TCREUR_Public/060313.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

             Monday, March 13, 2006, Vol. 7, No. 51

                            Headlines

F R A N C E

FONDS COMMUN: Fitch Rates EUR650,000 Class C Units at BB


G E R M A N Y

ALPAS GMBH: Hamburg Court Rules on Bankruptcy
B&M ABWICKLUNGSGESELLSCHAFT: Claims Bar Date Set March 20
BAUMANN ELECTRONICS: Dr. Michael Jaffe Administers Assets
BORIS FRACKENPOHL: Giessen Court Halts Pending Transactions
CARE FLIESEN: Duisburg Court Appoints Provisional Administrator

CZIKOWSKI SPEDITION: Claims Registration Ends March 14
DLT GMBH: Administrator Report Out by Early May
THOMAS HART: Company Yields to Insolvency Proceedings
TOR AG: Creditors' Meeting Set on April 19
UNION 4: Claims Registration Ends April 11

VICTOR GRUNDSTUECKSVERWALTUNGS: Ends Business in Essen
VIER JAHRESZEITEN: Claims Verification Set on May 18
WIESENFELD VERWALTUNGS: Joachim Buettner Takes Over Operations


H U N G A R Y

MAGYAR OLAJ- ES: S&P Rates Proposed EUR690 Mln Hybrid Notes BB


I T A L Y

COMPAGNIA ITALIANA DEL TURISMO: Goes Bust
PARMALAT SPA: Milan Court Grills Former Chairman Calisto Tanzi


K A Z A K H S T A N

AUBAKIROVA: Declared Bankrupt by Kostanai Court
GANUSHKINO: Sets Proofs of Claim Deadline
KARASHILIK: Succumbs to Bankruptcy Proceedings
LOT GRAIN: Creditors' Claims Due This Month
MULTIKOM: Faces Bankruptcy Proceedings in South Kazakhstan


N E T H E R L A N D S

ROYAL SHELL: Nick Land to Serve as New Non-Executive Director
ROYAL SHELL: Buys Back 1.3 Million A Shares for Cancellation


R O M A N I A

PROCREDIT BANK: Fitch Issues BB+ Long-term to RON35 Million Bond


R U S S I A

AGRO-ROVENSKOYE: Belgorod Court Brings In Insolvency Manager
ALDAN-WOOD-PROM: Claims Filing Period Ends April 4
BEREZOVS-AGRO-TRANS: Declared Insolvent by Amur Court
BUILDING COMPANY #6: Deadline for Proofs of Claim Set Next Month
I.E. LEMISOV: Undergoes Bankruptcy Supervision Procedure

KAREL-WOOD-SERVICE: Bankruptcy Hearing Set March 22
KHASAVYURTOVSKIY: Bankruptcy Supervision Procedure Begins
LENIN: Moscow Court Opens Bankruptcy Proceedings
MARIINSKIY MEAT-TINNED: Court Appoints Insolvency Manager
OJSC GUKOVUGOL: Undergoes Receivership For Twelve Months

STROY-KOMPLEKT: Insolvency Manager Takes Over Helm


S W I T Z E R L A N D

GATE GOURMET: Refinancing Completed


U K R A I N E

AGROKOMPLEKS: Bankruptcy Supervision Begins
HLIBOROB: Under Bankruptcy Supervision in Hmelnitskij Region
KRYMPRODMASH: Nataliya Gerasko Leads Liquidation Process
MN EXIM: Declared Insolvent by Kyiv Court
UKRAINIAN STONE: Crumbles Under Insolvency

PROMIN: Court Names Glebov Vasil to Liquidate Assets
RAJAGROTEHNIKA: Closes Operations & Begins Liquidation
SUMI' RAFINAD: Court Names Temporary Insolvency Manager
SKIF UV: O. Tomashevskij Leads Liquidation Process
UKRDEMONTAZHPEREROBKA: Succumbs to Insolvency in Mikolaiv


U N I T E D   K I N G D O M

A W HOLDEN: Liquidator from Mabe Allen LLP Moves In
BATHTIME (UK): Hires Joint Administrators From Vantis Plc
BRITISH AIRWAYS: Aims GBP450 Million Cost Cuts Through 2008
CHRIS DUNNE: Civil Engineers Start Liquidation Process
COLLINS WALLPAPER: Liquidator From P S Wallace Moves In

COLOUR NATION: Members Agree to Voluntary Liquidation
CONTOUR PACKAGING: Manufacturer Appoints Joint Liquidators
DELYN HIRE: Liabilities Prompt Voluntary Liquidation
ESSEX PRINT: Duncan Beat Sets April 11 Claims Bar Date
FIRSTGUARD SECURITY: Claims Registration Ends March 29

GLENROYD STAINLESS: Shuts Down Operations in Yorkshire
HARRWAY LIMITED: Joint Liquidators Take Over Operations
HEMS ANODISING: Peter Alan Langard Leads Liquidation Procedure
HMV GROUP: Permira Submits Revised Conditional Offer
INDEPENDENT BUILDERS: Members Pass Wind Up Resolution

J S CARS: Creditors Confirm Voluntary Liquidation
M FIRKIN: Meeting of Creditors Set Next Week
NOTTINGHAM DYERS: Taps Joint Administrators from Tenon Recovery
RTD STEEL: Administrator from Cowgill Holloway Takes Over
STIRLING TELECOMMUNICATIONS: Brings In Joint Administrator

VISAGE INTERNATIONAL: Calls On PKF to Administer Assets
WILD AND HALLAM: In Administrative Receivership

     **********

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


FONDS COMMUN: Fitch Rates EUR650,000 Class C Units at BB
--------------------------------------------------------
Fitch Ratings assigned ratings to Fonds Commun de Creances
compartment Minotaure Compartment 2004-1's asset-backed units
due December 2026 as follows:

  a) EUR309.66 million Class A senior floating-rate units: AAA;

  b) EUR16.05 million Class B subordinated floating-rate units:
     A; and

  c) EUR650,000 Class C subordinated floating-rate units: BB.

The FCC purchased residential loans jointly advanced by
Electricite de France and Gaz de France and other affiliated
entities to their employees in France and issued units backed by
these assets.  The loans were purchased by the FCC at a discount
rate of 12.01% to generate 37 basis points of excess margin in
the structure.  The FCC is established by France Titrisation,
which acts as the management company, and BNP Paribas Securities
Services, which acts as the custodian.

The ratings are based on the credit quality of the residential
loans portfolio, the discount rate at which it will be sold to
the FCC, the credit quality of EDF, the hedging strategy and the
sound legal and financial structure of the transaction.

The ratings reflect Fitch's opinion on the timely payment of
interest and final payment of principal on the units as of their
final maturity date in December 2026.

The credit enhancement levels are 6.81% for the Class A senior
units, provided by the mezzanine Class B units, the subordinated
Class C units and the unrated Class R units, 1.98% for the Class
B units, corresponding to the Class C and residual Class R
units, and 1.78% for the Class C notes.

Previously EDF and GDF have securitized their respective shares
in residential loans advanced to their employees through FCC
Apigaz in 1995 for Gaz de France, Electra 1 in 1999 as well as
Loggias 2001-1 and Loggias 2003-1 for EDF.

Similar to Loggias 2001-1 and Loggias 2003-1, Fitch's analysis
of this transaction significantly differs from its standard
approach to residential mortgage backed-securities transactions.
In particular, the absence of life/disability insurance led the
agency to approach the defaults in terms of probability of death
and also take into account historical data on disability or
termination of contracts.

In addition, as the financed properties are not secured, the
agency did not consider the market value of the properties to
determine loss severity.

Fitch's credit analysis is highly dependent on the civil servant
status of the underlying debtors.  In light of the recent
privatizations, realized or to be realized, of EDF and Gaz de
France, the agency understands that this privileged employee
status is to remain unaltered.


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


ALPAS GMBH: Hamburg Court Rules on Bankruptcy
---------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against alpas GmbH on Feb. 7. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 21, 2006, to register their claims
with court-appointed provisional administrator Stefan Denkhaus.

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 11:30 a.m. on
April 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:  ALPAS GmbH
          Ochsenzoller Strasse 188, 22848 Norderstedt
          Attn: Dr.-Ing. Jens Popplau, Manager
          Joachim Friedsch, Manager

          Stefan Denkhaus, Administrator
          Jungfernstieg 30, 20354 Hamburg
          Tel: 040/350060


B&M ABWICKLUNGSGESELLSCHAFT: Claims Bar Date Set March 20
---------------------------------------------------------
The District Court of Muenchen opened bankruptcy proceedings
against B&M Abwicklungsgesellschaft mbH on Feb. 6.
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 Alfred Korbitz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muenchen, Infanteriestr. 5,
Sitzungssaal 101, at 9:00 a.m. on April 26, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The Court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT: B&M ABWICKLUNGSGESELLSCHAFT mbH
         Kolpingstr. 12 in 85221 Dachau

         Alfred Korbitz, Manager
         Promenadeplatz 9, 80333 Muenchen
         Tel: 089/24216730
         Fax: 089/24216745


BAUMANN ELECTRONICS: Dr. Michael Jaffe Administers Assets
---------------------------------------------------------
The District Court of Muenchen opened bankruptcy proceedings
against Baumann Electronics GmbH on Jan. 27. Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 1, 2006, to register their
claims with court-appointed provisional administrator Dr.
Michael Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muenchen, Infanteriestr. 5,
Sitzungssaal 102, at 9:40 a.m. on May 17, 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:  BAUMANN ELECTRONICS GmbH
          Bergstr. 13 in 82024 Taufkirchen-Potzham

          Dr. Michael Jaffe, Administrator
          Weinstr. 4, 80333 Muenchen
          Tel: 089/255487-00
          Fax: 089/255487-10


BORIS FRACKENPOHL: Giessen Court Halts Pending Transactions
-----------------------------------------------------------
The District Court of Giessen opened bankruptcy proceedings
against Boris Frackenpohl und David Contant GbR on Feb. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 27, 2006,
to register their claims with court-appointed provisional
administrator Tim Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Giessen, Saal 405, 4. OG,
Gebaude B, Gutfleischstrasse 1, 35390 Giessen, at 9:00 a.m. on
April 27, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  BORIS FRACKENPOHL UND DAVID CONTANT GbR
          Parkstrasse 22, 35447 Reiskirchen
          Attn: Boris Frackenpohl, Manager
          David Contant, Manager

          Tim Schneider, Administrator
          Marktlaubenstrasse 9, 35390 Giessen
          Tel: 0641/932-43-0
          Fax: 0641/932-4350


CARE FLIESEN: Duisburg Court Appoints Provisional Administrator
---------------------------------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against "CARE" Fliesen GmbH on Feb. 10. 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 Dagmar
Karutz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Kardinal-Galen-
Strasse 124-130, 47058 Duisburg, IV. Etage, Saal 407, at 11:30
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:  "CARE" FLIESEN GmbH
          Lindnerstr. 20, 47167 Duisburg
          Attn: Rudy Bardutzky, Manager

          Dagmar Karutz, Administrator
          Gemarkenstr. 95, 45147 Essen


CZIKOWSKI SPEDITION: Claims Registration Ends March 14
------------------------------------------------------
The District Court of Frankfurt opened bankruptcy proceedings
against Czikowski Spedition GmbH on Feb. 13. Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 14, 2006, to register their
claims with court-appointed provisional administrator Rolf
Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt, Muellroser
Chaussee 55, 15236 Frankfurt (Oder), Saal 401, at 11:20 a.m. on
April 11, 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:  CZIKOWSKI SPEDITION GmbH
          Ringstrasse Gewerbegebiet, 16321 Bernau

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


DLT GMBH: Administrator Report Out by Early May
-----------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against DLT GmbH on Feb. 6. 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 Ingmar Jarchow.

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 10:40 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:  DLT GmbH
          Allermoher Deich 406, 21037 Hamburg
          Attn: Danijel Lukic, Manager

          Ingmar Jarchow, Administrator
          Heuberg 1, 20354 Hamburg
          Tel: 3501690
          Fax: 35016915


THOMAS HART: Company Yields to Insolvency Proceedings
-----------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against Thomas Hart Trockenbau Limited & Co. KG on
Jan. 23.  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 Dortmund, Gerichtsplatz 1,
44135 Dortmund, II. Etage, Saal 3.201, at 10:05 a.m. on
April 20, 2006, at which time court-appointed administrator
Achim Thomas Thiele 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 TROCKENBAU LIMITED & Co. KG
          Gewerbepark 11, 44532 Luenen
          Attn: Thomas Hart, Manager
          Kreikenhof 37, 44532 Luenen

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


TOR AG: Creditors' Meeting Set on April 19
------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against TOR AG on Feb. 6.  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 Darmstadt, Zimmer 4-311, 4.
OG, Gebaude D, Mathildenplatz 15, 64283 Darmstadt, at 9:30 a.m.
on April 19, 2006, at which time court-appointed administrator
Ulrich Bert 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:  TOR AG
          Steubenplatz 9-11, 64293 Darmstadt
          Attn: Dieter Gimbel, Manager

          Ulrich Bert, Administrator
          Birkenweg 24, 64295 Darmstadt
          Tel: 06151/66729-0
          Fax: 06151/66729-20
          E-mail: darmstadt@ltb-anwaelte.de


UNION 4: Claims Registration Ends April 11
------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
Union 4 Verwaltungs GmbH on Feb. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 11, 2006, to register their claims
with court-appointed provisional administrator Ulrich Forster.

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 10:20 a.m. on
May 2, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  UNION 4 VERWALTUNGS GmbH
          Hamergasse 4-14, 50667 Koln
          Attn: Sebastian Scholz, Manager

          Ulrich Forster, Administrator
          Martinstr. 22-24, 50667 Koln
          Tel: 9257000
          Fax: +4922192570050


VICTOR GRUNDSTUECKSVERWALTUNGS: Ends Business in Essen
------------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Victor Grundstuecksverwaltungs- und
Vermietungsgesellschaft mbH on Feb. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 11, 2006, to register their
claims with court-appointed provisional administrator Dr. Jens
M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Zweigertstr. 52,
45130 Essen, I.OG, gelber Bereich, Saal 185, at 9:45 a.m. on
April 26, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  Victor Grundstcksverwaltungs- und
          Vermietungsgesellschaft mbH
          Scharpenhang 74, 45257 Essen
          Attn: Rolf Denkler, Manager
          Heierbusch 54, 45133 Essen

          Dr. Jens M. Schmittmann, Administrator
          Zweigertstrasse 28-30, 45130 Essen
          Tel: 0201 438740


VIER JAHRESZEITEN: Claims Verification Set on May 18
----------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Vier Jahreszeiten Touristik GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 23, 2006,
to register their claims with court-appointed provisional
administrator Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Raum Saal B 405, at 11:45 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 at
9:00 a.m., on May 18, 2006, at the same venue.

CONTACT:  VIER JAHRESZEITEN TOURISTIK GmbH
          Schwanenwik 30, 22087 Hamburg
          Attn: Gunter Preussker, Manager

          Ingmar Jarchow, Administrator
          Heuberg 1, 20354 Hamburg
          Tel: 3501690
          Fax: 35016915


WIESENFELD VERWALTUNGS: Joachim Buettner Takes Over Operations
--------------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against "Wiesenfeld" Verwaltungs GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 27, 2006, to
register their claims with court-appointed provisional
administrator Joachim Buettner.

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 10:00 a.m. on
April 27, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  "Wiesenfeld" Verwaltungs GmbH
          Spaldingstrasse 188, 20097 Hamburg
          Attn: Claes Smith, Manager
          Chaussee de Louvain 490, Belgien, 1380 Lasne

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Tel: 8078810
          Fax: 807881-20


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


MAGYAR OLAJ- ES: S&P Rates Proposed EUR690 Mln Hybrid Notes BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
rating to the proposed EUR690 million perpetual deferrable
convertible subordinated hybrid notes to be issued by special-
purpose vehicle Magnolia Finance Ltd., related to Hungarian
petroleum refiner and marketer Magyar Olaj- es Gazipari Rt.
(MOL).

At the same time, Standard & Poor's assigned its 'BBB-' long-
term corporate credit rating to Magnolia.  The rating is the
same as that on MOL, based on the swap agreement between the two
parties instead of a financial guarantee, and on Magnolia's
essential nature as holder of part of MOL's treasury stock.

Furthermore, Standard & Poor's affirmed its 'BBB-' long-term
corporate credit rating and all debt ratings outstanding on MOL.
The outlooks on both MOL and Magnolia are stable.

The notching on the notes is due to their subordination and
optional deferability of interest. The instrument will be given
intermediate equity content by Standard & Poor's.

"By issuing the hybrid notes, MOL monetizes a portion of its
treasury stocks by transferring them to Magnolia, without having
to resell them, and is able to continue repurchasing shares--
treasury stocks are otherwise restricted, under Hungarian law,
to 10% of issued capital," said Standard & Poor's credit analyst
Karl Nietvelt.

Although MOL does not have an equity interest in Magnolia, the
SPV will be fully consolidated in MOL's accounts; treasury
shares will continue to be deducted from common equity for
accounting purposes.

The rating on MOL reflects its strong position in the Central
and Eastern European (CEE) oil refining market, together with a
strong financial profile.  These strengths are offset by a
fairly aggressive growth strategy and a less conservative
financial policy than in the past owing to additional share
buyback plans announced in December 2005.

The notes are perpetual, noncallable for ten years, optionally
deferrable, deeply subordinated, and tax-deductible. The
completion and size of the deal remain subject to market
conditions; the issue is launched at EUR690 million--well below
the 15% of MOL's year-end 2005 book capitalization--and
therefore as per our criteria would retain all the equity
content warranted by the instrument's features.

The features of this issue enhance MOL's financial flexibility
and headroom, at the rating level, for small to moderate
acquisitions.  That said, we will continue to closely monitor
MOL's acquisition plans and fairly aggressive share repurchase
policies, particularly in light of the company's options to buy
back 17.5% of its registered capital for some $1.5 billion. We
continue to expect net debt of about 2x EBITDA.


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


COMPAGNIA ITALIANA DEL TURISMO: Goes Bust
-----------------------------------------
Italian operator Compagnia Italiana del Turismo has declared
itself insolvent, Il Sole says.

In 2004, the company has accumulated losses of -EUR117 million
and now added a -EUR90 million equity deficit, the paper said.

The Italian industry minister, Claudio Scajola, has appointed
Ignazio Abrignani, as the extraordinary administrator of CIT to
look through its finances.

Soglia Hotels is one of the company's creditors with a 39%
capital investment.

Compagnia Italiana Del Turismo -- http://www.citspa.it/--  
operates in other countries like France, USA, Canada, Brazil,
Uruguay, Argentina, Australia just to name a few.


PARMALAT SPA: Milan Court Grills Former Chairman Calisto Tanzi
--------------------------------------------------------------
Former Parmalat S.p.A. chairman Calisto Tanzi has accused local
and foreign banks of abetting the group's collapse, Dow Jones
Newswires says.

In a hearing in Milan, Mr. Tanzi claimed the banks lured him
into a "drug-like dependence" by offering freely available
loans.  He added the banks continued to provide funds to
Parmalat despite the group's financial slump.  The founder said
that Parmalat "never had any kind of problem in getting loans
from the banks."

"I didn't know that banks were selling bonds to small
investors," he added.

Mr. Tanzi likewise begged forgiveness to around 100,000 small
investors who lost money when Parmalat went bankrupt with losses
of over EUR14 billion.  The banks, however, reiterated that
Parmalat had deceived them and they have done nothing wrong.
One of the accused banks, Bank of America, called Mr. Tanzi's
statement "completely self-serving."

BofA said, "This is yet another attempt by Mr. Tanzi to disclaim
responsibility for the fraud that he and other Parmalat managers
orchestrated."

Mr. Tanzi, along with 15 former group executives and
accountants, is on trial on charges of market rigging, false
accounting and contravening local stock market laws.  His
testimony came as Parma prosecutors named three former BofA
executives to playing roles in a fraud that led to Parmlat's
eventual collapse.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


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


AUBAKIROVA: Declared Bankrupt by Kostanai Court
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared OJSC Aubakirova bankrupt on Dec. 22, 2005.  Proofs of
claim will be accepted at Kostanai, Tarana Str. on or before
March 24, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT
          OF KOSTANAI REGION
          Phone: 8 (3142) 54-28-39


GANUSHKINO: Sets Proofs of Claim Deadline
-----------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau region
declared Public Utility Enterprise Ganushkino bankrupt.  Proofs
of claim will be accepted at Atyrau, Abai Str. 10a, 3rd floor on
or before March 24, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          ATYRAU REGION
          Atyrau, Abai Str. 10a, 3rd floor


KARASHILIK: Succumbs to Bankruptcy Proceedings
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Karashilik bankrupt on Dec. 22, 2005.  Proofs of
claim will be accepted at Kostanai, Tarana Str. on or before
March 24, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT
          OF KOSTANAI REGION
          Phone: 8 (3142) 54-28-39


LOT GRAIN: Creditors' Claims Due This Month
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Lot Grain bankrupt on Dec. 22, 2005.  Proofs of
claim will be accepted at Kostanai, Tarana Str. on or before
March 24, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT
          OF KOSTANAI REGION
          Phone: 8 (3142) 54-28-39


MULTIKOM: Faces Bankruptcy Proceedings in South Kazakhstan
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan region declared LLP Multikom bankrupt.  Proofs of
claim will be accepted at South Kazakhstan region, Shymkent, G.
Iljeva Str. 24, room 114.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF SOUTH
          KAZAKHSTAN REGION
          South Kazakhstan region,
          Shymkent, G.Iljeva Str. 24, room 114


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


ROYAL SHELL: Nick Land to Serve as New Non-Executive Director
-------------------------------------------------------------
The Board of Royal Dutch Shell plc intends to replace Sir Peter
Burt with Nick Land, currently Chairman of Ernst & Young LLP, as
a non-executive director of the Company.  Mr. Burt will step
down from his position following the Annual General Meeting of
Shareholders on May 16, 2006.

The Board will propose to the Annual General Meeting that Mr.
Land, 58, be appointed as a non-executive director effective
July 1, 2006.

Mr. Burt served as a member of the board of The "Shell"
Transport and Trading Company Plc from 2002 to 2005 and on the
Royal Dutch Shell Board since October 2004.  He is now stepping
down due to pressure of other commitments.  Mr. Burt, formerly
Governor of the Bank of Scotland, is Chairman of ITV plc and
Promethean plc.

Mr. Land has been serving as the Chairman and Chief Executive of
Ernst & Young LLP and as a member of the Global Executive Board
of Ernst & Young Global LLP since 1995 from which positions he
will stand down when he retires from the firm on June 30, 2006.
He qualified as an accountant in 1970 and has been a partner
since 1978.

Mr. Land is a member of the Advisory Board of the Judge Business
School and the Finance and Audit Committees of the National
Gallery.

Ernst & Young are not the external auditors of the Company.
They do render a number of non-audit services to Royal Dutch
Shell companies on an annual basis.  Mr. Land had no involvement
in these services and will step down from all positions at Ernst
& Young upon joining the Board of the Company.

                           *     *     *

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.


ROYAL SHELL: Buys Back 1.3 Million A Shares for Cancellation
------------------------------------------------------------
Royal Dutch Shell plc purchased on March 9, 1,100,000 'A' Shares
for cancellation at a price of 25.62 euros per share.

In addition, it purchased 200,000 'A' Shares for cancellation at
a price of 1,759.25 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,906,900,000.

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.


=============
R O M A N I A
=============


PROCREDIT BANK: Fitch Issues BB+ Long-term to RON35 Million Bond
----------------------------------------------------------------
Fitch Ratings assigned Romania-based ProCredit Bank S.A.
forthcoming RON35 million three-year bond issue an expected BB+
Long-term rating.  ProCredit Romania is rated Long-term Issuer
Default BB+ with Stable Outlook, Short-term B, Individual D/E
and Support 3.

The final rating is contingent on receipt of documents
conforming to information already received.

The notes are to rank pari passu among themselves and at least
pari passu with all other present and future unsecured
obligations of ProCredit Romania save for such obligations as
may be preferred by law.

ProCredit Romania is a development-oriented bank focusing on
micro, small and medium- sized enterprises. ProCredit Holding
has 19 subsidiary banks in Central and Eastern Europe, Latin
America and Africa banks.  Strategic decisions, risk management
policies and human resources are fairly centralized at the
ProCredit Holding level.

ProCredit Holding is the largest shareholder in ProCredit
Romania, holding a stake of 26%.  Other shareholders of
ProCredit Romania are also shareholders in ProCredit Holding,
except for EBRD and Commerzbank.  Fitch expects ProCredit
Holding to gain a majority stake in ProCredit Romania by end-
2007.


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


AGRO-ROVENSKOYE: Belgorod Court Brings In Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision on open joint stock company Agro-
Rovenskoye.  The case is docketed as A08-13526/05-11.  Mr. N.
Batalygin has been appointed temporary insolvency manager.

CONTACT:  AGRO-ROVENSKOYE
          Russia, Belgorod region,
          Rovenskiy region, Nagornoye

          N. BATALYGIN
          Temporary Insolvency Manager
          309530, Russia, Staryj Oskol,
          Lenina Str. 66


ALDAN-WOOD-PROM: Claims Filing Period Ends April 4
--------------------------------------------------
The Arbitration Court of Sakha republic - Yakutiya commenced
bankruptcy proceedings against Aldan-Wood-Prom (TIN 1402011540,
OGRN 1021400524375) after finding the open joint stock company
insolvent.  The case is docketed as A58-7500/2005.  Mr. V. Popov
has been appointed insolvency manager.  Creditors have until
April 4, 2006, to submit their proofs of claim to 677000,
Russia, Sakha republic - Yakutiya, Yakutsk, Kurashova Str. 28/1,
Room 25

CONTACT:  ALDAN-WOOD-PROM
          Russia, Sakha republic - Yakutiya, Aldanskiy Ulus,
          Tommot, Otechestvennaya Str. 1

          V. POPOV
          Insolvency Manager
          677000, Russia, Sakha republic - Yakutiya,
          Yakutsk, Kurashova Str. 28/1, Room 25


BEREZOVS-AGRO-TRANS: Declared Insolvent by Amur Court
-----------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Berezovs-Agro-Trans after finding the open
joint stock company insolvent.  The case is docketed as A04-
10403/05-6/290 B.  Mr. S. Peshkun has been appointed insolvency
manager.

CONTACT:  BEREZOVS-AGRO-TRANS
          676925, Russia, Amur region, Ivanovskiy region,
          Berezovka, Krasnoarmeyskaya Str. 132

          S. PESHKUN
          Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Zeyskaya Str. 140, Office 41


BUILDING COMPANY #6: Deadline for Proofs of Claim Set Next Month
----------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision on limited liability company Building
Company #6 (TIN 0277052471).  The case is docketed as A07-
13422/05-G-FLE.  Mr. Kh. Shayakbirov has been appointed
temporary insolvency manager.

Creditors have until April 4, 2006, to submit their proofs of
claim to:

   (a) BUILDING COMPANY #6
       Russia, Bashkortostan Republic, Ufa

   (b) KH. SHAYAKBIROV
       Temporary Insolvency Manager
       420132, Russia,
       Kazan-132, Post User Box 24

   (c) ARBITRATION COURT OF BASHKORTOSTAN REPUBLIC
       450057, Russia, Ufa,
       Oktyabrskoy Revolyutsii Str. 63a


I.E. LEMISOV: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision on open joint stock company I.E. Lemisov.
The case is docketed as A06-6703 6/3-11/2005.  Mr. S. Gontsov
has been appointed temporary insolvency manager.  A hearing will
take place on April 14, 2006.

CONTACT:  I.E. LEMISOV
          414045, Russia, Astrakhan region,
          Boevaya Str. 64

          S. GONTSOV
          Temporary Insolvency Manager
          414000, Russia, Astrakhan region,
          Main Post Office, Post User Box 290


KAREL-WOOD-SERVICE: Bankruptcy Hearing Set March 22
---------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision on limited liability company Karel-Wood-
Service.  The case is docketed as A26-8627/2005-18.  Mr. S.
Sedov has been appointed temporary insolvency manager.

Creditors have until March 21, 2006, to submit their proofs of
claim to Russia, Kareliya republic, Petrozavodsk, Vidanskaya
Str. 15-V.  A hearing will take place on March 22, 2006, 3:30
p.m.

CONTACT:  KAREL-WOOD-SERVICE
          Russia, St-Petersburg, Proletarskaya Str. 60,
          Building 2, Apartment 156

          S. SEDOV
          Temporary Insolvency Manager
          Russia, Kareliya republic, Petrozavodsk,
          Vidanskaya Str. 15-V


KHASAVYURTOVSKIY: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Dagestan republic has commenced
bankruptcy supervision on Khasavyurtovskiy Meat Combine Elit.
The case is docketed as A15-724/2005.  Mr. Y. Karpenko has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 355029, Russia, Stavropol, Lenina Str.
431.

CONTACT:  KHASAVYURTOVSKIY MEAT COMBINE ELIT
          Russia, Dagestan republic,
          Khasavyurt, Korkmasova Str. 3

          Y. KARPENKO
          Temporary Insolvency Manager
          355029, Russia, Stavropol region,
          Lenina Str. 431


LENIN: Moscow Court Opens Bankruptcy Proceedings
------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Lenin after finding the open joint stock
company insolvent.  The case is docketed as A41-K2-27651/05.
Mr. P. Novikov has been appointed insolvency manager.

CONTACT:  LENIN
          142970, Russia, Moscow region, Serebryannye Prudy,
          Zheleznodorozhnaya Str. 16

          P. NOVIKOV
          Insolvency Manager
          125040, Russia, Moscow region,
          Skakovaya Str. 36, Office 229


MARIINSKIY MEAT-TINNED: Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Mariinskiy Meat-Tinned Food Combine after
finding the limited liability company insolvent.  The case is
docketed as A27-39981/2005-4.  Mr. A. Batukhtin has been
appointed insolvency manager.

CONTACT:  MARIINSKIY MEAT-TINNED FOOD COMBINE
          Russia, Kemerovo region, Mariinsk,
          Sibiryakov-Gvardeytsev Str. 2

          A. BATUKHTIN
          Insolvency Manager
          650000, Russia, Kemerovo region,
          Post User Box 981


OJSC GUKOVUGOL: Undergoes Receivership For Twelve Months
--------------------------------------------------------
The Arbitration Court of Rostov region has declared OJSC
Gukovugol bankrupt, Interfax says.

According to Hon. Natalya Kandaurova, the coal-mining company
will undergo receivership for one year.

Headquartered in Rostov, Russia, OJSC Gukovugol produces
anthracite coal that is supplied to many places in Russia and
abroad, including Western Europe.


STROY-KOMPLEKT: Insolvency Manager Takes Over Helm
--------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision on open joint stock company
Stroy-Komplekt.  The case is docketed as A20-7742/2005.  Mr. A.
Popov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Nalchik,
Lermontova Str. 54/203.

CONTACT:  STROY-KOMPLEKT
          361033, Russia, Kabardino Balkariya republic,
          Soldatskaya St., Venkovskogo Str.

          A. POPOV
          Temporary Insolvency Manager
          Russia, Nalchik region,
          Lermontova Str. 54/203


=====================
S W I T Z E R L A N D
=====================


GATE GOURMET: Refinancing Completed
-----------------------------------
On March 9, 2006, Global airline caterer Gate Gourmet has
finalized a CHF600 million debt refinancing.

The proceeds from the debt financing, syndicated by Goldman
Sachs, have been used to pay down the senior secured debt in
full as well as a part of the junior debt, with the remaining
junior debt being converted to equity in the company.

The CHF600 million financing consists of:

   -- a CHF400 million first-lien term loan;
   -- a CHF125 million second-lien term loan;
   -- a CHF50 million undrawn revolver; and
   -- a CHF25 million Letter of Credit facility.

As a result of the refinancing, Gate Gourmet has significantly
reduced the debt on its balance sheet, with lower interest
payments going forward and very limited requirements to amortize
the debt over the life of the facility.  Following the
refinancing, the company has approximately CHF65 million of
freely available cash on its balance sheet as well as access to
the CHF50 million revolving credit facility, providing ample
liquidity to invest in the company's business and strengthen its
capability to provide the best possible service to its
customers.

                     Capital Infusion

As part of the refinancing package, Gate Gourmet's shareholders,
led by Texas Pacific Group, has invested an additional
CHF30 million.  TPG will remain the largest shareholder and
retain significant control of the board and the company.

Gate Gourmet's restructuring efforts have been recognized by
major credit rating agencies.  Both Standard & Poor's and
Moody's recently upgraded the company's ratings to B- and B2,
respectively, with an outlook of "stable."

"The completion of the refinancing represents a major milestone
for Gate Gourmet and its employees and reflects the financial
community's confidence in the company.  With a significantly
reduced debt burden and healthy liquidity, Gate Gourmet is well
positioned for the future," Chairman and Chief Executive Officer
David N. Siegel, said.

Headquartered at Zurich-Airport, Switzerland, Gate Gourmet --
http://www.gategourmet.com/-- is the world's second largest
airline catering company, providing catering services to many of
the world's major airlines, such as British Airways, Swissair,
United Airlines, Delta Airlines, Virgin Atlantic and Cathay
Pacific to name just a few.

                            *   *   *

On Feb. 22, 2006, Standard & Poor's Ratings Services raised its
long-term corporate credit ratings on Switzerland-based airline
catering group Gate Gourmet Luxembourg II S.C.A. (Gate Gourmet),
and on 100%-owned subsidiary Gate Gourmet LLC, to 'B-' from 'D'.
The outlook on both entities is stable.


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


AGROKOMPLEKS: Bankruptcy Supervision Begins
-------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on OJSC Agrokompleks (code EDRPOU
05488957).  The case is docketed as 10/311.  Mr. Igor Savchuk
has been appointed temporary insolvency manager.

CONTACT:  AGROKOMPLEKS
          Ukraine, Zakarpatska region,
          Rahiv, Partizanska Str. 108

          Mr. Igor Savchuk
          Temporary Insolvency Manager
          Ukraine, Zakarpatska region,
          Rahiv, Miru Str. 5/62
          Phone: (03132) 2-11-76

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


HLIBOROB: Under Bankruptcy Supervision in Hmelnitskij Region
------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural LLC Hliborob (code EDRPOU
03786142).  The case is docketed as 4/313-B.  Mr. Viktor
Matushak (license AA 485213 of March 3, 2003) has been appointed
temporary insolvency manager.

CONTACT:  HLIBOROB
          Ukraine, Hmelnitskij region,
          Letichivskij district, Trebuhivtsi

          Mr. Viktor Matushak
          Temporary Insolvency Manager
          Ukraine, Hmelnitskij region,
          Skovoroda Str. 14/151

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square 1


KRYMPRODMASH: Nataliya Gerasko Leads Liquidation Process
--------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against OJSC KRYMPRODMASH (code EDRPOU 14315144)
after finding the company insolvent.  The case is docketed as 2-
8/666-2005.  Ms. Nataliya Gerasko has been appointed
liquidator/insolvency manager.

CONTACT:  KRYMPRODMASH
          85006, Ukraine, AR Krym region,
          Simferopol, Yevpatorijske shose Str. 8

          Ms. Nataliya Gerasko
          Liquidator/Insolvency Manager
          Ukraine, AR Krym region,
          Simferopol, Marshal Zhukov Str. 9/23

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


MN EXIM: Declared Insolvent by Kyiv Court
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Building-Investing Company MN EXIM (code
EDRPOU 24370931) on Nov. 14, 2005, after finding the company
insolvent.  The case is docketed as 46/858-b.  Mr. Dmitro
Maltsev has been appointed liquidator/insolvency manager.

CONTACT:  MN EXIM
          02100, Ukraine, Kyiv region,
          Verhovna Rada Boulevard 14-b

          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


UKRAINIAN STONE: Crumbles Under Insolvency
------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against LLC Ukrainian Stone (code EDRPOU 30976672)
on Dec. 7, 2005, after finding the company insolvent.  The case
is docketed as 14/272/05.  Mr. Derebchinskij Mikola has been
appointed liquidator/insolvency manager.

CONTACT:  UKRAINIAN STONE
          54030, Ukraine, Mikolaiv region,
          Lagerne pole Str. 5/6

          Mr. Derebchinskij Mikola
          Liquidator/Insolvency Manager
          55001, Ukraine, Mikolaiv region,
          Yuzhnoukrainsk, Komsomolska Str. 3/323
          Phone: (05136) 2-51-77

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


PROMIN: Court Names Glebov Vasil to Liquidate Assets
----------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against AGRICULTURAL LLC PROMIN (code EDRPOU
03731945) on Dec. 12, 2005 after finding the company insolvent.
The case is docketed as 5/286-05.  Mr. Glebov Vasil has been
appointed liquidator/insolvency manager.

CONTACT:  PROMIN
          24144, Ukraine, Vinnitsya region,
          Chernivtsi district, Lozove

          ECONOMIC COURT OF VINNITSYA REGION
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose 7


RAJAGROTEHNIKA: Closes Operations & Begins Liquidation
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against OJSC Rajagrotehnika (code EDRPOU 13497829)
on Dec. 22, 2005, after finding the company insolvent.  The case
is docketed as 5/214 B.  Mr. V. Paterilov has been appointed
liquidator/insolvency manager.

CONTACT:  RAJAGROTEHNIKA
          85160, Ukraine, Donetsk region,
          Kostyantinivskij district,
          Ivanopillya, Dzerzhinskij Str. 34

          Mr. V. Paterilov
          Liquidator/Insolvency Manager
          83050, Ukraine, Donetsk region, a/b 6915
          Phone: 8 (050) 360-80-66

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


SUMI' RAFINAD: Court Names Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Sumi' Rafinad Plant (code EDRPOU
00372925).  The case is docketed as 6/122-05.  Mr. Oleksandr
Sugonyako has been appointed temporary insolvency manager.

CONTACT:  SUMI' RAFINAD PLANT
          Ukraine, Sumi region,
          Privokzalna Str. 4

          Mr. Oleksandr Sugonyako
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Kozatskij val Str. 2 A
          Phone: 22-10-80

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


SKIF UV: O. Tomashevskij Leads Liquidation Process
--------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against LLC Skif Uv (code EDRPOU 33250607) on
Jan. 17, 2006, after finding the company insolvent.  The case is
docketed as 10/561/05.  Mr. O. Tomashevskij has been appointed
liquidator/insolvency manager.

CONTACT:  SKIF UV
          Ukraine, Mikolaiv region,
          Industrialna Str. 1-A

          Mr. O. Tomashevskij
          Liquidator/Insolvency Manager
          54029, Ukraine, Mikolaiv region,
          Robocha Str. 7

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


UKRDEMONTAZHPEREROBKA: Succumbs to Insolvency in Mikolaiv
---------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Private Enterprise Ukrdemontazhpererobka
(code EDRPOU 32507535) on January 19, 2006 after finding the
company insolvent.  The case is docketed as 14/339/05.  Mr. O.
Tomashevskij has been appointed liquidator/insolvency manager.

CONTACT:  UKRDEMONTAZHPEREROBKA
          Ukraine, Mikolaiv region,
          Geroiv Stalingradu Avenue 91/103

          Mr. O. Tomashevskij
          Liquidator/Insolvency Manager
          54029, Ukraine, Mikolaiv region,
          Robocha Str. 7

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


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


A W HOLDEN: Liquidator from Mabe Allen LLP Moves In
---------------------------------------------------
A W Holden Limited voluntarily liquidated its assets after
members voted to wind up the company's operations during an EGM
held in Feb. 24 in Derby.

Company Chairman P J Clark disclosed that John Philip Allen of
Mabe Allen LLP is appointed liquidator after members found out
that the company cannot continue its business due to its
liabilities.

CONTACT:  A.W. HOLDEN LTD
          Wetherby Road
          Derby DE24 8HN
          Tel: 01332 293215


BATHTIME (UK): Hires Joint Administrators From Vantis Plc
---------------------------------------------------------
Nick O'Reilly and Simon Elliot Glynn of Vantis Plc were
appointed joint administrators of Bathtime (UK) Limited (Company
Number 04526631) on Feb. 20.  The company manufactures plastic
products.

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


BRITISH AIRWAYS: Aims GBP450 Million Cost Cuts Through 2008
-----------------------------------------------------------
British Airways PLC is targeting up to GBP450 million in cost
cuts over the next two years through March 2008.

The airline said the plan will leave the company on track to
deliver a 10% operating margin in the financial year to March
2008 assuming fuel prices and external environment are stable.

At its annual Investor Day last week, the Company estimated fuel
costs for the year to March 2006 to be between GBP505 million
through GBP515 million higher than the previous year, with net
debt expecting to fall below GBP2 billion this month.

For 2006 through 2007, revenue is estimated to increase by four
to five percent driven by increased capacity and seat factors.
The Company expects fuel costs to increase by GBP400 million for
the same period, while total costs, excluding fuel, are
forecasted to be flat.

                      About the Company

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

                        *     *     *

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


CHRIS DUNNE: Civil Engineers Start Liquidation Process
------------------------------------------------------
Clive Morris was appointed Liquidator of Chris Dunne
Construction Limited after members decided to wind up the
company's operations on Feb. 15, 2006.

Chairman M.C. McDermott divulged that the company could no
longer continue operating its business due to mounting debts.

CONTACT:  CHRIS DUNNE CONSTRUCTION LIMITED
          Unit 1A Ams Trading Estate
          Brownhill Lane
          Longton Preston
          PR4 4SG
          Tel: 01772 619 112


COLLINS WALLPAPER: Liquidator From P S Wallace Moves In
-------------------------------------------------------
Collins Wallpaper Warehouse Limited decided to liquidate its
assets after members voted to wind up the company's operations
during an Extraordinary General Meeting on Feb. 20, 2006, in
Lancashire.

J. E. Burman, chairman of Collins Wallpaper Warehouse Limited,
disclose that the company cannot continue its business due to
its surmounting debts.

Philip Stephen Wallace of P S Wallace & Co. is appointed
liquidator.

CONTACT:  COLLINS WALLPAPER WAREHOUSE LTD
          36-44 George Street,
          Blackpool, Lancashire FY1 3DB
          Tel: 01253620321


COLOUR NATION: Members Agree to Voluntary Liquidation
-----------------------------------------------------
Members of Colour Nation (Soho) Limited resolved to liquidate
the company's assets during an extraordinary general meeting on
Feb. 16, 2006.

John W Davies and David Hill, of Begbies Traynor, were appointed
Joint Liquidators.

CONTACT:  COLOUR NATION (SOHO) LIMITED
          22 Peter Street
          London
          W1F 0AF
          Tel: 020 7287 8748


CONTOUR PACKAGING: Manufacturer Appoints Joint Liquidators
----------------------------------------------------------
Members of Contour Packaging International Limited passed a
resolution to wind up the company during an extraordinary
general meeting on Feb. 15, 2006.

John W Davies and David Hill, of Begbies Traynor, were appointed
Joint Liquidators to wind up the company's business.

CONTACT:  CONTOUR PACKAGING INTERNATIONAL LIMITED
          Bridge Works
          Iver Lane
          Uxbridge Middlesex
          UB8 2JF
          Tel: 01895 230 111
          Fax: 01895 230 267
          Web: http://www.contourpack.co.uk/


DELYN HIRE: Liabilities Prompt Voluntary Liquidation
----------------------------------------------------
Members of Delyn Hire Centres Limited appointed Jean M. Ellis of
Duncan Sheard Glass to liquidate the company's assets.

Parties recommended the voluntarily wind up of the company's
operations after determining that the company's liabilities
hinder its ability to continue its business.   The wind up
resolution was passed on Feb. 21, 2006, during an Extraordinary
General Meeting held in Flintshire.

CONTACT:  DELYN HIRE CENTRES LIMITED
          19 Station Road, Queensferry,
          Deeside, Clwyd CH5 1SU
          Tel: 01244812888


ESSEX PRINT: Duncan Beat Sets April 11 Claims Bar Date
------------------------------------------------------
Creditors of Essex Print Ltd are given until April 11, 2006, to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator, Duncan R. Beat.

CONTACT:  ESSEX PRINT LTD
          Unit 12 Smilers Farm Ind Est
          Pound Lane
          North Benfleet Wickford Essex
          SS129JS
          Tel: 01268 590 239


FIRSTGUARD SECURITY: Claims Registration Ends March 29
------------------------------------------------------
Members of Firstguard Security Services Limited decided to
liquidate the company's assets during an extraordinary general
meeting on Feb. 15, 2006.

Appointed Joint Liquidator David Moore, required creditors to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before March 29, 2006.

CONTACT:  FIRSTGUARD SECURITY SERVICES LIMITED
          Cashel Road
          Birkenhead Merseyside
          CH411DY
          Fax: 0151 691 0102


GLENROYD STAINLESS: Shuts Down Operations in Yorkshire
------------------------------------------------------
Glenroyd Stainless Fabrications Ltd is liquidating its assets
after members elected to wind up the company's operations during
an extraordinary general meeting on Feb. 8, 2006.

Company Director A.J. Cullingworth revealed that the members
found out that the company could not continue its business due
to mounting debts.  Timothy Calverley, of Haines Watts, was
appointed Liquidator.

CONTACT:  GLENROYD STAINLESS FABRICATIONS LTD
          Unit 11
          Acorn Park Industrial Estate
          Charlestown Shipley West Yorkshire
          BD177SW
          Tel: 01274 531 291
          Fax: 01274 531 534


HARRWAY LIMITED: Joint Liquidators Take Over Operations
-------------------------------------------------------
Gavin Geoffrey Bates and Peter John Windatt, of BRI Business
Recovery and Insolvency, were appointed Joint Liquidators after
members of Harrway Limited decided to wind up the company's
operations on Feb. 9, 2006.

Director R. Harrington disclosed the company could not continue
its operations due to financial liabilities.

CONTACT:  HARRWAY LIMITED
          Bloxham Mill
          Barford Road
          Bloxham Banbury Oxfordshire
          OX154FF
          Tel: 01295 724 558
          Fax: 01295 724 559


HEMS ANODISING: Peter Alan Langard Leads Liquidation Procedure
--------------------------------------------------------------
Hems Anodising Limited is liquidating its assets after members
elected to wind up the company's operations during an
extraordinary general meeting on Feb. 15, 2006.

Peter Alan Langard, of Lifford Hall, was appointed Liquidator.

CONTACT:  HEMS ANODISING LIMITED
          Unit 30/31
          Darlaston Central Trading Estate
          Wednesbury West Midlands
          WS108XB
          Tel: 0121 526 7188
          Fax: 0121 568 7228


HMV GROUP: Permira Submits Revised Conditional Offer
----------------------------------------------------
HMV Group plc confirms it has received a revised conditional
proposal regarding a possible offer for the Group at 210 pence
per ordinary share in cash from Permira Advisers Limited.

The Company previously received a bid from Permira in January
offering to acquire the Group at 190 pence per ordinary share.
However, following a review of the proposal, the HMV Board
concluded that the offer undervalues the Group.

Martin Flanagan of The Scotsman suggests that the revised offer
would value the high street music chain at GBP842 million.

The Board of HMV Group is currently considering the revised
conditional proposal and says a further announcement will be
made in due course.  "There can be no certainty that an offer
will be made nor as to the terms on which any offer might be
made," the Company said.

Permira reportedly lined up Roger Parry, the chairman of several
media outfit, to serve as HMV's executive chairman if an offer
succeeds, The Scotsman relates.

                      About the Company

Headquartered in the U.K., HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in 8 different
countries under two powerful retail brands (HMV and
Waterstone's).  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Oct. 29, 2005, the company's balance sheet showed GBP49.7
million in stockholders' deficit, compared to a GBP14.4 million
deficit at Apr. 30, 2005.


INDEPENDENT BUILDERS: Members Pass Wind Up Resolution
-----------------------------------------------------
Members of Independent Builders Merchants Limited passed a
resolution to wind up the company during an extraordinary
general meeting on Feb. 8, 2006.

Director S. Allan expressed that the company could no longer
continue its operations due to financial liabilities.

Rosalind Hilton, of Adcroft Hilton, was voted Liquidator.

CONTACT:  INDEPENDENT BUILDERS MERCHANTS LIMITED
          Unit A
          Kingmoor Park
          Heathlands Estate
          Carlisle
          CA6 4RE
          Tel: 01228 672 100


J S CARS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------
Creditors of J.S. Cars Limited confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company's operations on Feb. 16, 2006.

Creditors also ratified the appointment of Gordon Johnston, of
hjs Recovery, as Liquidator.

CONTACT:  J S CARS LIMITED
          16-18 Empress Road
          Southampton Hampshire
          SO140JU
          Tel: 023 8063 8976
          Fax: 023 8022 2641


M FIRKIN: Meeting of Creditors Set Next Week
--------------------------------------------
Creditors of M Firkin Limited (Company Number 00307346) will
meet on March 21, 2006, 10 a.m. at 12-22 Edmund House, Newhall
Street, Birmingham B3 3SD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to C. K. Rayment, joint administrator of BDO Stoy
Hayward LLP, 125 Colmore Row, Birmingham B3 3SD not later than
12 noon, March 20, 2006.

                      About BDO Stoy Hayward

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


NOTTINGHAM DYERS: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint administrators of Nottingham Dyers Limited
(Company Number 02669015) on Feb. 24.

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

Headquartered in Nottingham, Nottingham Dyers Ltd is engaged in
preparing and finishing textiles.


RTD STEEL: Administrator from Cowgill Holloway Takes Over
---------------------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed administrator of RTD Steel Limited (Company Number
04736281) on Feb. 23. Its registered office is at Blythe Park,
Sandon Road, Cresswell, Stoke-on-Trent, Staffordshire ST11 9WS.

Headquartered in Stoke on Trent, Staffordshire, RTD Steel Ltd --
http://www.rtd-steel.com/-- was established in 2003.  It has
over 50 years of experience within the steel industry.  The
company has a turnover of GBP3 million and is looking to expand
this up to GBP5 million last year.

RTD Steel Ltd provides decoiled to length mild steel sheet and
plate as well as extensive guillotine capacities to produce
exacting tolerance blanks in Hot Rolled, Cold Reduced,
Galvanised, Zintec, Aluminised and Galvanealled (IZ) grades.

CONTACT:  COWGILL HOLLOWAY BUSINESS RECOVERY LLP
          Regency House
          45-51 Chorley New Road
          Bolton
          Greater Manchester BL1 4QR
          Tel: 01204 414277
          Fax: 01204 414244
          E-mail: gary.bell@cowgills.co.uk


STIRLING TELECOMMUNICATIONS: Brings In Joint Administrator
----------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd were appointed joint administrators of
Stirling Telecommunications LLP (Company Number OC302403) on
Feb. 28.

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


VISAGE INTERNATIONAL: Calls On PKF to Administer Assets
-------------------------------------------------------
David Merrygold and Philip Long of PKF (UK) LLP were appointed
joint administrators of Visage International Partners Ltd
(Company Number 04198447) on Feb. 23.  Its registered office is
at 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.

Visage International Partners Ltd is a cosmetic distributor.
Its registered office is at 3 Phoenix Sq/Wyncolls Rd, Colchester
CO4 9AS.  For more details, call 01206 752722.

CONTACT:  PKF
          16 The Havens
          Ransomes Europark
          Ipswich, Suffolk IP3 9SJ
          Tel: 01473 320700
          Fax: 01473 320800
          E-mail: david.merrygold@uk.pkf.com


WILD AND HALLAM: In Administrative Receivership
-----------------------------------------------
National Westminster Bank Plc appointed Christopher Michael
White and Allan Cooper of P&A Partnership joint administrative
receivers of Wild And Hallam Limited (Company Number 2192278) on
Feb. 23.

                       About P&A Partnership

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

                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$575 per half-year,
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