TCREUR_Public/060322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 22, 2006, Vol. 7, No. 58    

                            Headlines

F R A N C E

CAP GEMINI: Targets 10,000 Jobs by 2007 in New Indian Center


G E R M A N Y

AAREAL BANK: Earns EUR20 Million in Fourth Quarter 2005
CAVALERI U. CZOMBER: Claims Registration Ends April 7
CNT PRODUCTS: Claims Registration Ends March 31
CONTRA SERVICE: Claims Registration Ends April 12
DRESDNER BANK: Fitch Gives Individual C Rating

DUX CONSULT: Claims Registration Ends March 27
ESCADA AG: Moody's Upgrades Corporate Family Rating to B1
EUTRANS GMBH: Claims Registration Ends March 27
FRESENIUS AG: Subsidiary Acquires 60% Humaine Kliniken Stake
GFS GESELLSCHAFT: Claims Registration Ends April 4

KB FINANZMANAGEMENT: Claims Registration Ends April 5
SGL CARBON: Sound Business Prompts Moody's Ba3 Rating Upgrades
STENDAL NORD: Claims Registration Ends March 27
VIA GMBH: Claims Registration Ends April 10
WESTPHAL OHG: Claims Registration Ends March 30


I R E L A N D

ANNER MEDIA: Firm Goes Into Receivership


I T A L Y

VOLARE GROUP: Alitalia Okays Volare Acquisition


K A Z A K H S T A N

ALNURAHOLDING: Astana Court Opens Bankruptcy Proceedings
BLOK: Kostanai Court Opens Bankruptcy Proceedings
KAZCARIER: Creditors Must Submit Proofs of Claim by March 31
META-2: Kostanai Court Opens Bankruptcy Proceedings
RADIAN-M:  Creditors Must Submit Proofs of Claim by March 31

TEMIR GOLD: Creditors Must Submit Proofs of Claim by March 31


K Y R G Y Z S T A N

AL-SHAMIR COMPANY: Creditors Must File Claims By April 28
ARSTAN TRANS: Creditors Must File Claims By April 26
COMPANY PANTHEON: Creditors Must File Claims By May 2
KOMPAUND: Creditors Must File Claims By May 2


L U X E M B O U R G

CONVERIUM FINANCE: Fitch Affirms US$200 Million Debt at BB+
SGL CARBON: Moody's Upgrades Senior Debt Rating to B2 From B3


N E T H E R L A N D S

AUDATEX HOLDINGS: Moody's Puts Low-B Ratings on US$520-Mln Notes


N O R W A Y

PETROLEUM GEO-SERVICES: To Build NOK562-Mln Ramform Vessel


R O M A N I A

C.N. TRANSELECTRICA: S&P Affirms Long-Term Credit Rating at BB


R U S S I A

ANGARSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for April 20
BUILDER: Bankruptcy Hearing Slated for April 4
CHEGDOMYNSKOYE: Khabarovsk Court Begins Bankruptcy Supervision
CHERSKAYA: Court Names A. Trifonov as Interim Insolvency Manager
COAL ASSETS: Bankruptcy Case Adjourned to March 29

FOODSTUFFS: Bankruptcy Hearing Slated for May 25
HYDRO-MASH-KOMPLEKT: Bankruptcy Hearing Set for May 26
KRASNOSLOBODSKIY DOCK: Bankruptcy Hearing Set for April 24
TOBOLSK-SPETS-AUTO-TRANS: S. Shilov Named as Insolvency Manager
VIMPELCOM: Telenor Offers to Sell Kyivstar for US$5-Bln Cash

ZARECHYE-RYBINSK: Court Names I. Gladkov as Insolvency Manager
ZHIRNOVSK-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set May 18


U K R A I N E

ADM: Zaporizhya Court Begins Bankruptcy Supervision Procedure
AGROKONTRAKT: Court Names Oleksandr Malyovanij as Liquidator
AGROSERVICE: Lviv Court Begins Bankruptcy Supervision
KYIVSTAR GSM: Telenor Proposes Technical Changes to Charter
MARIUPOL' AUTO 11428: Donetsk Court Opens Bankruptcy Proceedings

PROJECTS DEVELOPMENT: Kyiv Court Opens Bankruptcy Proceedings
ROZDORIVSKA: Court Names Sergij Vasiltsov as Insolvency Manager
TAURUS AGROPROM: Kyiv Court Opens Bankruptcy Proceedings
VINNITSYA' SEED: Vinnitsya Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ADJUSTABLE SLEEP: Members Pass Winding Up Resolution
ALPHATOOL PRODUCTIONS: Creditors Confirm Liquidation
ARAMISKA LIMITED: Taps Begbies Traynor to Liquidate Assets
BUYRIGHT CARS: Names David Anthony Horner as Liquidator
CAPRITONE LEISURE: Financial Woes Prompt Liquidation

CARPROVIDERS LIMITED: Claims Registration Ends March 31
CHL2000 LIMITED: TSB Bank Plc Appoints Ernst & Young as Receiver
CONSTRUCTION FABRICATION: Mounting Debts Prompt Liquidation
CORUS GROUP: Earns GBP64 Million in Fourth Quarter 2005
CRANE CAST: Members Agree to Voluntary Liquidation

CURZON INTERIORS: Lloyds TSB Bank Appoints Receiver
DELCON NUMERICAL: Meeting of Creditors Set for March 27
DISCOUNT FLOORING: Taps David Horner & Co. to Administer Assets
EASTFIELD ASSOCIATES: Winds Up Business and Appoints Liquidators
EX COMMUNICATIONS: Hires Mark Newman to Liquidate Assets

FENG SHUI: Appoints Administrator from Bond Partners
FM WORKSHOP: Taps Barry Mitchell to Administer Assets
GROOMBRIDGE ELECTRICAL: Creditors' Meeting Set for March 29
HERDS OF BASINGSTOKE: RFS Names Grant Thornton Admin Receiver
INVESTEC BANK: Fitch Affirms Individual C Rating

J RAY: Taps W. J. J. Knight to Administer Assets
KERZNER INT'L: Inks US3 Billion Merger Deal with Investor Group
KERZNER INT'L: Moody's Watches Ratings for Possible Downgrade
KHOSLA FASHIONS: Appoints Joint Administrators from Deloitte
LIZBAN PRESS: Meeting of Creditors Set for March 27

MISSIONMARK LIMITED: Taps Cresswall Associates as Administrator
NATIONAL AUSTRALIA: UK Staff Okay GBP20 Mln Pension Cost Cuts
OUTSIDE THE BOX: Appoints Administrator from Mazars
RANK GROUP: Buys Back 700,000 Shares for Cancellation
RAPRA TECHNOLOGY: Appoint BDO Stoy Hayward as Administrator

REGUS CORP: Moody's Withdraws Ratings After Early Debt Repayment
REGUS GROUP: Debt Repayment Spurs S&P to Withdraw Low-B Ratings
SETT SHEET: Metal Manufacturer Appoints Administrator
SPRINT 1016: Appoints Administrator from Ian Franses Associates
THAMESDOWN FVS: Taps Baker Tilly to Administer Assets

WALKER & KITCHING: Taps Joint Administrators from P&A
WENTWOOD TIMBER: Taps Administrator from Hazlewoods

                             *********

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


CAP GEMINI: Targets 10,000 Jobs by 2007 in New Indian Center
------------------------------------------------------------
Cap Gemini S.A. has opened a new center in Kolkata, India,
aiming to employ around 6,000 by year-end, and 10,000 workers by
the end of 2007.

The success of Capgemini's operations in Mumbai and Bangalore,
along with increased customer demand, has supported the opening
of the new center.  It demonstrates the success of Capgemini's
Rightshore RightshoreTM strategy, not only with its US customers
but especially in Europe which represents half of Capgemini's
India workflow.

"India is core to Capgemini Group strategy," Paul Hermelin,
chief executive officer of Capgemini, said.  "The opening of
this new center is an important new step for the Group, which
has now reached critical size in India.  Our expansion here not
only demonstrates our commitment to India but also emphasizes
Capgemini India's strengths and world-class capabilities to
deliver services.  India's talent and technology strengths have
been acknowledged worldwide.  We at Capgemini will continue to
tap into this talent potential and Kolkata will be a key focus
region."

More than 3,500 people are working in the Capgemini BPO centers.  
The Group has developed a full range of expertise in business
process outsourcing, its lead offering being Finance and
Accounting.  

Speaking at the Kolkata launch, Mr. Paul Spence, Global Head of
Capgemini Outsourcing Services, said: "With several hundred
employees already in India, the opening of the Kolkata center is
another major step in the strengthening of Capgemini's
Rightshore RightshoreTM TM network of BPO centers, complementing
its strong presence in Poland (Krakow) and China (Guangzhou).   
Capgemini is now surging ahead in its expansion plans in India
in this field and we are excited to share these multiple
experiences with newcomers."

Capgemini India, which has been enjoying an 80% yearly growth,
has over 100 global customers, including many Fortune 500
companies.

                        About Capgemini

Headquartered in Paris, France, Cap Gemini S.A. --
http://www.capgemini.com/-- is one of the world's foremost  
providers of Consulting, Technology and Outsourcing services,
has a unique way of working with its clients, which it calls the
Collaborative Business Experience.  The company helps businesses
implement growth strategies, leverage technology, and thrive
through the power of collaboration.  Capgemini reported 2005
global revenues of EUR6.954 billion and employs approximately
61,000 people worldwide.  

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 27,
Standard & Poor's Ratings Services has revised to stable, from
negative, its outlook on France-based IT services group Cap
Gemini S.A., after the company reported significantly improved
figures for second-half 2005.

At the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit and senior unsecured debt ratings on Cap
Gemini.


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


AAREAL BANK: Earns EUR20 Million in Fourth Quarter 2005
-------------------------------------------------------
Aareal Bank reports a stronger position at the close of 2005's
fourth quarter.

Consolidated net profit for the Aareal Bank Group after minority
interests was EUR20 million for the quarter, compared to a net
EUR15 million loss for the same period in 2004.  The strategic
realignment embarked upon in April 2005, which is reflected in a
six-point programme, was a significant factor in the course of
business last year.

"The results reflect our clearly-defined profit target for 2006:
we will restore the bank's ability to pay dividends," Dr. Wolf
Schumacher, Chairman of the Management Board of Aareal Bank AG,
said.

The core capital ratio according to the German Banking Act
improved to 8.4% (30 Sep 2005: 8.1%), and the total capital
ratio rose to 14.5% (14.1%).  According to BIS rules, the core
capital ratio rose to 7.2% after 6.9%, and the total capital
ratio to 12.6% after 12.2%.  Aareal Bank intends to retain
future profits to continue strengthening its capitalization.  

In parallel, expediting the reduction of risk assets outside the
bank's strategic business will extend the scope for profitable
new business: "With the continued expansion of our core
strengths, we are well-positioned for a sustained improvement in
results," Dr. Schumacher added.

                      New Business Boosted

Aareal Bank's new business grew by 25%, to EUR7.1 billion.
International new business rose by 31%, to EUR6.1 billion,
whilst at EUR1 billion, new business in Germany was fully in
line with the bank's projections.  International business
accounted for around 85% of total new loan commitments.  Dr.
Schumacher emphasized that "the significant growth in new
business reflects the solid position of Aareal Bank's domestic
and international distribution network in the property markets
covered."  He added that the opening of a representative office
in Turkey -- as the first property bank to become established
there -- and initial loan commitments in markets such as the
People's Republic of China, and Mexico, also underlined Aareal
Bank's continued expansion of its international business,
designed to further diversify the loan portfolio: "We will
segment our target markets by economic region, rather than on
the basis of political borders, in the future."  As a first step
in this direction, Aareal Bank will join its forces in
Scandinavia and the Baltic States to form a 'Nordic hub'.

                 Reduction of the NPL Portfolio

Aareal Bank carried out a comprehensive review of its loan
portfolios during the 2005 financial year.  This exercise
resulted in write-downs on claims and provisioning requirements
totaling EUR273 million, which has impacted significantly on the
results in the financial statements presented.  Having recorded
net losses after minority interest of EUR55 million for the year
2005, Aareal Bank Group expects its risk costs to return to a
normal level from the 2006 financial year onwards.  Aareal Bank
reduced its portfolio of non-performing loans to EUR2.085
billion during the year under review, through two NPL portfolio
sales combined with additional disposals of individual
exposures.

                   Leveraging Aareal Bank's
                Mid-Sized Corporate Structure

The sale of Aareal Hypotheken Vermittlungs GmbH and Aareal
Hypotheken Management GmbH, plus the closure of Via Capital Ltd.
marked the first achievements in reducing the level of
complexity within the Group.  Moreover, the mortgage bank
subsidiary Aareal Hyp AG was merged into its parent, Aareal Bank
AG, at the beginning of the current financial year, with
retrospective effect from Jan. 1, 2006.

This measure will considerably expand the scope of Aareal Bank
AG's funding mix, making full use of the opportunities available
under the new German Pfandbrief Act (Pfandbriefgesetz), which
came into force in the summer of 2005.  

The bank's medium-term objective is to increase the share of
mortgage bonds relative to Aareal Bank Group's entire volume of
property financing -- from currently 10%, up to between 40% and
60%.  Having successfully placed its first Jumbo Pfandbrief
issue at the beginning of the current financial year, Aareal
Bank AG plans to establish its presence on the market as a
regular issuer of jumbo mortgage bonds.

                   Organizational Realignment

Aareal Bank's entire organizational structure has been
realigned.  In an initial step, a first management level --
having more operative responsibility - was established effective
July 1, 2005.  Staff numbers at the parent company are set to be
reduced from 1,249 by a total of 253 by the end of 2008.

                      Financial Results

For the fourth quarter 2005, the Company reported a EUR97
million net interest income, compared to EUR111 million in 2004.  
This was due to lower risk-weighted assets, as a result of the
accelerated reduction of exposures no longer in line with our
strategy.

At EUR24 million, provisions for loan losses were significantly
lower from EUR55 million in the fourth quarter of 2004.

Net commission income of EUR50 million was in line with the same
period of the previous year.

Net trading loss of EUR11 million (2004: -EUR18 million) was
attributable mainly to expenses for credit derivatives used for
synthetic securitization, and to the measurement of standalone
derivatives.

Results from non-trading assets of EUR20 million were largely
attributable to the disposal of fixed income securities from the
available-for-sale portfolio.

Administrative expenses rose by 8.2%, from EUR97 million to
EUR105 million.  In addition to higher staff costs and ongoing
realignment expenditure (mainly related to IT), consultancy
costs related to NPL transactions contributed to this increase.

After taking into account net other operating income and
expenditure of EUR7 million, profit before taxes amounted to
EUR29 million.

Taking into account a net tax position of EUR5 million and EUR4
million in minority interest income, consolidated net income for
the fourth quarter was EUR20 million, compared to a consolidated
net loss of EUR15 million for the same period in 2004.

Aareal Bank Group recorded consolidated net losses, after
minority interest, of EUR55 million for the full year 2005.

The bank expects clearly positive results for 2006, based on the
expedited reduction of its NPL portfolio, and the continued
expansion of its international business.  On this basis, Aareal
Bank plans to be able to distribute a dividend again in 2007,
for the 2006 financial year.

The complete 2005 Annual Report of Aareal Bank Group is
available at no charge at http://ResearchArchives.com/t/s?6b4

Headquartered in Wiesbaden, Germany, Aareal Bank AG --
http://www.aareal-bank.com/-- is one of the leading  
international property banks listed in Deutsche B"rse's MDAX
index.  Aareal Bank is active in three core business units:
Structured Property Financing, Consulting/Services and Property
Asset Management.  The bank has a presence in 14 European
countries, in the US and in Singapore, and provides property
financing solutions in more than 20 countries.  Its client base
includes large international property investors as well as top-
quality national clients.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 8,
2006, Fitch Ratings affirmed Aareal Bank AG's ratings at Long-
term Issuer Default BBB+, Short-term F2, Individual C and
Support 5.  The Outlook remains Stable.  At the same time, the
agency has affirmed the ratings for Aareal Hypothekenbank AG at
Long-term Issuer Default BBB+, Short-term F2 and Support 2 and
simultaneously withdrawn them, as it no longer exists as a
separate legal entity.


CAVALERI U. CZOMBER: Claims Registration Ends April 7
-----------------------------------------------------
Creditors of Cavaleri u. Czomber GmbH & Co. KG have until
April 7, to register their claims with court-appointed
provisional administrator Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on May 11, 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 Bochum
         Saal A29
         Viktoriastrasse 14         
         44787 Bochum

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 Bochum opened bankruptcy proceedings
against Cavaleri u. Czomber GmbH & Co. KG on Feb. 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Cavaleri u. Czomber GmbH & Co. KG
         Attn: Horst Klostermann, Manager
         Coloniastr. 15
         44892 Bochum

The administrator can be contacted at:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum
         Tel: 0234 964 910
         Fax: 0234 964 9133


CNT PRODUCTS: Claims Registration Ends March 31
-----------------------------------------------
Creditors of CNT Products GbR have until March 31, to register
their claims with court-appointed provisional administrator Dr.
Michael Miersch.

Creditors and other interested parties are encouraged to attend
the meeting at 1:50 p.m. on April 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Traunstein
         SS B 40
         Herzog-Otto-Str. 1
         83278 Traunstein         

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 Traunstein opened bankruptcy proceedings
against CNT Products GbR on Feb. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         CNT Products GbR
         Reichenhaller Str. 39
         83395 Freilassing

The administrator can be contacted at:

         Dr. Michael Miersch
         Kufsteiner Str. 14
         83022 Rosenheim
         Tel: 08031/3677-0
         Fax: 08031/3677-36


CONTRA SERVICE: Claims Registration Ends April 12
-------------------------------------------------
Creditors of CONTRA Service Productions Gesellschaft fuer Film-,
Foto- und Veranstaltungsproduktionen mbH have until April 12, to
register their claims with court-appointed provisional
administrator Dr. Jorg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 3, 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
         Raum 1240
         12. Etage
         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
CONTRA Service Productions Gesellschaft fuer Film-, Foto- und
Veranstaltungsproduktionen mbH on Feb. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         CONTRA Service Productions Gesellschaft fuer
         Film-, Foto- und Veranstaltungsproduktionen mbH
         Attn: Hans Dornseif, Manager
         Marktberg 1
         42499 Hueckeswagen

The administrator can be contacted at:

         Dr. Jorg Bornheimer
         Sporergasse 7
         50667 Koln
         Tel: +49221-2726120
         Fax: +49221-27261299


DRESDNER BANK: Fitch Gives Individual C Rating
----------------------------------------------
Dresdner Bank AG's 2005 results confirm Fitch Ratings'
expectation that the bank is on track towards meeting its
profitability targets, although challenges to further improve
its revenue and cost efficiency remains.  Dresdner is rated
Issuer Default A with Stable Outlook, Shor-term F1, Individual C
and Support 1.

Dresdner has achieved its targeted return on equity while its
core business areas show good progress in increasing their
revenue generation capacity.  The bank's pre-tax operating
return on average equity improved to 14.1% from 8.5% in 2004,
mainly due to net releases from loan loss reserves as the Q205
dip in trading income was roughly offset by gains on available-
for-sale portfolio and slightly decreasing costs.

On a standard risk cost basis, operating ROAE would have still
been around 11%.  The bank's cost-to-income ratio remained at a
high 78.8% in 2005 compared to 80.4% in 2004 and shows the
necessity to continue growing revenues and actively managing its
cost base.  

The progress made in 2005 in bancassurance and assurbanking,
such as 361,000 new bank clients and EUR655 million new assets
generated by the insurance sales force, reflects the improved
integration between Dresdner and its parent Allianz SE.

Adjusted for IAS 39 effects and discontinued businesses, the
bank's operating revenues increased 6.3% in 2005 as net interest
income and fee income held up well and increased 10.4% and 7.6%,
respectively.  However, net trading income declined 17.4% in
2005 on an IAS 39 adjusted basis, which was mainly caused by the
Q205 losses from unexpected movements in corporate bond markets.

Asset quality has significantly improved as the bank cut down
its non-performing loans in 2005 by EUR3.7 billion to EUR2.6
billion at end-2005 and closed the IRU more than one year ahead
of schedule.  

At end-2005, NPLs stood at 1.6% of gross customer loans compared
to 3.8% at end-2004.  Total loan loss reserve coverage weakened
slightly as a result of significant releases and stood at 57% at
end-2005, excluding collateral.

Dresdner's ongoing integration after nearly five years of
Allianz ownership shows the change in the bank's role within the
Allianz group.  Although it was only seen as a selectively
integrated distribution platform in the early days, the bank has
become an integrated product development center with a
complementary distribution network.  

Dresdner's private and business client divisions are now
separated from the production and distribution, while the
corporate and investment banking businesses are recently aligned
and have just one reporting line to a single dedicated board
member.  

Despite the progress in assurbanking and bancassurance, both
areas are not expected to become major revenue contributors in
the medium-term to Dresdner's results.  Fitch, however,
considers that the recent structural initiatives are a step
towards efficiency enhancement and that the close integration
within the Allianz group, one of Europe's major financial
services groups, should enable the bank to attain further
sustainable revenue growth.


DUX CONSULT: Claims Registration Ends March 27
----------------------------------------------
Creditors of DUX Consult GmbH i. L. have until March 27, to
register their claims with court-appointed provisional
administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on April 11, 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 291
         Zweigertstr. 52
         45130 Essen

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 Essen opened bankruptcy proceedings
against DUX Consult GmbH i. L. on Feb. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DUX Consult GmbH i. L.
         Forenkamp 49
         46238 Bottrop

The administrator can be contacted at:

         Dr. Jorg Nerlich
         Goethestr. 100
         45130 Essen
         Tel: 0201 8961050
         Fax: 0201 8961059


ESCADA AG: Moody's Upgrades Corporate Family Rating to B1
---------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of ESCADA AG and the rating on the EUR200.0 million senior notes
due 2012 to B1 from B2.  The outlook on all ratings is stable.

Affected Ratings:

   -- Corporate family rating of ESCADA AG upgraded to B1 from
      B2; and

   -- EUR200 million senior notes due 2012 upgraded to B1 from
      B2.

The outlook on all ratings is stable.

ESCADA's ratings upgrade reflects:

   -- the expectation of a generally positive market environment
      for luxury goods with sustained consumer and traveler
      spending;

   -- the company's improved credit metrics resulting from
      higher profitability and cash flow generation as the
      restructuring activities carried out by management have
      begun to deliver the expected benefits; and

   -- the recent transition from a family-owned business to a
      management led company with the appointment of a new CEO
      and CFO.

ESCADA continues to benefit from a loyal and geographically
diverse customer base with North America and Asia accounting
respectively for 20% and 14.6% of the company's consolidated
sales for financial year 2005.  The company also enjoys strong
brand recognition supported by the high quality of its products,
which should enable the company to take advantage of the
currently positive trend in demand, particularly in Eastern
Europe and Japan.  The positive trend for the company is
reflected in the promising level of pre-orders for the spring-
summer and early autumn collections.

Since Moody's initial rating in March 2005, ESCADA has continued
to benefit from its initiatives aimed at improving full price
sell through, rendering its brand management more effective and
rationalizing its retail portfolio.  This has led to a
considerable improvement in the company's credit metrics as
demonstrated by the reduction in the Adjusted total debt/EBITDAR
ratio to 4.8x at the end of 2005 from 5.7x at the end of
financial year 2004 and the improvement of the adjusted
RCF/lease-adjusted Net Total Debt ratio to 13.8% from 9.3% over
the same period.  ESCADA's return on capital has also improved,
with an increase in the Return on Average Assets from 7.0% in
2004 to 11.3% in 2005.

The company's liquidity is satisfactory with EUR19.4 million in
cash and equivalents on the balance sheet as of 31 January 2006,
in addition to access to EUR63 million (of EUR90 million
committed) available under the existing revolving credit
facilities.  Moreover, Moody's expects limited debt amortization
over the medium term given that the large majority of ESCADA's
EUR223.6 million gross debt (at year-end 2005) is in the form of
senior notes due 2012.  Although the notes are callable until
2009 with a 'make whole' premium and then at a sliding scale
premium after April 2009, Moody's expects that over the medium
term the majority of free cash flows will be used to sustain the
company's main brands and to finance the development of its
retail portfolio.

The company's profitability continues to be constrained by the
weak performance at some operating subsidiaries, particularly in
France and the UK and at the ESCADA Accessories business
division.  Moreover, the company remains exposed to currency
movements in spite of its stringent hedging policy, as more than
60% of the ESCADA brand sales are denominated in US dollar and
Japanese yen while the bulk of the company's costs and debt are
in euros.  Moody's believes that the high end appeal of Escada's
brands limits its flexibility in relocating production to
cheaper countries.

Moody's deems the current credit metrics to be appropriate for
the rating category.  Should the company's Adjusted total
debt/EBITDAR ratio decrease to around 3.5x, combined with
positive free cash flow generation on a sustainable basis, this
could be positive for the ratings.  Conversely, a negative
industry trend that resulted in financial leverage increasing to
previous levels or a deterioration in the company's operating
performance and cash flow generation could put downward pressure
on the ratings.

The outlook for the ratings is stable.  Moody's recognizes the
growth opportunities provided by the expected increase in
consumer spending in some of the company's key markets such as
Europe and Japan, the potential for continuing expansion in
markets like Russia, China and the Middle East and the recurring
nature of the cost savings achieved by the company.  However,
Moody's also believes that improvements in cash flow generation
will be mostly offset by higher investments necessary to sustain
the company's main brands and its retail network.  Furthermore,
with total debt expected to remain fairly stable, a
strengthening in debt-based metrics is likely to depend on
further improvements in profits.

The B1 rating on the senior notes, at the same level of the
corporate family rating, reflects the fact that the EUR200.0
million senior notes are a senior unsecured obligation of ESCADA
AG (the holding company) and rank pari passu with all its senior
unsecured indebtedness including, in particular, the EUR90.0
million revolving credit facilities.  Moody's further notes that
the amount of debt currently raised at the non-guarantor
subsidiaries' level only amounts to approximately EUR15 million,
or c.7% of total group debt at year-end 2005.

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear luxury apparel
for women.  In the financial year ended 31 October 2005, the
company, including PRIMERA Group, reported consolidated sales
and EBITDA of EUR648.5 million and EUR65.1 million,
respectively.  


EUTRANS GMBH: Claims Registration Ends March 27
-----------------------------------------------
Creditors of EUTRANS GmbH have until March 27, to register their
claims with court-appointed provisional administrator Dr. Oliver
Hartig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on April 26, 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 Leipzig
         Zi. 31  

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 Leipzig opened bankruptcy proceedings
against EUTRANS GmbH on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         EUTRANS GmbH
         Attn: Patrick Winkelmann, Manager
         Freistrasse 8
         04435 Schkeuditz/OT Glesien

The administrator can be contacted at:

         Dr. Oliver Hartig
         Philipp-Mueller-Str. 44/I
         06110 Halle


FRESENIUS AG: Subsidiary Acquires 60% Humaine Kliniken Stake
------------------------------------------------------------
Helios Kliniken GmbH, a subsidiary of Fresenius AG, has agreed
to acquire a majority stake in Humaine Kliniken GmbH.

Humaine operates six acute and post acute care hospitals in the
fields of neurology, oncology and traumatology with a total of
1,850 beds, thereof 1,530 in the acute care area.  The group
owns two advanced care hospitals with about 600 beds each.  
Humaine was founded in 1984 and has approximately 2,900
employees.

The clinic group is privately owned.  In 2005, it achieved sales
of EUR197 million and operating profit of EUR14 million.  The
parties agreed not to disclose the purchase price, which is to
be paid in a combination of cash and, to a lesser extent,
Fresenius ordinary and preference shares.  

Helios expects that the transaction will be completed in mid-
2006.  Initially, 60% of the shares will be acquired, and Helios
has an option to acquire the remaining 40%.  The acquisition of
Humaine will be accretive to Fresenius Group's earnings per
share in the fiscal year 2006.

The acquisition is an important step in the expansion strategy
of Helios.  "With Humaine we have acquired a well-managed clinic
group which complements the Helios network both geographically
and in terms of medical orientation," Dr. Ulf M. Schneider,
Chairman of the Management Board of Fresenius AG, says.  "While
the focus will continue to be on the privatization of public-
sector hospitals, Helios takes advantage of the opportunity to
purchase Humaine in order to strengthen the hospital operations
business.  Humaine is a profitable company and fully fits our
financial acquisition criteria in the hospital sector.  With the
experienced management team we will rapidly integrate Humaine
into the Helios Kliniken Group to achieve further profitability
improvements."

The acquisition still requires approval by the antitrust
authorities.

Helios Kliniken Group operates 51 clinics of its own with a
total of 14,300 beds, including four maximum-care hospitals in
Erfurt, Berlin-Buch, Wuppertal and Schwerin.  The company's
24,800 employees carry out 420,000 in-patient treatments a year
and in 2005 achieved sales of EUR1.55 billion.

Headquartered in Bad Homburg v.d.H., in Germany, Fresenius AG --
http://www.fresenius.de/e/-- is a health care group with  
international operations, providing products and services for
dialysis, hospital and the ambulatory medical care of patients.  
In 2005, sales were EUR7.9 billion.  On Dec. 31, 2005, the
Fresenius Group had 91,971 employees worldwide.

                        *     *     *

Moody's Investors Service has assigned Ba2 ratings to Fresenius'
long-term corporate family and senior unsecured debt with stable
outlook.  At the same time, the Company's long-term foreign and
local issuer credit carries BB+ ratings from Standard & Poor's.


GFS GESELLSCHAFT: Claims Registration Ends April 4
--------------------------------------------------
Creditors of GfS Gesellschaft fuer Studienfinanzierung mbH have
until April 4, to register their claims with court-appointed
provisional administrator Dr. Hans-Jorg Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on May 12, 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 Wetzlar
         II. Stock
         Sitzungssaal 201
         Gebaude B
         Wertherstr. 1
         35578 Wetzlar

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 Wetzlar opened bankruptcy proceedings
against GfS Gesellschaft fuer Studienfinanzierung mbH on
Feb. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         GfS Gesellschaft fuer Studienfinanzierung mbH
         Horlenweg 11
         35708 Haiger-Allendorf
         Attn: Wolfgang Tausch, Manager
         Bergstr. 4
         35638 Leun

The administrator can be contacted at:

         Dr. Hans-Jorg Laudenbach
         Carlo-Mierendorff-Strasse 15
         35398 Giessen
         Tel: 0641/98292-0
         Fax: 0641/98292-85
         E-mail: giessen@mtjz.de


KB FINANZMANAGEMENT: Claims Registration Ends April 5
-----------------------------------------------------
Creditors of KB Finanzmanagement GmbH & Co. KG have until
April 5, to register their claims with court-appointed
provisional administrator Dr. Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Bochum
         Saal A29
         Viktoriastrasse 14
         44787 Bochum

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 Bochum opened bankruptcy proceedings
against KB Finanzmanagement GmbH & Co. KG on Feb. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         KB Finanzmanagement GmbH & Co. KG
         Bochumer Str. 164
         45661 Recklinghausen

The administrator can be contacted at:

         Dr. Guenter Trutnau
         Kettwiger Str. 2-10
         45127 Essen
         Tel: 0201 10956


SGL CARBON: Sound Business Prompts Moody's Ba3 Rating Upgrades
--------------------------------------------------------------
Moody's Investors Service upgraded SGL Carbon AG corporate
family rating one notch to Ba3, rating on secured facilities at
SGL Carbon AG and certain of its subsidiaries to Ba3 from B1 and
rating on senior notes at SGL Carbon Luxembourg S.A. to B2 from
B3.  Outlook is stable.

The upgrade of the corporate family rating to Ba3 reflects:

   -- SGL's strong and improving operating and financial
      performance over the last two years;

   -- sound business outlook for its Carbon and Graphite
      business division (representing 60% of the turnover)
      supported by strong, albeit softening, demand;

   -- high level of visibility for 2006, given recent price
      renegotiations and solid order backlog translating into
      high capacity utilization rates;

   -- significant de-leveraging achieved to date with total debt
      down to EUR342 million;

   -- successful implementation of cost reductions in 2005 with
      EUR21 million of savings achieved;

   -- management's focus on improving its credit profile
      (including restraint on dividends in the immediate
      future); and

   -- recent EUR83.7 million capital increase providing the
      company with additional flexibility before the anticipated
      settlement of pending anti-trust liabilities.

The rating, however, continues to take into consideration:

   -- SGL's high level of off balance sheet debt, notably
      pension liabilities and charges related to anti-trust
      proceedings in the EU;

   -- risk of significant cash outflows associated with the
      anti-trust fines;

   -- the company's exposure to the cyclical steel and aluminum
      industries;

   -- mature nature of its main markets and the threat that
      competition from lower cost countries, e.g.  Russia and
      China, will increase in the longer term;

   -- increase in CAPEX expected from 2006 to support SGL's
      exposure in Asia;

   -- SGL's exposure to changes in production costs
      (particularly due to changing energy costs and
      increasingly tight environmental legislation); and

   -- its exposure to changes in exchange rates, particularly
      the US$ (albeit mitigated by the group's hedging policy).

Moody's would see upwards pressure on the ratings should the
rating agency see continued improvement in RCF / Net Adjusted
Debt and if the group's FCF/ Total Adjusted Debt ratio
sustainably exceeds 5% (before taking anti-trust payments into
consideration).  Moody's sees the resolution of a sizeable
proportion of the pending liabilities under the EU anti-trust
fines as well as clarification of the remaining anti-trust
contingent liabilities as a key factor for further upward review
of the ratings.

Moody's would see downward pressure on the ratings should the
group's Adjusted RCF/ Adjusted Net Debt ratio move below 15% and
remain below this level on a sustainable basis.

SGL' continued to improve it operating and financial performance
in 2005, including growing volumes and prices primarily driven
by strong demand for graphite electrodes.  SGL's EBITDA and EBIT
margins also improved by implementing cost rationalization
initiatives and relocating certain capacities to lower-cost
areas (EUR21 million cost savings achieved in 2005).

The Company applied operating cash flow and divestment proceeds
(from lower margin divisions) to reduce debt which declined to
1.72x Total Debt / EBITDA and to 3.4x on an Adjusted Debt /
EBITDAR basis.  SGL also repaid the remaining US$ 145 million of
anti-trust fines in the US.  The Company continues to face risk
of a significant future cash outflow in relation to anti-trust
fines imposed by the EU competition authority, of which EUR69.1
million fine (and accumulated interest) may become payable
already in 2006.  Moody's expects that SGL will use the proceeds
from the recent equity placement to further reduce debt and
maintain its financial position after the anticipated settlement
of some of the anti-trust liabilities.

Liquidity position remains satisfactory with EUR93 million in
unrestricted cash balances and EUR42 million available under
revolving credit facility as of 31 December 2005.

Affected Ratings:

   -- Ba3 Corporate Family Rating of SGL Carbon AG;

   -- Ba3 rating on senior secured credit facilities at SGL
      Carbon AG and certain of its subsidiaries;

   -- B2 rating on EUR270 million in senior notes due 2012 at
      SGL Carbon Luxembourg S.A..

Registered in Germany, SGL Carbon is one of the leading
international manufacturers of carbon and graphite-based
products.  For the twelve months ended 31 December 2005, SGL
Carbon generated revenues of EUR1,069 million and Adjusted
EBITDA of EUR198 million.  


STENDAL NORD: Claims Registration Ends March 27
-----------------------------------------------
Creditors of Stendal Nord Autohaus GmbH have until March 27, to
register their claims with court-appointed provisional
administrator Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 12, 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 Stendal
         Saal 411
         Justizzentrum "Albrecht der Bar"
         Scharnhorststrasse 40
         39576 Stendal

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 Stendal opened bankruptcy proceedings
against Stendal Nord Autohaus GmbH on Feb. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Stendal Nord Autohaus GmbH
         Akazienweg 19
         39576 Stendal
         Attn: Horst Riep, Manager
         Birkenweg 21
         39576 Stendal

The administrator can be contacted at:

         Dr. Mark Zeuner
         Lehmweg 17
         D-20251 Hamburg
         Tel: 040/4806390
         Fax: 040/48063999


VIA GMBH: Claims Registration Ends April 10
-------------------------------------------
Creditors of via GmbH have until April 10, to register their
claims with court-appointed provisional administrator Uwe
Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 11, 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 Bochum
         Saal A29
         Viktoriastrasse 14
         44787 Bochum
         
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 Bochum opened bankruptcy proceedings
against via GmbH on Feb. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         via GmbH
         Geisental 12
         44805 Bochum
         Attn: Achim Weyel, Manager
         Kluesenerstr. 53
         44805 Bochum

The administrator can be contacted at:

         Uwe Hueggenberg
         Huestrasse 34
         44787 Bochum
         Tel: 964 91-0
         Fax: 964 91-33


WESTPHAL OHG: Claims Registration Ends March 30
-----------------------------------------------
Creditors of Westphal OHG Backerei & Konditorei have until
March 30, to register their claims with court-appointed
provisional administrator Dr. Christian Strauss.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on April 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         2. OG
         Elisabethstrasse 6
         26135 Oldenburg
         
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 Oldenburg opened bankruptcy proceedings
against Westphal OHG Backerei & Konditorei on Feb. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Westphal OHG Backerei & Konditorei
         Attn: Sascha and Britta Westphal, Managers
         Scheideweg 149
         26127 Oldenburg

The administrator can be contacted at:

         Dr. Christian Strauss
         Friedrich-Missler-Str. 42
         28211 Bremen
         Tel: 0421/7926260
         Fax: 0421/7926285


=============
I R E L A N D
=============


ANNER MEDIA: Firm Goes Into Receivership
----------------------------------------
TV company Anner Media has gone into receivership, The Irish
Times says.

According to the report, the company has suffered brought in
light of the death of its owner, Donal Geaney, in October 2005.

Under the terms of a debenture created in August 2004, Mr.
Geaney will take charge:

   -- over Anner Media's premises, including the 35-year lease
      it held on its building in Dublin's Mount Street;

   -- over the share capital of Anner Inc., a company registered
      in Delaware in the U.S., including a charge over its
      contracts, agreements and licenses.  

Anne Geaney, James Skehan and Mark Pearson, in their capacities
as executors of Mr. Geaney's will, appointed George Maloney of
Baker Tilly O'Hare as receiver for the company effective
March 20.  

The company is believed to have doubled its net liabilities to
EUR2.4 million in March 2005 from EUR1.2 million the previous
year, the paper said.

Headquartered in Dublin, Anner Media --
http://www.annerinternational.com/-- incorporated in 1998, was  
previously named Anner (International) Post Production.  The
company was involved in a number of ambitious television
ventures, including an Irish-American television channel and
Ireland Live, a news channel that broadcast via the Internet
which is no longer available.


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


VOLARE GROUP: Alitalia Okays Volare Acquisition
-----------------------------------------------
National airline Alitalia S.p.A. gained the government's
approval Friday on its EUR38 million takeover offer of low-cost
carrier Volare Group, Reuters says.

The green light came after a Roman court allowed Alitalia to bid
for Volare.  Judges Antonio Lamorgese and Stefano Olivieri ruled
that Alitalia's bid for Volare does not violate the European
Commission's regulations on state aid.  The judges added that
Alitalia has not disqualified itself from bidding for the low-
cost carrier by using the state-guaranteed loan for purposes
other than intended.

Industry Ministry Claudio Scajola had suspended February
Alitalia's planned takeover after a Roman court forbade the
carrier to participate in the auction for Volare.  Alitalia
offered EUR38 million for Volare, excluding the latter's debts.  
The flag carrier is reported to be eyeing Volare's slots at
Milan's Linate Airport.

According to reports, Alitalia Managing Director Giancarlo
Cimoli estimated a loss of EUR125 million (EUR16 million
annually) if they fail to acquire low-cost rival Volare S.p.A.  
Mr. Cimoli told the Senate in February that Alitalia's
acquisition of Volare is vital to the carrier's aim to increase
its share of domestic traffic.  Mr. Cimoli described the
takeover as "extremely important, to be obtained at all costs."  
The takeover would allow Alitalia to resume and end its
partnership talks with Air France.

Local anti-trust authorities, however, have yet to approve the
acquisition.

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company  
that controls Volare Airlines S.p.A. and Air Europe since 2001.  
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.

                         About Alitalia

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


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


ALNURAHOLDING: Astana Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana
commenced bankruptcy proceedings against LLP Alnuraholding on
Jan. 27, 2006.

CONTACT:  LLP Alnuraholding
          Musrepova Str. 2-21
          Astana


BLOK: Kostanai Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Blok on Jan. 25,
2006.


KAZCARIER: Creditors Must Submit Proofs of Claim by March 31
------------------------------------------------------------
LLP Kazcarier has declared insolvency.  Creditors have until
March 31, to submit their written proofs of claim to:

          Mailina Str. 79
          Almaty Region


META-2: Kostanai Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Meta-2 on Jan. 24.

CONTACT:  LLP Meta 2
          Baitursynova Str. 70
          Kostanai


RADIAN-M:  Creditors Must Submit Proofs of Claim by March 31
------------------------------------------------------------
LLP Radian-M has declared insolvency.  Creditors have until
March 31, to submit their written proofs of claim to:

          Kapchagai, Jambyl Str. 13
          Almaty Region
          Republic of Kazakhstan


TEMIR GOLD: Creditors Must Submit Proofs of Claim by March 31
-------------------------------------------------------------
LLP Temir Gold Ltd. has declared insolvency.  Creditors have
March 31 until to submit their written proofs of claim to:

          Karmysova Str. 86,
          Bogenbai batyr Str. 89-47
          Almaty Region
          050010, Republic of Kazakhstan


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


AL-SHAMIR COMPANY: Creditors Must File Claims By April 28
---------------------------------------------------------
LLC Al-Shamir Company has declared insolvency.  Creditors have
until April 28, to submit their written proofs of claim to:

         Al-Shamir Company
         Ryskulova Str. 117
         Bishkek


ARSTAN TRANS: Creditors Must File Claims By April 26
----------------------------------------------------
LLC Arstan Trans has declared insolvency.  Creditors have until
April 27, to submit their written proofs of claim to:

         Arstan Trans
         Chui Ave. 5a
         Bishkek
         Tel: (0-502) 54-50-11


COMPANY PANTHEON: Creditors Must File Claims By May 2
-----------------------------------------------------
LLC Company Pantheon has declared insolvency.  Creditors have
until May 2, to submit their written proofs of claim to:

         Company Pantheon
         Moskovskaya Str. 172
         Bishkek
         Tel: (+996 312) 90-00-78


KOMPAUND: Creditors Must File Claims By May 2
--------------------------------------------
LLC Kompaund has declared insolvency.  Creditors have until
May 2, to submit their written proofs of claim.

The company can be contacted at (+996 312) 69-51-00 or
(+996 312) 64-85-98.


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


CONVERIUM FINANCE: Fitch Affirms US$200 Million Debt at BB+
-----------------------------------------------------------
Fitch Ratings affirmed Swiss-based Converium AG's Insurer
Financial Strength BBB- rating and removed it from Rating Watch
Negative on which it had been placed since Nov. 4, 2005.  The
agency affirmed other ratings within Converium group and also
withdrawn them from RWN as listed below.  The Outlooks on all
ratings are Stable.

The removal of Converium's ratings from RWN follows the
publication of 2005 year-end results, restated financial
information for the periods 1998 to 2004, and for each quarter
from March 31, 2003, to June 2005.  The restatement resulted
from an internal review of the way that the group had accounted
for certain complex finite reinsurance transactions.  

Fitch was concerned that the restatement of Converium's accounts
could potentially result in deterioration in the group's overall
financial profile and damage its franchise in advance of the
January 2006 renewal season.

Senior Director of Fitch's Insurance Group, Chris Waterman
disclosed, "The restatement exercise had not resulted in
significant heightened volatility in Converium's operating
profile."

"In addition, the group's franchise as a standalone going
concern remains viable following successful completion of the
January 2006 renewal season in which premium volumes were stable
relative to those underwritten during the same period in 2005,"
he said.

While Fitch views these developments positively, it remains
concerned that regulators have historically focused their
attention on companies that have restated their accounts and, as
such, Fitch considers that Converium could potentially face an
increased risk of fines or shareholder actions.

Converium's ratings reflect the group's strong levels of
capitalization, recent stabilization of loss reserve
development, return to profitability in 2005 and conservative
investment strategy.  Offsetting rating factors include the
group's poor historical operating performance, relatively high
expense base and ongoing class action lawsuits.

Upside potential to Converium's ratings would result from a
continued trend in profitable operating performance, sustained
strong capitalization, further stability in loss reserve
development and successful run-off or sale of Converium
Reinsurance North America.  

Downside risk would stem from material adverse development of
loss reserves, negative developments from the finite reinsurance
review/investigations and significant compensatory damage awards
from class action lawsuits.

Converium group ratings are listed as follow:

  a) Converium AG IFS affirmed at BBB- and off RWN;

  b) Converium AG IDR affirmed at BBB- and off RWN;

  c) Converium Insurance Limited affirmed at IFS BBB- and off
     RWN;
  
  d) Converium Ruckversicherungs AG affirmed at IFS BBB- and off
     RWN;

  e) Converium Holding AG IDR affirmed at BB and off RWN; and

  f) Converium Finance S.A.'s USD 200 million subordinated debt    
     due 2032 affirmed at BB+ and off RWN.


SGL CARBON: Moody's Upgrades Senior Debt Rating to B2 From B3
-------------------------------------------------------------
Moody's Investors Service upgraded SGL Carbon AG corporate
family rating one notch to Ba3, rating on secured facilities at
SGL Carbon AG and certain of its subsidiaries to Ba3 from B1 and
rating on senior notes at SGL Carbon Luxembourg S.A. to B2 from
B3.  Outlook is stable.

The upgrade of the corporate family rating to Ba3 reflects:

   -- SGL's strong and improving operating and financial
      performance over the last two years;

   -- sound business outlook for its Carbon and Graphite
      business division (representing 60% of the turnover)
      supported by strong, albeit softening, demand;

   -- high level of visibility for 2006, given recent price
      renegotiations and solid order backlog translating into
      high capacity utilization rates;

   -- significant de-leveraging achieved to date with total debt
      down to EUR342 million;

   -- successful implementation of cost reductions in 2005 with
      EUR21 million of savings achieved;

   -- management's focus on improving its credit profile
      (including restraint on dividends in the immediate
      future); and

   -- recent EUR83.7 million capital increase providing the
      company with additional flexibility before the anticipated
      settlement of pending anti-trust liabilities.

The rating, however, continues to take into consideration:

   -- SGL's high level of off balance sheet debt, notably
      pension liabilities and charges related to anti-trust
      proceedings in the EU;

   -- risk of significant cash outflows associated with the
      anti-trust fines;

   -- the company's exposure to the cyclical steel and aluminum
      industries;

   -- mature nature of its main markets and the threat that
      competition from lower cost countries, e.g.  Russia and
      China, will increase in the longer term;

   -- increase in CAPEX expected from 2006 to support SGL's
      exposure in Asia;

   -- SGL's exposure to changes in production costs
      (particularly due to changing energy costs and
      increasingly tight environmental legislation); and

   -- its exposure to changes in exchange rates, particularly
      the US$ (albeit mitigated by the group's hedging policy).

Moody's would see upwards pressure on the ratings should the
rating agency see continued improvement in RCF / Net Adjusted
Debt and if the group's FCF/ Total Adjusted Debt ratio
sustainably exceeds 5% (before taking anti-trust payments into
consideration).  Moody's sees the resolution of a sizeable
proportion of the pending liabilities under the EU anti-trust
fines as well as clarification of the remaining anti-trust
contingent liabilities as a key factor for further upward review
of the ratings.

Moody's would see downward pressure on the ratings should the
group's Adjusted RCF/ Adjusted Net Debt ratio move below 15% and
remain below this level on a sustainable basis.

SGL' continued to improve it operating and financial performance
in 2005, including growing volumes and prices primarily driven
by strong demand for graphite electrodes.  SGL's EBITDA and EBIT
margins also improved by implementing cost rationalization
initiatives and relocating certain capacities to lower-cost
areas (EUR21 million cost savings achieved in 2005).

The Company applied operating cash flow and divestment proceeds
(from lower margin divisions) to reduce debt which declined to
1.72x Total Debt / EBITDA and to 3.4x on an Adjusted Debt /
EBITDAR basis.  SGL also repaid the remaining US$ 145 million of
anti-trust fines in the US.  The Company continues to face risk
of a significant future cash outflow in relation to anti-trust
fines imposed by the EU competition authority, of which EUR69.1
million fine (and accumulated interest) may become payable
already in 2006.  Moody's expects that SGL will use the proceeds
from the recent equity placement to further reduce debt and
maintain its financial position after the anticipated settlement
of some of the anti-trust liabilities.

Liquidity position remains satisfactory with EUR93 million in
unrestricted cash balances and EUR42 million available under
revolving credit facility as of 31 December 2005.

Affected Ratings:

   -- Ba3 Corporate Family Rating of SGL Carbon AG;

   -- Ba3 rating on senior secured credit facilities at SGL
      Carbon AG and certain of its subsidiaries;

   -- B2 rating on EUR270 million in senior notes due 2012 at
      SGL Carbon Luxembourg S.A..

Registered in Germany, SGL Carbon is one of the leading
international manufacturers of carbon and graphite-based
products.  For the twelve months ended 31 December 2005, SGL
Carbon generated revenues of EUR1,069 million and Adjusted
EBITDA of EUR198 million.  


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


AUDATEX HOLDINGS: Moody's Puts Low-B Ratings on US$520-Mln Notes
----------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Audatex
Holdings, LLC, and its subsidiaries in connection with its
pending acquisition of the automobile claims services business
of Automatic Data Processing, Inc. (ADP-Aaa Issuer Rating).  

Audatex is a holding company controlled by an affiliate of the
private equity firm GTCR Golder Rauner, LLC.  The US$975 million
acquisition will be financed with aggregate proceeds of:

   -- US$695 million from first and second lien term loan
      facilities issued by certain U.S. and European
      subsidiaries of Audatex;

   -- a US$100 million subordinated mezzanine facility (intended
      to be privately held and not rated by Moody's); and

   -- a US$232 million cash equity contribution.  

The ratings outlook is stable.

Moody's assigned a B2 corporate family rating to Audatex
Holdings, LLC.

Moody's assigned these ratings to Audatex Holding IV B.V. (an
indirect wholly owned subsidiary of Audatex and a holding
company for certain European operating subsidiaries):

   -- US$25 million equivalent Euro First Lien Revolving Credit
      Facility due 2012, B1

   -- US$350 million equivalent Euro First Lien Term Loan due          
      2013, B1

   -- US$145 million equivalent Euro Second Lien Term Loan due
      2013, B3

Business Services Group Holdings B.V., a holding company for the
Netherlands operations, will be a co-borrower under these
facilities.

Moody's assigned these ratings to Audatex North America, Inc.
(an indirect wholly owned subsidiary of Audatex and a holding
company for the North American operating subsidiaries):

   -- US$25 million First Lien Revolving Credit Facility due
      2012, B1l;

   -- US$130 million First Lien Term Loan due 2013, B1; and

   -- US$70 million Second Lien Term Loan due 2013, B3.

The ratings are subject to the review of executed documents.

The B2 corporate family rating assigned to Audatex is
constrained by pro forma credit metrics that are weaker than
average for the rating category.  On a pro forma basis at
December 31, 2005, debt to EBITDA (excluding non-recurring items
and reflecting Moody's standard analytical adjustments) was
about 6.3 times and debt to revenues was about 2.1 times.  
Moody's expects pro forma free cash flow to debt of about 4% and
EBIT coverage of interest of about 1.3 times in the fiscal year
ending June 30, 2006.  These credit metrics should improve
modestly over time as the company uses excess cash flow to repay
term loan borrowings.  Moody's expects debt to EBITDA to improve
to just under six times by the end of fiscal 2007, which remains
high for the rating category.

Other factors constraining the ratings include

   -- a modest loss of market share in the U.S. market over the
      last few years;

   -- significant price competition in the U.S. market;

   -- foreign currency risk with 60% of fiscal 2006 revenues
      expected to be generated outside of North America;

   -- potential for new competitors or new software products to
      erode market share; and

   -- separation risks due to shared services provided by ADP
      which will need to be replace post-acquisition subject to
      a transition services agreement.

The key factors supporting the B2 corporate family rating are
the company's leading market position, geographic and customer
diversification, high barriers to entry, strong operating
margins and a highly visible recurring revenue base.

Audatex is the largest global provider of information and
software solutions to insurance carriers, automobile repair
shops and recyclers.  The company has broad geographic and
customer diversification with over 50,000 clients across 26
countries and no single client representing over 6% of revenues.  
The company has the leading market position in each of the
markets it serves outside of North America (primarily Europe)
and is the second largest competitor in the North American
market.  Due to limited competition outside of the U.S., Audatex
has a market share of approximately 80% in many of its overseas
markets.

Barriers to entry in the industry are high due to longstanding
relationships between providers and large insurance company
customers, integration of software products with client computer
systems and proprietary databases which must be localized to
each geographic market.  These factors have led to generally
high customer retention rates in the industry.

Revenue visibility in the claims processing industry is strong
due to long term relationships with key customers, predictable
levels of subscription and transaction revenue and multi-year
contracts in the U.S. business.  The company's operating margins
have been solid, exceeding 20% for each of the last three years.  
Despite incremental stand alone costs to be incurred upon the
separation from ADP, Moody's believes there is room for
operating margin improvement due to cost rationalization
opportunities and the off-shoring of certain software and
product development work.

Although unrestricted cash balances will be minimal at closing,
liquidity is expected to be solid due to almost full
availability under the US$50 million revolving credit facility
expected in the near term.  The company is not expected to rely
heavily on its revolver due to stable cash flow generation and
modest working capital and capital expenditure requirements.

The stable ratings outlook anticipates modest overall revenue
growth and operating margin improvement driven primarily by
growth in overseas markets and cost rationalization.  Demand for
the company's technology services should remain strong due to
steady increases in automobile claims worldwide and the high
value-added nature of services provided.  Audatex has solid
growth prospects in its overseas markets due to lower levels of
automated claim penetration, slower adoption of integrated
claims software, limited competition and the potential for
geographic expansion into new markets.  Revenues in the North
American market are expected to be stable in the intermediate
term with growth in enhanced software products largely
offsetting any price erosion on core estimation products.

If competitive pressures lead to declining revenues or operating
margins such that debt to EBITDA begins to increase to about 7
times, the outlook would likely be changed to negative and the
ratings could be downgraded.  Likewise, greater than expected
top line growth or operating margin improvement that results in
debt to EBITDA of under 5 times could lead to a change in the
outlook to positive.

The B1 rating on the first lien credit facility, notched above
the corporate family rating, reflects strong enterprise value
coverage in the event of default and loss absorption support
from the second lien credit facility, mezzanine facility and the
equity base.  The B3 rating on the second lien facility benefits
from loss absorption support from the mezzanine facility and the
equity base but reflects weaker expected recovery values in the
event of default.

U.S. borrowings under the first and second lien credit
facilities benefit from first and second liens, respectively, on
substantially all the assets of Audatex North America, Inc. and
its subsidiaries and 65% of the capital stock of material
foreign subsidiaries of Audatex.  The U.S. credit facilities
will benefit from downstream guarantees from Audatex and
upstream guarantees from material U.S. subsidiaries.

European borrowings under the first and second lien credit
facilities benefit from first and second liens, respectively, on
substantially all the assets of Audatex Holding IV B.V.,
Business Services Group Holdings B.V., Audatex North America,
Inc. and their material U.S. and European operating
subsidiaries.  The European credit facilities will benefit from
a downstream guarantee from Audatex and upstream guarantees from
material U.S. and foreign subsidiaries.

There is no notching differential between the U.S. and European
credit facilities due to expected loss sharing arrangements
among the lenders to the facilities.  The relative rights and
priorities of first and second lien lenders will be governed by
an intercreditor agreement.

Headquartered in San Ramon, California, Audatex is a leading
provider of information and software solutions to the automobile
claims industry.  Reported revenue for the year ended June 30,
2005 was US$412 million.


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: To Build NOK562-Mln Ramform Vessel
----------------------------------------------------------
Petroleum Geo-Services ASA (OSE:PGS) (NYSE:PGS) signed an
agreement of main commercial terms to build a new third
generation Ramform vessel at Aker Yards, Langsten.

The new and improved Ramform class seismic vessel has an agreed
cost from the yard including installation, but excluding the
cost of seismic equipment, of NOK 562 million (approximately $85
million).  The agreement is subject to satisfactory completion
of a final contract and board approval in Aker Yards.

The new Ramform is scheduled for delivery in the first quarter
2008, in time for the North Sea season.  The Company will also
have an option of building a sister vessel at the same yard.  
Aker Yards has constructed all of PGS' six existing Ramform
vessels, demonstrating a strong track record for timely and cost
effective construction of this advanced design.  This is the
first PGS new build since the delivery of Ramform Vanguard in
1999.

The third generation Ramform is designed with the objective to
further extend the PGS lead in 3D seismic acquisition
productivity and efficiency.  The design builds on the proven
industry leading capabilities of the current Ramform fleet,
while introducing several improvements.  The vessel will be
lengthened by approximately 16 meters, giving higher fuel
capacity and transit speed.  A substantial power upgrade will
significantly increase speed while surveying.  The vessel will
be capable of towing up to 22 streamers.  A range of technology
improvements will be implemented to maintain or improve
efficiency of handling, deployment, retrieval and maintenance of
the in sea equipment.

The new vessel is a key step in the implementation of PGS' HD3D
technical strategy.  Customers are demanding clearer and more
precise images of reservoirs on their producing assets.  HD3D
matches these demands by collecting subsurface data at up to
eight times the density of conventional 3D surveys.  To carry
this out in a cost-effective manner, HD3D vessels need to deploy
massive arrays of closely-spaced streamers.  Ramforms are
unmatched in this mode, and the third generation Ramform will be
able to extend that capability even beyond existing limits.  
This is the market segment which has experienced the highest
growth in recent years.

Additionally, this new vessel is an important step in the
context of fleet renewal in the seismic industry.  There has
been little investment in new capacity over the last few years,
and much of the capacity recently added or planned in the near
future is older tonnage reintroduced to the market or converted
from other purposes to seismic surveys.  As customer and
technology demands drive the seismic business forward in the
years ahead, fleet investment is required to meet those demands
at the same time as substituting for the inevitable attrition of
obsolete capacity.

"The strategic rationale for this investment is to further
enhance PGS' productivity leadership in towed streamer
acquisition, in general, and in advanced towed streamer
acquisition, in particular," PGS President and CEO, Svein
Rennemo, said.

"The third generation Ramform represents a great step forward in
seismic acquisition capability.  The Ramform concept provides a
competitive acquisition platform with high productivity and low
unit cost on conventional surveys combined with unique
capabilities in high density/high streamer count operation.  
This advanced vessel will ensure that PGS maintains its
leadership in seismic acquisition technology, allowing us to
deploy streamer spreads of extreme size and flexibility.

"In the process of evaluating new builds, we have looked into
all other new build vessel concepts available in the market for
charter, but have found none which meet our demanding criteria
for success in this market for both near and long term.

"This is capacity both for upturns and downturns.  Based upon
current and forecasted bidding and award activity, demand for
marine seismic services will be very strong over the next two
years.  Although significant additional capacity will come into
the industry we believe that demand fundamentals longer term
will support advanced high productivity capacity like the new
generation Ramforms."

Headquartered in Lysaker, Norway, Petroleum Geo-Services --
http://www.pgs.com/-- is a technologically focused oilfield  
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs).   

                        *     *     *

Petroleum Geo-Services' 10% senior notes due 2010 carry Standard
& Poor's B+ rating.


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


C.N. TRANSELECTRICA: S&P Affirms Long-Term Credit Rating at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Romania-based electricity transmission company C.N.
Transelectrica S.A. to positive from stable.  At the same time,
Standard & Poor's affirmed its 'BB' long-term corporate credit
rating on Transelectrica.

"The outlook revision reflects the reduced risk of adverse,
politically influenced actions following the introduction of a
more transparent regulatory revenue cap regime for electricity
transmission tariffs in 2005 and the continued improvement in
Romania's macroeconomic stability," said Standard & Poor's
credit analyst Magnus Pettersson. Increases in transmission
tariffs, based on the new regulatory regime, have also been
higher than previously anticipated in 2004.

The rating on Transelectrica is still constrained by a weak
liquidity position and remaining payment collection problems.
Privatization of a 10% stake in the company is envisaged during
the first half of 2006.

"A positive rating action could be triggered by an improvement
in the liquidity position, the planned IPO, or the release of
2005 accounts in line with our expectations," added Mr.
Pettersson.


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


ANGARSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for April 20
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene on
April 20, to hear the bankruptcy supervision procedure on open
joint stock company Angarskiy Wood-Prom-Khoz (TIN 2407001474).

The hearing will take place at:

         The Arbitration Court of Krasnoyarsk region
         Lenina Str. 143
         660021, Russia

The case is docketed as A33-32567/2005.  Mr. O. Malkov has been
appointed temporary insolvency manager.

The Debtor can be reached at:

         Angarskiy Wood-Prom-Khoz
         Angarskiy, Lenina Str. 1
         663440, Russia
        
The insolvency manager can be reached at:

         O. Malkov
         Post User Box 12166
         660041, Russia


BUILDER: Bankruptcy Hearing Slated for April 4
----------------------------------------------
The Arbitration Court of Tver Region will convene on April 4, to
hear the bankruptcy supervision procedure on limited liability
company Builder (TIN/KPP 6908004674/690801001).  The case is
docketed as A66-9903/2003.

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

The Debtor can be reached at:

         Builder
         V. Volochek, Kirova Str. 146/3
         171110, Russia
        
The insolvency manager can be reached at:

         V. Treshalin
         1st Za Luiniye OZhD, 2
         170011, Russia          
         Tel: 42-38-67


CHEGDOMYNSKOYE: Khabarovsk Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Khabarovsk Region has commenced
bankruptcy supervision on Chegdomynskoye.  The case is docketed
as A73-16710/2005-36.

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

The Debtor can be reached at:

        Chegdomynskoye
        Khabarovsk region, Russia

The temporary insolvency manager can be reached at:

        Y. Shirokov
        Room 402, Aleutskaya Str. 45-a
        690091, Russia


CHERSKAYA: Court Names A. Trifonov as Interim Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Pskov Region appointed A. Trifonov as
temporary insolvency manager for Cherskaya.  

The Court has commenced bankruptcy supervision procedure on the
close joint stock company with the case docketed as A52-
6806/2005/4.

The Debtor can be reached at:

        Cherskaya
        Pskov Region, Russia

The insolvency manager can be reached at:

        A. Trifonov
        Post Office - 100, Post User Box 383
        Tver Region, Russia        


COAL ASSETS: Bankruptcy Case Adjourned to March 29
--------------------------------------------------
The Arbitration Court of Kemerovo Region will adjourn the
bankruptcy case of Coal Assets to March 29, pursuant to a
request from U.S.-based creditor, Marlowe Management, Interfax
says.

According to the report, the Court has given Marlowe more time
to produce genuine founding documents and process accreditation
for participation in the court hearings.  The recess also gives
Coal Assets more time to provide documents on the creation of
the company in 2005 and the merger of Bachatsky Coal Mine and
Kuzbassrazrezugol Holding Co., which combines auxiliary and
service divisions.

Marlowe Management, a creditor of Bachatsky Coal Mine, bought
the mine's debt of about RUB71,000 to one of its subcontractors,
Stroiindustria, which was enough to initiate a bankruptcy
petition against Coal Assets.

In 2005, shareholders of Kuzbassrazrezugol Holding Co. and
Bachatsky Coal Mine decided to merge the companies into the new
firm Coal Assets.  The said name was agreed upon during its
joint shareholders meeting on September 9, 2005.


FOODSTUFFS: Bankruptcy Hearing Slated for May 25
------------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 10 a.m.,
on May 25, to hear the bankruptcy supervision procedure on open
joint stock company Foodstuffs:

         The Arbitration Court of Irkutsk Region
         664025, Russia, Irkutsk Region
         Gagarina Avenue, 70, Room #303

The case is docketed as A19-43391/05-29.  Mr. S. Pakhomov has
been appointed temporary insolvency manager.

The Debtor can be reached at:

         Foodstuffs
         Angfarsk, 215th Kvartal
         665824, Russia

The insolvency manager can be reached at:

         S. Pakhomov
         Akademicheskaya Str. 12A, Apartment 45
         664017, Russia


HYDRO-MASH-KOMPLEKT: Bankruptcy Hearing Set for May 26
------------------------------------------------------
The Arbitration Court of Orel Region will convene on May 26, to
hear the bankruptcy supervision procedure on close joint stock
company Hydro-Mash-Komplekt.  The case is docketed as A48-
7539/05-17b.

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

The Debtor can be reached at:

         Hydro-Mash-Komplekt
         Livny, Kirova Str. 71
         303850, Russia
     
The insolvency manager can be reached at:

         G. Udelnov
         Tkatskaya Str. 5
         115597, Moscow, Russia


KRASNOSLOBODSKIY DOCK: Bankruptcy Hearing Set for April 24
----------------------------------------------------------
The Arbitration Court of Mordoviya Republic will convene on
April 24, to hear the bankruptcy supervision procedure on close
joint stock company Krasnoslobodskiy Dock (TIN 1315006742, KPP
131401001).  The case is docketed as A39-582/06-12/12.

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

The Debtor can be reached at:

         Krasnoslobodskiy Dock
         Krasnoslobodsk, 2nd Rabochaya Str. 22
         Russia
         
The insolvency manager can be reached at:

         G. Lebedev
         Apartment 111, Kommunisticheskaya Str. 33,
         430032, Russia


TOBOLSK-SPETS-AUTO-TRANS: S. Shilov Named as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed S. Shilov
temporary insolvency manager for Tobolsk-Spets-Auto-Trans.

The Court has commenced bankruptcy supervision procedure for the
close joint stock company with the case docketed as A-70-6703/3-
2005.

The insolvency manager can be reached at:

         S. Shilov
         Novatorov Str. 12
         Russia


VIMPELCOM: Telenor Offers to Sell Kyivstar for US$5-Bln Cash
------------------------------------------------------------
Norway-based Telenor ASA proposed that Russian mobile operator
Vimpel-Communications acquire 100% of Ukrainian mobile operator
Kyivstar for cash.

Telenor believes that if the transaction is completed as
proposed, it will be beneficial for Kyivstar, VimpelCom and
VimpelCom's shareholders, as well as for Telenor's shareholders,
and will create a framework for ending Alfa Group's attacks on
Telenor's ownership interests in VimpelCom and Kyivstar.

"We have today presented a forward looking proposal that, if
implemented on the terms proposed, would enable VimpelCom to
continue on its path of growth in Russia and the CIS and allow
Kyivstar to be part of that growth," said Telenor Executive Vice
President and Head of Eastern/Central Europe, Jan Edvard
Thygesen.  "However, we are not prepared to sell Kyivstar to
VimpelCom unless there is a structure in place that will ensure
that Alfa's attacks will end."

Telenor's proposal is a response to VimpelCom's Feb. 8 proposal
that VimpelCom acquire Kyivstar for US$5 billion in VimpelCom
shares.  Telenor has proposed that VimpelCom acquire Kyivstar
for not less than US$5 billion in cash, an alternative that
VimpelCom CEO Alexander Izosimov indicated was a possibility in
his conference call with analysts on Feb. 14.  Telenor has set a
deadline of March 31 for indications from VimpelCom and Alfa, a
Russian holding company, of their intent to pursue discussions
concerning Telenor's proposal.

One of the principal conditions of Telenor's proposal is that
Telenor and Alfa enter into an agreement providing for a market-
based separation mechanism.  If implemented and activated, this
mechanism would permit the party placing the highest value on
VimpelCom to make an offer to purchase all of the other party's
shares in VimpelCom, and would obligate the other party to sell
all its shares in VimpelCom to the offering party.  Such an
arrangement could result in Telenor or Alfa holding a
controlling stake in VimpelCom.  Due to amendments to the
Russian Joint Stock Company Law that will become effective on
July 1, assuming Telenor and Alfa retain their current levels of
ownership in VimpelCom, the acquiring party would be required to
make a tender offer to all VimpelCom's shareholders.

To ensure it can comply with the new mandatory tender offer
requirements of the Joint Stock Company Law if the proposed
separation mechanism is implemented and later triggered, Telenor
has filed Monday, March 20, an amendment to its existing
application to the Federal Antimonopoly Service of the Russian
Federation that, if approved, would permit Telenor to acquire up
to 100% of VimpelCom.

"Telenor has consistently supported a transaction involving
VimpelCom and Kyivstar, but only if it makes business sense and
the corporate governance of the combined entity is assured going
forward," said Mr. Thygesen.  "Our proposal is designed to
ensure these requirements are met and, if implemented as
proposed, would establish a basis for ending Alfa's attacks on
Telenor's ownership interests in VimpelCom and Kyivstar.  
Telenor has been an investor in the Russian telecommunications
sector since 1992, and our preference is to remain a long-term
industrial investor in VimpelCom."

                        About Telenor

Headquartered in Fornebu, Norway, Telenor ASA --
http://www.telenor.com/-- is the largest provider of  
telecommunications services in Norway, and has substantial
international operations.  In 2004, Telenor registered record-
high customer growth in several markets.

                       About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications  
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings
Services said that its ratings and outlook on Russian mobile
telecommunications operator Vimpel-Communications (JSC)
(VimpelCom; BB/Positive/--) are unaffected by the company's
announcement that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of $5 billion in VimpelCom
common registered shares plus assumed debt.


ZARECHYE-RYBINSK: Court Names I. Gladkov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Yaroslavl Region appointed I. Gladkov
temporary insolvency manager for Zarechye-Rybinsk.

The Court has commenced bankruptcy supervision on open joint
stock company with the case docketed as A82-12110/05-43-B/54.

The Debtor can be reached at:

         Zarechye-Rybinsk
         Rybinsk, Karyakinskaya Str. 10
         152934, Russia

The insolvency manager can be reached at:

         I. Klemeshov
         Lenina Pr. 21b
         150003, Russia


ZHIRNOVSK-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set May 18
---------------------------------------------------------
The Arbitration Court of Volgograd Region will convene at
9 a.m., on May 18, to hear the bankruptcy supervision procedure
on open joint stock company Zhirnovsk-Sel-Khoz-Khimiya (TIN
3407001490).  The case is docketed as A12-34681/05-s50.

Mr. S. Ryabov has been appointed temporary insolvency manager.

The Debtor can be reached at:

         Zhirnovsk-Sel-Khoz-Khimiya
         Russia, Volgograd Region
         Zhirnovskiy Region, Linevo

The insolvency manager can be reached at:

         S. Ryabov
         400015, Russia, Volgograd Region
         Post user Box 1027


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


ADM: Zaporizhya Court Begins Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC ADM (code EDRPOU 30594694).  The
case is docketed as 25/262.

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

CONTACT:  ADM
          Gvardijskij Boulevard 22/84
          69001, Ukraine, Zaporizhya
          
          Mr. O. Bichkivskij
          Temporary Insolvency Manager
          Peremogi Str. 40, a/b 7981
          69001, Ukraine, Zaporizhya

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


AGROKONTRAKT: Court Names Oleksandr Malyovanij as Liquidator
------------------------------------------------------------
The Economic Court of Sumi Region appointed Oleksandr Malyovanij
as Liquidator/Insolvency Manager for LLC Agrokontrakt (code
EDRPOU 30770829).

The Court commenced bankruptcy proceedings against Agrokontrakt
on Jan. 3, after finding the company insolvent.  The case is
docketed as 7/2-06.

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


AGROSERVICE: Lviv Court Begins Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on OJSC Agroservice (code EDRPOU
05489903).  The case is docketed as 6/243-8/21.

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

CONTACT:  Agroservice
          Shirets, Bogdan Lepkij Str. 1
          Pustomiti district
          Ukraine, Lviv Region

          Mr. O. Oprishko
          Temporary Insolvency Manager
          L. Chinu Str. 7/2-a
          Ukraine, Lviv Region

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


KYIVSTAR GSM: Telenor Proposes Technical Changes to Charter
-----------------------------------------------------------
The Supreme Court of Ukraine has rejected Telenor ASA's appeal
of a ruling by Ukraine's Higher Commercial Court regarding the
Charter of Ukrainian mobile operator Kyivstar.  To ensure that
the Kyivstar Board continues to function in accordance with the
Kyivstar Shareholders Agreement following such ruling, Telenor
has proposed technical changes to the Charter.

"Although the ruling of the Higher Commercial Court is now
final, it does not change the fact that Telenor remains the
controlling shareholder of Kyivstar, with a 56.5% ownership
interest," Jan Edvard Thygesen, Executive Vice President and
head of Telenor's operations in Central and Eastern Europe,
said.  "The Kyivstar Shareholders Agreement provides for
disputes to be settled by arbitration in New York and we are
continuing to pursue our claims against Storm in such
proceeding.  However, to ensure that the Kyivstar Board
continues to function in accordance with the Kyivstar
Shareholders Agreement following this ruling, we have proposed
some technical amendments to the Charter.  I note that the
Kyivstar Shareholders Agreement, which Telenor Mobile, Storm and
Kyivstar signed in January 2004, expressly provides that it
takes precedence over the Charter."

                         CEO Nomination

The ruling states that only shareholders of Kyivstar can be
elected to its Board of Directors and that a shareholder cannot
on its own nominate Kyivstar's chief executive officer.  Telenor
has proposed that the provision in the Charter giving Telenor
the right to nominate the CEO be removed, preserving the
appointment of the CEO by a simple majority of the Board.   
Consistent with the terms of the Kyivstar Shareholders
Agreement, Telenor has also proposed that the Board of Directors
consist of nine shareholders of Kyivstar, five of which are
Telenor entities and four of which are Storm entities,
reflecting Telenor's 56.5% ownership share and Storm's 43.5%
ownership share.  The Kyivstar Shareholders Agreement provides
for a nine-member board, five of whom are affiliated with
Telenor and four of whom are affiliates of Storm, so the
technical changes proposed by Telenor will continue the
governance structure to which the parties agreed.

"The requirement under Ukrainian law that only shareholders can
be Board members is not consistent with how business is
conducted in other Western European countries, Mr. Thygesen
said.  "A Board of Directors should be elected to represent the
shareholders, and Directors should be nominated based on their
professional merits.  The requirement that holders of more than
60% of the shares in a Ukrainian company must be present for a
shareholders' meeting to be properly convened is also
inconsistent with how business is conducted in Western European
countries.  We sincerely hope Ukrainian corporate law will
become more aligned with normal European corporate governance
principles and that in the meantime such laws and court rulings
do not frighten off other European investors who may be
considering entering the Ukrainian market."

                   Arbitration Proceeding

The Kyivstar Shareholders Agreement is governed by New York law
and explicitly states that all disputes between the parties
should be settled by arbitration in New York under the UNCITRAL
(United Nations Commission on International Trade Law) rules.
For this reason, Telenor has commenced an arbitration proceeding
against Storm in New York.  "As part of its claim, Telenor seeks
an arbitration award that will make Alfa, Storm and their
affiliates comply with the terms of the Shareholders Agreement
and, among other things, require Storm and its representatives
on the Kyivstar Board to attend future shareholder and board
meetings, and Storm and its affiliates to cease the commencement
or further pursuit of all court actions in Ukraine," Mr.
Thygesen said.

                        About Telenor

Headquartered in Fornebu, Norway, Telenor ASA --
http://www.telenor.com/-- is the largest provider of  
telecommunications services in Norway, and has substantial
international operations.  In 2004, Telenor registered record-
high customer growth in several markets.

                       About Kyivstar

Headquartered in Kiev, Ukraine, Kyivstar GSM --
http://www.kyivstar.net/-- is partially owned by Telenor ASA  
and provides mobile communication services in Ukraine.  

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 16,
Standard & Poor's Rating Services placed its 'BB-' long-term
corporate credit rating on Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM on CreditWatch
with positive implications.  This follows the announcement of a
bid for the company by Russian mobile telecommunications
operator Vimpel-Communications (JSC) (VimpelCom; BB/Positive/--)
for a consideration of $5 billion in common registered shares
plus assumed debt.

At the same time, the 'BB-' long-term senior unsecured debt
rating on the company's loan-participation notes issued by
Dresdner Bank AG (A/Stable/A-1) was also placed on CreditWatch
with positive implications.


MARIUPOL' AUTO 11428: Donetsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against OJSC Mariupol' Auto Transport Enterprise
11428 (code EDRPOU 03113756) on Jan. 17, after finding the
company insolvent.  The case is docketed as 14/114 B.  

Mr. Matvejchuk Denis has been appointed Liquidator/Insolvency
Manager.

CONTACT:  OJSC Mariupol' Auto Transport Enterprise 11428
          Mariupol, Chervonoflotska Str. 204
          87500, Ukraine, Donetsk Region

          Mr. Matvejchuk Denis
          Liquidator/Insolvency Manager
          Mariupol, a/b 189
          87557, Ukraine, Donetsk Region
          Economic Court Of Donetsk Region
          Artema Str. 157
          83048, Ukraine, Donetsk Region


PROJECTS DEVELOPMENT: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Projects Development Center (code EDRPOU
32850220) on Feb. 8, after finding the company insolvent.  The
case is docketed as 43/45.  

Mr. E. Kondra has been appointed Liquidator/Insolvency Manager.

CONTACT:  Projects Development Center
          01004, Ukraine, Kyiv Region
          Shovkovichna Str. 42-44

          Mr. E. Kondra
          Liquidator/Insolvency Manager
          01032, Ukraine, Kyiv Region, a/b 43

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


ROZDORIVSKA: Court Names Sergij Vasiltsov as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Sergij
Vasiltsov as temporary insolvency manager for LLC Agrofirm
Rozdorivska (code EDRPOU 31522809).

The Court commenced bankruptcy supervision procedure against
Agrofirm Rozdorivska on Jan. 19.  The case is docketed as
19/4/06.

CONTACT:  Rozdorivska
          Kinski Rozdori, Vatutin Str. 1
          Pologi district
          70650, Ukraine, Zaporizhya Region

          Mr. Sergij Vasiltsov
          Temporary Insolvency Manager
          Berdyansk, Pratsi Avenue 33/55, office 407
          71100, Ukraine, Zaporizhya Region
          Tel: (06153) 7-18-00

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


TAURUS AGROPROM: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Taurus Agroprom (code EDRPOU
32959381).  The case is docketed as 43/13.  

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

CONTACT:  Taurus Agroprom
          Plehanov Str. 19
          02002, Ukraine, Kyiv Region

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

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


VINNITSYA' SEED: Vinnitsya Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against OJSC Vinnitsya' Seed Plant (code EDRPOU
00385023) on Feb. 2, after finding the company insolvent.  The
case is docketed as 5/200-05.

Mr. Andrij Bondar has been appointed Liquidator/Insolvency
Manager.

CONTACT:  OJSC Vinnitsya' Seed Plant
          Lebedinskij Str. 11
          21036, Ukraine, Vinnitsya Region

          Mr. Andrij Bondar
          Liquidator/Insolvency Manager
          01110, Ukraine, Kyiv Region, a/b 14
          Tel: (044) 539-07-71

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


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


ADJUSTABLE SLEEP: Members Pass Winding Up Resolution
----------------------------------------------------
Members of Adjustable Sleep Limited passed a resolution to wind
up the company during an extraordinary general meeting on
Feb. 14.

They authorized Alisdair J. Findlay, of Findlay James, to lead
the winding up proceedings.

Adjustable Sleep Limited can be reached at:

         Unit B3 Windmill Ind. Park
         Peartree Lane
         Dudley West Midlands
         DY2 0UY
         Tel: 01384 456 655


ALPHATOOL PRODUCTIONS: Creditors Confirm Liquidation
----------------------------------------------------
Creditors of Alphatool Productions Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company's operations on Feb. 15.

Creditors also ratified the appointment of Colin Andrew
Prescott, of Moore Stephens LLP, as Liquidator.

Alphatool Productions Limited can be reached at:

         Unit 15
         Bristol Road
         Morelands Trading Estate
         Gloucester Gloucestershire
         GL1 5RZ
         Tel: 01452 502 776
         Fax: 01452 506 754


ARAMISKA LIMITED: Taps Begbies Traynor to Liquidate Assets
----------------------------------------------------------
Aramiska Limited is liquidating its assets after members decided
to wind up the company on Feb. 10.

Neil John Mather and Paul Michael Davis of Begbies Traynor LLP,
were appointed Joint Liquidators.

Aramiska Limited can be reached at:

         Garrard House
         2-6 Homesdale Road
         Bromley
         BR2 9LZ
         Tel: 079 7623 0099


BUYRIGHT CARS: Names David Anthony Horner as Liquidator
-------------------------------------------------------
David Anthony Horner, of David Horner & Co, was appointed
Liquidator after members of Buyright Cars Limited resolved to
liquidate the company's assets on Feb. 17.

Director C. Ewen disclosed that the company could no longer  
continue its business due to mounting debts.

Buyright Cars Limited can be contacted at:

         Dewsbury Road
         Leeds
         LS11 5NW
         Tel: 0113 277 7750
         Fax: 0113 277 7751


CAPRITONE LEISURE: Financial Woes Prompt Liquidation
----------------------------------------------------
Members of Capritone Leisure Ltd resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 20.

Director D. A. Burdon revealed that the company could no longer  
continue its business due to financial liabilities.

Peter Robin Bacon and Carl Derek Faulds, both of Portland
Business and Financial Solutions Ltd, were appointed Joint
Liquidators.

Capritone Leisure Ltd can be reached at:

         Manor House
         Portsmouth Road
         Bursledon Southampton
         SO31 8EW
         Tel: 023 8056 2686
         Fax: 023 8056 2686


CARPROVIDERS LIMITED: Claims Registration Ends March 31
-------------------------------------------------------
Creditors of Carproviders Limited are given until March 31, to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors to appointed Liquidator, A.J. Clark.

Carproviders Limited can be reached at:

         Elstow Road
         Kempston Bedford
         MK42 8PL
         Tel: 01234 218 120


CHL2000 LIMITED: TSB Bank Plc Appoints Ernst & Young as Receiver
----------------------------------------------------------------
TSB Bank Plc appointed Roy Bailey and Margaret Mills of Ernst &
Young LLP administrative receivers of CHL2000 Limited (Company
Number 03911633) on March 7.  Its registered office is at 64
Clifton Street, London EC2A 4HB.

CHL2000 Limited was previously named Curzon Holdings Limited and
Keepon Limited.

Ernst & Young -- http://www.ey.com/-- provides clients with a  
broad array of services relating to audit and risk-related
services, tax, and transactions.


CONSTRUCTION FABRICATION: Mounting Debts Prompt Liquidation
-----------------------------------------------------------
Construction Fabrication Limited is liquidating its assets after  
members found out that the company cannot continue its  
operations due to its liabilities on Feb. 17.

A. Turpin, of Poppleton & Appleby, was appointed Liquidator.

Construction Fabrication Limited can be reached at:

         Unit 3
         Claymore
         Wilnecote Tamworth Staffordshire
         B77 5DQ
         Tel: 01827 285 541
         Fax: 01827 282 890


CORUS GROUP: Earns GBP64 Million in Fourth Quarter 2005
-------------------------------------------------------
Corus Group Plc reported financial results for the fourth
quarter of 2005.

The Company generated after tax profits of GBP64 million in the
quarter.  This brought after tax profits for the full year to
GBP451 million, compared with GBP441 million in after tax
profits in 2004.

The group slashed its net debt at the end of the year, by GBP21
million to GBP821 million.  At Dec. 31, 2005, the group posted
GBP7.94 billion in total assets, GBP4.56 billion in total
liabilities, resulting in a GBP3.38 million total stockholders'
equity.

                           Financing

Corus redeemed on March 3, its GBP150 million 11.5% debenture
due 2016.  The Group, which made the redemption to improve its
balance sheet efficiency, estimates that this will result in a
reduction in future net finance costs of GBP7 million per annum.  
The total cost of the early redemption was GBP237 million and
the premium paid of GBP87m will be expensed as a non-recurring
finance cost in the Income Statement during the first quarter of
2006.

In March 2006, the Group has also successfully renegotiated the
terms of its existing EUR800 million bank facility, put in place
in February 2005 and secured a reduction of up to 50% in
commitment fees and margin.  The facility continues to remain
undrawn.

                  Restoring Success Program

Corus launched its Restoring Success Program in June 2003, aimed
at achieving GBP680 million in annual EBITDA benefits until
2006.  The group already secured GBP555 million in EBITDA
benefits in 2005 and aims to achieve the full amount this year.  
The program allowed Corus to underpin its financial results
despite a deterioration of market conditions in 2005.  The
program estimatedly generated GBP220 million in incremental
benefits in 2005.

This year, Corus will focus on carbon steels and aims to develop
a strong and sustainable competitive position in Western Europe.  
The group also aims to secure access to steel making in lower
cost, higher growth regions.

"Corus has again delivered a strong financial result in 2005.  
As the year progressed and market conditions became more
challenging, our performance clearly demonstrated the strong
foundations laid by the Restoring Success programme," Chief
Executive Philippe Varin, said.  "The performance improvements,
continued disposal of non-core assets and strengthened balance
sheet provide a strong platform from which we can enter the next
phase of our development.

"The proposed sale of the downstream aluminium operations to
Aleris secures a strong future for these businesses, represents
good value for Corus and is an important step in the Group's
strategy," he added.

A copy of Corus Group's 2005 financial results is available for
free at http://bankrupt.com/misc/corus_2005.htm

                      About the Company

Corus Group PLC -- http://www.corusgroup.com/-- is one of the  
world's largest metal producers with a turnover of over GBP9
billion and major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.

Operating through four divisions -- Strip Products, Long
Products, Aluminium and Distribution & Building Systems -- Corus
has over 48,000 employees in over 40 countries and sales offices
and service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered six years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Mar. 8,
Fitch Ratings affirmed Corus Finance PLC's GBP150 million 11.5%
debenture stock at BBB- and simultaneously withdrawn this
rating.  This follows the announcement by Corus Group PLC of its
successful tender for this instrument.  The agency will no
longer provide ratings coverage of this instrument.

At the same time, Fitch has affirmed Corus' Long-term Issuer
Default rating at BB- with Stable Outlook.  The ratings of
Corus' other debt instruments are also affirmed as follows:

  a) Corus Group PLC EUR800 million 7.5% senior notes B+;

  b) Corus Group PLC EUR307 million 3.0% convertible bonds B+;

  c) Corus Finance PLC GBP200 million 6.75% guaranteed bonds B+;   
     and
  
  d) Corus Finance PLC EUR20 million 5.375% guaranteed bonds B+.

The ratings reflect Corus' leading market position as the third
largest steel producer in Europe by volume, and the continued
turnaround in the company's financial performance since 2003.


CRANE CAST: Members Agree to Voluntary Liquidation
--------------------------------------------------
Members of Crane Cast Limited agreed to liquidate the company's
assets during an extraordinary general meeting on Feb. 17.

Roderick Graham Butcher, of Butcher Woods, was appointed
Liquidator.

Crane Cast Limited can be contacted at:

         Wolverhampton West Midlands
         WV1 2QX
         Tel: 01902 452 731
         Fax: 01902 454 895


CURZON INTERIORS: Lloyds TSB Bank Appoints Receiver
---------------------------------------------------
Lloyds TSB Bank Plc appointed Roy Bailey and Margaret Mills of
Ernst & Young LLP administrative receivers of Curzon Interiors
Limited (Company Number 02504207) on March 7.

Ernst & Young -- http://www.ey.com/-- provides clients with a  
broad array of services relating to audit and risk-related
services, tax, and transactions.

Curzon Interiors Limited -- http://www.curzonholdings.co.uk/--
was previously named Jarvis Newman Limited, Newman Shopfitters
Limited and Shelfco (No 502) Limited.  It offers construction
services and operates across the whole of mainland U.K. from
offices in London.  The company's turnover for the year ending
July 2004 was GBP56 million, with that of Curzon group being
GBP82.4 million.


DELCON NUMERICAL: Meeting of Creditors Set for March 27
-------------------------------------------------------
Creditors of Delcon Numerical Limited (Company Number 01098228)
will meet at 10 a.m., on March 27 at:

         Hazlewoods LLP
         Windsor House, Barnett Way
         Barnwood, Gloucester
         GL4 3RT

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 26 to:

          Philip John Gorman
          Administrator
          Hazlewoods LLP
          Windsor House, Barnett Way
          Barnwood, Gloucester
          GL4 3RT

Hazlewoods -- http://www.hazlewoods.co.uk/-- provides business  
advice, accountancy, financial planning and tax services.  The
firm employs 150 staff.

Delcon Numerical Ltd can be reached at:

         3b Barton Street
         Francis Woodcock Trading Estate,
         Gloucester GL1 4JD, Gloucestershire
         Tel: 01452 424283
         Fax: 01452 307947


DISCOUNT FLOORING: Taps David Horner & Co. to Administer Assets
---------------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
administrator of Discount Flooring Limited (Company Number
03768350) on March 1.  

David Horner & Co. -- http://www.davidhornerandco.co.uk/-- is a  
firm of insolvency practitioners based at three different
locations, which together cover the whole of Yorkshire and the
North East.  It also has offices in York, Doncaster and
Middlesbrough.  The firm offers practical advice and solutions
to all types of businesses, individuals and creditors, often
enabling formal insolvency to be avoided.

Discount Flooring Ltd sells floor coverings and can be reached
at:

         19 High Street East,
         Scunthorpe
         South Humberside
         DN15 6UH
         Tel: 01724855833   


EASTFIELD ASSOCIATES: Winds Up Business and Appoints Liquidators
----------------------------------------------------------------
Eastfield Associates Limited is liquidating its assets after
members passed a resolution to wind up the company's operations
on Feb. 13.

Gary Steven Pettit and Peter John Windatt, of BRI Business
Recovery and Insolvency, were appointed Joint Liquidators.

Eastfield Associates Limited can be reached at:

         Burlington House
         369 Wellingborough Road
         Northampton Northamptonshire
         NN1 4EU
         Tel: 01604 626 861
         Fax: 01604 632 742
         Web: http://www.eastfieldassociates.co.uk/


EX COMMUNICATIONS: Hires Mark Newman to Liquidate Assets
--------------------------------------------------------
Mark Newman, of Vantis, was appointed Liquidator after members
of Ex Communications Limited agreed to liquidate the company's
assets on Feb. 21.

Chairman A. Wickenden claimed that the company could no longer  
continue its business due to mounting debts.

Headquartered in Kent, England, Ex Communications Limited --
http://www.excomms.com/-- provides a variety of products and  
services in the communications industry including structured
cabling, uninterruptible power supplies and telecommunication
system maintenance.  It also provides Least Cost Routing and
specializes in Panasonic telephone systems.


FENG SHUI: Appoints Administrator from Bond Partners
----------------------------------------------------
T. Papanicola of Bond Partners was appointed administrator of
Feng Shui (UK) Limited (Company Number 04933672) on March 2.  
Its registered office is at Suite 2, 1st Floor, Turnpike Gate
House Birmingham Road, Alcester B49 5NJT.

The administrator can be reached at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         Tel: 020 8444 2000
         Fax: 020 8444 3400


FM WORKSHOP: Taps Barry Mitchell to Administer Assets
-----------------------------------------------------
Barry Gibson Mitchell of Barry Mitchell and Company was
appointed administrator of FM Workshop Limited (Company Number
3836885) on March 6.  Its registered office is at Pontysychan
House, Abersychan, Pontypool NP4 6BA.

The administrator can be reached at:

         Barry Mitchell and Company
         Pentre Farm House
         Mamhilad, Gwent
         NP4 0JH

FM Workshop Limited -- http://www.fmworkshop.com/-- offers  
computer services.


GROOMBRIDGE ELECTRICAL: Creditors' Meeting Set for March 29
-----------------------------------------------------------
Creditors of Groombridge Electrical Limited (Company Number
01641289) will meet at 11 a.m., on March 29 at:

         67 Butts Green Road
         Hornchurch, Essex
         RM11 2JX

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 28 to:

         J. S. French
         G. Mummery
         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.

Groombridge Electrical Ltd can be reached at:

         21 Eastways, Witham CM8
         Tel: 01376 531370


HERDS OF BASINGSTOKE: RFS Names Grant Thornton Admin Receiver
-------------------------------------------------------------
RFS Limited appointed Nigel Ruddock and Nigel Morrison of Grant
Thornton joint administrative receivers of Herds Of Basingstoke
Limited (Company Number 881374) and James Playdon Limited
(Company Number 1558811) on March 7.

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.  

Herds of Basingstoke Ltd sell Renault cars and can be reached
at:

         West Ham Roundabout
         Basingstoke
         Hampshire RG22 6PE
         Tel: 01256 474477

James Playdon Ltd., which sells used and new cars as well as
parts and accessories, can be reached at:

         678 Pulborough Way, Green Lane
         Hounslow, Middlesex
         TW4 6D
         Tel: 02085701258   


INVESTEC BANK: Fitch Affirms Individual C Rating
------------------------------------------------
Fitch Ratings affirmed Investec Bank UK's ratings at Issuer
Default BBB+, Short-term F2, Individual C and Support 5.  The
Outlook for the Long-term rating is Stable.

IBUK's ratings reflect its developing specialist banking
franchise in the mid-market corporate and private banking
sectors, good asset quality and capitalization and adequate
liquidity.  The ratings also take account of its low but
improving profitability.

IBUK is a wholly owned subsidiary of Investec Plc, listed in the
UK, which is part of the South African-based Investec group of
companies.  Its main business units are private client
activities, treasury and specialized finance, investment banking
and property.  

Profits have improved steadily during the past couple of years
following a change in strategy and a round of cost cutting.  
Private banking has become an increasingly important part of the
business mix, showing steady growth in both lending and fee
income.  

Loan quality is good with few credit problems and adequate
reserves against impaired lending.  Market risk appears to be
conservatively managed.


J RAY: Taps W. J. J. Knight to Administer Assets
------------------------------------------------
William Jeremy Jonathan Knight of Jeremy Knight & Co was
appointed administrator of J Ray (Wholesale) Limited (Company
Number 2528063) on March 9.

The administrator can be reached at:

         Jeremy Knight & Co.
         68 Ship Street
         Brighton, Sussex
         BN1 1AE
         Tel: 01273 203654
         Fax: 01273 206056
         E-mail: jknight@mistral.co.uk

J Ray (Wholesale) Limited -- http://www.jraywholesale.com/-- is  
one of the oldest established traders in New Covent Garden
Flower Market, specializing in the supply of quality cut foliage
and Tropical Flowers to both trade and retail customers
throughout the U.K.


KERZNER INT'L: Inks US3 Billion Merger Deal with Investor Group
---------------------------------------------------------------
Kerzner International Limited (NYSE:KZL) and an investor group
led by the Company's Chairman, Sol Kerzner and its Chief
Executive Officer, Butch Kerzner, disclosed that they have
signed a definitive agreement under which the investor group
will acquire the Company for $76.00 in cash per outstanding
ordinary share.

The investor group also includes:

   -- Istithmar PJSC, which is a significant shareholder of the
      Company;

   -- Whitehall Street Global Real Estate Limited Partnership
      2005;

   -- Colony Capital LLC;

   -- Providence Equity Partners, Inc.; and

   -- The Related Companies, L.P., which is affiliated with one
      of the Company's Directors.

The aggregate transaction value, including the assumption of
US$599 million of net debt as of Dec. 31, 2005, is approximately
US$3.6 billion.

The Board of Directors of the Company, upon the unanimous
recommendation of a Special Committee of Directors formed to
evaluate the terms of the transaction, has approved the merger
agreement.  The Special Committee, which includes
representatives of two significant shareholders that are not
affiliated with the investor group, negotiated the price and
other terms of the merger agreement with the assistance of its
financial and legal advisors.

In accordance with the merger agreement, the Company and the
Special Committee's advisors, working under the supervision of
the Special Committee, will actively solicit superior proposals
during the next 45 days.  The Kerzners and Istithmar have agreed
to cooperate in this solicitation process.

In the event the merger agreement is terminated, in order for
the Company to enter into a superior transaction arising during
the 45-day solicitation period, the investor group will receive
a break-up fee of 1% of the equity value of the transaction or
approximately $30 million.

In addition, in the event of a superior transaction, Sol and
Butch Kerzner have agreed to provide certain transitional
services to the acquiring party for a period of six months and,
in the event of certain all-cash acquisitions, to vote in favor
of the superior transaction.  The Company noted that there can
be no assurance that the solicitation of superior proposals will
result in an alternative transaction.  The Company does not
intend to disclose developments with respect to the solicitation
process unless and until its Board of Directors has made a
decision.

"We believe that the acquisition by the investor group
represents an excellent opportunity for the Company's
shareholders, and in addition, we will be actively soliciting
other offers to ensure that value is maximized for all of our
shareholders," said Eric Siegel, Chairman of the Special
Committee of the Board of Directors.

"We are delighted to be able to move forward with this
transaction.  The Company remains fully committed to all of its
current development and expansion plans as scheduled, including
our Phase III expansion on Paradise Island and our joint
ventures in Dubai and Morocco.  Furthermore, our entire team
remains focused on and committed to developing an outstanding
proposal in connection with one of the two casino licenses to be
issued by the Government of Singapore," said Butch Kerzner,
Chief Executive Officer of the Company.  "My father's and my
confidence in the business is reflected by the fact that we will
increase our ownership interest in the Company to about 25% upon
the completion of this transaction.  Throughout this process, it
will remain business as usual for all of our operations and we
anticipate that all employees, including the existing management
team, will retain their current positions after our transaction
closes."

The transaction is expected to close in mid-2006 and is subject
to certain terms and conditions customary for transactions of
this type, including the receipt of financing and regulatory
approvals.  Deutsche Bank Securities Inc. and Goldman Sachs
Credit Partners have provided commitments to the investor group
for the debt portion of the financing for the transaction.

The transaction also requires approval of the merger agreement
by the Company's shareholders.  The Kerzners and Istithmar,
which together own approximately 24% of the Company's ordinary
shares, have agreed to vote in favor of the transaction.  Upon
the completion of the transaction, Sol Kerzner will remain
Chairman of the Company and will continue to oversee the
development and construction of the Company's projects, and
Butch Kerzner will remain Chief Executive Officer.  The Company
will schedule a special meeting of its shareholders for the
purpose of obtaining shareholder approval. Upon completion of
the transaction, the Company will become a privately held
company and its common stock will no longer be traded on The New
York Stock Exchange.

J.P. Morgan Securities Inc. is serving as financial advisor and
Cravath, Swaine & Moore LLP and Paul, Weiss, Rifkind, Wharton &
Garrison LLP are serving as legal advisors to the Special
Committee of the Company's Board of Directors.  Deutsche Bank AG
and Groton Partners LLC are serving as financial advisors and
Simpson Thacher & Bartlett LLP is serving as legal advisor to
the investor group.

                          About Istithmar

Istithmar PJSC is a major investment house based in the United
Arab Emirates focusing on private equity, real estate and other
alternative investments.  Established in 2003, Istithmar was
created with the key mission of earning exceptional returns for
its investors while maintaining due regard for risk.

Istithmar, which means investment in Arabic, applies global
expertise with local insights to coordinate the appraisal and
implementation of various opportunities. Established with an
initial investment capital pool of $2 billion, Istithmar has, to
date, invested in 30 companies deploying approximately $1
billion in equity capital.  It currently focuses its activities
in four industry verticals - Consumer, Financial Services,
Industrial and Real Estate.

                         About Whitehall

The Whitehall Street Real Estate Funds are Goldman, Sachs &
Co.'s primary real estate investment vehicle.  Goldman Sachs
manages the Whitehall Funds and is also Whitehall's largest
investor.  Since 1991, Whitehall has invested approximately $16
billion of equity in real estate and other derivative
investments with a gross cost basis of approximately $50
billion.  Its investments have been made in 20 countries and
include interests in real estate assets, portfolio companies,
non-performing loans, mezzanine loans and other related
products.

                       About Colony Capital

Founded in 1991 by Chairman and Chief Executive Officer Thomas
J. Barrack Jr., Colony is a private, international investment
firm focusing primarily on real estate-related assets and
operating companies.  At the completion of this transaction,
Colony will have invested more than $20 billion in over 8,000
assets through various corporate, portfolio and complex property
transactions.

Colony Capital is headquartered in Los Angeles, with offices in
Beirut, Boston, Hawaii, Hong Kong, London, Madrid, New York,
Paris, Rome, Seoul, Shanghai, Singapore, Taipei, and Tokyo.

                 About Providence Equity Partners

Providence Equity Partners Inc. is a global private investment
firm specializing in equity investments in media and
entertainment, communications and information companies around
the world.  The principals of Providence Equity manage funds
with over $9 billion in equity commitments and have invested in
more than 80 companies operating in over 20 countries since the
firm's inception in 1990.  Providence Equity is headquartered in
Providence, Rhode Island and also has offices in New York and
London.

                   About The Related Companies

Headquartered in New York City, The Related Companies, L.P. was
founded in 1972 by Chairman and CEO Stephen M. Ross.  To date,
Related has developed or acquired real estate assets worth over
$10 billion with another $7 billion currently in development. A
fully integrated privately owned firm with divisions in
development, acquisitions, financial services, property
management, marketing and sales, Related is synonymous with
architectural and service excellence, and has significant
developments, partners and affiliates in Miami, Chicago, Boston,
Los Angeles and San Francisco.  Related's historic development
of the 2.8 million square foot Time Warner Center has
transformed Columbus Circle into one of New York City's premier
destinations and has significantly increased the value of
commercial and residential property in the surrounding
neighborhoods.

                           About Kerzner

Kerzner International Limited -- http://www.kerzner.com/--  
through its subsidiaries, is a leading international developer
and operator of destination resorts, casinos and luxury hotels.  
The Company is also a 37.5% owner of BLB Investors, L.L.C.,
which owns Lincoln Park in Rhode Island and pari-mutuel racing
facilities in Colorado.  In the U.K., the Company is currently
developing a casino in Northampton and received a Certificate of
Consent from the U.K. Gaming Board in 2004.  In its luxury
resort hotel business, the Company manages ten resort hotels
primarily under the One&Only brand.  The resorts, featuring some
of the top-rated properties in the world, are located in The
Bahamas, Mexico, Mauritius, the Maldives and Dubai.  An
additional One&Only property is currently in the planning stages
in South Africa.

As of Dec. 31, 2005, the Company had $1,159.4 million in
shareholders equity and approximately 36.5 million ordinary
Shares outstanding.  

                         *     *     *

The company's $400 million 8.875% Senior Notes due 2011 carry
Standard & Poor's B rating.  S&P assigned those ratings on
June 24, 2004.


KERZNER INT'L: Moody's Watches Ratings for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the ratings of Kerzner
International Limited on review for downgrade following the
Company's announcement that its Board of Directors has approved
a definitive merger agreement whereby an investor group will
acquire the Company.  

Kerzner's Chairman of the Board, Sol Kerzner, and its Chief
Executive Officer, Butch Kerzner will lead the investor group,
which includes several private equity funds.  

The aggregate transaction price of $3.6 billion, including
assumption of $599 million in net debt reflects a purchase price
multiple of approximately 19 times fiscal year 2005 EBITDA.  
Over the next 45 days the Company will solicit additional
proposals, and should none be accepted the transaction announced
today is expected to close in mid-2006.  Given the purchase
price, the Company's leverage ratios are expected to deteriorate
significantly from current levels of about 3.7x.  Moody's review
will focus principally on the Company's capital structure,
liquidity to support future committed development activity and
financial policy priorities.  

Ratings placed on review for possible downgrade:

  * Kerzner International Limited

    -- Corporate Family Rating at Ba3
    -- Guaranteed Senior Subordinate ratings at B2
  
  * Kerzner International North America, Inc.

    -- Guaranteed Senior Subordinate shelf at (P) B2.

Kerzner International Limited is a developer and operator of
destination resorts, casinos and luxury hotels. The company's
flagship brand is Atlantis, which includes Atlantic, Paradise
Island, a 2,317-room ocean-themed destination resort located on
Paradise Island, The Bahamas.


KHOSLA FASHIONS: Appoints Joint Administrators from Deloitte
------------------------------------------------------------
Debbie Marie Young and William Kenneth Dawson of Deloitte &
Touche were appointed joint administrators of clothing
wholesaler Khosla Fashions Limited (Company Number 01579132) on
March 9.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of  
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.  


LIZBAN PRESS: Meeting of Creditors Set for March 27
---------------------------------------------------
Creditors of Lizban Press Limited (Company Number 03367756) will
meet at 2 p.m., March 27 at:

         Moore Stephens LLP
         Victory House, Admiralty Place
         Chatham Maritime, Kent
         ME4 4QU

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 27 to:

         David Elliott
         Simon Paterson
         Joint Administrators
         Moore Stephens LLP
         Victory House, Admiralty Place,
         Chatham Maritime, Kent
         ME4 4QU

Moore Stephens -- http://www.moorestephens.co.uk-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.

Lizban Press Ltd can be reached at:

         Unit 5 Block 2,
         Dockyard Industrial Estate,
         London SE18 5PQ
         Tel: 02083161230  


MISSIONMARK LIMITED: Taps Cresswall Associates as Administrator
---------------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of holding company
Missionmark Limited (Company Number 02947701) on Feb. 23.

The joint administrators can be reached at:

         Cresswall Associates Limited
         Maple View
         White Moss Business Park,
         Skelmersdale
         WN8 9TG


NATIONAL AUSTRALIA: UK Staff Okay GBP20 Mln Pension Cost Cuts
-------------------------------------------------------------
National Australia Bank's UK staff have supported a series of
reforms to their final salary and defined contribution pension
schemes.

The proposed reforms were put to a ballot of the members of the
three defined benefit schemes (approximately 7000 in the
Clydesdale Bank and Yorkshire Bank schemes, 800 in the National
Australia Bank scheme) and the 1200 members of the defined
contributions scheme.  The ballot took place between Feb. 22
through March 15.

Changes to the defined benefits schemes were approved by:

                                          In Favor
                                          --------
   Clydesdale Bank               82% out of 1989 votes received
   Yorkshire Bank                63% out of 2056 votes received
   National Australia Bank       75% out of 391 votes received

In the defined contribution scheme, 92% were in favor out of 598
votes received.

Ballots were received from 56% of the members eligible to vote.

"I am pleased that the majority of scheme members took the
opportunity to express their views in the ballot and that a
clear majority of those supported the proposed reforms,"
National's UK CEO Lynne Peacock, said.  "The company believes
that these reforms are fair and equitable and provide a balance
between the needs of scheme members and the viability of the
schemes.

"We can now move forward in accordance with the wishes of the
scheme members and we look forward to working with the scheme
Trustees to implement the reforms and put our pensions on a
sustainable and secure footing for the future," she said.

Key aspects of the proposed reforms to the defined benefit
schemes are:

   -- All defined benefits accrued to March 31, are unaffected
      and the defined benefit schemes remain non-contributory.

   -- From April 1, the defined benefit schemes move to a
      structure known as "career average", under which members
      earn "blocks" of pension every year.  Rather than
      receiving a pension based solely on a final salary at    
      retirement, the proposed structure builds pension benefits
      year-on-year based on a member's annual salary.

   -- The National will make a one-off contribution of GBP100
      million across its three defined benefit schemes this
      financial year.  This contribution will reduce the deficit
      with no resulting material profit and loss impact.  
      Further discussions will now be entered into with the
      Trustee boards on an appropriate basis to address the
      remaining deficit.

   -- The proforma IFRS impact of these reforms on a full year,
      ongoing basis, would result in a pension expense reduction
      of between GBP15 million and GBP20 million.

                      About the Company

National Australia Bank is an international banking group which
operates in Australia, New Zealand, Europe, Asia and the United
States.  The Group offers banking services, credit and access
card facilities, leasing, housing and investment banking, wealth
and funds management, life insurance and custodian, trustee and
nominee services.  It operates in Europe through its Clydesdale
Bank and Yorkshire Bank affiliates.

                        *     *     *

National Australia Bank is undertaking a three-year revival
program after its 2004 foreign exchange trading scandal and
several profit downgrades in 2005 that hammered its share price.  
The Bank is working to recover from a tumultuous two years
marked by a boardroom upheaval and disintegration, executive
departures and huge job cuts.  As of February 2006, NAB said
that it was moving ahead and that its crises were over.  NAB
further stated that planning for its post-recovery phase was
under way.

As reported in TCR Europe on Jan. 12, NAB is cutting the number
of Clydesdale banks from 217 to 153 as people abandon
traditional banking to Internet and telephone method of
transacting business.  It is closing 30 branches in Scotland,
and 17 in England.


OUTSIDE THE BOX: Appoints Administrator from Mazars
---------------------------------------------------
Robert Adamson of Mazars LLP was appointed administrator of
Outside The Box (OTB) Limited (Company Number 04840627) on
March 1.

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


RANK GROUP: Buys Back 700,000 Shares for Cancellation
-----------------------------------------------------
The Rank Group Plc purchased on March 20, 700,000 Ordinary
shares of 10 pence in the Company for cancellation at an average
price of 242.995 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 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.


RAPRA TECHNOLOGY: Appoint BDO Stoy Hayward as Administrator
-----------------------------------------------------------
Christopher Kim Rayment and Geoffrey Stuart Kinlan of BDO Stoy
Hayward LLP were appointed administrators of Rapra Technology
Limited (Company Number 02818084) on March 8.

Rapra Technology -- http://www.rapra.net/-- is Europe's leading  
independent plastics and rubber specialist organization,
providing research, technology and information services for the
polymer industry and for industries using polymers in their
products or processes.

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.


REGUS CORP: Moody's Withdraws Ratings After Early Debt Repayment
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Regus
Group Plc and Regus Corporation following the early repayment of
the group's US$155 million senior secured bank credit facility.

Ratings withdrawn:

   -- Corporate Family rating of B3;

   -- B3 rating for US$155 million senior secured bank credit
      facility raised by Regus Corporation.

Headquartered in Chertsey, UK, Regus Group Plc was founded by
the current CEO Mark Dixon in 1989 and is the world's largest
provider of serviced offices and videoconferencing facilities.  
Following the acquisition of HQ Global Workplaces in 2004, it
runs a network of approximately 80,000 workstations in 55
countries around the world.


REGUS GROUP: Debt Repayment Spurs S&P to Withdraw Low-B Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew all its ratings on
U.K.-based serviced-offices provider Regus Group at the
company's request.  The ratings withdrawn include the 'B-'
corporate credit rating on Regus Group PLC and the 'B-' rating
on the $155.0 million (original value) senior secured credit
facilities issued by Regus Corp. (guaranteed by Regus Group
PLC), which have been fully repaid.

Regus said that it has fully redeemed the $41.8 million term
loan and the $20.0 million letter of credit facility outstanding
under the $155.0 million secured facility. Following the loan
redemption, Regus has elected to withdraw the ratings.

Regus is headquartered in the U.K. and offers a global network
of serviced offices and related support services such as video
conferencing; telecommunications; Internet connectivity; and
reception and secretarial services available to rent by the
hour, day, month, or year.


SETT SHEET: Metal Manufacturer Appoints Administrator
-----------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of Sett Sheet Metal
Co. Limited (Company Number 00835130) on Feb. 23.  

The joint administrators can be reached at:

         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         WN8 9TG

Sett Sheet Metal Co. Limited -- http://www.settsheetmetal.co.uk/
-- was established in 1965.  The company manufactures metal.


SPRINT 1016: Appoints Administrator from Ian Franses Associates
---------------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed
administrator of Sprint 1016 Limited (Company Number 05440296)
on March 7.

The administrator can be reached at:

         Ian Franses Associates
         24 Conduit Place
         London W2 1EP
         Tel: 020 7262 1199
         Fax: 020 7262 2662
         E-mail: if@ianfranses.co.uk


THAMESDOWN FVS: Taps Baker Tilly to Administer Assets
-----------------------------------------------------
Andrew Martin Sheridan and Matthew Richard Meadley Wild of Baker
Tilly were appointed joint administrators of:

   -- Thamesdown FVS Limited (Company Number 03550832),
   -- Thamesdown SDC Group Limited (Company Number 03535517) and
   -- Thamesdown SDC Limited (Company Number 03535520)

on March 8.  

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of  
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network, which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Thamesdown FVS Limited and its affiliates --
http://www.fvideo.com/-- which offer duplication of video  
cassettes and supply DVDs and packaging services, can be reached
at:

         Thamesdown FVS Limited
         Frankland Road, Blagrove
         Swindon
         SN5 8YG


WALKER & KITCHING: Taps Joint Administrators from P&A
-----------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Walker &
Kitching Limited (Company Number 01485117) 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.

Walker & Kitching is engaged in joiner installation and can be
reached at:

         Sandall Stones Road,
         Kirk Sandall Industrial Estate
         Doncaster, South Yorkshire
         DN3 1QR
         Tel: 01302 880044   
         Fax: 01302 880456


WENTWOOD TIMBER: Taps Administrator from Hazlewoods
---------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed administrator
of Wentwood Timber Products Limited (Company Number 04144030) on
March 9.  Its registered office is at 32 Eastern Avenue,
Mitcheldean, Gloucester GL17 0DF.

Hazlewoods -- http://www.hazlewoods.co.uk-- offers a service  
that sets it apart from other chartered accountancy firms.   It
is highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax.  The firm employs 150
staff.

Headquartered in Newport, Wentwood Timber Products Limited --
http://trendygardens.co.uk/-- operates a timber mill.


                            *********                            


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

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

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

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

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

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


                 * * * End of Transmission * * *