TCREUR_Public/060329.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R       

                          E U R O P E

           Wednesday, March 29, 2006, Vol. 7, No. 63    

                           Headlines


A U S T R I A

BAWAG PSK: Moody's Downgrades Financial Strength Rating to C-
RHI AG: Posts Preliminary Financial Results for Fiscal 2005
RHI AG: Supervisory Board Extends Management Board to 4 Members


F I N L A N D

METSO CORPORATION: Earns EUR237 Million in Fiscal 2005


G E R M A N Y

A.+L. FEY: Claims Registration Ends April 5
ANDREE & CO: Claims Registration Ends April 7
ANKA GERUESTBAU: Claims Registration Ends April 5
B + T STAHL: Claims Registration Ends April 7
DACHDECKERMEISTER BERND: Creditors' Meeting Slated for April 27

FRANZ STROBL: Claims Registration Ends April 4
G. RICHTER: Claims Registration Ends April 7
GUENTER WALTER: Claims Registration Ends April 7
HEINRICH MEYER: Claims Registration Ends April 5
SCHMIDT & MUELLER: Creditors' Meeting Slated for April 6


K A Z A K H S T A N

ASTANA-EFFECT: Creditors Must Submit Claim by April 7
DALIA DISTRIBUTION: Creditors Must Submit Claim by April 7
DAULET: South Kazakhstan Court Opens Bankruptcy Proceedings
FIRMA NB: Pavlodar Court Opens Bankruptcy Proceedings
NBN COMPANY: Creditors Must Submit Claim by April 7

POLIMERSTROISERVICE: Creditors Must Submit Claim by April 7
TRUBNEFTEMASH: Creditors Must Submit Claim by April 7
UNIVERSAL BUSINESS: Creditors Must Submit Claim by April 7
YANGIOBAD: South Kazakhstan Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

ANAR: Public Auction for Equipment Lots Set for March 31


N E T H E R L A N D S

ROMPETROL GROUP: Says Fitch's Outlook Won't Affect Operations


R U S S I A

BOGORODITSKIY COMBINE: Claims Filing Period Ends April 11
BUILDING-MONTAGE: Court Names N. Volgina as Insolvency Manager
ICHALKOVO-SEL-KHOZ-KHIMIYA: Claims Filing Period Ends April 11
KOMSOMOSKIY BREAD: Ivanovo Court Begins Bankruptcy Proceedings
LIGHT: Tver Court Opens Bankruptcy Proceedings

MEAT COMBINE: Claims Filing Period Ends April 11
MORDOV-LES-TOP-PROM: Deadline for Proofs of Claim Set April 11
NIVA-KROMY: Proofs of Claim Deadline Set for April 11
NORD AIR: Court Names A. Fomin as Insolvency Manager
TEMIR CAPITAL: Fitch Rates US$150 Mil. Notes at Long-Term B-

TOMSKIY OIL-CHEMICAL: Succumbs to Bankruptcy


S W E D E N

CONCORDIA BUS: Carnegie Investment Coordinates Stock Trading


U K R A I N E

ARMALIT: Zaporizhya Court Opens Bankruptcy Proceedings
AZOV: AR Krym Court Opens Bankruptcy Proceedings
DNIPROPETROVSK' MEAT: Mihajlo Named Interim Insolvency Manager
ENERGOSERVICE: Donetsk Court Opens Bankruptcy Proceedings
ENERGOTEHTRADE-UKRAINE: Kyiv Court Opens Bankruptcy Proceedings

KRASNOZNAMENSKE: Court Names Inna Danilko to Liquidate Assets
LVIVSKA KONSERVA: Lviv Court Opens Bankruptcy Proceedings
PLEMZAVOD VILA: Vinnitsya Court Opens Bankruptcy Proceedings
PROGRES: Court Names Oleksandr Holostij as Liquidator
SLOVYANSKIJ: Cherkassy Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ADVANCED HARLEY: Members Pass Winding Up Resolution
AMBRIC DEVELOPMENT: Claims Registration Ends April 6
ANGLO SWEDISH: Appoints Ian William Kings as Liquidator
AVECIA GROUP: S&P Withdraws Junk Rating on Company's Request
BED LAND: Members Agree to Liquidation

B & F EXPORTERS: Amco Offers IP Rights & Other Assets for Sale
BODY BEAT: Registration of Claims Ends April 30
BOXTRAIL LIMITED: M.D. Hardy Leads Liquidation Proceedings
BROADLAND WINERIES: Asset Sale Begins
CITY TELECOM: Claims Registration Ends April 7

CT COMPOSITES: Creditors Ratify Appointment of Joint Liquidators
EXTELLA LIMITED: Financial Woes Trigger Liquidation
FOUNDRY CONSULTANCY: Registration of Claims Ends April 7
GOLF PAGES: Taps Joint Liquidators from Valentine & Co
HAPPYUSUAL LIMITED: Winds Up Operations & Appoints Liquidator

JSH GAS: Joint Liquidators Lead Winding Up Proceedings
KERRY INNS: Claims Filing Period Ends April 6
LANG & HUNTER: Creditors Confirm Voluntary Liquidation
MIKE SIGRIST: Liquidator Sets May 1 Claims Registration Deadline
NTL INCORPORATED: Moody's Assigns Ba3 Corporate Family Rating

NTL HOLDINGS: Fitch Ratings Lowers Issuer Default Rating to B+
PARKLAND TRADING: Members Pass Winding Up Resolution
PHILLIPS AND SONS: Hires Liquidator from Mistry Associates Ltd
PHOENIX DISCOUNT: Financial Liabilities Prompt Liquidation
RAMSGATE TECHNOLOGY: Members Pass Winding Up Resolution

S G MASON: Admin Receivers Offer Business & Assets for Sale
ZERO DIVIDEND: Board Sends Liquidation Proposal to Shareholders

* Retail Experts Join FTI Palladium Partners in London

                           *********

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


BAWAG PSK: Moody's Downgrades Financial Strength Rating to C-
-------------------------------------------------------------
Moody's Investors Service has downgraded to C- from C the bank
financial strength rating of Bawag P.S.K. Bank fuer Arbeit und
Wirtschaft und Oesterreichische Postsparkasse AG (Bawag P.S.K.)
and put this rating as well as all other short- and long-term
ratings of BAWAG P.S.K. on review for possible downgrade.

Moody's downgrade of BAWAG's FSR to C- reflects the agency's
concerns regarding recently disclosed transactions, which
highlight weaknesses in the bank's risk management controls and
procedures.  Moody's added it decided to place all ratings under
review for possible downgrade after BAWAG P.S.K. unveiled losses
of around EUR1 billion in interest rate and currency derivative
trades in 2000.  These transactions were conducted through
Caribbean offshore financial companies.  

The review will focus on BAWAG P.S.K.'s recent breaches of
corporate and risk management governance and the potential
effects of these breaches on its franchise and standing in the
financial markets.  The review of BAWAG P.S.K.'s deposit and
debt ratings will also focus on the likelihood of support from
its shareholder (the Oesterreichische Gewerkschaftsbund trade
union) as well as from the Austrian government in light of BAWAG
P.S.K.'s importance to the Austrian financial system.

Moody's stressed that with respect to risk management procedures
as well as risk culture within BAWAG P.S.K., deficiencies have
become apparent.  The agency believes that a fully transparent
and comprehensive disclosure of the past transactions and, going
forward, new and efficient risk management procedures as well as
strong control mechanisms will be necessary.

These ratings were put under review for possible downgrade:

   -- Bawag P.S.K. long-term debt and deposit rating of A3;

   -- Bawag P.S.K. short-term debt and deposit rating of P-1;

   -- Bawag P.S.K. FSR of C-;

   -- Bawag Capital Finance (Jersey) Ltd debt and deposit rating
      of Baa2;

   -- Bawag Capital Finance (Jersey) II Ltd debt and deposit
      rating of Baa2; and

   -- Bawag Capital Finance (Jersey) III Ltd debt and deposit
      rating of Baa2;

Headquartered in Vienna, Austria, BAWAG P.S.K. had total assets
of EUR56.3 billion as of Dec. 31, 2004.


RHI AG: Posts Preliminary Financial Results for Fiscal 2005
-----------------------------------------------------------
RHI AG disclosed its preliminary financial results for fiscal
year 2005.  The Company posted a EUR99.8 million profit in 2005,
compared to EUR99.7 million in the previous year.

The profit attributable to stockholders of RHI (after minority
interest) amounts to EUR98.1 million, compared to EUR95 million
in 2004.  

The Company confirms that the strategic direction taken
following the crisis in 2001 has been successful.  After the
contract to sell the Insulating Group was signed in January, RHI
is now fully concentrating on extending the globally leading
technology and market position of RHI Refractories.

As RHI signed a contract to sell the Heraklith Group in January
2006, the insulating division is already shown as "discontinued
operations" in fiscal 2005 in accordance with International
Financial Reporting Standards regulations.  Although profit of
the RHI Group according to IFRS still comprises the entire
business of the Group and thus also the insulating division, the
group figures for revenue, EBIT and other earnings figures, have
been "adjusted" for Insulating.  In order to ensure better
comparability, revenue and EBIT 2005 are shown as both figures
comparable to 2004 and in accordance with IFRS.  Both versions
are also shown in the attached overview "Key figures of the RHI
Group".

                       Preliminary Results

On a comparable basis, RHI's consolidated revenue amounted to
EUR1.451 billion in 2005 up 11.9%, from EUR1.29 billion in 2004.  
Revenue from refractories rose by 7.5% to EUR1.18 billion, from
EUR1.10 billion in 2004.  With the successful acquisition in
Slovenia, Insulating increased revenue significantly by 40.7% to
EUR 255.4 million in 2005, from EUR181.5 million in the previous
year.

The RHI Group's EBIT comparable to 2005 reached EUR139.5
million, up 2.9% from EUR 135.6 million in 2004.  Refractories
reported EBIT of EUR117.8 million, compared to EUR123.2 million
in 2004, as a result of energy and raw material costs, which
continued to rise in 2005.  The EBIT margin fell to 9.9%, a good
figure compared to the competition.  Insulating more than
doubled its EBIT to EUR21.7 million, from the previous year's
EUR10.1 million, and once again significantly improved its EBIT
margin to 8.5% (2004: 5.5%).

In accordance with IFRS, RHI's consolidated revenue in 2005
amounted to EUR1.20 billion, up 7.1% from the previous year's
EUR1.12 billion.  This consolidated revenue shows the continuing
refractories operations and other revenue in the amount of
EUR14.3 million.

The RHI Group's EBIT recorded in accordance with IFRS was
EUR117.8 million in 2005 (2004: EUR 125.5 million).  

All of the above mentioned data for 2005 are preliminary.  The
final results as well as RHI's consolidated balance sheet 2005
will be published on April 25, following the approval of the
balance sheet.

Headquartered in Vienna, Austria, RHI AG --
http://www.rhi-ag.com/-- manufactures heat-resistant refractory  
products such as steelmaking, copper and aluminum smelting, and
glass production, and in the construction of industrial kilns.

At Dec. 31, 2004, the Company's balance sheet showed a EUR310.5
million stockholders' deficit, compared to a EUR422.7 million
deficit at Dec. 31,2003.


RHI AG: Supervisory Board Extends Management Board to 4 Members
---------------------------------------------------------------
At a Feb. 15 meeting, the Supervisory Board of RHI AG decided
unanimously to extend the Board of Management from three to four
members as of January 2007.

Chief Executive Director Dr. Helmut Draxler will leave the Board
of Management of RHI AG at his own request when his existing
contract expires in January 2007.  He declined the offered
contract extension for personal reasons.

Dr. Andreas Meier, currently deputy CEO, was appointed Dr.
Draxler's successor.  Responsible for the global refractories
activities of the RHI Group, Dr. Meier played a decisive role in
the successful path of RHI Refractories to become world market
leader.

Dr. Eduard Zehetner will remain Chief Financial Officer with
extended responsibilities.  His contract was renewed in 2005,
and he was appointed deputy CEO as of Jan. 1, 2007.

The RHI Group will in the future continue to expand as a company
solely focused on refractories and enhance its leading position
in the world market after the sale of the Heraklith division.

Dr. Giorgio Cappelli and Dr. Manfred H"dl, both successful
managers in the RHI Group for many years, were appointed deputy
board members with effect from Jan. 1, 2007, to enforce customer
and market development.

Dr. Cappelli will be responsible for the customer segment steel
worldwide, Dr. H"dl for the industrial segment, which comprises
the customer industries cement, lime, glass, nonferrous metals,
energy and environmental technology.

Following the sale of the Heraklith division, the RHI Group will
make forceful use of the gained financial scope and expand the
world-wide refractories business.  There are good chances in the
raw material and business area to achieve sustained success in
RHI Refractories' market position and earnings strength within
the next years.

Headquartered in Vienna, Austria, RHI AG --
http://www.rhi-ag.com/-- manufactures heat-resistant refractory  
products such as steelmaking, copper and aluminum smelting, and
glass production, and in the construction of industrial kilns.

At Dec. 31, 2004, the Company's balance sheet showed a EUR310.5
million stockholders' deficit, compared to a EUR422.7 million
deficit at Dec. 31,2003.


=============
F I N L A N D
=============


METSO CORPORATION: Earns EUR237 Million in Fiscal 2005
------------------------------------------------------
Metso Corp. reported its annual report for the year ended
Dec. 31, 2005.

In 2005, the Company posted a consolidated EUR237 million net
profit against EUR1.1 billion in gross profit, compared to a
EUR144 million profit against a EUR929 million gross profit in
2004.

At Dec. 31, 2005, the Company's balance sheet showed EUR3.9
billion in total assets, EUR2.6 billion in total liabilities,
and EUR1.2 billion in stockholders' equity.  

               Liquidity and Capital Resources

In 2005, net cash provided by operating activities amounted to
EUR164 million, compared to EUR 261 million in 2004.  Although
the cash flow in 2005 was strengthened through improved
profitability, the growth in net sales and orders received
caused an increase in working capital.

"Our funding is mainly of a long-term nature and long-term debt
accounted for 75 percent of our total interest bearing debt at
the end of 2005," the Company disclosed in its Form 20-F filed
with the U.S. Securities and Exchange Commission.  "The long-
term debt, consisting primarily of bonds and loans from
financial institutions, amounted to EUR593 million as of Dec.
31, 2005, and EUR885 million as of Dec. 31, 2004.  The bonds
consisted principally of three bond loans with the principal
outstanding amounts of US$109 million (EUR92 million), EUR156
million and EUR257 million.  

"The U.S. dollar denominated bond was issued in the United
States in December 1997 and registered with the SEC.  It matures
in 2007 and bears a fixed annual interest rate of 6.875%.  In
December 2000, we established a Euro Medium Term Note Program of
EUR1 billion, under which initially a EUR500 million bond loan
was issued in December 2001.  The bond loan matures in 2006 and
carries a fixed interest rate of 6.25%.  

"In spring 2004, EUR88 million worth of the bonds were exchanged
into bonds with maturities of five to seven years through
private placements.  In November 2004, we completed an offer to
exchange the remaining bonds to new euro-denominated bonds
maturing in 2011.  EUR256 million of existing bonds were validly
submitted and accepted for exchange.  EUR274 million of new
bonds were issued and they carry a fixed interest rate of
5.125%.  As a result, the remaining outstanding amount of the
bond loan maturing in 2006 is EUR156 million," the Company said.

As of December 31, 2005, the undrawn committed long-term credit
facilities of Metso totaled EUR300 million and the undrawn
committed short-term credit facilities amounted to EUR100
million.

A full-text copy of Metso's 2005 Annual Report is available at
no charge at http://ResearchArchives.com/t/s?715

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *

Moody's Investors Service confirmed the Company's existing long-
term Ba1 credit rating and changed the rating outlook from
stable to positive on Dec. 13, 2005.  Standard & Poor's Ratings
Services has confirmed Metso's existing long-term BB+ corporate
rating, the BB rating on bonds issued and the EMTN program, as
well as the B rating on short-term credits, and has kept the
rating outlook as stable.  The Company disclosed that there are
no prepayment covenants in its financial contracts that would be
triggered by changes in its credit ratings.


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


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Bonn
         Saal S 2.22
         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
A.+L. Fey GmbH on Feb. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

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

The administrator can be contacted at:

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


ANDREE & CO: Claims Registration Ends April 7
---------------------------------------------
Creditors of Andree & Co GmbH have until April 7, to register
their claims with court-appointed provisional administrator Dr.
Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Bochum
         Saal A29
         Viktoriastrasse 14
         44787 Bochum

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

The District Court of Bochum opened bankruptcy proceedings
against Andree & Co GmbH on Feb. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Andree & Co GmbH
         Attn: Gerhard Andree, Manager
         Buschkampstr. 5c
         44625 Herne

The administrator can be contacted at:

         Dr. Dirk Andres
         Viktoriastrasse 10
         44787 Bochum
         Tel: 4145023


ANKA GERUESTBAU: Claims Registration Ends April 5
-------------------------------------------------
Creditors of Anka Geruestbau GmbH have until April 5, to
register their claims with court-appointed provisional
administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 5, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Dortmund
         Saal 3.201
         II. Etage
         Gerichtsplatz 1
         44135 Dortmund

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 Dortmund opened bankruptcy proceedings
against Anka Geruestbau GmbH on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Anka Geruestbau GmbH
         Provinzialstr. 245
         44388 Dortmund         
         Attn: Harald Kosciow, Manager
         Haberlandstr. 9
         44359 Dortmund

The administrator can be contacted at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Tel: 54110
         Fax: 5411266


B + T STAHL: Claims Registration Ends April 7
---------------------------------------------
Creditors of B + T Stahl- und Leichtmetall GmbH have until
April 7, to register their claims with court-appointed
provisional administrator Stefan Hahn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 8, 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 B + T Stahl- und Leichtmetall GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         B + T Stahl- und Leichtmetall GmbH
         Viehhofstr. 117 a
         42117 Wuppertal
         Attn: Erik Thiele, Manager
         Horather Schanze 4
         42281 Wuppertal

The administrator can be contacted at:

         Stefan Hahn
         Morianstrasse 45
         42103 Wuppertal
         Tel: (0202) 28331-0
         Fax: (0202) 28331-75
         E-mail: info@hahn-ra.de


DACHDECKERMEISTER BERND: Creditors' Meeting Slated for April 27
---------------------------------------------------------------
Court-appointed provisional administrator for Dachdeckermeister
Bernd Dieter Moll GmbH, Marc Schaumann, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:00 a.m., on April 27.

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

         The District Court of Luebeck
         Saal E3
         Burgfeld 7
         23568 Luebeck

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

Creditors have until April 6, to register their claims with the
court-appointed provisional administrator.

The District Court of Luebeck opened bankruptcy proceedings
against Dachdeckermeister Bernd Dieter Moll GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Dachdeckermeister Bernd Dieter Moll GmbH
         Attn: Herrn Andreas Moll, Manager
         Schlehenweg 8
         23566 Luebeck

The administrator can be contacted at:

         Marc Schaumann
         Falkenstrasse 22
         23564 Luebeck
         Tel: 0451 7907515
         Fax: 0451 7907516
         E-mail: info@weber-kahl.de


FRANZ STROBL: Claims Registration Ends April 4
----------------------------------------------
Creditors of Franz Strobl GmbH & Co.
Handelskommanditgesellschaft have until April 4, to register
their claims with court-appointed provisional administrator
Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Darmstadt
         Saal 14
         1. OG
         Gebaude D
         Mathildenplatz 15
         64283 Darmstadt

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m., on May 16, at the same
venue.

The District Court of Darmstadt opened bankruptcy proceedings
against Franz Strobl GmbH & Co. Handelskommanditgesellschaft on
Feb. 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Franz Strobl GmbH & Co. Handelskommanditgesellschaft
         Otto-Rohm-Strasse 68
         64293 Darmstadt
         Attn: Heere Roland Franken, Manager
         Schulstrasse 34
         64372 Ober-Ramstadt

The administrator can be contacted at:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Tel: 06151/66729-0
         Fax: 06151/66729-20
         E-mail: darmstadt@ltb-anwaelte.de


G. RICHTER: Claims Registration Ends April 7
--------------------------------------------
Creditors of G. Richter GmbH Venusberg Transporte und
Baustoffhandel have until April 7, to register their claims with
court-appointed provisional administrator Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 17, 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 Chemnitz
         Saal 24
         Fuerstenstrasse 21
         Chemnitz

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 Chemnitz opened bankruptcy proceedings
against G. Richter GmbH Venusberg Transporte und Baustoffhandel
on Feb. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         G. Richter GmbH Venusberg Transporte und Baustoffhandel
         Gelenauer Strasse 11
         09430 Venusberg

The administrator can be contacted at:

         Bettina Schmudde
         Konigstrasse 1
         01097 Dresden
         E-mail: bschmudde@whitecase.com


GUENTER WALTER: Claims Registration Ends April 7
------------------------------------------------
Creditors of Guenter Walter Stahl und Rohstoffhandel GmbH have
until April 7, to register their claims with court-appointed
provisional administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 19, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Bonn
         Saal W126
         1. Stock
         Wilhelmstrasse 21
         53111 Bonn

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

The District Court of Bonn opened bankruptcy proceedings against
Guenter Walter Stahl und Rohstoffhandel GmbH on Feb. 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Guenter Walter Stahl und Rohstoffhandel GmbH
         Attn: Guenter Walter, Manager         
         Niedertorplatz 2
         53340 Meckenheim

The administrator can be contacted at:

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


HEINRICH MEYER: Claims Registration Ends April 5
------------------------------------------------
Creditors of Heinrich Meyer Bauunternehmen GmbH have until
April 5, to register their claims with court-appointed
provisional administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Lueneburg
         Saal 302
         Ochsenmarkt 3
         21335 Lueneburg

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 Lueneburg opened bankruptcy proceedings
against Heinrich Meyer Bauunternehmen GmbH on Feb. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Heinrich Meyer Bauunternehmen GmbH
         Attn: Martin Meyer, Manager         
         Hainfelderstrasse 16
         21435 Stelle

The administrator can be contacted at:

         Peter-Alexander Borchardt
         Deichstr. 1
         20459 Hamburg
         Tel: 040/3760100
         Fax: 040/37601199
         E-mail: hamburg@htg-wp.de


SCHMIDT & MUELLER: Creditors' Meeting Slated for April 6
--------------------------------------------------------
Court-appointed provisional administrator for Schmidt & Mueller
GmbH Wild und Gefluegel, Thomas Heimes, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:15 a.m., on April 6.

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

         The District Court of Saarbruecken
         Raum Saal 24
         2. Etage
         Vopeliusstrasse 2
         66280 Sulzbach

Creditors have until May 11, to register their claims with Mr.
Heimes.

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on June 1, at the same
venue.

The District Court of Saarbruecken opened bankruptcy proceedings
against Schmidt & Mueller GmbH Wild und Gefluegel on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schmidt & Mueller GmbH Wild und Gefluegel
         Gewerbegebiet Klinkenthal
         66578 Schiffweiler

The administrator can be contacted at:

         Thomas Heimes
         Faktoreistrasse 4
         66111 Saarbruecken
         Tel: (0681) 41010
         Fax: (0681) 4101279


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


ASTANA-EFFECT: Creditors Must Submit Claim by April 7
-----------------------------------------------------
LLP Astana-Effect Plus has declared insolvency.  Creditors have
until April 7, to submit written proofs of claim to:

          Seifulina Str. 113
          Astana

            -- or to --

          Lineinaya Str. 4-73
          Astana


DALIA DISTRIBUTION: Creditors Must Submit Claim by April 7
----------------------------------------------------------
LLP Dalia Distribution has declared insolvency.  Creditors have
until April 7, to submit written proofs of claim to:

          Suinbaya Str. 199
          050030, Almaty


DAULET: South Kazakhstan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceeding against LLP
Daulet Jan. 24, 2006.


FIRMA NB: Pavlodar Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceeding against LLP Firma NB on Jan. 31,
2006.


NBN COMPANY: Creditors Must Submit Claim by April 7
---------------------------------------------------
CJSC NBN Company has filed for bankruptcy with the Specialized
Inter-Regional Economic Court of Kostanai Region.  

Creditors have until April 7, to submit written proofs of claim
to:

          Gogol Str. 177a
          Kostanai


POLIMERSTROISERVICE: Creditors Must Submit Claim by April 7
-----------------------------------------------------------
LLP Polimerstroiservice has declared insolvency.  Creditors have
until April 7, to submit written proofs of claim to:

          Baitrsynuly Str. 8-46
          Almaty


TRUBNEFTEMASH: Creditors Must Submit Claim by April 7
-----------------------------------------------------
LLP Trubneftemash has declared insolvency.  Creditors have until
April 7, to submit written proofs of claim to:

          Aktau Industry Zone
          Mangistau Region
          Tel: 8 (329) 2 51-83-47


UNIVERSAL BUSINESS: Creditors Must Submit Claim by April 7
----------------------------------------------------------
LLP Company Universal Business Systems has declared insolvency.  
Creditors have until April 7, to submit written proofs of claim
to:

          Gogol Str. 86
          Almaty
          Tel: 8 (3272) 50-00-72


YANGIOBAD: South Kazakhstan Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceeding against LLP
Yangiobad on Jan. 24.


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


ANAR: Public Auction for Equipment Lots Set for March 31
--------------------------------------------------------
The bidding organizer and insolvency manager of JSC Anar will
hold a public auction of the group's properties on March 31,
2006, 10:00 a.m. at:

          Kochkorata, Transportnaya Str.
          Djalal-Abad Region

The auction contemplates the sale of four technical equipment
lots.

Participants have until March 30, to deposit an amount
equivalent to 10% of the starting price to:

   -- the temporary insolvency manager; or

   -- Kochkorata Department of the Promstroibank, settlement       
      account 1020002000222372, MFO 330501317

The company can be contacted at (+996 3222) 5-28-70 and (0-502)
39-36-28.


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


ROMPETROL GROUP: Says Fitch's Outlook Won't Affect Operations
-------------------------------------------------------------
Netherlands-based The Rompetrol Group NV disclosed that the
rating outlook issued on March 13, by Fitch Ratings will not
influence its operational or financial capacity.

"The negative outlook rating does not imply a rating change is
inevitable or imminent" according to Fitch's definition of this
instrument.  The change has an advisory character and was issued
following an illegal freeze ordered early March by Romanian
prosecutors on 25.89% of unpledged TRG shares in Rompetrol
Rafinare SA, TRG's main Romanian subsidiary.  TRG will continue
to retain voting and management rights over its assets, as well
as the ability to receive dividends.

"While the Fitch advisory is understandable, it is the effect of
an abusive and unfounded protracted investigation conducted
publicly by the General Prosecutor's Office of Romania, designed
to damage TRG's reputation, harm its business, and hurt a number
of individual managers and owners of the company, including
myself," said Philip Stephenson, TRG Vice Chairman.  "This
unilateral action by the prosecutors, which we have immediately
challenged, in no way affects shares that are already pledged.  
It freezes only the shares held by TRG that are without any
secured interest, means or encumbrances.  We are confident that
through legal means we will get this prosecutorial act nullified
and thereby have the freeze on the shares lifted.  Ultimately,
we are confident that we will demonstrate that this is yet
another abuse by the prosecutors which a court will remedy in
our favor," Mr. Stephenson detailed.

The Fitch report points out that the investigation has "had no
impact on TRG's liquidity" and that the "lending banks continue
to fund the group on a secured basis."  The company has
strengthened its international management and has put in place
detailed contingency plans for any eventuality that could result
from this investigation.

                       About the Company

The Rompetrol Group NV -- http://www.rompetrol.com/-- is an oil  
company with the majority of its assets and operations in
France, Romania, Spain and South-Eastern Europe.  The group is
active primarily in refining and downstream marketing, with
additional operations in exploration and production, and other
oil industry services such as drilling, EPCM, transportation,
etc.  With a staff of 8,000 employees, TRG reported gross
revenues of US$2.34 billion in 2005.

                        *     *     *

On March 13, Fitch Ratings changed the Outlook of Netherlands-
based The Rompetrol Group N.V.'s Issuer Default Rating of B- to
Negative from Stable.


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


BOGORODITSKIY COMBINE: Claims Filing Period Ends April 11
---------------------------------------------------------
Creditors of Bogoroditskiy Combine of Building Materials and
Products have until April 11, to submit their proofs of claim
to:

        R. Kutlin
        Arsenalnaya Str. 1D
        300002, Tula Region, Russia

The Arbitration Court of Tula Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A68-99/B-05.

Mr. R. Kutlin has been appointed insolvency manager.

The Debtor can be reached at:

        Bogoroditskiy Combine of Building Materials and Products
        Bogoroditsk, Vyzovskiy Pr. 2
        Tula Region, Russia

The insolvency manager can be reached at:

        R. Kutlin
        Arsenalnaya Str. 1D
        300002, Tula Region, Russia


BUILDING-MONTAGE: Court Names N. Volgina as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Chita Region appointed N. Volgina as
insolvency manager of Building-Montage Enterprise #7.

The Court commenced bankruptcy proceedings against the close
joint stock company with the case docketed as A78-12248/
2005-B-97.

The Debtor can be reached at:

         Building-Montage Enterprise #7
         Krasnokamensk, GOS-3, Post User Box 16
         674670, Chita Region, Russia

The insolvency manager can be reached at:

         N. Volgina
         Post User Box 329
         672000, Chita, Russia


ICHALKOVO-SEL-KHOZ-KHIMIYA: Claims Filing Period Ends April 11
--------------------------------------------------------------
Creditors of Ichalkovo-Sel-Khoz-Khimiya have until April 11, to
submit their proofs of claim to court-appointed insolvency
manager, E. Mochalov, at:

         Room 230, Saransk, Lenina Pr. 12
         430000, Mordoviya Republic, Russia

The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against the company with the case docketed as A39-
6768/05-226/12.

The Debtor can be reached at:

         Ichalkovo-Sel-Khoz-Khimiya
         Ichalkivskiy region, Obrochnoye, Mira Str.
         431630, Mordoviya republic, Russia


KOMSOMOSKIY BREAD: Ivanovo Court Begins Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Komsomoskiy Bread Combine (TIN 5714004200)
after finding the open joint stock company insolvent.  The case
is docketed as A17-1270/05-10-B.

Mr. M. Chuchman has been appointed insolvency manager and can be
reached at:

         M. Chuchman
         Post User Box 14
         153000, Ivanovo Region, Russia

The Debtor can be reached at:

         Komsomoskiy Bread Combine
         Komsomolsk, Frunze Str. 1
         155150, Ivanovo Region, Russia


LIGHT: Tver Court Opens Bankruptcy Proceedings
----------------------------------------------
Creditors of Light have until April 11, to submit their proofs
of claim to court-appointed insolvency manager, S. Kiselev, at:

         Post User Box 322
         170000, Tver Region, Russia

The Arbitration Court of Tver Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A66-2970/2005.

The Debtor can be reached at:

         Light
         Maksatikha, Zarechye
         171900, Tver Region, Russia


MEAT COMBINE: Claims Filing Period Ends April 11
------------------------------------------------
Creditors of Meat Combine (TIN 6439043668) have until April 11,
to submit their proofs of claim to court-appointed insolvency
manager, A. Baskakov, at:

         Valakovo, Ak. Zhuk Str. 27
         413853, Saratov Region, Russia

The Arbitration Court of Saratov region commenced bankruptcy
proceedings to the open joint stock company with the case
docketed as A57-99B/05-12.

The Debtor can be reached at:

         Meat Combine
         Balakovo, Saratovskoye Shosse Str. 2
         Saratov Region, Russia


MORDOV-LES-TOP-PROM: Deadline for Proofs of Claim Set April 11
--------------------------------------------------------------
Creditors of Mordov-Les-Top-Prom have until April 11, to submit
their proofs of claim to court-appointed insolvency manager, I.
Burykin, at:

         Saransk, Gagarina Str. 99A
         430027, Mordoviya republic, Russia
         Tel: 88342-33-18-28

The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A39-3763/05-142/12.

The Debtor can be reached at:

         Mordov-Les-Top-Prom
         Saransk, Lenina Pr. 91
         430000, Mordoviya Republic, Russia


NIVA-KROMY: Proofs of Claim Deadline Set for April 11
-----------------------------------------------------
Creditors of Niva-Kromy (TIN 5714004200) have until April 11, to
submit their proofs of claim to court-appointed insolvency
manager, A. Gorbachev, at:

        Building 1, Moskovskoye Shosse, 137
        302025, Orel Region, Russia

The Arbitration Court of Orel Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A48-4449/05-20b.

The Debtor can be reached at:

         Niva-Kromy
         Kromy, Karla Marksa Str. 96
         Orel Region, Russia


NORD AIR: Court Names A. Fomin as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Fomin as
insolvency manager for Nord Air.

The Court commenced bankruptcy proceedings against the close
joint stock company with the case docketed as A40-65657/
05-86-145B.

The Debtor can be reached at:

         Nord Air
         Mira Pr., 57
         129110, Moscow, Russia

The insolvency manager can be reached at:

         A. Fomin
         Sretenskiy Avenue, 5, Post User Box 161
         107045, Moscow, Russia


TEMIR CAPITAL: Fitch Rates US$150 Mil. Notes at Long-Term B-
------------------------------------------------------------
Fitch Ratings assigned Temir Capital B.V.'s issue of US$150
million 9.25% notes due March 2009 a final Long-term B- rating
and a final Recovery rating RR4.

Proceeds from the issue of the notes will be deposited with
Kazakhstan's Temirbank.  Temir has unconditionally and
irrevocably guaranteed the timely and full repayment of the
notes in the trust deed between Temir, Temir Capital B.V. and
the trustee, The Bank of New York.  

Temir Capital B.V. is a Netherlands-domiciled subsidiary of
Temir, which is rated Issuer Default B-, Short-term B,
Individual D/E, and Support 5.  The Outlook is Stable.

Temir is one of the 12 largest banks in Kazakhstan, but held a
small 1.4% of the system's assets at end-H105.  In 2005, its
owners changed the bank's senior management and refocused its
strategy towards aggressive growth in retail lending, in
particular mortgages and car loans.  

The new management team has been able to increase loans to
individuals by 145% in 11M05.  However, the bank's risk
management and operational capacities in this new area are still
to be demonstrated, and the quality of originated assets will be
tested only when a significant amount of the new loans seasons.


TOMSKIY OIL-CHEMICAL: Succumbs to Bankruptcy
--------------------------------------------
Creditors of Tomskiy Oil-Chemical Combine (OGRN 1027000763283,
TIN/KPP 7014000035/701401001) have until April 11, to submit
their proofs of claim to court-appointed insolvency manager, N.
Vitchukov, at:

        Kuzolevskiy Trakt, 2
        634067, Tomsk, Russia

The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A67-948/97.

The Debtor can be reached at:

        Tomskiy Oil-Chemical Combine
        Severnyj Prom. Uzel
        634067, Tomsk Region, Russia


===========
S W E D E N
===========


CONCORDIA BUS: Carnegie Investment Coordinates Stock Trading
------------------------------------------------------------
Concordia Bus has made an agreement with Carnegie Investment
Bank to coordinate interests in buying and selling Concordia Bus
shares.  The buyer and the seller pay a commission to Carnegie
for each transaction.

In connection with the reconstruction of the Concordia Bus Group
during 2005, some thirty investors converted their bondholding
in Concordia Bus AB to shares.  After the conversion of the
bonds, the company has noted a trade interest and an expectation
that the shares are tradable.  The assignment of Carnegie
satisfies these expectations.

Headquartered in Stockholm, Sweden, Concordia Bus AB --
http://www.concordiabus.com/-- is the largest private bus  
transportation company in the Nordic region with revenues for
the six months period ended Aug. 31, 2005, of SEK2.3 billion.

At Feb. 28, 2005, the Company's balance sheet showed
SEK873 million in stockholders' deficit, compared to a SEK330
million deficit at Feb. 29, 2004.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 15,
Moody's Investors Service has upgraded the corporate family
rating of Concordia Bus AB to B3 from Caa3.

Concurrently the rating on the EUR130 million senior secured
notes issued by Concordia Bus Nordic AB was upgraded to B3 from
Caa1 and the rating on the EUR160 million senior subordinated
notes issued by Concordia Bus was withdrawn.

The ratings upgrade reflects Moody's view that the restructuring
has substantially strengthened the company's financial position
and that the current interest cost burden (estimated to be c.
SEK170 million per annum) should be sustainable over the near
term given the expected performance of the company.

In addition, the upgrade reflects the progress to date that the
company has made in exiting loss-making contracts and increasing
the proportion of indexation relating to labor costs and diesel
prices, as well as its success in winning new tenders despite
the uncertainty surrounding the company during its
restructuring.  Moreover, Moody's notes that the company's move
to the procurement of buses on a long-term, group-wide basis
should positively impact margins going forwards.

However, the rating continues to factor the company's high
financial leverage and the severe operational challenges faced
by the company, which are endemic across the Scandinavian bus
industry.  These include the fragmented, competitive markets in
which the company operates in as well as the under-indexation of
contract pricing which has destroyed margins on existing
contracts.  Whilst Moody's notes positively that pricing in
Concordia Bus' main market of Sweden appears to have stabilized
and that a recent contract awarded in Stockholm has factored in
a quality assessment of the bidders -- in which Concordia Bus
performed well -- as opposed to solely factoring in price, the
rating reflects Moody's expectation that pricing in Norway and
Finland will continue to decline.

These ratings have been upgraded:

   -- Concordia Bus AB's corporate family rating has been
      upgraded to B3 (from Caa3);

   -- The rating on the EUR130 million 9.125% secured notes due
      2009 issued by Concordia Bus Nordic AB has been upgraded
      to B3 from Caa1.

Moody's said the outlook for all ratings is stable.

Headquartered in Stockholm, Sweden, Concordia Bus AB is the
largest private bus transportation company in the Nordic region
with revenues for the six months period ended Aug. 31, 2005, of
SEK2.3 billion.


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


ARMALIT: Zaporizhya Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Armalit (code EDRPOU 32121699) on
Jan. 30, after finding the company insolvent.  The case is
docketed as 19/127 (05).  

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

CONTACT:  Armalit
          Zachinyayev Str. 158-A
          69093, Ukraine, Zaporizhya Region

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


AZOV: AR Krym Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
proceedings against Agricultural LLC Agrofirm Azov (code EDRPOU
00486706) on Feb. 6, after finding the company insolvent.  The
case is docketed as 2-8/2362-2006.  

Mr. Kuhta Vasil has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Azov
          Lenin Str. 22
          96169, Ukraine, AR Krym Region
          Dzhankoj District, Kondratyevo
          Mr. Kuhta Vasil
          Liquidator/Insolvency Manager
          Simferopol, a/b 2745
          95048, Ukraine, AR Krym Region

          The Economic Court of Ar Krym Region
          Simferopol, Karl Marks Str. 18
          95000, Ukraine, AR Krym Region


DNIPROPETROVSK' MEAT: Mihajlo Named Interim Insolvency Manager
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Grishin
Mihajlo as temporary insolvency manager for OJSC Dnipropetrovsk'
Meat Combine (code EDRPOU 00443246).

The Court commenced bankruptcy supervision procedure on the open
joint stock company on Jan. 31.  The case is docketed as B
26/10/06.  

CONTACT:  Dnipropetrovsk' Meat Combine
          Molodogvardijska Str. 32
          49022, Ukraine, Dnipropetrovsk Region

          Mr. Grishin Mihajlo
          Temporary Insolvency Manager
          Kujbishev Str. 1-A/18
          49027, Ukraine, Dnipropetrovsk Region
          Tel: 8 (056) 370-96-17

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


ENERGOSERVICE: Donetsk Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against LLC Energoservice (code EDRPOU 30277590) on
Feb. 1, after finding the company insolvent.  The case is
docketed as 42/26 B.

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

CONTACT:  Energoservice
          Livoberezhna Str. 62
          83014, Ukraine, Donetsk Region

          Mr. S. Lunkova
          Liquidator/Insolvency Manager
          83000, Ukraine, Donetsk Region, Artema Str. 62/1

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


ENERGOTEHTRADE-UKRAINE: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Energotehtrade-Ukraine (code EDRPOU
31024681) on Dec. 13, 2005, after finding the company insolvent.  
The case is docketed as 44/415 b.

LLC Intermash has been appointed Liquidator.

CONTACT:  Energotehtrade-Ukraine
          Ushinskogo Str. 56/47
          03087, Ukraine, Kyiv Region

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


KRASNOZNAMENSKE: Court Names Inna Danilko to Liquidate Assets
-------------------------------------------------------------
The Economic Court of AR Krym Region appointed Inna Danilko as
Liquidator/Insolvency Manager for LLC Krasnoznamenske (code
EDRPOU 00854085).

The Court commenced bankruptcy proceedings against the Company
after finding it insolvent.  The case is docketed as 2-11/3210-
2006.

CONTACT:  Krasnoznamenske
          Krasnoznamenka, Shkilna Str. 1
          Krasnogvardijskij District
          Ukraine, AR Krym Region

          Ms. Inna Danilko
          Liquidator/Insolvency Manager
          Simferopol, a/b 780
          95023, Ukraine, AR Krym Region

          The Economic Court Of Ar Krym Region
          Simferopol, Karl Marks Str. 18
          95000, Ukraine, AR Krym Region


LVIVSKA KONSERVA: Lviv Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
proceedings against Lvivska Konserva (code EDRPOU 30478445) on
Feb. 8, after finding the company insolvent.  The case is
docketed as 6/205-29/240.  

Mr. R. Mihajluk has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Lvivska Konserva
          Promislova Str. 50/52
          79024, Ukraine, Lviv Region

          Mr. R. Mihajluk
          Liquidator/Insolvency Manager
          Kozlanuk Str. 2/7
          79014, Ukraine, Lviv Region

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


PLEMZAVOD VILA: Vinnitsya Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against LLC Plemzavod Vila (code EDRPOU 03730288)
insolvent.  The case is docketed as 5/259-05.  

Vinnitsya Regional Department of Bankruptcy Questions has been
appointed Temporary Insolvency Manager.

CONTACT:  Plemzavod Vila
          Tomashpilskij District, Vila
          24214, Ukraine, Vinnitsya Region

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


PROGRES: Court Names Oleksandr Holostij as Liquidator
-----------------------------------------------------
The Economic Court of Cherkassy Region appointed Oleksandr
Holostij as Liquidator/Insolvency Manager for Agricultural LLC
Progres (code EDRPOU 01528660).

The Court commenced bankruptcy proceedings against the Company
after finding it insolvent.  The case is docketed as 01/736.

CONTACT:  Progres
          Gorodishe District, Ksaverovo
          Ukraine, Cherkassy Region

          Mr. Oleksandr Holostij
          Liquidator/Insolvency Manager
          Vernigori Str. 29/8
          Ukraine, Cherkassy Region
          Tel: (0472) 65-30-63

          Economic Court of Cherkassy Region
          Shevchenko Avenue 307
          18005, Ukraine, Cherkassy Region


SLOVYANSKIJ: Cherkassy Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
proceedings against LLC Commercial House Slovyanskij (code
EDRPOU 32778285) on Jan. 31, after finding the company
insolvent.  The case is docketed as 01/410.  

Mr. Nesterenko Roman has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Slovyanskij
          Odeska Str. 6
          Sosnivskij District, Cherkassy
          18023, Ukraine, Cherkassy Region

          Mr. Nesterenko Roman
          Liquidator/Insolvency Manager
          Sherbakov Str. 56/7, office 21
          Ukraine, Kyiv Region
          Tel: 422-25-36

          Economic Court of Cherkassy Region
          Shevchenko Avenue 307
          18005, Ukraine, Cherkassy Region


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


ADVANCED HARLEY: Members Pass Winding Up Resolution
---------------------------------------------------
Members of Advanced Harley Street Clinics Limited passed a
resolution to wind up the company during an extraordinary
general meeting on Feb. 22.

They authorized David Paul Hudson, of Begbies Traynor, to lead
the winding up proceedings.

Advanced Harley Street Clinics Limited can be contacted at:

         32-38 Osnaburgh Street
         London
         NW1 3ND
         Tel: 070 0056 0821


AMBRIC DEVELOPMENT: Claims Registration Ends April 6
----------------------------------------------------
Ambric Development Limited is liquidating its assets after
members decided to wind up the company's operations on Feb. 24.

Appointed Liquidator, Paul Michael McConnel, 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 April 6.

Ambric Development Limited can be reached at:

         37 Beckhampton Road
         Bath Avon
         BA2 3LL
         Tel: 01225 310 910
         Fax: 01225 310 910


ANGLO SWEDISH: Appoints Ian William Kings as Liquidator
-------------------------------------------------------
Ian William Kings, of Tenon Recovery, was appointed Liquidator
of Anglo Swedish Engineering Limited after members resolved to
wind up the company's assets on Feb. 20.

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

Anglo Swedish Engineering Limited can be reached at:

         Glasshouse Street
         Newcastle Upon Tyne Tyne And Wear
         NE6 1BT
         Tel: 0191 265 9181
         Fax: 0191 276 2105


AVECIA GROUP: S&P Withdraws Junk Rating on Company's Request
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC' long-term
corporate credit rating on U.K.-based Avecia Group PLC, at the
company's request.  Standard & Poor's also withdrew its 'CC'
senior unsecured debt and 'C' preference stock ratings on the
group.  The withdrawals follow the company's redemption, on
March 23, 2006, of all outstanding $124 million 11% bonds due
July 2009.


BED LAND: Members Agree to Liquidation
--------------------------------------
Bed Land Limited is liquidating its assets after members found
out that the company could not continue its business due to
mounting debts.

Stephen Paul Grant, of Wilkins Kennedy, was appointed
Liquidator.

Bed Land Limited can be reached at:

         Unit 10
         Bilton Road
         Chelmsford
         CM1 2UP
         Tel: 01245 280 600
         Fax: 01245 280 733


B & F EXPORTERS: Amco Offers IP Rights & Other Assets for Sale
--------------------------------------------------------------
On behalf of the Joint Administrators, Mr. A Simon and Mr. P
Simons of Langley & Partners, Amco Agency offers for sale the
business, assets and Intellectual Property Rights of B & F
Exporters Limited, a UK-based wholesaler of Ladies Fashion
Outerwear Clothing.

Features:

   -- 2005 Turnover approximately GBP7 million;

   -- Clients include prime high street retail groups;

   -- 1.5 years Trading History;

   -- Established relationships with manufacturing base in the
      fareast;

   -- Intellectual Property and Goodwill;

   -- Designs and sales to major high street retail groups;

   -- North London-based offices; and

   -- Stock, office equipment, fixtures and fittings

For inquiries, contact:

          Michael Charles
          Suite 501 International House
          223 Regent Street
          London W1B 2QD
          E-mail: Enquiries@amco-agency.co.uk

                    About Amco Agency Limited

Amco Agency Limited -- http://www.amco-agency.co.uk/-- provides  
valuation and agency services to insolvency practitioners, with
experience and knowledge spanning most types of chattel assets
valued from a few pounds to millions of pounds.

The group particularly specializes in the management of
retention of title, sale or return and other third party claims
and will arrange viewing and collate all required paperwork,
allowing you to quickly and easily make an informed decision on
each application.


BODY BEAT: Registration of Claims Ends April 30
-----------------------------------------------
Creditors of Body Beat Health & Fitness Limited are given until
April 30, to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) to appointed Liquidator
William Clive Swindell.

Body Beat Health & Fitness Limited can be contacted at:

         Crossley Mills
         New Mill Road
         Honley Holmfirth West Yorkshire
         HD9 6PL
         Tel: 01484 665 810


BOXTRAIL LIMITED: M.D. Hardy Leads Liquidation Proceedings
----------------------------------------------------------
Members of Boxtrail Limited resolved to voluntary liquidate the
company's assets on Feb. 22.

They appointed M.D. Hardy, of Poppleton & Appleby, as
Liquidator.

Boxtrail Limited can be reached at:

         Bean Rd
         Off Birmingham New Road
         Bilston West Midlands
         WV14 9PJ
         Tel: 01902 661 161
         Fax: 01902 880 364


BROADLAND WINERIES: Asset Sale Begins
-------------------------------------
The Joint Administrators offer for sale the business and assets
of Broadland Wineries Limited.  The group is a Norfolk-based
producer of British Wines and contract-bottler for multiples and
wine producers.

Features:

   -- 41 years of trading history with strong brands;

   -- Current turnover of GBP13.5 million per annum;

   -- Freehold property on a four-acre site;

   -- 3 million liters bulk storage;

   -- 3 bottling lines, one carbonated, 2 "bag in a box" lines;

   -- 30 million liters per year volume throughput;

   -- 2,300 pallet space warehousing; and

   -- Skilled workforce

For inquiries, contact:

          Kate Harris
          90 St Faiths Lane
          Norwich, NR1 1NE

                    About McTear Williams & Wood

McTear Williams & Wood -- http://www.mw-w.com/-- is the largest  
business rescue and insolvency practice in East Anglia.  With
four offices and over 20 specialists, the group takes
appointments of all sizes, assign workloads effectively and
benefit from shared experience.


CITY TELECOM: Claims Registration Ends April 7
----------------------------------------------
City Telecom Limited is liquidating its assets after members
found out that the company could not continue its operations due
to its liabilities.

Appointed Joint Liquidators, Patricia Kay Hartley-Mills and John
Alfred George Alexander, required creditors to send in their
full names, addresses and descriptions, full particulars of
debts or claims, and the names and addresses of Solicitors on or
before April 7.

City Telecom Limited can be reached at:

         C E T House
         36 Golders Gardens
         London
         NW11 9BU
         Tel: 0500 201301
         Fax: 020 8266 2801


CT COMPOSITES: Creditors Ratify Appointment of Joint Liquidators
----------------------------------------------------------------
Creditors of CT Composites Europe Limited confirmed the
company's voluntary liquidation after members decided to
liquidate the company's assets on Feb. 24.

Creditors also ratified the appointment of Stephen Robert Cork
and Joanne Elizabeth Milner of Smith & Williamson Limited, as
Joint Liquidators.

CT Composites Europe Ltd can be contacted at:

         Jays CLO
         Viable
         Basingstoke Hampshire
         RG224BA
         Tel: 01256 470 188


EXTELLA LIMITED: Financial Woes Trigger Liquidation
---------------------------------------------------
Extella Limited is liquidating its assets after members passed a
resolution to wind up the company's operations on Feb. 23.

Director I. Badeo disclosed that the company could no longer
continue its operations due to financial liabilities.

Kikis Kallis, of Kallis & Co., was appointed Liquidator.

Extella Limited can be reached at:

         41 West Road
         London
         N17 0RE
         Tel: 020 8801 5686
         Fax: 020 8885 1705


FOUNDRY CONSULTANCY: Registration of Claims Ends April 7
--------------------------------------------------------
Creditors of Foundry Consultancy Limited have until April 7, to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator C.H.I. Moore.

Foundry Consultancy Limited can be reached at:

         Marsh Lane
         Water Orton Birmingham
         B46 1NS
         Tel: 0121 749 4343


GOLF PAGES: Taps Joint Liquidators from Valentine & Co
------------------------------------------------------
Robert Valentine and Mark Reynolds, of Valentine & Co., were
appointed Joint Liquidators of Golf Pages (Sales) Limited after
members decided to liquidate the company's assets on Feb. 17.

Chairman D. L. Ward disclosed the company could not continue its
operations due to mounting debts.

Golf Pages (Sales) Limited can be reached at:

         Unit 3 Curlew House
         Trinity Park
         Trinity Way
         London
         E4 8TD
         Tel: 01923 712 420
         Fax: 0870 300 3006


HAPPYUSUAL LIMITED: Winds Up Operations & Appoints Liquidator
-------------------------------------------------------------
Happyusual Limited is winding up its operations after members
decided to liquidate the company's assets on Feb. 23.

G. W. Rhodes, of Begbies Traynor, was appointed Liquidator.

Director L. Griffiths revealed the company could no longer
continue its operations due to mounting debts.

Happyusual Limited can be reached at:

         1 Palace Place
         Brighton
         BN1 1EF
         Tel: 01273 323 210
         Fax: 01273 323 219


JSH GAS: Joint Liquidators Lead Winding Up Proceedings
------------------------------------------------------
Paul Atkinson and Glyn Mummery, of Vantis Redhead French
Limited, were appointed Joint Liquidators of JSH Gas Services
Limited after members passed a resolution to wind up the
company's assets on Feb. 24.

JSH Gas Services Limited can be reached at:

         188-190 Forest Road
         London
         E17 6JG
         Tel: 020 8281 8097


KERRY INNS: Claims Filing Period Ends April 6
---------------------------------------------
Kerry Inns Limited is liquidating its assets after members
passed a resolution to wind up the company's operations on
Feb. 23.

Appointed Liquidator, Ashok K. Bhardwaj, gave creditors until
April 6, to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any).

Kerry Inns Limited can be reached at:

         274 Kilburn High Road
         London
         NW6 2BY
         Tel: 020 7625 4511


LANG & HUNTER: Creditors Confirm Voluntary Liquidation
------------------------------------------------------
Creditors of Lang & Hunter Limited confirmed the company's
voluntary liquidation after members decided to liquidate the
company's assets on Feb. 23.

Creditors also ratified the appointment of Andrew John Whelan,
of Marks Bloom, as Liquidator.

Lang & Hunter Limited can be reached at:

         12 Thames Street
         Kingston Upon Thames Surrey
         KT1 1PE
         Tel: 020 8546 5427
         Fax: 020 8549 4626
         Web: http://www.langandhunter.com/


MIKE SIGRIST: Liquidator Sets May 1 Claims Registration Deadline
----------------------------------------------------------------
Creditors of Mike Sigrist Associates Limited have until May 1,
to send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator Patrick Bernard
Harrington.

Mike Sigrist Associates Limited can be contacted at:

         22-24 Wood Street
         Swindon
         SN1 4AB
         Tel: 01793 512 974
         Fax: 01793 618 068


NTL INCORPORATED: Moody's Assigns Ba3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to NTL Incorporated (NTL) which, following the
combination of NTL Holdings Inc. (formerly NTL Incorporated) and
Telewest Global, Inc., is the ultimate parent of NTL Cable Plc
and Telewest Communications Networks Ltd.  

Concurrently Moody's upgraded NTL Cable Plc's senior notes to B2
from B3, assigned a Ba3 rating to NTL Investment Holdings
Limited's (NTLIH) new GBP 3.775 billion of senior secured credit
facilities and withdrew the ratings for NTLIH's and Telewest's
existing credit facilities, as well as the corporate family
ratings for NTL Cable and Telewest.  This concludes the ratings
review initiated for NTL Cable Plc and Telewest Communications
Networks Ltd. on Oct. 4, 2005.  The ratings outlook is stable.

The ratings upgrade reflects the solid market position of the
combined entity as well as the scale and capacity of its
upgraded network.  Prior to the combination, both NTL Cable and
Telewest's corporate family ratings were B1, reflecting the
substantial event risk associated with the anticipated
combination of the two companies and the uncertainty surrounding
the composition of such a transaction.  Nonetheless, absent this
event risk, both NTL Cable and Telewest were viewed as strongly
positioned in the B1 rating category.

Whilst integration of the two companies is expected to pose
significant operational challenges and the pro-forma leverage of
the combined entity is higher than for the standalone entities,
the current rating reflects Moody's view that both the
operational performance and competitive position of NTL has been
strengthened by the acquisition.  In particular, Moody's
believes that the scale of the combined entity should better
enable the company to more fully compete with BSkyB in Pay-TV
and, in particular, the rights to premium content.

However, the rating continues to reflect the highly competitive
market environments in which NTL operates.  For Internet and
telephony services, NTL faces strong competition from the larger
and better-capitalized incumbent telecommunications operator,
BT, and the number of re-sellers operating within the U.K.
market.  

Whilst Moody's expects broadband Internet to continue to be a
primary growth driver for NTL in the near term (given that
market penetration rates for the product still afford attractive
further growth prospects), the ratings agency cautions that
longer-term penetration and pricing levels for broadband remain
uncertain as the competitive forces of BT and DSL re-sellers
remains strong and price competition could continue to intensify
as market penetration levels further increase.

With respect to Pay-TV services, Moody's expects NTL to continue
to face strong competition from BSkyB, who controls a large
amount of premium content and -- despite the merger -- still
benefits from a larger client base, at the premium end of the
market and the rapidly growing free digital offering provided by
Freeview at the lower end.  Moody's notes, however, that
Telewest has demonstrated positive net cable television
subscriber additions over the last two years and, whilst
performance for NTL Cable has been more volatile, the company
has reported video subscriber gains over the same period.

The rating also factors in NTL's high debt leverage levels
combined with Moody's expectation that going forward the
company's free cash flow generation will be constrained by high
levels of capex (albeit mainly success based) and investment in
programming and content.  The rating also considers the strong
possibility of an acquisition of Virgin Mobile although assumes
that any such acquisition would be structured such that the
company's credit metrics do not weaken.  Whilst Moody's believes
that the integration of Virgin Mobile concurrent with the
combination of NTL Cable with Telewest would be challenging,
Moody's recognizes the potential benefits that could result from
such an acquisition in terms of increased customer reach and
increased product offering as well as the use of the Virgin
brand.

The Virgin Mobile acquisition aside, Moody's expects that NTL
will remain focused on the UK market and consequently, following
the combination of NTL Cable and Telewest, the rating does not
factor any material acquisition activity or resultant additional
integration risks.

More positively, the ratings also reflect NTL's extensive
network infrastructure and established subscriber base, the
substantially upgraded nature of the company's network which
allows for future capital expenditures to be more success-based,
the company's attractive product offerings (broadband Internet,
telephony and digital TV) and ability to bundle multiple
services and an experienced management team.

Despite high pro-forma financial leverage and significant
integration risks, the stable outlook reflects Moody's
expectation that the company's operating performance will
strengthen as a result of the merger and that financial metrics
will continue to improve.

Further positive momentum in the ratings would most likely be
driven by an improvement in the combined company's operating
margins (such that the company's EBITDA margin exceeds 35%) as a
result of the successful integration of Telewest combined with
continuing positive momentum in operating performance trends.  
Should Total Adjusted Debt to EBITDAR fall below 4.0x, there
would likely be upward pressure on the ratings.

Downward pressure on the ratings could result if the expected
improvement in the company's credit metrics did not materialize
over the next eighteen months.  Should adjusted debt leverage
remain above 5x over this period as a result of a more intense
competitive environment than anticipated, lower synergies,
higher investment in programming and content or the company's
acquisition strategy, the outlook is likely to be changed from
stable to negative.  A ratings downgrade is likely in the event
that the company's adjusted total leverage deteriorates to above
5.5x for a sustained period.

The rating of the senior secured credit facilities reflects
their relative ranking in the capital structure and the benefits
of a strong covenant, guarantee, and security package.  The
rating of the NTL Cable Plc notes reflects their structural,
effective, and contractual subordination to a substantial amount
of subsidiary indebtedness, including existing and potential
future drawings under the company's senior credit facilities.  
It also factors in Moody's view that the likelihood of the
company receiving a positive tax ruling from the IRS is
reasonable and that consequently the GBP 1.8 billion bridge at
NTL Holdings Inc. will be repaid through an additional GBP 1.2
billion of senior secured debt and GBP 600 million of pari passu
bonds at NTL Cable Plc.

In the event that the IRS tax ruling is negative, and the
company has to refinance the bridge via GBP 1.8 billion of
subordinated notes, the rating of the existing notes would
narrow to one notch from the corporate family rating (from two
notches), reflecting the substantial cushion of structurally
subordinated debt below them.

Summary of rating actions:

New ratings assigned:

   -- a Ba3 corporate family rating at NTL Incorporated; and

   -- a Ba3 rating to the GBP 3.775 billion senior secured
      credit facilities issued by NTL Investment Holdings
      Limited et al.

Ratings upgraded:

   -- Senior notes due 2014 issued by NTL Cable Plc upgraded to
      B2 from B3;

Ratings withdrawn:

   -- The B1 rating on the GBP 2.425 billion senior secured bank
      facility due 2012 issued by NTL Investment Holdings
      Limited;

   -- The B1 corporate family rating at NTL Cable Plc;

   -- The B1 corporate family rating at Telewest Communications
      Networks Ltd.;

   -- The B1 rating on Telewest Communications Networks Ltd's
      GBP1.55 billion first-lien senior secured bank facilities
      due 2011; and

   -- The B3 rating on Telewest Communications Networks Ltd's
      GBP250 million second lien senior secured bank facilities
      due 2014.

The outlook for all ratings is stable.

NTL Inc. is the UK's largest cable operator and a leading
provider of broadband, digital television, telephony, content
and communications services to homes, businesses and public
sector organizations.  For the year ending Dec. 31, 2005, the
company's pro-forma revenues were approximately GBP3.5 million.  


NTL HOLDINGS: Fitch Ratings Lowers Issuer Default Rating to B+
--------------------------------------------------------------
Fitch Ratings lowered NTL Holdings Inc.'s Issuer Default Rating
to B+ from BB- and removed it from Rating Watch Negative.  The
Short-term B rating is affirmed.  Simultaneously, both the IDR
and the Short-term ratings have been withdrawn.  

At the same time the agency has assigned NTL Inc. an IDR of B+
with Stable Outlook and a Short-term B rating, following the
merger with Telewest.  Furthermore Fitch has assigned NTL
Investment Holdings Limited's GBP3.3 billion senior secured
credit facilities BB+/RR1.  

The BBB- rating of the bank facilities signed in March 2004,
which have been refinanced, is withdrawn.  Fitch has also
changed the Rating Watch on NTL Cable Plc's senior notes to
Evolving from Negative, pending the final funding structure of
the recently completed merger with Telewest.

NTL Cable PLC:

  a) GBP375 million 9.75% senior notes due 2014: B+/RR4;
  b) US$425 million 8.75% senior notes due 2014: B+/RR4; and
  c) EUR225 million 8.75% senior notes due 2014: B+/RR4.

The IDR primarily reflects the increased leverage assumed by the
new NTL as a result of the Telewest merger, which at transaction
close was 4.7x.  While Fitch acknowledges the company's
strengthened business position, which includes the market number
one position in broadband, and number two positions in the UK
telephony and pay-TV markets, along with the scale and cost
synergies that the merger enables, recovery to pre-merger
leverage could take between two to three years to achieve.

However, faster progress than currently envisaged towards de-
leveraging targets could lead to a Positive Outlook or an
upgrade within this timeframe.

A Director in Fitch's European TMT group, Stuart Reid
articulated, "The step-change in net leverage resulting from the
merger, rising to 4.7x at transaction close from 2.2x as at
year-end 2005, is too pronounced not to affect the ratings."

"While the enlarged group exhibits a strong business profile and
can be expected to benefit from significant cost synergies, when
compared with other cable operators in the leveraged world, B+
is the more appropriate level for the company at this time," he
added.

The final consolidation of the UK's cable operators creates a
national cable franchise with significantly enhanced scale.  The
merger introduces an important skill set in the form of
Telewest's content capabilities, an important factor in an
increasingly complex TV market place.

Rationalization of duplicate back office functions should drive
cost savings, while the adoption of Telewest's best practices
should improve customer satisfaction and reduce churn.  Although
management has not guided on potential revenue synergies Fitch
considers opportunities exist to grow consumer revenues through
increased bundling of services and increased penetration of the
business market.

In addition to senior secured bank funding totaling GBP3.3
billion; the company has in place a GBP1.8 billion bridge
facility, funding the cash part of the merger.  The company will
refinance the bridge in one of two ways;

1) by issuing GBP1.8 billion of subordinated notes at the NTL
    Holdings Inc level with subordinated guarantees from NTL
    Inc.; or

2) by converting GBP1.2 billion into senior secured debt at NTL
    Investment Holdings Limited and issuing GBP600 million of
    pari passu notes at NTL Cable PLC.

The Rating Watch on the NTL Cable PLC's notes has been changed
to Evolving to reflect the potential for the rating to move
either up or down subject to the level of structural
subordination and senior debt ranking ahead of the notes
depending on the structure adopted.

On March 3, 2006 NTL completed the long-awaited merger with
Telewest, creating a national cable operator passing 12.6
million homes passed or 52% of UK TV households.  With
approximately 5 million customers, representing 39.3%
penetration of homes marketed, the enlarged group represents a
strong competitor to BSkyB and BT Group, each of which is
endeavoring to expand its service offering to include the
triple-play bundle of telephony, broadband and multi-channel TV.
NTL Inc.'s discussions with Virgin Mobile over the prospect of a
bid for the UK virtual mobile network operator are ongoing.


PARKLAND TRADING: Members Pass Winding Up Resolution
----------------------------------------------------
Members of Parkland Trading Company Limited passed a resolution
to wind up the company during an extraordinary general meeting
on Feb. 17.

Director P. Chaney revealed that the company could no longer
continue its business due to mounting debts.

Parkland Trading Company Limited can be contacted at:

         28-29 Maxwell Road
         Peterborough
         PE2 7JE
         Tel: 01733 333 747


PHILLIPS AND SONS: Hires Liquidator from Mistry Associates Ltd
--------------------------------------------------------------
Manubhai Govindbhai Mistry, of Mistry Associates Ltd, was
appointed Liquidator after members of Phillips and Sons
(Manchester) Limited passed a resolution to wind up the company
on Feb. 24.

The voluntary liquidation came as a result of the Debtor's
inability to continue its operations due to its liabilities.
         
Phillips & Sons (Manchester) Ltd can be reached at:

         Ayres Road
         Manchester
         Lancashire
         M16 0WU  
         Tel: 0161 848 7777
         Fax: 0161 873 7539
         Web: http://www.phillipsandsons.co.uk/



PHOENIX DISCOUNT: Financial Liabilities Prompt Liquidation
----------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen, of Moore Stephens LLP,
were appointed Joint Liquidators of Phoenix Discount Jewellery
Limited after members found out that the company could no longer
continue its business new to financial liabilities.

Phoenix Discount Jewellery Limited can be reached at:

         2 Augusta Street
         Birmingham West Midlands
         B18 6JA
         Tel: 0121 200 2358
         Fax: 0121 200 2358


RAMSGATE TECHNOLOGY: Members Pass Winding Up Resolution
-------------------------------------------------------
Ramsgate Technology Limited is liquidating its assets after
members passed a resolution to wind up the company's operations
on Feb. 20.

Richard Frank Simms and Martin Richard Buttriss, of Insol House,
were appointed Joint Liquidators.

Ramsgate Technology Limited can be reached at:

         54 Baker Street
         London
         W1U 7BU
         Tel: 01843 855 709


S G MASON: Admin Receivers Offer Business & Assets for Sale
-----------------------------------------------------------
Matthew Dunham and Dermot Power, Joint Administrative Receivers,
offer for sale the business and assets of S G Mason (Chester)
Limited.

Features:

   -- Business established 1908;

   -- Turnover GBP2.4 million per annum;

   -- 30 employees;

   -- Operating from 21,145 sq. ft. part tenanted freehold
      premises;

   -- Excellent customer base including national and blue chip
      clients;

   -- Full in house design, CTP and finishing; and

   -- Available as a going concern with forward order book.

For inquiries, contact:

          Sapna Amar
          Tel: 01244 674433, 0161 817 3849
          E-mail: sapna.amar@bdo.co.uk

                      About BDO Stoy Hayward

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


ZERO DIVIDEND: Board Sends Liquidation Proposal to Shareholders
---------------------------------------------------------------
As reported in the Troubled Company Reporter-Europe on March 15,
the Board of Zero Dividend Recovery Fund Limited resolved to
place the Company in members' voluntary liquidation after
concluding that the move is the most appropriate course of
action for the Company.

In a circular distributed to shareholders on March 24, the Board
disclosed that liquidators will be appointed to lead the
winding-up proceedings and the net proceeds of the Company's
assets will be distributed to shareholders.

The Liquidators will set aside sufficient assets in the
Liquidation Fund to meet the Company's liabilities including the
costs of the voluntary winding up of the Company.  The
Liquidators will also provide in the Liquidation Fund for a
Retention which they consider sufficient to meet any contingent
and unknown liabilities of the Company.  This Retention is
currently expected not to exceed GBP75,000.  

On the basis of the published net asset value (based on bid
prices) of the Company as at the close of business on March 22,
the net assets of the Company available for distribution to
Shareholders on a liquidation would be approximately GBP6.9
million (equivalent to approximately 57.7 pence per Share).  
This assumes the successful realization of all the investments
at bid prices, the Retention not being utilized and deducts the
estimated costs of the voluntary winding up of the Company.

Depending on prevailing market conditions, the Company may
dispose of some of its portfolio in the market prior to the
extraordinary general meeting.

The winding up will take effect upon the filing of the
Resolution with H. M. Greffier in Guernsey, which is expected to
take place shortly after completion of the Meeting.  The size
and timing of the liquidation distributions will depend on the
timing and amount actually realized on the sale of the
investments.  The Liquidators expect to make an initial capital
distribution by May 12, 2006, to shareholders on the share
register at the close of business on April 13, 2006.  It is
currently expected that the initial capital distribution
to Shareholders will be of a sum equivalent to the Company's
realized resources (less the Liquidation Fund) which are
available at the time of making the distribution.  Based on the
assumptions stated above and assuming that the entire portfolio
has been realized prior to the distribution being made, the
initial capital distribution would be approximately 57.1 pence
per Share.

The balance of the Company's assets, including the Retention,
would potentially be available for future distributions to
shareholders.  The size and timing of any future distributions
will again depend on the timing and amount actually realized on
the sale of the Company's assets and also the ongoing costs
payable during the liquidation and settlement of any currently
unknown or contingent liabilities.

The Share register will be closed at the conclusion of the
business day on April 13, and, to be valid, all transfers must
be lodged and transactions in CREST settled before that time.  
Transfers received by the Registrars after the close of business
on April 13, will be returned to the person lodging them.  
Shareholders should be aware that dealings in the Shares after
close of business on April 10, will be for cash settlement only.

                        Stock Listing

Dealings in Shares on the London Stock Exchange and the CISX
will be suspended at the opening of business on April 13, and at
the same time the listing on the Official Lists will be
suspended.  If the voluntary winding up of the Company becomes
effective, it is the intention of the Company to apply for the
cancellation of the listing of the Shares on the Official Lists
with effect from April 27.

                           Costs

The expenses incurred in relation to the voluntary winding up of
the Company (including all financial advice, other professional
advice, the compensation payable to the Manager and the
Registrar and the Liquidators' charges) are currently estimated
to amount to approximately GBP154,000.

Expected Timetable                                2006
------------------                                ----
Latest time and date for receipt
of forms of proxy for the                10.00 a.m. on April 11
Extraordinary General Meeting

Suspension of Shares from trading
on the London Stock Exchange and            Opening of business
the CISX and suspension of                          on April 13
listing on the Official Lists  

Extraordinary General Meeting  
of the Company                           10.00 a.m. on April 13

Share register closes             Close of business on April 13

Cancellation of the listing
of the Shares on the Official Lists       8.00 a.m. on April 27

First liquidation distribution                        By 12 May

                       Events Leading to
                   the Voluntary Liquidation

The Company was launched in April 2002 with gross assets of
GBP16 million, comprising GBP12.0 million raised from the issue
of Shares and GBP4.0 million of bank debt drawn down.  However,
the significant fall in the stock market and the collapse of
confidence and prices in the zero dividend preference share
market in the Company's first financial year were compounded by
the effect of the gearing.  

The Company first breached its banking covenants in May 2002 and
was forced to repay GBP2.8 million of borrowings before the end
of its first financial year on March 31, 2003, by which date the
net assets of the Company had fallen to only GBP3.2 million.

The Company has benefited from the recovery in the zero dividend
preference share market from the lows reached in mid March 2003
and the net assets (based on bid prices) have recovered to
approximately GBP7.1 million (equivalent to 59.01 pence per
share) as at the close of business on March 22.  However, the
Board does not believe that, with the continued shrinking of the
number of potential zero dividend preference share investments
which are available in the market and the current size of the
Company together with the associated running costs, the Company
would produce acceptable rates of return for shareholders
going forward.  The Directors therefore now believe that it
would be in the best interests of Shareholders for the Company
to be placed into liquidation.

Headquartered in St. Peter Port, Guernsey, Zero Dividend
Recovery Fund Limited operates as an investment trust.


* Retail Experts Join FTI Palladium Partners in London
------------------------------------------------------
FTI Consulting, Inc. (NYSE: FCN) disclosed the appointment of
Bill Grimsey and Bill Hoskins as senior managing directors to
its FTI Palladium Partners practice in London.  Mr. Grimsey and
Mr. Hoskins are also joined by three additional senior hires to
the London-based team: Robert Audas, John Bloor and David
Bundred.

"Bill Grimsey and Bill Hoskins are outstanding interim
management professionals with terrific turnaround skills,"
Dominic DiNapoli, FTI's chief operating officer, said.  "We are
very excited to welcome them to our growing FTI Palladium
Partners' European practice led by Mark Palios.  Our clients in
this region will continue to have access to the very best advice
available for the critical and complex issues and challenges
they face."

Greg Rayburn, senior managing director and global leader of FTI
Palladium Partners, added, "We have built a team of experienced
senior executives with proven international operational as well
as financial restructuring experience.  Bill Grimsey and Bill
Hoskins continue our efforts on this front and bring a wealth of
retail, operational and turnaround experience.  Their
appointment, combined with Mark Palios' leadership, underlines
our commitment to match the very best talent to challenging
situations that require a different sort of leadership and speed
of action."

                      New Appointments

Bill Grimsey, senior managing director, joins FTI Palladium
Partners with 30 years of retail experience, including chief
executive positions at the UK listed companies Wickes plc and
The Big Food Group plc.  Wickes was recovered from near
insolvency in 1996 and after a successful turnaround, the
business was sold in 2000.  In 2001 he joined the Big Food
Group, after implementing a refinancing and turnaround, the
business was sold in 2005.  

Bill Hoskins, senior managing director, joins FTI Palladium
Partners with 30 years of experience in revitalizing troubled
companies including complex refinancing, creation of internal
controls and corporate governance.  Most recently, he worked
side-by-side with Grimsey at Wickes and The Big Food Group.

The FTI Palladium Partners senior team also includes three new
appointments:

Robert Audas, consultant, joins FTI Palladium Partners with
broad international senior executive experience in FMCG
businesses, including Guinness, Hero, Coca-Cola, UK and
international dairy groups.  Most recently he was MD at a UK
energy distribution group and prior to this he was operations
director for Wimm-Bill-Dann in Moscow.  He has extensive
operational experience in Africa and Eastern Europe and speaks
Russian.

John Bloor, managing director, joins FTI Palladium Partners with
more than 20 years' experience of working with troubled
businesses, first as a banker and more recently at PwC where he
was responsible for the development of the firm's 'Turnaround
Panel' - a network of independent turnaround specialists.  

David Bundred, consultant, joins FTI Palladium Partners with 30
years' director-level experience at large UK and European
engineering groups.  Most recently he was CEO of a private
equity backed German Tier 1 supplier to the auto sector.   Prior
to this he spent 21 years with Lucas Group plc, holding numerous
senior divisional positions in the automotive, aerospace,
electronic and fluid power divisions.  He is fluent in German.

                  About FTI Palladium Partners               

FTI Palladium Partners is the interim management practice of FTI
Corporate Finance, the leading provider of turnaround,
performance improvement, and financial and operational
restructuring services.  Its group of exceptional professionals
is dedicated to fulfilling CEO, CFO, COO, CIO or CRO positions
to help companies secure their future viability by driving long-
term positive change.

                    About FTI Consulting

FTI Consulting is a premier provider of problem-solving
consulting and technology services to major corporations,
financial institutions and law firms when confronting critical
issues that shape their future and the future of their clients,
such as financial and operational improvement, major litigation,
mergers and acquisitions and regulatory issues.  Strategically
located in 25 of the major US cities, London and Melbourne,
FTI's total workforce of more than 1,400 employees includes
numerous PhDs, MBAs, CPAs, CIRAs and CFEs, who are committed to
delivering the highest level of service to clients.

                        *********

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

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

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

This material is copyrighted and any commercial use, resale or
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