TCREUR_Public/060310.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, March 10, 2006, Vol. 7, No. 50

                            Headlines

A L B A N I A

PROCREDIT BANKS: Fitch Amends Long-term IDR to B+


F R A N C E

DRESSER-RAND GROUP: Reduces Debt by US$30 Million in Two Months
DRESSER-RAND: To Build New LNG Test Facility in Le Havre
EUROTUNNEL S.A.: Names Laurent Penhouet as Commercial Director


G E O R G I A

METROMEDIA INT'L: Court Approves US$7 Million Fuqua Settlement


G E R M A N Y

MAINBRIEF GMBH: Court Opens Bankruptcy Proceedings
MAINBRIEF VERWALTUNGS: Dr. Henrik Niehues Administers Assets
METALLFORM BAU: Koln Court Halts Pending Proceedings
MP SPEZIALMASCHINEN: Appoints Dr. Frank Kebekus as Administrator
NORDIC TECHNOLOGY: Subject to Bankruptcy Process in Frankfurt

PARKETT -- AKUSTIKBAU: Rostock Court Stops Pending Transactions
PFLEIDERER AG: Names Derrick Noe as New Chief Financial Officer
PRO EVENT: Court Sets March 17 Claims Bar Date
SCHILBACH TRADE: Gregor Schone Leads Bankruptcy Process
SERVICEFORCE GMBH: Claims Verification Set on July 11

SIM HOCH: Creditors' Meeting Slated on April 25
SYSTHO SYSTEMHAUS: Insolvency Report Out by April 28
THOMAS HART: Claims Registration Ends Today


I R E L A N D

ELAN CORPORATION: FDA Recommends Reintroduction of TYSABRI(R)


I T A L Y

VOLARE GROUP: European Commission Okays EUR25 Million State Aid


K A Z A K H S T A N

ATYRAU IZOLYASIA: Succumbs to Insolvency
FINANCE INVEST: Creditors' Claims Due This Month
ISKORKA-PLUS: Declares Insolvency
JSC DARHAN: Bankruptcy Proceedings Begin in Karaganda
KARTEPLOENERGO: Court Declared Group Bankrupt

MAKURA: Last Day for Filing of Claims Set
SEZAM-K: Sets Proofs of Claim Deadline


N E T H E R L A N D S

AURELIA ENERGY: Weak Credit Metrics Spurs Moody's Ratings Review
ROYAL SHELL: Buys Back 875,000 A Shares for Cancellation
VNU N.V.: Moody's Downgrades Debt Ratings to Ba1 From Baa2


R U S S I A

ALEKSANDROVSKIY STUD: Claims Filing Period Ends March 21
DVINSKIYE LESOPROMYSHLENNIKI: Under Bankruptcy Supervision
KAMSKIY: Court Names R. Farrakhov as Interim Insolvency Manager
KANTEMIROVKA-AGRO-PROM-SNAB: Firm Falls Into Bankruptcy
KINESHMA-PROM-CORN: Insolvency Manager Takes Over Firm

KIROVSKAYA: Bankruptcy Hearing Set Next Week
METAL INVEST: Kemerovo Court Opens Bankruptcy Proceedings
MILKOVSKOYE: Kamchatka Court Brings In Insolvency Manager
OKTYABRSK-AGRO-PROM-STORY: Bankruptcy Hearing Set July 17
PETROCOMMERCE INVEST: Moody's Rates EMTN Program at Ba3

TYMOVSKAYA: Succumbs to Bankruptcy


U K R A I N E

AGGREGATE NODES: Goes Into Liquidation
AGROPROMTEHNIKA: Volodimir Stepanov Takes Over Helm
ALCHEVSK' BUILDING: Crumbles Into Insolvency
CENTER-PLUS: Valerij Sidelnikov Names Liquidator
ENERGOMED: Court Opens Bankruptcy Process Following Insolvency

IMAN: Letskan Vyacheslav Leads Liquidation
NAGASO: Subject to Liquidation Proceedings in Kyiv
PLASTMAS-PRILUKI: Winds Up Operations
VESTA-ICHAN: Court Appoints Liquidator to Wind Up Firm


U N I T E D   K I N G D O M

AMT FABRICATIONS: Liquidator Sets May 31 Claims Bar Date
ANGLO EUROPE: Financial Woes Trigger Voluntary Liquidation
AP HYDRAULICS: Meeting of Creditors Set March 20
ARBITER ENTERTAINMENT: Administrators Take Over Helm
AUDLEY RETAIL: Wraps Up Business In London

BFS INVESTMENTS: Creditors Agree to Wind Up Operations
BRIDGE TECHNOLOGY: IT Supplier Contacts Administrators
BRITISH UNIVERSAL: Halts Operations & Names Liquidators
BROWNS EVENTS: Members Pass Winding Up Resolution
C2U SOLUTIONS: Rising Debts Prompt Liquidation Proceedings

COSTAIN GROUP: Names Anthony Bickerstaff as New Finance Director
F&C EMERGING: Puts Scheme of Reconstruction for Shareholder Vote
FOTOPIC LIMITED: Administrator from XL Business Moves In
FUN TECHNOLOGIES: High Court Sanctions Scheme of Arrangement
GEOFFREY E MACPHERSON: Hires Joint Administrators from PwC

INTERNATIONAL POWER: S&P Keeps Ratings Amid Dividend Revision
J. MERRIMAN: Tool Manufacturer Calls in Administrators
MISYS PLC: Names New Chief Executive of Banking Systems
MFC GROUP: Claims Registration Ends Monday
MEADOWBANK SPECIAL: Winds Up Business & Names Liquidators

PHOENIX CONSULTANTS: Taps Administrators from Smith & Williamson
RELIANCE NATIONAL: Court Adjourns Sec. 304 Injunction Hearing
RENTOKIL INITIAL: Closes GBP74.8MM Sale of Manned Guarding Unit
RENTOKIL INITIAL: Taps Bookrunners for Fixed Rate Debt Issue
STYLE ETHICS: Retailer Spins Into Administration

TYDEMAN BODYSHOP: Hires Administrator From Ensors
VIRGO CARPETS: Administrator from Butcher Woods Enter Firm
VISCOUNT PRESS: Stephen Conn Takes Over Operations
WIND ACQUISITION: Fitch Raises EUR1.5 Billion Notes to B+

     **********                

==============  
A L B A N I A
==============  


PROCREDIT BANKS: Fitch Amends Long-term IDR to B+
-------------------------------------------------
Fitch Ratings amended the ratings on the ProCredit banks in
Albania and Bosnia & Herzegovina:

ProCredit Bank Sh.a.:

  a) Long-term Issuer Default Rating to B+ from B;
  b) Local Currency Long-term IDR to BB- from B+;
  c) Short-term B;
  d) Local Currency Short-term B;
  e) Individual D/E;
  f) Support 4; and
  g) Outlooks on the bank's ratings are Stable.

ProCredit Bank d.d.:

  a) Long-term Issuer Default Rating to B from B-;
  b) Local Currency Long-term IDR to B+ from B;
  c) Support upgraded to 4 from 5;
  d) Short-term B;
  e) Individual D/E; and
  f) Outlooks on the bank's ratings are Stable.

This rating action reflects a change in Fitch's perception of
the country risk of Albania and Bosnia and Herzegovina,
respectively, given recent healthy GDP growth and low inflation,
among other factors.

ProCredit Albania's and ProCredit BiH's Long-term, Short-term
and Support ratings are based on Fitch's view of the potential
support the banks are likely to receive from their owners, in
particular, ProCredit Holding AG, rated Long-term BBB- in case
of need.  However, the potential Support and hence the ratings
continue to be constrained by the potential country risk of
Albania and Bosnia and Herzegovina, respectively.

ProCredit Albania and ProCredit BiH form part of a global
network of nineteen banks, which were set up by private and
public sector investors to provide financing to micro- and SME
customers in developing markets.  PCH is responsible for all
major group functions, including strategic decisions, risk
management controls and group supervision.


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


DRESSER-RAND GROUP: Reduces Debt by US$30 Million in Two Months
---------------------------------------------------------------
Dresser-Rand Group Inc. reported that during the first two
months of 2006, it reduced its term debt by US$30 million.  As a
result, the Company will incur an additional non-cash charge
relating to the write-off of unamortized debt issuance costs of
approximately US$600,000.  Annual interest expense will be
reduced by about US$1.8 million.  The Company plans to further
reduce debt this year.

Bookings for the fourth quarter were strong, totaling US$410
million which is 42% higher than third quarter 2005 and 36%
higher than the prior year's fourth quarter.  Backlog grew to
US$872 million compared to US$638 million at the end of 2004,
providing a very solid order book for 2006.  The Company plans
to discuss fourth quarter and full-year 2005 results at its
conference call following the filing of its Form 10-K for 2005
by March 31, 2006.

Excluding the curtailment gain, the Company expects operating
income and earnings per share for the full year 2006 to be
consistent with the current First Call consensus estimate.  
First quarter operating income is expected to be between US$17
million and US$19 million, which is in line with the Company's
plan for 2006 and consistent with the historical seasonal
pattern of the first quarter representing 7% to 10% of full year
operating income.

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  The Company operates manufacturing
facilities in the United States, France, Germany, Norway, India,
and Brazil, and maintains a network of 24 service and support
centers covering 105 countries.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 1, 2005,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on compression equipment maker Dresser-Rand Group
Inc. and revised the outlook on the company to positive.

As of Sept. 30, 2005, the Olean, New York-based company had
about $600 million of debt.


DRESSER-RAND: To Build New LNG Test Facility in Le Havre
--------------------------------------------------------
Dresser-Rand Group Inc. (NYSE: DRC) disclosed its intent to
extend its test capabilities by constructing a new LNG
(liquefied natural gas) test facility in Le Havre, France.  

This new test facility will have the capability to test very
high flow/high horsepower applications.  The new facility,
together with additional small steam turbine business activity
in Le Havre, will add about 70 new employees in 2006/2007 to its
French operations, which consist today of approximately 640
people.  Additionally, the Company believes that this overall
program will generate significant incremental business
activities within the local economy.

"Le Havre was chosen because of the extensive experience its
employees have in the field of centrifugal compressor design and
testing and the financial commitments made by the local and
regional communities," Vincent R. Volpe Jr., President and CEO
of Dresser-Rand Group Inc., said.  "Direct financial
contributions are being made by Communaute de l'Aggmomeration
Havraise (CODAH), Communaute de Communes de St Romain de
Colbosc, Seine Maritime Department and Haute Normandie Region.  
Additionally, the grant for investment confirmed by Nicolas
Sarkozy, Minister of Interior and Territory Development, during
his visit in Le Havre on Jan. 19, and the grant allocated for
new employment by Department and Region, contributed to the
Company's decision to invest in the Le Havre operation."

This project has the support of the Le Havre Development team
and its President, Antoine Rufenacht, the Mayor of Le Havre and
the President of CODAH.  It is expected to help facilitate
relationships with communities, the Le Havre Port Authority for
site location, the Public Administration and energy suppliers
(Gaz de France and Electricite de France).

This new facility will allow Dresser-Rand to complete extensive
load tests on high horsepower/high flow compressor trains driven
by electric motors or large gas turbines.  Startup is targeted
for 2007.

The Company expects that the potential project will require an
investment of approximately US$24 million, which may be funded,
from a variety of sources including those mentioned above.

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  The Company operates manufacturing
facilities in the United States, France, Germany, Norway, India,
and Brazil, and maintains a network of 24 service and support
centers covering 105 countries.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 1, 2005,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on compression equipment maker Dresser-Rand Group
Inc. and revised the outlook on the company to positive.


EUROTUNNEL S.A.: Names Laurent Penhouet as Commercial Director
--------------------------------------------------------------
Eurotunnel has appointed Laurent Penhou?t as Commercial Director
Freight (Truck Shuttle business).

In 2005 the Anglo French group, Eurotunnel, transported
1,308,786 trucks, a traffic which grew by +2%, compared to 2004.

Laurent Penhou?t, 41, started his career in 1990 with TNT
Express Worldwide and subsequently held management posts with
the Europcar group between 1994 and 2002.  In particular, he was
director of international BtoB sales for Europcar International
in Europe, Africa and the Middle East.  Since 2002 he has been
Sales Director and then General Manager of Loc-Action (the
world's principal vehicle finance and long term leasing
company), part of LeasePlan France.  He was also a member of the
LeasePlan executive committee.

Mr. Penhouet has a wealth of experience in BtoB sales, of
international management and of the transport sector.  He holds
a Masters degree in Corporate Law (from the University of Paris
2 Assas) and a Masters degree in Management Science (from the
University of Paris 1, Panth,on-Sorbonne).

                      About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel S.A. -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains which carry cars, coaches and trucks.
It manages the infrastructure of the Channel Tunnel and receives
toll revenues from train operating companies whose trains pass
through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
2006, Fitch Ratings said that ratings of the unwrapped notes of
Eurotunnel-related debt repackaging vehicles, Fixed-Link Finance
B.V. (FLF1) and Fixed-Link Finance 2 B.V. (FLF 2) remain on
Rating Watch Negative, after the company agreed on a Memorandum
of Understanding (MoU) with the Ad-Hoc committee.

The ratings involved are:

FLF 1:

  (a) GBP200 million Class A1 notes due 2025: 'BB+';
  (b) EUR103 million Class A2 notes due 2025: 'BB+';
  (c) GBP0.05 million Class B1 notes due 2025: 'B+';
  (d) EUR135 million Class B2 notes due 2025: 'B+'; and
  (e) EUR142 million Class C2 notes due 2025: 'B-'.

FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million
Class G2 notes due 2025 (both wrapped by MBIA) are rated 'AAA'.

FLF 2:

GBP120 million Class A notes due 2026 are rated 'BBB-' and
remain on Rating Watch Negative, and the GBP620 million
guaranteed notes due 2027/28 (wrapped by MBIA) are rated 'AAA'.
Eurotunnel's Tier 1A debt forms the collateral for the FLF2
notes.

As reported in TCR-Europe on Feb. 3, Standard & Poor's Ratings
Services said that its 'BBB' senior secured bank loan rating on
U.K. and France-based Eurotunnel S.A. remained on CreditWatch
with negative implications, following the expiry on Jan. 31,
2006, of a waiver that allowed Eurotunnel to negotiate a debt
restructuring.

The following ratings on the nonguaranteed debt issued by
related Fixed-Link Finance B.V.'s Class A, B, and C notes also
remain on CreditWatch with negative implications:

  (a) Senior secured debt: 'BB-',
  (b) Subordinated debt: 'CCC+', and
  (c) Junior subordinated: 'CCC-'.

The 'B' senior secured rating on Fixed-Link Finance 2 B.V.'s
nonguaranteed notes also remains on CreditWatch with negative
implications.


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G E O R G I A
=============


METROMEDIA INT'L: Court Approves US$7 Million Fuqua Settlement
--------------------------------------------------------------
The Court of Chancery in Delaware approved the terms of a
settlement agreement for Metromedia International Group, Inc.,
in the In Re Fuqua Industries action.

The Court approved the terms of the settlement memorialized in
the Stipulation and Agreement of Compromise, Settlement and
Release of Claims, dated Dec. 30, 2005, and entered the Order
and Final Judgment effectively ending this legal action for the
previously agreed upon $7 million settlement.  

                     Settlement Terms

Pursuant to the terms of the settlement, the Settlement Amount
will be released from escrow upon expiration of a 30-day appeal
period.  Upon distribution from the escrow account, the Company
will receive approximately $4.6 million of the Settlement Amount
with the remaining $2.4 million distributed to the plaintiffs'
attorneys for fees and expenses incurred.  

Since this action was brought on behalf of the Company, the
funds received by the Company from the Settlement Amount will go
directly to the Company and not to individual stockholders.

Headquartered in Charlotte, North Carolina, Metromedia
International Group -- http://www.metromedia-group.com/--  
through its subsidiary, Metromedia International
Telecommunications, owns interests in telecom and cable TV
operations in Russia, Georgia, and elsewhere in Eastern Europe.

Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and
radio broadcast businesses.  The Company's core businesses
includes Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


MAINBRIEF GMBH: Court Opens Bankruptcy Proceedings
--------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against MainBrief GmbH & Co. KG on Jan. 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 10, 2006,
to register their claims with court-appointed provisional
administrator Ottmar Hermann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 1,
Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 9:00
a.m. on May 22, 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:  MAINBRIEF GmbH & Co. KG
          Schlitzerstrasse 8, 60386 Frankfurt am Main
          Attn: Peter Schroder, Manager
          Erlengrund 3, 49134 Wallenhorst

          Ottmar Hermann, Administrator
          183, Bleichstrasse 2-4, D-60313 Frankfurt am Main
          Tel: 069/9130920
          Fax: 069/91309230


MAINBRIEF VERWALTUNGS: Dr. Henrik Niehues Administers Assets
------------------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against MainBrief Verwaltungs GmbH on Jan. 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 10, 2006,
to register their claims with court-appointed provisional
administrator Dr. Henrik Niehues.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 1,
Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 9:15
a.m. on June 21, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  MAINBRIEF VERWALTUNGS GmbH
          Schlitzerstrasse 8, 60386 Frankfurt am Main

          Dr. Henrik Niehues, Administrator
          Bleichstrasse 2-4, 60313 Frankfurt am Main
          Tel: 069/9130920
          Fax: 069/91309230


METALLFORM BAU: Koln Court Halts Pending Proceedings
----------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
metallform Bau-Projekt-Consulting GmbH on Jan. 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 18, 2006,
to register their claims with court-appointed provisional
administrator Dr. Ralf Sinz.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Luxemburger Strasse
101, 50939 Koln, Erdgeschoss, Saal 14, at 8:40 a.m. on
May 18, 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:  METALLFORM BAU-PROJEKT-CONSULTING GmbH
          Kolner Str. 97, 51429 Bergisch Gladbach
          Attn: Heinz Schweitzer, Manager
          Alfred Rabenow, Manager
          
          Dr. Ralf Sinz, Administrator
          Zeughausstr. 28-38, 50667 Koln
          Tel: 921 2223
          Fax: +492219212221


MP SPEZIALMASCHINEN: Appoints Dr. Frank Kebekus as Administrator
----------------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
MP Spezialmaschinen GmbH on Jan. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until April 4, 2006, to register their claims
with court-appointed provisional administrator Dr. Frank
Kebekus.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Luxemburger Strasse
101, 50939 Koln, Erdgeschoss, Saal 14, at 10:36 a.m. on
May 4, 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:  MP SPEZIALMASCHINEN GmbH
          Wiesen 15, 51467 Bergisch Gladbach
          Attn: Helmut Mareien, Manager
          Ernst-Bloch-Str. 14, 51377 Leverkusen

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf
          Tel: 0211/497659-0
          Fax: +49211/497659-59


NORDIC TECHNOLOGY: Subject to Bankruptcy Process in Frankfurt
-------------------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against Nordic Technology GmbH on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 22, 2006,
to register their claims with court-appointed provisional
administrator Dr. Georg Bernsau.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 1,
Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 9:40
a.m. on May 3, 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:  NORDIC TECHNOLOGY GmbH
          Kirchnerstrasse 6-8, 60311 Frankfurt am Main

          Dr. Georg Bernsau, Administrator
          Gerichtsfach 363, Zeilweg 42, D-60439 Frankfurt/Main
          Tel: 069/963761-130
          Fax: 069/963761-145
          Web site: http://www.bernsau-rieger.de/


PARKETT -- AKUSTIKBAU: Rostock Court Stops Pending Transactions
---------------------------------------------------------------
The District Court of Rostock opened bankruptcy proceedings
against Parkett -- Akustikbau GmbH on Jan. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.  

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Rostock, Zochstrasse, 18057
Rostock, Saal 330, at 9:00 a.m. on April 19, 2006, at which time
court-appointed provisional administrator Gerhard Brinkmann 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:  PARKETT -- AKUSTIKBAU GmbH
          Attn: Susanne Segeth, Manager
          Feldweg 4, 18107 Elmenhorst

          Gerhard Brinkmann, Administrator
          Freiligrathstrasse 1, 18055 Rostock


PFLEIDERER AG: Names Derrick Noe as New Chief Financial Officer
---------------------------------------------------------------
The Board of Management of M-Dax-listed Pfleiderer AG (ISIN
DE0006764749) disclosed the appointment of Derrick Noe as chief
financial officer effective March 15, 2006.

Mr. Noe, who was previously CFO of Klockner & Co. AG, Duisburg,
will replace Dr. Jurgen Koch who will leave Pfleiderer to take
on new duties outside the Company.

In more than four years of duty for Pfleiderer AG, Dr. Jurgen
Koch played a central role in the company's strategic
realignment to become a manufacturer of engineered wood products
in Western and Eastern Europe as well as in North America.

Mr. Noe is an internationally experienced financial manager,
with many years of experience in senior positions in German
corporate groups.  He qualified in economics and administrative
sciences at the Universities of San Diego (U.S.A.) and
Heidelberg.  Other stations in his career include senior
positions at the Commerzbank AG, Manufacturers Trust Hannover
and the merchant bankers Schroder Munchmeyer Hengst & Co. KG.   
He was also a member of the board of management of Zurich
Aggripina Versicherungs AG and a Principal of the consultants
Droege & Comp. AG.  

Headquartered in Neumarkt, Germany, Pfleiderer AG manufactures
engineered woods and infrastructure products through its
subsidiaries.  The Company produces wood-based panels for
furniture and interior fittings, track systems for urban and
intercity rail networks, and a range of poles and towers for
energy and commercial infrastructures.

                        *     *     *

Fitch Ratings affirmed Pfleiderer's (ISIN DE0006764749) Senior
Unsecured 'BB' rating and removed it from Rating Watch Negative
(RWN).  A Stable Outlook has been assigned.  The Short-term 'B'
rating is also affirmed.

The rating action follows Pfleiderer's announcement to acquire
Kunz Group's engineered wood activities in Canada, the United
States and Germany.  In FY04, the acquired activities had total
sales of EUR556 million and EBITDA of EUR85 million.  The
transaction is expected to close in August/September and subject
to regulatory approval.


PRO EVENT: Court Sets March 17 Claims Bar Date
----------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against PRO EVENT Banquet Service GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 17, 2006, to
register their claims with court-appointed provisional
administrator Michael W. Kuleisa.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 11:25 a.m. on
April 13, 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:  PRO EVENT BANQUET SERVICE GmbH
          Hegestrasse 1, 20251 Hamburg
          Attn: Wilhelm Pretzel, Manager
          
          Michael W. Kuleisa, Administrator
          Speersort 4-6, 20095 Hamburg
          Tel: 040/303010


SCHILBACH TRADE: Gregor Schone Leads Bankruptcy Process
-------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Schilbach Trade & Consult GmbH on Feb. 2.  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 Gregor Schone.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 9:40 a.m. on
April 28, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  SCHILBACH TRADE & CONSULT GmbH
          Notkestrasse 7, 22607 Hamburg
          Attn: Jorg Schilbach, Manager
          Heinrich-Plett-Strasse 39, 22609 Hamburg

          Gregor Schone, Administrator
          Albert-Einstein-Ring 15, 22761 Hamburg
          Tel: 897186-0


SERVICEFORCE GMBH: Claims Verification Set on July 11
-----------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against ServiceForce GmbH on Jan. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 31, 2006, to
register their claims with court-appointed provisional
administrator Ottmar Hermann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 2,
Geb. F, Klingerstr 20, 60313 Frankfurt, at 9:15 a.m., on
May 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 9:00
a.m., on July 11, 2006, at the same venue.

CONTACT:  SERVICEFORCE GmbH
          Kleyerstrasse 92, 60328 Frankfurt am Main

          Ottmar Hermann, Manager
          Bleichstrasse 2-4, D-60313 Frankfurt am Main
          Tel: 069/9130920
          Fax: 069/91309230


SIM HOCH: Creditors' Meeting Slated on April 25
-----------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against SIM Hoch- und Tiefbau GmbH on Feb. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 15, 2006,
to register their claims with court-appointed provisional
administrator Dr. Holger Lessing.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 1,
Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 8:40
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:  SIM HOCH- UND TIEFBAU GmbH
          Rotteckstrasse 13, 60316 Frankfurt am Main
          Attn: Idriz Colovic, Manager

          Dr. Holger Lessing
          173, Hanauer Landstrasse 287-289,
          D-60314 Frankfurt am Main
          Tel: 069/15051300
          Fax: 069/15051400


SYSTHO SYSTEMHAUS: Insolvency Report Out by April 28
----------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against SysTho Systemhaus Thoma GmbH on Feb. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 31, 2006, to
register their claims with court-appointed provisional
administrator Dr. Olaf Buechler.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Saal 1,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
9:20 a.m. on April 28, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  SYSTHO SYSTEMHAUS THOMA GmbH
          Neumarkt 38c, 22041 Hamburg
          Attn: Manfred Thoma, Manager

          Dr. Olaf Buechler, Administrator
          Herrengraben 3, 20459 Hamburg
          Tel: 36968351
          Fax: 36968383


THOMAS HART: Claims Registration Ends Today
-------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against Thomas Hart Verwaltungs-Limited on Jan. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until today,
March 10, to register their claims with court-appointed
provisional administrator Achim Thomas Thiele.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Gerichtsplatz 1,
44135 Dortmund, II. Etage, Saal 3.201, at 10:10 a.m. on
April 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:  THOMAS HART VERWALTUNGS-LIMITED
          69 Great Hampton Street, Birmingham,
          West Midlands, B18 6 EW
          Attn: Thomas Hart, Manager
          Gewerbepark 11, 44532 Luenen

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


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


ELAN CORPORATION: FDA Recommends Reintroduction of TYSABRI(R)
-------------------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc (NYSE: ELN)
said that the Peripheral and Central Nervous System Drugs
Advisory Committee of the U.S. Food and Drug Administration
(FDA) voted unanimously to recommend reintroduction of
TYSABRI(R) (natalizumab) as a treatment for relapsing forms of
multiple sclerosis.

The Committee's recommendation is advisory to the FDA, and the
agency is not bound by this recommendation.  The FDA has
designated TYSABRI for Priority Review, a status for products
that are considered to be significant therapeutic advancements
over existing therapies that address an unmet medical need.
Biogen Idec and Elan will continue to work closely with the FDA
in the weeks ahead with the goal of making TYSABRI available.
Discussions with FDA will include, among other things,
finalizing the details of the TYSABRI risk management plan. The
companies anticipate action by the FDA by March 29, 2006.

                       About Biogen Idec

Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/--  
creates new standards of care in oncology, neurology and
immunology.   As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.   

                      About the Company

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
=========


VOLARE GROUP: European Commission Okays EUR25 Million State Aid
---------------------------------------------------------------
The European Commission allowed the Italian government to extend
a EUR25 million state loan to troubled low-cost carrier Volare
Group S.p.A., Reuters reports.

Volare will use the loan to raise a similar amount in bank
credits as it currently needs money to remain operational and
get out of administration.

In February, the Industry Ministry has suspended Volare's sale
to flag carrier Alitalia S.p.A.  The suspension followed a
ruling by a Roman court banning Alitalia from taking part in an
auction for Volare saying Alitalia's participation breaches
state aid and antitrust rules.  

Alitalia offered EUR38 million to acquire Volare, EUR9 million
higher than closest rival AirOne.

Headquartered in Via Pirelli 20, 20124 Milan, Italy, Volare
Group S.p.A. -- Web site: http://www.volare-group.it/-- is an  
operative holding company which controls Volare Airlines SpA and
Air Europe since 2001.  The company declared insolvency on Nov.
22, 2004, citing huge debt and heavy losses.  The group then
filed for extraordinary administration, which allowed it to be
protected from creditors while resuming daily operations.  
Volare emerged from administration in spring, after beating its
EUR7 million revenue forecast by around EUR3.8 million.  Volare
needs fresh capital to expand its fleet.


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


ATYRAU IZOLYASIA: Succumbs to Insolvency
----------------------------------------
LLP Atyrau Izolyasia has declared insolvency.  Proofs of claim
will be accepted at Atyrau, Tulebayeva Str. 44-101 on or before
March 24, 2006.

CONTACT:  ATYRAU IZOLYASIA
          Atyrau, Tulebayeva Str. 44-101


FINANCE INVEST: Creditors' Claims Due This Month
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Finance Invest bankrupt on December 30, 2005.  Proofs of
claim will be accepted at Almaty, Kunas Str. 99a, office 204 on
or before March 24, 2006.

The company can be contacted at 8 (3272) 72-99-63 or 60-63-76.


ISKORKA-PLUS: Declares Insolvency
---------------------------------
LLP Iskorka-Plus has declared insolvency.  Proofs of claim will
be accepted at Atyrau, Hakimova Str. 4 on or before March 24,
2006.

CONTACT:  ISKORKA-PLUS
          Atyrau, Hakimova Str. 4


JSC DARHAN: Bankruptcy Proceedings Begin in Karaganda
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region commenced bankruptcy proceedings against JSC Darhan.


KARTEPLOENERGO: Court Declared Group Bankrupt
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region commenced bankruptcy proceedings against OJSC
Karteploenergo.


MAKURA: Last Day for Filing of Claims Set
-----------------------------------------
LLP Makura has declared insolvency.  Proofs of claim will be
accepted at Karaganda region, Temirtau, Respublika ave. 47-48 on
or before March 24, 2006.

CONTACT:  MAKURA
          Karaganda region, Temirtau,
          Respublika Ave. 47-48


SEZAM-K: Sets Proofs of Claim Deadline
--------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region commenced bankruptcy proceedings against LLP SEZAM-K on
December 23, 2005.  Proofs of claim will be accepted at Aktau on
or before March 24, 2006.

The company can be contacted at 8 (3292) 26-28-22 or 41-60-63.


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


AURELIA ENERGY: Weak Credit Metrics Spurs Moody's Ratings Review
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Aurelia Energy
N.V. and its subsidiaries under review for possible downgrade.  

Ratings placed under review:

   -- Aurelia Energy N.V., Ba2 Corporate Family Rating;

   -- Bluewater Holding B.V, Ba1 Senior Secured Debt Rating;

   -- Bluewater Finance Limited, B1 Senior Subordinated Debt
      Rating.

The review is prompted by the combination of weakened credit
metrics as a result of recent debt-financed acquisitions and
Moody's expectation that the company is likely to seek
additional growth funded with debt.  In 2005, the company
acquired a 55% stake in the Jotun A FPSO for US$210 million, and
this was followed by a further acquisition in February of this
year of the Hanne Knutsen shuttle tanker for US$129.5 million,
for which delivery and payment is scheduled in mid-2006.  
Moody's anticipates that the company will continue to undertake
new debt-financed capital investments and/or acquisitions over
the next 12 to 18 months as it invests to increase capacity.

During its review process, Moody's will evaluate:

   -- the credit metrics it expects the company to exhibit over
      the next 12 to 18 months;

   -- the sustainability of the new rating category for the
      group taking into account Moody's expectations of ongoing
      investment;

   -- the medium term prospects for the group in terms of the
      overall FPSO market environment, increases in operating
      cash flow resulting from the new investments and the
      prospects for redeploying vessels coming out of contract
      over the next two to three years.  

Subject to the final conclusions of the review process, it is
likely that all group ratings will be downgraded by at least one
notch.  Moody's expects to conclude the review process within
the next six weeks.

Aurelia Energy N.V. is the holding company of Bluewater Holding
B.V., which is in turn the holding company of Bluewater Finance
Limited.  Bluewater is a privately owned, specialized oil
services company based in Hoofddorp, the Netherlands which owns
and operates floating, production, storage and offloading
vessels and provides single point mooring systems to the oil
industry.  In the nine-month period to Sept. 30, 2005, Bluewater
generated an operating profit of approximately US$ 38 million
from revenues of US$306 million.


ROYAL SHELL: Buys Back 875,000 A Shares for Cancellation
--------------------------------------------------------
Royal Dutch Shell plc purchased on March 8, 700,000 'A' Shares
for cancellation at a price of EUR25.62 per share.

In addition, it purchased 175,000 'A' Shares for cancellation at
a price of 1,757.45 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,908,200,000.

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.


VNU N.V.: Moody's Downgrades Debt Ratings to Ba1 From Baa2
----------------------------------------------------------
Moody's Investors Service said that it had downgraded VNU N.V.'s
senior unsecured long-term debt ratings to Ba1 from Baa2.  

Concurrently Moody's has also assigned a Ba1 Corporate Family
Rating to VNU.  All of VNU's ratings remain under review for
possible further downgrade.  The rating action follows today's
announcement that VNU has agreed to an offer by Valcon
Acquisitions B.V., a vehicle owned by a group of financial
investors, to acquire VNU for Euro 8.6 Billion (including net
debt).  The offer, which has been unanimously agreed by VNU's
board is still subject to completion of preparations and
customary conditions.  Importantly the offer also remains
subject to shareholder approval.

At their new level, the ratings are based on Moody's expectation
of a significant leveraging of the group with a view of funding
the purchase price should the transaction be completed as
planned, but the ratings also reflect VNU's strong franchises in
the areas of marketing information and business information,
above-average organic growth potential in marketing information
coupled with longer-term contracts.  VNU's ratings remain under
review for possible further downgrade reflecting uncertainties
with regard to the mix of financing for the transaction and the
resultant post-deal capital structure as well as the impact on
VNU's operational strategy going forward.  However, the
acquiring consortium is expected to keep VNU Marketing
Information and Media Measurement & Information units together
and to execute on the broad lines of the company's current
strategy, including the implementation of Project Forward, a new
corporate-wide initiative which will amongst other things target
IT finance, human resources and corporate overhead.

The new ratings also reflect a degree of uncertainty about
shareholder approval, given amongst other things that Fidelity
International, a significant shareholder, is reported to have
publicly stated that it is unlikely to support the offer.  
Moody's said that, should the transaction not go through, a
break-up of VNU or further leveraging of the existing company
can not be ruled out.  Finally, in Moody's opinion, it appears
unlikely that VNU will continue to operate in its current
configuration and with its current capital structure.

The agency added that the new ratings do not yet reflect the
eventual structure of VNU's debt post completion of the
transaction or the ranking of the rated bonds within that
structure should they remain outstanding.  VNU has indicated
that the acquiring consortium has the intention to tender for
the outstanding bonds at par in the context of the transaction.  
Moody's notes that while the indentures for VNU N.V.'s
coN.V.ertible bonds due 2006 have change of control language,
VNU N.V.'s other rated debt instruments do not appear to benefit
from change of control protection.  Negative pledge clauses for
VNU N.V.'s debt only relate to tradable debt, allowing for the
use of secured debt which could weaken the position of existing
creditors.  While Nielsen Media Research's (NMR) bonds appear to
have a stronger negative pledge position, the NMR bonds also
have covenant defeasance language.  Moody's will review the
senior debt ratings of VNU with a focus on the various funding
instruments the new owners choose to apply and their impact on
VNU's current debt should it remain outstanding, and on the
company's revised business and financial strategy.  Given the
lack of indenture protection there is a possibility that rated
senior debt to the extent that it remains outstanding could be
placed up to two notches below VNU's Corporate Family Rating.

These ratings were downgraded to Ba1 (from Baa2) and remain
under review for further downgrade :

VNU N.V.:

   -- The convertible debenture loan due 2006;

   -- The debenture loan due 2007;

   -- The debenture loans due 2008; and

   -- Nielsen Media Ratings Inc.'s debenture loan due 2009
      (guaranteed by VNU N.V.).

VNU N.V.'s EMTN program and issuance was downgraded to Ba1/Non-
Prime and ratings remain under review for further downgrade.

A Ba1 Corporate Family Rating was assigned to VNU N.V. and is
placed under review for possible downgrade.

VNU N.V. is an international information and media company based
in Haarlem, The Netherlands.  


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


ALEKSANDROVSKIY STUD: Claims Filing Period Ends March 21
--------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision on open joint stock company Aleksandrovskiy Stud#12
(TIN 4608000065).  The case is docketed as A35-5722/05g.  Mr. R.
Buchnev has been appointed temporary insolvency manager.  
Creditors have until March 21, 2006, to submit their proofs of
claim to Russia, Kursk region, Ryabinovyj Per. 2.

CONTACT:  ALEKSANDROVSKIY STUD#12
          Russia, Kursk region,
          Kastorenskiy region, Aleksandrovskiy

          R. BUCHNEV
          Temporary Insolvency Manager
          Russia, Kursk region,
          Ryabinovyj Per. 2


DVINSKIYE LESOPROMYSHLENNIKI: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision on open joint stock company Dvinskiye
Lesopromyshlenniki.  The case is docketed as A05-100/2006-28.  
Ms. E. Bagretseva has been appointed temporary insolvency
manager.  A hearing will take place on July 10, 2006, 4:00 p.m.

CONTACT:  DVINSKIYE LESOPROMYSHLENNIKI
          165502, Russia, Arkhangelsk region,
          Verkhnetoemskiy region, Dvinskoy, Lesnaya Str. 21

          E. BAGRETSEVA
          Temporary Insolvency Manager
          163071, Russia, Arkhangelsk region,
          Voskresenskaya Str. 95, Apartment 492


KAMSKIY: Court Names R. Farrakhov as Interim Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision on open joint stock company Kamskiy.  The
case is docketed as A71-17301/2005-G26.  Mr. R. Farrakhov has
been appointed temporary insolvency manager.  

CONTACT:  KAMSKIY
          427012, Russia, Udmurtiya republic,
          Sarapulskiy region, Severnyj, 8th Marta Str. 1

          R. FARRAKHOV
          Temporary Insolvency Manager
          426063, Russia, Udmurtiya republic,
          Izhevsk, Klyuchevoy, 11a


KANTEMIROVKA-AGRO-PROM-SNAB: Firm Falls Into Bankruptcy
-------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Kantemirovka-Agro-Prom-Snab after finding
the open joint stock company insolvent.  The case is docketed as
A14-26649/2005/21-27b.  Mr. I. Churkin has been appointed
insolvency manager.  Creditors have until April 4, 2006, to
submit their proofs of claim to 394030, Russia, Voronezh region,
Post User Box 59.

CONTACT:  KANTEMIROVKA-AGRO-PROM-SNAB
          Russia, Voronezh region, Kantemirovskiy region,
          Kantemirovka, Polevaya Str. 40

          I. CHURKIN
          Insolvency Manager
          394030, Russia, Voronezh region,
          Post User Box 59


KINESHMA-PROM-CORN: Insolvency Manager Takes Over Firm
------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision on open joint stock company Kineshma-Prom-Corn.  The
case is docketed as A60-30108/05-S11.  Mr. E. Belkov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 153000, Russia,
Ivanovo, Post User Box 1858.  A hearing will take place on
June 5, 2006, 9:30 a.m.

CONTACT:  KINESHMA-PROM-CORN
          155808, Russia, Ivanovo region,
          Kineshma, Vinogradova Str. 5

          E. BELKOV
          Temporary Insolvency Manager
          153000, Russia, Ivanovo region,
          Post User Box 1858


KIROVSKAYA: Bankruptcy Hearing Set Next Week
--------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision on limited liability company Kirovskaya.  
The case is docketed as A14-2728/2005 181/16b.  Ms. O. Ishenko
has been appointed temporary insolvency manager.  A hearing will
take place on March 15, 2006, 11:00 a.m.

CONTACT:  KIROVSKAYA
          397240, Russia, Voronezh region,
          Gribanovskiy region, Novomakarovo

          O. ISHENKO
          Temporary Insolvency Manager
          394000, Russia, Voronezh region,
          Main Post Office, Post User Box 6


METAL INVEST: Kemerovo Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Metal Invest after finding the limited
liability company insolvent.  The case is docketed as A27-
21636/05-4.  Mr. S. Tomshin has been appointed insolvency
manager.

CONTACT:  METAL INVEST
          Russia, Kemerovo region, Novokuznetsk

          S. TOMSHIN
          Insolvency Manager
          650055, Russia, Kemerovo region,
          Post User Box 5228


MILKOVSKOYE: Kamchatka Court Brings In Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Milkovskoye after finding the close joint
stock company insolvent.  The case is docketed as A24-5114/05-
16.  Mr. M. Baranov has been appointed insolvency manager.

CONTACT:  MILKOVSKOYE
          Russia, Kamchatka region,
          Milkovo, 5th kilometr.
  
          M. BARANOV
          Insolvency Manager
          683030, Russia, Petropavlovsk-Kamchatskiy,
          Post User Box 433


OKTYABRSK-AGRO-PROM-STORY: Bankruptcy Hearing Set July 17
---------------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Oktyabrsk-Agro-Prom-Stroy after finding the
open joint stock company insolvent.  The case is docketed as
A04-5932/05-12/46 "B".  Mr. K. Lysenkov has been appointed
insolvency manager.

Creditors may submit their proofs of claim to Russia, Amur
region, Ekaterinoslavka, Pionerskaya Str. 69.  A hearing will
take place on July 17, 2006, 8:15 a.m. at the Arbitration Court
of Amur region.

CONTACT:  OKTYABRSK-AGRO-PROM-STROY
          Russia, Amur region,
          Ekaterinoslavka, Pionerskaya Str. 69

          K. LYSENKOV
          Insolvency Manager
          Russia, Amur region,
          Ekaterinoslavka, Pionerskaya Str. 69


PETROCOMMERCE INVEST: Moody's Rates EMTN Program at Ba3
-------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term and a
Not-Prime ('NP') short-term rating to the US$750 million Euro
Medium-term Note (EMTN) Program by Petrocommerce Invest S.A.  
which is unconditionally and irrevocably guaranteed by
Petrocommerce Bank (Russia).  

Simultaneously, the rating agency has assigned a Ba3 long-term
rating to the upcoming first drawdown under this program, the
exact amount of which has yet to be determined.  Both ratings
carry a stable outlook.  The ratings are subject to reviewing
the final documentation on the program and the drawdown.

Moody's notes that the ratings are based on the fundamental
credit quality of Petrocommerce Bank -- the ultimate obligor
under the EMTN program -- as well as on the key features of the
notes, which will constitute senior unsecured obligations of the
bank.  According to Moody's, the Ba3 long-term and the 'NP'
short-term foreign currency rating for Petrocommerce Bank's
senior unsecured debt issued under foreign law does not
incorporate any support in the event of need from the bank's
shareholders given that, while such support cannot be ruled out,
its scope and timeliness are somewhat uncertain.  Support from
the Russian financial authorities is unlikely.

Under the terms of the program, Petrocommerce Bank must comply
with certain covenants, such as negative pledge, limitation on
mergers and disposals as well as on transactions with its
affiliates and a covenant to maintain a minimum capital adequacy
ratio of 10%.  The notes will be governed by and construed in
accordance with English law.

Petrocommerce is headquartered in Moscow, Russia, and reported
total assets of RUB83 billion (US$2.9 billion) under IFRS
(unaudited) at 30 September 2005.  According to Interfax, the
bank ranked 14th in terms of total assets among Russian banks as
at Oct. 1, 2005.


TYMOVSKAYA: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Tymovskaya after finding the coal company
insolvent.  The case is docketed as A59-3475/05-S12.  Mr. V.
Blinov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 693010, Russia, Yuzhno-
Sakhalinsk, Gornaya Str. 11, Apartment 49.

CONTACT:  TYMOVSKAYA
          Russia, Sakhalin region,
          Tymovskoye, Torgovaya Str. 8

          V. BLINOV
          Insolvency Manager
          693010, Russia, Yuzhno-Sakhalinsk,
          Gornaya Str. 11, Apartment 49


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


AGGREGATE NODES: Goes Into Liquidation
--------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against OJSC Aggregate Nodes Plant (code EDRPOU
00222396) after finding the company insolvent.  The case is
docketed as 6/64-05.  Mr. Kaluzhnij Mikola has been appointed
liquidator/insolvency manager.

CONTACT:  AGGREGATE NODES PLANT
          41400, Ukraine, Sumi region,
          Gluhiv, 40 rokiv Peremogi Str. 52

          Mr. Kaluzhnij Mikola
          Liquidator/Insolvency Manager
          41800, Ukraine, Sumi region,
          Bilopillya, Karl Libkneht Str. 43

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Shevchenko Avenue 18/1


AGROPROMTEHNIKA: Volodimir Stepanov Takes Over Helm
---------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
proceedings against OJSC Agropromtehnika (code EDRPOU 04541804)
on Jan. 17, 2006, after finding the company insolvent.  The case
is docketed as 10/B-547.  Mr. Volodimir Stepanov has been
appointed liquidator/insolvency manager.

CONTACT:  AGROPROMTEHNIKA
          Ukraine, Ternopil region,
          Zalishiki, Stepan Bandera Str. 116

          Mr. Volodimir Stepanov
          Liquidator/Insolvency Manager
          Ukraine, Ternopil region, a/b 97

          ECONOMIC COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil region,
          Ostrozski Str. 14a


ALCHEVSK' BUILDING: Crumbles Into Insolvency
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against OJSC Alchevsk' Building Materials Plant
(code EDRPOU 01235001) on Jan. 10, 2006, after finding the
company insolvent.  The case is docketed as 10/47 b.  Mr. Sergij
Ptushko has been appointed liquidator/insolvency manager.

CONTACT:  ALCHEVSK' BUILDING MATERIALS PLANT
          Ukraine, Lugansk region,
          Alchevsk, Transportna Str. 4

          Mr. Sergij Ptushko
          Liquidator/Insolvency Manager
          91000, Ukraine, Lugansk region,
          Leninskogo komsomolu Str. 4/109

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square 3a


CENTER-PLUS: Valerij Sidelnikov Names Liquidator
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC Center-Plus (code EDRPOU 31044755) on
after finding the company insolvent.  The case is docketed as
B 15/134/05.  Mr. Valerij Sidelnikov has been appointed
liquidator/insolvency manager.

CONTACT:  CENTER-PLUS
          51911, Ukraine, Dnipropetrovsk region,
          Dniprodzerzhinsk, Dolmatov Str. 11

          Mr. Valerij Sidelnikov
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Hartsizk, Spartakivskij Avenue 5/77

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


ENERGOMED: Court Opens Bankruptcy Process Following Insolvency
--------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against CJSC ENERGOMED (code EDRPOU 21661545) on
November 1, 2005 after finding the company insolvent.  The case
is docketed as 15/166-b.  Mr. Dmitro Maltsev has been appointed
liquidator/insolvency manager.

CONTACT:  ENERGOMED
          03115, Ukraine, Kyiv region,
          Peremogi Avenue 120

          Mr. Dmitro Maltsev
          Liquidator/Insolvency Manager
          02002, Ukraine, Kyiv region, a/b 223
          Phone/Fax: 8 (044) 253-55-61

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


IMAN: Letskan Vyacheslav Leads Liquidation
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Iman (code EDRPOU 31108719) on Nov. 18,
2005 after finding the company insolvent.  The case is docketed
as 43/599.  Mr. Letskan Vyacheslav (license AB 271494 of
Oct. 26, 2005) has been appointed liquidator/insolvency manager.

CONTACT:  IMAN
          Ukraine, Kyiv region,
          Academic Krimskij Str. 27

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


NAGASO: Subject to Liquidation Proceedings in Kyiv
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against CJSC Nagaso (code EDRPOU 30265150) on after
finding the company insolvent.  The case is docketed as 15/167-
b.  Mr. Dmitro Maltsev has been appointed liquidator/insolvency
manager.

CONTACT:  NAGASO
          01021, Ukraine, Kyiv region,
          Grushevskij Str. 28/2 A

          Mr. Dmitro Maltsev
          Liquidator/Insolvency Manager
          02002, Ukraine, Kyiv region, a/b 223
          Phone/Fax: 8 (044) 253-55-61

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


PLASTMAS-PRILUKI: Winds Up Operations
-------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against OJSC Plastmas-Priluki (code EDRPOU 00203619)
on Jan. 17, 2006, after finding the company insolvent.  The case
is docketed as 162B/55B/127B (9/127B/3B).  Mr. Vitalij Golub has
been appointed liquidator/insolvency manager.

CONTACT:  PLASTMAS-PRILUKI
          17500, Ukraine, Chernigiv region,
          Priluki, Kozacha Str. 56

          Mr. Vitalij Golub
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Vishgorod district, Glibivka,
          Kirov Str. 69

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue 20


VESTA-ICHAN: Court Appoints Liquidator to Wind Up Firm
------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Ukrainian-Chinese LLC Electronic Technics
Plant Vesta-Ichan (code EDRPOU 14292165) on December 21, 2005
after finding the company insolvent.  The case is docketed as
25/293.  Hortitska State Tax Inspection of Zaporizhya has been
appointed liquidator.

CONTACT:  VESTA-ICHAN
          69076, Ukraine, Zaporizhya region,
          Zadniprovska Str. 9

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


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


AMT FABRICATIONS: Liquidator Sets May 31 Claims Bar Date
--------------------------------------------------------
Members of AMT Fabrications (UK) Limited resolved to liquidate
the company's assets during an extraordinary general meeting on
Feb. 15, 2006.

Appointed Liquidator, Simon Gwinnutt, required creditors to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before May 31, 2006.

CONTACT:  AMT FABRICATIONS (UK) LIMITED
          George Holmes Way
          George Holmes Business Park
          Swadlincote Derbyshire
          DE119DF
          Tel: 01283 219 219
          Fax: 01283 219 219
          Web site: http://www.amtfabrications.co.uk/


ANGLO EUROPE: Financial Woes Trigger Voluntary Liquidation
----------------------------------------------------------
Anglo-Europe Computer Systems Ltd is liquidating its assets
after members elected to wind up the company's operations during
an extraordinary general meeting on Feb. 14, 2006.

Company Director Steve Ellis disclosed that the members found
out that the company could not continue its business due to
financial liabilities.

Lisa Hogg, of Wilson Field, was appointed Liquidator.

CONTACT:  ANGLO-EUROPE COMPUTER SYSTEMS LIMITED
          Bradwell House
          16-18 King Street
          Newcastle Staffordshire
          ST5 1EJ
          Tel: 01782 713 409
          Fax: 01782 713 954
          Web: http://www.anglo-europe.com/


AP HYDRAULICS: Meeting of Creditors Set March 20
------------------------------------------------
Creditors of AP Hydraulics Limited (Company Number 03794613)
will meet on March 20, 2006, 11 a.m. at Hilton Warwick, A429
Stratford Road, J15 M40, Warwick CV34 6RE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. M. Hammond and E. M. Shires, joint
administrators of PricewaterhouseCoopers LLP, Cornwall Court, 19
Cornwall Street, Birmingham B3 2DT not later than 12 noon,
March 17, 2006.

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

Headquartered in Warwickshire, AP Hydraulics Limited (t/a AP
Braking) -- http://www.aphydraulics.com/-- is engaged in  
providing braking solutions to major vehicle manufacturers for
the past 80 years.  


ARBITER ENTERTAINMENT: Administrators Take Over Helm
----------------------------------------------------
Alan Simon and Philip Simons of Langley & Partners were
appointed administrators of Arbiter Entertainment Limited
(Company Number 3917229) on Feb. 27.  

The company wholesales household goods.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Tel: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk  


AUDLEY RETAIL: Wraps Up Business In London
------------------------------------------
Audley Retail Limited is winding up its business after members
found out that the company could not continue its operations due
to mounting liabilities.

Members authorized Ian Franses, of Ian Franses Associates, to
lead the winding up operations.

CONTACT:  AUDLEY RETAIL LIMITED
          96 MOUNT STREET
          LONDON
          W1K 2TB
          Tel: 020 7491 3925


BFS INVESTMENTS: Creditors Agree to Wind Up Operations
------------------------------------------------------
Creditors of BFS Investments PLC confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 10, 2006.

Creditors also approved the appointment of Nicholas Stewart Wood
and Andrew David Conquest, both of Grant Thornton UK LLP, as
Joint Liquidators.

CONTACT:  BFS INVESTMENTS PLC
          Friarage Psg
          Friars Court
          Aylesbury Buckinghamshire
          HP202SJ
          Tel: 0845 130 1122
          Fax: 01296 423 376


BRIDGE TECHNOLOGY: IT Supplier Contacts Administrators
------------------------------------------------------
Michael Young and Peter Wastell of Vantis were appointed
administrators of Bridge Technology Group Limited (Company
Number 2853154) on Feb. 28.

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

Headquartered in Wiltshire, Bridge Solutions --
http://www.bridgesolutions.co.uk/-- was established in 1994.   
It provides reliable, professional service to support business,
schools, colleges and Universities for all their IT needs.


BRITISH UNIVERSAL: Halts Operations & Names Liquidators
-------------------------------------------------------
S. Wilson and D. J. Whitehouse, both of Kroll Limited, were
appointed Joint Liquidators of British Universal Limited after
members decided to wind up the company's operations on
Feb. 16, 2006.

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

CONTACT:  BRITISH UNIVERSAL LIMITED
          Hyde Cheshire
          SK145YD
          Tel: 0870 162 0044
          Fax: 0870 162 0055
          Web: http://www.britishuniversal.co.uk/


BROWNS EVENTS: Members Pass Winding Up Resolution
-------------------------------------------------
Members of Brown Events & Party Rentals Ltd passed a resolution
to wind up the company during an extraordinary general meeting
on Feb. 15, 2006.

Peter O'Hara and Simon Weir, of O'Hara & Co, were appointed
Joint Liquidators to wind up the company's business.

CONTACT:  BROWNS EVENTS & PARTY RENTALS
          Unit 14 Enterprise Court
          Pit Lane
          Micklefield Leeds West Yorkshire
          LS254BU
          Tel: 0800 028 8158
          Fax: 0113 287 7666
          Web: http://www.brownsevents.com/


C2U SOLUTIONS: Rising Debts Prompt Liquidation Proceedings
----------------------------------------------------------
A.J. Clark, of Carter Clark, was appointed Liquidator after
members of C2U Solutions Limited agreed to liquidate the
company's assets on Feb. 13, 2006.

S. McCarthy revealed that the company could no longer continue
its business due to mounting debts.

CONTACT:  C2U SOLUTIONS LIMITED
          408 Hale End Road
          London
          E4 9PB
          Tel: 020 8527 7336


COSTAIN GROUP: Names Anthony Bickerstaff as New Finance Director
----------------------------------------------------------------
Anthony Bickerstaff FCCA, currently Finance Director of Taylor
Woodrow Construction Limited, will succeed Charles McCole as
Finance Director of Costain Group PLC at a date to be finalized,
but expected to be not later than June 2006.

Mr. Bickerstaff has been with the Taylor Woodrow group since
1982 and, in addition to his current role, has held a number of
senior management and financial positions across the group.  
Prior to becoming Finance Director, he was Divisional Operations
Director in charge of the group's PFI projects.

He is also a non-executive Director of Construction Industry
Publications Ltd, a subsidiary company of the Construction
Confederation, specialising in books and publications for the
Construction Industry.

"I am delighted to welcome Tony Bickerstaff to Costain,"
Chairman David Jefferies said.  "He has considerable experience
both in the industry and the finance arena.  He will be an able
successor to Charles McCole who has made a significant
contribution to our successful recovery and whom we wish well
for the future."

                     About the Company

Headquartered in Maidenhead, United Kingdom, Costain Group PLC
-- http://www.costain.com/-- is an international engineering  
and construction group.  The Company provides building, civil
engineering and specialist processing services in the United
Kingdom, Europe and the Middle East, Asia, the Pacific Rim and
Africa.  The Group's customers include businesses in the
construction, marine, transport, retail hotel and utilities
sectors.

Costain collapsed under heavy debt in the mid-1990s after
venturing into U.S. mining.  It is still trying to recover with
its first dividend in years expected this year or next.  Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution
approving the reduction of share capital and cancellation of
share premium account in the company was approved by the
Companies Court and registered at Companies House.

At June 30, 2005, Costain Group's balance sheet showed GBP47.5
million in stockholders' deficit, compared to a GBP33.7 million
stockholders' deficit at June 30, 2004.


F&C EMERGING: Puts Scheme of Reconstruction for Shareholder Vote
----------------------------------------------------------------
JPMorgan Emerging Markets Investment Trust plc proposed a scheme
of reconstruction under Section 110 of the Insolvency Act 1986
for F&C Emerging Markets Investment Trust plc on March 8.  
Shareholders will vote to accept or reject the scheme at the
First Extraordinary General Meeting convened for March 31, 2006,
and the Second EGM convened for April 11, 2006.  

The proposal is also conditional on the JPM Emerging Resolution
being passed at the extraordinary general meeting of JPM
Emerging convened for March 31, 2006.

Shareholders previously approved a scheme of arrangement
proposed by JPM Emerging at an extraordinary general meeting on
Dec. 8, 2005.  However, F&C Emerging withdrew the scheme
following a valid dissent by a shareholder in respect of 13.8%
of the Company's issued share capital who was seeking to achieve
a higher level of cash exit than that available under the
original proposals.  

The new scheme is now fully supported by the dissenting
shareholder.

                      The Revised Scheme

The scheme calls for the Company's voluntary liquidation, which
is a solvent liquidation process.  Under the scheme,
shareholders may elect to receive:

   -- JPM Emerging New Shares, for those who wish to maintain an
      investment in emerging market securities; or

   -- cash, for those who do not wish to continue their
      investment.

Shareholders (other than Overseas Holders) who do not make a
valid election under the scheme will be deemed to have elected
for JPM Emerging New Shares.  Accordingly, shareholders who do
not wish to continue their investment should elect for cash on
their Form of Election.  Overseas Holders will be deemed to have
elected for cash.

                       Asset Allocation

The Liquidators will set aside sufficient assets in the
Company's Liquidation Fund to meet its known liabilities.

The Liquidators will also provide approximately GBP250,000 in
the Liquidation Fund to meet any contingent and unknown
liabilities of the Company.  Any surplus in the Liquidation Fund
will be paid in cash to shareholders and, where the entitlement
of Convertible Unsecured Loan Stock Holders who do not convert
their CULS is determined by reference to the amount they would
be entitled to in a winding up of the Company, to such CULS
Holders.

                     Transition Manager

In order to manage an efficient transition from the manager to
JPMorgan Asset Management, the Company will appoint a transition
manager between the First and Second EGMs.  JPMorgan Asset
Management will agree to certain investments in the portfolio
being transferred to JPM Emerging as part of the Scheme.  The
remaining assets will be realized by the transition manager so
as to ensure, inter alia, that there is sufficient cash to meet
the payments to which CULS Holders and Shareholders are entitled
under the scheme.  To the extent that elections for JPM Emerging
New Shares exceed the value of the investments in the portfolio
agreed to be transferred to JPM Emerging, the balance of assets
to be transferred will comprise short dated UK government bonds
or cash or cash equivalents.

On liquidation, the Company's net assets, after providing for
its liabilities (including the entitlements of CULS Holders who
do not exercise their conversion rights and those Shareholders
electing to receive cash under the Scheme, and the Company's
contingent liabilities) and the Liquidator's retention, will be
transferred to JPM Emerging in respect of all Elections made (or
deemed to be made) for JPM Emerging New Shares.

                           AITC Suit

The Liquidator may hold the liquidation open pending the outcome
of the AITC case to allow investment trusts to recover VAT
previously paid on management fees.  The AITC case is a test
case brought by the AITC and JPMorgan Fleming Claverhouse
Investment Trust plc with regard to the VAT treatment of fees
relating to the management of investment trusts.  Should the
claimants succeed in the litigation, management fees would be
treated as exempt from VAT and investment trusts may be able to
recover certain amounts paid as VAT in the past.  This may have
benefits for shareholders.  If the liquidation is held open, the
Liquidators will distribute any VAT recovered by the Company
from the Manager as provided for in the scheme.

                        Stock Listing

The last day for trading in the shares on the London Stock
Exchange for normal settlement will be March 21, 2006.  The
Record Date, being the date for determining which existing
Shareholders (excluding holdings of Shares arising from
conversion of the CULS) are entitled to participate in the
Scheme, is the close of business on March 24, 2006.

                    Voting Requirements

Shareholders representing over 45% of the Company's shares have
indicated their intention to vote in favor of the proposals.  
This includes an irrevocable undertaking in respect of 13.8% of
the shares held by the shareholder who dissented from the
original proposals.

Copies of the circular is available for inspection at the UK
Listing Authority's Document Viewing Facility, located at:

               Financial Services Authority
               25 The North Colonnade
               Canary Wharf
               London
               E14 5HS

                      About JPM Emerging

JPM Emerging is an existing United Kingdom investment trust,
which was established on 10 June 1991 to take advantage of
opportunities in less developed economies and markets.

                      About the Company

F&C Emerging Markets Investment Trust Plc (fka Foreign &
Colonial Emerging Markets Investment Trust plcForeign & Colonial
Emerging Markets Investment Trust PLC) operates as an Investment
Trust.  The objective of the Company is to secure for
shareholders long-term growth in assets per share through a
diversified portfolio specializing in emerging markets.  


FOTOPIC LIMITED: Administrator from XL Business Moves In
---------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of Fotopic Limited (Company Number
04240396) on Feb. 24.  

The company manages a shop for Internet photographs.  Its office
is at Acorn House/13 Pollard St, Wakefield WF3 3HG.  

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


FUN TECHNOLOGIES: High Court Sanctions Scheme of Arrangement
------------------------------------------------------------
The High Court of London approved the acquisition of Liberty
Media Corporation of a majority interest in FUN Technologies plc
pursuant to a Scheme of Arrangement under Section 425 of the
Companies Act 1985.

Shareholders unanimously voted in favor of the resolution to
approve the scheme on Dec. 23, 2005.  

                     Terms of the Scheme

Pursuant to the basic allocation, scheme shareholders will
receive 0.5453 of a New FUN Share and 163.69 pence in cash for
each FUN Share at the effective date.  Scheme shareholders are
being offered a Mix and Match Facility under which they may,
subject to equal and opposite elections being made by other
scheme shareholders, elect to vary the proportions in which they
receive the cash consideration payable and the New FUN Shares to
be issued in respect of their holdings of FUN Shares.  

To the extent that valid elections can be satisfied, scheme
shareholders will receive a greater proportion of New FUN Shares
instead of cash and vice versa on the basis of 324 pence per New
FUN Share.  To the extent that elections for New FUN Shares
and/or cash consideration cannot be satisfied in full, they will
be scaled down on a pro-rata basis.

Irrespective of the number of scheme shareholders who elect for
cash consideration or New FUN Shares under the Mix and Match
Facility, the total cash consideration to be paid and the total
number of New FUN Shares to be issued pursuant to the scheme
will not vary and will not exceed the Maximum Consideration
Payable, which is approximately GBP83.7 million and
approximately 27.9 million New FUN Shares (and which excludes
New FUN Shares that would be issuable upon exercise of
outstanding FUN Options).

                        Stock Listing

The Company expects to commence dealings in its common shares at
the AIM/London Stock Exchange at 8:00 a.m., today, at which
point the scheme will become effective.  The Company further
expects to begin common stock trading of New FUN in the Toronto
Stock Exchange at 9:30 a.m. today.

Headquartered in London, England, FUN Technologies plc --
http://www.funtechnologies.com/-- is one of the world's leading  
online casual gaming providers.  FUN's strategy is to provide
its cutting-edge, person-to-person gaming systems to top,
licensed distribution partners in regulated markets around the
world.  FUN is a public company, incorporated in England and
Wales, and is listed on both the Toronto Stock Exchange and the
Alternative Investment Market (AIM) of the London Stock Exchange
under the symbol 'FUN'.


GEOFFREY E MACPHERSON: Hires Joint Administrators from PwC
----------------------------------------------------------
Stuart Maddison and Mark Shires of PricewaterhouseCoopers were
appointed joint administrators of Geoffrey E Macpherson Limited
(Company Number 00442153) on Feb. 16.  Its registered office is
at Unit 8, The Midway, Lenton, Nottingham, Nottinghamshire NG7
2TS.

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

Headquartered in Nottingham, Geoffrey E Macpherson Limited --
http://www.macphersons.co.uk/-- is a family-owned business  
established in 1938.  The company sells textile machinery for
industrial yarn and fibers.


INTERNATIONAL POWER: S&P Keeps Ratings Amid Dividend Revision
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on U.K.-based global power developer International Power
PLC (IPower; BB-/Stable/--) are unaffected by the company's
announcement of a revised dividend policy.

IPower intends to increase its dividend rate by 80%, which will
represent a payout ratio of about 33% of 2005 earnings. This is
up slightly from the 30% recently planned, but remains in line
with the company's intention to move toward a payout ratio of
40% over the medium term.

The increased cash payment will have minimal implications for
Ipower's current financial profile so long as group
profitability, which was very strong in 2005, is maintained.


J. MERRIMAN: Tool Manufacturer Calls in Administrators
------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed administrators of tool manufacturer J. Merriman
(Toolmakers) Limited (Company Number 01176396) on Feb. 24.  Its
registered office is at Unit 8A Chase Park Industrial Estate,
Ring Road, Chase Terrace, near Walsall WS7 8JQ.

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


MISYS PLC: Names New Chief Executive of Banking Systems
-------------------------------------------------------
Misys plc appointed Steve Vaughan as chief executive officer of
Misys Banking Systems, the banking division of Misys plc
effective March 20, 2006.

Mr. Vaughan will also assume additional responsibility as CEO of
the newly created Core Banking business unit within Misys
Banking Systems.  Mr. Vaughan, 45, will report to Kevin Lomax,
Chief Executive of Misys plc.

Mr. Vaughan has significant experience of the technology
industry, most recently as Group CEO of Synstar plc, the pan-
European IT service provider which is now part of Hewlett
Packard.  Mr. Vaughan transformed Synstar into a profitable
business and oversaw the sale process and transition into HP
during his time leading the company.  Previously, Mr. Vaughan
held a range of roles at EDS Ltd., the global IT services
outsourcing company, latterly as Managing Director, where he had
responsibility for the industry division in the UK.

"Steve Vaughan brings substantial technology industry knowledge
and the experience of running major international organizations,
which will be invaluable to Misys," Mr. Lomax, said.  "I look
forward to working with him as we continue to transform Misys
Banking Systems into the global leader in banking software and
solutions."

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.


MFC GROUP: Claims Registration Ends Monday
------------------------------------------
Creditors of MFC Group PLC are given until March 13, 2006, to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Joint Liquidators, Tyrone Shaun
Courtman and Evelyn Gabrielle Exley.

CONTACT:  MFC GROUP PLC
          102 Friar Gate
          Derby
          DE1 1EX
          Tel: 01530 560 888


MEADOWBANK SPECIAL: Winds Up Business & Names Liquidators
---------------------------------------------------------
Meadowbank Special Steels Limited is winding up its business
after members established that the company could not continue
its operations due to its liabilities.

Members authorized Derek Leslie Woolley and Allan Cooper, of The
P&A Partnership, to lead the winding up operations.

CONTACT:  MEADOWBANK SPECIAL STEELS LIMITED
          Meadow Bank Ind Est
          Harrison Street
          Rotherham South Yorkshire
          S61 1EE
          Tel: 01709 380 000
          Fax: 01709 380 011


PHOENIX CONSULTANTS: Taps Administrators from Smith & Williamson
----------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson were appointed administrators of Phoenix Consultants
International Limited (Company Number 05486501) on Feb. 23.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

                        About the Company

Phoenix Consultants International Ltd offers staffing services.  
Its office is at 9 High Street, Baldock SG7 6AZ, Hertfordshire.  


RELIANCE NATIONAL: Court Adjourns Sec. 304 Injunction Hearing
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
adjourned Reliance National Insurance Company (Europe) Limited's
hearing on whether to grant a permanent injunction pursuant to
Section 105 and 304(b) of the Bankruptcy Code.

The hearing was previously scheduled last Feb. 27, 2006.  The
Court adjourned the hearing without setting a new date.

Headquartered in London, England, National Insurance Company
(Europe) Limited is a wholly owned subsidiary of Omni
Whittington Investments (Guernsey) Limited.  Whittington is an
indirect, wholly owned subsidiary of Omni Whittington Group B.V.  
The Debtor underwrote insurance business primarily in Europe.  
The Debtor did not write business directly in the U.S., however,
it has more than 700 U.S. policyholders.  The Debtor provided
insurance and reinsurance to corporate entities and insurance
companies.

Richard Paul Whatton, in his capacity as the Debtor's Foreign
Representative, filed a Section 304 Petition on Oct. 13, 2005
(Bankr. S.D.N.Y. Case No. 05-46232).  Kenneth P. Coleman, Esq.,
Stephen Doody, Esq., and Kelle Gagne, Esq., at Allen & Overy
LLP, represent Mr. Whatton.  As of Dec. 31, 2004, the Debtor
reported assets totaling GBP184,015,000 and debts totaling
GBP165,011,000.


RENTOKIL INITIAL: Closes GBP74.8MM Sale of Manned Guarding Unit
---------------------------------------------------------------
Rentokil Initial plc completed the sale of its UK manned
guarding business, Initial Security Limited, to MITIE Group PLC,
a UK business support services organization.  The total
consideration is GBP74.8 million comprising:

   -- GBP59.1 million in equity; and
   -- GBP15.7 million in net debt as at Dec. 25, 2005.

ISL is a leading provider of manned guarding services in the UK,
with some 6,000 security officers operating from a national
network of 18 branches.  For the financial year to Dec. 25,
2005, it had a turnover of GBP130.7 million and generated a
profit before tax of GBP4.5 million.

"The sale of ISL reflects our continued focus on those areas of
our business where we believe we can generate the greatest
shareholder value," Doug Flynn, Chief Executive of Rentokil
Initial, said.  "ISL is a high quality business with a good
market position and a strong management team; however, we
believe that MITIE should be better able to realise its full
potential.

"We continue to explore the possible disposal of our manned
guarding operations in North America and Belgium," he added.

                     J.C. Ehrlich Sale

Rentokil also confirmed that it has now completed the
acquisition of J.C. Ehrlich Co. Inc. for US$141.8 million
(GBP80.1 million).  Ehrlich is the fourth largest pest control
company in the USA.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest  
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6
million in stockholders' deficit, compared to a GBP784 million
deficit at Dec. 31, 2004.  The Company's balance sheet also
showed strained liquidity with GBP745 million in assets
available to pay GBP789.5 million in the next 12 months.


RENTOKIL INITIAL: Taps Bookrunners for Fixed Rate Debt Issue
------------------------------------------------------------
Rentokil Initial plc mandated Barclays Capital, BNP Paribas and
the Royal Bank of Scotland as bookrunners for a benchmark
sterling fixed rate issue of intermediate maturity to be
launched and priced in the near future following a roadshow,
subject to market conditions.  

The notes will be issued under the Rentokil Initial MTN
programme.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest    
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6
million in stockholders' deficit, compared to a GBP784 million
deficit at Dec. 31, 2004.  The Company's balance sheet also
showed strained liquidity with GBP745 million in assets
available to pay GBP789.5 million in the next 12 months.


STYLE ETHICS: Retailer Spins Into Administration
------------------------------------------------
G. D. Sharma (IP No 9145), of Sharma & Co was appointed
administrator of Style Ethics Limited (Company Number 04531443)
on Feb. 15.

The company is a clothing retailer. Its office is at Unit J2
Gallacher Retail Park, Stoney Stanton Road, Coventry, West
Midlands CV6 5QL.  

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


TYDEMAN BODYSHOP: Hires Administrator From Ensors
-------------------------------------------------
Steven Law of Ensors was appointed administrator of Tydeman
Bodyshop Limited (Company Number 03370833) on Feb. 17.  

Headquartered in Ipswich, Tydeman Bodyshop Limited --
http://www.tydemans.co.uk-- was established in 1977.  The  
company offers body repairs of vehicles.  

Ensors -- http://www.ensors.co.uk-- is the leading independent  
firm of chartered accountants in East Anglia, United Kingdom.  
It has branches in Bury St. Edmunds, Haverhill, Ipswich and
Saxmundham.


VIRGO CARPETS: Administrator from Butcher Woods Enter Firm
----------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of Virgo Carpets Limited (Company Number 02971885)
on Feb. 22.

The company is a carpet dealer.  Its office is at 259 Darlaston
Road, Wednesbury, West Midlands WS10 7HX.  

CONTACT:  BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands B3 1UP
          Tel: 0121 236 6001
          Fax: 0121 236 5702
          E-mail: rod.butcher@butcher-woods.co.uk  


VISCOUNT PRESS: Stephen Conn Takes Over Operations
--------------------------------------------------
Members of Viscount Press Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 10, 2006.

Stephen L. Conn, of Begbies Traynor, was named Liquidator.

CONTACT:  VISCOUNT PRESS LIMITED
          UNIT 6 HEMPSHAW LANE
          OFFERTON INDUSTRIAL ESTATE
          STOCKPORT CHESHIRE
          SK2 5TJ
          Tel: 0161 480 2955
          Fax: 0161 480 2955


WIND ACQUISITION: Fitch Raises EUR1.5 Billion Notes to B+
---------------------------------------------------------
Fitch Ratings raised Wind Acquisition Finance S.A.'s EUR1.5
billion senior notes to B+ from B and RR4 from RR5.  

This action follows the completed tap issue of EUR250 million
senior notes and issuer's confirmation that proceeds totaling
EUR 266.3 million from the tap issue have been applied to prepay
an equivalent amount of the term loan A senior secured facility.

The agency also affirmed Wind Telecomunicazioni S.p.A.'s Issuer
Default Rating at B+ with Stable Outlook.  The Short-term rating
is affirmed at B.  All other debt and recovery ratings are
affirmed as follows:

  a) Wind Telecomunicazioni S.p.A.'s first priority senior
     secured facilities: BB/RR2; and

  b) Wind Finance SL S.A.'s second lien notes: BB/RR2.

Senior secured lenders have agreed to a waiver that allows Wind
to apply the EUR266.3 million to prepay senior debt due in H108.
Therefore, pressure on cash flow generation from scheduled debt
amortization is significantly reduced until H208.  This should
allow Wind more time to achieve sufficient positive free cash
flow generation to meet their medium-term debt amortization
targets.

However, in the medium term the Italian telecommunications
market is likely to see increasing competition with the likely
emergence of Mobile Virtual Network Operators from 2008,
constant pressure from the local market regulator and the ever-
present risk of disruptive new technologies.  

In this context, Wind's management will have to demonstrate
their ability to successfully overcome a number of challenges if
they are to improve the company's credit profile.  Fitch will,
therefore, continue to monitor very closely Wind's financial
performance in the coming quarters.


                             *********                            


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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