TCREUR_Public/060308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 8, 2006, Vol. 7, No. 48

                            Headlines

F I N L A N D

BENEFON OYJ: Dec. 31 Balance Sheet Upside-Down by EUR2.33 Mln


G E R M A N Y

AAREAL BANK: Fitch Affirms Individual Rating at C
HKU GROSSKUECHENTECHNIK: Court Begins Bankruptcy Proceedings
HOBA HEIZUNG: Court Stays Pending Proceedings
IGNIS-BRANDSCHUTZ: Registration of Claims Ends Today
INTERTAINMENT AG: Rudiger Baeres Resigns from Board

MAK BAUMANAGEMENT: Creditors' Meeting Slated for April 19
MWN GASTRO: Claims Filing Period Ends Today
NEW ENERGY: Court Appoints Provisional Administrator
PETER CROON: Court to Verify Claims on April 4
RAIMUND WAGNER: Saarbruecken Court Rules on Bankruptcy

RISTORANTE IL SORRISO: D. Wittkowski Leads Bankruptcy Process
STEFAN MAIER: Insolvency Report Out by Early May
STELLS-GMBH: Duisburg Court Starts Insolvency Procedure
TIM - GMBH: Creditors' Meeting Set on April 20
TS DIENSTLEISTUNG: Manuel Sack Takes Over Operations

TUNIT GMBH: Names Dr. Wolfgang Kohler Provisional Administrator
WASSERGARTEN DESSAU: Dessau Court Halts Pending Proceedings


I R E L A N D

ELAN CORP: Posts US$58.3 Million Fourth Quarter 2005 Net Loss


I T A L Y

SAFILO S.P.A.: Moody's Upgrades Corporate Family Rating to Ba3
TISCALI S.P.A.: Fitch Sustains CCC on Long-term IDR


K A Z A K H S T A N

KIVA AKTAU: Bankruptcy Proceedings Begin
KK DIDAR: Mangistau Court Opens Bankruptcy Proceedings
NIVA HOLDING: Creditors Have Until March 17 to Register Claims
NUR B: Court Begins Bankruptcy Proceedings in Akmola
SERVICE AUDIT: Creditors' Claims Due Next Week

ZERNOLUKS: Declared Bankrupt by Kostanai Court


K Y R G Y Z S T A N

GERMANY STAR: Sets Proofs of Claim Filing Deadline
MAK-ALTYN: Sets April 21 Claims Bar Date
TBM INTERNATIONAL: Insolvency Spells Dead End
VOSTOK PETROLIUM: Proofs of Claims Due Mid April


N E T H E R L A N D S

ROYAL SHELL: Buys Back 1 Million A Shares for Cancellation
VEKOMA INT'L: U.S. Bankruptcy Court Approves Chapter 15 Petition


P O L A N D

TVN S.A.: Revenue Growth Prompts Moody's Positive Outlook


R U S S I A

AGRO-PROM-DOR-STROY AKSUBAEVSKIY: Succumbs to Bankruptcy
AGRO-VET-SERVICE: Bankruptcy Supervision Procedure Begins
BALAKHTINSKOYE: Under Bankruptcy Supervision
ICE: Bashkortostan Court Brings In Insolvency Manager
KLIMOVO-AGRO-KHIMIYA: Claims Filing Period Ends March 28

MONTAZHNIK: Undergoes Bankruptcy Supervision Procedure
POVOLZHSKAYA: Names B. Andreev to Take Over Helm
PRIBOY: Deadline for Proofs of Claim Set on April 4
RAMONSKAYA: Declared Insolvent by Voronezh Court
SITRONICS FINANCE: Fitch Puts B- to US$200 Million Notes

URALSVYAZINFORM: Posts Preliminary 2005 Financial Results
ZARECHNOYE: Bankruptcy Hearing Set Next Month


S P A I N

BANKINTER 12: Fitch Junks Rating on EUR11.3 Mln Series E Notes


U K R A I N E

AVISAN: Declared Insolvent by Lviv Court
BORSHIV: Viktor Kapitonov Takes Over Operations
BUDSNABRESURS-K: Under Bankruptcy Supervision
KIYIVSKA: Bankruptcy Supervision Starts
TECHNO-TRADE: Succumbs to Bankruptcy

WESTERN EXPRESS: Yaroslav Onushkanich to Liquidate Assets


U N I T E D   K I N G D O M

786 CLOTHING: Fashion Retailer Succumbs to Bankruptcy
ABBOTT AUTOCHECK: Taps Portland Business to Administer Assets
ALUMA LTD: Wholesalers Begin Winding Up Proceedings
ASMEC ELECTRONIC: Administrators Take Over Helm
BERKELEY BERRY: Completes GBP2.4 Million Sale to Tenet Group

BRITISH AIRWAYS: February 2006 Traffic Statistics Up 3.6%
BRITISH AVIATION: US Bankruptcy Court Closes Sec. 304 Proceeding
CABLE & WIRELESS: Executive Director Buys 1 Million Shares
CABLE & WIRELESS: Employee Share Trustees Dispose of Shares
CHEYNE CREDIT: Fitch Assigns BB Rating to EUR30 Mln Class V Bond

CORUS GROUP: Fitch Affirms EUR800 Mln Senior Notes at B+
COUNTY AMBULANCE: Brings In Administrator From Crawfords
D2 CONTRACTS: Creditors Ratify Joint Liquidators' Appointment
DENBAR U.K.: Grooming Specialist Hires Administrator
ELITE ELECTRICAL: Taps Springfields to Administer Assets

EXEL SCAFFOLDING: Appoints Rothman Pantall Administrator
FLEECE LIMITED: Hires Elwell Watchorn Administrator
INTERPANE GLASS: Joint Administrators Enter Firm
J K BADMAN: Names Joint Administrators from BDO Stoy Hayward
KJM ACCESSORIES: Administrator from Sharma & Co Moves In

LINK ELECTRICAL: Bottomley & Co. to Administer Assets
MASSIVE RECORDS: Retailer Brings In Joint Administrators
MFI FURNITURE: Deutsche Bank Holds 7.01% Notifiable Equity Stake
MISYS PLC: Transfers 1,019 Shares to Scheme Participants
MORRIS SINGER: Liquidates Assets & Names Administrators

OPTEX LIMITED: Asher Miller Takes Over Operations
RANK GROUP: Cancels 1.6 Million Shares in Repurchase Program
RANK GROUP: Moody's Downgrades Debt Ratings to Ba2
RANK GROUP: Fitch Lowers Long-term IDR to BB-; Outlook Negative
RANK GROUP: S&P Lowers Rating To BB-/B with Stable Outlook

S. DA VINCI: Members Agree to Voluntary Liquidation
SEG LIMITED: Financial Woes Trigger Liquidation Proceedings
SPRAYS INTERNATIONAL: Manufacturer Names Joint Administrators
STRATFORDS OF NEWARK: Shoe Retailer Names Joint Administrators
SYREN LIMITED: Calls On Tenon Recovery to Administer Assets

TTL (2005): Joint Administrators Move In
ZETHICS LTD: Liquidator Sets March 27 Claims Bar Date

     **********

=============
F I N L A N D
=============


BENEFON OYJ: Dec. 31 Balance Sheet Upside-Down by EUR2.33 Mln
-------------------------------------------------------------
Benefon Oyj revealed its financial results for the 12-month
period ended Dec. 31, 2005.

Benefon Oyj reported a EUR3.191 million net loss on
EUR7.562 million of net sales for the twelve months ended Dec.
31, 2005, compared to an EUR8.758 million net income on EUR7.033
million of net sales for the twelve months ended Dec. 31, 2004.

At Dec. 31, 2005, Benefon Oyj's balance sheet showed EUR4.97
million in total assets and EUR7.30 million in total
liabilities, resulting in a EUR2.33 million stockholders'
deficit.

                        Financing

On Oct. 26, 2005, the company released an update to financial
projections for financial year 2005.  As emphasized in the
company's earlier communications, first projections released in  
late May 2005 were highly dependent on securing the financing  
plan and finalizing the new product development.  Due to
unexpected delays in realizing the financing plan, also new
product development was delayed correspondingly, which had
direct impact on sales during the last quarter.  The company
reacted to this information without delay and updated the
projections as soon as it appeared that due to extensive
preparations the realization of the financing solution was
likely to be delayed until early 2006.

The company announced on Oct. 27, 2005, that it had entered into
a manufacturing agreement for its new personal navigation phone
with China Putian.  At the same the company also entered into a
distribution agreement with China Putian International who will
distribute Benefon products and services to mobile operators,
retailers and enterprise customers in all of Mainland China.
Relating to the agreed manufacturing and distribution
cooperation, it was also agreed with China Putian to examine
potential for establishing a joint venture in China for
developing and producing Benefon GPS mobile phones and mobile
telematics service solutions by the end of April 2006.

The company raised in November and December 2005 additional
financing of approximately EUR934,000 by issuing a convertible
bond loan and from share subscriptions by virtue of issued
option rights.

On Dec. 22, 2005, the company published an update regarding the
status of prepared financing plan and anticipated financial
result for financial year 2005 based on latest information.

The finances of the company were strengthened during the
reporting period by means of:

   -- a licensing arrangement of R&D-deliverables;

   -- capital loans; and

   -- a convertible bond loan and option rights, with which the
      company received an additional financing of approximately
      EUR4.68 million.

The capital of the raised capital loans and the convertible bond
loan were used in full for set-off to subscribe for new shares
in the directed share issue of January 2006.

                      Reorganization Program

The Company signed an agreement in April 2005 with the
controller of the reorganization program and the main
collateralized creditors -- Finnvera, OKO and Sampo Bank -- to
revise the plan to conclude by June 30, 2005, instead of
Dec. 31, 2008.

The District Court of Turku approved the application in mid-June
last year.  According to the approved revision, the company
repaid all non-collateralized debts under the plan ahead of
schedule.  At the same time the non-collateralized creditors of
the Company were paid additional payments, which more than
doubled their proceeds under the program.

In June 2005, the Company paid approximately EUR1.1 million in
reorganization debts and additional payments.  At the same, the
plan controller withdrew the regression suits pending in the
Helsinki district court.  Furthermore, the company and the
collateralized creditors agreed that the latter will:

   -- waive all demands to all receivables from the Company; and

   -- release all collateral being held, provided that the
      agreed financial covenants are fulfilled but in any case
      at the latest on Sept. 30, 2008.

The amount of those receivables with accrued interest is
approximately EUR1.6 million, which amount has been booked as
income in the consolidated financial statements in accordance
with the IFRS- standards.  

                      Equity Financing

The company raised an equity loan of EUR1,200,000 arranged by
Benecap Limited to finance the payments required by the
agreement for early conclusion of the reorganization program.  
As part of the negotiated loan terms, the company issued a total
of 2,160,000 series 2004A option rights to the investors who had
provided the funds for the loan capital.  

A licensing arrangement for product development deliverables
with Benecap Limited was reported by the company on April 12,
2005.  The arrangement includes an option for Benefon to
purchase the license rights under pre-agreed terms.  According
to the terms of the licensing agreement, the company committed
to issue a maximum of 2,340,000 option rights Benefon 2004A to
be directed to investors delivering the funds needed to acquire
the licenses.  

As published on July 6, 2005, the company raised an equity loan
of EUR1,250,000 arranged by Benecep Limited in order to secure
the completion of the published new product program and
associated component purchases and to secure the financing
program currently in progress.  As part of the negotiated loan
terms, the company committed to grant a total of 2,500,000
option rights Benefon 2004A to investors providing the funds for
loan capital.

                       Executive Changes

On July 18, 2005, the company disclosed the appointment of
Jonathan Bate as the company's new chief executive officer.  
Former CEO Tomi Raita will take over as chief operating officer.  
Mr. Bate started his work as the CEO on Sept. 19, 2005.  The
extraordinary general meeting of Sept. 5, 2005, authorized the
Board to resolve about increase of share capital by means of a
new share issue pursuant to shareholders' pre-emptive rights,
which authorization was later cancelled by the extraordinary
general meeting on Jan. 31, 2006.

                        About Benefon Oyj

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions  
for saving lives, securing assets and improving field
management.  It applied for statutory corporate reorganization
with the court of first instance in Turku on April 24, 2003
after failing to get funding on time.  In June this year,
Benefon decided to end the reorganization program ahead of
schedule.  The decision of the Turku District Court became
legally enforceable on June 20, 2005 and the Company reported
after the end of the period on July 4, 2005 that in accordance
with the approved program amendment it had paid off all non-
collateralized debt.

At the same time, the Company also paid to non-collateralized
creditors of the Company additional payments, which more than
doubled the payments to the non-collateralized creditors
determined in the reorganization program.  It will launch a
directed share issue this month to secure sufficient long-term
financing to meet projected revenue and net income numbers.

Benefon is facing a patent suit filed against it by Magi.tel in
Rome, Italy.


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


AAREAL BANK: Fitch Affirms Individual Rating at C
-------------------------------------------------
Fitch Ratings affirmed Aareal Bank AG's ratings at Long-term
Issuer Default BBB+, Short-term F2, Individual C and Support 5.  
The Outlook remains Stable.  At the same time, the agency has
affirmed the ratings for Aareal Hypothekenbank AG at Long-term
Issuer Default BBB+, Short-term F2 and Support 2 and
simultaneously withdrawn them, as it no longer exists as a
separate legal entity.

Furthermore, Fitch also affirmed and withdrawn the AAA rating on
AarealHyp's outstanding mortgage and public sector Pfandbriefe
and assigned a AAA rating to the mortgage and public sector
Pfandbriefe of Aareal.  These Pfandbriefe were transferred
together with the corresponding cover assets to Aareal from
AarealHyp on March 3, 2006.

These rating actions follow the merger of AarealHyp into Aareal
Bank, which has become legally effective with the registration
into the commercial register on March 3, 2006.

Fitch's Financial Institutions Team's Sabine Bauer said,
"AarealHyp has so far already been an integral part of Aareal
group, given AarealHyp's previously strategic importance as
issuer of Pfandbriefe for Aareal and the existence of a profit
and loss transfer agreement,"

"The integration of AarealHyp into Aareal is a further step of
the optimization of its participation portfolio and contributes
to the group's reduction of complexity, which is part of
Aareal's strategic review process initiated by its new Chief
Executive Dr. Wolf Schumacher," she added.

The German Pfandbrief Act allows all German banks fulfilling
license criteria to issue Pfandbriefe and gives current covered
bond issuers the opportunity to pursue a wider range of business
activities.  In accordance with this, AarealHyp has been
integrated into Aareal's operations and its license to issue
covered bonds has been transferred to Aareal following the
German regulator BaFin's approval in November 2005.

Aareal is a property financing specialist, offering services to
international commercial investors and developers.  It offers
property lending, structured finance services, real estate asset
management and consulting services, mainly in the area of
property management.  Aareal was established in June 2002, when
the property financing business was spun off from DEPFA group
into a new, entirely separate entity.


HKU GROSSKUECHENTECHNIK: Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against HKU Grosskuechentechnik Fischer & Kulbach GmbH on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 10, 2006, to register their claims with court-appointed
provisional administrator Dr. Stephan Thiemann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 24, im
Gerichtsgebaude, Fuerstenstrasse 21, at 11:00 a.m. on
April 25, 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:  HKU GROSSKUECHENTECHNIK FISCHER & KULBACH GmbH
          Attn: Kurt Fischer, Manager
          Hauptstrasse 56b, 09661 Bockendorf Stadt Hainichen

          Dr. Stephan Thiemann, Administrator
          Leipziger Str. 62, 09113 Chemnitz
          Web: http://www.pluta.net/


HOBA HEIZUNG: Court Stays Pending Proceedings
---------------------------------------------
The District Court of Karlsruhe opened bankruptcy proceedings
against HOBA Heizung, Sanitar, Kundendienst GmbH 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 Karlsruhe, Schlossplatz 23,
76131 Karlsruhe, Saal IV/1 OG, at 9:00 a.m. on April 4, 2006, at
which time court-appointed provisional administrator Andreas
Fischer 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:  HOBA HEIZUNG, SANITAR, KUNDENDIENST GmbH
          Attn: Michael Baumann, Manager
          Christa Hofer, Manager
          Rudolf-Freytag-Str. 8, 76189 Karlsruhe

          Andreas Fischer, Administrator
          Kriegsstr. 25, 76133 Karlsruhe
          Tel: (0721) 9338060


IGNIS-BRANDSCHUTZ: Registration of Claims Ends Today
----------------------------------------------------
The District Court of Kleve opened bankruptcy proceedings
against IGNIS-Brandschutz GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until today, March 8, to register their
claims with court-appointed provisional administrator Heinrich
Stellmach.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Kleve, Schlossberg 1, 47533
Kleve, at 9:45 a.m. on March 23, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  IGNIS-BRANDSCHUTZ GmbH
          Gruenestrasse 144, 46446 Emmerich
          Attn: Melanie Gerstmann, Manager

          Heinrich Stellmach, Administrator
          Salierstr. 4, 46395 Bocholt


INTERTAINMENT AG: Rudiger Baeres Resigns from Board
---------------------------------------------------
Intertainment AG disclosed the resignation of Rudiger Baeres as
Chairman of the Company's Supervisory Board effective
immediately.  Mr. Baeres, which stepped down for personal
reasons, founded Intertainment in 1993 and took the company to
the stock exchange as Chairman of the Board of Management in
1999.  At the end of October 2004, he resigned as Chairman of
the Board of Management and moved to the Supervisory Board of
Intertainment AG.  He is the Company's largest shareholder.

A new member of the Supervisory Board will shortly be announced
to replace Mr. Baeres.

Headquartered in Munich, Germany, Intertainment Ag --
http://www.intertainment.de/-- has specialized in acquiring  
theatrical, video and television film rights with large
commercial potential, which it markets in Germany and in other
European countries (including Eastern Europe).  Among its
customers are the most important media enterprises.  At the same
time Intertainment also acquires the rights to commercialize
very viable films for the People's Republic of China, as this
huge market (with about 1.3 billion people) is currently
practically untapped but in the medium term will realize its big
potential.  Through its subsidiary Intertainment Animation &
Merchandising GmbH, it markets interesting cartoons as well as
commercially viable merchandising rights.

The Company declared insolvency in January 2006 after failing to
repay a EUR10 million loan to local bank HypoVereinsbank.


MAK BAUMANAGEMENT: Creditors' Meeting Slated for April 19
---------------------------------------------------------
The District Court of Potsdam opened bankruptcy proceedings
against MAK Baumanagement GmbH on Feb. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 24, 2006, to register their
claims with court-appointed provisional administrator Thomas
Krafft.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Potsdam, Nebenstelle
Lindenstrasse 6, 14467 Potsdam, Saal 301, at 1:15 p.m. on
April 19, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  MAK BAUMANAGEMENT GmbH
          Sebastian-Bach-Strasse 21 A, 14513 Teltow
          Attn: Petrik Meincke, Manager

          Thomas Krafft, Administrator
          Jagerallee 37 H, 14469 Potsdam


MWN GASTRO: Claims Filing Period Ends Today
-------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against MWN Gastro GmbH on Feb. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until today, to register their claims with court-
appointed provisional administrator Dr. Guenter Trutnau.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Zweigertstr 52,
45130 Essen, 2. OG, gelber Bereich, Saal 293, at 1:10 p.m. on
March 23, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  MWN GASTRO GmbH
          Laupendahler Landstr. 11, 45239 Essen
          Attn: Andrea Wiesmayr, Manager
          Faunastr. 2A, 44863 Bochum

          Dr. Guenter Trutnau, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Tel: (0201) 1095-3


NEW ENERGY: Court Appoints Provisional Administrator
----------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against new energy management solar GmbH on Feb. 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 4, 2006, to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 10:20
a.m., on March 23, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 10:05 a.m., on June 29, 2006, at the same venue.

CONTACT:  NEW ENERGY MANAGEMENT SOLAR GmbH
          Gradestr. 40,12347 Berlin
       
          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


PETER CROON: Court to Verify Claims on April 4
----------------------------------------------
The District Court of Saarbruecken opened bankruptcy proceedings
against Peter Croon GmbH & Co. KG on Feb. 8.  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 Saarbruecken,
Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13, at 10:50
a.m., on March 21, 2006, at which time the court appointed
provisional administrator Norbert Oberdiek will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 10:50
a.m., on April 4, 2006, at the same venue.

CONTACT:  PETER CROON GmbH & Co. KG
          Berliner Strasse 66, 66839 Schmelz

          Norbert Oberdiek, Administrator
          Merziger Str. 82, 66763 Dillingen
          Tel: 06831-768800
          Fax: 06831-7688087


RAIMUND WAGNER: Saarbruecken Court Rules on Bankruptcy
------------------------------------------------------
The District Court of Saarbruecken opened bankruptcy proceedings
against Raimund Wagner GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 15, 2006, to register their
claims with court-appointed provisional administrator Marc
Herbert.     

The court will verify the claims set out in the administrator's
report at 9:40 a.m., on April 12, 2006 at the District Court of
Saarbruecken, Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Raum
Saal 13.

CONTACT:  RAIMUND WAGNER GmbH
          Keltenweg 17, 66636 Tholey-Theley
          Attn: Roger Wagner, Manager

          Marc Herbert, Administrator
          Neikesstrasse 3, 66111 Saarbruecken
          Tel: 0681 375104
          Fax: 0681 36513


RISTORANTE IL SORRISO: D. Wittkowski Leads Bankruptcy Process
-------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against "Ristorante Il Sorriso" -
Beteiligungsgesellschaft mit beschrankter Haftung on Feb. 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 30, 2006,
to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II Stock Saal 218, at 11:50
a.m., on March 23, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 11:30 a.m., on June 29, 2006, at the same venue.

CONTACT:  "Ristorante Il Sorriso" - Beteiligung GmbH
          Kurfuerstenstr. 76,10787 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


STEFAN MAIER: Insolvency Report Out by Early May
------------------------------------------------
The District Court of Karlsruhe opened bankruptcy proceedings
against Stefan Maier und Guenter Rave GdbR on
Feb. 3.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 20, 2006, to register their claims with court-appointed
provisional administrator Dr. Helmut Hemmerling.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Karlsruhe, Schlossplatz 23,
76131 Karlsruhe, Saal IV/1 OG, at 10:00 a.m. on May 2, 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:  STEFAN MAIER UND GUENTER RAVE GdbR
          Hemrich 4, 75038 Oberderdingen

          Dr. Helmut Hemmerling, Administrator
          Talstr. 108, 70188 Stuttgart
          Tel: (0711) 168670


STELLS-GMBH: Duisburg Court Starts Insolvency Procedure
-------------------------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against Stells-GmbH on Feb. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 25, 2006, to register their claims
with court-appointed provisional administrator Dr. Andreas
Ropke.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Kardinal-Galen-
Strasse 124-130, 47058 Duisburg, II. Etage, Zimmer 205, at 9:00
a.m. on April 25, 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:  STELLS-GmbH
          Freihafen 4, 47138 Duisburg
          Attn: Irina Strelnikova, Manager
          Corellistr. 96, 40593 Duesseldorf

          Dr. Andreas Ropke, Administrator
          Dammstr. 26, 47119 Duisburg


TIM - GMBH: Creditors' Meeting Set on April 20
----------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against TIM - GmbH on Feb. 1.  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 Bernward Widera.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 28,
Fuerstenstrasse 21, at 10:00 a.m. on April 20, 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:  TIM - GmbH
          Attn: Annett Braun, Manager
          August-Bebel-Strasse 105, 08393 Meerane

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau


TS DIENSTLEISTUNG: Manuel Sack Takes Over Operations
----------------------------------------------------
The District Court of Hannover opened bankruptcy proceedings
against TS Dienstleistung und Verwaltung Limited on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 13, 2006,
to register their claims with court-appointed provisional
administrator Manuel Sack.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hannover, Saal 226,
Hamburger Allee 26, 30161 Hannover, at 2:00 p.m. on April 12,
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:  TS DIENSTLEISTUNG UND VERWALTUNG LIMITED
          Helmkestr. 5B, 30165 Hannover
          Attn: Peter Schmitt, Manager

          Manuel Sack, Administrator
          Theaterstr. 3, 30159 Hannover
          Tel: 0511 36602-0
          Fax: 0511 36602-55


TUNIT GMBH: Names Dr. Wolfgang Kohler Provisional Administrator
---------------------------------------------------------------
The District Court of Paderborn opened bankruptcy proceedings
against Tunit GmbH & Co. KG on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 17, 2006, to register their
claims with court-appointed provisional administrator Dr.
Wolfgang Kohler.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Paderborn, Bogen 2-4, 33098
Paderborn, II Etage, Saal 216, at 9:20 a.m. on April 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 during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  TUNIT GmbH & Co. KG
          Erwitter Strasse 157, 59557 Lippstadt
          Attn: Marcus Kasting, Manager
          Armand Schulz, Manager

          Dr. Wolfgang Kohler, Administrator
          Marktstrasse 22, 59555 Lippstadt
          Tel: 02941/979850
          Fax: 02941/979870


WASSERGARTEN DESSAU: Dessau Court Halts Pending Proceedings
-----------------------------------------------------------
The District Court of Dessau opened bankruptcy proceedings
against Wassergarten Dessau GmbH Fachzentrum fuer
Gartenteichgestaltung und Aquaristik on Feb. 3.  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 Dessau, Willy-Lohmann-Str.
33, Saal 123, at 11:35 a.m. on April 4, 2006, at which time the
court appointed provisional administrator Michael Schoor 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:  WASSERGARTEN DESSAU GmbH FACHZENTRUM FUER
          GARTENTEICHGESTALTUNG UND AQUARISTIK
          Ruhrstrasse 30, 06846 Dessau
          Attn: Hans Barth, Manager
       
          Michael Schoor, Administrator
          Schorlemmerstrasse 2, 04155 Leipzig
          Tel: 0341/4903650
          Fax: 0341/4903699


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


ELAN CORP: Posts US$58.3 Million Fourth Quarter 2005 Net Loss
-------------------------------------------------------------
Elan Corporation, Plc, reported its fourth quarter and full-year
2005 financial results and provided guidance for its financial
outlook for 2006, on Jan. 31.

                            Net Loss

The net loss for the fourth quarter of 2005 amounted to
$58.3 million, a decrease of 46% over the $107.1 million
reported in the same quarter of 2004.  The decrease in net loss
is principally due to strong growth in product revenue and
operating margins in the core business.  These improvements in
operating results were offset by reduced contract revenue and
reduced aggregate gains on the disposal of businesses and
investments.

For the full-year 2005, the net loss decreased by 3% to $383.6
million from $394.7 million for the full-year 2004.  Product
revenue from the core businesses grew by 34%, more than
compensating for the loss of revenue from products divested in
2004 and reduced contract revenue.  Research and development and
selling and general administration expenses taken together were
flat in 2005 over 2004, despite increased investments in
Tysabri(TM) and the Alzheimer's programs, reflecting ongoing
cost containment initiatives and the re-allocation of resources.

                      Adjusted EBITDA

Negative Adjusted EBITDA was $20.2 million in the fourth quarter
of 2005, compared to $80.4 million in the fourth quarter of
2004, an improvement of 75%, and included negative Adjusted
EBITDA of $28.9 million related to Tysabri (2004: $49.3
million).  The improvement in negative Adjusted EBITDA related
to Tysabri reflects the initial launch of Tysabri during the
fourth quarter of 2004, the subsequent voluntary suspension of
Tysabri in the first quarter of 2005, and reduced spending on
both research and development and commercial activities
following the completion of a number of clinical trials during
2005.  Adjusted EBITDA for the rest of the business, excluding
costs related to Tysabri, was positive $8.7 million in the
fourth quarter of 2005 (2004: negative $31.1 million).  The
improvement in Adjusted EBITDA from the rest of the business
reflects the strong growth in product revenues and operating
margins, partially offset by reduced contract revenues.

For the full-year 2005, negative Adjusted EBITDA was $216.9
million, an increase of 7% from $203.2 million in 2004 and
included negative Adjusted EBITDA of $163.9 million related to
Tysabri (2004: $119.5 million).  Adjusted EBITDA for the rest of
the business, excluding Tysabri, was negative $53.0 million in
the full-year 2005, an improvement of 32% from the $83.7 million
recorded in the full-year 2004.  This improvement reflects the
growth of product revenues and improved operating margins from
the core business, more than offsetting the loss of revenue and
profits from products divested during 2004 and reduced contract
revenue.

Negative Adjusted EBITDA related to Tysabri increased to $163.9
million for the full-year 2005 from $119.5 million for the full-
year 2004.  This reflects the costs of the initial launch of
Tysabri in the fourth quarter of 2004, the voluntary suspension
of Tysabri in February 2005 and the subsequent safety
evaluation, together with the costs of keeping the commercial
infrastructure in place in anticipation of the potential re-
marketing of Tysabri in 2006.

Revenue

Total revenue increased 13% to $140.4 million in the fourth
quarter of 2005 from $123.8 million in the fourth quarter of
2004.  For the full-year, total revenue increased by 2% to
$490.3 million for 2005 from $481.7 million for 2004.  Revenue
is analyzed below between product revenue generated from the
core business, revenue arising from products that have been
divested and contract revenue.

At Dec. 31, 2005, Elan's balance sheet showed US$2.34 million in
total assets, US$2.32 million in total liabilities and US$16.9
million in stockholders' equity.

A full copy of its financial results is available free of charge
at http://bankrupt.com/misc/ElanResults.htm  

Kelly Martin, Elan's president and chief executive officer,
said, "2005 was a year of unexpected challenges, business
opportunity and scientific progress.  Operating and financial
discipline combined with selective investments in our science
and technology allowed us to make advancements in all areas of
the company.  Progress towards the potential re-marketing of
Tysabri, further developments in the immunotherapeutic program
for Alzheimer's and growth within our Drug Technology business
further demonstrate our commitment to delivering tangible
results through a relentless focus on the execution of our
plans."

Mr. Martin added, "For 2006, we will continue to focus on making
measurable progress in our science, technology and commercial
activities. Such focus, discipline and alignment will enable us
to deliver benefits to patients, shareholders and our
employees."

Commenting on Elan's fourth quarter and year-end 2005 financial
results, Shane Cooke, executive vice president and chief
financial officer, said, "Back in February 2005, when we
voluntarily suspended the marketing of Tysabri, we set a target
of getting the rest of the business to breakeven on an EBITDA
basis by the end of 2005 while not compromising revenue growth
or the progress of our pipeline through the clinic.  We are
pleased to report that we achieved this target, an important
step in our return to profitability.  Product revenue in the
fourth quarter of 2005 grew by 30% over last year and reduced
costs have led to improved operating margins and a reduction in
net losses of 46% to $58.3 million while retaining cash balances
in excess of $1 billion."

Mr. Cooke added, "We are well positioned to re-market Tysabri
and the progress we have made in improving our operating
leverage will accelerate our return to profitability."

                           About Elan

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a   
neuroscience-based biotechnology company.   Elan shares trade on
the New York, London and Dublin Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


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


SAFILO S.P.A.: Moody's Upgrades Corporate Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Safilo S.p.A. and the senior secured facility to Ba3
from B3 and the senior unsecured rating on the notes issued by
Safilo Capital International SA to B2 from Caa2.  

The ratings action conclude the review for possible upgrade
initiated on the 8th of November 2005 and was prompted by the
completion of the company's IPO according to plan, the
relatively stable operating performance over recent months, the
debt reduction that followed the IPO and the anticipation that
the credit metrics, in particular leverage, will remain
relatively strong going forward.  The outlook on all ratings is
stable.

In December 2005, Safilo concluded its IPO on the Italian Stock
Exchange.  Overall proceeds of EUR 306.2 million, net of listing
fees, have been utilized to reduce indebtedness by repaying part
of the existing EUR 650 million facilities for EUR 179.6 million
and by repaying 35% of the EUR 300 million senior subordinated
notes in January 2006 that today stands at EUR 195 million.  In
addition, Safilo is currently negotiating with banks its senior
facility and the company, expect to sign a new facility over the
next few months.  Moody's would expect the new facility to
provide adequate headroom under any potential covenants.

During its review Moody's also assessed the company's recent
performance in the context of Safilo's long history as a leader
in the global wholesale eyewear market, particularly in the
premium brand segment, the Group geographic and product
diversification of revenues and cash flows, particularly its
prescription frames business which provides some stability to
its business plan and management's track record of organically
growing the business.  During FYE December 2005 revenues across
all businesses grew by 8.5% compared to previous year, helped
mainly by the growth in the license business (+12.2%) and in the
Far East (+20%) although the region still represent a small
portion of the business.  In terms of operating margins,
however, Moody's would expect relatively stable margins for the
full year 2005 compared to 2004.

In addition Moody's recognizes that Safilo is focusing on a
restructuring program aimed at cutting cost and increase
efficiency by means of workforce reduction and decrease in time
to market to reduce inventory levels.  While this is expected to
have a positive impact on current operating margin and cash
flows generation over the intermediate term, according to
Moody's, the company still has to prove successful in
implementing the cost reduction plan and manage capacity and
inventory levels at time of strong competition in the market.

The ratings reflect also Moody's concerns over revenue growth
visibility due to both the volatility of the fashion and luxury
goods market and Safilo's exposure to a portfolio of license
brands that represent approximately 80% of overall revenues,
further enhanced by the recent loss of the Polo Ralph Lauren
brand that represented approximately 10% of Group revenues and
the loss of Burberry during 2005.  This risk, however, is
partially mitigated by Safilo broad portfolio of brands and
geographic diversification, the recent extension of key licenses
including Dior, Gucci and Giorgio Armani and the signing of a
new license with Hugo Boss in November 2005 that starting from
January 2007 should partially compensate from the loss of Polo
Ralph Lauren that will expire at the end of 2006.

Moody's also notes that Safilo remains exposed to significant
swing in working capital movements during the year due to the
seasonality of the business and to negative movements in the
Euro-US dollar exchange rate.  In addition Moody's would expect
the company to maintain a sustained level of investments going
forward in order to preserve its focus on product quality and
innovative designs.  Furthermore, following years of investments
in the European wholesale distribution business, Safilo is
expected to expand the Solstice retail chain in the US by
increasing the number of stores from the current 54 to
approximately 150 within three years.  Although the luxury chain
enjoys high operating margins and overall investments are
expected to be limited, it will take time before new opened
stores will contribute to Group's EBITDA, weighing in some
measure on Safilo cash generation over the short term.

Following the debt repayment through the IPO proceeds, Safilo's
leverage improved significantly and improving cash flows from
operations and lower interest payments going forward are also
expected to facilitate moderate FCF generation over the coming
years.  Moody's would expect the company to maintain a total
adjusted debt (including 6x leases and pension liabilities) over
EBITDAR at around 3.0x and an adjusted RCF over net adjusted
debt around 15% going forward.

The rating or the outlook could improve if Safilo were to
sustainably demonstrate a combination of predictable revenue
growth, strengthening operating margins and stable free cash
flow generation resulting in stronger credit metrics.  Moody's
however notes that the current size of the company and the
expected volatility in profitability due to the exposure to the
luxury segment necessitate of stronger credit metrics on average
but upward pressure would exist in the case leverage decreases
towards the 2.5x and RCF over adjusted debt increases around
20%.  Moody's would also expect Safilo to be successful in
replace the revenue lost following the expiration in December
2006 of the Polo license

The ratings or the outlook could be revised downwards in the
event of deteriorating operating margins that would result in
compressed cash flows generation and increasing leverage.  
Moody's will also monitor working capital management and the
liquidity profile of the company following the ongoing
renegotiation of the bank facility.

The stable outlook reflects Moody's opinion that the company is
well positioned within the rating category, underpinned by
continued demand for its products especially in the stable
prescription frames business, expected improvement in cash flow
generation and a generally favorable outlook for the industry.  
Moody's would also expect moderate operating margins improvement
going forward and a successful renegotiation of the bank
facility.

Ratings affected:

   -- Corporate Family rating of Safilo SpA upgraded to Ba3 from
      B3;

   -- EUR352.6 million Senior Secured credit facilities due 2011
      rating upgraded to Ba3 from B3; and

   -- 9.625% EUR195.0 million Senior Notes issued by Safilo
      Capital International SA due 2013 rating upgraded to B2
      from Caa2.

The outlook on all ratings is stable.

Based in Padua, Italy, Safilo is the world's second largest
wholesale eyewear producer and is the worldwide leader in the
premium eyewear market segment.  For the financial YE December
2005, Safilo generated revenues of EUR1,025.3 million.  


TISCALI S.P.A.: Fitch Sustains CCC on Long-term IDR
---------------------------------------------------
Fitch Ratings sustained Italy-based Tiscali S.p.A.'s Long-term
Issuer Default Rating at CCC with Stable Outlook.  Tiscali's
Short-term rating is downgraded to C from B to be in line with
the CCC IDR.  At the same time, the agency affirmed Tiscali
Finance SA's EUR209 million guaranteed notes at B-/RR2.  

Director in Fitch's European Leveraged Finance team, Stefano
Podesta said, "Tiscali continued to expand sales and profits in
2005.  However, even after having refocused resources on three
core markets, their cash flow burn rate is not sustainable
unless the company secures material new funding in the next few
months."

"Albeit the company probably retains more financial flexibility
than what is implied by EUR30 million of cash available on
balance sheet at December 2005, Tiscali will have to act
rapidly.  We expect significant news from Tommaso Pompei, the
new CEO, when he presents his business plan next April," he
added.

The RR2 recovery rating assigned to Tiscali Finance's guaranteed
notes due in September 2006, which are subordinated to both the
Silverpoint's senior secured loan and to the mortgage on
Tiscali's head office in Sardinia, reflects Fitch's view that
even in a scenario of financial distress, the ultimate recovery
rate should comfortably exceed 70% of face value.

Tiscali's reported sales from ongoing operations of
approximately EUR739 million in FY05 were 13% up on FY04, while
reported EBITDA of approximately EUR117 million was 51% up on
FY04.  

Notwithstanding this significant increase in profitability,
after capital expenditures of EUR156 million, reduced working
capital of EUR37.5 million plus interest expenses of EUR28
million, Tiscali had negative cash flow generation in excess of
EUR106 million during the year.

Italy-based Tiscali is of Europe's major internet service
providers with 1.7 million broadband subscribers and
approximately 3.0 million dial-up customers as of December 2005.
After executing a very significant disposal plan over the past
two years, Tiscali has refocused operations from 15 countries to
three core markets: the UK, The Netherlands and Italy.


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


KIVA AKTAU: Bankruptcy Proceedings Begin
----------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region commenced bankruptcy proceedings against LLP Kiva Aktau
on Jan. 6, 2006, Aktau, micro district 27, 51.  

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          MANGISTAU REGION
          Phone: 8 (3292) 41-22-37


KK DIDAR: Mangistau Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region commenced bankruptcy proceedings against LLP KK Didar on
Jan. 9, 2006, Aktau, micro district 27, 51.  

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          MANGISTAU REGION
          Phone: 8 (3292) 41-22-37


NIVA HOLDING: Creditors Have Until March 17 to Register Claims
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Niva Holding bankrupt on Dec. 29, 2005.  Proofs of
claim will be accepted at Kostanai, Gogol Str. 177a until
March 17, 2006.

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


NUR B: Court Begins Bankruptcy Proceedings in Akmola
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
commenced bankruptcy proceedings against LLP NUR B on Jan. 9,
2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          AKMOLA REGION
          Akmola region, Kokshetau, 8 Marta Str. 89-48


SERVICE AUDIT: Creditor's Claims Due Next Week
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Service Audit bankrupt on Dec. 29, 2005.  Proofs of
claim will be accepted at Kostanai, Gogol Str. 177a until
March 17, 2006.

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


ZERNOLUKS: Declared Bankrupt by Kostanai Court
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
LLP Zernoluks bankrupt on Dec. 29, 2005.  Proofs of claim will
be accepted at Kostanai, Gogol Str. 177a until March 17, 2006.

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


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


GERMANY STAR: Sets Proofs of Claim Filing Deadline
--------------------------------------------------
LLC GERMANY STAR has declared insolvency.  Proofs of claim will
be accepted at Bishkek, micro district Djal-23 29-50 on or
before April 21, 2006

The company can be contacted at (+996 312) 23 29-50.


MAK-ALTYN: Sets April 21 Claims Bar Date
----------------------------------------
LLC Mak-Altyn has declared insolvency.  Proofs of claim will be
accepted at Bishkek, Kulatova  Str. 8 on or before April 21,
2006.

The company can be contacted at (+996 312) 65-44-01


TBM INTERNATIONAL: Insolvency Spells Dead End
---------------------------------------------
LLC TBM International Transport Co. has declared insolvency.  
Proofs of claim will be accepted at Bishkek, Umetalieva Str. 81-
60 on or before April 20, 2006

The company can be contacted at (+996 312) 24-39-07 or (0-502)
74-23-33.


VOSTOK PETROLIUM: Proofs of Claims Due Mid April
------------------------------------------------
LLC Vostok Petrolium Azia has declared insolvency.  Proofs of
claim will be accepted at Bishkek, Sovetskaya Str. 170 on or
before April 20, 2006

CONTACT:  VOSTOK PETROLIUM AZIA
          Bishkek, Sovetskaya Str. 170


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


ROYAL SHELL: Buys Back 1 Million A Shares for Cancellation
----------------------------------------------------------
Royal Dutch Shell plc purchased 800,000 'A' Shares on March 6,
for cancellation at a price of 25.87 euros per share.

In addition, it purchased 200,000 'A' Shares for cancellation at
a price of 1,775.68 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,910,325,000.

As of that date, 2006 2,759,360,000 'B' Shares of Royal Dutch
Shell plc were in issue.

                           *     *     *

In 2005, Shell returned US$5 billion to shareholders via market
purchases of shares.  This target included shares purchased for
cancellation by The Shell Transport and Trading Company PLC and
Royal Dutch Petroleum Company prior to the Group unification of
US$500 million.  The Company expected to continue its buyback
program in 2006.

Shell's buyback scheme was aimed at reviving shareholders' and
investors' confidence.  The buyback program followed last year's
damaging reserves overestimation scandal.

                        About the Company

Headquartered in The Hague and incorporated in England and
Wales, Royal Dutch Shell PLC -- http://www.shell.com/-- has  
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.  The
company is listed on the London, Amsterdam, and New York stock
exchanges.

                  Overstatement of Reserves

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February last year.  This led
to the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of 2004.


VEKOMA INT'L: U.S. Bankruptcy Court Approves Chapter 15 Petition
----------------------------------------------------------------
The Hon. Leif M. Clark of the U.S. Bankruptcy Court for the
Western District of Texas approved on March 2, the chapter 15
petition filed by Philip Willem Schreurs, in his capacity as
foreign representative for Vekoma International B.V. and its
debtor-affiliates.  

Mr. Schreurs filed the petition on Feb. 3, 2006 (Bankr. W.D.
Tex. Case No. 06-50151), to enjoin U.S. creditors from
commencing, continuing or enforcing any action against the
Debtors' estates, or otherwise disrupting the Debtors'
liquidation proceedings pending in the District Court of
Reormond in The Netherlands.

On Aug. 24, 2001, the Roermond Court entered an order requiring
the liquidation of the Debtors and appointing Mr. Schreurs as
curator, the Dutch equivalent of a chapter 7 trustee, in the
foreign proceedings.

                     Pending Lawsuit

Two of the Debtors, Vekoma International B.V. and Vekoma
Manufacturing B.V., along with San Antonio Theme Park, L.P., dba
Six Flags Fiesta Texas, were named as defendants in a personal
injury lawsuit filed by Rachelle Johnson and pending in the
District Court of Bexar County in Texas (Case No. 2001-CI-
08337).  

Subsequently, Six Flags filed a cross-claim against the Vekoma
Debtors seeking recovery based upon theories of:

   -- contractual indemnity;
   -- common law indemnity;
   -- statutory indemnity; and
   -- statutory contribution.

On Jan. 18, 2006, a judgment was signed on the Johnson case
granting relief in favor of Six Flags and against the Debtors.  

D. Ronald Reneker, Esq., of Craddock Reneker & Davis, LLP,
disclosed that Mr. Schreurs is continuing with the
administration of the bankruptcy estates of the Debtors and no
distribution has been made to unsecured creditors.

Chapter 15 of the U.S. Bankruptcy Code, which replaced Section
304 petition and became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-US proceedings
might obtain relief, including injunctive relief, in the United
States, expands the powers of US Bankruptcy Courts, and enhances
the rights of both US and non-US creditors.  

Headquartered in The Netherlands, Vekoma International B.V.,
manufactured and sold roller coasters, high thrill rides, and
family rides that are used in amusement parks throughout the
world.  Its affiliates include Vekoma Manufacturing B.V.,
Constructiebedrijf Gebroeders Muurmans B.V., Transquest B.V.,
Muurmans Beheer BV, Vekoma Onroerend Goed B.V., and Vekoma
Technology B.V.  D. Ronald Reneker, Esq., of Craddock Reneker &
Davis, LLP, represents Mr. Schreurs.  As of Feb. 3, 2006, the
Debtors estimate between US$50,000 to US$100,000 in assets and
US$10 million to $50 million in liabilities.


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


TVN S.A.: Revenue Growth Prompts Moody's Positive Outlook
---------------------------------------------------------
Moody's Investors Service changed the outlook of TVN S.A. to
positive from stable.  The change in outlook reflects TVN's
strong operational performance over the past year evidenced by
year-on-year revenue growth of 20% and an Adjusted EBITDA margin
improvement of 5% to 34%.  This has resulted in a significant
enhancement in the company's credit metrics e.g. Adjusted Total
Debt to Adjusted EBITDAR has improved from 4.7x to 3.5x over the
past year, whilst Adjusted Retained Cash Flow to Net Adjusted
Debt has increased from 7.4% to 8.8% over the same period.

The significant improvement in revenues primarily reflects
increased advertising revenues (due to increases in volume
combined with average prices increases), increased call
television revenues and increased subscription revenues.  The
EBITDA margin also improved substantially over the period,
primarily because programming costs only increased by 9.9% over
the year, whilst prime time audience share strengthened.  We
note, however, that the improvement in net profit was less
marked since the 2004 accounts benefited from significant
favorable foreign exchanges movements.

Apart from TVN's financial improvements the ratings continue to
positively reflect TVN's leading position in the Polish
broadcasting market, the company's solid advertising share in
its key target group and our expectation of high advertising
spend growth in the Polish market.

The ratings continue to be constrained, however, by the highly
competitive environment that characterizes the Polish TV
broadcasting market, the company's exposure to foreign exchange
movements (primarily the euro: Polish Zloty rate), the company's
dependence on the Polish market and the expectation of continued
investment in new channels.  Furthermore, the ratings continue
to factor in the majority ownership of the ITI Group, and the
potential for cash leakage from TVN to the ITI Group given its
weak financial profile (as evidenced by the company's share
buyback scheme which is being used to reduce the ITI Group's
obligations to TVN under the ITI receivable).

Liquidity is viewed as adequate given the company's operating
cash flow generation and its cash balances (of PLN80 million as
at 31 December 2005), combined with limited debt amortization
until the maturity of the senior notes in 2013.  In addition,
the company has access to a US$17 million multi-currency senior
secured credit facility, which was principally unused at the end
of December 2005.

The positive outlook reflects Moody's view that the ratings are
strongly positioned in the ratings category.  There would be
further upward pressure on the ratings in the event that the
company's operational performance remains solid and results in a
further improvement in its operating cash flow, such that its
Adjusted Retained Cash Flow to Net Adjusted Debt approaches 10%,
whilst maintaining a stable investment policy.  Moreover, the
notching between the notes and the corporate family rating could
be eliminated in the event that the company continues to operate
well within the flexibility afforded it under the notes
indenture for secured debt incurrence.

Whilst considered unlikely at this juncture, there could be
downward pressure on the ratings in the event that the company
altered its dividend/share buyback policy or invested more than
anticipated in new ventures and acquisitions and this resulted
in the company becoming free cash flow negative.

Affected ratings include the following:

TVN S.A.

   -- Corporate family rating of B1

TVN Finance Corporation plc

   -- B2 rating of the senior unsecured notes due 2013

The outlook for all ratings is positive.

Registered in Poland, TVN S.A.  is a leading television
broadcaster in Poland and a part of ITI Group.  TVN and its
subsidiaries own and operate eight television channels
(including TVN, TVN 7 and TV 24).  For the year ended Dec. 31,
2005, the company reported revenues of approximately PLN860
million.


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

AGRO-PROM-DOR-STROY AKSUBAEVSKIY: Succumbs to Bankruptcy
--------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Agro-Prom-Dor-Stroy Aksubaevskiy after
finding the open joint stock company insolvent.  The case is
docketed as A65-16267/2005-SG4-31.  Mr. V. Semenov has been
appointed insolvency manager.  Creditors have until March 28,
2006, to submit their proofs of claim to 420021, Russia,
Tatarstan republic, Kazan, Post User Box 364.

CONTACT:  AGRO-PROM-DOR-STROY AKSUBAEVSKIY
          423040, Russia, Tatarstan republic,
          Aksubaevskiy region, Aksubaevo, Sulcha Str. 80

          V. SEMENOV
          Insolvency Manager
          420021, Russia, Tatarstan republic,
          Kazan, Post User Box 364


AGRO-VET-SERVICE: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision on close joint stock company Agro-Vet-Service.  The
case is docketed as A40-78499/05-44-191B.  Mr. M. Chekrygin has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

  (a) AGRO-VET-SERVICE
      113149, Russia, Moscow region,
      Azovskaya Str. 17, Building 2

  (b) Temporary Insolvency Manager
      121614, Russia, Moscow region,
      Post User Box 82

A hearing will take place on May 23, 2006, 11:00 a.m. at the
Arbitration Court of Moscow region, hall 773.


BALAKHTINSKOYE: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision on close joint stock company
Balakhtinskoye.  The case is docketed as A33-31604/2005.  Mr. V.
Lebedev has been appointed temporary insolvency manager.  A
hearing will take place on April 21, 2006.

CONTACT:  BALAKHTINSKOYE
          662342, Russia, Krasnoyarsk region, Balakhtinskiy
          region, Chistoye Pole, Lenina Str. 1

          V. LEBEDEV
          Temporary Insolvency Manager
          662521, Russia, Krasnoyarsk region,
          Berezovskiy region, Berezovka, Post User Box 4


ICE: Bashkortostan Court Brings In Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Ice (TIN 0277056275) after
finding the limited liability company insolvent.  The case is
docketed as A07-50266/05-G/ADM.  Ms. N. Markova has been
appointed insolvency manager.  

CONTACT:  N. MARKOVA
          Insolvency Manager
          450005, Russia, Bashkortostan republic,
          Ufa, Parkhomenko Str. 99

          ARBITRATION COURT OF BASHKORTOSTAN REPUBLIC
          450057, Russia, Bashkortostan republic, Ufa,
          Oktyabrskoy Revolyutsii Str. 63A


KLIMOVO-AGRO-KHIMIYA: Claims Filing Period Ends March 28
--------------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Klimovo-Agro-Khimiya (TIN 3216000182) after
finding the open joint stock company insolvent.  The case is
docketed as A09-2655/05-27.  Mr. A. Leonov has been appointed
insolvency manager.  Creditors have until March 28, 2006, to
submit their proofs of claim to 248000, Russia, Kaluga, Post
User Box 29 and at the Arbitration Court of Bryansk region.

CONTACT:  KLIMOVO-AGRO-KHIMIYA
          243040, Russia, Bryansk region,
          Klimovo, Bryanskaya Str. 51

          A. LEONOV
          Insolvency Manager
          248000, Russia, Kaluga region,
          Post User Box 29


MONTAZHNIK: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya republic has
commenced bankruptcy supervision on open joint stock company
Montazhnik.  The case is docketed as A20-10049/2005.  Mr. A.
Popov has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to Russia, Kabardino-
Balkariya republic, Nalchik, Lermontova Str. 54/203.

CONTACT:  MONTAZHNIK
          361000, Russia, Kabardino-Balkariya republic,
          Prokhladnyj, Promyshlennaya Str. 90

          A. POPOV
          Temporary Insolvency Manager
          Russia, Kabardino-Balkariya republic,
          Nalchik, Lermontova Str. 54/203


POVOLZHSKAYA: Names B. Andreev to Take Over Helm
------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Povolzhskaya after finding the
leasing company insolvent.  The case is docketed as A79-
16062/2005.  Mr. B. Andreev has been appointed insolvency
manager.

CONTACT:  POVOLZHSKAYA
          428000, Russia, Chuvashiya republic,
          Cheboksary, Dezhneva Str. 6

          B. ANDREEV
          Insolvency Manager
          428036, Russia, Chuvashiya republic,
          Cheboksary-36, Post User Box 36


PRIBOY: Deadline for Proofs of Claim Set on April 4
---------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision on close joint stock company Priboy.  The case is
docketed as A40-71020/05-73-175B.  Mr. I. Vasilenko has been
appointed temporary insolvency manager.

Creditors have until April 4, 2006, to submit their proofs of
claim to 142190, Russia, Moscow region, Troitsk, Sirenevyj
Avenue, 15, Post User Box 2.  A hearing will take place on
May 16, 2006.

CONTACT:  PRIBOY
          129282, Russia, Moscow region,
          Polyarnaya Str. 54, Room 4

          I. VASILENKO
          Temporary Insolvency Manager
          142190, Russia, Moscow region, Troitsk,
          Sirenevyj Avenue, 15, Post User Box 2


RAMONSKAYA: Declared Insolvent by Voronezh Court
------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Ramonskaya after finding the close joint
stock company insolvent.  The case is docketed as A14-19994/2005
166/16b.  Mr. D. Blagonravov has been appointed insolvency
manager.  Creditors have until March 28, 2006, to submit their
proofs of claim to Russia, Voronezh region, Srednemoskovskaya
Str. 6a.

CONTACT:  RAMONSKAYA
          Russia, Voronezh region,
          Ramon, 50 Let VLKSM Str. 71

          D. BLAGONRAVOV
          Insolvency Manager
          Russia, Voronezh region,
          Srednemoskovskaya Str. 6a


SITRONICS FINANCE: Fitch Puts B- to US$200 Million Notes
--------------------------------------------------------
Fitch Ratings assigned final B- rating to Sitronics Finance
S.A.'s USD200 million 7.875% notes due 2009.  The notes are
guaranteed unconditionally and irrevocably by Concern Sitronics
JSC.  The final rating concurs with the expected rating assigned
on Feb. 14 as there are no material changes in the final bond
documentation versus the draft presented to Fitch.

Sitronics is the largest technology company in Russia and CIS
and a niche player in the world market.  It has four major
divisions: infocommunications, specializing in telecom equipment
and software; microelectronic components; consumer electronics
and IT.


URALSVYAZINFORM: Posts Preliminary 2005 Financial Results
---------------------------------------------------------
Uralsvyazinform, the largest fixed-line and mobile services
carrier in the Urals region, presents its preliminary unaudited
financial and operational results for 2005 prepared under
Russian Accounting Standards.

Due to the consolidation of subsidiaries into parent
Uralsvyazinform that took place on June 30, 2005, the financial
statements of OAO Uralsvyazinform as of 2005 under Russian
Accounting Standards comprise the rights, liabilities and
results of:

   -- ZAO Ermak RMS
   -- OOO Yuzhno-Uralsky Sotovy Telefon
   -- ZAO Tyumenruscom (mobile businesses)
   -- OOO Uralcom, and
   -- ZAO VSNET (data transmission),

all of which were presented as of the first half of 2005.

Revenues increased by 26% over 2004.  Further subscriber
additions, both in fixed-line and GSM, increased local rates
(monthly subscription fees for local services), revenue gains
from new services (broadband internet, intelligent networks,
cable TV), and growth of DLD/ILD traffic were the main growth
drivers.

OIBDA (Operating Income Before Depreciation and Amortization)
was up 20% on 2004.  As of 2005, OIBDA margin was 34% while
operating margin declined to 25%.  Higher expenditure is due to
the expenses of consolidated subsidiaries that were included in
the financial statements of OAO Uralsvyazinform since July 1,
2005.

Revenues growth in the main business segments totaled:

      Local services - 20%;
      DLD/ILD - 4%;
      Mobile services - 240%;
      New services - 91%

At the year-end, overall subscriber base totaled 7.3 million,
including 3.7 million in GSM.

Capex amounted to RUR 9,936.3 million (up 6% on 2004).

"In general, we have met the targets and plans for the year,"
Chief Executive Anatoly UFIMKIN, said.  "In 2005, we completed a
large-scale reorganization plan that enabled us to operate as a
truly single unit where all lines of business are joined
together - fixed-line and mobile communications, data and new
services.  Today, it is our mobile and data transmission
businesses that are pushing the company's growth.  We will
continue our efforts in these business areas in 2006."

Headquartered in Perm, Uralsvyazinform, offers data
communications, radio and TV-program broadcasting as well as
wireless and paging communications.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 6, 2005,
Fitch Ratings has downgraded OAO Uralsvyazinform's (Urals)
ratings to Senior Unsecured 'B+' from 'BB-' and National Senior
Unsecured 'A-(rus)' from 'A+(rus)'.  Following the downgrade,
the Outlook is now Negative, the company's two domestic bonds of
RUB2 billion and RUB3 billion are also downgraded to 'A-(rus)'
from 'A+(rus)'.  The Short-term rating is affirmed at 'B'.

The downgrade reflects an anticipated increase in Urals'
leverage on the back of larger-than-projected capital
expenditure and increasing competition in the mobile segment,
which led to significant mobile margin erosion.


ZARECHNOYE: Bankruptcy Hearing Set Next Month
---------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision on close joint stock company Zarechnoye.  
The case is docketed as A47-16266/2005-14GK.  Mr. V. Gusev has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 462100, Russia,
Orenburg region, Chebenki, Parkovaya Str. 6.  A hearing will
take place on April 4, 2006, at 10:10 a.m.

CONTACT:  ZARECHNOYE
          461191, Russia, Orenburg region,
          Tashlinskiy region, Zarechnoye

          V. GUSEV
          Temporary Insolvency Manager
          462100, Russia, Orenburg region,
          Chebenki, Parkovaya Str. 6
          Tel/Fax: (3532) 78-12-54


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


BANKINTER 12: Fitch Junks Rating on EUR11.3 Mln Series E Notes
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to Bankinter 12 Fondo de
Titulizacion Hipotecaria's notes totalling EUR1.25 billion due
in December 2043 as follows:

  a) EUR50 million Series A1: AAA;
  b) EUR1.102 billion Series A2: AAA;
  c) EUR13.1 million Series B: A+;
  d) EUR11.9 million Series C: A-;
  e) EUR11.3 million Series D: BBB-; and
  f) EUR11.3 million Series E: CCC.

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

The expected ratings on the Class A to D notes are based on the
quality of the underlying collateral, the underwriting and
servicing capabilities of Bankinter, available credit
enhancement and the sound legal and financial structure of the
transaction.  

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

This transaction is a cash flow securitization of a EUR1.2
billion static pool of first ranking residential mortgage loans
granted by Bankinter.

Bankinter is Spain's 10th largest banking group by assets.  It
is one of the most active players in the Spanish RMBS arena;
bringing to the market so far a total of 12 RMBS transactions.
It has also issued a securitization of SME loans.  The fund will
be regulated by Spanish Securitization Law 19/1992 and Royal
Decree 926/1998.  

Its sole purpose is to convert the mortgage participations
acquired from the seller into residential mortgage-backed
securities.  The participations will be subscribed by Europea de
Titulizacion S.A. S.G.F.T., on behalf of the fund.

The rating on the Class E notes is supported by the recovery
rate that noteholders are expected to receive during the life of
the transaction, which has been calculated on the basis of
principal and accrued interest amounts as a proportion of the
original Class E notes balance.

The Class A1 notes are expected to amortize on the payment date
falling on June 15, 2007.  However, if funds are not sufficient
to pay off the notes on the scheduled payment date, amortization
will continue on each payment date until they have fully
amortized.


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


AVISAN: Declared Insolvent by Lviv Court
----------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against LC Avisan (code EDRPOU 23270995) on Jan. 17,
2006 after finding the limited liability company insolvent.  The
case is docketed as 6/184-8/173.  Mr. Yaroslav Onushkanich has
been appointed liquidator/insolvency manager.

CONTACT:  AVISAN
          79007, Ukraine, Lviv region,
          Dekart Str. 5/6

          Mr. Yaroslav Onushkanich
          Liquidator/Insolvency Manager
          79031, Ukraine, Lviv region,
          Strijska Str. 71-b/3

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


BORSHIV: Viktor Kapitonov Takes Over Operations
-----------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Borshiv (code EDRPOU 31019069).  The
case is docketed as 4/95 B.  Mr. Viktor Kapitonov has been
appointed temporary insolvency manager.

CONTACT:  BORSHIV
          12251, Ukraine, Zhitomir region,
          Radomishl district, Borshiv, Slobodi Str. 34

          Viktor Kapitonov
          Temporary Insolvency Manager
          Ukraine, Zhitomir region,
          Korostishiv, Bilshovitska Str. 109 A/12
  
          ECONOMIC COURT OF ZHITOMIR REGION
          10014, Ukraine, Zhitomir region,
          Putyatinski Square 3/65


BUDSNABRESURS-K: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Budsnabresurs-K (code EDRPOU
33052808).  The case is docketed as 43/926.  Mr. O. Sherban has
been appointed temporary insolvency manager.

CONTACT:  BUDSNABRESURS-K
          03028, Ukraine, Kyiv region,
          Lisogirska Str. 8

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

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


KIYIVSKA: Bankruptcy Supervision Starts
---------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Kiyivska (code EDRPOU 30755355) on
Dec. 19, 2005.  The case is docketed as 19/112-05.  Ms. Nataliya
Ivlyeva has been appointed temporary insolvency manager.

CONTACT:  KIYIVSKA
          63661, Ukraine, Harkiv region,
          Shevchenkivskij district, Borivske

          Ms. Nataliya Ivlyeva
          Temporary Insolvency Manager
          61189, Ukraine, Harkiv region,
          S. Tarhova Str. 5/9
  
          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5,
          Derzhprom 8th Entrance


TECHNO-TRADE: Succumbs to Bankruptcy
------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Techno-Trade (code EDRPOU 31677713
260053011369) on Nov. 22, 2005.  The case is docketed as B
29/236/05.  Ms. Venska Oksana (license AB 1761857 of August 4,
2005) has been appointed temporary insolvency manager.

CONTACT:  TECHNO-TRADE
          51400, Ukraine, Dnipropetrovsk region,
          Pavlograd, Dniprovska Str. 149/8

          Ms. Venska Oksana
          Temporary Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Lenin Str. 41

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


WESTERN EXPRESS: Yaroslav Onushkanich to Liquidate Assets
---------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Western Express (code EDRPOU 31290433) on
Jan. 17, 2006, after finding the private enterprise insolvent.  
The case is docketed as 6/185-8/174.  Mr. Yaroslav Onushkanich
has been appointed liquidator/insolvency manager.

CONTACT:  WESTERN EXPRESS
          79032, Ukraine, Lviv region,
          Washington Str. 8

          Mr. Yaroslav Onushkanich
          Liquidator/Insolvency Manager
          79031, Ukraine, Lviv region,
          Strijska Str. 71-b/3

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


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


786 CLOTHING: Fashion Retailer Succumbs to Bankruptcy
-----------------------------------------------------
Members of 786 Clothing Company Limited passed a resolution to
wind up the company during an extraordinary general meeting on
Jan. 31, 2006.

Director Q. Igbal revealed that the company could no longer
continue its business due to financial liabilities.

Timothy Calverley, of Haines Watts, was appointed Liquidator to
wind up the company's business.

CONTACT:  786 CLOTHING COMPANY LIMITED
          13 Burlington Street
          Chesterfield Derbyshire
          S40 1RS
          Tel: 01246 230 778


ABBOTT AUTOCHECK: Taps Portland Business to Administer Assets
-------------------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd were appointed joint administrators of
Abbott Autocheck Limited (Company Number 1742304) on Feb. 16.  

The company repairs automobiles.  Its office is at 111-113
Stafford Road, Croydon, Surrey CR0 4NN.  

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


ALUMA LTD: Wholesalers Begin Winding Up Proceedings
---------------------------------------------------
Aluma Ltd is winding up its business after members found out
that the company could not continue its operations due to its
liabilities.

Members authorized Andreas Georgiou Kakouris, to lead the
winding up operations.

CONTACT:  ALUMA LTD
          2 Fairholme Road
          Harrow Middlesex
          HA1 2TN
          Tel: 020 8861 2698


ASMEC ELECTRONIC: Administrators Take Over Helm
-----------------------------------------------
Michael Young and Peter Wastell of Vantis were appointed
administrators of Asmec Electronic Solutions Limited (Company
Number 4820702) on Feb. 21.

                           About Vantis

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

                        About the Company

Headquartered in Hertfordshire, Asmec Electronic Solutions
Limited -- http://www.asmec.com/-- was formed over 25 years ago  
as an electronic sub contract company, predominantly in support
of ICL and Marconi.  The company is a fully-fledged contract
electronic manufacturer.


BERKELEY BERRY: Completes GBP2.4 Million Sale to Tenet Group
------------------------------------------------------------
Berkeley Berry Birch plc completed the sale of the businesses of
Berkeley Independent Advisers Limited and Berry Birch & Noble
Financial Planning Limited to Tenet Group Limited.  The United
Kingdom Listing Authority has granted a waiver under Listing
Rule 10.8 in respect of the requirement to issue a circular and
obtain shareholder approval for this disposal.

The total maximum consideration for the disposal is
GBP2,350,000, comprising of:

   -- GBP1,150,000 in respect of BIA and
   -- GBP1,200,000 in respect of BBN FP.

The initial consideration, payable on completion, is GBP900,000,
of which GBP700,000 is in respect of BIA and GBP200,000 is in
respect of BBN FP.  Deferred consideration of up to a maximum of
GBP1,450,000 is payable, of which GBP450,000 is in respect of
BIA and GBP1,000,000 is in respect of BBN FP.  

The deferred consideration is payable in two stages:

   -- with up to GBP200,000 payable after six months in respect
      of BIA, contingent upon the number of BIA advisers
      retained by Tenet; and

   -- up to GBP1,250,000 payable after a year, of which
      GBP250,000 is payable in respect of BIA and GBP1,000,000       
      is in respect of BBN FP, contingent upon the turnover in
      respect of the businesses in the year following
      completion.  

In addition, Tenet has assumed estimated net liabilities of
GBP700,000 in respect of BIA and estimated liabilities of
GBP700,000 in respect of BBN FP.

All of the staff working for these businesses have transferred
to Tenet, including those staff working for Berkeley Berry Birch
Group Support Services Limited, who provide administrative
support services to the businesses.

                           BIA

BIA is a service supplier and network for Independent Financial
Advisers.  Approximately 300 IFAs, previously Appointed
Representatives of BIA, are now Appointed Representatives of
Tenet's Interdependence network, including five IFAs employed by
MacRobins plc, a BBB subsidiary which is being retained by BBB.  
BIA also provided support services to approximately 60 firms who
are directly authorized and who will now receive these services
from Tenet Support Services Limited.

On Feb. 14, 2006, a fellow BBB subsidiary, Berry Birch & Noble
Financial Planning (Weston) Limited, which was previously
directly authorized, became an Appointed Representative of BIA
as part of the BBB Group's overall refinancing plans.  Weston
will not become an Appointed Representative of Interdependence
following completion of the transaction.  

For the year ended March 31, 2005, BIA reported turnover of
GBP39,970,000 and a loss before tax of GBP370,000.  The gross
assets being sold are approximately GBP4,000,000.

BIA is subject to a Decision Notice issued by the Financial
Services Authority on July 29, 2005, as a result of a regulatory
capital deficit.  Following the sale of its business, the FSA
has cancelled the permission granted to BIA pursuant to Part IV
of the Financial Services and Markets Act 2000.

Following the sale of its business, BIA has changed its name to
BBB Network Limited.

                           BBN FP

BBN FP was previously a national IFA supplying financial
planning advice to individual clients via its employed IFAs.  
BBN FP ceased undertaking regulated activities on Dec. 19, 2005,
and certain of it IFAs transferred to Weston as self-employed
advisers or to MacRobins as employed advisers.  Although BBN FP
has ceased trading, it has continued to receive renewal
commissions.  The right to receive these renewal commissions
going forward has been sold to Tenet.

For the year ended March 31, 2005, BBN FP reported turnover of
GBP8,036,000 and a loss before tax of GBP2,456,000.  Renewal
commissions included in the turnover amounted to approximately
GBP1,698,000.  Costs associated with the collection of the
renewal commissions are minimal.  No assets are being sold as
part of the disposal of the BBN FP business.

BBN FP is also subject to a Decision Notice issued by the
Financial Services Authority on July 29, 2005, as a result of a
regulatory capital deficit.  Following the sale of its business,
the FSA has cancelled the permission granted to BBN FP pursuant
to Part IV of the Financial Services and Markets Act 2000.

                           GSS

GSS provides support services exclusively to the BBB group.  
These services include compliance, commission processing and
training as well as operational, HR, finance and IT support.

For the year ended March 31, 2005, GSS reported turnover of
GBP4,633,000, all from fellow BBB Group companies, and received
contributions amounting to GBP1,137,000 from various financial
services companies as part of the BBB Group Strategic Partner
Programme.  Profit before tax for the year ended March 31, 2005
was GBP327,000.

The business sold to Tenet contributed approximately GBP2.5
million to GSS's turnover.  The balance was largely earned from
Weston, discontinued activities of BBN FP and Direct Protect
Limited, which have both ceased trading, and Berry Birch & Noble
Insurance Brokers Limited, which sold its business and related
assets and liabilities on Feb. 28, 2006.

Following the sale of the BIA and BBN FP businesses, GSS has
changed its name to BBB Support Services Limited.

         Businesses excluded from the sale to Tenet

As indicated above, despite having entered into exclusive
negotiations for the sale of the businesses of Weston, MacRobins
and Berry Birch & Noble Estate Planning Limited, BBB has been
unable to reach agreement with Tenet for their sale.

Weston had previously been authorized in its own right by the
FSA and was also subject to a Decision Notice dated July 29,
2005, relating to a regulatory capital deficit.  The firm
subsequently became an Appointed Representative of BIA, a step
taken in connection with the BBB Group's overall refinancing
plans.  Since BIA's permission has been cancelled, Weston is no
longer able to conduct business as an Appointed Representative
of BIA and its representatives have been instructed to cease
conducting business.  The Board of Weston is seeking a buyer for
the business who can complete a purchase at short notice.

MacRobins and BBN EP remain solvent and will continue to trade
while the Board of BBB, in conjunction with the Boards of the
companies concerned, seeks buyers for these businesses.

Further announcements will be made on reaching any agreement for
the sale of these remaining businesses.

          Working capital and Application of Proceeds

The working capital position of the BBB Group and the
application of the proceeds from the above disposals were set
out in the announcement made on Feb. 28, 2006.

                  Future of the BBB Group

The Directors are now assessing the financial position of the
BBB Group to ascertain the situation for each individual company
following the disposals and further announcements will be made
following the completion of this assessment.

Headquartered in Coventry, England, Berkeley Berry Birch plc --
http://www.bbb.co.uk/-- is one of the leading financial  
services distribution groups in the UK.  The primary business of
Berkeley Berry Birch is the provision of financial services and
advice to consumers and employers.

                        *     *     *

                      Auditor's Opinion

At March 31, 2005, the Company reported around GBP10 million in
combined regulated capital resource requirement deficit based on
unaudited year-end FSA returns.  The FSA commenced formal
regulatory enforcement action, which could result in the FSA
cancelling the permissions granted to the subsidiaries under
Part IV of the Financial Services and Markets Act 2000 to act as
Independent Financial Advisers.  

If these permissions were to be withdrawn, the going concern
basis on which these results have been prepared would be
inappropriate.  In such circumstances, adjustments are likely to
have to be made to the net assets shown in the accounts to
reduce assets to their more immediately recoverable amounts and
to provide for further liabilities that may arise.

The Company's auditors indicated that, due to these
uncertainties, their audit report is likely to be modified to
draw attention to the fundamental uncertainty in respect of the
Company's ability to continue as a going concern.  


BRITISH AIRWAYS: February 2006 Traffic Statistics Up 3.6%
---------------------------------------------------------
British Airways PLC reported traffic and capacity statistics in
February 2006.

In February 2006, passenger capacity, measured in Available Seat
Kilometers, was 3% above February 2005.  Traffic, measured in
Revenue Passenger Kilometers, was higher by 3.6%.  This resulted
in a passenger load factor up 0.4 points versus last year, to
71.2%.  The increase in traffic comprised a 7.1% increase in
premium traffic and a 2.9% increase in non-premium traffic.   
Cargo, measured in Cargo Ton Kilometers, was down 1.1 per cent.  
Overall load factor was down 0.6 points at 67.3 per cent.

                    Market Conditions

Market conditions remain broadly unchanged as significant
promotional activity is required to maintain seat factors.

                 Strategic Developments

The sale by British Airways of its entire interests in the
London Eye to the Tussauds Group was completed for GBP100.45
million which included its one third share and its outstanding
loan to the company.  The airline will continue its brand
association with the attraction by extending its existing
franchise agreement.

The airline appointed e-Dialog as its email service provider for
customer communications in the UK including Executive Club
members and registered customers on ba.com.  The decision
reflects the increasing importance of direct electronic customer
communication as part of the airline's marketing communications
strategy.

Japan Airlines (JAL) and oneworldTM have exchanged a memorandum
of understanding, completing the Asian carrier's first step
towards joining the world's leading quality global airline
alliance.

British Airways Plc received a request for information from both
the European Commission and the United States Department of
Justice relating to alleged cartel activity involving British
Airways and a number of other airlines and cargo operators.  
British Airways' policy is to conduct its business in full
compliance with all the applicable competition laws.  British
Airways is assisting the European Commission and United States
Department of Justice with their investigation.

                      About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.britishairways.com/-- is the UK's largest  
international scheduled airline, flying to over 550
destinations.  The British Airways group consists of British
Airways Plc and a number of subsidiary companies including in
particular British Airways Holidays Limited and British Airways
Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AVIATION: US Bankruptcy Court Closes Sec. 304 Proceeding
----------------------------------------------------------------
The Hon. Stuart M. Bernstein, the U.S. Bankruptcy Court for the
Southern District of New York entered an order closing the
British Aviation Insurance Company Limited's ancillary
proceeding under Section 304 of the Bankruptcy Code.

British Aviation's Board of Directors filed a Section 304
petition with the U.S. Bankruptcy Court for the Southern
District of New York in February 2005 to prevent any U.S.
creditor from seizing their U.S. assets.  The Debtor's Board
also sought an order from the Bankruptcy Court to give full
force and effect to its proposed Scheme of Arrangement in the
U.S.

Headquartered in London, The British Aviation Insurance Company
Limited -- http://www.baicsolventscheme.co.uk/-- wrote mainly  
aviation direct business or facultative reinsurance and was.  On
Jan. 1, 2002, it ceased to underwrite any insurance business and
went into run-off.  The Company filed a Section 304 petition on
February 7, 2005 (Bank. S.D.N.Y. Case No. 05-10720).  Howard
Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne & Parke
LLP represent the Debtor in this proceeding.  The Petition
discloses assets of GBP254,616,000 and liabilities totaling
GBP151,938,000.


CABLE & WIRELESS: Executive Director Buys 1 Million Shares
----------------------------------------------------------
Cable and Wireless plc advises that Executive Director John
Pluthero purchased 1,000,000 Ordinary Shares in the Company on
March 3, 2006, at a price of 106.50 pence per Ordinary Share.

In accordance with the terms of his employment, on the same
date, Mr. Pluthero has been awarded 1,000,000 matching
restricted shares in the Company.  The matching restricted
shares are not subject to any performance conditions and will
vest on the third anniversary of the award subject to Mr.
Pluthero retaining a beneficial interest in the purchased shares
and remaining an employee of the Company.

At the same time, Mr. Pluthero was granted 1,163,873 share
options at a price of 107.40 pence per Ordinary Share and
232,774 performance share awards in accordance with his terms of
employment and the rules of the Cable & Wireless Incentive Plan.

The share options granted are exercisable from March 3, 2009, to
March 2, 2013, subject to the achievement of performance
conditions based upon Total Shareholder Return.  The performance
shares granted will vest from March 3, 2009, subject to the
achievement of performance conditions based upon TSR.

Full vesting occurs only if the TSR performance of the Company
meets or exceeds the upper quartile measured against the
constituents of the FTSE Global Telecoms Sector Index during the
performance period starting on March 3, 2006, and ending on
March 2, 2009.  Where TSR performance meets the median, one
third of the initial award vests.  A sliding scale operates
between median and upper quartile and nothing vests for
performance below the median.  If performance conditions have
not been met by the end of the performance period, the options
lapse.  Vesting must also be warranted by reference to the
underlying financial performance of the Company during the
performance period, which will be determined by the Remuneration
Committee within 12 months of the end of the performance period.

Until the matching restricted shares and performance share
awards disclosed above vest, the shares will continue to be held
by Towers Perrin Share Plan Services (GSY) Limited as Trustee of
the Cable & Wireless Employee Share Ownership Trust.

The Company also advises that on March 3, 2006, Jim Marsh was
granted 395,716 restricted shares in the Company.  The
restricted shares vest over the three years following the date
of grant.

The consideration for the restricted share and performance share
awards is GBP nil.

These transactions relate to:

  (i) transactions notified in accordance with DR 3.1.4R(1)(a)    
      and

(ii) in the case of John Pluthero only, a disclosure made in
      accordance with section 324 (as extended by section 328)
      of the Companies Act 1985.

                       About the Company

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- is one of the world's leading  
international communications companies.  It provides voice, data
and IP (Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.  Fitch Ratings has affirmed Cable & Wireless'
ratings at Long-term 'BB+' with Stable Outlook and Short-term
'B'.

                        *     *     *

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

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


CABLE & WIRELESS: Employee Share Trustees Dispose of Shares
-----------------------------------------------------------
The Trustees of Cable and Wireless plc Employee Share Ownership
Trust notified Cable & Wireless plc that they have disposed of
72,481 Ordinary Shares at a price of GBP1.07 per share and
11,855 Ordinary Shares at a price of GBP1.0675 per share on
March 1, 2006.

Following the disposal, 51,346,553 Ordinary Shares are held
under the Trust.  Francesco Caio, Rob Rowley, Charles Herlinger,
Lord Robertson of Port Ellen, George Battersby, Harris Jones and
John Pluthero (all being Directors of Cable and Wireless plc),
in their capacity as members of the class of beneficiaries under
the Trust, and Towers Perrin Share Plan Services (GSY) Limited,
in their capacity as Trustees of the Trust, are deemed to have a
non-beneficial interest in these Ordinary Shares.

No Directors are disposing of any beneficial interests in the
Company.

                       About the Company

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- is one of the world's leading  
international communications companies.  It provides voice, data
and IP (Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.  Fitch Ratings has affirmed Cable & Wireless'
ratings at Long-term 'BB+' with Stable Outlook and Short-term
'B'.

                        *     *     *

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

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


CHEYNE CREDIT: Fitch Assigns BB Rating to EUR30 Mln Class V Bond
----------------------------------------------------------------
Fitch Ratings assigned Cheyne Credit Opportunity CDO I B.V.'s
issue of EUR860 million floating-rate notes due 2021 final
ratings as follows:

  a) EUR552 million Class IA F: AAA;
  b) EUR138 million Class IB: AAA;
  c) EUR40 million Class II: AA;
  d) EUR40 million Class III: A;
  e) EUR60 million Class IV: BBB; and
  f) EUR30 million Class V: BB.

The ratings of the Class IA F, IB and II notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For the Class III, IV and V notes, which can
defer interest, the ratings address ultimate payment of
principal and interest, including deferred interest, at
maturity.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  The said guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry, country and asset type.

The ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination,
structural protection covenanted in the documents and excess
spread.  Expected subordination at rating effective date for the
Class IA F notes totals 44.8%, and will be provided by the Class
IB notes, the Class II notes, the Class III notes, the Class IV
notes, the Class V notes and the Class VI subordinated notes.

Cheyne Credit Opportunity CDO I B.V. is a company with limited
liability, incorporated under the laws of the Netherlands.  The
proceeds from the note issuance are used to purchase a portfolio
of primarily European senior secured, senior unsecured, second
lien and mezzanine leveraged loans.  

At closing, the issuer has purchased, or committed to purchase
approximately 20% of the target portfolio with the remainder
being purchased during the initial ramp-up period of a maximum
of two years.  Afterwards the portfolio will be actively managed
by Cheyne Capital Management Limited over the remainder of the
five-year initial ramp-up and reinvestment period.

The transaction benefits from a principal deficiency ledger
mechanism that covers the initial fees and expenses as well as
potential negative carry during the initial ramp-up period.  
Before payments to the Class VI subordinated noteholders may be
made, the PDL balance must be reduced to zero.  The transaction
also benefits from the variable funding of the Class IA and
Class VI subordinated notes and the requirement to comply with a
ramp-up schedule that reduces the cost of potential negative
carry during the ramp-up.


CORUS GROUP: Fitch Affirms EUR800 Mln Senior Notes at B+
--------------------------------------------------------
Fitch Ratings affirmed Corus Finance PLC's GBP150 million 11.5%
debenture stock at BBB- and simultaneously withdrawn this
rating.  This follows the announcement by Corus Group PLC of its
successful tender for this instrument.  The agency will no
longer provide ratings coverage of this instrument.

At the same time, Fitch has affirmed Corus' Long-term Issuer
Default rating at BB- with Stable Outlook.  The ratings of
Corus' other debt instruments are also affirmed as follows:

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

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

  c) Corus Finance PLC GBP200 million 6.75% guaranteed bonds B+;   
     and
  
  d) Corus Finance PLC EUR20 million 5.375% guaranteed bonds B+.

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


COUNTY AMBULANCE: Brings In Administrator From Crawfords
--------------------------------------------------------
David N. Kaye of Crawfords was appointed administrator of County
Ambulance Service Limited (Company Number 05057546) on Feb. 22.  
The company offers ambulance service.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Tel: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


D2 CONTRACTS: Creditors Ratify Joint Liquidators' Appointment
-------------------------------------------------------------
Creditors of D2 Contracts Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 8, 2006.

Creditors also ratified the appointment of Peter John Windatt
and Gary Steven Pettit, of BRI Business Recovery and Insolvency,
as Joint Liquidators.

CONTACT:  D2 CONTRACTS LIMITED
          80 Lower Luton Road
          Harpenden Hertfordshire
          AL5 5AH
          Tel: 01582 469 991
          Fax: 01582 469 992
          Web: http://www.d2contracts.co.uk/


DENBAR U.K.: Grooming Specialist Hires Administrator
----------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited was
appointed administrator of Denbar U.K. Limited (Company Number
02582148) on Feb. 21.  Its registered office is at 1-3 St Mary's
Place, Bury BL9 0ZD.

Denbar U.K. Limited -- http://www.denbar-uk-ltd.co.uk/-- is a  
professional grooming supplies specialists.

CONTACT:  IDEAL CORPORATE SOLUTIONS LIMITED
          10 Eagley House,
          Deakins Business Park,
          Bolton BL7 9RP


ELITE ELECTRICAL: Taps Springfields to Administer Assets
--------------------------------------------------------
Situl Devji Raithatha of Springfields was appointed
administrator of Elite Electrical (Midlands) Limited (Company
Number 03591218) on Feb. 21.  Its registered office is at 110
Knighton Lane, Leicester LE2 8BG.  

Elite Electrical (Midlands) Limited handles electrical
contractors.  Its office is at 110 Knighton Lane, Leicester,
Leicestershire LE2 8BE.  For more details, call 01162833851.

CONTACT:  SPRINGFIELDS
          80 Hinckley Road
          Leicester
          Leicestershire LE3 0RD
          Tel: 0116 299 4745
          Fax: 0116 299 4742
          E-mail: situl.r@springfields-uk.com  


EXEL SCAFFOLDING: Appoints Rothman Pantall Administrator
--------------------------------------------------------
Robert Derek Smailes and Stephen B. Ryman of Rothman Pantall &
Co were appointed joint administrators of Exel Scaffolding (UK)
Limited (Company Number 05008273) on Feb. 15.

                    About Rothman Pantall

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

                     About the Company

Exel Scaffolding (UK) Limited -- http://www.exelscaffold.com/--  
is into the scaffolding business.  Its office is at Farington
Business Pk, Leyland, Lancashire PR253GG.  For more details,
call 01772 431046.


FLEECE LIMITED: Hires Elwell Watchorn Administrator
---------------------------------------------------
Richard John Elwell and David John Watchorn (IP Nos 6057 and
8086), both of Elwell Watchorn & Saxton LLP, Fleece Limited (t/a
J H Walker, Dawson Fabrics and Dibor - Company Number 3322269)

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners  
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.


INTERPANE GLASS: Joint Administrators Enter Firm
------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Corporate
Recovery and Insolvency were appointed joint administrators of
Interpane Glass (UK) Ltd (Company Number 01393647) on Feb. 22.

Interpane Glass (UK) Ltd -- http://www.interpane.co.uk/--  
manufactures double glazed window units.  Its office is at
Riverside Place, East Gate, Warmco Industrial Park, Manchester
Road, Mossley, Ashton under Lyne OL5 9XA, Lancashire.  For more
details, call 01457 837779 or fax 01457 837523.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Tel: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


J K BADMAN: Names Joint Administrators from BDO Stoy Hayward
------------------------------------------------------------
Graham Randall and Simon Girling of BDO Stoy Hayward LLP were
appointed joint administrators of J K Badman Transport Limited
(Company Number 0674297) on Feb. 17.

                      About BDO Stoy Hayward

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

                        About the Company

Headquartered in Bristol, J K Badman Transport Limited --
http://www.jkbadman.com/-- was established in 1979.  It is a  
family-owned business that has built a reputation for quick and
efficient service throughout the UK and Europe.  It offers a
wide range of specialist transport services and a fleet of
vehicles serviced onsite, to meet all its customer's needs and
tight deadlines.


KJM ACCESSORIES: Administrator from Sharma & Co Moves In
--------------------------------------------------------
G. D. Sharma of Sharma & Co was appointed administrator of KJM
Accessories Limited (Company Number 4231892) on Feb. 13.  Its
registered office is at Unit 14 Riverside Studios, Amethyst
Road, Newcastle Business Park, Newcastle upon Tyne NE4 7YL.

KJM Accessories Limited is a commodity trader.  Its office is at
32 Newlyn Drive, Sale, Cheshire M33 3LE.  

CONTACT:  SHARMA & CO.
          50 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Tel: 0121 248 5007
          Fax: 0121 248 5010
          E-mail: gagen@sharmaandco.com


LINK ELECTRICAL: Bottomley & Co. to Administer Assets
-----------------------------------------------------
David Halstead Bottomley of Bottomley & Co was appointed
administrator of Link Electrical Services Limited (Company
Number 3283972) on Feb. 20.  Its registered office is at Alfred
Edison House, 68-69 Cecil Street, Birmingham B19 3SU.

Link Electrical Services Limited offers electrical installation
service.  Its office is at 68-69 Cecil Street, Birmingham, West
Midlands, B19 3SU.  For more details, call 0121 333 3666.

CONTACT:  BOTTOMLEY & CO
          3 Chapel Court
          42 Holly Walk
          Leamington Spa
          Warwickshire CV32 4YS
          Tel: 08700 676767
          Fax: 08700 676768
          E-mail: david@3chapelcourt.com  


MASSIVE RECORDS: Retailer Brings In Joint Administrators
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of Massive
Records LLP (Company Number 0C 310650) on Feb. 13.  Its
registered office is at 95 Gloucester Green, Oxford OX1 2BU.  
The company distributes and sells records.

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


MFI FURNITURE: Deutsche Bank Holds 7.01% Notifiable Equity Stake
----------------------------------------------------------------
MFI Furniture Group PLC disclosed that it has received
notification pursuant to Section 198 of the Companies Act 1985,
that Deutsche Bank AG, had a notifiable interest in 44,025,025
10 pence ordinary shares of MFI Furniture Group Plc (7.01% of
the issued share capital) at the close of business on 2nd March
2006.

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

The Scotsman previously reported that the troubled furniture
group is battling rising debts and approximately GBP200 million
in pension deficit.


MISYS PLC: Transfers 1,019 Shares to Scheme Participants
--------------------------------------------------------
Misys plc transferred 1,019 ordinary shares on March 6, to
participants in its employee share schemes at a price of 164
pence per share.  The shares were all formerly held as treasury
shares.

Following the above transfer of shares out of Treasury, Misys
plc holds a total of 51,901,029 ordinary shares in Treasury.  
The total number of ordinary shares in issue (excluding Treasury
shares) is 507,826,007.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software  
serving the international banking and healthcare industries and
the UK general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


MORRIS SINGER: Liquidates Assets & Names Administrators
-------------------------------------------------------
John Kelmanson and Elias Paourou, both of The Kelmanson
Partnership, were appointed Joint Liquidators after members of
Morris Singer Limited agreed to liquidate the company's assets
on Feb. 13, 2006.

S. Pink disclosed that the company could no longer continue its
business due to mounting debts.

CONTACT:  MORRIS SINGER LIMITED
          Unit 10
          Highfield Industrial Estate
          Lasham Alton Hampshire
          GU345SQ
          Tel: 01256 381 033
          Fax: 01256 381 565
          Web: http://www.morrissinger.co.uk/


OPTEX LIMITED: Asher Miller Takes Over Operations
-------------------------------------------------
Optex Limited is liquidating its assets after members found out
that the company cannot continue its operations due to its
financial liabilities.

Asher Miller, of David Rubin & Partners, was chosen Liquidator.

CONTACT:  OPTEX LIMITED
          20-26 Victoria Road
          Barnet Hertfordshire
          EN4 9PF
          Tel: 020 8441 2199
          Fax: 020 8449 3646
          Web: http://www.optexint.com/


RANK GROUP: Cancels 1.6 Million Shares in Repurchase Program
------------------------------------------------------------
The Rank Group Plc purchased 1,573,585 Ordinary shares of 10
pence in the Company for cancellation at an average price of
242.9967 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.


RANK GROUP: Moody's Downgrades Debt Ratings to Ba2
--------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
to The Rank Group Plc (Rank) and concurrently downgraded the
senior unsecured long-term debt ratings of Rank Group Finance
Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3).  

The rating action is prompted by Rank's announcement that it
will distribute GBP200 million to shareholders, following the
completion of the Deluxe Film's disposal as well as by the
group's weak operating performance in 2005.  The downgrade
reflects Moody's expectation that Rank's more limited business
scope and less diversified business profile combined with its
increased leverage will result in a considerably weakened
financial profile.  The rating action concludes a review
initiated on Dec. 7 2005.

The Ba2 ratings factor in Rank's decision to adopt a dividend
policy more in line with its reduced profit generation and also
assume that Rank's leverage will not deteriorate above 4x Net
Debt/EBITDA (within 5x on a Net Adj. Debt /EBITDAR basis) in
2006 and that these ratios will show measurable improvement from
2007 onwards with commensurate improvements in retained and free
cash flow generation.  

However, given:

   -- the fact that Deluxe Media Services (DMS) remains unsold
      and therefore remains a drain on overall profits and cash
      flows;

   -- the challenges for Rank to reach its targeted level of
      revenue growth and operating margins on a sustainable
      basis; and

   -- a degree of strategic uncertainty with regard to potential
      financial buyer interest in Rank,

the rating outlook is negative.

The sale of Rank's Deluxe Film unit to DX III Holdings
Corporation, a wholly owned indirect subsidiary of MacAndrews &
Forbes Holdings Inc for a total consideration of US$750 million
(approximately GBP430 million) has removed a significant source
of revenue and profit diversification from the group.  Moody's
understands that the warranties and guarantees included in the
final sale agreement are customary for this type of transaction
and the ratings do not factor in any remaining material
obligations from the agreement.  On the upside, the rating
agency acknowledges Rank's more streamlined and focused
operations following the Deluxe film sale, recognizing the
company's leading brands and strong market positions in the UK
gaming market and the business' proven stability.  

In addition, the combination with Hard Rock offers some
strategic value, including ongoing opportunities for brand
extension.  While the main strands of Rank's future strategy are
well defined, the imminent arrival of a new chief executive adds
a degree of strategic uncertainty, the rating agency said.

Going forward, Rank will have to prove that it can deliver
significantly improved operating performance in its core UK
gaming franchise and that it can build on Hard Rock's solid 2005
performance.  While new UK gambling regulation has brought
improvements for Rank's operating environment such as the
abolition of the 24 hours rule for casino membership, relaxation
of advertising restrictions and increases in gambling machine
allowances these improvements have remained somewhat below
previous expectations.  

Moody's further notes that competitive intensity in the sector
might well increase from 2008 onwards when new casino licenses
will start creating commercial opportunities for other
operators.  In addition, in the short term Rank's bingo business
in particular will have to cope with the introduction of smoking
bans in Spain (January 2006), Scotland (from March 2006) and in
the rest of the UK (from 2007).

Given the above challenges, the rating leaves no leeway for
further share buy-backs and very limited room for acquisitions.  
On the other hand, evidence of sound operating progress over the
next twelve months coupled with a satisfactory resolution of the
DMS sale could help to stabilize the outlook.  A near-term
upgrade is highly unlikely, but sustained revenue and profit
growth with an Adj.  RCF to Adj. net debt ratio above 12% and an
Adj.  Net Debt to EBITDAR ratio moving towards 3.5x on a
sustainable basis could result in upgrade pressure on the
ratings over the medium term

Moody's regards Rank's liquidity as adequate.  The group does
not face any material debt maturities until early 2008 when
US$100 million of Yankee bond falls due and headroom under its
GBP400 million revolving credit should be sufficient to address
near-term operating needs.  Nevertheless Moody's notes Rank's
relatively high reliance on its revolving credit facility which
is expected to be drawn progressively as the company implements
its share buy-back program.  Rank's credit facilities, comprised
of the revolver (due 2011) and a GBP250 million term loan
facility, are subject to customary financial covenant tests.  
Rank's funding is complemented by its GBP168 million (face
value) convertible loan and by the rated Yankee bonds (US$115
million).  

All material debt elements in the company's capital structure
are currently unsecured, ranking pari-passu with other unsecured
payments obligations of the group.  While the rated Yankee bonds
do not have change of control protection the negative pledge
language is not restricted to public debt instruments.

Rank's results for 2005 were negatively impacted by a weak
performance of the gaming division resulting in lower operating
profit before exceptional items by 6.3% to GBP127.5 million
despite overall revenue increasing 2.9% to GBP810.3 million from
GBP787.6 million after restatement for Blue Square.  Although
gaming reported revenue growth of 2.1% to GBP529.8 million
compared to 2004, division's operating profits were hit by
operating cost increases as well as low sportsbook margins and
increased marketing investment at Blue Square.  Sportsbook
margins at Blue Square continue to be depressed by the impact of
online betting exchanges, which are able to offer attractive
odds thanks to a more favorable tax treatment and reduced
operating costs.  On a more positive note, Hard Rock improved
profits before exceptional items by 24.7% to GBP34.8 million,
aided by higher contribution from hotels and gaming interests.  
Moody's also notes that despite improved performance at the Hard
Rock division and some expectation of further improvements in
its gaming division, overall revenue visibility remains limited.  
Deluxe Film and Deluxe Media Service were treated as
discontinued operations.  Deluxe Film operating profits
increased by 9.9% to GBP65.7 million due largely to increases in
profit in Creative Services while Deluxe Media Service generated
operating losses before exceptional items for GBP16.4 million.

Ratings downgraded to Ba2:

Rank Group Finance Plc (guaranteed by The Rank Group Plc)

   -- US$100 million Guaranteed notes due 2008; and

   -- US$24.8 million Guaranteed notes due 2018

The Rank Group Plc's senior unsecured issuer rating was
downgraded to Ba2 and will subsequently be withdrawn and a Ba2
corporate family rating was assigned to The Rank Group Plc.

The Rank Group Plc, is a leisure and entertainment company based
in London, England.


RANK GROUP: Fitch Lowers Long-term IDR to BB-; Outlook Negative
---------------------------------------------------------------
Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer
Default rating and Senior Unsecured ratings to BB- from BB+ and
removed them from Rating Watch Negative.  A Negative Outlook is
assigned.  The Short-term rating is affirmed at B.  The
downgrade follows the disposal of its film processing business,
Deluxe Film, and confirmation of a return of capital to
shareholders announced in conjunction with its 2005 preliminary
results.

Senior Director in Fitch's RLCP team, Frederic Gits said, "Rank
plans to operate with a more leveraged capital structure than in
the past.  A 9.6% decline in FY05 gaming operating profit
confirmed that Rank's core gaming operations are under
pressure."

"Moreover, the deregulation of the UK gaming market, notably
casinos, will create a more challenging competitive environment
in the near future," he added.

In FY05, net debt went up to GBP739 million at YE05 from GBP642
million at YE04 on the back of poor operating cash flow
performance of both the continuing businesses and the
discontinued operations.  Net free cash flow was a negative
GBP53 million in FY05 primarily as a result of Deluxe Media
operations that Rank is still trying to sell.  

In spite of a 25% increase in divisional profit, Hard Rock Cafe
is too small to mitigate the group's consolidated operating
profit decline.  Consolidated cash inflow from operating
activities went down 33% to GBP175 million.

Fitch estimates that net debt to continuing EBITDA stood at
about 4.0x as at YE05 compared to 2.6x as at YE04.  This is
consistent with the new medium-term target of 3.5x to 4.0x set
following the group's capital structure review.  Consequently
Fitch does not expect any material de-leveraging.  

Out of GBP420 million proceeds from the disposal of Deluxe Film,
Rank plans to retain only GBP66 million, whereas GBP200 million
of proceeds will be returned to shareholders and GBP100 million
to reduce the pension deficit.  The discontinued Deluxe Film's
FY05 operating profits were GBP65.7 million before exceptional.

Rank has announced its intention to carry on sale and leaseback
transactions.  This is at best credit neutral provided all sale
proceeds are applied to debt reduction.  Moreover, this will
reduce the asset base of the company.  

The property, plant and equipment of gaming and Hard Rock had a
book value of GBP481 million at YE05. According to management,
there is no material difference between the book and the fair
value of those assets.

UK Mecca Bingos, which still accounts for two-thirds of gaming
operating profit, recorded a 4.2% decline in profit due to
higher energy prices and staff costs in FY05.  The smoking ban
effective in Scotland from March 2006 onwards and across the UK-
from the summer of 2007 could be more detrimental to Bingo clubs
than to casinos because of the socio-demographic profile of its
customers.  Rank believes that the withdrawal in December 2005
of the VAT-exempt status for gaming machines could trim its
gaming operating profit by GBP5 million in FY06.

In spite of 13.0% growth in admissions, partly on the back of
two new casinos opening, the UK provincial casinos recorded a
9.3% decline in operating profit in FY05.  The UK gaming
deregulation has been effective since October 2005.  

While it drives growth in new customers in gaming venues, it may
dilute the margin of casinos as the spend per new customer is
usually lower, while higher marketing expenses are needed to
retain customers in a more competitive environment.


RANK GROUP: S&P Lowers Rating To BB-/B with Stable Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on U.K.-based diversified leisure
and entertainment company The Rank Group PLC to 'BB-/B' from
'BBB-/A-3'.  The outlook is stable.

At the same time, the ratings were removed from CreditWatch with
negative implications, where they had been placed on Oct. 6,
2005.

"The three-notch downgrade follows Rank's disposal of its film-
processing unit, Deluxe Film, and the company's substantially
higher leverage combined with a more aggressive financial
policy," said Standard & Poor's credit analyst Helene Magny.

Specifically, Rank plans to return just under one-half of total
net disposal proceeds of GBP420 million to shareholders.

The ratings reflect Rank's satisfactory business profile, based
on its solid competitive positions and the relatively stable
cash-generative characteristics of its bingo and casino assets,
as well as additional cash contributions from the company's Hard
Rock Cafe franchise.  These factors are offset by the Hard Rock
Cafe's reliance on the cyclical global tourism industry, along
with the company's operating and business development challenges
in the mature and competitive U.K. gaming sector, and weak
demographic trends in the bingo business.

The stable outlook reflects our expectation that Rank's future
operating performance will continue to be supported by its solid
competitive position in the cash-generative U.K. gaming
industry, and by the discretionary nature of a sizable part of
its capital expenditure.

Moreover, the company's high leverage should benefit in the
medium term from its decision to cut dividend payments by
slightly more than one-half starting from 2007 and from the
gradual tightening of its financial covenants.  In addition, we
expect that share repurchases will not exceed the planned GBP200
million.

The group is working to achieve a lease-adjusted net debt-to-
EBITDA ratio of 4.5x, which is in line with the requirement for
the current rating.  If the group were to enter a sale and lease
back transaction, we would broadly view this as neutral.

"The outlook could be changed to positive if Rank's credit
metrics were to become commensurate with a higher rating in the
medium term," added Ms. Magny.  "The rating could be raised if
the group demonstrates its ability to achieve and sustain lease-
adjusted net debt to EBITDA at the better end of the 4.0x-4.5x
range and lease-adjusted funds from operations to net debt of
more than 15%."


S. DA VINCI: Members Agree to Voluntary Liquidation
---------------------------------------------------
Members of S. Da Vinci Limited passed a resolution to wind up
the company during an extraordinary general meeting on Feb. 9,
2006.

Jeffrey Mark Brenner, of B & C Associates, was appointed
Liquidator to wind up the company's business.

CONTACT:  S. DA VINCI LIMITED
          30 Buckingham Palace Road
          London
          SW1W0RE
          Tel: 020 7630 8844


SEG LIMITED: Financial Woes Trigger Liquidation Proceedings
-----------------------------------------------------------
David Acland, of Begbies Traynor, was appointed Liquidator of
SEG (Europe) Limited after members unanimously decided to
liquidate the company's assets on Feb. 8, 2006.

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

CONTACT:  SEG (EUROPE) LIMITED
          Unit 1
          Bracewell Avenue
          Poulton Industrial Estate Poulton-Le-Fylde
          Lancashire
          FY6 8JF
          Tel: 01253 893 688
          Fax: 01253 899 226


SPRAYS INTERNATIONAL: Manufacturer Names Joint Administrators
-------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd were appointed joint administrators of
Sprays International Limited (Company Number 2663535) on
Feb. 17.  

Headquartered in Derbyshire, Sprays Limited --
http://www.sprays.co.uk/-- designs, develops and manufactures  
high precision molded, wear resistant spray nozzles for
agriculture, horticulture, forestry, aquaculture, public health,
animal health, evaporative cooling, grocery and industry.

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


STRATFORDS OF NEWARK: Shoe Retailer Names Joint Administrators
--------------------------------------------------------------
Andrew Philip Wood and Derek Leslie Woolley of The P&A
Partnership were appointed joint administrators of Stratfords Of
Newark Limited (Company Number 3522774) on Feb. 22.  

                       About P&A Partnership

The P&A Partnership (nka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.  As
the partnership works only in the field of business rescue and
insolvency, it can not only promise dedicated expertise, but can
also assure its professional clients that it pose no competition
to its own business base.

                        About the Company

Stratfords Of Newark Ltd is a shoe retailer.  Its shop is at 38
Kirk Gate, Newark, Nottinghamshire NG24 1AB.  For more details,
call 01636678899.


SYREN LIMITED: Calls On Tenon Recovery to Administer Assets
-----------------------------------------------------------
Christopher Ratten and Simon Thomas of Tenon Recovery were
appointed joint administrators of Syren Limited (Company Number
03996181) on Feb. 24.  Its registered office is at 28 Progress
Business Park, Kirkham, Preston PR4 2TZ.

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

Syren Ltd offers computer activities.  Its office is at
Continental House, 292/302 Church Street, Blackpool, Lancashire
FY1 3QA.  For more details, call 01772-681777.


TTL (2005): Joint Administrators Move In
----------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of TTL (2005) Limited
(formerly Top Temps Limited - Company Number 03139483) on Feb.
17.  

                      About Moore Stephens

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


ZETHICS LTD: Liquidator Sets March 27 Claims Bar Date
-----------------------------------------------------
Members of Zethics Ltd resolved to liquidate the company's
assets during an Extraordinary General Meeting on Feb. 10.

Appointed Liquidator, David N. Hughes, 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 27, 2006.

CONTACT:  ZETHICS LTD
          West One House
          23 St. Georges Road
          Cheltenham Gloucestershire
          GL503DT
          Tel: 01242 251 251


                            *********                            


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
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Information contained herein is obtained from sources believed
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