TCREUR_Public/060323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 23, 2006, Vol. 7, No. 59

                            Headlines

G E R M A N Y

A. + L. FEY: Claims Registration Ends April 5
ACA FOTOSTUDIO: Claims Registration Ends March 27
BITTER GMBH: Claims Registration Ends April 10
BREHMER UND QUINDEAU: Claims Registration Ends April 10
E & M BAUUNTERNEHMUNG: Claims Registration Ends March 31

FRANKEN ROHSTOFF: Claims Registration Ends March 29
FRIEDRICH WEISSHEIMER: Payment Trouble Spurs Insolvency Filing
HANSA THEATER: Creditors' Meeting Slated for April 5
KARO-TRADING: Claims Registration Ends March 30
MEDIKOM GESELLSCHAFT: Claims Registration Ends April 4

MOTS GMBH: Claims Registration Ends March 30


G R E E C E

OLYMPIC AIRLINES: New Carrier to Replace Group in October


I R E L A N D

ELAN CORPORATION: Completes US$50 Mln Prialt(TM) Rights to Eisai


K A Z A K H S T A N

AK TULPAR: Creditors Must Submit Proofs of Claims by March 30
ALFIN GROUP: Creditors Must Submit Proofs of Claims by March 30
ENERGOMONTAJ-NS: Creditors Must File Claims by March 30
INTER SHAM: Creditors Must Submit Proofs of Claims by March 30
KVADRO: Files for Bankruptcy Protection in East Kazakhstan

PIT-LINE: Creditors Must Submit Proofs of Claims By March 30
TRANS SERVICE: Akmola Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

BAKAI PROVIJEN: B. Aralbayev Named Interim Insolvency Manager
INDUSTRY BANK: M. Seidyldayev Named Interim Insolvency Manager
SILON: Bishkek Court Opens Bankruptcy Proceedings
YSHYK-GYDA: B. Aralbayev Named Temporary Insolvency Manager


R U S S I A

ABSOLUT CAPITAL: Fitch Puts Long-Term B Rating to Upcoming Issue
AGRO-RODINA: Bankruptcy Hearing Slated for May 17
ASTRAKHAN-VOD-STROY-TRANS: Bankruptcy Hearing Set for May 23
IRKUTSKAYA: Irkutsk Court Begins Bankruptcy Proceedings
NERYUNGRI AIRPORT: Court Names I. Gorn Insolvency Manager

OFSET: Bankruptcy Hearing Slated for Dec. 21
ROS-GOS-STRAKH: Court Appoints V. Demchenko Insolvency Manager
ROS-OIL-RESOURCE: Bankruptcy Hearing Set for April 24
RUSSIAN CHEESES: Bankruptcy Hearing Slated for June 26
SIBERIAN OIL-INDUSTRIAL: Irkutsk Court Begins Bankruptcy Process

SOKOLOVSKIY FACTORY: Declared Insolvent by Magadan Court


S P A I N

MBS BANCAJA: Fitch Designates Junk Rating to EUR11.2 Mln Notes


S W I T Z E R L A N D

ABB LTD: Subject to Brazilian Probe Over Antitrust Allegations
ABB LTD: Wins US76 Million Substation Contract in U.K.


U K R A I N E

BAZIS-TRADE: Zaporizhya Court Opens Bankruptcy Proceedings
ENERGETIC-INDUSTRIAL: Kyiv Court Opens Bankruptcy Proceedings
ETALONSERVICE: Kyiv Court Opens Bankruptcy Proceedings
MDS EXPO: Kyiv Court Opens Bankruptcy Proceedings
MEN FROM MARS: Kyiv Court Starts Bankruptcy Supervision

S-SERVICE: Kyiv Court Starts Bankruptcy Supervision
TRANS-KAPITAL: Kyiv Court Starts Bankruptcy Supervision
YUZHTYAZHMASH: Kyiv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

AD FURNITURE: Taps Administrator from Bond Partners
BROADLAND WINERIES: Appoints McTear Williams Administrator
CABLE & WIRELESS: Employee Share Trustees Sell 15,194 Shares
CORUS GROUP: Shares Spike on Evraz-Merger Talks Report
CORUS GROUP: Fitch Affirms B+ Rating on EUR1.1 Billion Notes

DRAKELOE PRESS: Taps F A Simms & Partners to Administer Assets
ESSENTIAL MEDIA: Names P&A Partnership as Administrator
FLOWLINE ENGINEERING: Taps Chris Haworth & Co as Administrator
FRAGIO LLP: Restaurateur Appoints Ian Franses as Administrator
GLOBAL CROSSING: Dec. 31 Balance Sheet Upside Down by $173 Mln

LANSONS OF MONMOUTH: Hires Joint Liquidators from Harrisons
LIVER SYSTEMS: Begins Liquidation Proceedings
MERCURY EXECUTIVE: Members Agree to Wind Up Company
METEOR BATTERIES: Administrator from Peters Elworthy Enter Firm
MICRA GROUNDWORKS: Taps Grant Thornton to Administer Assets

MODILLI DESIGN: Financial Woes Prompt Liquidation
MOULDART LIMITED: Creditors Ratify Liquidator's Appointment
NEVTEC LIMITED: Names Tait Walker to Lead Administration
OVERHALL AEROSPACE: Appoints Hurst Morrison Administrators
PAGETURN LIMITED: Appoints Atherton Bailey Administrator

PARADISII LIMITED: Registration of Claims Ends April 14
PHOENIX SPECIAL: Begins Winding Up Proceedings
PHOENIX VESSELS: Creditors' Meeting Set for March 29
PITTARDS PLC: Dec. 31 Balance Sheet Upside-Down by GBP24.5 Mil
PITTARDS PLC: Board Suggests Company Voluntary Arrangement

PLATINUM PROPERTY: Members Pass Winding Up Resolution
Q D PRINT: Creditors Confirm Voluntary Liquidation
RED HOUSE: Winds Up Business & Appoints Liquidator
RMP GUARDING: Appoints Administrators from Begbies Traynor
SECAL SHEET: Meeting of Creditors Set for March 28

SHAKESPEARE UNDERWRITING: Creditors' Meeting Set for March 31
SOLUTIONS 2: Taps Joint Administrators from Elwell Watchorn
ZENITH BUILDERS: Meeting of Creditors Set for March 30

                             *********


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


A. + L. FEY: Claims Registration Ends April 5
---------------------------------------------
Creditors of A. + L. Fey GmbH have until April 5, to register
their claims with court-appointed provisional administrator
Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bonn
         Saal S 2.22
         Wilhelmstrasse 21
         53111 Bonn

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 Bonn opened bankruptcy proceedings against
A. + L. Fey GmbH on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         A. + L. Fey GmbH
         Martinusstrasse 5
         53359 Rheinbach
         Attn: Steffen Beisse, Manager
         Hellergasse 2
         53359 Rheinbach

The administrator can be contacted at:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Tel: 02443/98120
         Fax: 02443/981219


ACA FOTOSTUDIO: Claims Registration Ends March 27
-------------------------------------------------
Creditors of ACA Fotostudio GmbH have until March 27, to
register their claims with court-appointed provisional
administrator Dr. Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 10, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Raum 283
         Etage 2
         Heinitzstrasse 42
         58097 Hagen

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 Hagen opened bankruptcy proceedings
against ACA Fotostudio GmbH on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ACA Fotostudio GmbH
         Im Turm 37
         58675 Hemer
         Attn: Peter Heckel, Manager
         Sandgasse 53
         63797 Aschaffenburg
         Stefan Zeppenfeld, Manager
         Treppenstr. 14
         58638 Iserlohn

The administrator can be contacted at:

         Dr. Dirk Andres
         Grabenstr. 28
         58095 Hagen
         Tel: 02331/397656
         Fax: 02331/3976570


BITTER GMBH: Claims Registration Ends April 10
----------------------------------------------
Creditors of Bitter GmbH have until April 10, to register their
claims with court-appointed provisional administrator
Betriebswirt Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 16, 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 Bitter GmbH on Feb. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Bitter GmbH
         Wilhelm-Bitter-Platz 1
         45659 Recklinghausen
         Attn: Regina Bergenthal, Manager
               Alfons Bischoff, Manager
               Kotterweg 20
               59077 Hamm

The administrator can be contacted at:

         Betriebswirt Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Tel: 02361/48840
         Fax: 02361/488499


BREHMER UND QUINDEAU: Claims Registration Ends April 10
-------------------------------------------------------
Creditors of Brehmer und Quindeau GbR have until April 10, to
register their claims with court-appointed provisional
administrator Dr. Gerrit Holzle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 5, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Zimmer 207
         II. Etage
         Kardinal-Galen-Strasse 124-130
         47058 Duisburg

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 Duisburg opened bankruptcy proceedings
against Brehmer und Quindeau GbR on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Brehmer und Quindeau GbR
         Kurierweg 8
         46562 Voerde
         Attn: Michael Brehmer, Manager
               Volker Walter Quindeau, Manager
               Bahnstr. 7a
               42781 Haan

The administrator can be contacted at:

         Dr. Gerrit Holzle
         Rheinstrasse 75
         47623 Kevelaer


E & M BAUUNTERNEHMUNG: Claims Registration Ends March 31
--------------------------------------------------------
Creditors of E & M Bauunternehmung Gericke GmbH have until
March 31, to register their claims with court-appointed
provisional administrator Dirk-Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on April 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Sitzungssaal 14
         1. Etage
         Augustastrasse 78-80
         52070 Aachen

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 Aachen opened bankruptcy proceedings
against E & M Bauunternehmung Gericke GmbH on Feb. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         E & M Bauunternehmung Gericke GmbH
         Attn: Ernst Johann Gericke, Manager
         Holgenbach 26
         53937 Schleiden

The administrator can be contacted at:

         Dirk-Henning Tonnesmann
         Josef-Ruhr-Strasse 30
         53879 Euskirchen


FRANKEN ROHSTOFF: Claims Registration Ends March 29
---------------------------------------------------
Creditors of Franken Rohstoff GmbH have until March 29, to
register their claims with court-appointed provisional
administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         A 341
         3. OG Altbau
         Muehlenstrasse 34
         40213 Duesseldorf

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 Duesseldorf opened bankruptcy proceedings
against Franken Rohstoff GmbH on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Franken Rohstoff GmbH
         Attn: Heinz Werner Franken, Manager
         Weissenburgstr. 75
         40476 Dsseldorf

The administrator can be contacted at:

         Dr. Biner Bahr
         Jagerhofstrasse 21
         40479 Duesseldorf
         Tel: 49 211 540680 0
         Fax: 49 211 540680 199


FRIEDRICH WEISSHEIMER: Payment Trouble Spurs Insolvency Filing
--------------------------------------------------------------
Around 120 employees might lose their jobs after Friedrich
Weissheimer Malzfabrik filed for insolvency, Suddeutsche Zeitung
reports.

According to the report, the German malting operator had some
difficulty paying its debts due to the continued drop of malt
prices and the uprising developments in Eastern Europe.

The company is reportedly holding bank negotiations to secure
loan agreements necessary to continue its business.  With the
problem at hand, its workers are still hoping to get its wages
until May.


HANSA THEATER: Creditors' Meeting Slated for April 5
----------------------------------------------------
Court-appointed provisional administrator for Hansa Theater
Betrieb Schnell & Schnell GbR, Dr. Christoph Schulte-
Kaubruegger, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:25 a.m., on
April 5.

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

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

Creditors have until May 23, to register their claims with the
court-appointed provisional administrator.

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m., on July 19, at the same
venue.

The District Court of Charlottenburg opened bankruptcy
proceedings against Hansa Theater Betrieb Schnell & Schnell GbR
on Feb. 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Hansa Theater Betrieb Schnell & Schnell GbR
         Alt-Moabit 48
         10555 Berlin
         Attn: Christian Alexander Schnell, Manager
         Reulestr.30
         12105 Berlin
         Hannelore Schnell, Manager
         Berliner Str. 33
         14979 Grossbeeren

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Tel: 030 2549740
         Fax: 030 25497470


KARO-TRADING: Claims Registration Ends March 30
-----------------------------------------------
Creditors of KARO-Trading Limited have until March 30, to
register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on April 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Saal 4065
         4. Ebene
         Gerichtstrasse 6
         33602 Bielefeld

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 Bielefeld opened bankruptcy proceedings
against KARO-Trading Limited on Feb. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         KARO-Trading Limited
         Gehlenbecker Strasse 6a
         32312 Luebbecke
         Attn: Karsten Hohmann, Manager
         Bockenforde Weg 1
         59302 Oelde
         Web: http://www.karotrading.com/

The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke


MEDIKOM GESELLSCHAFT: Claims Registration Ends April 4
------------------------------------------------------
Creditors of MEDIKOM Gesellschaft fuer medizinische Information
und Kommunikation mbH have until April 4, to register their
claims with court-appointed provisional administrator Klaus
Regeling.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Bonn
         Saal W126
         1. Stock
         Wilhelmstrasse 21
         53111 Bonn

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 Bonn opened bankruptcy proceedings against
MEDIKOM Gesellschaft fuer medizinische Information und
Kommunikation mbH on Feb. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MEDIKOM Gesellschaft fuer medizinische
         Information und Kommunikation mbH
         Boserother Str. 37
         53639 Konigswinter
         Attn: Peter Walosek, Manager
         Dresdner Strasse 33
         53819 Neunkirchen-Seelscheid

The administrator can be contacted at:

         Klaus Regeling
         Godesberger Allee 125-127
         53175 Bonn
         Tel: 0228/8100056
         Fax: 0228/81000820


MOTS GMBH: Claims Registration Ends March 30
--------------------------------------------
Creditors of MOTS GmbH have until March 30, to register their
claims with court-appointed provisional administrator
Hansjoachim Grube-Dobrick.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Saal E3
         Burgfeld 7
         23568 Luebeck

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 Luebeck opened bankruptcy proceedings
against MOTS GmbH on Feb. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MOTS GmbH
         Attn: Udo Wienberg, Manager
         Eichenweg 3e
         23568 Luebeck

The administrator can be contacted at:

         Hansjoachim Grube-Dobrick
         Wakenitzstr. 6a
         23564 Luebeck
         Tel: 0451/505047
         Fax: 0451/5041551


===========
G R E E C E
===========


OLYMPIC AIRLINES: New Carrier to Replace Group in October
---------------------------------------------------------
Greece intends to replace loss-making flag carrier Olympic
Airlines with stripped-down airline Pantheon Airways, daily
Kathimerini said.

The government had been trying to sell the carrier to investors
but failed to strike a deal.  Transport Minister Michalis Liapis
said, "We are investigating the only solution left: the creation
of a new company that will operate on commercial principles and
have private management."

According to the report, Pantheon Airways, named after a group
of 12 most important gods of Greek mythology, will take off on
Oct. 26 with 33 leased aircraft covering 92 routes.  Pantheon
may drop some important routes like Munich but may add flights
to Beijing, New Delhi, Tunis, Tripoli, Manchester, Chicago, and
Zurich.

As a sized-down carrier, Pantheon would only provide flight
services.  Kathimerini said the new carrier would drop technical
support, ground handling or training.  Pantheon will also employ
2,162 people via an application process.  Olympic currently
flies 40 planes to 118 destinations.

Bloomberg News reveals that Pantheon expects to fly 5.8 million
passengers in 2007 and generate EUR588 million in sales.  It
hopes to hike the figures to 6.9 million passengers and EUR869
million in sales by 2010.  Pantheon plans to post EUR56.4
million in gross profit in 2010 and retain its workforce below
2,000.

Greece will remain the main shareholder in Pantheon but has
tasked Deputy Finance Minister Petros Doukas to look for
possible investors for the carrier.  Greece has already
presented a draft of Pantheon's 2007-2010 business plan,
prepared by Sabre Airline Consulting, to European Union
Transport Commissioner Jacques Barrot.  Mr. Barrot has given Mr.
Doukas until the end of the month to present the list of
interested parties.

Mr. Liapis said the government hopes to present its final
proposal to the commission soon and get approval to proceed with
the plan.

The Greek government recently extended Olympic's temporary
creditor protection until Oct. 31, to lessen the impact of an
adverse European Commission ruling.  The EU executive issued a
ruling in September 2005 demanding that Olympic Airways and its
successor, Olympic Airlines, repay EUR540 million in illegal
state aid to Greece after the Commission found out that the
financial support extended to the carrier was distorting
competition.  The ruling also hampered the government's effort
to privatize the loss-making carrier.

In December 2002, the Commission ruled illegal an aid granted to
Olympic Airways and ordered Greece to recover EUR160 million.
In 2003, Greece set up Olympic Airlines to take over the flight
operations and most of the assets of Olympic Airways, leaving
behind almost all of its debts and circumventing the obligation
to recover the aid.

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties.  The group's net loss swelled to EUR87 million in 2004
from EUR23 million a year before.  Together with the 2004
deficit, Olympic's EUR110 million in accumulated losses are
nearly equivalent to its EUR130 million in equity.

The government is currently looking for private investors for
the carrier, saying privatization is its only chance for
survival.  The state wants to dispose of the carrier to reduce
its EUR1.6 billion debt, one of the highest in the euro zone as
a percentage of gross domestic product.


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


ELAN CORPORATION: Completes US$50 Mln Prialt(TM) Rights to Eisai
----------------------------------------------------------------
Elan Corporation, Plc, completed the sale of the rights to
Prialt(TM) (ziconotide, non-opioid severe chronic pain agent) in
Europe to Eisai Co., Ltd.

Under the terms of the sale, Elan received approximately
US$50 million at the closing and will further receive US$10
million on the earlier of two years from closing or the launch
of Prialt in key European markets.  It may also receive an
additional US$40 million contingent on Prialt achieving revenue-
related milestones in Europe.  Elan retains the product rights
in the United States.

                       About the Company

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a
neuroscience-based biotechnology company.  Elan shares trade on
the New York, London and Dublin Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


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


AK TULPAR: Creditors Must Submit Proofs of Claims by March 30
-------------------------------------------------------------
LLP Ak Tulpar PV has declared insolvency.  Creditors have until
March 30 to submit written proofs of claim to:

          Administrativnyi Gorodok 8
          Pavlodar
          Republic of Kazakhstan


ALFIN GROUP: Creditors Must Submit Proofs of Claims by March 30
---------------------------------------------------------------
LLP Alfin Group has declared insolvency.  Creditors have until
March 30, to submit written proofs of claim to:

          Sverdlova Str. 45
          Almaty


ENERGOMONTAJ-NS: Creditors Must File Claims by March 30
-------------------------------------------------------
LLP Energomontaj-NS has declared insolvency.  Creditors have
until March 30 to submit written proofs of claim to:

          Nagornaya Str. 26
          Astana


INTER SHAM: Creditors Must Submit Proofs of Claims by March 30
--------------------------------------------------------------
LLP Inter Sham Aktobe has declared insolvency.  Creditors have
until March 30 to submit written proofs of claim to:

          A. Moldagulovoi ave. 11b
          Aktobe


KVADRO: Files for Bankruptcy Protection in East Kazakhstan
----------------------------------------------------------
LLP Kvadro filed for bankruptcy with the Specialized Inter-
Regional Economic Court of East Kazakhstan on Jan. 9, 2006.

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

          Frunze Str. 52
          Zyrianovsk


PIT-LINE: Creditors Must Submit Proofs of Claims By March 30
------------------------------------------------------------
LLP PIT-LINE has declared insolvency.  Creditors have until
March 30, to submit written proofs of claim to:

          Micro District Aksai-4 104-24
          Almaty region


TRANS SERVICE: Akmola Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Trans Service on
Jan. 24, 2006.

CONTACT:  LLP Trans Service
          Valihanova Str. 183
          Kokshetau
          Akmola Region


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


BAKAI PROVIJEN: B. Aralbayev Named Interim Insolvency Manager
-------------------------------------------------------------
The Department on Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic has appointed Bolotbek
Aralbayev temporary insolvency manager of LLC Bakai Provijen,
replacing Mr. A. Aitaliev.

The meeting of the creditors will take place on April 6, 11:00
a.m. at:

          Moskovskaya Str. 151, Room 108
          Bishkek

Creditors must submit their proofs of claim and register within
seven days before the meeting with the temporary insolvency
manager.  Proxies must have authorization to vote.

CONTACT:  Mr. Bolotbek Aralbayev
          Temporary Insolvency Manager
          Tel: (+996 312) 21-67-25
               (0-502) 23-31-99


INDUSTRY BANK: M. Seidyldayev Named Interim Insolvency Manager
--------------------------------------------------------------
The Department on Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic appointed Mr. Marat Seidyldayev
temporary insolvency manager of the LLC German Kyrgyz Industry
Bank Orient on Feb. 10.

CONTACT:  Mr. Marat Seidyldayev
          Temporary Insolvency Manager
          Tel: (0-502) 63-54-76


SILON: Bishkek Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues declared
LLC Silon insolvent and commenced bankruptcy proceedings.  The
case is docketed as ED-881/05 mbc2.

Mr. Abytjan Tohtayev has been appointed temporary insolvency
manager.

The meeting of the creditors will take place on March 28, 10:00
a.m. at:

          Chui Ave. 4/1
          Bishkek

CONTACT:  Mr. Abytjan Tohtayev
          Temporary Insolvency Manager
          Tel: (0-517) 22-73-62


YSHYK-GYDA: B. Aralbayev Named Temporary Insolvency Manager
-----------------------------------------------------------
The Department on Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic has appointed Bolotbek
Aralbayev to replace Mr. A. Aitaliev as temporary insolvency
manager of Joint Venture Yshyk-Gyda.

The meeting of creditors will take place on April 6, 10:00 a.m.
at:

          Moskovskaya Str. 151, Room 108
          Bishkek

Creditors must submit their proofs of claim and register within
seven days before the meeting with the temporary insolvency
manager.  Proxies must have authorization to vote.

CONTACT:  Mr. Bolotbek Aralbayev
          Temporary Insolvency Manager
          Tel: (+996 312) 21-67-25
               (0-502) 23-31-99


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


ABSOLUT CAPITAL: Fitch Puts Long-Term B Rating to Upcoming Issue
----------------------------------------------------------------
Fitch Ratings assigned Absolut Capital S.A.'s upcoming debut
eurobond issue an expected Long-term B rating and an expected
Recovery Rating RR4.

The notes are to be used solely for financing a deposit with
Russia's Absolut Bank, which is rated Issuer Default B, Short-
term B, Individual D, Support 5 and National Long-term BBB.  The
Outlooks on both the IDR and the National Long-term ratings are
Stable.  Absolut's IDR and National Long-term rating were
upgraded on March 17.

The final ratings are contingent upon receipt of final
documentation conforming materially to information already
received.

Absolut Capital S.A., a Luxembourg-domiciled special purpose
vehicle, will only pay noteholders principal and interest
received from Absolut.  Absolut unconditionally and irrevocably
guarantees the timely and full repayment of the notes in the
trust deed between the bank and the trustee, Deutsche Trustee
Company Limited.

The terms and conditions of the notes specify that they will
rank at least pari passu with the claims of other unsecured
creditors of Absolut, save those preferred by relevant laws.
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-2005, retail
deposits accounted for 10% of Absolut's total liabilities,
according to the bank's audited IFRS financial statements.

Covenants prevent Absolut from entering into transactions of
US$10 million or more on other than market terms, oblige the
bank to maintain Tier 1 and total capital ratios of at least 8%
and 12%, respectively, as calculated in accordance with the
Basel Committee's recommendations, and cap the exposure to a
single borrower at 25% of equity.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by Absolut.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

Absolut is a medium-sized Russian bank founded in 1993 and 92%-
owned by five Moscow entrepreneurs and 7.5% by International
Financial Corporation.  Absolut ranked number 39 among domestic
banks by assets at end-2005.  Lending to customers in Moscow
constitutes its core business, but the bank is also building up
its SME and retail banking operations and expanding into new
regions.


AGRO-RODINA: Bankruptcy Hearing Slated for May 17
-------------------------------------------------
The Arbitration Court of Belgorod region will convene at
12 p.m., on May 17, to hear the bankruptcy supervision procedure
on open joint stock company Agro-Rodina.  The case is docketed
as A08-13394/05-24 "b".

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

The Debtor can be reached at:

         Agro-Rodina
         Rovenki, M. Gorkogo Str. 34
         309740, Russia

The insolvency manager can be reached at:

         S. Vereshyagin
         Post User Box 822
         308001, Russia


ASTRAKHAN-VOD-STROY-TRANS: Bankruptcy Hearing Set for May 23
------------------------------------------------------------
The Arbitration Court of Astrakhan region will convene at
2 p.m., on May 23, to hear the bankruptcy supervision procedure
of close joint stock company Astrakhan-Vod-Stroy-Trans (TIN
3017002940, KPP 301701001).  The case is docketed as A06-176/3-
11/2006.

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

The Debtor can be reached at:

         Astrakhan-Vod-Stroy-Trans
         Mozdokskaya Str. 20
         414024, Russia

The insolvency manager can be reached at:

         A. Palyutkin
         Office 11, Krasnaya Naberezhnaya Str. 37
         414040, Russia


IRKUTSKAYA: Irkutsk Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Irkutskaya after finding the shoe factory
insolvent.  The case is docketed as A19-935/06-29.

Mr. K. Sobolev has been appointed insolvency manager.

The Debtor can be reached at:

        Irkutskaya
        Rabochaya Str., 2.
        Irkutsk, Russia

The insolvency manager can be reached at:

        K. Sobolev
        Post User Box 176
        664011, Russia


NERYUNGRI AIRPORT: Court Names I. Gorn Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) appointed I.
Gorn temporary insolvency manager for Neryungri Airport.

The Court has commenced bankruptcy supervision procedure on the
company with the case docketed as A58-6566/2005.

The Debtor can be reached at:

         Neryungri Airport
         Sakha Republic (Yakutiya)
         Russia

The insolvency manager can be reached at:

         I. Gorn
         Post User Box 2513
         634045, Russia


OFSET: Bankruptcy Hearing Slated for Dec. 21
--------------------------------------------
The Arbitration Court of Irkutsk Region will convene on Dec. 21,
to hear the bankruptcy proceedings of open joint stock company
Ofset (TIN 3818001024).  The case is docketed as A19-33782/
05-29.

Ms. O. Lukina has been appointed insolvency manager.

The Debtor can be reached at:

         Ofset
         Ust-Kut, Kirova Str. 41
         665780, Russia

The insolvency manager can be reached at:

         O. Lukina
         Post User Box 165
         664047, Russia


ROS-GOS-STRAKH: Court Appoints V. Demchenko Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed V. Demchenko
insolvency manager for Ros-Gos-Strakh - Moscow.

The Court commenced bankruptcy proceedings against the open
joint stock company with the case docketed as A40-77380/
05-124-244B.

The Debtor can be reached at:

         Ros-Gos-Strakh - Moscow
         Stoleshnikov Per. 8
         103009, Russia

The insolvency manager can be reached at:

         V. Demchenko
         Post User Box 54
         125009, Russia
         Tel.: 955-25-51


ROS-OIL-RESOURCE: Bankruptcy Hearing Set for April 24
-----------------------------------------------------
The Arbitration Court of Rostov Region will convene at 3:00 p.m.
on April 24, to hear the bankruptcy supervision procedure on
limited liability company Ros-Oil-Resource (TIN 6165076813).
The case is docketed as A53-20943/2005-S2-51.

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

The Debtor can be reached at:

         Ros-Oil-Resource
         Letter E, Bataysk
         Molodyezhnaya Str. 2B
         Russia

The insolvency manager can be reached at:

         V. Gaydunkov
         Apartment 6, Klubnaya Str. 3
         344112, Russia


RUSSIAN CHEESES: Bankruptcy Hearing Slated for June 26
------------------------------------------------------
The Arbitration Court of Bryansk Region will convene at 11 a.m.,
on June 26, to hear the bankruptcy supervision procedure on
limited liability company Russian Cheeses.  The case is docketed
as A09-10075/05-27.

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

The Debtor can be reached at:

         Russian Cheeses
         Bryansk Region, Brasovskiy region, Lokot
         242300, Russia

The insolvency manager can be reached at:

         S. Vetrov
         Office 30, Kirova Str. 9
         398018, Russia


SIBERIAN OIL-INDUSTRIAL: Irkutsk Court Begins Bankruptcy Process
----------------------------------------------------------------
The Arbitration Court of Irkutsk Region commenced bankruptcy
proceedings against Siberian Oil-Industrial Company (TIN
3808027067) after finding the close joint stock company
insolvent.  The case is docketed as A19-34719/05-38.

Mr. A. Nikiforov has been appointed insolvency manager.

The Debtor can be reached at:

         Siberian Oil-Industrial Company
         Kievskaya Str. 2
         664003, Russia

The insolvency manager can be reached at:

         A. Nikiforov
         Post User Box 165
         664047, Russia


SOKOLOVSKIY FACTORY: Declared Insolvent by Magadan Court
--------------------------------------------------------
The Arbitration Court of Magadan region commenced bankruptcy
proceedings against Sokolovskiy Factory off Building
Constructions after finding the open joint stock company
insolvent.  The case is docketed as A37-2550/05-2b.

Mr. E. Baturin has been appointed insolvency manager.

The Debtor can be reached at:

         Sokolovskiy Factory Of Building Constructions
         Post User Box 963
         685000, Russia

The insolvency manager can be reached at:

         E. Baturin
         Post User Box 212
         685000, Russia


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


MBS BANCAJA: Fitch Designates Junk Rating to EUR11.2 Mln Notes
--------------------------------------------------------------
Fitch Ratings designated expected ratings to MBS Bancaja 3 Fondo
de Titulizacion de Activos' mortgage-backed floating-rate notes
as follows:

   a) EUR100 million Series A1: AAA;
   b) EUR668 million Series A2: AAA;
   c) EUR13.2 million Series B: AA;
   d) EUR11.6 million Series C: A;
   e) EUR7.2 million Series D: BBB+; and
   f) EUR9.8m-11.2 million Series E: CC.

This transaction is a cash flow securitization of an EUR800
million static pool of first ranking residential and commercial
mortgage loans granted by Caja de Ahorros de Valencia, Castellon
y Alicante.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

The expected ratings on the Class A to D notes address payment
of interest on the notes according to the terms and conditions
of the documentation, subject to a deferral trigger on the Class
B, C and D notes, as well as the repayment of principal by legal
final maturity for each note.

The Class E notes will be issued to finance the cash reserve
fund.  The Class E notes are ultimately likely to default, and
their expected ratings are supported by the expected recovery
rate for noteholders; that is, the amounts investors are likely
to receive during the life of the transaction.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose is to convert
mortgage transmission certificates from the seller into
mortgage-backed securities.  The CTHs will be subscribed by
Europea de Titulizacion, S.G.F.T., S.A., on behalf of the fund,
whose activities are limited to the management of securitization
funds.

The Class A1 notes have a legal maturity in September 2007, 18
months after the closing date, which is different to the legal
maturity date of the other notes in December 2043.  The AAA
expected rating assigned to the A1 notes was deduced using
conservative prepayment scenarios.

Additionally, a sole purpose liquidity facility provided by a
counterparty still to be determined and sized at 3.2% of the
original collateral balance, will be in place to guarantee that
these notes are redeemed in their entirety at their final legal
maturity date in case the cash flow from the collateral is not
sufficient.


=====================
S W I T Z E R L A N D
=====================


ABB LTD: Subject to Brazilian Probe Over Antitrust Allegations
--------------------------------------------------------------
ABB Ltd. confirmed that Brazilian authorities are investigating
several of its units over antitrust allegations along with six
other European and Japanese corporations, reports say.

ABB spokesman Thomas Schmidt said the company is fully
cooperating with local authorities, but declined to elaborate.

According to Alan Clendenning of The Associated Press, the
companies identified in the investigation include:

   * Europe

      -- Swiss-Swedish ABB Ltd.,
      -- France's Areva Ltd.,
      -- Germany's Siemens AG, and
      -- Austria's VA Technolgie AG.

   * Japan

      -- Japan AE Power Systems Corp.,
      -- Mitsubishi Electric Corp., and
      -- Toshiba Corp.

Brazil launched the probe to determine whether the companies
violated antitrust laws in a bid to fix prices for equipment
used to generate electricity in the country, Mr. Clendenning
relates.

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/-- is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2006, Standard & Poor's Ratings Services was maintaining its
credit ratings on Switzerland-based engineering services group
ABB Ltd. (BB+/B) and related entities on CreditWatch with
positive implications.

Conditional on the final successful resolution of the asbestos
litigation settlement for U.S. subsidiary Combustion Engineering
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with
the senior unsecured debt to be raised to 'BB+'.  The outlook
will be positive.

The ratings on ABB had been placed on CreditWatch with positive
implications on Nov. 7, 2005, reflecting the continual
improvement in ABB's financial profile and capital structure in
recent years, and its potential to return to a low investment-
grade rating on successful completion of the asbestos litigation
settlement for CE.

The CE reorganization plan has been confirmed by the U.S.
Bankruptcy Court, and is currently with the District Court for
final approval.  A hearing is expected to be held soon.  If the
District Court approves the plan, there will be a 30-day appeal
period. If no appeals are lodged, the plan will be final.

"At the new rating level, ABB's rating will reflect the
company's improved financial position, including sound free
operating cash flow generation, a sound liquidity position, and
adequate debt protection measures," said Standard & Poor's
credit analyst Andreas Zsiga.


ABB LTD: Wins US76 Million Substation Contract in U.K.
------------------------------------------------------
ABB Ltd. won a US$76 million turnkey substation contract with
the U.K. utility, National Grid, to strengthen the power supply
southeast of Manchester, one of the country's largest and most
important cities.

ABB will replace an existing outdoor 275 kilovolt substation now
nearing the end of its service-life with an indoor substation
based on compact, state-of-the-art, gas insulated switchgear.
GIS technology will reduce the size of the installation,
currently as big as four soccer fields, by 90 percent.

"Our state-of-the art GIS technology will help ensure reliable
power delivery to one of the U.K.'s most important commercial
centers," said Samir Brikho, head of ABB's Power Systems
division.  "It is the latest in a series of orders from National
Grid, underlining their confidence in our innovative technology
and our ability to execute large projects."

As well as replacing the 45-year-old 275 kV air insulated
switchgear substation, the project includes reconfiguring
overhead lines coming into the substation, as well as system
reinforcements.  An adjacent 400 kV AIS substation will also be
extended.

The new GIS substation is scheduled to be operational by
November 2008; all remaining work is to be completed by February
2009.

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/-- is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2006, Standard & Poor's Ratings Services was maintaining its
credit ratings on Switzerland-based engineering services group
ABB Ltd. (BB+/B) and related entities on CreditWatch with
positive implications.

Conditional on the final successful resolution of the asbestos
litigation settlement for U.S. subsidiary Combustion Engineering
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with
the senior unsecured debt to be raised to 'BB+'.  The outlook
will be positive.

The ratings on ABB had been placed on CreditWatch with positive
implications on Nov. 7, 2005, reflecting the continual
improvement in ABB's financial profile and capital structure in
recent years, and its potential to return to a low investment-
grade rating on successful completion of the asbestos litigation
settlement for CE.

The CE reorganization plan has been confirmed by the U.S.
Bankruptcy Court, and is currently with the District Court for
final approval.  A hearing is expected to be held soon.  If the
District Court approves the plan, there will be a 30-day appeal
period. If no appeals are lodged, the plan will be final.

"At the new rating level, ABB's rating will reflect the
company's improved financial position, including sound free
operating cash flow generation, a sound liquidity position, and
adequate debt protection measures," said Standard & Poor's
credit analyst Andreas Zsiga.


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


BAZIS-TRADE: Zaporizhya Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against CJSC Bazis-Trade (code EDRPOU 30242043) on
Jan. 12, after finding the company insolvent.  The case is
docketed as 25/292.

Mr. S. Agarkov has been appointed Liquidator/Insolvency Manager.

CONTACT:  CJSC Bazis-Trade
          Geroyiv Stalingradu Str. 16/41
          69054, Ukraine, Zaporizhya Region

          Mr. S. Agarkov
          Liquidator/Insolvency Manager
          Lenin Avenue 133, a/b 646
          69000, Ukraine, Zaporizhya Region
          Tel: 8 (0612) 34-73-14
          Mobile: 8 (050) 341-65-80

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


ENERGETIC-INDUSTRIAL: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
proceedings against LLC Ukrainian Energetic-Industrial Company
(code EDRPOU 31514337) on Jan. 25, after finding the company
insolvent.  The case is docketed as 15/65-b.  State Tax
Inspection of Kyiv Region has been appointed Liquidator.

CONTACT:  Ukrainian Energetic-Industrial Company
          Vishgorodska Str. 21
          Ukraine, Kyiv Region

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


ETALONSERVICE: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Etalonservice (code EDRPOU 32594759) on
Jan. 25, after finding the company insolvent.  The case is
docketed as 15/62-b.

State Tax Inspection of Kyiv Region has been appointed
Liquidator.

CONTACT:  Talonservice
          Yaroslavska Str. 39/42
          Ukraine, Kyiv Region

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


MDS EXPO: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC MDS Expo (code EDRPOU 32251243) on
Jan. 25, after finding the company insolvent.  The case is
docketed as 15/64-b.

State Tax Inspection of Kyiv Region has been appointed
Liquidator.

CONTACT:  LLC MDS Expo
          Mezhigirska Str. 82-A
          Ukraine, Kyiv Region

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


MEN FROM MARS: Kyiv Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Men From Mars (code EDRPOU
31305659).  The case is docketed as 15/836-b.

Mr. E. Klimenko has been appointed temporary insolvency manager.

CONTACT:  Men From Mars
          Nimanska Str. 10
          01103, Ukraine, Kyiv Region

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


S-SERVICE: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankrupcy
supervision procedure on LLC S-Service (code EDRPOU 24091527).
The case is docketed as 15/2-b.

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

CONTACT:  S-Service
          01014, Ukraine, Kyiv Region
          Doroga Naberezhna-Pecherska, 1

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


TRANS-KAPITAL: Kyiv Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Trans-Kapital (code EDRPOU
32709164).  The case is docketed as 15/919-b.

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

CONTACT:  LLC Trans-Kapital
          M. Grushevskij Str. 28/2
          01021, Ukraine, Kyiv Region

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


YUZHTYAZHMASH: Kyiv Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Yuzhtyazhmash (code EDRPOU
31567216).  The case is docketed as 15/837-b.  Mr. E. Klimenko
has been appointed temporary insolvency manager.

CONTACT:  Yuzhtyazhmash
          L. Pervomajskij Str. 6
          01023, Ukraine, Kyiv Region

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


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


AD FURNITURE: Taps Administrator from Bond Partners
---------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of AD Furniture (London) Limited (Company Number 032960096) on
March 3.

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

AD Furniture (London) Ltd sells furniture and can be reached at:

         Unit K/Bridge Rd
         Southall, UB2 4AB
         Tel: 020 8843 9595


BROADLAND WINERIES: Appoints McTear Williams Administrator
----------------------------------------------------------
Andrew McTear and Chris Williams of McTear Williams & Wood were
appointed joint administrators of Broadland Wineries Limited
(Company Number 00859081) on March 10.

The joint administrators can be reached at:

         McTear Williams & Wood
         De Vere House
         90 St Faiths Lane
         Norwich NR1 1NE
         Norfolk
         Tel: 01603 877540
         Fax: 01603 877549
         E-mail: chriswilliams@mw-w.com

Broadland Wineries Limited manufactures wines and can be reached
at:

         48 Holt Road
         Hevingham
         Norwich NR10 5NR
         Norfolk
         Tel: 01603 754817
         Fax: 01603 871312


CABLE & WIRELESS: Employee Share Trustees Sell 15,194 Shares
------------------------------------------------------------
The Trustees of Cable and Wireless plc Employee Share Ownership
Trust disposed on March 17, 15,194 Ordinary Shares at a price of
GPB1.065 per share.

Following the disposal, 51,192,998 Ordinary Shares are held
under the Trust.  Francesco Caio, Rob Rowley, Charles Herlinger,
Lord Robertson of Port Ellen, George Battersby, Harris Jones and
John Pluthero (all being Directors of Cable and Wireless plc),
in their capacity as members of the class of beneficiaries under
the Trust, and Towers Perrin Share Plan Services (GSY) Limited,
in their capacity as Trustees of the Trust, are deemed to have a
non-beneficial interest in these Ordinary Shares.

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

                       About the Company

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
Standard & Poor's Ratings Services said that the ratings and
outlook on U.K.-based telecommunications operator Cable &
Wireless PLC (C&W; BB-/Negative/B) were unchanged following the
group's presentation of plans for further restructuring and
refocusing of its U.K. business.

C&W is replicating the broadly successful business model of
Energis, the U.K. telecoms services company that it acquired in
November 2005.  It has announced a withdrawal from the low-
margin U.K. small-to-midsized business market and a focus on
large U.K. corporate customers.  Given this streamlining of the
customer and product base, employee numbers could reduce by up
to 3,000, resulting in additional headcount reduction and lease
exit costs.  The group is to continue investing in Bulldog, its
early stage, and largely residential, local-loop-access
operation.

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


CORUS GROUP: Shares Spike on Evraz-Merger Talks Report
------------------------------------------------------
Shares of Corus Group Plc rose more than 11% Tuesday after
speculation that it held merger talks with Russia's largest
steelmaker, Evraz Group SA, reports reveal.

The Financial Times reveals that the talks had so far not come
to any result, citing an unidentified banker as its source.
The possible merger would create one of the world's top six
steelmakers by volume.

Both companies neither confirm nor deny the reports, with Corus
admitting that it was exploring opportunities in Russia and
Brazil.

Corus has approximately US$6.9 billion in market value, compared
with Evraz's at US$8.5 billion, Reuters discloses.

The news came following Corus' announcement of its intention to
sell its downstream aluminum rolled products and extrusions
businesses to U.S.-based Aleris International, Inc., for a gross
consideration of EUR826 million (GBP570 million).

The net disposal proceeds, after deducting pension liabilities
but excluding minority interests and net debt, would be
approximately EUR728 million (GBP502 million).  These proceeds
would be used to further strengthen both the Group's balance
sheet and the development of the carbon steel business.

                        About Corus Group

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 TCR - Europe on March 8, 2006, Fitch Ratings has
affirmed Corus' Long-term Issuer Default rating at BB- with
Stable Outlook.  The ratings of Corus' other debt instruments
are also affirmed:

   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.


CORUS GROUP: Fitch Affirms B+ Rating on EUR1.1 Billion Notes
------------------------------------------------------------
Fitch Ratings changed Corus Group PLC's Outlook to Positive from
Stable and affirmed the Issuer Default Rating at BB- following
the company's announcement of its 2005 results and plan to
dispose its aluminium business for EUR826 million.  Corus' debt
instruments are also affirmed as listed below.

  a) Corus Group PLC EUR800 mln 7.5% senior notes B+;
  b) Corus Group PLC EUR307 mln 3.0% convertible bonds B+;
  c) Corus Finance PLC GBP200 mln 6.75% guaranteed bonds B+; and
  d) Corus Finance PLC EUR20 mln 5.375% guaranteed bonds B+.

Director in Fitch's Leveraged Finance team, Michelle De Angelis
disclosed, "During 2005 Corus consolidated and built upon the
foundations laid in 2004 through its cost restructuring
efforts."

"The gross proceeds from the planned disposal should also add to
the group's financial flexibility, and potentially provide
additional positive momentum to the ratings," she added.

The ratings and Outlook 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.

Corus reported net revenues of GBP10.14 billion and EBITDA of
GBP1.03 billion in 2005. With gross debt of GBP1.69 billion  and
cash of GBP871 million, total leverage was 1.6x and net leverage
was 0.8x at year-end 2005.

Corus has stated that it does not intend to use the proceeds of
the aluminium disposal to reduce debt, but may use a portion of
the funds for investment in order to further strengthen its
business profile.

Reinvestment of the proceeds in the core business would be
viewed positively by Fitch, although a return of substantial
proceeds to shareholders in the form of a dividend could limit
the rating's upside potential.


DRAKELOE PRESS: Taps F A Simms & Partners to Administer Assets
--------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of Drakeloe
Press Limited (Company Number 553638) on March 3.  Its
registered office is at Old School, The Common, Redbourn,
Hertfordshire AL3 7NG.

The joint administrators can be reached at:

         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Drakeloe Press Ltd prints and manufactures paper.  It can be
reached at:

         7 James Wy
         Bletchley MK1 1SU
         Tel: 01908 271866
         Fax: 01908 271827


ESSENTIAL MEDIA: Names P&A Partnership as Administrator
-------------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Essential
Media Limited (Company Number 04438007) 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.

Essential Media Ltd is engaged in producing medical information
for the medical sector on the Internet and can be reached at:

         Alexandra House
         2 Well Lane, Chapel Allerton
         Leeds, LS7 4PQ
         Tel: 0113 2369111
         Fax: 0113 266 4088


FLOWLINE ENGINEERING: Taps Chris Haworth & Co as Administrator
--------------------------------------------------------------
Christopher George Taylor Haworth of Chris Haworth & Co was
appointed administrator of Flowline Engineering Limited (Company
Number 3464490) on March 9.  Its registered office is at
Trafford Park Road, Newbridge, Trafford Park, Manchester M17
1HG.

The administrator can be reached at:

         Chris Haworth & Co
         The Gables
         Goostrey Lane
         Twemlow Green
         Nr Holmes Chapel
         Cheshire CW4 8BH
         Tel: 01477 534911
         Fax: 01477 534884

Flowline Engineering Ltd manufactures and installs pipelines for
industrial plants and can be reached at:

         Trafford Park Road
         Trafford Park
         Manchester M17 1HG
         Lancashire
         Tel: 0161 872 1421
         Fax: 0161 8725247


FRAGIO LLP: Restaurateur Appoints Ian Franses as Administrator
--------------------------------------------------------------
Ian Franses of Ian Franses Associates was appointed Fragio LLP
(t/a Spago - Company Number OC303535) on March 7.

Fragio LLP operates a restaurant.

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


GLOBAL CROSSING: Dec. 31 Balance Sheet Upside Down by $173 Mln
--------------------------------------------------------------
Global Crossing Ltd. delivered its consolidated financial
results for the year ended Dec. 31, 2005, to the U.S. Securities
and Exchange Commission on March 16.

Global Crossing incurred a $358,000,000 net loss on
$1,968,000,000 of revenues for the year ended Dec. 31, 2005.  At
Dec. 31, 2005, the company's balance sheet showed $1,590,000,000
in total assets, $1,763,000,000 in total liabilities, resulting
in a $173,000,000 stockholders' deficit.

Global Crossing's Dec. 31 balance sheet also showed strained
liquidity with $548,000,000 in current assets available to pay
$807,000,000 of current liabilities coming due within the next
12 months.

A full-text copy of Global Crossing's financial statements for
the year ended Dec. 31, 2005, is available for free at
http://ResearchArchives.com/t/s?6b2

Headquartered in Florham Park, New Jersey, Global Crossing
Ltd. -- http://www.globalcrossing.com/-- provides
telecommunications solutions over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe.  Global Crossing serves
many of the world's largest corporations, providing a full range
of managed data and voice products and services.  The Company
filed for chapter 11 protection on January 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed $25,511,000,000 in
total assets and $15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Dec. 31, 2005, Global Crossing's stockholders' equity deficit
widens to $173,000,000 compared to a $51,000,000 positive equity
at Dec. 31, 2004.


LANSONS OF MONMOUTH: Hires Joint Liquidators from Harrisons
-----------------------------------------------------------
Lansons of Monmouth Limited is liquidating its assets after
members passed a resolution to wind up the company on Feb. 16.

P.R. Boyle and J.C. Sallabank, both of Harrisons, were appointed
Joint Liquidators.

Lansons of Monmouth Limited can be reached at:

         1 The Oldway
         Monnow St
         Gwent
         MP253PS
         Tel: 01600 716 106


LIVER SYSTEMS: Begins Liquidation Proceedings
---------------------------------------------
Members of Liver Systems Limited resolved to liquidate the
company's assets during an Extraordinary General Meeting on
Feb. 17.

Appointed Joint Liquidator, Frank Wessely, required creditors to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors on or before April 14.

Liver Systems Limited can be contacted at:

         A113 The Heath Business & Technical Park
         Runcorn Cheshire
         WA7 4QX
         Tel: 01928 515 511
         Fax: 01928 515 512
         Web: http://www.liversystems.co.uk/


MERCURY EXECUTIVE: Members Agree to Wind Up Company
---------------------------------------------------
Members of Mercury Executive Cars Limited decided to liquidate
the company's assets during an extraordinary general meeting on
Feb. 15.

They authorized Lloyd Biscoe, of Begbies Traynor, to lead the
liquidation process.

Mercury Executive Cars Limited can be contacted at:

         10 Tallon Road
         Hutton Brentwood Essex
         CM131TF
         Tel: 01277 262 233
         Fax: 01277 260 321
         Web: http://www.mercurycars.co.uk/


METEOR BATTERIES: Administrator from Peters Elworthy Enter Firm
---------------------------------------------------------------
Shay Lettice of Peters Elworthy & Moore was appointed
administrator of Meteor Batteries Limited (Company Number
4327041) on March 10.  Its registered office is at Unit A Copley
Hill Business Park, Cambridge Road, Babraham, Cambridge CB2 4AF.

The administrator can be reached at:

         Peters Elworthy & Moore
         Salisbury House
         Station Road
         Cambridge
         Cambridgeshire CB1 2LA
         Tel: 01223 362333
         Fax: 01223 461424
         E-mail: slettice@pem.co.uk

Meteor Batteries Ltd, established seven years ago, distributes
automotive and commercial parts and batteries in over 12
countries and can be reached at:

         Unit A, Copley Hill Business Park
         Cambridge Road, Babraham
         Cambridge, UK
         CB2 4AF
         Tel: 44 1223 837777
         Fax: 44 1223 837111
         Mob: 07980928496


MICRA GROUNDWORKS: Taps Grant Thornton to Administer Assets
-----------------------------------------------------------
Nigel Morrison and Richard Hawes were appointed administrators
of Micra Groundworks Limited (Company Number 05133438) on
March 6.  Its registered office is at Micra House, Rock Road,
Keynsham, Bristol BS31 1BP.

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.

Micra Groundworks Ltd, which offers general construction of
buildings and civil engineering works services, can be reached
at:

         Rock Road, Keynsham
         Bristol BS31 1BP
         Tel: 0117 986 2000
         Fax: 0117 986 3000


MODILLI DESIGN: Financial Woes Prompt Liquidation
-------------------------------------------------
M.C. Bowker, of Unity Corporate Recovery & Insolvency, was
appointed Liquidator of Modilli Design Limited after members
resolved to liquidate the company's asset on Feb. 17.

Director A. Reynolds claimed the company is unable to continue
its operations due financial liabilities.

Modilli Design Limited can be reached at:

         Eccles House
         Carrs Green
         Inskip Preston Lancashire
         PR4 0TJ
         Tel: 01772 690 800
         Fax: 01772 690 800
         Web: http://www.modillidesign.ltd.uk/


MOULDART LIMITED: Creditors Ratify Liquidator's Appointment
-----------------------------------------------------------
Creditors of Mouldart Limited confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company's operations on Feb. 16.

Creditors also ratified the appointment of Timothy Hargreaves,
of T H Associates Insolvency Practitioners, as Liquidator.

Mouldart Limited can be reached at:

         Nile House Studios
         Nile Street
         Stoke-On-Trent
         ST6 2BA
         Tel: 01782 577 727


NEVTEC LIMITED: Names Tait Walker to Lead Administration
--------------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed administrators of Nevtec Limited (Company Number
03756188) on March 3.

Tait Walker -- http://www.taitwalker.co.uk/-- have established
core service lines to meet the ever growing complexity of our
clients needs in a timely and efficient manner.

Nev-Tec Ltd., which repairs and manufactures furniture, can be
reached at:

         Unit E18 The Avenues
         Eleventh Avenue North
         Gateshead, Tyne And Wear
         NE11 0N
         Tel: 01914915225


OVERHALL AEROSPACE: Appoints Hurst Morrison Administrators
----------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison
Thomson Corporate Recovery LLP were appointed joint
administrators of Overhall Aerospace Limited (Company Number
05101446) and Overhall Consultancy Services Limited (Company
Number 04975871) on March 9.

The joint administrators can be reached at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile, Henley on Thames
         Oxfordshire
         RG9 2JR
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Overhall Aerospace Limited and its affiliate --
http://www.overhall.co.uk/-- was formed in 2004, offering an
aircraft galley production facility by providing sub contract
services to the major aircraft interior providers.


PAGETURN LIMITED: Appoints Atherton Bailey Administrator
--------------------------------------------------------
Malcolm Peter Filimore and Ranjit Bajjon of Atherton Bailey LLP
Pageturn Limited (Company Number 1665612) were appointed joint
administrators of Pageturn Limited on March 7.

The joint administrators can be reached at:

         Atherton Bailey LLP
         Arundel House, 1 Amberley Court
         Whitworth Road, County Oak
         Crawley, West Sussex
         RH11 7XL

Pageturn Limited can be reached at:

         Unit 3, 270-272 Oldshorehan Road
         Hove, East Sussex BN3 7EG
         Tel: 01273821500


PARADISII LIMITED: Registration of Claims Ends April 14
-------------------------------------------------------
Creditors of Paradisii Limited are given until April 14, to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator, William Jeremy
Jonathan Knight.

Paradisii Limited can be contacted at:

          64 High Street
          Lewes East Sussex
          BN7 1XG
          Tel: 01273 470 006
          Fax: 01273 470 007
          Web: http://www.paradisii.co.uk/


PHOENIX SPECIAL: Begins Winding Up Proceedings
----------------------------------------------
Phoenix Special Purpose Machines Limited is winding up its
business after members found out that the company could not
continue its operations due to its liabilities.

Members authorized M. D. Hardy, of Poppleton & Appleby, to lead
the winding up proceedings.

Phoenix Special Purpose Machines Limited can be reached at:

         10A Aldergate
         Tamworth Staffordshire
         B79 7DL
         Tel: 01827 546 65
         Fax: 01827 546 69
         Web: http://www.phoenixspm.co.uk/


PHOENIX VESSELS: Creditors' Meeting Set for March 29
----------------------------------------------------
Creditors of Phoenix Vessels Limited will meet at 10 a.m.,
March 29, at:

         1-2 Little King Street
         Bristol BS1 4HW

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:

         C. A. Prescott
         Joint Administrator
         Moore Stephens LLP,
         1-2 Little King Street
         Bristol
         BS1 4HW

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.

Headquartered in Gloucester, England, Phoenix Vessels Limited --
http://www.phoenixvessels.co.uk/-- have been producing Glass
Reinforced Pressure Vessels since 1989 for Reverse Osmosis (RO)
water treatment plants throughout the world.


PITTARDS PLC: Dec. 31 Balance Sheet Upside-Down by GBP24.5 Mil
--------------------------------------------------------------
Pittards plc reported unaudited financial results for the year
ended Dec. 31, 2005.

The operating loss for the year was GBP2.5 million, which
compares with a loss of GBP4.0 million in 2004.  After taking
account of a GBP2.2 million gain from the sale in October of a
property in Kinghorn, Fife, and the exceptional costs of a
fundamental reorganization of GBP7.9 million, including
provisions for the closure of the manufacturing facility in
Leeds, the loss on ordinary activities before interest was
GBP8.2 million (2004 - GBP4.0 million).  After bank interest of
GBP800,000 (2004 - GBP700,000) and net interest on pension
scheme liabilities of GBP1.4 million (2004 - GBP1.4 million) the
loss on ordinary activities before tax was GBP10.4 million (2004
- GBP6.0 million).

The Company disclosed at the beginning of December that it as
reviewing its manufacturing resources and, after consultation,
has concluded that manufacturing bovine leathers at its factory
in Leeds is not viable.

"We have begun the process of transferring production of our
shoe and leathergoods leathers to our Yeovil and Ethiopian
facilities, and to a sub-contractor in Asia," Chairman Stephen
,Boyd said.  "Production at the factory in Leeds will cease
during the second half of this year.  Provision has been made
for the substantial costs of closure in these accounts.  The
elimination of the heavy fixed costs associated with the Leeds
operation will further improve our international
competitiveness.  The release and sale of the site will
significantly reduce our borrowings."

At Dec. 31, 2005, net assets for the Group were GBP8.3 million
after taking account of the fundamental reorganization, but
before the deficit on the pension scheme.  The equivalent figure
for 2004 was GBP18.3 million.  Total borrowings at the end of
2005 were GBP7.4 million, down by GBP4.3 million from the
beginning of the year due to the tight management of working
capital and the net proceeds of GBP3 million from the Kinghorn
property.

                     Pension Scheme Deficits

The deficit on the pension schemes calculated in accordance with
FRS 17, increased from GBP29.7 million at Dec. 31, 2004, to
GBP32.9 million.  Although scheme assets increased from GBP48.6
million to GBP57.5 million as stock markets continue their
recovery, the liabilities increased from GBP78.4 million to
GPB90.4 million largely as a result of the fall in corporate
bond yields from 5.8% to 5.2%.  After taking account of the
pension scheme liability, the Company had net liabilities of
GBP24.5 million as at Dec. 31, 2005, and no distributable
reserves.  The Company is therefore currently unable to pay
dividends to ordinary shareholders and to preference
shareholders.

At Dec. 31, 2005, the Company's balance sheet showed a GBP24.5
million stockholders' deficit, compared with an GBP11.4 million
stockholders' deficit at Dec. 31, 2004.

                     About Pittards plc

Pittards plc produces technically advanced leather for many of
the world's leading brands of gloves, shoes, luxury leather
goods and sports equipment.


PITTARDS PLC: Board Suggests Company Voluntary Arrangement
----------------------------------------------------------
The Board of Directors of Pittards PLC proposed a Company
Voluntary Arrangement under the Insolvency Act 1986, in order to
restore the Company to solvency.

The terms of the Arrangement have been approved by authorized
representatives of the Pension Protection Fund.  The Pensions
Regulator has agreed to clearance in principle.  It is expected
that the pension schemes will meet the criteria for entry to the
PPF introduced by the Pensions Act 2004, which will, within the
limits of the schemes, enable members' benefits to be protected
to the extent provided under PPF rules.

In addition to approval by the requisite majorities of
shareholders and creditors, the Arrangement also requires
certain obligations to the Trustees and the PPF to be fulfilled.
These obligations include:

   -- the payment of GBP1.6 million to the Trustees; and

   -- the granting of enhanced security over the freehold
      property at Yeovil occupied by the Company and the
      allocation to the scheme Trustees of 18.5% of the enlarged
      share capital of the Company, following a reorganization
      of the existing ordinary and preference shares.

Whilst the reorganization of the share capital, which includes
an equity fundraising of GBP2 million, will result in a
significant dilution of existing shareholdings, the Directors
firmly believe that the Arrangement represents the best option
for the Company and all its stakeholders, including suppliers,
customers, employees, lenders and shareholders.  The Directors
have an obligation to address the balance sheet insolvency of
the Company: the Arrangement will restore the Company to
solvency and assist in securing its long term future for the
benefit of all its stakeholders.

                        Stock Delisting

Pending the approval of creditors and shareholders to the CVA
and related proposals, the Company has on March 21 requested the
London Stock Exchange to suspend dealings in the Company's
existing issued Ordinary and Preference shares on AIM.
Documentation giving creditors and shareholders details of the
CVA is being sent out and a further circular to convene the
meetings necessary for shareholders to approve the share capital
reorganization and new equity investment will be despatched as
soon as possible.

"The proposed CVA will allow the business and the Company to
continue without any interruption," Stephen Boyd, Chairman of
Pittards, said.  "All external creditors other than the pension
fund will be paid in full and shareholders will have a
continuing, albeit diluted, stake in the Company.  With the
ongoing support of our customers, suppliers, employees,
funders and investors, I am confident that Pittards will
continue to produce world class leather for the benefit of all
its stakeholders."

                       About Pittards plc

Pittards plc produces technically advanced leather for many of
the world's leading brands of gloves, shoes, luxury leather
goods and sports equipment.

At Dec. 31, 2005, the Company's balance sheet showed a GBP24.5
million stockholders' deficit, compared with an GBP11.4 million
stockholders' deficit at Dec. 31, 2004.


PLATINUM PROPERTY: Members Pass Winding Up Resolution
-----------------------------------------------------
Members of Platinum Property Servicing Limited passed a
resolution to wind up the company during an extraordinary
general meeting on Feb. 20.

Stephen M. Katz, of Acre House, was appointed Liquidator to wind
up the company's business.

Platinum Property Servicing Limited can be reached at:

         6 Wadsworth Road
         Greenford Middlesex
         UB6 7JJ
         Tel: 020 8991 3737
         Fax: 020 8991 1442


Q D PRINT: Creditors Confirm Voluntary Liquidation
--------------------------------------------------
Creditors of Q.D. Print Services Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company on Feb. 15.

Creditors also ratified the appointment of Roderick Graham
Butcher as Liquidator.

Q.D. Print Services Limited can be reached at:

         72 Bamford Street
         Tamworth Staffordshire
         B77 2AS
         Tel: 01827 769 701
         Fax: 01827 609 51


RED HOUSE: Winds Up Business & Appoints Liquidator
--------------------------------------------------
Stephen M. Katz, of Acre House, was voted Liquidator of Red
House Properties Limited after members decided to wind up the
company's operations on Feb. 20.

Red House Properties Limited can be reached at:

         Fairfax Avenue
         Epsom Surrey
         KT17 2QN
         Fax: 020 8942 5598


RMP GUARDING: Appoints Administrators from Begbies Traynor
----------------------------------------------------------
Paul Stanley and Stephen L. Conn of Begbies Traynor were
appointed administrators of RMP Guarding Limited (Company Number
04678117) on March 9.

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

RMP Guarding Limited -- http://www.rmpguarding.co.uk/-- is a
well-established company providing security and peace of mind to
all its clients whether they are large or small businesses.


SECAL SHEET: Meeting of Creditors Set for March 28
--------------------------------------------------
Creditors of Secal Sheet Metal (Southern) Ltd (Company Number
03949253) will meet at 3 p.m., March 28, at:

         The Royal Norfolk Hotel
         The Esplanade near Chichester
         Bognor Regis PO21 2LH

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on March 27, to:

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

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

Secal Sheet Metal (Southern) -- http://www.secal-
sheetmetal.co.uk/ -- offers vast experience in use of market
leading laser-cutting technology.


SHAKESPEARE UNDERWRITING: Creditors' Meeting Set for March 31
-------------------------------------------------------------
Creditors of Shakespeare Underwriting Limited (Company Number
03562592) will meet at 10 a.m., March 31 at:

         1 Bede Island Road
         Bede Island Business Park
         Leicester
         LE2 7EA

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 30 to:

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

            -- or --

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

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

Shakespeare Underwriting Ltd can be reached at:

         The Priory
         Syresham Gardens
         Haywards Heath
         West Sussex RH16 3LB
         Tel: 01444455432


SOLUTIONS 2: Taps Joint Administrators from Elwell Watchorn
-----------------------------------------------------------
Paul Anthony Saxton and David John Watchorn of Elwell Watchorn &
Saxton LLP were appointed joint administrators of Solutions 2
Limited (Company Number 03875168) on March 10.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Solutions 2 Ltd can be reached at:

         St. Helen's Court
         North Street
         Ashby-de-la-Zouch
         Leicestershire LE65 1HS
         Tel: 01530 417800
         Fax: 01530 417817


ZENITH BUILDERS: Meeting of Creditors Set for March 30
------------------------------------------------------
Creditors of Zenith Builders Limited (Company Number 02594098)
will meet at 10 a.m., March 30 at:

         5 Fairmile
         Henley on Thames
         Oxfordshire
         RG9 2JR

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 29 to:

         A. D. Kelly
         Joint Administrator
         Tait Walker
         Bulman House, Regent Centre
         Gosforth, Newcastle upon Tyne
         NE3 3LS

Tait Walker -- http://www.taitwalker.co.uk/-- have established
core service lines to meet the ever growing complexity of our
clients needs in a timely and efficient manner.

Zenith Builders Ltd can be reached at:

         14 Weller Drive
         Wokingham, Berkshire
         RG40 4QZ
         Tel: 0118 973 6153
         Fax: 0118 973 5730


                            *********


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.

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


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