TCREUR_Public/060404.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, April 4, 2006, Vol. 7, No. 67

                            Headlines


G E R M A N Y

ESPA-FALZEREI: Creditors' Meeting Slated for April 26
FRESENIUS AG: S&P Cuts Rating to BB with Negative Outlook
FRESENIUS MEDICAL: S&P Rates US$4.6 Billion Facility at BB
HOTEL I: Claims Registration Ends April 7
HOTEL RIESENGEBIRGE: Claims Registration Ends April 7

INGENIEURBUERO BAUWESEN: Claims Registration Ends April 7
KRAUSS GMBH: Creditors' Meeting Slated for April 11
MC PARTNER: Claims Registration Ends April 7
PLANTTAN MEDIZINTECHNIK: Claims Registration Ends April 7
VISIONEN IN GLAS: Creditors' Meeting Slated for May 9

WERKZEUGBAU OSTERWIECK: Claims Registration Ends April 7
WEROS-WERKZEUGBAU: Claims Registration Ends April 8


I T A L Y

TISCALI S.P.A.: Board Approves Draft 2005 Consolidated Results


K A Z A K H S T A N

BENT-ANAK: Creditors Must File Claims by April 10
BUSINESSLINK: Creditors Must File Claims by April 10
IGILIK KURYLY: Creditors Must File Claims by April 10
JAN-PV: Pavlodar Court Opens Bankruptcy Proceedings
JULDYZ-PV: Pavlodar Court Opens Bankruptcy Proceedings

PAVLODAR CHEMICAL: Creditors Must File Claims by April 10
PERIZAT-EKIBASTUZ: Pavlodar Court Opens Bankruptcy Proceedings
SEYMURG: Creditors Must File Claims by April 10
SHAGALA: Pavlodar Court Opens Bankruptcy Proceedings
TOBOL SEMENT: Creditors Must File Claims by April 10


K Y R G Y Z S T A N

KORGON-TASH: Creditors Must File Claims by May 23
MSPMK-3: Sale Auction Slated for April 27
OLD MASTER: Creditors Must File Claims by May 20
ZINAT: Creditors Must File Claims by May 23


N O R W A Y

PETROLEUM GEO-SERVICES: S&P Places B+ Rating on Watch Developing


P O L A N D

NETIA SA: Three-Year Subscription Warrants Expires April 29


R U S S I A

ASPHALT CONCRETE: Court Names E. Golenkov Insolvency Manager
BEKOVO-AGRO-PROM-KHIMIYA: Penza Court Begins Bankruptcy Process
ENERGO-TRANS: Court Appoints E. Dulnev as Insolvency Manager
ENGELSSKIY: Deadline for Proofs of Claim Set for April 18
KALININSKIY: Undergoes Bankruptcy Supervision Procedure

NASHEKINO: Claims Filing Period Ends April 18
RAILWAY BUILDING: Samara Court Opens Bankruptcy Proceedings
STEPNOVSKIY: Court Names A. Martirosyan Insolvency Manager
VERKHNE-KHAVA-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
VKM-LEASING: S&P Junks Counterparty Credit Ratings

ZARECHYE: Bankruptcy Hearing Set for May 11


U K R A I N E

BORISPILVTORMET: Kyiv Court Opens Bankruptcy Proceedings
DNIPRODZERZHINSK' AUTO 11232: Court Opens Bankruptcy Proceedings
GARD-AVTOTRANS: Court Names Kostina Milena to Liquidate Assets
GIDRAVLIKA: Zaporizhya Court Opens Bankruptcy Proceedings
SUMI RADIO-TV: Sumi Court Starts Bankruptcy Supervision

TORGTRANS LTD.: Odessa Court Begins Bankruptcy Supervision
VK REMSTROJTREST: O. Sharmonov Named Interim Insolvency Manager
ZERNOTORGOVIJ DIM: Harkiv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ALLIED WINDSCREENS: Members Pass Winding Up Resolution
ALLSTOCK ENGINEERING: Taps Administrator from Crawfords
B & F EXPORTERS: Appoints Langley & Partners Administrator
BLUE LINE: Creditors Confirm Voluntary Liquidation
BUREAU OF FORENSIC: Taps Moore Stephens to Liquidate Assets

BURNHAM MOULDINGS: Names Barry David Lewis as Liquidator
BUS & MOTORS: Appoints Begbies Taylor as Administrator
CLEVELAND INNOVATION: Members Agree to Voluntary Liquidation
CONTRACT TRACK: Names DTE Leonard Curtis to Administer Assets
GARRISON PLUMBING: Appoints Tenon Recovery as Administrator

HERON BOATS: Boat Manufacturer Taps Mazars as Administrator
LEABRAND LIMITED: Names Smith & Williamson Administrator
PRESSAC INVESTMENTS: In Administrative Receivership
RAIL TECH: Creditors' Meeting Slated for April 7
RANK GROUP: Buys Back 321,893 Shares for Cancellation

REFORMA LIMITED: Members Resolve to Liquidate Assets
ROWAN NEW: Taps Joint Administrators from Tenon Recovery
SPEED 8678: Claims Filing Period Ends May 23
TOTAL BUILDING: Liquidator Takes Over Operations
TYRERIGHT LIMITED: Members Agree to Voluntary Liquidation

VALEFOX LIMITED: Claims Registration Ends May 23
WALTHAM CONTRACTORS: Creditors' Meeting Set for April 11

* Large Companies with Insolvent Balance Sheets

                           *********

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


ESPA-FALZEREI: Creditors' Meeting Slated for April 26
-----------------------------------------------------
Court-appointed provisional administrator of ESPA-Falzerei GmbH,
Holger Bluemle, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:00 a.m. on
April 26.

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

         The District Court of Pforzheim
         Saal 310
         III. OG
         Mannheimer Str. 17
         75179 Pforzheim

Creditors have until April 10, to register their claims with the
court-appointed provisional administrator.

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 Pforzheim opened bankruptcy proceedings
against ESPA-Falzerei GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ESPA-Falzerei GmbH
         Attn: Anton Eser, Manager
         Allmendring 2
         75203 Konigsbach-Stein

The administrator can be reached at:

         Holger Bluemle
         Kriegsstr. 113
         76135 Karlsruhe


FRESENIUS AG: S&P Cuts Rating to BB with Negative Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Germany-based health-care companies
Fresenius Medical Care KGaA and its parent Fresenius AG to 'BB'
from 'BB+', following U.S. antitrust clearance for FMC's
acquisition of U.S.-based health-care company Renal Care Group
Inc. (RCG; BB-/Positive/--).  The ratings were removed from
CreditWatch, where they were originally placed on May 4, 2005.  
The outlook is negative.

At the same time, Standard & Poor's assigned its 'BB' senior
secured debt rating to FMC's $4.6 billion facilities, which were
put in place to finance the acquisition of RCG.

"The downgrade reflects FMC's and Fresenius' highly leveraged
capital structure after completion of the acquisition," said
Standard & Poor's credit analyst Michael Seewald.  "This is
despite some cash inflows from various transactions, which
allowed FMC to reduce the RCG acquisition financing to $4.6
billion from $5.0 billion."

Standard & Poor's estimates that the combined group's lease,
pension, and litigation-adjusted net debt to EBITDA will be
about 4.0x-4.3x, and funds from operations to net debt about
13%-14% at financial year-end 2006.  This reflects a substantial
deterioration from the pre-acquisition values of 3.4x and 20% at
financial year-end 2005.

From a business risk perspective, Standard & Poor's considers
the acquisition to be mildly positive in the long run,
reflecting the group's No. 1 market position in the North
American dialysis services market, vertical integration
benefits, geographic diversity, attractive growth prospects, and
the stabilizing effects of a recurring revenue stream. Despite
the group's diversification through its expansion in the German
hospital management sector, we continue to view the group's
business risk as tempered by its predominant focus on a single-
disease area.

"The negative outlook reflects both entities' below-par pro
forma debt-protection measures for the 'BB' ratings and the
group's shift in 2005 to a more aggressive financial posture,
driven by its external growth strategy," said Mr. Seewald.  "The
'BB' ratings could be lowered in the next 12-18 months if FMC
and Fresenius fail to demonstrate the ability to achieve and
sustain adjusted net debt to EBITDA of about 3.5x-3.8x and FFO
to net debt of about 17%, by financial year-end 2007."


FRESENIUS MEDICAL: S&P Rates US$4.6 Billion Facility at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
secured debt rating to Fresenius Medical Care KGaA's US$4.6
billion facilities, which were put in place to finance the
acquisition of Renal Care Group Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  The outlook is negative.

"The downgrade reflects FMC's and Fresenius' highly leveraged
capital structure after completion of the acquisition," said
Standard & Poor's credit analyst Michael Seewald.  "This is
despite some cash inflows from various transactions, which
allowed FMC to reduce the RCG acquisition financing to $4.6
billion from $5.0 billion."

Standard & Poor's estimates that the combined group's lease,
pension, and litigation-adjusted net debt to EBITDA will be
about 4.0x-4.3x, and funds from operations to net debt about
13%-14% at financial year-end 2006.  This reflects a substantial
deterioration from the pre-acquisition values of 3.4x and 20% at
financial year-end 2005.

From a business risk perspective, Standard & Poor's considers
the acquisition to be mildly positive in the long run,
reflecting the group's No. 1 market position in the North
American dialysis services market, vertical integration
benefits, geographic diversity, attractive growth prospects, and
the stabilizing effects of a recurring revenue stream. Despite
the group's diversification through its expansion in the German
hospital management sector, we continue to view the group's
business risk as tempered by its predominant focus on a single-
disease area.

"The negative outlook reflects both entities' below-par pro
forma debt-protection measures for the 'BB' ratings and the
group's shift in 2005 to a more aggressive financial posture,
driven by its external growth strategy," said Mr. Seewald.  "The
'BB' ratings could be lowered in the next 12-18 months if FMC
and Fresenius fail to demonstrate the ability to achieve and
sustain adjusted net debt to EBITDA of about 3.5x-3.8x and FFO
to net debt of about 17%, by financial year-end 2007."


HOTEL I: Claims Registration Ends April 7
-----------------------------------------
Creditors of Hotel I Unity Online GmbH have until April 7, to
register their claims with court-appointed provisional
administrator Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 10, 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 Hamburg
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg

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 Hamburg opened bankruptcy proceedings
against Hotel I Unity Online GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hotel I Unity Online GmbH
         Attn: Gunter Preussker, Manager
         Schwanenwik 30
         22087 Hamburg

The administrator can be contacted at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Tel: 040/361307-0
         Fax: 040/37644625


HOTEL RIESENGEBIRGE: Claims Registration Ends April 7
-----------------------------------------------------
Creditors of Hotel Riesengebirge GmbH have until April 7, to
register their claims with court-appointed provisional
administrator Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on May 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Zi. 216/II
         Dienstgebaude
         Baumenstrasse 28

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

The District Court of Fuerth opened bankruptcy proceedings
against Hotel Riesengebirge GmbH on March 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hotel Riesengebirge GmbH
         Marktplatz 14
         90616 Neuhof

The administrator can be contacted at:

         Mechthild Bruche
         Stahlstrasse 17
         90411 Nuernberg
         Tel: 0911/9512850
         Fax: 0911/95128510


INGENIEURBUERO BAUWESEN: Claims Registration Ends April 7
---------------------------------------------------------
Creditors of Ingenieurbuero Bauwesen Magdeburg GmbH have until
April 7, to register their claims with court-appointed
provisional administrator Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Ingenieurbuero Bauwesen Magdeburg GmbH on Feb. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Ingenieurbuero Bauwesen Magdeburg GmbH
         Lorenzweg 56
         39128 Magdeburg
         Attn: Uwe Wolf-Ruediger Blechschmidt, Manager
         Farnkrautbreite 6
         39128 Magdeburg
         Wolfram Walter Bornemann, Manager
         Stassfurter Str. 6
         39112 Magdeburg

The administrator can be contacted at:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Tel: 0391/5066030
         Fax: 0391/5066033


KRAUSS GMBH: Creditors' Meeting Slated for April 11
---------------------------------------------------
Court-appointed provisional administrator of Krauss GmbH, Jochen
Hedderich, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m. on
April 11.

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

         The District Court of Wetzlar
         Sitzungssaal 201
         II. Stock
         Gebaude B
         Wertherstr. 1
         35578 Wetzlar

Creditors have until April 7, to register their claims with the
court-appointed provisional administrator.

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 Wetzlar opened bankruptcy proceedings
against Krauss GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Krauss GmbH
         Attn: Horst Krauss, Manager
         Dreieiche 7
         35630 Ehringshausen

The administrator can be reached at:

         Jochen Hedderich
         GF: 54
         Wertherstrasse 14 A
         35578 Wetzlar
         Tel: 06441/94820
         Fax: 06441/948222
         E-mail: kanzlei@wsr-net.de


MC PARTNER: Claims Registration Ends April 7
--------------------------------------------
Creditors of MC Partner-Bau GmbH have until April 7, to register
their claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Raum A 409
         4. Etage
         Muehlenstrasse 34
         40213 Duesseldorf

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 Duesseldorf opened bankruptcy proceedings
against MC Partner-Bau GmbH on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         MC Partner-Bau GmbH
         Herzogstr. 95
         40215 Duesseldorf
         Attn: Mauro Ciccotelli, Manager
         Julius-Leber-Strasse 2
         40789 Monheim

The administrator can be contacted at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf


PLANTTAN MEDIZINTECHNIK: Claims Registration Ends April 7
---------------------------------------------------------
Creditors of PlantTan Medizintechnik GmbH have until April 7, to
register their claims with court-appointed provisional
administrator Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Saal 330
         Zochstrasse
         18057 Rostock

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 Rostock opened bankruptcy proceedings
against PlantTan Medizintechnik GmbH on Feb. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         PlantTan Medizintechnik GmbH
         Attn: Heike Mueckter, Manager
         Steinfulgen 36
         18069 Lambrechtshagen

The administrator can be contacted at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock


VISIONEN IN GLAS: Creditors' Meeting Slated for May 9
-----------------------------------------------------
Court-appointed provisional administrator of Visionen in Glas
GmbH, Dr. Martin Heidrich, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:25
a.m. on May 9.

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

         The District Court of Muenchen
         Sitzungssaal 102
         Infanteriestr. 5

Creditors have until April 9, to register their claims with the
court-appointed provisional administrator.

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 Muenchen opened bankruptcy proceedings
against Visionen in Glas GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Visionen in Glas GmbH
         Muenchener Str. 51
         85567 Grafing

The administrator can be reached at:

         Dr. Martin Heidrich
         c/o White & Case Insolvenz Gb
         Maximilianstr. 35C
         80539 Muenchen
         Tel: +4989/2060292-70
         Fax: +4989/2060292-81


WERKZEUGBAU OSTERWIECK: Claims Registration Ends April 7
--------------------------------------------------------
Creditors of Werkzeugbau Osterwieck GmbH have until April 7, to
register their claims with court-appointed provisional
administrator Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 10, 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 Werkzeugbau Osterwieck GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Werkzeugbau Osterwieck GmbH
         Ziegeleiweg 3
         38835 Osterwieck
         Attn: Norbert Galka, Manager
         Huettenkamp 7
         38685 Langelsheim

The administrator can be contacted at:

         Andre Schirrmeister
         Magdeburger Str. 23
         06112 Halle
         Tel: 0345/2308811
         Fax: 0345/2311199


WEROS-WERKZEUGBAU: Claims Registration Ends April 8
---------------------------------------------------
Creditors of WEROS-Werkzeugbau GmbH have until April 8, to
register their claims with court-appointed provisional
administrator Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 8, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Saal D
         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 WEROS-Werkzeugbau GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         WEROS-Werkzeugbau GmbH
         Gartenstr. 6
         39245 Plotzky
         Attn: Wolfgang Luther, Manager
         Rubinienweg 8
         39245 Plotzky
         Egbert Pueschel, Manager
         Otto-Hahn-Str. 8
         39218 Schonebeck

The administrator can be contacted at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Tel: 0391/5973315
         Fax: 0391/5973333
         E-mail: RAe_Kienast_MD@t-online.der/s/n


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


TISCALI S.P.A.: Board Approves Draft 2005 Consolidated Results
--------------------------------------------------------------
Tiscali S.p.A.'s Board of Directors approved the March 30 draft
consolidated results for the year ending Dec. 31, 2005.

FY05 Group's revenues stood at EUR 736.2 million, up 12%
compared to EUR 655.1 million in 2004.  This increase was mainly
due to the strong growth of ADSL users (+66%) and to the
significant evolution of access revenues (+14%), with ADSL
revenues growing by 54%.

For the 12 months ended Dec. 31, 2005, Tiscali posted a EUR12.8
million net loss on EUR736.2 million of revenues, compared to a
EUR134.2 million net loss on EUR655.1 million of revenues in the
previous year.

At Dec. 31, 2005, the Company's balance sheet showed EUR1.04
billion in total assets, EUR731.8 million in total liabilities
and EUR311.3 million in total equity.

A full-text copy of Tiscali's Draft 2005 Consolidated Results is
available at no charge at http://bankrupt.com/misc/Tiscali.pdf

Headquartered in Cagliari, Italy, Tiscali has more than 7
million subscribers, of which over 1.5 million are broadband
users.  It has sold non-core assets to raise money to cover a
EUR250 million bond that matured in July.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 8,
Fitch Ratings sustained Italy-based Tiscali S.p.A.'s Long-term
Issuer Default Rating at CCC with Stable Outlook.  Tiscali's
Short-term rating is downgraded to C from B to be in line with
the CCC IDR.  At the same time, the agency affirmed Tiscali
Finance SA's EUR209 million guaranteed notes at B-/RR2.  

Director in Fitch's European Leveraged Finance team, Stefano
Podesta said, "Tiscali continued to expand sales and profits in
2005.  However, even after having refocused resources on three
core markets, their cash flow burn rate is not sustainable
unless the company secures material new funding in the next few
months."

"Albeit the company probably retains more financial flexibility
than what is implied by EUR30 million of cash available on
balance sheet at December 2005, Tiscali will have to act
rapidly.  We expect significant news from Tommaso Pompei, the
new CEO, when he presents his business plan next April," he
added.


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


BENT-ANAK: Creditors Must File Claims by April 10
-------------------------------------------------
CJSC Joint Venture Bent-Anak has declared insolvency.   
Creditors have until April 10, to submit written proofs of claim
to:

          Chapayevo
          Almaty Region

The company can be contacted at 8 (3272) 91-81-96.


BUSINESSLINK: Creditors Must File Claims by April 10
----------------------------------------------------
LLP Businesslink has declared insolvency.  Creditors have until
April 10, to submit written proofs of claim to:

          Chokina Str. 87-83
          Pavlodar


IGILIK KURYLY: Creditors Must File Claims by April 10
-----------------------------------------------------
LLP Igilik Kuryly Service has declared insolvency.  Creditors
have until April 10, to submit written proofs of claim to:

          Gogol Str. 120-46
          Almaty Djandosova Str.  21-94
          Almaty


JAN-PV: Pavlodar Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceedings against LLP Jan-PV on Feb. 3,
2006.


JULDYZ-PV: Pavlodar Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceedings against LLP Juldyz-PV on
Feb. 3, 2006.


PAVLODAR CHEMICAL: Creditors Must File Claims by April 10
---------------------------------------------------------
JSC PAVLODAR CHEMICAL PLANT filed for bankruptcy with the
Specialized Inter-Regional Economic Court of Pavlodar region.

Temporary insolvency manager has been appointed on Feb. 6, 2006.

Creditors have until April 10 to submit written proofs of claim
to:

          North Industry Zone
          Pavlodar


The company can be contacted at 8 (3182) 39-64-31 or 53-79-59.


PERIZAT-EKIBASTUZ: Pavlodar Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceedings against LLP Perizat-Ekibastuz
on Feb. 3, 2006.


SEYMURG: Creditors Must File Claims by April 10
-----------------------------------------------
LLP Seymurg has declared insolvency.  Creditors have until
April 10, to submit written proofs of claim to:

          Micro District 85-45
          Almaty

The company can be contacted at 8 (3272) 25-61-84.


SHAGALA: Pavlodar Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against OJSC
Shagala on Jan. 9, 2006.



TOBOL SEMENT: Creditors Must File Claims by April 10
---------------------------------------------------------------
LLP Tobol Sement has declared insolvency.  Creditors have until
April 10, to submit written proofs of claim to:

          Kostanai North Industry Zone
          Kostanai Region


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


KORGON-TASH: Creditors Must File Claims by May 23
-------------------------------------------------
OJSC Shahta Korgon-Tash has declared insolvency.  Creditors have
until May 23, to submit written proofs of claim to:

          Krasnoarmeiskaya Str. 7
          Kokjangak
          Tel: (+996 3743) 2-15-24


MSPMK-3: Sale Auction Slated for April 27
-----------------------------------------
The Subdivision Service of the Court Officers of Osh will hold a
public auction of the properties of JSC MSPMK-3 on April 27,
2006, 10:00 a.m. at:

          City Court of Osh
          Room 16
          Osh

The auction contemplates the sale of 41 lots of technical
equipment and mechanisms.

Participants have until April 27, 9:00 a.m., to deposit an
amount equivalent to 5% of the starting price.

CONTACT:  Mr. J. Barynbayev
          Bidding Organizer
          Tel: (+996-3222) 3-60-92


OLD MASTER: Creditors Must File Claims by May 20
-----------------------------------------------
LLC Old Master has declared insolvency.  Creditors have until
May 20, to submit written proofs of claim to:

          Cheluskina Str. 7
          Bishkek
          Tel: (0-502) 32-10-95


ZINAT: Creditors Must File Claims by May 23
-------------------------------------------
LLC Zinat has declared insolvency.  Creditors have until May 23,
to submit written proofs of claim to:

          Kievskaya Str. 120-26
          Bishkek
          Tel: (+996 312) 21-32-60


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


PETROLEUM GEO-SERVICES: S&P Places B+ Rating on Watch Developing
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the 'B+' ratings on
Oslo, Norway-based Petroleum Geo-Services ASA on CreditWatch
with developing implications.  The rating action follows the
company's announcement of its demerger plan.  The company will
be splitting into two separate and distinct businesses;
production (Petrojarl ASA), and geophysical.  The announcement
follows management's statement issued in late 2005 that it was
exploring the separation of its geophysical and floating
production storage and offloading businesses.

The CreditWatch listing will be resolved pending a full review
of PGS' business profile (on a stand-alone basis), as well as
the resulting financial profile and capital structure for the
entity after achieving separation.  The developing outlook
reflects the likelihood that ratings could be raised, lowered,
or affirmed in the near term.

"From a business profile standpoint, PGS has a solid market
position and scale advantages in its marine seismic operations
(particularly in the contract market)," said Standard & Poor's
credit analyst Jeffrey B. Morrison.

"Strong rig counts and increased exploration and production
spending have translated into pricing improvement and a growing
contract backlog for PGS' marine acquisition fleet, which could
yield further margin improvement and strengthened cash flow in
2006," he continued.


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


NETIA SA: Three-Year Subscription Warrants Expires April 29
-----------------------------------------------------------
Netia SA (WSE: NET) disclosed that the management board of the
Warsaw Stock Exchange resolved on March 29, that:

   -- the ordinary bearer series J shares will not be traded as
      of the WSE session on April 26, until the date of their
      expiration;

   -- brokerage instructions for the Warrants will not be
      accepted as of April 26, and

   -- brokerage instructions for Warrants will expire if they
      are not executed until April 25, 2006 (inclusive).

The three-year subscription warrants, which expires on April 29,
are registered at the National Deposit of Securities SA under
the number "PLNETIA00147".

The Company established March 30 as the last day of subscription
for series J shares authorized from the Warrants (i.e., in
accordance with par. 24.3.2 chapter III of the Polish prospectus
of Netia's notes and shares dated April 17, 2002).  

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


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


ASPHALT CONCRETE: Court Names E. Golenkov Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed E. Golenkov
as insolvency manager.

The Court commenced bankruptcy proceedings against Asphalt
Concrete after finding the limited liability company insolvent.  
The case is docketed as A72-11790/05-21/65-B.

The Debtor can be reached at:

        Asphalt Concrete
        Moskovskoye Shosse, 70
        Ulyanovsk Region, Russia

The insolvency manager can be reached at:

        E. Golenkov
        Shmidta Str. 4
        440039, Penza Region, Russia  


BEKOVO-AGRO-PROM-KHIMIYA: Penza Court Begins Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Penza Region commenced bankruptcy
proceedings against Bekovo-Agro-Prom-Khimiya after finding the
open joint stock company.  The case is docketed as A49-
12555/2005-225b/26.

Mr. A. Makarov has been appointed insolvency manager.

The Debtor can be reached at:

        Bekovo-Agro-Prom-Khimiya
        Bekovskiy Region, Bekovo
   Penza Region, Russia

The insolvency manager can be reached at:

        A. Makarov
        K. Marksa Str. 26
        440026, Penza Region, Russia  


ENERGO-TRANS: Court Appoints E. Dulnev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. E. Dulnev
insolvency manager of Energo-Trans.

The Court commenced bankruptcy proceedings against the close
joint stock company with the case docketed as A55-34976/05.

The Debtor can be reached at:

        Energo-Trans
        Krasnyj Yar, Komsomolskaya Str. 90
        446370, Samara Region
        Krasnoyarskiy Region
        Russia

The insolvency manager can be reached at:

        E. Dulnev
        Syzran, Post User Box 41
        446001, Samara Region, Russia


ENGELSSKIY: Deadline for Proofs of Claim Set for April 18
---------------------------------------------------------
Creditors of Engelsskiy have until April 18, to submit their
proofs of claim to the court-appointed insolvency manager at:

        Barnaulskaya Str. 34
        410049, Saratov Region, Russia

The Arbitration Court of Saratov Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A-57-311B/05-12.

The Debtor can be reached at:

        Engelsskiy
        Engels, Krasnoputilovskaya Str. 45
        413112, Saratov Region, Russia


KALININSKIY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on close joint stock company
Kalininskiy.  The case is docketed as A-32-19381/05-38/271-B.

Mr. S. Frolov has been appointed temporary insolvency manager.

The Debtor can be reached at:

        Kalininskiy
        Dzhumaylovka, Bratyev Stepanovyh Str. 29
        353792, Krasnodar Region
        Kalininskiy Region, Russia

The insolvency manager can be reached at:

        S. Frolov
        Mosvkovskaya Str. 85
        410012, Saratov Region, Russia


NASHEKINO: Claims Filing Period Ends April 18
---------------------------------------------
Creditors of Nashekino have until April 18, to submit their
proofs of claim to court-appointed insolvency manager Mr. Y.
Ovcharenkov at:

        Pobedy Avenue, 41-91
        394088, Voronezh Region, Russia

The Arbitration Court of Voronezh Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A14-11512-2005-115/7b.

The Debtor can be reached at:

        Nashekino
        Anninskiy Region, Nashekino
        Voronezh Region, Russia


RAILWAY BUILDING: Samara Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
proceedings against the Railway Building Corporation after
finding the open joint stock company insolvent.  The case is
docketed as A55-3267/2005-16.

Mr. V. Fedorov has been appointed insolvency manager.

The Debtor can be reached at:

        Railway Building Corporation
        446250, Samara Region, Russia

The insolvency manager can be reached at:

        V. Fedorov
        Syzran, Post User Box 41
        446001, Samara Region, Russia


STEPNOVSKIY: Court Names A. Martirosyan Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. A.
Martirosyan temporary insolvency manager of Stepnovskiy (TIN/KPP
2620000011/262001001).

The Court has commenced bankruptcy supervision procedure on the
open joint stock company with the case docketed as A63-151/
05-S5.

The Debtor can be reached at:

        Stepnovskiy
        Stepnoye, Dodonova Str. 20
        357930, Stavropol Region, Russia

The insolvency manager can be reached at:

        A. Martirosyan
        Sholokhova Pr. 8A
        344019, Rostov-na-Donu Region, Russia  


VERKHNE-KHAVA-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on open joint stock company
Verkhne-Khava-Agro-Prom-Khimiya.  The case is docketed as A14-
29209/205/193/16b.

Ms. N. Vysotskaya has been appointed temporary insolvency
manager.

The Debtor can be reached at:

        Verkhne-Khava-Agro-Prom-Khimiya
        V. Khava, Kalinina Str. 1
        Voronezh Region, Verkhneklhavskiy Region, Russia

The insolvency manager can be reached at:

        N. Vysotskaya
        Lizyukova Str. 66-A, 12
        Voronezh Region, Russia


VKM-LEASING: S&P Junks Counterparty Credit Ratings
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+/C' long-
and short-term counterparty credit ratings to Russia-based VKM-
Leasing company.  At the same time, Standard & Poor's assigned
its 'ruBB' Russian national scale rating to the entity.  The
outlook is stable.

"The ratings on VKM-Leasing are constrained by its small size
and limited franchise, its high single-name concentrations on
both sides of the balance sheet, and its weak funding profile,"
said Standard & Poor's credit analyst Eugene Tarzimanov.
"Positive rating factors include the company's close
relationship with one of the largest freight rail car producers
in Russia, and good quality collateral in respect of its leasing
business," he added.

The improving economic environment in Russia, which should
support the ongoing restructuring of rail transport in the
medium term, is also important to the company's specialized
leasing business.

VKM-Leasing is a recently founded company specializing in the
rapidly growing freight-car leasing business in Russia. It is
ultimately owned by Ruzkhimmash (not rated), a large Russian
rolling stock producer, and finances about one-third of its
sales.  Although the links between VKM-Leasing and the parent
appear strong, Standard & Poor's does not consider the company
as a strategic asset for the group. In addition, financial and
operational information on the group is limited, and corporate
governance is a concern.

Nevertheless, group membership is a positive factor in the
credit profile because it provides VKM-Leasing with business
flows and funding (in the form of guarantees).

"We expect that VKM-Leasing will remain focused on its core
business, while keeping its strong ties to Ruzkhimmash in terms
of business flows," said Mr. Tarzimanov.  The ratings on VKM-
Leasing could be raised if the company displays a consistent
financial performance, and improves its funding profile.  
A material capital increase would also be a positive rating
factor.  The ratings could be revised downward, however, if the
financial performance was to come under severe pressure, or the
company's ties to Ruzkhimmash were to weaken.


ZARECHYE: Bankruptcy Hearing Set for May 11
-------------------------------------------
The Arbitration Court of Lipetsk Region will convene at 9:20
a.m., on May 11, to hear the bankruptcy supervision procedure on
open joint stock company Agro Company Zarechye.  The case is
docketed as A36-4789/2005.

Ms. I. Valkova has been appointed temporary insolvency manager.

The Debtor can be reached at:

        Zarechye
        Lebedyanskiy Region, B. Verkh
        Lipetsk Region, Russia

The insolvency manager can be reached at:

        I. Valkova
        Post User Box 1414
        398006, Lipetsk Region, Russia


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


BORISPILVTORMET: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Borispilvtormet (code EDRPOU 31323201)
on Feb. 1, 2006 after finding the company insolvent.  The case
is docketed as 35/11 b-06.

Mr. Valerij Sinelnikov has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Borispilvtormet
          Borispil, Dzerzhinskij Str. 1
          08300, Ukraine, Kyiv Region

          Mr. Valerij Sinelnikov
          Liquidator/Insolvency Manager
          Chervonotkatska Str. 19/37
          Ukraine, Kyiv Region

          Economic Court of Kyiv Region
          Komintern Str. 165
          01032, Ukraine, Kyiv Region


DNIPRODZERZHINSK' AUTO 11232: Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against OJSC Dniprodzerzhinsk' Auto Transport
Enterprise 11232 (code EDRPOU 05465695) on Jan. 31, 2006 after
finding the company insolvent.   The case is docketed as B
26/94/05.

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

CONTACT:  Dniprodzerzhinsk' Auto Transport Enterprise 11232:
          Dniprodzerzhinsk, Shiroka Str. 49
          Ukraine, Dnipropetrovsk Region

          Mr. Yevgen Shevtsov
          Liquidator/Insolvency Manager
          49069, Ukraine, Dnipropetrovsk Region a/b 3925

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


GARD-AVTOTRANS: Court Names Kostina Milena to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Kostina Milena
as Liquidator/Insolvency Manager for OJSC GARD-AVTOTRANS (code
EDRPOU 20879023).

The Court commenced bankruptcy proceedings against the Company
on Feb. 7, after finding the company insolvent.  The case is
docketed as 5/237/05.  

CONTACT:  Gard-Avtotrans
          Yuzhnoukrainsk, Promzona
          55000, Ukraine, Mikolaiv Region

          Mr. Kostina Milena
          Liquidator/Insolvency Manager
          54015, Ukraine, Mikolaiv Region
          Buzkij Boulevard 1/32
          Tel: (0512) 35-22-37

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


GIDRAVLIKA: Zaporizhya Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against CJSC Trade House Gidravlika (code EDRPOU
30802200) on Feb. 1, after finding the company insolvent.  The
case is docketed as 25/185.

Mr. Rabushko Vyacheslav has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Gidravlika
          Melitopol, Industrialna Str. 59
          72316, Ukraine, Zaporizhya Region

          Mr. Rabushko Vyacheslav
          Liquidator/Insolvency Manager
          Melitopol, Fuchik Str. 14
          72319, Ukraine, Zaporizhya Region
          Tel: 8 (096) 411-45-25

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


SUMI RADIO-TV: Sumi Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on State Enterprise Sumi Regional Radio-TV
Transmitting Center (code EDRPOU 14023772).  The case is
docketed as 6/24-05.  

Mr. Dmitro Kozin has been appointed temporary insolvency
manager.

CONTACT:  Sumi Regional Radio-Tv Transmitting Center
          Skryabin Str. 3
          40030, Ukraine, Sumi Region

          Mr. Dmitro Kozin
          Temporary Insolvency Manager
          Internatsionalistiv Str. 5, Office 22
          40035, Ukraine, Sumi Region

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


TORGTRANS LTD.: Odessa Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on LLC Trade House Torgtrans Ltd. (code
EDRPOU 33387974).  The case is docketed as 7/344-05-11592.  

Mr. O. Sharmonov has been appointed temporary insolvency
manager.

CONTACT:  Torgtrans Ltd.
          Melnitska Str. 32 B
          65033, Ukraine, Odessa Region

          Economic Court of Odessa Region
          Shevchenko Avenue 4
          65032, Ukraine, Odessa Region


VK REMSTROJTREST: O. Sharmonov Named Interim Insolvency Manager
---------------------------------------------------------------
The Economic Court of Odessa Region appointed O. Sharmonov as
temporary insolvency manager for LLC VK Remstrojtrest (code
EDRPOU 33388386).

The Court commenced bankruptcy supervision procedure against the
Company with the case docketed as 2/3-06-295.  

CONTACT:  VK Remstrojtrest
          Melnitska Str. 32 B
          65033, Ukraine, Odessa Region

          Economic Court of Odessa Region
          Shevchenko Avenue 4
          65032, Ukraine, Odessa Region


ZERNOTORGOVIJ DIM: Harkiv Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on LLC Zernotorgovij Dim (code EDRPOU
30885486) on Jan. 25.  The case is docketed as B-39/04-06.

Mr. Dmitro Zadruzhnij has been appointed temporary insolvency
manager.

CONTACT:  Zernotorgovij Dim
          Tobolska Str. 42a/517
          61072, Ukraine, Harkiv Region

          Mr. Dmitro Zadruzhnij
          Temporary Insolvency Manager
          Harkiv district, Visokij, Druzhbi Str. 68
          62460, Ukraine, Harkiv Region

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


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


ALLIED WINDSCREENS: Members Pass Winding Up Resolution
------------------------------------------------------
Members of Allied Windscreens Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on Feb. 28.

Subsequently, they appointed Nigel Alexander Spearing as
Liquidator.

Allied Windscreens Limited can be contacted at:

         Unit 7 Lacre Way
         Letchworth Garden City Hertfordshire
         SG6 1NR
         Tel: 01462 482 111
         Fax: 01462 482 111
         Web: http://www.alliedscreens.co.uk/


ALLSTOCK ENGINEERING: Taps Administrator from Crawfords
-------------------------------------------------------
A. Kachani of Crawfords was appointed administrator of Allstock
Engineering Steels Limited (Company Number 05377460) on
March 15.

The administrator can be reached at:

        Crawfords
        Stanton House
        41 Blackfriars Road
        Salford
        Manchester
        Greater Manchester M3 7DB
        Tel: 0161 828 1000
        Fax: 0161 832 1829
        E-mail: akachani@aol.com

Allstock Engineering Steels Ltd offers steel fabricating service
and can be reached at:

        Unit 9/Rolls Royce Ind Est
        Spring Rd. Ettingshall
        West Midlands
        Tel: 01902 403053


B & F EXPORTERS: Appoints Langley & Partners Administrator
----------------------------------------------------------
Alan Simon and Philip Simons of Langley & Partners were
appointed administrators of B & F Exporters Limited (Company
Number 05085166) on March 21.  

The joint administrators can be reached at:

        Langley & Partners
        Langley House
        Park Road
        East Finchley
        London N2 8EX
        Tel: 020 8444 2000
        Fax: 020 8444 3400
        E-mail: philip.simons@langleypartners.co.uk  

B & F Exporters Limited sells clothing.


BLUE LINE: Creditors Confirm Voluntary Liquidation
--------------------------------------------------
Creditors of Blue Line Trading Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company on Feb. 22.

Creditors also ratified the appointment of Jeffrey Mark Brenner,
as Liquidator.

Blue Line Trading Limited can be reached at:

         82 High Street
         Esher Surrey
         KT10 9QS
         Tel: 01372 468 141
         Fax: 01372 469 217


BUREAU OF FORENSIC: Taps Moore Stephens to Liquidate Assets
-----------------------------------------------------------
David Elliot, of Moore Stephens LLP, was appointed Liquidator of
Bureau of Forensic Science Limited after members decided to
liquidate the company's assets on Feb. 28.

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

Bureau of Forensic Science Limited can be contacted at:

         Temple Chambers
         3-7 Temple Avenue
         London
         EC4 Y0HP
         Tel: 020 7583 7583
         Fax: 020 7583 7581
         Web: http://www.forensicscience.uk.com/


BURNHAM MOULDINGS: Names Barry David Lewis as Liquidator
--------------------------------------------------------
Burnham Mouldings Tools & Die Limited is liquidating its assets
after members passed a resolution to wind up the company's
operations on Feb. 27.

Barry David Lewis, of Harris Lipman, was appointed Liquidator.

Burnham Mouldings Tool & Die Limited can be reached at:

         Unit 1
         Kelpatrick Road
         Slough Berkshire
         SL1 6BW
         Tel: 01628 665 241
         Fax: 01628 665 407
         Web: http://www.burnhammouldings.co.uk/


BUS & MOTORS: Appoints Begbies Taylor as Administrator
------------------------------------------------------
Richard A. B. Saville and Peter A. Blair of Begbies Traynor were
appointed joint administrators of Bus & Motors Commercial
Limited (Company Number 04234641) on March 3.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Bus & Motors Commercial Ltd sells motor vehicles and can be
reached at:

        26 Redwood Glade
        Leighton Buzzard
        Bedfordshire LU7 3JT
        Tel: 01525-854451   


CLEVELAND INNOVATION: Members Agree to Voluntary Liquidation
------------------------------------------------------------
Members of Cleveland Innovation appointed J. Harvey Madden to
lead the company's assets during an extraordinary general
meeting on Feb. 28.

Cleveland Innovation can be contacted at:

         Aurora CT
         Barton Road
         Middlesbrough Cleveland
         TS2 1RY
         Tel: 01642 885 050
         Fax: 01642 885 060


CONTRACT TRACK: Names DTE Leonard Curtis to Administer Assets
-------------------------------------------------------------
N. A. Bennett and K. D. Goodman of Leonard Curtis were appointed
joint administrators of Contract Track Services Limited (Company
Number 2869314) on March 21.  Its registered office is at The
Maltings, Burwell, Cambridge, Cambridgeshire CB5 0FB.

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

Contract Track Services Ltd offers railway maintenance service
and can be reached at:

        Hoo Jct Freight Terminal
        Queens Farm R
        Shorne
        Gravesend
        Kent DA12 3HU
        Tel: 01474 824400


GARRISON PLUMBING: Appoints Tenon Recovery as Administrator
-----------------------------------------------------------
S. R. Thomas and S. J. Parker of Tenon Recovery were appointed
joint administrators of Garrison Plumbing & Heating Services
Limited (Company Number 3879105) on March 22.  

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

Garrison Plumbing & Heating Services Ltd can be reached at:

        Sergeants Hall/Sargeants Place
        Caterham CR3 5ZD
        Tel: 01883 341640


HERON BOATS: Boat Manufacturer Taps Mazars as Administrator
-----------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Heron Boats Limited (Company Number
04147763) on March 21.  Its registered office is at Unit 5,
Junction 25 Business Park, Huddersfield Road, Mirfield, West
Yorkshire WF14 9DA.

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

Heron Boats Ltd manufactures boats and can be reached at:

        Unit 5, Junction 25
        Business Park Mirfield
        West Yorkshire WF14 9DA
        Tel: +44 (1924) 49 92 00


LEABRAND LIMITED: Names Smith & Williamson Administrator
--------------------------------------------------------
Roger Tulloch and Robert Horton of Smith & Williamson Limited
were appointed joint administrators of Leabrand Limited (Company
Number 02216479) on March 15.

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.

Leabrand -- http://www.leabrand.co.uk/-- offers a range of  
solutions from Reactive and Planned Building Maintenance to full
scale Refurbishments and Refits.


PRESSAC INVESTMENTS: In Administrative Receivership
---------------------------------------------------
Deutsche Bank AG London appointed Steven Anthony Pearson and
Anthony Victor Lomas of PricewaterhouseCoopers LLP joint
administrative receivers of Pressac Investments Limited (Company
Number 03284532) and Pressac Plc (Company Number 00871399) 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.  

Pressac Plc can be reached at:

        Glazedlae Drive West
        Bilborough
        Nottingham NG8 4GY
        Tel: 01332 747700
        Fax: 01332 747720


RAIL TECH: Creditors' Meeting Slated for April 7
------------------------------------------------
Creditors of Rail Tech Group Limited will meet at 10 a.m., on
April 7, at:

        HQ Global Workplaces
        Trinity House
        Cambridge Business Park
        Cowley Road, Cambridge
        CB4 0WZ

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 6, to:

        I. S. Carr
        Joint Administrator
        Grant Thornton UK LLP
        Byron House
        Cambridge Business Park
        Cambridge
        CB4 0WZ

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

Rail Tech -- http://www.railtech.co.uk/-- supports the concept  
of link-up, the railway industry's supplier accreditation
system, as it believes that it can only help to improve
standards and provide Network Rail and its contractors with
appropriately qualified companies from a level playing field.  


RANK GROUP: Buys Back 321,893 Shares for Cancellation
-----------------------------------------------------
The Rank Group Plc purchased on March 31, 321,893 Ordinary
shares of 10 pence in the Company for cancellation at an average
price of 219.84 pence per share.

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

                        *     *     *

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

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

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

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


REFORMA LIMITED: Members Resolve to Liquidate Assets
----------------------------------------------------
Reforma Limited is winding up its operations after members
decided to liquidate the company's assets on Feb. 23.

Jonathan Sinclair, of Sinclair Harris, was appointed Liquidator.

Reforma Limited can be contacted at:

         3 Globe Road
         London
         E1 4DT
         Tel: 020 7780 9269
         Fax: 020 7780 9269


ROWAN NEW: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------
S. R. Thomas and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Rowan New Homes Limited (Company Number
4962890) on March 22.

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


SPEED 8678: Claims Filing Period Ends May 23
--------------------------------------------
Speed 8678 Limited is winding up its operations after members
decided to liquidate the company's assets on Feb. 23.

Appointed Liquidator, Gerald Maurice Krasner, of Bartfields (UK)
Limited, 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 23.

Speed 8678 Limited can be contacted at:

         93 Woodlands Park Road
         London
         N15 3SB
         Tel: 020 8802 3383


TOTAL BUILDING: Liquidator Takes Over Operations
------------------------------------------------
Alisdair J Findlay, of Findlay James, was appointed Liquidator
of Total Building Response Limited after members decided to
liquidate the company's assets on Feb. 23.

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

Total Building Response Limited can be contacted at:

         Egginton Road
         Hilton Derby Derbyshire
         DE6 55FJ
         Tel: 01283 730 032
         Fax: 01283 730 039


TYRERIGHT LIMITED: Members Agree to Voluntary Liquidation
---------------------------------------------------------
Members of Tyreright Limited resolved to liquidate the Company's
assets during an extraordinary general meeting on Feb. 21.

Subsequently, they authorized Simon Thornton to lead the
liquidation process.

Shareholder and Director J. A. Blackwell revealed that the
company could no longer continue its operations due to financial
liabilities.

Tyreright Limited can be contacted at:

         66 School Road
         Dursley Gloucestershire
         GL11 4NY
         Tel: 0800 043 8246
         Web: http://www.tyreright.co.uk/


VALEFOX LIMITED: Claims Registration Ends May 23
------------------------------------------------
Creditors of Valefox Limited have until May 23, to send in their
full names, addresses and descriptions, full particulars of
debts or claims, and the names and addresses of Solicitors (if
any) to appointed Joint Liquidator Gerald Maurice Krasner.

Valefox Limited can be reached at:

         Kendal House
         1 Conduit Street
         London
         W1S 2XA
         Tel: 020 7478 1526


WALTHAM CONTRACTORS: Creditors' Meeting Set for April 11
--------------------------------------------------------
Creditors of Waltham Contractors Limited (Company Number
01661209) will meet at 10:30 a.m., on April 11, at:

        65 St Edmunds Church Street
        Salisbury, Wiltshire
        SP1 1EF

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:

        M. F. Stevenson
        Joint Administrator
        Middleton Partners
        65 St Edmunds Church Street
        Salisbury, Wiltshire
        SP1 1EF

Middleton Partners -- http://www.middletonpartners.co.uk/-- are  
licensed insolvency practitioners and business consultants, the
partners and staff of which have many years experience in
dealing with business rescue and insolvency.

Walthams Ltd can be reached at:

        Oak Farm, New Road,
        Southampton, Hampshire SO32 2PF
        Tel: 01489896294   


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********


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

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

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

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

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

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


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