TCREUR_Public/060327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 27, 2006, Vol. 7, No. 61    

                            Headlines


C Y P R U S

CYPRUS AIRWAYS: Government Undaunted by Rescue Plan Probe


F R A N C E

EUROTUNNEL S.A.: S&P Rates Senior Secured Debt at BB-
LEGRAND SA: Targets EUR1 Billion From IPO in April


G E R M A N Y

AFFLERBACH GMBH: Claims Registration Ends March 31
AMG ANLAGEN: Claims Registration Ends March 30
AUTOHAUS KESSLER: Claims Registration Ends March 31
BTU IMMOBILIEN: Claims Registration Ends March 29
DATA PLANET: Claims Registration Ends March 30

FAHRRADMARKT GMBH: Claims Registration Ends March 30
HERBERT SCHWENDENMANN: Claims Registration Ends March 31
KAROSSERIE- UND FAHRZEUGBAU: Claims Registration Ends March 31
KRYPNET SECURITY: Claims Registration Ends March 31
RESTAURANT-CENTER: Claims Registration Ends March 31


I T A L Y

PARMALAT SPA: Hikes Paid Up Capital to EUR1.6 Billion


K A Z A K H S T A N

AGRO JARKENT: Creditors Must Submit Claims by April 3
FIRMA WEST-II: Creditors Must Submit Claims By March 30
GALINIT: Jambyl Court Opens Bankruptcy Proceedings
JALGYZTEBE: Jambyl Court Opens Bankruptcy Proceedings
KAZAKHSTAN-PNBK: Aktube Court Opens Bankruptcy Proceedings

SORGSAM: Creditors Must File Claims By March 30
EVEREST: Creditors Must File Claims By March 30
IRIDA: Creditors Must File Claims By March 30


R U S S I A

AIR-ENGINE - SERVICE: Omsk Court Begins Bankruptcy Process
ATYASHEV-AGRO-PROM-SNAB: Y. Klimaev Named Insolvency Manager
CHERNOZEMYE: Deadline for Proofs of Claim Set for April 11
FACTORY OF PACKAGING: Bankruptcy Hearing Slated for April 18
KALININGRAD AMBER: Court Declares Amber Producer Bankrupt

KARAIDELSKAYA MECHANIZED: Bankruptcy Hearing Set for May 11
RYBNO-SLOBODSKIY: Bankruptcy Supervision Procedure Begins
SHAKHUNSKIY WOOD-PROM-KHOZ: Court Begins Bankruptcy Supervision
TRANSPORT COMPANY: Claims Filing Period Ends April 11
VOLGODONNSKIY: Claims Filing Period Ends April 11

WOOD PROCESSING: Firm Falls Into Bankruptcy
YUKOS OIL: Warns of Missing EUR2.5 Billion Promissory Notes


U K R A I N E

AGORA: Kyiv Court Opens Bankruptcy Proceedings
EUROCOM: Kyiv Court Opens Bankruptcy Proceedings
PROTRADE: Court Names Zayikina Ludmila to Liquidate Assets
RATI: Donetsk Court Opens Bankruptcy Proceedings
RUBIN-BUD: Dnipropetrovsk Court Starts Bankruptcy Supervision

UKRAGROMLINMONTAZH: Court Names Tukman Yurij Insolvency Manager


U N I T E D   K I N G D O M

A & M PLASTIC: Appoints P&A Partnership to Administer Assets
ACCOLADE WINDOWS: Members Pass Winding Up Resolution
ADVANCED ABRASIVES: Claims Registration Ends May 16
ALMAC ENGINEERING: Creditors Confirm Voluntary Liquidation
ARMSTRONG EQUIPMENT: Taps PwC as Administrative Receiver

ARMSTRONG FASTENINGS: Administrative Receivers Sell Assets
BEARINGS SALES: Creditors' Meeting Set for March 29
BRITISH AIRWAYS: Hints Later Retirement to Cut Pension Deficit
BRITISH AIRWAYS: Halts Four Caribbean Call Center Services
CAPARO AUTOMOTIVE: Caparo Group Appoints PwC as Receiver

CAPITOL WINDOW: Taps Unity Corporate to Administer Assets
CARMASTERS TOTAL: Failed Creditor Talks Spur Admin Receivership
DIAMIK SOLUTIONS: KPMG LLP Leads Administrative Proceedings
DIRECT CARPETS: Winds Up Operations & Appoints Liquidator
E.T.I.S. THERMAL: Members Agree to Voluntary Liquidation

HMV GROUP: Permira Drops GBP842 Million Takeover Bid
JAMES MACDONALD: Members Pass Winding Up Resolution
J.L. FRENCH: Wants Court to Establish May 1 as Claims Bar Date
KRISPAL BUSINESS: Members Agree to Wind Up Operations
OPAL INTERNATIONAL: Appoints Begbies Traynor as Administrator

PETAL GROUP: Bank of Scotland Taps PKF as Admin Receiver
PREFERRED MORTGAGES: Fitch Affirms PRS 8 Class E Notes at BB
PHOENIX DESIGN: Members Appoint Liquidator from Carter Clark
PORTFOLIO (OFFICE PRODUCTS): Administrator Takes Over Firm
READS CONSTRUCTION: Begins Winding Up Proceedings

SAWFORD SHEET: Taps Joint Administrators from Begbies Traynor
VALVE AMPLIFIER: Financial Woes Prompt Liquidation
WILLENHALL MANUFACTURING: Receivers Begin Asset Sale Offer

                             *********

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


CYPRUS AIRWAYS: Government Undaunted by Rescue Plan Probe
---------------------------------------------------------
The Cypriot government is optimistic that its proposed
restructuring plan for Cyprus Airways (CAIR) does not violate
the European Commission's rule on state aid, Reuters says.

"We do not believe there is any state support," Communications
Minister Haris Thrassou told Reuters.  He added that Cyprus has
yet to receive the Commission's written observations on the
plan, to which the government has one month to submit its
reaction.  

"We would be worried though if they were not satisfied with our
explanations," Mr. Thrassou said regarding the regulator's
threat to block the rescue plan if Cyprus failed to present a
satisfactory answer.

"We had expected this, it is part of the process," Mr. Thrassou
added.  According to Reuters, the Commission's doubts seemed to
be related to how CAIR would finance planned redundancies and
the Eurocypria spin-off.  The Minister said that the Commission
should not regard CYP10-CYP11 million contributions into a fund
for redundancies as a government handout.

"It is to boost the redundancy fund, which is not going to the
company, but to departing staff," he said.

TCR Europe reported on March 24 that the European Commission
would open a probe into CAIR's proposed restructuring plan.  The
probe will settle doubts on whether the government-drafted plan
complies with the "one time, last time" rule on state aid.  Mr.
Thrassou said it would fully cooperate on the probe.

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.

                         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
===========


EUROTUNNEL S.A.: S&P Rates Senior Secured Debt at BB-
-----------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB' senior
secured bank loan rating on U.K. and France-based Eurotunnel
S.A. remained on CreditWatch with negative implications,
following the announced conversion of Eurotunnel's resettable
and stabilization advances into bonds.

The following ratings on the nonguaranteed debt issued by
related Fixed-Link Finance B.V.'s Class A, B, and C notes also
remain on CreditWatch with negative implications:

   -- Senior secured debt: 'BB-',
   -- Subordinated debt: 'CCC+', and
   -- Junior subordinated debt: 'CCC-'.

The 'B' senior secured rating on Fixed-Link Finance 2 B.V.'s
nonguaranteed notes also remains on CreditWatch with negative
implications.

All the ratings were placed on CreditWatch on Feb. 9, 2004,
following the announcement of unspecified debt restructuring and
concerns about intensifying competition in the cross-Channel
market. In addition, all ratings were lowered on May 4, 2004,
and again on Jan. 27, 2005.  The ratings are expected to remain
on CreditWatch until details of the expected debt restructuring
are known and their impact on the notes can be determined.

In accordance with the financing agreements of 1998, Eurotunnel
decided on March 21, 2006, to convert the resettable and
stabilization advances (GBP464 million and GBP379 million,
respectively, at Dec. 31, 2005, or the equivalent of 14% of its
debt) into bonds.

Under the credit agreement, the conversion of the resets is
mandatory.  Notice of such a conversion must be given within 90
days of the end of the stabilization period, and conversion must
take place before the end of June 2006.  The conversion of the
stabilization advances is possible until the end of June 2007,
but is not obligatory. Converting both, therefore, would
simplify Eurotunnel's debt structure by limiting it to one of
three types (senior debt, junior debt, or bonds and notes) ahead
of the potential debt restructuring program.

In terms of economic position, terms and conditions, or priority
ranking, the situation remains the same for current creditors of
stabilization and resettable advances.  In particular, with the
new bonds--among the most subordinated part of the debt--they
are those most likely to suffer from write-offs. Accordingly,
the conversion has no cash flow impact on Eurotunnel, which will
have to pay all 2006 interest charges in cash.

While it is unclear what the outcome will be with respect to the
restructuring, progress is required to avoid debt defaults, as
Eurotunnel will be unable to service its debt after November
2006, when the minimum usage charge from the railways expires.

"If any debt restructuring proposal appears likely to affect
Eurotunnel's most senior debt tranche, or the company files or
indicates an intention to file for insolvency, the rating faces
a potential credit cliff to default," said Standard & Poor's
credit analyst Alexandre de Lestrange.  "We will continue our
discussions with Eurotunnel's management and creditors and
update the CreditWatch status regularly."


LEGRAND SA: Targets EUR1 Billion From IPO in April
--------------------------------------------------
Legrand S.A. aims to raise EUR1 billion from an initial public
offering next month.

The French electrical equipment maker will sell 57,779,097 new
shares, representing 20% of the total at EUR17 to EUR19.75 per
share.  About 43.7 million of shares will go to the public, plus
a further 6.6 million should demand allow, with underwriters led
by JPMorgan Chase & Co. granted a green-shoe option for 7.5
million shares, Nicolas Johnson writes for Bloomberg News.

The Company's main shareholders -- private equity group Kohlberg
Kravis Roberts and French venture capital group Wendel
Investissement -- will each have a 30% stake in the Company
after the IPO, AFX News Limited cited Chairman Gilles Schnepp,
as saying.  Three other shareholders will hold a 15% equity
stake, while the group's management will hold a 4% stake.

According to Mr. Schnepp, the Company expects a 15% increase in
operating profit and a 10% rise in free cash flow in 2006, AFX
relates.

The company will resume stock trading on April 7 after a three-
year absence in the Paris bourse, in what will be the biggest
flotation on Euronext Paris so far this year, AFX News reports.  

Headquartered in Limoges, France, Legrand S.A. is a world leader
in low-voltage fittings and accessories.  For the year
2005, the company reported revenues of EUR3.25 billion and
maintainable EBITDA (before restructuring charges) of EUR699
million.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Mar 7,
Moody's Investors Service placed the ratings of Legrand S.A.
on review for possible upgrade in light of the intention of the
company's main shareholders to float a minority stake in the
company.

Affected ratings:

Legrand S.A.:

   -- The Ba1 Corporate Family Rating;

Legrand France (formerly Legrand S.A.);

   -- The Ba1 rating on the USD400 million Yankee bonds due
      2025.

The shareholders' intention to publicly list approximately 20%
of the company's shareholder capital is expected to simplify its
ownership structure.  Legrand S.A. will be the listed entity and
will own Legrand France (formerly Legrand S.A.), which is the
direct owner of the operating subsidiaries.  The outstanding
Yankee bonds, TSDIs and a share of the new Syndicated Credit
Facilities will be held at Legrand France.  Moody's believes
that completion of the IPO in conjunction with the simplified
debt capital structure will also result in greater financial
flexibility and reduce the likelihood of future re-leveraging.


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


AFFLERBACH GMBH: Claims Registration Ends March 31
--------------------------------------------------
Creditors of Afflerbach GmbH & Co. KG Innovatives Kunststoff-
Engineering have until March 31, to register their claims with
court-appointed provisional administrator Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Wuppertal
         Sitzungssaal A234    
         2. Etage
         Eiland 2
         42103 Wuppertal

The Court will also verify the claims set out in the
administrator's report at 1:30 p.m., on May 2, at the same
venue.

The District Court of Wuppertal opened bankruptcy proceedings
against Afflerbach GmbH & Co. KG Innovatives Kunststoff-
Engineering on March 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Afflerbach GmbH & Co. KG Innovatives
         Kunststoff-Engineering
         Attn: Dr. Henning Brandin, Manager
         Wilhelmstr. 19
         42489 Wuelfrath

The administrator can be contacted at:

         Stefan Conrads
         Mankhauser Str. 7a
         42699 Solingen
         Tel: +49(0) 86164077


AMG ANLAGEN: Claims Registration Ends March 30
----------------------------------------------
Creditors of AMG Anlagen und Maschinen GmbH have until March 30,
to register their claims with court-appointed provisional
administrator Friedemann Schade.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Hameln
         Saal 106
         Zehnthof 1
         31785 Hameln

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 Hameln opened bankruptcy proceedings
against AMG Anlagen und Maschinen GmbH on Feb. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AMG Anlagen und Maschinen GmbH
         Attn: Reinhard Fuchs, Manager
         Kravogelstr. 11
         81249 Muenchen

The administrator can be contacted at:

         Friedemann Schade
         Sozietat Kuebler
         Tiergarten 18
         30559 Hannover
         Tel: 0511/9548036
         Fax: 0511/9548411


AUTOHAUS KESSLER: Claims Registration Ends March 31
---------------------------------------------------
Creditors of Autohaus Kessler GmbH have until March 31, to
register their claims with court-appointed provisional
administrator Sandra Kramer.

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 Wuppertal
         Sitzungssaal A234    
         Zehnthof 1
         2. Etage         
         Eiland 2
         42103 Wuppertal

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 Wuppertal opened bankruptcy proceedings
against Autohaus Kessler GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Kessler GmbH
         Attn: Ralf, Knut and Lutz Kessler, Managers
         Markische Str. 12
         42281 Wuppertal

The administrator can be contacted at:

         Sandra Kramer
         Morianstrasse 45
         42103 Wuppertal
         Tel: (0202) 28331-0
         Fax: (0202) 28331-75


BTU IMMOBILIEN: Claims Registration Ends March 29
-------------------------------------------------
Creditors of BTU Immobilien GbR have until March 29, to register
their claims with court-appointed provisional administrator
Johannes Franke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 13, 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 Hameln
         Saal 106
         Zehnthof 1
         31785 Hameln

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 Hameln opened bankruptcy proceedings
against BTU Immobilien GbR on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         BTU Immobilien GbR
         Ludwig-Ehrhardt-Strasse 33
         30982 Pattensen         

The administrator can be contacted at:

         Johannes Franke
         Ger.-Fach Nr. 97
         Verdener Platz 1
         30419 Hannover        
         Tel: 0511/794573
         Fax: 0511/794576
         E-mail: kanzlei@frankeundfranke.com
         Web: http://www.frankeundfranke.com/


DATA PLANET: Claims Registration Ends March 30
----------------------------------------------
Creditors of Data Planet International AG have until March 30,
to register their claims with court-appointed provisional
administrator Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Hameln
         Saal 106
         Zehnthof 1
         31785 Hameln

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 Hameln opened bankruptcy proceedings
against Data Planet International AG on Feb. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Data Planet International AG
         Attn: Karsten Siebert, Manager
         Horstfeldstrasse 5
         31832 Springe

The administrator can be contacted at:

         Dr. Rainer Eckert
         Gerichtsfach-Nr. 83
         Arthur-Menge-Ufer 5
         30169 Hannover
         Tel: 0511/626287-0
         Fax: 0511/626287-10
         E-mail: eckert-hannover@rae-eckert.de


FAHRRADMARKT GMBH: Claims Registration Ends March 30
----------------------------------------------------
Creditors of Fahrradmarkt GmbH have until March 30, to register
their claims with court-appointed provisional administrator
Ulrich Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Frankfurt
         Saal 401
         Muellroser Chaussee 55
         15236 Frankfurt

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

The District Court of Frankfurt opened bankruptcy proceedings
against Fahrradmarkt GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Fahrradmarkt GmbH
         Attn: Rene Charles, Manager
         Berliner Strasse 102
         15344 Strausberg

The administrator can be contacted at:

         Ulrich Weber
         Kurfuerstendamm 212
         10719 Berlin
         Tel: (07431) 934644


HERBERT SCHWENDENMANN: Claims Registration Ends March 31
--------------------------------------------------------
Creditors of Herbert Schwendenmann GmbH have until March 31, to
register their claims with court-appointed provisional
administrator Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Wuppertal
         Sitzungssaal A234
         2. Etage
         Eiland 2
         42103 Wuppertal

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 Wuppertal opened bankruptcy proceedings
against Herbert Schwendenmann GmbH on Feb. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Herbert Schwendenmann GmbH
         Langenbuegeler Str. 111
         42579 Heiligenhaus
         Attn: Herbert Schwendenmann, Manager         
         Hessenbleekstr. 8
         42579 Heiligenhaus
         Tel: (02056) 69431
         Fax: (02056) 5533

The administrator can be contacted at:

         Bernd Depping
         Hofkamp 138
         42103 Wuppertal
         Tel: 0201-232550


KAROSSERIE- UND FAHRZEUGBAU: Claims Registration Ends March 31
--------------------------------------------------------------
Creditors of Karosserie- und Fahrzeugbau Schwable GmbH have
until March 31, to register their claims with court-appointed
provisional administrator Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 3, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Aalen
         Saal 0.11
         Stuttgarter Strasse 7
         73430 Aalen

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 Aalen opened bankruptcy proceedings
against Karosserie- und Fahrzeugbau Schwable GmbH on Feb. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Karosserie- und Fahrzeugbau Schwable GmbH
         Daimlerstr. 25
         89547 Gerstetten
         Attn: Gerda Mack, Manager
         Mozartstr. 12
         89547 Gerstetten

The administrator can be contacted at:

         Arndt Geiwitz
         Bahnhofstr. 39
         89231 Neu-Ulm
         Tel: 0731/97018-0
         Fax: 0731/97018-65
         E-mail: neu-ulm@skp-de.com


KRYPNET SECURITY: Claims Registration Ends March 31
---------------------------------------------------
Creditors of KrypNET Security GmbH have until March 31, to
register their claims with court-appointed provisional
administrator Dr. Jorg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Wuppertal
         Sitzungssaal A234
         2. Etage
         Eiland 2
         42103 Wuppertal

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 Wuppertal opened bankruptcy proceedings
against KrypNET Security GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         KrypNET Security GmbH
         Attn: Michael Smith, Manager
         Industriestr. 23
         40822 Mettmann
         E-mail: info@krypnet.de
         Web: http://www.krypnet.de/

The administrator can be contacted at:

         Dr. Jorg Bornheimer
         Turmhof 15
         42103 Wuppertal


RESTAURANT-CENTER: Claims Registration Ends March 31
----------------------------------------------------
Creditors of Restaurant-Center an der Oper GmbH have until
March 31, to register their claims with court-appointed
provisional administrator Henner Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Wuppertal
         Sitzungssaal A234
         2. Etage
         Eiland 2
         42103 Wuppertal

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 Wuppertal opened bankruptcy proceedings
against Restaurant-Center an der Oper GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Restaurant-Center an der Oper GmbH
         Attn: Weizhou Li, Manager         
         Friedrich-Engels-Allee 378
         42283 Wuppertal
         Tel: 0202 555270  
       
The administrator can be contacted at:

         Henner Klein
         Werlestrasse 38
         42289 Wuppertal
         Tel: (0202) 26264-0
         Fax: (0202) 63408


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


PARMALAT SPA: Hikes Paid Up Capital to EUR1.6 Billion
-----------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR1,284,518 to EUR1,626,569,512 from EUR1,625,284,994.  

The share capital increase is due to the conversion of warrants
for 201,229 shares and privileged credits converted into
unsecured credits with the assignation of 1,083,289 shares.

Parmalat reports that 80,542,600 shares representing
approximately 4.9% of the share capital are still in a deposit
account c/o Parmalat S.p.A., of which:

   -- 22,983,527 or 1.4% of the share capital, registered in
      the name of individually identified commercial creditors,
      are still deposited by the intermediary account of
      Parmalat S.p.A. centrally managed by Montetitoli compared
      with 25,454,893 shares as at as at Feb. 24, 2006;

   -- 57,559,073 or 3.5% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      (a) 120,000 shares representing the initial share capital
          of Parmalat S.p.A. (unchanged);

      (b) 57,439,073 or 3,5% of share capital that pertain to
          currently undisclosed creditors (compared with
          60,088,728 shares as at February 24, 2006).

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
===================


AGRO JARKENT: Creditors Must Submit Claims by April 3
-----------------------------------------------------
LLP Agro Jarkent filed for bankruptcy with the Specialized
Inter-Regional Economic Court of Almaty Region on Jan. 5, 2006.

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

          Birjan Sal Str. 80-30
          Taldykorgan
          Tel: 8 (32822) 24-74-83


FIRMA WEST-II: Creditors Must Submit Claims By March 30
-------------------------------------------------------
LLP Firma West-II has declared insolvency.  Creditors have until
March 30, to submit written proofs of claim to:

          Erubayeva Str. 69
          Karaganda


GALINIT: Jambyl Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
has commenced bankruptcy proceedings against LLP Galinit on
Dec. 13, 2005.


JALGYZTEBE: Jambyl Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
has commenced bankruptcy proceedings against LLP Jalgyztebe on
Jan. 16.


KAZAKHSTAN-PNBK: Aktube Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Court 2 of Aktube Region has commenced bankruptcy
proceedings against LLP Kazakhstan-Pnbk on Jan. 30.


SORGSAM: Creditors Must File Claims By March 30
-----------------------------------------------
LLP Sorgsam has declared insolvency.  Creditors have until
March 30, to submit written proofs of claim to:

          Pavlenko Str. 21
          Karaganda


EVEREST: Creditors Must File Claims By March 30
-----------------------------------------------
LLP Everest has declared insolvency.  Creditors have until
March 30, to submit written proofs of claim to:

          N.Abdyrova Str. 4/1
          Temirtau
          Karaganda Region


IRIDA: Creditors Must File Claims By March 30
---------------------------------------------
LLP Irida has declared insolvency.  Creditors have until
March 30, to submit written proofs of claim to:

          Altynsarina Str. 7-12
          Kostanai, Altynsarina Str. 7-12


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


AIR-ENGINE - SERVICE: Omsk Court Begins Bankruptcy Process
----------------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on close joint stock company Air-Engine -
Service.  The case is docketed as K/E-440/05.  Mr. V.
Khmelnitskiy has been appointed temporary insolvency manager.

The Debtor can be reached at:

         Air-Engine - Service
         Omsk region, Russia

The insolvency manager can be reached at:

         V. Khmelnitskiy
         Marksa Pr. 4 - 209a
         644024, Omsk-24, Russia


ATYASHEV-AGRO-PROM-SNAB: Y. Klimaev Named Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Mordoviya Republic appointed Y. Klimaev
as temporary insolvency manager for Atyashev-Agro-Prom-Snab.

The Court commenced bankruptcy supervision procedure on the open
joint stock company with the case docketed as A39-8662/06-3/6.

The Debtor can be reached at:

         Atyashev-Agro-Prom-Snab
         Krasnoslobodsk, 2nd Rabochaya Str. 22
         Mordoviya Republic, Russia

The insolvency manager can be reached at:

         Y. Klimaev
         Krasnoslobodsk, 2nd Rabochaya Str. 22
         Mordoviya republic, Russia


CHERNOZEMYE: Deadline for Proofs of Claim Set for April 11
----------------------------------------------------------
Creditors of Chernozemye have until April 11, to submit their
proofs of claim to court-appointed insolvency manager I.
Vyshegorodtsev at:

         Office 30, Kirova Str. 9
         394018, Voronezh Region, Russia

The Arbitration Court of Kursk Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A35-5126/05 "g".

The Debtor can be reached at:

        Chernozemye
        Kastornoye, Budennogo Str. 5
        Kursk region, Russia


FACTORY OF PACKAGING: Bankruptcy Hearing Slated for April 18
------------------------------------------------------------
The Arbitration Court of Tyumen region will convene on April 18,
to hear the bankruptcy proceedings of the Factory of Packaging
Materials at:

         The Arbitration Court of Tyumen Region
         Room 305, Khokhryakova Str. 77
         Tyumen Region, Russia

The case is docketed as A-70-15067/3-05.

Mr. F. Nasyrov has been appointed temporary insolvency manager.

The Debtor can be reached at:

         Factory of Packaging Materials
         Respubliki Str. 252
         625000, Tyumen Region, Russia

The insolvency manager can be reached at:

         F. Nasyrov
         Permykova Str. 9
         625013, Tyumen Region, Russia


KALININGRAD AMBER: Court Declares Amber Producer Bankrupt
---------------------------------------------------------
The Arbitration Court of Kaliningrad Region declared Kaliningrad
Amber Combine bankrupt on March 20, Interfax reports.

The Company will be under receivership for one year with court-
appointed Tatiana Kazakina as its receiver manager, a court
official told Interfax.  

According to the report, the Company's creditors elected in
September 2004, to reorganize its production division and
establish a new entity, Yantarny Jewelry.  The move came
following a March 17, 2003 external management scheme brought by
the Court to strengthen controls over the production and
conservation of amber.

Yantarny hosts 95% of the world's amber reserves while
Kaliningrad Amber Combine is the only commercial amber producer
in Russia, Interfax discloses.


KARAIDELSKAYA MECHANIZED: Bankruptcy Hearing Set for May 11
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic will convene on
May 11, to hear the bankruptcy supervision procedure on
Karaidelskaya Mechanized Column at:

         The Arbitration Court of Bashkortostan Republic
         Oktyabrsoy Revolyutsii Str. 63a
         450057, Bashkortostan Republic, Ufa, Russia

The case is docketed as A07-48556/05-G-FLE.

Mr. D. Khlopin has been appointed temporary insolvency manager.  
He can be reached at:

         D. Khlopin
         Oktyabrskoy Revolyutsii Str. 77-62
         450057, Ufa, Russia

The Debtor can be contacted at:

         Karaidelskaya Mechanized Column
         Karaudelskiy region, Karaidel, Mira Str. 1
         453500, Bashkortostan republic, Russia


RYBNO-SLOBODSKIY: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on open joint stock company
Rybno-Slobodskiy.  The case is docketed as A65-42301/
2005-SG4-21.  

Ms. M. Zazerskaya has been appointed temporary insolvency
manager and can be reached at:

         M. Zazerskaya
         Kazan, Post User Box 20
         420015, Tatarstan Republic, Russia

The Debtor can be contacted at:

         Rybno-Slobodskiy
         Rybnaya Sloboda
         Tatarstan Republic, Russia


SHAKHUNSKIY WOOD-PROM-KHOZ: Court Begins Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region has commenced
bankruptcy supervision procedure on open joint stock company
Shakhunskiy Wood-Prom-Khoz (TIN 5239005769).  The case is
docketed as A43-39759/2005-18-623.

Mr. N. Vasilenko has been appointed temporary insolvency manager
and can be reached at:

         N. Vasilenko
         Karla Marksa, Str. 8/32
         603159, Nizhniy Novgorod Region, Russia

The Debtor can be contacted at:

         Shakhunskiy Wood-Prom-Khoz
         Shakhunya, Osipenko Str. 61a
         Nizhniy Novgorod Region, Russia


TRANSPORT COMPANY: Claims Filing Period Ends April 11
-----------------------------------------------------
Creditors of Transport Company have until April 11, to submit
their proofs of claim to court-appointed insolvency manager I.
Nozdrin at:

         Diksona Str. 1, Post User Box 15854
         660020, Krasnoyarsk, Russia

The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
proceedings against the limited liability company with the case
is docketed as A33-8602/2005.

The Debtor can be reached at:

         Transport Company
         Maerchaka Str. 18A
         660021, Krasnoyarsk Region, Russia


VOLGODONNSKIY: Claims Filing Period Ends April 11
-------------------------------------------------
Creditors of Volgodonnskiy (6107003855) have until April 11, to
submit proofs of claim to court-appointed insolvency manager A.
Shakhov at:

         Post User Box 3421
         344092, Rostov-na-Donu region, Russia

The Arbitration Court of Rostov Region will convene on April 11,
to hear the bankruptcy proceedings of the limited liability
company with the case docketed as A53-8790/05-S2-33.

The Debtor can be reached at:

         Volgodonnskiy
         Volgodonskiy Region, Russia


WOOD PROCESSING: Firm Falls Into Bankruptcy
-------------------------------------------
Creditors of Wood Processing Complex have until April 11, to
submit their proofs of claim to court-appointed insolvency
manager I. Ovchinnikov at:

        Apartment 27, Ignatova Str. 33,
        Orel Region, Russia

The Arbitration Court of Orel Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A48-6931/05-16b.

The Debtor can be reached at:

        Wood Processing Complex
        Komsomolskaya Str. 279
        Orel region, Russia


YUKOS OIL: Warns of Missing EUR2.5 Billion Promissory Notes
-----------------------------------------------------------
YUKOS Oil Company revealed that promissory notes worth over
ERU2.5 billion (US$3 billion) held by its defunct indirect
wholly owned subsidiary Fargoil, had gone missing.  The
promissory notes are the property of the subsidiary and under
Company regulations can only be sold within the consolidated
Company.  

YUKOS, following the presentation of a promissory note from a
non-Company third party in the autumn of 2005, understood that
some promissory notes had been stolen from the company and
immediately initiated an audit of its subsidiary companies in
November and December of that year.  As a result, YUKOS became
aware that an as yet undetermined number of promissory notes
from the Mordovian-based trading company could not be accounted
for and it was likely that they had been stolen by members of
the Fargoil management, possibly as a result of incentives
provided by organizations that may benefit from the demise of
YUKOS.  

The company took further measures to seek out the notes, which
have a set cash value, in order to prevent any more from being
sold to outside companies or third parties.  However, the
investigations were frustrated by Fargoil's management who
refused to assist these investigations and would not account for
the whereabouts of the remaining promissory notes.  An inquiry
has been launched.

"Because the notes have not been properly accounted for our fear
is that they may have been sold, at a reduced rate, to external
parties," a spokesperson for YUKOS Oil Company said.  "If this
is the case, then those parties could present the notes at some
point in the future and as a result reduce the consolidated
Company's value."

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

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


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


AGORA: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Juriditial Commercial Center Agora (code
EDRPOU 31519686) after finding the company insolvent.  The case
is docketed as 15/866-B.  Mr. Logvinenko Kostyantin has been
appointed Liquidator/Insolvency Manager.

CONTACT:  AGORA
          Elektrotehnichna Str. 4-A
          Ukraine, Kyiv Region

          Mr. Logvinenko Kostyantin
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv Region, a/b 288

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


EUROCOM: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC International Company Eurocom (code
EDRPOU 32853812) on Jan. 26, after finding the company
insolvent.  The case is docketed as 43/7.  

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

CONTACT:  LLC International Company Eurocom
          Geroyiv Kosmosu Str. 11/104
          03146, 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


PROTRADE: Court Names Zayikina Ludmila to Liquidate Assets
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Ms. Zayikina Ludmila
as Liquidator/Insolvency Manager for LLC PROTRADE (code EDRPOU
33262570).

The Court commenced bankruptcy proceedings against the Company
on Jan. 26, 2006 after finding it insolvent.  The case is
docketed as 43/2.

CONTACT:  Protrade
          Ukraine, Kyiv Region, Yakutska Str. 6

          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


RATI: Donetsk Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against Private Production Enterprise Rati (code
EDRPOU 31042061) on Jan. 25, after finding the company
insolvent.  The case is docketed as 5/138 B.  

Mr. Tihonov Oleksandra has been appointed Liquidator/Insolvency
Manager.

CONTACT:  RATI
          Gorlivka, Pushkinska Str. 12
          84617, Ukraine, Donetsk Region

          Mr. Tihonov Oleksandr
          Liquidator/Insolvency Manager
          Gorlivka, Pushkinska Str. 46
          84627, Ukraine, Donetsk Region

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


RUBIN-BUD: Dnipropetrovsk Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on Ukrainian-Israell Enterprise With
Foreign Investments Rubin-Bud (code EDRPOU 32616394).  The case
is docketed as B 29/186/04.  

Mr. Kosyanchuk Kostyantin has been appointed temporary
insolvency manager.

CONTACT:  Rubin-Bud
          Slavi Boulevard 56/3
          49126, Ukraine, Dnipropetrovsk Region

          Mr. Kosyanchuk Kostyantin
          Temporary Insolvency Manager
          49034, Ukraine, Dnipropetrovsk Region, a/b 2184

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


UKRAGROMLINMONTAZH: Court Names Tukman Yurij Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. Tukman Yurij as
Liquidator/Insolvency Manager for OJSC Ukragromlinmontazh (code
EDRPOU 05415510).

The Court commenced bankruptcy proceedings against the open
joint stock company on Jan. 26, after finding it insolvent.  The
case is docketed as 15/77-b.  

CONTACT:  OJSC Ukragromlinmontazh
          Krakivska Str. 36/10
          02094, Ukraine, Kyiv Region

          Mr. Tukman Yurij
          Liquidator/Insolvency Manager
          10011, Ukraine, Kyiv Region, a/b 209
          Tel: (044) 490-88-79

          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
===========================


A & M PLASTIC: Appoints P&A Partnership to Administer Assets
------------------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed joint administrators of A& M Plastic
Solutions Limited (Company Number: 04762333) on March 9.

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.

Headquartered in Fareham, Hampshire, A & M Plastic Solutions Ltd
was formed in April 2005 after the merging of vacuum formers
Mayco and injection molders Adsum Technical Moldings.  The
company provides a 'one stop shop' for both injection moldings
and vacuum.


ACCOLADE WINDOWS: Members Pass Winding Up Resolution
----------------------------------------------------
Members of Accolade Windows & Conservatories Limited passed a
resolution to wind up the company during an extraordinary
general meeting on Feb. 21.

They authorized Terry Christopher Evans to lead the winding up
proceedings.

Accolade Windows & Conservatories Limited can be reached at:

         350A Lymington Road
         Highcliffe Christchurch Dorset
         BH2 35EY
         Tel: 01425 276 699


ADVANCED ABRASIVES: Claims Registration Ends May 16
---------------------------------------------------
Advanced Abrasives Applications Ltd is liquidating its assets
after members found out that the company could no longer
continue its operations due to mounting debts.

Appointed Joint Liquidator, J.N.R. Pitts, 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 May 16.

Advanced Abrasives Applications Ltd can be contacted at:

         Suite 2 Sand Aire House
         New Road
         Kendal Cumbria
         LA9 4UJ
         Tel: 015395 604 29


ALMAC ENGINEERING: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Almac Engineering Limited confirmed the company's
voluntary liquidation after members decided to liquidate the
company's assets on Feb. 16.

Creditors also ratified the appointment of David R. Acland, of
Begbies Traynor, as Liquidator.

Almac Engineering Limited can be reached at:

         9 Corporation Buildings
         Dumballs Road
         Cardiff
         CF1 05FE
         Tel: 029 2048 1262


ARMSTRONG EQUIPMENT: Taps PwC as Administrative Receiver
--------------------------------------------------------
Caparo Group Limited appointed David Matthew Hammond and Robert
J. Hunt of PricewaterhouseCoopers LLP as joint administrative
receivers of Armstrong Equipment Limited (Company Number
00302491) on March 13.

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

Armstrong Equipment Ltd can be reached at:

         Unit 4, Tafarnaubach Indstl Est
         Tredegar, Gwent NP22 3AA
         Tel: 01495-724333   


ARMSTRONG FASTENINGS: Administrative Receivers Sell Assets
----------------------------------------------------------
Joint Administrative Receivers Matthew Hammond and Robert Hunt
offer for sale the business and assets of Armstrong Fastening
Systems.

Armstrong Fastening Systems is a division of AFL, a manufacturer
of wire thread inserts to the aerospace, automotive and
engineering industries based in Hull, East Yorkshire.

The Company is a sole U.K. license holder for the manufacture
and sale of Helicoil wire thread inserts and reports a turnover
of GBP3 million.  It employs 51 workers in its modern leasehold
manufacturing facility and develops business in Australasian,
South African and Indian markets.

Inquiries can addressed to:

         Karen Wilkins
         Tel: 0121 265 5631
         Fax: 0121 265 5651
         E-mail: karen.t.wilkins@uk.pwc.com

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


BEARINGS SALES: Creditors' Meeting Set for March 29
---------------------------------------------------
Creditors of Bearings Sales & Purchases Limited (Company Number
03020980) will meet at 11 a.m., on March 29, at:

         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN

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 28, to:

         I. W. Kings
         Administrator
         Tenon Recovery
         Tenon House, Ferryboat Lane
         Sunderland
         SR5 3JN

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


BRITISH AIRWAYS: Hints Later Retirement to Cut Pension Deficit
--------------------------------------------------------------
British Airways plc has drawn up a proposal to clear the GBP1
billion past service actuarial deficit in its New Airways
Pension Scheme.

The airline plans to keep a final salary pension scheme with no
changes to pension benefits already earned and no increase in
staff contribution rates.

There will however, be changes to members' benefits that relate
to future service.

The airline will make a payment of GBP500 million into NAPS
after the changes are accepted.

The key changes for future service are:

   -- Normal retirement age raised

   -- Slower accrual rate

   -- Pensionable pay increases no more than inflation

   -- Pension increases on retirement capped at 2.5 per cent
      each year

   -- Company and staff to share impact of changes in life
      expectancy

"This is a solution that will provide competitive, affordable
pensions for the future," Chief Executive Willie Walsh, said.  
"These changes are necessary to clear the past deficit and to
contain the amount of future funding needed.  It means working
longer to get a similar annual pension, but one that is more
secure.  This should address the pension problem at British
Airways once and for all.

"After the changes are accepted, the airline will make a payment
of GBP500 million into the fund.  This is on top of the GBP350
million the company will have paid towards the past deficit by
December 2006."

The next valuation begins this month with the results expected
in October.  If changes to the scheme are not introduced, the
deficit and level of future service contributions are expected
to grow because people are living longer and long-term interest
rates remain low.

Mr. Walsh added: "The changes to members' future benefits will
reduce the anticipated deficit by GBP450 million.  We will also
be able to make contributions for future service we can afford.

"This package of measures is vital if we are to achieve a
competitive cost base, deliver a 10 per cent operating margin,
be fit for growth and invest in our future."

The proposals follow an extensive staff communications program
for active NAPS members.

                      About the Company

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

                        *     *     *

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


BRITISH AIRWAYS: Halts Four Caribbean Call Center Services
----------------------------------------------------------
British Airways PLC will close its Caribbean call centers due to
a decline in demand for the service and the growth of the
Internet.

According to Elvin Sealy, BA's commercial manager for the south
Caribbean, the carrier's Jamaican call center operations will
halt its service on May 31, while its offices in Antigua, St.
Lucia and Barbados will stop issuing tickets on June 30.

Mr. Sealy disclosed that people preferred buying tickets online
than by calling a small call center for their ticketing needs.

The decision was dictated solely by economic and commercial
considerations related to the need to be cost competitive on a
global basis, radiojamaica.com cited Robin Hayes, the airline's
Executive Vice President for The Americas, as saying.

The Company will consolidate its services with its North
American call center in Jacksonville, Florida, this summer.  It
has also closed its call centers in Glasgow, London and Toronto.

                      About the Company

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

                        *     *     *

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


CAPARO AUTOMOTIVE: Caparo Group Appoints PwC as Receiver
--------------------------------------------------------
Caparo Group Limited appointed David Matthew Hammond and Robert
J. Hunt of PricewaterhouseCoopers as joint administrative
receivers of Caparo Automotive Limited (Company Number 02412684)
and Willenhall Manufacturing Limited (Company Number 00392114)
on March 13.

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


CAPITOL WINDOW: Taps Unity Corporate to Administer Assets
---------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne (IP Nos 8106 and 9225)
both of Unity Corporate Recovery and Insolvency were appointed
joint administrators of Capitol Window Systems Limited (Company
Number: 02256188) on March 10.

The joint administrators can be reached at:

         Unity Corporate Recovery And Insolvency
         Clive House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Capitol Window Systems Ltd, which manufactures and supplies
windows, can be reached at:

         Unit 58
         Third Avenue
         Deeside
         Clwyd CH5 2LA
         Tel: 01244 281777  
         Fax: 01244 281222


CARMASTERS TOTAL: Failed Creditor Talks Spur Admin Receivership
---------------------------------------------------------------
Mark Loftus and Ian Green of PricewaterhouseCoopers were
appointed joint administrative receivers of Carmasters Total
Vehicle Solutions after the Company failed to reach an agreement
with its creditors last week, Greg Wright writes for Yorkshire
Post.

According to the report, the Company, with around 97 employees,
will continue to trade while its administrative receivers are
looking for potential buyers to sell a part or all of
Carmasters' assets.

The business reportedly suffered significant losses since being
acquired by motor group MVI from its administrators, Kroll
Limited, in May 2003.  Mr. Loftus remains optimistic on the
situation after main customers indicated continued support for
the company.

Carmasters Total Vehicle Solutions --
http://www.carmasters.co.uk/-- provides valeting and car repair  
services for manufacturers and car rental companies.


DIAMIK SOLUTIONS: KPMG LLP Leads Administrative Proceedings
-----------------------------------------------------------
Howard Smith and Richard Dixon Fleming (IP Nos 9341 and 8370),
both of KPMG LLP were appointed administrators of Diamik
Solutions Ltd (Company Number: 04392461) on March 7.

KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong  
global network of member firms with 9,500 partners and staff
working in 22 offices across the UK providing audit, tax and
advisory services.

Diamik Solutions Ltd -- http://www.diamiksolutions.co.uk/--  
offers 'pro engineer' and 'AutoCAD' design systems.  The company
produces professional plans and layouts.


DIRECT CARPETS: Winds Up Operations & Appoints Liquidator
---------------------------------------------------------
Martin Charles Armstrong, of Turpin, was appointed Liquidator of
Direct Carpets & Beds Limited after members decided to wind up
the company's operations on Feb. 20.

Direct Carpets & Beds Ltd can be contacted at:

         71-73 Sutton Common Road
         Sutton Surrey
         SM1 3HN
         Tel: 020 8288 1166
         Fax: 020 8288 1167
         Web: http://www.directcarpetsandbeds.com/


E.T.I.S. THERMAL: Members Agree to Voluntary Liquidation
--------------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows, both of
Copper Parry LLP, were appointed Joint Liquidators of E.T.I.S.
Thermal Covers Limited after members decided to liquidate the
company's assets on Feb. 15.

Chairman P.D. Kendrick disclosed the company could not continue
its operations due to mounting debts.

E.T.I.S. Thermal Covers Limited can be contacted at:

         Venture House
         Cross Street
         Arnold Nottingham
         NG5 7PJ
         Tel: 0115 975 6551
         Fax: 0115 975 6559


HMV GROUP: Permira Drops GBP842 Million Takeover Bid
----------------------------------------------------
Permira Advisers dropped on March 20 its offer to acquire HMV
Group, a week after the entertainment retailer rejected
Permira's second takeover bid.

HMV's Board rejected the private equity firm's revised offer to
acquire the Group at 210 pence per ordinary share in cash on
March 13, explaining that Permira's GBP842 million offer
continues to undervalue the group.

"Permira is disappointed at the response of the board and
believes that the revised 210p per share proposal represented a
compelling proposition for the shareholders of HMV, Permira said
in a statement.  "Accordingly, in light of the board's response,
Permira has decided not to proceed."

Under U.K. Securities Law, Permira is now barred from making a
hostile offer for the group for six months, ABC Money relates.  
However, Permira retains the right to return to the negotiating
table after the 6-month period.

Following its bid rejection, the Group said it will continue
working on revitalizing its business with plans to focus on a
revised price and promotional structure in the UK market to
compete against supermarkets and the Internet.

The entertainment retailer, which also owns Waterstone's,
believes that the acquisition of Ottakar's, if cleared by the
Competition Commission, and subject to any new offer, will be a
value-enhancing opportunity for its shareholders.  Provisional
findings from the Competition Commission are expected by the end
of March.

As part of its commitment to creating shareholder value, the
Board of HMV Group recognizes that there is potential to operate
the Group with a higher level of financial leverage and will
review the Group's capital structure once the Ottakar's
situation has been clarified.

As reported in TCR-Europe, HMV has a current market value of
around GBP783.5 million.

                      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.


JAMES MACDONALD: Members Pass Winding Up Resolution
---------------------------------------------------
James Macdonald Construction Ltd is liquidating its assets after
members passed a resolution to wind up the company's operations
on Feb. 14.

Peter A Blair and Paul Finnity, both of Begbies Traynor, were
appointed Joint Liquidators.

James Macdonald Construction Ltd can be reached at:

         Woodlands
         Main Street
         Kirton Newark Nottinghamshire
         NG22 9LP
         Tel: 0800 032 1020
         Fax: 01623 861 624


J.L. FRENCH: Wants Court to Establish May 1 as Claims Bar Date
--------------------------------------------------------------
J.L. French Automotive Castings, Inc., and its debtor-affiliates
asked the U.S. Bankruptcy Court for the District of Delaware to
establish:

   a) May 1, 2006, as the general deadline for filing proofs of
      claim; and

   b) August 10, 2006, as the claims bar date for all
      governmental units.

The Debtors intend to exit from bankruptcy by May 31, and
anticipate filing a prearranged reorganization plan and
associated disclosure statement this month.  

To estimate how much they owe creditors, the Debtors tell the
Court that they will need complete and accurate information
regarding the nature, amount and status of all claims that may
be
asserted in their Chapter 11 Cases.

The Debtors propose six exceptions to the bar date:

   a) claims listed in the Schedules filed with the Court;

   b) claims on account of which a proof of claim has already
      been properly filed with the Court;

   c) claims previously allowed by, or paid pursuant to, a Court
      order;

   d) administrative expenses claims;

   e) claims made by any of the Debtors or any direct or
      indirect subsidiary of any of the Debtors against one or
      more of the other Debtors; and

   f) claims for which specific deadlines have previously been
      fixed by the Court.

Headquartered in Witham, England, J.L. French Automotive
Castings, Inc. -- http://www.jlfrench.com/-- is a global  
supplier of aluminum die-castings specializing in power train
and automotive components.  There are currently nine
manufacturing locations around the world including plants in the
United States, United Kingdom, Spain, and Mexico.  The company
has fourteen engineering/customer service offices to globally
support its customers near their regional engineering and
manufacturing locations.  

The U.S. Company and its debtor-affiliates filed for chapter 11
protection on Feb. 10, 2006 (Bankr. D. Del. Case No. 06-10119 to
06-06-10127).  James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Sandra G.M. Selzer, Esq., at Pachulski Stang Ziehl Young &
Jones, and Marc Kiesolstein, P.C., at Kirkland & Ellis LLP,
represent the Debtors in their restructuring efforts.  When the
Debtor filed for chapter 11 protection, it estimated assets and
debts of more than $100 million.

Immediately following the U.S. Debtors' pre-packaged chapter 11
filing, the Company's British unit went into administration.  
Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim
Rayment of BDO Stoy Hayward were appointed joint administrators.


KRISPAL BUSINESS: Members Agree to Wind Up Operations
-----------------------------------------------------
Members of Krispal Business Services Limited resolved to
liquidate the company's assets during an extraordinary general
meeting on Feb. 20.

They authorized Mark Stephen Goldstein to lead the liquidation
process.

Krispal Business Services Limited can be reached at:

         276 Chase Road
         London
         N14 6HA
         Tel: 020 8886 4979
         Fax: 020 8882 5232


OPAL INTERNATIONAL: Appoints Begbies Traynor as Administrator
-------------------------------------------------------------
D. R. Acland and S. J. Williams of Begbies Traynor were
appointed joint administrators of Opal International Designs
Limited (Company Number: 04257017) 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.  

Opal International Designs -- http://www.opal-designs.com/--  
are importers and wholesalers of ex-chain store clothing.


PETAL GROUP: Bank of Scotland Taps PKF as Admin Receiver
--------------------------------------------------------
Bank of Scotland Plc appointed Edward T. Kerr and Ian C.
Schofield of PKF (UK) LLP as joint administrative receivers of
Petal Group Limited (Company Number 02831721) on March 9.

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Petal Group Ltd is engaged in producing greeting cards and can
be reached at:

        12-14, Manton Lane
        Manton Industrial Estate
        Bedford MK41 7PX
        Bedfordshire
        Tel: 01234 306900
        Fax: 01234 326644


PREFERRED MORTGAGES: Fitch Affirms PRS 8 Class E Notes at BB
------------------------------------------------------------
Fitch Ratings affirmed all notes in respect of transactions
originated by Preferred Mortgages Limited despite calculation
errors by PML in its function as cash/bond administrator.  The
ratings are listed below.

In addition, as the errors are attributed to the company's role
as CBA and not as residential primary or special servicer, PML's
servicer ratings are not affected by the mistakes.  Furthermore,
the miscalculations are not related to any mistakes involving
the administration of the mortgage loans within the
securitization, which is the responsibility of the servicer.

The PML errors included retention of revenue receipts not owed
to the issuers from the closing date, ongoing understatement of
principal deficiency ledgers and overstatement of principal
receipts.  The errors were discovered following a review of
PML's processing relating to cash/bond administration initiated
by Lehman Brothers, PML's parent company.  

The errors have affected the RMBS transactions, Preferred
Residential Securities 5 PLC, Preferred Residential Securities 6
PLC, Preferred Residential Securities 7 PLC, Preferred
Residential Securities 8 PLC and Preferred Residential
Securities 2005-1 - all but PRS 7 are rated by Fitch.

The understatement of the PDLs means that excess spread should -
at least partially - have been used in earlier periods to recoup
PDL debit balances.  This has been rectified through a one-time
posting in respect of prior losses, which took effect in this
quarter.  In the case of PRS 5, PRS 6 and PRS 05-1, there was
sufficient excess spread or overcollateraliZation to cover the
one-off posting to the PDLs on this interest payment date.

However, for PRS 7 and PRS 8, PML has advanced cash into the
transactions in order to avoid drawing the reserve funds, since
excess spread in this period was not sufficient to recoup the
prior losses.  The funds advanced will be recouped from future
excess spread.

Other errors have worked in favor of the issuers.  Retention of
receipts in respect of accrued interest existing at closing -
which should flow back to PML - have resulted in a faster
accumulation of the reserve fund to its target amount for some
issuers.  Overstated principal receipts for some issuers have
resulted in senior notes being amortized faster than should be
the case, resulting in increased subordination levels and an
element of overcollateralization.  No adjustments will be made
in respect of the errors that favor the issuers.

In order to further assess the re-statements period by period
and whether reserve fund draws would have occurred for the
transactions in question in these periods, Fitch will be
receiving restated pro forma priority of payment statements for
analysis.  According to Lehman Brothers, reserve fund draws
would not have occurred for the transactions affected during
prior periods.

Since errors have been rectified for the previous PDL losses and
future calculations are to be revised to accurately reflect the
provisions of the transaction documents, Fitch has affirmed the
PML transactions.  However, in the event that the analysis of
the supplementary information results in further issues that
might affect the transactions, further comment will be made by
the agency.  Fitch will be closely monitoring future performance
reports in respect of the issuers.

Preferred Residential Securities 5 PLC:

   * Class A (ISIN XS0154399637) affirmed at AAA;
   * Class A DAC (ISIN XS0154399801) affirmed at AAA;
   * Class M (ISIN XS0154399983) affirmed at A; and
   * Class B (ISIN XS0154400237) affirmed at BBB.

Preferred Residential Securities 6 PLC:

   * Class A1 (ISIN XS0169316675) affirmed at AAA; and
   * Class A2 (ISIN XS0169316915) affirmed at AAA.

Preferred Residential Securities 8 PLC:

   * Class A1a1 (ISIN XS0198309691) affirmed at AAA;
   * Class A1a1 DAC (ISIN XS0198486473) affirmed at AAA;
   * Class A1a2 (ISIN XS0198313024) affirmed at AAA;
   * Class A1a2 DAC (ISIN XS0198486473) affirmed at AAA;
   * Class A1b (ISIN XS0198313610) affirmed at AAA;
   * Class A1c (ISIN XS0198318171) affirmed at AAA;
   * Class B1a (ISIN XS0198318411) affirmed at AA;
   * Class B1c (ISIN XS0198318841) affirmed at AA;
   * Class C1a (ISIN XS0198319062) affirmed at A;
   * Class C1c (ISIN XS0198319229) affirmed at A;
   * Class D1a (ISIN XS0198319575) affirmed at BBB+;
   * Class D1c (ISIN XS0198319906) affirmed at BBB+; and
   * Class E (ISIN XS0198320409) affirmed at BB.

Preferred Residential Securities 2005-1 PLC:

   * Class A1a (ISIN XS0217068849) affirmed at AAA;
   * Class A2c (ISIN XS0217069656) affirmed at AAA;
   * Class A2c DAC (ISIN XS0217486504) affirmed at AAA;
   * Class B1a (ISIN XS0217637213) affirmed at AA;
   * Class B1c (ISIN XS0217069813) affirmed at AA;
   * Class C1c (ISIN XS0217070076) affirmed at A;
   * Class D1c (ISIN XS0217070829) affirmed at BBB; and
   * Class E (ISIN XS0217071041) affirmed at BB.


PHOENIX DESIGN: Members Appoint Liquidator from Carter Clark
------------------------------------------------------------
Phoenix Design Print Limited is liquidating its assets after
members pass a resolution to wind up the company's operation on
Feb. 21.

Subsequently, members appoint J. Clark, of Carter Clark, as
Liquidator.

Phoenix Design Print Limited can be contacted at:

         11 Orchard Road
         Stevenage Enterprise Centre
         Stevenage Hertfordshire
         SG1 3HH
         Tel: 01438 317 781
         Fax: 01438 317 782
         Web: http://www.phoenixdesignprint.com/


PORTFOLIO (OFFICE PRODUCTS): Administrator Takes Over Firm
----------------------------------------------------------
Peter Nottingham of Nottingham Watson was appointed
administrator of Portfolio (Office Products) Limited (Company
Number: 02505107) on March 9.

The administrator can be reached at:

         Nottingham Watson
         15 Highfield Road
         Hall Green, Birmingham
         B28 0EL

Portfolio (Office Products) Limited supplies stationery
products.


READS CONSTRUCTION: Begins Winding Up Proceedings
-------------------------------------------------
Members of Reads Construction Limited passed a resolution to
wind up the company during an extraordinary general meeting on
Feb. 14.

Chairman J. Read revealed that the company could no longer
continue its business due to mounting debts.

Matthew Robert Howard and Robert Geoffrey Rose, both of Larking
Gowen, were appointed Joint Liquidators.

Reads Construction Limited can be reached at:

         Speedwell Way
         Harleston Indstl Pk
         Norfolk
         IP20 9LJ
         Tel: 01379 853 062
         Fax: 01379 853 676


SAWFORD SHEET: Taps Joint Administrators from Begbies Traynor
-------------------------------------------------------------
Richard A. B. Saville and Peter A. Blair of Begbies Traynor were
appointed joint administrators of Sawford Sheet Metal Limited
(Company Number: 01387279) on March 13.

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.  

Sawford Sheet Metal Limited -- http://www.sawford.com/-- has  
developed into one of the region's leading fabrication
companies, producing a wide range of high-accuracy component
parts and products for a broad customer base.


VALVE AMPLIFIER: Financial Woes Prompt Liquidation
--------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds, of Portland Business &
Financial Solutions Ltd., were appointed Joint Liquidators of
Valve Amplifier Restoration Services Limited after members
decided to liquidate the company's assets on Feb. 17.

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

The Debtor can be contacted at:

         Valve Amplifier Restoration Services Limited
         236A Main Road
         Romford
         RM2 5HA
         Tel: 01603 757 513


WILLENHALL MANUFACTURING: Receivers Begin Asset Sale Offer
----------------------------------------------------------
The Joint Administrative Receivers Matthew Hammond and Robert
Hunt offer for sale the business and assets of Willenhall
Manufacturing Limited.

The company manufactures niche metal pressings and assemblies at
a 256,000 sq. ft. site in Willenhall, West Midlands.

Principal features of the business include:

   -- turnover of GBP5 million;

   -- specializes in production of cosmetically sensitive
      automotive parts;

   -- key position in the after market skin panel manufacture
      strong customer base;

   -- QS 9000 accreditation; and

   -- around 90 employees.

Inquiries can addressed to:

         Karen Wilkins
         Tel: 0121 265 5631
         Fax: 0121 265 5651
         E-mail: karen.t.wilkins@uk.pwc.com

                           About PwC

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


                            *********                            


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

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

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

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

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

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


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