrator Martin Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Road 28
         Ludwigsburg, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Oct. 24 at:

         The District Court of Ludwigsburg
         Room 2005
         Palace Schuetz
         Schorndorfer Road 28
         Ludwigsburg, Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against Dashi China-Center GmbH on July 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Dashi China-Center GmbH
         Attn: Feng Jiu Wen, Xiuping Li, Li Minghua and
         Wang Xueyi, Managers
         Muehlstrasse 100
         71691 Freiberg/N., Germany

The administrator can be contacted at:

         Martin Wagner
         King Route 28
         70173 Stuttgart, Germany
         Tel: 0711/164450


FRIKOWERK FRITZ: Claims Registration Ends August 26
---------------------------------------------------
Creditors of Frikowerk Fritz Koerdt Metallwarenfabrik GmbH & Co.
KG have until Aug. 26 to register their claims with court-
appointed provisional administrator Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg, 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 Arnsberg opened bankruptcy proceedings
against Frikowerk Fritz Koerdt Metallwarenfabrik GmbH & Co. KG
on July 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Frikowerk Fritz Koerdt Metallwarenfabrik GmbH & Co. KG
         Gerkenweg 6-8
         58739 Wickede, Germany

         Attn: Friedrich Koerdt, Manager
         Hauptstr. 133 A
         58739 Wickede, Germany

The administrator can be contacted at:

         Dr. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund, Germany


FU ENTSORGUNGS: Claims Registration Ends September 5
----------------------------------------------------
Creditors of FU Entsorgungs GmbH have until Sept. 5 to register
their claims with court-appointed provisional administrator
Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 5 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Munich opened bankruptcy proceedings
against FU Entsorgungs GmbH on July 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         FU Entsorgungs GmbH
         Nordendstrasse 25 a
         82178 Puchheim, Germany

The administrator can be contacted at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Place 1
         81829 Munich, Germany
         Tel: 99299-0
         Fax: 99299-299


GEMEINDENAHE PFLEGE: Claims Registration Ends September 1
---------------------------------------------------------
Creditors of Gemeindenahe Pflege GmbH & Co KG have until
Sept. 1 to register their claims with court-appointed
provisional administrator Wilhelm Salim Khan Durani.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 9 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 3
         Kiel, Germany

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

The District Court of Kiel opened bankruptcy proceedings against
Gemeindenahe Pflege GmbH & Co KG on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gemeindenahe Pflege GmbH & Co KG
         Attn: Claudia Claussen, Manager
         Diesterwegstrasse 22
         24113 Kiel, Germany

The administrator can be contacted at:

         Wilhelm Salim Khan Durani
         Sell Speicher/Wall 55
         24103 Kiel, Germany


GUL TECHNOLOGIES: Loss After Tax Narrows on Higher Margins
----------------------------------------------------------
Gul Technologies Singapore Limited posted a reduction in loss
after tax from US$18.2 million in the first half of 2005 to
US$3.1 million in the first half of 2006, according to the
company's regulatory filing to the Singapore Exchange.

Sales in 1H2006 of US$51.6 million represented an increase of
22.6% over 1H2005's sales of US$42.1 million.  The improvement
came despite the closure of the Singapore plant, as the Wuxi
plant in China managed to ramp-up on time to make up for the
lost sales.  Better factory utilization, better product focus
and efforts to obtain price increase were also key contributors
to the higher sales.

Sales to the group's core segments have remained strong.
Automotive segment comprised 41.5% of 1H2006's sales, up from
36.3% of 1H2005's sales, while the disk-drives segment
contributed 19.1% to 1H2006's sales as compared to 14.4% of
sales of 1H2005. The ramp-up in the Wuxi plant also led the
Group to foray more into the consumer electronics (comprising
mobile set, computer, digital still camera and LCD display)
segment with a sales contribution of 28%.

The first half of 2006 saw the group achieving a gross profit of
US$7.9 million as contrast with a gross loss of US$6.9 million
in 1H2005 due to the closure of the Singapore plant and change
in sales mix, especially the exit of the loss-making United
States' network segment in 1H2006 (sales to United States'
network segment made up 8.7% of 1H2005's sales) and higher sales
to the better-margin consumer electronics segment.

Gul Technologies, however, is still insolvent as it reports a
shareholder's equity deficit of US$32.12 million.  As of June
30, 2006, current assets was at US$53.37 million and total
assets was at US$150.38 million, while current liabilities and
total liabilities amounted to US$172.91 million and US$182.51,
respectively.  The company's balance sheet are as follows:

Cost of sales was reduced by US$1.9 million in 2006 due to lower
depreciation charges.  Excluding the impact of the lower
depreciation charges, 1H2006 will still see a gross profit of
US$6 million.

The achievement of a gross profit led the Group to significantly
reduce its loss after tax, despite some setbacks such as rising
material costs that led to higher product costs, rising oil
price that led to higher freight costs, additional borrowings in
China and rising interest rate that led to higher interest costs
(US$0.4 million), and strengthening of the China Renminbi and
Singapore Dollar against the United States Dollar that led to
foreign exchange loss on the Group's financing activities
(US$1.2 million).

The first half of 2006 result is in line with the earlier
forecast by the company that it expects performance in FY2006 to
be better than FY2005.

Gul Technologies, however, is still insolvent as it reports a
shareholder's equity deficit of US$32.12 million.  As of June
30, 2006, current assets was at US$53.37 million and total
assets was at US$150.38 million, while current liabilities and
total liabilities amounted to US$172.91 million and US$182.51,
respectively.

The Company's financial report for the second quarter ended
June 30, 2006, is available for free at
http://ResearchArchives.com/t/s?ff1

                     About Gul Technologies

Incorporated in Singapore, Gul Technologies Singapore Limited
-- http://www.gultech.com/-- is a global supplier with sales
and representative offices in North America, Asia and Europe.
Its printed circuit boards are supplied to the Automotive
industry (electronic engine control, power control module, anti-
lock braking systems, speed controls, clusters, telematics etc),
Telecommunications industry (mobile phones, digital enhanced
cordless telephones, land mobile radios), Information Technology
industry (disk and tape drives for computers, network routers,
servers, firewalls, port adapters, voice over internet protocol,
wireless local area network), Healthcare industry (hearing aids,
infusion pumps, glucose monitoring devices), and other products
like instrumentation (programmable logic controllers, industrial
controllers, bar code readers), digital cameras and avionics.
The company manufactures its products in its production
facilities in China.

                        *     *     *

                     Going Concern Doubt

PricewaterhouseCoopers, the company's independent auditors,
raised a going concern issue in their report on the company's
financial statements for the year ended December 31, 2005.

PwC cited the following reasons:

   * the group incurred a net loss of US$48.24 million for the
     financial year ended December 31, 2005, and a net loss of
     US$21.75 million for the year 2004.

   * as of Dec. 31, 2005, the group and the company are in a
     net liabilities position of US$27.74 million and US$30.31
     million, respectively.

   * the company has not complied with certain debt covenants
     relating to bank borrowings amounting to US$19.82 million.
     Such non-compliance has resulted in the related bank
     borrowing becoming repayable on demand.

   * Tuan Sing Holdings Ltd., the ultimate holding corporation,
     has indicated its intention to provide continuing financial
     support to enable the group and the company to meet their
     obligations provided that the group remains a subsidiary.
     However, on Sept. 7, 2005, the company entered into a
     subscription agreement with Nuri Pacific Pte. Ltd which
     would result in the cessation of Tuan Sing's position as
     the ultimate holding corporation of the group.


ILCE LOGISTIC: Claims Registration Ends August 28
-------------------------------------------------
Creditors of ILCE Logistic GmbH have until Aug. 28 to register
their claims with court-appointed provisional administrator
Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Sept. 28 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Munich opened bankruptcy proceedings
against ILCE Logistic GmbH on July 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ILCE Logistic GmbH
         Munich, Germany

The administrator can be contacted at:

         Andree Wernicke
         Ohmstr. 13
         80802 Munich, Germany
         Tel: 089/3838710
         Fax: 089/338308


INVERSYS GMBH: Claims Registration Ends August 31
-------------------------------------------------
Creditors of Inversys GmbH have until Aug. 31 to register their
claims with court-appointed provisional administrator Udo
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 28 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Inversys GmbH on July 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Inversys GmbH
         Unterm Ratskopf 19
         38855 Wernigerode, Germany

         Attn: Steffen Huuck, Manager
         Hundertmorgenfeld 34
         38855 Wernigerode, Germany

The administrator can be contacted at:

         Udo Mueller
         Editharing 31
         39108 Magdeburg, Germany
         Tel: 0391/5066030
         Fax: 0391/5066033


JOEST-VERWALTUNGS: Claims Registration Ends August 24
-----------------------------------------------------
Creditors of Joest-Verwaltungs GmbH have until Aug. 24 to
register their claims with court-appointed provisional
administrator Frank Voelger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 5 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 Darmstadt
         Room 4.309
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against Joest-Verwaltungs GmbH on July 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Joest-Verwaltungs GmbH
         Attn: Friedhelm Joest, Manager
         Cemetery Route 28
         64739 Hoechst/Odw, Germany

The administrator can be contacted at:

         Frank Voelger
         Anne-Frank-Road 6
         64823 Gross-Umstadt, Germany
         Tel: 06078/912313
         Fax: 06078/912314


KURTH GMBH: Claims Registration Ends September 5
------------------------------------------------
Creditors of Kurth GmbH have until Sept. 5 to register their
claims with court-appointed provisional administrator Thorsten
Schnoor.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Sept. 29 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 Eutin
         Hall B
         1. Stick
         Jungfernstieg 3
         23701 Eutin, 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 Eutin opened bankruptcy proceedings
against Kurth GmbH on Aug. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Kurth GmbH
         Attn: Anja Kurth, Manager
         Lindenstrasse 48
         23611 Bad Schwartau, Germany

The administrator can be contacted at:

         Thorsten Schnoor
         Wendenstrasse 4
         20097 Hamburg, Germany


SANITAR & HEIZUNGSTECHNIK: Claims Registration Ends August 22
-------------------------------------------------------------
Creditors of Sanitar & Heizungstechnik GmbH have until Aug. 22
to register their claims with court-appointed provisional
administrator Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve, 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 Kleve opened bankruptcy proceedings
against Sanitar & Heizungstechnik GmbH on Aug. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Sanitar & Heizungstechnik GmbH
         Schade u. Limburg
         Alte s`Heerenbergerstrasse 44
         46446 Emmerich, Germany

         Attn: Dietmar Schade, Manager
         Hauberg 6
         46446 Emmerich, Germany

         Theodor Limburg, Manager
         Franconia Route 73
         46446 Emmerich, Germany

The administrator can be contacted at:

         Heinrich Stellmach
         Salierstr. 4
         46395 Bocholt, Germany


WL WHITE: Claims Registration Ends August 24
--------------------------------------------
Creditors of WL White Label Insurance Service Aktiengesellschaft
have until Aug. 24 to register their claims with court-appointed
provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 28 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 Duesseldorf
         Meeting Room A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on Sept. 18 at the same
venue.

The District Court of Duesseldorf opened bankruptcy proceedings
against WL White Label Insurance Service Aktiengesellschaft on
Aug. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         WL White Label Insurance Service Aktiengesellschaft
         Graf-Adolf-Str. 63
         40210 Duesseldorf, Germany

         Attn: Wilfried Lange, Manager
         Kurt-Schumacher-Str. 1
         41352 Korschenbroich, Germany

The administrator can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany


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


BORSODCHEM NYRT: Cuts First Half Net Profit to HUF2.59 Billion
--------------------------------------------------------------
BorsodChem Nyrt. Released its unaudited Short Business Report
for the first half of 2006 based on consolidated figures as per
the International Financial Reporting Standards (IFRS).

Highlights:

   -- BorsodChem Group's sales revenue in H1, 2006 was HUF118.6
      billion, or 36.7% up compared to the base primarily due to
      expanded capacities and favorable demand, and to a minor
      extent due to price tendencies in the market and the
      consolidation of the 2006 acquisition;

   -- operating performance exceeded HUF12.5 billion and is
      nearly 30% up from the base.  Operating profit margin
      continues to surpass 10%;

   -- primary operational cash flow (EBITDA) shows a 33.4%
      increase relative to the base, nearing HUF20.2 billion.
      EBITDA margin is 17.0%, a value well beyond industrial
      average.

   -- net income after minority interest amounts to HUF2.6
      billion, which is 32.2% of the base figure.  The reason
      for the decrease thereof is attributed to the significant
      translation loss booked on foreign currency loans due to
      the weakening of Forint (HUF6.7 billion).

   -- in line with completing the three-year CAPEX cycle, the
      Company spent HUF13.7 billion on the procurement of
      tangible assets.  Among its core projects, the trial run
      of the membrane cell chlorine capacity expansion was
      commenced in Q2.

Total assets of the Company amounted to HUF294.095 billion,
which increased by 31.3% compared to the previous year.

Non-current assets increased by HUF54.209 billion or 33.7%. The
growth of tangible and intangible assets amounts to HUF51.382
billion, which is the combined effect of the Petrochemia
Blachownia consolidation of HUF4.641 billion and treating Linde
plants as leased assets, which increased assets by
HUF9.791 billion in 2006.  The rest of the change is due to the
combined effect of the implemented CAPEX program and expensed
depreciation.

Current assets amount to HUF79.037 billion, which shows an
increase of 25.2%.  Among current assets, accounts receivable
display an increase of HUF15,383 million, out of which trade
debtors increased by HUF14,830 million, and other receivables
rose by HUF553 million.  The significant increase in trade
debtors is due to higher sales revenues; Considering the monthly
dynamics of sales revenues, the efficiency of current asset
management has not decreased.

The decrease of liquid assets and financial instruments
(securities) is due to financing active capital expenditure
projects.  Inventories are up 11.2% compared to the base.

Long-term liabilities rose by 73.1% or HUF30.578 billion, out of
which HUF18.248 billion was due to the increase of long term
loans required to finance capital expenditure projects and the
acquisition.  The deferred tax item in balance sheet has
increased by 77.9%. The HUF11.856 billion increase in financial
lease liabilities is due to revaluation of the obligation
towards Linde.

Short-term liabilities rose by 67.1% or HUF33.478 billion. The
increase of 4.6% in the total accounts payable was due to taking
Petrochemia Blachownia into consolidation.  Short term loans
show an increment of HUF23,334 million, which is mainly related
to working capital financing demands, but is also impacted by
the consolidation of Petrochemia Blachownia. The current portion
of long-term loans has increased by HUF1,786 million due to
reclassification.  The increase in other liabilities and passive
accrued and deferred items amounting to HUF6.248 billion is due
to the accounting of CO allowance, the impact of the Employee
Share Ownership Program (ESOP), the consolidation of Petrochemia
Blachownia and expensing Linde.

Shareholders' equity shows an increase of HUF6.064 billion,
amounting to HUF138.332 billion and exceeding the base period by
4.6%.  Retained earnings amount to HUF88.545 billion, up 4.9% by
HUF4.171 billion compared to the base.  The Company paid
HUF3.825 billion in dividends in the first half-year.

                         About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total
assets, HUF98.9 billion in total liabilities and HUF139.02
billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Hungary-based intermediate chemicals producer BorsodChem Rt. on
CreditWatch with negative implications, following BorsodChem's
announcement of the receipt of a takeover bid from Permira, a
private equity fund.

"The CreditWatch placement reflects our concerns regarding
BorsodChem's potential higher debt load and subsequent weaker
credit protection measures if this sale materializes," said
Standard & Poor's credit analyst Khaled Zitouni.

The ratings continue to reflect the group's exposure to a single
site, limited scale of markets, and presence in cyclical
industries.  These negative factors are partially offset by the
group's leading positions and solid profitability in performance
chemicals, namely toluene di-isocyanate and methylene di-para-
phenylene isocyanate; firm positions in polyvinyl chloride;
presence in growing markets in central and Eastern Europe; and
moderate financial profile.


BORSODCHEM NYRT: Returned Shares Hike Treasury Stock
----------------------------------------------------
BorsodChem Nyrt. (Company) hereby informs its investors and
other participants of the capital markets that due to
developments concerning its Registered Employee Share Ownership
Program (Ministry of Finance registration number: 65982EP2005)
the number of the Company's treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Zrt.'s custody on Nov.
9, 2005, the Company received back 157 pieces with a value date
of August 16, 2006 from employees terminating their employment
relations.

Following the transaction the number of the Company's treasury
shares increased by 157 pieces to 1,192,698.

                         About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total
assets, HUF98.9 billion in total liabilities and HUF139.02
billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Hungary-based intermediate chemicals producer BorsodChem Rt. on
CreditWatch with negative implications, following BorsodChem's
announcement of the receipt of a takeover bid from Permira, a
private equity fund.

"The CreditWatch placement reflects our concerns regarding
BorsodChem's potential higher debt load and subsequent weaker
credit protection measures if this sale materializes," said
Standard & Poor's credit analyst Khaled Zitouni.

The ratings continue to reflect the group's exposure to a single
site, limited scale of markets, and presence in cyclical
industries.  These negative factors are partially offset by the
group's leading positions and solid profitability in performance
chemicals, namely toluene di-isocyanate and methylene di-para-
phenylene isocyanate; firm positions in polyvinyl chloride;
presence in growing markets in central and Eastern Europe; and
moderate financial profile.


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


BCM IRELAND: Finalizes Debt Financing Package for eircom Offer
--------------------------------------------------------------
BCM Ireland Holdings Limited has finalized the terms of its
debt-financing package in relation to the recommended Cash offer
for eircom Group PLC.

"eircom is a highly recognized name in the European credit
markets and we worked with our underwriting banks to achieve a
very attractive rating and debt package," Rob Topfer Executive
Director of Babcock & Brown Capital said.

"The Senior Debt Facilities and the Floating Rate Note benefited
from exceptionally strong investor demand, with the pricing on
both facilities significantly below that assumed in our business
plan.  Assuming a three-month EURIBOR rate of 3.19%, the
weighted average cost of debt would be 6.00%.  Assuming swapped
rates of 3.71%, the weighted average cost of debt is 6.52%1.

"Moodys and S&P have assigned corporate ratings of Ba3 / BB- and
subordinated ratings of B2 / B," Mr. Topfer added.

The debt financing is comprised of EUR3.65 billion of Senior
Secured Facilities (including EUR150 million of undrawn
revolving facility) and a EUR350 million Senior Floating Rate
Note.

The key terms of the debt package are:

      Facility   Amount(EUR m) Maturity  Repayment  Margin (bps)
      --------   ------        -------   ---------  ------
     Term Loan A      650      7 years  Amortising EURIBOR+200

     Term Loan B    1,250      8 years  Bullet     EURIBOR+237.5

     Term Loan C    1,250      9 years   Bullet     EURIBOR+275

     Total First
       Lien Debt    3,150

     Second Lien      350      9.5 years Bullet     EURIBOR+425

    Total Senior
            Debt    3,500

Revolving Credit      150      7 years   Bullet     EURIBOR+200
        Facility

    Total Senior
      Facilities    3,650

   Floating rate
        Notes (+)     350      10 years  Bullet     EURIBOR+500

      Total Debt    4,000

As reported in TCR-Europe on Aug. 8, shareholders of eircom
Group PLC have voted to accept the US$8 billion offer of BCM
Ireland Holdings Limited for the issued share capital in eircom
at a Court Meeting and an associated Extraordinary General
Meeting of eircom shareholders on July 26.

The offer for the acquisition of the issued capital in eircom is
through a scheme of arrangement under section 425 of the United
Kingdom Companies Act.

Under the terms of the Cash Offer, eircom's ordinary
shareholders will receive EUR2.20 in cash for each eircom Group
PLC Ordinary Share held.

On Aug. 17, The High Court of Justice in England and Wales
issued orders sanctioning the Scheme and confirming the Capital
Reduction to effect the recommended acquisition by BCM Ireland
Holdings Limited of all of the Ordinary Shares (other than those
already held by BCMIH) and Convertible Preference Shares in the
Company.

The U.K. Listing Authority and Irish Stock Exchange Limited have
been requested respectively to cancel the listing of the
Ordinary Shares on the Official Lists maintained by the
Financial Services Authority and the Irish Stock Exchange
Limited and to cancel trading on the markets for listed
securities of London Stock Exchange plc and Irish Stock Exchange
Limited with effect from 8.00 a.m. on Aug. 18.

                   About Eircom Group PLC

Headquartered in Dublin, Ireland, eircom Group PLC --
http://eircom.net/-- is the principal provider of fixed-line
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                     About BCM Ireland

BCM Ireland Holdings Limited is a holding company of eircom, the
principal provider of fixed-line telecommunications services in
Ireland and, following its acquisition of Meteor, the third
largest mobile operator in Ireland.  In the last twelve months
ending March 31, 2006, eircom generated revenues of EUR1.7
billion.

                        *     *     *

As reported in TCR-Europe on Aug. 2, Standard & Poor's assigned
its 'BB-' long-term corporate credit rating to BCM Ireland
Holdings Limited, the future owner of eircom and its parent
company BCM Ireland Finance Ltd.

The EUR3.3 billion senior secured facilities borrowed by BCMIH
have been assigned a 'BB-' rating, the same as the corporate
credit rating, with a recovery rating of '2', indicating
Standard & Poor's expectation of substantial recovery of
principal (80%-100%) for senior lenders in the event of a
payment default.


EIRCOM GROUP: Court Approves Acquisition Arrangement with BCM
-------------------------------------------------------------
The High Court of Justice in England and Wales issued on Aug. 17
orders sanctioning the Scheme and confirming the Capital
Reduction to effect the recommended acquisition by BCM Ireland
Holdings Limited of all of the Ordinary Shares (other than those
already held by BCMIH) and Convertible Preference Shares in
eircom Group PLC.

The Scheme will become effective upon the Court Order being
delivered and registered with the Registrar of Companies for
England and Wales, which is expected to occur on Aug. 18.  The
U.K. Listing Authority and Irish Stock Exchange Limited have
been requested respectively to cancel the listing of the
Ordinary Shares on the Official Lists maintained by the
Financial Services Authority and the Irish Stock Exchange
Limited and to cancel trading on the markets for listed
securities of London Stock Exchange plc and Irish Stock Exchange
Limited with effect from 8.00 a.m. on Aug. 18.

In respect of the consideration due from BCMIH under the Scheme,
checks will be dispatched (for certificated holdings) or payment
will be made through CREST (for uncertificated holdings by not
later than 6.00 pm (London time) on 1 Sept. 1.  BCMIH Preference
Shares will be allotted and issued to those holders who made
valid elections under the Preference Share Alternative by not
later than 6.00 pm (London time) on Sept. 1.

As previously reported, Shareholders of eircom Group PLC have
voted to accept the US$8 billion offer of BCM Ireland Holdings
Limited for the issued share capital in eircom at a Court
Meeting and an associated Extraordinary General Meeting of
eircom shareholders on July 26.

The offer for the acquisition of the issued capital in eircom is
through a scheme of arrangement under section 425 of the United
Kingdom Companies Act.

Under the terms of the Cash Offer, eircom's ordinary
shareholders will receive EUR2.20 in cash for each eircom Group
PLC Ordinary Share held.

                   About Eircom Group PLC

Headquartered in Dublin, Ireland, eircom Group PLC --
http://eircom.net/-- is the principal provider of fixed-line
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                           *    *    *

As reported in TCR-Europe on Aug 7, Moody's Investors Service
downgraded the Corporate Family Rating of eircom Group plc to
Ba3 from Ba2.

Moody's also downgraded the rating of Valentia
Telecommunications Unlimited's EUR550 million unsecured notes
due 2013 to B2 from Ba3 and the rating of eircom Funding plc's
EUR285 million and US$250 million senior subordinated notes due
2013 to B2 from B1.

Moody's Investors Service assigned a Ba2 corporate family rating
to eircom Group plc.  Concurrently Moody's changed the rating
outlook to negative from stable.

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Valentia Telecommunications upc to 'BB-' from 'BB+'.


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


AGROGAZAVTOSERVIS: Creditors Must File Claims by Sept. 19
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Agrogazavtoservis insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

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


ALTAISTROYMARKET: Creditors Must File Claims by Sept. 19
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Altaistroymarket insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Pyataya Str. 25
    Micro District Yugo-Vostok
    Astana
    Akmola Region
    Kazakhstan


ASIA-TRAIDING: Proof of Claim Deadline Slated for Sept. 19
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Asia-Traiding Ltd. insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         LLP Asia-Traiding Ltd.
         3rd Floor
    Sutusheva Str. 58
    Petropavlovsk
    North Kazakhstan Region


ASTANA-ASHIM: Proof of Claim Deadline Slated for Sept. 19
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Astana-Ashim insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

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


GEO LTD: Claims Registration Ends Sept. 19
------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Firma Geo Ltd. insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

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


GOR LTD: Claims Registration Ends Sept. 19
------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Firma Gor Ltd. insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Pyataya Str.25
    Micro District Yugo-Vostok
    Astana
    Akmola Region
    Kazakhstan


RAMIN LTD: Creditors' Claims Due Sept. 19
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Ramin Ltd. insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

         LLP Ramin Ltd.
         Kurmangazy Str. 66-19
    Almaty, Kazakhstan
    Tel:  8 (3272) 79-63-59
          8 (3272) 33-69-47


TECH ASOIL: Creditors' Claims Due Sept. 19
------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Tech Asoil insolvent.

Creditors have until Sept. 19 to submit written proofs of claim
to:

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


MITSAR RECRUITMENT: Creditors' Claims Due Sept. 19
--------------------------------------------------
LLP Mitsar Recruitment has declared insolvency.  Creditors have
until Sept. 19 to submit written proofs of claim to:

         LLP Mitsar Recruitment
         Room 512
    Raimbekov Ave.160a
    050016 Almaty, Kazakhstan


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


STROIMASHINA: Public Auction Scheduled for Aug. 28
--------------------------------------------------
The Issyk-kul Naryn Territorial Department of the State Property
Committee will auction to the public JSC Stroimashina's 40% of
state share holding at 10:00 a.m. on Aug. 28 at:

         The Issyk-Kul Naryn Territorial Department of the
    State Property Committee
    Bayetova Str. 66
    Chopon-Ata, Kyrgyzstan

The state share holding is located at:

         Shorukova Str. 71a
    Karakol
    Issyk-Kul Region
      Kyrgyzstan

The entity has declared a KGS602,554 starting price for the
property.

Interested bidders have until 4:00 p.m. today to submit bidding
and necessary documents at:

         The Issyk-Kul Naryn Territorial Department of the
    State Property Committee
    Bayetova Str. 66
    Chopon-Ata, Kyrgyzstan

and deposit KGS30,200 to the account of:

         The Issyk-Kul Naryn Territorial Department of the
    State Property Committee
         Settlement Account No. 8164172080101001/403104103
    Settlement and Saving Company in Cholpon-Ata
    Cholpon-Ata, Kyrgyzstan
    MFO 330208816

Inquiries can be addressed to (+996 3943) 4-29-21.


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


FALCONBRIDGE LTD: Xstrata Nominees Replace Board of Directors
-------------------------------------------------------------
Falconbridge Ltd. (TSX:FAL)(NYSE:FAL) disclosed that following
the acquisition by Xstrata plc of 257,700,100 common shares of
Falconbridge (giving Xstrata ownership of 92.1% of the Common
Shares on a fully diluted basis), each of the members of the
board of directors has resigned at Xstrata's request, with the
exception of James Wallace who has agreed to remain as a member
of the interim Falconbridge Board.

The board has been replaced by Xstrata nominees Benny Levene,
Thras Moraitis, William Ainley, Douglas Knight and James
Wallace.  William Ainley will serve as chair of the Board.

The Company also announced the departure of Derek Pannell,
former Chief Executive Officer of Falconbridge Limited and Steve
Douglas, former Chief Financial Officer.

The Company also announced that the New York Stock Exchange has
notified the Company today that the trading of Common Shares on
the New York Stock Exchange will be suspended prior to the
commencement of trading on Aug. 18, 2006.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL) (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.

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carries Standard & Poor's BB+ rating.


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


ABANSKIY: Court Names S. Rozhdestvenskiy as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. S.
Rozhdestvenskiy as Insolvency Manager for OJSC Food Combine
Abanskiy.  He can be reached at:

         S. Rozhdestvenskiy
         Post User Box 11951
         660028 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-8056/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Food Combine Abanskiy
         Volodi Turova Str. 30
         Aban
         663740 Krasnoyarsk Region
         Russia


AGRO-KLIMENKOVSKOYE: Court Commences Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Belgorod Region commenced bankruptcy
supervision procedure on OJSC Agro-Klimenkovskoye (TIN
3105002240).

The case is docketed under Case No. A08-1181/06-2 B.

The Temporary Insolvency Manager is:

         V. Bushuev
         Apartment 4
         Yunost Location 3
         Staryj Oskol
         309504 Belgorod Region
         Russia

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue, 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Klimenkovskoye
         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia


ARIKO: Tatarstan Court Names R. Samigullin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. R.
Samigullin as Insolvency Manager for CJSC Ariko.  He can be
reached at:

         R. Samigullin
         Post User Box 46
         Bugulma
         423239 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-5862/2006-SG4-35.

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         CJSC Ariko
         Khimikov Pr. 55a
         Nizhnekamsk
         423570 Tatarstan Republic
         Russia


CHOYSKIY DIARY: Altay Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Altay Republic commenced bankruptcy
supervision procedure on LLC Choyskiy Diary.  The case is
docketed under Case No. AO2-536/2006.

The Temporary Insolvency Manager is:

         Mr. S. Kononenko
         Kirova Str. 62-2
         Borovikha
         Pervomayskiy Region
         658044 Altay Republic Russia

The Debtor can be reached at:

         LLC Choyskiy Diary
         Pushkina Str. 2
         Choya
         Choyskiy Region
         Altay Republic
         Russia


GROATS COMPANY: Court Names A. Nesterov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. A.
Nesterov as Insolvency Manager for CJSC Groats Company.  He can
be reached at:

         A. Nesterov
         Post User Box 20647
         660017 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-6297/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Groats Company
         Building 5
         Semafornaya Str. 443
         660059 Krasnoyarsk Region
         Russia


KRASBOYARSKIY FEED: B. Nassonov to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. B.
Nassonov as Insolvency Manager for OJSC Trading House
Krasboyarskiy Feed Mill.  He can be reached at:

         B. Nassonov
         Post User Box 28495
         660002 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-7004/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Trading House Krasboyarskiy Feed Mill
         Televizornaya Str. 6
         Krasnoyarsk Region
         Russia


KRASNOSLOBODSKAYA BUILDING: G. Lebedev to Manage Assets
-------------------------------------------------------
The Arbitration Court of Mordoviya Republic appointed Mr. G.
Lebedev as Insolvency Manager for LLC Krasnoslobodskaya Building
Company (TIN 1314096760).  He can be reached at:

         G. Lebedev
         Post User Box 10-42
         POS-32
         Saransk
         430032 Mordoviya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A39-8599/05-294/6.

The Arbitration Court of Mordoviya Republic is located at:

         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         LLC Krasnoslobodskaya Building Company
         Krasnoslobodsk, Kirovskiy Per. 5.
         Mordoviya Republic
         Russia

KURMANAEVSKOYE REPAIR-TECHNICAL: V. Ivanov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. V. Ivanov
as Insolvency Manager for OJSC Kurmanaevskoye Repair-Technical
Enterprise (TIN 5633003978).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-15952/2005-14 GK.

He can be reached at:

         V. Ivanov
         Gaya Str. 23A
         460000 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Kurmanaevskoye Repair-Technical Enterprise
         Kurmanaevka
         Kurmanaevskiy Region
         Orenburg Region
         Russia


LUKOIL OAO: Eyes Citgo Petroleum's US Refining Assets
----------------------------------------------------
A top executive of OAO Lukoil told Reuters that the company
would be interested in Citgo Petroleum Corp.'s assets in the
United States.

Lukoil is seeking to increase its presence in the US refining
market, Reuters reports, citing Vadim Gluzman, Lukoil's head in
the US.

Mr. Gluzman told Reuters that the firm is interested in buying
US refining assets, as it plans to ship crude from Russia's
Timan-Pechora region to the US east coast.

Lukoil has almost 2,000 retail gas stations in the US.  It could
increase the stations to as much as 3,000, mainly in the US
Northeast where it already has a strong presence, Reuters
relates, citing Mr. Gluzman.

                      About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first nine months of 2005, the group produced
1.92 million barrels of oil equivalent (boe) per day and in 2004
had refinery throughput of 44 million tons.  Total SPE reserves
in 2004 were just over 20 billion boe.  The group's 2005 nine-
month revenues were US$40.6 billion.

                    About Citgo Petroleum

Headquartered in Houston, Texas, CITGO Petroleum Corporation
-- http://www.citgo.com/-- is owned by PDV America, an
indirect, wholly owned subsidiary of Petroleos de Venezuela
S.A., the state-owned oil company of Venezuela.

PDVSA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry,
as well as planning, coordinating, supervising and controlling
the operational activities of its divisions, both in Venezuela
and abroad.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 16, 2006,
Standard and Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.


MEKUR: Kursk Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Kursk Region commenced bankruptcy
supervision procedure on CJSC Mekur.  The case is docketed under
Case No. A35-157/06 g.

The Temporary Insolvency Manager is:

         A. Bronnikov
         Apartment 42
         Building 2
         Pobedy Str. 49
         308600 Belgorod Region
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Mekur
         9th January Str. 1
         Kursk Region
         Russia


MUROM-SEL-KHOZ-TEKHNIKA: V. Salkazanov to Manage Assets
-------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. V.
Salkazanov as Insolvency Manager for OJSC Murom-Sel-Khoz-
Tekhnika.  He can be reached at:

         V. Salkazanov
         Sovetskaya Str. 6
         Spas-Klepiki
         391030 Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-18382/2005-K1-105B.

The Debtor can be reached at:

         OJSC Murom-Sel-Khoz-Tekhnika
         Malenkovskoye Shosse 21
         Murom
         Vladimir Region
         Russia


NOVOCHEBOKSARSKIY HOUSE: External Management Procedure Starts
-------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced external
management bankruptcy procedure on OJSC Novocheboksarskiy House
Building Combine (TIN 2124020187).

The case is docketed under Case No. A-79-13463/2005.

The External Insolvency Manager is:

         V. Siryutin
         Room 215
         Tektilshikov Str. 10
         Cheboksary
         428008 Chuvashiya Republic
         Russia

The Debtor can be reached at:

         OJSC Novocheboksarskiy House Building Combine
         Promyshlennaya Str. 73
         Novocheboksarsk
         Chuvashiya Republic
         Russia


PIKALEVSKIY BUILDER: O. Gonzharov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. O. Gonzharov as Insolvency Manager for CJSC
Pikalevskiy Builder.  He can be reached at:

         O. Gonzharov
         Apartment 66
         Pyatnitskoye Shosse 38
         125310 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-14783/2005.

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

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

The Debtor can be reached at:

         CJSC Pikalevskiy Builder
         Sovetskaya Str. 12
         Pikalevo
         Leningrad Region
         Russia


ROSNEFT OIL: Banks Acquire 31.2-Million Overalloted Shares
----------------------------------------------------------
Rosneft Oil Co. disclosed that the groups of banks involved in
the company's initial public offering:

         -- ABN AMRO;
         -- Dresdner Kleinwort;
         -- JP Morgan; and
         -- Morgan Stanley

have exercised the overallotment option in respect of 31,189,362
Global Depositary Receipts, as a result of a one-month
stabilization period.  This represents the same number of
Rosneft's ordinary shares.

The total volume of the Global Offering comprised 1,411,421,975
shares, including those in the form of GDRs, corresponding to a
total offer of around US$10.66 billion.

                        About Rosneft

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

                        *     *     *

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


SEL-KHOZ-KHIMYA: Court Names A. Sherbak as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. A. Sherbak
as Insolvency Manager for OJSC SEL-Khoz-Khimya.  He can be
reached at:

         A. Sherbak as Insolvency Manager
         Tel: (4832) 72-21-03
         Post User Box 156
         241050 Bryansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-2108/06-27.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Khimya
         Mekhanizatorov Str. 5
         Lokot
         Brasovskiy Region
         242300 Bryansk Region
         Russia


SEL-KHOZ-TEKHNIKA: Court Names Y. Kushenko as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. Y. Kushenko
as Insolvency Manager for OJSC Sel-Khoz-Tekhnika.  She can be
reached at:

         Y. Kushenko
         Post User Box 4143
         644089 Omsk-89
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
K/E-351/05.

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika
         Omskaya Str. 73
         Kalachinsk
         646905 Omsk Region
         Russia


SHIRINSKOYE: Tula Court Commences Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Tula Region commenced bankruptcy
supervision procedure on OJSC Shirinskoye.  The case is docketed
under Case No. A68-21/B-06.

The Temporary Insolvency Manager is:

         A. Rostovtsev
         Lenina Pr. 113A
         300026 Tula Region
         Russia

The Debtor can be reached at:

         OJSC Shirinskoye
         Shirinskiy
         Novomoskovskiy Region
         301699 Tula Region
         Russia


SYUREKSKIY TIMBER-INDUSTRY: E. Shestakov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. E.
Shestakov as Insolvency Manager for CJSC Syurekskiy Timber-
Industry Complex.  He can be reached at:

         E. Shestakov
         Post User Box 1184
         Izhevsk
         426072 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-101/2005-G26.

The Debtor can be reached at:

         CJSC Syurekskiy Timber-Industry Complex
         Odesskaya Str. 3
         Kilmel
         Syusminskiy Region
         427390 Udmurtiya Republic
         Russia


SYZRANSKIY LIQUEUR-VODKA: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on OJSC Syzranskiy Liqueur-Vodka
Distillery.

The case is docketed under Case No. A55-4565/2006(48).

The Temporary Insolvency Manager is:

         D. Korobkov
         Post User Box 9520
         443013 Samara Region
         Russia

The Debtor can be reached at:

         OJSC Syzranskiy Liqueur-Vodka Distillery
         Dzerzhinskogo Str. 98
         Syzran
         446026 Samara Region
         Russia


TAIGA-TRADE: Altay Court Commences Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Altay Republic commenced bankruptcy
supervision procedure on CJSC Taiga-Trade.  The case is docketed
under Case No. A02-3873/05.

The Temporary Insolvency Manager is:

         S. Titov
         Papanintsev Str. 116a
         Barnaul
         656031 Altay Republic
         Russia

The Debtor can be reached at:

         CJSC Taiga-Trade
         Choros-Gurkina 57/1
         Gorno-Altaysk
         Altay Republic
         Russia


TASHLINSKOYE GRAIN: Court Names N. Tokarev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. N.
Tokarev as Insolvency Manager for OJSC Tashlinskoye Grain
Receiving Enterprise (TIN 5648001317).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-16840/05-14GK.

He can be reached at:

         N. Tokarev
         Ryabinovyj Per. 5
         Prigorodnyj
         460507 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Tashlinskoye Grain Receiving Enterprise
         Khlebnaya Str. 8
         Tashla
         461170 Orenburg Region
         Russia


TRANSNEFT JSC: Inks RUB65 Billion Credit Pact with Savings Bank
---------------------------------------------------------------
Transneft JSC and the Savings Bank of Russia signed an Agreement
on Aug. 7 involving a six-year Framework for a Revolving Credit
Facility with an upper limit of RUB65 billion.

As part of this Agreement, a contract was also signed to launch
a Closed-end Credit Facility with a RUB20 billion ceiling.

These credit facilities are to be transferred for financing the
first stage of building the East Siberia-Pacific Ocean oil
pipeline -- a project that is expected to come on-stream in the
second half of 2008.

                     About the Company

Tatneft JSC explores for, produces, refines and markets crude
oil.  The company operates a chain of retain gasoline filling
stations and exports some of its petrochemical products to
former Soviet Unioin countries and Europe.

                        *     *     *

Tatneft carries Standard & Poor's BB+ local and foreign issuer
credit ratings.


TUKAY-AGRO-KHIM-SERVICE: I. Gilyazov to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. I.
Gilyazov as Insolvency Manager for OJSC Tukay-Agro-Khim-Service.
He can be reached at:

         I. Gilyazov
         Post User Box 5
         GOS 3
         Chistopol
         422983 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-38855/2005-SG4-31.

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Tukay-Agro-Khim-Service
         Post User Box 5
         GOS 3
         Chistopol
         422983 Tatarstan Republic
         Russia


UFIMSKAYA EXPERIMENTAL: L. Vlasova to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Ms. L.
Vlasova as Insolvency Manager for OJSC Ufimskaya Experimental
Furniture Factory (TIN 0274060450).  She can be reached at:

         L. Vlasova
         Gorkogo Str. 69a
         Ufa
         450112 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-5195/03-G/ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Ufimskaya Experimental Furniture Factory
         Kirova Str. 138/1
         Ufa
         450077 Bashkortostan Republic
         Russia


VOLODARSKIY COMBINE: N. Khets to Manage Insolvency Assets
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Ms.
N. Khets as Insolvency Manager for OJSC Volodarskiy Combine of
Grain Products (TIN 5214002043).  She can be reached at:

         N. Khets
         Post User Box 32
         Bogorodsk
         607600 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-35057/2005, 18-617.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Volodarskiy Combine of Grain Products
         Yuzhnaya Str. 19v
         Bolodarsk
         Nizhniy Novgorod Region
         Russia


YUKOS OIL: Appeals Aug. 1 Bankruptcy Ruling by Moscow Court
-----------------------------------------------------------
OAO Yukos Oil Company has filed an appeal against a bankruptcy
ruling made by the Hon. Pavel Markov of the Moscow Arbitration
Court on Aug. 1, RIA Novosti reports citing a source in a Moscow
appeals court.

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

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

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

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

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

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

                           About Yukos

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

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

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

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

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


YUKOS OIL: Court Postpones Yugansk Claims Hearing to Sept. 12
-------------------------------------------------------------
As reported in TCR-Europe on Aug. 9, the Moscow Arbitration
Court reduced Yugansk's claim against OAO Yukos Oil Co. from
US$5.2 billion to US$770 million.

According to RIA Novosti, the court will reconvene the claims
hearing against Yukos on Sept. 12 after it granted Yugansk more
time to get additional documents from the Federal Tax Service.

Yugansk, the former core production unit of Yukos, was bought by
state-owned Rosneft in December 2004 after the Russian
government seized the asset as payment for more than US$30
billion in tax arrears for 2000-2003.  Yukos, declared bankrupt
on Aug. 1, retains a stake in Yugansk.

Yugansk is seeking the remainder of a RUB141 billion (US$5.28
billion) sum to compensate for losses arising from the tax
settlement, the Russian news agency relates.  It filed the
lawsuit in March 2005, claiming more than RUB304 billion
(US$11.4 billion).

                           About Yukos

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

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

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

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

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

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


ZARYA: Kirov Court Names L. Tomilova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kirov Region appointed Ms. L. Tomilova
as Insolvency Manager for OJSC Garment Factory Zarya.  She can
be reached at:

         L. Tomilova
         Orlovskaya Str. 20a
         610002 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-289/05-241/3.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Garment Factory Zarya
         Orlovskaya Str. 20a
         610002 Kirov Region
         Russia


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


GUL TECHNOLOGIES: Loss After Tax Narrows on Higher Margins
----------------------------------------------------------
Gul Technologies Singapore Limited posted a reduction in loss
after tax from US$18.2 million in the first half of 2005 to
US$3.1 million in the first half of 2006, according to the
company's regulatory filing to the Singapore Exchange.

Sales in 1H2006 of US$51.6 million represented an increase of
22.6% over 1H2005's sales of US$42.1 million.  The improvement
came despite the closure of the Singapore plant, as the Wuxi
plant in China managed to ramp-up on time to make up for the
lost sales.  Better factory utilization, better product focus
and efforts to obtain price increase were also key contributors
to the higher sales.

Sales to the group's core segments have remained strong.
Automotive segment comprised 41.5% of 1H2006's sales, up from
36.3% of 1H2005's sales, while the disk-drives segment
contributed 19.1% to 1H2006's sales as compared to 14.4% of
sales of 1H2005. The ramp-up in the Wuxi plant also led the
Group to foray more into the consumer electronics (comprising
mobile set, computer, digital still camera and LCD display)
segment with a sales contribution of 28%.

The first half of 2006 saw the group achieving a gross profit of
US$7.9 million as contrast with a gross loss of US$6.9 million
in 1H2005 due to the closure of the Singapore plant and change
in sales mix, especially the exit of the loss-making United
States' network segment in 1H2006 (sales to United States'
network segment made up 8.7% of 1H2005's sales) and higher sales
to the better-margin consumer electronics segment.

Gul Technologies, however, is still insolvent as it reports a
shareholder's equity deficit of US$32.12 million.  As of June
30, 2006, current assets was at US$53.37 million and total
assets was at US$150.38 million, while current liabilities and
total liabilities amounted to US$172.91 million and US$182.51,
respectively.  The company's balance sheet are as follows:

Cost of sales was reduced by US$1.9 million in 2006 due to lower
depreciation charges.  Excluding the impact of the lower
depreciation charges, 1H2006 will still see a gross profit of
US$6 million.

The achievement of a gross profit led the Group to significantly
reduce its loss after tax, despite some setbacks such as rising
material costs that led to higher product costs, rising oil
price that led to higher freight costs, additional borrowings in
China and rising interest rate that led to higher interest costs
(US$0.4 million), and strengthening of the China Renminbi and
Singapore Dollar against the United States Dollar that led to
foreign exchange loss on the Group's financing activities
(US$1.2 million).

The first half of 2006 result is in line with the earlier
forecast by the company that it expects performance in FY2006 to
be better than FY2005.

Gul Technologies, however, is still insolvent as it reports a
shareholder's equity deficit of US$32.12 million.  As of June
30, 2006, current assets was at US$53.37 million and total
assets was at US$150.38 million, while current liabilities and
total liabilities amounted to US$172.91 million and US$182.51,
respectively.

The Company's financial report for the second quarter ended
June 30, 2006, is available for free at
http://ResearchArchives.com/t/s?ff1

                     About Gul Technologies

Incorporated in Singapore, Gul Technologies Singapore Limited
-- http://www.gultech.com/-- is a global supplier with sales
and representative offices in North America, Asia and Europe.
Its printed circuit boards are supplied to the Automotive
industry (electronic engine control, power control module, anti-
lock braking systems, speed controls, clusters, telematics etc),
Telecommunications industry (mobile phones, digital enhanced
cordless telephones, land mobile radios), Information Technology
industry (disk and tape drives for computers, network routers,
servers, firewalls, port adapters, voice over internet protocol,
wireless local area network), Healthcare industry (hearing aids,
infusion pumps, glucose monitoring devices), and other products
like instrumentation (programmable logic controllers, industrial
controllers, bar code readers), digital cameras and avionics.
The company manufactures its products in its production
facilities in China.

                        *     *     *

                       Significant Doubt

PricewaterhouseCoopers, the company's independent auditors,
raised a going concern issue in their report on the company's
financial statements for the year ended December 31, 2005.

PwC cited the following reasons:

   * The group incurred a net loss of US$48.24 million for the
     financial year ended Dec. 31, 2005, and a net loss of
     US$21.75 million for the year 2004.

   * As of Dec. 31, 2005, the group and the company are in a
     net liabiltities position of US$27.74 million and US$30.31
     million, respectively.

   * The company has not complied with certain debt covenants
     relating to bank borrowings amounting to US$19.82 million.
     Such non-compliance has resulted in the related bank
     borrowing becoming repayable on demand.

   * Tuan Sing Holdings Ltd., the ultimate holding corporation,
     has indicated its intention to provide continuing financial
     support to enable the group and the company to meet their
     obligations provided that the group remains a subsidiary.
     However, on Sept. 7, 2005, the company entered into a
     subscription agreement with Nuri Pacific Pte. Ltd which
     would result in the cessation of Tuan Sing's position as
     the ultimate holding corporation of the group.


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


ANADOLU EFES: Fitch Lifts Foreign Currency IDR to BB
----------------------------------------------------
Fitch Ratings upgraded the foreign currency Issuer Default
rating for Anadolu Efes Biracilik ve Malt Sanayii A.S. to BB
from BB-.  The FC IDR remains on Outlook Positive, reflecting
the existing Positive Outlook on Fitch's BB- FC IDR.

Anadolu's other ratings are:

Local currency IDR of BBB- remains on Rating Watch Negative and
National Long-term rating affirmed at AA+ with Outlook Stable.

These rating actions follow the revision of the Country Ceiling
for Turkey to BB from BB-.


ARCELIK A.S.: Fitch Upgrades Local Currency IDR to BB
-----------------------------------------------------
Fitch Ratings upgraded the foreign currency Issuer Default
rating for Arcelik A.S. to BB from BB-.  The FC IDR remains on
Outlook Positive, reflecting the existing Positive Outlook on
Fitch's BB- FC IDR.

Arcelik's other ratings are:

   -- Local currency IDR of BBB- affirmed with Outlook Stable;
      and

   -- National Long-term rating affirmed at AA+ with Outlook
      Stable.

These rating actions follow the revision of the Country Ceiling
for Turkey to BB from BB-.


COCA-COLA ICECEK: Fitch Lifts Currency Default Rating to BB
-----------------------------------------------------------
Fitch Ratings upgraded the foreign currency Issuer Default
rating for Coca-Cola Icecek A.S. to BB from BB-.  The FC IDR
remains on Outlook Positive, reflecting the existing Positive
Outlook on Fitch's BB- FC IDR.  Coca-Cola's local currency
Issuer Default rating of BBB is affirmed with Outlook Stable.

The rating action follows the revision of the Country Ceiling
for Turkey to BB from BB-.


HSBC BANK: Fitch Affirms & Withdraws BB- Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings affirmed Turkey-based HSBC Bank A.S.'s ratings at
foreign currency Issuer Default BB-, local currency Issuer
Default BB+, Short-term foreign and local currency B, Individual
C, Support 3 and National Long-term AA.  The Outlooks on Long-
term Issuer Default rating are Positive, while the Outlook on
the National Long-term rating is Stable.

At the same time, Fitch has withdrawn all the ratings.  The
agency will no longer provide ratings or analytical coverage of
this issuer.


HURRIYET GAZETECILIK: Fitch Raises Foreign Currency IDR to BB
-------------------------------------------------------------
Fitch Ratings upgraded the foreign currency Issuer Default
rating for Hurriyet Gazetecilik ve Matbaacilik A.S. to BB from
BB- and remains on Outlook Positive, reflecting the existing
Positive Outlook on Fitch's BB- FC IDR.

Hurriyet's local currency Issuer Default rating is affirmed at
BB with Outlook Positive.  National Long-term rating is affirmed
at AA- with Outlook Stable.

These rating actions follow the revision of the Country Ceiling
for Turkey to BB from BB-.


PETKIM PETROKIMYA: Fitch Lifts Foreign Currency IDR to BB
---------------------------------------------------------
Fitch Ratings upgraded the foreign currency Issuer Default
rating for Petkim Petrokimya Holdings A.S. to BB from BB- and
remains on Outlook Positive, reflecting the existing Positive
Outlook on Fitch's BB- FC IDR.

Petkim's local currency Issuer Default rating was affirmed at BB
with Outlook Stable.  National Long-term rating affirmed at AA-
with Outlook Stable.

These rating actions follow the revision of the Country Ceiling
for Turkey to BB from BB-.


TURKCELL ILETISIM: Fitch Raises Foreign Currency IDR to BB
----------------------------------------------------------
Fitch Ratings upgraded the foreign currency Issuer Default
rating for Turkcell Iletisim Hizmetleri A.S. to BB from BB- and
remains on Outlook Positive, reflecting the existing Positive
Outlook on Fitch's BB- FC IDR.

Fitch affirmed Turkcell's local currency IDR at BB+ with
Positive Outlook

These rating actions follow the revision of the Country Ceiling
for Turkey to BB from BB-.


TURKIYE IS: Fitch Upgrades Local Currency Default Rating to BB+
---------------------------------------------------------------
Fitch Ratings upgraded Turkiye Is Bankasi A.S.'s and Is Finansal
Kiralama A.S.'s local currency Issuer Default ratings to BB+
from BB, and National ratings to AA from AA-.  Isbank's and Is
Leasing's foreign currency IDRs of BB-, which are constrained by
the Country Ceiling, are affirmed.

Their Short-term foreign and local currency ratings are affirmed
at B.  The Outlooks on the foreign and local currency IDRs
remain Positive and the Outlook on National rating remains
Stable.  Fitch has also affirmed Isbank's Individual at C and
Support at 4 and affirmed Is Leasing's Support at 3.

The upgrade of Is Leasing follows the upgrade of Isbank's
ratings to reflect the support by and close integration with the
parent.  Is Leasing is majority-owned by Isbank and it is among
the largest leasing companies in Turkey in terms of transaction
volumes.

The upgrade in Isbank's local currency IDR and National rating
reflects the improvements in the quality of capital, better
asset quality, further enlargement of its franchise, stability
of its well distributed core deposits base and funding
diversification.  This is balanced by rapid loan growth and a
volatile operating environment.

Since 2003 Isbank has been divesting its non-core equity
investments and fixed assets to improve free capital.  Balance
sheet structure changed in favor of interest-earning assets and
total non-financial equity investments dropped to 3.43% of
unconsolidated assets at end-H106 (2005: 4.05%, 2004: 8.25%).

Although unconsolidated regulatory total capital adequacy ratio
declined to 18.49% at end-H106 (2005: 25%, 2004: 29%), it is
still relatively strong compared to its Turkish peers.  The
decline in CAR was due to both the growth of risk-weighted
assets and the decline in Tier 2 capital stemming from the
declined market value of publicly traded equity investments.
However, Fitch expects capitalization to improve at end-2006,
should the recovery in financial markets continue.

Asset quality continued to improve in H106, mainly with
collections and aided by economic growth.  NPL ratio improved to
3.58% at end-H106 (2005: 4.81%, 2004: 7.94%), whereas credit
card NPL ratio stood much lower at 3% than sector average of
around 8%.

Isbank became the largest bank in Turkey at end-H106 in terms of
total bank-only assets with the second largest branch network of
875 domestic branches.  It provides a full range of corporate,
commercial and retail banking services.  At end-H106, about 41%
of the bank was held by Isbank Pension Fund, 30.4% are publicly
traded and 28.1% represented by Ataturk's shares.


TURKIYE PETROL: Fitch Lifts Currency Default Rating to BB
---------------------------------------------------------
Fitch Ratings upgraded the foreign currency Issuer Default
rating for Turkiye Petrol Rafinerileri A.S. to BB from BB- and
remains on Outlook Positive, reflecting the existing Positive
Outlook on Fitch's BB- FC IDR.

Fitch affirmed TUPRAS' local currency IDR at BBB- with Outlook
Stable.  National Long-term rating is also affirmed at AA+ with
Outlook Stable.

These rating actions follow the revision of the Country Ceiling
for Turkey to BB from BB-.


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


ABOMELIKOVO: Court Names Liseyev Kirilo as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Odessa Region appointed Liseyev Kirilo as
Liquidator/Insolvency Manager for Agricultural LLC Abomelikovo
(code EDRPOU 03766814).  He can be reached at:

         Liseyev Kirilo
         a/b 81
         65111 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 3.  The case is docketed
under Case No. 32/56-06-2282.

The Debtor can be reached at:

         Agricultural LLC Abomelikovo
         Petrivka
         Kodimskij District
         65600 Odessa Region
         Ukraine


AGROSERVICE: Court Names V. Ribachuk as Insolvency Manager
----------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Mr. V.
Ribachuk as Liquidator/Insolvency Manager for LLC Agroservice
(code EDRPOU 32841990).  He can be reached at:

         V. Ribachuk
         Pidgiryanka Str. 28/1
         78000 Ivano-Frankivsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 4.  The case is docketed
under Case No. B-15/56.

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         LLC Agroservice
         Galitska Str. 125
         Rogatin
         77000 Ivano-Frankivsk Region
         Ukraine


DNIPROPETROVSK' AGROTEHSERVICE: Sergij Sidko to Liquidate Assets
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Sergij
Sidko as Liquidator/Insolvency Manager for OJSC Dnipropetrovsk'
Agrotehservice (code EDRPOU 00903021).  He can be reached at:

         Sergij Sidko
         Office 40
         Dzerzhinskij Str. 29
         49600 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 3.  The case is docketed
under Case No. B 15/70/06.

The Debtor can be reached at:

         OJSC Dnipropetrovsk' Agrotehservice
         Kilchenska Str. 1
         49045 Dnipropetrovsk Region
         Ukraine


DUBNONASINNYA: Rivne Court Names V. Sokotun as Liquidator
---------------------------------------------------------
The Economic Court of Rivne Region appointed Mr. V. Sokotun as
Liquidator/Insolvency Manager for LLC Dubnonasinnya (code EDRPOU
31424118).  He can be reached at:

         V. Sokotun
         Mirushenko Str. 41-A/75
         Rivne Region
         Ukraine

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 3.  The case is docketed
under Case No. 4/26.

The Debtor can be reached at:

         LLC Dubnonasinnya
         Brigadna Str. 1
         Franivka
         Goshanskij District
         Rivne Region
         Ukraine


HLIBINVEST: Court Names Roman Bigun as Insolvency Manager
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Roman
Bigun as Liquidator/Insolvency Manager for CJSC Hlibinvest (code
EDRPOU 32017628).

He can be reached at:

         Roman Bigun
         Mikolajchuk Str. 17-A/44
         76006 Ivano-Frankivsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. B-7/106

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         CJSC Hlibinvest
         Galitska Str. 18-a
         Rogatin
         77000 Ivano-Frankivsk Region
         Ukraine


NADIYA: Sumi Court Starts Bankruptcy Supervision
------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Agrofirm Nadiya (code EDRPOU
30811299) on June 7.

The case is docketed under Case No. 7/115-06.

The Temporary Insolvency Manager is:

         Oleksij Sisoyev
         Room 49-A
         Petropavlovska Str. 74
         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 Agrofirm Nadiya
         Makarenko Str. 26
         V. Sirovatka
         Sumi District
         42351 Sumi Region
         Ukraine


OVRAMENKOVE: Court Names Mr. M. Derkach as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Sumi Region appointed Mr. M. Derkach as
Liquidator/Insolvency Manager for LLC Ovramenkove (code EDRPOU
30915007).

He can be reached at:

         M. Derkach
         Kiyivska Str. 92/24
         Romni
         42010 Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 15.  The case is docketed
under Case No. 12/105-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Ovramenkove
         Ovramenkove
         Romni District
         42044 Sumi Region
         Ukraine


RANOK: Hmelnitskij Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on Agricultural LLC Ranok (code EDRPOU
30066212).

The Temporary Insolvency Manager is:

         Irina Gerasimenko
         Miru Str. 8/63
         Kamyanets-Podilskij
         Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ranok
         Zapadintsi
         Letichivskij District
         Hmelnitskij Region
         Ukraine


SMIKOVETSKE: Court Names Nataliya Mihnenko as Liquidator
--------------------------------------------------------
The Economic Court of Ternopil Region appointed Nataliya
Mihnenko as Liquidator/Insolvency Manager for LLC Smikovetske
(code EDRPOU 30588460).  She can be reached at:

         Nataliya Mihnenko
         Lesya Ukrainka Str. 3/23
         46000 Ternopil Region
         Ukraine

The Economic Court of Ternopil Region is located at:

         Ostrozski Str. 14a
         46000 Ternopil Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
10/B-677.

The Debtor can be reached at:

         LLC Smikovetske
         Smikivtsi
         Ternopil District
         Ternopil Region
         Ukraine


UKRAINE MEDIA: Kyiv Court Names L. Kondra as Liquidator
-------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. L. Kondra as
Liquidator/Insolvency Manager for LLC Ukraine Media Production
(code EDRPOU 33546140).  He can be reached at:

         L. Kondra
         a/b 01032
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 5.  The case is docketed
under Case No. 43/395.

The Debtor can be reached at:

         LLC Ukraine Media Production
         Moskovska Str. 7
         Kyiv Region
         Ukraine


UKPOL: Volinska Court Names Lubomir Cherevatij as Liquidator
------------------------------------------------------------
The Economic Court of Volinska Region appointed Lubomir
Cherevatij as Liquidator/Insolvency Manager for LLC Ukpol (code
EDRPOU 23251816).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 26.  The case is docketed
under Case No. 7/101-B.

He can be reached at:

         Lubomir Cherevatij
         a/b 10296
         Gorodotska Str. 277
         79022 Lviv Region
         Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Ukpol
         Grushevskij Str. 31/31
         43010 Lutsk Region
         Ukraine


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


ALPHA HEATING: Names Joint Administrators from Hurst Morrison
-------------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison
Thomson Corporate Recovery LLP were appointed joint
administrators of Alpha Heating & Plumbing Limited (Company
Number 01876855) on July 17.

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

Alpha Heating & Plumbing Limited can be reached at:

         2-3 Adler Industrial Estate
         Betam Road
         Hayes
         Middlesex UB3 1ST
         United Kingdom
         Tel: 020 8848 8008
         Fax: 020 8569 2116


ALPHA PACKAGING: Brings In BDO Stoy to Administer Assets
--------------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint administrators of Alpha Packaging Films
Limited (Company Number 1797096) on July 18.

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

Headquartered in Liverpool, United Kingdom, Alpha Packaging
Films Limited manufactures plastic pack goods.


ARAMIS INVESTMENTS: Hires BDO Stoy as Joint Administrators
----------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Aramis Investments (U.K.)
Limited (Company Number 05091806) on July 17.

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

Headquartered in Warwickshire, United Kingdom, Aramis
Investments (U.K.) Limited is engaged in property investment.


BCM IRELAND: Finalizes Debt Financing Package for eircom Offer
--------------------------------------------------------------
BCM Ireland Holdings Limited has finalized the terms of its
debt-financing package in relation to the recommended Cash offer
for eircom Group PLC.

"eircom is a highly recognized name in the European credit
markets and we worked with our underwriting banks to achieve a
very attractive rating and debt package," Rob Topfer Executive
Director of Babcock & Brown Capital said.

"The Senior Debt Facilities and the Floating Rate Note benefited
from exceptionally strong investor demand, with the pricing on
both facilities significantly below that assumed in our business
plan.  Assuming a three-month EURIBOR rate of 3.19%, the
weighted average cost of debt would be 6.00%.  Assuming swapped
rates of 3.71%, the weighted average cost of debt is 6.52%1.

"Moodys and S&P have assigned corporate ratings of Ba3 / BB- and
subordinated ratings of B2 / B," Mr. Topfer added.

The debt financing is comprised of EUR3.65 billion of Senior
Secured Facilities (including EUR150 million of undrawn
revolving facility) and a EUR350 million Senior Floating Rate
Note.

The key terms of the debt package are:

      Facility   Amount(EUR m) Maturity  Repayment  Margin (bps)
      --------   ------        -------   ---------  ------
     Term Loan A      650      7 years  Amortising EURIBOR+200

     Term Loan B    1,250      8 years  Bullet     EURIBOR+237.5

     Term Loan C    1,250      9 years   Bullet     EURIBOR+275

     Total First
       Lien Debt    3,150

     Second Lien      350      9.5 years Bullet     EURIBOR+425

    Total Senior
            Debt    3,500

Revolving Credit      150      7 years   Bullet     EURIBOR+200
        Facility

    Total Senior
      Facilities    3,650

   Floating rate
        Notes (+)     350      10 years  Bullet     EURIBOR+500

      Total Debt    4,000

As reported in TCR-Europe on Aug. 8, shareholders of eircom
Group PLC have voted to accept the US$8 billion offer of BCM
Ireland Holdings Limited for the issued share capital in eircom
at a Court Meeting and an associated Extraordinary General
Meeting of eircom shareholders on July 26.

The offer for the acquisition of the issued capital in eircom is
through a scheme of arrangement under section 425 of the United
Kingdom Companies Act.

Under the terms of the Cash Offer, eircom's ordinary
shareholders will receive EUR2.20 in cash for each eircom Group
PLC Ordinary Share held.

On Aug. 17, The High Court of Justice in England and Wales
issued orders sanctioning the Scheme and confirming the Capital
Reduction to effect the recommended acquisition by BCM Ireland
Holdings Limited of all of the Ordinary Shares (other than those
already held by BCMIH) and Convertible Preference Shares in the
Company.

The U.K. Listing Authority and Irish Stock Exchange Limited have
been requested respectively to cancel the listing of the
Ordinary Shares on the Official Lists maintained by the
Financial Services Authority and the Irish Stock Exchange
Limited and to cancel trading on the markets for listed
securities of London Stock Exchange plc and Irish Stock Exchange
Limited with effect from 8.00 a.m. on Aug. 18.

                   About Eircom Group PLC

Headquartered in Dublin, Ireland, eircom Group PLC --
http://eircom.net/-- is the principal provider of fixed-line
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                     About BCM Ireland

BCM Ireland Holdings Limited is a holding company of eircom, the
principal provider of fixed-line telecommunications services in
Ireland and, following its acquisition of Meteor, the third
largest mobile operator in Ireland.  In the last twelve months
ending March 31, 2006, eircom generated revenues of EUR1.7
billion.

                        *     *     *

As reported in TCR-Europe on Aug. 2, Standard & Poor's assigned
its 'BB-' long-term corporate credit rating to BCM Ireland
Holdings Limited, the future owner of eircom and its parent
company BCM Ireland Finance Ltd.

The EUR3.3 billion senior secured facilities borrowed by BCMIH
have been assigned a 'BB-' rating, the same as the corporate
credit rating, with a recovery rating of '2', indicating
Standard & Poor's expectation of substantial recovery of
principal (80%-100%) for senior lenders in the event of a
payment default.


BLUE SKY: Appoints Joint Administrators from Vantis
---------------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis PLC
were appointed joint administrators of Blue Sky Holdings Limited
(Company Number Guernsey Registered 31284) on July 20.

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

Sky Blue Holdings Limited can be reached at:

         Honey Stone
         Lower Tadmarton
         Banbury
         Oxfordshire OX15 5SS
         United Kingdom


BROWN GROUP: Taps BDO Stoy as Joint Administrators
--------------------------------------------------
Antony David Nygate and Martha Hanora Thompson of BDO Stoy
Hayward LLP were appointed joint administrators of Brown Group
Limited (Company Number 01068173) on July 13.

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

Headquartered in Glasgow, United Kingdom, Brown Group Limited
manufactures pumps & compressors.


CORNERSTONE PROPERTIES: Taps Administrators from Begbies Traynor
----------------------------------------------------------------
P. Stanley and S. L. Conn of Begbies Traynor were appointed
joint administrators of Cornerstone Properties (U.K.) Ltd.
(Company Number 04692952) on July 18.

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 Bolton, United Kingdom, Cornerstone Properties
(U.K.) Ltd. is engaged in property development.


EASY ROUTE: Names T. Papanicola as Administrator
------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Easy Route Finance Limited (Company Number 04237729) on July 19.

The administrator can be reached at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Easy Route Finance Limited can be reached at:

         270 Derby Road
         Ripley
         Derbyshire DE5 8JN
         United Kingdom
         Tel: 0845 130 6401


EIRCOM GROUP: Court Approves Acquisition Arrangement with BCM
-------------------------------------------------------------
The High Court of Justice in England and Wales issued on Aug. 17
orders sanctioning the Scheme and confirming the Capital
Reduction to effect the recommended acquisition by BCM Ireland
Holdings Limited of all of the Ordinary Shares (other than those
already held by BCMIH) and Convertible Preference Shares in
eircom Group PLC.

The Scheme will become effective upon the Court Order being
delivered and registered with the Registrar of Companies for
England and Wales, which is expected to occur on Aug. 18.  The
U.K. Listing Authority and Irish Stock Exchange Limited have
been requested respectively to cancel the listing of the
Ordinary Shares on the Official Lists maintained by the
Financial Services Authority and the Irish Stock Exchange
Limited and to cancel trading on the markets for listed
securities of London Stock Exchange plc and Irish Stock Exchange
Limited with effect from 8.00 a.m. on Aug. 18.

In respect of the consideration due from BCMIH under the Scheme,
checks will be dispatched (for certificated holdings) or payment
will be made through CREST (for uncertificated holdings by not
later than 6.00 pm (London time) on 1 Sept. 1.  BCMIH Preference
Shares will be allotted and issued to those holders who made
valid elections under the Preference Share Alternative by not
later than 6.00 pm (London time) on Sept. 1.

As previously reported, Shareholders of eircom Group PLC have
voted to accept the US$8 billion offer of BCM Ireland Holdings
Limited for the issued share capital in eircom at a Court
Meeting and an associated Extraordinary General Meeting of
eircom shareholders on July 26.

The offer for the acquisition of the issued capital in eircom is
through a scheme of arrangement under section 425 of the United
Kingdom Companies Act.

Under the terms of the Cash Offer, eircom's ordinary
shareholders will receive EUR2.20 in cash for each eircom Group
PLC Ordinary Share held.

                     About BCM Ireland

BCM Ireland Holdings Limited is a holding company of eircom, the
principal provider of fixed-line telecommunications services in
Ireland and, following its acquisition of Meteor, the third
largest mobile operator in Ireland.  In the last twelve months
ending March 31, 2006, eircom generated revenues of EUR1.7
billion.

                   About Eircom Group PLC

Headquartered in Dublin, Ireland, eircom Group PLC --
http://eircom.net/-- is the principal provider of fixed-line
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                           *    *    *

As reported in TCR-Europe on Aug 7, Moody's Investors Service
downgraded the Corporate Family Rating of eircom Group plc to
Ba3 from Ba2.

Moody's also downgraded the rating of Valentia
Telecommunications Unlimited's EUR550 million unsecured notes
due 2013 to B2 from Ba3 and the rating of eircom Funding plc's
EUR285 million and US$250 million senior subordinated notes due
2013 to B2 from B1.

Moody's Investors Service assigned a Ba2 corporate family rating
to eircom Group plc.  Concurrently Moody's changed the rating
outlook to negative from stable.

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Valentia Telecommunications upc to 'BB-' from 'BB+'.


EMI GROUP: In Talks with YouTube Over Potential Business Models
---------------------------------------------------------------
EMI Group PLC is in discussions with YouTube Inc. on spreading
its music content via the video Web site, Wall Street Journal
reports.

A spokesman told WSJ that the company was negotiating "a variety
of different business models" that would make their music videos
available on YouTube but no deal had been reached.

On August 17, EMI inked an agreement with Microsoft Corp. to
provide preloaded music videos on Microsoft's Zune digital media
player, Yinka Adegoke of Reuters reported.

According to the report, EMI believed its artists' videos will
be preloaded alongside those from other record companies, but
declined to discuss the device in detail.

Headquartered in London, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


EX-PAC LIMITED: Hires Joint Administrators from BWC Business
------------------------------------------------------------
Paul Andrew Whitwam and David Leighton Cockshott of BWC Business
Solutions were appointed joint administrators of Ex-Pac
(Packaging) Limited (Company Number 05279429) on July 20.

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

Ex-Pac (Packaging) Limited can be reached at:

         Harker House
         Common Lane
         Knottingley
         West Yorkshire WF11 8BN
         United Kingdom


GHARANI STROK: Appoints Harrisons as Joint Administrators
---------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Gharani Strok Limited (Company Number
03177071) on July 12.

Harrisons -- http://www.harrisons.uk.com/-- provide advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.  The firm has appointed an in-house solicitor specializing
in insolvency and security work to enable us to further broaden
the experience base of the firm.

Headquartered in London, United Kingdom, Gharani Strok Limited
-- http://www.gharanistrok.co.uk/-- is a fashion label at the
top end of the ready-to-wear market.


INCO LTD: Board Says CVRD Offer Could Be a Superior Proposal
------------------------------------------------------------
Inco Limited gave its response to the offer commenced by
Companhia Vale do Rio Doce to purchase for cash all of the
outstanding common shares of Inco.

Inco's Board of Directors carefully reviewed and considered the
CVRD Offer, in consultation with its financial and legal
advisors and in the context of its legal obligations under its
existing Combination Agreement with Phelps Dodge Corporation.

Subject to certain exceptions, the Combination Agreement between
Inco and Phelps Dodge requires that Inco's Board of Directors
continue to recommend that Inco shareholders vote in favor of
the arrangement between Inco and Phelps Dodge unless it
determines that an acquisition proposal, in this case, the CVRD
Offer, constitutes a "superior proposal" and certain other
requirements are met.  The Board did not make the determination
that the CVRD Offer is a "superior proposal" for purposes of the
Combination Agreement and accordingly continues to recommend
that Inco shareholders vote in favor of the proposed combination
between Inco and Phelps Dodge.

However, the Board did determine, based on information then
available and after consultation with its advisors, that the
CVRD Offer could reasonably be expected to result in a "superior
proposal" for purposes of the Combination Agreement.  This
determination allows Inco to engage in discussions and
negotiations with CVRD pursuant to the terms of the Combination
Agreement and, accordingly, the Board has authorized Inco's
senior management and its advisors to engage in such discussions
and negotiations.

The CVRD Offer is open for acceptance until Sept. 28, 2006 and
is subject to a number of conditions.  Accordingly, there is no
necessity for Inco shareholders to take any action with respect
to the CVRD Offer at this time.  At this time, the Inco Board of
Directors has determined to remain neutral and to make no
recommendation to Inco shareholders in respect of the CVRD
Offer.

                          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.]



INCO LIMITED: Teck Cominco Withdraws Proposed Equity Offering
-------------------------------------------------------------
Teck Cominco Limited will not be amending its outstanding offer
to acquire all of the outstanding common shares of Inco Limited.

Teck's offer for Inco expired at midnight (Toronto time) on
Aug. 16, 2006.

"While we received strong support from a large number of
institutional investors, in the end we could not complete the
proposed equity offering on terms that made sense for Teck
Cominco," Teck Cominco President and Chief Executive Officer Don
Lindsay said.  "Accordingly, we will not amend or extend our bid
for Inco.  We will now pursue some of the many other
opportunities we see to grow Teck Cominco and to add value for
our shareholders, both through enhancements to our existing
assets and through acquisitions."

                       About Teck Cominco

Headquartered in Vancouver, Canada, Teck Cominco Limited (TSX:
TCK.A; TCK.B; NYSE: TCK) -- http://www.teckcominco.com/-- is a
diversified mining company.  The Company focuses in the
production of zinc and metallurgical coal and also produces
copper, gold and specialty metals.

                         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.


INTERSPACE LIMITED: Creditors' Meeting Slated for August 31
-----------------------------------------------------------
Creditors of Interspace Limited (Company Number 03708150) will
meet at 11:30 a.m. on Aug. 31 at:

         The Swiss Howard Hotel
         Temple Place
         London WC2R 2PR
         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. 30 at:

         S. K. Singla
         Administrator
         Singla & Company
         12 Devereaux Court
         Strand
         London WC2R 3JL
         United Kingdom
         Tel: 020 7353 6922
         Fax: 020 7583 4126


JOHN MACNAB: Hires BDO Stoy as Joint Administrators
---------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of John Macnab
Ltd. (Company Number 2238089) on July 18.

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

Headquartered in Ross-On-Wye, United Kingdom, John Macnab Ltd.
retails firearms and related items.


LA BAGUETTE: Brings In Administrators from Begbies Traynor
----------------------------------------------------------
Robert Michael Young and Ian Michael Rose of Begbies Traynor
were appointed joint administrators of La Baguette Du Jour
Limited (Company Number 03147533) on July 14.

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.

La Baguette Du Jour Limited can be reached at:

         Unit F18
         Ashmount Business Park
         Upper Fforest Way
         Swansea Enterprise Park
         Swansea SA6 8QR
         United Kingdom
         Tel: 01792 790 701
         Fax: 01792 791 006


LEIGH ELECTRICAL: Taps Tenon Recovery to Administer Assets
----------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Leigh Electrical Controls
Limited (Company Number 2154783) on July 14.

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

Leigh Electrical Controls Limited can be reached at:

         Unit 17 Chiltern Trading Est
         Earl Howe Road
         Holmer Green
         High Wycombe
         Buckinghamshire HP15 6QT
         United Kingdom
         Tel: 01494 711 369
         Fax: 01494 711 288


LINK PACKAGING: Brings In Administrators from Mazars LLP
--------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Link Packaging Limited (Company Number
01075311) on July 19.

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

Headquartered in Leeds, United Kingdom, Link Packaging Limited
manufactures corrugated cartons, boxes and cases.


MFI FURNITURE: Confirms Possible Disposal of its U.K. Retail
------------------------------------------------------------
MFI Furniture Group PLC confirmed that it is in discussions with
Merchant Equity Partners LLP on possible disposal of its U.K.
Retail Division.

The company disclosed that a number of significant issues remain
outstanding, and the discussions may or may not lead to a
transaction, which the Board would compare with other options
for MFI Retail.

The terms currently under discussion include nominal
consideration and cash contribution from MFI and the purchaser,
as well as other features, which could have a material bearing
on shareholder value.

The retailer planned to give the unit to Merchant Equity on a
debt-free basis and take in the pension liabilities in exchange
for GBP1.00, Bloomberg reported citing the Financial Times as
its source.

"There are various things that need to be sorted out, including
the terms of what people have referred to as the 'dowry'," Gary
Rawlinson, MFI spokesman told FT, referring to the possible
arrangement wherein MFI may pay to change ownership of its
retail division.

"It's a matter of days or weeks now, rather than months," Mr.
Rawlinson added.

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

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

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


R. COOPER: Appoints Tracy A. Taylor as Administrator
----------------------------------------------------
Tracy A. Taylor of Abbey Taylor Ltd. was named administrator of
R. Cooper Electrical & Mechanical Services Ltd. (Company Number
05207551) on July 20.

The administrator can be reached at:

         Abbey Taylor Ltd.
         The Blade Enterprise Centre
         John Street
         Sheffield
         South Yorkshire S2 4SU
         United Kingdom
         Tel: 0114 292 2402
         Fax: 0114 292 2403
         E-mail: tracy.taylor@abbeytaylor.co.uk

Headquartered in Derbyshire, United Kingdom, R. Cooper
Electrical & Mechanical Services Ltd. specializes in electrical
and mechanical sub-contractors for the building industry.


REDLINE RECRUITMENT: Hires PKF as Joint Administrators
------------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (U.K.) LLP were
appointed joint administrators of Redline Recruitment (Wigan)
Limited (Company Number 4933144) on July 11.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.

Red Line Recruitment (Wigan) Limited can be reached at:

         Ashland House
         Dobson Park Way
         Ince
         Wigan
         Lancashire WN2 2DX
         United Kingdom
         Tel: 01942 619999


SANDELE LIMITED: Hires F.A. Simms as Joint Administrators
---------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F.A. Simms &
Partners PLC were appointed joint administrators of Sandele
Limited (Company Number 4125043) on July 18.

The administrators can be reached at:

         F.A. Simms & Partners PLC
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Headquartered in Leicester, United Kingdom, Sandele Limited is
engaged in rental of children's leisure machines.


SHILLING PROPERTIES: Hires Administrators from Moore Stephens
-------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Shilling Properties
Limited (Company Number 04476149) on July 13.

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

Shilling Properties Limited can be reached at:

         Horsey Lightly Fynn
         20 West Mills
         Newbury
         Berkshire RG14 5HG
         United Kingdom


TADROSS HOTELS: Taps T. Papanicola to Administer Assets
-------------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Tadross Hotels Limited (Company Number 05107162) on July 19.

The administrator can be reached at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Tadross Hotels Limited can be reached at:

         271 Holton Road
         Barry
         South Glamorgan CF63 4HT
         United Kingdom


TENTACLE 1: Brings In SPW Poppleton as Joint Administrators
-----------------------------------------------------------
M. S. E. Solomons and D. L. Platt of SPW Poppleton & Appleby
were appointed joint administrators of Tentacle 1 Limited
(Company Number 05271251) on July 14.

The administrators can be reached at:

         SPW Poppleton & Appleby
         Gable House
         239 Regents Park Road
         London N3 3LF
         United Kingdom
         Tel: 020 8371 5000
         Fax: 020 8346 8588
         E-mail: mike@spwca.com

Tentacle 1 Limited can be reached at:

         Premier House
         11 Marlborough Place
         Brighton BN1 1UB
         United Kingdom


TRAVEL WORLD: Tour Operator Shuts Down Firm
-------------------------------------------
Travel World International Ltd. (t/a TWI Flights,
flightcabin.com, Jewels of the World) ceased operations on
Aug. 15 without citing reasons for the shutdown, according to
published reports.

TWI had a GBP1 million bond under the Air Travel Organiser's
License protection scheme, which permits the Civil Aviation
Authority to step in to fly the tour operator's 500 holidymakers
still abroad without additional charges.  TWI has provided a
GBP933,516 bond to the CAA, which will be used to rescue and
reimburse those affected.

According to CAA, only U.K. originating passengers contracted
TWI in the U.K. are protected by this arrangement and will be
permitted to board the flights.

The CAA has asked TWI passengers on a package holiday booking to
file for a full refund by downloading a claim form found on
ATOL's Web site at http://www.atol.org.uk

                        About ATOL

ATOL is the government's licensing and financial protection
scheme for air holidays and flights sold by tour operators and
travel organisers in the UK.

                        About CAA

The Civil Aviation Authority is the U.K.'s independent aviation
regulator, with all civil aviation regulatory functions
(economic regulation, airspace policy, safety regulation and
consumer protection) integrated within a single specialist body.

                        About TWI

Headquartered in Essex, United Kingdom, Travel World
International specializes in holiday tours to northern Cyprus.


TYCON CONTAINER: Appoints Milner Boardman as Administrators
-----------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Tycon Container Group
Limited (Company Number 02795849) on July 20.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Tycon Container Group Limited can be reached at:

         Nutsford Works
         Pink Bank Lane
         Manchester M12 5GH
         United Kingdom
         Tel: 0161 223 5252
         Fax: 0161 223 5234


WISE METALS: Business Loss Spurs Moody's to Junk Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Linthicum, Md.-based Wise Metals Group LLC to 'CCC-'
from 'CCC+'.  At the same time, the senior secured note rating
on the company was lowered to 'C' from 'CCC-'.  The outlook is
negative.

The downgrade follows disclosures in the company's Form 10-Q
filing on Aug. 15, that it will lose the beverage-can sheet
business from Crown Cork & Seal Inc. for the fourth quarter of
2006 and for all of 2007.  Wise Metals did not inform us of the
loss of the Crown business when we were lowering the corporate
credit rating to 'CCC+/Negative--' from 'B-/Negative/--' on
Aug. 15.  Sales to Crown during 2005 accounted for 20% of Wise
Metal's 2005 total revenue, the vast majority of which was from
beverage-can sheet business.

"S&P expects the company to experience financial distress
because of the loss of this business and think there is a strong
likelihood the company will seek bankruptcy protection," said
Standard & Poor's credit analyst Dominick D'Ascoli.

"Wise has been experiencing negative cash flows and has thin
liquidity, and debt has been increasing.  S&P had already been
expecting liquidity to decline in the third quarter and now,
with the loss of a significant customer, S&P expects negative
free cash flow in the fourth quarter of 2006 and full year 2007.
S&P is also doubtful that the company will be able to secure
additional financing to bolster its thin liquidity level."

Mr. D'Ascoli added, "S&P will lower the rating further if the
company fails to service its debt obligation.  S&P could upgrade
the rating if the company can successfully replace its lost
business, liquidity improves, and the company reduces its
onerous debt level."


XELO PLC: S&P Assigns BB+ Rating to EUR37.5-Mln Notes
-----------------------------------------------------
Standard & Poor's took credit rating actions on the
EUR37.5 million zero coupon secured limited recourse
credit-linked notes series issued by Xelo PLC.

For those transactions that have been on CreditWatch negative
for longer than 90 days, where S&P has either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, S&P has modeled recovery
rates in accordance with our criteria and assessed portfolio
quality based on its credit quality today.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements
made on Aug. 11.  The second review was of the ratings on
tranches that have been on CreditWatch negative for more than 90
days.

Where SROC (synthetic rated overcollateralization) is less than
100%, scenarios are run that project the current portfolio 90
days into the future, assuming no asset rating migration.  Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but placed on
CreditWatch negative.  If, on the other hand, the projection
indicates that the SROC would remain below 100%, the rating is
immediately lowered.

                          Ratings List
                           Xelo PLC
         EUR37.5 Million Zero Coupon Secured Limited Recourse
          Credit-Linked Notes Series

   Class (where applicable)
                                 Rating      SROC      Projected
   To           From             Scenario    today (%) 90 day+
   --           ----             --------    -----     SROC (%)
                                                       ----
   2004 (Lecce)
   BB+         A-/Watch Neg     A-          37.7466   41.2890
                                BBB+        50.8437   53.6882
                                BBB         65.1910   68.5771
                                BBB-        90.3739   92.6225
                                BB+         100.4419  100.4419


* Fitch Revises Country Ceiling for 40 Countries
------------------------------------------------
Fitch Ratings revised upwards the Country Ceiling for 40
countries.  The Country Ceilings are an effective cap on all
foreign currency ratings of entities and transactions
originating within each country.  Fitch first publicly assigned
Country Ceilings to countries with Fitch-rated sovereign issuers
in June 2004.

Country Ceilings capture the risk of exchange controls being
imposed that would prevent or materially impede the private
sector's ability to convert local into foreign currency and
transfer to non-resident creditors - transfer and convertibility
(T&C) risk.  Country Ceilings are not ratings but rather a key
analytical input and constraint on the foreign currency ratings
of entities and transactions originating in the sovereign's
jurisdiction.

Increased integration of national economies into global
production, trade and financial networks has reduced T&C risk,
as evidenced by the experience of sovereign crises over the last
decade.  However, T&C and country risk more generally remain
strongly correlated with sovereign risk and hence Country
Ceilings are "notched" from the foreign currency rating of the
sovereign.

The ratings of transactions and non-sovereign entities that are
above the sovereign and capped at the Country Ceiling may
consequently exhibit more volatility at a given rating level
than would normally be expected.

The methodology for assigning Country Ceilings was recently
updated as part of Fitch's regular and on-going review of its
criteria and methodologies.  As a result of the review of the
Country Ceiling methodology, the Country Ceilings on 40
countries have been revised upwards (out of a total of 99).

The average "notch" uplift has been increased by around 50 basis
points (or half of one "notch" on the rating scale) to a little
over one notch above the sovereign foreign currency issuer
rating.  The upward revision to Country Ceilings since they were
first assigned more than two years ago reflects greater
liberalization of capital and exchange controls in many
"emerging market" economies, such as Russia and Brazil, the
strengthening of monetary and exchange rate regimes and the
deepening integration of emerging markets in the global economy.

Corporations, financial institutions and structured transactions
can only be rated above the sovereign foreign currency issuer
rating and up to the Country Ceiling if their stand-alone credit
quality is judged to be sufficiently strong to withstand a
sovereign debt crisis.  The ratings of financial institutions
and corporations are affected by the revision to the Country
Ceilings and will be detailed in subsequent announcements.

The revised Country Ceilings are:

   -- Armenia Country Ceiling revised to BB from BB-;
   -- Aruba Country Ceiling revised to A- from BBB+;
   -- Brazil Country Ceiling revised to BB+ from BB;
   -- Bulgaria Country Ceiling revised to A- from BBB;
   -- Cape Verde Country Ceiling revised to BB- from B+;
   -- Chile Country Ceiling revised to AA from A+;
   -- Colombia Country Ceiling revised to BB+ from BB;
   -- Costa Rica Country Ceiling revised to BB+ from BB;
   -- Croatia Country Ceiling revised to BBB+ from BBB-;
   -- Cyprus Country Ceiling revised to AA+ from AA;
   -- Czech Republic Country Ceiling revised to AA from AA-;
   -- El Salvador Country Ceiling revised to BBB- from BB+;
   -- Estonia Country Ceiling revised to AA from AA-;
   -- Guatemala Country Ceiling revised to BBB- from BB+;
   -- Hong Kong Country Ceiling revised to AAA from AA;
   -- Hungary Country Ceiling revised to A+ from A;
   -- Indonesia Country Ceiling revised to BB from BB-;
   -- Israel Country Ceiling revised to A+ from A;
   -- Kazakhstan Country Ceiling revised to BBB+ from BBB;
   -- Korea Country Ceiling revised to AA from AA-;
   -- Latvia Country Ceiling revised to AA- from A+;
   -- Lesotho Country Ceiling revised to A from A-;
   -- Lithuania Country Ceiling revised to AA- from A+;
   -- Macedonia Country Ceiling revised to BBB- from BB+;
   -- Malaysia Country Ceiling revised to A from A-;
   -- Malta Country Ceiling revised to AA from AA-;
   -- Mexico Country Ceiling revised to A- from BBB+;
   -- Namibia Country Ceiling revised to A from A-;
   -- Panama Country Ceiling revised to BBB+ from BBB;
   -- Peru Country Ceiling revised to BB+ from BB;
   -- Philippines Country Ceiling revised to BB+ from BB;
   -- Poland Country Ceiling revised to A+ from A;
   -- Romania Country Ceiling revised to BBB+ from BBB-;
   -- Russia Country Ceiling revised to A- from BBB+;
   -- Slovakia Country Ceiling revised to AA from AA-;
   -- South Africa Country Ceiling revised to A from A-;
   -- Taiwan Country Ceiling revised to AA from AA-;
   -- Tunisia Country Ceiling revised to BBB+ from BBB;
   -- Turkey Country Ceiling revised to BB from BB-; and
   -- Uruguay Country Ceiling revised to BB from BB-.

                           *********

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

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

                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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