TCREUR_Public/060316.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

             Thursday, March 16, 2006, Vol. 7, No. 54

                            Headlines


G E R M A N Y

ALEXANDER KARI: Claims Registration Ends March 20
AVI PROJEKTENTWICKLUNG: Claims Registration Ends March 22
KARSTADTQUELLE AG: Refutes Store Sale Report
LUENEBURGER HOLZLEIMBAU: Creditors' Meeting Slated for March 29
MBC GIPSPUTZ: Creditors' Meeting Slated for April 10

MERCHANDISING SYNDICATE: Creditors' Meeting Slated for April 10
PFLEIDERER AG: Fitch Affirms Issuer Default Rating at BB
SCHUESSLER HAAS: Claims Registration Ends April 7
SPEDITION SEELIGER: Claims Registration Ends March 24
TIWAT TIEF: Claims Registration Ends March 20

TKS-VERTRIEBS: Claims Registration Ends March 20
ZIEGLER UND PARTNER: Creditors' Meeting Set on April 13


H U N G A R Y

BORSODCHEM RT: Ups Treasury Stock with Employee Share Retention


I T A L Y

ALITALIA SPA: Reiterates 2006 Profit Forecast


K A Z A K H S T A N

ARYN-SHEBER: Creditors Must Submit Claims by March 27
CENTRAL TENNIS: Creditors Must Submit Claims by March 24
KAZAGROSEM: Creditors Must Submit Claims by March 27
PROMTRANS: Jambyl Court Begins Bankruptcy Proceedings
RASTRO: Creditors Must Submit Claims by March 27

TARAZ GRANODIORIT: Creditors Must Submit Claims by March 27
TURKESTAN M: South Kazakhstan Court Begins Bankruptcy Process


N E T H E R L A N D S

TEMIR CAPITAL: Fitch Puts B- Rating to Upcoming Eurobond Issue


R U S S I A

BUTURLINSKIY DIARY: Bankruptcy Hearing Set June 13
IVDELLES: Sverdlovsk Court Opens Bankruptcy Proceedings
KAMYSHEVO: Chelyabinsk Court Begins Bankruptcy Process
KORMILOVSKIY AGRO-KHIMIK: Creditors' Claims Due April 4
MARI-TUREKSKIY: Mari El Court Begins Bankruptcy Process

MICHURINSKIY: Court Names Odarchenko Interim Insolvency Manager
PEKAR: Vladimir Court Names M. Sorokin as Insolvency Manager
PRAVDINSKOYE MILK: Kaliningrad Court Begins Bankruptcy Process
YAROSLAVLSKAYA SHEEPSKIN-FUR: Under Bankruptcy Supervision
ZHERDEVSKIY FACTORY: S. Bessonov Appointed as Insolvency Manager


U K R A I N E

AGROCENTER: Undergoes Bankruptcy Supervision Procedure
DRABIVSKA SEED: Undergoes Bankruptcy Supervision Procedure
ETALON-TERMO: Court Names Vira Chugunova as Insolvency Manager
GERMES GROUP: Court Names V. Oksana Interim Insolvency Manager
REINFORCED METAL: Undergoes Bankruptcy Supervision Procedure

SIMFEROPOL' AUTO: Court Names Galina Eryomenko Liquidator
SOVETSKIJ BUTTER: AR Krym Begins Bankruptcy Proceedings
VENDICHANI' BREAD: Vinnitsya Court Begins Bankruptcy Process


U N I T E D   K I N G D O M

ARMSTRONG FASTENINGS: Pension Deficit Spurs Admin. Receivership
CABLE & WIRELESS: Share Trustees Dispose of 112,128 Shares
COSTAIN GROUP: Dec. 31 Balance Sheet Upside-Down by GBP22.5 Mln
DANKA BUSINESS: Names A.D. Frazier as Chairman & CEO
GMAC SPORTS: Claims Registration Ends May 15

HOWARD LEISURE: Claims Registration Ends March 31
INGER ELECTRICAL: Members Pass Winding Up Resolution
JAMES KIMBER: Hires Liquidator from B & C Associates
MAIDEN GROUP: Accepts GBP49.6-Mln Takeover Bid From Titan
NEWTRONIC SYSTEMS: Financial Liabilities Prompt Liquidation

PREMODA GROUP: Joint Administrators Offer Assets for Sale
RAPRA TECHNOLOGY: Polymer Specialist Up for Sale
ROBERTS & PARTNERS: Registration of Claims Ends April 7
RUSSELL COLLECTION: Members Agree to Liquidation
SIRVA INC: Selling Business Services Division in UK & Ireland

SURFIN MONKEY: Rising Debts Trigger Liquidation Proceedings
SWITCH PERSONNEL: Creditors Confirm Voluntary Liquidation
U.S. CAN: Sets Purchase Price for 10-7/8% Senior Secured Notes
VT TECHNOLOGY: Vehicle Manufacturer Up for Sale
WHIRLPOOLS DIRECT: Members Agree on Voluntary Liquidation


                             *********

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


ALEXANDER KARI: Claims Registration Ends March 20
-------------------------------------------------
Creditors of Alexander Kari GmbH have until March 20, to
register their claims with court-appointed provisional
administrator Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 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
         Hamburger Allee 26
         30161 Hannover

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 Hannover opened bankruptcy proceedings
against Alexander Kari GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Alexander Kari GmbH
         Sehlwiese 33
         30880 Laatzen
         Attn: Alexander Kari, Manager
         
The administrator can be contacted at:

         Dirk Stadler
         Callinstr. 43
         30167 Hannover
         Tel: 0511/4739080
         Fax: 0511/47390811


AVI PROJEKTENTWICKLUNG: Claims Registration Ends March 22
---------------------------------------------------------
Creditors of AVI Projektentwicklung GmbH have until March 22, to
register their claims with court-appointed provisional
administrator Angela Gerigk.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 a.m. on April 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 Essen
         Saal 293
         2. OG
         Zweigertstr. 52
         45130 Essen

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 Essen opened bankruptcy proceedings
against AVI Projektentwicklung GmbH on Feb. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         AVI Projektentwicklung GmbH
         Attn: Andrea Viczena, Manager
         Grabengasse 2
         45772 Marl
         
The administrator can be contacted at:

         Angela Gerigk
         Recklinghauser Strasse 17
         46282 Dorsten
         Tel: 02362/993480
         Fax: 02362/993481


KARSTADTQUELLE AG: Refutes Store Sale Report
--------------------------------------------
Retail and mail order giant KarstadtQuelle AG denied reports
that it plans to sell 30 department stores under the Boulevard
chain as part of its restructuring program, AFX News says.

According to the report, the Company likewise denied plans to
trim costs by 20% at its mail order business Neckermann and list
the unit on the stock market.

The group has been disposing its assets to slash its massive
debts (2004: EUR2.83 billion).  In August 2005, KarstadtQuelle
sold 75 smaller stores to a joint venture between Dawnay, Day
Principal Investments and Hilco U.K. Ltd.  Following the sale,
the group said it would focus on its 40 department stores and 32
sports outlets.

KarstadtQuelle is selling its real estate properties hoping to
earn around EUR4 billion in sale proceeds.

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- is the country's largest  
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.


LUENEBURGER HOLZLEIMBAU: Creditors' Meeting Slated for March 29
---------------------------------------------------------------
Court-appointed provisional administrator for Lueneburger
Holzleimbau GmbH & Co. KG, Uwe Kassing, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 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 Holzleimbau GmbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Lueneburger Holzleimbau GmbH & Co. KG
         Attn: Walter Hesebeck, Manager
         Gebr.-Heyn-Str. 5
         21337 Lueneburg
         Tel: +49 4131 891003
         Fax: +49 4131 891030
     
The administrator can be contacted at:

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


MBC GIPSPUTZ: Creditors' Meeting Slated for April 10
----------------------------------------------------
Court-appointed provisional administrator for MBC Gipsputz GmbH,
Michael W. Kuleisa, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:40 a.m. on April 10.

The meeting of creditors and other interested parties 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
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 Hamburg opened bankruptcy proceedings
against MBC Gipsputz GmbH on Feb. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MBC Gipsputz GmbH
         Oberschleems 8
         22119 Hamburg
         Attn: Ihsan Batir, Manager
         Schleemer Ring 9
         22117 Hamburg
         Ozguer Celebi, Manager
         Washingtonallee 87b
         22111 Hamburg
     
The administrator can be contacted at:

         Michael W. Kuleisa
         Speersort 4-6
         20095 Hamburg
         Tel: 040/303010


MERCHANDISING SYNDICATE: Creditors' Meeting Slated for April 10
---------------------------------------------------------------
Court-appointed provisional administrator for Merchandising
Syndicate GmbH, Karen Geberbauer, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:45 a.m. on April 10.

The meeting of creditors and other interested parties 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
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 Hamburg opened bankruptcy proceedings
against Merchandising Syndicate GmbH on Feb. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Merchandising Syndicate GmbH
         Jarrestrasse 4
         22303 Hamburg
         Attn: Thorsten Cycon, Manager
         Wiesenredder 4a
         22149 Hamburg
              
The administrator can be contacted at:

         Karen Geberbauer
         Landwehr 2
         22087 Hamburg
         Tel: 040/30067390


PFLEIDERER AG: Fitch Affirms Issuer Default Rating at BB
--------------------------------------------------------
Fitch Ratings affirmed Germany-based Pfleiderer AG's Issuer
Default Rating at BB and Short-term rating at B.  The Outlook is
Stable.

The rating action follows Pfleiderer's announcement that it has
agreed to dispose its track systems business to AXA Private
Equity.  The transaction remains subject to regulatory approval
and Pfleiderer expects a book-profit of EUR45 million.

The disposal of the track systems business, which had sales of
EUR 138 million and EBITDA of EUR19 million in FY04, will help
strengthen Pfleiderer's capital structure, particularly in view
of its acquisition of Kunz Group's engineered wood activities at
end-FY05.  

This acquisition had initially caused Fitch to place
Pfleiderer's Senior Unsecured rating on Rating Watch Negative on
Feb. 8, 2005 before affirming them on July 19, 2005.  the
affirmation not only reflects the positive contribution expected
from Kunz to Pfleiderer's business profile but also the
assumption that the transaction would ultimately be financed
with an acceptable debt/equity mix.

This assumption is now strongly supported by the envisaged
disposal, which will generate significant cash proceeds.  Also,
Pfleiderer continues to consider strengthening its equity base
via a rights issue.

Pfleiderer performed well in FY05 with a reported EBITDA of
EUR100.6 million, significantly ahead of the previous year's
EUR76.7 million on IFRS basis.  The group has provided a
positive outlook for 2006 with sales around EUR1.4 billion and
EBITDA of approximately EUR200 million.

While the full effects of the Kunz acquisition remain to be seen
in the current year and integration risks continue to be
present, the current performance of Pfleiderer and the progress
it has made on its corporate restructuring lead Fitch to believe
that the company's leverage will recover to moderate levels.


SCHUESSLER HAAS: Claims Registration Ends April 7
-------------------------------------------------
Creditors of Schuessler Haas GmbH have until April 7, to
register their claims with court-appointed provisional
administrator Dr. Ulf Martini.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Heidelberg
         Saal 12
         Kurfuerstenanlage 21
         69115 Heidelberg

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 Heidelberg opened bankruptcy proceedings
against Schuessler Haas GmbH on Feb. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Schuessler Haas GmbH
         Itter 5
         69412 Eberbach
         Attn: Nicole Haass, Manager
         
The administrator can be contacted at:

         Dr. Ulf Martini
         E 3, 16
         68159 Mannheim
         Tel: 0621/40171500
         Fax: 0621/401715012


SPEDITION SEELIGER: Claims Registration Ends March 24
-----------------------------------------------------
Creditors of Spedition Seeliger-Gammel GmbH have until March 24,
to register their claims with court-appointed provisional
administrator Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Arnsberg
         EG 328         
         Eichholzstrasse 4
         59821 Arnsberg

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 Arnsberg opened bankruptcy proceedings
against Spedition Seeliger-Gammel GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Spedition Seeliger-Gammel GmbH
         Hammerstrasse 94
         59457 Werl
         Attn: Johann Heinrich Gammel, Manager
         Merge 6
         59457 Werl
         
The administrator can be contacted at:

         Dr. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund
         Tel: 0231/5411-0
         Fax: 0231/5411-220


TIWAT TIEF: Claims Registration Ends March 20
---------------------------------------------
Creditors of TIWAT Tief- und Wasserbau GmbH have until March 20,
to register their claims with court-appointed provisional
administrator Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on April 18, 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 Dessau
         Saal 123
         Willy-Lohmann-Str. 33

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 Dessau opened bankruptcy proceedings
against TIWAT Tief- und Wasserbau GmbH on Feb. 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         TIWAT Tief- und Wasserbau GmbH
         Kreisstrasse 61c
         06862 Thiessen
         Attn: Hermann Finger, Manager
         Magdeburger Strasse 68
         39261 Zerbst
         
The administrator can be contacted at:

         Dr. Nikolaus Schmidt
         Magdeburger Strasse 23
         06112 Halle
         Tel: 0345/2311111
         Fax: 0345/2311199


TKS-VERTRIEBS: Claims Registration Ends March 20
------------------------------------------------
Creditors of TKS-Vertriebs GmbH have until March 20, to register
their claims with court-appointed provisional administrator
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 10, 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 Bielefeld
         Saal 4065
         4. Ebene
         Gerichtstrasse 6
         33602 Bielefeld

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 Bielefeld opened bankruptcy proceedings
against TKS-Vertriebs GmbH on Feb. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         TKS-Vertriebs GmbH
         Fritz-Souchon-Str. 27
         32339 Espelkamp
         Attn: Christoph Schlottmann, Manager
         Richtepatt 15
         32339 Espelkamp
         
The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Tel: +34-91-319 96 86
         Fax: +34-91-308 53 68


ZIEGLER UND PARTNER: Creditors' Meeting Set on April 13
-------------------------------------------------------
Court-appointed provisional administrator for Ziegler und
Partner Bau- und Handel GmbH & Co. KG, Dr. Lucas F. Flother,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:30 a.m. on April 13.

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

         The District Court of Halle-Saalkreis
         Saal 1.043
         Thueringer Str. 16
         06112 Halle

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 Halle-Saalkreis opened bankruptcy
proceedings against Ziegler und Partner Bau- und Handel GmbH &
Co. KG on Feb. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Ziegler und Partner Bau- und Handel GmbH & Co. KG
         Lauchaer Str. 36
         06647 Bad Bibra
         Attn: Cornelia Gustmann, Manager
         
The administrator can be contacted at:

         Dr. Lucas F. Flother
         Hansering 1
         D-06108 Halle
         Tel: 0345/212220
         Fax: 0345/2122222


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


BORSODCHEM RT: Ups Treasury Stock with Employee Share Retention
---------------------------------------------------------------
BorsodChem Rt. informs investors that it has retained 348 shares
with a value date of March 3, 2006, from employees terminating
their employment relations.   

The number is out of the 203,062 shares transferred as at
Nov. 9, 2005, to the employees' securities accounts kept by HVB
Bank Hungary Rt., in relation to BorsodChem's Registered
Employee Share Ownership Program.

Accordingly, the number of shares under the 2005 Program
decreased to 202,616 from 202,964 as included in the
announcement on Jan. 26, 2006.

Following the transaction, the number of the Company's treasury
shares went up by 348 pieces to 1,049,906.

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.  
The Company exports its products mainly to Western Europe.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


ALITALIA SPA: Reiterates 2006 Profit Forecast
---------------------------------------------
National carrier Alitalia S.p.A. remains positive it's capable
of achieving a profit this year despite running into waves of
industrial actions and bad weather, Reuters says.

According to the report, the airline's board of directors met
Friday, March 10, to review the impact of the January strikes
and "to evaluate the outcome of the investigation and the
possible effects on management decisions."  The strikes and bad
weather reportedly cost the struggling airline around EUR80
million.

Following the meeting, Alitalia said, "on the basis of an
estimate for the first three months of the year and assuming no
further negative events such as those of last January, including
the weather-related ones, confirmed the target of a positive
result."

Employees, led by the cabin crew and pilots' union, have been
critical of Alitalia's restructuring plan, which entails cost
and job cuts as well as spinning off units.  The unions are
primarily opposed to splitting off ground operations, fearing
that it would reduce their bargaining power.  As of Dec. 31,
2005, Alitalia has trimmed its workforce by almost a half from
20,575 to 11,174 after deconsolidating AZ Servizi and increasing
efficiency.

                        Bankruptcy Threat

As reported in the Troubled Company Reporter-Europe on Jan. 26,
2005, Welfare Minister Roberto Maroni warned that Alitalia might
end up in bankruptcy if the current labor unrest refuses to
subside.  Alitalia's employees have been critical of the group's
restructuring plan, despite the recent success of its EUR1.009
billion capital increase, since it entails massive job cuts for
the troubled Italian national carrier.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates more than EUR4 billion in  
annual revenue and employs more than 20,000 people.  As of
December 2004, its net debt stood at EUR1.76 billion in 2004.  
Alitalia flies to about 80 destinations in more than 60
countries from hubs in Rome and Milan and operates a fleet of
about 185 aircraft.  Despite a EUR1.4 billion state-backed
restructuring in 1997 and a EUR1.4 billion capital injection two
years ago, it remains financially troubled.  It has posted a
profit only four times in the past 16 years.


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


ARYN-SHEBER: Creditors Must Submit Claims by March 27
-----------------------------------------------------
LLP Aryn-Sheber has declared insolvency.  The proofs of claim
will be accepted until March 27, 2006.

The company can be contacted at 8 (3122) 28-16-89.


CENTRAL TENNIS: Creditors Must Submit Claims by March 24
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Central Tennis Club bankrupt on Dec. 28, 2005.  

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

          The Specialized Inter-Regional
          Economic Court of Almaty
          Almaty,
          Chaplygina Str. 5
          Phone: 8 300 744 68-21


KAZAGROSEM: Creditors Must Submit Claims by March 27
----------------------------------------------------
LLP Scientific Production Company Kazagrosem has declared
insolvency.  Creditors have until March 27 to submit their
written proofs of claim to:

          Kazagrosem
          Taraz, Koigeldi Str. 180


PROMTRANS: Jambyl Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared OJSC Promtrans bankrupt on Dec. 26, 2005.  

Creditors have until March 27 to submit their written proofs of
claim to:

          The Specialized Inter-Regional
          Economic Court of Jambyl Region          
          Taraz,
          Tashkentskaya Str. 140
          Phone: 8 (32622) 43-17-91.


RASTRO: Creditors Must Submit Claims by March 27
------------------------------------------------
LLP Rastro has declared insolvency.  Creditors have until
March 27 to submit their written proofs of claim to:

          LLP Rastro
          Petropavlovsk,
          Jumabayeva Str. 109,
          Room 408


TARAZ GRANODIORIT: Creditors Must Submit Claims by March 27
-----------------------------------------------------------
LLP Taraz Granodiorit has declared insolvency.  Creditors have
until March 24 to submit their written proofs of claim to:

          LLP Taraz Granodiorit
          Taraz, Karavannaya Str. 6


TURKESTAN M: South Kazakhstan Court Begins Bankruptcy Process
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against LLP
Turkestan M.

CONTACT:  TURKESTAN M
          Turkestan,
          Kojanova Str. 22


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


TEMIR CAPITAL: Fitch Puts B- Rating to Upcoming Eurobond Issue
--------------------------------------------------------------
Fitch Ratings placed expected Long-term B- rating to Temir
Capital B.V.'s upcoming issue notes.  The final rating is
contingent on receipt of final documents conforming to
information already received.

Proceeds from the issue of the notes will be deposited with
Kazakhstan's Temirbank.   Temir will unconditionally and
irrevocably guarantee the timely and full repayment of the notes
in the trust deed between Temir, Temir Capital B.V. and the
trustee, The Bank of New York.  

Temir Capital B.V. is a Netherlands-domiciled subsidiary of
Temir, which is rated Issuer Default B-, Short-term B,
Individual D/E, and Support 5.  The Outlook is Stable.

The terms and conditions of the notes specify that they will
rank at least pari passu with the claims of other unsecured
creditors of the issuer and that the obligations of Temir under
the guarantee will rank at least pari passu with claims of other
unsecured creditors of Temir, save those preferred by relevant
laws.  

Under Kazakh law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-November
2005, retail deposits accounted for around 18% of Temir's total
liabilities, according to the bank's reviewed IFRS financial
statements.

Covenants limit Temir's dividend payments to 50% of net income
in any particular year and also specify that the terms of all
transactions of more than US$2 million must be concluded on a
market basis.  Temir also commits to maintaining a total BIS
capital adequacy ratio of 10%, and a cross default clause
becomes applicable in case of overdue debt in excess of US$10
million.

The terms and conditions of the notes contain a negative pledge
clause, which allows for a degree of securitization by Temir.  
In the event of such securitization, Fitch notes that the nature
and extent of any over-collateralization would be assessed by
the agency for any potential impact on unsecured creditors.

Noteholders will benefit from a put option should the bank's
Issuer Default Rating be downgraded as a result of an asset sale
by, or a merger of, Temir.

Temir is one of the 12 largest banks in Kazakhstan, but held a
small 1.4% of the system's assets at end-H105.  In 2005, its
owners changed the bank's senior management and refocused its
strategy towards aggressive growth in retail lending, in
particular mortgages and car loans.

The new management team has been able to increase loans to
individuals by 145% in 11M05.  However, the bank's risk
management and operational capacities in this new area are still
to be demonstrated, and the quality of originated assets will be
tested only when a significant amount of the new loans seasons.


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


BUTURLINSKIY DIARY: Bankruptcy Hearing Set June 13
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region has commenced
bankruptcy supervision procedure on OJSC Buturlinskiy Diary.  
The case is docketed as A43-46091/2005-33-507.  A hearing will
take place on June 13, 2006.

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

The Debtor can be contacted at:

          Nizhniy Novgorod Region
          Russia

The temporary insolvency manager can be contacted at:

          Golovanova Str. 59, Apartment 66
          Nizhniy Novgorod
          603137, Russia


IVDELLES: Sverdlovsk Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
proceedings against CJSC Ivdelles after finding the company
insolvent.  The case is docketed as A60-31770/2005-S11.

Mr. V. Pochuev has been appointed insolvency manager.

The Debtor can be contacted at:

          Artinskaya Str. 23A, Office 38G
          Ekaterinburg
          Sverdlovsk Region
          Russia

The insolvency manager can be contacted at:

          Potrebkooperatsii Str. 6.
          Kirov
          610014, Russia


KAMYSHEVO: Chelyabinsk Court Begins Bankruptcy Process
------------------------------------------------------
The Arbitration Court of Chelyabinsk Region has commenced
bankruptcy supervision procedure on CJSC Kamyshevo.  The case
was docketed as A76-51761/2005-52-355.

Mr. Y.Remizov has been appointed temporary insolvency manager.

The Debtor can be contacted at:

          Kamyshevka
          Argayashskiy Region
          Chelyabinsk Region
          Russia

The temporary insolvency manager can be contacted at:

          Kirova Str. 118
          Chelyabinsk
          454091, Russia


KORMILOVSKIY AGRO-KHIMIK: Creditors' Claims Due April 4
-------------------------------------------------------
Creditors of OJSC Kormilovskiy Agro-Khimik have until April 4,
to submit their written proofs of claim to:

          Mr. V. Khmelnitskiy
          Marksa Pr. 4, Apartment 209a
          Omsk-24
          644024, Russia
          Tel: (3812) 31-05-27
               (3812) 31-00-13

The Arbitration Court of Omsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as K/E-380-05.  Mr. V. Khmelnitskiy has been
appointed insolvency manager.

The Debtor can be contacted at:

          Golovatogo Str. Room 585
          Omsk
          350038, Russia


MARI-TUREKSKIY: Mari El Court Begins Bankruptcy Process
-------------------------------------------------------
The Arbitration Court of Mari El republic has commenced
bankruptcy supervision procedure on OJSC Mari-Turekskiy Butter-
Cheese-Factory.  The case was docketed as A-38-6367-1 1/185-
2005.

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

The Debtor can be contacted at:

          Stroiteley Str. 8.
          Mari-Turek
          Mari El Republic
          425500, Russia

The insolvency manager can be reached at:

          Potrebkooperatsii Str. 6.
          Kirov
          610014, Russia


MICHURINSKIY: Court Names Odarchenko Interim Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. V.
Odarchenko as temporary insolvency manager for CJSC
Michurinskiy.

The bankruptcy supervision procedure is docketed as A-32-
61710/2005-27/586-B.

The Debtor can be contacted at:

          Zavodskaya Str. 1.
          Michurinskiy
          Uspenskiy Region
          Krasnodar Region
          352228, Russia

The temporary insolvency manager can be contacted at:

          Pushkina Str. 47/1
          Krasnodar
          350063, Russia


PEKAR: Vladimir Court Names M. Sorokin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Vladimir Region appointed M. Sorokin as
insolvency manager for CJSC Pekar.

The Court commenced bankruptcy proceedings against CJSC Pekar
after finding the company insolvent.  The case is docketed as
A11-18227/2005-K1-100B.

The Debtor can be contacted at:

          PEKAR
          Suzdalskaya Str. 5.
          Vladimir
          Russia

The insolvency manager can be contacted at:

          M. Ekaterininskay Str. 17/21
          Moscow
          129110, Russia


PRAVDINSKOYE MILK: Kaliningrad Court Begins Bankruptcy Process
--------------------------------------------------------------
The Arbitration Court of Kaliningrad Region has commenced
bankruptcy supervision procedure on LLC Pravdinskoye Milk.  The
case is docketed as A21-10163/2005.

Mr. M. Ferafontov has been appointed temporary insolvency
manager.

The temporary insolvency manager can be contacted at:

          Post User Box 195
          Sovetsk
          Kaliningrad Region
          238750, Russia


YAROSLAVLSKAYA SHEEPSKIN-FUR: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Yaroslavl Region appointed B. Yun as
temporary insolvency manager for OJSC Yaroslavlskaya Sheepskin-
Fur Factory.

The bankruptcy supervision procedure is docketed as A82-9690/
05-56-B/46.

The Debtor can be contacted at:

          Kalinina Str. 30
          Tatuevskiy Region
          Miklyaikha
          Yaroslavl Region
          Russia

The temporary insolvency manager can be contacted at:

          M. Ekaterininskaya Str. 17/21
          Moscow
          129110, Russia


ZHERDEVSKIY FACTORY: S. Bessonov Appointed as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tambov Region commenced bankruptcy
proceedings against LLC Zherdevskiy Factory Of Building
Materials after finding the company insolvent.  The case is
docketed as A64-10681/05-18.

Mr. S. Bessonov has been appointed insolvency manager.

The Debtor can be contacted at:

          Dorozhnaya Str.
          Zherdevka
          Tambov Region, 14B
          Russia

The insolvency manager can be reached at:

          Lenina Str. 330 A.
          Ustyunskiy
          Morshanskiy Region
          Tambov Region
          393969, Russia


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


AGROCENTER: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Agrocenter (code EDRPOU 303751221)
on Jan. 10, 2006.  The case is docketed as 19/8.

Mr. Oleksandr Serebryakov has been appointed temporary
insolvency manager.

CONTACT:  AGROCENTER
          Novomikolayivskij district, Lubitske
          70153, Zaporizhya Region, Ukraine

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


DRABIVSKA SEED: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on Private Agricultural Enterprise
Drabivska Seed Company (code EDRPOU 33017964).  The case is
docketed as 01/167.

Mr. Krivoshej Oleg has been appointed temporary insolvency
manager.

CONTACT:  Mr. Krivoshej Oleg
          Temporary Insolvency Manager
          Engels Str. 243/1-510
          Cherkassy Region, Ukraine

          ECONOMIC COURT OF CHERKASSY REGION
          Shevchenko Avenue 307
          18005, Cherkassy Region, Ukraine


ETALON-TERMO: Court Names Vira Chugunova as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Lugansk Region appointed Ms. Vira
Chugunova liquidator/insolvency manager of Etalon-Termo (code
EDRPOU 20178026).

The Court commenced bankruptcy proceedings against Etalon-Termo
(code EDRPOU 20178026) on Dec. 22, 2005, after finding the
company insolvent.  The case is docketed as 22/9 B.

CONTACT:  Etalon-Termo
          Antratsit, Zoya Kosmodemyanska Str.
          94606, Lugansk Region, Ukraine

          Ms. Vira Chugunova
          Liquidator/Insolvency Manager
          Lutuginska Str. 123/6
          91020, Lugansk Region, Ukraine

          Economic Court of Lugansk Region
          Geroiv VVV Square 3a 91000,
          Lugansk Region, Ukraine


GERMES GROUP: Court Names V. Oksana Interim Insolvency Manager
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Ms. Venska
Oksana temporary insolvency manager of LLC Germes Group (code
EDRPOU 30982403).  

The Court commenced bankruptcy supervision procedure on the
company on Dec. 19, 2005.  The case is docketed as B 29/239/05.

CONTACT:  Germes Group
          Gogol Str. 4/2
          49000, Dnipropetrovsk Region, Ukraine

          Ms. Venska Oksana
          Temporary Insolvency Manager
          Maksim Rilskij Str. 137
          49016, Dnipropetrovsk Region, Ukraine
          Tel: 788-44-20

          Economic Court of Dnipropetrovsk Region
          Kujbishev Str. 1a
          49600, Dnipropetrovsk Region, Ukraine


REINFORCED METAL: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on Joint Enterprise Reinforced
Metal Products Plant (code EDRPOU 01735689).  The case is
docketed as B-7/184.  

Mr. Igor Dobryanskij has been appointed temporary insolvency
manager.

CONTACT:  Reinforced Metal Products Plant
          Petlura Str. 8
          Ivano-Frankivsk Region, Ukraine

          Mr. Igor Dobryanskij
          Temporary Insolvency Manager
          Sichovih Striltsiv Str. 16/17
          Ivano-Frankivsk Region, Ukraine

          Economic Court of Ivano-Frankivsk Region
          Shevchenko Str. 16a
          76000, Ivano-Frankivsk Region, Ukraine


SIMFEROPOL' AUTO: Court Names Galina Eryomenko Liquidator
---------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
proceedings against OJSC Simferopol' Auto Transport Enterprise-
14327 (code EDRPOU 03114649) after finding the company
insolvent.  The case is docketed as 2-20/1112-2005.

Ms. Galina Eryomenko appointed liquidator/insolvency manager.

CONTACT:  Ojsc Simferopol Auto Transport Enterprise-14327
          Simferopol, Kiyivska Str. 4
          AR Krym Region, Ukraine

          Ms. Galina Eryomenko
          Liquidator/Insolvency Manager
          Simferopol, Peremogi Avenue 76/155
          AR Krym Region, Ukraine

          The Economic Court of Ar Krym Region
          Simferopol, Karl Marks Str. 18
          95000, AR Krym Region, Ukraine


SOVETSKIJ BUTTER: AR Krym Begins Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on OJSC Sovetskij Butter Plant (code
EDRPOU 00446300).  The case is docketed as 2-29/16391-2005.

Mr. Vasil Kuhta has been appointed temporary insolvency manager.

CONTACT:  Ojsc Sovetskij Butter Plant
          Sovetskij, Severnij Lane 6
          97200, AR Krym Region, Ukraine

          Mr. Vasil Kuhta
          Temporary Insolvency Manager
          Simferopol, a/b 2745
          95048, AR Krym Region, Ukraine

          The Economic Court of Ar Krym Region
          Simferopol, Karl Marks Str. 18
          95000, AR Krym Region, Ukraine


VENDICHANI' BREAD: Vinnitsya Court Begins Bankruptcy Process
------------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on OJSC Vendichani' Bread Products Combine
(code EDRPOU 00953220).  The case is docketed as 10/185-05.  Mr.
Glebov Vasil has been appointed temporary insolvency manager.

CONTACT:  Vendichani' Bread Products Combine
          Vendichani, 50-richya Zhovtnya Str. 23
          Mogiliv-Podilskij district,
          24032, Vinnitsya Region, Ukraine

          Mr. Glebov Vasil
          Temporary Insolvency Manager
          Vinnitska Str. 26
          Vinnitsya Region, Ukraine
          Phone: 8 (0432) 32-75-22

          Economic Court of Vinnitsya Region
          Hmelnitske Shose, 7
          Vinnitsya Region, Ukraine


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


ARMSTRONG FASTENINGS: Pension Deficit Spurs Admin. Receivership
---------------------------------------------------------------
Matthew Hammond and Rob Hunt of PricewaterhouseCoopers LLP have
been appointed joint administrative receivers of:

   -- Armstrong Fastenings Limited,
   -- Willenhall Manufacturing Limited,
   -- Caparo Automotive Limited, and
   -- Armstrong Equipment Limited.

"In common with many companies at this time, Armstrong
Fastenings Limited and Willenhall Manufacturing Limited have
suffered from the difficulties of a significant pension
deficit," Matthew Hammond, joint administrative receiver,
PricewaterhouseCoopers LLP, said.  "The ongoing funding of this
was the predominant factor in the appointment of administrative
receivers.

"The businesses are currently operating with a full order book
and manufacturing is ongoing.  With the support of employees,
key customers and suppliers we hope to receive interest in the
businesses from third parties with the objective of achieving a
sale of all or part of the businesses, safeguarding the jobs of
the workforce," Mr. Hammond added.

Caparo Automotive Limited and Armstrong Equipment Limited
operate as holding companies for the trading companies.

                           About PwC

The member firms of the PricewaterhouseCoopers network provide
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 130,000 people in 148 countries across
our network work collaboratively using Connected Thinking to
develop fresh perspectives and practical advice.

                     About the Companies

Armstrong Fastenings Limited has two divisions:

   -- Armstrong Fastening Systems and
   -- Armstrong Fastening Technologies.

Armstrong Fastening Systems manufactures wire thread insert
systems, mainly for the aerospace sector, with an annual
turnover of approximately GBP3 million.  The business operates
from a base in Hull, East Yorkshire and employs 50 staff.

Armstrong Fastening Technologies designs, develops and
manufactures specialist fasteners for the automotive sector with
an annual turnover of approximately GBP25 million.  The business
operates from a base in Darlaston in the West Midlands and
employs 330 staff on two sites in Darlaston and Wolverhampton.

Willenhall Manufacturing Limited manufactures metal pressings
for the automotive new and after market, with an annual turnover
of approximately GBP5.4 million.  The business operates from a
base in Willenhall in the West Midlands and has 100 employees.

The parent company of all of the businesses, Caparo Group
Limited, and the rest of the Caparo Group, have separate
financial affairs and are not affected by the appointment.  The
Caparo Group continues to trade normally.


CABLE & WIRELESS: Share Trustees Dispose of 112,128 Shares
----------------------------------------------------------
Cable and Wireless plc advises that the Trustees of Cable and
Wireless plc Employee Share Ownership Trust disposed of 112,128
Ordinary Shares on March 6 at a price of GBP1.08 per share.

Following the disposal, 51,234,425 Ordinary Shares are held
under the Trust.  Francesco Caio, Rob Rowley, Charles Herlinger,
Lord Robertson of Port Ellen, George Battersby, Harris Jones and
John Pluthero (all being Directors of Cable and Wireless plc),
in their capacity as members of the class of beneficiaries under
the Trust, and Towers Perrin Share Plan Services Limited, in
their capacity as Trustees of the Trust, are deemed to have a
non-beneficial interest in these Ordinary Shares.

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

                       About the Company

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

                        *     *     *

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

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


COSTAIN GROUP: Dec. 31 Balance Sheet Upside-Down by GBP22.5 Mln
---------------------------------------------------------------
Costain Group PLC reported its preliminary financial results for
the year ended Dec. 31, 2005.

Profit before tax for the year ended Dec. 31, 2005, under the
International Financial Reporting Standards increased by 138%
over the previous year to GBP25.0 million on turnover including
joint arrangements (construction joint ventures) up 11.2% to
GBP773.2 million.

Underlying profit (being the profit before tax and before IFRS
restatements in respect of Spanish property, share based
payments and hedging costs) for 2005 was GBP20.7 million, up
6.2% on the previous year.

Net interest payable amounted to GBP600,000, compared with a
GBP1.2 million receivable in 2004.  The payable includes a
pension finance cost of GBP2.8 million, up from the previous
year's GBP1.1 million pension finance cost.

Basic earnings per share increased 168% to 6.7 pence from 2.5
pence in 2004.

The Group generated a cash inflow of GBP11.4 million, compared
with an GBP8 million outflow in 2004, reflecting an improvement
in working capital.

The net cash position of GBP74.0 million, from the previous
year's GBP62.6 million, includes GBP1.2 million of borrowings.

The Group has positive net operating assets of GBP47.0 million
sustaining the continued improvement of the last few years.  
However, the impact of the deficit in the pension scheme
produced a negative shareholder equity of GBP22.5 million,
compared to a GBP44.6 million shareholders' deficit at Dec. 31,
2004.

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


DANKA BUSINESS: Names A.D. Frazier as Chairman & CEO
----------------------------------------------------
Danka Business Systems PLC (LSE: DNK; NASDAQ: DANKY) appointed
A.D. Frazier as its Chairman and Chief Executive Officer
effective March 14.

Prior to his appointment in Danka, Mr. Frazier has served as:

   -- President and Chief Operating Officer of Caremark Rx,
      Inc., a Fortune 500 pharmacy benefit management company;

   -- Chairman and CEO of the Chicago Stock Exchange;

   -- Chief Operating Officer of the Atlanta Committee for the
      1996 Olympic Games; and

   -- President and CEO of INVESCO, now an affiliate of
      AMVESCAP, PLC, one of the world's largest financial asset
      managers and Executive Vice President of the North
      American Banking Group of First Chicago Corp.  

Since January 2005, Mr. Frazier has been involved in Alternative
Dispute Resolution, including the private mediation and
negotiation of complex business issues.

Danka's outgoing Chief Executive Officer, Todd Mavis, will be
leaving the company after a transition period and will also
resign his directorship with the company to pursue other
interests.  Danka's Chairman of the Board, W. Andrew McKenna,
has relinquished the Chairmanship of the company to Mr. Frazier
and will remain on the company's Board of Directors.

"We are very pleased to bring A.D. Frazier to the company at
this time," said Mr. McKenna.  "A.D. brings a unique set of
experiences to Danka, having served in numerous executive
leadership positions.  He is a seasoned executive with a track
record of success.  I would also like to thank Todd Mavis for
his years of excellent service to the company," he continued.

"Todd has done a good job under very difficult conditions.  
Through advancements in our Managed Print Services Strategy he
has strategically positioned the company for success and,
furthermore, has driven substantial cost out of the business,"
Mr. McKenna said.  "Todd will assist A.D. in the transition
process and we expect A.D.'s background will bring significant
value to Danka now and in the future.  I believe the company is
moving in the right direction and look forward to a bright
future under our new leadership."

                      About the Company

Headquartered in London, England and St. Petersburg, Florida,
Danka Business Systems PLC -- http://www.danka.com/-- is one of  
the largest independent providers of office imaging equipment,
document solutions and related services and supplies in the
United States and Europe.  

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 17,
Moody's Investors Service downgraded the corporate family rating
of Danka Business Systems PLC to B3 from B2 and maintained a
negative ratings outlook.  The downgrade reflects continued weak
financial performance, negative cash flow from operations and a
difficult competitive environment.

Moody's took these rating actions:

   * Downgraded corporate family rating to B3 from B2

   * Affirmed $175 million senior unsecured notes (guaranteed)
     due 2010 at B3

Moody's said the outlook remain negative.

According to TCR Europe on Feb. 10, Standard & Poor's Ratings
Services lowered its corporate credit and senior unsecured
ratings on St. Petersburg, Florida-based Danka Business Systems
PLC to 'B-' from 'B'.  The downgrade reflects continued year-
over-year revenue declines and weak profitability.  S&P said the
outlook is negative.


GMAC SPORTS: Claims Registration Ends May 15
--------------------------------------------
Members of GMAC Sports Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 15.

Appointed Liquidator, Mark Levy, required creditors to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before, May 15, 2006.

The Debtor can be reached at:

         GMAC Sports Limited
         335 Ladbroke Grove
         London
         W10 6HA
         Tel: 020 8968 7101


HOWARD LEISURE: Claims Registration Ends March 31
-------------------------------------------------
Creditors of Howard Leisure Limited have until March 31, to send
in their full names, addresses and descriptions, full
particulars of debt or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator, Philip Stephen
Wallace.

The Debtor can be reached at:

         Howard Leisure Limited
         Eagle Street
         Accrington Lancashire
         BB5 1LN
         Tel: 01254 384 909


INGER ELECTRICAL: Members Pass Winding Up Resolution
----------------------------------------------------
Members of Inger Electrical Limited passed a resolution to wind
up the company during an extraordinary general meeting on
Feb. 17.

They authorized Andrew J. Maybery and Christoper J. Brown, of
Hart Shaw, to jointly liquidate the company's assets.

The Debtor can be reached at:

         Inger Electrical Limited
         19-21 Laughton Road
         Dinnington Sheffield
         S25 2PN
         Tel: 01909 562 688


JAMES KIMBER: Hires Liquidator from B & C Associates
----------------------------------------------------
Jeffrey Mark Brenner, of B & C Associates, was appointed
liquidator after members of James Kimber Limited agreed to
liquidate the company's assets on Feb. 13.

Director J. Kimber claimed that the company could no longer
continue its business due to mounting debts.

The Debtor can be reached at:

         James Kimber Limited
         134-136 King Street
         London
         W6 0QU
         Tel: 020 8563 2111


MAIDEN GROUP: Accepts GBP49.6-Mln Takeover Bid From Titan
---------------------------------------------------------
The Boards of Titan Outdoor Limited and The Maiden Group plc
reached agreement on the terms of a recommended cash offer to be
made by Lehman Brothers on behalf of Titan, a wholly owned
subsidiary of Titan Outdoor Holdings, Inc., for the entire
issued and to be issued ordinary share capital of Maiden.

                     Summary of the Offer

   -- The Offer will be 20 pence in cash for each Maiden Share.

   -- The Offer values the existing issued ordinary share
      capital of Maiden at approximately GBP10.6 million and
      values Maiden at approximately GBP49.6 million including
      net debt of approximately GBP39.0 million as at June 30,
      2005.

   -- Titan is a newly incorporated company that has been formed
      by Titan Holdings for the purpose of making the Offer.

   -- Titan Holdings is a full service outdoor advertising
      company providing sales and marketing of transit,
      billboard, wallscape, telephone kiosk and street banner
      advertising in  the United States, Canada and the Republic
      of Ireland.

   -- The Offer will include a condition as to the continuing
      financial position of Maiden.

   -- Titan has received irrevocable undertakings to accept the
      Offer in respect of the entire holdings of all Maiden
      Directors and their interests, representing approximately
      34.3% of Maiden's existing issued ordinary share capital.  
      In addition, Titan has received irrevocable undertakings
      to accept the Offer from certain institutional and
      employee shareholders of Maiden in respect of
      approximately 23.0% of the existing issued ordinary share
      capital of Maiden.  Accordingly, shareholders owning
      approximately 57.3% of the issued ordinary share capital
      of Maiden have undertaken to accept the Offer.

   -- The Directors of Maiden, who have been so advised by
      Rothschild, consider the terms of the Offer to be fair and
      reasonable and intend unanimously to recommend the Offer.
      In providing its advice to the Directors of Maiden,
      Rothschild has taken into account the commercial
      assessments of the Directors of Maiden.

"In the last 12 months, Maiden has strengthened its portfolio of
assets in the UK, winning a number of major contracts," Ronald
Zeghibe, Chief Executive of Maiden, said.  "However, a
combination of trading conditions and no increase in banking
facilities to support us has meant that the company requires
support from other quarters.  We have looked at a wide variety
of strategic options; however, in view of the position taken by
our banks, we now have no alternative but to accept the offer
from Titan, which in the circumstances is the best available for
Maiden shareholders, its employees and customers and which has
received irrevocable undertakings from approximately 57.3% of
shareholders."

Bill Apfelbaum, Chairman of Titan Holdings, said: "It is with
great pleasure that Don Allman, President and Chief Executive
Officer of Titan Holdings, and I re-enter the UK outdoor market
with this Offer for Maiden.  From 1994 until 2000, Don and I ran
TDI which operated the London Underground, London Bus and more
than 20 other bus contracts throughout the UK.  We believe
Maiden has the pre-eminent outdoor asset collection in the UK
and we look forward to once again building relationships with
advertisers, agencies, outdoor specialists and authorities."

                       Financial Advisers

Lehman Brothers, which is regulated in the United Kingdom by the
Financial Services Authority, is acting as financial adviser to
Titan Holdings and Titan in connection with the Offer and no one
else and will not be responsible to anyone other than Titan
Holdings and Titan for providing the protections afforded to
customers of Lehman Brothers, nor for providing advice in
relation to the Offer.

NM Rothschild & Sons Limited, which is regulated in the United
Kingdom by the Financial Services Authority, is acting for
Maiden in connection with the Offer and no one else and will not
be responsible to anyone other than Maiden for providing the
protections offered to clients of NM Rothschild & Sons Limited
nor for providing advice in relation to the Offer.

                       Insolvency Warning

Since June 2005, Maiden has been working closely with its banks
to address the issues raised as a result of the breaches of
covenant.

On Feb. 28, the Maiden Board received a letter from the
coordinating bank of Maiden's banking syndicate confirming that:

   -- the banks would not be prepared to provide increased
      facilities to Maiden;

   -- if an unconditional offer were received from an offeror
      the Board would (in the absence of a refinancing of the
      bank debt) be duty bound, in the banks' opinion, to accept
      and recommend to shareholders such unconditional offer;
      and

   -- without a recommended offer for Maiden there would appear
      to be little chance of avoiding Maiden going into a formal
      insolvency process.

The Directors of Maiden believe that the Offer from Titan
represents the best value available to shareholders, having
undertaken a comprehensive process examining all the strategic
alternatives for Maiden.  In view of the position taken by the
banks, in the event that this Offer lapses it would appear
inevitable that Maiden will fall into insolvency.  Accordingly,
the Directors of Maiden have no alternative but to recommend
unanimously that shareholders accept this Offer.

                           About Titan

Titan Holdings is a full service out-of-home advertising company
providing sales, marketing, and maintenance of transit,
billboard, wallscape, telephone kiosk, street banner and
construction bridge advertising.  Founded in 2000 by industry
veterans, Titan Holdings' team of market specialists provides
clients with creative media solutions in the top domestic
markets in the United States, including New York, New Jersey,
Los Angeles, San Francisco, Philadelphia, Seattle, Boston and
Orange County, as well as in Toronto and the Republic of
Ireland.

Titan Holdings is majority owned by an affiliate of WCAS, a
United States based private equity firm that has raised total
capital of over $15 billion since its inception.  Since its
first closing in 1979, WCAS has organized 14 limited
partnerships, invested in over 200 companies and funded over 650
follow-on acquisitions.

WCAS has recently raised its new fund, Welsh, Carson, Anderson &
Stowe X, L.P. with approximately $3.2 billion in committed
capital.  WCAS also has the ability to support its equity
investments via its captive subordinated debt fund, which
has approximately $1.3 billion in committed capital.

                        About Maiden Group

The Maiden Group plc -- http://www.maiden.co.uk/-- is the  
largest independent outdoor media sales company in the United
Kingdom.  Maiden provides a diverse portfolio of outdoor
opportunities through billboard, transport and retail
advertising.  Retail comprises advertising 6-sheet panels
located at large supermarkets and shopping malls throughout the
UK.  Billboard advertising is primarily based on large format
roadside panels located with various private landlords.  
Transport comprises advertising panels at over 500 rail stations
located throughout the UK rail network based on contracts with
Network Rail and the major train operating companies.

For the financial year ended Dec. 31, 2004, Maiden reported
turnover of GBP92.1 million on which it earned pre-exceptional
profit on ordinary activities before taxation of GBP2.4 million.

For the six months ended June 30, 2005, Maiden reported a loss
on ordinary activities before taxation of GBP3.5 million on
turnover of GBP45.5 million.  As at June 30, 2005, Maiden's net
assets were GBP9.7 million.

For the second half of Maiden's 2005 financial year, although
sales overall showed some progress over 2004, sales for the two
months leading up to December 2005 fell significantly short of
expectations.  This, combined with a reduced ability to generate
additional revenue on some new contracts, due to delays in
developing related panel estates in the timescales anticipated,
means that Maiden will be reporting a pre-exceptional operating
loss for the financial year to Dec. 31, 2005.


NEWTRONIC SYSTEMS: Financial Liabilities Prompt Liquidation
-----------------------------------------------------------
Newtronic Systems Limited is liquidating its assets after
members found out that the company cannot continue its
operations due to its financial liabilities.

Timothy Hargreaves, of T.H. Associates, was appointed
Liquidator.

The Debtor can be contacted at:

         Newtronic Systems Limited
         Unit 3 Blackburn Tech Man Cent
         Challenge Way
         Blackburn
         BB1 5QB
         Tel: 01254 680 187
         Fax: 01254 682 550


PREMODA GROUP: Joint Administrators Offer Assets for Sale
---------------------------------------------------------
The Joint Administrators, R. H. Kelly and C. G. J. King, offer
for sale as a going concern the business and assets of The
Premoda Group Limited and its subsidiaries.

Features:

   -- Two Major brands in Charnos and Ballet;

   -- Supplier of branded and non-branded lingerie;

   -- Customer base includes many National UK retailers
      including all major department stores;

   -- Sources product from Far East and other low cost areas;

   -- Separate subsidiary business (not in insolvency) based in
      Portugal;

   -- Major brand in Figfort;

   -- Sells to Portugese and Spanish markets;

   -- Low cost proprietary manufacturing;

   -- Annual turnover GBP17 million;

   -- Approximately 400 employees (UK: 120, Portugal: 280);

   -- Bases:

      (1) Nelson, Lancashire,
      (2) Ilkeston, Derbyshire, and
      (3) Oporto, Portugal

Inquiries can be addressed to:

          Ben Williamson
          Ernst & Young LLP
          Cloth Hall Court
          14 King Street
          Leeds LS1 2JN
          E-mail: bwilliamson@uk.ey.com
          Tel: (0113) 298 2206

                       About Ernst & Young

Ernst & Young -- http://www.ey.com/-- is global organization  
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


RAPRA TECHNOLOGY: Polymer Specialist Up for Sale
------------------------------------------------
Joint Administrators Kim Rayment and Geoff Kinlan offer for sale
the business and assets of Rapra Technology Limited.

Features:

   -- Business established 1919;

   -- Turnover GBP 8.2 million per annum;

   -- Several businesses including Polymer Analysis, Testing,
      Research Technology and Information Services;

   -- Customers include government agencies, academic bodies and
      other research organizations on a global basis;

   -- 60,000 sq. ft. freehold premises in Shropshire and 10,000
      sq. ft. leasehold premises in Billingham; and

   -- 118 highly skilled workforce.

Inquiries can be addressed to:

          Beverley Marsh
          Phone: 0121 352 6262/6233
          E-mail: beverley.marsh@bdo.co.uk

                      About BDO Stoy Hayward

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


ROBERTS & PARTNERS: Registration of Claims Ends April 7
-------------------------------------------------------
Members of Roberts & Partners (UK) Limited resolved to liquidate
the company's assets during an extraordinary general meeting on
Feb. 13.

Appointed Joint Liquidators, Robert William Birchall and Ian
Christopher Oakley Smith, required creditors to send in their
full names, addresses and descriptions, full particulars of
debts or claims, and the names and addresses of Solicitors (if
any) on or before, April 7.

Roberts & Partners (UK) Limited can be contacted at:

         Summit Ho
         84 St. Cathrines Way
         London
         E1W 1YS
         Tel: 020 7488 2333
         Fax: 020 7488 2777


RUSSELL COLLECTION: Members Agree to Liquidation
------------------------------------------------
The Russel Collection Limited is liquidating its assets after
members found out that the company could no longer continue its
business due to mounting debts.

Alan H. Tomlinson, of Tomlinsons, was appointed Liquidator.

The Debtor can be reached at:

         The Russell Collection Limited
         Unit 3 Stocks Mill
         Legh Street
         Eccles Manchester Lancashire
         M30 0UT
         Tel: 0161 281 7170
         Fax: 0161 707 9491
         Web: http://www.therussellcollection.co.uk/


SIRVA INC: Selling Business Services Division in UK & Ireland
-------------------------------------------------------------
SIRVA, Inc. (NYSE: SIR) signed a definitive agreement with Crown
Worldwide Holdings Ltd. to sell its Business Services Division
in the United Kingdom and Ireland.

The division includes SIRVA's UK Records Management business, GB
Nationwide Crate Hire business and the Irish Security Archives
unit for total cash consideration of approximately GBP50 million
(US$87 million).  

The transaction is subject to customary closing conditions,
including the consent of lenders under SIRVA Worldwide, Inc.'s
credit facility, and is expected to be completed in the near
term.  Crown will acquire the stock of Irish Security Archives
Ltd., and the assets of GB Nationwide and the Records Management
Business of Pickfords.  

SIRVA, Inc., was advised by Lazard in this transaction.

Since 2004, SIRVA has been divesting non-strategic assets to
allow for exclusive focus on its core Relocation and Moving
Services businesses.

              About Crown Worldwide Holdings Ltd.

Crown Records Management specializes in the management and
storage of business information, from electronic and digital
media to hard copy.  Post acquisition, the Crown Group will
manage circa 14 million records cartons in 46 countries,
operating from over 140 worldwide locations and serving
approximately 10,000 clients.

The Crown Worldwide Group -- http://www.crownworldwide.com/--  
is privately held and headquartered in Hong Kong.  The Crown
Relocations division provides global employee relocation
services for corporations, private clients, public sector &
diplomats.  The Crown Logistics division provides other
specialized commercial import/export, freight forwarding and
distribution services.

                     About SIRVA, Inc.

SIRVA, Inc. -- http://www.sirva.com/-- provides relocation  
services worldwide.  The company operates in more than 40
countries in Asia, Australia, Europe and North America with
approximately 6,000 employees and an extensive network of agents
and other service providers.  SIRVA's well-recognized brands
include Allied, northAmerican, Global, and SIRVA Relocation in
North America; Pickfords, Huet International, Kungsholms, ADAM,
Majortrans, Allied Arthur Pierre, Rettenmayer, and Allied
Varekamp in Europe; and Allied Pickfords in the Asia Pacific
region.

Standard & Poor's assigned BB+ Long-Term Foreign and Local
Issuer ratings to Sirva Inc. on Aug. 9, 2005.


SURFIN MONKEY: Rising Debts Trigger Liquidation Proceedings
-----------------------------------------------------------
Members of The Surfin Monkey Limited passed a resolution to wind
up the company during an extraordinary general meeting on
Feb. 10.

Director G. Mitchell revealed that the company could no longer
continue its business due to rising debts.

Alpa Raja and P. Atkinson, both of Vantis Redhead French
Limited, were appointed Joint Liquidators.

The Debtor can be reached at:

         The Surfin Monkey Limited
         Alexander House
         Thame Road
         Haddenham Aylesbury Buckinghamshire
         HP178BZ
         Tel: 01844 296 066
         Fax: 01844 296 064


SWITCH PERSONNEL: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Switch Personnel (2) 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 Richard Ian
Williamson of Campbell Crossley and Davis, as Liquidator.

Switch Personnel (2) Limited can be reached at:

         10 Daisyfield Street
         Darwen Lancashire
         BB3 0AT
         Tel: 01254 776 200
         Fax: 01254 708 482


U.S. CAN: Sets Purchase Price for 10-7/8% Senior Secured Notes
--------------------------------------------------------------
United States Can Company reported that the tender offer
consideration and the total consideration to be paid for its
outstanding 10-7/8% Senior Secured Notes due 2010 that are
validly tendered and accepted for purchase in the tender offer
described in the Offer to Purchase and Consent Solicitation
Statement dated Feb. 16, 2006.

The total consideration to be paid for validly tendered (and not
validly withdrawn) Secured Notes was determined using the yield
of the 3.625% U.S. Treasury Notes due June 30, 2007, plus a
fixed spread of 50 basis points.  The yield on the Reference
Security, as calculated by Lehman Brothers Inc., at 2:00 p.m.,
New York City time, on March 8, 2006, was 4.814%.

Accordingly, the tender offer yield and total consideration,
excluding accrued and unpaid interest, per $1,000 principal
amount of Secured Notes are 5.314% and $1,119.60.  The tender
offer consideration, which is payable to holders of Secured
Notes in respect of Secured Notes tendered after 5:00 p.m., New
York City time, on March 2, 2006, the consent payment deadline,
is equal to the total consideration, less the consent payment of
$30.00, or $1,089.60 per $1,000 principal amount of Secured
Notes.

March 27, 2006, was assumed as the Early Settlement Date for
purposes of calculating the total consideration.  Payment of the
total consideration or tender offer consideration, as
applicable, for validly tendered (and not validly withdrawn)
Secured Notes plus accrued but unpaid interest thereon to, but
not including the date of payment, is expected to be on the
Early Settlement Date or Final Settlement Date, as applicable.

                    Tender Offer Extension

The Company also reported that the tender offers for any and all
of its outstanding Secured Notes and its outstanding 12-3/8%
Senior Subordinated Notes due 2010, which were scheduled to
expire at 11:59 p.m., New York City time, on March 22, have been
extended.  The tender offers will now expire at 5:00 p.m., New
York City time, on March 27, unless further extended.  The
extension will allow the financing needed to complete the tender
offers.  The tender offers are subject to the terms and
conditions set forth in the Statement.

As of March 8, 2006, the Company had received tenders with
respect to approximately $119.64 million aggregate principal
amount of the Secured Notes (approximately 95.71% of the total
outstanding principal amount of the Secured Notes) and
approximately $161.92 million aggregate principal amount of the
Subordinated Notes (approximately 94.30% of the total
outstanding principal amount of the Subordinated Notes).

Lehman Brothers Inc. is acting as the sole Dealer Manager for
the tender offers and Solicitation Agent for the consent
solicitations.  The Information Agent is D.F. King & Co., Inc.

Requests for documentation should be directed to:

     D.F. King & Co., Inc.
     Telephone (800) 290-6431 or (212) 269-5550

Questions regarding the tender offer should be directed to:

     Lehman Brothers Inc.
     Telephone (800) 438-3242 or (212) 528-7581

Headquartered in Lombard, Illinois, U.S. Can Corporation --
http://www.uscanco.com/-- manufactures steel containers for
personal care, household, automotive, paint and industrial
products in the United States and Europe, as well as plastic
containers in the United States and food cans in Europe.

At Oct. 2, 2005, U.S. Can's balance sheet showed a $426,657,000
equity deficit, compared with a $398,429,000 deficit at Dec. 31,
2004.

                         *     *     *

As reported in the Troubled Company Reporter on Mar. 6, 2006,
Moody's Investors Service placed ratings of United States Can
Company, the operating subsidiary of U.S. Can Corporation under
review, following announcement that U.S. Can will sell its U.S.
and Argentinean operations to Ball Corporation.  

These ratings are under review:

   * $65 million senior secured first lien revolving credit
     facility, rated B3

   * $250 million senior secured first lien term loan B, rated
     B3

   * $125 million second lien 10.875% notes due July 10, 2010,
     rated Caa2

   * $172 million 12.375% senior subordinated notes due Oct. 1,
     2010, rated Caa3

   * Corporate Family Rating, B3

As reported in the Troubled Company Reporter on Feb. 20, 2006,
Standard & Poor's Ratings Services placed its ratings, including
its 'B' corporate credit rating, on U.S. Can Corp. and its
wholly owned subsidiary, United States Can Co., on CreditWatch
with developing implications.  This follows the announcement
that U.S. Can has entered into a definitive agreement to sell
its U.S. and Argentinean operations to Ball Corp.
(BB+/Stable/--) for 1.1 million shares of Ball common stock and
the repayment of approximately $550 million of U.S. Can's debt.


VT TECHNOLOGY: Vehicle Manufacturer Up for Sale
-----------------------------------------------
Joint administrators Allan Watson Graham and Richard James
Philpott offer for sale the business and assets of VT Technology
Limited.

Features:

   -- Well-established market leader in manufacture of trim for
      industrial and agricultural vehicles;

   -- Annual turnover of approximately GBP10.5 million;

   -- Major OEM customer base;

   -- A skilled workforce of around 140 staff; and

   -- Modern 80,000 sq. ft. leasehold production facilities in
      Chesterfield and Loughborough utilizing proprietary
      technology.

Inquiries can be addressed to:

         Will Wright of the Joint Administrators' staff at

         KPMG LLP
         Attn: Will Wright
         2 Cornwall Street
         Birmingham
         B3 2DL
         Tel: 0121 609 5879
         Fax: 0121 335 2501
         Email: will.wright@kpmg.co.uk

                           About KPMG

KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong  
global network of member firms with 9,500 partners and staff
working in 22 offices across the UK providing audit, tax and
advisory services.


WHIRLPOOLS DIRECT: Members Agree on Voluntary Liquidation
---------------------------------------------------------
Members of Whirlpools Direct (UK) Limited resolved to liquidate
the Company's assets at an extraordinary general meeting on
Feb. 10.

Subsequently, they appointed Giles Richard Frampton to lead the
winding up proceedings.

Whirlpools Direct (UK) Limited can be reached at:

         50 Kernick Road
         Penryn Cornwall
         TR109DQ
         Tel: 01326 378 877


                            *********                            


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

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

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

This material is copyrighted and any commercial use, resale or
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