TCREUR_Public/060320.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 20, 2006, Vol. 7, No. 56

                            Headlines

F R A N C E

RAY ACQUISITION: S&P Affirms Junk Ratings on Senior Sub. Notes


G E R M A N Y

AQUAGRAFIX GMBH: Creditors' Meeting Slated for March 29
BLUE ROOM: Claims Registration Ends April 6
BUNTE STADT: Claims Registration Deadline Set for March 24
CAGLI DONER: Claims Registration Ends March 31
DIETMAR BLOMER: Creditors' Meeting Set for March 23

GEBRIK DEUTSCHLAND: Claims Registration Ends April 7
H. HEINE: Claims Registration Ends April 7
HM ELEKTRO: Creditors' Meeting Slated for April 3
HS TRANSPORTE: Claims Registration Ends April 3
OPTIMUS DEUTSCHLAND: Claims Registration Ends April 3


K A Z A K H S T A N

KAZKOMMERTS INTERNATIONAL: S&P Rates EUR300 Mln Notes at BB+
KAZKOMMERTS INT'L: Fitch Puts BB+ Rating to EUR300 Mln Notes
KAZROSPROM: Creditors Must File Proofs of Claim By March 31
KVS SECURITY: Creditors Must File Proofs of Claim By March 31
LEGYAT: Creditors Must File Proofs of Claim By March 31

WILL-GROUP: Creditors Must File Proofs of Claim By March 31
UM-1: Creditors Must File Proofs of Claim By March 31


N E T H E R L A N D S

AHOLD: Completes EUR108-Mln Shopping Centers Sale to ING
LG.PHILIPS: U.S. Unit Files Chapter 11 Petition in Delaware
UPC HOLDING: Moody's Assigns Ba1 Corporate Family Rating


R O M A N I A

CFR MARFA: S&P Places B+ Corp. Rating on CreditWatch Negative
CFR S.A.: Tardy Financial Report Spurs S&P's Watch Negative


R U S S I A

ACB NATIONAL: Claims Filing Period Ends April 4
AGRO-PROM-DOR-STROY BAVLINSKIY: Proof of Claims Due April 4
EFREMOVSKOYE-AGRICULTURAL: Claims Registration Ends April 4
FACTORY OF SILICATE: Saratov Court Opens Bankruptcy Supervision
INTER-JEWELER: Claims Filing Period Ends April 4

KISELEVSKIY BREAD: Claims Filing Period Ends April 4
KRASNOYARSKOYE GLASS: Claims Filing Period Ends April 4
MODOVSKIY LIGHT: Moscow Court Opens Bankruptcy Proceedings
ROSBANK OJSC: S&P Raises Ratings to B with Stable Outlook
SIBERIAN GARDENER: Bankruptcy Hearing Set May 15

YUGO-KAMSKIY: Proofs of Claim Deadline Set for April 11

* Chadbourne & Parke LLP Names Two New Attorneys to Counsel


S P A I N

BANKINTER 12: Fitch Junks Rating on EUR11.3 Million Notes
IM CAJAMAR: Fitch Puts BB- Rating on EUR15.6 Million Notes


U K R A I N E

AZOV-SICH: Zaporizhya Court Opens Bankruptcy Proceedings
DNIPROLIZING: Dnipropetrovsk Court Begins Bankruptcy Proceedings
FORUM-INVEST: Dnipropetrovsk Court Opens Bankruptcy Supervision
IMAGE SERVICE: Dnipropetrovsk Court Begins Bankruptcy Process
OPTTORG: Zaporizhya Court Opens Bankruptcy Proceedings

PROMGIDROKOMPLEKT: Kyiv Court Opens Bankruptcy Proceedings
SINTA: Lugansk Court Opens Bankruptcy Proceedings
SHORS' MILK: Court Names O. Barbarov as Insolvency Manager


U N I T E D   K I N G D O M

BALMER LINDLEY: Deutsche Bank AG Appoints PwC as Receiver
BAXI HOLDINGS: S&P Places BB- Rating on CreditWatch Negative
BREW-ENG CONSULTANCY: Appoints Administrator from Kay Johnson
BRITISH AIRWAYS: UK Sales Restructuring to Cut 300 Jobs
BRITISH AIRWAYS: Trustee Sells 36,017 Units in Share Scheme

CABLE & WIRELESS: Employee Share Trustees Sell 26,233 Shares
CORUS GROUP: S&P Places Low-B Ratings on CreditWatch Positive
COTTERGRADE LIMITED: Deutsche Taps PwC as Admin. Receiver
FLOORING TECHNOLOGIES: Simon Thornton Named to Administer Assets
FUSION FIRE: Members Resolve to Liquidate Company's Assets

GENERAL MOTORS: Receives $12.5 Billion Bid for GMAC Stake
GENERAL MOTORS: GMAC Accounting Errors Delay Form 10-K Filing
GEORGE CARPENTER: Claims Registration Ends March 30
HIGHBURY ENTERTAINMENT: Creditors' Meeting Set for March 27
HIGHBURY NEXUS: Creditors' Meeting Set for March 27

J INGRAM: Creditors Confirm Voluntary Liquidation
JOEY LOONS: Appoints Administrator from Mazars
KEEP SAFE: Mounting Debts Trigger Liquidation Proceedings
KINGSLEY NEVILLE: Appoints Peter Nottingham as Liquidator
KLEINDAHL PARTNERS: Members Pass Winding Up Resolution

LEEDS SCHOOL: Hires Joint Liquidators from KPMG LLP
LITE LTD: Members Pass Winding Up Resolution
MAD HAT: Shuts Down Business & Appoints Liquidator
M I A VIDEO: Appoints Berg Kaprow Lewis Administrator
NPF LIMITED: Appoints P&A Partnership to Administer Assets

PENANG SATAY: Malaysian Restaurant Starts Liquidation Process
PME SERVICES: Appoints Administrator from Cowgill Holloway
RANK GROUP: Repurchases 359,000 Ordinary Shares for Cancellation
RENTOKIL INITIAL: Sells Canada Security Unit for GBP30.3 Mln
STONES RESTAURANTS: Appoints Joint Administrators

TILANA FASHIONS: Meeting of Creditors Set for March 22
TRANSMISSION & LIGHTING: Deutsche Bank Appoints PwC as Receiver
TWOLYN HIRE: Meeting of Creditors Set for March 31
VALLEY METAL: Appoints Joint Administrator from Begbies Traynor
W G READMAN: Meeting of Creditors Set for March 27

WHOLESALE MEAT: Clydesdale Bank Appoints Receiver
ZERO DIVIDEND: Dartmoor Investment Eyes 8.33% Equity Stake

                             *********

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


RAY ACQUISITION: S&P Affirms Junk Ratings on Senior Sub. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
positive from stable on France-based business-to-business
electrical parts distributor Rexel S.A. and Ray Acquisition SCA
(the group), the 99.99% parent company of Rexel S.A. that is
owned by Rexel's financial investors, due to its improved
financial profile.  

At the same time, the 'B' long-term corporate credit rating on
Rexel, the 'CCC+' senior subordinated debt rating on Ray
Acquisition's EUR600 million senior subordinated notes, maturing
in 2015, and the 'B-' long-term senior secured bank loan, with a
recovery rating of '3', on Ray Acquisition's EUR1.57 billion
senior secured facilities were affirmed.

"The ratings reflect the group's highly leveraged financial
profile, resulting from a heavy debt burden and thin cash flow
protection measures.  The ratings benefit from a satisfactory
business profile based on Rexel's leading position in the low-
and ultra-low voltage electrical distribution market, as well as
its diverse customer base and strong relationship with
suppliers," said Standard & Poor's credit analyst Eve Greb.

After completion of the acquisition of Rexel by a consortium of
equity investors by the end of April 2005, the group has pro
forma total gross debt of EUR2.6 billion (including finance
leases), and EUR114 million of pension liabilities under IFRS as
of Dec. 31, 2005.

"The positive outlook on Rexel reflects Standard & Poor's
expectation that the ratings could be raised to 'B+' if the
company continues to improve its credit protection measures,"
added Ms. Greb.  This is expected to be achieved through further
cost optimization and continued favorable selling prices in the
group's largest contributing markets.  Total debt to earnings
before interest, taxes, depreciation, amortization, and rent of
about 5x on a sustained basis could trigger an upgrade. A
revision of the outlook to stable could result from increased
leverage due to larger acquisitions.


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


AQUAGRAFIX GMBH: Creditors' Meeting Slated for March 29
-------------------------------------------------------
Court-appointed provisional administrator of AquaGrafix GmbH,
Jan-Hendrik Pannenborg, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 8:00
a.m. on March 29.

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

         The District Court of Nordhorn
         Saal 42
         Seilerbahn 15
         48529 Nordhorn

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 Nordhorn opened bankruptcy proceedings
against AquaGrafix GmbH on Feb. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AquaGrafix GmbH
         Enschedestr. 24
         48529 Nordhorn
         Attn: Jos Berning, Manager
         De Kerkul 168
         7591 KD Denekamp, Niederlande
         Tel: +49(0) 592178822-50
         Fax: +49(0) 592178822-55
         Web: http://design@aquagrafix.de/

The administrator can be contacted at:

         Jan-Hendrik Pannenborg
         Jahnstrasse 32
         48529 Nordhorn
         Tel: 05921/88750
         Fax: 05921/88752


BLUE ROOM: Claims Registration Ends April 6
-------------------------------------------
Creditors of Blue Room Gastronomie GmbH have until April 6, to
register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Muenster
         Saal 101 B
         Gerichtsstr. 2-6
         48149 Muenster

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

The District Court of Muenster opened bankruptcy proceedings
against Blue Room Gastronomie GmbH on Feb. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Blue Room Gastronomie GmbH
         Attn: Karsten Springmann, Manager
         Neubruekenstrasse 63
         48143 Muenster

The administrator can be contacted at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster


BUNTE STADT: Claims Registration Deadline Set for March 24
----------------------------------------------------------
Creditors of "Bunte Stadt" Malerfachbetrieb GmbH have until
March 24, to register claims with court-appointed provisional
administrator Andre Loffler.

Creditors and other interested parties are encourage to attend
the meeting at 9:30 a.m. on April 7, 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 Magdeburg
         Saal E
         Liebknechtstrasse 65-91
         39110 Magdeburg

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 Magdeburg opened bankruptcy proceedings
against "Bunte Stadt" Malerfachbetrieb GmbH on Feb. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         "Bunte Stadt" Malerfachbetrieb GmbH
         Minslebener Str. 48
         38855 Wernigerode
         Attn: Marco Hoppe, Manager
         Hoppelbergweg 9b
         38895 Langenstein

The administrator can be contacted at:

         Andre Loffler
         Klewitzstr. 15
         39112 Magdeburg
         Tel: 0391/7324630
         Fax: 0391/7324633


CAGLI DONER: Claims Registration Ends March 31
----------------------------------------------
Creditors of Cagli Doner de Luxe GmbH have until March 31, to
register their claims with court-appointed provisional
administrator Hans-W. Goetsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 4, 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 Wiesbaden
         E 36 a
         3. OG
         Gebaude E
         Moritzstrasse 5
         65185 Wiesbaden
         
The court will also verify claims set out in the administrator's
report during the meeting, while creditors may constitute a
creditors committee or opt to appoint a new insolvency manager.

The District Court of Wiesbaden opened bankruptcy proceedings
against Cagli Doner de Luxe GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Cagli Doner de Luxe GmbH
         Attn: Salman Cagli, Manager
         Langgasse 15
         65183 Wiesbaden

The administrator can be contacted at:

         Hans-W. Goetsch
         Taunusstrasse 7a
         65183 Wiesbaden
         Tel: 0611/18089-100
         Fax: 0611/18089-189
         E-mail: mail@bgp-insol.de


DIETMAR BLOMER: Creditors' Meeting Set for March 23
---------------------------------------------------
Court-appointed provisional administrator of Dietmar Blomer
Rohrleitungs- und Kanalbaugesellschaft mbH, Joachim Voigt-Salus,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:25 a.m. on March 23.

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

         The District Court of Charlottenburg
         II. Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin

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 Charlottenburg opened bankruptcy
proceedings against Dietmar Blomer Rohrleitungs- und
Kanalbaugesellschaft mbH on Feb. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:
         Dietmar Blomer Rohrleitungs- und
         Kanalbaugesellschaft mbH
         Guertelstr. 39
         10247 Berlin

The administrator can be contacted at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin


GEBRIK DEUTSCHLAND: Claims Registration Ends April 7
----------------------------------------------------
Creditors of Gebrik Deutschland GmbH have until April 7, to
register their claims with court-appointed provisional
administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Duisburg
         Zimmer 207
         II Etage
         Kardinal-Galen-Strasse 124-130
         47058 Duisburg

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

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

The Debtor can be contacted at:

         Gebrik Deutschland GmbH
         Duesseldorfer Str. 100
         47051 Duisburg
         Tel: +49(0) 2033186262
         Fax: +49(0) 2033177496
         Web: http://www.gebrik.de/
         E-mail: gebrik.de@t-online.de

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg


H. HEINE: Claims Registration Ends April 7
------------------------------------------
Creditors of H. Heine GmbH have until April 7, to register their
claims with court-appointed provisional administrator Wolf-
Dieter H. Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wilhelmshaven
         Saal 109
         Marktstrasse 15
         26382 Wilhelmshaven

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

The District Court of Wilhelmshaven opened bankruptcy
proceedings against H. Heine GmbH on Feb. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         H. Heine GmbH
         Attn: Hanno Heine, Manager
         Dodoweg 17
         26386 Wilhelmshaven

The administrator can be contacted at:

         Wolf-Dieter H. Weber
         Hauptstrasse 91
         D-26182 Edewecht
         Tel: 04405/7071
         Fax: 04405/8046


HM ELEKTRO: Creditors' Meeting Slated for April 3
-------------------------------------------------
Court-appointed provisional administrator for HM Elektro GmbH
Elektro-Fachgrosshandel, Edgar Gronda, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 a.m., on April 3.

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

         The District Court of Bremerhaven
         Saal 2
         Nordstr. 10
         27580 Bremerhaven

Creditors have until April 30, to register their claims with the
court appointed provisional administrator.

The court will also verify the claims set out in the
administrator's report at 9:30 a.m., on May 15, at the same
venue.

The District Court of Bremerhaven opened bankruptcy proceedings
against HM Elektro GmbH Elektro-Fachgrosshandel on Feb. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HM Elektro GmbH Elektro-Fachgrosshandel
         Elbestr. 24
         27570 Bremerhaven
         Attn: Ruediger Holzfuss, Manager
         Wacholderweg 22
         27580 Bremerhaven
         Claus Mengers, Manager
         Oldenburger Str. 31
         27612 Loxstedt

The administrator can be contacted at:

         Edgar Gronda
         Domshof 18-20
         28195 Bremen
         Tel: 0421/36860
         Fax: 0421/3686100


HS TRANSPORTE: Claims Registration Ends April 3
-----------------------------------------------
Creditors of HS Transporte GmbH have until April 3, to register
their claims with court-appointed provisional administrator
Michael Farnbacher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Nuernberg
         Sitzungssaal 126/I
         Flaschenhofstr. 35
         
The court will also verify claims set out in the administrator's
report during the meeting, while creditors may constitute a
creditors committee or opt to appoint a new insolvency manager.

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

The Debtor can be contacted at:

         HS Transporte GmbH
         Attn: Winfried Hauber, Manager
         Industriestrasse 5
         91180 Heideck

The administrator can be contacted at:

         Michael Farnbacher
         Nuernberger Strasse 25
         91207 Lauf
         Tel: 09123/9720-0
         Fax: 09123/9720-20


OPTIMUS DEUTSCHLAND: Claims Registration Ends April 3
-----------------------------------------------------
Creditors of Optimus Deutschland Software Vertriebs-GmbH have
until April 3, to register their claims with court-appointed
provisional administrator Steffen Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Offenbach am Main
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         
The court will also verify claims set out in the administrator's
report during the meeting, while creditors may constitute a
creditors committee or opt to appoint a new insolvency manager.

The District Court of Offenbach am Main opened bankruptcy
proceedings against Optimus Deutschland Software Vertriebs-GmbH
on Feb. 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Optimus Deutschland Software Vertriebs-GmbH
         Attn: Juergen Handrack, Manager
         Borsigstr. 16
         63165 Muehlheim am Main

The administrator can be contacted at:

         Steffen Schneider
         Guiollettstr. 48
         60325 Frankfurt am Main
         Tel: 069/7167996-0
         Fax: 069/7167996-9


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


KAZKOMMERTS INTERNATIONAL: S&P Rates EUR300 Mln Notes at BB+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned an indicative 'BB+'
debt rating to proposed senior unsecured notes issued by
Kazkommerts International B.V., a Dutch special purpose vehicle.

These notes will be issued from the Kazkommerts International
$1.5 billion senior unsecured note program, which is
unconditionally and irrevocably guaranteed by Kazakhstan-based
Kazkommertsbank (JSC) (KKB; BB+/Stable/B).  The issue size is
EUR300 million, with a five-year maturity and coupon of 5.125%.

The ratings on KKB reflect the rapid loan growth and significant
concentrations in lending and funding in a high-risk economic
and banking environment.  Furthermore, fast loan growth has
pressurized capitalization, which needs to be addressed soon.
KKB has been using Kazakhstan's improved economic prospects to
its advantage, attracting primary funds as well as international
debt to fund its growing profitable lending business.  The
European Bank for Reconstruction and Development's (EBRD;
AAA/Stable/A-1+) decision to invest into the equity of KKB has
improved KKB's corporate governance.  The ratings also factor in
likely government support, in the event of a financial or
systemic crisis.


KAZKOMMERTS INT'L: Fitch Puts BB+ Rating to EUR300 Mln Notes
------------------------------------------------------------
Fitch Ratings assigned Kazkommerts International B.V.'s EUR300
million five-year 5.125% notes an expected Long-term BB+ rating.  
The issue will be made under the USD1.5 billion guaranteed debt
issuance program rated Long-term BB+ and Short-term B.

Kazakhstan's Kazkommertsbank, rated Foreign Currency Issuer
Default BB+ with Stable Outlook, unconditionally and irrevocably
guaranteed the notes under the program.  The final ratings are
contingent upon receipt of final documentation conforming
materially to information already received.

The notes will rank at least pari passu with all present or
future unsecured and unsubordinated obligations of the issuer
and the guarantor, save those preferred by relevant provisions
of law and of general application.  

Under Kazakhstani law, the claims of retail depositors rank
above those of other senior unsecured creditors.  At end-2005,
retail deposits accounted for 9% of KKB's total liabilities,
according to the bank's audited International Financial
Reporting Standards financial statements.


KKB was the largest commercial bank in Kazakhstan by IFRS assets
at end-H105 and has top three positions in all major market
segments.  One individual controls a majority stake in the bank.
The European Bank for Reconstruction and Development is a
minority shareholder and actively involved in board-level
decision-making.


KAZROSPROM: Creditors Must File Proofs of Claim By March 31
-----------------------------------------------------------
LLP Kazrosprom has declared insolvency.  Creditors have until
March 31, to submit their written proofs of claim to:

          LLP Kazrosprom
          Tole bi Ave. 184-19
          Jeltoksan Str. 29
          Almaty
          Tel: 8 (3272) 68-13-17


KVS SECURITY: Creditors Must File Proofs of Claim By March 31
-------------------------------------------------------------
LLP KVS Security has declared insolvency.  Creditors have until
March 31 to submit their written proofs of claim to:

          KVS Security
          Turgeneva Str. 100, 3-48
          Aktobe
          Tel: 8(3132) 54-68-01


LEGYAT: Creditors Must File Proofs of Claim By March 31
-------------------------------------------------------
LLP Legyat has declared insolvency.  Creditors have until
March 31 to submit their written proofs of claim to:

          LLP Legyat
          Micro District Privokzalnyi-5, 15-9
          Atyrau


WILL-GROUP: Creditors Must File Proofs of Claim By March 31
-----------------------------------------------------------
LLP Will-Group has declared insolvency.  Creditors have until
March 31 to submit their written proofs of claim to:

          LLP Will-Group
          Mahambeta Str. 132-4
          Atyrau


UM-1: Creditors Must File Proofs of Claim By March 31
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
LLP UM-1 bankrupt.  

Creditors have until March 31 to submit their written proofs of
claim to:

          The Specialized Inter-Regional
          Economic Court of Aktube Region
          Altynsarina Str. 31
          Aktube


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


AHOLD: Completes EUR108-Mln Shopping Centers Sale to ING
--------------------------------------------------------
Koninklijke Ahold successfully completed the sale of the three
shopping centers in Bielsko Biala and Elblag, Poland and in
Karvina, the Czech Republic, to ING Property Fund Central
Europe, a fund managed by ING Real Estate.

The value of the transaction, consisting of a cash consideration
and debt repaid to Ahold, amounts to approximately EUR108
million.

Ahold and ING Real Estate announced the transaction on Dec. 7,
2005. The closing was subject to fulfillment of certain
conditions, including antitrust approval.

Ahold Central Europe will continue to operate its Hypernova
hypermarket in the center of Karvina.  Ahold's hypermarket
operations in the Polish Centers were already divested in
February 2005.

                      About the Company

Koninklijke Ahold NV -- http://www.ahold.com/-- retails food  
through supermarkets, hypermarkets and discount stores in North
and South America, Europe and Asia.  The company's chain stores
includes Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco.  
Ahold also supplies food to restaurants, hotels, healthcare
institutions, government facilities, universities, stadiums, and
caterers.

                    Restructuring Program

In 2003, Ahold admitted a US$500 million overstated EBITDA at
its U.S. foodservice distribution arm, requiring restatement of
financial accounts for 2002 and previous years.  In November
that year, it announced a three-year 'Road to Recovery' program
that includes:

   -- a EUR2.5 billion rights issue,
   -- EUR300 million,
   -- US$1.45 billion backup credit facilities, and
   -- at least EUR2.5 billion in asset sales.  

The program was aimed at returning the company to investment
grade by end of 2005.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


LG.PHILIPS: U.S. Unit Files Chapter 11 Petition in Delaware
-----------------------------------------------------------
LG.Philips Displays USA Inc. filed a chapter 11 petition in the
U.S. Bankruptcy Court for the District of Delaware on March 15.  
The filing came less than two months after LG.Philips Displays
Holding B.V., and its Dutch and German affiliates were declared
bankrupt.

The LG.Philips Displays group has scaled down its cathode ray
tube production after the market saw an increase in demand for
new flat panel televisions, including liquid crystal display and
plasma televisions.

The US unit estimated not less than US$100 million in assets and
between US$50 million to $100 million in debts.  It has a single
plant in Mexico and 2005 sales of about US$356 million, Phil
Milford of Bloomberg News reports.

Adam Hiller, Esq., of Pepper Hamilton LLP, represents the U.S.
Debtors.

Headquartered in Hong Kong, LG.Philips Displays --
http://www.lgphilips-displays.com/-- manufactures cathode ray  
tubes for use in televisions and computer monitors.  The company
produces one in every four television and computer monitor tubes
sold.  Making use of its global manufacturing infrastructure, it
provides Regional supplies to top TV and monitor brands
worldwide.  LG.Philips Displays continues to be committed to the
CRT industry and will maintain a strong profile based on its
competitive operations and innovative, high-quality products.

LG.Philips Displays Holding B.V. is the European holding company
for LG.Philips Displays.  The firm disclosed that it will not be
able to provide further financial support to certain loss-making
subsidiaries because it has been unable to obtain sustainable
new or additional funding.  The holding company filed for
insolvency protection on Jan. 27, along with its Dutch
subsidiary, LG.Philips Displays Netherlands B.V., and its German
subsidiary in Aachen.


UPC HOLDING: Moody's Assigns Ba1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Liberty Global, Inc.  

Concurrently, Moody's assigned a B1 corporate family rating to
UPC Holding B.V., withdrew the B3 corporate family rating at UPC
Polska LLC and the B1 corporate family ratings at
UnitedGlobalCom, Inc., and UPC Broadband Holding B.V., withdrew
the B1 ratings of tranches B, C1, C2, and D of UPC Broadband
Holding B.V.'s senior secured credit facilities and affirmed all
other ratings.  The outlook for all ratings is stable.

LGI's Ba3 corporate family reflects the significant scale of its
predominantly upgraded networks (with over 13 million video
subscribers), its geographic diversity (with operations across
four continents) and its financial flexibility (including the
availability of potentially non-core, non-strategic assets).  In
addition, the ratings are supported by LGI's healthy growth
trends (both organic and through acquisitions), its satisfactory
EBITDA margins and good liquidity.

Risks continue to include high ongoing financial leverage
combined with the expectation of limited free cash flow
generation in the near-to-medium term, potential integration
risks with regards to planned and future acquisitions, strong
competition from larger and more established telecommunications
competitors and the challenge of managing a broad base of multi-
national operations in a complex capital structure.

The B1 corporate family ratings at UPC Holding B.V. and Cablecom
Luxembourg S.C.A. continue to factor the upgraded nature of most
of the companies' networks and their consequent ability to
provide an extensive triple play product offering.  However,
they are constrained by the high financial leverage (which is
expected to be above that at other LGI subsidiaries).  
Furthermore, the ratings reflect the standalone financial and
business profile of these entities, which operate as separate
subsidiaries under LGI and do not benefit from direct guarantee
or financial support arrangements from LGI or their affiliates.

The B1 rating of the senior secured bank facilities at UPC
Broadband Holding B.V. and Cablecom Luxembourg S.C.A. represents
the facilities' strong covenant and first ranking collateral
packages.  Conversely, the B3 rating of the senior notes issued
by UPC Holding B.V. reflects the structural subordination of
these notes to obligations at subsidiary levels (including the
senior secured credit facilities at UPC Broadband Holding),
whilst the B3 rating on the senior notes issued by Cablecom
Luxembourg S.C.A. reflects their contractual subordination to
the senior secured credit facilities issued through the same
entity.  

In addition, we note that noteholders at UPC Holding B.V. are
also at risk that restricted payments tests at subsidiaries
could restrict upstreaming of cash to the issuer, although we
believe that at this time, given current and anticipated
financial performance and exemptions, UPC Broadband Holding has
the ability to upstream sufficient cash to pay interest on the
notes.

The stable outlook reflects Moody's expectation that the company
should continue to improve its operating performance whilst
remaining within its stated financial parameters and that as a
result pro-forma net leverage will not increase above 5x.

Sustained weak operating performance that resulted in an
increase in pro-forma Total Adjusted Debt to Adjusted EBITDAR to
above 6x could result in downward pressure.  Moreover, an
increase in financial leverage above the guidance provided to
Moody's due to a change in financial policy would likely result
in a ratings downgrade.

Positive ratings development would most likely result from
continued improvement in the company's operating performance
combined with a commitment by the company to reduce its leverage
below its current 5x pro-forma net leverage target.

Summary rating actions:

New ratings assigned:

   -- Ba3 corporate family rating at Liberty Global, Inc.
   -- B1 corporate family rating at UPC Holding B.V.

Ratings withdrawn:

   -- B1 corporate family rating at UPC Broadband Holding B.V.
   -- B1 corporate family rating at UnitedGlobalCom, Inc.
   -- B3 corporate family rating at UPC Polska LLC
   -- B1 rating on tranches B, C1, C2, and D of UPC Broadband
      Holding's senior secured credit facilities following their
      prepayment and cancellation.

Ratings affirmed:

   -- B1 rating of UPC Broadband Holding B.V.'s EUR4.2 billion
      senior secured credit facilities

   -- B1 rating of Cablecom Luxembourg S.C.A.'s EUR860 million
      senior secured credit facilities

   -- B3 rating UPC Holding B.V.'s EUR800 million senior notes
      due 2014

   -- B3 rating of Cablecom Luxembourg S.C.A.'s EUR290 million
      senior notes due 2014

The outlook for all ratings is stable.

Liberty Global, Inc is an international broadband communications
provider of video, voice and Internet access services, with
consolidated broadband operations in 19 countries; primary
operations are located in Europe, Japan and Chile.  For the year
ended Dec. 31, 2005, LGI reported revenues of US$5.15 billion.


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


CFR MARFA: S&P Places B+ Corp. Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Romania-based state-owned rail
freight operator CFR Marfa S.A. on CreditWatch with negative
implications, reflecting the protracted delay in publication of
its financial statements prepared under IFRS for the fiscal year
2004 ending Dec. 31, 2004.

The rating reflects the continued deterioration of Marfa's
market position in light of strong intermodal competition, the
medium-term risk of privatization, low cost flexibility,
considerable investment needs that exceed its financial
capacity, a weak financial profile, and high exposure to
refinancing risk in 2007.

These weaknesses are mitigated by explicit and implicit
government support for Marfa--although this is likely to be
phased out after the Republic of Romania's (foreign currency
BBB-/Stable/A-3, local currency BBB/Stable/A-3) accession to the
EU--and the likelihood of privatization.  Other mitigants are a
stable regulatory regime and a still-dominant position in the
national railfreight market.

"We are concerned about Marfa's ability to repay its ?120
million eurobond, due December 2007," said Standard & Poor's
credit analyst Eugene Korovin.  "Marfa has yet to provide a
strategy to mitigate this risk.  Although the Romanian
government, as its 100% owner, provided a letter of comfort for
this bond, it is unclear if the state will provide timely
support."

The high potential for privatization puts pressure on any future
government support to the entity.  In addition, we expect
government support for Marfa to reduce after Romania's accession
to the EU, expected in 2007, owing to European state aid
regulations.  Privatization will shift credit risk closer to
Marfa's stand-alone credit quality and will reduce the
importance of state support as a rating factor.

"To resolve the CreditWatch placement, we will broadly review
the information flow from Marfa and assess the basis for
maintaining the rating," added Mr. Korovin.  "Depending on our
findings, the rating may be affirmed, lowered, or withdrawn."


CFR S.A.: Tardy Financial Report Spurs S&P's Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Romania-based CFR S.A., the
government-owned company responsible for the management of the
country's rail infrastructure network, on CreditWatch with
negative implications.  This reflects the protracted delay in
publication of the company's financial statements, under IFRS,
for the fiscal year ending Dec. 31, 2004.

The rating reflects CFR's extremely weak financial profile, and
its heavy reliance on budget allocations to cover recurrent
negative free cash flow resulting from heavy operating losses
and high investment needs.  Other risk factors include
counterparty exposure to financially weak state-owned rail
passenger and freight operators, and strong intermodal
competition.

These weaknesses are offset by CFR's 100% state ownership;
strategic importance to, and explicit and implicit financial
support from, the government of the Republic of Romania (foreign
currency BBB-/Stable/A-3, local currency BBB/Stable/A-3); its
low risk of privatization; and the company's central role in the
national economy.

"We expect the Romanian government to maintain support for CFR,
in view of its importance to the national economy, and its key
role in the modernization of the country's railroad network,"
said Standard & Poor's credit analyst Eugene Korovin.
"Nevertheless, the government's financial capacity to support
the company is limited by budget constraints, and it does not
guarantee all of CFR's new long-term borrowing, some of which is
supported by letters of comfort only."

CFR's stand-alone financial position remains poor, with very
weak and volatile cash flows. Furthermore, CFR is exposed to
financially weak railroad carriers.

"To resolve the CreditWatch placement, we will broadly review
the information flow from CFR and assess the basis for
maintaining the rating," added Mr. Korovin. "Depending on our
findings, the rating may be affirmed, lowered, or withdrawn."


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


ACB NATIONAL: Claims Filing Period Ends April 4
-----------------------------------------------
Creditors of ACB National Capital have until April 4, to submit
their proofs of claim to:

   (a) ACB National Capital
       103064, Russia, Moscow Region
       Basmannyj Tupik, 6-6a building 1,4

   (b) State Corporation Agency on Endowment Insurance
       Insolvency Manager
       109240, Russia, Moscow Region
       Verkhniy Vaganskiy Tupik, 4

   (c) Representative of Insolvency Manager
       109316, Russia, Moscow Region
       Post User Box 97
       Tel: 8-800-200-08-05/77-24-29/589-40-88/514-74-78

The Arbitration Court of Moscow commenced bankruptcy proceedings
against ACB National Capital after finding the close joint stock
company insolvent.  The case is docketed as A40-79479/05-71-
260B.


AGRO-PROM-DOR-STROY BAVLINSKIY: Proof of Claims Due April 4
-----------------------------------------------------------
Creditors of Agro-Prom-Dor-Stroy Bavlinskiy have until April 4,
to submit their proofs of claim against the Company to:

         L. Khajdarov
         Insolvency Manager
         Bavly, Post User Box 166
         423930, Russia, Tatarstan Republic

The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Agro-Prom-Dor-Stroy Bavlinskiy after finding
the open joint stock company insolvent.  The case is docketed as
A65-10212/2005-SG4-26.


EFREMOVSKOYE-AGRICULTURAL: Claims Registration Ends April 4
-----------------------------------------------------------
Creditors of Efremovskoye-Agricultural (TIN 7113001216) have
until April 4, to submit their proofs of claim to:

         L. Shvets
         Insolvency Manager
         301840, Russia, Tula Region
         Efremovskiy Region, Chernyatino

The Arbitration Court of Tula Region commenced bankruptcy
proceedings against Efremovskoye-Agricultural (TIN 7113001216)
after finding the close joint stock company insolvent.  The case
is docketed as A68-25/B-05.


FACTORY OF SILICATE: Saratov Court Opens Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on open joint stock company the Factory of
Silicate Brick.  The case is docketed as A57-539B/05-12.  Mr. Y.
Petrov has been appointed temporary insolvency manager.

CONTACT:  Factory of Silicate Brick
          Novoastrakhanskoye Shosse, 1
          410008, Russia, Saratov Region

          Y. Petrov
          Temporary Insolvency Manager
          Novoastrakhanskoye Shosse, 1
          Saratov Region
          410008, Russia

          Arbitration Court of Saratov Region
          410002, Russia, Saratov Region,
          Babushkin Vvoz Str. 1


INTER-JEWELER: Claims Filing Period Ends April 4
------------------------------------------------
Creditors of Inter-Jeweler (TIN 7723003454) have until April 4,
to submit their proofs of claim to:

         Sh. Fazailov
         Insolvency Manager
         Shabolovka Str. 26, Building 4
         119049, Russia, Moscow Region
         Tel: 785-69-65

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against Inter-Jeweler (TIN 7723003454) after finding
the close joint stock company insolvent.  The case is docketed
as A40-71694/05-73-192B.

Mr. Sh. Fazailov has been appointed insolvency manager.


KISELEVSKIY BREAD: Claims Filing Period Ends April 4
----------------------------------------------------
Creditors of Kiselevskiy Bread Combine have until April 4, to
submit their proofs of claim to:

   (a) Kiselevskiy Bread Combine
       652718, Russia, Kiselevsk Region,
       50 Let Oktyavrya, 2-a

   (b) T. Ivanova
       Insolvency Manager
       Okhotskaya Str. 10
       Kiselevsk
       625718, Russia
       Tel./Fax: (8-38464) 7-65-28

The Arbitration Court of Kemerovo Region commenced bankruptcy
proceedings against Kiselevskiy Bread Combine after finding the
limited liability company insolvent.  The case is docketed as
A27-7895/2005-4.

Ms. T. Ivanova has been appointed insolvency manager.


KRASNOYARSKOYE GLASS: Claims Filing Period Ends April 4
-------------------------------------------------------
Creditors of Krasnoyarskoye Glass have until April 4, to submit
their proofs of claim to:

   (a) Krasnoyarskoye Glass
       Pamyati 13 Bortsov, Sovetskaya Str. 2A
       Emelyanovskiy Region
       Krasnoyarsk Region
       663013, Russia

   (b) S. Tostikhin
       Insolvency Manager
       Krasnoyarsk Region
       Post User Box 13818
       660061, Russia

The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
proceedings against Krasnoyarskoye Glass after finding the
limited liability company insolvent.  The case is docketed as
A33-17174/2005.

Mr. S. Tostikhin has been appointed insolvency manager.


MODOVSKIY LIGHT: Moscow Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Modovskiy Light after finding the close joint stock
company insolvent.  The case is docketed as A40-67315/05-86-
162B.  Mr. A. Amelyakin has been appointed insolvency manager.  

Creditors may submit their proofs of claim to:

   (a) Modovskiy Light
       Fortunatovskaya Str. 31/35
       105187 Moscow
  
   (b) A. Amelyakin
       Insolvency Manager
       Post User Box 103
       119415 Moscow


ROSBANK OJSC: S&P Raises Ratings to B with Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and certificate of deposit ratings on
Russia-based Rosbank OJSC to 'B' from 'B-' and its Russia
national scale rating to 'ruA-' from 'ruBBB-'.  At the same
time, the short-term 'C' rating was affirmed.  The outlook on
the bank is stable.

"The rating upgrade reflects Rosbank's improved capitalization
following the recent Tier 1 capital increase; completed legal
and organizational integration of the OVK banking group; and
expectations of higher sustained core profitability in the
medium term," said Standard & Poor's credit analyst Irina
Penkina.

The ratings remain constrained by Rosbank's sizable
concentration in loans and funding, low operating efficiency,
challenges in managing an extensive distribution network,
untested quality of the fast-growing retail portfolio, and
Russia's high operating risks.

With total assets of Russian ruble (RUR) 160 billion at June 30,
2005, Rosbank is a large private sector Russian bank owned and
controlled by Interros--Russia's largest nonenergy Financial
Industrial Group, whose largest asset is OJSC MMC Norilsk Nickel
(BB+/Stable/--). In 2005, Rosbank completed the consolidation of
its sister banking group, OVK, thereby adding retail operations
to its traditional large corporate focus.

The stable outlook reflects Standard & Poor's expectations that,
in the beneficial macroeconomic environment, Rosbank will be
able to reach a sustainable improvement in its core
profitability due to a double effect of higher margin from
retail lending, and cost-cutting initiatives.  "If the bank
demonstrates its ability to withstand the competitive pressure
on recurrent profitability better and maintains good asset
quality, this could lead to an upgrade," said Ms. Penkina.  "The
ratings could be lowered if the bank is unable to control the
quality of its lending, which is growing quickly in the current
favorable economic environment; to reap satisfactory financial
benefits from its enlarged distribution base and infrastructure
following the OVK integration; and if there is a discontinuation
of financial support from the Interros group to support the
bank's rapid growth in a financial or economic stress scenario,"
she added.


SIBERIAN GARDENER: Bankruptcy Hearing Set May 15
------------------------------------------------
The Arbitration Court of Irkutsk Region will convene on May 15,
to hear the bankruptcy supervision on open joint stock company
Siberian Gardener.  The case is docketed as A19-41890/05-49.

The Debtor can be reached at:

        Siberian Gardener
        Cheremkhovskiy Region, Malinovka, Sadovaya Str.
        Russia, Irkutsk Region

Mr. O. Fominykh has been appointed temporary insolvency manager
and can be reached at:

        664081, Russia, Irkutsk Region,
        Post User Box 142


YUGO-KAMSKIY: Proofs of Claim Deadline Set for April 11
-------------------------------------------------------
Creditors of Yugo-Kamskiy have until April 11, to submit their
proofs of claim to:

   (a) Yugo-Kamskiy
       Yugo-Kamskiy, Kirova Str. 1
       Perm Region
       614526, Russia

   (b) I. Bondar
       Insolvency Manager
       Truda Str. 23
       Kirov Region
       610020, Russia

The Arbitration Court of Perm Region commenced bankruptcy
proceedings against Yugo-Kamskiy after finding the engineering
plant of oil field equipment company insolvent.  The case is
docketed as A50-18347/2005-B.

Mr. I. Bondar has been appointed insolvency manager.


* Chadbourne & Parke LLP Names Two New Attorneys to Counsel
-----------------------------------------------------------
The international law firm of Chadbourne & Parke LLP named two
attorneys to the position of counsel, effective March 1.  The
new counsel are Gretchen Werwaiss, resident in New York, and
Evgenia M. Korotkova, resident in Moscow.

"Gretchen and Evgenia are outstanding attorneys who represent
the direction in which Chadbourne is moving," said Charles K.
O'Neill, Managing Partner.  "The Management Committee is proud
to name them as counsel, and look forward to their continued
valuable contributions to the Firm."

Gretchen Werwaiss, New York Office, Litigation

Ms. Werwaiss, 35, is well versed in both general commercial
litigation and product liability defense.  Ms. Werwaiss has
extensive experience defending companies involved in class
actions.  She continues ongoing work as national counsel for a
pharmaceutical manufacturer involved in over 1,300 product
liability cases, involving different products, pending in state
and federal courts across the country.  She also has significant
experience in general commercial litigation, having been
involved in such matters as the defense of multiple related
federal securities actions.  Ms. Werwaiss earned a B.A. from
Georgetown University and a J.D., cum laude, from Georgetown
University Law Center.

Evgenia M. Korotkova, Moscow Office, Russia & CIS

Ms. Korotkova, 37, concentrates on general corporate matters,
real estate, securities, currency regulation, licensing,
banking, taxation, anti-monopoly and labor issues.  Ms.
Korotkova advises clients in the manufacturing, energy and
telecommunications sectors. She participates in negotiations,
and reviews and drafts documents in connection with various
corporate transactions, including mergers and acquisitions.  She
has conducted numerous due diligence reviews of Russian
companies in a variety of sectors, including telecommunications,
oil and gas, consumer products and pharmaceuticals.  Ms.
Korotkova has advised clients on a wide range of issues
connected with the establishment and operation of enterprises
with foreign investment.

Ms. Korotkova earned her Law Diploma from Moscow State
University in 1993.

                  About Chadbourne & Parke LLP

Headquartered in New York City, New York, Chadbourne & Parke LLP
-- http://www.chadbourne.com/-- provides a full range of legal  
services, including mergers and acquisitions, securities,
project finance, private equity, corporate finance, energy,
communications and technology, commercial and products liability
litigation, securities litigation and regulatory enforcement,
special investigations and litigation, intellectual property,
antitrust, domestic and international tax, insurance and
reinsurance, environmental, real estate, bankruptcy and
financial restructuring, employment law and ERISA, trusts and
estates and government contract matters.  Major geographical
areas of concentration include Central and Eastern Europe,
Russia and the CIS, and Latin America.  The Firm has offices in
New York, Washington, D.C., Los Angeles, Houston, Moscow, St.
Petersburg, Kyiv, Almaty, Warsaw (through a Polish partnership),
Beijing, and a multinational partnership, Chadbourne & Parke, in
London.


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


BANKINTER 12: Fitch Junks Rating on EUR11.3 Million Notes
---------------------------------------------------------
Fitch Ratings gave final ratings to Bankinter 12 Fondo de
Titulizacion Hipotecaria's notes totaling EUR1.2 billion due in
December 2043 as follows:

  a) EUR50 million Series A1: AAA;
  b) EUR1.102 billion Series A2: AAA;
  c) EUR13.1 million Series B: A+;
  d) EUR11.9 million Series C: A-;
  e) EUR11.3 million Series D: BBB-; and
  f) EUR11.3 million Series E: CCC.

The ratings on the Class A to D notes are based on the quality
of the underlying collateral, the underwriting and servicing
capabilities of Bankinter, available credit enhancement and the
sound legal and financial structure of the transaction.  

CE for all Classes of notes is provided by the subordination of
the Classes junior to them and the reserve fund, with the
exception of the Class E notes, which are solely collateralized
by the reserve fund.

This transaction is a cash flow securitization of a EUR1.19
million static pool of first ranking residential mortgage loans
granted by Bankinter.

Bankinter is Spain's 10th largest banking group by assets.  It
is one of the most active players in the Spanish RMBS arena;
bringing to the market so far a total of 12 RMBS transactions.
It has also issued a securitization of SME loans.  

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to convert the
mortgage participations acquired from the seller into
residential mortgage-backed securities.  Europea de Titulizacion
S.A. S.G.F.T., on behalf of the fund, has subscribed the
participations.

The rating on the Class E notes is supported by the recovery
rate that noteholders are expected to receive during the life of
the transaction, which has been calculated on the basis of
principal and accrued interest amounts as a proportion of the
original Class E notes balance.

The Class A1 notes are expected to amortize on the payment date
falling on 15 June 2007.  However, if funds are not sufficient
to pay off the notes on the scheduled payment date, amortization
will continue on each payment date until they have fully
amortized.

IM CAJAMAR: Fitch Puts BB- Rating on EUR15.6 Million Notes
----------------------------------------------------------
Fitch Ratings placed final ratings to IM Cajamar 3 Fondo de
Titulizacion de Activos' notes totaling EUR1.22 billion due in
September 2048 as follows:

  a) EUR1.155 billion Series A: AAA;
  b) EUR28.8 million Series B: A+;
  c) EUR6 million Series C: A-;
  d) EUR10.2 million Series D: BBB-; and
  e) EUR15.6 million Series E: BB-.

This transaction is a cash flow securitization of a EUR1.2
billion static pool of first ranking residential mortgage loans
granted by Caja Rural Intermediterranea S.C.C.

The ratings of the notes are based on the quality of the
underlying collateral, the underwriting and servicing
capabilities of Cajamar, available credit enhancement and the
sound legal and financial structure of the transaction.  

CE for all Classes of notes is provided by the subordination of
the Classes junior to them and the reserve fund, with the
exception of the Class E notes, which are solely collateralized
by the excess spread.

The ratings address payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger on the class B, C, D and E notes, as well as
the repayment of principal by legal final maturity in September
2048.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to convert the
mortgage participations and mortgage transfer certificates
acquired from the seller into residential mortgage-backed
securities.  

InterMoney Titulizacion S.G.F.T., S.A., whose activities are
limited to the management of securitisation funds, has
subscribed the participations and certificates.


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


AZOV-SICH: Zaporizhya Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Trade House Azov-Sich (code EDRPOU
33123058) on Jan. 16, 2006, after finding the company insolvent.  
The case is docketed as 25/3.  

Mr. A. Petrenko has been appointed liquidator/insolvency
manager.

CONTACT:  Azov-Sich
          Gryaznov Str. 51/10
          Ukraine, Zaporizhya Region

          Mr. A. Petrenko
          Liquidator/Insolvency Manager
          Yuvilejnij Avenue 18/77
          Ukraine, Zaporizhya Region

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


DNIPROLIZING: Dnipropetrovsk Court Begins Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Oleksij
Gula temporary insolvency manager of LLC Dniprolizing (code
EDRPOU 31780796).

The Court commenced bankruptcy supervision procedure on the
company on Dec. 5, 2005. The case is docketed as B 29/248/05.

CONTACT:  Dniprolizing
          Novomoskovsk District
          Golubivka, Kravchenko 27/1
          51230, Ukraine, Dnipropetrovsk Region

          Mr. Oleksij Gula
          Temporary Insolvency Manager
          Novomoskovsk, Radyanska Str. 43/134
          51200, Ukraine, Dnipropetrovsk Region
          Tel: (0562) 35-24-59

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


FORUM-INVEST: Dnipropetrovsk Court Opens Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on Private Enterprise Forum-Invest (code
EDRPOU 31419003) on Jan. 26, 2005.  The case is docketed as
B 15/2/06.

Ms. Nataliya Chesnova has been appointed temporary insolvency
manager.

CONTACT:  Forum-Invest
          Dniprodzerzhinsk, Kashtaniv Str. 3/18
          51900, Ukraine, Dnipropetrovsk Region

          Ms. Nataliya Chesnova
          Temporary Insolvency Manager
          Kirov Avenue 28-a, Office 210
          49101, Ukraine, Dnipropetrovsk Region
          Tel: 36-10-75

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


IMAGE SERVICE: Dnipropetrovsk Court Begins Bankruptcy Process
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on Private Enterprise Image Service (code
EDRPOU 32186578) on Dec. 29, 2005.  The case is docketed as B
24/311/05.

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

CONTACT:  Image Service
          Kalinov Str. 71/17
          49087, Ukraine, Dnipropetrovsk Region

          Mr. Morozov I., Temporary Insolvency Manager
          49000, Ukraine, Dnipropetrovsk Region, a/b 2434
          Tel: (056) 770-27-40, 370-74-70

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


OPTTORG: Zaporizhya Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Opttorg (code EDRPOU 33273137) on
Jan. 16, after finding the company insolvent.  The case is
docketed as 25/4.  

Mr. A. Petrenko has been appointed liquidator/insolvency
manager.

CONTACT:  Opttorg
          Lenin Avenue 154-B/17
          69005, Ukraine, Zaporizhya Region

          Mr. A. Petrenko
          Liquidator/Insolvency Manager
          Yuvilejnij Avenue 18/77
          Ukraine, Zaporizhya Region

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


PROMGIDROKOMPLEKT: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Promgidrokomplekt (code EDRPOU 32456088)
on Jan. 18, 2006, after finding the company insolvent.  The case
is docketed as 24/8-b.

Mr. O. Buravtsov has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Promgidrokomplekt
          Kotovskij Str. 7
          Ukraine, Kyiv Region
          Mr. O. Buravtsov
          Liquidator/Insolvency Manager
          Ukraine, Kyiv Region, Kotovskij Str. 11

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


SINTA: Lugansk Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
proceedings against LLC Sinta (code EDRPOU 31380914) after
finding the company insolvent.  The case is docketed as 22/5 b.

Mr. Sergij Molchanov has been appointed Liquidator/Insolvency
Manager.

CONTACT:  LLC Sinta
          Lisichansk, Leninskij Komsomol Quarter 7/35
          93100, Ukraine, Lugansk Region

          Mr. Sergij Molchanov
          Liquidator/Insolvency Manager
          Severodonetsk, Lenin Str. 30/20
          93404, Ukraine, Lugansk Region

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


SHORS' MILK: Court Names O. Barbarov as Insolvency Manager
----------------------------------------------------------
The Economic Court of Chernigiv Region appointed Oleksandr
Barbarov as temporary insolvency manager for Shors' Milk
Processing Plant (code EDRPOU 31431429).

The Court commenced bankruptcy supervision procedure on the
Company on Jan. 19.  The case is docketed as 4/328 b/115.

CONTACT:  Shors' Milk Processing Plant
          Shors, Kalinin Str. 62
          15200, Ukraine, Chernigiv Region

          Mr. Oleksandr Barbarov
          Temporary Insolvency Manager
          Gorkij Str. 90/22
          14000, Ukraine, Chernigiv Region

          Economic Court of Chernigiv Region
          Miru Avenue 20
          14000, Ukraine, Chernigiv Region


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


BALMER LINDLEY: Deutsche Bank AG Appoints PwC as Receiver
---------------------------------------------------------
Deutsche Bank AG appointed Roger Marsh and Ian David Green of
PricewaterhouseCoopers LLP as joint administrative receivers of
Balmer Lindley Group Limited (Company Number 03210255) on
March 6.

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

Balmer Lindley Group Limited -- http://www.balmer-group.co.uk/
-- manufactures fabricated metal parts.


BAXI HOLDINGS: S&P Places BB- Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating on U.K.-based heating-products manufacturer Baxi
Holdings Ltd. on CreditWatch with negative implications,
reflecting its concerns that the company's near-term credit
metrics could be negatively affected by the challenges being
faced in its key U.K. market.

"The U.K. market shift from standard-efficiency to high-
efficiency boilers introduces specific competitive challenges,
particularly as we believe Baxi's natural strength and market
dominance results principally from its position manufacturing
standard-efficiency boilers," said Standard & Poor's credit
analyst Jarrad Oberhardt.  "As such, these market changes
present a risk that Baxi's major competitors in the U.K.,
particularly those with existing strengths in manufacturing
high-efficiency boilers on the continent, will gain an
opportunity to challenge Baxi's leading U.K. position."

In addition, S&P expects that demand within the company's key
U.K. market to have softened during 2005, potentially placing
pressure on earnings and cash generation.  Following Baxi's re-
leveraging in June 2005 to support the acquisition of the
heating business of Spain-based Corporacion Empresarial Roca
S.A., S&P's minimum expectation for the rating was that Baxi's
historically strong margin and cash flow performance would be
maintained.

"Given the challenges we see, there is a real chance that the
company's performance could fall short of our expectations for a
lengthy period," added Mr. Oberhardt.

Resolution of the CreditWatch will take place following a
detailed review of Baxi's 2005 performance and the company's
medium-term prospects.  This is likely to occur within the next
six weeks.  The review could lead to a lowering of all ratings.  
Should this be the case, the extent of a downgrade is likely to
be limited to one notch.


BREW-ENG CONSULTANCY: Appoints Administrator from Kay Johnson
-------------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
administrator of Brew-Eng Consultancy Limited (Company Number
02055851) on March 8.

The administrator can be reached at:

         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Salford, Manchester
         Greater Manchester M3 5EQ
         Tel: 0161 832 6221
         Fax: 0161 834 8479  
         E-mail: traceyshanley@kayjohnsongee.com

Brew-Eng Consultancy Limited can be reached at:

         SDH Industrial Estate, Unit 7
         Asquith Bottom
         West Street, Sowerby Bridge
         HX6 3BT
         West Yorkshire
         Web: http://www.brew-eng.com/


BRITISH AIRWAYS: UK Sales Restructuring to Cut 300 Jobs
-------------------------------------------------------
British Airways PLC is to restructure parts of its UK direct
sales operations in response to changing customer behavior and
increased sales on its http://www.ba.com/Web site.

The restructuring plans will see the proposed closure by August
2006 of British Airways' Travel Shops business as well as the
airline's Belfast based customer call center.

The proposed changes will affect around 300 staff who work in
the 17 high street travel shops, corporate travel agency
Worldlink based at Heathrow and its back office support areas.  
A further 100 staff currently work in the Belfast call center.

The airline will consult with its trade unions about the
proposed closures.

"It is clear that increasing number of our customers want to
book and organize their travel plans with British Airways via
the Internet," Martin George, British Airways' commercial
director, said.  "This is a travel industry wide trend and we
have to ensure that our business reflects this.

"Our UK call centers have seen the number of telephone calls
fall by more than 60 per cent since 2001 from 15 million to six
million calls today and we have reduced our headcount in this
area of the business by similar amounts from 2200 to 800 people.
Despite closing our call centers in Glasgow and London in 2004
we still have too much property for the size of our operation.

"It is with regret that we propose to close Belfast and make
more efficient use of our centers in Manchester and Newcastle.
This is not about moving telephone calls abroad and customers in
the UK will still speak to people based in our remaining UK call
centers.

"Our high street travel shop business is forecast to make ever
increasing losses in the years ahead despite continued efforts
to reduce costs and improve revenue.  We are therefore also
proposing to close all 17 shops by the end of August.

"The announcement is not an easy one and not one which we have
taken lightly.  This decision is not a reflection on the
professionalism and efforts of our staff in these areas.  It is
about ensuring that we respond to changes in the marketplace.

"In the months ahead we will consult fully with the Trade Unions
and staff representatives.  We will offer all the support we can
to affected staff either to find other jobs within British
Airways or with other employers."

                      About the Company

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

                        *     *     *

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


BRITISH AIRWAYS: Trustee Sells 36,017 Units in Share Scheme
-----------------------------------------------------------
Computershare Trustee (CI) Limited, the trustee of the British
Airways Employee Benefits Trustees (Jersey) Limited notified
British Airways PLC that the Trust sold on March 15, 15,576
ordinary shares of 25 pence each at a price of 333 pence per
share and 20,441 ordinary shares of 25 pence each at a price of
336.75 pence per share.

The executive directors of the Company, as well as other
employees of the Company, are potential beneficiaries of the
Trust.  As such, they are deemed to be interested in the shares
held by the Trust.  Accordingly, the number of shares in which
the directors are interested decreased by 36,017 on the date of
sale.

The relevant executive directors are Willie Walsh, Martin George
and Keith Williams.

                      About the Company

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

                        *     *     *

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


CABLE & WIRELESS: Employee Share Trustees Sell 26,233 Shares
------------------------------------------------------------
Cable and Wireless PLC advises that the Trustees of Cable and
Wireless plc Employee Share Ownership Trust disposed of 26,233
Ordinary Shares on March 13, at a price of GBP1.08 per share.

Following the disposal, 51,208,192 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.


CORUS GROUP: S&P Places Low-B Ratings on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on U.K.-based steel consortium Corus
Group PLC on CreditWatch with positive implications following
March 16, announcement concerning the intended disposal of the
aluminum division, coupled with good financial performance in
2005.

At the same time, Standard & Poor's placed its 'BB' senior
secured bank loan ratings on Corus and its 'B+' senior unsecured
debt ratings on Corus and Corus Finance PLC on CreditWatch with
positive implications.  The 'B' short-term corporate credit
rating on Corus was also placed on CreditWatch with positive
implications.

"The CreditWatch placement reflects our expectation that the
company's financial profile, which strengthened in 2005 due to
positive market conditions and a prudent financial policy, will
benefit further from the proceeds of this disposal," said
Standard & Poor's credit analyst Tatiana Kordyukova.

Financial flexibility will be significantly enhanced, even if
Corus decides to use some of the disposal proceeds to
participate in industry consolidation.  The group generated free
operating cash flow of GBP273 million in 2005, which helped to
reduce net debt to GBP821 million at year-end, unadjusted for
leases and pensions.

In resolving the CreditWatch placement, Standard & Poor's will
seek to assess Corus' progress in and prospects for reducing the
competitive gap with its European and worldwide peers.  Standard
& Poor's will also wait to see whether Corus is successful in
disposing its aluminum unit, and will assess the ways in which
the proceeds will be used.

"The ratings could be raised by one notch if Standard & Poor's
is satisfied that Corus could sustain a higher rating even if
the steel market enters into a downturn in the future," Ms.
Kordyukova added.

A two-notch upgrade seems less likely at this stage, and would
be achievable only if Corus' weak business risk profile could be
compensated in a sustainable fashion by a much stronger
financial profile.  Standard & Poor's will seek to resolve the
CreditWatch within 90 days.


COTTERGRADE LIMITED: Deutsche Taps PwC as Admin. Receiver
---------------------------------------------------------
Deutsche Bank AG appointed Roger Marsh and Ian David Green of
PricewaterhouseCoopers LLP joint administrative receivers of
Cottergrade Limited (Company Number 01185368) on March 6.

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

Cottergrade Limited manufactures metal structures and parts.


FLOORING TECHNOLOGIES: Simon Thornton Named to Administer Assets
----------------------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed
administrator of Flooring Technologies Ltd (Company Number
03702117) on March 6.  

The administrator can be reached at:

        Houghton Stone Business Recovery
        The Conifers, Filton Road,
        Hambrook, Bristol BS16 1QG
        Tel: 0117 957 9009

Headquartered in Gorseinon in South Wales, Flooring Technologies
Ltd has developed a new industrial process that permits the
reprocessing of waste rubber dust that is presently disposed of
in landfill sites.  The company developed the process in
considering applications for the flooring industry.


FUSION FIRE: Members Resolve to Liquidate Company's Assets
----------------------------------------------------------
Members of Fusion Fire Facilities Ltd decided to liquidate the
company's assets during an extraordinary general meeting on
Feb. 13.

Subsequently, they appointed Alan Simon, of Langley & Partners,
to administer the winding up proceedings.

Fusion Fire Facilities Ltd can be contacted at:

         Link House
         553 High Road
         Wembley Middlesex
         HA0 2DW
         Tel: 01784 491 154


GENERAL MOTORS: Receives $12.5 Billion Bid for GMAC Stake
---------------------------------------------------------
Kohlberg Kravis Roberts & Co. has offered to purchase a majority
stake in General Motors Acceptance Corp. for $12.5 billion, the
Wall Street Journal Reports.  Wachovia Corp., Merrill Lynch,
General Electric Co., and the Bank of Nova Scotia are backing
KKR's proposal.

KKR's offer tops the reported $11 million deal touted by
Cerberus Capital Management LP and a consortium of investors.  
However, the proposal is non-binding and is tied with certain
conditions that may not be favorable for the automaker.

Heidi Moore, Lisa Gewirtz and Donna Block, at The Deal, say that
KKR is unwilling to take on all future liabilities for cars from
expiring customer leases.  They say that declining values from
these cars would add to GM's losses in case of a bankruptcy
filing -- a risk that GM does not want to carry.

Because of the non-binding nature of the bid, reports have
hinted that KKR's bid may just be a ploy to heat up negotiations
for GMAC's shares.  Quoting an unnamed source, the Deal reported
that the KKR bid is unlikely to pose a threat to Cerberus.

General Motors plans to sell part of GMAC to raise its credit
rating and obtain access to cheaper financing.  The GMAC sale is
also part of a larger restructuring program aimed at disposing
of the automaker's non-core assets.

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the  
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM today employs about
317,000 people around the world.  It has manufacturing
operations in 32 countries and its vehicles are sold in 200
countries.

As reported in the Troubled Company Reporter on March 3, 2006,
Fitch Ratings downgraded GM's Issuer Default Rating to 'B' from
'B+'.  Fitch has also assigned an 'RR4' Recovery Rating to GM's
senior unsecured debt, indicating average recovery prospects
(30-50%) for this class of creditors in the event of a
bankruptcy filing.  GMAC's 'BB' rating remains on Rating Watch
Evolving by Fitch pending further developments in GM's intent to
sell a controlling interest in GMAC.

As reported in the Troubled Company Reporter on Feb. 22, Moody's
Investors Service lowered the Corporate Family Rating and senior
unsecured rating of General Motors Corporation to B2 with a
Negative Outlook from B1 subject to Review for a
Downgrade.


GENERAL MOTORS: GMAC Accounting Errors Delay Form 10-K Filing   
-------------------------------------------------------------
General Motors Corp. (NYSE: GM) disclosed it will delay filing
its 2005 Annual Report on Form 10-K with the Securities and
Exchange Commission due to an accounting issue regarding the
classification of cash flows at ResCap, the residential mortgage
subsidiary of General Motors Acceptance Corp.

The ResCap accounting issue relates to the erroneous
classification of cash flows from certain mortgage loan
transactions as cash flows from operations instead of cash flows
from investing activities.  

Although the company has not completed its review of this
matter, the issue will not impact either net income or the
balance sheet presentation but is expected to impact the
presentation of cash flows from operating and investing
activities.  This issue may impact the statements of cash flows
for 2005 and prior periods at ResCap, GMAC and GM, and the
impact may be material in some or all of the affected periods.

With the exception of the ResCap accounting issue, the Company
is otherwise prepared to file its 2005 Form 10-K and intends to
do so as soon as practicable and within the next two weeks.  At
that time, GM also intends to report restated results for the
years ended Dec. 31, 2000 to Dec. 31, 2004 on Form 10-K/A.  

                  Financial Restatements

When GM files its 10-K, it will provide final financial results
for 2005 that differ from the preliminary results reported in
January principally due to adjustments for three charges.  These
charges will increase GM's reported loss in 2005 to a total of
$10.6 billion, or $18.69 per share, including special items.  
This compares to the previously reported loss of $8.6 billion.

The final 2005 results will include:

   -- an increase in the previously announced North American
      restructuring charge;

   -- an increase to the contingent liabilities associated with  
      Delphi Corp.'s Chapter 11 filing; and

   -- recognition at the GM level of the previously reported
      non-cash goodwill impairment charge of $439 million (after
      tax) at GMAC.

          North American Restructuring Charge Revision

GM expects to change the amount of its 2005 North American
restructuring charge to $1.7 billion (after tax) from the
previously reported charge of $1.3 billion (after tax) to
reflect an increase in the provision for employee costs at
facilities where GM plans to cease production.  

The previously reported charge included cash payments that would
be made to affected employees during the current labor
agreement, attributable to the JOBS bank provisions of that
agreement.

However, after further review, GM has determined to also include
in the revised charge management's best estimate of the costs it
expects to pay during periods after the current labor contract
expires in September 2007.  

In this regard, GM is currently in discussions with the United
Auto Workers union on an accelerated attrition program for
active employees, by which GM would be able to reduce the number
of employees in the JOBS bank in a cost effective manner.   GM
currently believes that any agreement on an attrition program
would not likely change the amount of this charge.

            Delphi Charge, GMAC Impairment Revision

GM also expects to increase the charge for GM's contingent
exposure relating to Delphi's Chapter 11 filing, including
benefit guarantees between GM and certain unions, to $3.6
billion ($5.5 billion before tax) from the previous estimate of
$2.3 billion ($3.6 billion before tax).  

GM's current estimate of the pre-tax range of this contingent
exposure is now between $5.5 billion and $12 billion, with
amounts near the low end of the range considered more possible
than amounts near the high end of the range, assuming an
agreement is reached among GM, Delphi and Delphi's unions.  This
is consistent with the company's previously issued guidance on
the range of the contingent exposure to GM and it reflects
developments in the discussions with Delphi and the UAW on a
comprehensive agreement.  The revised Delphi charge is based on
the facts and circumstances as they exist today.  

Any new development in the Delphi discussions prior to GM's
filing of the 2005 10-K could result in a further update to
these estimates.

In addition, GM intends to recognize non-cash goodwill
impairment charges of $439 million (after-tax) in the fourth
quarter of 2005.  These charges relate primarily to GMAC's
Commercial Finance operating segment.  Previously, GM reported
but did not recognize these goodwill charges in its 2005
consolidated financial statements because the goodwill was
deemed recoverable by GM at the GMAC reporting unit level.   
However, after further internal review of applicable accounting
standards, and in consultation with the company's outside
auditors, GM has determined that it should recognize the
previously disclosed GMAC impairment in GM's consolidated
results for 2005.

                     About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the  
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM today employs about
317,000 people around the world.  It has manufacturing
operations in 32 countries and its vehicles are sold in 200
countries.

As reported in the Troubled Company Reporter on March 3, 2006,
Fitch Ratings downgraded GM's Issuer Default Rating to 'B' from
'B+'.  Fitch has also assigned an 'RR4' Recovery Rating to GM's
senior unsecured debt, indicating average recovery prospects
(30-50%) for this class of creditors in the event of a
bankruptcy filing.  GMAC's 'BB' rating remains on Rating Watch
Evolving by Fitch pending further developments in GM's intent to
sell a controlling interest in GMAC.

As reported in the Troubled Company Reporter on Feb. 22, 2006,
Moody's Investors Service lowered the Corporate Family Rating
and senior unsecured rating of General Motors Corporation to
B2 with a Negative Outlook from B1 subject to Review for a
Downgrade.


GEORGE CARPENTER: Claims Registration Ends March 30
---------------------------------------------------
Members of George Carpenter Paints & Wallpapers Limited resolved
to liquidate the company's assets during an extraordinary
general meeting on Feb. 16.

Appointed Liquidator, Timothy Calverley, required creditors to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors on or before, March 30.

The Debtor can be reached at:

         George Carpenter (North East) Paints
         & Wallpapers Limited         
         Leadenhall Street
         Darlington County Durham
         DL1 1RD
         Tel: 01325 484 040
         Fax: 01325 488 090


HIGHBURY ENTERTAINMENT: Creditors' Meeting Set for March 27
-----------------------------------------------------------
Creditor of Highbury Entertainment Limited, Highbury House
Communications Plc and Highbury Lifestyle Limited will meet at
10:30 a.m., March 27 at:

        Thistle Charing Cross,
        Strand, London WC2N 5HX

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims by 12 p.m., March 24, to:

        M. E. Mills
        Joint Administrative Receiver
        Ernst & Young
        1 More London Place,
        London SE1 2AF

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.


HIGHBURY NEXUS: Creditors' Meeting Set for March 27
---------------------------------------------------
Creditors of Highbury Nexus Special Interests Limited (Company
Number 2246954) will meet at 10:30 a.m., on March 27, at:

        Thistle Charing Cross
        The Strand, London WC2N 5HX

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on March 24 to:

        M. E. Mills
        Joint Administrator
        Ernst & Young LLP
        1 More London Place,
        London SE1 2AF

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.


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

Creditors ratified the appointment of Ian William Kings of Tenon
Recovery, as Liquidator.

J Ingram (Newcastle) Limited can be reached at:

         55A Bridge Street
         Blaydon-On-Tyne Tyne And Wear
         NE214JQ
         Tel: 0191 414 5949
         Fax: 0191 414 5949


JOEY LOONS: Appoints Administrator from Mazars
----------------------------------------------
Roderick John Weston of Mazars LLP was appointed administrator
of Joey Loons Limited (Company Number 02933460) on March 1.  

Mazars -- http://www.mazars.com/-- is an international,  
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Headquartered in Portsmouth, Hampshire, Joey Loons Limited
retails clothing and apparel.  


KEEP SAFE: Mounting Debts Trigger Liquidation Proceedings
---------------------------------------------------------
Keep Safe Security Limited is liquidating its assets after
members found out that the company could not continue its
operations due to mounting debts.

Susan Purnell and Leigh-Jane Holmes, both of Purnells, were
appointed Joint Liquidators.

Keep Safe Security (Wales) Limited can be contacted at:

         36 Southdown View
         Port Talbot, West Glamorgan
         SA127AE
         Tel: 01639 681 436


KINGSLEY NEVILLE: Appoints Peter Nottingham as Liquidator
---------------------------------------------------------
Peter Nottingham, of Nottingham Watson Ltd, was appointed
Liquidator after members of Kingsley Neville Limited passed a
resolution to wind up the company on Feb. 15.

Chairman C. Mason disclosed the company could not continue its
business due to financial liabilities.

Kingsley Neville Limited can be reached at:

         Portland House
         29 Portland Street
         Leamington Spa Warwickshire
         CV325EY
         Tel: 01926 888 091
         Fax: 01926 888 093


KLEINDAHL PARTNERS: Members Pass Winding Up Resolution
------------------------------------------------------
Members of Kleindahl Partners Limited passed a resolution to
wind up the company during an extraordinary general meeting on
Feb. 15.

They authorized Ian Donald Williams and Laurence Pagden, of
Benedict Mackenzie LLP, to jointly administer the winding up
proceedings.

         Kleindahl Partners Limited
         17 Emerald Street
         London
         WC1N3QL
         Tel: 020 7404 1725
         Web: http://www.kleindahl.com/


LEEDS SCHOOL: Hires Joint Liquidators from KPMG LLP
---------------------------------------------------
Howard Smith and Richard Dixon Fleming, of KPMG LLP, were
appointed Joint Liquidators of Leeds School of Motorcycling Ltd
after members resolved to liquidate the company's assets on
Feb. 13.

Director D. E. Pickering claimed that the voluntary liquidation
came as a result of the Debtor's inability to continue its
operations due to its liabilities.

Leeds School of Motorcycling Ltd can be contacted at:

         21-27 St. Pauls Street
         Leeds
         LS1 2ER
         Tel: 0113 244 8700


LITE LTD: Members Pass Winding Up Resolution
--------------------------------------------
Members of LITE Ltd passed a resolution to wind up the company
during an extraordinary general meeting on Feb. 10.

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

Salman Saud, of Saud & Company, was appointed Liquidator.

The Debtor can be contacted at:

         LITE (London Institute Of Technology & English) Ltd
         3A Church Street
         St. Helens Merseyside
         WA101BA
         Tel: 01744 424 062
         Fax: 01744 617 174


MAD HAT: Shuts Down Business & Appoints Liquidator
--------------------------------------------------
Mad Hat Music Limited is liquidating its assets after members
passed a resolution to wind up the company's operations on
Feb. 9.

Peter Adrian Finn, of Businesscare Solutions Limited, was voted
Liquidator.

Mad Hat Music Limited can be contacted at:

         The Upper Hattons
         Pendeford Hall Lane
         Coven Wolverhampton West Midlands
         WV9 5BD
         Tel: 01902 840 440
         Fax: 01902 840 448
         Web: http://www.madhat.co.uk/


M I A VIDEO: Appoints Berg Kaprow Lewis Administrator
-----------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of M I A Video
Entertainment Limited (Company Number 03005272) on March 2.  Its
registered office is at Avco House, 6 Albert Road, Barnet,
Hertfordshire EN4 9SH.

The joint administrators can be reached at:

        Berg Kaprow Lewis LLP
        35 Ballards Lane,
        London N3 1XW
        Tel: 020 8922 9222
        Fax: 020 8922 9223
        Enquiry Line: 020 8922 9121


NPF LIMITED: Appoints P&A Partnership to Administer Assets
----------------------------------------------------------
M. T. Coyne and M. D. Hardy of P&A Partnership were appointed
joint administrators of NPF Limited (Company Number 03150189) on
March 2.

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

Npf Ltd manufactures paint ball equipment and can be reached at:

        8-10 Mount St, Metro Triangle
        Nechells
        Birmingham B7 5QT
        West Midlands
        Tel: 0121 326 8880
        Fax: 0121 3269781


PENANG SATAY: Malaysian Restaurant Starts Liquidation Process
-------------------------------------------------------------
Penang Satay House Too Limited is liquidating its assets after
members passed a resolution to wind up the restaurant's
operations on Feb. 15.

Robert Valentine and Mark Reynolds, of Valentine & Co, were
appointed Joint Liquidators.

Penang Satay House Too Limited can be contacted at:

         25 The Broadway
         London
         N8 8DU
         Tel: 020 8347 3421


PME SERVICES: Appoints Administrator from Cowgill Holloway
----------------------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed administrator of PME Services (UK) Limited (Company
Number 03548942) on March 2.  Its registered office is at 15
Willow Court, West Quay Road, Winwick Quay, Warrington, Cheshire
WA2 8UF.

The administrator can be reached at:

        Cowgill Holloway Business Recovery LLP
        Regency House
        45-51 Chorley New Road
        Bolton
        Greater Manchester BL1 4QR
        Tel: 01204 414277
        Fax: 01204 414244
        E-mail: gary.bell@cowgills.co.uk  

P M E Services (U K) Ltd offers electrical services.  Its office
is at 11 Clarendon Court, Winwick Quay, Warrington, Cheshire WA2
8Q.  


RANK GROUP: Repurchases 359,000 Ordinary Shares for Cancellation
----------------------------------------------------------------
The Rank Group Plc purchased on March 16, 359,000 Ordinary
shares of 10 pence in the Company for cancellation at an average
price of 240.99 pence per share.

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

                        *     *     *

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

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

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

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


RENTOKIL INITIAL: Sells Canada Security Unit for GBP30.3 Mln
------------------------------------------------------------
Rentokil Initial plc sold the shares of its Canadian manned
guarding business, Rentokil Initial Canada Limited, to Garda
World Security Corporation, a Canadian security services
organization.  The total consideration is GBP30.3 million
(C$60.8 million).

RICL is a leading provider of manned guarding services with some
4,500 security officers serving major cities in the five central
and western provinces of Canada.  For the financial year to 31
December 2005, it had a turnover of GBP65.4 million (C$131.5
million).

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

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


STONES RESTAURANTS: Appoints Joint Administrators
-------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were appointed joint administrators of Stones
Restaurants Limited (Company Number 03313512) on March 1.

The joint administrators can be reached at:

        Cooper Parry Llp
        The Crescent
        King Street
        Leicester
        Leicestershire LE1 6RX
        Tel: 0116 285 4424

Stones Restaurants Ltd its office is at 29 Milstone Lane,
Leicester, Leicestershire LE1 5JN.  For more details, call 0116
291 001.


TILANA FASHIONS: Meeting of Creditors Set for March 22
------------------------------------------------------
Creditors of Tilana Fashions Limited (Company Number 03397320)
will meet at 2 p.m., on March 22 at:

        UHY Hacker Young
        St Alphage House,
        2 Fore Street,
        London EC2Y 5DH

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on March 21 to:

        Andrew Andronikou
        Peter Kubik
        Joint Administrators
        UHY Hacker Young
        St Alphage House
        2 Fore Street
        London EC2Y 5DH
        Tel: 020 7216 4600
        Fax: 020 7638 2159


TRANSMISSION & LIGHTING: Deutsche Bank Appoints PwC as Receiver
---------------------------------------------------------------
Deutsche Bank AG appointed Roger Marsh and Ian David Green of
PricewaterhouseCoopers LLP joint administrative receivers of
Transmission & Lighting Limited (Company Number 01868837) on
March 6.

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

Transmission & Lighting Ltd, which manufactures metal structures
and parts, can be contacted at:

         Hereford, Herefordshire
         HR4 9UR
         Tel: 01432 265012


TWOLYN HIRE: Meeting of Creditors Set for March 31
--------------------------------------------------
Creditors of Twolyn Hire Centres Limited (Company Number
04372528) will meet at 11 a.m., on March 31 at:

        Hilton Hotel
        Dartford Bridge, Masthead Close,
        Crossways Business Park,
        Dartford, Kent DA2 6QF

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

        J. S. French
        G. Mummery
        Joint Administrators
        Vantis Redhead French
        43-45 Butts Green Road,
        Hornchurch, Essex RM11 2JX

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

Twolyn Hire Centres Ltd can be contacted at:

         3 High Street
         Billericay
         CM12 9BE, Essex    
         Tel: 01277 624636
         Fax: 01277 656989


VALLEY METAL: Appoints Joint Administrator from Begbies Traynor
---------------------------------------------------------------
Peter Sargent of Begbies Traynor was appointed joint
administrator of Valley Metal Spinners Company Limited (Company
Number 03241694) on March 3.  Its registered office is at 12-14
Union Street South, Halifax HX1 2LE.

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.  


W G READMAN: Meeting of Creditors Set for March 27
--------------------------------------------------
Creditors of W G Readman Limited (Company Number 00873230) will
meet at 12 p.m., on March 27 at:

        Vantis Plc
        New Exchange Buildings,
        Queen's Square, Middlesbrough TS2 1AA

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on March 24 at:

        Geoff Rowley
        Simon Glyn
        Vantis Plc
        P.O. Box 2653,
        66 Wigmore Street,
        London W1A 3RT

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


WHOLESALE MEAT: Clydesdale Bank Appoints Receiver
-------------------------------------------------
Clydesdale Bank Plc appointed Edward Klempka, Ian David Stokoe
and Michael Horrocks of PricewaterhouseCoopers LLP joint
administrative receivers of Wholesale Meat Supply (Accrington)
Limited (Company Number 00533017) on March 1.

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


ZERO DIVIDEND: Dartmoor Investment Eyes 8.33% Equity Stake
----------------------------------------------------------
Dartmoor Investment Trust Plc informed Zero Dividend Recovery
Fund Limited that it is interested in 1,000,000 shares
representing 8.33% of the issued share capital of the Company.

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.

The Board of Directors for Zero Dividend resolved last week to
place the Company in members' voluntary liquidation after
concluding that the move is the most appropriate course of
action for 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.


                            *********                            


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

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

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

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

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

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


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