TCREUR_Public/060321.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

             Tuesday, March 21, 2006, Vol. 7, No. 57     

                            Headlines

G E O R G I A

METROMEDIA INTERNATIONAL: Delays Filing of 2005 Annual Report


G E R M A N Y

AUTOHAUS HERZ: Claims Registration Ends March 23
BAUSERVICE WEGEWITZ: Claims Registration Ends April 4
BECK GASTRO: Claims Registration Deadline on April 7
CHRISTIAN PEUKERT: Claims Registration Ends March 27
GEPOL PROJEKTMANAGEMENT: Claims Registration Ends March 27

HANS HAFNER: Claims Registration Ends March 24
KOSMA-TEXTIL: Registration of Claims Ends April 3
QUAMEDIS GMBH: Registration of Claims Ends April 11
ROSSLAUER HOCHBAU: Claims Registration Ends March 27
SGL CARBON: S&P Places B+ Corp. Credit Rating on Watch Positive

SLTGMBH SANIERUNG: Claims Registration Ends April 7


I T A L Y

PARMALAT SPA: U.S. Judge Allows Claims Versus Auditors


K A Z A K H S T A N

DEMIR CONSTRUCTION: Creditors Must File Claims By March 31
EMBI: Aktube Court Opens Bankruptcy Proceedings
JIBEK & BAHADIRLAR: Creditors Must File Claims By March 31
MAULET NUR: Creditors Must File Claims By March 31
MERKUR MEDIA: Creditors Must File Claims By March 31

SEMEI-DENI: East Kazakhstan Court Begins Bankruptcy Process


K Y R G Y Z S T A N

BRATIA SHTROMS: Authorities Name New Interim Insolvency Manager
KSK ALTYN: Bishkek Court Opens Bankruptcy Proceedings
PANAMERICANA LTD: Creditors Must File Claims By April 27
SMART PAGE: Bishkek Court Opens Bankruptcy Proceedings


L U X E M B O U R G

SGL CARBON: S&P Puts B- Sub. Debt Rating on Watch Positive


R U S S I A

CHUKOTKA-OIL-PRODUCT-SERVICE: Bankruptcy Hearing Set for May 29
COLOPHONY FACTORY: Bankruptcy Hearing Set for June 26
KAMSKIY MEAT: Court Begins Bankruptcy Supervision Procedure
KLYAVLINSK-AGRO-PROM-SNAB: Appoints V. Pavlov Insolvency Manager
KURTAMYSHSKOYE: Bankruptcy Hearing Set for April 19

MAYNSK-AGRO-PROM-ENERGO: Court Begins Bankruptcy Process
MELENKOVSKIY: Bankruptcy Hearing Set for April 27
MELENKOVSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for July 6
OAO NOVATEK: S&P Assigns BB- Long-Term Corporate Credit Rating
RAZREZ MUGUNSKY: Parent Company Resolves to Liquidate Unit

SOKOLOVSKOYE: Bankruptcy Hearing Set for April 24
WOOD-PROM-KHOZ: Bankruptcy Hearing Slated for June 5
YUKOS OIL: Court Nixes Yugansk Loan Security for Yukos
YUKOS OIL: Affirms Steven Theede's Position as CEO


U K R A I N E

KRIZHOPIL' BREAD: Vinnitsya Court Begins Bankruptcy Supervision
KROLEVETS' REPAIR: Sumi Court Begins Bankruptcy Proceedings
BUDMASH: Donetsk Court Begins Bankruptcy Supervision Procedure
PRAGMAKONTRAKT: Kyiv Court Begins Bankruptcy Proceedings
SERGIYIVSKE: Donetsk Court Opens Bankruptcy Proceedings

SULA: Sumi Court Begins Bankruptcy Supervision Procedure
TORVUD CONSULTING: Lugansk Court Starts Bankruptcy Supervision
TRUDIVNIK: Hmelnitskij Court Begins Bankruptcy Proceedings
VERHNYOSIROGOZKE: Herson Court Opens Bankruptcy Supervision


U N I T E D   K I N G D O M

1ST THIRST: Members Pass Winding Up Resolution
4 TECH: Appoints Daniel Plant to Liquidate Assets
AMC (METALWORK): Taps Cranfield Recovery as Administrator
ARDENGATE PRODUCTS: Taps David Rubin to Administer Assets
CHINA ENTERPRISE: Meeting of Creditors Set for March 27

DASHMORE CLOTHING: Appoints Milner Boardman as Administrator
DIRECTION ENVIRONMENTAL: Taps Smith Williamson as Administrator
EGNI ENERGY: Creditors Have Until March 27 to File Debt Claims
EUROFLAM F.R.: Appoints Portland Business as Administrator
JUST SLATE: Appoints S F Plant to Administer Assets

M FISH: Appoints P&A Partnership as Administrator
MISYS PLC: Transfers 13,333 Shares to Scheme Participants
NELSON I. A.: Appoints Ernst & Young to Administer Assets
PREMIER PALLETISE: Deadline for Proofs of Claim Set March 27
PURE MILK: Appoints Joint Administrators from Begbies Traynor

REFCO LLC: Probe Reveals Refco Held $525,000,000 in Fake Bonds
REGAL CHEMICALS: Hires Joint Liquidators from Begbies Traynor
SALLY WINDOWS: Members Resolve to Liquidation
SCOTT JAMES: Creditors Confirm Voluntary Liquidation
SECAL PRECISION: Meeting of Creditors Set for March 27

SIAM INVESTMENT: Liquidator & Director Leave Post
SILVER COACHWORKS: Mounting Debts Prompt Liquidation
STIRLING CONTRACTS: Appoints P&A Partnership as Administrator
THOUGHTCRYSTAL LIMITED: Taps HKM LLP to Administer Assets
TOWERIP LIMITED: Financial Liabilities Trigger Liquidation

TRAINING FOR CHANGE: Liquidates Assets in London
TRENT INDUSTRIES: Taps Butcher Woods to Liquidate Assets
WALTER MILLS: Creditors Have Until April 13 to Submit Claims

* Large Companies with Insolvent Balance Sheets


                            *********

=============
G E O R G I A
=============


METROMEDIA INTERNATIONAL: Delays Filing of 2005 Annual Report
-------------------------------------------------------------
Metromedia International Group, Inc., is unable to timely file
its Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2005.  The filing of the Company's 2004 Form 10-K and
the Quarterly Report on Form 10-Q for the fiscal quarters ended
March 31, June 30, and September 30, 2005 with the U.S.
Securities and Exchange Commission, along with the Company's
completion of its work effort for compliance with Section 404,
"Management Assessment of Internal Controls" of the Sarbanes-
Oxley Act of 2002 for corporate headquarters, are a prerequisite
for the filing of the 2005 Form 10-K.

At present, the Company cannot predict with confidence when it
will file either the 2004 Form 10-K or the 2005 Quarterly
Reports and thus the 2005 Form 10-K.

Headquartered in Charlotte, North Carolina, Metromedia
International Group -- http://www.metromedia-group.com/--  
through its subsidiary, Metromedia International
Telecommunications, owns interests in telecom and cable TV
operations in Russia, Georgia, and elsewhere in Eastern Europe.

Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and
radio broadcast businesses.  The Company's core businesses
includes Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


AUTOHAUS HERZ: Claims Registration Ends March 23
------------------------------------------------
Creditors of Autohaus Herz Dorsten GmbH & Co.
Kommanditgesellschaft have until March 23, to register their
claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Essen
         Saal 185
         I.OG
         Zweigertstr.52
         45130 Essen

The court will also verify the claims set our 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 Essen opened bankruptcy proceedings
against Autohaus Herz Dorsten GmbH & Co. Kommanditgesellschaft
on Feb. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Autohaus Herz Dorsten GmbH & Co. Kommanditgesellschaft
         Barbarastr. 75-77
         46282 Dorsten

The administrator can be contacted at:

         Dr. Winfrid Andres
         Heinrich-Held-Str. 16, 45133 Essen
         Tel: 0201 330550
         Fax: 0201 3305511


BAUSERVICE WEGEWITZ: Claims Registration Ends April 4
-----------------------------------------------------
Creditors of Bauservice Wegewitz GmbH have until April 4, to
register their claims with court-appointed provisional
administrator Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 9, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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 Frankfurt (Oder) opened bankruptcy
proceedings against Bauservice Wegewitz GmbH on Feb. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bauservice Wegewitz GmbH
         Fuchsweg 2
         15236 Frankfurt/Oder
         Tel: +49(0) 335/5212490

The administrator can be contacted at:

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


BECK GASTRO: Claims Registration Deadline on April 7
----------------------------------------------------
Creditors of Beck Gastro-Service Fleisch- & Wurstgrosshandel
GmbH have until April 7, to register their claims with court-
appointed provisional administrator Jochen Lieberich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 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 Kaiserslautern
         Zimmer 087
         Bahnhofstrasse 24
         67655 Kaiserslautern

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 Kaiserslautern opened bankruptcy
proceedings against Beck Gastro-Service Fleisch- &
Wurstgrosshandel GmbH on Feb. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Beck Gastro-Service Fleisch- & Wurstgrosshandel GmbH
         Leipziger Str. 9
         67663 Kaiserslautern
         
The administrator can be contacted at:

         Jochen Lieberich
         Stiftsplatz 6-7
         67655 Kaiserslautern
         Tel: 0631/362350
         Fax: 0631/3623520


CHRISTIAN PEUKERT: Claims Registration Ends March 27
----------------------------------------------------
Creditors of Christian Peukert Baustoffelemente GmbH have until
March 27, to register their claims with court-appointed
provisional administrator Dr. Wolfgang Kohler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 8, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         EG. 328
         Eichholzstrasse 4
         59821 Arnsberg

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 Arnsberg opened bankruptcy proceedings
against Christian Peukert Baustoffelemente GmbH on Feb. 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Christian Peukert Baustoffelemente GmbH
         Niederbergheimerstrasse 104
         59494 Soest
         
The administrator can be contacted at:

         Dr. Wolfgang Kohler
         Marktstrasse 22
         59555 Lippstadt
         Tel: 02941-979850


GEPOL PROJEKTMANAGEMENT: Claims Registration Ends March 27
----------------------------------------------------------
Creditors of GEPOL Projektmanagement GmbH have until March 27,
to register their claims with court-appointed provisional
administrator Dr. Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Halle-Saalkreis
         Saal 1.044
         Thueringer Str. 16
         06112 Halle

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 Halle-Saalkreis opened bankruptcy
proceedings against GEPOL Projektmanagement GmbH on Feb. 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         GEPOL Projektmanagement GmbH
         Rannische Str. 3
         06108 Halle
         
The administrator can be contacted at:

         Dr. Bruno M. Kuebler
         Walter-Kohn-Strasse 1b
         D-04356 Leipzig
         Tel: 0341/339890
         Fax: 0341/3398929


HANS HAFNER: Claims Registration Ends March 24
----------------------------------------------
Creditors of Hans Hafner GmbH have until March 24, to register
their claims with court-appointed provisional administrator
Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Sitzungssaal 162
         1. Stock
         Alten Einlass 1
         86150 Augsburg

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 Augsburg opened bankruptcy proceedings
against Hans Hafner GmbH on Feb. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Hans Hafner GmbH
         Lindberghstr. 15
         86343 Konigsbrunn
         HRB 6732, Augsburg
         
The administrator can be contacted at:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg


KOSMA-TEXTIL: Registration of Claims Ends April 3
-------------------------------------------------
Creditors of KOSMA-Textil GmbH have until April 3, to register
their claims with court-appointed provisional administrator
Bernd Statz.

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 Hanau
         Raum 205
         Engelhardstrasse 21
         63450 Hanau

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 Hanau opened bankruptcy proceedings
against KOSMA-Textil GmbH on Feb. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         KOSMA-Textil GmbH
         Sektion 1-3
         Dieselstr. 9
         63526 Erlensee
         Attn: Peter Mahlau, Manager
         Johannes-Machern-Str. 24
         63456 Hanau-Steinheim
         
The administrator can be contacted at:

         Bernd Statz
         Muehlstrasse 25
         D-63526 Erlensee
         Tel: 06183/900370
         Fax: 06183/900371


QUAMEDIS GMBH: Registration of Claims Ends April 11
---------------------------------------------------
Creditors of QuaMedis GmbH have until April 11, to register
their claims with court-appointed provisional administrator Dr.
Marc d' Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 2, 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 Koln
         Saal 14
         Luxemburger Strasse 101
         50939 Koln

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 Koln opened bankruptcy proceedings against
QuaMedis GmbH on Feb. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         QuaMedis GmbH
         Vogelsmuehle 13 - 17
         42477 Radevormwald
         
The administrator can be contacted at:

         Dr. Marc d' Avoine
         Doppersberg 19
         42103 Wuppertal
         Tel: +49202245070
         Fax: +492022450777


ROSSLAUER HOCHBAU: Claims Registration Ends March 27
----------------------------------------------------
Creditors of Rosslauer Hochbau GmbH have until March 27, to
register their claims with court-appointed provisional
administrator Christian Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 Dessau
         Saal 123
         Willy-Lohmann-Str. 33

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 Dessau opened bankruptcy proceedings
against Rosslauer Hochbau GmbH on Feb. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Rosslauer Hochbau GmbH
         Waldesruh 7
         06862 Rosslau
         Attn: Heiko Weiss, Manager
         Bandhauerstrasse 55
         06862 Rosslau
         
The administrator can be contacted at:

         Christian Beck
         Hansering 1
         06108 Halle
         Tel: 0345/212220
         Fax: 0345/2122222


SGL CARBON: S&P Places B+ Corp. Credit Rating on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Germany-based graphite-electrodes
producer SGL Carbon AG on CreditWatch with positive
implications, following the group's successful completion of a
capital increase of about EUR80 million.

At the same time, the 'B-' rating on the subordinated bonds
issued by related entity SGL Carbon Luxembourg S.A., which are
guaranteed by SGL, was placed on CreditWatch with positive
implications.

"The CreditWatch placement reflects our expectations that SGL
will use the proceeds from the capital increase to reduce debt,
thereby improving its financial risk profile," said Standard &
Poor's credit analyst Alex Herbert.

"SGL recently reported much improved results for 2005, thanks to
increased demand for its products, notably in the core carbon
and graphite division, coupled with the absence of losses from
discontinued operations."

In resolving the CreditWatch placement, Standard & Poor's will
assess the ways in which the equity issue proceeds will be used
and consider whether SGL's financial risk profile has been
sufficiently strengthened to sustain a higher rating.  If this
is the case, the ratings could be raised by one notch.   

Standard & Poor's will seek to resolve the CreditWatch within 90
days.


SLTGMBH SANIERUNG: Claims Registration Ends April 7
---------------------------------------------------
Creditors of SLTGmbH Sanierung-Leckortung-Trocknung have until
April 7, to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Potsdam
         Saal 301
         Lindenstrasse 6
         14467 Potsdam

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 Potsdam opened bankruptcy proceedings
against SLTGmbH Sanierung-Leckortung-Trocknung on Feb. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SLTGmbH Sanierung-Leckortung-Trocknung
         Tornowstrasse 30-33
         14473 Potsdam

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin         
         Tel: 030 2549740
         Fax: 030 25497470
         Web: http://www.schroeder-rechtsanwaelte.de/


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


PARMALAT SPA: U.S. Judge Allows Claims Versus Auditors
------------------------------------------------------
The Hon. Lewis A. Kaplan of the U.S. District Court for the
Southern District of New York allowed Parmalat S.p.A. to pursue
claims against its former auditors, Deloitte & Touche and Grant
Thornton.

Enrico Bondi, Parmalat's former extraordinary administrator and
current chief executive, filed a US$10 billion claim against the
auditors for allegedly playing a major role in the dairy giant's
EUR14 billion Enron-like collapse in December 2003.  Parmalat
contends that "corrupt insiders at the company were able to
waste, steal, or squander approximately US$10 billion as a
result of Deloitte and Grant Thornton's failure to audit
Parmalat properly and to disclose the fraud and their
participation in and furtherance of it."

In a 38-page decision, Judge Kaplan said Parmalat could pursue
claims against Deloitte & Touche Tohmatsu -- the auditor's
international arm -- and its Italian unit.  However, he
dismissed the claims against Deloitte & Touche, saying that Mr.
Bondi failed to show they had sufficient connections to the
insiders' wrongdoing to warrant liability.

In a statement, Parmalat said the decision "upheld Parmalat's
key claim that it be allowed to pursue these global firms for
damages not only in Italy but also internationally."

"We're very pleased that the case is going forward," said John
Quinn, a partner at Quinn Emanuel Urquhart Oliver & Hedges LLP,
which represents Parmalat.

Mr. Bondi has also filed US$10 billion claims against around 50
financial institutions, including Bank of America Corporation
and Citigroup Inc.

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

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

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


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


DEMIR CONSTRUCTION: Creditors Must File Claims By March 31
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty LLP
declared Demir Construction on Dec. 13, 2005.  

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

          Maulenova Str. 92, 4th floor, Room 427
          Almaty Region


EMBI: Aktube Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
has commenced bankruptcy proceedings against LLP Embi.


JIBEK & BAHADIRLAR: Creditors Must File Claims By March 31
----------------------------------------------------------
LLP Jibek & Bahadirlar Ltd. has declared insolvency.  Creditors
have March 31 until to submit their written proofs of claim to:

          Pavlodarskaya Str. 82
          Almaty
          Tel: 8 (3272) 51-36-90


MAULET NUR: Creditors Must File Claims By March 31
--------------------------------------------------
LLP Maulet Nur has declared insolvency.  Creditors have until to
submit their written proofs of claim to:

          Abai Ave. 141-43
          Almaty Region
          Tel: 8 (3272) 42-05-39


MERKUR MEDIA: Creditors Must File Claims By March 31
----------------------------------------------------
LLP Merkur Media has declared insolvency.  Creditors have until
to submit their written proofs of claim to:

          Mailina Str. 79
          Almaty Region


SEMEI-DENI: East Kazakhstan Court Begins Bankruptcy Process
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has commenced bankruptcy proceedings against LLP Semei-
Deni.


===================
K Y R G Y Z S T A N
===================


BRATIA SHTROMS: Authorities Name New Interim Insolvency Manager
---------------------------------------------------------------
The Department for Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic dismissed Mr. A. Sultanaliev as
temporary insolvency manager of LLC Bratia Shtroms.  Mr.
Turganaly Ismailov has been appointed new temporary insolvency
manager of the LLC Bratia Shtroms on Jan. 11.

CONTACT:  Mr. Turganaly Ismailov
          Temporary Insolvency Manager
          Tel: (+996 312) 21-67-25
               (+996 312) 51-21-28


KSK ALTYN: Bishkek Court Opens Bankruptcy Proceedings
-----------------------------------------------------
Bishkek City Court declared LLC KSK Altyn insolvent and
commenced bankruptcy proceedings against the company.  The case
is docketed as AB-386/05-ED.  Mr. Nester Soi has been appointed
temporary insolvency manager.

The meeting of the creditors will take place on March 23, 11:00
a.m., at Bishkek, Moskovskaya Str. 151, Room 108.  

CONTACT:  Mr. Nester Soi
          Temporary Insolvency Manager
          Tel: (+996 312) 21-67-25
               (0-502) 50-45-91


PANAMERICANA LTD: Creditors Must File Claims By April 27
--------------------------------------------------------
LLC Panamericana Ltd. has declared insolvency.  Creditors have
until April 27 to submit written proofs of claim to:

          Abdrahmanova Str. 170
          Bishkek
          Tel: (+996 312) 43-65-42


SMART PAGE: Bishkek Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Inter-District Court of Bishkek declared LLC SMART PAGE
insolvent and commenced bankruptcy proceedings against the
company.  The case is docketed as ED-585/mbc9.

Ms. Kanyshbubu Akmatova has been appointed temporary insolvency
manager.

CONTACT:  Ms. Kanyshbubu Akmatova
          Temporary Insolvency Manager
          Tel: (+996 312) 62-39-69
               (0-502) 18-24-46


===================
L U X E M B O U R G
===================


SGL CARBON: S&P Puts B- Sub. Debt Rating on Watch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Germany-based graphite-electrodes
producer SGL Carbon AG on CreditWatch with positive
implications, following the group's successful completion of a
capital increase of about EUR80 million.

At the same time, the 'B-' rating on the subordinated bonds
issued by related entity SGL Carbon Luxembourg S.A., which are
guaranteed by SGL, was placed on CreditWatch with positive
implications.

"The CreditWatch placement reflects our expectations that SGL
will use the proceeds from the capital increase to reduce debt,
thereby improving its financial risk profile," said Standard &
Poor's credit analyst Alex Herbert.

"SGL recently reported much improved results for 2005, thanks to
increased demand for its products, notably in the core carbon
and graphite division, coupled with the absence of losses from
discontinued operations."

In resolving the CreditWatch placement, Standard & Poor's will
assess the ways in which the equity issue proceeds will be used
and consider whether SGL's financial risk profile has been
sufficiently strengthened to sustain a higher rating.  If this
is the case, the ratings could be raised by one notch.   

Standard & Poor's will seek to resolve the CreditWatch within 90
days.


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


CHUKOTKA-OIL-PRODUCT-SERVICE: Bankruptcy Hearing Set for May 29
---------------------------------------------------------------
The Arbitration Court of Chukotskiy autonomous region will
convene on May 29, to hear the supervision procedure on open
joint stock company Chukotka-Oil-Product-Service (TIN
8709007441).  The case is docketed as A80-43/2005-B.

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

The Debtor can be reached at:

         Chukotka-Oil-Product-Service
         Anadyr, Yuzhnaya Str. 4
         Chukotskiy Autonomous Region
         689000, Russia

The insolvency manager can be reached at:

         N. Chelapko
         Anadyr, Post User Box 214
         Chukotskiy autonomous Region
         689000, Russia


COLOPHONY FACTORY: Bankruptcy Hearing Set for June 26
-----------------------------------------------------
The Arbitration Court of Altay region will convene on June 26,
to hear the bankruptcy supervision procedure on open joint stock
company Colophony Factory.  The case is docketed as A03-
23219/05.

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

The Debtor can be reached at:

         Colophony Factory
         Barnaul, Pushkina Str. 30
         Russia, Altay Region

The insolvency manager can be reached at:

         A. Bermeshev
         Barnaul, Post User Box 3942
         656015, Russia, Altay Region


KAMSKIY MEAT: Court Begins Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Kaliningrad region will convene on
May 29, to hear the bankruptcy supervision procedure of limited
liability company Kamskiy Meat Combine (TIN 3904044399, KPP
390401001).  The case is docketed as A80-43/2005-B.

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

The Debtor can be reached at:

         Kamskiy Meat Combine
         Anadyr, Yuzhnaya Str. 4
         689000, Russia, Kaliningrad Region

The insolvency manager can be reached at:

         N. Chelapko
         Anadyr, Post User Box 214
         689000, Russia, Kaliningrad Region


KLYAVLINSK-AGRO-PROM-SNAB: Appoints V. Pavlov Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Samara Region appointed V. Pavlov as
temporary insolvency manager for Klyavlinsk-Agro-Prom-Snab.

The Court has commenced bankruptcy supervision on the open joint
stock company with the case docketed as A55-18862/2005.  

The Debtor can be reached at:

         Klyavlinsk-Agro-Prom-Snab
         Klyavino, Sovetskaya Str.
         Russia, Samara region, Klyavlinskiy Region

The insolvency manager can be reached at:

         V. Pavlov
         443085, Russia, Samara Region
         Post user Box 15099


KURTAMYSHSKOYE: Bankruptcy Hearing Set for April 19
---------------------------------------------------
The Arbitration Court of Kurgan region will convene on April 19,
to hear the bankruptcy supervision procedure of open joint stock
company Kurtamyshskoye.  The case is docketed at A34-8808/05.

Mr. D. Ustyuzhanin has been appointed temporary insolvency
manager.

The Debtor can be reached at:

         Kurtamyshskoye
         Kartamysh, Proletarskaya Str. 1
         Russia, Kurgan Region

The insolvency manager can be reached at:

         D. Ustyuzhanin
         K. Myagotina Str. 117/21
         Russia, Kurgan Region


MAYNSK-AGRO-PROM-ENERGO: Court Begins Bankruptcy Process
--------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Maynsk-Agro-Prom-Energo after finding the
open joint stock company insolvent.  The case is docketed as
A72-126/05-21/68-b.

Mr. Y. Levin has been appointed insolvency manager.

The Debtor can be reached at:

         Maynsk-Agro-Prom-Energo
         Mayna, Krasnoarmeyskaya Str. 1-a
         Russia, Ulyanovsk Region

The insolvency manager can be reached at:

         Y. Levin
         Syzran, Post User Box 41
         446001, Russia, Samara Region


MELENKOVSKIY: Bankruptcy Hearing Set for April 27
-------------------------------------------------
The Arbitration Court of Kostroma region will convene on
April 27, to hear the bankruptcy proceedings against limited
liability company Melenkovskiy.  The case is docketed as A31-
292/2006-12.

Mr. M. Kolesnikov has been appointed insolvency manager.

The Debtor can be reached at:

         Melenkovskiy
         Russia, Kostroma Region
         Parfenyevo

The insolvency manager can be reached at:

         M. Kolesnikov
         Russia, Kostroma-14
         Post User Box 24


MELENKOVSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for July 6
--------------------------------------------------------------
The Arbitration Court of Vladimir region will convene at 1:30
p.m., on July 6, to hear the bankruptcy supervision procedure of
open joint stock company Melenkovskiy Wood-Prom-Khoz.

The hearing will take place at:

         The Arbitration Court of Vladimir region
         Vladimir Region, Oktyabrskiy Pr. 14
         600025, Russia

The case is docketed as A11-19427/2005-K1-130B/11B.

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

The Debtor can be reached at:

         Melenkovskiy Wood-Prom-Khoz
         Melenki, Zavokzalnaya Str. 10
         602120, Russia, Vladimir Region

The insolvency manager can be reached at:

         A. Shurov
         Murom, Radiozavodskoye Shosse, 2A
         602264, Russia, Vladimir Region


OAO NOVATEK: S&P Assigns BB- Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to OAO Novatek, Russia's largest
independent gas producer.  The outlook is stable.  At the same
time, a 'ruAA-' Russia national scale rating was assigned to the
company.

The ratings reflect Novatek's operational dependence on the
pipelines of Russian gas supply company OAO Gazprom
(BB+/Positive/--) for the transportation of gas.  The ratings
also reflect the very low domestic gas price realizations
compared with international benchmarks, Novatek's somewhat
concentrated reserve base, and the company's short track record
of consolidated financial reporting. Although its operations
have stayed unchanged, the company's key assets were only
partially owned and had been accounted as equity investments
before the consolidation of minority interests in December 2004.
The ratings also reflect the risks of operating in Russia,
including tax and regulatory uncertainties.

"Novatek has demonstrated over the past decade its ability to
manage its significant risks effectively and build a good
working relationship with Gazprom," said Standard & Poor's
credit analyst Per Karlsson.  "Potential risks associated with
Gazprom's dominant and privileged position in the Russian gas
market are further mitigated by Gazprom's fundamental interest
in having independent producers like Novatek supplying the
domestic market, where prices are low, thereby enabling Gazprom
to boost its profitable exports."

Novatek's credit quality benefits from the company's very low
cost base, which results in high profitability and expected
positive free cash flow generation over the medium term, despite
low price realizations.

We expect Novatek to maintain at least its current production
level and successfully refinance its short-term debt. We also
expect Novatek to continue to deliver positive free operating
cash flow and to maintain net debt at less than its annual
EBITDA.  At Sept. 30, 2005, Novatek reported net debt to EBITDA
of 0.3x on a last-quarter-annualized basis.

The ratings would likely benefit from a longer track record of
successful financial performance.  Adverse changes on the
regulatory or competitive fronts, or evidence of heightened
operational risk from Gazprom, could constrain or put downward
pressure on the ratings.


RAZREZ MUGUNSKY: Parent Company Resolves to Liquidate Unit
----------------------------------------------------------
The Siberian Coal and Energy Company (SEUK) has decided to
liquidate its subsidiary, Razrez Mugunsky Mining Co., in Irkutsk
region, Interfax reports.

According to the report, Razrez's liquidation is part of SUEK's
effort to simplify its corporate structure since it has not been
in operation for the past three years.  

"We expect that the reform will increase creditors' confidence
in SUEK and make it possible to even more effectively pursue a
course toward diversifying and decreasing the cost of the
company's loan portfolio, and increasing the duration of loans
taken," a spokesman for SUEK's Irkutsk branch told Interfax.  
"In addition, we expect to reduce management expenses and gain
economic benefits from expanding the powers and responsibilities
of local executives."   

Interfax reveals that Razrez Mugunsky Mining Co previously
provided production services to SUEK subsidiary Vostsibugol,
which holds the license to mine brown coal at the Mugunskoye
deposit.  However, Vostsibugol now operates independently,
mining coal through its Mugunsky branch.


SOKOLOVSKOYE: Bankruptcy Hearing Set for April 24
-------------------------------------------------
The Arbitration Court of Novosibirsk region will convene at
2 p.m. on April 24, to hear the bankruptcy supervision procedure
on open joint stock company Sokolovskoye.  The case is docketed
as A45-28963/05-458/521.

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

The Debtor can be reached at:

         Sokolovskoye
         Kolyvanskiy region, Sokolova, Lenina Str. 27
         633168, Russia, Novosibirsk Region

The insolvency manager can be reached at:

         I. Klemeshov
         630077, Russia, Novosibirsk-77
         Post User Box 173


WOOD-PROM-KHOZ: Bankruptcy Hearing Slated for June 5
----------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
will convene on June 5, to hear the bankruptcy supervision
procedure on open joint stock company Wood-Prom-Khoz.

The hearing will take place at:

         The Arbitration Court of Khanty-Mansiyskiy
         Autonomous Region
         Lenina Str. 54/1
         Tyumen Region, Khanty-Mansiysk
         628012, Russia

The case is docketed as A75-12466/2005.  Mr. Y. Kostylev has
been appointed temporary insolvency manager.

The Debtor can be reached at:

         Wood-Prom-Khoz
         Yugra, Uray, Location 2, 90
         Khanty-Mansiyskiy Autonomous Region
         628285, Russia

The insolvency manager can be reached at:

         Y. Kostylev
         Khanty-Mansiyskiy Autonomous Region
         Yugra, Kondinskiy Region
         Mezhdurechenskiy
         628200, Russia


YUKOS OIL: Court Nixes Yugansk Loan Security for Yukos
------------------------------------------------------
The Arbitration Court of Moscow has invalidated Yuganskneftegaz
security for the $1.6 billion loan to Yukos under a lawsuit
filed by Rosneft and Baikal Finance Group, Itar-Tass says.

According to the report, the Court also nixed the plaintiffs'
demand to collect up to RUB100 million from Yuganskneftegaz,
Moravel Investment Ltd., Yukos, Yukos Exploration and Production
and Yukos Moscow in compensation for damages.

The loan security agreement was signed in May 2004, the Russian
news agency relates.

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

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


YUKOS OIL: Affirms Steven Theede's Position as CEO
--------------------------------------------------
Embattled Yukos Oil Company clarifies Steven Theede's authority
as the Company's President following recent reports indicating
that the Federal Migration Service is questioning Mr. Theede's
position due to the absence of a Russian Work Permit.

"Mr. Theede carries out his duties as President of Yukos Oil
Company outside of Russia and Russian law does not prevent such
an arrangement," the Company said last week.

"Under Russian law, Mr. Theede's powers and duties as OAO NK
YUKOS President were conferred upon him in strict compliance
with Russian Civil Code and the Law on Joint Stock Companies.   
The authorities vested in him are conferred by the Board of
Directors of OAO NK YUKOS.  To this end, the issues relating to
Mr. Theede's Visa and/or Work Permit are purely a matter of
administrative law rather than corporate law and their absence
do not affect his ability to carry out his duties with the
complete authority vested in him by the Board of Directors under
corporate law," the Company added.

Mr. Theede is in self-imposed exile in London, Bloomberg News
reports.

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

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


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


KRIZHOPIL' BREAD: Vinnitsya Court Begins Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Krizhopil' Bread Products Combine
(code EDRPOU 00953444).  The case is docketed as 5/155-05.  

Mr. Sergij Severin has been appointed temporary insolvency
manager.

CONTACT:  OJSC Krizhopil' Bread Products Combine
          Krizhopil, Radyanska Str. 6
          24600, Ukraine, Vinnitsya Region

          Mr. Sergij Severin
          Temporary Insolvency Manager
          Hmelnitske Shose Str. 2-a, office 710
          21036, Ukraine, Vinnitsya Region
          Tel: (0432) 52-03-55

          Economic Court of Vinnitsya Region
          21036, Ukraine, Vinnitsya Region
          Hmelnitske Shose 7


KROLEVETS' REPAIR: Sumi Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Krolevets' Repair-Mechanical Plant
(code EDRPOU 00901571) on Jan. 26.  The case is docketed as
6/128-05.

Ms. Olga Naumova has been appointed temporary insolvency
manager.

CONTACT:  OJSC Krolevets' Repair-Mechanical Plant
          Krolevets, Shevchenko Str. 86
          41300, Ukraine, Sumi Region

          Ms. Olga Naumova
          Temporary Insolvency Manager
          Harkivska Str. 122
          40030, Ukraine, Sumi Region

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


BUDMASH: Donetsk Court Begins Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Budmash (code EDRPOU 01033310) on
Dec. 27, 2005, and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 42/229 B.  

Mr. Popov Ivan has been appointed temporary insolvency manager.

CONTACT:  Budmash
          Tambovska Str. 1
          Ukraine, Donetsk Region

          Mr. Popov Ivan
          Temporary Insolvency Manager
          86427, Ukraine, Donetsk Region
          Yenakiyevo, Brajlyana Str. 36/33

          Economic Court of Donetsk Region
          Artema Str. 157
          83048, Ukraine, Donetsk Region


PRAGMAKONTRAKT: Kyiv Court Begins Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Pragmakontrakt (code EDRPOU
32960423).  The case is docketed as 43/14.  

Mr. O. Sherban has been appointed temporary insolvency manager.

CONTACT:  Pragmakontrakt
          M. Raskova Str. 11/218
          02002, Ukraine, Kyiv Region

          Mr. O. Sherban
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv Region, a/b 157

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


SERGIYIVSKE: Donetsk Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Agricultural LLC Sergiyivske (code EDRPOU
30486440) after finding the company insolvent.  The case is
docketed as 15/48 B.

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

CONTACT:  Sergiyivske
          Krasnoarmijskij District
          Sergiyivske, Poshtova Str. 26
          Ukraine, Donetsk Region

          Mr. Gumbakov Sergij
          Liquidator/Insolvency Manager
          85320, Ukraine, Donetsk Region
          Dimitrov, Vatutin Str. 19/40
          Tel: (06239) 6-14-61

          Economic Court of Donetsk Region
          83048, Ukraine, Donetsk Region
          Artema Str. 157


SULA: Sumi Court Begins Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on Agricultural LLC Sula (code EDRPOU
30032871).  The case is docketed as 6/102-05.  

Mr. Volovik Sergij has been appointed temporary insolvency
manager.

CONTACT:  Sula
          Nedrigajlivskij District, Kulishivka
          Ukraine, Sumi Region

          Mr. Volovik Sergij
          Temporary Insolvency Manager
          Proletarska Str. 69, 2nd floor
          40030, Ukraine, Sumi Region

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


TORVUD CONSULTING: Lugansk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Torvud Consulting Ukraine (code EDRPOU
23482183).  The case is docketed as 20/191 b.  

Mr. Zhezherya Sergij has been appointed temporary insolvency
manager.

CONTACT:  Torvud Consulting Ukraine
          Oboronna Str. 20a
          91000, Ukraine, Lugansk Region

          Mr. Zhezherya Sergij
          Temporary Insolvency Manager
          Yuvilejne, Shahtarskij Quarter, 5/58
          Ukraine, Lugansk region

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


TRUDIVNIK: Hmelnitskij Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
proceedings against Agricultural LLC Trudivnik (code EDRPOU
04540526) on January 25, 2006 after finding the limited
liability company insolvent.  The case is docketed as 4/251-B.  

Mr. Gorban Arkadij has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Trudivnik
          Letichivskij district, Mitkivtsi
          Ukraine, Hmelnitskij Region

          Mr. Gorban Arkadij
          Liquidator/Insolvency Manager
          Skovoroda Str. 14/151
          29008, Ukraine, Hmelnitskij Region
          
          Economic Court of Hmelnitskij Region
          Nezalezhnosti Square 1
          29000, Ukraine, Hmelnitskij Region


VERHNYOSIROGOZKE: Herson Court Opens Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Agricultural LLC Verhnyosirogozke (code
EDRPOU 30924383) on Jan. 11.  The case is docketed as 5/248-
B-05.  

Mr. U. Kutsyupak has been appointed temporary insolvency
manager.

CONTACT:  Verhnyosirogozke
          Nizhnyosirogozkij District, Verhni Sirogozi
          74722, Ukraine, Herson Region

          Mr. U. Kutsyupak
          Temporary Insolvency Manager
          200-Richya Hersonu Avenue 22/93
          Ukraine, Herson Region
          Tel: 8 (0552) 54-71-69

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


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


1ST THIRST: Members Pass Winding Up Resolution
----------------------------------------------
Members of 1st Thirst Bar Limited passed a resolution to wind up
the company during an extraordinary general meeting on Feb. 17.

Julie Anne Palmer, of Middleton Partners, was appointed
Liquidator.

1st Thirst Bars Limited can be reached at:

         Unit 5
         Floating Bridge Road
         Longbridge Industrial Park
         Southampton Hampshire
         SO143FL
         Tel: 023 8023 8638
         Fax: 0870 706 1713
         Web: http://www.firstthirst.co.uk/


4 TECH: Appoints Daniel Plant to Liquidate Assets
-------------------------------------------------
Daniel Plant, of S F Plant & Co, was appointed liquidator of 4
Tech Connect Limited after members decided to liquidate the
company's assets on Feb. 15.

Chairperson P.A. Harman revealed the company could no longer
continue its business due to mounting debts.

4 Tech Connect Limited can be contacted at:

         38 Bowthorpe Employment Area
         Morgan Way
         Norwich Norfolk
         NR5 9JJ
         Tel: 0870 167 2265
         Fax: 0870 167 2260
         Web: http://www.4tech.co.uk/


AMC (METALWORK): Taps Cranfield Recovery as Administrator
---------------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
administrator of AMC (Metalwork) Limited (Company Number
03522698) on March 8.

The administrator can be reached at:

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

AMC (Metalwork) Limited offers steelwork fabrication service and
can be reached at:

        Unit 3B Pincents Kiln Industrial Park
        Pincents Kiln
        Reading RG31 5SD
        United Kingdom
        Tel: 0118-932 3313
        Fax: 0118-930 6163


ARDENGATE PRODUCTS: Taps David Rubin to Administer Assets
---------------------------------------------------------
Asher Miller and Paul Appleton of David Rubin & Partners were
appointed joint administrators of Ardengate Products Limited
(Company Number 04507655) on March 3.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Ardengate Products Limited produce framed mirrors, prints and
imports vases.


CHINA ENTERPRISE: Meeting of Creditors Set for March 27
-------------------------------------------------------
Creditors of China Enterprise Limited (Company Number 04621797)
will meet on March 27, 10 a.m., at:

         BDO Stoy Hayward LLP
         4th Floor, 12-22 Edmund House,
         Newhall Street, Birmingham B3 3EW

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., March 24, 2006 to:

         C. K. Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row,
         Birmingham B3 3SD

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


DASHMORE CLOTHING: Appoints Milner Boardman as Administrator
------------------------------------------------------------
Colin Burke and Darren Brookes of Milner Boardman & Partners
were appointed joint administrators of Dashmore Clothing Limited
(Company Number 01758866) on March 8.  Its registered office is
at Wrengate House, 221 Palatine Road, Manchester M20 2EE.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an  
independent firm of chartered accountants and business advisers.  

Dashmore Clothing Limited -- http://www.workwear4u.co.uk/--  
manufactures clothing and apparel.


DIRECTION ENVIRONMENTAL: Taps Smith Williamson as Administrator
---------------------------------------------------------------
Stephen Robert Cork and Anthony Cliff Spicer of Smith Williamson
were appointed joint administrators of Direction Environmental
Solutions Limited (Company Number 02534318) on Feb. 17.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Direction Environmental Solutions Limited --
http://www.direction-int.com/-- offers air conditioning,  
mechanical and electrical maintenance service.  Its office is at
Hildenbrook House, The Slade, Tonbridge TN9 1HR.


EGNI ENERGY: Creditors Have Until March 27 to File Debt Claims
--------------------------------------------------------------
Creditors of Egni Energy Limited (Company Number 05215130) have
until 12 p.m., on March 27, to submit their written debt claims
against the Company to:


         D. K. Dattani
         Joint Administrator
         Tenon Recovery
         1 Bede Island Road,
         Bede Island Business Park,
         Leicester LE2 7EA

            -- or --

         Patrick B. Ellward
         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham NG7 6NX

A meeting of creditors will be held on March 28, 11 a.m., at:

         Crown & Sandys Arms Hotel
         Main Road, Ombersley,
         Droitwich, Worcestershire WR9 0EW

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with the
written debt claims on the claims bar date.

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


EUROFLAM F.R.: Appoints Portland Business as Administrator
----------------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd. Were appointed joint administrators of
Euroflam F.R. Limited (Company Number 2608507) on March 9.

The joint administrators can be reached at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley, Fareham
         Hampshire PO15 7AH
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk

Headquartered in Hampshire, Euroflam F.R. Limited --
http://www.euroflam.co.uk/-- offers bespoke flame retarding and  
soil and stain treatment service for domestic and contract
standards for upholstery, curtaining, bedspreads and soft
furnishing.


JUST SLATE: Appoints S F Plant to Administer Assets
---------------------------------------------------
Simon Franklin Plant and Daniel Plant of S F Plant were
appointed joint administrators of Just Slate Limited (Company
Number 03217127) on March 7.  

The joint administrators can be reached at:

         S F Plant
         9 Ensign House
         Admirals Way
         Marsh Wall, London E14 9XQ

Just Slate Limited supplies news and second hand slates and can
be reached at:

         Wayside, Fleet Marston,
         Aylesbury, Buckinghamshire HP18 0PZ
         Tel: 01296655131   


M FISH: Appoints P&A Partnership as Administrator
-------------------------------------------------
Christopher Michael White and Derek Leslie Woolley of The P&A
Partnership joint administrators of M Fish (Packaging) Limited
(Company Number 01556460) on March 3.

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.

M Fish (Packaging) Limited -- http://www.m-fish.co.uk/--  
manufactures handmade boxes.


MISYS PLC: Transfers 13,333 Shares to Scheme Participants
---------------------------------------------------------
Misys plc transferred on March 17, 13,333 ordinary shares at
prices between 178 pence and 205 pence per share to participants
in its employee share schemes.  The shares were all formerly
held as treasury shares.

Following the above transfer of shares out of Treasury, Misys
plc holds a total of 51,871,305 ordinary shares in Treasury.
The total number of ordinary shares in issue (excluding Treasury
shares) is 507,855,731.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software   
serving the international banking and healthcare industries and
the UK general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


NELSON I. A.: Appoints Ernst & Young to Administer Assets
---------------------------------------------------------
R. H. Kelly and Charles King of Ernst & Young LLP were appointed
joint administrators of Nelson I. A. Limited (Company Number
01071317), Precis (1674) Limited (Company Number 03633337) and
The Premoda Group Limited (Company Number 02944470) on March 6.  
Its registered office is at 32 Churchill Way, Lomeshaye
Industrial Estate, Nelson, Lancashire BB9 6RT.

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.

Nelson I. A. Limited, Precis (1674) Limited and The Premoda
Group Limited -- http://www.charnos.co.uk/-- manufactures  
intimate apparel.  


PREMIER PALLETISE: Deadline for Proofs of Claim Set March 27
------------------------------------------------------------
A. Conquest, in his capacity as joint administrator for Premier
Palletise Limited, has established 12 p.m. on March 27, as the
last day for creditors to file written proofs of claims to:

         Grant Thornton UK LLP
         Grant Thornton House
         Melton Street,
         Euston Square,
         London NW1 2EP

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  


PURE MILK: Appoints Joint Administrators from Begbies Traynor
-------------------------------------------------------------
Paul Stanley and Donald Bailey of Begbies Traynor were appointed
joint administrators of Pure Milk Limited (Company Number
04543482) on March 8.  

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.  

Pure Milk Ltd supplies flavored and sterilized milk and can be
reached at:

         34 Knowsley Street,
         Manchester, M8 8HQ  
         Tel: 0161 8271200
         Fax: 0161 8391027
         E-mail: info@idcltd.com


REFCO LLC: Probe Reveals Refco Held $525,000,000 in Fake Bonds
--------------------------------------------------------------
U.S. prosecutors investigating Refco, LLC's collapse, have found
that Refco held "offshore accounts" with as much as $525,000,000
in fake bonds, Bloomberg News reports.

This indicates that Refco's financial troubles may be more
extensive than previously reported.

Evidence gathered by prosecutors indicates that Refco held the
securities for Bawag P.S.K. Bank, Austria's fourth-largest bank,
and Liquid Opportunity, an offshore hedge fund, under
identification numbers that do not correspond to registered
bonds, Otis Bilodeau and Allan Dodds Frank at Bloomberg News
relate.

Bawag and Liquid Opportunity had shares in six Anguilla
companies, which in turn held the bonds, according to Bloomberg.

Mr. Frank says U.S. Attorney Michael Garcia and the U.S.
Securities and Exchange Commission are trying to find out where
the bonds originated and how they were valued.

The bond accounts were at Refco's Bermuda-based unit, beyond the
reach of U.S. regulators.

Refco's counsel, Anthony Clark, Esq., at Skadden, Arps, Slate,
Meagher & Flom, in Wilmington, Delaware, declined to comment on
the bond accounts.

Bawag asserts EUR392,000,000 in claims against Refco, including
EUR350,000,000 it loaned to Phillip Bennett, Refco's former CEO.  
The remaining EUR42,000,000 euros relates to "other businesses
in connection with Refco," Bloomberg says.

Bloomberg also notes that Refco's creditors are hunting for
information about six companies based in the British West Indies
that may be linked to the fake bonds.

                  Liquid Opportunities Responds

     LONGWOOD, Florida -- March 16, 2006 -- Jonathan P. Knight,
portfolio manager of Liquid Opportunities, responds to Bloomberg
article on Refco.  Re Messrs Bilodeau and Frank about Refco,
BAWAG and a non-U.S. fund they refer to as "Liquid
Opportunities."

     Mr. Knight states that:

     "The March 15 article in Bloomberg regarding the
relationship between Refco and BAWAG unfairly casts a shadow
over Liquid Opportunities Plus Fund, a legitimate investment
fund which has always operated in a lawful and ethical manner,
and the reporters' 'guilt by association' implications are
inappropriate."

     "I was involved in the management of Liquid Opportunities
until November 2004.  Liquid Opportunities was an offshore
investment fund with non-U.S. investors that primarily owned
non-U.S. securities.

     "Thus, Liquid Opportunities was not registered with the SEC
or any other U.S. Agency.

     "The fund's mandate included the administration of several
Euro-denominated note instruments contributed by an investor.  
To hold such non-U.S. instruments, Liquid Opportunities
maintained a custody account at Refco's non-U.S. subsidiary,
Refco Capital Markets.

     "As stated in the story, it is true that the instruments
mentioned above were not registered securities, but rather they
were private instruments each with a single lender and a single
borrower.  As is the norm in such a circumstance, the
instruments were not registered, either publicly or with a
transfer agent, and thus would not reflect a CUSIP or other
standardized identifying information.  The article suggests that
the instruments were 'fake' or 'phantom.'  There was absolutely
nothing about the instruments, either on their face or in
terms of their handling, that suggested that they were
problematic in any way.  No one, including no government
official, has suggested that Liquid Opportunities had any reason
to suspect any irregularity with regard to the instruments.  In
fact, Liquid Opportunities never suspected any irregularity.  
Any implication to the contrary implied in the article is
inappropriate.

     "At the end of 2004, Liquid Opportunities was fully
redeemed(including the shares of the six companies mentioned in
the article) and, pursuant to that redemption, all positions
were removed from the custody of RCM.

     "Upon the publication of bankruptcy documents listing the
mentioned companies as creditors, documentation was delivered
with all due haste to Skadden Arps, Refco's attorneys, notifying
that law firm that none of the companies were ever creditors of
Refco nor had any claim against Refco.  The fact that Skadden
Arps has not removed those entities as creditors should be
addressed to that law firm.

     "Finally, to correct a factual mis-statement in the
article, I have never (a) invested or co-invested in a
Liechtenstein entity or (b) commingled capital alongside BAWAG
P.S.K. in a vehicle that invested in a company or any other
investment."

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services     
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.  
(Refco Bankruptcy News, Issue No. 25; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


REGAL CHEMICALS: Hires Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
Regal Chemicals Limited is liquidating its assets after members
found out that the company could not continue its operations due
to mounting debts.

Timothy John Edward Dolder and Paul Michael Davis, of Begbies
Traynor LLP, were appointed Joint Liquidators.

Regal Chemicals Limited can be reached at:

         Unit A
         Shires Road
         Buckingham Road Industrial Estate
         Brackley Northamptonshire
         NN137EZ
         Tel: 01280 841 085


SALLY WINDOWS: Members Resolve to Liquidation
---------------------------------------------
Members of Sally Windows Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 15.

Stephen P J White, of White & Co, was appointed Liquidator.

Sally Windows Limited can be reached at:

         Unit 5 Belshaw Court
         Billington Road
         Burnley Lancashire
         BB115UB
         Tel: 01282 710 063
         Fax: 01282 428 961
         Web: http://www.sallywindows.co.uk/


SCOTT JAMES: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of Scott James Glass Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 17.

Creditors also ratified the appointment of Mark Newman, of
Vantis, as Liquidator.

Scott James Glass Limited can be reached at:

         12A-14 Armstrong Close
         St. Leonards-On-Sea East Sussex
         TN38 9ST
         Tel: 01424 854 161
         Fax: 01424 853 418


SECAL PRECISION: Meeting of Creditors Set for March 27
------------------------------------------------------
Creditors of Secal Precision Limited (Company Number 04332178)
and Secal Special Purpose Limited (Company Number 04173495) will
meet at 11 a.m. and 2:30 p.m. respectively, on March 27, at:

         BDO Stoy Hayward LLP
         4th Floor, 12-22 Edmund Houses
         Newhall Street, Birmingham B3 3EW

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., March 24, 2006 to:

         C. K. Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham B3 3SD

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

Secal Precision Limited -- http://www.secal-sheetmetal.co.uk/--  
was integrated into the Secal Group in 2004.  It manufactures
high precision, high quality machined parts in ferrous, non-
ferrous and exotic materials.

Secal Special Purpose Limited -- http://www.secal-
sheetmetal.co.uk/ -- designs and manufactures bespoke machines
and complex engineering solutions, which have been installed
countrywide.


SIAM INVESTMENT: Liquidator & Director Leave Post
-------------------------------------------------
The Siam Investment Fund discloses the resignation of Enghug
Nontikarn as a director of the Company effective Feb. 23.

In addition, following the commencement of the winding up of the
Company in accordance with its Memorandum and Articles of
Association at 12:00 a.m. Cayman Islands time on Feb. 22, the
Company also disclosed the resignation of Mungkorn Kriengwatana
as the Company's liquidator nunc pro tunc to Feb. 27.

As a result of the Fund's voluntary liquidation, its listing on
the Official List of the UK Listing Authority and admission to
trading on the London Stock Exchange's main market for listed
securities was suspended on Feb. 23.

Headquartered in Grand Cayman, Cayman Islands, Siam Investment
Fund operates as an investment trust primarily for unlisted
companies, joint ventures and other projects.


SILVER COACHWORKS: Mounting Debts Prompt Liquidation
----------------------------------------------------
Stephen L. Conn of Begbies Traynor was appointed Liquidator
after members of Silver Coachworks Limited agreed to wind up the
company's assets on Feb. 14.

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

Silver Coachworks Limited can be reached at:

         53-55 Alfreds Way
         Barking Industrial Park
         Barking Essex
         IG1 10TJ
         Tel: 020 8594 9696
         Fax: 020 8594 1139


STIRLING CONTRACTS: Appoints P&A Partnership as Administrator
-------------------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Stirling
Contracts Group Limited (Company Number 02639900) on March 6.

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.

Stirling Contracts Group Ltd installs electrical wiring service
and can be reached at:

         Stirling House, Rotherham Close
         Sheffield, South Yorkshire S21 2JU
         Tel: 01142482776   


THOUGHTCRYSTAL LIMITED: Taps HKM LLP to Administer Assets
---------------------------------------------------------
Kirankumar Mistry of HKM LLP was appointed administrator of
Thoughtcrystal Limited (Company Number 04097179) on March 3.

HKM LLP -- http://www.hkm.co.uk/-- is an independent and  
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.  

Thoughtcrystal Limited provides entertainment content and offers
managed services for interactive voice response, SMS, MMS and
WAP delivery mediums.


TOWERIP LIMITED: Financial Liabilities Trigger Liquidation
----------------------------------------------------------
Gerald Irwin, of Irwin & Company, was appointed Liquidator of
Towerip Limited after members resolved to liquidate the
company's assets on Feb. 17.

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

Towerip Limited can be reached at:

         Leabrook Road
         Tipton West Midlands
         DY4 0DY
         Tel: 0121 502 0348
         Fax: 01543 481 443


TRAINING FOR CHANGE: Liquidates Assets in London
------------------------------------------------
Training for Change Limited is liquidating its assets after
members passed a resolution to wind up the company during an
extraordinary general meeting on Feb. 14.

Christopher Oakley-Smith and Colin Michael Trevethyn Haig, of
PricewaterhouseCoopers LLP, were appointed Joint Liquidators.

Training For Change Limited can be contacted at:

         Europoint House
         5 Lavington Street
         London
         SE1 0NZ
         Tel: 020 7945 6111
         Fax: 020 7945 6106


TRENT INDUSTRIES: Taps Butcher Woods to Liquidate Assets
--------------------------------------------------------
Roderick Graham Butcher, of Butcher Woods, was appointed
Liquidator after members of Trent Industries Limited passed a
resolution to wind up the company on Feb. 10.

Chairman J. K. Bayley claimed the company could not continue its
operations due financial liabilities.

Trent Industries Limited can be reached at:

         Sales & Enquiries
         Unit 85A
         Dudley Road
         Gibbons Industrial Park
         Kingswinford West Midlands
         DY6 8XF
         Tel: 01384 400 320
         Fax: 01384 291 601
         Web: http://www.trent-industries.co.uk/


WALTER MILLS: Creditors Have Until April 13 to Submit Claims
------------------------------------------------------------
Members of Walter Mills (Tours) Limited is liquidating its
assets after members decided to wind up the company on Feb. 9.

Appointed liquidator, Frank Anthony Hatch, required creditors to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before April 13.

Walter Mills (Tours) Limited can be contacted at:

         386 Himley Road
         Gornal Wood Dudley West Midlands
         DY3 2QB
         Tel: 01384 256 012


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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

                            *********                            


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

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

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

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

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

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


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