TCREUR_Public/060403.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, April 3, 2006, Vol. 7, No. 66

                            Headlines


F R A N C E

ALCATEL: Inks Merger Deal with Lucent Technologies


G E R M A N Y

A. CONSTABEL: Claims Registration Ends April 5
AK MASSIVBAU: Claims Registration Ends April 7
EXTRA LOGISTIK: Claims Registration Ends April 5
FRANK CONRADS: Claims Registration Ends April 6
H.C. FENSTER: Claims Registration Ends April 5

MASCHINENFABRIK GMBH: Claims Registration Ends April 5
NEUE ARBEIT: Creditors' Meeting Slated for April 6
RISTORANTE LA VILETTA: Claims Registration Ends April 6
VAC FINANZIERUNG Moody's Assigns (P)B2 Corporate Family Rating
VACUUMSCHMELZE GMBH: S&P Assigns Junk Rating to EUR380-Mln Notes

WINTER BETEILIGUNGSGESELLSCHAFT: April 6 Claims Bar Date Set
ZEITARBEIT UND: Creditors' Meeting Slated for April 6


I R E L A N D

ELAN CORPORATION: Receives U.S. Subpoena on Zonegran Drug
TUBE ROLLERS: Increased Competition Prompts Plant Shut Down


I T A L Y

BANCA POPOLARE: Fitch Lowers Trust Preferred Stock at BB+
PARMALAT SPA: BofA Can Pursue More Than US$1 Billion Claims
SAFILO S.P.A.: Fitch Raises EUR195 Million Notes to BB-


K A Z A K H S T A N

AKTOBE FOOD: Creditors Must File Claims by April 7
ALB FINANCE: Moody's Assigns B1 Long-Term Debt Rating
ALLIANCE BANK: Fitch Rates Long-Term BB- on US$1.5 Billion Notes
NEOTONTREID: Creditors Must File Claims by April 7
OMAR 2000: Creditors Must File Claims by April 7

PLEMPTISA: Kostanai Court Opens Bankruptcy Proceedings
TALAN AGRO: Creditors Must File Claims by April 7


K Y R G Y Z S T A N

ELIK: Bishkek Court Opens Bankruptcy Proceedings
INTEGRA: Chui Court Opens Bankruptcy Proceedings
KYZYL-KIA: Asset Sale Auction Slated for April 12
SUPPLY OF OIL: Issyk-Kul Court Opens Bankruptcy Proceedings
VZRYVPROM: Auction for Bill of Receivables Set for Tuesday


N E T H E R L A N D S

KONINKLIJKE AHOLD: Files Investigation Report in Inquiry


P O L A N D

WALCOWNIA RUR: Katowice Court Begins Insolvency Proceedings


R U S S I A

AGRO-KHIM-SERVICE: Bankruptcy Hearing Set for April 18
AMGINSKIY MEAT: Deadline for Proofs of Claim Set for April 18
BALASHOVO-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
BELGOROD-ROSTEK-TRANSIT: Claims Registration Ends April 18
COMPANY GAS: Creditors Have Until April 18 to File Claims

DAL-VOSTOK-INVEST: Appoints G. Shirokopoyas Insolvency Manager
GALICH-BREAD: Claims Filing Period Ends April 18
KIMRSKAYA: Claims Filing Period Ends April 18
MANNYATAAKH: Firm Falls Into Bankruptcy
VPERED: Proof of Claims Filing Deadline Set for April 18


S P A I N

CODERE S.A.: Martinez Sampedro Family Holds 80% Equity Stake
CODERE S.A.: Finance Unit Solicits Consents for 8-1/4% Sr. Notes
CODERE S.A.: Moody's Affirms B1 Corporate Family Rating
CODERE S.A.: S&P Affirms Corp. Credit Rating at BB-

S W I T Z E R L A N D

BIOMARIN PHARMA: Gets $295 Million From Debt & Equity Sale
ATMEL CORP: Swiss Unit Obtains US$165-Million Credit Facility


T U R K E Y

PETROL OFISI: Fitch Gives BB- to US$175-Million Notes


U K R A I N E

MEHANIZATOR: Dnipropetrovsk Court Opens Bankruptcy Proceedings
DOBRENSKE: Mikolaiv Court Opens Bankruptcy Proceedings
PROMTORGSERVICE: Court Opens Bankruptcy Proceedings
AGROFIRM BEREZEN: Harkiv Court Opens Bankruptcy Proceedings
MERIDIAN: Mikolaiv Court Starts Bankruptcy Supervision

PRIBREZHNA: AR Krym Court Starts Bankruptcy Supervision
PASTIRSKE: Cherkassy Court Starts Bankruptcy Supervision
TALEAN: Zaporizhya Court Starts Bankruptcy Supervision
ALTERNATIVA: Zaporizhya Court Opens Bankruptcy Proceedings
KORSHACHINSKE: Sumi Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

AL REALISATIONS: Appoints Moore Stephens Administrator
ASHBURTON CORPORATION: Furniture Retailer Appoints Administrator
BENNETT CONTRACTS: Members Pass Winding Up Resolution
BERKELEY BERRY: Joint Administrators from PwC Enter Firm
CONSILIA LIMITED: Liquidates Assets & Appoints Liquidator

EUROPEAN TILE: Creditors Affirm Joint Liquidators' Appointment
GK PRINT: Appoints Tim Alan Askham to Liquidate Assets
HAVENMOOR SERVICES: Appoints Tenon Recovery Administrator
HEART WINDOWS: Under Voluntary Liquidation
KEN ABRAM: Taps Administrators from Unity Corporate Recovery

KRYOTRANS LIMITED: Creditors' Meeting Set for April 21
LOGICAL FINANCIAL: Members Resolve to Liquidation
MECHELEC ENGINEERING: Lloyds TSB Bank Appoints PwC as Receiver
NJF COURIER: Winds Up Operations & Hires Joint Liquidators
NOODLE BAR: Ninos Koumettou Leads Liquidation Proceedings

PEPE BOATYARD: Meeting of Creditors Slated for April 18
PHOENIX DESIGN: Taps Tenon Recovery to Administer Assets
PHOENIX FITTED: Claims Filing Period Ends May 16
PRIDE FLOWERS: Joint Liquidators Set May 31 Claims Bar Date
RANK GROUP: Repurchases 1 Million Shares for Cancellation

SHILLING PROPERTIES: Names Moore Stephens Administrator
SWAN FIELDS: Appoints Administrator from Butcher Woods
TRADEHOUSE RETAIL: Meeting of Creditors Slated for April 11

                           *********

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


ALCATEL: Inks Merger Deal with Lucent Technologies
--------------------------------------------------
Alcatel (Paris: CGEP.PA, NYSE: ALA) and Lucent Technologies
(NYSE: LU) entered into a definitive merger agreement to create
the first truly global communications solutions provider with
the broadest wireless, wireline and services portfolio in the
industry.

The primary driver of the combination is to generate significant
growth in revenues and earnings based on the market
opportunities for next-generation networks, services and
applications, while yielding significant synergies.  The
combined company's increased scale, scope and global
capabilities will enhance its long-term value for shareowners,
customers and employees.

The transaction, which was approved by the boards of directors
of both companies, will build upon the complementary strengths
of each company to create a global leader in the transformation
of next-generation wireless, wireline and converged networks.

                          Strategic Fit

"This combination is about a strategic fit between two
experienced and well-respected global communications leaders who
together will become the global leader in convergence," said
Serge Tchuruk, chairman and CEO of Alcatel who will become non-
executive chairman of the combined company.  "A combined Alcatel
and Lucent will be global in scale, have clear leadership in the
areas that will define next-generation networks, boast one of
the largest research and development capabilities focused on
communications, and employ the largest and most experienced
global services team in the industry.  It will create enhanced
value for shareholders of both companies who will benefit from
owning the most dynamic, global player in the communications
industry."

Patricia Russo, chairman and CEO of Lucent who will become CEO
of the combined company said, "The strategic logic driving this
transaction is compelling.  The communications industry is at
the beginning of a significant transformation of network
technologies, applications and services -- one that is projected
to enable converged services across service-provider networks,
enterprise networks and an array of personal devices.  This
presents extraordinary opportunities for our combined company to
accelerate its growth.  The combination creates a new industry
competitor with the most comprehensive portfolio that will be
poised to deliver significant benefits to customers, shareowners
and employees."

                         Merger Overview

The combined company, to be named at a later date, will have an
aggregate market capitalization of approximately EUR30 billion
($36 billion), based upon the closing prices on Friday, March
31. Based on calendar 2005 sales, the combined company will have
revenues of approximately EUR21 billion ($25 billion), divided
almost evenly among North America, Europe and the rest of the
world.  As of Dec. 31, 2005, the combined companies had about
88,000 employees.

The combined company will have:

   -- a strong financial base and achieve annual pre-tax cost
      synergies of about EUR1.4 billion ($1.7 billion) within
      three years, a substantial majority of which is expected
      to be achieved in the first two years;

   -- the largest and most experienced global services and
      support organization in the industry;

   -- a leading position in communications solutions, with the
      broadest wireless and wireline portfolio;

   -- deep and strong, long-term relationships with every major
      service provider around the world;

   -- a growing momentum in high-end enterprise technologies and
      markets, including mission critical safety and security
      applications;

   -- the industry's premier R&D capabilities, including Bell
      Labs, with 26,100 R&D engineers and scientists throughout
      the world;

   -- an experienced international management team with a common
      vision and proven track record; and

   -- an enhanced global foot print and diversified customer
      base with a presence in more than 130 countries.

The cost synergies are expected to be achieved within three
years of closing and will come from several areas, including
consolidating support functions, optimizing the supply chain and
procurement structure, leveraging R&D and services across a
larger base, and reducing the combined worldwide workforce by
approximately 10%.

The merger also will result in approximately EUR1.4 billion
($1.7 billion) in new cash restructuring charges, with the
charges to be recorded primarily in the first year.  A
substantial majority of the restructuring is expected to be
completed within 24 months after closing.  The transaction is
expected to be accretive to earnings per share in the first year
post closing with synergies, excluding restructuring charges and
amortization of intangible assets.

Management of the combined company will be headed by Patricia
Russo, CEO, and will also consist of:

   -- Mike Quigley, COO;

   -- Frank D'Amelio, Senior EVP, who will oversee the
      integration and the operations;

   -- Jean-Pascal Beaufret, CFO;

   -- Etienne Fouques, EVP, who will supervise the emerging
      countries strategy; and

   -- Claire Pedini, Senior VP, Human Resources.

Additional organization and management team announcements will
be made at a future date.  Between signing and closing, Serge
Tchuruk and Patricia Russo will supervise an integration team to
be nominated shortly, which will seek to ensure that synergies
will start to be realized as soon as closing takes place.

                       Transaction Overview

Under the terms of the agreement, Lucent shareowners will
receive 0.1952 of an American Depositary Share representing
ordinary shares of Alcatel (as the combined company) for every
common share of Lucent that they currently hold.  Upon
completion of the merger, Alcatel shareholders will own
approximately 60% of the combined company and Lucent
shareholders will own approximately 40% of the combined company.
The combined company's ordinary shares will continue to be
traded on the Euronext Paris and the ADSs representing ordinary
shares will continue to be traded on the New York Stock
Exchange.

The combined company created by this merger of equals is
incorporated in France, with executive offices located in Paris.
The North American operations will be based in New Jersey,
U.S.A., where global Bell Labs will remain headquartered.  The
board of directors of the combined company will be composed of
14 members and will have equal representation from each company,
including Tchuruk and Russo, five of Alcatel's current directors
and five of Lucent's current directors.  The board will also
include two new independent European directors to be mutually
agreed upon.

The combined company intends to form a separate, independent
U.S. subsidiary holding certain contracts with U.S. government
agencies.  This subsidiary would be separately managed by a
board, to be composed of three independent U.S. citizens
acceptable to the U.S. government.

The combined company will remain the industrial partner of
Thales and a key shareholder alongside the French state.
Directors to the Thales board who are nominated by the combined
company would be European Union citizens.  Mr. Tchuruk, or a
French director or a French corporate executive of the combined
company would be the principal liaison with Thales.  The board
of Alcatel has also approved the continuation of negotiations
with Thales with a view to reinforce the partnership through the
contribution of certain assets and an increased shareholding
position in Thales.

The merger is subject to customary regulatory and governmental
reviews in the United States, Europe and elsewhere, as well as
the approval by shareholders of both companies and other
customary conditions.  The transaction is expected to be
completed in six to twelve months.  Until the merger is
completed, both companies will continue to operate their
businesses independently.

          Commitments to Customers and Stakeholders

"Our customers will benefit from a partner with the scale and
scope to design, build and manage increasingly converged
networks that deliver the most advanced communications services
to the market.  That is what this combination will deliver with
an unparalleled focus on execution, innovation and service for
our customers," said Ms. Russo.  "Serge and I will work hard
with our leadership team to draw upon the key strengths and
common culture of technical excellence within each company to
uniquely position the combined company for success, growth and
value creation from next-generation networking and services."

"We are committed to moving forward aggressively after closing
and quickly combining our operations and integrating our
corporate cultures to ensure that we capture the full benefits
of this combination for our customers, our shareowners and our
employees," Mr. Tchuruk said.  "We share a vision of where
networks are going; a commitment to world-class customer
service; and a highly skilled, motivated and global workforce.
We are excited about the tremendous opportunity to establish the
course for this future together."

                          About Lucent

Headquartered in Murray Hill, New Jersey, Lucent Technologies --
http://www.lucent.com/-- designs and delivers the systems,
services and software that drive next-generation communications
networks.  Backed by Bell Labs research and development, Lucent
uses its strengths in mobility, optical, software, data and
voice networking technologies, as well as services, to create
new revenue-generating opportunities for its customers, while
enabling them to quickly deploy and better manage their
networks.  Lucent's customer base includes communications
service providers, governments and enterprises worldwide.

                         About Alcatel

Headquartered in Paris, France, Alcatel --
http://www.alcatel.com/-- provides communications solutions to
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EURO 13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 28,
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.

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


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


A. CONSTABEL: Claims Registration Ends April 5
----------------------------------------------
Creditors of A. Constabel Bauunternehmen GmbH have until
April 5, to register their claims with court-appointed
provisional administrator Tim F. Gatcke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Saal 106
         Zehnthof 1
         31785 Hameln

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

The District Court of Hameln opened bankruptcy proceedings
against A. Constabel Bauunternehmen GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         A. Constabel Bauunternehmen GmbH
         Attn: Arthur Constabel, Manager
         Am Schmiedebrink 3
         31020 Salzhemmendorf

The administrator can be contacted at:

         Tim F. Gatcke
         Ger.-Fach Nr. 355
         Prinzenstrasse 10
         30159 Hannover
         Tel: 0511/360960
         Fax: 0511/36096-90


AK MASSIVBAU: Claims Registration Ends April 7
----------------------------------------------
Creditors of AK Massivbau GmbH have until April 7, to register
their claims with court-appointed provisional administrator
Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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.

The District Court of Magdeburg opened bankruptcy proceedings
against AK Massivbau GmbH on Feb. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AK Massivbau GmbH
         Goethestr. 5
         06484 Quedlinburg
         Attn: Andy Kunze, Manager
         A.-Schweitzer-Str. 3a
         38820 Halberstadt

The administrator can be contacted at:

         Sabine von Stein-Lausnitz
         Schonebecker Str. 82-84
         39104 Magdeburg
         Tel: 0391/4082090
         Fax: 0391/40820922


EXTRA LOGISTIK: Claims Registration Ends April 5
------------------------------------------------
Creditors of EXTRA LOGISTIK GmbH have until
April 5, to register their claims with court-appointed
provisional administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Saal 302
         Am Ochsenmarkt 3
         21335 Lueneburg

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

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

The Debtor can be contacted at:

         EXTRA LOGISTIK GmbH
         Storchenweg 14
         21217 Seevetal
         Attn: Herbert Wagner, Manager
         Vor den Hallonen 33
         21220 Seevetal

The administrator can be contacted at:

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


FRANK CONRADS: Claims Registration Ends April 6
-----------------------------------------------
Creditors of Frank Conrads Bauunternehmen GmbH have until
April 6, to register their claims with court-appointed
provisional administrator Dr. Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Aurich
         Zimmer 022
         Schlossplatz 2
         26603 Aurich

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 Aurich opened bankruptcy proceedings
against Frank Conrads Bauunternehmen GmbH on Feb. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Frank Conrads Bauunternehmen GmbH
         Attn: Frank Conrads, Manager
         Tief 20
         26624 Suedbrookmerland

The administrator can be contacted at:

         Dr. Heiner Buss
         Hauptstrasse 169
         D-26639 Wiesmoor
         Tel: 04944/1033
         Fax: 04944/912035


H.C. FENSTER: Claims Registration Ends April 5
----------------------------------------------
Creditors of H.C. Fenster-Tueren-Rolladenbau GmbH have until
April 5, to register their claims with court-appointed
provisional administrator Wolfgang Kinszorra.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Saal 411
         Justizzentrum "Albrecht der Bar"
         Scharnhorststrasse 40
         39576 Stendal

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 Stendal opened bankruptcy proceedings
against H.C. Fenster-Tueren-Rolladenbau GmbH on Feb. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         H.C. Fenster-Tueren-Rolladenbau GmbH
         Attn: Harald Ciesielski, Manager
         Chausseestrasse 8
         39579 Gohre

The administrator can be contacted at:

         Wolfgang Kinszorra
         Stendaler Strasse 1
         D-39517 Tangerhuette
         Tel: 03935/93240
         Fax: 03935/932410


MASCHINENFABRIK GMBH: Claims Registration Ends April 5
------------------------------------------------------
Creditors of Maschinenfabrik GmbH have until
April 5, to register their claims with court-appointed
provisional administrator Henning Bosse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on May 3, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Saal 118
         Am Schlossgarten 4
         38518 Gifhorn

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 Gifhorn opened bankruptcy proceedings
against Maschinenfabrik GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Maschinenfabrik GmbH
         Walde 21
         38528 Adenbuettel
         Attn: Jorg Friedrich-Wilhelm Brohme, Manager
         Norman Kirsche, Manager
         Max-Planck-Strasse 12
         69234 Dielheim

The administrator can be contacted at:

         Henning Bosse
         Hafen 2
         38112 Braunschweig
         Tel: 0531/8891942
         Fax: 0531/8891944


NEUE ARBEIT: Creditors' Meeting Slated for April 6
--------------------------------------------------
Court-appointed provisional administrator for Neue Arbeit --
Service gemeinnuetzige GmbH, Edgar Gronda, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:00 a.m., on April 6.

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

         The District Court of Bremen
         Saal 115
         Ostertorstr. 25-31
         28195 Bremen

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m., on Sep. 7, at the same
venue.

Creditors have until July 25, to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Neue Arbeit -- Service gemeinnuetzige GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Neue Arbeit -- Service gemeinnuetzige GmbH
         Neidenburger Str. 14
         28207 Bremen
         Attn: Thomas Tscheu, Manager
         Hollenstr. 120
         27299 Langwedel

The administrator can be contacted at:

         Edgar Gronda
         Domshof 18-20
         28195 Bremen
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         Web: http://www.schubra.de/
         E-mail: InsOBremen@schubra.de


RISTORANTE LA VILETTA: Claims Registration Ends April 6
-------------------------------------------------------
Creditors of Ristorante La Viletta GmbH have until
April 6, to register their claims with court-appointed
provisional administrator Sven Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Ristorante La Viletta GmbH on March 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Ristorante La Viletta GmbH
         Attn: Herrn Oktay Duezci, Manager
         Burgfeld 2
         23568 Luebeck

The administrator can be contacted at:

         Sven Krueger
         Stendaler Strasse 1
         Roeckstr. 40
         23568 Luebeck


VAC FINANZIERUNG Moody's Assigns (P)B2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 Corporate
Family Rating to VAC Finanzierung GmbH, a holding company of
Vacuumschmelze GmbH & Co. KG (VAC) as well as a provisional
rating of (P)B3 to the company's proposed issuance of EUR130
million senior secured notes due 2016 as part of acquisition
related financing.  The outlook on all ratings is stable.

This is the first time Moody's has assigned ratings to the
company.

The corporate family rating reflects the company's:

   -- highly leveraged capital structure with pro forma adjusted
      leverage (adjusted for long-term employee benefit
      obligations) to historical EBITDA adjusted for rental
      expense of c. 9x as at Jan. 4, 2006;

   -- supplier concentration risk as there are only a limited
      number of suppliers for Nickel and Cobalt;

   -- exposure to price fluctuations in raw material costs,
      primarily Nickel and Cobalt, which comprised 44% and 29%
      of raw material costs for the year ended Jan. 4, 2006;

   -- lack of geographic diversification in sales with reliance
      on European sales;

   -- operations are in a highly competitive fragmented
      industry; and

   -- ability to achieve challenging growth targets while
      concurrently implementing rationalizations in overheads
      including the re-location of production of downstream
      activities from unionized facilities in Germany to low
      wage countries.

The proposed senior secured notes will benefit from a downstream
senior guarantee from the parent holding company VAC Holding
GmbH, and upstream senior subordinated guarantees from the
operating company VAC and certain restricted subsidiaries.  The
proposed notes will also hold a second-priority lien over the
assets securing the senior credit facilities, including the
capital stock of the guarantors, and over the assets of the
issuer and guaranteeing entities.  The notes have been notched
one level below the corporate family rating based on the
coverage provided by the guarantees and security package,
although Moody's views the coverage provided by the assets as
thin and in a realization scenario the note holders would likely
incur a loss.

More positively, the ratings also reflect the company's:

   -- positioning as an integrated magnetic player with state-
      of-the-art and customized production processes and
      technological expertise in niche market segments;

   -- long-standing and sole supplier relationships with key
      customers, with no single customer accounting for more
      than 11% of sales; and

   -- diversification across market segments with no individual
      segment concentration.

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG
specializes in high-end magnetic materials, offering engineering
solutions, parts, components, modules and assembly to nine
principal market segments.  For the year ended Jan. 4, 2006 the
company generated revenues of EUR274.1 million.


VACUUMSCHMELZE GMBH: S&P Assigns Junk Rating to EUR380-Mln Notes
----------------------------------------------------------------
Standard & Poor's Ratings assigned its 'B' long-term and 'B'
short-term corporate credit ratings to Germany-based magnetic
materials manufacturer Vacuumschmelze GmbH & Co. KG (VAC).  The
outlook is stable.

At the same time, VAC KG's EUR150 million senior secured bank
facilities, guaranteed by VAC, were rated 'B+', one notch above
the corporate credit rating with a recovery rating of '1',
indicating Standard & Poor's expectation of a full recovery for
lenders (100% of principal) in the event of a payment default.

Furthermore, the proposed EUR130 million fixed-rate subordinated
notes, guaranteed by VAC and due 2016, to be issued by VAC
Finanzierung GmbH were rated 'CCC+', two notches below the
corporate credit rating, with a recovery rating of '4',
indicating marginal recovery of principal.

"The ratings are constrained by a number of factors, most
importantly the group's very aggressive financial profile, but
also by the fragmented industry, price erosion, and moderately
high capital intensity," said Standard & Poor's credit analyst
Werner Staeblein.  The ratings are supported by the company's
strong position as one of the leading players in the market for
industrial-use magnets, strong customer diversity, leading
technological know-how of alloying processes, and a good product
mix.

VAC is a leading global manufacturer of high-end magnetic
materials for industrial use, catering to nine different end
markets globally.  The group's sales amounted to EUR274.1
million in 2005 with an adjusted EBITDA of EUR43.6 million.

In September 2005, private equity investor One Equity Partners
bought VAC from U.K.-listed Morgan Crucible in a transaction
that valued the business at a total consideration of about
EUR332 million.  After completion of the acquisition, the group
had pro forma total gross debt of EUR241 million, and EUR118
million of obligations under employee benefit schemes at Jan. 4,
2006.

The group is highly leveraged, with pro forma adjusted net debt
(adjusted for pension liabilities) to EBITDA of 7.8x in 2005,
projected to decline to 6.2x in this year.  Funds from
operations (FFO) to pro forma fully adjusted net debt is
expected to rise to about 7% in 2006, from 2.7% in 2005
(excluding a shareholder loan that we treated as similar to
equity).  In the future, the company is expected to carry a
heavy debt load relative to its free cash flow generation,
although the funding structure with highly backend-loaded
maturities somewhat mitigates the risk of liquidity problems.

"The stable outlook reflects our expectation that leverage is
unlikely to decline sufficiently to allow for an upgrade in the
near term," said Mr. Staeblein. "It is also based on the
expectation that liquidity will remain sufficient and the
company will remain comfortably in compliance with its financial
covenants."


WINTER BETEILIGUNGSGESELLSCHAFT: April 6 Claims Bar Date Set
------------------------------------------------------------
Creditors of Winter Beteiligungsgesellschaft mbH have until
April 6, to register their claims with court-appointed
provisional administrator Dr. Bernd Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on April 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Verden
         Saal 214
         Johanniswall 8
         27283 Verden (Aller)

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

The District Court of Verden opened bankruptcy proceedings
against Winter Beteiligungsgesellschaft mbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Winter Beteiligungsgesellschaft mbH
         Attn: Anton Winter, Manager
         Bremer Str. 103
         27321 Thedinghausen

The administrator can be contacted at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen
         Tel: 0421/244009-0
         Fax: 0421/244009-29


ZEITARBEIT UND: Creditors' Meeting Slated for April 6
-----------------------------------------------------
Court-appointed provisional administrator for Zeitarbeit und
Personaldienstleistungen GmbH, Haro Helms, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:50 a.m., on April 6.

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

         The District Court of Bremen
         Saal 115
         Ostertorstr. 25-31
         28195 Bremen

The Court will also verify the claims set out in the
administrator's report at 9:45 a.m., on May 4, at the same
venue.

Creditors have until April 11, to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Zeitarbeit und Personaldienstleistungen GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Zeitarbeit und Personaldienstleistungen GmbH
         Gropelinger Heerstr. 214 B
         28237 Bremen
         Attn: Hans Dieter Hohnhorst, Manager
         Parchimer Str. 22
         28239 Bremen

The administrator can be contacted at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen
         Tel: 0421/337790
         Fax: 0421/3377933
         Web: http://www.dr-stankewitz.de/
         E-mail: helms@dr-stankewitz.de


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


ELAN CORPORATION: Receives U.S. Subpoena on Zonegran Drug
----------------------------------------------------------
Dublin-based drugmaker, Elan Corporation received a subpoena
from two U.S. agencies regarding its Zonegran epilepsy drug,
Bloomberg reports.

The company said that The Justice Department and the Health and
Human Services sent the subpoena in January and plans to
cooperate if investigations occur.

But matter has not troubled the company since they no longer
sold the drug after the North American and Europe rights of the
drug was sold to EisaiCo., Japan's fourth-largest drugmaker on
April 2004.


                      About the Company

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a
neuroscience-based biotechnology company.  Elan shares trade on
the New York, London and Dublin Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


TUBE ROLLERS: Increased Competition Prompts Plant Shut Down
-----------------------------------------------------------
Tube Rollers closed down its plant in Callan, Co. Kilkenny on
March 30, the Business world says.

According to the report, the Company's decision was triggered by
tightened competition from abroad.  The Company said it will
transfer its 16 workers to the subsidiaries owned by its parent
company, Duggan Steel Group.

Tube Rollers -- http://www.tuberollers.com/-- is one of the
seven subsidiaries of The Duggan Steel Group, which was founded
in 1976.  It operates in the different sectors of the steel
industry in six different locations throughout Ireland.


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


BANCA POPOLARE: Fitch Lowers Trust Preferred Stock at BB+
---------------------------------------------------------
Fitch Ratings downgraded Banca Popolare Italiana's Issuer
Default and Short-term ratings to BBB from BBB+ and F3 from F2
respectively.  Its Individual and Support rating are affirmed at
C and 3 respectively.  Its senior debt and trust preferred stock
are also downgraded to BBB and BB+ respectively from BBB+ and
BBB-.  The Issuer Default, Short-term and Individual ratings are
removed from Rating Watch Negative.  A Stable Outlook is
assigned for the Issuer Default rating.

The action reflects Fitch's concerns about the bank's
profitability and reduced financial flexibility, following the
publication of its losses for 2005.  The losses of approximately
EUR744 million were substantially worse than initially expected,
causing the bank's Tier 1 ratio to weaken to 5.1%.

Fitch's action reflects deterioration in the credit positions of
some BPI's largest borrowers, large but diminishing credit
concentrations and the possibility that the moderate net income
projected by the bank for 2006 could suffer from weaker revenues
and larger asset impairment charges.  Following the losses, the
bank looks more vulnerable to unfavorable changes in
circumstances and economic conditions.

BPI plans to publish its strategic plan in early April, although
Fitch considers that it may be some time before the bank is able
to post a level of operating profit commensurate with a BBB+
rating.  The most recent losses stemmed from troubled credits,
market risk positions and impairment on acquisitions and other
assets.  Meanwhile, Fitch takes a positive view of the bank's
intention to raise soon around EUR800 million of fresh share
capital, which would strengthen its Tier 1 ratio to over 7.5%.

Fitch also notes the continuing positive actions taken by
management to improve the prospects of the bank.  These include
the appointment of senior managers from outside the bank, work
to improve organization and controls, attention to capital
management and actions to reduce the bank's inherited exposure
to credit and market risks.


PARMALAT SPA: BofA Can Pursue More Than US$1 Billion Claims
-----------------------------------------------------------
The Hon. Lewis A. Kaplan of the Federal District Court in the
Southern District of New York issued a ruling that allows Bank
of America to go forward in asserting its counterclaims for
damages in excess of US$1 billion against Parmalat S.p.A., the
bankrupt Italian dairy company.

The 123-page counterclaims in the lawsuit brought by Enrico
Bondi, the Extraordinary Administrator of Parmalat in October
2004, charge that Parmalat and its management committed fraud,
misrepresentation, conspiracy and other illegal acts, and Bank
of America seeks damages as compensation for financial losses
and other damage it suffered as a result.

At a hearing in New York on Wednesday, March 29, Judge Kaplan
ruled that Bank of America may pursue these claims against Bondi
and Parmalat, and he rejected arguments by Bondi that Bank of
America should not be allowed to pursue its claims.  Following
the hearing, the judge issued an order to that effect.

In a statement, Bank of America said:

"Parmalat and its management repeatedly lied to Bank of America,
other banks, auditors, rating agencies, investors and the market
in general about its financial condition.  Bank of America was
led to believe that Parmalat was a strong, honest and profitable
company, and Bank of America's actions in providing loans and
other financing were consistent with this belief.  Our company
was seriously injured by this fraud."

At the time of Parmalat's bankruptcy in December 2003, Bank of
America had US$647 million of exposure to Parmalat, US$462
million of which was unsecured.  Under the Federal RICO law,
Bank of America can seek damages up to three times the amount of
its losses.

In its counterclaims, Bank of America says that Dr. Bondi's
lawsuit is nothing more than an effort to "shift the blame for
Parmalat's demise from the true culprit -- Parmalat itself -- to
victims of the fraud, such as Bank of America."

The Bank's counterclaims set out the facts about Parmalat's
decade-long, massive fraud, which have come to light through the
admissions of Dr. Bondi and the testimony of Parmalat insiders
themselves.  Beginning in the early 1990s, Parmalat, led by its
senior officers, including CEO Calisto Tanzi and CFO Fausto
Tonna, formed dummy companies to hide Parmalat's true financial
condition and cover up losses suffered by Parmalat's
subsidiaries.  Parmalat managers engaged in fraudulent schemes,
such as creating fake documents and devising phony transactions
that gave rise to phony income.  The various schemes resulted in
overstated levels of cash and earnings and understated levels of
debt.  Recent testimony in Milan by former Parmalat officials
has confirmed these facts.

Parmalat's real financial condition and its fraudulent
activities were not reflected in its audited financial
statements or in the representations made by Parmalat and its
senior officers.  Bank of America reasonably relied upon these
representations in lending the company hundreds of millions of
dollars and raising capital for Parmalat from institutional
investors in the U.S.

Bank of America's counterclaims include these specific claims:

   -- Securities Fraud for false and misleading statements by
      Parmalat in connection with Parmalat securities offerings;

   -- Racketeer Influenced and Corrupt Organizations (RICO) Act
      violations under 18 U.S.C.  A 1962(c) for engaging in
      racketeering through a criminal enterprise (e.g.,
      providing false information about Parmalat's financial
      conditions in violation of mail fraud and wire fraud
      statutes) in violation of the RICO Act.  Damages awarded
      for RICO violations by Parmalat may be trebled;

   -- Fraud for knowingly, and with the intent to defraud,
      making false and misleading statements to Bank of America
      about Parmalat's financial condition;

   -- Negligent Misrepresentation for making negligent
      statements to Bank of America about Parmalat's financial
      condition;

   -- Civil Conspiracy: for participating in a conspiracy by
      Parmalat senior managers and others in an effort to hide
      Parmalat's true financial condition; and

   -- Violations of the North Carolina Unfair and Deceptive
      Trade Practices Act (N.C. Gen. Stat. 75-1.1 et seq.): for
      engaging in unfair and deceptive conduct that had a
      substantial effect on Bank of America's North Carolina
      business operations.

Bank of America noted that the fraudulent activity detailed in
its counterclaims has already been admitted in legal filings by
Dr. Bondi and in sworn testimony by Parmalat insiders, which
will assist Bank of America in proving that it was damaged.  As
a victim of Parmalat's fraud who reasonably relied on the
truthfulness of Parmalat's financial statements and
representations, Bank of America looks forward to putting these
facts before a jury at trial and obtaining justice for itself
and its shareholders.

                  About Bank of America

Bank of America is one of the world's largest financial
institutions, serving individual consumers, small and middle
market businesses and large corporations with a full range of
banking, investing, asset management and other financial and
risk-management products and services.  The company provides
unmatched convenience in the United States, serving more than 38
million consumer and small business relationships with more than
5,800 retail banking offices, more than 16,700 ATMs and award-
winning online banking with more than 14 million active users.
Bank of America is the No. 1 overall Small Business
Administration (SBA) lender in the United States and the No. 1
SBA lender to minority-owned small businesses.  The company
serves clients in 150 countries and has relationships with 97
percent of the U.S. Fortune 500 companies and 79% of the Global
Fortune 500.  Bank of America Corporation stock (NYSE: BAC) is
listed on the New York Stock Exchange.

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

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

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


SAFILO S.P.A.: Fitch Raises EUR195 Million Notes to BB-
-------------------------------------------------------
Fitch Ratings raised Safilo S.p.A.'s Issuer Default Rating to
BB- from B.  At the same time, Fitch also upgraded Safilo
Capital International S.A.'s EUR195 million 9.625% senior
secured debt to BB+ from BB-.  The Short-term rating is affirmed
at B.

All the ratings are removed from Rating Watch Positive,
following the completion of the IPO and the publication of
Safilo's FY05 results.  A Stable Outlook is assigned to the IDR.

The upgrade of Safilo Capital International's senior notes
reflects improved recovery prospects following the repayment of
EUR178 million of Safilo's senior secured bank facility and
prepayment of EUR105 million of the senior notes, in each case
from the primary IPO proceeds.

Associate Director in Fitch's Leveraged Finance Group, Kirsten
O'Byrne disclosed, " The upgrade of Safilo's IDR reflects the
higher degree of financial flexibility following the IPO."

"Reduced debt service costs, together with a continued focus on
fixed cost reduction, working capital discipline, and capital
expenditure control are key to the company's improved ability to
withstand the business cycle and demand volatility," she added.

Safilo's free cash flow immediately benefits from savings on
interest, which increased cash taxes is expected to slightly
offset.  Fitch also anticipates a potential reduction in debt
service requirements to result from Safilo's ongoing
renegotiation of its senior secured bank facility.  Cost savings
from plant closures completed in January 2006 and anticipated
production process improvements will further strengthen future
cash flow.

Fitch notes the loss of the Burberry and Ralph Lauren licenses
but also recognizes the potential contribution of the newly
awarded Hugo Boss license to Safilo's already attractive
portfolio of licensed brands as well as the company's track
record in securing new licenses.

Fitch believes that Safilo's focus on the high-end eyewear
market and approach to brand portfolio management has
sustainable appeal to licensors.

FY05 results show Safilo remains on track towards increased
profitability.  Group sales rose 8.5% to EUR1.025 billion,
driven by strong growth in sunglasses sales and sales in the Far
East and North American markets.  FY05 EBITDA reached EUR163
million, before extraordinary items related to the IPO, while
the margin improved to 15.9% from 15.5% in 2004.

Reductions in general and administrative costs were somewhat
offset by increased royalties, as well as increased marketing
and commercial expenses.  Safilo's IPO raised net proceeds of
EUR295 million for the company, which it applied against debt
and EUR10 million prepayment premia on the senior notes.  As a
result of the debt repayments and the improvements in EBITDA,
total net leverage has reduced to 2.9x EBITDA at YE05, compared
to 5.0x at YE04.

Strong, consistent improvement in profitability and cash flow
generation, or further reduction of total gross debt could
support a change in Outlook towards a future upgrade.  However,
the size of the business, as well as the cyclical and volatile
demand, which characterizes the fashion industry, may constrain
ratings to the speculative grade.

The loss of a key license without replacement, deterioration in
profitability or cash flow generation, or increased leverage
could place downward pressure on the ratings.


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


AKTOBE FOOD: Creditors Must File Claims by April 7
--------------------------------------------------
LLP Aktobe Food Industries filed for bankruptcy with The
Specialized Inter-Regional Economic Court of Aktube Region on
Jan. 20.

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

          Altynsarina Str. 31
          Aktobe


ALB FINANCE: Moody's Assigns B1 Long-Term Debt Rating
-----------------------------------------------------
Moody's Investors Service has assigned a long-term rating of B1
to Perpetual Capital Securities to be issued by ALB Finance
B.V., a special purpose vehicle wholly-owned by Alliance Bank,
Kazakhstan and consolidated within its group structure.

Alliance Bank has a long-term deposit and senior debt rating of
Ba2, Financial Strength Rating of E+ and "Not Prime" short-term
rating; the outlook is positive.  The Securities have the
benefit of a subordinated support agreement from the bank, which
allows them to qualify as a junior subordinated debt as per
Moody's classification.  The amount of the issue has yet to be
determined, but is likely to be US$150 million, of which about
US$30 million is expected to immediately qualify as Tier 1
capital, with the remainder boosting the bank's Tier 2 capital
(with the prospect of a future re-classification alongside the
growth in shareholders' equity).  The rating is subject to
Moody's review of the final documentation on the issue.  The
outlook for the rating is positive.

The Securities will have no fixed final redemption date, but
will be callable by the Issuer commencing from the tenth
anniversary of the closing date of the issue (subject to
regulatory approval); they will also become redeemable at the
Issuer's option in the period from the fifth to the tenth
anniversary of the closing date in case of changes in taxation
or disqualification by Kazakhstan's regulator as a part of the
Bank's Tier 1 capital.

Moody's notes that the rating is based on:

   -- Alliance Bank's fundamental credit quality as reflected in
      its deposit and financial strength ratings;

   -- the extent of the instrument's subordination against
      various classes of debt and equity; as well as

   -- the predictability of ongoing payments.

The level of the rating reflects Alliance Bank's rapidly growing
domestic franchise and increasing importance to the national
banking system.

The rating also takes into account the relative ranking of the
Securities, which will stand senior to common equity and
preferred stock holders, on a par with unsecured, perpetual,
subordinated obligations, but behind most of the senior
unsecured and non-perpetual subordinated obligations, in case of
liquidation.

Moody's also notes that the rating factors in Alliance Bank's
mandatory obligation to suspend non-cumulative interest payments
on the Securities, if it were in breach of Kazakhstan's
prudential capital adequacy requirements, or if the payment
results in such a breach.  However, in all other cases (unless
legally prohibited by the Kazakh laws and regulations) Alliance
Bank must make distributions on the Securities, or face the risk
of a legal action, which could be taken by the investors
(through the trustee) against the bank within the framework of
the subordinated support agreement between the Bank and the
Issuer.

Headquartered in Almaty, Kazakhstan, Alliance Bank reported
total consolidated total assets of KZT333 billion (US$ 2.5
billion) and shareholders' equity of KZT28 billion (US$210
million) under IFRS as at Dec. 31, 2005.  Following four years
of rapid growth, Alliance Bank ranked fifth in Kazakhstan in
terms of total assets and fourth in terms of shareholders'
equity as at end-December 2005 (in accordance with figures
reported under local accounting rules), with a 7.5% share of the
system's total assets and 6.6% of shareholders' equity.

Assignments:

Issuer: ALB Finance B.V.

   -- Junior Subordinated Regular Bond/Debenture, Assigned B1


ALLIANCE BANK: Fitch Rates Long-Term BB- on US$1.5 Billion Notes
----------------------------------------------------------------
Fitch Ratings rated Alliance Bank's and ALB Finance B.V.'s new
US$1.5 billion global medium-term note program expected ratings
of Long-term BB- and Short-term B.  It has also assigned an
expected Long-term BB- rating to the upcoming USD issue, which
is the first draw-down under the program.

The final ratings are contingent upon receipt of final
documentation conforming materially to information already
received.  Alliance is rated Issuer Default BB-/Stable, Short-
term B, Individual D, and Support 3

Public issuance under the program will be rated separately.
Apart from providing for the issuance of senior unsecured notes,
the program provides for the issuance of subordinated notes, the
ratings of which would probably be lower than those of senior
unsecured notes.

Proceeds from the issuance of senior unsecured notes by ALB will
be deposited with Alliance.  Alliance will unconditionally and
irrevocably guarantee the timely and full repayment of such
notes in the trust deed between Alliance, ALB and the trustee,
J.P. Morgan Corporate Trustee Services Limited.  ALB is a
Netherlands-domiciled subsidiary of Alliance.  Proceeds from
subordinated notes issued by ALB will be on lent to Alliance
under subordinated loan agreements.

Senior notes issued by Alliance under the program and Alliance's
guarantees of senior notes issued by ALB will rank at least pari
passu with all present or future unsecured senior obligations of
the bank, save those preferred by relevant provisions of law and
of general application.

Under Kazakh law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-2005, retail
deposits accounted for 13% of Alliance's total liabilities,
according to the bank's audited International Financial
Reporting Standards accounts.

Covenants limit Alliance's dividend payments to 50% of net
income in any particular year and also specify that the terms of
all transactions of more than US$2 million must be concluded on
a market basis.  Alliance also commits to maintaining a total
BIS capital adequacy ratio of 10%, and a cross default clause
becomes applicable in case of overdue debt in excess of US$10
million.  Covenants also include restrictions on mergers and
consolidations by Alliance.

The terms and conditions of the notes contain a negative pledge
clause, which allows for a degree of securitization by Alliance.
In the event of such securitization, Fitch notes that the nature
and extent of any over-collateralization would be assessed by
the agency for any potential impact on unsecured creditors.

Alliance was founded in 1993 in Pavlodar and in 1999 merged with
another mid-sized regional bank.  New shareholders led by Seimar
Holding Company acquired Alliance in 2001, and since then it has
grown quickly to become one of the larger banks in Kazakhstan,
ranked fifth by assets at end-H105.


NEOTONTREID: Creditors Must File Claims by April 7
--------------------------------------------------
LLP Neotontreid filed for bankruptcy with The Specialized Inter-
Regional Economic Court of Kostanai Region on Jan. 18, 2006.

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

          Gogol Str. 177a
          Kostanai


OMAR 2000: Creditors Must File Claims by April 7
------------------------------------------------
LLP Omar 2000 filed for bankruptcy with The Specialized Inter-
Regional Economic Court of Kostanai Region on Jan. 18, 2006.

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

          Gogol Str. 177a
          Kostanai


PLEMPTISA: Kostanai Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against OJSC Plemptisa on
Jan. 27.


TALAN AGRO: Creditors Must File Claims by April 7
-------------------------------------------------
LLP Talan Agro Trans filed for bankruptcy with The Specialized
Inter-Regional Economic Court of Kostanai Region on Jan. 18,
2006.

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

          Gogol Str. 177a
          Kostanai


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


ELIK: Bishkek Court Opens Bankruptcy Proceedings
------------------------------------------------
Trade Production Firm Elik has declared insolvency.  Creditors
have until May 20 to submit written proofs of claim.

The company can be contacted at (+996 312) 66-34-37.


INTEGRA: Chui Court Opens Bankruptcy Proceedings
------------------------------------------------
The Inter-District Court of Chui Region declared LLC Integra
declared insolvent and bankruptcy proceedings were introduced at
the company.  The case is docketed as ED-263/05-MCH-S4

Mr. Toktogul Boronchiev has been appointed temporary insolvency
manager.

CONTACT:  Mr. Toktogul Boronchiev
          Temporary Insolvency Manager
          Tel: (+996 3138) 5-72-78
               (0-502) 15-59-38


KYZYL-KIA: Asset Sale Auction Slated for April 12
-------------------------------------------------
The Subdivision Service of the Court Officers of Kyzylkia, as
per decision of the Inter-District Court of Batken Region, will
hold a public auction of the properties of LLC Plant on
Manufacture of the Basaltic Super Thin Fiber Kyzyl Kia on
April 12, 2006, 11:00 a.m.

The auction contemplates the sale of 52 building lots,
workshops, technical equipment and facilities, warehouses,
machines and substation transformers.  Starting price is
KGS8,993,896.

Participants have until April 12, 9:00 a.m. to deposit an amount
equivalent to 5% of the starting price.

The company can be contacted at (+996 3657) 3-60-07 or 2-33-24.


SUPPLY OF OIL: Issyk-Kul Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
State Enterprise on Supply Oil in Balykchi has declared
insolvency.  Creditors have until to submit written proofs of
claim to:

          Ozernaya Str. 212
          Balykchi


VZRYVPROM: Auction for Bill of Receivables Set for Tuesday
----------------------------------------------------------
The bidding organizer and insolvency manager of JSC Vzryvprom
will hold a public auction of the group's properties on April 4,
2006, 10:00 a.m. at:

          L. Tolstogo Str. 20
          Bishkek

The auction contemplates the sale of a bill of receivable from:

   -- JSC Kurmenty Sement,
   -- JSC Karaunkursuukurulush,
   -- JSC Ak-Beles,
   -- JSC Chyirchyk,
   -- Small Enterprise Dortranservice, and
   -- LLC Tehstroitorg.

Starting price of the bill is reduced by 10%.

Participants have until today, April 3, to deposit an amount
equivalent to 10% of the starting price to the cashier of the
JSC Vzryvprom and to submit their bids to the insolvency
manager.

The company can be contacted at (+996 312) 64-55-46 or (0-517)
75-27-59.


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


KONINKLIJKE AHOLD: Files Investigation Report in Inquiry
--------------------------------------------------------
Ahold filed an investigation report in the inquiry proceedings
before the Enterprise Chamber of the Amsterdam Court of Appeal.

This investigation concerned:

     (i) the consolidation of joint ventures;

    (ii) the due diligence investigation in respect of the
         acquisition of U.S. Foodservice and Ahold's supervision
         of the improvement of the internal control systems of
         U.S. Foodservice; and

   (iii) Ahold's supervision of the internal controls of its
         operating companies, to the extent that this related to
         the organization and functioning of the internal
         controls of these operating companies and reporting to
         Ahold regarding these controls.

                      About the Company

Koninklijke Ahold NV -- http://www.ahold.com/-- retails food
through supermarkets, hypermarkets and discount stores in North
and South America, Europe and Asia.  The company's chain stores
includes Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco.
Ahold also supplies food to restaurants, hotels, healthcare
institutions, government facilities, universities, stadiums, and
caterers.

                    Restructuring Program

In 2003, Ahold admitted a US$500 million overstated EBITDA at
its U.S. foodservice distribution arm, requiring restatement of
financial accounts for 2002 and previous years.  In November
that year, it announced a three-year 'Road to Recovery' program
that includes:

   -- a EUR2.5 billion rights issue,
   -- EUR300 million,
   -- US$1.45 billion backup credit facilities, and
   -- at least EUR2.5 billion in asset sales.

The program was aimed at returning the company to investment
grade by end of 2005.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


WALCOWNIA RUR: Katowice Court Begins Insolvency Proceedings
-----------------------------------------------------------
The Katowice Court began the insolvency proceedings of the
rolling mill company Walcownia Rur Jednosc (WRJ) on Tuesday,
March 28, Polish News Bulletin says.

According to the report, Chief Executive Officer Wladyslaw
Presak demanded the plant's liquidation, while Enpol managing
director Eugeniusz Majza opted for the ongoing insolvency
proceedings with a possibility of settlement.  Mr. Majza
revealed that the process could attract investors to provide a
ZLN200 million investment fund as well as enough money to pay
the Company's ZLN560 million debt.

Mr. Majza mentioned two investors eyeing the rolling mill
company:

   -- Poland's PKO BP's Torun Division, which has a ZLN200
      borrowing power; and

   -- Russia's GazMetal in the steelworkers sector.

Creditor banks expressed support for Mr. Presak's request to
liquidate the Company.


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


AGRO-KHIM-SERVICE: Bankruptcy Hearing Set for April 18
------------------------------------------------------
The Arbitration Court of Kirov Region will convene at 9:30 a.m.,
on April 18, to hear the bankruptcy supervision procedure on
open joint stock company Agro-Khim-Service.  The case is
docketed as A28-324/05-283/20.

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

The Debtor can be reached at:

        Agro-Khim-Service
        Yaransk, K. Marksa
        Kirov Region, Russia

The insolvency manager can be reached at:

        A. Tyutikov
        Shmidta Str. 4
        440009, Penza Region, Russia


AMGINSKIY MEAT: Deadline for Proofs of Claim Set for April 18
-------------------------------------------------------------
Creditors of Amginskiy Meat And Milk Combine have until
April 18, to submit their proofs of claim to court-appointed
insolvency manager Mr. G. Potapov at:

        Yakutsk, GVP, Post User Box 203
        Sakha republic - Yakutiya, Russia

The Court commenced bankruptcy proceedings to the company with
the case docketed as A58-8449/05.

The Debtor can be reached at:

        Amginskiy Meat And Milk Combine
        Amginskiy ulus, Amga, Partizianskaya Str. 23
        678600, Sakha republic - Yakutiya, Russia


BALASHOVO-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on open joint stock company Balashovo-
Agro-Prom-Khimiya.  The case is docketed as A-57-648b/05-32.

Mr. I. Ponamorev has been appointed temporary insolvency
manager.

The Debtor can be reached at:

        Balashovo-Agro-Prom-Khimiya
        Saratov Region, Russia

The insolvency manager can be reached at:

        I. Ponamorev
        Shmidta Str. 4
        440009, Penza Region, Russia


BELGOROD-ROSTEK-TRANSIT: Claims Registration Ends April 18
----------------------------------------------------------
Creditors of Belgorod-Rostek-Transit have until April 18, to
submit their proofs of claim to court-appointed insolvency
manager Mr. P. Gudzyak at:

        Nekrasova Str. 11
        Belogord Region, Russia

The Arbitration Court of Belgorod Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A08-2391/05-2 "B".

The Debtor can be reached at:

        Belgorod-Rostek-Transit
        Michurina Str. 56
        Belgorod Region, Russia


COMPANY GAS: Creditors Have Until April 18 to File Claims
---------------------------------------------------------
Creditors of Company Gas have until April 18, to submit their
proofs of claim to court-appointed insolvency manager Mr. S.
Lukin at:

         Livny, K. Marska Str. 106
         303850, Orel Region, Russia

The Arbitration Court of Orel Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A48-5278/05-20b.

The Debtor can be reached at:

        Company Gas
        Livny, Pavlova Str. 7
        303857, Orel Region, Russia


DAL-VOSTOK-INVEST: Appoints G. Shirokopoyas Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Amur Region appointed Mr. G.
Shirokopoyas insolvency manager of Dal-Vostok-Invest (TIN
2825002002).

The Court commenced bankruptcy proceedings against the close
joint stock company with the case docketed as AO 04-8839/05-
12/131 "B".

The Debtor can be reached at:

        Dal-Vostok-Invest
        Fevralsk, Dzerzhinskogo Str. 4a
        676572, Amur Region, Russia

The insolvency manager can be reached at:

        G. Shirokopoyas
        Seryshevo, Chkalova Str. 7
        676355, Amur Region, Russia


GALICH-BREAD: Claims Filing Period Ends April 18
------------------------------------------------
Creditors of Galich-Bread have until April 18, to submit their
proofs of claim to the court-appointed insolvency manager Mr. V.
Kolesnyuk at:

        Chistye Bory, Lesnoy, 58
        157049, Kostroma Region, Russia

The Arbitration Court of Kostroma Region commenced bankruptcy
proceedings against the limited liability company with the case
docketed as A31-7312/2005-12.

The Debtor can be reached at:

        Galich-Bread
        Galich, Chaykovskogo Str. 29
        157200, Kostroma Region, Russia


KIMRSKAYA: Claims Filing Period Ends April 18
---------------------------------------------
Creditors of Kimrskaya have until April 18, to submit their
proofs of claims to the court-appointed insolvency manager Mr.
V. Babkov at:

        Post Office, Post User Box 381
        170100, Tver Region, Russia

The Arbitration Court of Tver Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A66-3150/2005.

The Debtor can be reached at:

        Kimrskaya
        Kimry, Ordzhonidze Str. 85
        171502, Tver Region, Russia


MANNYATAAKH: Firm Falls Into Bankruptcy
---------------------------------------
The Arbitration Court of Sakha republic - Yakutiya commenced
bankruptcy proceedings against Mannyataakh after finding the
open joint stock company insolvent.  The case is docketed as
A58-8096/2005.

The Court-appointed insolvency manager A. Vyaznov can be reached
at:

        Yakutsk, Krupskoy Str. 35
        677007, Sakha Republic - Yakutiya, Russia


VPERED: Proof of Claims Filing Deadline Set for April 18
--------------------------------------------------------
Creditors of Vpered have until April 18, to submit their proofs
of claim to the court-appointed insolvency manager Mr. V.
Vashkevich at:

        Building 20, Bolshoy Pr. P.S.
        197101, St-Petersburg, Russia
        Tel: (812) 230-50-24

The Arbitration Court of St-Petersburg and the Leningrad Region
commenced bankruptcy proceedings against the engineering plant
with the case docketed as 56-46948/2005.

The Debtor can be reached at:

        Vpered
        Building 20, Bolshoy Pr. P.S.
        197101, St-Petersburg, Russia
        Tel: (812) 230-50-24


=========
S P A I N
=========


CODERE S.A.: Martinez Sampedro Family Holds 80% Equity Stake
------------------------------------------------------------
Codere, S.A., disclosed that a special purpose corporation owned
by:

   -- Jose Antonio Martínez Sampedro, the Chairman of its Board
      of Directors and Chief Executive Officer,

   -- his sister Encarnacion Martínez Sampedro, and

   -- his brother Luis Javier Martínez Sampedro,

all members of Codere's Board of Directors, entered into a
EUR135 million Pay-In-Kind Term Loan Agreement with Credit
Suisse, London Branch.

The proceeds of the loan will be used to finance a portion of
the purchase price of approximately 22.3 million Codere shares
from other Codere shareholders and 6.0 million shares from a
Codere capital increase.

The purchases will give the Martínez Sampedro family ownership,
directly or indirectly, of over 80% of outstanding Codere
shares.

                          Equity Sale

In connection with this transaction, Jesus Franco, Joaquin
Franco and Intermediate Capital Group will sell all of their
Codere shares to Masampe Holding B.V.  The purchase price for
those shares will be paid in three installments.  The Company
expected to pay the first installment for those purchases
Friday, March 31.

Codere plans to use the proceeds of the capital increase
subscribed by Masampe Holding B.V to redeem the remaining equity
interest of Monitor Clipper Partners.

Following completion of these transactions, including the
payment of the first installment with respect to the Francos'
and ICG's shares, Javier Carro, Jesus Franco, Joaquin Franco,
Mark T. Thomas and William L. Young will have resigned from the
Codere Board of Directors.

                      About the Company

Headquartered in Madrid, Spain, Codere S.A. --
http://www.codere.com/-- manages slot machines, bingos, betting
shops, casinos and racetracks, for the private gaming sector in
Spain, Latin America and Italy.


CODERE S.A.: Finance Unit Solicits Consents for 8-1/4% Sr. Notes
----------------------------------------------------------------
Codere Finance (Luxembourg) S.A., a wholly owned finance
subsidiary of Codere, S.A., commenced a consent solicitation in
respect of its EUR335,000,000 8-1/4% Senior Notes due 2015.

Pursuant to the consent solicitation, Codere Luxembourg is
soliciting consents from holders of the Notes to the waiver of
certain provisions of the indenture governing the Notes.

If given effect, the waivers would allow Codere Luxembourg to
issue up to EUR64,555,000 in aggregate principal amount of
additional notes or other senior debt to refinance a portion of
the borrowings of Codere under a bridge credit facility, without
such repayment constituting a restricted payment under the
indenture governing the Notes.  Without the waivers becoming
effective, Codere would nonetheless be allowed to refinance such
portion of the borrowings of Codere through the issuance of
additional Notes or other senior debt on or after Jan. 31, 2007,
pursuant to the terms of the indenture governing the Notes.

In conjunction with such issuance, Codere Luxembourg also
expects:

   -- to issue additional Notes or other senior debt, the
      proceeds of which will be used to refinance the remaining
      portion of the borrowings of Codere under such bridge
      facility;

   -- to invest in permitted businesses;

   -- to repay other existing debt and for general corporate
      purposes.

It is currently contemplated that the total principal amount of
additional Notes or other senior debt will be EUR150,000,000.
The amount, however, is subject to change and may be greater
than EUR150,000,000, but will in any case be within the debt
limits permitted by the indenture governing the notes.  Any
additional notes would constitute a further issuance of, would
be fungible with, and would be consolidated and form a single
class with, the outstanding Notes.

Effectiveness of the waivers requires the consent of the holders
of at least a majority of the principal amount of the Notes
outstanding.  Holders of the Notes who have validly delivered,
and not revoked, their consents prior to 5:00 p.m., Central
European Time, on April 5, will receive a consent payment of
EUR5 cash per each EUR1,000 principal amount of Notes, subject
to the conditions specified in the Consent Solicitation
Statement.  This deadline may be extended by Codere Luxembourg
pursuant to the terms of the Consent Solicitation Statement.

The consent solicitation will expire at 5:00 p.m., Central
European Time, on April 12, unless terminated or extended by
Codere Luxembourg.  Consents may be revoked pursuant to the
terms of the Consent Solicitation Statement at any time before
the Requisite Consents have been received.

Credit Suisse Securities (Europe) Limited and Morgan Stanley &
Co. International Limited are acting as joint solicitation
agents for the consent solicitation.  The tabulation agent for
the consent solicitation is Deutsche Bank AG, London Branch.
The consent solicitation is being made solely pursuant to a
Consent Solicitation Statement dated March 30, which more fully
sets forth the terms and conditions of the consent solicitation.
The Consent Solicitation Statement contains important
information that should be read carefully before any decision is
made with respect to the Waivers.

Questions regarding the consent solicitation may be directed to:

         Credit Suisse Securities (Europe) Limited
         Tel: +44 207 883 6748
         E-mail: paul.hawker@creditsuisse.com

               -- or --

         Morgan Stanley & Co. International Limited
         Tel: +44 207 677 5040
         E-mail: liabilitymanagementeurope@morganstanley.com

Requests for copies of the Consent Solicitation Statement and
related documents may be directed to:

         Deutsche Bank AG
         London Branch
         Tel: +44 207 547 5000
         E-mail: xchange.offer@db.com

Headquartered in Madrid, Spain, Codere S.A. --
http://www.codere.com/-- manages slot machines, bingos, betting
shops, casinos and racetracks, for the private gaming sector in
Spain, Latin America and Italy.


CODERE S.A.: Moody's Affirms B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed the existing ratings of
Codere S.A. following the announcement that the company plans to
issue an additional EUR150 million of senior notes on a pari
passu basis with the EUR335 million of senior notes issued by
Codere Finance S.A.

It is Moody's understanding that Codere will use the proceeds of
the notes to refinance a EUR100 million bridge facility (the
primary purpose of which was to repurchase the debt portion of
the company's convertible debt instrument owned by Monitor
Clipper Equity Partners L.P. (the MCP instrument)) as well as
for general corporate purposes and for transaction fees and
expenses.

Prior to the proposed bond issuance, Masampe Holding B.V. (a
special purpose vehicle which will hold a controlling stake in
Codere and is owned by members of the Martinez Sampedro family)
plans to issue a EUR135 million three-year PIK note (not rated
by Moody's) in order to facilitate the buy-out of the Franco
family's share in Codere.  In addition, funds raised will be
used to buy-out shares held by other minority interests as well
as to fund a ca.  EUR44 million equity subscription in Codere,
proceeds of which will be used to repay the equity portion of
the MCP instrument.

The rating affirmation principally reflects the fact that the
company's operating performance since the initial ratings
assignment in June 2005 has been in line with Moody's
expectations combined with the fact that credit metrics for the
restricted group will not be materially impacted by the proposed
tap issue (e.g. pro-forma 2005 Adjusted Total Debt to Adjusted
EBITDAR for 2005 under IFRS was ca. 5x).  Whilst pro-forma
Adjusted Total Debt to Adjusted EBITDAR including the PIK note
issuance is higher at over 6.0x, Moody's notes the fact that
this will be a deeply subordinated issue with no direct claim on
the restricted group (other than through its equity holding),
and that cash leakage from the restricted group will be limited
and governed through the restricted payments test at the Codere
S.A. level (which will not be increased by the additional equity
subscription).  However, given the short tenor of the PIK notes
(three years) and the consequent refinancing risk, Moody's
cautions that the presence of the PIK notes is likely to
constrain the rating going forwards.

Moody's also notes positively the company's move to reporting
under IFRS (which will be fully implemented in 2007 and which
has resulted in lower reported EBITDAR due to the fact that more
development costs and exceptional costs are required to be
expensed under IFRS than under Spanish GAAP), the extension of
debt maturities that have resulted from the repayment of the MCP
instrument (which became callable in 2007) and the company's
adequate liquidity (supported by Codere's demonstrated ability
to upstream cash from its Argentinean operations, with EUR6
million upstreamed in the fourth quarter of 2005).

Moody's cautions, however, that financial leverage remains high
and that investment capex have exceeded the rating agency's
initial expectations, which have resulted in higher debt
issuance than originally anticipated.  Moreover, Moody's notes
that a number of the company's important licences in Buenos
Aires are due for renewal in 2006.  The current rating factors
Moody's expectation that the company will be able to renew these
at limited additional cost.

Ratings affirmed:

   -- Codere S.A.'s B1 corporate family rating

   -- The B2 rating on the EUR335 million senior notes due 2015
      issued by Codere Finance S.A.

The outlook for all ratings is stable.

Codere S.A., headquartered in Madrid, Spain, operates and
invests in diversified gaming operations in Spain, Latin America
and Italy.  Principal business segments include slot machines,
bingo halls, off-track betting and casino operation.  For the
year ended Dec. 31, 2005, the company reported revenues under
IFRS of EUR471.6 million.


CODERE S.A.: S&P Affirms Corp. Credit Rating at BB-
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Spanish gaming company Codere S.A.
The outlook is stable.

At the same time, Standard & Poor's affirmed its 'B' senior
unsecured debt rating on Codere Finance S.A.'s existing bonds,
guaranteed by Codere S.A., which the group proposes to increase
by EUR150 million.  The increase will, in particular, refinance
a EUR100 million bridge loan.  The bonds are rated two notches
below the corporate credit rating, reflecting their structural
subordination.

"The affirmation of the corporate credit rating reflects the
cash-generative nature of the group's operations, despite its
increasing exposure to the more risky Latin American countries,"
said Standard & Poor's credit analyst Helene Magny.  Argentina
is poised to account for about 40% of the group's EBITDA in
2006.

"The affirmation also reflects the benefit of the pending
refinancing package through which Codere will cancel put options
and lengthen debt maturity," added Ms. Magny.

The stable outlook reflects Codere's solid market positions and
the cash generative nature of its businesses. Higher-than-
expected investment activity could, however, jeopardize the
group's ability to achieve the necessary debt ratios, leading to
ratings pressure.  In addition, the stable outlook is based on
the renewal of all of the group's Argentinean licenses.  A
failure to renew all or part of these would be interpreted
negatively, likely triggering a negative rating action.

"The renewal of Codere's six Argentinean gaming licenses over
the next two years is a key credit event," said Ms. Magny.


=====================
S W I T Z E R L A N D
=====================


BIOMARIN PHARMA: Gets $295 Million From Debt & Equity Sale
----------------------------------------------------------
BioMarin Pharmaceutical Inc. closed the sale of:

     * $172,500,000 aggregate principal amount of its 2.50%
       Senior Subordinated Convertible Notes due 2013 (including
       $22,500,000 aggregate principal amount of Notes purchased
       by the underwriter pursuant to its over-allotment option)
       and

     * the sale of 10,350,000 shares of its common stock
       (including 1,350,000 shares purchased by the underwriters
       pursuant to their over-allotment option).

The maturity date of the Notes is March 29, 2013.  Holders of
the Notes may convert, at any time before maturity, any
outstanding Notes into shares of the Company's common stock at
an initial conversion rate of 60.3318 shares per $1,000
principal amount of the Notes, which represents a conversion
price of approximately $16.58 per share, subject to adjustment
under certain circumstances.

The Company has received:

     * approximately US$167.1 million from the sale of the Notes
       and

     * approximately $127.6 million from the sale of the common
       shares,

in each case after deducting the underwriting discount and
estimated offering expenses.

The Company intends to use the net proceeds of the offerings
for:

     * the commercialization of its products;

     * additional clinical trials of Phenoptin(TM) (sapropterin
       dihydrochloride), Phenylase(TM) (phenylalanine ammonia
       lyase) and Vibrilase(TM) (vibriolysin);

     * preclinical studies and clinical trials for its other
       product candidates;

     * potential licenses and acquisitions of complementary
       technologies, products and companies;

     * general corporate purposes, including acquisition costs
       related to the purchase of its facility located at 46
       Galli Drive for which it is currently under contract; and

     * working capital.

The Company may also use a portion of the proceeds of the
offerings to purchase some or all of its outstanding 3.50%
Convertible Subordinated Notes due 2008 pursuant to the
redemption provisions of the indenture governing such notes or
in one or more privately negotiated transactions from time to
time.

Merrill Lynch & Co. acted as sole book-running manager of each
of the public offerings.  Cowen & Co., Leerink Swann, Pacific
Growth Equities, and Rodman & Renshaw acted as co-managers of
the common stock offering.

                         About BioMarin

Headquartered in Novato, California, BioMarin Pharmaceutical
Inc. -- http://www.biomarinpharm.com/-- develops and
commercializes innovative biopharmaceuticals for serious
diseases and medical conditions.  The company's product
portfolio is comprised of two approved products and multiple
clinical and preclinical product candidates.  Approved products
include Naglazyme(TM) (galsulfase) for mucopolysaccharidosis VI
(MPS VI), a product wholly developed and commercialized by
BioMarin, and Aldurazyme(R) (laronidase) for
mucopolysaccharidosis I (MPS I), a product which BioMarin
developed through a 50/50 joint venture with Genzyme
Corporation.  Additionally, BioMarin has rights to receive
payments and royalties related to Orapred(R) (prednisolone
sodium phosphate oral solution).  Investigational product
candidates include Phenoptin(TM) (sapropterin dihydrochloride),
a Phase 3 product candidate for the treatment of phenylketonuria
(PKU).  Its shares are listed in Nasdaq and the Swiss Exchange
under the BMRN trading symbol.

At Sept. 30, 2005, BioMarin Pharmaceutical Inc.'s balance sheet
showed a stockholders' deficit of US$65,379,000, compared to a
US$67,987,000 deficit at Dec. 31, 2004.


ATMEL CORP: Swiss Unit Obtains US$165-Million Credit Facility
-------------------------------------------------------------
Atmel Sarl and Atmel Switzerland Sarl, each a wholly owned
subsidiary of Atmel Corporation, entered into a Facility
Agreement, dated as of March 15, with:

         * Bank of America, N.A.
         * GMAC Commercial Finance PLC
         * Lloyds TSB Commercial Finance Limited
         * Landsbanki Islands HF, and
         * GE Leveraged Loans Limited.

Bank of America acts as facility agent and security agent for
the lenders.

The closing of the Facility Agreement occurred on March 15,
2006.  The Facility Agreement has a term of five years from the
date of the Facility Agreement and permits Atmel Sarl to borrow
on a revolving basis up to the lesser of US$165 million or 85%
of its eligible receivables less certain reserve amounts.  No
amounts are currently borrowed under the Facility Agreement.

Under the Facility Agreement, Atmel Sarl may borrow at an
interest rate of LIBOR plus 2% per annum or at the reference
rate initially set by the facility agent.  Maturity periods for
LIBOR Loans may be one, two or three months.  The maturity
period for Reference Rate Loans is one month.

Interest on the loans is payable monthly in arrears with respect
to Reference Rate Loans and at the end of an interest period in
the case of LIBOR Loans.  Principal, together with accrued and
unpaid interest, is due at maturity.

The obligations of the Borrower, Atmel Switzerland and the
Company under the Facility Agreement are secured by:

   -- a pledge by the Borrower of its trade receivables;

   -- a pledge of the bank accounts of the Borrower located in
      Switzerland and Hong Kong;

   -- a pledge by Atmel Switzerland of all of the capital stock
      of the Borrower; and

   -- a pledge by the Company of all of the capital stock of
      Atmel Switzerland.

The Facility Agreement requires the Company to comply with a
fixed charge coverage ratio and maintain minimum available cash
of not less than $100 million.  The events of default under the
Facility Agreement include:

   -- payment defaults,
   -- breaches of covenants,
   -- misrepresentations,
   -- cross defaults, and
   -- cross acceleration with certain other indebtedness,
      bankruptcy events and changes of control.

The terms of the Facility Agreement also subject the Company to
certain other covenants.

A full-text copy of the Credit Facility Agreement is available
at no charge at http://ResearchArchives.com/t/s?750

Atmel Corporation designs, develops, manufactures, and markets
nonvolatile memory and logic integrated circuits using its
proprietary complementary metal-oxide semiconductor
technologies.

                       *     *     *

Standard & Poor's Rating Services assigned its single-B long-
term foreign issuer and long-term local issuer credit ratings to
Atmel Corp. on Oct. 24, 2001, and said the outlook, at that
time, was negative.


===========
T U R K E Y
===========


PETROL OFISI: Fitch Gives BB- to US$175-Million Notes
-----------------------------------------------------
Fitch Ratings upgraded Turkey-based Petrol Ofisi A.S.'s local
and foreign currency Issuer Default Ratings to BB- from B+.  The
National Long-term rating is upgraded to A from A-.

Following the upgrades, the Outlooks on all ratings are now
Stable.  The Senior Unsecured rating on the US$175 million notes
of POAS' 100%-owned and guaranteed subsidiary PO Oil Financing
Ltd is also upgraded to BB- from B+.

The upgrades reflect improvements in the business environment,
and POAS's strong 2005 operational and financial performance,
marked by further debt reduction and strong operating
profitability in the price-liberalization era.

Fitch considers that the recently announced but to-be-finalized
34% stake acquisition of POAS by OMV, Central Europe's leading
oil and gas company, does not affect the rating of the company.
The acquisition is pending approvals.

However, in the longer term, the new ownership structure may
result in a change in focus away from fuel retailing towards
establishing refining capacity in Turkey, which may be
detrimental to POAS's leverage.

The full retail market liberalization in January 2005 resulted
in a steep increase in POAS's distribution margins to levels
above the EU average.  Fitch assumes that pricing pressure is
unlikely to be severe and widespread in the short term.

POAS's operating profitability will be supported by its
nationwide network and strong leadership in diesel and aviation
fuel segments, which are also the fastest growing fuel segments.

However, greater margin volatility will be a new challenging
feature on the liberalized market in the longer term as
consolidation in the sector is likely to reduce the number of
key players.

Key factors supporting the ratings are POAS's leading domestic
market position in the diesel market despite consolidation and
elevated competition in the sector, its sizeable network and
storage capacity that reaches currently 29% of total capacity in
Turkey, plus its economies of scale and competitive advantages
on direct fuel imports.

The ratings also incorporate POAS's free cash flow generating
capacity, despite rising capital expenditure and net working
capital requirements.  POAS had become highly leveraged
following its privatization, but its debt is now more moderate
and is expected to decline further to its target net debt/EBITDA
of 1.2x, although debt reduction in 2006 is unlikely to be as
aggressive.

POAS remains inefficient on an average throughput per station
basis versus domestically present international brands and
leaders in foreign retail markets, although improvement to
1,500m3 in 2005 from 666m3 in 2000 has been impressive.

As a result of management's successful de-leveraging drive,
gross debt dropped to YTL955.7 million at YE05, thanks to strong
operating cash flow, increase of trade payables, an absence of
cash dividends, a tax shield and USD depreciation in the last
two years.  Gross debt-to-EBITDA fell to 1.9x at YE05 from 9.3x
at YE02, while gross interest cover improved to 4.3x from 1.1x.

Although the debt level and its relatively short-term profile
remain a constraining factor for POAS, Fitch notes that the
average maturity of the financial liabilities has improved to
approximately three years from one year in 2002.

POAS is the largest wholesale and retail fuel distributor in
Turkey, commanding 36% and 26% market shares in key segments of
diesel and gasoline sales respectively.  The company runs a
nationwide dealer network of around 3,650 stations.


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


MEHANIZATOR: Dnipropetrovsk Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Mehanizator (code EDRPOU 19441540) after
finding the company insolvent.  The case is docketed as B
29/150/05.

CONTACT:  MEHANIZATOR
          Komunarivska Str. 16/362
          49128, Ukraine, Dnipropetrovsk Region

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


DOBRENSKE: Mikolaiv Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
proceedings against Agricultural LLC Dobrenske (code EDRPOU
01529837) on Jan. 24, after finding the company insolvent.  The
case is docketed as 5/228/05.

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

CONTACT:  Dobrenske
          Bashtanskij District, Dobre
          56156, Ukraine, Mikolaiv Region

          Mr. Dmitro Shulga, Liquidator/Insolvency Manager
          Raketna Str. 35
          Ukraine, Mikolaiv Region

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


PROMTORGSERVICE: Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Promtorgservice (code EDRPOU 32575741)
on Jan. 24, 2006 after finding the company insolvent.  The case
is docketed as B 26/8/06.

Mr. Volodimir Glyadchenko has been appointed
Liquidator/Insolvency Manager.

CONTACT:  Promtorgservice
          Dnipropetrovsk District, Yuvilejne
          Virobnicha Str. 2
          Ukraine, Dnipropetrovsk Region

          Mr. Volodimir Glyadchenko
          Liquidator/Insolvency Manager
          Kirov Avenue 96/13
          49055, Ukraine, Dnipropetrovsk Region

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


AGROFIRM BEREZEN: Harkiv Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against Agricultural LLC Agrofirm Berezen (code
EDRPOU 00708420) on Feb. 1, after finding the company insolvent.
The case is docketed as B-24/103-05.

Mr. T. Chagovets has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Agrofirm Berezen
          Polkova Mikitivka, Telman str.
          Bogoduhivskij District
          Ukraine, Harkiv Region

          Mr. T. Chagovets
          Liquidator/Insolvency Manager
          Sheakspere Str. 12-A/5-A
          61045, Ukraine, Harkiv Region

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


MERIDIAN: Mikolaiv Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedure on OJSC Ship Building Shipyard Meridian
(code EDRPOU 24788990).  The case is docketed as 10/518/05.

Ms. Semenova Lubov has been appointed temporary insolvency
manager.

CONTACT:  OJSC Ship Building Shipyard Meridian
          Industrialna Str. 1
          54011, Ukraine, Mikolaiv Region

          Ms. Semenova Lubov
          Temporary Insolvency Manager
          54034, Ukraine, Mikolaiv Region a/b 3154

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


PRIBREZHNA: AR Krym Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on Pribrezhna (code EDRPOU 00413015).  The
case is docketed as 2-26/2173-2006.

Mr. Saliyev Ibragim has been appointed temporary insolvency
manager.

CONTACT:  Pribrezhna
          Medvedyevo,Nova Str. 1
          Chornomorskij District
          96400, Ukraine, AR Krym Region

          Mr. Saliyev Ibragim
          Temporary Insolvency Manager
          Simferopol, Turkenich Str. 13
          Ukraine, AR Krym Region

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


PASTIRSKE: Cherkassy Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on Agricultural LLC Pastirske (code EDRPOU
03791781).  The case is docketed as 10/523.

Mr. Bilan Volodimir has been appointed temporary insolvency
manager.

CONTACT:  Pastirske
          Pastirske, Pershotravneva str.
          Smila District
          20756, Ukraine, Cherkassy Region

          Mr. Bilan Volodimir
          Temporary Insolvency Manager
          Lazarev Str. 6, office 101
          Ukraine, Cherkassy Region

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


TALEAN: Zaporizhya Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Talean (code EDRPOU 31774211).  The
case is docketed as 19/6.

Mr. V. Rabushko (license AA 719883) has been appointed temporary
insolvency manager.

CONTACT:  Talean
          72388, Ukraine, Zaporizhya Region
          Melitopol District, Svitlodolinske
          Shkilna Str. 5

          Mr. V. Rabushko
          Temporary Insolvency Manager
          Melitopol, Fuchik Str. 14
          72319, Ukraine, Zaporizhya Region

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


ALTERNATIVA: Zaporizhya Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Alternativa (code EDRPOU 23794623) on
Feb. 13, after finding the company insolvent.  The case is
docketed as 19/15/06.

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

CONTACT:  Alternativa
          Zhukovskij Str. 78/21
          69095, Ukraine, Zaporizhya Region

          Mr. Sergij Petrov
          Liquidator/Insolvency Manager
          Geroiv Stalingradu Str. 15/37
          69095, Ukraine, Zaporizhya Region

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


KORSHACHINSKE: Sumi Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
proceedings against LLC Agrofirm Korshachinske (code EDRPOU
03777143) on Feb. 9, after finding the company insolvent.  The
case is docketed as 6/57-05.

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

CONTACT:  Korshachinske
          Korshachina, Lenin Str. 2
          Bilopillya District
          41852, Ukraine, Sumi Region

          Mr. S. Volchek
          Liquidator/Insolvency Manager
          Geroiv Stalingradu Avenue 138-V/34
          61162, Ukraine, Harkiv Region

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


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


AL REALISATIONS: Appoints Moore Stephens Administrator
------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Al Realisations (2006)
Ltd (Company Number 03902083) on March 10.

Moore Stephens -- http://www.moorestephens.co.uk-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.

Al Realisations (2006) Ltd was formerly known as The Art Lounge
Limited.  The company deals art pieces and can be reached at:

        28-30 Wharfside Street
        Birmingham B1 1XL
        Tel: 0121-685 2555


ASHBURTON CORPORATION: Furniture Retailer Appoints Administrator
----------------------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
administrator of Ashburton Corporation Limited (Company Number
03040604) on March 17.

The administrator can be reached at:

        B & C Associates
        Trafalgar House
        Grenville Place
        Mill Hill
        London NW7 3SA
        Tel: 0208 906 7730
        Fax: 0208 906 7731
        E-mail: filippa@bcassociates.uk.com

Ashburton Corporation Ltd sells furniture and can be reached at:

        24 Ariel Way
        London W12 7SH
        Tel: 020-8740-1314


BENNETT CONTRACTS: Members Pass Winding Up Resolution
-----------------------------------------------------
Members of Bennett Contracts Limited passed a resolution to wind
up the company during an extraordinary general meeting on
Feb. 24.

Subsequently, they appointed Andrew John Whelan, of Marks Bloom,
as Liquidator.

Bennett Contracts Limited can be contacted at:

         Dunkerry Ho
         Upper Richmond Road
         London
         SW15 2RP
         Tel: 020 8875 9800
         Fax: 020 8875 9310


BERKELEY BERRY: Joint Administrators from PwC Enter Firm
--------------------------------------------------------
Robert Jonathan Hunt and Mark David Charles Hopkins of
PricewaterhouseCoopers LLP were appointed joint administrators
of Berkeley Berry Birch Group Support Services Limited (Company
Number 04349707), Berkeley Independent Advisors Limited (Company
Number 02472302) and Berry Birch & Noble Financial Planning
(Weston) Limited (Company Number 03416918) on March 20.  Its
registered office is at Eaton House, 1 Eaton Road, Coventry CV1
2FJ.

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


CONSILIA LIMITED: Liquidates Assets & Appoints Liquidator
---------------------------------------------------------
Consilia (UK) Limited is liquidating its assets after members
decided to wind up the company's operations on Feb. 1

T. Papanicola, of Bond Partners LLP, was appointed Liquidator.

Consilia (UK) Limited can be reached at:

         611 Stretford Road
         Manchester Lancashire
         M16 0QA
         Tel: 0161 877 4114
         Fax: 0161 877 4994
         Web: http://www.consiliaps.com/


EUROPEAN TILE: Creditors Affirm Joint Liquidators' Appointment
--------------------------------------------------------------
Creditors of European Tile Transport Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company on Feb. 24.

Creditors also affirmed the appointment of John Russell and
Andrew Philip Wood, both of The P&A Partnership, as Joint
Liquidators.

European Tile Transport Limited can be contacted at:

         189 Sheffield Road
         Killamarsh Sheffield South Yorkshire
         S21 1DX
         Tel: 0114 248 5124
         Fax: 0114 251 1334


GK PRINT: Appoints Tim Alan Askham to Liquidate Assets
------------------------------------------------------
Tim Alan Askham, of Mazars LLP, was appointed Liquidator after
members of GK Print Management decided to wind up the company's
operations on Feb. 28.

Chairman A. J. Pemberton disclosed that the company could no
longer continue its business due to mounting debts.

GK Print Management Limited can be reached at:

         8 Rex Buildings
         Alderley Road
         Wilmslow Cheshire
         SK9 1HY
         Tel: 01625 521 843
         Fax: 01625 528 620
         Web: http://www.gkpm.co.uk/


HAVENMOOR SERVICES: Appoints Tenon Recovery Administrator
---------------------------------------------------------
S. J. Parker and S. R. Thomas of Tenon Recovery were appointed
joint administrators of Havenmoor Services Limited (Company
Number 4308064) on March 21.  Its registered office is at 8 Spur
Road, Cosham, Portsmouth, Hampshire PO6 3EB.

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

Havenmoor Services Limited is engaged in labor recruitment.


HEART WINDOWS: Under Voluntary Liquidation
------------------------------------------
Heart Windows Limited is voluntarily liquidating its assets
after members passed a winding up resolution on Feb. 24.

Andrew T. Clay, of Andrew Michaels & Co Ltd, was appointed
Liquidator.

Heart Windows Limited can be reached at:

         2 Bridgecroft
         Huddersfield
         HD3 4NF
         Tel: 01484 645 511
         Fax: 01484 645 522


KEN ABRAM: Taps Administrators from Unity Corporate Recovery
------------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Corporate
Recovery and Insolvency were appointed administrators of Ken
Abram Limited (Company Number 01424325) on March 17.

The administrators can be reached at:

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

Ken Abram Ltd can be reached at:

        Stanley Way
        Skelmersdale WN8 8EA
        Tel: 01695 50177


KRYOTRANS LIMITED: Creditors' Meeting Set for April 21
------------------------------------------------------
Creditors of Kryotrans Limited will meet at 11 a.m., on
April 21, at:

        Smith and Williamson
        Prospect House
        2 Athenaeum Road
        London N20 9YU

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 20, to:

        J. E. Milner
        Joint Administrative Receiver
        Smith and Williamson
        Prospect House
        2 Athenaeum Road
        London N20 9YU

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.

Kryotrans Limited -- http://www.kryotrans.com/-- was set up by
a biotechnology scientist and quality expert motivated by the
need to find a better way of shipping temperature sensitive
materials in the biotechnology, clinical trials and
pharmaceutical industries.


LOGICAL FINANCIAL: Members Resolve to Liquidation
-------------------------------------------------
Members of Logical Financial Solutions Limited resolved to
liquidate the company's assets on Feb. 17.

Gordon Smythe Goldie and Allen David Kelly, both of Tait Walker,
will jointly administer the liquidation procedure.

Logical Financial Solutions Limited can be reached at:

         St. Josephs Business Centre
         West Lane
         Newcastle Upon Tyne
         NE12 7BH
         Tel: 0191 216 1770


MECHELEC ENGINEERING: Lloyds TSB Bank Appoints PwC as Receiver
--------------------------------------------------------------
Lloyds TSB Bank Plc appointed Michael David Gercke and Colin
Michael Trevethyn Haig of PricewaterhouseCoopers LLP joint
administrative receivers of Mechelec Engineering Services
Limited (Company Number 04219640), RTT Engineering Services
Limited (Company Number 03928316) and RTT Maintenance & Special
Projects Limited (Company Number 03928351) on March 17.

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

Mechelec Engineering Services Limited, RTT Engineering Services
Limited and RTT Maintenance & Special Projects Limited --
http://www.rttgroup.com/-- are affiliates of RTT Group Plc,
which was established in 1974.  The companies offer engineering,
trade contractors and air conditioning services.


NJF COURIER: Winds Up Operations & Hires Joint Liquidators
----------------------------------------------------------
NJF Courier Services Limited is winding up its operations after
members proved the company could no longer continue its business
due to its liabilities.

Mark Elijah Thomas Bowen and Nigel Price, both of Moore Stephens
LLP, were appointed Joint Liquidators.

N J F Services Limited can be contacted at:

         Unit 2
         Station Road
         Hartlebury Kidderminster Worcestershire
         DY11 7YJ
         Tel: 01299 251 060
         Fax: 01299 251 093


NOODLE BAR: Ninos Koumettou Leads Liquidation Proceedings
---------------------------------------------------------
Ninos Koumettou, of Alexander Lawson & Co, was appointed
liquidator of Noodle Bar Limited after members decided to
liquidate the company's assets on Feb. 28.

P. Chang revealed the company could no longer continue its
business due to mounting debts.

Noodle Bar Limited can be contacted at:

         114A Hamlet Court Road
         Westcliff-On-Sea Essex
         SS0 7LP
         Tel: 01702 464 888


PEPE BOATYARD: Meeting of Creditors Slated for April 18
-------------------------------------------------------
Creditors of Pepe Boatyard Limited will meet at 11 a.m., on
April 18, at:

        Buchanans Plc
        Latimer House
        5 Cumberland Place
        Southampton
        SO15 2BH

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., April 17, to:

        P. Hall
        Joint Administrator
        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.


PHOENIX DESIGN: Taps Tenon Recovery to Administer Assets
--------------------------------------------------------
T. J. Binyon and S. R. Thomas of Tenon Recovery were appointed
joint administrators of Phoenix Design & Build (UK) Limited
(Company Number 04996843) on March 21.  Its registered office is
at 337 Bath Road, Slough SL1 5PR.

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

Phoenix Design & Build (UK) Limited offers construction and
general engineering services.


PHOENIX FITTED: Claims Filing Period Ends May 16
------------------------------------------------
Creditors of Phoenix Fitted Furniture Limited have until May 16,
to send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator Gerald Maurice
Krasner.

Phoenix Fitted Furniture Limited can be contacted at:

         Wilton Road
         Humberston Grimsby South Humberside
         DN36 4AW
         Tel: 01472 811 581
         Fax: 01472 811 593


PRIDE FLOWERS: Joint Liquidators Set May 31 Claims Bar Date
-----------------------------------------------------------
Pride Flowers and Plants Limited is liquidating its assets after
members passed a resolution to wind up the company's operations
on Feb. 23.

Appointed Joint Liquidators, Paul Finnity and Peter Blair, of
Begbies Traynor, required creditors to send in their full names,
addresses and descriptions, full particulars of debts or claims,
and the names and addresses of Solicitors (if any) on or before
May 31.

Pride Flowers And Plants Limited can be reached at:

         Unit 3
         Raynesway
         Raynesway Park Drive
         Derby Derbyshire
         DE21 7BH
         Tel: 01332 751 000
         Fax: 01332 571 222


RANK GROUP: Repurchases 1 Million Shares for Cancellation
---------------------------------------------------------
The Rank Group Plc purchased on March 30, 1,000,000 ordinary
shares of 10 pence in the Company for cancellation at an average
price of 220.24p per share.

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

                        *     *     *

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

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

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

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


SHILLING PROPERTIES: Names Moore Stephens Administrator
-------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Shilling Properties
Limited (Company Number 04476149) on March 6.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.

Shilling Properties Limited sells real estate properties.


SWAN FIELDS: Appoints Administrator from Butcher Woods
-------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of Swan Fields Cartons Limited (Company Number
05587200) on March 20.

The administrator can be reached at:

        Butcher Woods
        79 Caroline Street
        Birmingham
        West Midlands
        B3 1UP
        Tel: 0121 236 6001
        Fax: 0121 236 5702
        E-mail: rod.butcher@butcher-woods.co.uk


TRADEHOUSE RETAIL: Meeting of Creditors Slated for April 11
-----------------------------------------------------------
Creditors of Tradehouse Retail Limited (Company Number 04730068)
will meet at 2 p.m., on April 11, at:

        Jurys Clifton Ford Hotel
        47 Welbeck Street
        London
        W1G 8DN

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 10, to:

        John Michael Munn
        Joseph Gordon Maurice Sadler
        Joint Administrators
        Elwell Watchorn & Saxton LLP
        109 Swan Street,
        Sileby, Leicestershire
        LE12 7NN

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Tradehouse Retail Ltd can be reached at:

        62 Dockside Outlet Centre
        Chatham Maritime
        Kent ME4 3ED
        Tel: 01634 893336


                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *