TCREUR_Public/060324.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

             Friday, March 24, 2006, Vol. 7, No. 60

                            Headlines


C Y P R U S

CYPRUS AIRWAYS: European Commission to Launch Probe on Plan


F R A N C E

MINOTAURE COMPARTMENT: Fitch Rates EUR650,000 Units at Final BB
TISSAGE DE PICARDIE: New Owner Takes Over Firm & Keeps 42 Jobs


G E R M A N Y

DOMIZIL MASSIVHAUS: Claims Registration Ends March 27
DRESSLER-REISEN: Claims Registration Ends March 27
JASPER AGRARTECHNIK: Claims Registration Ends March 31
HANSCHKE + HARSCH: Claims Registration Ends March 29
OTTO JUNGJOHANN: Claims Registration Ends March 28

P & R SCHLUESSELFERTIGES: Claims Registration Ends March 31
SCHLOSSEREI MARSCHEIDER: Claims Registration Ends March 29
SIMAX HOLZINDUSTRIE: Claims Registration Ends April 5
TISCHLEREI FRANZ: Claims Registration Ends April 3
TOMIC HAUSTECHNIK: Claims Registration Ends March 31


H U N G A R Y

FINOMHENGERMU KFT: Resuming Production Next Month


I R E L A N D

ELAN CORPORATION: FDA Extends Review of TYSABRI(R) Until June 28


I T A L Y

BANCA NAZIONALE: Central Bank Okays EUR9-Bln BNP Paribas Merger
FIAT SPA: Truck Unit to Sell Zastava Stake to Slash Losses
PARMALAT SPA: May Buy Pasta Maker Barilla Holding
PARMALAT SPA: Names Nash Lakha as CEO of Canadian Unit


K A Z A K H S T A N

ARSHALYNSKAYA: Akmola Court Opens Bankruptcy Proceedings
GRAND POLIS: Creditors Must Submit Claims by March 30
KAMENKA: Akmola Court Opens Bankruptcy Proceedings
KOKSHETAU: Akmola Court Opens Bankruptcy Proceedings
KORNSEVSKOYE: Creditors Must Submit Claims by April 3

TRANS SEVER: Akmola Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

AK-BULA: Asset Sale Auction Slated for March 27
AMIRAN: Chui Court Opens Bankruptcy Proceedings
ASKA & K: Creditors Must Submit Claims By May 8
HIKMET ISHAAT: Meeting of Creditors Set for March 28
INSURANCE GROUP: Creditors Must Submit Claims By May 8


R U S S I A

AGRO-INVEST: Claims Filing Period Ends April 11
BUGULMINSKIY COMBINE: Tatarstan Court Begins Bankruptcy Process
CENTERTELECOM: Board Okays List for Board & Auditing Commission
FINANCIAL-INVEST: Ivanovo Court Opens Bankruptcy Proceedings
GRANITE: Bankruptcy Hearing Slated for May 16

IZHEVSKIY: Appoints A. Rybakov Insolvency Manager
IZOBILNOYE: Stavropol Court Begins Bankruptcy Proceedings
KAMYSHLINSKIY PROM-COMBINE: Claims Registration Ends April 11
MARTYNOVSKIY: Claims Filing Period Ends April 11
NORTH-EAST: Deadline for Proofs of Claim Filing Set for April 11

OAO LUKOIL: Proved Reserves Exceed 20 Billion boe
VOLGODONSKAYA: Bankruptcy Hearing Set for April 4


U K R A I N E

MAKROPOL-LVIV: Lviv Court Starts Bankruptcy Supervision
MEGATRADE: Mikolaiv Court Opens Bankruptcy Proceedings
OKEAN: Kyiv Court Opens Bankruptcy Proceedings
REMBUDKOMPLEKT: Kyiv Court Opens Bankruptcy Proceedings
SECOND ELECTRO-MECHANICAL: Court Starts Bankruptcy Supervision

SPECPROM-2004: Kyiv Court Begins Bankruptcy Supervision
SUMI RADIO-TV: Sumi Court Starts Bankruptcy Supervision
TEHNOPROMPOSTACH: Kyiv Court Opens Bankruptcy Proceedings
UNIVERSAM UKRAINSKIJ: Court Begins Bankruptcy Proceedings


U N I T E D   K I N G D O M

A1 SPECTROROD: Members Pass Winding Up Resolution
ALLPARTS (CROYDON): Himanshu Taps Bijal Shah as Admin Receiver
ALLROADS DISTRIBUTION: Joint Liquidators Lead Winding Up Process
BLACK BOX: Claims Registration Ends March 28
BOSUS LIMITED: Financial Liabilities Trigger Liquidation

BRISTOL CONSERVATORY: Claims Registration Ends March 30
COLMAN COYLE: Appoints Rothman Pantall to Administer Assets
COMPLETE TEMPERATURE: Taps P&A Partnership as Administrator
DATSA KALUDJEROVIC: Taps Lisa Hogg to Liquidate Assets
ESG REINSURANCE: Fitch Affirms & Withdraws CCC+ IFS Ratings

HMV GROUP: Brian McLaughlin Exercises Stock Options
INTELLABEL LIMITED: Administrator from Sharma & Co Enter Firm
P. F. FRIEND: Appoints Administrator from Bond Partners
RODAN DESIGN: Meeting of Creditors Set for March 30
SAVARONA LIMITED: Appoints P B Recovery Ltd Administrator

SILVER BOX: Meeting of Creditors Set Today
S MCDERMOTT: Shuts Down Business & Appoints Liquidator
TRADE WORKS: Creditors Confirm Voluntary Liquidation
TRANSOL EXPRESS: Taps Administrator from EJK Associates
VENTURE HIRE: Appoints Begbies Traynor Administrator

WHIT CONSTRUCTION: Tony Mitchell Leads Winding Up Procedure
WOODBOROUGH CONTROL: Members Agree to Liquidation

                             *********

===========
C Y P R U S
===========


CYPRUS AIRWAYS: European Commission to Launch Probe on Plan
-----------------------------------------------------------
The European Commission will open a probe into Cyprus Airways'
(CAIR) proposed restructuring plan, Reuters says.

According to the regulator, the probe will be to settle doubts
whether the government-drafted plan complies with the "one time,
last time" rule on state aid.  

The Commission approved in May 2005 a EUR51 million state-backed
bridging loan to CAIR.  The government in turn has to outline a
rescue plan to salvage the loss-making carrier.  According to
the report, the plan calls for a EUR96 million state-backed
long-term loan; redundancies, wage cuts, capital hike and sale
of CAIR's charter unit.

"The Commission is not in a position to assess the exact amount
of state aid that this plan would include, nor to determine
whether this aid would comply with the various conditions
applicable to aid for restructuring firms in difficulty," the
executive body of the European Union said.

The Commission would put its doubts into writing and would give
Cyprus one month to submit its reaction.  It said it might block
the rescue plan if Cyprus failed to present a satisfactory
answer.

                         About CAIR

Headquartered in Nicosia, Cyprus, Cyprus Airways Limited --
http://www.cyprusairways.com/-- is a government-owned and  
controlled carrier (69%) flying to more than 30 destinations in
Europe and the Middle East.  CAIR operates a travel agency,
Cyprair Tours; a charter airline, Eurocypria Airlines; and duty
free shops.  Additionally, it operates a Greek Airline, Hellas
Jet, which provides shuttle services from Greece to London,
Paris, and Belgium.

                        *     *     *

Cyprus Airways has been posting losses in recent years, booking
CYP25.03 million in pre-tax loss for 2005.  The carrier
attributed its CYP33.5 million 2004 net loss to the
liberalization of air transport and the abolition of duty-free
sales beginning in 2004.  In December 2004, the carrier said it
needed around CYP60 million to finance its short-term and long-
term needs.  


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


MINOTAURE COMPARTMENT: Fitch Rates EUR650,000 Units at Final BB
---------------------------------------------------------------
Fitch Ratings placed final ratings to Fonds Commun de Creances
compartment Minotaure Compartment 2004-1's asset-backed units
due December 2026 as follows:

  a) EUR309.66 million Class A senior floating-rate units: AAA;

  b) EUR16.05 million Class B subordinated floating-rate units:    
     A; and

  c) EUR650,000 Class C subordinated floating-rate units: BB.

The FCC purchased residential loans jointly advanced by
Electricite de France and Gaz de France and other affiliated
entities to their employees in France and issued units backed by
these assets.

The ratings are based on the credit quality of the residential
loans portfolio, the discount rate at which it will be sold to
the FCC, the credit quality of EDF, the hedging strategy and the
sound legal and financial structure of the transaction.

The ratings reflect Fitch's opinion on the timely payment of
interest and final payment of principal on the units as of their
final maturity date in December 2026.  The credit enhancement
levels are 6.81% for the Class A senior units, provided by the
mezzanine Class B units, the subordinated Class C units and the
unrated Class R units; 1.98% for the Class B units,
corresponding to the Class C and residual Class R units and
1.78% for the Class C notes.

Previously EDF and GDF have securitized their respective shares
in residential loans advanced to their employees through FCC
Apigaz in 1995 for GDF, Electra 1 in 1999 as well as Loggias
2001-1 and Loggias 2003-1 for EDF.

Similar to Loggias 2001-1 and Loggias 2003-1, Fitch's analysis
of this transaction significantly differs from its standard
approach to residential mortgage backed-securities transactions.
In particular, the absence of life/disability insurance and
mortgages securing the loans led the agency to approach the
defaults in terms of probability of death.

Fitch's credit analysis is highly dependent on the civil servant
status of the underlying debtors. In light of the recent and
possible further privatizations of EDF and GDF, the agency
understands that this privileged employee status is to remain
unaltered.

The EDF and GDF loans were purchased by the FCC at a discount
rate of 12.01% to generate 37 basis points of excess margin in
the structure. The FCC is established by France Titrisation,
which acts as the management company, and BNP Paribas Securities
Services, which acts as the custodian.


TISSAGE DE PICARDIE: New Owner Takes Over Firm & Keeps 42 Jobs
--------------------------------------------------------------
Rene de Gaillande will take over Tissage de Picardieis following
the Company's insolvency in September 2005, Les Echos says.

According to the report, Mr. Gaillande, 61, will overhaul the
company and will keep 42 of the original 62 employees.

Company chairman Guillaume Sarkozy, which led the company until
the takeover, declared the company insolvent on Sept. 20, 2005,
after the Company scrapped a rights issue which served as its
last-minute rescue plan.  Mr. Sarkozy said the decline in
France's textile industry and difficulties experienced by two
major customers hastened the company's collapse.

Mr. Gaillande manages a consultancy firm.

Tissage De Picardie / Rinet can be reached at:

        1, Rue du 8 Mai 45
        80380 Villers-Bretonneux
        Phone: 03 22 96 46 00
        Fax: 03 22 96 46 16


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


DOMIZIL MASSIVHAUS: Claims Registration Ends March 27
-----------------------------------------------------
Creditors of Domizil Massivhaus GmbH have until March 27, 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 9:30 a.m. on April 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Giessen
         Saal 405
         4. OG
         Gebaude B
         Gutfleischstrasse 1
         35390 Giessen

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 Giessen opened bankruptcy proceedings
against Domizil Massivhaus GmbH on Feb. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Domizil Massivhaus GmbH
         Hermann-Lons-Strasse 37
         35398 Giessen
         Attn: Heinz Wunn, Manager        
         Buchenring 5
         35428 Langgons
                         
The administrator can be contacted at:

         Dr. Hans Jorg Laudenbach
         Carlo-Mierendorff-Strasse 15
         35398 Giessen
         Tel: 0641/98292-10
         Fax: 0641/98292-86


DRESSLER-REISEN: Claims Registration Ends March 27
--------------------------------------------------
Creditors of Dressler-Reisen GmbH have until March 27, to
register their claims with court-appointed provisional
administrator Dr. Detlef Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Cottbus
         Saal 210
         Gerichtsplatz 2
         03046 Cottbus

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 Cottbus opened bankruptcy proceedings
against Dressler-Reisen GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Dressler-Reisen GmbH
         Attn: Manuela Heise, Manager         
         Friedrich-List-Strasse 6
         04892 Falkenberg
         Tel: 035365 2638
         Web: http://www.dresslerreisen.de/
        
The administrator can be contacted at:

         Dr. Detlef Ruediger Beckmann
         Lietzenburger Strasse 77
         10719 Berlin


JASPER AGRARTECHNIK: Claims Registration Ends March 31
------------------------------------------------------
Creditors of Jasper Agrartechnik GmbH have until March 31, to
register their claims with court-appointed provisional
administrator Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Verden
         Saal 214
         Johanniswall 8
         27283 Verden

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 Verden opened bankruptcy proceedings
against Jasper Agrartechnik GmbH on Feb. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Jasper Agrartechnik GmbH
         Borsteler Strasse 41
         28876 Oyten
         Attn: Mathias Jasper, Manager
         Rudolf-Virchow-Strasse 11
         49477 Ibbenbueren

The administrator can be contacted at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Tel: 0421/348520
         Fax: 0421/341078


HANSCHKE + HARSCH: Claims Registration Ends March 29
----------------------------------------------------
Creditors of Hanschke + Harsch GmbH have until March 29, to
register their claims with court-appointed provisional
administrator Udo Groner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Saarbruecken
         Saal 24
         1. Etage
         Vopeliusstrasse 2
         66280 Sulzbach

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 Saarbruecken opened bankruptcy proceedings
against Hanschke + Harsch GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hanschke + Harsch GmbH
         Mainzer Strasse 65
         66424 Homburg
         Attn: Michael Hanschke, Manager
         Wolfgang Harsch, Manager
        
The administrator can be contacted at:

         Udo Groner
         Faktoreistrasse 4
         66111 Saarbruecken
         Tel: 0681/41010
         Fax: 0681/4101276


OTTO JUNGJOHANN: Claims Registration Ends March 28
--------------------------------------------------
Creditors of Otto Jungjohann GmbH & Co. Kommanditgesellschaft
have until March 28, to register their claims with court-
appointed provisional administrator Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 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
Otto Jungjohann GmbH & Co. Kommanditgesellschaft on Feb. 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Otto Jungjohann GmbH & Co. Kommanditgesellschaft
         Bruechermuehler Strasse 16 b
         51580 Reichshof
        
The administrator can be contacted at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen-Ruenderoth
         Tel: 02263/9039-0
         Fax: 02263/9039-10


P & R SCHLUESSELFERTIGES: Claims Registration Ends March 31
-----------------------------------------------------------
Creditors of P & R Schluesselfertiges Bauen GmbH have until
March 31, to register their claims with court-appointed
provisional administrator Peter Staroselski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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
P & R Schluesselfertiges Bauen GmbH on Feb. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         P & R Schluesselfertiges Bauen GmbH
         Hofgarten 14a
         53809 Ruppichteroth
         Attn: Werner Peters, Manager
         Burgweiher 18
         53809 Ruppichteroth

The administrator can be contacted at:

         Peter Staroselski
         Godesberger Allee 125-127
         53175 Bonn
         Tel: 8100045
         Fax: 8100020


SCHLOSSEREI MARSCHEIDER: Claims Registration Ends March 29
----------------------------------------------------------
Creditors of Schlosserei Marscheider GmbH have until March 29,
to register their claims with court-appointed provisional
administrator Dr. Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 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 Schlosserei Marscheider GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Schlosserei Marscheider GmbH
         Hellweg 81
         58099 Hagen
         Attn: Ute Frohn, Manager
         Karl-Ernst-Osthaus-Str. 25
         58093 Hagen
        
The administrator can be contacted at:

         Dr. Dirk Andres
         Grabenstr. 28
         58095 Hagen
         Tel: 02331/397656
         Fax: +4923313976570


SIMAX HOLZINDUSTRIE: Claims Registration Ends April 5
-----------------------------------------------------
Creditors of SIMAX Holzindustrie GmbH have until April 5, to
register their claims with court-appointed provisional
administrator Carsten Hecker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on April 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Paderborn
         Saal 230a
         II. Etage
         Bogen 2-4
         33098 Paderborn

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 Paderborn opened bankruptcy proceedings
against SIMAX Holzindustrie GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         SIMAX Holzindustrie GmbH
         Attn: Alexander Simonov, Manager
         Buchenweg 1
         33184 Altenbeken
         Web: http://simax-handel.de/
              
The administrator can be contacted at:

         Carsten Hecker
         Elsener Strasse 92-94
         33102 Paderborn
         Tel: (05251) 32114
         Fax: (05251) 32127


TISCHLEREI FRANZ: Claims Registration Ends April 3
--------------------------------------------------
Creditors of Tischlerei Franz und Karl Javorcsik GbR have until
April 3, to register their claims with court-appointed
provisional administrator Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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
Tischlerei Franz und Karl Javorcsik GbR on Feb. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Tischlerei Franz und Karl Javorcsik GbR
         Attn: Karl Josef and Franz Agnes Javorcsik, Managers         
         Golzheimer Stasse 3
         53909 Zuelpich
         
The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Strasse 94 a
         53225 Bonn
         Tel: 0228/400940
         Fax: 0228/4009479


TOMIC HAUSTECHNIK: Claims Registration Ends March 31
----------------------------------------------------
Creditors of Tomic Haustechnik GmbH have until March 31, to
register their claims with court-appointed provisional
administrator Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.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 Konigstein/Ts.
         Raum 106
         Burgweg 9
         61462 Konigstein/Ts.

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 Konigstein/Ts opened bankruptcy
proceedings against Tomic Haustechnik GmbH on Feb. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Tomic Haustechnik GmbH
         Konigsteiner Str. 179
         65812 Bad Soden         
                       
The administrator can be contacted at:

         Peter Jost
         Pfingstweidstrasse 3
         D-60316 Frankfurt/Main
         Tel: 069/2097390
         Fax: 069/20973929


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


FINOMHENGERMU KFT: Resuming Production Next Month
-------------------------------------------------
After undergoing liquidation for three weeks, Finomhengermu Kft
will resume its operation in the second half of April, Budapest
Business Journal reports.

According to BBJ, Bailiff Zsolt Gulyik opts to lease the company
first before venturing into selling the business in the future
if it can find a potential investor to maintain its production
facility.  At present, six Hungarian and foreign investors have
expressed interest in buying Finomhengermu, Mr. Gulyik said.

According to reports, Finomhengermu Kft started to have serious
financial problems last year.  In November, it failed to pay its
employees, and a liquidation procedure started soon afterwards.  
By December, the company was shut down with an unpaid account
worth HUF1.5 billion to HUF2 billion.  Since then, its 370
employees received HUF120 million in unpaid wages from the
state's wage guarantee fund.


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


ELAN CORPORATION: FDA Extends Review of TYSABRI(R) Until June 28
----------------------------------------------------------------
The U.S. Food and Drug Administration informed Biogen Idec and
Elan Corporation, Plc, that it will extend its regulatory review
of TYSABRI(R) (natalizumab) as a treatment for multiple
sclerosis by up to 90 days.

The companies have been informed by the FDA that the Agency
requires additional time to review information regarding the
TYSABRI risk management plan.  Under this revised timeline, the
companies anticipate action from FDA on or before June 28, 2006.

                       About Biogen Idec

Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/--  
creates new standards of care in oncology, neurology and
immunology.   As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.   

                      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.


=========
I T A L Y
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BANCA NAZIONALE: Central Bank Okays EUR9-Bln BNP Paribas Merger
---------------------------------------------------------------
The Bank of Italy approved Monday BNP Paribas' offer to acquire
Italy's Banca Nazionale del Lavoro for EUR9 billion, subject to
final approval.

Under the terms of the agreement, France's BNP Paribas will pay
up to EUR4.3 billion in cash to acquire 48% of the capital, or
1.47 billion shares, of BNL from 13 major stockholders.  It
would then launch a Public Offer to acquire the remaining shares
(including savings shares), also in cash, at the same price of
EUR2.925 per share, bringing the EUR9 billion total.

The European Commission has established an April 3 deadline for
final regulatory approval.

If approved, the BNP Paribas-BNL merger will be one of the
biggest seen in Europe's banking sector.  The takeover bid,
approved by the Board in February, is expected to be completed
by mid-2006.

A full-text copy on the merger is available at no charge at
http://ResearchArchives.com/t/s?509

BNP Paribas is advised by BNP Paribas Corporate Finance.  Its
legal advisors are Bonelli Erede Pappalardo Studio Legale.

                      About BNP Paribas

BNP Paribas is one of the largest foreign banks in Italy, with a
leading and longstanding presence in retail financial services,
a well-established position in asset management and services,
and the status of a top tier player in corporate and investment
banking. It employs more than 3,700 people and generates
revenues in excess of EUR750 million.

                          About BNL

Banca Nazionale del Lavoro is the sixth largest Italian bank in
terms of deposits and loans.  Its network offers nation-wide
coverage via approximately 800 branches covering all major urban
areas.  It serves around 3 million retail customers, 39,000
corporate clients, and 16,000 public entities.

                        *     *     *

Fitch Ratings recently upgraded Banca Nazionale del Lavoro's
(BNL) Individual rating to 'C' from 'C/D' following the
announcement on the planned merger with BNP Paribas.


FIAT SPA: Truck Unit to Sell Zastava Stake to Slash Losses
----------------------------------------------------------
Iveco S.p.A., the truck-making unit of Fiat S.p.A., will sell
its 34% stake in Serbian carmaker Zastava Kamioni d.o.o. to trim
down its losses, Bloomberg News says.

According to the report, Iveco and state-owned Zastava Vozila
a.d., which controls a 66% stake in Zastava Kamioni, plans to
dispose of their holdings in May.  Serbia's asset-sale authority
has called for interested parties to submit their bids until
May 12, when a sales contract will be signed.  Serbia has
appointed Citadel Financial Advisory d.o.o. as sale advisor.

Zastava Kamioni hiked its losses from EUR2.6 million in 2004 to
EUR7.5 million in 2005.  The carmaker also booked EUR24 million
in debt last year.  Despite having the capacity to manufacture
11,000 trucks a year, poor demand cut down the group's
production to only 687 vehicles in 2004.  According to
Bloomberg, Zastava Kamioni's demise was due to the loss of its
traditional markets after the former Yugoslavia disintegrated.  
Since then, Serbia has been seeking to sell the company.  

With 1,536 employees on its payroll, Zastava Kamioni is one of
the region's major employers.

A subsidiary of Italy's Fiat S.p.A. group of companies, Iveco
manufactures commercial vehicles, fire and rescue vehicles,
buses, specialty vehicles, and engines. Brands include Iveco
(light-, medium-, and heavy-duty trucks), Iveco Motors (marine,
automotive, and industrial engines), Iveco Magirus (fire
fighting apparatus), Astra (construction vehicles), Seddon
Atkinson (waste collection vehicles), and Irisbus (buses). The
company sells its products through a network of nearly 850
dealers worldwide.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

The company converted EUR3 billion of bank debt into shares,
halving net industrial debt to EUR4.7 billion in the third
quarter.  The founding Agnelli family controls 30% of the
company.

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the Troubled Company Reporter-Europe on Feb. 10,
Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-'
Senior Unsecured rating to Stable from Negative.  The agency has
at the same time affirmed the Senior Unsecured and Short-term
'B' ratings.  EUR6 billion of debt is affected by this Rating
action.  The Outlook change is underpinned by early signs that
the restructuring plan is on track, the stabilization of Fiat
Auto's market shares in late 2005 and the successful resolution
of a number of credit issues.


PARMALAT SPA: May Buy Pasta Maker Barilla Holding
-------------------------------------------------
Parmalat SpA wants to expand through acquisitions and may seek
to buy Barilla Holding SpA, Bloomberg News said, citing Corriere
della Sera.

Barilla Holding is the world's no. 1 pasta company, selling its
goods in more than 100 countries, according to Bloomberg.  
Formed as a pasta and bread shop in 1877, the company is
controlled by the fourth generation of Barilla brothers --
Paolo, Luca, and Guido.

Bloomberg did not indicate how much Parmalat intends to offer
for the Barilla assets.

The reluctance of Barilla's shareholders in giving up control
and financing the purchase may be obstacles in the acquisition,
Corriere della Sera stated.

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

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

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue No. 70;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PARMALAT SPA: Names Nash Lakha as CEO of Canadian Unit
------------------------------------------------------
The Board of Directors of Parmalat Dairy and Bakery Inc., the
Canadian subsidiary of Parmalat S.p.A., has appointed Mr. Nash
Lakha President and chief executive officer of the Company.

Mr. Lakha has worked for many years in the dairy business and in
the operating activities of Parmalat Canada and Parmalat USA.  
He was formerly CFO of PDBI, a position he will maintain until
the appointment of his successor.

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

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

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue No. 70;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


ARSHALYNSKAYA: Akmola Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
has commenced bankruptcy proceedings against State Enterprise
Printing House Arshalynskaya.

CONTACT:  House Arshalynskaya
          Arshalynsk district.
          Akmola Region


GRAND POLIS: Creditors Must Submit Claims by March 30
-----------------------------------------------------
LLP Grand Polis has declared insolvency.  Creditors have until
April 3, to submit their written proofs of claim to:

          Konstitutsia Str. 26-28
          Astana


KAMENKA: Akmola Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Kamenka on Jan. 17,
2006.


KOKSHETAU: Akmola Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Yantar Kokshetau on
Jan. 24, 2006.

CONTACT:  Yantar Kokshetau
          Kokshetau, Tulenina Str. 9.
          Akmola Region


KORNSEVSKOYE: Creditors Must Submit Claims by April 3
-----------------------------------------------------
Kornsevskoye filed for bankruptcy with the Specialized Inter-
Regional Economic Court of North Kazakhstan Region LLP on
Jan. 12, 2006.

Creditors have until April 3 to submit their written proofs of
claim to:

          Konstitutsia Str. 38-21
          Petropavlovsk


TRANS SEVER: Akmola Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP TRANS SEVER on
Dec. 9, 2005.


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


AK-BULA: Asset Sale Auction Slated for March 27
-----------------------------------------------
The bidding organizer and insolvency manager of JSC Ak-Bula will
sell the company's properties on March 27, 10:00 a.m. at:

         Ak-Bula
         Industry Zone
         Tokmok

The assets for sale include 30 building lots, a main production
base, transfer devices, warehouses, a cafe, stand-by reservoir,
heating and high-voltage network.

The company can be contacted at: (0-3138) 5-16-99 or (0-502)
32-70-68.


AMIRAN: Chui Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Inter-District Court of Chui region for Economic Issues
declared LLC Amiran insolvent on Jan. 20, and bankruptcy
proceedings were introduced at the company.  The case is
docketed as ED-579/05-M4-C2.

Mr. Mussa Manapbayev has been appointed temporary insolvency
manager.

CONTACT:  Mr. Mussa Manapbayev
          Temporary Insolvency Manager
          Tel: (+996 3138) 5-78-81


ASKA & K: Creditors Must Submit Claims By May 8
-----------------------------------------------
OJSC Aska & K has declared insolvency.  Creditors have until
May 8, to submit their written proofs of claim to:

          Almatinskaya Str. 432
          Alamudunsk District
          Tel: (+996 312) 43-21-51


HIKMET ISHAAT: Meeting of Creditors Set for March 28
----------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues declared
LLC Hikmet Ishaat insolvent and bankruptcy proceedings were
introduced at the company.  The case is docketed as ED-850/05
mbc2.

Mr. Toktogul Subankulov has been appointed temporary insolvency
manager.

The meeting of the creditors will take place on March 28, 2006,
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. Toktogul Subankulov
          Temporary Insolvency Manager
          Tel: (+996 312) 21-67-25
               (0-502) 82-95-66


INSURANCE GROUP: Creditors Must Submit Claims By May 8
------------------------------------------------------
CJSC Insurance Group of Central Asia has declared insolvency.  
Creditors have until May 8, to submit their written proofs of
claim to:

         Hotel Hyatt
         1st Floor, Room 103
         Bishkek
         Tel: (+996 312) 68-11-21


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


AGRO-INVEST: Claims Filing Period Ends April 11
-----------------------------------------------
Creditors of Agro-Invest (TIN 3424022571) have until April 11,
to submit proofs of claim to court-appointed insolvency manager
D. Bogdanov at:

         Volgograd, Post User Box 2694
         400120, Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the limited liability company with the case
docketed as A12-10092/05-s58.

Mr. D. Bogdanov has been appointed insolvency manager.

The Debtor can be reached at:

         Agro-Invest
         Kumylzhenskaya St.
         Zarechnaya Str. 15 A
         403402, Russia


BUGULMINSKIY COMBINE: Tatarstan Court Begins Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on open joint stock company
Bugulminskiy Combine Of Grain Products #2.  The case is docketed
as A65-21249/2003-SG4-27.

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

The Debtor can be reached at:

         Bugulminskiy combine of grain products #2
         Bugulma, Lenina Str. 152
         423200, Russia

The insolvency manager can be reached at:

         A. Kurochkin
         Naberezhnye Chelny, Post User Box 7
         423815, Russia


CENTERTELECOM: Board Okays List for Board & Auditing Commission
---------------------------------------------------------------
The Board of Directors for OJSC CenterTelecom (RTS: ESMO, ESMOP;
MICEX: CTLK, CTLKP; OTC: RMUY) approved a new list of candidates
for the Board and Auditing Commission during a March 6 meeting.

                     Fifth Coupon Payment

On March 17, the Company reports that it made a fifth coupon
payment, in full, under the series 02 bonds.

CenterTelecom provides fixed-line and mobile communications in
the Russian Central Federal District.

                        *     *     *

As reported in TCR-Europe on Feb. 9, 2006, Fitch Ratings
assigned Issuer Default ratings to companies in the European
Telecommunications, Media and Technology sectors.  Revised
Senior Unsecured ratings now apply to the senior unsecured bond
issues of these entities.  Centertelecom now carries Fitch's B-
rating with a negative outlook.


FINANCIAL-INVEST: Ivanovo Court Opens Bankruptcy Proceedings
------------------------------------------------------------
Creditors of Financial-Invest Company have until April 11, to
submit their proofs of claim to court-appointed insolvency
manager P. Pimenov at:

         P. Pimenov
         Insolvency Manager
         Post User Box 39
         115211, Russia

The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A17-1267/05-10-B.

The Debtor can be reached at:

        Financial-Invest Company
        Stankostroiteley Str. 7
        153032, Ivanovo, Russia


GRANITE: Bankruptcy Hearing Slated for May 16
---------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at
2 p.m., on May 16, to hear the bankruptcy supervision procedure
on limited liability company Granite.  The case is docketed as
A65-42389/2005-SG4-27.

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

The Debtor can be reached at:

         Granite
         Almetyevsk, Lenina Str. 47
         Tatarstan Republic, Russia

The insolvency manager can be reached at:

         Y. Afanasyev
         Almetyevsk, GOS-1,
         Post User Box 128
         423451, Russia


IZHEVSKIY: Appoints A. Rybakov Insolvency Manager
-------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed A. Rybakov
temporary insolvency manager for Izhevskiy Bread-Baking Plant #1
(TIN/KPP 1831001051/183101001).

The Court has commenced bankruptcy supervision procedure on the
open joint stock company with the case docketed as A71-
17718/2005-G21.

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

The Debtor can be reached at:

         Izhevskiy Bread-Baking Plant #1
         Izhevsk, Likhvintseva Str. 9
         426057, Russia

The insolvency manager can be reached at:

         A. Rybakov
         Izhevsk, Ordzhonikidze Str. 3
         426063, Russia
         Tel: (3412) 63-73-27


IZOBILNOYE: Stavropol Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against Izobilnoye after finding the close joint
stock company insolvent.  The case is docketed as A63-56/05-S5.

Mr. N. Tsymbal has been appointed insolvency manager.

The Debtor can be reached at:

         Izobilnoye
         50 Let Oktyabrya Str. 41
         Stavropol Region, Russia

The insolvency manager can be reached at:

         N. Tsymbal
         Ipatovo, Chapaeva Str. 10 "V"
         356630, Stavropol Region, Russia


KAMYSHLINSKIY PROM-COMBINE: Claims Registration Ends April 11
-------------------------------------------------------------
Creditors of Kamyshlinskiy Prom-Combine have until April 11, to
file proofs of claim to court-appointed insolvency manager N.
Deryabina at:

        N. Deryabina
        Insolvency Manager
        Post User Box 2204
        443052, Russia

The Arbitration Court of Samara Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A55-7449/05-13.

The Debtor can be reached at:

        Kamyshlinskiy Prom-Combine
        Samara region,
        Kamyshla, Russia


MARTYNOVSKIY: Claims Filing Period Ends April 11
------------------------------------------------
Creditors of Martynovskiy Agro-Industrial Complex (TIN
6118009739) have until April 11, to submit their proofs of claim
to:

         M. Orlov
         Insolvency Manager
         Yufimtseva Str. 14
         344012, Rostov-na-Donu, Russia

The Arbitration Court of Rostov region will convene at 2:10
p.m., on April 25, to hear the bankruptcy proceedings of
Martynovskiy Agro-Industrial Complex with the case docketed as
A53-13694/04-S2-24.

Mr. M. Orlov has been appointed insolvency manager.

The Debtor can be reached at:

         Martynovskiy Agro-Industrial Complex
         B. Martrynovka Sl., Kovaleva Str. 108
         Rostov Region, Russia

The insolvency manager can be reached at:

         M. Orlov
         Insolvency Manager
         Yufimtseva Str. 14
         344012, Rostov-na-Donu Region
         Russia


NORTH-EAST: Deadline for Proofs of Claim Filing Set for April 11
----------------------------------------------------------------
Creditors of North-East have until April 11, to submit their
proofs of claims to court-appointed insolvency manager M.
Enukashvili at:

         M. Enukashvili
         Insolvency Manager
         Office 31, Kavalergardskaya Str. 6
         191015, Russia

The Arbitration Court of Magadan Region commenced bankruptcy
proceedings against North-East after finding the close joint
stock company insolvent.  The case is docketed as A37-2607/05-
6B.

The Debtor can be reached at:

         North-East
         Naberzhnaya reki Magadanki Str. 15
         685000, Russia


OAO LUKOIL: Proved Reserves Exceed 20 Billion boe
-------------------------------------------------
OAO Lukoil completed an evaluation and independent audit of its
oil and gas reserves as at Jan. 1, 2006.  In terms of proved oil
and gas reserves, the Company continues to hold leading
positions in the world and is ranked first among Russian oil
companies and second among private international oil and gas
majors.

According to the data audited by Miller and Lents (USA),
LUKOIL's proved reserves as at Jan. 1, are estimated at 20.331
billion barrels of oil equivalent (boe), including 16.115
billion barrels of oil and 25.298 trillion cubic feet of gas.

For six years on end, the Company has completely compensated the
hydrocarbons production with the reserves additions.  LUKOIL had
4.8% growth of the proved reserves in 2005 taking into account
the hydrocarbons production.  Discounting the production, the
annual Company's proved reserves growth was 1.3%.

The evaluation of the reserves of OAO LUKOIL was performed in
compliance with the US Society of Petroleum Engineers
requirements.  The proved reserves included those volumes which
are recoverable up to and past license expiry dates.

The Company's total reserves in all categories constitute 100%
net reserves owned by the consolidated subsidiaries and net
share in appropriate reserves of affiliates.

The main factors behind the growth of the reserves are:

   -- additions to reserves as a result of exploration activity
      carried out in the regions where the Company traditionally
      operates;

   -- acquisition of Nelson Resources Limited;

   -- increase of the share in ZAO SeverTEK up to 100%;

   -- acquisition of 66% stock of OOO Geoilbent;

   -- revision of the previous estimates using renewed or
      updated geological and development information.

In 2005, the Company added considerably the probable and
possible reserves thus increasing the eventual compensation of
the proved reserves.  Consolidated growth in the specified
reserves was 30% in 2005.  Major additions were due to the
opening of Filanovsky field and acquisition of OAO
Primorieneftegaz.

Exploration remains a top priority in the Company's development.  
In 2005, the Company compensated completely the hydrocarbons
production due to the exploration.  The approved Strategic
development program of LUKOIL Group for 2005-2014 provides for
complete compensation of the hydrocarbons production with the
reserves additions at the competitive cost level.

Headquartered in Moscow, Russia, OAO LUKOIL, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first 9 months of 2005, the group produced 1.92
million barrels of oil equivalent (boe) per day and in 2004 had
refinery throughput of 44 million tons.  Total SPE reserves in
2004 were just over 20 billion boe.  The group's 9M2005 revenues
were US$40.6 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 26,
Moody's Investors Service has changed the outlook of OAO
LUKOIL's Ba1 Corporate Family Rating and Ba2 Issuer Rating to
positive from stable.

Moody's last rating action on LUKOIL was on 26 April 2005, when
the agency upgraded the company's ratings from Ba2/Ba3 to
Ba1/Ba2.


VOLGODONSKAYA: Bankruptcy Hearing Set for April 4
-------------------------------------------------
The Arbitration Court of Rostov Region will convene at 11 a.m.,
April 4, to hear the bankruptcy proceedings of Volgodonskaya
(TIN 6143054291).  The case is docketed as A53-15044/05-S2-30.

Mr. Y. Sokolov has been appointed insolvency manager.

Creditors have until April 11, to submit their proofs of claim
to:

         Y. Sokolov
         Insolvency Manager
         Rostov-na-Donu, Post User Box 3242
         344092, Russia

The Debtor can be reached at:

         Volgodonskaya
         Volgodonsk, Romanovskoye Shosse, 12.
         Rostov Region, Russia


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


MAKROPOL-LVIV: Lviv Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on Joint Ukrainian-Polish Enterprise LLC
Makropol-Lviv (code EDRPOU 14298322).  The case is docketed as
6/223-4/195.

Mr. R. Krivich has been appointed temporary insolvency manager.

CONTACT:  Makropol-Lviv
          Svobodi Avenue 5/5
          Ukraine, Lviv Region

          Mr. R. Krivich
          Temporary Insolvency Manager
          Pulyuj Str. 21/42
          Ukraine, Lviv Region
          Tel: 8 (0322) 63-50-67

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


MEGATRADE: Mikolaiv Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
proceedings against LLC Megatrade (code EDRPOU 32997558) on
January 31, 2006 after finding the company insolvent.  The case
is docketed as 5/351/05.  

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

CONTACT:  Megatrade
          Geroyiv Stalingradu Avenue 91
          Ukraine, Mikolaiv Region

          Mr. O. Tomashevskij
          Liquidator/Insolvency Manager
          Robocha Str. 7
          54029, Ukraine, Mikolaiv Region
          Tel: (0512) 36-72-27

          Economic Court Of Mikolaiv Region
          Admiralska Str. 22
          54009, Ukraine, Mikolaiv Region


OKEAN: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Okean (code EDRPOU 30857045) after
finding the company insolvent.  The case is docketed as
44/510-b.

Mr. A. Gunko has been appointed Liquidator/Insolvency Manager.

CONTACT:  Okean
          Barbus Str. 5-a
          03150, Ukraine, Kyiv Region

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


REMBUDKOMPLEKT: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against Rembudkomplekt (code EDRPOU 24384429) on
Jan. 26, after finding the company insolvent.  The case is
docketed as 43/4.
  
Ms. Zayikina Ludmila has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Rembudkomplekt
          Novokostyantinivska Str. 4-A
          Ukraine, Kyiv Region

          Ms. Zayikina Ludmila
          Liquidator/Insolvency Manager
          Melnikov Str. 2/10
          Ukraine, Kyiv Region

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


SECOND ELECTRO-MECHANICAL: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on CJSC Second Electro-Mechanical Plant
(code EDRPOU 21853528) on Jan. 31.  The case is docketed as
B 26/11/06.  

Mr. Romanov Kostyantin has been appointed temporary insolvency
manager.

CONTACT:  Second Electro-Mechanical Plant
          Molodogvardijska Str. 13-A
          49022, Ukraine, Dnipropetrovsk Region

          Mr. Romanov Kostyantin
          Temporary Insolvency Manager
          49064, Ukraine, Dnipropetrovsk Region, a/b 3740
          Tel: 8 (050) 320-62-21
               8 (097) 669-23-20

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


SPECPROM-2004: Kyiv Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Specprom-2004 (code EDRPOU
33052202).  The case is docketed as 43/12.  

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

CONTACT:  Specprom-2004
          Saksaganskij Str. 41
          01033, Ukraine, Kyiv Region

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

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


SUMI RADIO-TV: Sumi Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on State Enterprise Sumi Regional Radio-TV
Transmitting Center (code EDRPOU 21102740).  The case is
docketed as 6/24-05.  

Mr. Dmitro Kozin has been appointed temporary insolvency
manager.

CONTACT:  Sumi Regional Radio-TV Transmitting Center
          Skryabin Str. 3
          40030, Ukraine, Sumi Region

          Mr. Dmitro Kozin
          Temporary Insolvency Manager
          Internatsionalistiv Str. 5, office 22
          40035, Ukraine, Sumi Region

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


TEHNOPROMPOSTACH: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Tehnoprompostach (code EDRPOU 32956899)
on Jan. 26, after finding the company insolvent.   The case is
docketed as 43/3.

Ms. Zayikina Ludmila has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Tehnoprompostach
          Zabolotnij Str. 102/33
          03187, Ukraine, Kyiv Region

          Ms. Zayikina Ludmila
          Liquidator/Insolvency Manager
          Ukraine, Kyiv Region, Melnikov Str. 2/10

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


UNIVERSAM UKRAINSKIJ: Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against CJSC Universam Ukrainskij (code EDRPOU
13622134) on Feb. 1, after finding the company insolvent.  The
case is docketed as 25/14(06).  

Mr. Nikitenko Mikita (license AB 271511) has been appointed
Liquidator/Insolvency Manager.

CONTACT:  CJSC Universam Ukrainskij
          Ruban Str. 7a/108
          69124, Ukraine, Zaporizhya Region

          Mr. Nikitenko Mikita
          Liquidator/Insolvency Manager
          Marshal Chujkov Str. 27-A/32
          69096, Ukraine, Zaporizhya Region
          Tel: 8 (061) 220-66-89
          Mobile: 8 (050) 421-08-38

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


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


A1 SPECTROROD: Members Pass Winding Up Resolution
-------------------------------------------------
Members of A1 Spectrorod Ltd passed a resolution to wind up the
company's operation during an extraordinary general meeting on
Feb. 20.

They authorized Andreas Georgiou Kakouris to lead the winding up
proceedings.

A1 Spectrorod Ltd can be reached at:

         25 Woollard Street
         Waltham Abbey Essex
         EN9 1HD
         Tel: 020 8365 0220


ALLPARTS (CROYDON): Himanshu Taps Bijal Shah as Admin Receiver
--------------------------------------------------------------
Himanshu Patel appointed Bijal Shah administrative receiver of
Allparts (Croydon) Limited (Company Number 4143260) on March 10.

The administrative receiver can be reached at:

         Shasens Ltd.
         F2, Salamander Quay West
         Park Lane, Harefield UB9 6NZ

Allparts Croydon Ltd can be reached at:

         Unit 2/Tramsheds Industrial Estate,
         Coomber Way
         Croydon, Surrey CR0 4TQ
         Tel: 020 86848181  
         Fax: 020 86893622


ALLROADS DISTRIBUTION: Joint Liquidators Lead Winding Up Process
----------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price, both of Moore Stephens
LLP, were appointed Joint Liquidators of Allroads Distribution
Limited after members decided to liquidate the company's assets
on Feb. 15.

Chairman M. Davidson-Guy disclosed the company could not
continue its operations due to mounting debts.

Allroads Distribution Limited can be contacted at:

         Suite 5
         Shaw Street
         Hill Top Industrial Estate
         West Bromwich West Midlands
         B70 0TX
         Tel: 0121 502 2345
         Fax: 0121 502 3553


BLACK BOX: Claims Registration Ends March 28
--------------------------------------------
Creditors of Black Box Information Limited are given until
March 28, 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 Joint
Liquidator Steven Draine.

Black Box Information Limited can be contacted at:

         St. Alphage House
         2 Fore Street
         London
         EC2 Y5DA
         Tel: 020 7448 9709


BOSUS LIMITED: Financial Liabilities Trigger Liquidation
--------------------------------------------------------
Bosus Limited is liquidating its assets after members passed a
resolution to wind up the company's operations on Feb. 15.

Director R. Eames articulated the company could no longer
continue its operations due to financial liabilities.

Gerard Keith Rooney, of Rooney Associates, was appointed
Liquidator.

Bosus Limited can be reached at:

         8 Dickson Street
         Liverpool Merseyside
         L3 7EB
         Tel: 0151 298 9393
         Fax: 0151 298 9500


BRISTOL CONSERVATORY: Claims Registration Ends March 30
-------------------------------------------------------
Bristol Conservatory Construction Ltd is liquidating its assets
after members found out that the company could not continue its
operations due to its liabilities.

Appointed Joint Liquidator, John William Lewis, required
creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before March 30.

Bristol Conservatory Construction Ltd can be reached at:

         9 Bank Road
         Bristol
         BS15 8LS
         Tel: 0117 960 9607


COLMAN COYLE: Appoints Rothman Pantall to Administer Assets
-----------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed administrators of Colman Coyle on March 7.  Its
registered office is at Wells House, 80 Upper Street, Islington,
London N1 0NU.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England.  It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.

Colman Coyle -- http://www.colmancoyle.com/-- was established  
in the 1980s specifically to service the business community by
providing high quality and practical legal advice in a cost
effective way.


COMPLETE TEMPERATURE: Taps P&A Partnership as Administrator
-----------------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed administrators of Complete
Temperature Solutions Limited (Company Number 04426932) on
March 8.

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.

Complete Temperature Solutions Limited offers air conditioning
services and can be reached at:

         Unit 1 Gardeners Business Units,
         Brent Rd, Cossington
         Bridgwater, Somerset
         TA7 8LF
         Tel: 01278 723744


DATSA KALUDJEROVIC: Taps Lisa Hogg to Liquidate Assets
------------------------------------------------------
Lisa Hogg, of Wilson Field, was appointed Liquidator of Datsa
Kaludjerovic Limited after members decided to liquidate the
company's assets in Feb. 21.

The voluntary liquidation came as a result of the Debtor's
inability to continue its operations due to its liabilities.

Datsa Kaludjerovic Limited can be reached at:

         206B Blackamoor Lane
         Maidenhead Berkshire
         SL6 8RT
         Tel: 01628 418 888


ESG REINSURANCE: Fitch Affirms & Withdraws CCC+ IFS Ratings
-----------------------------------------------------------
Fitch Ratings affirmed:

   * ESG Reinsurance Bermuda Limited's,
   * ESG Reinsurance Ireland Limited's, and
   * European Specialty Ruckversicherung AG's

-- the principal reinsurance subsidiaries of ESG Re Limited,
Bermuda, Insurer Financial Strength ratings at CCC+.  

The agency has simultaneously withdrawn the ratings.  Fitch will
no longer provide rating coverage of the company.


HMV GROUP: Brian McLaughlin Exercises Stock Options
---------------------------------------------------
Brian McLaughlin, a non-executive director of HMV Group plc,
exercised on Tuesday options of:

   -- over 358,905 ordinary shares with an exercise price of
      18.73 pence per share; and

   -- 819,161 ordinary shares with an exercise price of 167
      pence per share,

which had been granted to him while an employee of the Company.  
These 1,178,066 Ordinary shares were subsequently sold on the
same day at a price of 179.94 pence per share.

At the same time on March 21, the Company was notified by RBC
(Trustees) Limited, the trustees of the HMV Group Employee Trust
that they had released 75,070 Ordinary shares from the Trust to
Mr. McLaughlin under the terms of the HMV Group Incentive Plan
for Senior Executives.  Mr. McLaughlin sold these shares on the
same day at 179.94 pence per share.

Following the release of Mr. McLaughlin's shares from the Trust,
the Trustees hold 1,518,561 Ordinary shares in the Trust, which
represents 0.38% of the current issued share capital of the
Company following these transactions.  Alan Giles, Neil Bright
and Steve Knott, being directors of the Company, are deemed to
have a beneficial interest in the shares held by the Trustees.

                      About the Company

Headquartered in the U.K., HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in 8 different   
countries under two powerful retail brands (HMV and
Waterstone's).  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

On Oct. 29, 2005, the company's balance sheet showed GBP49.7
million in stockholders' deficit, compared with a GBP14.4
million stockholders' deficit at Apr. 30, 2005.


INTELLABEL LIMITED: Administrator from Sharma & Co Enter Firm
-------------------------------------------------------------
G. D. Sharma of Sharma & Co was appointed administrator of label
manufacturer Intellabel Limited (Company Number 04489285) on
Feb. 28.  Its registered office is at Unit 4, City Estates,
Corngreaves Road, Cradley Heath.

The administrator can be reached at:

        Sharma & Co.
        50 Newhall Street
        Birmingham
        West Midlands B3 3QE
        Tel: 0121 248 5007
        Fax: 0121 248 5010
        E-mail: gagen@sharmaandco.com


P. F. FRIEND: Appoints Administrator from Bond Partners
-------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of P. F. Friend & Son Limited (Company Number 00756209) on
March 13.  

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

PF Friend & Son Ltd offers electrical wiring installation and
can be reached at:

         3 Rolle Cottages
         Barnstaple, EX31 1JL
         Tel: 01395 514563


RODAN DESIGN: Meeting of Creditors Set for March 30
---------------------------------------------------
Creditors of Rodan Design Limited (t/a Mobalpa) will meet at
11 a.m., on March 30 at:

         Thistle Hotel Euston
         43 Cardington Street
         London NW1 2LP

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:

         N. Wood
         Joint Administrator
         Grant Thornton UK LLP
         Grant Thornton House
         Melton Street, Euston Square
         London NW1 2EP

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

Rodan Design Ltd can be reached at:

         Unit 4 Metro Business Centre
         Toutley Rd, Wokingham/Berkshire
         RG41 1QW
         United Kingdom
         Tel: 1 189 796 926


SAVARONA LIMITED: Appoints P B Recovery Ltd Administrator
---------------------------------------------------------
Hasan Imam Mirza of P. B. Recovery Limited Savarona Limited
(Company Number 04880742) on March 9.  Its registered office is
at Creasey Alexander & Co, Parkgate House, 33A Pratt Street,
London NW1 0BG.

Savarona Limited operates a restaurant.

The administrator can be reached at:

         P B Recovery Limited
         St Andrew's House
         18-20 St Andrew Street
         London EC4A 3AJ


SILVER BOX: Meeting of Creditors Set Today
------------------------------------------
Creditors of Silver Box Fans Limited (Company Number 02280765)
will meet at 10 a.m., on March 24 at:

         BDO Stoy Hayward LLP
         85 Great North Road
         Hatfield, Hertfordshire
         AL9 5BS

Creditors who want to be represented at the meeting may appoint
proxies.  

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.

Silver Box Fans -- http://www.silverbox.co.uk/-- specializes in  
the design and production of centrifugal, mixed flow and axial
of fans and blowers for the inflatable industry.  It has
distributors in Israel, Australia, The Netherlands & Denmark.


S MCDERMOTT: Shuts Down Business & Appoints Liquidator
------------------------------------------------------
Members of S. Mcdermott Limited passed a resolution to wind up
the company during an extraordinary general meeting on Feb. 20.

Chairman S.T. McDermott revealed that the company could no
longer continue its business due to mounting debts.

Colin Ian Vickers, of Vantis, was appointed Liquidator to wind
up the company's business.

S Mcdermott Limited can be reached at:

         9 Gaynes Road
         Upminster Essex
         RM14 2YS
         Tel: 01708 250 471


TRADE WORKS: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of The Trade Works (UK) Limited confirmed the
company's voluntary liquidation after members decided to
liquidate the company's assets on Feb. 15.

Creditors also ratified the appointment of Graham Randall and
Mark Roach, of BDO Stoy Hayward LLP, as Joint Liquidators.

The Trade Works (UK) Limited can be contacted at:

         16 Canford Lane
         Bristol
         BS9 3DH
         Tel: 0117 959 3600


TRANSOL EXPRESS: Taps Administrator from EJK Associates
-------------------------------------------------------
Edwin James Kirkwood of EJK Associates Limited was appointed
administrator of Transol Express Freight Limited (Company Number
04260305) on March 9.  Its registered office is at Westwaters,
Oakmere, Belmont Business Park, Durham DH1 1TW.

The administrator can be reached at:

         EJK Associates
         2 Church Court
         Morley
         Leeds LS27 9TN
         West Yorkshire
         Tel: 0113 253 5232
         Fax: 0113 253 5953
         E-mail: edwin.kirkwood@ejkassociates.co.uk

Coach operator Transol Express Freight Ltd can be reached at:

         Unit 2A/Blackhall Colliery Industrial Estate
         Hackworth Road, Hartlepool
         Cleveland TS27 4EL
         Tel: 0191 586 0783  
         Fax: 0191 586 0833


VENTURE HIRE: Appoints Begbies Traynor Administrator
----------------------------------------------------
Malcolm Peter Fillmore (IP No 6525) of Atherton Bailey LLP
Venture Hire Limited (Company Number 03441042) on March 8.

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

Venture Hire Ltd can be reached at:

         Venture House
         333 Western Avenue
         W3 0RS
         Tel: 01928 518141


WHIT CONSTRUCTION: Tony Mitchell Leads Winding Up Procedure
-----------------------------------------------------------
Tony Mitchell, of Cranfield Recovery Limited, was appointed
Liquidator of Whit Construction Limited after members decided to
wind up the company's operations on Feb. 16.

Whit Construction Limited can be reached at:

         1002 Tyburn Road
         Birmingham West Midlands
         B24 0TL
         Tel: 0121 350 6622
         Fax: 0121 350 6633


WOODBOROUGH CONTROL: Members Agree to Liquidation
-------------------------------------------------
Woodborough Control Systems Limited is liquidating its assets
after a resolution to wind up the company was passed at an
extraordinary general meeting on Feb. 14.

Graham Lindsay Down, of BN Jackson Norton, was appointed
Liquidator.

Woodborough Control Systems Limited can be reached at:

         Unit 17 Bridgwater Court
         Oldmixon Crescent
         Weston-Super-Mare Avon
         BS24 9AY
         Tel: 01934 625 606
         Fax: 01934 616 303


                            *********                            


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

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

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

This material is copyrighted and any commercial use, resale or
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