TCREUR_Public/060328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 28, 2006, Vol. 7, No. 62

                            Headlines

A U S T R I A

STYRIAN SPIRIT: Suspends Flights & Files for Bankruptcy


F R A N C E

ALCATEL: S&P Places BB Corp. Credit Rating on Watch Negative
MARNE ET CHAMPAGNE: S&P Lowers CC Credit Rating to D


G E R M A N Y

AZF AUTOZENTRUM: Claims Registration Ends April 3
DD EUROPE: Claims Registration Ends April 3
EURO MAUT: Claims Registration Ends April 5
HERMANN LIESENKLAS: Claims Registration Ends April 3
MAINZER STRASSE: Creditors' Meeting Slated for April 3

NIER GMBH: Claims Registration Ends March 31
PROJEKT WOHNEN: Creditors' Meeting Slated for April 3
SPEDITON WEBER: Creditors' Meeting Slated for April 3
VFW GMBH: Claims Registration Ends April 4
WILLINGHOFER OHG: Claims Registration Ends April 7


K A Z A K H S T A N

ASTANA PRODUCTION: Creditors Must Submit Claims by April 3
BILIM: Creditors Must Submit Claims by April 3
FERROSILIKOALUMINI: Pavlodar Court Opens Bankruptcy Proceedings
KAT-ROM: Creditors Must Submit Claims by April 3
KAZAKHSTAN TEMIR: S&P Affirms Corporate Credit Rating to BB+

MARK-1: Creditors Must Submit Claims by April 3
MEHAMONTAJ JEZKAZGAN: Declares Bankruptcy
PLLG: Creditors Must Submit Claims by April 3


K Y R G Y Z S T A N

ADILET LTD: Abdymanap Sopiev Named Interim Insolvency Manager
SAMEN KAFEL: Court Opens Bankruptcy Proceedings
SARY-KOO: Creditors Meeting Set for April 13
SPACE INTERPRISE: Bishkek Court Opens Bankruptcy Proceedings


N E T H E R L A N D S

INEOS VINYLS: Moody's Places Low-B Ratings Under Review


P O L A N D

HELLENA S.A.: Hoop Eyes Acquisition of Bankrupt Manufacturer


R U S S I A

ENERGETIK: Court Names A. Kolchurin as Insolvency Manager
KIMILTEYSKOYE: Claims Filing Period Ends April 11
KITOJ-WOOD: Creditors Must Submit Claims by April 11
MIKHAYLOVSKIY: Claims Filing Period Ends April 11
ORLOVSKIY AGRO-HOLIDNG: Declared Insolvent by Orel Court

PERVOMAYSKAYA: Claims Filing Period Ends April 11
PRESS-POLYMER: Court Names Y. Feliksov Insolvency Manager
REPAIR-BUILDING ENTERPRISE: Claims Filing Period Ends Apr. 11
SAMARA-AUTO-CONTAINER: Claims Bar Date Set for April 11
UYARSKOYE: Deadline for Proofs of Claim Set for April 11


U K R A I N E

LEOFARM: Lviv Court Starts Bankruptcy Supervision
MOVIPAK: Harkiv Court Starts Bankruptcy Supervision
OVRUCH' RAJAGROHIM: Zhitomir Court Opens Bankruptcy Proceedings
REMBUD LUKS: Lviv Court Opens Bankruptcy Proceedings
SIVASH: Herson Court Starts Bankruptcy Supervision

SODAS: Vinnitsya Court Begins Bankruptcy Proceedings
SOYUZHIMPROM: Lugansk Court Begins Bankruptcy Process
VOSTOK: Harkiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ABL CONSTRUCTION: Taps Administrator from Sanderlings LLP
ADVANCED DATACOM: Members Pass Winding Up Resolution
AR COMMUNICATIONS: Appoints Sharma & Co. Administrator
ATP EUROPE: Mounting Debts Trigger Liquidation
BOX SPECIALISTS: Taps Grant Thornton to Administer Assets

COULOIR LEISURE: Names Bartfields as Administrator
EDEN CONCEPT: Clothing Retailer Appoints Administrator
EYESAGLOW LTD: Appoints Joint Administrators from Tenon Recovery
F.S. INTERIORS: Names J.N. Bleazard as Liquidator
HDS BEARINGS: Creditors' Meeting Set for March 29

HOUGHTON AND ASSOCIATES: Claims Registration Ends May 17
JKO PROMOTIONS: Creditors Confirm Voluntary Liquidation
KINGAVON LIMITED: Appoints Baker Tilly to Administer Assets
KWIK SPEKS: Hires Joint Liquidators from Harrisons
M & B FRAMES: Members Agree on Winding Up Process

MERESBOROUGH BOOKS: Taps Administrators from Kingston Smith
MI CONSULTING: Bank of Scotland Appoints Receiver
MORRIS SWAIN: Meeting of Creditors Set for March 29
NCS HUMAN: Administrator from Tenon Recovery Takes Over Helm
P.J. VENTILATION: Starts Liquidation Proceedings

PHOENIX RETAIL: Appoints Sharma & Co. Administrator
RANK GROUP: Repurchases 733,976 Shares for Cancellation
SPEEDPRINT LIMITED: Financial Woes Prompt Liquidation
TP8 LIMITED: Meeting of Creditors Set for March 30
WEST HYDE: Registration of Claims Ends March 31

* Large Companies with Insolvent Balance Sheets

                            *********

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


STYRIAN SPIRIT: Suspends Flights & Files for Bankruptcy
-------------------------------------------------------
Styrian Spirit is filing for bankruptcy, Airline Information
Industry says.

On March 24, Styrian Spirit abruptly cancelled all of its nine
flights and later disclosed that it was declaring bankruptcy.  
Bankruptcy proceedings against the company started Monday,
March 27.  According to The Associated Press, doubt remains
whether the carrier will resume operations or not.

Styrian has yet to name a lawyer for the proceedings.

Headquartered in Graz, Austria, Styrian Spirit AG --
http://www.styrianspirit.com/-- operates four Canadair CRJ200s  
to scheduled and charter routes within Europe.  Its destinations
include Austria, Croatia, Germany, France, Poland, Slovenia and
Switzerland.


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


ALCATEL: S&P Places BB Corp. Credit Rating on Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.  

At the same time, Standard & Poor's placed its 'B' long-term
corporate credit rating on U.S.-based Lucent Technologies Inc.
on CreditWatch with positive implications. Standard & Poor's
affirmed its 'B' short-term corporate credit rating on Alcatel
and its 'B-1' short-term corporate credit rating on Lucent.

The rating actions follow the joint announcement by the two
companies that they are engaged in discussions about a potential
merger of equals that is intended to be priced at market.  The
companies have stated that there can be no assurance that an
agreement will be reached or that a transaction will be
completed.

"The CreditWatch placement on Alcatel reflects the likely
disruption that the merger would have on Alcatel, as well as the
potentially weaker financial profile of a combined business,"
said Standard & Poor's credit analyst Leandro de Torres Zabala.

"The CreditWatch placement on Lucent reflects our view that the
combined company would have a broader product line and a
stronger financial profile than Lucent has today, although the
merger would equally be disruptive to Lucent's business over the
intermediate term," said Standard & Poor's credit analyst Bruce
Hyman.

The impact of the potential merger will be assessed from both a
financial and business risk perspective.  The companies have not
disclosed what form of financial transaction would occur, other
than their intention that the merger would be priced at market.   
The restructuring costs associated with the transaction could be
very large, while the merged company would still carry Lucent's
existing pension and postretirement benefit obligations.

The combined company is expected to offer Alcatel's and Lucent's
leading products to both companies' customer bases, although
this would mean that they would also need to support both
companies' products over an extended time.

The merged company would have annual sales of about $25 billion
(compared with $26.2 billion for Cisco Systems Inc. {A+/Stable/-
-} and $19.4 billion for Ericsson (Telefonaktiebolaget L.M.)
{BBB-/Stable/A-3}) and wide geographic and product
diversification.

Standard & Poor's will continue to monitor the discussions
between the companies.
  
                        Ratings List

                                   To            From
                              ------------   -----------
* Alcatel

   Long-term corporate        BB/Watch Neg   BB/Positive
   credit rating               
  
   Short-term
   corporate credit rating         B

   CP                              B

* Lucent Technologies Inc.

   Long-term corporate
   credit rating               B/Watch Pos    B/Positive

   Short-term corporate
   credit rating                  B-1

   Senior unsecured debt       B/Watch Pos    B

   Subordinated debt         CCC+/Watch Pos   CCC+           

   Preferred stock            CCC/Watch Pos   CCC
  
   * NB: This list does not include all ratings affected.


MARNE ET CHAMPAGNE: S&P Lowers CC Credit Rating to D
----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
the class M MTNs issued by Marne et Champagne Finance a.r.l. to
'D' from 'CC'.  At the same time, the credit ratings on the
class A1 and A2 MTNs were withdrawn.
  
The rating actions follow a final release of funds from the
issuer account, and application of those funds in the combined
interest and principal priority of payments at the interest
payment date on March 20, 2006.  This resulted in full repayment
of the class A1 and A2 MTNs.  As a consequence, the ratings on
these notes have been withdrawn.  However, as expected, full
repayment of the class M MTNs was not made, and with no more
funds available to the issuer, the rating on these notes has
been lowered to 'D'.
  
                    Rating List
  
Marne et Champagne Finance a.r.l.
EUR396 Million Secured Medium-Term Notes
  
        Class                       Rating
                             To              From
  
  * Rating Lowered

          M                   D               CC

  * Ratings Withdrawn

         A1                   NR              AAA
         A2                   NR              AAA

    NR-Not rated.


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


AZF AUTOZENTRUM: Claims Registration Ends April 3
-------------------------------------------------
Creditors of AZF Autozentrum Franken Verwaltungs GmbH have until
April 3, to register their claims with court-appointed
provisional administrator Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 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 Fuerth
         Zi. 216/II
         Baumenstrasse 28

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 Fuerth opened bankruptcy proceedings
against AZF Autozentrum Franken Verwaltungs GmbH on Feb. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AZF Autozentrum Franken Verwaltungs GmbH
         Alte Reuthstr. 99
         90765 Fuerth

The administrator can be contacted at:

         Joachim Exner
         Stahlstrasse 17
         90411 Nuernberg
         Tel: 0911/9512850
         Fax: 0911/95128510


DD EUROPE: Claims Registration Ends April 3
-------------------------------------------
Creditors of DD Europe Discothekenbetriebe GmbH & Co. KG have
until April 3, to register their claims with court-appointed
provisional administrator Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 Dresden
         Saal D131
         Olbrichtplatz 1
         01099 Dresden

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 Dresden opened bankruptcy proceedings
against DD Europe Discothekenbetriebe GmbH & Co. KG on Feb. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DD Europe Discothekenbetriebe GmbH & Co. KG
         Bremer Strasse 57
         01067 Dresden

The administrator can be contacted at:

         Ulrich Kraft
         Wasastr. 15
         01219 Dresden
         Web: http://www.hww-kanzlei.de/  


EURO MAUT: Claims Registration Ends April 5
-------------------------------------------
Creditors of EURO MAUT Services GmbH have until April 5, to
register their claims with court-appointed provisional
administrator Dr. Ruth Rigol.

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 her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Saal S 2.22
         2. 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
EURO MAUT Services GmbH on Feb. 21. Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         EURO MAUT Services GmbH
         Puetzchensweg 17
         53757 Sankt Augustin
         Attn: Frank Stefan Steinmetz, Manager
         Neersener Str. 6
         40547 Duesseldorf
         Web: http://www.euro-maut.com/

The administrator can be contacted at:

         Dr. Ruth Rigol
         Magnusstrasse 13
         50672 Koln
         Tel: 0221/650660
         Fax: 0221/650661


HERMANN LIESENKLAS: Claims Registration Ends April 3
----------------------------------------------------
Creditors of Hermann Liesenklas GmbH & Co. Kommanditgesellschaft
have until April 3, to register their claims with court-
appointed provisional administrator Henning Bungart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Saal 293
         2. OG
         Zweigertstr. 52
         45130 Essen

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

The District Court of Essen opened bankruptcy proceedings
against Hermann Liesenklas GmbH & Co. Kommanditgesellschaft on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Hermann Liesenklas GmbH & Co. Kommanditgesellschaft
         Hauptstr. 100
         46244 Bottrop-Kirchhellen
         Attn: Dietrich Stay, Manager
         Eibenstr. 20
         45892 Gelsenkirchen
         Hans Peter Liesenklas, Manager
         Auerhahnstr. 8
         46282 Dorsten

The administrator can be contacted at:

         Henning Bungart
         Zweigertstrasse 43
         45130 Essen
         Tel: (0201) 793613
         Fax: (0201) 777516


MAINZER STRASSE: Creditors' Meeting Slated for April 3
------------------------------------------------------
Court-appointed provisional administrator of Mainzer Strasse
Verwaltungs GmbH, Dr. Joachim Heitsch, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:15 a.m. on April 3.

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

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

Creditors have until May 19, to register their claims with Dr.
Heitsch.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Mainzer Strasse Verwaltungs GmbH on Feb. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Mainzer Strasse Verwaltungs GmbH
         Breite Strasse 12
         14199 Berlin

The administrator can be contacted at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin


NIER GMBH: Claims Registration Ends March 31
--------------------------------------------
Creditors of Nier GmbH & Co. Grundstuecks-KG have until
March 31, to register claims with court-appointed provisional
administrator Dr. Henning Mordhorst.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 p.m. on May 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Saal 2
         
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 Itzehoe opened bankruptcy proceedings
against Nier GmbH & Co. Grundstuecks-KG on Feb. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Nier GmbH & Co. Grundstuecks-KG
         Attn: Jorn Junne and Thomas Seitz, Managers
         Deutsch-Ordens-Str. 2a
         25551 Hohenlockstedt
         Tel: 04826 200

The administrator can be contacted at:

         Dr. Henning Mordhorst
         Jungfernstieg 51
         20354 Hamburg


PROJEKT WOHNEN: Creditors' Meeting Slated for April 3
-----------------------------------------------------
Court-appointed provisional administrator of Projekt Wohnen '90
Besitz- u. Wohnungsverwaltungsgesellschaft mbH, Henning Samisch,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:00 a.m. on April 3.

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

         The District Court of Lueneburg
         Saal 302
         Ochsenmarkt 3
         21335 Lueneburg

Creditors have until April 28, to register their claims with Mr.
Samisch.

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

The District Court of Lueneburg opened bankruptcy proceedings
against Projekt Wohnen '90 Besitz- u.
Wohnungsverwaltungsgesellschaft mbH on Feb. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Projekt Wohnen '90 Besitz- u.                   
         Wohnungsverwaltungsgesellschaft mbH
         Altenbrueckerdamm 1A
         21337 Lueneburg
         Attn: Bertil Fritsch, Manager
         Memeler Weg 13
         21365 Adendorf

The administrator can be contacted at:

         Henning Samisch
         Muehlenkamp 59
         D-22303 Hamburg
         Tel: 040650390
         Fax: 04065039199


SPEDITON WEBER: Creditors' Meeting Slated for April 3
-----------------------------------------------------
Court-appointed provisional administrator of Spediton Weber GmbH
Jean-Paul Ansiaux, Caroline Schmitz, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on April 3.

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

         The District Court of Aachen
         Raum Sitzungssaal 21
         2. Etage
         Augustastrasse 78-80
         52070 Aachen

Creditors have until April 12, to register their claims with Ms.
Schmitz.

The Court will also verify the claims set out in the
administrator's report at 8:50 a.m., on May 23, at the same
venue.

The District Court of Aachen opened bankruptcy proceedings
against Spediton Weber GmbH Jean-Paul Ansiaux on Feb. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Spediton Weber GmbH Jean-Paul Ansiaux
         Hamm-Muehle 1/5
         52222 Stolberg
         Attn: Jean-Paul Ansiaux, Manager
         Rue du Sacre Coeur 16
         BEL-4841 Welkenraedt

The administrator can be contacted at:

         Caroline Schmitz
         Waisenhausstr. 3
         52349 Dueren


VFW GMBH: Claims Registration Ends April 4
------------------------------------------
Creditors of VFW GmbH Vieh-Fleisch have until April 4, to
register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on May 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Saal 123
         Willy-Lohmann-Str. 33
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dessau opened bankruptcy proceedings
against VFW GmbH Vieh-Fleisch on Feb. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         VFW GmbH Vieh-Fleisch
         Juristenstrasse 10
         06886 Lutherstadt Wittenberg
         Attn: Dirk Hagert, Manager
         Salzburger Strasse 6 b
         01279 Dresden

The administrator can be contacted at:

         Jorg Riedemann
         Muehlweg 47
         06114 Halle
         Tel: 0345/293900
         Fax: 0345/2939029


WILLINGHOFER OHG: Claims Registration Ends April 7
--------------------------------------------------
Creditors of Willinghofer OHG have until April 7, to register
their claims with court-appointed provisional administrator
Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings
against Willinghofer OHG on Feb. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Willinghofer OHG
         Aachener Str. 17
         33649 Bielefeld
         Attn: Susanne Willinghofer, Manager
         Normannenstr. 30
         33647 Bielefeld
         Helmut Willinghofer, Manager
         Eulenweg 13
         33758 Schloss Holte-Stukenbrock

The administrator can be contacted at:

         Jochen Schnake
         Ravensberger Str. 11 u. 12
         33824 Werther


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


ASTANA PRODUCTION: Creditors Must Submit Claims by April 3
----------------------------------------------------------
LLP Astana Production Ltd. declared insolvency.  Creditors have
until April 3, to submit written proofs of claim to:

          Temirtau, micro district 6, house 34 b
          Karaganda Region


BILIM: Creditors Must Submit Claims by April 3
----------------------------------------------
LLP Bilim declared insolvency.  Creditors have until April 3 to
submit written proofs of claim to:

          Ukrainskaya Str. 30
          Almaty
          Tel: 8 (3272) 33-95-13


FERROSILIKOALUMINI: Pavlodar Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceeding against LLP Ferrosilikoalumini
on Jan. 27, 2006.


KAT-ROM: Creditors Must Submit Claims by April 3
------------------------------------------------
LLP Kat-Rom filed for bankruptcy with the Specialized Inter-
Regional Economic Court of Kostanai Region on Jan. 6, 2006.

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

          Gogol Str. 177a
          Kostanai


KAZAKHSTAN TEMIR: S&P Affirms Corporate Credit Rating to BB+
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit rating and its 'kzAA-' Kazakhstan national scale rating
on rail group Kazakhstan Temir Zholy.  The outlook is stable.

The ratings reflect KTZ's aggressive financial policy, and
significant medium-term borrowing requirements in order to
maintain investment in railroad infrastructure and rolling
stock.  Additional credit risks are presented by an evolving,
opaque, and politicized regulatory regime, and competition from
oil pipelines.

These risks are mitigated by KTZ's strong competitive position
in the national transportation sector; the continued vertical
integration of monopoly railroad infrastructure and freight
transport operations (which has remained unchanged during the
ongoing rail sector reform); good medium-term prospects for rail
traffic growth (with the exception of crude); and KTZ's
strategic importance to, and support from, the government of the
Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local
currency BBB/Stable/A-3; Kazakhstan national scale kzAAA).

"We expect KTZ's financial profile to deteriorate over 2006-
2010, in view that planned capital expenditure investment
requires additional borrowing," said Standard & Poor's credit
analyst Eugene Korovin.  "Cash flow protection will likely
weaken substantially from the currently strong level, although
this should remain consistent with the ratings."

KTZ's currently strained liquidity should improve following the
placement of a proposed eurobond of up to $850 million in April
2006.  Furthermore, the timely equalization of internal freight
tariffs with international tariffs, continued growth of rail
traffic, and more efficient cost control will improve
profitability.  These factors should also mitigate the financial
risk resulting from a sharp increase in total debt on the
eurobond placement, and the potential loss of most of KTZ's
crude oil traffic and revenues to pipelines.

"Delayed tariff increases, or a failure to curb increasing
operating costs, would impair cash flow protection beyond a
level consistent with the current rating," added Mr. Korovin.


MARK-1: Creditors Must Submit Claims by April 3
-----------------------------------------------
LLP Mark-1 declared insolvency.  Creditors have until April 3,
to submit written proofs of claim to:

          Staleliteinaya Str. 2-2a
          Karaganda


MEHAMONTAJ JEZKAZGAN: Declares Bankruptcy
-----------------------------------------

The Jezkazgan Branch of the OJSC Mehamontaj declared bankruptcy
on Feb. 1, 2006.

Creditors have to submit written proofs of claim to:

          Suinbaya Ave. 343.   
          Almaty


PLLG: Creditors Must Submit Claims by April 3
---------------------------------------------
LLP PLLG declared insolvency.  Creditors have until to submit
written proofs of claim to:

          Dostyk Ave. 33-40
          Almaty
          Tel: 8 300 744 72-39


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


ADILET LTD: Abdymanap Sopiev Named Interim Insolvency Manager
-------------------------------------------------------------
The Bankruptcy Department under the State Property Committee of
the Kyrgyz Republic appointed Abdymanap Sopiev as temporary
insolvency manager of LLC Adilet Ltd. on Feb. 10, 2006.

The meeting of the creditors will take place on April 5, 2006,
11:00 a.m. at:

          JSC Argymak
          Baha Str. 1
          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. Abdymanap Sopiev
          Temporary Insolvency Manager
          Tel: (0-996 312) 59-14-59


SAMEN KAFEL: Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues declared
LLC Samen Kafel insolvent and bankruptcy proceedings were
introduced at the company.  The case is docketed as ED-879/05
mbs2

Anarkan Malayeva has been appointed temporary insolvency
manager.

The meeting of the creditors will take place on April 6, 2006,
10:00 a.m. at:

          Micro District Djal 7-12
          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:  Ms. Anarkan Malayeva
          Temporary Insolvency Manager
          Tel: (0-996 312) 48-00-05
               (0-502) 51-14-89


SARY-KOO: Creditors Meeting Set for April 13
--------------------------------------------
The temporary insolvency manager of the Agricultural Farm Sary-
Koo will meet its creditors on April 13, 2006, 11:00 a.m. at:

          JSC Bakyt
          Karabaltinskaya Str. 4
          Karabalta

Creditors will consider the approval of the temporary insolvency
manager's final report on the said meeting, as well as discuss
on the company's insolvency proceedings, among others.

The company can be contacted at (0-502) 28-91-10.


SPACE INTERPRISE: Bishkek Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues declared
Kyrgyz Kazakh Joint Venture Space Interprise insolvent on Jan.
5, and bankruptcy proceedings were introduced at the company.  
The case is docketed as ED-1032/05 mbs9.

Anarkan Malayeva has been appointed temporary insolvency
manager.

The meeting of creditors will take place on April 6, 2006, 4:00
p.m. at:

          Micro District Djal 7-12
          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:  Ms. Anarkan Malayeva
          Temporary Insolvency Manager
          Tel: (0-996 312) 48-00-05
               (0-502) 51-14-89


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


INEOS VINYLS: Moody's Places Low-B Ratings Under Review
-------------------------------------------------------
Moody's Investor Service has placed all ratings of Ineos Vinyls
under review for possible downgrade.

Ratings affected:

   -- B1 Corporate Family Rating of EVC International N.V.;

   -- B1 rating on senior secured bank facilities at EVC
      International N.V;

   -- B3 rating on EUR160 million in senior notes due 2011 at
      Ineos Vinyls Finance Plc.

Moody's rating review was prompted by Ineos Vinyls' financial
and operating performance, which remains consistently below
rating agency expectations, raising concern with regard to the
Company's ability to reduce its debt in the future, whilst
maintaining a satisfactory liquidity position, which is
currently supported with EUR50 million available under the
shareholder's loan.

In 2005, Ineos Vinyls reported EUR1,222 million in Revenues and
EUR60.8 million in EBITDA. The Company's cash flow generation
was significantly weaker than in 2004, with RCF/Net Debt at 9.5%
and FCF/Net Debt at negative (1.1)%. The leverage remains high
at x4.1 times on Adjusted Net Debt / EBITDAR basis.

Moody's review will focus on:

   -- the future measures to be taken by management to improve
      the profitability of the operations;

   -- the on-going efforts to mitigate reliability issues at
      some of the Company's facilities;

   -- the level of third party support that would be available
      to the Company to support resolution of operating and
      financial issues; and

   -- the likelihood that Ineos Vinyls will be able to
      strengthen FCF generation and working capital management
      over the next 2-3 years in order to reduce the absolute
      level of indedtedness.

Following completion of the assets sale of EVC International NV
to Ineos Vinyls ltd and liquidation of EVC International NV
legal entity, Moody's will also reassign relevant ratings to the
successor company Ineos Vinyls ltd.

Based in Eijsden, the Netherlands, Ineos Vinyls (EVC
International N.V.) is a leading European producer of PVC that
in 2005 generated EUR1,222 million in revenues and EUR60.8
million in EBITDA (before exceptional and other items).


===========
P O L A N D
===========


HELLENA S.A.: Hoop Eyes Acquisition of Bankrupt Manufacturer
------------------------------------------------------------
After undergoing bankruptcy proceedings in June last year,
Hellena S.A. has now attracted buyers for its facility and
trademark, Polish News Bulletin reports.

The company's receiver said that soft drink manufacturer Hoop
has openly expressed interest in acquiring the bankrupt entity
since June 2005, in a bid to expand its market position,
although several investors are also interested in the
transaction, the Bulletin relates.  

According to the report, the tender value of Hellena's facility
has been priced at PLN199.2 million, compared with its original
price tag valued at PLN252 million.  Hellena's trademark is
estimated to be worth more than PLN70 million.  The paper added
that the company's creditors, composed mainly of private banks
and companies, are demanding some PLN120 million if negotiations
are reached with potential buyers.

Headquartered in Poland, Hellena S.A. http://www.hellena.com.pl/
-- was established in 1991 by Zenon Sroczyski.  Since 1994 it
has become a joint stock company.  It specializes in fruit and
vegetable juices production, carbonated and non-carbonated
drinks and natural spring waters and promotes traditional Polish
flavors.


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


ENERGETIK: Court Names A. Kolchurin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed A. Kolchurin
as insolvency manager of Energetik.

The Court commenced bankruptcy proceedings against the open
joint stock company with the case docketed as A27-41071/2005-4.

The insolvency manager can be reached at:

         A. Kolchurin
         Insolvency Manager
         Novokuznetsk, Kirova Str. 75-160
         654000, Kemerovo Region, Russia


KIMILTEYSKOYE: Claims Filing Period Ends April 11
-------------------------------------------------
Creditors of Kimilteyskoye have until April 11, to submit their
proofs of claim to court-appointed insolvency manager, D.
Murashov, at:

         Dekabrskih Sobytiy Str. 109-48
         664007, Irkutsk, Russia

The Arbitration Court of Irkutsk Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A19-38224/05-34.

The Debtor can be reached at:

         Kimilteyskoye
         Kimiltey, Lenina Str. 9
         Ziminskiy region
         666375, Irkutsk Region, Russia


KITOJ-WOOD: Creditors Must Submit Claims by April 11
----------------------------------------------------
Creditors of Kitoj-Wood have until April 11, to submit their
proofs of claim to court-appointed insolvency manager, A. Fomin,
at:

         Post User Box 131
         664025, Irkutsk, Russia
         Tel/Fax: (3952) 33-40-68

The Arbitration Court of Irkutsk Region will convene at 10 a.m.,
on Oct. 12, to hear the bankruptcy proceedings against the open
joint stock company with the case docketed as A19-14144/01-29.

The Debtor can be reached at:

         Kitoj-Wood
         Angarsk, Zavodskaya Str. 1
        665882, Irkutsk Region, Russia


MIKHAYLOVSKIY: Claims Filing Period Ends April 11
-------------------------------------------------
Creditors of Mikhaylovskiy have until April 11, to submit their
proofs of claim to court-appointed insolvency manager, A.
Grezin, at:

         Office 118, Studenovskaya Str. 4
         398020, Kursk, Russia

The Arbitration Court of Kursk Region commenced the bankruptcy
proceedings against the company with the case docketed as A35-
5123/05 "g".  

The Debtor can be reached at:

         Mikhaylovskiy
         Zheleznogorskiy Region, Zelenyj
         Sloboda Mikhaylovka
         Kursk Region, Russia


ORLOVSKIY AGRO-HOLIDNG: Declared Insolvent by Orel Court
--------------------------------------------------------
The Arbitration Court of Orel Region commenced bankruptcy
proceedings against Orlovskiy Agro-Holidng after finding the
close joint stock company insolvent.  The case is docketed as
A48-7510/05-20b.

Mr. B. Latyshev has been appointed insolvency manager.

The Debtor can be reached at:

        Orlovskiy Agro-Holidng
        S. Shaumyana Str. 35
        Orel, Russia

The insolvency manager can be reached at:

        B. Latyshev
        Room 4-10, Kromskoy Proezd, 2,
        302043, Orel, Russia


PERVOMAYSKAYA: Claims Filing Period Ends April 11
-------------------------------------------------
Creditors of Pervomayskaya have until April 11, to submit their
proofs of claim to court-appointed insolvency manager, A.
Povolotskiy, at:

         Building 15, Nozhegorodskaya Str. 32
         109029, Moscow, Russia

The Arbitration Court of Vladimir Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A11-14880/2005-K1-77B.

The Debtor can be reached at:

         Pervomayskaya
         Sudogda, Zarechnaya Str. 1A
         601240, Vladimir Region, Russia


PRESS-POLYMER: Court Names Y. Feliksov Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Y. Feliksov as
insolvency manager of Press-Polymer.

The Court commenced bankruptcy proceedings against the close
joint stock company with the case docketed as A36-4985/2005.

The Debtor can be reached at:

         Press-Polymer
         Sovetskaya Str. 7
         398000, Lipetsk, Russia

The insolvency manager can be reached at:

         Y. Feliksov
         Orlovskaya Str. 1
         398020, Lipetsk, Russia


REPAIR-BUILDING ENTERPRISE: Claims Filing Period Ends Apr. 11
-------------------------------------------------------------
Creditors of Repair-Building Enterprise #9 have until April 11,
to submit their proofs of claim to court-appointed insolvency
manager, A. Mikhaylov, at:

         Kazan, Post User Box 265
         420029, Tatarstan Republic, Russia

The Arbitration Court of Tatarstan Republic commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A65-5785/2003-SG4-27.

The Debtor can be reached at:

         Repair-Building Enterprise #9
         Kazan, Saydasheva Str. 21
         420022, Tatarstan Republic, Russia


SAMARA-AUTO-CONTAINER: Claims Bar Date Set for April 11
-------------------------------------------------------
Creditors of Samara-Auto-Container have until April 11, to
submit their proofs of claim to court-appointed insolvency
manager, A. Miller at:

         Almetyevsk, GOS-11
         Post User Box 188
         423461, Tatarstan Republic, Russia

The Arbitration Court of Samara region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A55-14260/05-38.

The Debtor can be reached at:

        Samara-Auto-Container
        Verkhnyaya-Karyernaya Str. 3a
        Samara Region, Russia


UYARSKOYE: Deadline for Proofs of Claim Set for April 11
--------------------------------------------------------
Creditors of Uyarskoye 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 open joint stock company were the case
is docketed as A33-5467/2005.

The Debtor can be reached at:

         Uyarskoye
         Parfenyevo
         Krasnoyarsk Region, Russia


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


LEOFARM: Lviv Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Leofarm (code EDRPOU 22380380).  
The case is docketed as 6/161-5/63.  

Mr. Igor Litvin has been appointed temporary insolvency manager.

CONTACT:  Leofarm
          Chervonoyi kalini Avenue 79
          Ukraine, Lviv Region

          Mr. Igor Litvin
          Temporary Insolvency Manager
          Sirko Str. 23/37
          Ukraine, Lviv Region

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


MOVIPAK: Harkiv Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on LLC Joint Enterprise Movipak (code
EDRPOU 23143771).  The case is docketed as B-39/152-05.  

Mr. Arkadij Neverov has been appointed temporary insolvency
manager.

CONTACT:  Movipak
          Shatilova dacha Str. 4
          61145, Ukraine, Harkiv Region

          Mr. Arkadij Neverov
          Temporary Insolvency Manager
          N. Uzhvij Str. 7/178
          04108, Ukraine, Kyiv Region
          Tel/Fax: (044) 462-00-61

          Economic Court of Harkiv Region
          Svobodi Square 5, Derzhprom 8th Entrance
          61022, Ukraine, Harkiv Region


OVRUCH' RAJAGROHIM: Zhitomir Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Economic Court of Zhitomir Region commenced bankruptcy
proceedings against OJSC Ovruch' Rajagrohim (code EDRPOU
05488638) on Jan. 19, after finding the company insolvent.  The
case is docketed as 14/84-B.  

Mr. M. Grinevich has been appointed Liquidator/Insolvency
Manager.

CONTACT:  OJSC Ovruch' Rajagrohim
          Ovruch, Saburov Str. 1a
          64121, Ukraine, Zhitomir Region

          Mr. M. Grinevich, Liquidator/Insolvency Manager
          Ovruch, Radyanska Str. 126/6
          Ukraine, Zhitomir Region
          Tel: 8 (097) 757-59-02

          Economic Court of Zhitomir Region
          Mala Berdichivska Str. 25
          10014, Ukraine, Zhitomir Region


REMBUD LUKS: Lviv Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
proceedings against Private Enterprise Rembud Luks (code EDRPOU
22563119) on Jan. 31, after finding the company insolvent.  The
case is docketed as 6/299-8/289.  

Mr. Onushkanich Yaroslav has been appointed
Liquidator/Insolvency Manager.

CONTACT:  Luks
          Zelena Str. 238
          79038, Ukraine, Lviv Region

          Mr. Onushkanich Yaroslav
          Liquidator/Insolvency Manager
          Strijska Str. 71-b/3
          79031, Ukraine, Lviv Region

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


SIVASH: Herson Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on LLC Sivash (code EDRPOU 30874799).  The
case is docketed as 12/12-B-06.  

Mr. Dmitro Kuznetsov has been appointed temporary insolvency
manager.

CONTACT:  Sivash
          Novodmitrivka, Shevchenko Str. 10
          75556, Ukraine, Herson Region

          Mr. Dmitro Kuznetsov
          Temporary Insolvency Manager
          Novotroyitske Str. Robitnicha Str. 19
          Ukraine, Herson Region

          Economic Court of Herson Region
          Gorkij Str. 18
          73000, Ukraine, Herson Region


SODAS: Vinnitsya Court Begins Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on Joint Ukrainian-Polish Company With
Foreign Investments Sodas (code EDRPOU 20040125) on Feb. 2,
2006.  The case is docketed as 5/2-06.

Mr. Bolhovitin Vitalij has been appointed temporary insolvency
manager.

CONTACT:  Sodas
          Soborna Str. 50
          21050, Ukraine, Vinnitsya Region

          Mr. Bolhovitin Vitalij
          Temporary Insolvency Manager
          Hmelnitske shose Str. 2-A/602
          21036, Ukraine, Vinnitsya Region
          Tel: 52-03-41, 8 (067) 674-20-35

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


SOYUZHIMPROM: Lugansk Court Begins Bankruptcy Process
-----------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
proceedings against LLC Soyuzhimprom (code EDRPOU 30948802) on
Jan. 30, after finding the company insolvent.  The case is
docketed as 20/143 b.  

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

CONTACT:  Soyuzhimprom
          93000, Ukraine, Lugansk Region
          Rubizhne, Lenin Str. 4/309

          Mr. S. Ptushko
          Liquidator/Insolvency Manager
          Leninskogo komsomolu quarter, 4/109
          91006, Ukraine, Lugansk Region

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


VOSTOK: Harkiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against Agricultural LLC Agrofirm Vostok (code
EDRPOU 00706289) on Feb. 2, 2006 after finding the company
insolvent.  The case is docketed as 19/90-05.  

Mr. Yevgen Chipizhenko has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Vostok
          Pervomajskij District, Kiseli, Lenin str.
          64121, Ukraine, Harkiv Region
          Mr. Yevgen Chipizhenko
          Liquidator/Insolvency Manager
          Sumska Str. 82, office 17
          611002, Ukraine, Harkiv Region
          Tel: 714-22-16

          Economic Court Of Harkiv Region
          Svobodi Square 5, Derzhprom 8th Entrance
          61022, Ukraine, Harkiv Region


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


ABL CONSTRUCTION: Taps Administrator from Sanderlings LLP
---------------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed administrator of
ABL Construction Limited (Company Number 04423037) on March 8.

The administrator can be reached at:

          Sanderlings LLP
          Sanderling House
          1071 Warwick Road
          Acocks Green, Birmingham
          B27 6QT

ABL Construction Ltd offers general construction and civil
engineering services and can be reached at:

          Unit 4/WDA Ind Est,
          Burry Port, SA16 0NN
          Tel: 01554 830111


ADVANCED DATACOM: Members Pass Winding Up Resolution
----------------------------------------------------
Members of Advanced Datacom Systems Limited passed a resolution
to wind up the company during an extraordinary general meeting
on Feb. 17.

They authorized Richard Frank Simms and Steven Peter Ford, of
Insol House, to jointly administer the winding up process.

Advanced Datacom Systems Limited can be reached at:

         112 High Street
         Newport Pagnell Buckinghamshire
         MK16 8EH
         Tel: 01908 219 500
         Fax: 01908 219 501
         Web: http://www.adsltd.co.uk/


AR COMMUNICATIONS: Appoints Sharma & Co. Administrator
------------------------------------------------------
G. D. Sharma of Sharma & Co was appointed administrator of AR
Communications International Limited (Company Number 435835) on
Feb. 28.  Its registered office is at Suite 37 Anglesey House,
Anglesey Business Park, Burton-on-Trent DE14 3NT.

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

AR Communications International Limited can be reached at:

          Tel: +44 (0) 1283 517820


ATP EUROPE: Mounting Debts Trigger Liquidation
---------------------------------------------
Paul Appleton, of David Rubin & Partners, was appointed
Liquidator of ATP Europe Limited after members decided to
liquidate the company's assets Feb. 23.

Chairman D. Robson disclosed that the company could no longer
continue its operations due to mounting debts.

ATP Europe Limited can be contacted at:

          18 Cavell Road
          London
          N17 7BJ
          Tel: 020 8992 2330


BOX SPECIALISTS: Taps Grant Thornton to Administer Assets
---------------------------------------------------------
Richard Michael Hawes and Nigel Morrison of Grant Thornton UK
LLP were appointed administrators of The Box Specialists (UK)
Limited (Company Number 5634388) on March 13.  Its registered
office is at Glandwr Industrial Estate, Aberbeeg, Abertillery,
Gwent NP13 2LN.

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.  

The Box Specialists (UK) Limited manufactures solid board
products.


COULOIR LEISURE: Names Bartfields as Administrator
--------------------------------------------------
Gerald Maurice Krasner of Bartfields (UK) Limited was appointed
administrator of Couloir Leisure Limited (Company Number
04565502) on March 10.  

The administrator can be reached at:

         Bartfields (UK) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         Tel: 0113 244 9051
         Fax: 0113 234 3208
         E-mail: gerald.krasner@bartfield.co.uk

Coulouir Leisure Limited operates restaurants and nightclubs and
can be reached at:

         Couloir Leisure Ltd
         91 Glisson Road
         Cambridge, Cambs
         CB1 2HG
         Tel: 01223 4464550
         Fax: 01223 525195


EDEN CONCEPT: Clothing Retailer Appoints Administrator
------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of clothing retailer Eden Concept Limited (Company Number
04687984) on March 10.

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


EYESAGLOW LTD: Appoints Joint Administrators from Tenon Recovery
----------------------------------------------------------------
A. J. Pear and S. R. Thomas of Tenon Recovery were appointed
joint administrators of Eyesaglow Ltd (Company Number 02743122)
on March 14.

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

Eyesaglow Ltd operates a nightclub and can be reached at:

         77a The Parade High Street
         Watford, Herts WD17 1LN
         Tel: 01923 281100
         Fax: 01923 281101


F.S. INTERIORS: Names J.N. Bleazard as Liquidator
-------------------------------------------------
F.S. Interiors Limited is liquidating its assets after members
found out that the company could no longer continue its
operations due to financial liabilities.

J.N. Bleazard, of XL Business Solutions Ltd., was appointed
Liquidator.

F S Interiors Limited can be contacted at:

         Unit 9 Wellington Business Centre
         Quebec Street
         Elland West Yorkshire
         HX5 9AS
         Tel: 01422 377 299


HDS BEARINGS: Creditors' Meeting Set for March 29
-------------------------------------------------
Creditors of HDS Bearings Limited (Company Number 03581049) will
meet at 12:30 p.m., on March 29, at:

         Tenon Recovery
         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., March 28, to:

         Ian William King
         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.

H D S Bearings Ltd can be reached at:

         Unit 13 Brough Park Industrial Estate
         Newcastle Upon Tyne NE6 2YF
         Tel: 0191-265 0278
         Fax: 0191-265 7713


HOUGHTON AND ASSOCIATES: Claims Registration Ends May 17
--------------------------------------------------------
Houghton and Associates Limited is liquidating its assets after
members decided to wind up the company on Feb. 17.

Appointed Joint Liquidator, D.F. Wilson, 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 17.

Houghton & Associates Limited can be reached at:

         Princes House
         13 Princes Square
         Harrogate North Yorkshire
         HG1 1LW
         Tel: 01423 506 677
         Fax: 01423 502 521


JKO PROMOTIONS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of JKO Promotions.TV Limited confirmed the company's
voluntary liquidation after members decided to wind up the
company's operations on Feb. 23.

Creditors also ratified the appointment of Harjinder Johal and
George Michael, both of Ashcrofts, as Joint Liquidators.

JKO Promotions.TV Limited can be contacted at:

         Suite 9A First Floor
         17 Pundersons Gardens
         London
         E2 9RU
         Tel: 020 7729 6204


KINGAVON LIMITED: Appoints Baker Tilly to Administer Assets
-----------------------------------------------------------
Graham Paul Bushby and Nigel Millar of Baker Tilly were
appointed administrators of Kingavon Limited (Company Number
1325578) on March 13.  Its registered office is at Unit 1,
Celcuis Centre, 53-57 Knightsdale Road, Ipswich, Suffolk IP1
4JQ.

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

Kingavon Ltd imports electrical and motor goods and can be
reached at:

         Parkside/Duke St.
         Ipswich IP3 0AF
         Tel: 01473 219131


KWIK SPEKS: Hires Joint Liquidators from Harrisons
--------------------------------------------------
John C Sallabank and Paul Boyle, of Harrisons, were appointed
Joint Liquidators of Kwik Speks Limited after members resolved
to liquidate the company's assets on Feb. 23.

Director G. Blair revealed that the company could no longer
continue its business due to financial liabilities.

Kwik Speks Limited can be reached at:

          Woodchurch Road
          Birkenhead Merseyside
          CH4 28PG
          Tel: 0151 609 1677


M & B FRAMES: Members Agree on Winding Up Process
-------------------------------------------------
Members of M & B Frames decided to wind up the company's
operations during an extraordinary general meeting on Feb. 22.

They appointed Ian Pattinson as Liquidator.

M & B Frames Limited can be reached at:

         Top Road
         Osgathorpe Loughborough Leicestershire
         LE12 9TB
         Tel: 01530 222 000
         Fax: 01530 223 882


MERESBOROUGH BOOKS: Taps Administrators from Kingston Smith
-----------------------------------------------------------
Ian Robert and Nicholas James Miller of Kingston Smith &
Partners LLP were appointed administrators of Meresborough Books
Limited (Company Number 2899705) on March 13.  Its registered
office is at 17 Station Road, Rainham, Gillingham, Kent ME8 7RS.

Kingston Smith -- http://www.kingstonsmith.co.uk/-- has over  
400 people, including 45 partners, based in six offices in
London and the South East, and was founding member of KS
International, a network of over 100 offices in 49 countries
around the world.  It was originally formed in 1923.

Meresborough Books Limited --
http://www.meresboroughbooks.co.uk/-- sells books and  
newspapers.


MI CONSULTING: Bank of Scotland Appoints Receiver
-------------------------------------------------
Bank of Scotland appointed Shay Bannon and Shagun Dubey of BDO
Stoy Hayward LLP joint administrative receivers of MI Consulting
Group Limited (Company Number SC201451), MI Services Group
Limited (Company Number SC087221) and MI Services International
Limited (Company Number SC201452) on March 7.

Mi Consulting Group Ltd offers IT consultancy and support
services and can be reached at:

         7 Camberwell Way
         Doxford International Business
         Sunderland, Tyne And Wear
         SR3 3XN
         Tel: 0191-516-3000   

Mi Services Group Ltd can be reached at:

         Merlin House Brunel Road
         Theale Reading, Berkshire
         RG7 4AB
         Tel: +44 (0) 118 902 6804
         Fax: +44 (0) 118 902 6803


MORRIS SWAIN: Meeting of Creditors Set for March 29
---------------------------------------------------
Creditors of Morris Swain Engineering Limited (Company Number
01600722) will meet at 11:30 a.m., on March 29, at:

         Holiday Inn Express
         Botley Road
         Southampton SO30 3XA

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to the administrator, Jonathan Guy Lord, at:

         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire
         OL1 1TE
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk

Morris Swain Engineering Ltd can be reached at:

         57 Cobhan Road
         Ferndown Industrial Estate
         Wimborne, Dorset
         BH21 7RB
         Tel: 01202 875471
         Fax: 01202 861505


NCS HUMAN: Administrator from Tenon Recovery Takes Over Helm
------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of NCS Human Resource Solutions Ltd (Company Number 04276861) on
March 15.  

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

NCS Human Resource Solutions Ltd operates a recruitment agency
can be reached at:

         65 The Quayside
         Newcastle Upon Tyne, NE1 3DE
         Tel: 0191 222 0666


P.J. VENTILATION: Starts Liquidation Proceedings
------------------------------------------------
P.J. Ventilation Supplies Limited is liquidating its assets
after members passed a resolution to wind up the company on
Feb. 21.

M.F.P. Smith and N.J. Hawksley, of Dains, were appointed Joint
Liquidators.

P.J. Ventilation Supplies Limited can be reached at:

         Unit 4
         Great Bridge Industrial Estate
         Tipton West Midlands
         DY4 0HR
         Tel: 0121 522 3363


PHOENIX RETAIL: Appoints Sharma & Co. Administrator
---------------------------------------------------
D. Sharma of Sharma & Co was appointed administrator of Phoenix
Retail (West Midlands) Limited (Company Number 05149451) on
March 14.  Its registered office is at 101 Dixons Green Road,
Dudley DY2 7DJ.

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


RANK GROUP: Repurchases 733,976 Shares for Cancellation
-------------------------------------------------------
The Rank Group Plc purchased yesterday, 733,976 Ordinary shares
of 10 pence in the Company for cancellation at an average price
of 230.57 pence per share.

Headquartered in London, Rank Group plc -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

As reported in the Troubled Company-Europe on March 8, Moody's
Investors Service assigned a Ba2 corporate family rating to The
Rank Group Plc and concurrently downgraded the senior unsecured
long-term debt ratings of Rank Group Finance Plc (guaranteed by
The Rank Group Plc) to Ba2 (from Baa3).  

The rating action is prompted by Rank's announcement that it
will distribute GBP200 million to shareholders, following the
completion of the Deluxe Film's disposal as well as by the
group's weak operating performance in 2005.  The downgrade
reflects Moody's expectation that Rank's more limited business
scope and less diversified business profile combined with its
increased leverage will result in a considerably weakened
financial profile.  The rating action concludes a review
initiated on Dec. 7 2005.

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


SPEEDPRINT LIMITED: Financial Woes Prompt Liquidation
-----------------------------------------------------
Filippa Connor, of B & C Associates, was appointed Liquidator of
Speedprint Limited after members decided to liquidate the
company's assets on Feb. 21.

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

Speed Print (UK) Limited can be reached at:

         Unit 1 Heath House
         Station Road
         Tiptree Colchester Essex
         CO5 0AZ
         Tel: 01621 818 344
         Fax: 01621 819 279


TP8 LIMITED: Meeting of Creditors Set for March 30
--------------------------------------------------
Creditors of TP8 Limited (Company Number 04594420) will meet at
11 a.m., on March 30, at:

         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH

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 29, to the joint administrators
for the company -- Ladislav Hornan, Peter Kubik and Andrew
Andronikou -- at:

         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH
         Tel: 020 7216 4600
         Fax: 020 7638 2159

TP8 Ltd and its three affiliates are for sale: Jowetts,
Broadley's Labels and Hannibal Labels.  These companies have a
combined turnover of GBP18.5 million.


WEST HYDE: Registration of Claims Ends March 31
-----------------------------------------------
Creditors of West Hyde Enclosures Limited are given until
Friday, March 31, 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
Liquidators, W. John Kelly and James P. N. Martin.

West Hyde Enclosures Limited can be contacted at:

          Armstrong House
          Bath Road
          Woodchester Stroud Gloucestershire
          GL5 5HJ
          Tel: 01453 836 789
          Fax: 01453 836 444


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********                            


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

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

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

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

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

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


                 * * * End of Transmission * * *