TCREUR_Public/060330.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R       

                           E U R O P E

            Thursday, March 30, 2006, Vol. 7, No. 64

                            Headlines


A U S T R I A

BAWAG PSK: Clarifies Relationship with Anguilla Entities


G E R M A N Y

AUTOHAUS BENDEL: Creditors' Meeting Slated for April 24
BHS DIEFENBACH: Claims Registration Ends April 5
ELEKTRO-RABE: Creditors' Meeting Slated for April 21
HERMANN MUELLER: Claims Registration Ends April 3
I M W-INDUSTRIEMONTAGE: Creditors' Meeting Set on April 24

POLZIEN GMBH: Claims Registration Ends April 5
RD-METALLBAU: Creditors' Meeting Slated for April 28
SAM GMBH: Claims Registration Ends April 6
SCHUH VITRINE: Claims Registration Ends April 7
TELE COLUMBUS: Unity Media Merger Spurs S&P to Cut Ratings to B

UNITY MEDIA: Moody's Junks Ratings on EUR450 Million Sr. Notes
UNITY MEDIA: S&P Affirms B Ratings Off Watch; Outlook Positive
WILMSMEIER TRANSPORT: Claims Registration Ends April 5


I T A L Y

BANCA NAZIONALE: Fitch Maintains Individual Rating at C


K A Z A K H S T A N

AGRO-FINANST: Creditors Must File Claims by April 7
ASSA: Creditors Must File Claims by April 7
BEKET: Kostanai Court Opens Bankruptcy Proceedings
BIRDEILIK: Kostanai Court Opens Bankruptcy Proceedings
JAMBYL ENERGOKOMBINAT: Creditors Must File Claims by April 7

JANZIRA: Creditors Must File Claims by April 7
KAZAKHSTAN-TRANSPORT: Creditors Must File Claims by April 7
TOMIRIS: Creditors Must File Claims by April 7


N E T H E R L A N D S

GETRONICS N.V.: Forms Strategic Partnership with Corillian


N O R W A Y

PETROLEUM GEO-SERVICES: Eyes Demerger of Production Activities


P O L A N D

NETIA SA: Transport Minister Cancels EUR20.9-Mil License Fees
NETIA SA: Mark Holdsworth Leaves Supervisory Board


R U S S I A

ARCTIC: Moscow Court Opens Bankruptcy Proceedings
BAYMAK-GAS-SPETS-STROY: Claims Registration Ends April 18
ELECTRO-SIB-MONTAGE: Bankruptcy Hearing Set for May 23
GRAIN: Bryansk Court Sets Bankruptcy Hearing for May 22
IVANOVSKOYE: Claims Filing Period Ends April 18

JSC VNESHTORGBANK: Fitch Assigns C/D for Individual Rating
NAFTA-TRANS-EAST: Bankruptcy Heating Set for May 15
PETROZAVODSKIY WOOD: Claims Filing Period Ends April 18
ROS-OIL-GAS-INTER-STROY: Bankruptcy Hearing Set for April 20
ROS-SPETS-STROY: Undergoes Bankruptcy Supervision Procedure

ROSTELECOM: S&P Lifts Rating to BB- on Reduced Financial Risk
YUKOS OIL: Moscow Court Begins Temporary Outside Supervision
ZAKAMENSKIY BREWERY: Court Names M. Matkheeva Insolvency Manager


U K R A I N E

AGRORAYON: Kyiv Court Opens Bankruptcy Proceedings
AMVROSIYIVSKE REPAIR: Donetsk Court Opens Bankruptcy Proceedings
CHERKASSYZALIZOBETON: Court Opens Bankruptcy Proceedings
DRUZHBA: Zhitomir Court Opens Bankruptcy Proceedings
HERSON-TON LTD.: Herson Court Opens Bankruptcy Proceedings

HLIB POKUTTYA: Court Opens Bankruptcy Proceedings
RIZHANIVSKE: Cherkassy Court Opens Bankruptcy Proceedings
SELTORG: Dnipropetrovsk Court Opens Bankruptcy Proceedings
TEODOLIT: Kyiv Court Opens Bankruptcy Proceedings
UKRAINIAN SERVICE: Kyiv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

BARNACK LIMITED: Members Pass Winding Up Resolution
BRAND PACKAGING: Taps Administrators from KPMG
BROOK DIGITAL: Claims Filing Period Ends April 7
BROOKLYN COTTAGE: Joint Liquidators Take Over Operations
CHERRYPRINT LIMITED: Appoints Baker Tilly to Administer Assets

COMMERCIAL VEHICLE: Financial Woes Trigger Liquidation
COMPASS CAPITAL: Appoints Joint Liquidators From RSM Robson
CONTINENTAL TRANSPORT: Creditors Confirm Voluntary Liquidation
COUNTRYWIDE LIMITED: Claims Registration Ends April 7
CREASEY FLOOD: Winds Up Operations & Appoints Liquidator

FREEZESTYLE LIMITED: Taps DTE Leonard as Administrator
GORMLEY LIMITED: Names Michael Ioannou to Liquidate Assets
G.S.L. INTERNATIONAL: Begins Winding Up Procedure
GUILDER GRAPHICS: Names Smith & Williamson Administrator
JPS LOGISTICS: Taps Administrator from Armstrong Watson

KDC COMMUNICATIONS: Deloitte & Touche Leads Administration
KYE LIMITED: Names Joint Administrators from RSM Robson Rhodes
LAURELS PROPERTY: Meeting of Creditors Set for April 3
LE FIGARO: Creditors' Meeting Slated for April 3
LUXFER HOLDINGS: S&P Keeps Junk Rating on Watch Negative

PEPE BOATYARD: Appoints Buchanans to Administer Assets
REFCO INC: Bawag Clarifies Relationship with Anguilla Entities
REFCO INC: Refco Securities to Pay US$122 Mln for Breach of Pact
SEA CONTAINERS: Withdraws From Ferry Business
TASTEE FOODS: Creditors' Meeting Set for April 4

TECHNOLOGY TELFORD: Meeting of Creditors Set for April 10
VISAGE (IOM): Meeting of Creditors Set for April 7
WOODMAN FURNITURE: Mazars LLP Leads Administration

                           *********

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


BAWAG PSK: Clarifies Relationship with Anguilla Entities
--------------------------------------------------------
Bawag PSK Bank, Austria's fourth-largest bank, said it
terminated relationships with six Anguilla-based companies and
doesn't expect any more financial liability from past dealings
with them.

According to Bloomberg News, U.S. prosecutors have evidence that
the companies held unregistered bonds for Bawag in offshore
accounts at Refco, Inc.

Bawag, however, said there are no current transactions or
business relations with the Anguilla entities, and therefore no
outstanding financial exposure from such transactions.

            Probe Reveals US$525 Million in Fake Bonds

As reported in the Troubled Company Reporter-Europe on March 21,
U.S. prosecutors investigating Refco, LLC's collapse, have found
that Refco held "offshore accounts" with as much as $525,000,000
in fake bonds.

According to Bloomberg News, evidence gathered by prosecutors
indicates that Refco held the securities for Bawag P.S.K., and
Liquid Opportunity, an offshore hedge fund, under identification
numbers that do not correspond to registered bonds.

The bond accounts were at Refco's Bermuda-based unit, beyond the
reach of U.S. regulators.

Bawag asserts EUR392,000,000 in claims against Refco, including
EUR350,000,000 it loaned to Phillip Bennett, Refco's former CEO.  
The remaining EUR42,000,000 relates to "other businesses in
connection with Refco," Bloomberg reports.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services      
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.  
(Refco Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 29,
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.

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.


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


AUTOHAUS BENDEL: Creditors' Meeting Slated for April 24
-------------------------------------------------------
Court-appointed provisional administrator for Autohaus Bendel
GmbH, Thorsten Klepper, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:30 p.m., on April 24.

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

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

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

Creditors have until April 8, to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be contacted at:

         Autohaus Bendel GmbH
         Ulrichstr. 9
         45891 Gelsenkirchen
         Attn: Annette and Ernst Bendel, Managers
         Schildberg 48
         45359 Essen

The administrator can be contacted at:

         Thorsten Klepper
         Friedrich-List-Str. 20
         45128 Essen
         Tel: 0201 4384016
         Fax: 0201 4384043


BHS DIEFENBACH: Claims Registration Ends April 5
------------------------------------------------
Creditors of BHS Diefenbach Baudekoration GmbH have until
April 5, to register their claims with court-appointed
provisional administrator Hans-W. Goetsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 26, 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 Wiesbaden
         E 36 a
         3. OG
         Gebaude E
         Moritzstrasse 5
         65185 Wiesbaden

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 Wiesbaden opened bankruptcy proceedings
against BHS Diefenbach Baudekoration GmbH on Feb. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BHS Diefenbach Baudekoration GmbH
         Wolfsfeld 9
         65191 Wiesbaden
         Tel: 06122/980200

The administrator can be contacted at:

         Hans-W. Goetsch
         c/o Blersch/Goetsch/Partner Insolvenzverwaltungen          
         Taunusstrasse 7a
         65183 Wiesbaden
         Tel: 0611/18089-100
         Fax: 0611/18089-189
         E-mail: mail@bgp.insol.de


ELEKTRO-RABE: Creditors' Meeting Slated for April 21
----------------------------------------------------
Court-appointed provisional administrator for Elektro-Rabe GmbH,
Dr. Lucas F. Flother, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:30
a.m., on April 21.

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

         The District Court of Magdeburg
         Saal E
         Liebknechtstrasse 65-91
         39110 Magdeburg

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 7, to register their claims with the
court-appointed provisional administrator.

The District Court of Magdeburg opened bankruptcy proceedings
against Elektro-Rabe GmbH on Feb. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Elektro-Rabe GmbH
         J.-G.-Nathusius-Str. 22
         39340 Haldensleben
         Attn: Guenter Wilhelm Rabe, Manager
         Vor dem Tore 12
         39345 Flechtingen

The administrator can be contacted at:

         Dr. Lucas F. Flother
         Halberstadter Str. 55
         39112 Magdeburg
         Tel: 0391/5556840
         Fax: 0391/5556849


HERMANN MUELLER: Claims Registration Ends April 3
-------------------------------------------------
Creditors of Hermann Mueller GmbH have until April 3, to
register their claims with court-appointed provisional
administrator Klaus-Christof Ehrlicher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Coburg
         Sitzungssaal G
         I. Stock
         Gebaude E
         Nebengebaude

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 Coburg opened bankruptcy proceedings
against Hermann Mueller GmbH on March 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hermann Mueller GmbH
         Dr. Josef-Otto-Kolb-Str. 18
         96145 Sesslach

The administrator can be contacted at:

         Klaus-Christof Ehrlicher
         Rosenauer Strasse 22
         96450 Coburg
         Tel: 09561/80340
         Fax: 09561/803434


I M W-INDUSTRIEMONTAGE: Creditors' Meeting Set on April 24
----------------------------------------------------------
Court-appointed provisional administrator for I M W-
Industriemontage Wetterau GmbH, Karl-Heinz Trebing, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m., on April 24.

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

         The District Court of Friedberg
         Saal 18
         Homburger Strasse 18
         61169 Friedberg (Hessen)

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 7, to register their claims with the
court-appointed provisional administrator.

The District Court of Friedberg opened bankruptcy proceedings
against I M W-Industriemontage Wetterau GmbH on Feb. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         I M W-Industriemontage Wetterau GmbH
         Attn: Stefan Roth, Manager
         Basaltstrasse 6
         61197 Florstadt
         
The administrator can be contacted at:

         Karl-Heinz Trebing
         Hanauer Landstrasse 287-289
         60314 Frankfurt
         Tel: 069/15051-300
         Fax: 069/15051-400


POLZIEN GMBH: Claims Registration Ends April 5
----------------------------------------------
Creditors of Polzien GmbH have until April 5, to register their
claims with court-appointed provisional administrator Dr.
Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 26, 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 Wiesbaden
         E 36 a
         3. OG
         Gebaude E
         Moritzstrasse 5
         65185 Wiesbaden

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 Wiesbaden opened bankruptcy proceedings
against Polzien GmbH on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Polzien GmbH
         Attn: Violetta Polzien, Manager
         Kapellenstr. 64
         65193 Wiesbaden

The administrator can be contacted at:

         Dr. Stephan Laubereau
         Kanzlei Kuebler
         Buero Frankfurt/M.
         Wolf-Heidenheim-Strasse 12
         60489 Frankfurt am Main
         Tel: 069/71379830
         Fax: 069/71379833
         Web: http://www.kuebler-gbr.de/
         E-mail: frankfurt@kuebler-gbr  


RD-METALLBAU: Creditors' Meeting Slated for April 28
----------------------------------------------------
Court-appointed provisional administrator for RD-Metallbau GmbH,
Erich Holzemann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m., on
April 28.

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

         The District Court of Muenster
         Saal 101 B
         Gerichtsstr. 2-6
         48149 Muenster

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 7, to register their claims with the
court-appointed provisional administrator.

The District Court of Muenster opened bankruptcy proceedings
against RD-Metallbau GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         RD-Metallbau GmbH
         Attn: Karl-Heinz Rampelmann, Manager
         Bernhard Drees, Manager
         Berkenweg 1
         59329 Wadersloh

The administrator can be contacted at:

         Erich Holzemann
         Goethestr. 2
         59065 Hamm


SAM GMBH: Claims Registration Ends April 6
------------------------------------------
Creditors of SAM GmbH CNC-Zerspanungstechnik have until April 6,
to register their claims with court-appointed provisional
administrator Dr. Peer Moller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Luebeck
         Saal E3
         Burgfeld 7
         23568 Luebeck

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

The District Court of Luebeck opened bankruptcy proceedings
against SAM GmbH CNC-Zerspanungstechnik on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SAM GmbH CNC-Zerspanungstechnik
         Attn: Herrn Sven Michael Tietz, Manager
         Zittschower Weg 40
         23909 Ratzeburg

The administrator can be contacted at:

         Dr. Peer Moller
         Untere Querstrasse 1
         23730 Neustadt
         Tel: 04561/51980
         Fax: 04561/519888
         E-mail: Hansen.Moeller@t-online.de


SCHUH VITRINE: Claims Registration Ends April 7
-----------------------------------------------
Creditors of Schuh Vitrine Haffmans GmbH have until April 7, to
register their claims with court-appointed provisional
administrator Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on May 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         
         The District Court of Aachen
         Sitzungssaal 21
         2. Etage
         Augustastrasse 78-80
         52070 Aachen

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

The District Court of Aachen opened bankruptcy proceedings
against Schuh Vitrine Haffmans GmbH on Feb. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Schuh Vitrine Haffmans GmbH
         Jahn Str. 11 A
         52146 Wuerselen
         Attn: Erik Haffmans, Manager
         Bevershergweg 10
         NLD-6271 BX Guelpen

The administrator can be contacted at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen


TELE COLUMBUS: Unity Media Merger Spurs S&P to Cut Ratings to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on German cable-TV operator Tele
Columbus GmbH & Co. KG to 'B' from 'B+' and removed the ratings
from CreditWatch, where they were originally placed on Aug. 2,
2005.

The rating actions follow the group's combination with German
competitor Unity Media GmbH (Unity; B/Positive/--).  The outlook
is positive.

"The downgrade reflects the increased risk for Tele Columbus as
a subsidiary of Unity, which is a larger and more indebted
entity that is embarking on a challenging new content venture
following its acquisition of rights to the German football
league, the Bundesliga," said Standard & Poor's credit analyst
Simon Redmond. "The shared ownership, increasing operational
integration, and likelihood of Tele Columbus being adversely
affected in the event of financial stress at Unity mean the
respective credit quality and ratings of the two entities are
being aligned."

Following the merger, two private equity houses now indirectly
own Tele Columbus: Apollo Management L.P. (31.5%) and BC
Partners Ltd (38.1%) through Unity.  The latter is also the
parent of Unity's other cable operations in western Germany.
Standard & Poor's is analytically consolidating the Unity Media
group. Tele Columbus had total debt of EUR546.6 million at Dec.
31, 2005, compared with Unity's standalone debt of EUR1.9
billion.  

The positive outlook reflects that on the ratings on Unity, the
owner of Tele Columbus.  The outlook acknowledges the inherent
operating leverage of the group's content business model and the
potential for improved cash flow generation and deleveraging at
Unity in the medium term if the venture is successful.  An
upgrade would be predicated on a successful content business
with strong product uptake, cross-selling, and cash generation.
The underlying cable businesses would also need to see continued
controlled growth in product uptake and cash flow, with leverage
declining on a sustainable basis.

Negative rating evolution would be probable if demand for
Unity's Bundesliga content is weak or the venture is otherwise
challenged, and would be inevitable if the group's prospective
liquidity position was inadequate.


UNITY MEDIA: Moody's Junks Ratings on EUR450 Million Sr. Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Unity
Media GmbH.  

Concurrently, Moody's assigned a (P)B3 rating to the secured
note issuance in the total amount of EUR1.35 billion equivalent
by Unity Media's operating subsidiaries, iesy Hessen GmbH & Co.  
KG and ish NRW GmbH.  The outlook on the ratings is stable.

Ratings downgraded:

Unity Media GmbH

   -- Corporate Family rating to B3 from B2;

   -- EUR215 million 8.75% senior notes to Caa2 from Caa1;

   -- EUR235 million 10.125% senior notes to Caa2 from Caa1;

   -- US$151 million 10.375% senior notes to Caa2 from Caa1;

Rating assigned:

iesy Hessen GmbH & Co.  KG and ish NRW GmbH

   -- EUR1,350 million equivalent senior secured notes at (P)B3;

The downgrade reflects:

   -- increased business risk associated with the implementation
      of the new business model of Arena Sport Rechte und
      Marketing GmbH (Arena) to distribute football content
      over cable and satellite platforms;

   -- an increase in leverage to finance Arena to approximately
      7.0x Total Debt to EBITDA on a pro-forma 2005 EBITDA
      basis;

   -- anticipated further increase in leverage relative to cash
      flow due to the start-up costs of Arena in 2006;

   -- continued integration of Tele Columbus AG & Co.  KG (Tele
      Columbus).

At the same time, Moody's believes that announced offers to
retail subscribers on both cable and satellite platforms are
relatively attractive.  The strategy of comparatively low
pricing should position the company well to promote the digital
TV penetration in Germany.  Moody's, however, cautions that
Unity Media holds the football rights for the limited period of
three years which further highlights execution risks associated
with the business plan.

Furthermore, Moody's notes some uncertainty as regards the
potential merger of Unity Media with Tele Columbus and its
definitive impact on the corporate and financial structure of
the combined group in the event the merger were to occur.  

Moody's notes that the senior secured notes provide for the
redemption of up to 33 1/3% of the notes with the proceeds from
any sale of the capital stock of Tele Columbus at the company's
discretion.  The B3 corporate family rating does not factor in
any potential de-leveraging associated with the carve-out for
the sale of Tele Columbus assets.  In the event such de-
leveraging was to occur, Moody's will also assess Unity Media's
progress in its business plan implementation.

The stable outlook on the ratings reflects Moody's expectations
that Unity Media will be able to achieve targeted subscriber
penetration levels within 12 to 18 months.  Furthermore, the
outlook relies on the expectation that Unity Media will have
sufficient liquidity to fund its business plan.  The outlook
does not reflect any potential changes in the financial
structure associated with Tele Columbus merger and its timing.  
Moody's will review any such changes separately if the merger
were to occur.

The (P)B3 rating on the senior secured notes reflects their
contractual and structural position in Unity Media's capital
structure.  Moody's, however, notes that the revolving facility
in the amount of EUR130 million will receive a priority
repayment treatment in the event of financial distress.

Unity Media is the largest cable television operator in the
German states of Hesse and North Rhine-Westphalia, with 5.1
million subscribers.  On a pro-forma 2005 basis, the company
generated EUR566.9 million and EUR275.1 million in revenue and
EBITDA respectively.


UNITY MEDIA: S&P Affirms B Ratings Off Watch; Outlook Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on German cable-TV provider Unity Media
Management GmbH and removed the ratings from CreditWatch
following the group's announced investment in the rights for the
German football league, the Bundesliga.  The outlook is
positive.

At the same time, Standard & Poor's assigned its 'B' long-term
corporate credit rating to Unity Media GmbH, the parent of
Unity, and related entity iesy Hessen GmbH & Co. KG.  The
outlooks on both entities are also positive.  In addition, we
assigned a 'B' long-term rating to iesy's proposed EUR1,350
million senior secured floating rate notes, with a '2' recovery
rating, reflecting our expectation of substantial recovery of
principal (80%-100%) for senior lenders in the event of a
payment default.

The ratings on Unity were originally placed on CreditWatch on
Aug. 2, 2005, following the group's announcement it was to merge
with German competitor Tele Columbus GmbH & Co. KG (B/Positive/-
-).  Following the merger, Standard & Poor's analytically
consolidates Unity and Tele Columbus.  Pro forma for current
refinancing, Unity Media GmbH had total debt of EUR2.4 billion
at Dec. 31, 2005, including EUR0.5 billion at Tele Columbus.

"The affirmation reflects our expectations of sound underlying
performance for Unity's core cable businesses, particularly
following the merger with Tele Columbus," said Standard & Poor's
credit analyst Simon Redmond.

In addition, the affirmation anticipates that the uptake and
delivery of Bundesliga products following the acquiring of
license rights is at least sufficient to avoid significant
consolidated cash outflows from 2007.

"The ratings on Unity are constrained, however, by the high
leverage and expectations of substantial cash outflows in the
current year, together with significant operational risks as
Unity's Bundesliga business is set up," added Mr. Redmond.

The positive outlook reflects the inherent operating leverage of
Unity's content business model and potential for improved cash
flow generation and deleveraging in the medium term if the
venture is successful.  An upgrade would be predicated on a
successful content business with strong product uptake, cross-
selling, and cash generation. The underlying cable businesses
would also need to see continued controlled growth in product
uptake and cash flow, with leverage declining on a sustainable
basis.

Negative rating evolution would be probable if demand for the
Bundesliga content is weak or the venture is otherwise
challenged, and would be inevitable if Unity's prospective
liquidity position was inadequate.


WILMSMEIER TRANSPORT: Claims Registration Ends April 5
------------------------------------------------------
Creditors of Wilmsmeier Transport GmbH have until April 5, to
register their claims with court-appointed provisional
administrator Matthias Landwehr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 9, 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 Detmold
         Saal 12
         Gerichtsstr. 6
         32756 Detmold

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 Detmold opened bankruptcy proceedings
against Wilmsmeier Transport GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Wilmsmeier Transport GmbH
         Attn: Sabine Wilmsmeier, Manager
         Weststr. 7
         32657 Lemgo
The administrator can be contacted at:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage
         Tel: 05232/95400
         Fax: 05232/954040


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


BANCA NAZIONALE: Fitch Maintains Individual Rating at C
-------------------------------------------------------
Fitch Ratings upgraded Italy-based Banca Nazionale del Lavoro's
Long-term Issuer Default Rating to A- from BBB+.  At the same
time, the agency has maintained its Rating Watch Positive on
BNL's IDR, Short-term and Support ratings of A-, F2 and 2
respectively.  The bank's Individual rating is affirmed at C.

The upgrade reflects BNL's reduced risks, increased
profitability and stronger capital position achieved during 2005
and in the first quarter 2006.  This trend of positive events is
confirmed by the results published on March 24 by the bank for
full year 2005.  

For 2005, BNL reported an acceptable level of operating profit,
a notable improvement on the operating loss in 2004.  The better
performance reflected a sharp reduction in its loan impairment
charge following the substantial increase in loan loss reserves
in 2004, healthier operating revenues and smaller operating
costs.  Despite these improvements, the bank's cost efficiency
remains weaker than peers' and its stock of impaired loans
remains large.

Over the past two years, BNL has improved its financial profile
and diminished its risks by implementing a clear strategy and
redirecting its lending towards the retail sector and medium-
sized enterprises away from large corporates.  Asset quality and
capital ratios have also improved sharply, even though they
remain weaker than those of higher-rated peers.

In 2005, BNL sold around EUR1.4 billion of its gross doubtful
and watch-list loans without recourse, reducing by 23% its stock
to EUR4.4 billion.  Gross doubtful loans of EUR3.1 billion were
68% covered by loan loss reserves, yielding net doubtful loans
of EUR1 billion or around 1.6% of total customer loans.

BNL's capital ratios have improved, thanks to the EUR1.1 billion
of fresh capital the bank raised in December 2004 to absorb the
adverse impact of the first-time application of International
Financial Reporting Standards on its loan book.

At end-2005, BNL had gross exposure of EUR2.3 billion country
risk to Iraq inherited from 1989.  As part of the Iraqi
government's restructuring of its debt, in Jan 2006 BNL received
newly issued Iraqi government bonds for a nominal value of
USD683 million.

In March 2006, BNL sold USD370 million of these bonds with a
capital gain of EUR81 million.  The balance is more liquid and
to a single sovereign counterparty, which is an improvement on
the earlier position, and will receive interest.  In January
2006, BNL signed an agreement to sell its Argentinian
activities, which should bring the bank a capital gain of USD155
million.

Fitch is maintaining BNL's IDR, Short-term and Support ratings
on Rating Watch Positive reflecting the pending acquisition by
BNP Paribas of a controlling stake of approximately 48% in the
bank.  On completion of the deal, BNL's IDR, Short-term and
Support ratings would reflect what Fitch considers to be an
extremely high probability of support, should it ever be
required, from its new controlling shareholder.  

As a result, BNL's ratings would be upgraded to IDR A, Short-
term F1 and Support 1.  The IDR would remain on Rating Watch
Positive to reflect Fitch's expectation that BNPP, following the
launch of an obligatory takeover bid for the remaining shares,
will gain in excess of 75% of BNL's shares.  Once this threshold
is exceeded, Fitch would automatically upgrade BNL's IDR to A+.  
As further integration occurs and additional operational
benefits accrue to BNL from its acquisition by BNPP, it is
possible that Fitch may upgrade the IDR further.


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


AGRO-FINANST: Creditors Must File Claims by April 7
---------------------------------------------------
LLP Agro-Finanst filed for bankruptcy with the Specialized
Inter-Regional Economic Court of Kostanai Region on Jan. 16,
2006.

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

          Gogol Str. 177a
          Kostanai


ASSA: Creditors Must File Claims by April 7
-------------------------------------------
LLP Assa filed for bankruptcy with the Specialized Inter-
Regional Economic Court of Kostanai Region on Jan. 16, 2006.  

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

          Gogol Str. 177a
          Kostanai


BEKET: Kostanai Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceeding against LLP Beket on Jan. 31,
2006.

CONTACT:  The Specialized Inter-Regional
          Economic Court of Kostanai Region
          Baitursynova Str. 70
          Kostanai


BIRDEILIK: Kostanai Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceeding against OJSC Birdeilik on
Jan. 25, 2006.

CONTACT:  The Specialized Inter-Regional
          Economic Court of Kostanai Region
          Baitursynova Str. 70
          Kostanai


JAMBYL ENERGOKOMBINAT: Creditors Must File Claims by April 7
------------------------------------------------------------
JSC Jambyl Energokombinat filed for bankruptcy with the
Specialized Inter-Regional Economic Court of Jambyl Region on
Dec. 28, 2006.

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

          Sypatai Batyr Str. 6, room 11
          Taraz
          Tel: 8 (32622) 43-27-78


JANZIRA: Creditors Must File Claims by April 7
----------------------------------------------
LLP Janzira has declared insolvency.  Creditors have until
April 7, to submit written proofs of claim to:

          Radostovsa Str. 152b, office 3
          Almaty


KAZAKHSTAN-TRANSPORT: Creditors Must File Claims by April 7
-----------------------------------------------------------
LLP Kazakhstan-Transport has declared insolvency.  Creditors
have until April 7, to submit written proofs of claim to:

          Promyshlenaya Str. 1
          Almaty


TOMIRIS: Creditors Must File Claims by April 7
----------------------------------------------
LLP Tomiris has declared insolvency.  Creditors have until
April 7, to submit written proofs of claim to:

          Pushkin Str. 40-11
          Almaty


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


GETRONICS N.V.: Forms Strategic Partnership with Corillian
----------------------------------------------------------
Corillian Corp. (NASDAQ: CORI) and Getronics, disclosed the
signing of a multi-year reseller and systems integration
agreement to deliver comprehensive online services to financial
institutions worldwide.  

Getronics will resell and implement Corillian's Voyager platform
and online banking applications as its preferred offering for
financial institutions looking for a comprehensive, next-
generation online solution.  Financial institutions will be able
to benefit greatly from the addition of the Voyager platform to
Getronics' unique retail banking solution that includes their
Globalfs multi-channel branch software, as well as comprehensive
security, IP communications, and workspace management
infrastructure services.  This powerful combination will enable
financial institutions to gain the customer sales and service
benefits of a truly integrated retail delivery environment,
backed by an arrangement that ensures that the environment will
be maintained and expanded.

"Our clients are looking for ways to not only deploy but also
continuously improve their customers' multi-channel banking
experience,' said Jean-Paul Adans, Senior Vice President,
Getronics Financial Services Industry Practice.  "Corillian's
industry-leading online banking solutions and understanding of
the multi-channel experience and its challenges are a great
asset to Getronics and our clients.  We are excited about
integrating Corillian's online applications into our unique
retail banking software and services offering.  This agreement
strengthens our ability to deliver our solution with a single
point of accountability and maximum flexibility."

Corillian's industry-leading Voyager platform and online
applications enable financial institutions to deliver innovative
online financial services to their various customer segments -
consumers, small businesses and corporations.  Corillian's
online banking applications integrate hundreds of best practices
developed over the last eight years through its experiences in
serving some of the most innovative financial institutions in
the world.  Corillian's applications integrate market-leading
practices in usability and functionality from industry-leading
firms and other acknowledged industry experts.  With these
solutions, financial institutions deliver innovative and
compelling online banking services to their users, while
maintaining the ability to tailor the solution through flexible
configuration.  This enables the financial institution to gain a
competitive advantage in the online channel and meet the growing
needs of its unique user base.  

Getronics' Channel Renewal retail banking solution addresses the
long-standing challenges associated with deploying and evolving
a multi-channel customer-centric banking environment.  Getronics
is unique in its ability to minimize risk and cost through a
combination of its Globalfs software, project management and
ongoing managed IT services that address the complexities found
in today's retail banking delivery environment, including:

  -- application integration;
  -- end-to-end network security;
  -- voice and data communication integration; and
  -- local and mobile device deployment and support.

Today, Getronics serves 17 of the world's top 20 financial
services institutions, providing software and services to more
than 50,000 branches worldwide.

"Getronics has industry-leading expertise and a proven track
record in helping financial institutions grow revenues and
enhance competitiveness within their branch-oriented software
and services,' said Alex Hart, President and CEO of Corillian.  

"The Getronics and Corillian combination provides a best-of-
breed approach that offers financial institutions one of the
most complete multi-channel offerings in the industry.  We
believe this strategic partnership will allow us to expand our
presence and increase revenues in new markets around the world."

                         About Corillian

Corillian -- http://www.corillian.com-- is the market leader of  
online banking, bill payment and fraud prevention solutions to
the financial services industry.  With 28 of the top 100 U.S.
banks and 20 of the top 100 U.S. credit unions as customers,
Corillian serves over 25 percent of the online banking
community.  Corillian provides the most flexible, scalable and
secure set of online banking applications across multiple lines
of business, integrating best-practice functionality developed
for some of the most innovative financial institutions in the
world.  Corillian features integrated applications across
Consumer Banking, Small Business Banking, Wealth Management,
Credit Card Management, and Corporate Cash Management, as well
as enterprise wide solutions, including Fraud Detection,
Payments Warehouse, Alerts, eStatements, and OFX.  Corillian's
fraud prevention solutions use Preemptive Forensics(TM) to
protect web sites from phishers, hackers, and fraudsters.  
Corillian's strong authentication solution provides a low-cost
solution for multi-factor authentication while maintaining high
user satisfaction.  For more information about Corillian
Corporation, visit the company's Web site at.

                    About the Company

Headquartered in Amsterdam, Netherlands, Getronics N.V.  --
http://www.getronics.com/-- designs, integrates and manages ICT  
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.   
Its shares are traded on Euronext Amsterdam.    

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Dutch IT services group Getronics
N.V.  to 'B' from 'B+'.  

At the same time, Standard & Poor's lowered its ratings on
Getronics' senior unsecured notes to 'CCC+' from 'B-', still two
notches below the corporate credit rating.  Standard & Poor's
also lowered its ratings on Getronics' EUR300 million senior
secured bank loan to 'B' from 'B+', the same as the corporate
credit rating.  The loan has a '3' recovery rating, indicating
our expectation of meaningful (50%-80%) recovery of principal in
the event of a payment default.

All ratings remain on CreditWatch with negative implications
where they were placed on Jan. 19, 2006, following a profit
warning.

On Sept. 30, 2005, Getronics had gross debt of EUR518 million,
including EUR135 million in cumulative preference shares.   


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Eyes Demerger of Production Activities
--------------------------------------------------------------
The Board of Directors for Petroleum Geo-Services ASA (OSE:PGS)
(NYSE:PGS) recommended to shareholders a separation of the
Company into two separately listed businesses by demerging its
activities within floating production into a newly-formed entity
named Petrojarl ASA.  

The activities within the geophysical business will continue
under the PGS name.  The separation will be implemented through
a combined demerger and offering structure.

                     Terms of the Demerger

Upon completion of the demerger, each PGS shareholder will
receive one share in Petrojarl for each share held in PGS on the
record date, and will thus hold separate investments in two
listed companies:

  -- Petroleum Geo-Services: A focused Geophysical services
     company, comprising marine and onshore acquisition of
     seismic data, the world's largest library of Multi-client
     data, as well as data processing services.  Petroleum Geo-
     Services intends to build further on its global
     infrastructure and on its global market leadership in
     marine seismic to capture the potential from the market
     upturn, build further strengths in selected segments and
     consider concentrated or broader industry restructuring
     opportunities to position the business optimally for the
     future.  The Company's shares will have a primary listing
     in Oslo and its American Depository Shares will trade on
     New York Stock Exchange.

  -- Petrojarl: A focused FPSO company, with North Sea
     leadership and expertise that is currently the second
     largest FPSO contractor world-wide in terms of revenues.  
     Petrojarl will seek to maintain its strong North Sea
     position while pursuing growth opportunities
     internationally through the intended Teekay Petrojarl
     Offshore JV, building on strong design, project management
     and operational capabilities.  Petrojarl's shares will be
     listed in Oslo.

The Petrojarl shares distributed to PGS shareholders, will
constitute 80.01% of the total number of shares outstanding
after completion of the demerger.  PGS intends to sell up to the
remaining 19.99% in an offering concurrently with the demerger,
subject to market conditions.  The Board believes that the
combined demerger and offering structure will efficiently
position Petrojarl in the capital markets and enable it to take
an active part in further growth in the FPSO market.

The decision to recommend a separation is principally motivated
by a desire to provide each of the two PGS businesses with
clearer strategic direction and increased flexibility to pursue
growth opportunities.  Through the separation, the Geophysical
and Production Businesses will obtain independent access to
financing and each will be able to independently develop an
optimal capital structure for its business.  Furthermore, the
separation will make possible separate evaluations of each
business, and allow each business to attract its own investor
base.

The listing of Petrojarl is planned for early July 2006.  
Petrojarl will have its headquarters in Trondheim, Norway.  
Espen Klitzing, who currently heads the Production Business,
will serve as Petrojarl's chief executive officer.  

In contemplation of the demerger, Petrojarl is in the process of
establishing a credit facility, to be arranged by ING Bank N.V,
which will become effective from completion of the demerger.

A demerger agreement between PGS and Petrojarl regulates the
split of rights, assets and liabilities between the two
companies.  PGS' share capital will be split in the ratio of
80/20 between
PGS and Petrojarl, based on estimated fair market values and
proposed allocation of net interest-bearing debt of
approximately $566 million to PGS and $263 million to Petrojarl
as of Dec. 31, 2005.

Completion of the demerger is subject, inter alia, to:

   -- approval by an extraordinary general meeting of PGS
      shareholders scheduled for April 28;

   -- certain remaining third party consents; and

   -- notice from Oslo Boers that Petrojarl will be accepted for
      listing immediately after the demerger has been
      registered.

"Through this separation we are executing our stated strategy to
create new opportunities for the two businesses and value for
our shareholders," PGS President and CEO, Svein Rennemo
commented.  "We are creating two strong companies well
positioned for further growth benefiting our existing
shareholders, customers and employees.  We also believe these
companies will be attractive for new groups of investors."

The separation will have an indicative timetable:

   * March 28, 2006 -- distribution of the Demerger Plan with
     appendixes, setting forth the terms and conditions of the
     proposed demerger;

   * Early April 2006 -- distribution of an extended stock
     exchange notice in the form of an information statement
     relating to the demerger;

   * April 28, 2006 -- extraordinary general meeting; and

   * Early July 2006 -- expected first day of trading of the
     Petrojarl shares.

                  About Petroleum Geo-Services

Headquartered in Lysaker, Norway, Petroleum Geo-Services --
http://www.pgs.com/-- is a technologically focused oilfield   
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.   

                        *     *     *

Petroleum Geo-Services' 10% senior notes due 2010 carry Standard
& Poor's B+ rating.


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


NETIA SA: Transport Minister Cancels EUR20.9-Mil License Fees
-------------------------------------------------------------
The Polish Minister of Transport and Construction cancelled part
of the outstanding local license fee obligations of Netia SA's
subsidiary, Regionalne Sieci Telekomunikacyjne El-Net SA, on
March 21.  

The obligations included the prolongation fees owed in
connection with the prior deferrals of the license fee
installments, in exchange for investments in the
telecommunications infrastructure incurred in years 2001, 2002
and 2003.

The total amount of the local license fees cancelled was
EUR20,940,066.  The total amount of the prolongation fees
cancelled was EUR8,565,650.93.

Headquartered in Warsaw, Poland, Netia SA (B+/Stable/--) --
http://netia.pl/-- is the leading alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


NETIA SA: Mark Holdsworth Leaves Supervisory Board
--------------------------------------------------
Netia SA (WSE: NET) disclosed the resignation of Mark Holdsworth
from his position as a member of the Company's Supervisory Board
effective as of March 29, 2006.

Mr. Holdsworth cited potential conflict of interest that may
result from the current shareholding structure of Netia and
Netia Mobile Sp. z o.o.

Headquartered in Warsaw, Poland, Netia SA (B+/Stable/--) --
http://netia.pl/-- is the leading alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


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


ARCTIC: Moscow Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against Arctic after finding the close joint stock
company insolvent.  The case is docketed as A40-78228/05-123-
248B.

Mr. S. Galakhov has been appointed insolvency manager.

The Debtor can be reached at:

        Arctic
        Novopetrovskaya, 7
        125239, Moscow Region, Russia


BAYMAK-GAS-SPETS-STROY: Claims Registration Ends April 18
---------------------------------------------------------
Creditors of Baymak-Gas-Spets-Story have until April 18, to
submit their proofs of claim to the court-appointed insolvency
manager Ms. R. Galeeva at:

        Room 12, S. Yulaeva Pr. 30
        453630, Baymak
        Bashkortostan Republic, Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the close joint stock company
with the case docketed as A07-20748/05-G-MOG.

The Debtor can be reached at:

        Baymak-Gas-Spets-Story
        Azanova Str. 26
        453630, Baymak,
        Bashkortostan Republic, Russia


ELECTRO-SIB-MONTAGE: Bankruptcy Hearing Set for May 23
------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene on
May 23, to hear the bankruptcy supervision procedure on open
joint stock company Electro-Sib-Montage.  The case is docketed
as A33-30948/2005.

Mr. N. Zubenko has been appointed temporary insolvency manager.

The Debtor can be reached at:

        Electro-Sib-Montage
        Building 15, Mpro. base Energetic,
        662315, Krasnoyarsk Region, Russia

The insolvency manager can be reached at:

        N. Zubenko
        Sosnovoborsk, Post User Box 2
        662501, Krasnoyarsk Region, Russia


GRAIN: Bryansk Court Sets Bankruptcy Hearing for May 22
-------------------------------------------------------
The Arbitration Court of Bryansk Region will convene at 10 a.m.,
on May 22, to hear the bankruptcy supervision procedure on open
joint stock company Grain with the case docketed as A09-
13788/05-28.

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

The Debtor can be reached at:

        Grain
        Unechskiy Region, Zhudilovo,
        243330, Bryansk Region, Russia

The insolvency manager can be reached at:

        V. Semernev
        Krasnoarmeyskaya Str. 136A,
        241050, Bryansk Region, Russia
        Tel: (0832) 66-04-87


IVANOVSKOYE: Claims Filing Period Ends April 18
-----------------------------------------------
Creditors of Ivanovskoye (TIN 3405009543) have until April 18,
to submit their proofs of claim to court-appointed insolvency
manager, Mr. A. Kharlanov, at:

        Post User Box 1100
        400087, Volgograd Region, Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A12-2123/05-s50.

The Debtor can be reached at:

        Ivanovskoye
        Dubovskiy Region, Malaya Ivanovka,
        404023, Volgograd Region, Russia


JSC VNESHTORGBANK: Fitch Assigns C/D for Individual Rating
----------------------------------------------------------
Fitch Ratings assigned Russia's JSC Vneshtorgbank a Local
Currency Issuer Default Rating of BBB.  VTB's other ratings are
Foreign Currency IDR BBB/Stable Outlook, Short-term F3,
Support 2, and Individual C/D.

At the same time, Fitch assigned Dali Capital PLC's upcoming
issue of Series 20 fixed-rate RUB notes an expected Long-term
BBB rating.  The notes are to finance an unsecured loan made by
Barclays Bank PLC to VTB.  

Barclays and Dali will only pay noteholders principal and
interest received from VTB.  The final rating is contingent on
receipt of final documents conforming materially to information
already received.

The issue is structured such that Dali, a special-purpose
vehicle domiciled in Ireland, issues RUB-denominated notes
payable in USD, the proceeds from which are converted into RUB
by authorized foreign exchange agents, Barclays and ZAO
Citibank, and placed with Barclays for the subsequent lending to
VTB.  

The Bank of New York acts as trustee and as issuing and paying
agent for Dali.  Interest and principal amounts on the loan from
Barclays to VTB are calculated and paid in RUB, converted to USD
using the same foreign exchange agents and placed with Dali for
the payments to the noteholders.  Noteholders are therefore
subject to the risk of a depreciation of the RUB against the
USD.

The loan agreement between Barclays Bank and VTB contains a
prepayment clause if the Russian Federal authorities cease to
own or control at least 50% plus one share in VTB.  The
agreement also contains a negative pledge clause and numerous
other covenants that, among other factors, limit disposals by
VTB and require VTB to maintain a minimum consolidated Basel
total capital ratio of 8%.  

The negative pledge clause allows for a degree of securitization
by VTB, to the extent that the principal amount of the notes
issued under any securitization does not exceed 10% of VTB's
assets.

VTB was founded in 1990 and is 99.9%-owned by the Russian state
through the Federal Property Agency.  The bank has a diversified
branch network covering all Russia and is the country's second
largest bank.  

Based on unaudited financial statements prepared in accordance
with IFRS, as of Oct. 1, 2005 VTB's consolidated assets, net
loans and shareholders equity stood at US$22.5 billion, US$13.8
billion and US$2.9 billion respectively.  

VTB, its subsidiaries and associates, including a number of
banks in the CIS and Western Europe, offer banking services
predominantly to Russian corporate, SME and retail clients.


NAFTA-TRANS-EAST: Bankruptcy Heating Set for May 15
---------------------------------------------------
The Arbitration Court of Moscow will convene on May 15, to hear
the bankruptcy supervision procedure on close joint stock
company Nafta-Trans-East.  The case is docketed as A40-55247/05-
101-101 "B".

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

The Debtor can be reached at:

        Nafta-Trans-East
        Building 2, Krasina Str. 7
        123056, Moscow Region, Russia

The insolvency manager can be reached at:

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


PETROZAVODSKIY WOOD: Claims Filing Period Ends April 18
-------------------------------------------------------
Creditors of Petrozavodskiy Wood Working Combine (TIN
1001006991) have until April 18, to submit their proofs of claim
to court-appointed insolvency manager, Ms. V. Podolyanchik at:

        Petrozavodsk, Post User Box 114
        135030, Kareliya Republic, Russia

The Arbitration Court of Kareliya Republic commenced bankruptcy
proceedings against the close joint stock company with the case
is docketed as A26-6248/2005-18.

The Debtor can be reached at:

        Petrozavodskiy Wood Working Combine
        Petrozavodsk, Zaytseva Str. 64A
        185000, Kareliya republic, Russia


ROS-OIL-GAS-INTER-STROY: Bankruptcy Hearing Set for April 20
------------------------------------------------------------
The Arbitration Court of Stavropol Region will convene at
10 a.m., on April 20, to hear the bankruptcy supervision
procedure on close joint stock company Ros-Oil-Gas-Inter-Story
at:

        The Arbitration Court of Stavropol Region
        Mira Str. 458B,
        Stavropol Region, Russia

The case is docketed as A63-2362/05-S5.

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

The Debtor can be reached at:

        Ros-Oil-Gas-Inter-Story
        Apartment 49, Dzerzhinskogo Str. 51,
        Stavropol Region, Russia

The insolvency manager can be reached at:

        A. Parshin
        Sotsialisticheskaya Str. 18/3,
        355047, Stavropol Region, Russia
        Tel/Fax: 8-8652-29-54-64


ROS-SPETS-STROY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on close joint stock company Ros-Spets-
Stroy.  The case is docketed as A19-24556/05-37.  

Ms. S. Chetvergova has been appointed temporary insolvency
manager.

The Debtor can be reached at:

        Ros-Spets-Stroy
        Bratsk Region, Russia

The insolvency manager can be reached at:

        S. Chetvergova
        Post User Box 131
        664025, Irkutsk Region, Russia
        Tel: (3952) 33-40-68


ROSTELECOM: S&P Lifts Rating to BB- on Reduced Financial Risk
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rostelecom, the largest long-distance
services provider in Russia, to 'BB-' from 'B+', reflecting the
company's strengthened financial profile.  The outlook is
stable.

"The upgrade reflects the company's strong financial position,
with minimal debt levels; persisting positive free cash flows
and sound financial flexibility; its leading nationwide network;
and the continuing growth of traffic volumes," said Standard &
Poor's credit analyst Lorenzo Sliusarev.

"Standard & Poor's expects that Rostelecom will sustain its
limited exposure to financial risk and sound credit protection
in the near-to-medium term," Mr. Sliusarev added.

We note, however, that ongoing market liberalization and
regulatory developments in Russia are expected to cause changes
in the competitive environment, translating into pressure on
operating performance and profitability.  Nevertheless, the
company's strong financial profile and ownership of a modern
nationwide network should somewhat mitigate this uncertainty,
serving as a cushion against potential adverse developments in
business performance.   


YUKOS OIL: Moscow Court Begins Temporary Outside Supervision
------------------------------------------------------------
The Hon. Pavel Markov of the Moscow Arbitration Court entered an
order placing OAO Yukos Oil Co. under temporary outside
supervision until June 27, when he will consider formally
declaring the company bankrupt.

The bankruptcy suit was brought to court on March 10, by a
consortium of 14 bank lenders led by Societe Generale SA, in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.

State-owned oil company Rosneft, acquired the debt in December
2005 from the consortium, which included Citigroup Inc.,
Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, among
others.  

"Our reaction is there is nothing unexpected here," Andrew
Smith, a Yukos spokesman, told Andrew E. Kramer of The New York
Times.  "After three years of working in the Russian court
system our expectations were not particularly high."

Judge Markov turned down Yukos' request for a 14-day extension
to review details from the bank group.  He likewise denied the
company's request to move the trial in the remote Khanty-
Mansiisk region of western Siberia, where the company was
located.

                        Temporary Manager

The Court named Rosneft-nominated Eduard Rebgun as temporary
manager to oversee Yukos until the June hearing.  Mr. Rebgun is
a member of the external management body of the Russian Union of
Industrialists and Entrepreneurs.  

Mr. Rebgun will:

   -- analyze Yukos' finances and determine the amount of its
      debts;

   -- draw up a list of creditors; and

   -- organize the first creditor's committee meeting.

The committee recommended two possible actions for Yukos:
external management or bankruptcy administration and
liquidation.

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

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


ZAKAMENSKIY BREWERY: Court Names M. Matkheeva Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Buryatiya Republic appointed Ms. M.
Matkheeva as insolvency manager of Zakamenskiy Brewery.

The Court has commenced bankruptcy supervision procedure on the
open joint stock with the case as A10-8849/05.

The Debtor can be reached at:

        Zakamenskiy Brewery
        Zakamensk, Sedletskogo Str. 66
        617950, Buryatiya republic, Russia

The insolvency manager can be reached at:

        M. Matkheeva
        Ulan-Ude, Borsoeva Str. 109,
        670004, Buryatiya republic, Russia


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


AGRORAYON: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Agrorayon (code EDRPOU 31071160) on
Jan. 25, after finding the company insolvent.  The case is
docketed as 21/11 b-06.

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

CONTACT:  Agrorayon
          Ivankiv, Kyivske shose, 1
          Ukraine, Kyiv Region

          Mr. S. Gritsaj
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv Region, a/b 38
          Tel: (044) 236-11-17

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


AMVROSIYIVSKE REPAIR: Donetsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against Amvrosiyivske Repair-Transport Enterprise
APK (code EDRPOU 31001072) on February 2, 2006 after finding the
company insolvent.  The case is docketed as 5/67-b.  

Mr. Laskavij Kostyantin has been appointed
Liquidator/Insolvency Manager.

CONTACT:  Amvrosiyivske Repair-Transport Enterprise APK
          Amvrosiyivka, Zelenij Lane 18
          87300, Ukraine, Donetsk Region

          Mr. Laskavij Kostyantin
          Liquidator/Insolvency Manager
          Starobeshevska Str. 12 a
          83069, Ukraine, Donetsk

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


CHERKASSYZALIZOBETON: Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Cherkassy Region declared CJSC
Cherkassyzalizobeton (code EDRPOU 01267610) after finding the
company insolvent.  The case is docketed as 14/2671.  

Mr. Kopilets Pavlo has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Cherkassyzalizobeton:
          Himikiv Lane 2
          18036, Ukraine, Cherkassy Region

          Mr. Kopilets Pavlo
          Liquidator/Insolvency Manager
          Konev Str. 3/132
          18029, Ukraine, Cherkassy Region

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


DRUZHBA: Zhitomir Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Zhitomir Region commenced bankruptcy
proceedings against LLC DRUZHBA (code EDRPOU 01053043) on
Dec. 1, 2005 after finding the company insolvent.  The case is
docketed as 4/115 B.  

Mr. Sergij Daniluk has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Druzhba
          Brusilivskij district, Stavishe
          Ukraine, Zhitomir Region

          Mr. Sergij Daniluk
          Liquidator/Insolvency Manager
          Tel. (04130) 4-31-39

          Economic Court Of Zhitomir Region
          Putyatinski Square 3/65
          10002, Ukraine, Zhitomir Region


HERSON-TON LTD.: Herson Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
proceedings against Joint Ukrainian-American Enterprise Herson-
Ton Ltd. (code EDRPOU 24116693) on Feb. 2, after finding the
company insolvent.  The case is docketed as 6/39-B-06.

Mr. Dmitro Zaporozhets has been appointed Liquidator/Insolvency
Manager.

Creditors have until March 17, to submit their proofs of claim
to:
         Herson-Ton Ltd.
         73000, Ukraine, Herson Region
         Dniprovskij district, Perekopska Str. 168

         Mr. Dmitro Zaporozhets
         Liquidator/Insolvency Manager
         Chervonoflotska Str. 3/1
         73000, Ukraine, Herson Region
         Tel: 8 (0552) 49-82-86

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


HLIB POKUTTYA: Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy proceedings against OJSC Hlib Pokuttya (code EDRPOU
00954426) on Jan. 5, after finding the company insolvent.  The
case is docketed as B-7/64.

Mr. Igor Rudik has been appointed Liquidator/Insolvency Manager.

CONTACT:  Hlib Pokuttya
          Snyatinskij district, Zabolotiv,
          Ukraine, Ivano-Frankivsk Region
          Grushevskij Str. 123

          Mr. Igor Rudik
          Liquidator/Insolvency Manager
          Galitska Str. 124/84
          76022, Ukraine, Ivano-Frankivsk Region
          Tel: 8 (03422) 50-06-96

          Economic Court Of Ivano-Frankivsk Region
          Shevchenko Str. 16a
          76000, Ukraine, Ivano-Frankivsk Region


RIZHANIVSKE: Cherkassy Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
proceedings against LLC Rizhanivske (code EDRPOU 31546526) on
Feb. 2, after finding the company insolvent.  The case is
docketed as 01/3592.

Mr. Bilera Oleg has been appointed Liquidator/Insolvency
Manager.

CONTACT:  RIZHANIVSKE
          Zvenigorodskij District, Rizhanivka
          20233, Ukraine, Cherkassy Region

          Mr. Bilera Oleg
          Liquidator/Insolvency Manager
          Volkov Str. 59/35
          Ukraine, Cherkassy Region
          Phone/Fax: (0472) 41-67-64, 76-79-77

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


SELTORG: Dnipropetrovsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Seltorg (code EDRPOU 32608635) on
Dec. 27, 2005 after finding the company insolvent.  The case is
docketed as B 40/74/05.  

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

CONTACT:  Seltorg
          B. Hmelnitskij Str. 24
          Ukraine, Dnipropetrovsk Region

          Mr. S. Ryabchij
          Liquidator/Insolvency Manager
          Panikahi Str. 2
          49700, Ukraine, Dnipropetrovsk Region

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


TEODOLIT: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Teodolit (code EDRPOU 32783536) on
Jan. 25, after finding the company insolvent.  The case is
docketed as 22/11 b-06.

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

CONTACT:  Teodolit
          Ivankiv, Kyiv Regionske shose, 1
          Ukraine, Kyiv Region

          Mr. S. Gritsaj
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv Region, a/b 38
          Tel: (044) 236-11-17

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


UKRAINIAN SERVICE: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on JSCCT Ukrainian Service-Company (code
EDRPOU 24941523) on Feb. 2.  The case is docketed as 15/82-b.  
Mr. V. Tkachuk has been appointed temporary insolvency manager.

CONTACT:  Ukrainian Service-Company
          Geroyiv Sevastopolya Str. 37
          03061, Ukraine, Kyiv Region

          Mr. V. Tkachuk
          Temporary Insolvency Manager
          Lyubchenko Str. 15, room 510
          
          Economic Court Of Kyiv Region
          B. Hmelnitskij Boulevard 44-B
          01030, Ukraine, Kyiv Region


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


BARNACK LIMITED: Members Pass Winding Up Resolution
---------------------------------------------------
Members of Barnack (International) Limited passed a resolution
to wind up the company during an extraordinary general meeting
on Feb. 24.

They authorized Graham Stuart Wolloff and Richard John Elwell,
of Elwell Watchorn & Saxton LLP, to jointly administer the
liquidation proceedings.

Barnack (International) Limited can be contacted at:

         Unit 17
         Brookside Industrial Estate
         Sawtry Huntingdon Cambridgeshire
         PE28 5SB
         Tel: 01487 834 433
         Fax: 01487 834 466


BRAND PACKAGING: Taps Administrators from KPMG
----------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
administrators of Brand Packaging Holdings Limited (Company
Number 01907038) on March 14.

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


BROOK DIGITAL: Claims Filing Period Ends April 7
------------------------------------------------
Creditors of Brook Digital 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 Joint Liquidator Andrew
Andronikou.

Brook Digital Limited can be reached at:

         Unit 11
         White Cliffs Business Park
         Honeywood Close
         Whitfield Dover Kent
         CT16 3PX
         Tel: 01304 823 700
         Fax: 01304 822 476


BROOKLYN COTTAGE: Joint Liquidators Take Over Operations
--------------------------------------------------------
Brooklyn Cottage Industries Limited is liquidating its assets
after members decided to wind up the company on Feb. 23.

Robert Valentine and Mark Reynolds, of Valentine & Co, were
appointed Joint Liquidators.

Brooklyn Cottage Industries Limited can be contacted at:

         44 Tor View Avenue
         Glastonbury Somerset
         BA6 8AF
         Tel: 01225 834 232


CHERRYPRINT LIMITED: Appoints Baker Tilly to Administer Assets
--------------------------------------------------------------
Philip Edward Pierce and Adrian David Allen of Baker Tilly were
appointed administrators of Cherryprint Limited (Company Number
4988417) on March 9.  Its registered office is at 3 Tadman
Street, Wakefield WF1 5QU.

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


COMMERCIAL VEHICLE: Financial Woes Trigger Liquidation
------------------------------------------------------
Commercial Vehicle Equipment Limited is winding up its
operations after members resolved to liquidate the company's
assets on Feb. 16.

Chairman C. Chapman revealed the company could no longer
continue its operations due to financial liabilities.

Edwin James Kirkwood and Andrew James Nichols were appointed
Joint Liquidators.

Commercial Vehicle Equipment Limited can be reached at:

         The Airfield
         Seaton Ross York
         YO4 24NF
         Tel: 01759 318 584


COMPASS CAPITAL: Appoints Joint Liquidators From RSM Robson
-----------------------------------------------------------
Simon Peter Bower and Trevor Patrick O'Sullivan, of RSM Robson
Rhodes LLP, were appointed Joint Liquidators after members of
Compass Capital Limited decided to liquidate the company's
assets on Feb. 23.

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

Compass Capital Limited can be reached at:

         78 Brook Street
         London
         W1K 5EF
         Tel: 020 7647 4700


CONTINENTAL TRANSPORT: Creditors Confirm Voluntary Liquidation
--------------------------------------------------------------
Creditors of Continental Transport Services Limited confirmed
the company's voluntary liquidation after members passed a
resolution to wind up the company on Feb. 24.

Creditors also ratified the appointment of Keith Barry Stout as
Liquidator.

Continental Transport Services Limited can be reached at:

         1st Floor Cobat House
         1446-1448
         Road Leigh- Essex
         SS9 2UW
         Tel: 01708 863 355


COUNTRYWIDE LIMITED: Claims Registration Ends April 7
-----------------------------------------------------
Countrywide (Window & Door Systems) Limited is liquidating its
assets after members passed a resolution to wind up the
company's operations on Feb. 24.

Appointed Liquidator, Tania Clark, 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 7.

Countrywide (Window & Door Systems) Limited can be reached at:

         4 Shepperton House Green La
         Shepperton
         TW17 8DN
         Tel: 01932 260700


CREASEY FLOOD: Winds Up Operations & Appoints Liquidator
--------------------------------------------------------
Members of Creasey Flood Limited passed a resolution to wind up
the company's operations during an extraordinary general meeting
on Feb. 22.

Subsequently, they appointed Steven M. Law, of Ensors, as
Liquidator.

Creasey Flood Limited can be reached at:

         8 Tower Road
         Lowestoft Suffolk
         NR33 7NE
         Tel: 01502 532 500
         Fax: 01502 514 790


FREEZESTYLE LIMITED: Taps DTE Leonard as Administrator
------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
administrators of Freezestyle Limited (t/a The Establishment -
Company Number 04935720) on March 14.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Freezestyle Limited operates a restaurant.


GORMLEY LIMITED: Names Michael Ioannou to Liquidate Assets
----------------------------------------------------------
Michael Ioannou, of Gregory Michaels & Co, was appointed
Liquidator of Gormley (Marble Specialists) Limited after members
resolved to wind up the company's assets on Feb. 24.

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

Gormley (Marble Specialists) Limited can be contacted at:

         Gormley House
         Waxlow Road
         London
         NW10 7NU
         Tel: 020 8961 5651
         Fax: 020 8961 5658


G.S.L. INTERNATIONAL: Begins Winding Up Procedure
-------------------------------------------------
G.S.L. International Limited is winding up its operations after
members decided to liquidate its assets on Feb. 24.

Tony Mitchell, of Cranfield Recovery Limited, was appointed
Liquidator.

G.S.L. International Limited can be reached at:

         Senator Ho
         Bourne End
         Kineton Road Ind Est Southam Warwickshire
         CV47 0NA
         Tel: 01926 811 880
         Fax: 01926 811 676
         Web: http://www.gslinternational.co.uk/


GUILDER GRAPHICS: Names Smith & Williamson Administrator
--------------------------------------------------------
Anthony Murphy, Roger Tulloch and Robert Horton of Smith &
Williamson Limited were appointed administrators of Guilder
Graphics Limited (Company Number 03362147) on March 13.  Its
registered office is at St Marys House, Netherhampton,
Salisbury, Wiltshire SP2 8PU.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Guilder Graphics Limited -- http://www.guildergraphics.co.uk/--  
is engaged in graphic and web designing.


JPS LOGISTICS: Taps Administrator from Armstrong Watson
-------------------------------------------------------
M. C. Kienlen of Armstrong Watson was appointed administrator of
JPS Logistics Limited (Company Number 05501606) on March 14.  
Its registered office is at Unit 2, Tralee Close, Kirkleatham
Business Park, Redcar, Cleveland TS10 5SG.

The administrator can be reached at:

        Armstrong Watson
        Central House
        47 St Paul's Street
        Leeds LS1 2TE
        West Yorkshire
        Tel: 0113 384 3840
        Fax: 0113 384 3841
        E-mail: mike.lienlen@armstrongwatson.co.uk


KDC COMMUNICATIONS: Deloitte & Touche Leads Administration
----------------------------------------------------------
William Kenneth Dawson and Debbie Marie Young of Deloitte &
Touche LLP were appointed administrators of telecommunication
company KDC Communications Limited (Company Number 03867329) on
March 17.  Its registered office is at Cowgill Holloway & Co.,
Regency House, 45-51 Chorley New Road, Bolton, Lancashire BL1
4QR.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of  
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.  

KDC Communications can be reached at:

        Lockfield Av
        Enfield EN3 7JY
        Tel: 020 8804 0897


KYE LIMITED: Names Joint Administrators from RSM Robson Rhodes
--------------------------------------------------------------
Charles William Anthony Escott and Gerald Clifford Smith of RSM
Robson Rhodes were appointed joint administrators of Kye Limited
(Company Number 01944559) on March 14.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a  
UK partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.  The firm is a member of the RSM International, the
world's sixth largest international organization of accountants
and business advisers.

Kye Limited -- http://www.kye-ltd.co.uk/-- offers  
mechanical/electrical contracting & engineering services.


LAURELS PROPERTY: Meeting of Creditors Set for April 3
------------------------------------------------------
Creditors of The Laurels Property Company Limited will meet at
10 a.m., on April 3, at:

         Best Western Royal George Hotel
         Tintern, Chepstow, Gwent
         NP16 6SF

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on March 31, to the joint administrator
F. Khalastchi at:

         Harris Lipman
         4-5 Mount Stuart Square
         Cardiff Bay, Cardiff
         South Glamorgan CF10 5EE
         Tel: 029 2049 5444
         Fax: 029 2049 5744


LE FIGARO: Creditors' Meeting Slated for April 3
------------------------------------------------
Creditors of Le Figaro Brasserie And Bar Limited will meet at
11 a.m., on April 3, at:

         Unity Corporate Recovery & Insolvency
         Unity House, Clive Street
         Bolton
         BL1 1ET

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on March 31, to the joint administrators
M. C. Bowker and S. Payne at:

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


LUXFER HOLDINGS: S&P Keeps Junk Rating on Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CC' long-term
corporate credit rating and 'C' senior unsecured debt rating on
U.K.-based manufacturer of gas cylinders, magnesium alloys, and
zirconium chemicals, Luxfer Holdings PLC, remain on CreditWatch
with negative implications.

The ratings were first placed on CreditWatch on Dec. 21, 2005,
reflecting uncertainty with regard to available liquidity upon
the expiry of Luxfer's sole GBP20 million revolving credit
facility. This facility had previously been extended to March
31, 2006, to enable Luxfer to negotiate new larger facilities
with other institutions. We understand that the facility has
since been extended to April 30 to allow sufficient time for the
necessary due diligence required to execute new secured funding.

The resolution of the CreditWatch will depend on the outcome of
Luxfer's negotiations; that is, on whether the company can
secure adequate longer term funding.

"The ratings might be raised back to the 'CCC' category should
adequate refinancing be successfully achieved," said Standard &
Poor's credit analyst Jarrad Oberhardt. "Alternatively, the
ratings could be lowered to 'D' or 'SD' should the company fail
to secure the financing and consequently miss any payment under
existing debt obligations."

The next coupon of about GBP7 million is due on May 1, 2006.


PEPE BOATYARD: Appoints Buchanans to Administer Assets
------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans Plc were
appointed joint administrators of Pepe Boatyard Limited (Company
Number 02457453) on March 13.

The joint administrators can be reached at:

         Buchanans Plc
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         Tel: 023 8022 1222

Headquartered in Hayling Island, Hampshire, Pepe Boatyard
Limited -- http://www.pepeboatyard.com/-- is engaged in  
building and repairing ships.


REFCO INC: Bawag Clarifies Relationship with Anguilla Entities
--------------------------------------------------------------
Bawag PSK Bank, Austria's fourth-largest bank, said it
terminated relationships with six Anguilla-based companies and
doesn't expect any more financial liability from past dealings
with them.

According to Bloomberg News, U.S. prosecutors have evidence that
the companies held unregistered bonds for Bawag in offshore
accounts at Refco, Inc.

Bawag, however, said there are no current transactions or
business relations with the Anguilla entities, and therefore no
outstanding financial exposure from such transactions.

            Probe Reveals US$525 Million in Fake Bonds

As reported in the Troubled Company Reporter-Europe on March 21,
U.S. prosecutors investigating Refco, LLC's collapse, have found
that Refco held "offshore accounts" with as much as $525,000,000
in fake bonds.

According to Bloomberg News, evidence gathered by prosecutors
indicates that Refco held the securities for Bawag P.S.K., and
Liquid Opportunity, an offshore hedge fund, under identification
numbers that do not correspond to registered bonds.

The bond accounts were at Refco's Bermuda-based unit, beyond the
reach of U.S. regulators.

Bawag asserts EUR392,000,000 in claims against Refco, including
EUR350,000,000 it loaned to Phillip Bennett, Refco's former CEO.  
The remaining EUR42,000,000 relates to "other businesses in
connection with Refco," Bloomberg reports.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services      
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.  
(Refco Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


REFCO INC: Refco Securities to Pay US$122 Mln for Breach of Pact
----------------------------------------------------------------
Refco Securities LLC, was ordered to pay OAO Sberbank
$122,000,000 for breaching a 2004 lending agreement between the
companies, Bloomberg News reports.

On the Petition Date, Sberbank sent a letter to non-debtor Refco
Securities seeking to end their lending agreement.

Sberbank, Russia's largest savings bank, sued Refco's regulated
broker-dealer business in Britain in December over its failure
to return collateral securing around $700,000,000 in loans made
to Sberbank.

According to Bloomberg, the High Court in London rejected Refco,
Inc.'s argument that it had defaulted on the agreement, which
would have cut the amount owed to Sberbank, and issued an
expedited judgment backing Sberbank's claim.

Refco has already admitted liability for breaching the
agreement.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services      
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.  
(Refco Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


SEA CONTAINERS: Withdraws From Ferry Business
---------------------------------------------
Sea Containers Ltd (NYSE: SCRA and SCRB) disclosed that it will
withdraw completely from the ferry business.  The decision,
together with other matters, will result in a total impairment
charge of approximately $500 million in the fourth quarter of
2005.

Sea Containers reported on Nov. 3, 2005, that it had begun a
process of restructuring its ferry division, and that it would
be entertaining offers to buy the core business of Helsinki-
based Silja Oy Ab, which includes eight vessels operating on
three routes in the Baltic.  

The Company also announced its intention to sell or charter out
several additional ferry vessels and to entertain offers to buy
its SeaStreak business in New York.  Because of the
restructuring, the Company announced an impairment charge of $99
million, of which $19 million was recorded in the 2005 third
quarter results.  

                         Board Approval

At the meeting of the Board on March 20, management's proposals
relating to these ferry and container matters were approved.  
The Company will recognize a non-cash pre-tax charge of
approximately $500 million in the fourth quarter 2005, which
includes the previously estimated fourth quarter 2005 impairment
charge of $112 million reported in the November announcement.  
Of this approximate $500 million, approximately $415 million
relates to the ferry business, and approximately $85 million
relates to the container business.

Robert MacKenzie, President and Chief Executive of Sea
Containers, said, "The additional write-downs announced reflect
decisions made by the Sea Containers Board following a rigorous
management-driven process of analyzing the Company's businesses,
in the light of changing market conditions, recent trading
performance and with a focus on future sustainable cash flows.  
Our objective is to reduce the central cost structure and direct
management attention on the core independent businesses of
marine container leasing, including GE SeaCo, and our GNER rail
franchise.  The Board will continue to review opportunities for
the disposal of its non-core activities.

"We are in dialogue with the Company's banks in order to amend
or waive compliance with covenants. Management has been
encouraged by the initial response from these institutions to
work with us to resolve these matters.

"At a commercial level there is progress. Silja's core business
has attracted a range of highly qualified bidders with the
second round of bids due shortly.  Indications are that a sale
of the core business can be completed in the second quarter,
with the sale of most or all of the remaining ferry assets
contemplated during the course of the year.

"The filing of the Company's 2005 Form 10-K annual report with
the U.S. Securities and Exchange Commission will be delayed into
April in order to allow adequate time to resolve the various
bank covenant issues and finalize outstanding accounting
matters.  The report will be filed as soon as practicable," he
concluded.

Sea Containers Ltd. -- http://www.seacontainers.com/-- is a  
Bermuda-registered company with regional operating offices in
London, Genoa, New York City, Rio de Janeiro, Singapore and
Sydney.  The Company provides passenger and freight transport
and marine container leasing.  

                     Restructuring Efforts

Sea Containers is restructuring its loss-making ferries
division, which consists of Finnish-based Silja Oy Ab (the
largest), a car-carrying ferries business with 9 ships, and New
York-based commuter ferry service SeaStreak.  It has hired
Societe Generale to sell Silja.  Further, it is selling cruise
ship MV Walrus, Swedish flag cruise ship MV Silja Opera, and MV
Finnjet.  It is also taking out one of its three SuperSeaCat
fast ferries, and investing US$12 million to upgrade its
flagship vessels Silja Serenade and Silja Symphony.  The funding
for the modernization will be raised through asset sales.  It is
reducing staff and offices in Finland, Sweden and Germany to
save up to US$18 million.

The company reported a third-quarter net loss of US$34.4 million
on revenue of US$456 million, and a nine-month net loss of
US$58.5 million on revenue of US$1.3 billion.

                       *     *     *

As reported in the Troubled Company Reporter on March 28, 2006,
Standard & Poor's Ratings Services lowered its ratings on Sea
Containers Ltd., including lowering the corporate credit rating
to 'CCC+' from 'B+'.  S&P retained all ratings on CreditWatch
with negative implications. The ratings were initially placed on
CreditWatch on Aug. 25, 2005, and subsequently lowered to the
'B+' level on Feb. 16, 2006.

"The downgrade is based on heightened uncertainty regarding
continued debt service after management stated that it was
evaluating 'all options' for Sea Containers' financial
structure," said S&P's credit analyst Betsy Snyder.

As reported in the Troubled Company Reporter on March 27, 2006,
Moody's Investors Service placed all ratings of Sea Containers
Ltd., under review for possible downgrade -- senior unsecured
rating at B3.  The review was prompted by the company's
disclosure that it would not file its Form 10-K until it
completes the testing of asset impairments, as well as the
uncertainty surrounding the timing of the proposed sale of Silja
Oy Ab and the other ferry assets.


TASTEE FOODS: Creditors' Meeting Set for April 4
------------------------------------------------
Creditors of Tastee Foods Limited (Company Number 02599345) will
meet at 11 a.m., on April 4, at:

         Holiday Inn
         Leicester-West
         Braunstone Lane East
         Leicester
         LE3 2FW

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on April 3, to the joint administrator
G. P. Bushby at:

         Baker Tilly
         5th Floor, Exchange House
         446 Midsummer Boulevard
         Central Milton Keynes

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

Tastee Foods Limited -- http://www.tasteefoods.co.uk/--  
manufactures of Indian foods.


TECHNOLOGY TELFORD: Meeting of Creditors Set for April 10
---------------------------------------------------------
Creditors of Technology Telford Limited (Company Number
02987875) will meet at 11:30 a.m., on April 10, at:

         Heathcote & Coleman
         Heathcote House
         136 Hagley Road
         Edgbaston, Birmingham
         B16 9PN

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on April 7, to the administrator Gerald
Frederick Davis at:

         Heathcote & Coleman
         Heathcote House
         136 Hagley Road
         Birmingham
         West Midlands B16 9PN
         Tel: 0121 454 4141
         Fax: 0121 454 4949
         E-mail: gfd@heathcote-coleman.co.uk  

Technology Telford Ltd can be reached at:

         Halesfield
         19 Telford TF7 4QT
         Tel: 01952 585580
         Fax: 01952 680240


VISAGE (IOM): Meeting of Creditors Set for April 7
--------------------------------------------------
Contributories of Visage (IOM) Limited (previously known as
Planet (IOM) Limited) will meet at 2 p.m., on April 7, at:

        Braaid Hall
        Braaid in the Isle of Man

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on April 4, to the member of the board
D. Parker at:

        Shimmin Wilson & Co
        13-15 Hope Street
        Douglas, Isle of Man


WOODMAN FURNITURE: Mazars LLP Leads Administration
--------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars
LLP were appointed administrators of Woodman Furniture Limited
(Company Number 04509478) on March 10.

Mazars -- http://www.mazars.com/-- is an international,  
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Woodman Furniture Ltd can be reached at:

        Frome
        Somerset BA11 3DT
        Tel: 01373 451575
        Fax: 01373 452160
        E-mail: sales@woodmanfurniture.co.uk

                           *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
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