TCREUR_Public/060315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 15, 2006, Vol. 7, No. 53

                            Headlines


C Z E C H   R E P U B L I C

SAZKA A.S.: S&P Places B+ Rating on CreditWatch Negative


G E R M A N Y

LUENEBURGER INGENIEURBAU: Creditors' Meeting Set for March 29
METZ & KLUETSCH: Claims Registration Ends March 31
MINECO AG: Claims Registration Ends March 28
MOBIL-TEL: Creditors' Meeting Slated for April 10
P&H TOURISTIK: Claims Registration Ends March 17

PROSIEBENSAT.1 MEDIA: Moody's Revises Ba1 Outlook to Positive
R-S-F ZERSPANUNGSTECHNIK: Claims Registration Ends March 24
RENNER GMBH: Creditors' Meeting Set for April 12
ROBU DENTALTECHNIK: Claims Registration Ends March 20
STROMBERGER KRANDIENST: Claims Registration Ends March 21

ZAUS MICHAEL: Claims Registration Ends March 27


H U N G A R Y

MALEV HUNGARIAN: Selling Two Subsidiaries to Hike Earnings
PANNONPLAST RT: Eyes Expansion in Bulgaria & Serbia


K A Z A K H S T A N

AKJAISK PRODUCTON: Bankruptcy Proceedings Begin
BI: West Kazakhstan Court Opens Bankruptcy Proceedings
KALDAN BATYR: Court Begins Bankruptcy Proceedings
RBS TRADE: Creditors Must Submit Proofs of Claim by March 24
TINTA: Creditors Must Submit Proofs of Claim by March 24

TEMIRKAZYK: Kyzylorda Court Begins Bankruptcy Proceedings


N E T H E R L A N D S

GETRONICS N.V.: Dividend Proposal Set Next Month
ROMPETROL GROUP: Fitch Changes Outlook to Negative with B- IDR


P O L A N D

POLSKA GRUPA: Fitch Affirms National Short-Term Rating at B


R U S S I A

ASPHALT CONCRETE: Moscow Court Begins Bankruptcy Proceedings
AVANGARD: Kareliya Court Begins Bankruptcy Supervision Procedure
BRAD OF SELIGINSK: Court Names D. Dashiev as Insolvency Manager
KAMBARSKIY: Claims Filing Period Ends April 4
KURMANAEVSKOYE: Bankruptcy Hearing Set for April 25

MIKHAYLOVSKIY BAKERY: Volgograd Court Begins Bankruptcy Process
MOSKVICH: Moscow Court Rules on Bankruptcy
NEFTEMASH: Claims Filing Period Ends April 4
UYSKIY MEAT: Chelyabinsk Court Begins Bankruptcy Supervision
VAZHSKOYE: Court Names A. Borodulin as Insolvency Manager

VYSHNEVOLOTSKOYE: Claims Filing Period Ends April 4


T U R K E Y

TURKIYE IS BANKASI: Annual General Meeting Set for March 31


U K R A I N E

DANIS UNITED: Kyiv Court Opens Bankruptcy Proceedings
ENERGOINVEST: Court Names Yevgen Dzhala as Liquidator
LIANKA: Kyiv Court Begins Bankruptcy Supervision
SHPOLA' BREAD: Cherkassy Court Begins Bankruptcy Supervision
UKRENERGOSERVICE: Kyiv Court Begins Bankruptcy Proceedings

UKRFERMERPOSTACH: Court Names Vyacheslav as Insolvency Manager
UKRPOLITEKS: Court Names A. Okryak Interim Insolvency Manager
VOL: Harkiv Region Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

AUTOMOTIVE PRODUCTS: Members Pass Winding Up Resolution
BARON JON: Appoints M. H. Linton as Administrator
BIRMINGHAM RUBBER: Members Agree on Voluntary Liquidation
BOXER FREIGHT: Creditors Confirm Voluntary Liquidation
BRIDGE FILM: Financial Woes Trigger Voluntary Liquidation

CABINFEVER LIMITED: Members Agree on Voluntary Liquidation
CAPITAL MARBLE: Members Pass Winding Up Resolution
COMALLO LIMITED: Appoints Joint Administrators from Begbies
CONTAINED SOLUTIONS: Appoints Joint Administrators
C W DATA: Winds Up Business & Appoints Liquidator

DRY BAR: Appoints Alan Tomlinson as Liquidator
FISHMANIA LIMITED: Peter O'Hara Administers Winding Up Process
G.A. SHARPE: Creditors Confirm Company's Liquidation
HMV GROUP: Rejects Permira Advisers' Revised Takeover Bid
I C CATERING: Appoints Chamberlain & Co. Administrator

INTERPLAN CONTRACTS: RBS Taps Kroll Limited as Admin. Receiver
MG ROVER: Nanjing to Restart Car Assembly Following China's Nod
MILLFORD HALL: Appoints XL Business Solutions Administrator
NETHERMAYNE UK: Appoints Begbies Traynor Administrator
P J SHANKSTER: Appoints BRI as Business Recovery Administrator
RELYON HEATING: Appoints Joint Administrators from Menzies

SAPPHIRE SEAFOODS: Appoints Administrator from Cranfield
VISCOUNT TOWN: Appoints UHY Hacker Young to Administer Assets
ZERO DIVIDEND: Board Opts Voluntary Liquidation

* Shepherd and Wedderburn Names John Schmidt as New Partner


                             *********

===========================
C Z E C H   R E P U B L I C
===========================


SAZKA A.S.: S&P Places B+ Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on the Czech Republic-based gaming
company SAZKA a. s. to 'B+' from 'BB-'.

At the same time, Standard & Poor's lowered its rating on
SAZKA's EUR175 million senior secured bonds to 'B+' from 'BB-',
in line with the corporate credit rating.  Furthermore, Standard
& Poor's placed all its ratings on SAZKA on CreditWatch with
negative implications.

"The downgrade and the CreditWatch placement reflect SAZKA's
failure to register two out of the three expected first-ranking
mortgages with the Czech Cadastral Registry in Prague, and our
concerns about how the company will resolve this," said Standard
& Poor's credit analyst H,lSne Magny.

SAZKA's failure to register all the mortgages, and to give
evidence of their registration to the trustees prior to April
30, 2006, would enable bondholders to request the early
redemption of the bonds.  The company would not be able to
redeem the bonds with its current funds.

The ratings factor in corporate governance problems due to
difficulties encountered in receiving reliable and timely
financial and nonfinancial information from the company.

"The CreditWatch placement could be resolved if SAZKA
successfully registers the mortgages," said Ms. Magny.

We continue to expect SAZKA's core gaming business to perform
well, but the group's overall financial strategy is also in need
of clarification.

The ratings on SAZKA reflect the group's aggressive financial
leverage, with gross debt to EBITDA of more than 4.5x (based on
unconsolidated accounts), following the company's funding of the
construction of SAZKA Arena, an 18,000 seat sports and
entertainment complex in Prague.  The arena had been expected to
break even in 2005, but that has now been pushed back to 2007.
The ratings also reflect the company's development of a new
gaming segment in the Czech market--a rollout of video lottery
terminals, which are connected to a central lottery system.
SAZKA's track record in this market is still limited.

The ratings are supported by the sustainable, cash-generative
nature of SAZKA's well-established domestic gaming business,
which includes number games, scratch cards, the Starport video
games, and odd betting.  The group's domestic operations are
covered by Czech lottery law.  SAZKA is currently the domestic
market leader with a more than 80% share of the gaming market.


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


LUENEBURGER INGENIEURBAU: Creditors' Meeting Set for March 29
-------------------------------------------------------------
Court-appointed provisional administrator for Lueneburger
Ingenieurbau GmbH & Co. KG, Uwe Kassing, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:15 a.m. on March 29.

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

         The District Court of Lueneburg
         Saal 302
         Ochsenmarkt 3
         21335 Lueneburg

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

The District Court of Lueneburg opened bankruptcy proceedings
against Lueneburger Ingenieurbau GmbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Lueneburger Ingenieurbau GmbH & Co. KG
         Attn: Walter Hesebeck, Manager
         Gebr.-Heyn-Str. 5
         21337 Lueneburg
     
The administrator can be contacted at:

         Uwe Kassing
         Pulverweg 1a
         21337 Lueneburg
         Tel: 0700/80080025
         Fax: 0700/80080027


METZ & KLUETSCH: Claims Registration Ends March 31
--------------------------------------------------
Creditors of Metz & Kluetsch GmbH have until March 31, to
register their claims with court-appointed provisional
administrator Markus Lehmkueler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 5, 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 Bonn
         1. Stock, Saal W126
         Wilhelmstrasse 21
         53111 Bonn

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

The District Court of Bonn opened bankruptcy proceedings against
Metz & Kluetsch GmbH on Feb. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Metz & Kluetsch GmbH
         Waldorfer Weg 60
         53332 Bornheim
         Attn: Wilhelm Metz, Manager
               Markus Kluetsch, Manager

The administrator can be contacted at:

         Markus Lehmkuehler
         Wilhelmststr. 40
         53111 Bonn
         Tel: 0228/926660
         Fax: 0228/9266699


MINECO AG: Claims Registration Ends March 28
--------------------------------------------
Creditors of MINECO AG have until March 28, to register their
claims with court-appointed provisional administrator Christian
Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Muenchen
        Infanteriestr. 5
        Sitzungssaal 102

The court will also verify the claims set out in the
administrator's report during the 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 MINECO AG on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MINECO AG
         Fuerstenrieder Str. 90
         80686 Muenchen
         Web: http://www.mineco.de/

The administrator can be contacted at:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Muenchen
         Tel: 089/120260
         Fax: 089/12026127


MOBIL-TEL: Creditors' Meeting Slated for April 10
-------------------------------------------------
Court-appointed provisional administrator for MOBIL-TEL
Gesellschaft fuer Vertrieb und Wartung von
Kommunikationssystemen mbH, Dr. Christine Berg-Gruenenwald, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:40 a.m. on April 10.

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

         The District Court of Muenchen
         Infanteriestr. 5
         Sitzungssaal 102

The court will also verify the claims set out in the
administrators' 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 MOBIL-TEL Gesellschaft fuer Vertrieb und Wartung von
Kommunikationssystemen mbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MOBIL-TEL Gesellschaft fuer Vertrieb und Wartung von     
         Kommunikationssystemen mbH        
         Poccistr. 10
         80336 Muenchen
             
The administrator can be contacted at:

         Dr. Christine Berg-Gruenenwald
         Leopoldstr. 139
         80804 Muenchen
         Tel: 361930-0
         Fax: 361930-499


P&H TOURISTIK: Claims Registration Ends March 17
------------------------------------------------
Creditors of P&H Touristik GmbH have until March 17, to register
their claims with court-appointed provisional administrator
Burckhardt Reimer.

Creditors and other interested parties are encouraged to attend
the meeting at 12:05 p.m., on April 13, 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
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg

The court will also verify the claims set out in the
administrator's report during the 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 P&H Touristik GmbH on Feb. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         P&H Touristik GmbH
         Hannoversche Strasse 86
         21079 Hamburg
         Attn: Andreas Primus, Manager
         Hoppenstedtstrasse 59
         21073 Hamburg
         Matthias Hartmann, Manager
         Eissendorfer Strasse 33
         21073 Hamburg

The administrator can be contacted at:

         Burckhardt Reimer
         Domstrasse 15
         20095 Hamburg
         Tel: 41522416
         Fax: 41522-411


PROSIEBENSAT.1 MEDIA: Moody's Revises Ba1 Outlook to Positive
-------------------------------------------------------------
Moody's Investors Service changed to positive from developing
the outlook on the Ba1 senior unsecured and corporate family
ratings of ProSiebenSat.1 Media AG.

The outlook change reflects Moody's view that a sale of
ProSiebenSat.1 appears less likely in the short-term following
the statement last month by P7S1 Holding L.P., the company's
controlling shareholder, that it had decided not to pursue
another sale transaction after the termination of the planned
sale to Axel Springer.

It remains nevertheless probable in Moody's opinion that P7S1
Holding, as a consortium led by Saban Capital Group and
comprising several private equity investors, will seek in some
way to crystallize the gains made on its investment in
ProSiebenSat.1 within the next twelve to twenty four months,
which theoretically could involve some form of exit strategy
potentially either through a trade sale, a leveraged buy-
out/recapitalization, or a public offering.  There therefore
remains, Moody's believes, a significant degree of event risk
associated with this rating, which constrains it at the Ba1
level.  

The positive outlook reflects Moody's view that:

   -- on balance it currently appears more likely than not that
      P7S1 Holding could seek to crystallize its gains in a
      broadly credit neutral manner; and

   -- from a fundamental perspective, absent ownership
      considerations, ProSiebenSat.1 market position, and
      operational and financial performance, would warrant an
      investment grade rating.

With regard to potential future exit strategies, the risk of a
shorter-term leveraged sale appears to have receded given P7S1's
recently stated intent not to pursue a sale; and P7S1 Holding's
track record as owner of ProSiebenSat.1, which has overseen a
refinancing and recapitalization of the group, in Moody's view
appears to reduce the likelihood that P7S1 Holding itself would
sponsor a significant re-leveraging of the group.  By contrast,
Moody's notes alternative potential exit strategies which could
permit P7S1 Holding to extract value in a broadly credit neutral
manner include a public offering of its shareholdings (88% of
the ordinary shares; 13% of the preference shares); or
potentially a sale to a higher rated trade buyer.

Moody's added that a movement of the rating to investment grade
from Ba1 would require:

   -- more certainty that any possible transaction to extract
      value by P7S1 Holding whether through a potential exit or
      recapitalization would be effected in a manner not
      disadvantageous for bondholders; and

   -- more clarity on what the capital structure of
      ProSiebenSat.1 is likely to be on sustainable basis in the
      medium to longer-term.

From a fundamental perspective, ProSiebenSat.1's strongly
improving operational and financial performance would likely
support a higher rating than Ba1, which is currently constrained
in Moody's view by event risk as described above.  Revenues rose
by 8.4% to EUR1,990 million in the year to 2005, driven by
growth both in its Free TV business, and its Diversification
division.  At 30.3% of the 14-49 age group, ProSiebenSat.1's
four channels achieved their best audience share in five years.  
Diversified revenues increased to EUR179 million, an underlying
growth rate of 13% if adjusted for the EUR55 million six-month
contribution from 9Live.

Profitability also improved significantly in 2005, with a 30%
increase in EBITDA to EUR418 million in 2005 boosted by an
improvement in the margin from 17.5% to 21%.  Cash flow
generation was also strong with retained cash flow/adjusted debt
in excess of 30%.  Of note has been the further evidence of the
recovery in the Sat.1 channel's audience share and
profitability, with an improvement in EBITDA margin from 11.6%
to 19.4% in 2005.  Strong cash flow has allowed ProSiebenSat.1
to reduce net financial debt in the year by 18% to EUR227
million, notwithstanding its acquisition of 9Live for a net cash
outflow of EUR113million.  More cautiously, Moody's notes the
potential risks associated with possible future investments,
including the impact of diversifying beyond TV advertising,
although the Group's current focus on smaller scale bolt-on
acquisitions should help contain these.

ProSiebenSat.1 Media AG is based in Munich, Germany.  The
company's main activity is the broadcasting and production of
television programs through four German language television
channels as well as a range of ancillary activities.


R-S-F ZERSPANUNGSTECHNIK: Claims Registration Ends March 24
-----------------------------------------------------------
Creditors of R-S-F Zerspanungstechnik mbH have until March 24,
to register their claims with court-appointed provisional
administrator Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 24, 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
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg

The court will also verify the claims set out in the
administrator's report during the 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 R-S-F Zerspanungstechnik mbH on Feb. 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         R-S-F Zerspanungstechnik mbH
         Berzeliusstrasse 85
         22113 Hamburg

         Attn: Detlef Wagschal, Manager
               Lueriglauser Strasse 50
               28865 Lilienthal

               Guenther Helmut Rehm, Manager
               Jadebusen 127
               26316 Varel

The administrator can be contacted at:

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


RENNER GMBH: Creditors' Meeting Set for April 12
------------------------------------------------
Court-appointed provisional administrator of Renner GmbH, Ulrich
Bert, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:00 a.m. on April 12.

The meeting of creditors and other interested parties be held
at:
        
         The District Court of Darmstadt
         Zimmer 4-312
         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 or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceeding
against Renner GmbH on Feb. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:
        
        Renner GmbH
        Heimstattenweg 68
        64295 Darmstadt
        Attn: Stefan Renner, Manager
        Pestalozzistr. 6
        64354 Reinheim-Spachbruecken
        Web: http://www.renner-laborbedarf.de/

The administrator can be contacted at:

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


ROBU DENTALTECHNIK: Claims Registration Ends March 20
-----------------------------------------------------
Creditors of ROBU Dentaltechnik GmbH have until March 20, to
register their claims with court-appointed provisional
administrator Dr. Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 20, 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 the 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 ROBU Dentaltechnik GmbH on Feb. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ROBU Dentaltechnik GmbH
         Gruenwalder Weg 13a
         82008 Unterhaching
         Tel: 089-6374125

The administrator can be contacted at:

         Dr. Kurt Bruder
         Herzog-Wilhelm-Str. 17
         80331 Muenchen
         Tel: 089/2368580
         Fax: 089/2603440


STROMBERGER KRANDIENST: Claims Registration Ends March 21
---------------------------------------------------------
Creditors of Stromberger Krandienst GmbH have until March 21, to
register their claims with court-appointed provisional
administrator Dr. Hans-Gert Dhonau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 29, 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 Bad Kreuznach
        Saal 34
        Ringstrasse 79
        55543 Bad Kreuznach

The court will also verify the claims set out in the
administrator's report at 10:00 a.m., on May 3, at the same
venue.

The District Court of Bad Kreuznach opened bankruptcy
proceedings against Stromberger Krandienst GmbH on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Stromberger Krandienst GmbH
         Hinterwinkel 10
         55595 Spabruecken
         Attn: Hans Juenger, Manager
               55442 Stromberg
         Web: http://www.stromberger-krandienst.de/

The administrator can be contacted at:

         Dr. Hans-Gert Dhonau
         Bahnhofstr. 7
         D-55566 Bad Sobernheim
         Tel: 06751/938013
         Fax: 06751/9380-36


ZAUS MICHAEL: Claims Registration Ends March 27
-----------------------------------------------
Creditors of Zaus Michael Fenster GmbH have until March 27, to
register their claims with court-appointed provisional
administrator Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Muenchen
         Infanteriestr. 5
         Sitzungssaal 101

The court will also verify the claims set out in the
administrator's report during the 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 Zaus Michael Fenster GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Zaus Michael Fenster GmbH
         Rechnerstr. 39
         85540 Haar
        
The administrator can be contacted at:

         Andree Wernicke
         Ohmstr. 13
         80802 Muenchen
         Tel: 089/3838710
         Fax: 089/338308


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


MALEV HUNGARIAN: Selling Two Subsidiaries to Hike Earnings
----------------------------------------------------------
Loss-making flag carrier Malev Hungarian Airlines Rt. will sell
two subsidiaries to further strengthen its financial position,
Budapest Business Journal reports.

Chief Executive Janos Gonci said the carrier would sell freight
transport unit Pannon Air Cargo Kft and electronic booking
system operator Galileo Hungary Kft.  Mr. Gonci, however,
declined to comment how much the carrier would earn from selling
the units.

Malev recently carried out a HUF1.7 billion capital hike for its
ground services unit, Malev Ground Handling, and a HUF2 billion
for its maintenance division, Aeroplex.  The additional capital
would be used to repay their loans to parent company Malev Rt.  
Shareholders will meet at the end of the month to approve the
proposed capital hike.

Headquartered in Budapest, Hungary, Malev Hungarian Airlines Rt.
-- http://www.malev.hu/-- trimmed its annual operating deficit  
by around 60% to HUF2 billion in 2005 from HUF4.9 billion in
2004.  Chief Executive Officer Janos Gonci expects a breakeven
this year and turnaround profit in 2007.  

Since the fall of Communism in the country, the government,
which owns 99.95% of Malev, has failed to dispose of the
airline, which has struggled amid competition from budget
airlines.


PANNONPLAST RT: Eyes Expansion in Bulgaria & Serbia
---------------------------------------------------
Plastic manufacturer Pannonplast Rt. eyes to expand its
businesses this year after completing two of three restructuring
stages, NAPI Gazdasag reports.

According to the report, business director Denes Gyimothy
revealed that Pannonplast aims to become a regional supplier for
the plastic packaging market.  He added that the group also
plans to expand it production capacities to Bulgaria and Serbia,
where it currently exports its products.  Pannonplast might also
launch a green-field investment in Serbia within the first half
of 2006.

Pannonplast launched a three-phase extensive strategy plan that
aims to turn around the loss-making group.  The plan includes:

  (a) restructuring, cost cuts, and portfolio clean-up
      (September 2004 to first half 2005);

  (b) stabilization (second half 2005); and

  (c) expansion and asset management (2006).

Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt.
-- http://www.pannonplast.hu/-- manufactures a wide range of  
plastic-finished Products.  It trimmed its annual losses
drastically to HUF216 million in 2005 from HUF1.6 billion in
2004 despite booking a 17% decline in revenues.  CEO Balazs
Szabo, which took over in September 2004, has been cutting costs
and selling units to restore the company's profitability.


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


AKJAISK PRODUCTON: Bankruptcy Proceedings Begin
-----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region commenced bankruptcy proceedings against Akjaisk
Production Company on Jan. 24.


BI: West Kazakhstan Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region commenced bankruptcy proceedings against JSC BI on
Jan. 24.


KALDAN BATYR: Court Begins Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region commenced bankruptcy proceedings against LLP Kaldan Batyr
on Jan. 14.

CONTACT:  The Specialized Inter-Regional
          Economic Court of Kyzylorda
          Aiteke bi Str. 29
          Kyzylorda Region


RBS TRADE: Creditors Must Submit Proofs of Claim by March 24
------------------------------------------------------------
LLP RBS Trade has declared insolvency.  

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

          RBS TRADE
          Micro district Mamrayeva 29-32
          Karaganda Region


TINTA: Creditors Must Submit Proofs of Claim by March 24
--------------------------------------------------------
LLP Tinta has declared insolvency.  

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

          Tinta
          Metallistov Str. 42-41
          Karaganda Region


TEMIRKAZYK: Kyzylorda Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region commenced bankruptcy proceedings against LLP Temirkazyk
on Jan. 19.

CONTACT:  The Specialized Inter-Regional
          Economic Court of Kyzylorda
          Aiteke bi Str. 29
          Kyzylorda Region


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


GETRONICS N.V.: Dividend Proposal Set Next Month
------------------------------------------------
Getronics N.V. will distribute its proposed 2005 dividend of
EUR0.07 per share at these relevant dates:

      Ex-dividend date:            April 25, 2006
      Date of payment dividend:    April 28, 2006
      Record date:                 April 24, 2006

The proposed dividend will only be distributed after the
adoption of the 2005 Annual Accounts, including the proposed
dividends, at the 2006 Annual Shareholders' Meeting.

                      About the Company

Headquartered in Amsterdam, Netherlands, Getronics N.V. --
http://www.getronics.com/-- designs, integrates and manages ICT  
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.  The company
has regional offices in Boston, Madrid and Singapore.  Its
shares are traded on Euronext Amsterdam.   

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 23,
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Dutch IT services group Getronics
N.V. on CreditWatch with negative implications, following a
profit warning from the group.  

At the same time, Standard & Poor's placed on CreditWatch
negative its 'B-' senior unsecured debt rating on the group's
convertible bonds and its 'B+' long-term and '3' recovery
ratings on Getronics' EUR300 million ($363 million) senior
secured bank loan.  The '3' recovery rating indicates Standard &
Poor's expectation of meaningful (50%-80%) recovery of principal
for secured lenders in the event of a payment default.

Furthermore, Standard & Poor's withdrew its 'B+' long-term and
'3' recovery rating on the EUR75 million first tranche of the
bank loan, which has been repaid in full.

At Sept. 30, 2005, Getronics had gross debt of EUR518 million,
including EUR135 million in cumulative preference shares.  


ROMPETROL GROUP: Fitch Changes Outlook to Negative with B- IDR
--------------------------------------------------------------
Fitch Ratings changed the Outlook of Netherlands-based The
Rompetrol Group N.V.'s Issuer Default Rating of B- to Negative
from Stable.  This is due to ongoing criminal investigations by
the Prosecutor General's Office of Romania on TRG's Romanian
companies.

In Fitch's view, the recent developments in the PGO
investigation, including the freeze of an un-pledged 25.9% stake
in TRG's key asset, Romania's Rompetrol Rafinare, the second
largest refining company in the country, may lead to a more
challenging operating and political environment for the group.

TRG owns a direct 51% stake in the publicly listed RRC.  The
recent freeze of a portion of TRG's holding in RRC prohibits it
from the sale of this stake and thus somewhat limits its
financial flexibility.  Nevertheless, according to TRG, it will
still be able to receive dividends and to exercise its voting
rights related to the 25.9% stake.  As a result, TRG will
continue to have management control over its main asset.

Fitch notes that the ongoing investigation represents a credit
concern for TRG as it has tarnished the company's reputation and
distracted key managers from strategy implementation and day-to-
day operations.  

Nevertheless, TRG has strengthened its management team and
prepared detailed contingency plans in case of any negative
developments.  Fitch understands that the investigation has so
far had no negative impact on TRG group's liquidity as the
lending banks continue to fund the group on a secured basis.

The ongoing investigation of Rompetrol's current and former
employees, including TRG's Romanian CEO and the American Deputy
CEO, involves a number of charges.  These include non-completion
of investment obligations under the terms of the Petromidia and
Vega refineries privatizations, failure to pay excise taxes and
VAT on certain transactions, and securities market manipulation
related to RRC's listing on the Bucharest Stock Exchange.

Notwithstanding the ongoing investigation, in 2005, TRG was able
to capitalize on an extremely favorable environment for refiners
and positive structural changes in the Romanian fuel market.  

In 2005, TRG reported record unaudited consolidated EBITDA of
USD164 million.  Its net debt-to-EBITDA ratio improved to 1.8x
at YE05 from 2.8x at YE04.

In 2005, virtually all profits were generated by its Romania-
based companies.  Following TRG's acquisition of French-based
fuel retailer Dyneff in January 2006, the EBITDA split is 88:12
between Romania and France, compared to 100% contribution from
Romania previously.


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


POLSKA GRUPA: Fitch Affirms National Short-Term Rating at B
-----------------------------------------------------------
Fitch Ratings changed the Outlook of Polska Grupa Farmaceutyczna
S.A.'s National Long-term rating to Negative from Stable.  The
National ratings are affirmed at Long-term BB+ and Short-term B.

The Outlook change reflects PGF's sustained high debt, which was
only partially offset with stronger EBITDA generation in 2005.  
Despite management's intention to meaningfully de-leverage the
company during 2005, the company's net debt increased 4% to
PLN341 million at YE05.

As a result, PGF's net debt-to-EBITDA ratio, despite a slight
improvement in 2005, remains high for the rating level.  
Notwithstanding record net profits in 2005, Fitch notes PGF's
negative free cash flow generation last year and low
profitability of the retail segment, driven by weak results of
the two chains of pharmacies acquired in 2004.

The ratings reflect PGF's strategy based on organic growth and
further development of a virtual chain of pharmacies.  Should
the company pursue considerable debt-funded acquisitions, the
ratings would be downgraded.  The PGF group reported stronger
profits in Q405 after a few quarters of weaker profitability.
Fitch considers PGF may sustain its BB+ rating if EBITDA
generation and cash flow continue to improve in 2006, while net
debt decreases.

The increase in PGF's debt in 2005 is partly driven by the
company's policy to grant loans to pharmacies; the loans
increased by some PLN40 million to PLN90 million between
December 2004 and September 2005.  

Although this policy enables PGF to strengthen its links with
these pharmacies, increase sales as well as earn interest on
loans, the company is exposed to these entities' credit and
liquidity risks.  This is partly mitigated by the security on
these pharmacies' assets established for PGF.

Fitch notes that this activity has become significant for the
company's business risk given that, outstanding loans to
pharmacies account for some 40% of PGF's equity.

At YE05, PGF's gross debt of PLN379 million consisted mostly of
bank loans and bonds.  PGF has sufficient liquidity to repay its
debt maturing in 2006.  At YE05, available liquidity included
cash of PLN39 million and unused committed bank lines of PLN274
million.  

In December 2005 PGF increased its working capital loans limits
in two Polish banks and extended their final maturities.  Bonds
issued within the domestic CP and MTN notes program become due
in 2007 and in 2009.

PGF is Poland's largest distributor of pharmaceuticals and
health care products to pharmacies and hospitals.  The company
has about 21% of the Polish wholesale pharmaceuticals market and
is also the largest player in the retail segment as the owner of
about 300 pharmacies.


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


ASPHALT CONCRETE: Moscow Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Asphalt Concrete Factory #2 (TIN 7722001920,
OGRN 1027739682684) after finding the open joint stock company
insolvent.  The case is docketed as A40-70866/05-44-137B.  

Mr. A. Andreev has been appointed insolvency manager.

The Debtor can be reached at:

         Asphalt Concrete Factory #2
         1st Dubrovskiy Proezd, 78/14
         Moscow Region
         109316, Russia

The insolvency manager can be reached at:

         A. Andreev
         Post User Box 57
         Moscow Region
         109004, Russia


AVANGARD: Kareliya Court Begins Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision on limited liability company Avangard.  
The case is docketed as A26-11204/2005-18.  

Mr. N. Rasputin has been appointed temporary insolvency manager.  

Creditors may submit their proofs of claim to:

         N. Rasputin
         Temporary Insolvency Manager
         Internatsionalistov Avenue 6/2-5
         Petrozavodsk
         Kareliya Republic
         185014, Russia

The Debtor can be reached at:

         Avangard
         Onezhskoy Flotilii Str. 1
         Petrozavodsk
         Kareliya Republic
         185640, Russia


BRAD OF SELIGINSK: Court Names D. Dashiev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Buryatiya appointed D. Dashiev as Brad
of Seliginsk's insolvency manager.

The Court commenced bankruptcy proceedings against Brad of
Seliginsk after finding the open joint stock company insolvent.  
The case is docketed as A10-3132/01-19.  

The Debtor can be reached at:

         Brad of Seliginsk
         Seleginsk
         Buryatiya Republic

The insolvency manager can be reached at:

         D. Dashiev
         Profsoyuznaya Str. 42-102
         Ulan-Ude
         Buryatiya Republic
         670017, Russia


KAMBARSKIY: Claims Filing Period Ends April 4
---------------------------------------------
Creditors of Kambarskiy (TIN 1810000064) have until April 4, to
submit their written proofs of claim to:

   (a) KAMBARSKIY
       Russia, Udmurtiya republic,
       Kambarka, Sovetskay Str. 23

   (b) M. KOLESNIKOV
       Insolvency Manager
       115280, Russia, Moscow region,
       Avtozavodskaya Str. 14/23, Office 802

   (c) ARBITRATION COURT OF UDMURTIYA REPUBLIC
       426057, Izhevsk region,
       Lomonosova Str. 5

The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Kambarskiy (TIN 1810000064) after finding
the open joint stock company insolvent.  The case is docketed as
A71-91/2003-G21.  

Mr. M. Kolesnikov has been appointed insolvency manager.  


KURMANAEVSKOYE: Bankruptcy Hearing Set for April 25
---------------------------------------------------
The Arbitration Court of Orenburg region will convene at 11:10
a.m., on April 25, to hear the bankruptcy supervision procedure
of open joint stock company Kurmanaevskoye.

The hearing will take place at:

         The Arbitration Court of Orenburg Region
         9th January Str., 64
         Orenburg Region
         460046, Russia

The Court has commenced bankruptcy supervision on open joint
stock company Kurmanaevskoye.  The case is docketed as A47-
15952/2005-14GK.  

Mr. V. Ivanov has been appointed temporary insolvency manager.  

The Debtor can be reached at:

         Kurmanaevskoye
         Kurmanaevskiy Region
         Kurmanaevka
         Orenburg Region
         461060, Russia

The temporary insolvency manager can be reached at:

         V. IVANOV
         Gaya Str. 23A
         Orenburg Region
         460000, Russia


MIKHAYLOVSKIY BAKERY: Volgograd Court Begins Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Mikhaylovskiy Bakery (TIN 3437000590) after
finding the open joint stock company insolvent.  The case is
docketed as A12-34891/05-s55.  

Mr. V. Levin has been appointed insolvency manager.

The Debtor can be reached at:

         Mikhaylovskiy Bakery
         Mikhaylovka, Vinogradnaya Str. 1B
         Volgograd Region
         403345, Russia

The insolvency manager can be reached at:

         V. Levin
         Volgograd-66
         Post User Box 155
         400066, Russia


MOSKVICH: Moscow Court Rules on Bankruptcy
------------------------------------------
The Arbitral Court of Moscow has declared OJSC Moskvich
bankrupt, A & G Information Services reports.

According to the report, the motorcar factory is suffering from
a standstill for more than four years and is facing a current
credit debt amounting to RUB23 billion.  The Company, with 60.4%
of its shares belonging to the State while the remaining 39.6%
shares are divided to the work collective group and some small
firms, reportedly owe 86% of the amount to the MF of Russia.  MF
acted as a guarantor for the Company's US$700 million enterprise
credit.  

The company's assets will be sold in parts to enable payments of
its surmounting debts, A & G relates.


NEFTEMASH: Claims Filing Period Ends April 4
--------------------------------------------
Creditors of Neftemash (TIN 0261009008) have until April 4, to
submit their written proofs of claim to:

         Neftemash
         Ishimbay, Naberezhnaya Str. 7
         Bashkortostan Republic
         453203, Russia

The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Neftemash (TIN 0261009008) after
finding the open joint stock company insolvent.  The case is
docketed as A07-212/05-G-FLE.  Mr. S. Garifullin has been
appointed insolvency manager.  

The insolvency manager can be reached at:

         S. Garifullin
         Insolvency Manager
         Ishimbay, Naberezhnaya Str. 7
         Bashkortostan Republic
         453203, Russia


UYSKIY MEAT: Chelyabinsk Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision on limited liability company Uyskiy Meat
Processing Complex (TIN 7441008133).  The case is docketed as
A76-49377/05-52-353.  

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

The Debtor can be contacted at:

         Uyskiy Meat Processing Complex
         Uyskoye, Oktyabrskaya Str. 1
         Chelyabinsk Region
         456470, Russia

The temporary insolvency manager can be contacted at:

         A. Lavrov
         Temporary Insolvency Manager
         Zlatoust, Post User Box 2234
         Chelyabinsk Region
         456208, Russia


VAZHSKOYE: Court Names A. Borodulin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Arkhangelsk region appointed Mr. A.
Borodulin as the insolvency manager for Vazhskoye.

The Court commenced bankruptcy proceedings against Vazhskoye
after finding the close joint stock company insolvent.  The case
is docketed as A05-6565/05-8.  

The Debtor can be contacted at:

         Vazhskoye
         Arkhangelsk Region
         350038, Russia

The insolvency manager can be contacted at:

         A. Borodulin
         Insolvency Manager
         Sudroma, Pogost, Novaya Str. 16
         Arkhangelsk Region
         Velskiy Region
         165131, Russia


VYSHNEVOLOTSKOYE: Claims Filing Period Ends April 4
---------------------------------------------------
Creditors of Vyshnevolotskoye have until April 4, to submit
their proofs of claim to:

         Y. Pushkarev
         Insolvency Manager
         Post Office 6, Post User Box 0603
         Tver Region
         170006, Russia

The Arbitration Court of Tver region commenced bankruptcy
proceedings against Vyshnevolotskoye after finding the open
joint stock company insolvent.  The case is docketed as A68-
8772/2005.  Mr. Y. Pushkarev has been appointed insolvency
manager.  

The Debtor can be contacted at:  

         Vyshnevolotskoye
         Verkhniy Volochek, Prigorodnyj
         Tver Region
         171140, Russia


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


TURKIYE IS BANKASI: Annual General Meeting Set for March 31
-----------------------------------------------------------
Turkiye Is Bankasi A.S. will hold its Annual General Meeting at
2:00 p.m., on Friday, March 31, at Is Kuleleri, 4. Levent,
Istanbul during which, the adaptation of the Articles of
Incorporation for NTL and the change of minimum per share
nominal value as 1 New Kurus will also be discussed.

In the meeting, the Company will:

   -- present and discuss the Management's and Auditors'
      Reports;

   -- examine and ratify the 2005 Balance Sheet and Income
      Statement and discharge the Board of Directors and
      Auditors from their responsibilities for the transactions
      and accounts of the aforementioned year;

   -- determine of the method and the date of allotment of
      dividend share;

   -- adapt the Articles of Incorporation for NTL and the change
      of minimum per share nominal value as 1 New Kurus;

   -- determine the allowance for the member of the Board of
      Directors;

   -- elect the Auditors for 2006; and

   -- determine the Auditors' fees.

Headquartered in Istanbul, Turkey, Turkiye Is Bankasi AS had
total assets of YTL63.7 billion (US$47.37 billion) at the end of
2005.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 7,
Moody's Investors Service has changed the outlook on the D
financial strength rating (FSR) of Turkiye Is Bankasi AS
(Isbank), to positive from stable.

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


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


DANIS UNITED: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against CJSC Danis United Company (code EDRPOU
30056377) on Jan. 19, after finding the company insolvent.  The
case is docketed as 44/312-b.

Mr. T. Chekshturin has been appointed liquidator/insolvency
manager.

CONTACT:  Danis United Company
          Gospitalna Str. 12-E
          03187, Kyiv Region, Ukraine a/b 122

          T. Chekshturin
          Liquidator/Insolvency Manager
          Sribnokilska Str. 14/126
          02068, Kyiv Region

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


ENERGOINVEST: Court Names Yevgen Dzhala as Liquidator
-----------------------------------------------------
The Economic Court of Lviv Region appointed Mr. Yevgen Dzhala
liquidator/insolvency manager for LLC Energoinvest (code EDRPOU
32409347).

The Court Region commenced bankruptcy proceedings against the
company on Dec. 26, 2005, after finding the company insolvent.  
The case is docketed as 6/231-5/156.  

CONTACT:  Energoinvest
          Zamknena Str. 3/2
          Lviv Region, Ukraine

          Mr. Yevgen Dzhala
          Liquidator/Insolvency Manager
          Nizhinska Str. 16/41
          Lviv Region, Ukraine
          Phone/Fax: 75-49-59

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


LIANKA: Kyiv Court Begins Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Lianka (code EDRPOU 23309970
26004300138016).  The case is docketed as 4/12-15/692-b.

Mr. Sokotun Vitalij has been appointed temporary insolvency
manager.

CONTACT:  Lianka
          Frunze Str. 19/21
          04070, Kyiv Region, Ukraine

          Mr. Sokotun Vitalij
          Temporary Insolvency Manager
          Mirushenko Str. 41A/75
          33000, Rivne Region, Ukraine

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


SHPOLA' BREAD: Cherkassy Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on OJSC Shpola' Bread Combine (code EDRPOU
5510987) on Jan. 12.  The case is docketed as 01/26.  Mr. O.
Zayichenko has been appointed temporary insolvency manager.

CONTACT:  Shpola' Bread Combine
          Shpola, Artema Str. 10
          Cherkassy Region, Ukraine

          Mr. O. Zayichenko
          Temporary Insolvency Manager
          Kremenchuk, Zhovtneva Str. 7/80
          39600, Cherkassy Region, Ukraine
          Tel: 8 (05366) 3-26-53

          Economic Court of Cherkassy Region
          Shevchenko Avenue 307
          18005, Cherkassy, Ukraine


UKRENERGOSERVICE: Kyiv Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Ukrenergoservice (code EDRPOU 32446174)
on Jan. 20, after finding the company insolvent.  The case is
docketed as 173/2 b-2005.

Mr. S. Nesterenko has been appointed liquidator/insolvency
manager.

CONTACT:  Ukrenergoservice
          Vishneve, Kiyivska Str. 17
          08132, Kyiv Region, Ukraine

          Economic Court of Kyiv Region
          Komintern Str. 165
          01032, Kyiv Region, Ukraine


UKRFERMERPOSTACH: Court Names Vyacheslav as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Letskan Vyacheslav
as temporary insolvency manager for Private Enterprise
Ukrfermerpostach (code EDRPOU 32046622).

The Court commenced bankruptcy supervision procedure on the
Company with the case docketed as 15/493-b.  

CONTACT:  Ukrfermerpostach
          Vorovskij Str. 51, Office 11
          01054, Kyiv Region, Ukraine
          
          Mr. Letskan Vyacheslav
          Temporary Insolvency Manager
          Dovzhenko Str. 16-V/42
          03057, Kyiv Region, Ukraine

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


UKRPOLITEKS: Court Names A. Okryak Interim Insolvency Manager
-------------------------------------------------------------
The Economic Court of Ternopil Region appointed Anatolij Okryak
as temporary insolvency manager for LLC Ukrpoliteks (code EDRPOU
31104190).

The Court commenced bankruptcy supervision procedure on the
Company with the case docketed as 15/B-681.  

Mr. Anatolij Okryak has been appointed temporary insolvency
manager.

CONTACT:  Ukrpoliteks
          48238, Ternopil Region, Ukraine  
          Horostkiv, Nezalezhnosti Str. 3a
          Gusyatinskij district, Ukraine

          Mr. Anatolij Okryak
          Temporary Insolvency Manager
          Lipova Str. 17/7
          Ternopil Region, Ukraine

          Economic Court of Ternopil Region
          Ostrozski Str. 14a
          46000, Ternopil Region, Ukraine


VOL: Harkiv Region Commences Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against LLC scientific-innovation firm Vol (code
EDRPOU 30289432) on Jan. 24, after finding the company
insolvent.  The case is docketed as B-19/113-05.

JSB Factorial-Bank has been appointed Liquidator.

CONTACT:  VOL
          Plehanivska Str. 18
          Harkiv Region, Ukraine

          ECONOMIC COURT OF HARKIV REGION
          Svobodi Square 5, Derzhprom 8th Entrance
          61022, Harkiv Region, Ukraine


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


AUTOMOTIVE PRODUCTS: Members Pass Winding Up Resolution
-------------------------------------------------------
Members of Automotive Products Group Limited passed a resolution
to wind up the company during an extraordinary general meeting
on Feb. 10.

Chairman D. Nesbitt revealed that the company could no longer  
continue its business due to financial liabilities.

Mark John Wilson and Tracey Elizabeth Callaghan, both of Baker
Tilly, were appointed Joint Liquidators.

The Debtor can be reached at:

         Automotive Products Group Limited
         Tachbrook Road
         Leamington Spa Warwickshire
         CV31 3ZL
         Tel: 01926 473 724
         Fax: 01926 473 705


BARON JON: Appoints M. H. Linton as Administrator
-------------------------------------------------
Baron Jon Menswear Limited (Company Number 01383379) appointed
Martin Henry Linton on Jan. 28 to administer the Company's
assets.

Baron Jon Menswear Ltd, which sells business and leisurewear
clothing for men, can be reached at:

         L2 Freeport Village,
         Braintree CM7
         Tel: 01376 3495


BIRMINGHAM RUBBER: Members Agree on Voluntary Liquidation
---------------------------------------------------------
Members of Birmingham Rubber Stamp Company Limited resolved to
liquidate the Company's assets at an extraordinary general
meeting on Feb. 15.

Subsequently, they appointed Vincent A. Simmons to lead the wind
up proceedings.

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

The Debtor can be reached at:

         Birmingham Rubber Stamp Company Limited
         209 Streetly Road
         Birmingham
         B23 7AH
         Tel: 0121 377 7757


BOXER FREIGHT: Creditors Confirm Voluntary Liquidation
------------------------------------------------------
Creditors of Boxer Freight Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 15.

Creditors also ratified the appointment of Nedim Ailyan, of
Abbot Fielding, as Liquidator.

The Debtor can be reached at:

         Boxer Freight Limited
         PE3 39HP
         Tel: 01760 338 200
         Fax: 01760 338 899
         Web: http://www.boxer-freight.co.uk/
  

BRIDGE FILM: Financial Woes Trigger Voluntary Liquidation
---------------------------------------------------------
Bridge Film & Packaging Limited is liquidating its assets after  
members found out that the company cannot continue its  
operations due to its liabilities.

Kerry Bailey and Jonathan D Newell, of PKF (UK) LLP, were
appointed Joint Liquidators.

The Debtor can be reached at:

          Bridge Film & Packaging Limited
          19-20 Arkwright Road
          Astmoor Ind Est Runcorn Cheshire
          WA7 1NU
          Tel: 01928 564 666
          Fax: 01928 560 566
          Web: http://www.bridgefilms.co.uk/


CABINFEVER LIMITED: Members Agree on Voluntary Liquidation
----------------------------------------------------------
Members of Cabinfever Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 15.

Mark Grahame Tailby and Neil Richard Gibson, of CBA, were
appointed Joint Liquidators.

The Debtor can be reached at:

          Cabinfever Limited
          Dunsmore Hall
          Lilbourne Road
          Clifton Upon Dunsmore Rugby Warwickshire
          CV2 30BB
          Tel: 0870 078 8878


CAPITAL MARBLE: Members Pass Winding Up Resolution
--------------------------------------------------
Capital Marble Works Limited is liquidating its assets after
members passed a resolution to wind up the company's operations
on Feb. 15.

Kian Seng Tan, of K S Tan & Co, was appointed Liquidator.

Capital Marble Works Limited can be contacted at:

          2 Fortune Way
          London
          NW106UF
          Tel: 020 8960 3335


COMALLO LIMITED: Appoints Joint Administrators from Begbies
-----------------------------------------------------------
Paul Stanley and Gary N. Lee of Begbies Traynor were appointed
joint administrators of Comallo Limited (Company Number
FC008522, Jersey 9706) and Comallo UK Limited (Company Number
05193570) on Feb. 27.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Comallo Ltd and Comallo UK Ltd is engaged in making plastic
injection moldings and can be reached at:

        102 Chadwick Road
        Astmoor Industrial Estate
        Runcorn WA7 1PW
        Cheshire
        Tel: 01422 831821
        Fax: 01928 577591


CONTAINED SOLUTIONS: Appoints Joint Administrators
--------------------------------------------------
Paul Andrew Whitwam and Gary Edgar Blackburn of BWC Business
Solutions were appointed joint administrators of Contained
Solutions Limited (Company Number 05486603) on March 2.

The joint administrators can be reached at:

        8 Park Place
        Leeds
        West Yorkshire LS1 2RU
        Tel: 0113 243 3434
        Fax: 0113 243 5049
        E-mail: bwc@bwc-solutions.com

Contained Solutions Limited --
http://www.containedsolutions.co.uk/-- manufactures plastic  
containers.


C W DATA: Winds Up Business & Appoints Liquidator
-------------------------------------------------
Members of C.W. Data Services Limited passed a resolution to
wind up the company during an extraordinary general meeting on  
Feb. 15, 2006.

They authorized Roderick Graham Butcher, of Butcher Woods,  
to liquidate the company's assets.

The Debtor can be contacted at:

          C W Data Services Limited
          1 Greenfield Crescent
          Chester
          CH2 3NZ
          Tel: 01389 750 998
          Fax: 01389 720 998


DRY BAR: Appoints Alan Tomlinson as Liquidator
----------------------------------------------
Alan H Tomlinson, of Tomlinsons, was appointed liquidator after
members of Dry Bar Limited decided to liquidate the company's
assets on Feb. 14.

Chairman E.P. Dwyer revealed that the company could no longer  
continue its business due to financial liabilities.

Dry Bar Limited can be reached at:

          28 Oldham Street
          Manchester
          M1 1JN
          Tel: 0161 236 9840


FISHMANIA LIMITED: Peter O'Hara Administers Winding Up Process
--------------------------------------------------------------
Members of Fishmania Limited decided to liquidate the  
company's assets during an extraordinary general meeting on  
Feb. 16.

They authorized Peter O'Hara of O'Hara & Co. to administer the
winding up process.

The Debtor can be reached at:

          Fishmania Limited
          469 Otley Road
          Bradford West Yorkshire
          BD2 4QF
          Tel: 01274 633 335
          Fax: 01274 642 424


G.A. SHARPE: Creditors Confirm Company's Liquidation
----------------------------------------------------
Creditors of G.A. Sharpe Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 16.

Creditors also ratified the appointment of Robert Cooksey of
Bridgestones, as Liquidator.

The Debtor can be reached at:

          G.A. Sharpe Limited
          Vale Mill
          Peel Street
          Chadderton Oldham Lancashire
          OL9 9LN
          Tel: 0161 624 1521
          Fax: 0161 678 7611


HMV GROUP: Rejects Permira Advisers' Revised Takeover Bid
---------------------------------------------------------
The Board of HMV Group plc will not enter into discussions with
private equity firm Permira Advisers Limited regarding a
possible takeover offer after concluding that Permira's revised
conditional proposal continues to undervalue the Group.  

Permira submitted a revised offer to acquire the Group at 210
pence per ordinary share in cash on March 9, which valued the
high street music chain at GBP842 million.  

According to Jim Stanton of The Scotsman, HMV has a current
market value of around GBP783.5 million.

The Group previously trashed Permira's offer to acquire the
Group at 190 pence per ordinary share in January citing the same
reason.

The Group continues to work on revitalizing its business with
plans to focus on a revised price and promotional structure in
the UK market to compete against supermarkets and the Internet.

The entertainment retailer, which also owns Waterstone's,
believes that the acquisition of Ottakar's, if cleared by the
Competition Commission, and subject to any new offer, will be a
value-enhancing opportunity for its shareholders.  Provisional
findings from the Competition Commission are expected by the end
of March.

As part of its commitment to creating shareholder value, the
Board of HMV Group recognizes that there is potential to operate
the Group with a higher level of financial leverage and will
review the Group's capital structure once the Ottakar's
situation has been clarified.

                      CEO Appointment

The Board of HMV Group says it is making good progress on the
recruitment of a successor to Chief Executive Alan Giles, and is
now in a position to advance this process.  A further
announcement will be made in due course.

                      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.

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


I C CATERING: Appoints Chamberlain & Co. Administrator
------------------------------------------------------
Michael Chamberlain and Andrew Wilkinson of Chamberlain & Co.
were appointed joint administrators of I C Catering Limited
(Company Number 04546507) on March 1.  

The joint administrators can be reached at:

        Aireside House
        24/26 Aire Street
        Leeds
        West Yorkshire LS1 4HT
        Tel: 0113 242 0808
        Fax: 0113 242 0866
        E-mail: mail@chamberlain-co.co.uk  

I C Catering Limited, which offers catering services, can be
reached at:

        9 Beckridge Drive
        Normanton WF6 1QT
        Tel: 01924 896 148
        Fax: 01924 223 730
        E-mail: info@ic-catering.co.uk


INTERPLAN CONTRACTS: RBS Taps Kroll Limited as Admin. Receiver
--------------------------------------------------------------
The Royal Bank of Scotland Plc appointed J. M. Wright and A. J.
Wolstenholme of Kroll Limited joint administrative receivers of
Interplan Contracts Division Limited (Company Number 03753517)
on March 2.

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

Interplan Contracts Division Ltd offers general construction and
civil engineering services and can be reached at:

        Halbury House Much
        Birch, Herefordshire HR2 8HJ
        Tel: 01981 541303


MG ROVER: Nanjing to Restart Car Assembly Following China's Nod
---------------------------------------------------------------
China's National Development and Reform Commission approved
Nanjing Automobile Corp.'s revival plan for bankrupt British
carmaker MG Rover, Xinhuanet reports citing Nanjing Chairman
Wang Haoliang.

According to the report, the government approval will allow the
Chinese carmaker to assemble cars in Nanjing, capital of east
China's Jiangsu Province, under the MG and Austin marques, which
it purchased for GBP53 million last July.

The acquired assets also include research and development
equipment, which could help Nanjing to produce 200,000 cars,
250,000 engines and 100,000 gearboxes annually, Xinhua reveals.  

Headquartered in Nanjing, China, Nanjing Automobile Group
Corporation (aka Yuejin Motor Group) -- http://www.nanqi.com.cn/
-- possesses an annual production capacity of 180,000 vehicles
of various models and has three major vehicle production bases,
namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat. The
products cover more than 400 types of models, including
passenger cars, light duty trucks, light duty buses, cross
country vehicles, small-sized passenger/cargo transportation
vehicles, special-purpose vehicles as well as various types of
chasses etc.

Headquartered at Longbridge, Birmingham, U.K., MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles  
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8 after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corporation,
failed to materialize.  It appointed Ian Powell, Tony Lomas and
Rob Hunt, partners in PricewaterhouseCoopers, as joint
administrators.  The crisis left 6,000 people jobless, and
caused a domino effect on related businesses, particularly in
the West Midlands.  

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.

In July 2005, Nanjing bought the assets of both MG Rover and
Powertrain Ltd. for GBP53 million.  Nanjing has started shipping
equipment from Longbridge to China and was reportedly close to a
deal with SAIC to manufacture the Rover 25 and Powertrain
engines.  


MILLFORD HALL: Appoints XL Business Solutions Administrator
-----------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of Millford Hall Limited (Company Number
05424676) on March 1.  

The administrator can be reached at:

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

Millford Hall Limited operates a public house and restaurant.


NETHERMAYNE UK: Appoints Begbies Traynor Administrator
------------------------------------------------------
G.N. Lee and I. S. McGregor of Begbies Traynor were appointed
joint administrators of Nethermayne UK Limited (Company Number
05277726) on March 1.  Its registered office is at Chandler
House, 7 Ferry Road Office Park, Riversway, Preston PR2 2YH.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Nethermayne UK Limited -- http://www.nethermayne.co.uk/--  
manufactures metal structures and parts.


P J SHANKSTER: Appoints BRI as Business Recovery Administrator
--------------------------------------------------------------
Gavin Geoffrey Bates and Peter John Windatt of BRI Business
Recovery And Insolvency were appointed joint administrators of P
J Shankster Limited (Company Number 00852738) on March 2.

The joint administrators can be reached at:

         100-102 St James Road,
         Northampton NN5 5LF
         Tel: 01604 754352
         Fax: 01604 751660
         E-mail: pwindatt@briuk.co.uk  

PJ Shankster Ltd, which installs heaters, can be reached at:

         74 Station Street West
         Coventry CV6 5NB
         West Midlands
         Tel: 024 7668 3413
         Fax: 024 76664551


RELYON HEATING: Appoints Joint Administrators from Menzies
----------------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Relyon Heating Engineering Limited (Company Number 00773875) on
Feb. 28.  

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.

Relyon Heating Engineering Ltd offers heating and ventilating
services and can be reached at:

        Bridge Works
        Midland Road
        Luton, Beds LU2 0BL
        Tel: 01582 730806
        Fax: 01582 481499


SAPPHIRE SEAFOODS: Appoints Administrator from Cranfield
--------------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
administrator of Sapphire Seafoods Limited (Company Number
04714294) on Feb. 28.  

The administrator can be reached at:

         2 Hawkes Drive
         Warwick
         Warwickshire CV34 6LX
         Tel: 01926 450414
         Fax: 01926 831126

Sapphire Seafoods Limited wholesales meat and fish products.


VISCOUNT TOWN: Appoints UHY Hacker Young to Administer Assets
-------------------------------------------------------------
Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed joint administrators of Viscount Town And Country
Homes Limited (Company Number 04595095) on March 1.

The joint administrators can be reached at:

        St Alphage House,
        2 Fore Street, London EC2Y 5DH
        Tel: 020 7216 4600
        Fax: 020 7638 2159

Headquartered in Shepperton, Viscount Town And Country Homes
Limited -- http://www.viscounthomes.com/-- specializes in the  
design and construction of high quality residential and
commercial developments.


ZERO DIVIDEND: Board Opts Voluntary Liquidation
-----------------------------------------------
The Board of Zero Dividend Recovery Fund Limited resolved to
place the Company in members' voluntary liquidation after
concluding that the move is the most appropriate course of
action for the Company.

The Board will write to all shareholders, as soon as
practicable, to put forward a proposal for the early winding-up
of the Company.

In November 2005, the Company disclosed efforts to explore
strategic options for the future of the Company, which would've
included a possible merger with another investment firm.

Headquartered in St. Peter Port, Guernsey, Zero Dividend
Recovery Fund Limited operates as an investment trust.  The
Company aimed to provide ordinary shareholders with the
opportunity for capital growth by investing primarily in zero
dividend preference shares of split capital investment trusts or
investment companies listed on the LSE and The Channel Islands
Stock Exchange.


* Shepherd and Wedderburn Names John Schmidt as New Partner
-----------------------------------------------------------
Shepherd and Wedderburn appointed John Schmidt, from US firm
Shearman and Sterling, as its newest partner to join 55 others.

Mr. Schmidt has substantial experience in European competition
law gained in London and Brussels.  Dual-qualified in Scotland
and Germany, he will use this expertise to benefit Shepherd and
Wedderburn's clients throughout the UK.  He advises on the
competition law implications of transactions, agreements,
exclusivity provisions, pricing and distribution systems across
a wide range of sectors such as healthcare, energy, media and
financial services.

Mr. Schmidt has represented a number of the world's leading
corporates before the European Commission, the UK Office of Fair
Trading and Competition Commission as well as the German
Bundeskartellamt. His  clients to date have included: Anglo
American, BAT, BP, Citibank, Deutsche B"rse's Eurex and
Intergen.  Recent work includes advising IVAX in its merger with
Teva, Eurex in one of the first competition reviews under FSMA
and Edison Misson Energy's sale of its international assets to
International Power/Mitsui.

Mr. Schmidt's appointment strengthens the Competition,
Regulation and Public Law team which acts on behalf of a range
of major UK clients, including ScottishPower, the Water Industry
Commission for Scotland, Fisher Scientific, Talisman Energy and
Scottish Enterprise, and was recently involved in acting for a
leading independent school following the OFT investigations into
allegations of price-fixing arising from the 'Sevenoaks Survey',
the largest cartel investigation ever undertaken by the OFT.

Patrick Andrews, chief executive at Shepherd and Wedderburn,
said: "Attracting John to Shepherd and Wedderburn is a major
achievement, and there is no doubt that he will make a
significant contribution to the firm, working with the existing
team of specialists in his field to offer new and existing
clients a first class service."

Mr. Schmidt's appointment follows another two partner
appointments already made in 2006.  In January, Kenny Mullen's
appointment as partner in the London-based Media and Technology
team offered additional experience to a fast growing team; and
Helen Dixon, who joins from Ledingham Chalmers as a partner with
the Corporate Finance team next month, will boost the expertise
available to clients from the firm's Aberdeen office.

With offices in Edinburgh, Glasgow, London and Aberdeen,
Shepherd and Wedderburn provides corporate, commercial, public
sector and private clients throughout the UK and abroad with a
full range of legal services.


                            *********                            


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.


                 * * * End of Transmission * * *