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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 14, 2006, Vol. 7, No. 52

                            Headlines

F R A N C E

ALCATEL: S&P Affirms Long-Term Corporate Credit Rating to BB


G E R M A N Y

ELSAKO INSTALLATIONSGESELLSCHAFT: Court Sets March 31 Bar Date
FALK FACHMARKTCENTER: Claims Registration Ends March 24
FAME EVENTGASTRO: Claims Registration Ends March 22
FERRO-MONTAGETECHNIK: Claims Registration Ends March 20
FORDERVEREIN GRUNDSCHULE: Creditors' Meeting Set for April 12

FORSTER BAUBETRIEB: Claims Registration Ends March 22
FRANZEN BAU: Claims Registration Ends March 22
HELD TELEKOMMUNIKATION: Claims Registration Ends April 1
INFRATEC GMBH: Claims Registration Ends April 4
INSURELINE GMBH: Claims Registration Ends March 31

JANSSEN & RAUERT: Creditors' Meeting Set for March 24
KTO PRODUCTS: Creditors' Meeting Slated for April 20
KURZER ELEKTROTECHNIK: Claims Registration Ends April 4
LAATZENER VERWERTUNGS: Claims Registration Ends March 20
LEON UMZUEGE: Claims Registration Ends Friday

PFLEIDERER AG: Sells Track Systems Unit to AXA Private Equity


G R E E C E

OLYMPIC AIRLINES: State Grants Creditor Protection Until Oct. 31


K A Z A K H S T A N

AGRO-STAR: Creditors Must File Proofs of Claim by March 24
ALMAZ SOLT: Creditors Must File Proofs of Claim by March 24
BUILD INDUSTRIES: Almaty Court Opens Bankruptcy Proceedings
KAIRANKULSKEI ELEVATOR: Creditors Must Submit Claims by March 24
OTANDASTAR-NEFTEHIM: Creditors Must Submit Claims by March 24

URAL HUNTING: West Kazakhstan Court Begins Bankruptcy Process


R U S S I A

ALAPAEVSKIY SPADE: Sverdlovsk Court Begins Bankruptcy Process
BABUSHKINO-AGRO-KHIM: Vologda Court Begins Bankruptcy Process
CENTERTELECOM: Reappoints N. Mezhuyev as Deputy General Director
CHERKASSKOYE: Claims Filing Period Ends April 4
DAVLEKANOVSKIY: Claims Filing Period Ends April 4

GAS-PROM-GEO-COM-SERVICE: Moscow Court Begins Bankruptcy Process
GEO-OIL: Moscow Court Begins Bankruptcy Proceedings
MDM BANK: Moody's Rates US$2 Billion LPN Program at Ba2
OSTROVSKOYE: Claims Filing Period Ends April 4
SOUTH-GASIFICATION: Claims Filing Period Ends April 4

TRANSCAPITALBANK: Moody's Rates Foreign Currency Deposit at B1
TRANS-SPETS-STROY: Khanty-Mansiyskiy Begins Bankruptcy Process
VIMPEL-COMMUNICATION: Moody's Lifts Bond Ratings to Ba3 From B1
VOZROZHDENIYE: Nizhniy Novgorod Begins Bankruptcy Process
YUKOS OIL: Bank Lenders Want Moscow Court to Rule on Bankruptcy


S P A I N

SAEZ MERINO: Employees Protest Plan to Unwind Spanish Operations


U K R A I N E

AMOS: Kyiv Court Opens Bankruptcy Proceedings
LVIVTEPLOENERGOZBUT: Court Names Oleg Oprishok as Liquidator
PET JURAN: Kyiv Court Begins Bankruptcy Proceedings
PRIMORSKIJ RAJAGROBUD: Begins Bankruptcy Process in Zaporizhya
SINTEZ: Court Names Vinnikov Vasil as Interim Insolvency Manager

SLAVIYA: Court Names Yaroslav Onushkanich as Insolvency Manager
TAVRIJSKAGROSNAB: Court Names I. Bilousov as Liquidator
UKR-BRUHT 2004: Mikolaiv Court Begins Bankruptcy Proceedings
ULYANIVKA: Court Names Malyar Mikola as Liquidator


U N I T E D   K I N G D O M

APTEC TECHNOLOGIES: Meeting of Creditors Set for March 20
FG NOTTINGHAM: Hires Joint Administrators from Tenon Recovery
F.H.S LIMITED: Creditors' Meeting Set March 21
FILTRAUTO UK: Members Agree to Voluntary Liquidation
I J MEDIA: Names Hart Shaw to Liquidate Assets

LANGTREE GARAGE: Joint Administrators from PKF Move In
LASCO EUROPE: Meeting of Creditors Set Friday
LINGUAPHONE GROUP: Joint Administrators Move In
LOMBARD MEDICAL: Taps PricewaterhouseCoopers to Liquidate Assets
MILLENNIUM LOGISTICS: Members Agree to Voluntary Liquidation

MOORLANDS LIMITED: Rising Debts Prompt Liquidation Proceedings
OFFICENORTH LIMITED: Hires Baker Tilly to Liquidate Assets
OLDELMS LIMITED: Creditors Confirm Voluntary Liquidation
OPUS AUDIO: Manufacturer Appoints Rothman Pantall Administrator
PREMIER FOODS: Dec. 31 Balance Sheet Upside Down by GBP18 Mln

RANDOM MEDIA: Members Approve Voluntary Liquidation
RANK GROUP: Repurchases 675,000 Shares for Cancellation
RELIANCE ELECTRICAL: Members Recommend Voluntary Liquidation
RICHMICRO LTD: Winds Up Business & Names Joint Liquidators
TECHNICAL MEDIA: Names Richard Ian Williamson as Liquidator

TRINITY ENGINEERING: Claims Registration Ends Tomorrow
UNITED SECURITY: Begins Liquidation Proceedings

* Large Companies with Insolvent Balance Sheets


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F R A N C E
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ALCATEL: S&P Affirms Long-Term Corporate Credit Rating to BB
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on French
telecommunications-equipment maker Alcatel to positive from
stable, following a review of the company's fourth-quarter
financial 2005 results and of its trading prospects for 2006.  
At the same time, Standard & Poor's affirmed all its ratings on
the group, including the 'BB' long-term and 'B' short-term
corporate credit ratings.

"The outlook revision reflects expectations that anticipated
mid-single-digit growth rates for the telecoms-equipment
industry during 2006, combined with Alcatel's leaner cost
structure, should yield an improved free-cash-flow-generation
profile for the group," said Standard & Poor's credit analyst
Leandro de Torres Zabala.

The telecoms-equipment industry is expected to grow at mid-
single-digit rates (at constant currency exchange rates) during
2006, albeit possibly at a more moderate pace than in 2005.  
This is expected to be supported by continuing significant
investments by telecoms operators in wireless communication
equipments, particularly in emerging markets, albeit also at
lower rates than in 2005. Trading levels will also be supported
by areas of growth in wireline technologies such as broadband
access, optics, and Internet-protocol (IP) networks, underpinned
by the advancement of triple-play services in the U.S. and in
Europe and the transformation of telecoms networks to all-IP.
Given the cost efficiencies achieved by Alcatel, the group
should be in a position to achieve EBIT in excess of the 2005
level of 9.1% and, critically, to raise its free-cash-flow-
generation profile, which has been Alcatel's weakest point over
the last few years.

"If these expectation are met, and the group maintains ample
liquidity and reduces gross leverage, the ratings could be
raised in the intermediate term," said Mr. de Torres Zabala.


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G E R M A N Y
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ELSAKO INSTALLATIONSGESELLSCHAFT: Court Sets March 31 Bar Date
--------------------------------------------------------------
Creditors of ElSaKo Installationsgesellschaft mbH have until
March 31, to register their claims with court-appointed
provisional administrator Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 4, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muenchen
         Infanteriestr. 5
         Sitzungssaal 102

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.

The District Court of Muenchen opened bankruptcy proceedings
against ElSaKo Installationsgesellschaft mbH on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

          ELSAKO INSTALLATIONSGESELLSCHAFT mbH
          c/o Fa. Flexmar GmbH
          Frankfurter Ring 243
          80807 Muenchen

The administrator can be contacted at:

          Ulrich Bastian
          Sendlinger Str. 46, 80331 Muenchen
          Tel: 089/2603966
          Fax: 089/2609204


FALK FACHMARKTCENTER: Claims Registration Ends March 24
-------------------------------------------------------
Creditors of Falk Fachmarktcenter Objekt Berlin Spandau GmbH &
Co. KG have until March 24, to register their claims with court-
appointed provisional administrator Josef Nachmann.     

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Muenchen
         Infanteriestr. 5
         Sitzungssaal 102

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.

The District Court of Muenchen opened bankruptcy proceedings
against Falk Fachmarktcenter Objekt Berlin Spandau GmbH & Co. KG
on Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  

The Debtor can be contacted at:

         FALK FACHMARKTCENTER OBJEKT BERLIN SPANDAU
         GmbH & Co. KG
         Westendstrasse 160
         80339 Muenchen

The administrator can be contacted at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Muenchen
         Tel: 089/24217737
         Fax: 089/24217738


FAME EVENTGASTRO: Claims Registration Ends March 22
---------------------------------------------------
Creditors of Fame Eventgastro Ltd. have until March 22, to
register their claims with court-appointed provisional
administrator Immo Hamer.     

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01, Martinikirche 8
         38100 Braunschweig

The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.

The District Court of Braunschweig opened bankruptcy proceedings
against Fame Eventgastro Ltd. on Feb. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.  

The Debtor can be contacted at:

         Fame Eventgastro Ltd.
         Attn: Anna-Maria Tsaroucha, Manager
         Hansestrasse 47, 38112 Braunschweig
         Schlossstr. 8
         38179 Schwuelper

The administrator can be contacted at:

         Immo Hamer
         Kalenwall 1
         38100 Braunschweig
         Tel: 0531/1219932
         Fax: 0531/1233989


FERRO-MONTAGETECHNIK: Claims Registration Ends March 20
-------------------------------------------------------
Creditors of FERRO-Montagetechnik GmbH & Co. KG have until
March 20, to register their claims with court-appointed
provisional administrator Dr. Martin Prager.     

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Dienstag
         Infanteriestr. 5
         Sitzungssaal 101

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.

The District Court of Dienstag opened bankruptcy proceedings
against FERRO-Montagetechnik GmbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  

The Debtor can be contacted at:
        
          FERRO-MONTAGETECHNIK GmbH & Co. KG
          Ohmstr. 1
          85716 Unterschleissheim

The administrator can be contacted at:

          Dr. Martin Prager
          Barthstr. 16
          80339 Muenchen
          Tel: 089/8589633
          Fax: 089/58596350


FORDERVEREIN GRUNDSCHULE: Creditors' Meeting Set for April 12
-------------------------------------------------------------
Court-appointed provisional administrator of Forderverein
Grundschule Stammestrasse e.V., Helge Wachsmuth, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 2:10 p.m. on Apr. 12.  

The meeting of creditors and other interested parties will be
held at:

          The District Court of Hannover
          Saal 226
          2. Obergeschoss
          Hamburger Allee 26
          30161 Hannover

The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.

The District Court of Hannover opened bankruptcy proceedings
against Forderverein Grundschule Stammestrasse e.V. on Feb. 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.  

The Debtor can be contacted at:

          Forderverein Grundschule Stammestrasse e.V.
          Stammestr. 53
          30459 Hannover

The administrator can be contacted at:

          Helge Wachsmuth
          Alexanderstr. 2
          30159 Hannover
          Tel: 0511/325095
          Fax: 0511/329934


FORSTER BAUBETRIEB: Claims Registration Ends March 22
-----------------------------------------------------
Creditors of Forster Baubetrieb GmbH have until March 22, to
register their claims with court-appointed provisional
administrator Christian Schuetze.     

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 27, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Cottbus
         Gerichtsplatz 2
         03046 Cottbus
         Saal 313

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.

The District Court of Cottbus opened bankruptcy proceedings
against Forster Baubetrieb GmbH on Feb. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  

The Debtor can be contacted at:

         Forster Baubetrieb GmbH
         Attn: Sylvia Joel, Manager
         Kreuzschenkenstr. 1
         03149 Forst/L

The administrator can be contacted at:

         Christian Schuetze
         Lieberoser Strasse 7
         03046 Cottbus


FRANZEN BAU: Claims Registration Ends March 22
----------------------------------------------
Creditors of Franzen Bau GmbH have until March 22, to register
their claims with court-appointed provisional administrator
Siegfried Mueller.     

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Aachen
         Augustastrasse 78-80
         52070 Aachen
         1. Etage
         Sitzungssaal 14

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.

The District Court of Aachen opened bankruptcy proceedings
against Franzen Bau GmbH on Feb. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.  

The Debtor can be contacted at:

         Franzen Bau GmbH
         Hallenbad 9
         53925 Kall
         Attn: Herbert Franzen
         Lourderstr. 21
         53925 Kall-Keldenich

The administrator can be contacted at:

         Siegfried Mueller
         Zum Markt 10
         53888 Mechernich


HELD TELEKOMMUNIKATION: Claims Registration Ends April 1
--------------------------------------------------------
Creditors of Held Telekommunikation GmbH have until April 1, to
register their claims with court-appointed provisional
administrator Dr. Hans von Gleichenstein.     

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 17, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Muenchen
         Infanteriestr. 5
         Sitzungssaal 102

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.

The District Court of Muenchen opened bankruptcy proceedings
against Held Telekommunikation GmbH on Jan. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.  

The Debtor can be contacted at:

         Held Telekommunikation GmbH
         Schwanthalerstr. 3
         82049 Pullach

The administrator can be contacted at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11a
         80333 Muenchen
         Tel: 089/5427300
         Fax: 089/54273015


INFRATEC GMBH: Claims Registration Ends April 4
-----------------------------------------------
Creditors of Infratec GmbH have until April 4, to register their
claims with court-appointed provisional administrator Dr.
Karsten Forster.     

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 9, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Saal 401

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.

The District Court of Frankfurt opened bankruptcy proceedings
against Infratec GmbH on Feb. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.  

The Debtor can be contacted at:

         Infratec GmbH
         Weinbergstr. 22
         16259 Beiersdorf-Freudenberg

The administrator can be contacted at:

         Dr. Karsten Forster
         Herbert-Jensch-Str. 111
         15234 Frankfurt (Oder)


INSURELINE GMBH: Claims Registration Ends March 31
--------------------------------------------------
Creditors of InsureLine GmbH have until March 31, to register
their claims with court-appointed provisional administrator
Joachim Buettner.     

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 28, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Hamburg
         Sievekingplatz 1
         20355 Hamburg
         4. Etage, Anbau
         Saal B 405

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.

The District Court of Hamburg opened bankruptcy proceedings
against InsureLine GmbH on Feb. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.  

The Debtor can be reached at:

         Insureline GmbH
         Attn: Torben Gedaschko, Manager
         Gasstrasse 10
         22761 Hamburg

The administrator can be reached at:

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


JANSSEN & RAUERT: Creditors' Meeting Set for March 24
-----------------------------------------------------
Court-appointed provisional administrator for Janssen & Rauert
Bauunternehmen GmbH, Dr. Dirk Rueffert, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m., on March 24.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Cloppenburg
         Saal 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg

Creditors have until May 5, to register their claims with the
court-appointed provisional administrator.     

The court will also verify the claims set out in the
administrator's report at 9:00 a.m., on June 2, at the same
venue.

The District Court of Cloppenburg opened bankruptcy proceedings
against Janssen & Rauert Bauunternehmen GmbH on Feb. 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.  

The Debtor can be contacted at:

         Janssen & Rauert Bauunternehmen GmbH
         Attn: Johann Janssen, Manager
         Ostermoorstr. 162
         26683 Saterland
         
The administrator can be contacted at:
        
         Dr. Dirk Rueffert
         Donnerschweer Strasse 398
         26123 Oldenburg
         Tel: 0441/340770
         Fax: 0441/34077340


KTO PRODUCTS: Creditors' Meeting Slated for April 20
----------------------------------------------------
Court-appointed provisional administrator for KTO Products GmbH,
Dr. Alexander Hopfner, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:45
a.m., on Apr. 20.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Darmstadt
         Zimmer 4-310, 4. OG
         Gebaude D
         Mathildenplatz 15
         64283 Darmstadt

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.

The District Court of Darmstadt opened bankruptcy proceedings
against KTO Products GmbH on Feb. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.  

The Debtor can be contacted at:

         KTO Products GmbH
         Werkstrasse 23
         68519 Viernheim
         Attn: Frank Koch, Manager
         Grosse Teilung 16
         64683 Einhausen

The administrator can be contacted at:

         Dr. Alexander Hopfner
         Darmstadter Str. 43
         64646 Heppenheim
         Tel: 06252/6739988
         Fax: 06252/6739989


KURZER ELEKTROTECHNIK: Claims Registration Ends April 4
-------------------------------------------------------
Creditors of Kurzer Elektrotechnik GmbH have until April 4, to
register their claims with court-appointed provisional
administrator Michael Waculik.     

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Saal 109
         Marktstrasse 15
         26382 Wilhelmshaven

The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.

The District Court of Wilhelmshaven opened bankruptcy
proceedings against Kurzer Elektrotechnik GmbH on Feb. 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.  

The Debtor can be contacted at:

         Kurzer Elektrotechnik GmbH
         Olhafendamm 12-14
         26384 Wilhelmshaven
         Attn: Olaf Kurzer, Manager
         Mitscherlichstrasse 37
         26382 Wilhelmshaven

The administrator can be contacted at:

         Michael Waculik
         Schlosserstr. 40
         26441 Jever
         Tel: 04461/745750
         Fax: 04461/745751
         E-mail: kanzlei@waculik.de


LAATZENER VERWERTUNGS: Claims Registration Ends March 20
--------------------------------------------------------
Creditors of Laatzener Verwertungs-Gesellschaft mbH have until
March 20, to register their claims with court-appointed
provisional administrator Dr. jur. Rainer Eckert.     

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Hannover
         Saal 226, 2. Obergeschoss
         Dienstgebaude
         Hamburger Allee 26
         30161 Hannover

The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.

The District Court of Hannover opened bankruptcy proceedings
against Laatzener Verwertungs-Gesellschaft mbH on Feb. 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.  

The Debtor can be contacted at:

         Laatzener Verwertungs-Gesellschaft mbH
         Attn: Akbar Armini Sharifi, Manager
         Hildesheimer Str. 37
         30880 Laatzen
  
The administrator can be contacted at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Tel: 0511/626287-0
         Fax: 0511/626287-10


LEON UMZUEGE: Claims Registration Ends Friday
---------------------------------------------
Creditors of Leon Umzuege & Transporte GmbH have until Friday,
March 17, to register their claims with court-appointed
provisional administrator Maximilian Breitling.     

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.  

The meeting of creditors will be held at:

         The District Court of Muenchen
         Infanteriestr. 5
         Sitzungssaal 102

The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.

The District Court of Muenchen opened bankruptcy proceedings
against Leon Umzuege & Transporte GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  

The Debtor can be contacted at:

         Leon Umzuege & Transporte GmbH
         Lotte-Branz-Str. 14
         80939 Muenchen

The administrator can be contacted at:

         Maximilian Breitling
         Rottmannstr. 11a
         80333 Muenchen
         Tel: 089/5427300
         Fax: 089/5427301593


PFLEIDERER AG: Sells Track Systems Unit to AXA Private Equity
-------------------------------------------------------------
Pfleiderer AG, Neumarkt (ISIN DE0006764749) signed a contract on
March 6, 2006, for the sale of its Business Center Pfleiderer
track systems, subject to approval by the German anti-trust
authority.  An interim right to rescind the contract expired on
March 10, 2006.  The companies taking over the Business Center
belong to AXA Private Equity.  MDAX-listed Pfleiderer expects
the transaction to yield a capital gain of approximately EUR45
million after taxes.

A previous exclusivity agreement entered into with Vossloh AG,
Werdohl, was rescinded at the end of 2005 following a delay in
the approval procedure due to misgivings by the German anti-
trust authority.

The sale of Pfleiderer track systems marks the end of the
strategic realignment embarked on by Pfleiderer AG, which is now
concentrating entirely on expanding its Business Center
Engineered Wood internationally.

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 Senior Unsecured 'BB' rating
and removed it from Rating Watch Negative.  A Stable Outlook has
been assigned.  The Short-term 'B' rating is also affirmed.


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OLYMPIC AIRLINES: State Grants Creditor Protection Until Oct. 31
----------------------------------------------------------------
Creditors of Olympic Airlines will have to wait at least seven
months before they can recover their claims, Reuters says.

The Greek government extended the flag carrier's temporary
creditor protection until Oct. 31, to lessen the impact of an
adverse European Commission ruling.  According to Reuters, the
EU executive issued a ruling in September 2005 demanding that
Olympic Airways and its successor, Olympic Airlines, repay
EUR540 million in illegal state aid to Greece after the
Commission found out that the financial support extended to the
carrier was distorting competition.  

The ruling also hampered the government's effort to privatize
the loss-making carrier.

In December 2002, the Commission ruled illegal an aid granted to
Olympic Airways and ordered Greece to recover EUR160 million.  
In 2003, Greece set up Olympic Airlines to take over the flight
operations and most of the assets of Olympic Airways, leaving
behind almost all of its debts and circumventing the obligation
to recover the aid.

Greece, however, remain optimistic it could sell the airline.  
It is currently holding talks with possible buyers and declared
it would exhaust all means to materialize a sale.

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the  
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties.  The group's net loss swelled to EUR87 million in 2004
from EUR23 million a year before.  Together with the 2004
deficit, Olympic's EUR110 million in accumulated losses are
nearly equivalent to its EUR130 million in equity.  

The government is currently looking for private investors for
the carrier, saying privatization is its only chance for
survival.  The state wants to dispose of the carrier to reduce
its EUR1.6 billion debt, one of the highest in the euro zone as
a percentage of gross domestic product.  The group aims to be
relaunched in April 2006, bearing the same logo and a similar
name.  Greece will retain investment bank Lazard as adviser.


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


AGRO-STAR: Creditors Must File Proofs of Claim by March 24
----------------------------------------------------------
LLP Agro-Star has declared insolvency.  Creditors have until
March 24 to submit their written proofs of claim to:

         LLP Agro-Star
         Jeltoksan Str. 96
         Room 311
         Almaty Region
         Talgarsk District
         Besagash


ALMAZ SOLT: Creditors Must File Proofs of Claim by March 24
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau region
declared CJSC Almaz Solt Company, Inc., bankrupt.  

Creditors have until March 24, to submit their written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau Region
         Abai Str. 10a, 3rd floor
         Atyrau


BUILD INDUSTRIES: Almaty Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Build Industries on
Jan. 23.


KAIRANKULSKEI ELEVATOR: Creditors Must Submit Claims by March 24
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared CJSC Kairankulskei Elevator bankrupt
on Jan. 4.  

Creditors have until March 24 to submit their written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Petropavlovsk
         Universitetskaya Str. 40-17


OTANDASTAR-NEFTEHIM: Creditors Must Submit Claims by March 24
-------------------------------------------------------------
Otandastar-Neftehim has declared insolvency.  

Creditors have until March 24 to file their written proofs of
claim to:

         Otandastar-Neftehim  
         Pervomaisk Petroleum Storage Depot
         Pervomaisk, Burundaisk Complex
         Almaty, Ilisk District


URAL HUNTING: West Kazakhstan Court Begins Bankruptcy Process
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region declared commenced bankruptcy proceedings against Ural
State Hunting Producer's Farming on Jan. 23.


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


ALAPAEVSKIY SPADE: Sverdlovsk Court Begins Bankruptcy Process
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision on close joint stock company Alapaevskiy
Spade Factory (TIN 6601007611).  The case is docketed as #A60-
38363/05-S11.  

Mr. G. Pervukhin has been appointed temporary insolvency
manager.  

The Debtor can be reached at:

         Alapaevskiy Spade Factory
         Korobkina Str. 14
         Alapaevsk
         Sverdlovsk Region
         624600, Russia


The temporary insolvency manager can be reached at:

         G. Pervukhin
         Temporary Insolvency Manager
         Belinskogo Str. 34, Office 328
         Ekaterinburg
         620075, Russia


BABUSHKINO-AGRO-KHIM: Vologda Court Begins Bankruptcy Process
-------------------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Babushkino-Agro-Khim after finding the open
joint stock company insolvent.  The case is docketed as
A13-7801/2005-25.  

Mr. V. Cherkasov has been appointed insolvency manager.  
  
The Debtor can be contacted at:  

         Babushkino-Agro-Khim
         Vologda Region
         Babushkin Region
         Russia

The insolvency manager can be reached at:

         V. Cherkasov
         Insolvency Manager
         Kostroma-22,
         Post User Box 3
         156022, Russia


CENTERTELECOM: Reappoints N. Mezhuyev as Deputy General Director
----------------------------------------------------------------
OJSC CenterTelecom reappointed Nikolai Mezhuyev as Deputy
General Director for the company's Moscow office.

CenterTelecom provides fixed-line and mobile communications in
the Russian Central Federal District.

                        *     *     *

As reported in TCR-Europe on Feb. 9, 2006, Fitch Ratings
assigned Issuer Default ratings to companies in the European
Telecommunications, Media and Technology sectors.  Revised
Senior Unsecured ratings now apply to the senior unsecured bond
issues of these entities.  Centertelecom now carries Fitch's B-
rating with a negative outlook.


CHERKASSKOYE: Claims Filing Period Ends April 4
-----------------------------------------------
Creditors of Cherkasskoye have until April 4, to submit their
written proofs of claim to:

         CHERKASSKOYE
         Saratov Region
         Volskiy Region
         Cherkasskoye
         Russia

The Arbitration Court of Saratov region has commenced bankruptcy
proceedings against Cherkasskoye after finding the open joint
stock company insolvent.  The case is docketed as A-57-572 B/
05-23.  Mr. A. Budarin has been appointed insolvency manager.  

The insolvency manager can be reached at:

         A. Budarin
         Insolvency Manager
         Saratov Region
         Volskiy region
         Cherkasskoye
         Russia


DAVLEKANOVSKIY: Claims Filing Period Ends April 4
-------------------------------------------------
Creditors of Davlekanovskiy (TIN 0259006289) have until April 4,
2006, to submit their proofs of claim to:

   (a) Davlekanovskiy
       Mazhita Gafuri Str. 4
       Davlekanovo
       Bashkortostan Republic
       453400, Russia

   (b) E. Ivanov
       Insolvency Manager
       Ufa, Oktyabrya Pr. 89/3, Apartment 9
       Bashkortostan Republic
       450057, Russia

   (c) Arbitration Court of Bashkortostan Republic
       Ufa, Oktyabrskoy Revolyutsii Str.
       Bashkortostan Republic
       450057, Russia

The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Davlekanovskiy (TIN 0259006289)
after finding the open joint stock company insolvent.  The case
is docketed as A07-52251/05-G-ADM.  

Mr. E. Ivanov has been appointed insolvency manager.


GAS-PROM-GEO-COM-SERVICE: Moscow Court Begins Bankruptcy Process
----------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Gas-Prom-Geo-Com-Service after finding the
close joint stock company insolvent.  The case is docketed as
A40-5984/04-95-50 "B".  

Mr. N. Adamov has been appointed insolvency manager.  

Creditors may submit their proofs of claim to:

         N. Adamov
         Insolvency Manager
         Molodogvardeyskaya Str. 9, Building 1
         Moscow Region
         121467, Russia


GEO-OIL: Moscow Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Geo-Oil after finding the close joint stock
company insolvent.  The case is docketed as A40-64365/
05-124-146 "B".  

Mr. N. Adamov has been appointed insolvency manager.

The Debtor can be contacted at:

         Geo-Oil
         Barbolina Str. 3, Building 17
         Moscow Region
         107014, Russia

The insolvency manager can be contacted at:

         N. Adamov
         Insolvency Manager
         Molodogvardeyskaya Str. 9, Building 1
         Moscow Region
         121467, Russia


MDM BANK: Moody's Rates US$2 Billion LPN Program at Ba2
-------------------------------------------------------
Moody's Investors Service has assigned Ba2 and Not Prime long-
and short-term foreign currency bank deposit ratings and a D
Financial Strength Rating (FSR) to MDM Bank (Russia), which is
the lead operating entity in MDM Financial Group (MDM FG),
comprising over 90% of the group's total IFRS-consolidated
assets and shareholders' equity.  

At the same time Moody's has affirmed the Ba2/Not Prime ratings
assigned to MDM Bank's US$2 billion Program for the Issuance of
Loan Participation Notes.  The Notes will be issued by, but with
limited recourse to, MDM International Funding Plc (Ireland) for
the sole purpose of financing advances to MDM Bank.  The outlook
for all ratings is stable.

According to Moody's, the Ba2/Not Prime/D ratings are based on
the fundamental credit strength of MDM Bank, and do not
incorporate any potential support from the authorities in case
of need.  More specifically, the bank's ratings are underpinned
by four factors:

   -- a recognizable name, experienced personnel and relatively
      strong positions in corporate and investment banking
      especially with regard to mid-market companies;

   -- gradually improving corporate governance standards;

   -- prudent past strategy focusing on profitable segments
      rather on growth for the sake of growth; and

   -- a high capital adequacy ratio.  

At the same time the bank's ratings are constrained by these
factors:

   -- lack of certainty with regard to possible amendments to
      the bank's strategy following the change of CEO, which at
      the same time represents an opportunity for the bank to
      revisit its strategy that has resulted in somewhat slower
      growth compared with its peers over the last two years;

   -- stiffening competition that could exert further pressure
      on interest margins on which the bank's profitability is
      dependent;

   -- the high albeit reducing level of concentrations on both
      sides of the balance sheet;

   -- a level of provisions for loan impairment reflecting lower
      credit losses amid an improving economic environment that
      could be insufficient to absorb losses in the event of a
      negative swing in the economy; and

   -- reduced revenues from proprietary trading (on which the
      bank capitalized in the past) that are gradually being
      replaced with recurring earnings from new sources such as
      SME and retail banking, areas in which the bank is lagging
      behind some of its peers.

Headquartered in Moscow, Russian Federation, MDM Bank reported
total assets of US$4.23 billion under IFRS as of June 30, 2005.  
On a standalone basis (without subsidiaries), it ranked 11th
among Russian banks in terms of total assets as of Jan. 1, 2006.  


OSTROVSKOYE: Claims Filing Period Ends April 4
----------------------------------------------
Creditors of Ostrovskoye have until April 4, 2006, to submit
their proofs of claim to:

         V. Cherkasov
         Insolvency Manager
         Kostroma-22, Post User Box 3
         156022, Russia

The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Ostrovskoye after finding the open joint
stock company insolvent.  The case is docketed as A31-7454/
2005-12.  

Mr. V. Cherkasov has been appointed insolvency manager.  


SOUTH-GASIFICATION: Claims Filing Period Ends April 4
-----------------------------------------------------
Creditors of South-Gasification (OGRN 10223201203605) have until
April 4, 2006, to submit their proofs of claim to:

         V. Korchemkin
         Insolvency Manager
         Tyumen Region
         Post User Box 3569
         625000, Russia

A hearing will take place at the Arbitration Court of Krasnodar
region at 2:30 p.m., on Dec. 5, 2006.

The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against South-Gasification (OGRN 10223201203605)
after finding the open joint stock company insolvent.  The case
is docketed as A-32-7581/2005-44/161 B.  

Mr. V. Korchemkin has been appointed insolvency manager.  

The Debtor can be reached at:

         South-Gasification
         Golovatogo Str., Room 585
         Krasnodar Region
         350038, Russia
   

TRANSCAPITALBANK: Moody's Rates Foreign Currency Deposit at B1
--------------------------------------------------------------
Moody's Investors Service has assigned these global scale
ratings with a stable outlook to Transcapitalbank:

   -- B1 long-term and Not-Prime short-term foreign
      currency deposit ratings; and

   -- an E+ financial strength rating.  

At the same time, Moody's Interfax Rating Agency has affirmed
the bank's A2.ru long-term national scale credit rating.  
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B1/NP/E+ global
scale ratings reflect global default and loss expectation, while
the A2.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

The ratings assigned to TRB are underpinned primarily by the
bank's sound financial performance, notably good reported asset
quality, strong liquidity position and satisfactory
profitability.  Other positive rating drivers include a
customer-oriented approach enabling the bank to maintain close
relationships with key corporate clients and established
relationships with the European Bank for Reconstruction and
Development, which has provided financing for the bank's SME,
mortgage lending and documentary business programs.  However,
Moody's notes that TRB's franchise is undeveloped compared to
its peers, exerting downward pressure on the ratings.  

The bank's ratings are also constrained by:

   -- an unconfirmed ability to raise new capital to support
      growth under the current ownership;

   -- significant industry concentrations in the loan portfolio,
      with the trade sector making up approximately 50% of the
      total; and

   -- exposure to market risks due to a relatively large
      corporate securities portfolio.

According to Moody's, the B1/NP long-term foreign currency
deposit ratings do not incorporate any support in the event of
need from the bank's shareholders.  Moody's believes that such
support, as well as support from the Russian financial
authorities is unlikely.

                  About Transcapitalbank

Transcapitalbank was founded in 1992 mainly to service mainly
the branch of LUKOIL in the Perm region, located in the Urals
about 1400 kilometres east of Moscow.  Since its acquisition by
the new shareholders in 1999, the bank has significantly
expanded its customer base and territorial coverage, but has
also managed to retain strong positions in the Perm region.

TRB's branch network comprises five branches across the Russian
regions.  The bank reported total assets of US$384 million and
shareholders' equity of US$41 million in accordance with IFRS as
of Dec. 31, 2004.  According to Interfax, TRB ranked 69th in
terms of total assets and 76th in terms of capital among Russian
banks as at Dec. 31, 2005.


TRANS-SPETS-STROY: Khanty-Mansiyskiy Begins Bankruptcy Process
--------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision on close joint stock company
Trans-Spets-Stroy.  The case is docketed as A76-12154/2005.  

Mr. A. Drozdetskiy has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

          A. Drozdetskiy
          Temporary Insolvency Manager
          Surgut, Bezverkhova Str. 19
          Tyumen Region
         628400, Russia

A hearing will take place at 9:00 a.m., on July 10, 2006, at:

         The Arbitration Court of Khanty-Mansiyskiy
         Autonomous Region at Russia
         Khanty-Mansiysk
         Lenina Str. 54/1

The Debtor can be contacted at:

         TRANS-SPETS-STROY
         Lokomotivnyj Proezd, 5
         Surgut
         628400, Russia
   

VIMPEL-COMMUNICATION: Moody's Lifts Bond Ratings to Ba3 From B1
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Open Joint Stock Company Vimpel-Communication (VimpelCom) and
upgraded the ratings on the existing bonds to Ba3 from B1.  The
corporate family rating remains unchanged at Ba3.

The change in outlook reflects:

   -- the company's continued robust financial and operational
      performance;

   -- VimpelCom's position as the second largest mobile operator
      in Russia and Kazakhstan;

   -- its retention of a strong market share in competitive
      environment; and

   -- conservative leverage relative to its cash flow with Total
      Debt to EBITDA at approximately 1.1x on an annualized Q3
      2005 basis.

At the same time the Ba3 rating takes into account:

   -- the company's publicly stated ambitions to pursue
      acquisitions in the CIS countries;

   -- continued high capital expenditure program;

   -- Moody's expectations of a rise in the absolute debt level
      to finance anticipated acquisitions;

   -- the increasing pressure on ARPU; and

   -- the competitive nature of the company's markets.

VimpelCom has publicly indicated its intentions to pursue
acquisitions in the CIS countries.  As a result, the company's
breakeven cash flow is shifted to 2007 versus the originally
expected 2006.  Moody's, however, expects VimpelCom to modestly
cover its organic capex (excluding any acquisitions) by
internally generated cash flow in 2006.  The Ba3 rating with a
positive outlook factors in recognition of the company's
continued positive trend and track record in strong operational
performance and credit metrics also tempered by possible event
risk associated with continued shareholder tensions.  The
positive outlook reflects expectations that the company will be
free cash flow positive (including anticipated acquisitions) in
2007.  The outlook does not take into account any potential
impact of 3G developments.

The change in outlook acknowledges VimpelCom's announced
proposal to acquire Kyivstar G.S.M.  JSC (please see Moody's
press-release dated Feb. 14, 2005) but does not factor in any
potential benefits and risks associated with it in the event the
acquisition is consummated.  However, the change in outlook
assumes that the acquisition will be financed by VimpelCom's
equity.  Furthermore, any assumption of Kyivstar debt by
VimpelCom will be within current debt levels at Kyivstar.  In
the event there are changes to the proposed financing, Moody's
will need to review them separately.

Moody's also notes a continued shareholder dispute between Alfa
Group (not rated) and Telenor ASA (A2 / Review for Possible
Downgrade).  So far, the dispute has not had a material impact
on VimpelCom's operations, although the Board of Directors has
not yet approved the proposed 2006 budget.  Moody's will
continue to monitor further developments in the shareholder
dispute with a view to continuing to assess its impact on
VimpelCom's strategic and operational development.

The upgrade of the ratings on the bonds reflects a material
reduction of secured debt in the company's capital structure
from over 20% to the expected 10% by the yearend 2005.  The Ba3
rating on the bonds relies on Moody's expectations that the
company will adhere to its financing policy to limit the amount
of secured debt in its capital structure to 15% of total debt
notwithstanding the fact that VimpelCom has the flexibility
under the indenture covenants to incur secured debt up to 10% of
total consolidated assets.  Furthermore, the rating on the bonds
does not factor in material structural subordination.

Headquartered in Moscow, Russia, VimpelCom is one of the
country's leading providers of mobile telecommunications
services, under the "Beeline" brand.  For the first nine months
2005, the company generated USD2.3 billion in revenue with a
50.1% OIBDA margin.


VOZROZHDENIYE: Nizhniy Novgorod Begins Bankruptcy Process
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision on close joint stock company
Vozrozhdeniye (TIN 5244012472).  The case is docketed as A43-45
03/2005, 24-580.  

Mr. E. Shevelev has been appointed temporary insolvency manager.  
A hearing will take place on May 16, at 11:15 a.m., at:

         The Arbitration Court of Nizhniy Novgorod Region
         Nizhniy Novgorod Region
         Kremlin, 9
         603082, Russia

The Debtor can be reached at:

         Vozrozhdeniye
         Balakhna, F. Engelsa Str. 110
         Balakhninskiy Region
         Russia, Nizhniy Novgorod region,

The temporary insolvency manager can be reached at:

         E. Shevelev
         Nizhniy Novgorod Region
         Kostina Str. 2, Office 57A
         603134, Russia


YUKOS OIL: Bank Lenders Want Moscow Court to Rule on Bankruptcy
---------------------------------------------------------------
A consortium of 14 bank lenders asked the Moscow Arbitration
Court on Friday, March 10, to declare Yukos Oil Company
bankrupt.

The filing came amid reports on an internal management rift
between the Moscow and London executives over questionable oil
deals.

According to reports, Claire Davidson, a London spokesperson for
the Company, said she was surprised by the banks' move given
that they are set to recover their claims in Netherlands.  

"Under Russian law they would be at the back of the list of
creditors, behind the employees and any tax liabilities, so you
have to ask why they have done this," Ms. Davidson told BBC
News.

The bank syndicate, which includes Societe Generale, Citibank,
Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, are
seeking to recover US$482 million as repayment of the remainder
of a $1 billion syndicated loan that Yukos secured in September
2003.

Ms. Davidson said the court will now take around two weeks to
appoint a judge, who would hear the case in about three months,
Tom Miles of Reuters relates.

Tim Osborne, managing director of Yukos' main shareholder, Grupo
Menatep Ltd. fears that "the state will auction off all the
Company's remaining assets at whatever price the Kremlin sees
fit," Guy Chazan of The Wall Street Journal reports.

Headquartered in Moscow, Russia, Yukos Oil Company --
http://yukos.com/-- is an open joint stock company existing   
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
after, its main production unit Yugansk, was sold by the
government to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.


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


SAEZ MERINO: Employees Protest Plan to Unwind Spanish Operations
----------------------------------------------------------------
Roughly 90% of the 800 workers of Saez Merino protested the
Company's plan to wind down its operations in Spain, Ivan
Castano writes for just-style.com.

According to the report, about 400 workers gathered in downtown
Valencia in support of the indefinite round of strikes, which
started on March 9.

The bankrupt jeans wear maker revealed plans to unwind its
Spanish production in order to restructure its commercial
network and logistics operations to survive the stinging
competition from Asian rivals, Mr. Castano reports.

"Given the situation they are in, it's very possible that they
want to dismiss many workers," Vicente Rodriguez, an official
with top trades union Comisiones Obreras told just-style.

"What we are asking for is that they emerge from bankruptcy -
with a sound business and financial plan - before we negotiate
any redundancies," he added.

Headquartered in Valencia, Spain, Saez Merino --
http://www.saezmerino.es/-- manufactures the Lois, Cimarron,  
Caster and Caroche brands.  In 2004, the company expected
financial losses after a fall in profits of more than 70% in
2003, to EUR2.47 million.  Parts of these losses were caused by
a 30% fall in exports to the U.S. market due to the strong euro.  
Saez Merino currently has a workforce of 950.  

The Company applied for insolvency proceedings on Feb. 1 citing
its inability to pay certain debts.

In September 2004, the textile group has shut down four of its
eight production plants in Spain leaving 542 workers jobless.


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


AMOS: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC AMOS (code EDRPOU 22962538) on Jan. 12,
after finding the company insolvent.  The case is docketed as
15/895-b.  

CB Hreshatik has been appointed liquidator.

CONTACT:  AMOS
          03039, Ukraine, Kyiv Region
          Golosiyivska Str. 18

          Economic Court of Kyiv Region
          01030, Ukraine, Kyiv Region
          B. Hmelnitskij Boulevard 44-B


LVIVTEPLOENERGOZBUT: Court Names Oleg Oprishok as Liquidator
------------------------------------------------------------
The Economic Court of Lviv region appointed Oleg Oprishok as
liquidator/insolvency manager for LLC Lvivteploenergozbut (code
EDRPOU).

The Court commenced bankruptcy proceedings against the Company
on Dec. 27, 2005, after finding the company insolvent.  The case
is docketed as 6/208-8/181.  

CONTACT:  Lvivteploenergozbut
          Ukraine, Lviv Region
          Lazarenko Str. 1

          Mr. Oleg Oprishok
          Liquidator/Insolvency Manager
          79000, Ukraine, Lviv Region
          Listopadovogo Chinu Str. 7/2a

          Economic Court of Lviv Region
          79010, Ukraine, Lviv Region
          Lichakivska Str. 81


PET JURAN: Kyiv Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Pet Juran B.E.S.T. Inc. (code EDRPOU
22925218) on Jan. 19, after finding the company insolvent.  The
case is docketed as 15/889-b.

Mr. Shkuro Sergij has been appointed liquidator/insolvency
manager.

CONTACT:  Pet Juran B.E.S.T. Inc.
          Ukraine, Kyiv Region
          Anri Barbus Str. 9

          Economic Court of Kyiv Region
          01030, Ukraine, Kyiv Region
          B. Hmelnitskij Boulevard 44-B


PRIMORSKIJ RAJAGROBUD: Begins Bankruptcy Process in Zaporizhya
--------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against LLC Primorskij Rajagrobud (code EDRPOU
03584313) on Jan. 12, after finding the company insolvent.  The
case is docketed as 25/183.  

Viktor Kirichenko has been appointed liquidator/insolvency
manager.

CONTACT:  Primorskij Rajagrobud
          Primorsk, Novitskij Str. 135
          Zaporizhya Region
          72100, Ukraine

          Mr. Viktor Kirichenko
          Liquidator/Insolvency Manager
          Zaporizhya Region, a/b 1311
          69000, Ukraine

          Economic Court of Zaporizhya Region
          Shaumyana Str. 4
          Zaporizhya Region
          69001, Ukraine


SINTEZ: Court Names Vinnikov Vasil as Interim Insolvency Manager
----------------------------------------------------------------
The Economic Court of Lviv region appointed Vinnikov Vasil as
temporary insolvency manager for OJSC Borislav' Scientific-
Exploratory Institute Sintez (code EDRPOU 22400556).

The Court commenced bankruptcy supervision procedure against the
Company on Dec. 28, 2005.  The case is docketed as 6/213-29/242.  

CONTACT:  Mr. Vinnikov Vasi
          Temporary Insolvency Manager
          Sportivna Str. 2/9
          Ukraine, Sumi Region, Pustomiti

          Economic Court of Lviv Region
          Lichakivska Str. 81
          Lviv Region
          79010, Ukraine


SLAVIYA: Court Names Yaroslav Onushkanich as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Lviv region appointed Yaroslav Onushkanich
as temporary insolvency manager for LLC Production Firm Slaviya
(code EDRPOU 32117640).

The court commenced bankruptcy supervision procedure on LLC
Production Firm Slaviya (code EDRPOU 32117640) on Dec. 12.  The
case is docketed as 6/290-8/264.  

CONTACT:  Slaviya
          Truskavets, Ivan Mazepa Str. 2-A
          Ukraine, Lviv Region

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

          Economic Court of Lviv Region
          Lichakivska Str. 81
          Lviv Region
          79010, Ukraine


TAVRIJSKAGROSNAB: Court Names I. Bilousov as Liquidator
-------------------------------------------------------
The Economic Court of Herson region appointed I. Bilousov as
liquidator/insolvency manager for LLC Tavrijskagrosnab (code
EDRPOU 22744787).

The Court commenced bankruptcy proceedings against the Company
on Jan. 17, after finding the company insolvent.  The case is
docketed as 6/17-B-06.  

CONTACT:  Tavrijskagrosnab
          Nova Kahovka, Obrivki, Pushkin Str. 20-A
          Ukraine, Herson Region

          Mr. I. Bilousov
          Liquidator/Insolvency Manager
          Vijskovij Lane 6
          Herson Region
          73000, Ukraine
          Tel: 8 (050) 542-43-21

          Economic Court of Herson Region
          Gorkij Str. 18
          Herson Region
          73000, Ukraine


UKR-BRUHT 2004: Mikolaiv Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against LLC Ukr-Bruht 2004 (code EDRPOU 33132701) on
Jan. 17, after finding the company insolvent.  The case is
docketed as 10/562/05.  

Mihajlo Tsurika has been appointed liquidator/insolvency
manager.

CONTACT:  Economic Court of Mikolaiv Region
          Admiralska Str. 22
          Mikolaiv Region
          54009, Ukraine


ULYANIVKA: Court Names Malyar Mikola as Liquidator
--------------------------------------------------
The Economic Court of Sumi region appointed Malyar Mikola as
liquidator/insolvency manager for Agrofirm Ulyanivka (code
EDRPOU 30748882).

The court commenced bankruptcy proceedings against the company
on Jan. 19, after finding the company insolvent.  The case is
docketed as 7/91-05.  

CONTACT:  Ulyanivka
          Bilopillya District, Ukyanivka, Lenin Str. 5
          Ukraine, Sumi Region

          Mr. Malyar Mikola
          Liquidator/Insolvency Manager
          Romni, Karl Marks Str. 77/19
          Sumi Region
          42000, Ukraine

          Economic Court of Sumi Region
          Shevchenko Avenue 18/1
          Sumi Region
          40030, Ukraine


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


APTEC TECHNOLOGIES: Meeting of Creditors Set for March 20
---------------------------------------------------------
Creditors of Aptec Technologies Limited (Company Number 3029115)
will meet at 11 a.m., on March 20, at:

         PricewaterhouseCoopers LLP
         89 Sandyford Road
         Newcastle NE1 8HW

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims by 12:00 p.m. on March 17, to:

         D. M. Hammond
         E. M. Shires
         I. D. Green
         Joint Administrators
         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham B3 2DT

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.  

Aptec Technologies Ltd -- http://www.aptectechnologies.com/--  
manufactures and supplies fiber, yarn and cloth composite
materials for industrial applications, notably in automotive
components.  The company employs 45 workers.


FG NOTTINGHAM: Hires Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Partick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint administrators of FG Nottingham Limited (Company
Number 05135314) on March 2.  

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

FG Nottingham Ltd., which provides graphic design services, can
be reached at:

         103 Palm Street
         New Basford
         Nottingham Nottinghamshire
         NG7 7HS
         Tel: 0115 978 4959


F.H.S LIMITED: Creditors' Meeting Set March 21
----------------------------------------------
Creditors of F.H.S Limited (Company Number 02662950) will meet
at 11 a.m., on March 21, at Devonshire House, 60 Goswell Road,
London EC1M 7AD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims by March 20, to:

         N. J. Miller and I. Robert
         Joint Administrators
         Kingston Smith & Partners LLP
         Devonshire House
         60 Goswell Road
         London EC1M 7AD

The Debtor can be reached at:

         F.H.S Limited
         25 Holywell Row
         London EC2A 4XE
         Tel: 020 7377 6100

Kingston Smith -- http://www.kingstonsmith.co.uk/-- has over  
400 people, including 45 partners, based in six offices in
London and the South East, and was founding member of KS
International, a network of over 100 offices in 49 countries
around the world.  It was originally formed in 1923.


FILTRAUTO UK: Members Agree to Voluntary Liquidation
----------------------------------------------------
Filtrauto UK Limited decided to liquidate its assets after
members voted to wind up the company's operations during an
Extraordinary General Meeting on Feb. 23.

K. D. Drew, chairman of Filtrauto UK Limited, disclose that the
company cannot continue its business due to the Company's
mounting debts.

Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP were
appointed joint liquidators.

Filtrauto UK Ltd can be reached at:

          Glaisdale Parkway
          Nottingham, Nottinghamshire
          NG8 4JX
          Tel: 01159291145
          Fax: 0115 929 4835


I J MEDIA: Names Hart Shaw to Liquidate Assets
----------------------------------------------
I J Media Services Limited appointed Christopher J. Brown and
Andrew J. Maybery of Hart Shaw to liquidate the Company's assets
after members elected to wind up the company's operations on
March 1.

The voluntary liquidation was made after the Company found out
that it cannot continue its business due to its liabilities.

CONTACT:  I. J. MEDIA SERVICES LTD
          2nd Floor, Thornbank
          38 Moorgate Road
          Rotherham S60 2AG
          South Yorkshire
          Tel: 01709 830062
          Web site: http://www.ijmedia.co.uk/


LANGTREE GARAGE: Joint Administrators from PKF Move In
------------------------------------------------------
Kerry Bailey and Matthew Gibson of PKF (UK) LLP were appointed
joint administrators of Langtree Garage Limited (Company Number
04340817) on Feb. 24.  Its registered office is at 281 Preston
Road, Standish, Wigan, Lancashire WN6 0QG.

Langtree Garage -- http://www.wickedkit.com/-- sells motor  
vehicles.

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.


LASCO EUROPE: Meeting of Creditors Set Friday
---------------------------------------------
Creditors of Lasco Europe Limited (Company Number 04793726) will
meet at 10 a.m., on March 17, at Arcadia House, Maritime Walk,
Ocean Village, Southampton SO14 3TL.  

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims by 12:00 p.m., on March 16, to:

         BDO Stoy Hayward
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton SO14 3TL
         Attn: A. H. Beckingham, Administrator

The Debtor can be reached at:

         Lasco Europe Ltd
         Beechwood Way Langage Business Park
         Plympton, Plymouth
         PL7 5HH
         Tel: 01752 334470
         Fax: 01752 334471

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.


LINGUAPHONE GROUP: Joint Administrators Move In
-----------------------------------------------
Simon Peter Bower and Trevor Patrick O'Sullivan of RSM Robson
Rhodes LLP were appointed joint administrators of Linguaphone
Group Holdings Limited (Company Number 00437970) and Linguaphone
Group Limited (Company Number 01961497) on Feb. 24.  Its
registered office is at 22 Melton Street, London NW1 2BW.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a  
UK partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.  The firm is a member of the RSM International, the
world's sixth largest international organization of accountants
and business advisers.


LOMBARD MEDICAL: Taps PricewaterhouseCoopers to Liquidate Assets
----------------------------------------------------------------
Members of Lombard Medical Plc appointed Tim Walsh and Jonathan
Sisson of PricewaterhouseCoopers LLP to liquidate the company's
assets.

Parties recommended the voluntary 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. 28, 2006, during an Extraordinary
General Meeting.

CONTACT:  Lombard Medical PLC
          67 Milton Park, Abingdon
          Oxford, Oxfordshire
          OX14 4RX
          Tel: 01235-841760


MILLENNIUM LOGISTICS: Members Agree to Voluntary Liquidation
------------------------------------------------------------
Millennium Logistics Limited is liquidating its assets after
members found out that the company cannot continue its
operations due to its liabilities.

Keith Aleric Stevens, of Wilkins Kennedy, was appointed
Liquidator.

The Debtor can be reached at:

         Millennium Logistics Limited
         Unit 2, Beta Way
         Egham Surrey
         TW208RE
         Tel: 01784 438 438
         Fax: 01784 470 114
         Web: http://www.millenniumlog.com/


MOORLANDS LIMITED: Rising Debts Prompt Liquidation Proceedings
--------------------------------------------------------------
Members of Moorlands Limited passed a resolution to wind up the
company during an extraordinary general meeting on Feb. 15.

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

Neil Henry and Michael Simister, both of Lines Henry, were
appointed Joint Liquidators.

The Debtor can be reached at:

          Moorlands Limited
          11 Bollin Drive
          Timperley Altrincham Cheshire
          WA145QR
          Tel: 0161 926 8052


OFFICENORTH LIMITED: Hires Baker Tilly to Liquidate Assets
----------------------------------------------------------
Mark John Wilson and Tracey Elizabeth Callaghan, both of Baker
Tilly, were appointed Joint Liquidators after members of
Officenorth Limited agreed to liquidate the company's assets on
Feb. 10, 2006.

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

The Debtor can be reached at:

         Officenorth Limited
         Automotive Products Group Ltd
         Leamington Spa Warwickshire
         CV313ZL
         Tel: 01926 473 722


OLDELMS LIMITED: Creditors Confirm Voluntary Liquidation
--------------------------------------------------------
Creditors of Oldelms Limited confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company's operations on Feb. 9, 2006.

Creditors also ratified the appointment of Robert Valentine and
Mark Reynolds, of Valentine & Co., as Joint Liquidators.

The Debtor can be reached at:

         Oldelms Limited
         48a Kendal Street
         London
         W2 2BP
         Tel: 020 7723 3335
         Fax: 020 7258 0181


OPUS AUDIO: Manufacturer Appoints Rothman Pantall Administrator
---------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Opus Audio Developments Ltd
(Company Number 03252221) on Dec. 19, 2005.  Its registered
office is at Units 39 D E & F, Fennel Business Park, Pennygillam
Industrial Estate, Launceston PL15 7ED.

The Debtor, which manufactures television, radio, sound or video
equipment, can be reached at:

         Rothman Pantall & Co.
         Unit 39E, Fennel Business Park
         Pennygillam Industrial Estate
         Launceston
         PL15 7ED
         Cornwall
         Tel: 01566 777332
         Fax: 01566 777030

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


PREMIER FOODS: Dec. 31 Balance Sheet Upside Down by GBP18 Mln
-------------------------------------------------------------
Premier Foods PLC revealed its financial results for the 12-
month period ended Dec. 31, 2005.

Premier Foods PLC reported a GBP83.6 million net income on  
GBP206.4 million of net sales for the 12 months ended
Dec. 31, 2005, compared with a GBP15.8 million net income on
GBP15.8 million of net sales for the same period in 2004.

At Dec. 31, 2005, Premier Foods PLC balance sheet showed
GBP858.4 million in total assets and GBP876.4 in total  
liabilities, resulting in an GBP18 million stockholders'  
deficit.

The Group's net borrowings increased from GBP370.3 million for
2004, to GBP572.1 million in 2005.

Premier Foods PLC's Chief Executive Robert Schofield disclosed,
"2005 has seen another robust performance by our Grocery
business with our drive brands growing strongly and our
operating margins improving in line with our targets.  We have
invested heavily behind our brands, increasing our marketing
spend on our existing brand by GBP5 million, of which GBP3.5
million was spent in the final quarter of 2005 launching our new
Branston Beans."

"Furthermore, we have strengthened our brand portfolio through
the acquisitions of Bird's, Quorn and Cauldron and the sale of
our Tea business.  This has improved our growth prospects by
moving us into higher growth categories.  The integration of
these businesses has gone well and the brands have performed in
line with our expectations," he added.

Headquartered in Birmingham, England, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures some of United   
Kingdom's favorite foods like Ambrosia custard and rice pudding,
Branston pickle, Hartley's jams and marmalade and Sarsons
vinegar.

In July 2004, Premier was successfully floated on the London
Stock Exchange, with an initial market capitalization of
GBP526 million.

Since the floatation, the company said it has pursued its
strategy of organic branded sales growth combined with improved
operating efficiency.  

                        *     *     *

In July 2005, Premier Foods admitted trading conditions
continued to be difficult at its unit MBM Produce Ltd. and it
did not anticipate any improvement until 2006.

It completed the disposal of its tea business to Apeejay
International Tea Limited, a subsidiary of the Apeejay Surrendra
Group, for GBP80 million in November.  Premier planned to use
the proceeds to reduce net debt.  As a result of the sale,
Premier's remaining beverages business, including the Cadbury
manufacturing license, was to be incorporated into the Spreads
and Desserts product group.  Following the disposal, the 2004
pro forma branded sales mix of the group dropped from 61% to
59%.


RANDOM MEDIA: Members Approve Voluntary Liquidation
---------------------------------------------------
Members of Random Media Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 9, 2006.

They authorized Stephen Franklin, of Panos Eliades, Franklin &
Co., to administer the winding up process.

The Debtor can be reached at:

          Random Media Limited
          International House
          10-18 Vestry Street
          London
          N1 7RE
          Tel: 020 7684 4848
          Web: http://www.randommedia.co.uk/


RANK GROUP: Repurchases 675,000 Shares for Cancellation
-------------------------------------------------------
The Rank Group Plc purchased on March 10, 675,000 of the
Company's ordinary shares at 10 pence each for cancellation at
an average price of 231.13 pence per share.

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

                        *     *     *

As reported in the Troubled Company-Europe on March 8, Moody's
Investors Service assigned a Ba2 corporate family rating to The
Rank Group Plc (Rank) and concurrently downgraded the senior
unsecured long-term debt ratings of Rank Group Finance
Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3).  

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

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

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RELIANCE ELECTRICAL: Members Recommend Voluntary Liquidation
------------------------------------------------------------
Kikis Kallis, of Kallis & Co, was appointed liquidator of
Reliance Electrical Services Ltd after members unanimously
decided to liquidate the company's assets on Feb. 10.

Director J. M. Santos claimed that the voluntary liquidation
came as a result of the Debtor's inability to continue its
operations due to its liabilities.

The Debtor can be reached at:

         Reliance Electrical Services Ltd.
         34 Doyle Gardens
         London
         NW103DA
         Tel: 079 5743 4375


RICHMICRO LTD: Winds Up Business & Names Joint Liquidators
----------------------------------------------------------
Members of Richmicro Ltd passed a resolution to wind up the
company during an extraordinary general meeting on
Feb. 14, 2006.

They authorized Neil Henry and Michael Simister, of Lines Henry,
to jointly liquidate the company's assets.

The Debtor can be contacted at:

         Richmicro Ltd
         1 Marsland Road
         Sale Cheshire
         M33 3HP
         Tel: 0161 976 3887
         Fax: 0161 962 8692


TECHNICAL MEDIA: Names Richard Ian Williamson as Liquidator
-----------------------------------------------------------
Richard Ian Williamson, of Campbell Crossley and Davis, was
appointed Liquidator of Technical Media Limited after members
decided to liquidate the company's asset on Feb. 10.

Chairman S. W. Leigh expressed the company is unable to continue
its operations due financial woes.

The Debtor can be reached at:

          Technical Media Limited
          1 All Hallows Road
          Blackpool
          FY2 0AS
          Tel: 01252 500 107


TRINITY ENGINEERING: Claims Registration Ends Tomorrow
------------------------------------------------------
Members of Trinity Engineering (Sittingbourne) Limited resolved
to liquidate the company's assets during an Extraordinary
General Meeting on Feb. 15.

Appointed Liquidator, David Elliott, 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) by tomorrow, March 15.

The Debtor can be reached at:

          Trinity Engineering (Sittingbourne) Limited
          Trinity Trading Estate
          Tribune Drive
          Sittingbourne Kent
          ME102PG
          Tel: 01795 472 911
          Fax: 01795 422 411


UNITED SECURITY: Begins Liquidation Proceedings
-----------------------------------------------
United Security Limited is liquidating its assets after members
passed a resolution to wind up the company's operations on
March 7.

Philip Barrington Wood, of Barringtons Limited, was appointed
Liquidator.

United Security Limited can be contacted at:

          443A King Street
          Stoke-On-Trent
          ST4 3EE
          Tel: 01782 333 334


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********                            


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

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

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

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

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

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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