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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

             Tuesday, March 7, 2006, Vol. 7, No. 47

                            Headlines

F R A N C E

LEGRAND S.A.: Moody's Reviews Low-B Ratings for Possible Upgrade


G E R M A N Y

AUTOHAUS GERHARD: Koln Court Opens Bankruptcy Proceedings
BWG BAU: Chemnitz Court Choose Stefan Jakob as Administrator
COMTEX GMBH: Insolvency Report Out by March 27
CORNELIA STEINBUSS: Registration of Claims Due April
DER MENKINGER: Court Stays Pending Proceedings

DETMOLDER FLEISCH: Meeting of Creditors Slated on April 6
DIETER CREMER: Administrator Takes Over Operations
EUREGIO C: Court Sets March 9 Claims Bar Date
FR. ADOLF: Creditors' Meeting Set Today
HELD & MADSEN: Subject to Bankruptcy Proceedings in Aurich

NRW.BANK: Fitch Puts Individual Rating C on Watch Positive


I T A L Y

ALITALIA SPA: Shaves Net Loss to EUR167.6 Million
I.C.R. 4: Fitch Affirms EUR40 Million Class E Notes at BB


K A Z A K H S T A N

ALMATY TRADE: Declared Bankrupt
ARLAN: Gives Creditors Until Mid-March to Prove Claims
FALKON D.S.: Crashes Into Bankruptcy
JANALYK: Creditors' Claims Due Middle of the Month
KZYLKAIN: Sets Proofs of Claim Filing Deadline


K Y R G Y Z S T A N

ANEKSIM: Bishkek Court Opens Bankruptcy Proceedings
IMSTALKON: Creditors' Claims Due April
POL-O-DEJ: Declares Insolvency


L U X E M B O U R G

PETROCOMMERCE INVEST: Planned Debt Issue Spurs S&P's Junk Rating


R U S S I A

AGRO-KOMPLEKT: Declared Insolvent by Lipetsk Court
BREWERY SHORSHELSKAYA: Insolvency Manager Takes Over Helm
CHOICE: Court Names K. Zlobin as Temporary Insolvency Manager
ELABUZHSKIY BRICKWORKS: Bankruptcy Hearing Set May 11
ERSHOVSKIY: Undergoes Bankruptcy Supervision Procedure

INCOME-LEASING: Sverdlovsk Court Opens Bankruptcy Proceedings
IZHEVSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure
KRASNOURALSKOYE: Firm Falls Into Bankruptcy
SMOL-MEAT: Claims Filing Period Ends March 28
URAL: Tyumen Court Brings In Insolvency Manager


T U R K E Y

FINANS LEASING: Gets Moody's Ba3 Foreign Currency Issuer Rating
TURKIYE IS: Receives Positive FSR Outlook from Moody's


U K R A I N E

AUTOMOTOSERVICE: Igor Buryak Takes Over Operations
AUTO TRANSPORT 15113: Reaches Cul-de-sac
ELIZIUM: Under Bankruptcy Supervision in Kyiv
EUROBUD-CONSULT: Court Rules on Bankruptcy
GUMOPOSTACH: O. Sherban Leads Liquidation Process

IDA: Advertising Group Succumbs to Insolvency
PROTEYA: Bankruptcy Supervision Begins
VITA BK: Declared Insolvent by Kyiv Court


U N I T E D   K I N G D O M

01 COPIERS: Hires Tenon Recovery to Administer Assets
ARTHUR HENRIQUES: Names DTE Leonard Curtis Administrator
ARTISAN WINDOWS: Manufacturer Calls On Joint Administrators
AVIS EUROPE: Prelim Results Show Positive Stockholders' Equity
BRAND PACKAGING: Joint Administrators Offer Assets for Sale

CAVENDISH INDUSTRIES: Ernst & Young Selling Tubular Company
CUT PRICE: HSBC Bank Appoints PKF as Receiver
DECO 7: Fitch Assigns BB Rating to EUR37.7 Million Class H Notes
EDELRID LIMITED: In Administrative Receivership
FACTOR 39: Taps Joint Administrators from Tenon Recovery

FOOD FUSION: Liquidator Sets March 31 Claims Bar Date
GENERAL MOTORS: Sees Break Even in European Operations This Year
GENERAL MOTORS: Fitch Downgrades Issuer Default Rating to B
GOODMAN BARNES: Advertisers Resolve to Liquidate Assets
HEADFIRST PRODUCTIONS: Appoints Administrator

INEOS VINYLS: Weak Cash Flow Spurs S&P to Downgrade Rating to B
INDEPENDENT NEWS: Fitch Assigns BB- to Issuer Default Rating
LASER GRAPHICS: Claims Registration Ends April 5
MICROMEDIA SYSTEMS: David Wald Leads Liquidation Process
NAP SPORTS: Sportswear Retailer Liquidates Assets in Kent

NEECOL STRUCTURES: Creditors Confirm Voluntary Liquidation
NTL INC.: S&P Affirms B+ Ratings on Approval of Telewest Merger
PENINSULAR LIMITED: Financial Woes Prompt Liquidation
PLATINUM RECRUITMENT: Taps Keith Stevens to Administer Assets
PROFILE MEDIA: Hire Joint Administrators from BDO Stoy Hayward

RANK GROUP: Prelim Net Loss Climbs to GBP208.5 Million in 2005
RANK GROUP: Repurchases 689,719 Ordinary Shares for Cancellation
SUNFLIGHT TRAVEL: Agency Books Kroll Limited Administrator
TELEWEST COMMUNICATIONS: S&P Lowers Rating To B+; Off Watch
TROMBE CONSERVATORIES: Names Kelmanson Partnership Administrator

* Large Companies with Insolvent Balance Sheets
* Moody's Revises FSR Outlook of Three Lebanese Banks to 'D'

     **********

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


LEGRAND S.A.: Moody's Reviews Low-B Ratings for Possible Upgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Legrand S.A.
(Legrand) on review for possible upgrade in light of the
intention of the company's main shareholders to float a minority
stake in the company.

Affected ratings:

Legrand S.A.:

   -- The Ba1 Corporate Family Rating;

Legrand France (formerly Legrand S.A.);

   -- The Ba1 rating on the USD400 million Yankee bonds due
      2025.

The shareholders' intention to publicly list approximately 20%
of the company's shareholder capital is expected to simplify its
ownership structure.  Legrand S.A. will be the listed entity and
will own Legrand France (formerly Legrand S.A.), which is the
direct owner of the operating subsidiaries.  The outstanding
Yankee bonds, TSDIs and a share of the new Syndicated Credit
Facilities will be held at Legrand France.  Moody's believes
that completion of the IPO in conjunction with the simplified
debt capital structure will also result in greater financial
flexibility and reduce the likelihood of future re-leveraging.

In restructuring its debt the company incurred prepayment
charges (ca.  EUR100 million) for the early redemption of the
high yield bonds, and has paid down the vendor financing loan
(EUR178 million including interest charges) it received at the
time of the original buyout of Legrand.  The new Syndicated
Credit Facility drawn in January 2006 was also used to pay down
the previous EUR1.4 billion facility agreed in Dec. 2004 and is
expected to result in lower interest payments for the company.

Moody's notes that the IPO itself is not expected to
significantly alter the credit metrics of the company, which
should remain in line with the financial yearend 2005.  The
funds raised will be used primarily to reduce net debt by EUR300
million and to repay the remainder of the PIK loan (EUR1.1
billion including accrued interest), which will not be
converted.  The PIK was previously given equity-like treatment
by Moody's.

While the company continued its strong performance in 2005 with
6.6% organic growth, Moody's notes that the acceleration of
acquisitions towards the end of the year slowed the rate of de-
leveraging.  Total Adjusted Debt/EBITDAR finished 2005 at 3.43x
versus 3.39x in 2004, and Adj.  Retained Cash Flow/Net Adj.
Debt remained relatively unchanged at 19.8% versus 20.2% in
2004.  Moody's further notes that under the terms of the
company's Document de Base the current majority shareholders,
KKR and Wendel, will be subject to certain restrictions in
selling their shares for a period of 18 months in addition to
the IPO lock-up period that remains to be determined.  These
shareholders will therefore likely continue to determine the
financial policies of Legrand.  Finally, Moody's expects that
the relisting will result in dividend payments going forward.
Moody's anticipates that the completion of the IPO as planned
could result in the Corporate Family Rating and the rating of
the Yankee bonds being upgraded to Baa3.

Legrand has its headquarters in Limoges, France, and is a world
leader in low-voltage fittings and accessories.  For the year
2005, the company reported revenues of EUR3.25 billion and
maintainable EBITDA (before restructuring charges) of EUR699
million.


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


AUTOHAUS GERHARD: Koln Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
Autohaus Gerhard Siegert KG on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Luxemburger Strasse
101, 50939 Koln, 12. Etage, Raum 1240, at 12:15 p.m. on
March 15, 2006, at which time court-appointed provisional
administrator Andreas Amelung 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:  AUTOHAUS GERHARD SIEGERT KG
          Humboldtstrasse 4, 50171 Kerpen
          Attn: Gerhard Siegert, Manager
          Danziger Str. 1, 50170 Kerpen

          Andreas Amelung, Administrator
          Mediapark 6 B, 50670 Koln
          Tel: 57437910
          Fax: +4922157437938


BWG BAU: Chemnitz Court Choose Stefan Jakob as Administrator
------------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against BWG Bau-Westsachsen GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 16, 2006, to register their
claims with court-appointed provisional administrator Stefan
Jakob.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 28, im
Gerichtsgebaude, Fuerstenstrasse 21, at 8:45 a.m. on April 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:  BWG BAU-WESTSACHSEN GmbH
          Attn: Thomas Bauer, Manager
          Sonnenstrasse 13, 08371 Glauchau

          Stefan Jakob, Administrator
          Plantagenstrasse 3, 08371 Glauchau
          E-mail: info@inso-verwalter.de


COMTEX GMBH: Insolvency Report Out by March 27
----------------------------------------------
The District Court of Pinneberg opened bankruptcy proceedings
against COMTEX GmbH on Jan. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Pinneberg, Saal 5,
Bahnhofstrasse 17, 25421 Pinneberg, 1, at 9:25 a.m. on March 27,
2006, at which time court-appointed provisional administrator
Dirk Decker 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:  COMTEX GmbH
          Oha 5, 25373 Ellerhoop
          Attn: Elke Forster, Manager
          Uwe Meyer, Manager

          Dirk Decker, Administrator
          Speersort 4-6, 20095 Hamburg


CORNELIA STEINBUSS: Registration of Claims Due April
----------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Cornelia Steinbuss GmbH on Feb. 9.  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 Henning
Bungart.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Saal 185,
Zweigertstr 52, 45130 Essen, I OG, at 9:30 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:  Cornelia Steinbuss GmbH
          Kirchstr. 134, 45478 Muelheim
          Attn: Cornelia Steinbuss, Manager

          Henning Bungart, Administrator
          Zweigertstrasse 43 45130 Essen
          Tel: (0201) 793613
          Fax: 777516


DER MENKINGER: Court Stays Pending Proceedings
----------------------------------------------
The District Court of Augsburg opened bankruptcy proceedings
against "Der Menkinger" Walter Krause GmbH on Jan. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Augsburg, Justizgebaude,
Sitzungssaal 149, Am Alten Einlass 1, 86150 Augsburg, at 10:15
a.m. on March 21, 2006, at which time court-appointed
provisional administrator Nikolaus Gaede 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:  "DER MENKINGER" WALTER KRAUSE GmbH
          Attn: Walter Krause, Manager
          Fuggerstrasse 42 86830 Schwabmuenchen

          Nikolaus Gaede, Administrator
          c/o Kanzlei Haarmann, Hemmelrath & Partner
          Maximilianstr. 35, 80539 Muenchen


DETMOLDER FLEISCH: Meeting of Creditors Slated on April 6
---------------------------------------------------------
The District Court of Detmold opened bankruptcy proceedings
against Detmolder Fleisch GmbH & Co. KG on Feb. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 15, 2006,
to register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Detmold, Gerichtsstr. 6,
32756 Detmold, EG, Saal 12, at 10:30 a.m. on April 6, 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:  DETMOLDER FLEISCH GmbH & Co. KG
          Ernst-Hilker-Str. 7-13, 32758 Detmold

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford
          Tel: 05221/6930732
          Fax: 05221/6930690


DIETER CREMER: Administrator Takes Over Operations
--------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against Dieter Cremer Baugesellschaft mbH & Co. KG on Jan. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Friday,
March 10, 2006, to register their claims with court-appointed
provisional administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Gerichtsplatz 1,
44135 Dortmund, II. Etage, Saal 3.201, at 10:10 a.m. on
April 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:  DIETER CREMER BAUGESELLSCHAFT mbH & Co. KG
          Wiesengrund 3, 44267 Dortmund
          Attn: Dieter Cremer, Manager

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Tel: 54110
          Fax: 5411266


EUREGIO C: Court Sets March 9 Claims Bar Date
---------------------------------------------
The District Court of Aachen opened bankruptcy proceedings
against Euregio C & S GmbH on Feb. 6.  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 Arne Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Aachen, Augustastrasse
78-80, 52070 Aachen, 2. Etage, Sitzungssaal 21, at 10:25 a.m. on
March 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:  EUREGIO C & S GmbH
          Heinsberger Strasse 70, 41849 Wassenberg
          Attn: Frank Seelmann, Manager

          Arne Meyer, Administrator
          Viktoriastr. 73-75, 52066 Aachen


FR. ADOLF: Creditors' Meeting Set Today
---------------------------------------
The District Court of Hof opened bankruptcy proceedings against
Fr. Adolf Soergel Textilwerk 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 Joachim
Exner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hof, Berliner Platz 1,
95030 Hof, at 1:55 p.m., on March 7, 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 1:00 p.m., on April 25, 2006, at
the same venue.

CONTACT:  FR. ADOLF SOERGEL TEXTILWERK GmbH
          Friedrich-Adolf-Soergel-Str. 24 in 95194 Regnitzlosau

          Joachim Exner, Administrator
          Ludwigstr. 50, 95028 Hof
          Tel: 09281/8331080
          Fax: 09281/8331089


HELD & MADSEN: Subject to Bankruptcy Proceedings in Aurich
----------------------------------------------------------
The District Court of Aurich opened bankruptcy proceedings
against Held & Madsen Mobeldesign und -produktions GmbH & Co. KG
on Feb. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Aurich, Saal 115,
Schlossplatz 2, 26603 Aurich, at 11:10 a.m. on April 6, 2006, at
which time court-appointed provisional administrator Heiko
Janssen 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:  HELD & MADSEN MOBELDESIGN UND -PRODUKTIONS GmbH
          & Co. KG
          Moor 4-10, 26605 Aurich
          Attn: Guenther Held, Manager
          Hermann-Tempel-Str. 21, 26603 Aurich

          Heiko Janssen, Administrator
          Julianenburger Str. 19, D-26603 Aurich
          Tel: 04941/97440
          Fax: 04941/9744137


NRW.BANK: Fitch Puts Individual Rating C on Watch Positive
----------------------------------------------------------
Fitch Ratings placed Germany-based NRW.BANK's Individual rating
C on Rating Watch Positive.  At the same time the agency
affirmed the bank's other ratings at Long-term Issuer Default
AAA, Short-term F1+ and Support 1.  The Outlook on the Long-term
rating remains stable.  The Long-term rating for NRW.BANK's
public sector Pfandbriefe is AAA.

The action reflects the upcoming disclosure of the Social
Housing Promotion assets and liabilities on NRW.BANK's balance
sheet at their nominal value.  Currently only EUR3 billion Wfa
equity is disclosed on the bank's balance sheet.  Following the
full disclosure, Wfa's and thus NRW's nominal capital will
increase by approximately EUR15 billion.

Although Fitch has always considered hidden reserves within Wfa
in its credit analysis of NRW.BANK, the extent of the full value
has only recently become known.  Fitch expects to resolve the
Positive Watch upon the bank's auditors conforming the capital
increase.

NRW.BANK's Individual rating reflects its low profitability,
relatively high cost base and lack of track record, but also its
low-risk, predominantly public-sector business and strong
capitalization.  The Long-term Issuer Default, Short-term and
Support ratings of NRW.BANK are based on the guarantees provided
by its state-linked owners in the form of Anstaltslast and
Gewaehrtraegerhaftung, and Fitch's AAA rating for the state of
North Rhine Westphalia.

In March 2004, the parliament of North-Rhine Westphalia passed
the new law that converted NRW.BANK to a development bank,
hence, the bank also now benefits from an explicit state
guarantee, Refinanzierungsgarantie, which enables it to meet its
liabilities at all times.

NRW.BANK focuses on being the bank for its home state, regional
municipalities and public sector bodies.  It supports and
sponsors the local economy, including its regional medium-sized
companies, finance infrastructures and environmental measures as
well as technological and cultural promotions.

NRW.BANK's profit in the last two years was affected by a large
write-down and provisions on its stake in WestLB AG, of which it
now owns 32%.  In April 2005 the state of North Rhine Westphalia
granted an explicit guarantee covering the end-2004 book value
of NRW.BANK's stake in WestLB AG.  The guarantee shelters the
bank against further potential write-downs or risks in respect
of its WestLB AG stake.


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


ALITALIA SPA: Shaves Net Loss to EUR167.6 Million
-------------------------------------------------
Troubled national carrier Alitalia S.p.A. reported a significant
decline in net loss to EUR167.6 million in 2005 from EUR858
million a year earlier.

The group also trimmed its deficit at the operating level from
EUR774.8 million in 2004 to EUR47.5 million in 2005, thanks to
an 11.6% hike in sales to EUR4.79 million.  Alitalia flew 7.8%
more passengers in 2005 to 23.9 million 2004.  The carrier also
slashed its personnel costs by 31% to EUR982 million.  Due to
better results, the carrier reiterated its profit forecast for
2006 when it will implement further cost cutting measures.

Alitalia's board, however, will meet on Friday, March 10, to
review the impact of the January strikes and "to evaluate the
outcome of the investigation and the possible effects on
management decisions."  The strikes reportedly cost Alitalia
around EUR80 million.

Employees, led by the cabin crew and pilots' union, have been
critical of Alitalia's restructuring plan, which entails cost
and job cuts as well as spinning off units.  The unions have
threatened to stage more strikes should today's state-brokered
meeting with Alitalia's management delivers unfavorable results.

The unions are primarily opposed to splitting off ground
operations, fearing that it would reduce their bargaining power.
As of Dec. 31, 2005, Alitalia has trimmed its workforce by
almost a half from 20,575 to 11,174 after deconsolidating AZ
Servizi and increasing efficiency.

                        Bankruptcy Threat

As reported in the Troubled Company Reporter-Europe on Jan. 26,
2005, Welfare Minister Roberto Maroni warned that Alitalia might
end up in bankruptcy if the current labor unrest refuses to
subside.  Alitalia's employees have been critical of the group's
restructuring plan, despite the recent success of its EUR1.009
billion capital increase, since it entails massive job cuts for
the troubled Italian national carrier.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates more than EUR4 billion in
annual revenue and employs more than 20,000 people.  As of
December 2004, its net debt stood at EUR1.76 billion in 2004.
Alitalia flies to about 80 destinations in more than 60
countries from hubs in Rome and Milan and operates a fleet of
about 185 aircraft.  Despite a EUR1.4 billion state-backed
restructuring in 1997 and a EUR1.4 billion capital injection two
years ago, it remains financially troubled.  It has posted a
profit only four times in the past 16 years.


I.C.R. 4: Fitch Affirms EUR40 Million Class E Notes at BB
---------------------------------------------------------
Fitch Ratings upgraded three Classes of International Credit
Recovery 4: Island Finance's floating rate notes due 2015 and
affirmed the rest as follows:

  a) EUR13.4 million Class A affirmed at AAA;
  b) EUR71.3 million Class B upgraded to AA+ from AA;
  c) EUR42.8 million Class C upgraded to A+ from A;
  d) EUR28.6 million Class D upgraded to BBB+ from BBB; and
  e) EUR40.0 million Class E affirmed at BB.

ICR4 is the fourth Italian non-performing loan securitization
arranged by Morgan Stanley Dean Witter.  The debt issued is
backed by a pool sold by Banco di Sicilia to Morgan Stanley Real
Estate Fund in 1999.

The rating action follows Fitch's review of the latest
performance report as of December 2005, provided by Morgan
Stanley Properties-Corso Venezia S.r.l., and further analysis of
the performance to date against the servicer's, as well as
against Fitch's original and revised expectations.

Total cash collected for the semester ended Dec. 31, 2005,
totaled EUR40.8 million against the business plan projection of
EUR16.0 million for the same period.  The performance of the
last six-months was the best ever recorded by the deal since its
closing in 2000.

Cumulative cash collected to date is now at EUR343.9 million.
This amount is EUR5.7 million above the servicer's business
plan, and EUR3.6 million ahead of Fitch's base case.  Account
receivables stand at EUR53.7 million, EUR25.8 million of which
is expected from cash currently at distribution phase after the
sale of assets at auction.  The remainder is expected from
agreed out-of-court resolutions.

The performance, although improving, is still slowed down by the
delays in court resolution timing particularly in the region of
Sicily, where the majority of the mortgage pool is located.

Cumulative collections on resolved loans total EUR272.9 million
on a pool GBV of EUR517.8 million, representing a recovery rate
against GBV of 52.7%, slightly up from 51.0% a year ago.  In
addition, the recovery rate in the Sicily region is improving to
the current 54% from 52% in December 2004, above the pool
average.  This compares well with the current advance rate of
26%.

The main drivers of the upgrade have been the credit quality of
the outstanding pool, the satisfactory collection performance
since closing and the reduced size of the notes outstanding.

According to the priority of payments, interest Class E accrues
at 3%, and along with the principal, will be repaid only once
Class D is repaid in full.  This means that at maturity in July
2015, the potential maximum interest accrued on the EUR40.0
million notes would amount to EUR24 million and should therefore
be considered in the advance rate calculation.

At closing, the GBV of the pool was EUR1.429 billion, of which
approximately 86% was mortgage-backed, with the remainder being
unsecured claims.


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


ALMATY TRADE: Declared Bankrupt
-------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared CJSC Almaty Regional Trade & Purchasing Company
bankrupt.  Proofs of claim will be accepted at Almaty,
Makatayeva Str. 117 on or before March 20, 2006.

The company can be contacted at 8 300 111 77-02.


ARLAN: Gives Creditors Until Mid-March to Prove Claims
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
declared LLP Arlan bankrupt on October 12, 2005.  Proofs of
claim will be accepted at Kokshetau, Auelbekova Str. 139a, room
228 on or before March 17, 2006.

The company can be contacted at 8 (3162) 25-79-32.


FALKON D.S.: Crashes Into Bankruptcy
------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region declared LLP Falkon D.S. bankrupt.  Proofs of claim will
be accepted at Karaganda, Jambyl Str. 9 on or before March 20,
2006.

CONTACT:  FALKON D.S.
          Karaganda, Jambyl Str. 9


JANALYK: Creditors' Claims Due Middle of the Month
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
declared JSC Janalyk bankrupt on December 26, 2005.  Proofs of
claim will be accepted at Kokshetau, Auelbekova Str. 139a, room
228 on or before March 17, 2006.

The company can be contacted at 8 (3162) 25-79-32


KZYLKAIN: Sets Proofs of Claim Filing Deadline
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared LLP Kzylkain bankrupt on December 28, 2005.  Proofs of
claim will be accepted at Taldykorgan, Byrjan Sal Str. 80-30 on
or before March 20, 2006.

The company can be contacted at 8 (32822) 24-74-83.


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


ANEKSIM: Bishkek Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues declared
LLC Aneksim insolvent.  The Court likewise commenced bankruptcy
proceedings against the company.  Mr. Kubanychbek Duishenov has
been appointed temporary insolvency manager.

Creditors will meet on Friday, March 10, 2006, 10:00 a.m. at
Bishkek, L.Tolstogo Str. 20.

Creditors must submit their proofs of claim and register within
seven days before the meeting with the temporary insolvency
manager.

CONTACT:  Mr. Kubanychbek Duishenov
          Temporary Insolvency Manager
          Phone: (0-517) 75-27-59, (0-502) 65-74-96


IMSTALKON: Creditors' Claims Due April
--------------------------------------
OJSC Imstalkon has declared insolvency.  Proofs of claim will be
accepted at Bishkek, Abai Str. 79a until April 20, 2006

CONTACT:  IMSTALKON
          Bishkek, Abai Str. 79a


POL-O-DEJ: Declares Insolvency
------------------------------
CJSC Pol-O-Dej in Kyrgyz Republic has declared insolvency.
Proofs of claim will be accepted until April 21, 2006

The company can be contacted at (+996 312) 65-76-39.


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


PETROCOMMERCE INVEST: Planned Debt Issue Spurs S&P's Junk Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned -- based on the
preliminary offering circular -- its 'B' long-term and 'C'
short-term senior unsecured debt ratings to the notes to be
issued under the proposed $750 million Euro MTN program by
Luxembourg-registered Petrocommerce Invest S.A. (not rated), and
unconditionally and irrevocably guaranteed by Commercial Bank
Petrocommerce OJSC (PK; B/Positive/C).  The credit risk of the
program wholly reflects the counterparty credit rating on PK.

"The ratings on PK reflect its current inability to generate
strong core earnings in the increasingly competitive Russian
banking market; weakening capital adequacy; credit and
operational risk heightened by the planned decentralization of
credit decisions; and the risky operating environment in
Russia," said Standard & Poor's credit analyst Irina Penkina.

The ratings are supported, however, by PK's:

   -- improving core profitability with relatively good cost
      control;

   -- continuous diversification in assets and revenues;

   -- good liquidity; and

   -- the Russian Federation's (foreign currency, BBB/Stable/A-
      2; local currency, BBB+/Stable/A-2) strong macroeconomic
      performance.

The positive effect of PK's close relationships with LUKoil OAO
(BB/Positive/--) -- one of Russia's major oil companies --
remains a positive rating factor for PK, although there is an
increasing risk of LUKoil reducing its business flow with PK in
the medium term.


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


AGRO-KOMPLEKT: Declared Insolvent by Lipetsk Court
--------------------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
proceedings against Agro-Komplekt (TIN 4817003172) after finding
the close joint stock company insolvent.  The case is docketed
as A36-4856/2005.  Mr. A. Golubev has been appointed insolvency
manager.

CONTACT:  AGRO-KOMPLEKT
          399260, Russia, Lipetsk region,
          Khlevenskiy region, Khlevnoye, Dorozhnaya Str. 1

          A. GOLUBEV
          Insolvency Manager
          606100, Russia, Nizhniy Novgorod region,
          Pavlovo, Romantikov Str. 22


BREWERY SHORSHELSKAYA: Insolvency Manager Takes Over Helm
---------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision on limited liability company Brewery
Shorshelskaya.  The case is docketed as A79-15969/2005.
Mr. V. Sokolov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Chuvashiya
republic, Tsivilsk, Nikolaeva Str. 11.

CONTACT:  BREWERY SHORSHELSKAYA
          Russia, Chuvashiya republic,
          Mariinsko-Posadskiy region, Shorshely

          V. SOKOLOV
          Temporary Insolvency Manager
          Russia, Chuvashiya republic,
          Tsivilsk, Nikolaeva Str. 11

          ARBITRATION COURT OF CHUVASHIYA REPUBLIC
          Russia, Chuvashiya republic,
          Cheboksary. Lenina Pr. 4


CHOICE: Court Names K. Zlobin as Temporary Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision on close joint stock company Choice.  The
case is docketed as A08-13275/05-11.  Mr. K. Zlobin has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 308033, Russia,
Belgorod-33, Post User Box 674.  A hearing will take place on
April 19, 2006.

CONTACT:  CHOICE
          308000, Russia, Belgorod region,
          N. Ostrovskogo Str. 20

          K. ZLOBIN
          Temporary Insolvency Manager
          308033, Russia, Belgorod-33,
          Post User Box 674


ELABUZHSKIY BRICKWORKS: Bankruptcy Hearing Set May 11
-----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision on Elabuzhskiy Brickworks (TIN
1646008133).  The case is docketed as A65-22946/2005-SG4-21.
Mr. I. Sytdykov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420104, Russia,
Tatarstan republic, Kazan, Post User Box 533.  A hearing will
take place on May 11, 2006.

CONTACT:  ELABUZHSKIY BRICKWORKS
          423600, Russia, Tatarstan republic,
          Elabuga, Kirpichnyj

          I. SYTDYKOV
          Temporary Insolvency Manager
          420104, Russia, Tatarstan republic,
          Kazan, Post User Box 533


ERSHOVSKIY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision on open joint stock company Ershovskiy.  The case is
docketed as A57-743B/05-32.  Mr. D. Moskovskiy has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 415840, Russia,
Saratov region, Balakovo, Lenina Str. 118, Apartment 24.  A
hearing will take place on May 25, 2006, 10:10 a.m. at the
Arbitration Court of Saratov region at Russia, Saratov region,
Babushkin Vvoz Str. 1, Department 32.

CONTACT:  ERSHOVSKIY
          Russia, Saratov region,
          Ershov, Lange Str. 1

          D. MOSKOVSKIY
          Temporary Insolvency Manager
          415840, Russia, Saratov region,
          Balakovo, Lenina Str. 118, Apartment 24


INCOME-LEASING: Sverdlovsk Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Income-Leasing after finding the close joint
stock company insolvent.  The case is docketed as A60-43235/05-
S11.  Ms. T. Belousova has been appointed insolvency manager.

CONTACT:  INCOME-LEASING
          620089, Russia, Ekaterinburg,
          Mashinnaya Str. 38-22

          T. BELOUSOVA
          Insolvency Manager
          620075, Russia, Ekaterinburg,
          Belinskogo Str. 34, Office 328


IZHEVSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision on open joint stock company Izhevskiy
Bakery #2 (TIN 1835016676, KPP 183501001).  The case is docketed
as A71-17580/2005-G21.  Mr. S. Matveev has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to:

      (a) IZHEVSKIY BAKERY #2
          426063, Russia, Udmurtiya republic,
          Izhevsk, Ordzhonikidze Str. 1

      (c) S. MATVEEV
          Temporary Insolvency Manager
          426063, Russia, Udmurtiya republic,
          Izhevsk, Ordzhonikidze Str. 30

      (c) ARBITRATION COURT OF UDMURTIYA REPUBLIC
          426011, Russia, Udmurtiya republic,
          Izhevsk, Lomonosova Str. 5


KRASNOURALSKOYE: Firm Falls Into Bankruptcy
-------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
proceedings against Krasnouralskoye after finding the close
joint stock company insolvent.  The case is docketed as A34-
2204/05.  Mr. S. Burmistrov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 623283,
Russia, Sverdlovsk region, Revda, Tsvetnikov Str. 1, Office 18.

CONTACT:  KRASNOURALSKOYE
          Russia, Kurgan region, Yurgamyshskiy region,
          Krasnyj Uralets.

          S. BURMISTROV
          Insolvency Manager
          623283, Russia, Sverdlovsk region,
          Revda, Tsvetnikov Str. 1, Office 18


SMOL-MEAT: Claims Filing Period Ends March 28
---------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
commenced bankruptcy proceedings against Smol-Meat after finding
the open joint stock company insolvent.  The case is docketed as
A56-46717/2004.  Mr. E. Chu has been appointed insolvency
manager.  Creditors have until March 28, 2006 to submit their
proofs of claim to 620086, Russia, Sverdlovsk region,
Ekaterinburg, Posadskaya Str. 21-105.

CONTACT:  SMOL-MEAT
          197342, Russia, St-Petersburg region,
          Torzhkovskaya Str. 4

          E. CHU
          Insolvency Manager
          620086, Russia, Sverdlovsk region,
          Ekaterinburg, Posadskaya Str. 21-105


URAL: Tyumen Court Brings In Insolvency Manager
-----------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision on limited liability company Ural.  The case is
docketed as A-70-14414-B/3-2005.  Mr. A. Zubairov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 628307, Russia,
Tyumen region, Nefteyugansk-7, Post User Box 433.  A hearing
will take place on March 30, 2006.

CONTACT:  URAL
          626244, Russia, Tyumen region, Vagayskiy region,
          Dubrovnoye, Pushkina Str. 12

          A. ZUBAIROV
          Temporary Insolvency Manager
          628307, Russia, Tyumen region,
          Nefteyugansk-7, Post User Box 433


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


FINANS LEASING: Gets Moody's Ba3 Foreign Currency Issuer Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 long-
term senior unsecured foreign currency issuer rating to Finans
Finansal Kiralama A.S. (Finans Leasing).  The outlook is stable.
Finans Leasing's foreign currency issuer rating is capped at the
level of Turkey's own rating for foreign currency denominated
debt, currently at Ba3, with a stable outlook.

The ratings are supported by Finans Leasing's good niche
franchise in the small, but growing Turkish leasing sector; it
is consistently within the top five leasing companies in its
home market of Turkey by most measures, and has a market share
of leasing volume of approximately 7%.  Like the other Turkish
leasing companies owned by large retail banks, Finans Leasing
has an important distribution advantage relative to independent
leasing companies.  In addition to its own small network of 13
representative offices, it also has access to Finansbank's
entire branch network (approximately 200 branches in Turkey),
and benefits from synergies with its parent bank, as its
products can be offered in conjunction with those of Finansbank.

The ratings further reflect Finans Leasing's adequate overall
financial fundamentals, underscored by a relatively well-
diversified client lease portfolio, exhibiting good sector and
name diversification, as well as adequate lease portfolio
quality for the Turkish operating environment.  Moody's notes
that the level of lease exposure to related companies, which has
been consistently decreasing over time, is now at low levels.
In addition, Finans Leasing's very high equity levels provide
significant downside cushion against adverse events.

Recent equity participation sales have improved its free capital
and will allow management to better focus on the company's core
leasing business, while the sale of its previously consolidated
property and casualty insurance subsidiary, Finans Sigorta,
should improve the transparency of its financial statements.
Finally, relatively good margins and reasonable efficiency
combine to enable strong profitability overall.

These strengths are offset by challenges in Finans Leasing's
funding profile, underscored by its dependence on wholesale
sources of funding, although we note favorably a very low level
of funding reliance on related-party companies relative to other
Turkish leasing companies.  Finans Leasing recently eliminated
related-party funding altogether, and its strategy is to source
its funding entirely from domestic and international markets
rather than related companies.

Finally, the ratings reflect the challenge for Finans Leasing to
manage its transition from the bank's captive finance company to
a financially independent entity, as well as the fact that the
tax benefits of leasing are a driver of the attraction for
leases in Turkey, and any changes to the tax regime could
negatively impact the franchise of all leasing companies in
Turkey.

The Ba3 foreign currency rating remains underpinned by the
expectation that support from Finans Leasing's parent Finansbank
AS (B1/NP/D+ and Baa3/P-3 for local currency deposits) would be
forthcoming in the event of need.  In addition to Finansbank's
direct 51.04% stake in Finans Leasing, the bank indirectly owns
an additional 8.21% of Finans Leasing's equity via Finans
Invest, itself 99.4% owned by Finansbank.  Any upgrade or
downgrade of Finansbank's local currency deposit rating would be
likely to trigger a rating review of Finans Leasing's own
rating.  At the same time, any change in majority ownership of
Finans Leasing's equity could have positive, negative or neutral
effects on the rating of Finans Leasing, depending upon Moody's
estimation of the financial strength of any eventual acquirer
and the specificities of the transaction.

Headquartered in Istanbul, Turkey, Finans Leasing reported total
assets of YTL359.8 million (USD268.1 million) at Dec. 31, 2005.


TURKIYE IS: Receives Positive FSR Outlook from Moody's
------------------------------------------------------
Moody's Investors Service has changed the outlook on the D
financial strength rating (FSR) of Turkiye Is Bankasi AS
(Isbank), to positive from stable.

This action reflects the bank's improving economic
capitalization, as well as ongoing positive developments in
terms of its profitability profile and franchise quality.  The
bank's other ratings and outlooks are unaffected by this action.

According to Moody's, economic capital, defined as total capital
minus investments and associates, subsidiaries and net fixed
assets, has shown a significant improvement in 2005, as a result
of asset sales and healthy profit accretion.  By the end of
2005, economic capital had risen to YTL3.2 billion (based on
unconsolidated Turkish Accounting Standard figures), from YTL0.9
billion and accounted for 5% of total assets and 33% of total
capital, up from 2.5% and 12%, respectively, at the end of 2004.
Moody's notes that the YTL1.13 billion in non-core asset sales
in 2005 was significantly higher than previous years' figures
and highlight the bank's stronger focus on balance sheet
management.

Also supporting the change in outlook are Isbank's improving
profitability profile and franchise quality.  Moody's notes that
Isbank has successfully maintained its leading market shares in
important retail and corporate businesses in what is an
increasingly competitive banking environment.  These positions
currently generate high net interest income and fee and
commission levels that sustain the bank's very strong
profitability profile.  At over 5% of average assets, 2005 pre-
provision profitability remains higher than the average for D
rated banks.

Moody's adds that the decision to change the outlook to positive
was taken notwithstanding the recognition of a YTL543 million
pension liability provisioning shortfall, in 2005 results.  The
deficit arose as a result of changes in the method of
calculation of pension assets and liabilities in Turkey, along
with the planned transfer of private pension schemes to the
State.  Moody's notes that Isbank has already taken a 60%
provision against this deficit and generates sufficient profits
to comfortably amortize the remaining shortfall through to 2007.

Finally, Moody's further recognizes the bank's strong asset
quality and adequate liquidity profile and notes that
continuation of positive capitalization and franchise trends
over the next few months could lead to an FSR upgrade.  In its
ongoing assessment of the bank, Moody's will also be monitoring
those factors that could possibly reverse the positive outlook.
The rating agency is cautious with regards to the rapid pace of
loan growth, particularly consumer loans and loans to small and
medium-sized enterprises (SMEs), and will also be monitoring the
bank's growing exposure to interest rate risk as a result of
lengthening asset maturities.

Isbank is headquartered in Istanbul, Turkey and at the end of
2005 had total assets of YTL63.7 billion (US$47.37 billion).


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


AUTOMOTOSERVICE: Igor Buryak Takes Over Operations
--------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Automotoservice (code EDRPOU
30256145).  The case is docketed as 25/80.  Mr. Igor Buryak has
been appointed temporary insolvency manager.

CONTACT:  AUTOMOTOSERVICE
          69083, Ukraine, Zaporizhya region,
          Shidna Str. 8-V

          Mr. Igor Buryak
          Temporary Insolvency Manager
          69039, Ukraine, Zaporizhya region,
          Kujbishev Str. 71

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


AUTO TRANSPORT 15113: Reaches Cul-de-sac
----------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on OJSC Auto Transport Enterprise 15113
(code EDRPOU 03115057).  The case is docketed as 21/236-05-9570.
Mr. Liseyev Kiril has been appointed temporary insolvency
manager.

CONTACT:  AUTO TRANSPORT ENTERPRISE 15113
          60000, Ukraine, Odessa region,
          Kodima, Kalinin Str. 1

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


ELIZIUM: Under Bankruptcy Supervision in Kyiv
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Elizium (code EDRPOU 32488633) on
December 22, 2005.  The case is docketed as 44/549-b.  Mr. P.
Shnit has been appointed temporary insolvency manager.

CONTACT:  ELIZIUM
          02099, Ukraine, Kyiv region,
          Yaltinska Str. 5-b

          Mr. P. Shnit
          Temporary Insolvency Manager
          02068, Ukraine, Kyiv region,
          Knyazhij Zaton Str. 11/135

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


EUROBUD-CONSULT: Court Rules on Bankruptcy
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Eurobud-Consult (code EDRPOU 21704018 on
Dec. 7, 2005, after finding the limited liability company
insolvent.  The case is docketed as 43/883.  Mr. I. Fedorov has
been appointed liquidator/insolvency manager.

CONTACT:  EUROBUD-CONSULT
          04205, Ukraine, Kyiv region,
          Obolonskij Avenue 23A

          Mr. I. Fedorov
          Liquidator/Insolvency Manager
          03141, Ukraine, Kyiv region,
          Amosov Str. 4/85

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


GUMOPOSTACH: O. Sherban Leads Liquidation Process
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Gumopostach (code EDRPOU 30313135) on
Jan. 12, 2006, after finding the limited liability company
insolvent.  The case is docketed as 15/889-b.  Mr. O. Sherban
(license AB 271582 of November 30, 2005) has been appointed
liquidator/insolvency manager.

CONTACT:  GUMOPOSTACH
          04073, Ukraine, Kyiv region,
          Sklyarenko Str. 5

          Mr. O. Sherban
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 157

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


IDA: Advertising Group Succumbs to Insolvency
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC advertising information company Ida
(code EDRPOU 23717597) on Jan. 12, 2006, after finding the
limited liability company insolvent.  The case is docketed as
15/888-b.  Mr. O. Sherban has been appointed
liquidator/insolvency manager.

CONTACT:  IDA
          04213, Ukraine, Kyiv region,
          Geroiv Stalingradu Avenue 46

          Mr. O. Sherban
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 157

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


PROTEYA: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC PROTEYA (code EDRPOU 25401579) on
Dec. 22, 2005.  The case is docketed as 44/551-b.  Mr. P. Shnit
has been appointed temporary insolvency manager.

CONTACT:  PROTEYA
          02121, Ukraine, Kyiv region,
          Harkivske Shose Str. 201/203

          Mr. P. Shnit
          Temporary Insolvency Manager
          02068, Ukraine, Kyiv region,
          Knyazhij Zaton Str. 11/135

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


VITA BK: Declared Insolvent by Kyiv Court
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Vita BK (code EDRPOU 21499682) on
Jan. 12, 2006, after finding the limited liability company
insolvent.  The case is docketed as 15/891-b.  Mr. O. Sherban
has been appointed liquidator/insolvency manager.

CONTACT:  VITA BK
          04213, Ukraine, Kyiv region,
          Pririchna Str. 13

          Mr. O. Sherban
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 157

          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
===========================


01 COPIERS: Hires Tenon Recovery to Administer Assets
-----------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of 01 Copiers Limited (Company Number 04607652) on Feb. 21.

                     About Tenon Recovery

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

                      About the Company

01 Copiers Ltd is an authorized supplier of Canon photocopiers.
It provides full installation, service and support for the full
range of Canon digital copiers and color photocopier machines.
For more information, visit its sales office at Sunderland.


ARTHUR HENRIQUES: Names DTE Leonard Curtis Administrator
--------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
joint administrators of Arthur Henriques Limited (Company Number
2063636) on Feb. 9.

                   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

Arthur Henriques Ltd manufactures clothes.  Its office is at
Manchester Abattoir, Riverpark Road, Manchester, Lancashire M40
2XP.  For more details, calls 01476593993.


ARTISAN WINDOWS: Manufacturer Calls On Joint Administrators
-----------------------------------------------------------
Richard Dixon Fleming and Howard Smith of KPMG LLP were
appointed joint administrators of Artisan Windows (UK) Ltd
(Company Number 04483853) on Feb. 21.

                        About KPMG

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

                    About the Company

Artisan Windows (UK) Ltd -- http://www.artisanwindowsuk.com/--  
manufactures double glazing windows.  Its showrooms are at
Perseverance Mills, Leeds Road, Shipley, 1 Oxford Street,
Guiseley and 33 Otley Road, Shipley.


AVIS EUROPE: Prelim Results Show Positive Stockholders' Equity
--------------------------------------------------------------
Avis Europe plc reported preliminary results for the year ended
Dec. 31, 2005, and provided an update on the progress of its
recovery strategy.

"The strategy to return the Group to profitable growth is on
track," Murray Hennessy, Group Chief Executive, said.  "We
delivered results ahead of expectations in a difficult trading
environment, benefiting from a good summer performance, stronger
trading in December, improved utilization and early progress
with our margin improvement initiatives.

"The ongoing re-structuring of our operations will make the
Group more efficient and effective.  This work, together with
targeted growth in specific customer groups and our strengthened
capital base, will help ensure our planned recovery and offset
the challenges facing the Group."

                     Results Overview

Total revenue was up 1.9% at EUR1.28 billion.  Underlying profit
before tax was EUR37.8 million (2004: EUR52.1 million), with the
impact of the weaker pricing environment and investment in
recovery strategy initiatives partially mitigated by volume
growth and a good utilization performance.  Underlying earnings
per share were 3.4 euro cents (2004: 5.6 euro cents).

The net exceptional charge before tax of EUR13.2 million was
primarily due to restructuring costs and rights issue expenses.
Certain re-measurement items and economic hedges generated a net
valuation gain of EUR5.2 million.  Total profit before tax was
therefore EUR29.8 million (2004: loss before tax EUR20.0
million) and total earnings per share were 2.3 euro cents (2004:
loss per share 2.4 euro cents).

                     Operating Result

Underlying Avis operating profit of EUR153.9 million compared to
EUR174.8 million in the prior year.  This when combined with a
reduction in unallocated costs of EUR5.4 million, to EUR47.1
million, resulted in an underlying operating profit of EUR106.8
million, compared to EUR122.3 million in the prior year.

Underlying operating margin after deducting unallocated costs at
8.7% was 1.3% lower as anticipated.  The weaker pricing
environment, together with the investment in recovery strategy
initiatives was partially mitigated by volume growth and a good
utilization performance.  Operating costs increased by EUR32
million or 2.9% to EUR1.12 billion.

A EUR5 million increase in selling costs was due to recovery
strategy initiative expenditure, offset by lower travel agency
fees following the successful change of terms on pre-contracted
corporate rentals.

Rental related costs increased by EUR7 million.  This was due to
increased road taxes in Germany and higher fuel costs, which
impacted both transportation costs and the cost of providing
fuel to customers, although the latter was largely offset by
increased fuel revenues.

Fleet costs were EUR18 million higher, an increase of 4.6%, of
which some 1.6% was a consequence of higher volumes.  Fleet cost
per car month was 2.8% higher due to a tightening of terms and
richer fleet mix, partly offset by the good utilization
performance. Fleet running costs increased as a result of higher
insurance premia and costs associated with a general
transportation strike in Italy in the early part of the year.

Staff costs were EUR11 million higher including a ?1 million
increase in pension expenses.  Staff costs per rental were up
2.4% due to:

   -- inflationary increases;

   -- investment in additional staff to implement yield
      management and fleet remarketing initiatives; and

   -- the continued parallel running on the transfer of
      back-office activities to the shared service center in
      Budapest.

Overheads were EUR10 million lower, benefiting from profits
arising on the disposal of certain properties in Belgium and
Spain in the first half and cost reductions in Germany, Italy,
France and the UK.  Recovery strategy initiative expenditure
during the year was higher than prior year project spend, which
included certain costs associated with cancelled IT projects.

Avis Licensee operating profit of EUR23.1 million was 14% ahead
of the prior year, with drivers of the performance being in line
with revenue.

                    Shareholders' Funds

At the end of the year, shareholders' equity was EUR85.8
million, compared with a deficit at the start of the year of
EUR(58.0) million.  The principal movement in the year was the
EUR166.2 million net proceeds from the rights issue.  This was
partially offset by the total recognized loss of EUR(12.0)
million (being the net of a profit attributable to equity
holders and the loss recognized in the statement of recognized
income and expense).  The latter was mainly a consequence of the
increased pension fund deficit arising on the change in
actuarial assumptions.

Net debt has reduced at the year-end by EUR35.0 million.
Adjusted cash flow from operating activities has marginally
increased to EUR460.7 million, despite cash out flows in the
year of EUR40.0 million relating to exceptional items.  A
further exceptional item, cash outflow of circa EUR10 million in
respect of current year charges, is anticipated in future
periods, primarily in 2006, which will be in addition to cash
flows arising from the restructuring programme announced on
Feb. 15, 2006.

Total net fleet cash expenditure in 2005 is EUR504.0 million,
EUR306.8 million above prior year.  This is largely a
consequence of the reversal of the fleet working capital from
2004, arising from both vehicle manufacturer terms and timing of
purchases and sales at the year end, mitigated in part by lower
year-on-year average owned fleet levels.

Lower non-fleet capital expenditure was mainly a consequence of
significant expenditure in the prior year on the re-engineering
back-office activity and hand-held check-in projects.

Interest and dividend payments have reduced on the previous
period as a consequence of the prior year including the final
dividend of 2003.  Taxation cash outflows are reduced as a
consequence of the offset or recovery during the year of
overpayments made in previous years.

Interest bearing assets were reduced during the year as lower
levels of collateral were required in respect of finance lease
obligations in France.  However, at Dec. 31, a material cash
balance was held in anticipation of settling a fleet creditor
balance on the first working day of 2006.  Debt and finance
lease outstanding were broadly unchanged on the prior year,
reflecting the benefit from the proceeds of the rights issue
during the year offset by the reversal of working capital
benefits.

During late 2005, the Group began discussions with its senior
banks to examine the opportunities to extend the maturity of its
current syndicated revolving credit facility.  On Feb. 20, 2006,
the Group signed a new 5-year facility of EUR580 million.

Headquartered in Berkshire, United Kingdom, Avis Europe plc --
http://www.avis-europe/-- operates car rental services in
Europe, Africa, the Middle East and Asia serving customers via
the Avis and Budget brands.


BRAND PACKAGING: Joint Administrators Offer Assets for Sale
-----------------------------------------------------------
Joint Administrators Paul Andrew Flint and Brian Green, offer
for sale the business and assets of Brand Packaging Limited.

Features:

   -- Annual turnover of approximately GBP9 million;

   -- Ability to print using the latest technology available in
      gravure printing;

   -- A strong core customer base, with a good forward order
      book;

   -- Development of key products with sole supply lines into a
      number of leading edge customers;

   -- A skilled workforce; and

   -- Trading from leasehold premises of c. 155,000 sq. ft.

Interested parties may contact:

                  Paul Andrew Flint
                  St James' Square,
                  Manchester M2 6DS
                  Phone: 0161 838 4000
                  Fax: 0161 8384089
                  E-mail: paul.a.flint@kpmg.co.uk

                           About KPMG

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


CAVENDISH INDUSTRIES: Ernst & Young Selling Tubular Company
-----------------------------------------------------------
The Joint Administrators, David Duggins and Ian Best, offer for
sale as a going concern the business and assets of the Cavendish
Industries Limited and Bristol Bending Services Limited.

Features:

   -- Manufacturer and 1st tier supplier of manipulated tubular
      products to the automotive market;

   -- Established customer base includes major Japanese vehicle
      OEMs;

   -- Fully equipped quality validation laboratory;

   -- Operations in Avonmouth, Ross-on-Wye and Ebbw Vale;

   -- GBP11 million turnover; and

   -- 250 employees

Inquiries can addressed to:

                  Joanne Fellows
                  No.1 Colmore Square
                  Birmingham B4 6HQ
                  Phone: 0121 535 2000/2938
                  Fax: 0121 535 2448
                  E-mail: jfellows@uk.ey.com

                       About Ernst & Young

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


CUT PRICE: HSBC Bank Appoints PKF as Receiver
---------------------------------------------
HSBC Bank Plc appointed Ian C. Schofield and Willie Duncan of
PKF (UK) LLP joint administrative receivers of Cut Price
Wallpaper Limited (Company Number 03803420) on Feb. 16.

Cut Price Wallpaper Ltd sells wallpaper & fireplaces, fire
surrounds, marble vases, urns, garden ornaments and paint.  Its
office is at 208 Marton Road, Middlesbrough, Cleveland.

CONTACT:  PKF
          Pannell House
          6 Queen Street
          Leeds
          West Yorkshire LS1 2TW
          Tel: 0113 228 0000
          Fax: 0113 228 4242
          E-mail: ian.schofield@uk.pkf.com

          PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Tel: 0114 276 7991
          Fax: 0114 275 3538


DECO 7: Fitch Assigns BB Rating to EUR37.7 Million Class H Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to DECO 7 - UK Large
Loan 1 PLC's floating-rate notes due 2018 as follows:

  a) EUR295,000,000 Class A1: AAA;
  b) EUR810,000,000 Class A2: AAA;
  c) EUR179,000,000 Class B: AA-;
  d) EUR89,000,000 Class C: A;
  e) EUR29,000,000 Class D: A-;
  f) EUR59,000,000 Class E: BBB;
  g) EUR32,000,000 Class F: BBB-;
  h) EUR27,000,000 Class G: BB; and
  i) EUR37,676,753 Class H: BB.

The expected ratings reflect the positive and negative features
of the underlying collateral and the integrity of the legal and
financial structures.  The ratings address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in January 2018.

This transaction is a securitization of eight commercial real
estate loans, and one secured note and one unsecured note both
backed by a commercial real estate loan.  The loans were
originated by Deutsche Bank AG, London Branch and are secured by
real estate located in Germany, the Netherlands and Switzerland,
respectively.

The largest loan accounts for 30.2% of the loan pool and is
secured by a portfolio of automotive retail stores and repair
services, wholly occupied by Auto-Teile-Unger, which is not
rated by Fitch.  The loan pool includes two other loans that are
either entirely or primarily occupied by a single tenant: a
portfolio of Karstadt Kompakt supermarkets in Germany and a
portfolio of Coop supermarkets in Switzerland.

The underlying loan collateral consists of 452 properties
located in Germany, 45 located in Switzerland and two located in
the Netherlands; they have a total market value of EUR2.3
billion.  The note issuance represents an initial loan-to-value
ratio of 70.0%, reducing to a balloon LTV of 64.2%, assuming no
changes in value and no prepayments or defaults occurring prior
to individual loan maturities.

Payments due on the issued notes will be funded from principal
and interest payments on the German and Dutch loans, the ATU
note and the Swiss note.

Interest and principal for the notes are paid quarterly in
arrears on each payment date, commencing in April 2006.
Scheduled amortization on the loans will be allocated
sequentially to the note classes.

Prepayments and final repayments on the loans will be allocated
to the notes according to a "bucket" structure: on a fully
sequential, fully pro rata, or 50% sequential and 50% pro rata
basis, depending on the bucket to which the loan in question is
allocated.

The structure benefits from a EUR109 million liquidity facility,
representing 7% of the total note issuance and will reduce in
line with the outstanding balance on the notes.


EDELRID LIMITED: In Administrative Receivership
-----------------------------------------------
The Governor and Company of the Bank of Scotland appointed
Fraser James Gray and Peter Mark Saville of Kroll Limited joint
administrative receivers of Edelrid Limited (Company Number
04117430) on Feb. 23.

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


FACTOR 39: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------
S. R. Thomas and S. J. Parker of Tenon Recovery were appointed
joint administrators of Factor 39 Special Projects Ltd (Company
Number 04209568) on Feb. 22.

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

Headquartered in Rayleigh, Essex, Factor 39 Special Projects Ltd
-- http://www.factor39.com/-- specializes in designing and
producing bespoke furniture.  For more details, call 01268
778176.


FOOD FUSION: Liquidator Sets March 31 Claims Bar Date
-----------------------------------------------------
Members of Food Fusion Ltd resolved to liquidate the company's
assets during an Extraordinary General Meeting on Feb. 10.

Appointed Joint Liquidator, Ranjit Bajjon, of Atherton Bailey
LLP, 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
March 31, 2006.

CONTACT:  FOOD FUSION LTD
          Unit 3 Bridge Road Business Park
          Bridge Road
          Haywards Heath West Sussex
          RH161TX
          Tel: 01444 455 839
          Fax: 01444 455 861
          Web: http://www.foodfusion.co.uk/


GENERAL MOTORS: Sees Break Even in European Operations This Year
----------------------------------------------------------------
Struggling automaker General Motors Corp. hopes new models and
job cuts would reverse six years of losses at its European
operations, according to published reports.

Chief Executive Officer Rick Wagoner revealed that the Company
aims to break even or do better in 2006, compared to the
previous years.

"We hope to see improvements on the financial side, but this is
a road with more than one or two steps," Mr. Wagoner said,
Bloomberg News reports.

The world's largest carmaker reported a string of losses in the
region since 1999.  GM Europe cut its losses nearly in half in
2005 to an adjusted loss of US$375 million from an adjusted loss
of US$742 million in 2004, as continued improvement in both
structural and material costs and higher production volumes were
partially offset by negative pricing.  GME reported an adjusted
loss of $159 million in the fourth quarter of 2005, an
improvement from the adjusted loss of $345 million reported in
the year-ago quarter.

The Company plans to introduce new products such as the Opel
Corsa and expand its Chevrolet brand, in addition to the
continued implementation of its cost reduction initiatives.

"GM has made a few steps in the right direction but there is
still a lot they have to do in Europe, Pia Hellbach, a fund
manager at Union Investment GmbH told Bloomberg.

                     February Sales

GM Europe's 2006 first-quarter production estimate remains
unchanged at 497,000 vehicles.  In the first quarter of 2005,
the region built 502,000 vehicles.  The region's initial 2006
second-quarter production forecast is set at 490,000 vehicles.
In the second quarter of 2005, the region built 501,000
vehicles.

General Motors Corporation -- http://www.gm.com/--  
headquartered in Detroit, Michigan, is the world's largest
producer of cars and light trucks.  Founded in 1908, GM today
employs about 325,000 people around the world. It has
manufacturing operations in 32 countries and its vehicles are
sold in 200 countries.  General Motors Acceptance Corporation, a
wholly owned subsidiary of GM, provides retail and wholesale
financing in support of GM's automotive operations and is one of
the world's largest non-bank financial institutions.
Residential Capital Corporation, a real estate finance company
based in Minneapolis, Minnesota, is a wholly owned subsidiary of
GMAC.

                      *     *     *

As reported in the Troubled Company Reporter on Jan. 30, 2006,
Moody's Investors Service placed the B1 long-term rating of
General Motors Corporation on review for possible downgrade
following the company's announcement of full-year 2005 results
that include fourth quarter automotive operating cash generation
that is materially below the rating agency's expectations.

The ratings of General Motor's Acceptance Corporation
(Ba1/review with direction uncertain and Not-Prime/review for
possible upgrade) and of Residential Capital Corporation (Baa3
and Prime-3/review direction uncertain) remain unchanged.

As reported in the Troubled Company Reporter on Dec. 14, 2005,
Standard & Poor's Ratings Services lowered its corporate credit
rating on General Motors Corp. to 'B' from 'BB-' and its short-
term rating to 'B-3' from 'B-2' and removed them from
CreditWatch, where they were placed on Oct. 3, 2005, with
negative implications.  The outlook is negative.

The 'BB/B-1' ratings on General Motors Acceptance Corp. and the
'BBB-/A-3' ratings on Residential Capital Corp. remain on
CreditWatch with developing implications, reflecting the
potential that GM could sell a controlling interest in GMAC to a
highly rated financial institution.  Consolidated debt
outstanding totaled $285 billion at Sept. 30, 2005.


GENERAL MOTORS: Fitch Downgrades Issuer Default Rating to B
-----------------------------------------------------------
Fitch Ratings downgraded the Issuer Default Rating of General
Motors to 'B' from 'B+'.  Fitch has also assigned an 'RR4'
Recovery Rating to GM's senior unsecured debt, indicating
average recovery prospects (30-50%) for this class of creditors
in the event of a bankruptcy filing.  GMAC's 'BB' rating remains
on Rating Watch Evolving by Fitch pending further developments
in GM's intent to sell a controlling interest in GMAC.

The downgrade of GM reflects lack of substantive progress on
reducing GM's cash operating costs, which Fitch believes will
result in negative cash flows persisting through 2007.  It is
becoming increasingly apparent that the UAW contract may not be
re-opened until the official September 2007 date, limiting GM's
ability to realize substantive cost reduction targets on a
timely basis.  When combined with:

   * revenue pressures,
   * restructuring costs,
   * a stressed supplier base, and
   * projected financial support to resolve the Delphi
     situation;

liquidity will continue to deteriorate from current healthy
levels.

Fitch's expectation of:

   * continued operating losses,
   * declining liquidity, and
   * a financially stressed supplier base

raises the risk that suppliers could begin to restrict trade
credit to GM.

Trade credit represents a critical component of GM's current
liability structure.  Fitch has not seen evidence of this to
date.  In addition, event risk associated with a potential labor
strike at Delphi remains high, and a disruption in Delphi's
supply of parts to GM would quickly shut down production at GM
and drain liquidity.  Risks associated with the restructuring of
the U.S. auto supplier industry (which could result in supply
disruptions or require financial support from GM) will continue
for the intermediate term.  Suppliers are also facing more
limited access to capital.  The inability to reduce costs
rapidly in the supply chain highlights the need for GM to
achieve fundamental reductions in other structural cost areas,
cost factors that remain highly inflexible.

Fitch's analysis of a potential restructuring scenario provides
a recovery value of approximately 40% for general senior
unsecured creditors in the event of a bankruptcy. (Note: Fitch
provides recovery values for rated securities of all corporate
issuers that have IDR's of B+ or below.  This exercise is not
meant to be a predictive model of the course of events, but an
analysis of a company's operating profile, assets and
liabilities in the event that a restructuring becomes
necessary.)

Recovery values were derived from an analysis and valuation of a
restructured GM North American automotive operation,
supplemented by:

   * asset values associated with GM's Asian operations;
   * various shareholdings; and
   * a retained 49% interest in GMAC.

Fitch assumes that any cash, asset or equity values associated
with GM's European and Latin American operations would be
applied to service operating requirements and liabilities in
those locations, providing no incremental recovery value for GM
debtholders.  In the event of a filing, Fitch projects that the
vast majority of claims would be on a senior unsecured basis,
encompassing existing debt, drawdowns under the company's
existing credit facilities and substantial claims from trade
creditors and other general liabilities.  Fitch also projects
that in a bankruptcy, GM would retain its pension plans due to
high asset levels and concessions that the UAW would make to
ensure the plans are not absorbed by the PBGC.

Recovery values in a bankruptcy would ultimately depend on the
terms of a new labor contract between GM and the UAW, providing
a high degree of uncertainty.  In addition, the size and
potential complexity of a bankruptcy would be complicated by the
uncertainties surrounding the new, untested bankruptcy law.

GM remains on Rating Watch Negative, with a primary focus on
resolution of the Delphi situation.  In order to avoid any
supply disruption that could force wide production shutdowns at
GM, further financial support from GM is regarded as a
certainty.  The extended nature of the negotiations speaks to
the difficulty of the three-party discussions, and it is
difficult to ascertain the level of progress.  In any scenario,
Fitch expects that GM will experience higher costs and a
continuation of its competitive disadvantage in supplier costs,
thereby hindering GM's ability to reverse margin erosion and
stabilize cash flows.

The Rating Watch Negative status on GM also incorporates the
risks that he sale of a controlling interest in GMAC is not
completed on a timely basis.  Fitch maintains its expectation
that solid progress on the sale will occur through the end of
the first quarter.  Ratings on GM and GMAC would be reviewed at
any time Fitch believed that the sale was not solidly on track.

GM has healthy liquidity of $20.5 billion in cash and s/t VEBA
as of December 31, 2005, which is expected to be supplemented by
proceeds of a controlling interest in GMAC.  In addition, GM has
approximately $15 billion in L/T VEBA, which is expected to be
drawn down to finance permitted expenses.  Fitch projects that
liquidity requirements in a bankruptcy would be high, which
could accelerate the timing of any bankruptcy filing if rapid
stabilization of operating performance is not achieved.

Fitch has downgraded these ratings:

  General Motors Corp.:
  General Motors of Canada Ltd.:

     -- Senior debt to 'B' from 'B+'
     -- Issuer Default Rating (IDR) to 'B' from 'B+'

These ratings remain on Rating Watch Evolving:

  General Motors Acceptance Corp.:
  GMAC International Finance B.V.:
  GMAC Bank GmbH:
  General Motors Acceptance Corp. of Australia:
  General Motors Acceptance Corp. of Canada Ltd.:
  General Motors Acceptance Corp. (N.Z.) Ltd.:

     -- Issuer Default Rating (IDR) 'BB'
     -- Senior debt 'BB'
     -- Short-term 'B'

  Residential Capital Corp.:

     -- Issuer Default Rating (IDR) 'BBB-'
     -- Senior debt 'BBB-'
     -- Short-term 'F3'

  GMAC Bank:

     -- Long-term deposits 'BBB'
     -- Issuer Default Rating (IDR) 'BBB-'
     -- Senior debt 'BBB-'
     -- Short-term deposits 'F3'


GOODMAN BARNES: Advertisers Resolve to Liquidate Assets
-------------------------------------------------------
Members of Goodman Barnes Services Limited unanimously decided
to liquidate the company's assets during an Extraordinary
General Meeting on Feb. 8, 2006.

They authorized A.J. Clark, of Carter Clark, to administer the
winding up process.

CONTACT:  GOODMAN BARNES SERVICES LIMITED
          7 The Avenue
          London
          E4 9LB
          Tel: 020 8531 1723
          Fax: 020 8531 4464


HEADFIRST PRODUCTIONS: Appoints Administrator
---------------------------------------------
Peter Nottingham of Nottingham Watson Ltd was appointed
administrator of Headfirst Productions Limited (Company Number
03569633) on Feb. 17.

Headfirst Productions -- http://www.headfirst.co.uk/-- is an
independent developer of top quality games for both the console
and PC market.  Father and son, Mike and Simon Woodroffe
established the company in 1998.


INEOS VINYLS: Weak Cash Flow Spurs S&P to Downgrade Rating to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based PVC producer Ineos Vinyls
Ltd. to 'B' from 'B+'.  At the same time, the rating was removed
from CreditWatch where it had been placed with negative
implications on Oct. 7, 2005.  The outlook is stable.

"The rating action reflects our concerns that in 2005--despite
rather good cycles, no growth capital expenditure, and a
positive change in working capital--the group did not generate
free operating cash flow," said Standard & Poor's credit analyst
Khaled Zitouni.  Funds from operations (FFO) were weak, which
led to a new covenant breach in December 2005. In addition,
leverage and capitalization have not improved in the past two
years, both remaining aggressive.  Turnaround prospects are
unclear.  The rating also factors in marked exposure to the very
cyclical and low margin (4%-6% EBITDA margin) PVC market.

These issues are only somewhat mitigated by the group's position
as the leading European PVC maker, with an estimated 20% market
share, cash balances of EUR62 million as of December 2005, and
support from parent company INEOS (not rated), notably in the
form of a EUR50 million subordinated loan (undrawn at year-end
2005).

"The stable outlook reflects our expectation that Ineos will
maintain FFO to adjusted net debt of about 10%-15% throughout
the cycle," said Mr. Zitouni, "even though the group may face
some challenges in generating positive free operating cash flow
in 2006--given likely restructuring expenses--and may not have
the means to de-leverage."

The rating could come under pressure if the group's free
operating cash flow becomes significantly negative, if site
issues materially harm EBITDA or cash flows, if banks do not
agree to waive covenants should they be breached again, or if
INEOS' EUR50 million loan or other support becomes unavailable.

The rating might be positively affected if the group sustainably
improves its operating performance or lowers its interest
expenses or debt.

Sales in 2005 reached EUR1.2 billion ($1.5 billion), 66% derived
from PVC, with related PVC compounds and films contributing 34%.


INDEPENDENT NEWS: Fitch Assigns BB- to Issuer Default Rating
------------------------------------------------------------
Fitch Ratings assigned Independent News & Media PLC and Issuer
Default Rating of BB- with Stable Outlook.  At the same time it
assigned a BB- rating to IN&M's senior unsecured debt.

The rating reflects the group's strong and improving business
performance, diversification of risk across a number of
countries and media, and sound long-term strategy.  These
positives are severely constrained by the group's high debt
levels and the fact that, despite controlling and consolidating
its Australasian operations, its ownership is only 39.7%.

This minority ownership impairs cash circulation within the
group, making IN&M reliant on dividend flows from APN, which in
2004 contributed 56% of operating profit.  Adjusting for this
leads to a net debt/EBITDA of 4.9x at Dec. 31, 2004.  This
compares to a 'headline' leverage, based on consolidated
numbers, of 3.8x.

IN&M has taken steps to reduce leverage in recent years;
however, with leverage, using the company's own measurement
criteria, below its 3x consolidated target, further significant
de-leveraging is unlikely.

The group's operational profile and long-term strategy remain
sound.  While its revenues are primarily from newspapers, it's
presence in developing markets has to date allowed it to
maintain good returns, with EBITDA margins of 20.3% at H105.

The group holds very strong positions in its present markets,
with the exception of the UK where its Independent titles have a
comparatively low, though stable, circulation.  This, combined
with a competitive UK market, led to an operating profit margin
of only 5.6% in H105.

The group's diversification into relatively undeveloped markets
lends it significant growth prospects, and its moves into areas
outside print, as well as leveraging its physical product with
an online presence, are prudent moves to protect it in the long
term from declines in the readership of printed media.

The group's pre-close trading statement in December 2004
signaled that it was on course to post full-year revenue growth
in excess of 7.5%, reflecting increases in both cover price and
advertising income, and to grow margin.  IN&M recently invested
EUR28.5 million in a 26% stake in JPPL, an Indian newspaper
group, which has since successfully floated.

In addition to the structural issues mentioned above, Fitch
notes that the maturity profile of APN's debt is relatively
short, with the vast majority of its debt requiring refinancing
in 2010 or earlier.


LASER GRAPHICS: Claims Registration Ends April 5
------------------------------------------------
Creditors of Laser Graphics Services Limited are given until
April 5, 2006, to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) to appointed Liquidator,
William Jeremy Jonathan Knight.

CONTACT:  LASER GRAPHICS SERVICES LTD
          40 Wates Way
          Mitcham Surrey
          CR4 4HR
          Tel: 020 8646 8877
          Fax: 020 8646 8855


MICROMEDIA SYSTEMS: David Wald Leads Liquidation Process
--------------------------------------------------------
David Wald, of D. Wald & Co, was appointed Liquidator after
members of Micromedia Systems Limited decided to liquidate the
company's assets on Feb. 10, 2006.

Director M. N. Ahmed revealed that the company could no longer
continue its business due to mounting debts.

CONTACT:  MICROMEDIA SYSTEMS LIMITED
          Acorn House
          2 Greenhill Crescent
          Watford Hertfordshire
          WD188AH
          Tel: 01923 639 399
          Fax: 01923 639 388
          Web: http://www.micromediasystems.co.uk/


NAP SPORTS: Sportswear Retailer Liquidates Assets in Kent
---------------------------------------------------------
NAP Sports Limited is liquidating its assets after members found
out that the company cannot continue its operations due to its
liabilities.

Robert Valentine and Mark Reynolds, of Valentine& Co., were
appointed Joint Liquidators.

CONTACT:  NAP SPORTS LIMITED
          Unit 60 Dockside Outlet Centre
          Maritime Way
          St. Marys Island Chatham Kent
          ME4 3ED
          Tel: 01634 893 636


NEECOL STRUCTURES: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of NEECOL Structures Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 10, 2006.

Creditors also ratified the appointment of Andrew David Rosler,
of ICS (North East) Limited, as Liquidator.

CONTACT:  NEECOL STRUCTURES LIMITED
          Chilton Lane
          Ferryhill County Durham
          DL170AU
          Tel: 01740 651 435
          Fax: 01740 654 282


NTL INC.: S&P Affirms B+ Ratings on Approval of Telewest Merger
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on U.K. telephony, cable TV, and
Internet business NTL Inc., following shareholder approval to
merge with Telewest Global Inc.  The ratings were removed from
Creditwatch where they were placed on Dec. 5, 2005. The outlook
is positive.

At the same time, Standard & Poor's affirmed its debt ratings on
related entities of NTL and removed the ratings from
CreditWatch, including the 'BB-' long-term debt rating on the
GBP3.3 billion ($5.7 billion) senior secured credit facilities
of NTL Investment Holdings Ltd. The '1' recovery rating on the
facilities was also affirmed.

"The affirmation reflects Standard & Poor's opinion that the
future potential business benefits of the Telewest combination
will be offset in the short term by both strong competitive
challenges and the merged group's leveraged balance sheet," said
Standard & Poor's credit analyst Simon Redmond.

"The affirmation also encompasses our assessment of the
anticipated acquisition of Virgin Mobile Holdings (UK) PLC by
NTL, which we view as neutral for the combined entity's credit
profile in the short term."

The shareholders of NTL and Telewest Global Inc. -- the ultimate
parent of U.K.-based cable telephony, TV, and Internet provider
Telewest Communications Networks Ltd. (B+/Positive/--) -- have
approved the business combination, which is expected to close
imminently, resulting in high lease-adjusted gross debt to
EBITDA of about 4.9x.

"We believe that credit improvement will depend upon NTL's
successful integration of Telewest, and subsequent improvement
in its business risk profile," added Mr. Redmond. "An upgrade
could result from sustained operational improvement, steady
growth of revenues, and free cash flow generation, leading to
improved and sustainable stronger credit measures."

This might prompt a higher rating, although debt reduction from
asset sales alone would not necessarily result in an upgrade. A
sustained lack of revenue growth or deterioration in operating
performance or cash generation could result in an outlook
revision to stable.


PENINSULAR LIMITED: Financial Woes Prompt Liquidation
-----------------------------------------------------
Members of Peninsular (North West) Limited passed a resolution
to wind up the company during an extraordinary general meeting
on Feb. 6, 2006.

Director J. Pownall disclosed that the company could no longer
continue its business due to financial liabilities.

Matthew Colin Bowker, of Unity Corporate Recovery & Insolvency,
was appointed liquidator to wind up the company's business.

CONTACT:  PENINSULAR (NORTH WEST) LIMITED
          WA4 4RD
          Tel: 01925 213 088
          Fax: 01925 211 345
          Web: http://www.peninsularnw.com/


PLATINUM RECRUITMENT: Taps Keith Stevens to Administer Assets
-------------------------------------------------------------
Members of Platinum Recruitment Limited settled to liquidate the
company's assets during an Extraordinary General Meeting on
Feb. 2, 2006.

They authorized Keith Aleric Stevens, of Wilkins Kennedy, to
administer the winding up process.

CONTACT:  PLATINUM RECRUITMENT LIMITED
          Unit 13 I O Centre
          Lea Road
          Waltham Abbey Essex
          EN9 1AS
          Tel: 01992 788 881
          Fax: 01992 788 882


PROFILE MEDIA: Hire Joint Administrators from BDO Stoy Hayward
--------------------------------------------------------------
Malcolm Cohen and Antony David Nygate of BDO Stoy Hayward LLP
were appointed joint administrators of Profile Media Group Plc
(Company Number 03090007) on Feb. 17.

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.

Headquartered in London, Profile Media Group --
http://www.profilemediagroup.co.uk/-- is a broadly based media
and communications group focused mainly on custom publishing and
related activities in both the UK and the US.  Its main business
areas are custom publishing and sports media and distribution.


RANK GROUP: Prelim Net Loss Climbs to GBP208.5 Million in 2005
--------------------------------------------------------------
The Rank Group Plc reported preliminary results for the year
ended Dec. 31, 2005.

The Company's operating and financial highlights include:

   -- Revenue up 2.9% to œ810.3m (2004: œ787.6m), after
      restatement for Blue Square

   -- Group operating profit* of œ127.5m (2004: œ136.1m);
      GBP115.4m (2004: GBP94.6m) after exceptional items

   -- Adjusted** profit before tax of œ85.4m (2004: GBP98.8m);
      profit before tax GBP50.7m (2004: GBP63.2m)

   -- Adjusted** earnings per share of 10.1p (2004: 12.7p),
      basic loss per share of 33.6p (2004: 2.5p)

   -- Gaming operating profit* down 9.6% to GBP105.8 million

   -- Hard Rock operating profit* up 24.7% to GBP34.8 million

   -- Adjusted** profit after tax from continuing operations of
      GBP64.1 million (2004: GBP76.5 million)

   -- Net debt increased to GBP739.4 million (2004: GBP641.8
      million)

   -- Final dividend increased by 5.1% to 10.3p (2004: 9.8p);
      Full-year dividend up 4.8% to 15.3p (2004: 14.6p)

   -- Deluxe Film and Deluxe Media Services treated as
      discontinued operations

   -- Operating profit* of GBP49.3 million (2004: GBP69.4
      million); GBP237.6 million loss after exceptional items
      (2004: GBP57.6 million)

   -- Net loss for the year: GBP208.5 million (2004: GBP14.3
      million)

      * before exceptional items
      ** adjusted profits and earnings per share - Profits and
         earnings before discontinued operations, exceptional
         items, foreign exchange on inter-company balances and
         amortization of equity component of convertible bond.

"In 2005 we have sharpened the Group's focus through the sale of
Deluxe Film and continued to lay the foundations for growth in
Gaming and in Hard Rock," Chief Executive Mike Smith said.

"The operating performance of the Group has been mixed.  Revenue
growth in our Gaming division has not been sufficient to offset
the combination of operating cost increases and Blue Square's
lower win margins.  However, Hard Rock grew revenues and profits
as a result of increased contribution from its hotels and gaming
interests and the continued improvement of company-owned cafes.

"The sale of Deluxe Film represents a watershed for Rank.  As a
consequence of the transaction we have reviewed our capital
structure and our dividend policy and we have taken steps to
further improve the funding of the Group pension plan.  These
actions have made possible a return of œ200m to shareholders via
a share buy-back.

"We have not yet been able to sell Deluxe Media but remain
committed to this course of action.  We are pursuing an exit and
this may take the form of either a sale of the business in its
entirety or, more probably, the separate disposals of individual
businesses or assets.

"Our capital restructuring leaves capacity for the development
of our Gaming businesses and of Hard Rock, where we have
demonstrable opportunities for growth."

Group revenue from continuing operations was up 2.9% mainly due
to an increase in owned cafe revenue at Hard Rock.

Group operating profit before exceptional items was down 6.3% to
GBP127.5 million.  Operating profit fell in Mecca Bingo,
Grosvenor Casinos and Blue Square.  Hard Rock generated
significantly higher profits from its hotels and casinos and its
owned cafes but this was not sufficient to offset the decline in
the Gaming division.  Central costs increased to GBP15.3 million
(2004: GBP12.9 million) due largely to increased compliance
costs and share based payment charges.

Adjusted Group profit before tax was down 13.6% at GBP85.4
million, with the managed business interest charge GBP3.9
million higher than in 2004 due to increased average levels of
debt and higher US dollar interest rates.

The effective tax rate on adjusted profit is 24.9% (2004:
22.7%). The tax rate is lower than the Group's expected
structural rate of above 30% as a consequence of certain prior
year credits partially offset by a write off of the deferred
tax asset following a review of the deferred tax position in
light of the disposal of the Deluxe Film business.

Adjusted earnings per share before exceptional items was 10.1p
(2004: 12.7p), reflecting the lower level of Group operating
profit.

As required by IFRS, foreign exchange movements on certain
inter-company loans are recognized in the income statement as
financial gains or losses.  This has resulted in a GBP16.0
million charge (2004: GBP5.9 million gain), net of hedging
gains, being recognized against the results of the continuing
Group.  In addition, the amortization of the Group's GBP167.7
million convertible bond's equity component has resulted in a
GBP3.0 million charge being recognized in this income statement.

            Capital Funding & Financing Arrangements

The sale of Deluxe Film and its intention to sell Deluxe Media
resulted in a review of the Group's financing arrangements.  As
a consequence of this review the Group set out a capital
structure appropriate for the Group as it develops into a
focused gaming and leisure business.

"We have agreed on a new GBP650 million unsecured banking
facility, structured as a GBP400 million five-year multi-
currency revolving credit facility and a GBP250 million three-
year term loan.  Also, we have repaid our US$448 million US
private placement.  Our GBP167.7 million convertible bond (due
2009) and our US$114.8 million Yankee bonds (due 2008 and 2018)
remain in issue," the Company said.

Over the medium term the Group expects to operate in a range of
3.5 to 4.0 times net debt to EBITDA.

                        Dividends

The Company announced a 5.1% increase in the final dividend to
10.3 pence per share, making a total dividend for the year of
15.3 pence per share.  The dividend will be paid on May 11,
2006, to shareholders on the register at April 18, 2006.

The Company continued, "As part of our capital structure review,
we have considered the appropriate level of dividend pay out for
the ongoing Group. It is our intention to move to a dividend pay
out ratio of 50% of profit after tax (2.0 times dividend cover),
which is competitive for the leisure sector."

                  Annual General Meeting

The Annual General Meeting will be held at 11.30am on 26th April
2006 at the Plaisterers Hall, 1 London Wall, London EC2Y 5JU.

At Dec. 31, 2005, the Group's balance sheet showed GBP1.5
billion in total assets and GBP1.3 billion in total liabilities.

Headquartered in London, Rank Group plc -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

The company's 3-7/8% notes due 2009 carry Fitch's BB+ rating.


RANK GROUP: Repurchases 689,719 Ordinary Shares for Cancellation
----------------------------------------------------------------
The Rank Group Plc purchased 689,719 Ordinary shares of 10 pence
in the Company for cancellation at an average price of 239.1565
pence per share.

Headquartered in London, Rank Group plc -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

The company's 3-7/8% notes due 2009 carry Fitch's BB+ rating.


SUNFLIGHT TRAVEL: Agency Books Kroll Limited Administrator
----------------------------------------------------------
Stuart Charles Edward Mackellar and Charles Peter Holder of
Kroll Limited were appointed joint administrators of Sunflight
Travel Limited (Company Number 01859509) on Feb. 22.  Its
registered office is at Orbit House, Albert Street, Manchester
M30 0BL.

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

                        About the Company

Sunflight Travel Ltd is a travel agency.  Its office is at 4th
Floor Orbit House, Manchester, M30 0BL.  For more details, call
0161 707 0404.


TELEWEST COMMUNICATIONS: S&P Lowers Rating To B+; Off Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Telewest Communications Networks
Ltd., a U.K.-based cable telephony, TV, and Internet provider,
to 'B+' from 'BB-'.  The ratings were removed from CreditWatch
with negative implications, where they were placed on Oct. 3,
2005.  The outlook is positive.

At the same time, Standard & Poor's withdrew its 'BB' debt
rating on Telewest's GBP1.55 billion senior secured credit
facilities. The '1' recovery rating was also withdrawn.

The downgrade follows approval of the combination of Telewest
Global Inc. (Telewest's ultimate parent) with NTL Inc.
(B+/Positive/--) by both companies' shareholders.

"The downgrade principally reflects our opinion that the
financial risk profile of the combined NTL/Telewest group will
be weaker than that of Telewest alone," said Standard & Poor's
credit analyst Simon Redmond.  "The business benefits of the
combination are not sufficient to result, at least immediately,
in a rating higher than that on NTL, a company roughly twice the
size of Telewest."

Despite the merged entity's potential to reduce its cost base
and improve cash flows over the medium term, its credit quality
will remain heavily constrained by the still-strong competitive
challenges the combined group faces, along with a leveraged
balance sheet.

The companies are to combine through a reverse takeover of NTL
by Telewest Global.  The combined entity will have gross debt of
about GBP5.9 billion ($10.3 billion).  The merged entity's
lease-adjusted gross debt to EBITDA will be high, at about 4.9x
on a pro forma basis, including Flextech--Telewest's TV content
division.

The positive outlook is in line with that on NTL and reflects
Standard & Poor's view that credit improvement will depend upon
NTL's successful integration of Telewest, and subsequent
improvement in its business risk profile.  An upgrade could
result from sustained operational improvement, steady growth of
revenues, and free cash flow generation, leading to improved and
sustainable credit measures. This might prompt a higher rating,
although debt reduction from asset sales alone would not
necessarily result in an upgrade.  A sustained lack of revenue
growth or deterioration in operating performance or cash
generation could result in an outlook revision to stable.


TROMBE CONSERVATORIES: Names Kelmanson Partnership Administrator
----------------------------------------------------------------
John Kelmanson and Elias Panourou of The Kelmanson Partnership
were appointed joint administrators of Trombe Conservatories
Limited (Company Number 03014756) on Feb. 17.

Trombe Conservatories Ltd is engaged in designing and
constructing conservatories.  Its office is at 258 Belsize Road,
London NW6 4BT.  For more details, call 02073161849.

CONTACT:  THE KELMANSON PARTNERSHIP
          Avco House
          6 Albert Road
          Barnet
          Hertfordshire EN4 9SH
          Tel: 020 8441 2000
          Fax: 020 8441 3000
          E-mail: ep@kelpart.co.uk
                  tkp@kelpart.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
LVL Medical Group         LVLM.PA     (9)         105       (5)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892     (321)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (70)         489        2
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Drax Group Limited        DRX.L     (832)       2,353       84
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  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.


* Moody's Revises FSR Outlook of Three Lebanese Banks to 'D'
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
financial strength ratings (FSRs) of the three rated Lebanese
Banks' (BLOM Bank, Bank Audi, and Byblos Bank) to stable from
negative.  All deposit and debt ratings of these banks remain
unaffected by this rating action.

The negative outlooks have been in place since March 2005, when
Moody's downgraded all three banks' FSRs to "D" from "D+"
following a sovereign downgrade (to B3 from B2) triggered by
political turmoil and the negative impact that this had on both
the macro-economic environment and the country's financial
system.  Moody's notes that as a result of the central bank's
(Banque du Liban) effective monetary policy together with the
banks' strong core liquidity, the banking system was able to
weather the political shock and restore depositors' confidence.
In addition, the three banks' robust financial performance in
2005 as well as the additional equity they have recently raised,
has alleviated any rating pressure on their FSRs.

Although the banks continue to be heavily exposed to a low-rated
sovereign through government securities and CDs issued by the
central bank, Moody's takes comfort from their increasing
efforts to diversify their revenue base outside of Lebanon.  All
three rated banks appear to have strategies in place to expand
their banking operations, mainly in the MENA (Middle East &
North Africa) region, which is expected to gradually loosen
their interdependent relationship with the Lebanese government.
Despite the risks involved, a well-planned and meaningful
regional expansion will provide the banks with more investment
opportunities, while at the same time diversifying their income
streams away from the risky class of Lebanon-related debt.

Moody's also notes that in the meantime the future stability of
the Lebanese banking system will continue to rely to a great
degree on market and depositors' confidence, which in turn will
depend on how the political situation will evolve going forward.
Structural and economic reforms combined with a revival of the
country's business activity will provide support to the banks'
ratings, Moody's concludes.

BLOM Bank is headquartered in Beirut and had total assets of
LBP17,978 billion (US$11.9 billion) at the end of Dec. 2005.

Bank Audi is headquartered in Beirut and had total assets of
LBP17,308 billion (US$11.5 billion) at the end of Dec. 2005.

Byblos Bank is headquartered in Beirut and had total assets of
LBP11,420 billion (US$7.6 billion) at the end of Dec. 2005.


                            *********


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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