TCREUR_Public/060303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, March 3, 2006, Vol. 7, No. 45

                            Headlines

G E R M A N Y

MODENA INTERNATIONAL: Tobias Hoefer Leads Bankruptcy Process
N E O N SOFTWARE: Offenbach Court Halts Pending Proceedings
NAUMANN KARTONVERPACKUNGEN: Claims Registration Ends Today
NEVOBAD GMBH: Creditors' Meeting Slated on May 30
NIESSNER-METALL: Mannheim Court Sets March 9 Claims Bar Date

OBERMEIER GMBH: Firm Begins Bankruptcy Proceedings
OPTIK ISERMANN: Osnabruek Court Appoints Insolvency Manager
OTTO FURKEN: Claims Verification Set Early May
PAUL GMBH: Administrator's Report Out by June
PVT PAPIERVERARBEITUNG: Claims Registration Ends March 6


I R E L A N D

EIRCOM GROUP: Financial Leverage Spurs Moody's Ba2 Corp. Rating
GREAT SOUTHERN: Union Balks at State's Plan to Sell Hotels


K A Z A K H S T A N

DULAT STROI: Bankruptcy Proceedings Begin
GLOBUS 2000: Creditors' Claims Due This Month
IRTYSH-1: Declared Bankrupt by Kostanai Economic Court
SEF: Kostanai Court Sends Group Into Bankruptcy
TEMIR-KERUEN: Creditors Have Until March 17 to Register Claims


K Y R G Y Z S T A N

ASTRAL: Declares Insolvency
REGANA: Sets Proofs of Claim Deadline


L U X E M B O U R G

STOLT-NIELSEN: Purchased 100,000 of its Common Shares


N E T H E R L A N D S

IFCO SYSTEMS: Moody's Upgrades EUR110 Mln Debt Ratings to B2


R U S S I A

76-OIL-NORTH: Firm Falls Into Bankruptcy
AGRO-KHIM-SERVICE: Undergoes Bankruptcy Supervision Procedure
BANK ZENIT: Fitch Assigns Long-term B Rating with Stable Outlook
EVROFINANCE-MOSNARBANK: Fitch Gives B to Long-term ID Rating
KURYINSKIY: Creditors' Claims Due March 28

MINE ZYRYANOVSKAYA: Declared Insolvent by Kemerovo Court
MONTAGE-STROY-ENERGO: Succumbs to Bankruptcy
NEFTEPOLIS INSURANCE: S&P Raises Ratings to B; Outlook Positive
OIL-CHEM-EXPORT: Court Names P. Prudkiy as Insolvency Manager
OMSK-INDUSTRY: Insolvency Prompts Bankruptcy Proceedings

SIBERIAN CORN: Claims Filing Period Ends March 28
STAVROPOLSKIY FACTORY: Bankruptcy Supervision Procedure Begins
YUKOS OIL: Russian Court Awards US$482-Mil Claim to Bank Lenders
YUKOS OIL: Unit Sells Transpetrol Stake to RussNeft for US$103MM
ZVEZDNYJ: Irkutsk Court Brings In Insolvency Manager


S P A I N

IM CAJAMAR: Assigns BB- to EUR15.6 Million Series E Notes


U K R A I N E

BUD-REZERV: Declared Insolvent by Kyiv Court
BUDTRANSENERGOSERVICE: Succumbs to Insolvency
CHERNIGIVSKA PAPER: Closes Operations and Liquidates Assets
FARGO: Court Names K. Yergiyev to Liquidate Assets
FES: Olga Brusentsova Takes Over Helm

INTER-PLAST: Court Opens Bankruptcy Proceedings
KOLOS: Zakarpatska Court Orders Debt Moratorium
KOMPLEKS AGRO: Liquidator Leads Winding Up Procedure
SHORSIVSKIJ GRANITE: Under Bankruptcy Supervision
TRADE SERVICE: Winds Up Assets Following Insolvency


U N I T E D   K I N G D O M

ALEC PETCH: Calls On O'Hara & Co to Administer Assets
CABLE & WIRELESS: S&P Keeps Ratings Amid Restructuring Plans
CORUS GROUP: Secures GBP40 Million Investment for TCP Business
FHSC LIMITED: Joint Administrators Move In
HARRIER LOGISTICS: Hires Grant Thornton to Administer Assets

J.P.Z. LIMITED: Hires Administrator from X L Business Solutions
KEVIN CLARKE: Name Joint Administrators from Portland Business
LAMLOU LIMITED: Recruitment Agency Needs Administrator
MODULAR POWER: Administrators Take Over Operations
NIGHTINGALE CARE: Financial Liabilities Prompt Liquidation

NORTHERN SERVICE: Gas Station Operator Appoints Administrator
PARAMOUNT CONSERVATORIES: Creditors Affirm Liquidation
PARGLADE BUILDERS: Fencing Contractors Choose L. D. Baxter
PHEONIXCO LIMITED: Taps Tenon Recovery Administrator
PULSE MENSWEAR: Retailers Start Liquidating Assets

PUPIL RECORDS: Simon James Bonney Leads Winding Up Operations
RADFORDS LIMITED: Liquidator Sets May 8 Claims Bar Date
RECRUITMENT SOLUTIONS: Meeting of Creditors Set Next Week
REVAL LIMITED: Creditors' Registration Ends April 9
ROMANCE COUTURE: Brings In Ninos Koumettou to Liquidate Assets

SBSJ CLOTHING: Members Resolve to Liquidate Assets
SMS AGENCIES: Calls On BDO Stoy Hayward Administrator
STREET CONSTRUCTION: Joint Administrators Take Over Helm
STUDIO 365: Concedes to Bankruptcy
SUNWAY DOORS: Hires Joint Liquidators from P&A Partnership

TOO CO: Meeting of Creditors Slated Today
TRENT TUBES: Hires Wallets Insolvency and Robson Administrator
V2GO LIMITED: Food Retailer Hires Begbies Traynor Administrator
WALL OF SOUND: Appoints P. Engel Administrator
* Fitch Issues New Rating Standards for Foreign Issuers

     **********

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


MODENA INTERNATIONAL: Tobias Hoefer Leads Bankruptcy Process
------------------------------------------------------------
The District Court of Mannheim opened bankruptcy proceedings
against Modena International Limited on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 8, 2006, to
register their claims with court-appointed provisional
administrator Tobias Hoefer.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Mannheim, 68149 Mannheim,
Schloss, Westfluegel, 2. Stockwerk, Raum 231, at 9:00 a.m. on
April 24, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  MODENA INTERNATIONAL LIMITED
          Schlossstrasse 4, 68723 Schwetzingen
          Attn: Gaetano Minoia, Manager
          
          Tobias Hoefer, Administrator
          Soldnerstr. 2, 68219 Mannheim
          Tel: 0621/877080


N E O N SOFTWARE: Offenbach Court Halts Pending Proceedings
-----------------------------------------------------------
The District Court of Offenbach opened bankruptcy proceedings
against N E O N SOFTWARE GMBH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 29, 2006, to register their
claims with court-appointed provisional administrator Diana
Aurich.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Offenbach, Saal 166
Justizzentrum, Kaiserstrasse 16-18, at 9:00 a.m. on April 19,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  N E O N SOFTWARE GMBH
          Attn: Hannes Hartinger, Manager
          Ernst-Griesheimer-Platz 8, 63071 Offenbach am Main

          Diana Aurich, Administrator
          Josef-Schmitt-Str. 10, 97922 Lauda-Konigshofen
          Tel: 09343/2065
          Fax: 09343/3833


NAUMANN KARTONVERPACKUNGEN: Claims Registration Ends Today
----------------------------------------------------------
The District Court of Saarbruecken opened bankruptcy proceedings
against Naumann Kartonverpackungen GmbH & Co.KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until today, March 3,
2006, to register their claims with court-appointed provisional
administrator Oliver Rosler.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Saarbruecken,
Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13, at 9:25
a.m., on March 21, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 8:35 a.m., on April 4, 2006, at the same venue.

CONTACT:  NAUMANN KARTONVERPACKUNGEN GmbH & Co.KG
          Saarbruecker Strasse 209, 66679 Losheim

          Oliver Rosler, Administrator
          Kaiserstrasse 56, 66424 Homburg
          Tel: (06841) 696-118
          Fax: (06841) 696-204


NEVOBAD GMBH: Creditors' Meeting Slated on May 30
-------------------------------------------------
The District Court of Fulda opened bankruptcy proceedings
against Nevobad GmbH & Co. Vermietungs- und Verpachtungs KG on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 31, 2006, to register their claims with court-appointed
provisional administrator Bernd Statz.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Fulda, Konigstrasse 38,
36037 Fulda, at 10:30 a.m. on May 30, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  NEVOBAD GmbH & Co. VERMIETUNGS- UND VERPACHTUNGS KG
          Agnes-Huenninger-Str. 6, 36041 Fulda
          Attn: Wilhelm Volmer, Manager
          
          Bernd Statz, Administrator
          Muehlstr. 25, D-63526 Erlensee
          Tel: 06183/900370
          Fax: 06183/900371


NIESSNER-METALL: Mannheim Court Sets March 9 Claims Bar Date
------------------------------------------------------------
The District Court of Mannheim opened bankruptcy proceedings
against Niessner-Metall GmbH & Co. KG on Feb. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 9, 2006, to
register their claims with court-appointed provisional
administrator Thorsten Konrad.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Mannheim, 68149 Mannheim,
Schloss, Westfluegel, 2. Stockwerk, Raum 232, at 9:20 a.m. on
April 10, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  NIESSNER-METALL GmbH & Co. KG
          Attn: Frank Niessner, Manager
          Rostocker Strasse 13, 68766 Hockenheim

          Thorsten Konrad, Administrator
          Saarburger Ring 10-12, 68229 Mannheim
          Tel: 0621/483240


OBERMEIER GMBH: Firm Begins Bankruptcy Proceedings
--------------------------------------------------
The District Court of Traunstein opened bankruptcy proceedings
against Obermeier GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 31, 2006, to register their claims
with court-appointed provisional administrator Michael Mansfeld.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Traunstein, SS C001,
Herzog-Otto-Str. 1, 83278 Traunstein, at 11:00 a.m. on April 26,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  OBERMEIER GmbH
          Hohenstetten 4 in 83349 Palling

          Michael Mansfeld, Administrator
          Bahnhofstr. 18, 83278 Traunstein
          Tel: 0861/986330
          Fax: 0861/9863320


OPTIK ISERMANN: Osnabruek Court Appoints Insolvency Manager
-----------------------------------------------------------
The District Court of Osnabrueck opened bankruptcy proceedings
against Optik Isermann GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 17, 2006, to register their
claims with court-appointed provisional administrator Dr.
Stephan Thiemann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Osnabrueck, N 301,
Nebenstelle, Kollegienwall 10, 49074 Osnabrueck, at 10:00 a.m.
on April 28, 2006, at which time the administrator will present
his first report on the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  OPTIK ISERMANN GmbH
          Kamp 35-37, 49074 Osnabrueck
          Attn: Matthias Witteler, Manager
          Kirchstrasse 22, 49090 Osnabrueck

          Dr. Stephan Thiemann, Administrator
          Lublinring 12, 48147 Muenster
          Tel: 0251/162830
          Fax: 0251/1628311


OTTO FURKEN: Claims Verification Set Early May
----------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against Otto Furken & Sohn GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 11, 2006, to register their
claims with court-appointed provisional administrator Haro
Helms.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Gerichtshaus, Ostertorstr 25-31, 28195 Bremen, at 10:35 a.m., on
March 9, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:50
a.m., on May 4, 2006, at the same venue.

CONTACT:  OTTO FURKEN & SOHN GmbH
          Lindenstrasse 98, 28755 Bremen
          Attn: Friedrich Wilhelm Furken, Manager
          Chaukenhuegel 6a, 28759 Bremen
       
          Haro Helms, Administrator
          Schillerstr. 10, 28195 Bremen
          Tel: 0421/337790
          Fax: 0421/3377933
          Web: http://www.dr-stankewitz.de/
          E-mail: helms@dr-stankewitz.de


PAUL GMBH: Administrator's Report Out by June
---------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Paul GmbH "Fashion & Beauty" on Feb. 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 4, 2006, to
register their claims with court-appointed provisional
administrator Thomas Kuehn.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 10:15
a.m., on March 23, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 10:00 a.m., on June 29, 2006, at the same venue.

CONTACT:  PAUL GmbH "Fashion & Beauty"
          Nussbaum 8,10178 Berlin

          Thomas Kuehn, Administrator
          Luetzowstr. 100, 10785 Berlin


PVT PAPIERVERARBEITUNG: Claims Registration Ends March 6
--------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against PVT Papierverarbeitung Torlee GmbH on Feb. 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 6, 2006,
to register their claims with court-appointed provisional
administrator Horst Piepenburg.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Muehlenstrasse
34, 40213 Duesseldorf, 3.OG Altbau, A 388, at 9:50 a.m. on
March 27, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  PVT PAPIERVERARBEITUNG TORLEE GmbH
          Wieselweg 3, 40885 Ratingen
          Attn: Hans-Juergen Torlee, Manager

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Duesseldorf


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


EIRCOM GROUP: Financial Leverage Spurs Moody's Ba2 Corp. Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to eircom Group plc (eircom) and withdrawn the Ba2
corporate family rating at Valentia Telecommunications
Unlimited.  Concurrently Moody's changed the rating outlook to
negative from stable.

The change in outlook reflects weaker than expected operating
performance in the first nine months of the year, which has
resulted in a gradual weakening of credit metrics (e.g. Adjusted
Total Debt to Adjusted EBITDAR has increased from c. 5.2x at
yearend to c. 5.8x at Dec. 31, 2005 on a LTM basis).  Whilst
Moody's notes that certain negative impacts in the last quarter
are non-recurring in nature (e.g. the costs associated with the
aborted Swisscom bid), the negative outlook reflects Moody's
concerns that future cost savings will not be sufficient to
offset the higher ongoing pension and sales & marketing costs
and that the deterioration in the company's credit metrics will
be sustained.

Moreover, the ratings continue to reflect the company's highly
debt leveraged capital structure and limited financial
flexibility; on-going regulatory and competitive risks,
including the expectation of increasing competitive pressures
and tariff reductions; uncertainty regarding the company's
longer-term plans for mobile telephony and eircom's dependence
on the fixed-line telecommunication business.

However, the ratings are supported by eircom's dominant position
in the Irish fixed-line telecommunications market and the
competitive advantage afforded by the company's significant
scale and network reach; the strong operational cash flow
provided by eircom's businesses; a favorable competitive fixed-
line environment and management's success in reducing costs and
improving cash flow.  Moreover, whilst Meteor is currently the
smallest GSM operator in Ireland by market share, Moody's
believes that this acquisition has better positioned the company
to defend its revenue and profitability against the decline in
fixed-line voice traffic, as well as to provide its customers
with fully integrated services of voice, Internet and data.

The outlook would most likely be stabilized should the company
successfully improve its free cash flow generation and
demonstrate a sustained de-leveraging on a debt to operating
cash flow basis, such that Adjusted Retained Cash flow to Net
Adjusted Debt approaches the mid-teens.

However, given that the company's credit metrics are viewed as
weak for the category, Moody's cautions that any further
deterioration in leverage or cash flow metrics, such that
Adjusted Total Debt to Adjusted EBITDAR exceeds 6x for a
sustained period or Adjusted Retained Cash flow to Net Adjusted
Debt falls below 10%, would likely result in a ratings
downgrade.  In addition, positive confirmation of a secondary
LBO of the company would likely result in downward pressure on
the rating.

eircom's liquidity is viewed as good given the company's
substantial cash balances (EUR495 million as at December 2005)
combined with its stable operating cash flow, which is expected
to continue to comfortably exceed EUR300 million per annum.  
Moreover, the company maintains EUR150 million availability
under its revolving credit facility (whilst draw-down is
subject, inter alia, to financial covenant compliance).  
However, as a result of ongoing capex requirements and
significant interest charges combined with the recent resumption
of dividend payments, free cash flow generation is expected to
be limited.

Rating actions is as follows:

New ratings assigned:

   -- Ba2 corporate family rating at eircom Group plc

Ratings withdrawn:

   -- Ba2 corporate family rating at Valentia Telecommunications
      Unlimited

Other affected rating:

   -- Ba1 rating of Valentia Telecommunication Unlimited's
      EUR1.4 billion senior secured credit facilities;

   -- Ba3 rating of Valentia Telecommunication Unlimited's
      EUR550 million unsecured notes due 2013;

   -- B1 rating of eircom Funding plc's senior subordinated
      notes due 2013

The outlook for all ratings is negative.

Headquartered in Dublin, Ireland, eircom 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.  In the last twelve months ending Dec. 31, 2005, eircom
generated revenues of EUR1.6 billion.


GREAT SOUTHERN: Union Balks at State's Plan to Sell Hotels
----------------------------------------------------------
Ireland's trade union is confident that Great Southern Hotel
Group will remain in state ownership, Jo Lavelle writes for
Galway Independent.

This after hotel owner Dublin Airport Authority revealed plans
last month to sell the group's nine hotels, which employs 900
people, as a going concern, the Irish Examiner reports.  

Services, Industrial, Professional, and Technical Union (SIPTU)
Galway Branch 1 Vice President Joe Horan clarified that the
government has not decided on the request yet.  

"We're canvassing hard for the retention of the hotels in state
ownership and we would be confident that it will happen," Mr.
Horan said.

"We were in this situation before in 1987 when we were supposed
to be liquidated for EUR4 million.  Now the company is worth
several hundred million.  We didn't believe at the time that we
should be liquidated and we fought to save the company.  We're
doing the same now, so we've no reason to believe this time will
be any different," he insisted.

Though Great Southern reported losses for four consecutive
years, it is believed that it could sell for a much higher price
if sold for property development, the Galway Independent says.

BDO Simpson Xavier Corporate Finance is the overall adviser to
assist in the disposal of the hotels.

                     Redundancy Package

The DAA estimates up to EUR22 million in redundancy costs, which
potential bidders need resolved before they make a formal offer
for the hotel group, The Sunday Business Post relates.  This
could delay the sale process by up to six months, as many of the
hotels have active unions.

"We don't want redundancy, employees don't want redundancy,"
Branch Organizer with SIPTU Galway No. Branch Michael Kilcoyne
said.  "What they want is their jobs and I believe it's a
serious miscalculation on behalf of the Government if they
believe that they can just buy out these jobs."

The union wants the hotels to remain in state ownership under
the auspices of Failte Ireland.

Headquartered in Dublin, Great Southern Hotels has been
Ireland's premier hotel group since 1845.  The group's nine
hotels are located in some of Irelands most famous tourist
destinations - Galway, Killarney, Rosslare, Parknasilla, Derry,
Shannon Airport, Dublin Airport and Cork Airport.


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


DULAT STROI: Bankruptcy Proceedings Begin
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region commenced bankruptcy proceedings against LLP Dulat Stroi
on Jan. 9, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF EAST
          KAZAKHSTAN REGION
          Ust-Kamenogorsk, Lenin ave. 25


GLOBUS 2000: Creditors' Claims Due This Month
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Globus 2000 bankrupt on Dec. 29, 2005.  Proofs of
claim will be accepted at Kostanai, Gogol Str. 177a on or before
March 17, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


IRTYSH-1: Declared Bankrupt by Kostanai Economic Court
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Irtysh-1 bankrupt on December 26, 2005.  Proofs of
claim will be accepted at Kostanai, Gogol Str. 177a on or before
March 17, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


SEF: Kostanai Court Sends Group Into Bankruptcy
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP SEF bankrupt on December 29, 2005.  Proofs of claim
will be accepted at Kostanai, Gogol Str. 177a on or before
March 17, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


TEMIR-KERUEN: Creditors Have Until March 17 to Register Claims
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Temir-Keruen bankrupt on December 29, 2005.  Proofs
of claim will be accepted at Kostanai, Gogol Str. 177a on or
before March 17, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


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


ASTRAL: Declares Insolvency
---------------------------
LLC Astral has declared insolvency.  Proofs of claim will be
accepted on or before April 7, 2006.

The company can be contacted at (+996 312) 54-33-17.


REGANA: Sets Proofs of Claim Deadline
-------------------------------------
LLC Regana has declared insolvency.  Proofs of claim will be
accepted on or before April 9, 2006.

CONTACT:  REGANA
          Bishkek, Sadygslieva Str. 6
          Phone: (+996 312) 65-61-29


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


STOLT-NIELSEN: Purchased 100,000 of its Common Shares
-----------------------------------------------------
Stolt-Nielsen Transportation Group Ltd., a 100% owned subsidiary
of Stolt-Nielsen S.A., purchased on Wednesday 100,000 of SNSA
Common Shares on the Oslo Stock Exchange at an average price of
NOK210.25 per share (approximately $31.15 at the current
exchange rate).  

The shares were purchased in accordance with the repurchase
program announced on Aug. 25, 2005, authorizing Company to
purchase up to $200 million worth of its Common Shares or
related American Depositary Shares.
  
In conformity with applicable Oslo Stock Exchange requirements,
SNSA, through its Stolt-Nielsen Transportation Group subsidiary,
owns these shares:

   Total number of Common Shares
   purchased:                            100,000

   Total number of Common Shares
   owned after purchase:               1,711,650

   Percentage of issued shares
   of such class of shares
   following such purchase:                 2.6%


Stolt-Nielsen S.A.'s Common Shares are secondarily listed on the
Oslo Stock Exchange with primary listing (through ADS
arrangements) in the United States.

Including these purchases, the Company has purchased Common
shares totaling approximately US$58 million under the US$200
million repurchase program announced on August 25, 2005.

All Common Shares purchased by SNTG are classified as non-voting
shares held in Treasury and issued but not outstanding.

                    About the Company

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) --
http://www.stoltnielsen.com/-- is one of the world's leading  
providers of transportation services for bulk liquid chemicals,
edible oils, acids, and other specialty liquids. The Company,
through the parcel tanker, tank container, terminal, rail and
barge services of its wholly owned subsidiary Stolt-Nielsen
Transportation Group provides integrated transportation for its
customers.  Stolt Sea Farm, wholly owned by the Company,
produces and markets high quality turbot and Southern bluefin
tuna.  The Company also owns 25% of Marine Harvest, the world's
largest aquaculture company.


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


IFCO SYSTEMS: Moody's Upgrades EUR110 Mln Debt Ratings to B2
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of IFCO Systems
N.V. (IFCO).  

Ratings affected:

   -- Corporate family rating upgraded to Ba3 from B1; and

   -- EUR110 million guaranteed senior secured notes due 2010
      upgraded from B2 to B1.

The rating outlook is positive.

The upgrades reflect IFCO's proven ability to improve its
operating performance, and subsequently its credit metrics,
during 2005, while making substantial progress towards
completing the program to upgrade its reusable plastic
containers (RPCs).  

The ratings also continue to reflect:

  (i) the company's leadership position in the Western European
      RPC market;

(ii) its well-established relationships with retailers, growers
      and producers in the RPC market;

(iii) satisfactory liquidity and reasonable financial leverage
      for the current rating category, with Adjusted Total
      Debt/Adjusted EBITDAR having decreased to approximately
      2.8x by FYE 2005; and

(iv) management's successful track record to date of growing
      the company via a conservative expansion strategy.

The positive outlook reflects Moody's expectation that there is
likely to be further upward pressure on the ratings if the
company is able to generate meaningful free cash flow after
capex throughout 2006.

Conversely, although it is considered unlikely at this juncture,
any substantial deterioration in the operating performance of
the European RPC division -- for example, as a result of the
loss of several key customer contracts -- would likely result in
the outlook being changed to stable.  Any aggressive investment
in capex funded through the incurrence of incremental debt would
likely result in downward pressure on the ratings.

Fiscal year-end results for 2005 show an increase in revenues of
16% y-o-y (unadjusted for discontinued operations) to US$576.3
million due to growth in both the RPC and Pallet Management
segments, while gross margins improved by 2.3 percentage points
to 20.2% over the same period due to ongoing efficiency
initiatives undertaken by management.  Credit metrics, in turn,
were positively impacted as EBIT Margin increased by 2.6% over
the previous year to 11.6% and Adjusted Total Debt/Adjusted
EBITDAR decreased to approximately 2.8x.  Furthermore, Adjusted
RCF/Net Adjusted debt was 37.2% although the company was
marginally free cash flow negative due to US$84 million in
capex, spent predominantly on the upgrade program and growth.  
Management have indicated that they intend to continue to pursue
to success-based capex model going into 2006, although it is
Moody's expectation that capex will be lower than 2005 levels
and financed via operating cash flows.

While the company's performance to date has been encouraging,
the ratings continue to reflect:

  (i) Moody's expectation that IFCO's earnings are subject to
      volatility given the exposure to changes in the
      macroeconomic environment (particularly in its pallet
      business);

(ii) the low market barriers to entry inherent in the pallet
      business;

(iii) the significant competition faced by IFCO in both its
      divisions (although competition is fragmented in the
      pallet market);

(iv) the high end customer concentration of the RPC business;
      and

  (v) the company's exposure to foreign exchange movements
      between the US dollar and the EURas IFCO reports in U.S.
      dollars but currently produces a material amount of its
      revenues in euros.

Liquidity is viewed as satisfactory given the company's
operating cash flow generation, its available cash and cash
equivalents of US$60.9 million as at Dec. 31, 2005 and access to
its working capital facility.  The EUR35 million working capital
facility is subject to certain financial covenants (EBITDA,
leverage, interest cover) and permits up to EUR15 million in
cash borrowings with the remainder utilized to issue letters of
credit.  

As at Dec. 31, 2005 the company had US$12.6 million outstanding
in letters of credit with cash borrowing availability of
EUR15million and was in compliance with all covenants.  
Additional liquidity is provided by a receivable factoring
facility at the European subsidiary level.  Although there are
no material debt repayments until 2010, success-based capex is
expected to continue to impact the company's free cash flow.

Registered in the Netherlands, IFCO is a leading international
provider of reusable plastic containers for the transportation
of fresh fruit and vegetables.  In addition, IFCO provides a
wide range of services in North America related to pallets.  For
the year ended Dec. 31, 2105, IFCO generated revenues of
US$576.3 million.


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


76-OIL-NORTH: Firm Falls Into Bankruptcy
----------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against 76-Oil-North after finding the close joint
stock company insolvent.  The case is docketed as A05-15878/5-
21.  Mr. V. Zakirov has been appointed insolvency manager.  

Creditors may submit their proofs of claim to:

      (a) 76-OIL-NORTH
          Russia, Arkhangelsk region,
          Novgorodskiy Pr. 164, Room 240
      
      (b) V. ZAKIROV
          Insolvency Manager
          650066, Russia, Kemerovo region,
          Lenina Pr. 77-311A
      
      (c) ARBITRATION COURT OF ARKHANGELSK REGION
          163069, Russia, Arkhangelsk region,
          Loginova Str. 17
      

AGRO-KHIM-SERVICE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision on open joint stock company Agro-Khim-Service.  The
case is docketed as A28-324/05-283/20.  Mr. A. Tyutikov has been
appointed temporary insolvency manager.  

Creditors may submit their proofs of claim to 440039, Russia,
Penza, Shmidta Str. 4.  A hearing will take place on April 18,
2006, 9:30 a.m.

CONTACT:  AGRO-KHIM-SERVICE
          Russia, Kirov region,  
          Yaransk, K. Marksa Str.

          A. TYUTIKOV
          Temporary Insolvency Manager
          440039, Russia, Penza region,
          Shmidta Str. 4


BANK ZENIT: Fitch Assigns Long-term B Rating with Stable Outlook
----------------------------------------------------------------
Fitch Ratings put Bank Zenit's three-year RUB2 billion bond
issue due February 2009 a National Long-term BBB- rating.  Zenit
is rated Long-term B, Short-term B, Individual D, Support 5, and
National Long-term BBB-.  The Outlook on both the Long-term and
the National Long-term ratings are Stable.

The bank's obligations under the issue will rank at least pari
passu with the claims of other senior unsecured creditors of
Zenit, save those preferred by relevant legislation.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors.  At end-H105, retail deposits
accounted for 13% of Zenit's total liabilities, according to the
bank's unaudited IFRS accounts.

Zenit is owned by a number of entities, the most influential of
which is Tatneft, Russia's fifth-largest oil company.  Zenit is
one of Russia's 20 largest banks, with around 1% of banking
assets at end-H105.  It concentrates on corporate and
investment, as well as, to a lesser extent, private and retail
banking.


EVROFINANCE-MOSNARBANK: Fitch Gives B to Long-term ID Rating
------------------------------------------------------------
Fitch Ratings established the ratings of Russia's Evrofinance-
Mosnarbank at Long-term Issuer Default B with Stable Outlook,
Short-term B, Individual D, Support 5 and National Long term BBB
with Stable Outlook.

The Long-term Issuer Default, Short-term, Individual and
National Long-term ratings reflect the bank's high concentration
levels on both sides of the balance sheet, its limited
franchise, volatility of earnings and significant market risk.   
However, they also reflect its well-developed risk management
systems, reasonable asset quality to date and satisfactory
liquidity.

Associate Director in Fitch's Financial Institutions team in
Moscow, Vladlen Kutznetsov said, "Upside potential for EVMB's
Long-term Issuer Default and Individual ratings is limited and
will depend on the successful diversification of its franchise,
which is not very likely to happen in the near-term.  
Conversely, any significant rise in risk concentrations from
existing levels and any decline in credit quality of the loan
portfolio would mean increased pressure on capital, which may
lead to a downgrade."

EVMB was formed in 2003 following the acquisition of Mosnarbank
by Evrofinance, which was founded in 1993.  It is among the 30
largest banks in Russia.  EVMB is 43%-owned by state-owned
banks, with Vneshtorgbank and its two subsidiaries having a 36%
stake.  However, VTB has recently explicitly expressed its
intention to sell its stake in EVMB.


KURYINSKIY: Creditors' Claims Due March 28
------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Kuryinskiy after finding the open joint
stock company insolvent.  The case is docketed as A03-1940/05-B.  
Mr. M. Polyakov has been appointed insolvency manager.  

Creditors have until March 28, 2006, to submit their proofs of
claim to 656002, Russia, Altay region, Barnaul, Vorovskogo Str.
140, Post User Box 130.

CONTACT:  KURYINSKIY
          658320, Russia, Altay region,
          Kuryinskiy region, Kurya, Yubileynaya Str. 11

          M. POLYAKOV
          Insolvency Manager
          656002, Russia, Altay region, Barnaul,
          Vorovskogo Str. 140, Post User Box 130


MINE ZYRYANOVSKAYA: Declared Insolvent by Kemerovo Court
--------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Mine Zyryanovskaya after finding the open
joint stock company insolvent.  The case is docketed as A27-
39129/2005-4.  Mr. F. Poddubnyj has been appointed insolvency
manager.  

CONTACT:  MINE ZYRYANOVSKAYA
          Russia, Kemerovo region,
          Novokuznetsk, Skorostnaya Str. 1

          Post address: 654013, Russia, Kemerovo region,
          Novokuznetsk, Kavkazskaya Str. 5

          F. PODDUBNYJ
          Insolvency Manager
          652010, Russia, Kemerovo region,
          Osinniki, 15, Post User Box 128


MONTAGE-STROY-ENERGO: Succumbs to Bankruptcy
--------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Montage-Stroy-Energo after finding the close
joint stock company insolvent.  The case is docketed as A27-
24781/2005-4.  Ms. M. Bogatova has been appointed insolvency
manager.

CONTACT:  MONTAGE-STROY-ENERGO
          Russia, Kemerovo region, Predzavodskoy

          M. BOGATOVA
          Insolvency Manager
          650024, Russia, Kemerovo region,
          Post User Box 3084


NEFTEPOLIS INSURANCE: S&P Raises Ratings to B; Outlook Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
Russia-based insurer Neftepolis Insurance Co. LLC to 'B' from
'B-', and its Russia national scale rating on Neftepolis to
'ruA' from 'ruBBB-'.  At the same time, the ratings were removed
from CreditWatch, where they had been placed with positive
implications on Sept. 12, 2005.  The outlook is positive.  

"The upgrade reflects the removal of previous uncertainty
regarding Neftepolis' financial stability and competitive
position that may have been caused by its former 100% parent,
OJSC Oil Company Rosneft," said Standard & Poor's credit analyst
Tatiana Grineva.

The ratings on Neftepolis had historically been capped by the
ongoing uncertainty surrounding Rosneft's ability to survive as
an ongoing concern, due to its highly leveraged financing of the
acquisition of OAO Yuganskneftegaz, an ex-subsidiary of
distressed oil company OAO NK Yukos (D/--/--), and its resultant
vulnerable financial strength (as reflected in the ratings on
Rosneft). This cap has now been removed, following the
acquisition of Neftepolis by SOGAZ Insurance Group at the end of
2005.  

The ratings on Neftepolis reflect the high industry risk, high
country risk factors, and weak quality of investments, by
international standards, currently inherent to insurers in the
Russian market.  These negatives are mitigated, however, by
Neftepolis' solid track record of good operating performance,
potentially strong position and ability to go from strength to
strength in its oil-related insurance niche, and strong
management team.   

The positive outlook reflects Standard & Poor's expectation that
the potential benefits arising from Neftepolis' merger with
SOGAZ will be realized, as well as the potential significant
improvement in the credit quality of Neftepolis' investment
portfolio, which will be required by the regulator before 2007.
Either of these events could lead to an upgrade.  The ratings
will remain unchanged, however, should the expectations outlined
below fail to materialize:

   -- Neftepolis is expected to be successfully integrated
      within SOGAZ and ongoing parental support should be
      provided for Neftepolis' growth and development, including
      financial support if such a need arises.

   -- The commercial book is expected to represent significantly
      more than 50% of gross premiums written where Neftepolis
      has competitive advantages, particularly in its oil-
      related insurance niche.
     
   -- Reliance on Rosneft's premium income is expected to
      lessen, although Rosneft is to remain as one of
      Neftepolis' major clients, contributing about 15%-20% to
      overall gross premium income.  
     
   -- Good profitability levels are expected to be maintained.

   -- The investment portfolio is expected to be reallocated to
      align with regulatory requirements and so that none of the
      individual providers exceeds 20% of total invested assets.


OIL-CHEM-EXPORT: Court Names P. Prudkiy as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Oil-Chem-Export (TIN 3808089083) after
finding the limited liability company insolvent.  The case is
docketed as A19-38770/05-49.  Mr. P. Prudkiy has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 664003, Russia, Irkutsk region, K. Marksa Str. 26b.

CONTACT:  OIL-CHEM-EXPORT
          Russia, Irkutsk region,
          Krasnogvardeyskaya Str. 24-40

          P. PRUDKIY
          Insolvency Manager
          664003, Russia, Irkutsk region,
          K. Marksa Str. 26b


OMSK-INDUSTRY: Insolvency Prompts Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Omsk-Industry after finding the limited
liability company insolvent.  The case is docketed as K/E-
225/05.  Mr. V. Velichko has been appointed insolvency manager.

CONTACT:  OMSK-INDUSTRY
          Russia, Omsk region,
          Yakovleva Str. 107

          V. VELICHKO
          Insolvency Manager
          644099, Russia, Omsk region,
          Post User Box 7627


SIBERIAN CORN: Claims Filing Period Ends March 28
-------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Siberian Corn after finding the open joint
stock company insolvent.  The case is docketed as A45-13 862/05-
27/23 6.  Mr. A. Ledvin has been appointed insolvency manager.  
Creditors have until March 28, 2006, to submit their proofs of
claim to 630129, Russia, Novosibirsk region, Post User Box 22.

CONTACT:  SIBERIAN CORN
          Russia, Novosibirsk region,
          Krasnyj Pr. 74

          A. LEDVIN
          Insolvency Manager
          630129, Russia, Novosibirsk region,
          Post User Box 22


STAVROPOLSKIY FACTORY: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision on open joint stock company Stavropolskiy
Factory Of Truck Cranes Krast (TIN/KPP 2636015180/263501001,
OGRN 1022601955640).  The case is docketed as A63-2355/05-S5.  
Mr. D. Eroshkin has been appointed temporary insolvency manager.  
A hearing will take place on April 6, 2006.

CONTACT:  STAVROPOLSKIY FACTORY OF TRUCK CRANES KRAST
          355000, Russia, Stavropol region,
          Stavropol, Lenina Str. 19

          D. EROSHKIN
          Temporary Insolvency Manager
          355003, Russia, Stavropol region,
          Mira Str. 460/3, Office 7


YUKOS OIL: Russian Court Awards US$482-Mil Claim to Bank Lenders
----------------------------------------------------------------
The Federal Arbitration Court in Moscow upheld the ruling of
London's High Court of Justice allowing foreign creditors to
recover US$482 million from Yukos Oil.

In June 2005, the London Court allowed 14 bank creditors to
recover US$482 million as repayment of the remainder of a
$1 billion pre-export syndicated loan that Yukos secured in
September 2003, MosNews reports.  The bank syndicate includes
Societe Generale, Citibank, Commerzbank, Credit Lyonnais,
Deutsche Bank, HSBC and ING.

Yukos used the loan proceeds to pre-finance the sale of oil and
for general corporate purposes.  It includes:

      -- a three-year US$500 million loan facility; and
      -- a five-year US$500 million loan facility.  

The lenders claimed Yukos missed interest payments due in March
and April 2005.  In July, Yukos admitted receiving a
notification of default.  The loan was secured against Yukos'
production subsidiaries, including Yugansk, which is now owned
by state-owned company Rosneft.

Most analysts agree that Yukos' management team is unlikely to
make a decision on the bankruptcy issue in March 2006, RBC News
relates.  A possible decision on the issue would be challenged
by major creditors and the Russian government, RBC says.

Headquartered in Moscow, Russia, Yukos Oil Company --
http://yukos.com/-- is an open joint stock company existing  
under the laws of the Russian Federation.  Yukos is involved in
the 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
after, its main production unit Yugansk, was sold by the
government 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.


YUKOS OIL: Unit Sells Transpetrol Stake to RussNeft for US$103MM
----------------------------------------------------------------
YUKOS Finance BV, a subsidiary of YUKOS Oil Company, agreed to
sell its 49% stake in Slovakian company Transpetrol a.s. to OAO
NK RussNeft for US$103 million.  

The sale and purchase agreement was signed by both parties on
Feb. 4, 2006.  The parties expect to complete the transaction
within 90 days following receipt of approval from The
Antimonopoly Office of the Republic of Slovakia, and consent to
this transaction from the Ministry of Economy of Slovakia.

"Our discussions with the Slovakian government have proved very
fruitful in the last few months and together we have agreed the
bid presented by RussNeft is one that serves the need of all
interested parties," Steven Theede, CEO, YUKOS Oil Company said.

In 2005, the Board of Directors and the management team of YUKOS
Oil Company decided that non-core, non-Russian assets would be
divested and the cash generated from these sales would be ear-
marked to meet liabilities from creditors.

Headquartered in Moscow, Russia, Yukos Oil Company --
http://yukos.com/-- is an open joint stock company existing  
under the laws of the Russian Federation.  Yukos is involved in
the 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 in 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
after, its main production unit Yugansk, was sold by the
government 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.


ZVEZDNYJ: Irkutsk Court Brings In Insolvency Manager
----------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Zvezdnyj (TIN 3818012812) after finding the
open joint stock company insolvent.  The case is docketed as
A19-24068/05-8.  Mr. V. Gribennikov has been appointed
insolvency manager.

CONTACT:  ZVEZDNYJ
          665782, Russia, Irkutsk region, Ust-Kutskiy region,       
          Zvezdnyj, Gorbunova Str. 2

          V. GRIBENNIKOV
          Insolvency Manager
          665685, Russia, Irkutsk region, Nizhneilinskiy region,
          Novaya Igirma, Post Office 2, Post User Box 18


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


IM CAJAMAR: Assigns BB- to EUR15.6 Million Series E Notes
---------------------------------------------------------
Fitch Ratings designates expected ratings to IM Cajamar 3 Fondo
de Titulizacion de Activos' notes totaling EUR1.22 billion due
in September 2048 as follows:

        a) EUR1.155 billion Series A: AAA;
        b) EUR28.8 million Series B: A+;
        c) EUR6 million Series C: A-;
        d) EUR10.2 million Series D: BBB-; and
        e) EUR15.6 million Series E: BB-.
      
This transaction is a cash flow securitization of a EUR1.2
billion static pool of first ranking residential mortgage loans
granted by Caja Rural Intermediterranea S.C.C.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

The expected ratings are based on the quality of the underlying
collateral, the underwriting and servicing capabilities of
Cajamar, available credit enhancement and the sound legal and
financial structure of the transaction.  

CE for all classes of notes will be provided by the
subordination of the classes junior to them and the reserve
fund, with the exception of the class E notes, which are solely
collateralized by the excess spread.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the class B, C, D and E notes,
as well as the repayment of principal by legal final maturity in
September 2048.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose is to convert the
mortgage participations and mortgage transfer certificates
acquired from the seller into residential mortgage-backed
securities.

InterMoney Titulizacion S.G.F.T., S.A., whose activities are
limited to the management of securitization funds, will
subscribe the participations and certificates.


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


BUD-REZERV: Declared Insolvent by Kyiv Court
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Bud-Rezerv (code EDRPOU 31956526) after
finding the limited liability company insolvent.  The case is
docketed as 15/715-b.  State Tax Inspection of Kyiv region has
been appointed liquidator.

CONTACT:  BUD-REZERV
          03134, Ukraine, Kyiv region,
          Bulgakov Str. 7

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B

BUDTRANSENERGOSERVICE: Succumbs to Insolvency
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Budtransenergoservice (code EDRPOU 32047867)
after finding the limited liability company insolvent.  The case
is docketed as 44/405-b.  State Tax Inspection of Kyiv region
has been appointed liquidator.

CONTACT:  BUDTRANSENERGOSERVICE
          03164, Ukraine, Kyiv region,
          General Naumov Str. 23-b

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


CHERNIGIVSKA PAPER: Closes Operations and Liquidates Assets
-----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Chernigivska Paper Factory (code EDRPOU
32596337) after finding the limited liability company insolvent.  
The case is docketed as 15/681-b.  State Tax Inspection of Kyiv
region has been appointed liquidator.

CONTACT:  CHERNIGIVSKA PAPER FACTORY
          03126, Ukraine, Kyiv region,
          General Naumov Str. 23 b

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


FARGO: Court Names K. Yergiyev to Liquidate Assets
--------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against LLC FARGO (code EDRPOU 26507972) on after
finding the limited liability company insolvent.  The case is
docketed as 2/233-05-9061.  Mr. K. Yergiyev has been appointed
liquidator/insolvency manager.

CONTACT:  FARGO
          Ukraine, Odessa region, 10 Kvitnya Square 1

          Mr. K. Yergiyev
          Liquidator/Insolvency Manager
          Phone: 8 (0482) 35-27-30

          ECONOMIC COURT OF ODESSA REGION
          65032, Ukraine, Odessa region,
          Shevchenko Avenue 4


FES: Olga Brusentsova Takes Over Helm
-------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against FES (code EDRPOU 32928238) on Jan. 17, 2006
after finding the limited liability company insolvent.  The case
is docketed as 12/236-B-05.  Ms. Olga Brusentsova has been
appointed liquidator/insolvency manager.

CONTACT:  FES
          73000, Ukraine, Herson region,
          Privokzalna Str. 4/106

          Ms. Olga Brusentsova
          Liquidator/Insolvency Manager
          Ukraine, Herson region,
          Perekopska Str. 203/33

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


INTER-PLAST: Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Inter-Plast (code EDRPOU 31563740) on
January 17, 2006, after finding the limited liability company
insolvent.  The case is docketed as 12/236-B-05.  State Tax
Inspection of Kyiv region has been appointed liquidator.

CONTACT:  INTER-PLAST
          03148, Ukraine, Kyiv region,
          Gnata Yuri Str. 9

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


KOLOS: Zakarpatska Court Orders Debt Moratorium
-----------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on Agricultural LLC Kolos (code EDRPOU
30765033) on Dec. 16, 2005, and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
6/220.  Mr. Bahtin Vitalij has been appointed temporary
insolvency manager.

CONTACT:  KOLOS
          89676, Ukraine, Zakarpatska region,
          Makaryovo, Shevchenko Str. 68

          Mr. Bahtin Vitalij,
          Temporary Insolvency Manager
          Ukraine, Zakarpatska region,
          Uzhgorod, Svobodi Avenue 50/77

          ECONOMIC COURT OF ZAKARPATSKA REGION
          88000, Ukraine, Zakarpatska region,
          Uzhgorod, Kotsubinski Str.2a


KOMPLEKS AGRO: Liquidator Leads Winding Up Procedure
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Kompleks Agro (code EDRPOU 31752893)
after finding the limited liability company insolvent.  The case
is docketed as 44/233-b.  State Tax Inspection of Kyiv region
has been appointed liquidator.

CONTACT:  KOMPLEKS AGRO
          03148, Ukraine, Kyiv region,
          Gnata Yuri Str. 9

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


SHORSIVSKIJ GRANITE: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on LLC Shorsivskij Granite Quarry (code
EDRPOU 31638370).  The case is docketed as 3/112 B.  Mr. Oleg
Martinov has been appointed temporary insolvency manager.

CONTACT:  SHORSIVSKIJ GRANITE QUARRY
          11555, Ukraine, Zhitomir region,
          Korostenskij district, Poliske

          Mr. Oleg Martinov
          Temporary Insolvency Manager
          Ukraine, Zhitomir region,
          Meblevij Lane 3-a, office M.I.L.S.
  
          ECONOMIC COURT OF ZHITOMIR REGION
          10014, Ukraine, Zhitomir region,
          Mala Berdichivska Str. 25


TRADE SERVICE: Winds Up Assets Following Insolvency
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Trade Service Company (code EDRPOU 30721698)
on after finding the private enterprise insolvent.  The case is
docketed as 15/714-b.  State Tax Inspection of Kyiv region has
been appointed liquidator.

CONTACT:  TRADE SERVICE COMPANY
          03148, Ukraine, Kyiv region,
          Zhmerinska Str. 11

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


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


ALEC PETCH: Calls On O'Hara & Co to Administer Assets
-----------------------------------------------------
Peter O'Hara of O'Hara & Co was appointed administrator of Alec
Petch Transport Limited (Company Number 03312644) on Feb. 17.  

CONTACT:  ALEC PETCH TRANSPORT LTD
          Gowdall Road, Goole
          North Humberside DN14 0AA
          Tel: 01405 860571  
          Fax: 01405 862766

          O'HARA & CO.
          Wesley House
          Huddersfield Road
          Birstall
          Batley
          West Yorkshire WF17 9EJ
          Tel: 01924 477449
          Fax: 01924 475262
          E-mail: insol@ohara.co.uk


CABLE & WIRELESS: S&P Keeps Ratings Amid Restructuring Plans
------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on U.K.-based telecommunications operator Cable &
Wireless PLC (C&W; BB-/Negative/B) were unchanged following the
group's presentation of plans for further restructuring and
refocusing of its U.K. business.
     
C&W is replicating the broadly successful business model of
Energis, the U.K. telecoms services company that it acquired in
November 2005.  It has announced a withdrawal from the low-
margin U.K. small-to-midsized business market and a focus on
large U.K. corporate customers.  Given this streamlining of the
customer and product base, employee numbers could reduce by up
to 3,000, resulting in additional headcount reduction and lease
exit costs.  The group is to continue investing in Bulldog, its
early stage, and largely residential, local-loop-access
operation.

This further retrenchment underlines the external and internal
challenges that C&W still faces.  The group's cash flow profile
in the U.K. is likely to be more negative than previously
anticipated, although material erosion of the gross cash
position is not currently expected.


CORUS GROUP: Secures GBP40 Million Investment for TCP Business
--------------------------------------------------------------
Corus Group plc has secured GBP40 million more in investment for
its Teesside Cast Products business.  

Teesside Cast Products is an integrated steelmaking facility,
which currently manufactures around 3 million tonnes a year of
slab across a wide range of specifications and applications.
Corus has a 10-year off-take agreement in place to supply slab
from TCP to a consortium of re-rolling companies, namely
Duferco, Marcegaglia, Dongkuk and Imsa.

Under the agreement effective Jan. 2, 2005, the consortium will
take at cost, slab produced at TCP that is surplus to Corus'
internal requirements in 2005 and 2006 and approximately 78% of
output thereafter.

The latest round of capital infusion completes over half of the
committed US$100 million in capital investment announced in
December 2004 as part of the 10-year agreement.

The investment will allow for significant improvements to the
plant's slab casters, which will further accelerate cost and
quality improvements.  The investment also includes capital for
TCP to acquire its own dedicated fleet of rail wagons to support
the movement of slab to Teesport, as well as for maintenance of
plant and equipment.

"We have set ourselves very demanding targets, and as a result
the consortium members have committed a significant amount of
capital," Jon Bolton, Managing Director at Teesside Cast
Products said.  "I am confident that the Teesside Cast Products
team will deliver on its commitments and go on to justify
further investment."

As consideration, Corus will receive US$157 million
(approximately GBP82 million), comprising a US$73 million
upfront payment in 2005/06 with a further US$84m in deferred
payments over the life of the contract.  In addition, the
consortium members will contribute approximately 76% of the
expected capital expenditure requirements of TCP to enable
identifiable improvements to be implemented.

                      About the Company

Corus Group PLC -- http://www.corusgroup.com/-- is one of the  
world's largest metal producers with a turnover of over
GBP9 billion and major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.

Operating through four divisions -- Strip Products, Long
Products, Aluminium and Distribution & Building Systems -- Corus
has over 48,000 employees in over 40 countries and sales offices
and service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered six years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 9,
Fitch Ratings affirmed U.K.-based steel company Corus Group
PLC's ratings at Senior Unsecured 'BB-' and Short-term 'B'.  The
Outlook is Stable.

At the same time, Fitch affirmed the ratings of Corus' debt
instruments as follows:

  (a) Corus Group PLC EUR800 million 7.5% senior notes 'B+';

  (b) Corus Group PLC EUR307 million 3.0% convertible
      bonds 'B+';

  (c) Corus Finance PLC GBP200 million 6.75% guaranteed
      bonds 'B+';

  (d) Corus Finance PLC EUR20 million 5.375% guaranteed
      bonds 'B+'; and

  (e) Corus Finance PLC GBP150 million 11.5% debenture
      stock 'BBB-'.

Fitch also affirmed the ratings of Corus' other debt instruments
as below and simultaneously withdrawn them due to lack of
information.  The agency will no longer provide rating coverage
of three instruments:

  (a) Corus Group PLC EUR800 million senior secured bank
      facilities 'BB';

  (b) Corus Nederland BV EUR152 million 4.625% convertible
      subordinated bonds 'BB+'; and

  (c) Corus Nederland BV EUR136 million 5.625% unsecured
      bonds 'BB+'.

The ratings reflect Corus' leading market position as the third-
largest steel producer in Europe by volume, and the continued
turnaround in the company's financial performance since 2003.


FHSC LIMITED: Joint Administrators Move In
------------------------------------------
Ian Brown and Adrian Peter Berry of Deloitte & Touche LLP were
appointed joint administrators of FHSC Limited (Company Number
04413304) on Feb. 15.  

                        About Deloitte

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

                       About the Company

Headquartered in Morley, Leeds, FHSC Limited --
http://www.fhsc.co.uk/-- offers hamper and gift needs for both  
corporate and consumer customers.


HARRIER LOGISTICS: Hires Grant Thornton to Administer Assets
------------------------------------------------------------
Richard Hawes, Nigel Morrison and Ian Carr of Grant Thornton
were appointed joint administrators of Harrier Logistics Limited
(Company Number 05216497) on Feb. 14.  Its registered office is
at Dumfries House, Dumfries Place, Cardiff CF10 3ZF.

                     About Grant Thornton

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


J.P.Z. LIMITED: Hires Administrator from X L Business Solutions
---------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of J.P.Z. Limited (Company Number
04791048) on Feb. 17.  

The company sells vehicles.  Its trading name is Lambton Car and
Scooter Sales & Service Centre.

CONTACT:  X L BUSINESS SOLUTIONS LTD
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Tel: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk   


KEVIN CLARKE: Name Joint Administrators from Portland Business
--------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd were appointed joint administrators of
Kevin Clarke & Co Limited (Company Number 2847377) on Feb. 16.

CONTACT:  KEVIN CLARKE & CO. LTD
          Elliott House
          12 Bottings Industrial Estate
          Curdridge, Southampton SO30 2DY
          Tel: (01489) 789955
          Fax: (01489) 789966

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Tel: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


LAMLOU LIMITED: Recruitment Agency Needs Administrator
------------------------------------------------------
Lane Bednash of David Rubin & Partners was appointed
administrator of recruitment agency Lamlou Limited (formerly
Virtualpurple Limited - Company Number 02867924) on Feb. 10.  
Its registered office is at Elite House, 155 Main Road, Biggin
Hill, Westerham, Kent TN16 3JP.

                 About David Rubin & Partners

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.


MODULAR POWER: Administrators Take Over Operations
--------------------------------------------------
Michael Young and Peter Wastell of Vantis was appointed joint
administrator of Modular Power Technology Limited (Company
Number 4162787) on Feb. 14.  The company supplies IT hardware.

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


NIGHTINGALE CARE: Financial Liabilities Prompt Liquidation
----------------------------------------------------------
Members of Nightingale Care Services (South Wales) Limited
passed a resolution to wind up the company during an
extraordinary general meeting on Feb. 9, 2006.

Chairman M. G. Standerline revealed that the company could no
longer continue its business due to financial liabilities.

Adrian Graham, of Hamilton Insolvency Practitioners Limited, was
appointed Liquidator to wind up the company's business.

CONTACT:  NIGHTINGALE CARE SERVICES (SOUTH WALES) LIMITED
          9 Wine Street
          Llantwit Major South Glamorgan
          CF611RZ
          Tel: 01446 795 005


NORTHERN SERVICE: Gas Station Operator Appoints Administrator
-------------------------------------------------------------
Mark N. Ranson of Horwath Clark Whitehill was appointed
administrator of gas station operator Northern Service Stations
Limited (Company Number 4593671) on Feb. 15.  Its registered
office is at 246 Park View, Whitley Bay, Tyne and Wear NE26 3QX.  

                   About Horwath Clark Whitehill

Horwath Clark Whitehill -- http://www.horwathcw.com/-- is a  
leading national provider of accountancy and business advice.  
Its services include corporate finance, risk management,
accounts audits, tax advice, outsourcing, pension scheme audit,
forensic accounting and financial planning.  It also specializes
in a number of sectors including corporates, owner-managed
businesses, pension funds, professional practices and the not-
for-profit sector.


PARAMOUNT CONSERVATORIES: Creditors Affirm Liquidation
------------------------------------------------------
Creditors of Paramount Conservatories (West Midlands) Limited
confirmed the company's voluntary liquidation after members
passed a resolution to wind up the company's operations on
Feb. 7, 2006.

Creditors also ratified the appointment of A. Turpin, of
Poppleton & Appleby, as Liquidator.

CONTACT:  PARAMOUNT CONSERVATORIES (WEST MIDLANDS) LIMITED
          Unit 2 St. Lawrence Works
          Carlton Road
          Coventry West Midlands
          CV6 7FL
          Tel: 024 7668 1668
          Fax: 024 7663 8546


PARGLADE BUILDERS: Fencing Contractors Choose L. D. Baxter
----------------------------------------------------------
Louise Donna Baxter, of Begbies Traynor, was appointed
Liquidator after members of Parglade Builders Limited agreed to
liquidate the company's assets on Feb. 9, 2006.

D. Pharoah disclosed that the company could no longer continue
its business due to mounting debts.

CONTACT:  PARGLADE BUILDERS LIMITED
          Burnham Road
          Latchingdon Chelmsford
          CM3 6HA
          Tel: 01621 740 415
          Fax: 01621 740 769


PHEONIXCO LIMITED: Taps Tenon Recovery Administrator
----------------------------------------------------
T. J. Binyon and S. R. Thomas of Tenon Recovery were appointed
joint administrators of Pheonixco Limited (Company Number
05150400) on Feb. 17.  Its registered office is at 123 Oaklands
Road, Hanwell, London W7 2DT.  The company wholesales household
goods.

                       About Tenon Recovery

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


PULSE MENSWEAR: Retailers Start Liquidating Assets
--------------------------------------------------
Pulse Menswear Limited is liquidating its assets after members
found out that the company cannot continue its operations due to
its liabilities.

A. Clifton, of DTE Leonard Curtis, was voted Liquidator.

CONTACT:  PULSE MENSWEAR LIMITED
          8-10 Leapale Road
          Guildford Surrey
          GU1 4JX
          Tel: 01483 531 278
          Fax: 01483 531 278


PUPIL RECORDS: Simon James Bonney Leads Winding Up Operations
-------------------------------------------------------------
Pupil Records Limited is winding up its business after members
established that the company could not continue its operations
due to its liabilities.

Members authorized Simom James Bonney, of BN Jackson Norton, to
lead the winding up operations.

CONTACT:  PUPIL RECORDS LIMITED
          8 Darwin Court
          Oxon Business Park
          Clayton Way
          Bicton Heath Shrewsbury Shropshire
          SY3 5AL
          Tel: 01743 272 299


RADFORDS LIMITED: Liquidator Sets May 8 Claims Bar Date
-------------------------------------------------------
Members of Radfords Limited resolved to liquidate the company's
assets during an Extraordinary General Meeting on Feb. 8.

Appointed Liquidator, Roger Isaacs, required creditors to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before May 8, 2006.

CONTACT:  RADFORDS LIMITED
          10-12 GLOUCESTER ROAD
          BISHOPSTON BRISTOL AVON
          BS7 8AE
          Tel: 0117 944 1010
          Fax: 0117 942 2860
          Web: http://www.radfords.co.uk/


RECRUITMENT SOLUTIONS: Meeting of Creditors Set Next Week
---------------------------------------------------------
Creditors of Recruitment Solutions Consultancy Limited (Company
Number 04912855) will meet on March 6, 2003, 11 a.m. at Moore
Stephens LLP, Beaufort House, 94-96 Newhall Street, Birmingham
B3 1PB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Bowen, joint administrator of Moore Stephens
LLP, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB not
later than 12 noon, March 3, 2006.

                      About Moore Stephens

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 UK network comprises over 1,400
partners and staff.


REVAL LIMITED: Creditors' Registration Ends April 9
---------------------------------------------------
Creditors of Reval Limited are given until April 9, 2006 to send
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any) to appointed Liquidator, Roger Isaacs.

CONTACT:  REVAL LIMITED
          10 Gloucester Road
          Almondsbury Bristol
          BS324AA
          Tel: 0117 942 6882
          Fax: 0117 924 9301


ROMANCE COUTURE: Brings In Ninos Koumettou to Liquidate Assets
--------------------------------------------------------------
Members of Romance Couture Limited passed a resolution to wind
up the company during an extraordinary general meeting on Feb.
10, 2006.

Ninos Koumettou, of Alexander Lawson & Co, was appointed
Liquidator to wind up the company's business.

CONTACT:  ROMANCE COUTURE LIMITED
          79-83 Great Portland Street
          London
          W1W 7LS
          Tel: 020 7436 7410


SBSJ CLOTHING: Members Resolve to Liquidate Assets
--------------------------------------------------
Members of SBSJ Clothing Limited resolved to liquidate the
company's assets during an Extraordinary General Meeting on Feb.
9, 2006.

They authorized Alan H. Tomlinson, of Tomlinsons, to administer
the winding up process.

CONTACT:  SBSJ CLOTHING LIMITED
          11 Church Street
          Ainsworth Bolton
          BL2 5RA
          Tel: 01942 825 465


SMS AGENCIES: Calls On BDO Stoy Hayward Administrator
-----------------------------------------------------
Simon James Michaels and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint administrators of SMS Agencies Holdings
Limited (Company Number 04572835) and SMS Agencies Limited
(Company Number 03529845) on Feb. 14.

                      About BDO Stoy Hayward

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK 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.

                        About the Company

Headquartered in Crawford, SMS Agencies Limited --
http://www.smsagency.co.uk/-- is a recruitment agency.


STREET CONSTRUCTION: Joint Administrators Take Over Helm
--------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Street Construction (Wigan) Limited
(Company Number 0120403) on Feb. 21.  

                     About DTE Leonard Curtis

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

                        About the Company

Street Construction (Wigan) Ltd offers general construction and
civil engineering service.  Its office is at Unit 1, Canal
Street, Wigan, Lancashire WN6 7NQ.  For more details, call
01942498342.


STUDIO 365: Concedes to Bankruptcy
----------------------------------
Ian C. Brown, of Parkin S Booth & Co, was appointed Joint
Liquidators of Studio 365 Limited after members unanimously
decided to liquidate the company's assets in Feb. 7, 2006.

The voluntary liquidation came as a result of the Debtor's
inability to continue its operations due to its liabilities.

CONTACT:  STUDIO 365 LIMITED
          Llys Clwyd
          Lon Parcwr Industrial Estate
          Ruthin Clwyd
          LL151NJ
          Tel: 01352 700 365


SUNWAY DOORS: Hires Joint Liquidators from P&A Partnership
----------------------------------------------------------
John Russell and Andrew Philip Wood, both of The P&A
Partnership, were appointed Joint Liquidators of Sunway Doors
Limited after members decided to liquidate the company's asset
on Feb. 10, 2006.

Chairman J. A. Avill express the company is unable to continue
its operations due financial woes.

CONTACT:  SUNWAY DOORS LIMITED
          Meadow Way
          Swinton Meadow Indstl Est
          Swinton Mexborough South Yorkshire
          S64 8AB
          Tel: 01709 511 911
          Fax: 01709 512 323


TOO CO: Meeting of Creditors Slated Today
-----------------------------------------
Creditors of Too Co Limited (Company Number 03883838) will meet
on March 3, 2006, 3 p.m. at The Grange, 100 High Street, London
N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola, administrator of Bond Partners
LLP, The Grange, 100 High Street, London N14 6TG.

CONTACT:  TOO CO LTD
          Sandy Lane,
          Oxford, Oxfordshire OX4 6LL
          Tel: 01865778970

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Tel: 020 8444 2000
          Fax: 020 8444 3400


TRENT TUBES: Hires Wallets Insolvency and Robson Administrator
--------------------------------------------------------------
William Paxton of Robson Laidler LLP and Michael Francis
McCarthy of Wallets Insolvency Services were appointed joint
administrators of Trent Tubes Limited (Company Number 05070905)
on Feb. 10.  The company manufactures corrugated paperboards and
containers of paper and paperboard.

                       About Robson Laidler

Headquartered in Newcastle, Robson Laidler -- http://www.robson-
laidler.co.uk/-- offers a range of services including audit and
accountancy, tax planning and mitigation, business strategy,
corporate finance, personal financial planning, recovery and
insolvency.

CONTACT:  WALLETS INSOLVENCY SERVICES
          2 Adventure Place, Hanley,
          Stoke-on-Trent, Staffordshire ST1 3AF


V2GO LIMITED: Food Retailer Hires Begbies Traynor Administrator
---------------------------------------------------------------
D. R. Acland and S. J. Williams of Begbies Traynor were
appointed joint administrators of V2Go Limited (Company Number
03915538) on Feb. 9.

                       About Begbies Traynor

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.  

                        About the Company

Headquartered in Burnley, V2Go Limited -- http://www.v2go.co.uk/
-- caters healthy foods in food courts.


WALL OF SOUND: Appoints P. Engel Administrator
----------------------------------------------
Peter W. Engel of Solomon Hare Business Rescue was appointed
administrator of Wall Of Sound Recordings Limited (Company
Number 03013341) on Feb. 15.  Its registered office is at 55
Loudoun Road, St Johns Wood, London NW8 0DL.

Wall Of Sound Recordings Limited -- http://www.wallofsound.net/
-- is a recording company.


* Fitch Issues New Rating Standards for Foreign Issuers
-------------------------------------------------------
Fitch Ratings disclosed that it is implementing new ratings
standards for European and Asia Pacific insurers, which will add
greater transparency to the agency's ratings.

The implementation of the new ratings standards is being done
concurrently for most insurance sectors globally, and follows
the publication of an exposure draft of the noted methodology
report on Dec. 14, 2005, and a market feedback period.  

The new ratings methodology is designed to add greater
transparency to Fitch's insurance industry ratings.  This is
accomplished by more clearly delineating the impact of default
risk and recovery given default on ratings.  

Specifically, the new ratings standards clearly distinguish how
default and recovery risk are influenced by various insurance
regulatory standards around the world, and varying treatments
with respect to policyholder preference and payment restrictions
between an operating company and holding company.

As part of the new methodology Fitch is assigning a new Issuer
Default Rating to essentially all debt issuing entities rated by
Fitch.  The IDR is a pure measure of default risk at the entity
level.  

Fitch believes that the distinction between the IDR and the
senior unsecured debt rating provides significant value added
information for investors not previously available.  A list of
newly assigned IDRs for European and Asia Pacific insurers
appears near the bottom of this release.

The relationship between insurers' IDRs and existing senior
unsecured debt ratings is primarily dependent on characteristics
of the regulatory jurisdictions and environments in which the
debt issuing holding companies and insurance companies operate.   

For the majority of operating companies, the senior unsecured
debt rating is ranked at the same level as the IDR reflecting
average recovery expectations given default.  However, senior
unsecured debt issued by an insurance holding company is
generally rated at one notch below the holding company IDR to
reflect below-average recovery expectations given default.

All rating changes being made today in implementing the new
ratings guidelines are being designated as "revisions", as
opposed to upgrades or downgrades.  This is being done to make
clear that the rating change is driven by a methodology change,
as opposed to a change in Fitch's views on the fundamental
credit profile of the entity or its rated issues.

The following ratings experienced upward revisions upon
implementation of the new guidelines.

a) AXA SA;
   7.10% US$500 million perpetual subordinated notes revised to
   A from A-; and
   6.00% EUR375 million perpetual deeply subordinated notes
   revised to A from A-.

b) Gerling-Konzern Lebensversicherungs AG; and
   6.75% EUR160 million perpetual subordinated notes revised to   
   BB- from B+.

c) Nuernberger Beteiligungs-AG.
   5.625% EUR100 million subordinated notes due 2025 revised to
   BBB+ from BBB.

The following ratings experienced downward revisions upon
implementation of the new guidelines:

a) Allianz AG; and
   Insurer Financial Strength rating revised to A+ from AA-

b) QBE Insurance Group Limited.
   5.625% GBP175 million senior notes due 2009 revised to A-
   from A.

The following IDRs were assigned:

*Australia;
   
   Colonial Finance Limited: AA-/Stable Outlook

   QBE Insurance Group Limited: A/Stable Outlook

*Belgium;
   
   Ethias Vie: A/Stable Outlook

*Bermuda;
   
   Pacific Century Insurance Company Ltd: BBB+/Stable Outlook

*France;
   
   AXA SA : AA-/Stable Outlook
   
   Coface S.A : AA-/ Stable Outlook
   
   La Mondiale : A/Stable Outlook
   
   MAAF Assurances SA: A+/Stable Outlook

*Germany;
   
   Allgemeine Kreditversicherung Coface Finanz: AA-/Stable
   Outlook

   Allgemeine Kreditversicherung Coface Holding AG: AA-/Stable
   Outlook

   Allianz AG: A+/Stable Outlook

   DBV-Winterthur Holding AG: A-/Stable Outlook

   ERGO Versicherungsgruppe AG: A Stable Outlook
   
   Gerling-Konzern Lebensversicherungs AG: BB/Rating Watch
   Positive

   Nuernberger Beteiligungs-AG: A/Stable Outlook

   Wuerttembergische Krankenversicherung AG: A-/Stable Outlook

   Wuerttembergische Lebenversicherung AG: A-/Stable Outlook

   Wuerttembergische Versicherung AG: A-/Stable Outlook

*Hong Kong;

   China Insurance International Holdings Co Ltd: BBB/Rating
   Watch Negative

*Ireland;

   Zurich Bank: A/Stable Outlook

*Italy;

   Alleanza Assicurazioni SpA: AA-/Stable Outlook

   Assicurazioni Generali SpA: AA-/Stable Outlook

*Japan;

   Dai-ichi Mutual Life Insurance Company: A/Stable Outlook

   Fukoku Mutual Life Insurance Co: A/Stable Outlook

*Netherlands;

   AEGON NV: AA/Stable Outlook

   TBIH Financial Services Group NV: B-/Rating Watch Positive

*Norway;

   Storebrand Livsforsikring: A-/Stable Outlook

*Spain;

   Corporacion Mapfre: A+/Stable Outlook

*Sweden;

   If P&C Insurance Ltd: A-/Stable Outlook

*Switzerland; and
   Generali (Switzerland) Holding AG: A/Stable Outlook

   Swiss Life Holding: BBB/Stable Outlook

   Swiss Life/Rentenanstalt: BBB+/Stable Outlook

   Winterthur Swiss Insurance Co: A/Stable Outlook

   Zurich Insurance Company: A/Stable Outlook

*UK.
   
   AVIVA PLC: A+/Stable Outlook

   Brit Insurance Holdings PLC: A-/Stable Outlook
   
   BUPA Insurance Ltd: A/Stable Outlook

   CGU International Insurance PLC: A+/Stable Outlook

   Clerical Medical Investment Group Ltd: AA-/Stable Outlook

   Friends Provident Life and Pensions Ltd: A/Stable Outlook

   Friends Provident plc: A-/Stable Outlook

   Legal & General Group PLC: AA-/Stable Outlook

   Old Mutual PLC: A/Stable Outlook

   Prudential PLC: AA/Stable Outlook

   Resolution PLC: A-/Stable Outlook

   Royal & Sun Alliance Insurance Group PLC: BBB-/Stable Outlook

   Royal & Sun Alliance Insurance PLC: BBB/Stable Outlook

   Royal London Mutual Insurance Society: BBB+/Stable Outlook

   Scottish Mutual Assurance Plc: A-/Stable Outlook

   Scottish Provident Ltd: A-/Stable Outlook

   Scottish Widows PLC: AA-/Stable Outlook

   Society of Lloyd's: A-/Stable Outlook

   Standard Life Assurance Company: BBB+/ Rating Watch Positive

All Long Term Issuer and Short Term Issuer Ratings previously
assigned to the European and Asia Pacific insurers listed above
are withdrawn.

The following companies have not been assigned IDRs as they are
not expected to issue debt.  Their Long Term Issuer and Short
Term Issuer Ratings are also withdrawn:

*Belgium

   Ethias Droit Commun

*Germany

   Allgemeine Kreditversicherung Coface AG

*UK
   
   Abbey National Life Plc

Fitch will postpone implementation of the new methodology for
the insurance operations of the bancassurance groups Fortis, ING
Groep and KBC Group.  These groups will be assessed in terms of
the new methodology within the next few weeks following the
release of a report on the assessment and assignment of IDRs to
bank holding companies.


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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, Liv Arcipe, Julybien Atadero, and
Carmel Paderog, 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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