TCREUR_Public/060405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 5, 2006, Vol. 7, No. 68

                            Headlines



A U S T R I A

HYPO ALPE: Moody's Reviews C+ FSR for Possible Downgrade


C Z E C H   R E P U B L I C

CESKA SPORITELNA: Moody's Ups Financial Strength Rating to C


E S T O N I A

AS SAMPO: Sound Financial Post Spurs Moody's to Up FSR to D+
SEB EESTI: Moody's Changes C- FSR Outlook to Positive


F R A N C E

ALCATEL SA: Lucent Merger Prompts Moody's to Review Ba1 Ratings
GAL FINANCE: Moody's Downgrades Corporate Family Rating to B3


G E R M A N Y

AMBAU GMBH: Claims Registration Ends April 10
ANTIQUITATEN REUTERSHAN: Creditors' Meeting Slated for May 19
BERLIN-BRANDENBURGISCHE: Creditors' Meeting Set on April 11
BIBEMUS GETRANKEHANDEL: Creditors' Meeting Slated for April 11
DGF DRUCKGUSS: Claims Registration Ends April 10

DOMINO-MODE: Claims Registration Ends April 10
DUERR AG: Nominates Two New Members to Supervisory Board
DUERR AG: Earns EUR4.3 Million Net Income in Fiscal 2005
ESCHWEILER KUNSTSTOFFHANDEL: Claims Registration Ends April 10
ESPRESSO GESELLSCHAFT: Claims Registration Ends April 13

FINANZLEASING SIMON: Claims Registration Ends April 12
FRESENIUS AG: Moody's Affirms All Ratings at Low-B
GSC GESUNDHEIT: Claims Registration Ends April 13
KABEL DEUTSCHLAND: S&P Affirms B+ Rating on New EUR1.35-Bln Loan
LEAR CORP: New US$800-Mil Loan Cues Moody's to Review Ratings


H U N G A R Y

BORSODCHEM RT: Annual General Meeting Set for April 28


I R E L A N D

ELAN CORPORATION: Announces Filing of 2005 Annual Report


K A Z A K H S T A N

AK-UIREK: Kostanai Court Opens Bankruptcy Proceedings
ALTYNGUL: Creditors Must File Claims by April 10
FIRMA ATOLL-K: Creditors Must File Claims by April 10
KOM-AKT: Aktube Court Opens Bankruptcy Proceedings
OZENTRANS: Creditors Must File Claims by April 10

STAN: Kostanai Court Opens Bankruptcy Proceedings
SZB-KOMPLEKT: Creditors Must File Claims by April 10
ULBINSKAYA INDUSTRY: Creditors Must File Claims by April 10


L U X E M B O U R G

BALL EUROPEAN: Inks New US$500-Mln Credit Facility with Parent


N E T H E R L A N D S

ALB FINANCE: Moody's Rates Senior Notes at Ba2


R U S S I A

AGRO-COMBINE TECH-CENTRE: Bankruptcy Hearing Slated for May 26
ALROSA CO.: S&P Raises Long-Term Corp. Credit Rating to B+
BICHURSKAYA BUCKWHEAT: Bankruptcy Supervision Procedure Begins
CENTRE ENGINEER: Moscow Court Begins Bankruptcy Proceedings
CHERNOMORSKAYA GREY: Claims Filing Period Ends April 18

CHERNOVSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for June 27
ROS-STEEL: Creditors Have Until April 11 to File Claims
TATARKIY ELEVATOR: Deadline for Proofs of Claim Set for April 11
VELES CAPITAL: S&P Junks Counterparty Credit Ratings
VEYDELEVKA-SEL-KHOZ-KHIMIYA: Claims Registration Ends April 11

WHEAT: Bankruptcy Hearing Slated for April 26
YAGODNOVSKOYE: Bankruptcy Hearing Set April 27


S P A I N

CODERE SA: Posts EUR17 Million Net Loss in 2005


U K R A I N E

ATEK: Kyiv Court Begins Bankruptcy Supervision Procedure
BEREZNEFARFOR: Court Names Sergij Hodakovskij Insolvency Manager
BORISIVKA' BREAD: Zaporizhya Court Opens Bankruptcy Proceedings
DOMION: Lugansk Court Opens Bankruptcy Proceedings
ELFOR PLUS: Court Names Oleksandr Azarsanov to Liquidate Assets

IVANIVETSKE: Chernivtsi Court Begins Bankruptcy Supervision
LISYANKAAGRO: Cherkassy Court Starts Bankruptcy Supervision
PORTUS: Odessa Court Begins Bankruptcy Proceedings
SOKALSKIJ KOMBIKORMOVIJ: O. Gentash Named Insolvency Manager
VESNA: Zaporizhya Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ACTIVE FIRE: Appoints Butcher Woods to Administer Assets
CABLE & WIRELESS: Names New Organization & Management Team
CRAEGMOOR FUNDING: Fitch Lowers GPB57.2-Mln Debt Ratings to BB-
DOONE PUBLICITY: Begins Liquidation Proceedings
EXCEL WINDOW: Members Agree to Voluntary Liquidation

FORTIS CREATIVE: Appoints Joint Liquidators from P&A Partnership
HARVEY PARKER: Taps Administrator from Butcher Woods
IN-BEAUTY LIMITED: Names Poppleton & Appleby Administrator
INTERNATIONAL CONCENTRATES: Members Vote to Liquidate Assets
J&W TOOLING: Taps Wilder Coe to Liquidate Assets

JOLLIES TRAVEL: Creditors Confirm Voluntary Liquidation
KEN ABRAM: Grounds Fleet & Names Administrators
LANSDOWN ACTION: Financial Woes Trigger Liquidation
M A WHITEHEAD: Appoints Andrew James Nichols to Liquidate Assets
MEDIAPOST LIMITED: Taps Joint Administrators from Hacker Young

MICROSET GRAPHICS: Joint Administrators from Begbies Enter Firm
NEWGATE FUNDING: Fitch Puts BB Rating on GBP5.45MM Class Q Notes
NTL INC: Reaches EUR962.4-Mln Takeover Deal with Virgin Mobile
OFFSHOOT CLOTHING: Taps Joint Administrators from Stoy Hayward
ORANGE CENTRE: Winds Up Operations & Appoints Liquidator

PAN EUROPE: Fitch Assigns BB Ratings to EUR64.11 Million Notes
PREMIER FIRE: Members Pass Winding Up Resolution
RANK GROUP: Bill Shannon Buys 5,000 Ordinary Shares
RANK GROUP: Repurchases 412,152 Shares for Cancellation
RAVENSCAR FOOD: Taps M.C. Kienlen to Administer Assets

RESPONSE 2000: Meeting of Creditors Set for April 12
RHODIA S.A.: Completes Sale of Pharmaceutical Custom Synthesis
SOUNDS MUSICAL: Creditors' Meeting Set for April 12
TRADE DIGITAL: Taps Armstrong Watson to Administer Assets

* Ernst & Young Launches Global Fraud Investigation Service

                           *********

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


HYPO ALPE: Moody's Reviews C+ FSR for Possible Downgrade
--------------------------------------------------------
Moody's Investors Service decided to review for possible
downgrade the C+ financial strength rating of Hypo-Alpe-Adria-
Bank International AG.

The Aa2/Prime-1 long- and short-term deposit ratings were
affirmed and continue to carry a stable outlook, reflecting the
deficiency guarantee granted by the Austrian federal state of
Carinthia.

Moody's said that the review for possible downgrade was
triggered by the bank's announcement that as part of its
treasury operations it had occurred substantial losses in 2004.
The review will focus on the implications these losses may have
for the bank's financial and economic health.  According to the
rating agency, it will furthermore examine whether Hypo-Alpe-
Adria's ability to manage risks and to absorb losses are still
consistent with its changing risk profile, and whether the
bank's corporate governance practices would be sufficiently
strong to underpin the current assessment of its intrinsic
strength.  Moody's added that it would also look at the
repercussions these incidents could have on the bank's franchise
and standing in the financial markets.

Hypo-Alpe-Adria-Bank International AG is based in Klagenfurt,
Austria.  It had total assets of EUR17.8 billion at the end of
2004 and recorded a net income of EUR126.8 million for the
period.


===========================
C Z E C H   R E P U B L I C
===========================


CESKA SPORITELNA: Moody's Ups Financial Strength Rating to C
------------------------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating (BFSR) of Czech bank Ceska Sporitelna to C
(Stable outlook) from C-.

The rating action does not affect the A2/P-1 deposit ratings of
Ceska Sporitelna (CS), which were put on review for possible
downgrade in January 2006 following the review for possible
downgrade of the ratings of Austria's Erste Bank der
Oesterreichischen Sparkassen AG (Erste, rated A1/P-1/B-).  Erste
currently holds 98% of CS's share capital, and its expected
support underpins CS's deposit ratings.

The upgrade of the BFSR concludes the review for possible
upgrade initiated in November 2005 and acknowledges the bank's
good results over the past two years, the successful business
expansion that has been underway since 2003 and the enhancements
in its risk management.  These factors have enabled the bank to
maintain a leading position in the Czech retail market.  The
outlook on the BFSR is stable following the upgrade.

Ceska Sporitelna has concentrated on building on its already
strong franchise in recent years, however, cost efficiency
continues to lag domestic peers.  Moody's noted that any further
improvement in the financial strength rating will be linked to
an enhancement in the bank's efficiency, which has more recently
become a key focus, as well as the sustainability of Ceska
Sporitelna's market position and good asset quality.

Headquartered in Prague, the Czech Republic, Ceska Sporitelna is
the country's second-largest bank by total assets.  It reported
consolidated total assets of CZK654.1 billion (EUR22.6 billion)
according to IFRS in 2005 and net profit of CZK9.13 billion.


=============
E S T O N I A
=============


AS SAMPO: Sound Financial Post Spurs Moody's to Up FSR to D+
------------------------------------------------------------
Moody's HAS upgraded AS Sampo Pank's financial strength rating
(FSR) to D+ from D, changing the outlook to stable.

According to Moody's, the upgrade reflects AS Sampo Pank's
stable market presence in Estonia as well as the group's
continued sound financial position, including improving credit
quality, solid earnings growth and success in growing its
deposit funding base.  AS Sampo Pank's A2/P-1 deposit ratings
reflect the strong likelihood of support from the bank's 100%
owner, Sampo Bank plc (rated A1/P-1/B-).  The stable outlook on
the bank's deposit ratings was affirmed.

In upgrading the bank's FSR, Moody's noted that EU accession-
related economic and fiscal developments should continue to
underpin AS Sampo Pank's business growth going forward.  As
evidenced by the financial results for the year ended Dec. 31
2005, AS Sampo Pank continues to demonstrate improvements in its
cost efficiency, credit quality as well as profitability
indicators, despite margin pressure.

Moody's notes however, that the institution is operating in a
developing economy, which remains sensitive to external shocks.
In addition, the 71% growth in the bank's retail loan portfolio
in 2005, particularly in the area of retail mortgage advances,
has led to a less seasoned loan portfolio.  Concerns are
mitigated by the bank's adherence to group (Sampo Bank plc)
credit risk management standards as well as fairly contained
Loan-to-Values.  As part of the ongoing analytical process,
Moody's will additionally observe the extent to which AS Sampo
Pank improves the granularity of its loan and deposit books.

Headquartered in Tallinn, Estonia, AS Sampo Pank is engaged in
corporate lending, retail lending and asset management
activities.  The bank had total assets in the amount of EEK14.02
billion (EUR896 million) as at Dec. 31 2005.

Rating upgraded with a stable outlook:

   -- Financial Strength Rating to D+

The stable outlook on these ratings was affirmed:

   -- A2 Long term deposit ratings;

   -- P-1 Short-term deposit rating


SEB EESTI: Moody's Changes C- FSR Outlook to Positive
-----------------------------------------------------
Moody's changed the outlook on SEB Eesti Uhispank's C- financial
strength rating (FSR) to positive from stable.

According to Moody's, the positive outlook reflects the bank's
well-entrenched market presence in Estonia as well as its
continued sound financial position, including improving credit
quality indicators, earnings growth and maintenance of its
deposit funding base.  SEB Eesti Uhispank's A1/P-1 deposit
ratings reflect the strong likelihood of support from the bank's
100% owner, SEB AB (rated Aa3/P-1/B).  The stable outlook on SEB
Eesti Uhispank's deposit ratings was affirmed.

In changing the outlook on the bank's FSR, Moody's noted that EU
accession-related economic and fiscal developments should
continue to underpin SEB Eesti Uhispank's business growth going
forward.  As evidenced by the financial results in the year to
Dec. 31 2005, SEB Eesti Uhispank continues to maintain its good
cost efficiency, improve its credit quality indicators and grow
profits, despite margin pressure.

However, the institution is also performing in a developing
economy, which remains sensitive to external shocks.  In
addition, Moody's notes the 49% growth in the bank's loan
portfolio in 2005, particularly in the area of commercial and
residential real estate lending.  Concerns are mitigated by the
bank's adherence to group (SEB AB) credit policy as well as
maximum Loan-to Values of 70% for both commercial and
residential mortgage lending.  As part of the ongoing analytical
process, Moody's will additionally observe the extent to which
SEB Eesti Uhispank improves the granularity of its loan and
deposit books.

Headquartered in Tallinn, Estonia, SEB Eesti Uhispank is
primarily engaged in commercial banking, asset management and
life assurance activities.  The bank had total assets in the
amount of EEK49.84 billion (EUR3.2 billion) as at Dec. 31 2005.

The outlook on this rating was changed to positive from stable:

   -- C- Financial Strength Rating

The stable outlook on these ratings was affirmed:

   -- A1 Long term deposit ratings

   -- P-1 Short term deposit rating


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


ALCATEL SA: Lucent Merger Prompts Moody's to Review Ba1 Ratings
---------------------------------------------------------------
Moody's Investors Service has placed the Ba1 long-term debt
ratings of Alcatel SA on review for possible downgrade following
its definitive agreement to merge with Lucent Technologies
(rated B1).  The ratings placed on review include Alcatel's
senior, unsecured Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.0 billion revolving credit facility and its
corporate family rating, all at Ba1 currently.  Alcatel's rating
for short-term debt was affirmed at Not-Prime.

As indicated by the previous positive outlook, Alcatel's debt
ratings have been on an strengthening path reflecting:

   -- two years of revenue growth and margin improvement which
      should be sustainable given the company's cost-efficient
      and flexible operating base;

   -- conclusion of its four-year restructuring process with no
      new major programs expected;

   -- the fixed communication business finding traction driven
      by access, optical and IP carrier data products and mobile
      systems sustaining growth due to its offering of cost-
      efficient mobile systems for emerging country operators;

   -- retained cash flow to net adjusted debt above 50% in 2005
      and close to 100% adjusted for one-off items like cash
      outflows for restructuring; and

   -- a liquid and strong capital structure with cash exceeding
      on-balance sheet debt by almost EUR1.5 billion.

The announced merger plan will create a global leader in
telecommunications equipment with the broadest portfolio of
wireless and wire line systems.  The company will be well
balanced geographically and have one of the largest R&D
capabilities in this field.

However, the merger with Lucent Technologies (rated B1) is also
expected to create new strategic and operating challenges for
Alcatel including the integration of the two operations and
corporate cultures, the downsizing of the combined workforce by
about 10%, the migration of the two technology bases, and the
preservation of its key customer relationships which generally
prefer dual sources.  The companies estimate about EUR1.4
billion cash restructuring cost for the program.

With regard to the ratings, Moody's review will focus on:

   -- the plan and timetable to address the integration
      challenges and to realize the targeted EUR1.4 billion
      annual pre-tax synergy benefits;

   -- the strategy to bring the operating margin of the combined
      companies closer to Alcatel's high single-digit level
      thereby generating sizable free cash flows after
      restructuring cost; and

   -- on the future capital structure of the merged entity and
      the relative ranking of the various rated debt
      instruments.

The transaction is still subject to shareholder approval and
regulatory and governmental reviews in the United States, Europe
and elsewhere.

Headquartered in Paris, France, Alcatel had sales of EUR13.1
billion and a net profit of EUR971 million in fiscal year 2005
and is one of the world leaders in providing advanced solutions
for telecommunications systems and equipment.


GAL FINANCE: Moody's Downgrades Corporate Family Rating to B3
-------------------------------------------------------------
Moody's Investors Service has downgraded Global Automotive
Logistics S.A.S. (GAL) corporate family rating to B3 from B1 and
the rating on the senior unsecured notes issued by its financial
subsidiary GAL Finance S.A. to Caa2 from B3.

The action was prompted by continued pressure on operating
profitability, elevated financial leverage and weak liquidity.
The outlook on the ratings remains negative.

GAL's highly leveraged capital structure continues to be
challenged by weak cash flows, primarily driven by negative
variances in car volumes across Western Europe under its key
contract with Renault.  GAL's margins are highly vulnerable to
changes in revenues due to its high operating leverage and high
fixed cost base.  EBITDA margins as at year end 2005 dropped to
1.8%, which is not a sustainable level based on ongoing debt
service requirements; Adjusted Debt to EBITDAR increased to
10.2x as a result.

Moreover, GAL has debt maturities of approximately EUR22.5
million in June 2006, excluding EUR5.7 million of bond coupon
due in May 2006.  Available liquidity of EUR81.1 million at
yearend 2005 is limited and will further reduce after meeting
the above obligations.  The company will also need to stem free
cash flow losses, which amounted to EUR6.8 million in 2005
(excluding effect of disposal), if it is to preserve its
remaining flexibility.

Moody's also notes the company's increasing reliance on the
support of third party banks, who in the past have provided
covenant waivers, and from shareholders in order to fund its
operations and meet refinancing needs, which the agency also
considers unsustainable beyond the short term.  Shareholders
recently provided a subordinated loan for EUR17.5 million (loan
not included in our leverage ratio), which has provided
additional time and cushion for GAL to meet its ongoing business
and financial obligations.

Moody's notes that GAL has yet to agree new contract terms with
Renault, which accounts for more than 70% of revenues, and as
such the company is expected to remain vulnerable until further
re-assurance is provided.  In the context of GAL's weak
financial position, Moody's acknowledges the benefit from the
strong historical relationship with Renault, the significant
technical and practical integration of both parties, as well as
the exclusivity of the contract that GAL enjoys with Renault in
certain Western European countries; all factors should bode well
for GAL's contract renegotiation.  Moreover, GAL enjoys
significant competitive advantages in its core operations versus
any other potential provider.

The negative outlook takes into account that GAL's low
profitability and weak cash flows show no immediate signs of
recovery, thus placing pressure on limited liquid resources.
Any stabilization of the outlook is likely to be predicated upon
the company's successful renegotiation of the main terms in the
Renault contract and operational progress towards EBITA above 3%
margin, restoration of consistent positive free cash flow and a
reduction in leverage, measured as Total Adjusted Debt over
EBITDAR, towards 6x level.

GAL's ratings continue to be weakly positioned; any further
deterioration in performance metrics or failure to secure a
timely agreement with Renault is likely to prompt Moody's to
revisit to the current rating.

Ratings affected:

   -- Corporate family rating is downgraded to B3 from B1;

   -- The EUR60 million Senior Secured Term Loan due 2008
      downgraded to B3 from B1;

   -- The EUR40 million Senior Secured Revolving facility due
      2007 downgraded to B3 from B1;

   -- The EUR100 million Senior Unsecured Notes due 2009
      downgraded to Caa2 from B3;

The outlook on the ratings is negative

The rating action follows GAL's ratings downgrade in November
2005.

Headquartered in Boulogne-Billancourt, France, GAL is currently
one of Europe's largest lead logistics providers to the
automotive industry, providing transportation and distribution
services to automotive customers.  GAL's two areas of business
are vehicle logistics and logistic cargo.  On a pro forma basis,
for the twelve months ended December 2005, the company reported
revenues and EBITDA of approximately EUR1,182 million and
EUR21.6 million, respectively, for total debt of approximately
EUR220.3 million.


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


AMBAU GMBH: Claims Registration Ends April 10
---------------------------------------------
Creditors of AMBAU GmbH have until April 10, to register their
claims with court-appointed provisional administrator Jochen
Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstad
         Sitzungssaal/Zi. 28/I
         Schrannenstr. 3
         85049 Ingolstadt

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 Ingolstad opened bankruptcy proceedings
against AMBAU GmbH on Feb. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AMBAU GmbH
         Attn: Helga Artmeier, Manager
         Regensburger Strasse 19
         85290 Geisenfeld

The administrator can be contacted at:

         Jochen Wagner
         Goldknopfgasse 2
         85049 Ingolstadt
         Tel: 0841/142899-0
         Fax: 0841/142899-10


ANTIQUITATEN REUTERSHAN: Creditors' Meeting Slated for May 19
-------------------------------------------------------------
Court-appointed provisional administrator of Antiquitaten
Reutershan GmbH, Dirk-Henning Tonnesmann, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:40 a.m., on May 19.

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

         The District Court of Bonn
         Saal S 2.22
         2. Stock
         Wilhelmstrasse 21
         53111 Bonn

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

Creditors have until April 12, to register their claims with the
court-appointed provisional administrator.

The District Court of Bonn opened bankruptcy proceedings against
Antiquitaten Reutershan GmbH on Feb. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Antiquitaten Reutershan GmbH
         Alte Landstrasse 20
         53902 Bad Muenstereifel
         Attn: Dieter Reutershan, Manager
         Alte Landstrasse 24
         53902 Bad Muenstereifel

The administrator can be contacted at:

         Dirk-Henning Tonnesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Tel: 02251/65081-22
         Fax: 02251/65081-25


BERLIN-BRANDENBURGISCHE: Creditors' Meeting Set on April 11
-----------------------------------------------------------
Court-appointed provisional administrator of Berlin-
Brandenburgische Fortbildungsakademie e.V., Dr. Christoph
Schulte-Kaubruegger, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:40
a.m., on April 11.

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

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

Creditors have until June 30, to register their claims with the
court-appointed provisional administrator.

The Court will also verify the claims set out in the
administrator's report at 9:35 a.m., on Aug. 15, at the same
venue.

The District Court of Charlottenburg opened bankruptcy
proceedings against Berlin-Brandenburgische Fortbildungsakademie
e.V. on March 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Berlin-Brandenburgische Fortbildungsakademie e.V.
         Brueckenstr.6
         10179 Berlin

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin


BIBEMUS GETRANKEHANDEL: Creditors' Meeting Slated for April 11
--------------------------------------------------------------
Court-appointed provisional administrator of Bibemus
Getrankehandel GmbH, Dr. Christoph Schulte-Kaubruegger, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:30 a.m., on April 11.

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

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

Creditors have until June 30, to register their claims with the
court-appointed provisional administrator.

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on Aug. 15, at the same
venue.

The District Court of Charlottenburg opened bankruptcy
proceedings against Bibemus Getrankehandel GmbH on Feb. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bibemus Getrankehandel GmbH
         Boxhagener Strasse 85
         10245 Berlin

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin


DGF DRUCKGUSS: Claims Registration Ends April 10
------------------------------------------------
Creditors of DGF Druckguss und Formenproduktionsgesellschaft mbH
have until April 10, to register their claims with court-
appointed provisional administrator Carsten Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on May 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Saal 010
         Berliner Strasse 21-22
         57072 Siegen

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 Siegen opened bankruptcy proceedings
against DGF Druckguss und Formenproduktionsgesellschaft mbH on
March 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         DGF Druckguss und Formenproduktionsgesellschaft mbH
         Wittgensteiner Strasse 73
         57271 Hilchenbach
         Attn: Jose Antonio Iturrioz Peralta, Manager
         Runa Kalea 12
         E-48014 Bilbao

The administrator can be contacted at:

         Carsten Koch
         Mauerstr. 1
         35781 Weilburg
         Tel: 06471/516630
         Fax: 06471/516639


DOMINO-MODE: Claims Registration Ends April 10
----------------------------------------------
Creditors of DOMINO-Mode GmbH have until April 10, to register
their claims with court-appointed provisional administrator
Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The Debtor can be contacted at:

         DOMINO-Mode GmbH
         Berliner Platz 5
         46236 Bottrop
         Attn: Rita and Hans Grube, Managers
         Fundermannsweg 11
         46242 Bottrop

The administrator can be contacted at:

         Georg F. Kreplin
         Limbecker Platz 1
         45127 Essen
         Tel: 0201 220 05 02
         Fax: 0201 220 05 40


DUERR AG: Nominates Two New Members to Supervisory Board
--------------------------------------------------------
As a matter of regular rotation, Dr. Tessen von Heydebreck and
Professor Dipl.-Ing. Jorg Menno Harms will give up their seats
on Duerr AG's Supervisory Board at the annual meeting on May 24,
2006.  Dr. Alexandra Durr and Professor Dr.-Ing. Holger Hanselka
will be proposed to the shareholders as their successors.

On the employees' side, new elections of six members will be
held as a matter of regular rotation.  Peter Weingart and Werner
Kramp are giving up their seats for reasons of age.  The new
elections will be completed by the time of the annual meeting.

Dr. Dr. Alexandra Drr, 43, daughter of Dr.-Ing. E.h. Heinz Drr
and Heide Drr, is doctor at the neurogenetics clinic in the
Departement de Genetique at the Hopital de la Salpetriere in
Paris and scientist at the clinical research group Neurogenetik
INSERM (Institut National de la Sante et de la Recherche
Medicale) U679, Hopital de la Salpetriere, Paris.  She holds
doctorates in medicine and human genetics.

Professor Dr.-Ing. Holger Hanselka, 44, is professor of systems
reliability in mechanical engineering at Darmstadt Technical
University and head of the Fraunhofer Institute for Structural
Durability in Darmstadt.  He took his doctorate in 1992 at
Clausthal Technical University and has been professor at
Darmstadt Technical University since 2001.

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Its range of products
and services covers important stages of vehicle production.  As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.  It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

Duerr AG's 9-3/4% senior subordinated notes due 2011 carry
Moody's Investors Service's Caa1 rating and Standard & Poor's
CCC+ rating.


DUERR AG: Earns EUR4.3 Million Net Income in Fiscal 2005
--------------------------------------------------------
The Board of Management of Duerr AG presented March 30, its
annual financial statement for the year ended Dec. 31, 2005,
approved by the Supervisory Board.

Operating earnings (EBIT before one-off effects) of the Duerr
Group's continuing operations in 2005 decreased by EUR32.3
million on the preceding year to EUR3.5 million due to
significantly lower sales.

Operating earnings already include considerable costs connected
with the Group's realignment under the item other operating
expenses.  Net interest income, which decreased by EUR10.7
million to EUR35.2 million was the second main determinant of
earnings development in 2005.

In the framework of the group-wide FOCUS program, total one-off
expenses of EUR73.8 million were incurred, of which EUR45.9
million were restructuring costs.  High income from the sale of
companies (EUR116.1 million) offset those effects, with the
result that Duerr achieved positive consolidated earnings after
taxes of EUR4.3 million in 2005, from EUR4.7 million in the
preceding year.

New orders in continuing operations decreased by 12.3% last year
to EUR1.21 billion due to weak demand in plant engineering
business (paint shops and assembly plants) and in cleaning
technology.

Sales revenues decreased by 18.8% to EUR1.40 billion from
EUR1.72 billion in 2004.  The main reason for the decline was
that revenues in the Paint and Assembly Systems division were
down by 23.0%, after above-average sales growth in the preceding
year due to a large order from the United States.  On the other
hand, the Measuring and Process Systems division registered
nearly unchanged sales revenues.

"Last year was a very challenging one for us in which we carried
out a realignment of the Drr Group," said Chief Executive
Officer Ralf Dieter.  "We introduced important structural
improvements, started and advanced the FOCUS restructuring
strategy, divested loss-making and peripheral operations, and
focused on our core business with the automotive industry. " He
added, "We successfully completed the first part of the FOCUS
program -- as announced in summer 2005 -- with the financial
restructuring of the Group."

Cash and cash equivalents amounted to EUR124.7 million at year's
end, compared to EUR46.4 million in 2004.

Borrowing on its syndicated credit line was also completely
repaid as of Dec. 31, 2005.  Duerr accordingly reduced its net
financial debt to EUR84.9 million from EUR312.2 million as of
Sept. 30, 2005.  For the first time in several quarters, the
outflow of funds from operations was stopped in the fourth
quarter of 2005.  The Company's financial ratios improved
significantly by the end of 2005 also as a result of a capital
increase.  The equity ratio stood at 20.9%, compared with 15.5%
as of December 31, 2004.

"We were able in 2005 to offset all restructuring expenses and
impairment losses with income from divesting peripheral
operations, which means from internal resources.  Furthermore,
debt was considerably reduced," according to Chief Financial
Officer Martin Hollenhorst.

In the framework of the group-wide FOCUS program, about 332 jobs
out of a planned total of 800 were eliminated by the end of
2005.  The regional emphases of that were in the mature markets
of North America and Europe.  In contrast, personnel increased
in Asia.  Eight out of more than 30 FOCUS projects have already
been completed. Implementation of the FOCUS program is right on
schedule.

                           Outlook

Increased project inquiries at the turn of the year have found
expression in a gratifying rise of new orders in the first
quarter of 2006 of around EUR400 million, compared to EUR323.3
million in the first quarter 2005.  This growth of demand
embraces the service and modernization business as well as
planning and construction of new plants.  Orders for new plants
are coming mainly from India and China.  Duerr expects a slight
decline of sales revenues in the first two quarters, because
orders on hand decreased by EUR136.4 million to EUR723.5 million
at the end of last year, and the new orders will only come more
strongly to bear later this year.  For the full year 2006, the
company expects sales revenues to be roughly unchanged compared
with 2005.  Operating earnings should improve significantly.
Drr expects positive earnings after taxes.  This year will
remain one of transition and implementation of the FOCUS
restructuring program.  Only in the course of 2007 will the
positive effects of all FOCUS measures be felt.

A full-text copy of the Duerr AG's 2005 Annual Report is
available at no charge at http://ResearchArchives.com/t/s?771

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Its range of products
and services covers important stages of vehicle production.  As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.  It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

Duerr AG's 9-3/4% senior subordinated notes due 2011 carry
Moody's Investors Service's Caa1 rating and Standard & Poor's
CCC+ rating.


ESCHWEILER KUNSTSTOFFHANDEL: Claims Registration Ends April 10
--------------------------------------------------------------
Creditors of Eschweiler Kunststoffhandel Rheinland GmbH have
until April 10, to register their claims with court-appointed
provisional administrator Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Aachen
         Sitzungssaal 21
         2. Etage
         Augustastrasse 78-80
         52070 Aachen

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

The District Court of Aachen opened bankruptcy proceedings
against Eschweiler Kunststoffhandel Rheinland GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Eschweiler Kunststoffhandel Rheinland GmbH
         Merkurstr. 3
         52249 Eschweiler
         Attn: Schroiff Karsten, Manager
         Ekkehardstr. 54
         52249 Eschweiler
         Storms Johann, Manager
         Grachtstr. 65
         52249 Eschweiler

The administrator can be contacted at:

         Dr. Christoph Niering
         Brabanter Strasse 2
         50674 Koln


ESPRESSO GESELLSCHAFT: Claims Registration Ends April 13
--------------------------------------------------------
Creditors of Espresso Gesellschaft fuer public relations
Dienstleistungen mbH have until April 13, to register their
claims with court-appointed provisional administrator Dr. Hans
von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 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 Muenchen
         Sitzungssaal 101
         Infanteriestr. 5

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 Espresso Gesellschaft fuer public relations
Dienstleistungen mbH on Feb. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Espresso Gesellschaft fuer public relations
         Dienstleistungen mbH
         Rontgenstr. 3-5
         85716 Unterschleissheim

The administrator can be contacted at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11 a
         80333 Muenchen
         Tel: 089/5427300
         Fax: 089/54273015


FINANZLEASING SIMON: Claims Registration Ends April 12
------------------------------------------------------
Creditors of Finanzleasing Simon GmbH have until April 12, to
register their claims with court-appointed provisional
administrator Dr. Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Saal S 2.22
         2. Stock
         Wilhelmstrasse 21
         53111 Bonn

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

The District Court of Bonn opened bankruptcy proceedings against
Finanzleasing Simon GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Finanzleasing Simon GmbH
         Attn: Karl-Hans Simon, Manager
         Schulstrasse 3-5
         51588 Nuembrecht

The administrator can be contacted at:

         Dr. Rainer Maus
         Sporergasse 7
         50667 Koln
         Tel: 0221-2726120
         Fax: 0221-27261299


FRESENIUS AG: Moody's Affirms All Ratings at Low-B
--------------------------------------------------
Moody's Investors Service affirmed all ratings of Fresenius AG
and its subsidiary Fresenius Medical Care & Co KGaA.  The
affirmation follows the US anti-trust approval and the expected
completion of the acquisition of Renal Care Group, Inc.

The rating affirmation reflects the fact that this acquisition
and associated debt to fund the transaction were both factored
into Moody's downgrade of all of the group's ratings in June
2005 to their current level.  Moody's notes however, that the
amount of FME's senior credit facilities put in place to fund
the acquisition are expected to be reduced by approximately
US$400 million to US$4.6 billion from US$5.0 billion as a result
of proceeds from the disposal of certain overlapping clinics in
the US, slightly higher proceeds from the preference share
conversion and the application of free cash flow generated by
FME during 2005.

Moody's cautions, however, that financial leverage remains high
and that pro forma for this acquisition, and Fresenius'
acquisition of Helios Kliniken GmbH in Dec. 2005, result in
financial metrics that remain weak for the Ba2 rating.  Pro
forma for RCG, FME's FY05 lease adjusted leverage would be
approximately 4.5x.  However, Moody's notes positively the
group's strong standalone operating performance during FY05 as
well as the continued strong performance at RCG and the expected
benefits to the Fresenius group in terms of scale and margin
accretion from the RCG acquisition.

Ratings affirmed:

Fresenius AG:

   -- Corporate family rating of Ba2;

   -- EUR1 billion of senior notes rated Ba2; and

   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA:

   -- Corporate Family Rating of Ba2;

   -- Senior credit facility rated Ba2; and

   -- Trust Preferred securities rated B1.

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care),
international healthcare services and facilities management
(Fresenius ProServe) and nutrition and infusion therapies
(Fresenius Kabi).  For the fiscal year ended Dec. 31 2005,
Fresenius AG generated consolidated sales of EUR7,889 million.

Fresenius Medical Care AG is the world's leading provider of
dialysis products and services.  For the fiscal year ended Dec.
31 2004, Fresenius Medical Care AG generated net revenues of
US$6,639 million.

Renal Care Group, Inc. is a specialized dialysis services
company that provides care to patients with kidney disease.
Renal Care Group reported revenues of US$1,570 million for the
year ended Dec. 31, 2005.


GSC GESUNDHEIT: Claims Registration Ends April 13
-------------------------------------------------
Creditors of GSC Gesundheit & Sport-Center Schwabing GmbH & Co.
Betriebs KG have until April 13, to register their claims with
court-appointed provisional administrator Dr. Hans von
Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muenchen
         Sitzungssaal 101
         Infanteriestr. 5

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 GSC Gesundheit & Sport-Center Schwabing GmbH & Co.
Betriebs KG on Feb. 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         GSC Gesundheit & Sport-Center Schwabing GmbH &
         Co. Betriebs KG
         Leopoldstr. 23
         80802 Muenchen

The administrator can be contacted at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11 a
         80333 Muenchen
         Tel: 089/5427300
         Fax: 089/54273015


KABEL DEUTSCHLAND: S&P Affirms B+ Rating on New EUR1.35-Bln Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on German
cable-TV operator Kabel Deutschland GmbH to negative from stable
following the company's announcement that it has negotiated a
new EUR1.35 billion senior secured bank facility.

At the same time, Standard & Poor's affirmed all its ratings on
KDG and related entities, including its 'B+' long-term corporate
credit rating.

The newly negotiated facility includes financial covenants that
will allow KDG to increase capital expenditure substantially to
implement its revised strategy of rolling out high-speed
Internet and telephony services across most of its franchises.

"The revision of the outlook to negative reflects the higher
execution risk and expected adverse financial impact of KDG's
revised expansionary strategy that will be implemented over the
next three years," said Standard & Poor's credit analyst Leandro
de Torres Zabala.  "Although we share the company's belief that
the development of a competitive triple-play offer makes
business sense and, if successful, could benefit the company
over the medium term, we are also mindful of the new plan's
higher execution risk and its negative impact on the company's
EBITDA and free cash flow over at least the next two years."

An insufficient take-up of new services by consumers, generation
of meaningful negative free cash flow, or a more aggressive
financial policy than expected would put pressure on the
company's metrics and could trigger a downgrade.


LEAR CORP: New US$800-Mil Loan Cues Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed the B2 senior unsecured notes
ratings of Lear Corporation's and its ratings for shelf filings
under review for possible downgrade.  The company's Corporate
Family Rating has been affirmed at B2, with a negative outlook,
as has the company's SGL-3 Speculative Grade Liquidity Rating.
The review of the unsecured debt ratings follows the
announcement by the company that it has obtained underwritten
commitments for $800 million in secured term loans, and reflects
the effective subordination of existing unsecured debt that will
result from the new financing.

The transaction is viewed as a constructive step in addressing
large upcoming debt maturities, and could enhance the company's
liquidity profile as it seeks to restructure its operations to
improve financial performance.  Nevertheless, because the
granting of security for the bank debt results in the effective
subordination of existing unsecured notes, the ratings of those
obligations are likely to be notched down.

As part of its restructuring, Lear also announced that it has
reached an agreement to contribute certain assets of its
European Interior Products business to a joint venture with WL
Ross & Co. LLC.  The company also announced that it has
suspended its common stock dividend, and will approach its bank
group to amend and restate its principal bank credit facilities.
The bank financing and amendment request will potentially create
additional flexibility under the facility's existing financial
covenants through 2007.

As the proceeds of the new secured debt are intended to re-
finance upcoming maturities of long-term debt, or debt which
could be put to the company in February 2007, the net impact of
the refinancing to the company's leverage measurements is
anticipated to be negligible.  Hence, the existing B2 Corporate
Family rating has been affirmed and is not included in the
review.  The Corporate Family Rating was lowered to B2 on
March 20, 2006 in recognition of deterioration in Lear's
operating performance and earnings prospects below prior
expectations.

The review of the unsecured debt ratings will focus on the
extent and value of assets which will be pledged to the bank
group and the resulting impact to expected recovery rates for
unsecured note holders.  Similarly, the potential implications
for recovery rates stemming from the planned contribution of
certain European assets to International Automotive Components
Group, the company's joint venture with WL Ross & Co LLC and
Franklin Mutual Advisers LLC, in return for a minority stake in
IAC will be considered.

The SGL-3 Speculative Grade Liquidity rating has been affirmed,
and considers the company's modest free cash flow generation,
reliance on external financing sources, and moderate cushion in
relation to financial covenants.  The proposed refinancing is
considered a constructive step in addressing near term
maturities.  Upon completion of the refinancing the liquidity
rating will be updated.

Ratings placed under review:

   * Senior Unsecured notes, B2

   * Shelf registration for senior unsecured, subordinated and
     preferred at (P)B2, (P)Caa1, and (P)Caa2 respectively

Ratings Affirmed:

   * Corporate Family rating at B2

   * Speculative Grade Liquidity rating at SGL-3

Lear Corporation, headquartered in Southfield, Michigan, is an
integrator of automotive interiors, including seat systems,
interior trim and electrical systems.  The company had revenues
of $17 billion in 2005 and has more than 11,000 employees in 34
countries.


=============
H U N G A R Y
=============


BORSODCHEM RT: Annual General Meeting Set for April 28
------------------------------------------------------
The Board of Directors for BorsodChem Rt. will convene at 9:00
a.m. on April 28, for the Company's Annual General Meeting to
discuss on the:

   1. Report on the business year of 2005, closing of the
      business year of 2005.

      a. Report of the Board of Directors on the business
         activity of the Company in 2005 in respect of both the
         annual reports of BorsodChem Rt. and the consolidated
         annual reports of BorsodChem Group.

      b. Proposal of the Board of Directors for the use of
         after-tax profit and the calculation of dividends.

      c. Report of the Supervisory Board on annual reports and
         on the review of proposal for the use of after-tax
         profit.

      d. Auditing report on annual reports and on the review of
         proposal for the use of after-tax profit.

   2. Approval of annual reports of the Company for 2005 and
      that of consolidated annual reports of BorsodChem Group,
      decision on the use of after-tax profit.

   3. Approval of the Board of Directors report related to its
      Corporate Governance Recommendations activity.

   4. Presentation on the Company's achievables of the last 10
      years.

   5. Future strategy and vision 2015

   6. Modification of the Articles of Association.

   7. Recall of Board Member(s).

   8. Election of new Board Member(s).

   9. Recall of Supervisory Board Member(s).

  10. Election of new Supervisory Board Member(s).

  11. Determining the remuneration of the Members of the Board
      of Directors for 2006.

  12. Determining the remuneration of the Supervisory Board
      Members for 2006.

  13. Appointing the auditor of the Company.

  14. Determining the remuneration of the Company's registered
      Auditor for 2006.

The meeting will be held at:

               Hotel Marriott
               Elizabeth Room
               Apaczai Csere Janos utca 4
               Budapest

The Board of Directors proposals and all other documents
relating to items on the agenda can be inspected at the
registered seat of the Company at:

         3702 Kazincbarcika
         Bolyai ter 1.

            -- and --

         BorsodChem Rt.
         Budapest Branch Office
         Budapest, Szabadsag ter 7.
         Bank Center

on working days from 8:00 a.m. to 3 p.m. from April 18 to 27, as
well as from 9:00 a.m. on April 18, on the Web sites of the
Budapest, London and Warsaw Stock Exchanges, respectively and
BorsodChem Rt. -- http://www.borsodchem.hu/

Only shareholders who are duly registered in the Share Register
of the Company prior to the General Meeting will be entitled to
participate and vote at the General Meeting.

Shareholders can exercise their rights of participation and vote
at the General Meeting either in person or through a duly
authorized proxy.

At the venue and on the day of the General Meeting between 8:00
a.m. and 8:45 a.m., the shareholder (by verifying his right for
representation) or his/her authorized proxy after verifying
his/her identity and concurrently with signing the attendance
sheet may call for the voting cards or voting device, which will
entitle him/her to attend and vote at the General Meeting.

In the case of proxies, the authorization must be included in an
official document or a private document of full probative effect
and it -- inclusive of documents required for identification --
must be handed over not later than the time of registration.
The authorization will also be valid for the repeated General
Meeting in case a quorum was not achieved and for the continued
General Meeting.

The formality of the official document issued outside Hungary or
the authorization included in a private document of full
probative effect shall comply with the laws related to the
legalization and super-legalization of documents issued abroad.

Conditions for the attendance at the repeated General Meeting in
case a quorum was not achieved will be the same as the
conditions for the original General Meeting.  The repeated
General Meeting will have a quorum on the issues of the original
agenda regardless of the number of shares with voting rights
represented at the General Meeting.

"We recommend to our honored shareholders to discuss with their
investment service provider keeping their securities accounts
the tasks and deadlines required for participating in the
identification of shareholders to be arranged by KELER Rt. if
they wish to attend the General Meeting," the Company said in a
regulatory announcement.

                   2005 Financial Statements

In compliance with its obligation to provide information
concerning its Annual General Meeting on April 28, BorsodChem
Rt. informs its shareholders that the Company's Board of
Directors has reviewed and accepted BorsodChem's financial
statements for the year 2005 with the following data.

                        Balance Sheet

Audited according to HAS, (non consolidated)

                                                  in HUF million
                                    Previous year   Subject year
                                    Dec. 31, 2004  Dec. 31, 2005

A. Fixed assets                          112,911        149,318
    I. Intangible assets                    2,344          2,530
   II. Tangible assets                    100,274        135,712
  III. Long-term financial assets          10,293         11,076

B. Current assets                         56,739         46,375
    I. Stocks                              11.951         12.344
   II. Receivables                         20,757         31,015
  III. Securities                           9,619          2,210
   IV. Liquid assets                       14,412            806

C. Prepaid expenses and accrued income       730            180

D. Amounts falling due within one year    34,150         44,791

E. Accrued expenses and deferred income      782            949

H. Amounts falling due and payable
    after more than one year               21,558         26,916

I. Provisions                                596            667

J. Shareholders' equity                  113,294        122,550
    I. Issued capital                      16,670         16,670
   II. Capital reserve                     29,243         29,243
  III. Retained earnings/(losses)          50,987         64,878
   IV. Allocated reserves                   2,917          2,502
    V. Profit or loss for the year         13,477          9,257

                     Profit and Loss Statement

Audited according to HAS (non consolidated)

                                                  in HUF million
                                    Previous year   Subject year
                                    Dec. 31, 2004  Dec. 31, 2005


Net sales income                          115,534       139,883
Direct costs of sales                      88,197       107,345
Indirect costs of sales                    17,713        18,439
Other income                                1,132         2,880
Other expenditures                          2,189         4,140
Operating profit                            8,567        12,839
Financial revenues                         12,135         4,631
Financial expenditure                       3,104         3,761
Financial profit or loss                    9,031           870
Profit or loss of ordinary activities      17,598        13,709
Extraordinary profit or loss                 (291)         (124)
Profit before tax                          17,307         13,585
Tax payable                                   173            172
Profit after tax                           17,134         13,413
Profit or loss for the year                13,477          9,257

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


ELAN CORPORATION: Announces Filing of 2005 Annual Report
--------------------------------------------------------
Elan Corporation announced that it has filed with the Securities
and Exchange Commission its Form 20-F for the fiscal year ended
December 31, 2005 and has published its Annual Report for the
fiscal year ended December 31, 2005.

For the 12-month period ended Dec. 31, 2005, Elan posted a
US$383.6 million net loss, compared to US$394.7 million in 2004.

At Dec. 31, 2005, the Company's balance sheet showed US$2.340
billion in total assets, and US$2.324 billion in total
liabilities, resulting in US$16.9 million of positive
stockholders' equity, from a US$205 million equity at Dec. 31,
2004.  The decrease is due primarily to the net loss incurred
during the year, offset by the conversion of convertible debt
and proceeds from stock option exercises.

                     Debt Facilities

At Dec. 31, 2005, Elan had long-term and convertible debts
outstanding of US$2.017 billion which consists of:

   6.5% Convertible notes due 2008             US$254.0 million
   Athena notes due 2008                          613.2 million
   7.75% Notes due 2011                           850.0 million
   Floating rate notes due 2011                   300.0 million
                                                  -------------
                                                 US$2.01 billion

"During 2005, as of December 31, 2005, and, as of the date of
filing of this Form 20-F, we were not in violation of any of our
debt covenants," the Company disclosed in its Annual Report.

"We may, at any time after December 1, 2006, redeem all or part
of the 6.5% Convertible Notes then outstanding at par, with
interest accrued to the redemption date provided that, within a
period of 30 consecutive trading days ending five trading days
prior to the date on which the relevant notice of redemption is
published, the official closing price per share of the ADSs on
the NYSE for 20 trading days shall have been at least 150% of
the conversion price deemed to be in effect on each of such
trading days."

A full-text copy of Elan's 2005 Annual Report is available at no
charge at http://ResearchArchives.com/t/s?774

                     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.


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


AK-UIREK: Kostanai Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceeding against LLP Ak-Uirek on Jan. 14,
2006.


ALTYNGUL: Creditors Must File Claims by April 10
------------------------------------------------
LLP Altyngul filed for bankruptcy with the Specialized Inter-
Regional Economic Court of Aktube region on Jan. 12, 2006.  The
case is docketed as 3-55/06.

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

          Altynsarina Str. 31
          Aktobe
          Tel: 8 (3132) 21-30-32


FIRMA ATOLL-K: Creditors Must File Claims by April 10
-----------------------------------------------------
LLP Firma Atoll-K has declared insolvency.  Creditors have until
April 10, to submit written proofs of claim to:

          Kutuzova Str. 33-75
          Pavlodar
          Tel: 8 (3182) 46-02-85


KOM-AKT: Aktube Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceeding against LLP KOM-AKT on Jan. 17,
2006.


OZENTRANS: Creditors Must File Claims by April 10
-------------------------------------------------
LLP Ozentrans filed for bankruptcy with the Specialized Inter-
Regional Economic Court of Mangistau region on Jan. 14.

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

          Janaozen, micro district Shanyrak, Drujba Str. 5
          Mangistau Region
          Tel: 8 (32934) 3-27-19


STAN: Kostanai Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceeding against LLP Stan on Feb. 1,
2006.


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

          Ust-Kamenogorsk, Zavodskaya Str. 2
          East Kazakhstan Region


ULBINSKAYA INDUSTRY: Creditors Must File Claims by April 10
-----------------------------------------------------------
LLP Ulbinskaya Industry Company has declared insolvency.
Creditors have until April 10, to submit written proofs of claim
to:

          Ust-Kamenogorsk, Zavodskaya Str. 2
          East Kazakhstan Region


===================
L U X E M B O U R G
===================


BALL EUROPEAN: Inks New US$500-Mln Credit Facility with Parent
--------------------------------------------------------------
Ball Corporation and Ball European Holdings S.ar.l. entered into
an amendment to Ball Corporation's existing credit agreement,
dated as of Oct. 13, 2005, with:

   * Deutsche Bank AG, New York Branch, as administrative agent;
   * Deutsche Bank Securities Inc., as lead arranger;
   * J.P. Morgan Securities Inc., as lead arranger, and
   * Deutsche Bank AG, Canada Branch, as lender.

The amendment provides for, among other things, a new US$500
million secured term loan facility, which will terminate on
Oct. 13, 2011.

                        Terms of the Loan

Amortization

The loans under the Loan Facility are amortized quarterly from
December 31, 2007, through the date of maturity according to
this schedule:

         Year              Percentage
         ----              ----------
         2008                  10.00%
         2009                  10.00%
         2010                  20.00%
         2011                  60.00%

Interest

For purposes of calculating interest, loans under the Loan
Facility are designated as eurocurrency rate loans or, in
certain circumstances, base rate loans.

Eurocurrency rate loans that are U.S. dollar denominated bear
interest at the interbank eurocurrency rate plus a borrowing
margin.  Eurocurrency rate loans that are non-U.S. dollar
denominated bear interest at the LIBOR rate for Sterling and
EURIBOR rate for Euros plus a borrowing margin.  Interest on
eurocurrency rate loans is payable at the end of the applicable
interest period in the case of interest periods of one, two or
three months and every three months in the case of interest
periods of six months or longer.

Base rate loans bear interest at:

   (a) the greater of:

        (i) the rate most recently announced by Deutsche Bank as
            its "prime rate"; or

       (ii) the federal funds rate plus 1/2 of 1% per annum;
            plus

   (b) a borrowing margin.

Interest on base rate loans is payable quarterly in arrears.

Security and Guarantees

The Loan Facility is guaranteed by Ball Corp. and all of its
present and future material domestic subsidiaries, and is
secured by a valid first priority perfected lien or pledge on
the capital stock securing the facilities (but not the capital
stock securing only the indebtedness of the foreign subsidiary
borrowers) under the Company's existing credit agreement.

A copy of the Amendment to the Company's existing credit
agreement is available for free at
http://ResearchArchives.com/t/s?760

Headquartered in Broomfield, Colorado, Ball Corporation --
http://www.ball.com/-- supplies metal and plastic packaging
products and owns Ball Aerospace & Technologies Corp., which
develops sensors, spacecraft, systems and components for
government and commercial customers.  Ball European Holdings
S.ar.l. is the Company's wholly owned subsidiary headquartered
in Luxembourg.  Ball reported 2005 sales of $5.7 billion and the
company employs 13,100 people worldwide.

                         *     *     *

Ball European Holdings S.ar.l. carries Moody's Investors
Service's Ba2 rating on its senior unsecured debt since March
2005.  Fitch assigned BB+ rating to the Company's bank loan debt
and BB rating to its senior unsecured debt since 2003.  Ball
European also carries Standard & Poor's BB+ rating on its long-
term foreign issuer credit and long-term local issuer credit
since 1998.


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


ALB FINANCE: Moody's Rates Senior Notes at Ba2
----------------------------------------------
Moody's Investors Service has assigned Ba2/'Not Prime' long-term
and short-term foreign currency debt ratings to the senior debt
to be issued by ALB Finance B.V., a Netherlands-based special
purpose vehicle wholly-owned by Alliance Bank (Kazakhstan),
under its newly established medium-term note program, with an
expected total amount of US$1.5 billion.  The senior notes will
be unconditionally and irrevocably guaranteed by Alliance Bank.
Long-term subordinated notes, which may also be issued under the
program have been rated Ba3.

Simultaneously, the rating agency has assigned a Ba2 long-term
debt rating to the upcoming first drawdown of senior notes under
the program.  The amount of the first drawdown is yet to be
determined, with a maturity of five to seven years.

Following the positive outlook on Alliance Bank's Ba2 long-term
deposit and E+ financial strength ratings, all long-term debt
ratings have also been assigned a positive outlook.

The Ba2/'Not Prime' ratings for the senior debt are based on the
fundamental credit quality of Alliance Bank, the ultimate
obligor under the debt issuance program, and factor in a limited
degree of support from the Kazakh authorities in the event of
need, given the bank's rapidly growing domestic franchise and
increasing importance to the national banking system.  Moody's
notes that, while the predictability of such support is still
relatively low, this is captured in the Ba2 rating.

The Ba3 long-term rating for the subordinated debt also reflects
the extent of this instrument's subordination against various
classes of debt and equity.  This rating account for a higher
expected loss given default, stemming from the subordinated
nature of this class of debt, and was notched down from the
bank's Ba2 senior unsecured debt rating.

Alliance Bank is headquartered in Almaty, Kazakhstan, and
reported total assets of US$2.5 billion and capital of US$210
million under IFRS 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.

   -- Senior Unsecured Medium-Term Note Program, Assigned a
      range of Ba2 to NP;

   -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2; and

   -- Subordinated Medium-Term Note Program, Assigned Ba3


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


AGRO-COMBINE TECH-CENTRE: Bankruptcy Hearing Slated for May 26
--------------------------------------------------------------
The Arbitration Court of Orel Region will convene at 9:40 a.m.,
on May 26, to hear the bankruptcy supervision procedure on close
joint stock company Agro-Combine Tech-Centre at:

        The Arbitration Court of Orel Region
        Gorkogo Str. 42
        302000, Orel Region, Russia

The case is docketed as #A48-7811/05-17B.

Creditors are requested to submit their proofs of claim to
court-appointed insolvency manager Mr. V. Chervyakov at:

        Building 1, Moskovskoye Shosse, 1378
        302025, Orel Region, Russia

The Debtor can be reached at:

        Agro-Combine Tech-Centre
        Mashinostroitelnaya Str. 10
        302000, Orel Region, Russia


ALROSA CO.: S&P Raises Long-Term Corp. Credit Rating to B+
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based diamond mining company
ALROSA Co. Ltd. to 'B+' from 'B', reflecting improvement in the
company's operating and financial profile.  At the same time,
the 'B' short-term corporate credit rating was affirmed.  The
outlook is positive.

"The rating action reflects Alrosa's strengthening profitability
and cash flows, and the resulting improvement in credit
protection metrics in 2004 and 2005," said Standard & Poor's
credit analyst Elena Anankina.

In the first nine months of 2005, the company achieved EBITDA of
Russian ruble RUB24.2 billion (about $866 million), with an
EBITDA margin of 35%; healthy EBITDA interest coverage of 8.9x;
and funds from operations to net debt of 53% (annualized).  In
addition, Standard & Poor's believes that after several years of
severely negative free operating cash flows (FOCF), Alrosa is
likely to report broadly neutral FOCF for 2005 and 2006.  At
Sept. 30, 2005, net debt was RUB44 billion.

"The ratings on Alrosa could be raised by up to two notches if
the full audited 2005 financials confirm positive operating and
financial trends, and if the Russian government achieves direct
majority control over the company," Ms. Anankina added.

Although the Russian government's plan to increase its stake in
Alrosa may create additional costs for the company, we believe
that these will be manageable.  Offsetting factors include the
expected related reduction in royalties (RUB6.4 billion paid in
the first nine months of 2005) and greater flexibility in
production optimization. These benefits might be tempered,
however, if Alrosa demonstrates further ambitions after the
shareholding change to invest in large, noncore projects.

Following the shareholding change, there is a possibility that a
degree of state support would need to be factored into the
ratings.  We consider it more likely, however, that the ratings
on Alrosa will continue to be based largely on the company's
stand-alone credit characteristics.  In Russia, state support
most often focuses on business development and rarely involves
extraordinary support in the form of tangible benefits.


BICHURSKAYA BUCKWHEAT: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Buryatiya Republic has commenced
bankruptcy supervision procedure on limited liability company
Bichurskaya Buckwheat.  The case is docketed as A10-12233/05.

Ms. M. Tsyrenbazarova has been appointed temporary insolvency
manager.

The Debtor can be reached at:

        Bichurskaya Buckwheat
        Bichurskiy Region, Bichura, Traktovaya Str. 18
        671360, Buryatiya Republic, Russia

The insolvency manager can be reached at:

        M. Tsyrenbazarova
        Ulan-Ude, Post user Box 10753
        670000, Buryatiya Republic, Russia


CENTRE ENGINEER: Moscow Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against the Centre Engineer after finding the limited liability
company insolvent.  The case is docketed as A40-63070/05-78-
128B.

Mr. A. Zhukov has been appointed insolvency manager.

The Debtor can be reached at:

        Centre Engineer
        Room 2, Krasnaya Presnya, 44
        Moscow Region, Russia

The insolvency manager can be reached at:

        A. Zhukov
        Post User Box 12
        109443, Moscow Region, Russia


CHERNOMORSKAYA GREY: Claims Filing Period Ends April 18
-------------------------------------------------------
Creditors of Chernomorskaya Grey Mullet have until April 18, to
submit their proofs of claim to the court-appointed insolvency
manager at:

         Chernomorskiy, Yubileynaya Str. 107/2
         353265, Krasnodar Region
         Severskiy Region, Russia

The Arbitration Court of Krasnodar Region will convene at
4 p.m., on Oct. 30, to hear the bankruptcy proceedings of the
open joint stock company with the case docketed as A-32-
6769/2005-46/65.

The Debtor can be reached at:

         Anapa, Teraspolskaya Str. 1
         Chernomorskaya Grey Mullet


CHERNOVSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for June 27
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
will convene at 10:30 a.m., on June 27, to hear the bankruptcy
supervision procedure on close joint stock company Chernovskiy
Wood-Prom-Khoz at:

         The Arbitration Court of St. Petersburg
         and the Leningrad Region
         Hall 206, Suvorovskiy Pr. 50/52
         St. Petersburg

The case is docketed as A55-56101/2006.

Creditors are requested to submit their proofs of claim to
court-appointed insolvency manager Mr. D. Ivanov at:

         Apartment 3, V.O., Malyj Pr. 54
         191119, St. Petersburg

The Debtor can be reached at:

         Slantsevskiy Region, Chernovskoye
         Chernovskiy Wood-Prom-Khoz


ROS-STEEL: Creditors Have Until April 11 to File Claims
-------------------------------------------------------
Creditors of Ros-Steel have until April 11, to file their proofs
of claim to the court-appointed insolvency manager Mr. D.
Porkhunov at:

         Office 14, Zavrazhnova Pr. 5
         Ryazan Region, Russia

The Arbitration Court of Tambov Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A64-10992/05-21.

The Debtor can be reached at:

         Ros-Steel
         Bastionnaya Str. 3
         Tambov Region, Russia


TATARKIY ELEVATOR: Deadline for Proofs of Claim Set for April 11
----------------------------------------------------------------
Creditors of Tatarskiy Elevator have until April 11, to submit
their proofs of claim to the court-appointed insolvency manager
at:

         Post User Box 19
         630004, Novosibirsk Region, Russia

The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A45-11922/05-10/196.

The Debtor can be reached at:

         Tatarkiy Elevator
         Tatarsk, Tatarskaya Str. 5
         632161, Novosibirsk Region, Russia


VELES CAPITAL: S&P Junks Counterparty Credit Ratings
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' long-term
and 'C' short-term counterparty credit ratings to Russia-based
Investment Company Veles Capital LLC.  At the same time,
Standard & Poor's assigned its 'ruB-' Russia national scale
rating to Veles.  The outlook is stable.

"The ratings on Veles reflect its high exposure to the volatile
and thinly traded Russian capital markets, poor revenue
diversification, low capitalization, and weak financial
flexibility," said Standard & Poor's credit analyst Eugene
Tarzimanov. "These negative factors are partially mitigated,
however, by the company's good franchise on the local veksel
market, and the improving macroeconomic environment in Russia,"
he added.

Veles is a Russian securities firm with total capital of $8
million at Dec. 31, 2005. It ranks as one of the largest traders
on the Russian veksel (promissory note) market, trading for its
own account and providing brokerage services for a limited
number of customers. Veles is part of a larger, untransparent
group involved in private-equity-type deals and real estate in
Russia and Ukraine.

Veles is fully management owned.  Its stable management team,
which has been with the company since 1995, is a positive factor
in the credit profile.

The stable outlook balances Standard & Poor's expectations that
Veles will be able to grow organically in line with its
strategic objectives while diversifying its revenues and
activities with the inherent risks linked to the strategy of
developing new business lines.

"Veles has the potential for improved creditworthiness if it
succeeds in building up a stronger and more diversified profit
base, and demonstrates an ability to generate sustainable
profits from a wider customer base," said Standard & Poor's
credit analyst Ekaterina Trofimova.  "An upgrade might also
follow a material capital increase, which, to some extent, could
protect the company in a volatile market environment or in a
low-trading-volume scenario.

The prospective development of the ratings will also depend on
the evolution of the Russian capital markets, which will remain
concentrated and highly unpredictable in the medium term," she
added.


VEYDELEVKA-SEL-KHOZ-KHIMIYA: Claims Registration Ends April 11
--------------------------------------------------------------
Creditors of Veydelevka-Sel-Khoz-Khimiya have until April 11, to
submit their proofs of claim to the court-appointed insolvency
manager at:

         Post Office 33, Post User Box 674
         308022, Belgorod Region, Russia

The Arbitration Court of Belgorod Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A08-6761/05-24B.

The Debtor can be reached at:

         Veydelevka-Sel-Khoz-Khimiya
         Veydelevka, Stroiteley Str. 50A
         309720, Belgorod Region, Russia


WHEAT: Bankruptcy Hearing Slated for April 26
---------------------------------------------
The Arbitration Court of Orel Region will convene at 9:30 a.m.,
on April 26, to hear the bankruptcy supervision procedure on
open joint stock company Wheat.  The case is docketed as A48-
7812/05-20B.

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

The Debtor can be reached at:

        Wheat
        Legal address:
        Stanovoy Kolodez, Severnaya Str. 9
        303310, Orel Region, Russia

        Post address:
        Severnaya Str. 9
        302009, Orel Region, Russia

The insolvency manager can be reached at:

        I. Maslov
        8th floor, CJSC Yurikon, Leskova Str. 19
        302027, Orel Region, Russia


YAGODNOVSKOYE: Bankruptcy Hearing Set April 27
----------------------------------------------
The Arbitration Court of Lipetsk Region will convene at 2:20
p.m., on April 27, to hear the bankruptcy supervision procedure
on close joint stock company Yagodnovskoye.  The case is
docketed as A36-4639/2005.

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

The Debtor can be reached at:

        Yagodnovskoye
        Dankovskiy Region, Yagodnoye
        Lipetsk Region, Russia

The insolvency manager can be reached at:

        A. Gulynskiy
        Voroshilova Str. 11-92
        398059, Lipetsk Region, Russia


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


CODERE SA: Posts EUR17 Million Net Loss in 2005
-----------------------------------------------
Codere, S.A., reported its financial results for the fourth
quarter and fiscal year ended Dec. 31, 2005.

In 2005, the Company reported a EUR17 million net loss, compared
to a EUR23.5 million net loss in 2004.

At Dec. 31, 2005, the Company's balance sheet showed EUR741.5
million in total assets, EUR704.2 million in total liabilities
and EUR37.3 million in stockholders' equity.

Operating revenue increased by EUR157.3 million, or 39.8%, to
EUR552.5 million in 2005 from EUR395.2 million in 2004.  EBITDA
increased by EUR26.4 million, or 32.1%, to EUR108.7 million in
2005 from EUR82.3 million in 2004.  Pro forma for Royal and
Operbingo, revenues and EBITDA would have been EUR769.0 million
and EUR128.3 million, representing increases of 94.6% and 55.9%,
respectively.

On June 23, 2005, Codere acquired over 70% of Grupo Royal.  The
combination of this purchase, plus the 25% stake we previously
owned, resulted in ownership of over 95% of Royal.

A full-text copy of Codere S.A.'s audited 2005 financial results
is available at no charge at http://ResearchArchives.com/t/s?776

                      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.

                        *     *     *

As reported in TCR-Europe on April 3, Standard & Poor's Ratings
Services affirmed its 'BB-' long-term corporate credit rating on
Spanish gaming company Codere S.A.  S&P said the outlook is
stable.

Standard & Poor's also 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.

At the same time, Moody's Investors Service affirmed the
existing ratings of Codere 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.


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


ATEK: Kyiv Court Begins Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on CJSC Atek (code EDRPOU 00240112).
The case is docketed as 24/279-b.  Mr. O. Levkovich has been
appointed temporary insolvency manager.

CONTACT:  Atek
          Ukraine, Kyiv Region
          Peremogi Avenue 83

          Mr. O. Levkovich
          Temporary Insolvency Manager
          Brovari, Gagarin 11/32
          07400, Ukraine, Kyiv Region

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


BEREZNEFARFOR: Court Names Sergij Hodakovskij Insolvency Manager
----------------------------------------------------------------
The Economic Court of Rivne Region appointed Sergij Hodakovskij
as temporary insolvency manager for OJSC Bereznefarfor (code
EDRPOU 05391040).

The Court commenced bankruptcy supervision procedure on the open
joint stock company on Feb. 6.  The case is docketed as 4/57.

CONTACT:  Bereznefarfor
          Berezne, Zirnenska Str. 10
          34600, Ukraine, Rivne Region

          Mr. Sergij Hodakovskij
          Temporary Insolvency Manager
          Slovatskij Str. 4/6
          33000, Ukraine, Rivne Region

          Economic Court of Rivne Region
          Yavornitski Str. 59
          33001, Ukraine, Rivne


BORISIVKA' BREAD: Zaporizhya Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Borisivka' Bread Products Combine (code
EDRPOU 32273230) on Feb. 6, after finding the company insolvent.
The case is docketed as 19/132 (05).

Mr. Anatolij Pasichnik has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Borisivka' Bread Products Combine
          Nestor Mahno Str. 3
          Primorsk District, Borisivka,
          72151, Ukraine, Zaporizhya Region

          Mr. Anatolij Pasichnik
          Liquidator/Insolvency Manager
          Lermontov Str. 6/71
          69035, Ukraine, Zaporizhya Region
          Tel/Fax: (0612) 33-49-98, 34-75-66

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


DOMION: Lugansk Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
proceedings against Private Architectral-Building Enterprise
Domion (code EDRPOU 31942859) on Feb. 3, after finding the
company insolvent.  The case is docketed as 20/1 b.

Mr. V. Kunts has been appointed Liquidator/Insolvency Manager.

CONTACT:  DOMION
          Alchevsk, Lenin Str. 69
          94214, Ukraine, Lugansk Region

          Mr. V. Kunts
          Liquidator/Insolvency Manager
          Alchevsk, Lenin Str. 116/20
          Ukraine, Lugansk Region

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


ELFOR PLUS: Court Names Oleksandr Azarsanov to Liquidate Assets
---------------------------------------------------------------
The Economic Court of Odessa Region appointed Oleksandr
Azarsanov as Liquidator/Insolvency Manager for LLC ELFOR PLUS
(code EDRPOU 33569351).

The Court commenced bankruptcy proceedings against the Company
on Feb. 21, after finding the company insolvent.  The case is
docketed as 2/30-06-1451.

CONTACT:  Elfor Plus
          Malinovskij District, Tereshkova Str. 13
          65078, Ukraine, Odessa Region

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


IVANIVETSKE: Chernivtsi Court Begins Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Chernivtsi Region commenced bankruptcy
supervision procedure on LLC Ivanivetske (code EDRPOU 30796009)
on Jan. 17.  The case is docketed as 5/86/b.

Mr. Strelnikov Valerij has been appointed temporary insolvency
manager.

CONTACT:  Ivanivetske
          Kelmenetskij District, Ivanivtsi
          60144, Ukraine, Chernivtsi Region

          Mr. Strelnikov Valerij
          Temporary Insolvency Manager
          Komarova Str. 13 A, hotel Cheremosh, room 707
          58000, Ukraine, Chernivtsi Region
          Tel: (03722) 4-85-56

          ECONOMIC COURT OF CHERNIVTSI REGION
          O. Kobilyanska Str. 14
          58000, Ukraine, Chernivtsi Region


LISYANKAAGRO: Cherkassy Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on Agricultural LLC Trade House
Lisyankaagro (code EDRPOU 31417603) on Jan. 30.   The case is
docketed as 01/747.

Mr. Anatolij Prihodko has been appointed temporary insolvency
manager.

CONTACT:  Lisyankaagro
          Lisyanka, Buzhanska Str. 67
          19300, Ukraine, Cherkassy Region

          Mr. Anatolij Prihodko
          Temporary Insolvency Manager
          Katerinopil District, Yerki, Sinna Str. 7
          Ukraine, Cherkassy Region

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


PORTUS: Odessa Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
proceedings against LLC PORTUS (code EDRPOU 33569388) on
Feb. 16, after finding the company insolvent.  The case is
docketed as 2/26-06-1210.

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

CONTACT:  Portus
          Malinovskij District
          Vasil Stus Str. 2-b
          65033, Ukraine, Odessa Region

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


SOKALSKIJ KOMBIKORMOVIJ: O. Gentash Named Insolvency Manager
------------------------------------------------------------
The Economic Court of Lviv Region appointed Oksana Gentash as
temporary insolvency manager for LLC Sokalskij Kombikormovij
Plant (code EDRPOU 00688367).

The Court commenced bankruptcy supervision procedure on the
Company on Feb. 8.  The case is docketed as 6/-29/2.

CONTACT:  Sokalskij Kombikormovij Plant
          Zhvirka, Lesya Ukrainka, Str. 29
          Sokalskij District
          80040, Ukraine, Lviv Region

          Ms. Oksana Gentash
          Temporary Insolvency Manager
          Sokal, Sheptitskij Str. 39/1
          80000, Ukraine, Lviv Region

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


VESNA: Zaporizhya Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on OJSC Vesna (code EDRPOU 14311941) on
Feb. 13.  The case is docketed as 21/21 (06).  Mr. Rossoha
Oleksandr has been appointed temporary insolvency manager.

CONTACT:  Vesna
          Novobudov Str. 3
          69076, Ukraine, Zaporizhya Region

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


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


ACTIVE FIRE: Appoints Butcher Woods to Administer Assets
--------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of Active Fire Protection Limited (Company Number
02877074) on March 22.

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

Headquartered in Stafford, Active Fire Protection Limited --
http://www.active-fire.co.uk/-- was founded in 1994.  It
provides subcontract design and installation service.


CABLE & WIRELESS: Names New Organization & Management Team
----------------------------------------------------------
Cable and Wireless plc (Cable & Wireless) is establishing a new
organization and management structure, as disclosed on Jan. 31,
designed to maximize shareholder value over the next three years
through the creation of two operationally self-contained
businesses, International and the United Kingdom.  This will
ensure dedicated management focus on the different financial and
operational characteristics of each.

"Since I became Chairman of Cable & Wireless three years ago,
the priorities have been to remove the risks to the financial
security of the Group and to put in place the strategic tools
for the future," Richard Lapthorne, Chairman, said.  "These
tasks have been completed.  Now we are concentrating on
improving operational effectiveness.  The changes announced are
designed to focus the organization on the creation of
shareholder value through delivering this improved performance
by giving our operating managers the right balance of autonomy
and accountability to drive value for the benefit of
shareholders".

The key changes introduced effective April 1, are:

    * The International and UK activities will be run as
      separate business units, each with its own Operating
      Board, which will report to the Cable and Wireless plc
      Board;

    * Membership of each Operating Board will include operating
      executives from each business, including the responsible
      Group Managing Director (Harris Jones and John Pluthero
      respectively) and shareholder directors from the Group
      corporate center.  The shareholder directors will
      represent the interests of  shareholders in Cable and
      Wireless plc and will hold tightly defined reserve powers;

    * Each business unit will have its own balance sheet and the
      appropriate capital structure to ensure effective
      deployment of resources to operations;

    * A new management incentive scheme will be introduced. This
      is not yet final but is designed to reward the management
      teams in each business in proportion to the shareholder
      value created by that business;

    * The Group corporate center function has been reshaped with
      the objective of transferring all shared services to the
      two business units and reducing overall costs, while
      ensuring proper governance and control;

    * A new role of Group Managing Director, Central and Finance
      Director is created and Tony Rice, currently a non-
      executive director, has accepted the role with immediate
      effect.  This role includes the tasks associated with the
      finance director - in addition, Clare Waters, Director of
      External Affairs, and Nick Cooper, Group General Counsel &
      Company Secretary, will report to him; and

    * The three Group Managing Directors, together with George
      Battersby, Group HR Director, will report to the Chairman,
      Richard Lapthorne.

Accompanying these changes, the composition of the Cable and
Wireless plc Board has been reviewed with the objective of
creating a smaller body more aligned with its requirements under
the new organization.  Lord Robertson of Port Ellen will retire
from the Group Board from April 1, in order to concentrate on
his new role as Chairman of the International business.  Graham
Howe, Senior Independent Director, will retire in June and
Bernard Gray, Chairman of the Remuneration Committee, and Rob
Rowley, Group Deputy Chairman, will both retire from the Board
at the Annual General Meeting in July.

Richard Lapthorne commented: "When we started the task of
putting Cable & Wireless back on track, I had to find senior
managers who were prepared to risk their reputations in order to
help both me and the Company.  Bernard Gray, Tony Rice and Rob
Rowley responded right at the beginning and were joined soon
after by Graham Howe and Kasper Rorsted.  Without the commitment
and wisdom of that early group, I doubt if we would have been
able to overcome the survival challenges facing us at that time
and achieve a further total shareholder return of over 150% in
three years, placing it in the upper quartile of performance for
its industry peer group".

Charles Herlinger, Group CFO, will step down at the end of May
following completion of the Report and Accounts for 2005/06.

Francesco Caio stepped down as Group Chief Executive on April 1.

Commenting on these changes, Richard Lapthorne said: "The task
facing the executive directors over the past three years has
been neither straightforward nor easy and I would like to thank
Charles Herlinger for the tireless efforts he has made during
his time as CFO.  I have previously remarked on Francesco Caio's
contribution - without his leadership and vision, I do not
believe we would have had the strategic tools to contemplate the
changes we are announcing today.

                     Board composition

Taking account of these changes, the boards will now comprise
of:

Cable and Wireless plc Board:

    * Richard Lapthorne, Chairman

    * George Battersby, Group HR Director

    * Harris Jones, Group Managing Director International

    * John Pluthero, Group Managing Director UK and Chairman of
      the UK

    * Tony Rice, Group Managing Director Central and Finance
      Director

    * Clive Butler, Non-executive Director, Senior Independent
      Director

    * Kate Nealon, Non-executive Director, Chairman of the
      Remuneration Committee

    * Kasper Rorsted, Non-executive Director, Chairman of the
      Audit Committee

    * Agnes Touraine, Non-executive Director

International Operating Board:

    * Lord Robertson of Port Ellen, Chairman

    * Harris Jones, Group Managing Director International

    * Other operating executives from the International business

    * Tony Rice, Group Managing Director Central and Finance
      Director (shareholder director)

    * George Battersby, Group HR Director (shareholder director)

    * Nick Cooper, Group General Counsel & Company Secretary
      (shareholder director)

    * Clare Waters, Director of External Affairs

UK Operating Board:

    * John Pluthero, Group Managing Director UK and Chairman of
      the UK

    * Jim Marsh, UK CEO

    * Jeremy Jensen, UK CFO

    * Emanuele Angelidis, Bulldog CEO

    * Tony Rice, Group Managing Director Central and Finance
      Director (shareholder director)

    * George Battersby, Group HR Director (shareholder director)

    * Nick Cooper, Group General Counsel & Company Secretary
      (shareholder director)

    * Clare Waters, Director of External Affairs

                        About Tony Rice

Tony Rice was Chief Executive of Tunstall Holdings, the world
leading Telecare Group which was private equity owned by Hg
Capital from 2000 to 2005, until it was acquired by Bridgepoint
in September 2005.

Prior to joining Tunstall, Mr. Rice was Group Treasurer and then
Group Managing Director Commercial Aircraft of British Aerospace
plc and was also involved in the financing and flotation of
Orange.

Mr. Rice has been a non-executive director and Chairman of the
Audit Committee of Cable & Wireless since January 2003.

                       About the Company

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- is one of the world's leading
international communications companies.  It provides voice, data
and IP (Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.  Fitch Ratings has affirmed Cable & Wireless'
ratings at Long-term 'BB+' with Stable Outlook and Short-term
'B'.

                        *     *     *

Cable & Wireless' 8-3/4% senior unsubordinated notes due 2012
carry Moody's Investors service's, Standard and Poor's and
Fitch's low-B ratings.


CRAEGMOOR FUNDING: Fitch Lowers GPB57.2-Mln Debt Ratings to BB-
---------------------------------------------------------------
Fitch Ratings lowered Craegmoor Funding No. 2's Class M notes to
BBB- from A- and Class B notes to BB- from BB+.  It has affirmed
Class A notes to AAA.  Fitch is retaining the Rating Watch
Negative on Class M notes and the Class B notes.

a) Class A1 GBP46.9 million secured FRNs affirmed at AAA;

b) Class A2 GBP100 million secured 5.321% fixed-rate notes
   affirmed at AAA;

c) Class M GBP30 million secured FRNs downgraded to BBB- from
   A-; remain on RWN;

d) Class B1 GBP15 million secured FRNs downgraded to BB- from
   BB+; remain on RWN; and

e) Class B2 GBP42.2 million secured 7.782% fixed-rate notes
   downgraded to BB- from BB+; remain on RWN.

The Class A1 and A2 notes benefit from an unconditional and
irrevocable guarantee from MBIA Assurance S.A. The underlying
rating of A has been placed on RWN.

Since the restructuring was announced on March 16, Fitch has met
with management to gain a greater understanding of the 2005
results and the planned action by management to improve
performance.  However, management has refused to provide Fitch
with any forecasts.

The agency is also concerned that the failure to remedy the
borrower event of default as envisaged by the original documents
and the temporary adjustments to the financial covenants raise
the risk to the mezzanine and junior notes that performance
could deteriorate further before an administrative receiver is
appointed.

Fitch will shortly publish a performance report on Craegmoor
including further detail on the changes resulting from the
restructuring agreement announced on March 16.


DOONE PUBLICITY: Begins Liquidation Proceedings
-----------------------------------------------
Doone Publicity Services Limited is liquidating its assets after
members passed a resolution to wind up the company's operations
on Feb. 14.

Subsequently, G.H.W. Griffith was appointed Liquidator.

Doone Publicity Services Limited can be reached at:

         82 Aldridge Road
         Perry Barr Birmingham
         B42 2TP
         Tel: 0121 344 3121
         Fax: 0121 344 3453


EXCEL WINDOW: Members Agree to Voluntary Liquidation
----------------------------------------------------
Members of Excel Window Systems Limited decided to liquidate the
company's assets during an extraordinary general meeting on
Feb. 24.

Peter George Byatt, of Lake Bushels, was appointed Liquidator.

Excel Window Systems (Peterborough) Limited can be contacted at:

          Unit 11
          Wharf Road
          Peterborough Cambridgeshire
          PE2 9PS
          Tel: 01733 564 156
          Fax: 01733 344 436


FORTIS CREATIVE: Appoints Joint Liquidators from P&A Partnership
----------------------------------------------------------------
John Russell and Allan Cooper, of The P&A Partnership, were
appointed Joint Liquidators of Fortis Creative Communications
Limited after members passed a resolution to wind up the company
on Feb. 28.

Chairman M. Fisher disclosed the company could no longer
continue its operations due to mounting debts.

Fortis Creative Communications Limited can be reached at:

         7 Blenheim Terrace
         Leeds West Yorkshire
         LS2 9HZ
         Tel: 0113 226 6444
         Web: http://www.fortis.co.uk/


HARVEY PARKER: Taps Administrator from Butcher Woods
----------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of Harvey Parker Stenning Plc (Company Number
02493238) on March 21.

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

Harvey Parker Stenning Plc can be reached at:

         47 Cheap Street, Newbury
         Berkshire
         RG14 5BX
         Tel: 01635 34140
         Fax: 01635 31428


IN-BEAUTY LIMITED: Names Poppleton & Appleby Administrator
----------------------------------------------------------
H. J. Sorsky and M. S. E. Solomons of SPW Poppleton & Appleby
were appointed joint administrators of In-Beauty Limited
(Company Number 4903932) on March 23.  Its registered office is
at 252-256 Regents Park Road, Finchley, London N3 3HN.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.  As
the partnership works only in the field of business rescue and
insolvency, it can not only promise dedicated expertise, but can
also assure its professional clients that it pose no competition
to its own business base.

In-Beauty Limited operates a health spa.


INTERNATIONAL CONCENTRATES: Members Vote to Liquidate Assets
------------------------------------------------------------
Members of International Concentrates Limited passed a
resolution to wind up the company's operations on Feb. 28.

They authorized Ian Franses, of Ian Franses Associates, to lead
the winding up process.

International Concentrates Limited can be contacted at:

         93 Newman Street
         London
         W1T 3EZ
         Tel: 020 7393 0082
         Fax: 020 7393 4838


J&W TOOLING: Taps Wilder Coe to Liquidate Assets
------------------------------------------------
J&W Tooling Limited is liquidating its assets after members
found out that the company could no longer continue its business
due to financial liabilities.

Norman Cowan and Mark Riley, of Wilder Coe, were appointed Joint
Liquidators.

J & W Tooling Limited can be reached at:

         Unit C
         Cradock Road
         Luton Bedfordshire
         LU4 0JF
         Tel: 01582 560 840
         Fax: 01582 560 839


JOLLIES TRAVEL: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Jollies Travel Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company on Feb.24.

Creditors also ratified the appointment of David Emanuel Merton
Mond, of Hodgsons, as Liquidator.

Jollies Travel Limited can be contacted at:

         126 Hulme Hall Road
         Cheadle Hulme Cheadle Cheshire
         SK8 6LQ
         Tel: 0161 488 4427


KEN ABRAM: Grounds Fleet & Names Administrators
-----------------------------------------------
Directors of Ken Abram Ltd. named Matthew Bowker and Suzanne
Payne of Bolton-based Unity Corporate Recovery and Insolvency as
joint administrators of the company, Wigan Observer says.

According to the report, Ken, Mick and Phil Abram and Julie
Humphries, who served as directors for the haulage firm, decided
to halt the Company's operations a week ago after accountants
expressed pessimism in selling the Company as a going concern.

"We regrettably concluded that we were unable to sell the
company on as a going concern for a variety of reasons," Mr.
Bowker told Wigan.  "Turnover dropped by more than 40% from
GBP10 million to about GBP5.5 million - over the last three
years or so and a number of key contracts were lost, while fuel
and insurance costs had risen."

More than 70 workers lost their jobs following the company shut
down.  Joint administrators are now in the process of gathering
assets from customers and paying off creditors.

Headquartered in Skelmersdale, West Lancashire, Ken Abram Ltd is
a family-owned business established in 1979.  It operates a
fleet of lorries on the region's roads and motorways.

Ken Abram Ltd can be reached at:

        Stanley Way, Stanley Industrial Estate,
        Skelmersdale, Lancashire
        WN8 8EA
        Tel: 0169550177


LANSDOWN ACTION: Financial Woes Trigger Liquidation
---------------------------------------------------
Graham Paul Bushby, of Baker Tilly, was appointed Liquidator
after members of Lansdown Action Rugs Limited resolved to
liquidate the company's assets on Feb. 22.

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

Lansdown Action Rugs Limited can be contacted at:

         Unit 5 Aston Fields Industrial Estate
         Aston Road
         Bromsgrove Worcestershire
         B60 3EX
         Tel: 01527 882 317
         Fax: 01527 882 318


M A WHITEHEAD: Appoints Andrew James Nichols to Liquidate Assets
----------------------------------------------------------------
Members of M.A. Whitehead Electrical Services Limited decided to
liquidate the company's assets during an extraordinary general
meeting on Feb. 24.

Andrew James Nichols, of Redman Nichols, was appointed
Liquidator.

M A Whitehead Electrical Services Limited can be contacted at:

         33 Oaklands
         Camblesforth Selby North Yorkshire
         YO8 8HH
         Tel: 01757 617 190
         Fax: 01757 617 160


MEDIAPOST LIMITED: Taps Joint Administrators from Hacker Young
--------------------------------------------------------------
Robert Edward Caunce Cook and Nicholas Andrew Hancock of UHY
Hacker Young were appointed joint administrators of Mediapost
Limited (Company Number 05208769) on March 21.

The joint administrators can be reached at:

        UHY Hacker Young
        St James Buildings
        79 Oxford Street
        Manchester
        Greater Manchester M1 6HT
        Tel: 0161 236 6936
        Fax: 0161 228 0117
        E-mail: e.cook@uhy-uk.com


MICROSET GRAPHICS: Joint Administrators from Begbies Enter Firm
---------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of
Microset Graphics Limited (Company Number 2198406) on March 23.
Its registered office is at 59 Tempus Business Centre,
Kingsclere Road, Basingstoke, Hampshire RG21 6XG.

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.

Microset Graphics Ltd -- http://www.microsetgraphics.com/-- was
established in 1988.  It offers digital imaging and print
production services.


NEWGATE FUNDING: Fitch Puts BB Rating on GBP5.45MM Class Q Notes
----------------------------------------------------------------
Fitch Ratings placed final ratings to Newgate Funding PLC's
Series 2006-1 GBP575 million-equivalent mortgage-backed medium-
term notes due 2050 as follows:

     a) GBP149.65 million Class A1a: AAA;
     b) EUR54.00 million Class A1b: AAA;
     c) GBP100.00 million Class A2: AAA;
     d) GBP69.15 million Class A3: AAA;
     e) GBP135.00 million Class A4: AAA;
     f) GBP7.50 million Class Ma: AAA;
     g) EUR10 million Class Mb: AAA;
     h) GBP20 million Class Ba: AA;
     i) EUR20 million Class Bb: AA;
     j) GBP10 million Class Ca: A+;
     k) EUR10.05 million Class Cb: A+;
     l) EUR23.45 million Class D: BBB+;
     m) GBP2.60 million Class E: BBB+;
     n) GBP4.60 million Class T: BBB; and
     o) GBP5.45 million Class Q: BB.

This transaction is a securitization of sub-prime residential
mortgages originated and located in the UK.  The ratings are
based on the quality of the collateral, available credit
enhancement, the underwriting criteria and the servicing
capabilities of Mortgages PLC, and the back-up servicing of
capabilities of Homeloan Management Limited and the
transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 13.24%,
provided by the subordination of the Class B notes, the Class C
notes, the Class D notes and the Class E notes and an initial
and target reserve fund of 1.15%.

The Class T notes will receive interest pari passu and pro rata
with the Class D notes and the Class T notes will receive
principal after any necessary payments into the reserve fund.
The Class Q notes will receive interest and principal after
Class T principal.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model, with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


NTL INC: Reaches EUR962.4-Mln Takeover Deal with Virgin Mobile
--------------------------------------------------------------
NTL Incorporated and the Independent Board of Virgin Mobile
Holdings (UK) plc reached agreement on the terms of a
recommended cash offer to be made by ntl Investment Holdings
Limited, a wholly owned subsidiary of ntl, with a recommended
share alternative offer to be made by ntl, and a recommended
share and cash alternative offer to be made by ntl and the Cash
Offeror, to acquire the entire issued and to be issued share
capital of Virgin Mobile.

The Offer will be implemented by way of a scheme of arrangement
under section 425 of the Companies Act 1985, as amended.

Both companies have satisfied or waived each of the pre-
conditions set out in the pre-conditional possible offer
announcement made on Jan. 16.

                      Terms of the Offer

Pursuant to the terms of the Offer, Virgin Mobile Shareholders
can elect for:

  (1) the Cash Offer of 372 pence in cash per Scheme Share
      held; or

  (2) the Share Offer of 0.23245 ntl Shares per Scheme Share
      held, valued at 389 pence per Scheme Share based on ntl's
      closing price and the US$/GBP exchange rate at April 3,
      2006; or

  (3) the Share and Cash Offer by ntl and the Cash Offeror of
      0.18596 ntl Shares and 67 pence in cash per Scheme Share
      held, valued at 311 pence per Scheme Share based on ntl's
      closing price and the US$/GBP exchange rate at April 3,
      2006 plus 67 pence in cash.

The above terms have been restated from those set out in
ntl's announcement of a potential offer for Virgin Mobile on
Jan. 16, as a result of the subsequent closing of the merger of
ntl and Telewest and the consequent change in the identity of
the ultimate parent company of the ntl Group.  This has required
the number of ntl shares to be offered for each Virgin Mobile
Share under the Share Offer and the Share and Cash Offer to be
adjusted as set out in this announcement.

The Cash Offer values the existing issued share capital of
Virgin Mobile at approximately GBP962.4 million.

The Cash Offer represents a premium of 19.6% to the Virgin
Mobile Share price on Dec. 2, 2005, the last business day prior
to the commencement of the offer period; premia of 18.9%, 26.2%,
and 47.9% to the average Virgin Mobile Share price over the one,
three and twelve month periods prior to Dec. 5, 2005,
respectively; and a 86.0% premium to Virgin Mobile's IPO offer
price on July 21, 2004 when it was listed on the London Stock
Exchange.

ntl has entered into a 30-year exclusive brand license with
Virgin Enterprises Limited for the use of the Virgin brand for
ntl's consumer business.

Closely following the merger of ntl and Telewest to
create the UK's leading triple-play cable provider, ntl's
combination with Virgin Mobile and the proposed re-branding of
its combined consumer businesses with the Virgin brand
represents an important milestone in ntl's history.

ntl believes that the combination with Virgin Mobile and
the re-branding of its combined consumer operations with the
Virgin brand will deliver wide-ranging strategic and financial
benefits to shareholders.  In particular, ntl believes that the
transactions will:

   -- help transform it from the UK's leading triple-play cable
      provider into a national entertainment and communications
      company, harnessing the powerful Virgin consumer champion
      brand;

   -- enhance ntl as a scale competitor in the UK, enabling ntl
      to compete more effectively with the large incumbents in
      the UK telecommunications market.  In addition, the
      extension of ntl's product suite to include mobility will,
      ntl believes, provide a strong platform for innovation and
      development of converged products, such as converged fixed
      and mobile telephony devices, and video and voice
      services;

   -- appeal to existing and new consumers by offering a wide
      range of high quality communications services from a
      single provider, with the unique flavor and customer focus
      of the Virgin brand;

   -- allow it to extend its expertise in bundling and cross-
      selling communications products to mobile telephony; and

   -- provide potential for revenue synergies by:

       * increasing penetration and reducing customer churn by
         providing an appealing product suite under the Virgin
         brand; and

       * increasing average revenue per user through the
         effective cross-selling of mobile services into
         customer homes serviced by ntl, and triple-play
         services to Virgin Mobile subscribers.

ntl believes that the Offer will not materially affect
its current leverage.  Other potential benefits anticipated
include savings on some of the re-branding costs it may have
incurred had it re-branded under a newly created brand, and the
use of certain existing capital allowances to offset Virgin
Mobile taxable income.

Virgin Mobile will retain its existing brand and will
continue to be based in the United Kingdom.

Virgin Mobile's operating business will continue to be led by
members of Virgin Mobile's current management team, and it is
intended that a marketing director from Virgin will join ntl,
bringing Virgin's brand expertise to the ntl management team.

              Independent Board Recommendation

The Independent Board, who have been so advised by Morgan
Stanley & Co. Limited, consider the terms of the Cash Offer, the
Share Offer and the Share and Cash Offer to be fair and
reasonable.  In providing advice to the Independent Board,
Morgan Stanley & Co. Limited has taken into account the
commercial assessments of the Independent Board.

The Independent Board has indicated to ntl that it intends
unanimously to recommend that Virgin Mobile Shareholders vote in
favor of the Scheme at the appropriate meetings, as the
Independent Directors have undertaken to do in respect of all
their own beneficial holdings of 1,338,534 Virgin Mobile Shares,
representing as at the date of this announcement, in aggregate,
approximately 0.52% of the existing issued share capital of
Virgin Mobile.

Virgin Mobile Shareholders considering making an election for
the Share Offer or for the Share and Cash Offer are referred to
the investment considerations which will be set out in the
Scheme Document.  The decision as to whether Virgin Mobile
Shareholders make an election for the Share Offer or for the
Share and Cash Offer will depend on their individual
circumstances.  If Virgin Mobile Shareholders are in any doubt
as to the action they should take, they should seek their own
financial advice from an independent financial adviser.

ntl and the Cash Offeror have received irrevocable undertakings
to vote in favor of a scheme of arrangement to implement the
Offer from Virgin Mobile Shareholders representing approximately
72.0% of the existing issued share capital of Virgin Mobile.
The Virgin Group which, taken together, holds approximately
71.2% of the existing issued share capital of Virgin Mobile, has
undertaken, irrespective of whether any higher competing bid is
made, to vote in favor of a scheme of arrangement to implement
the Offer and to elect in full for the Cash and Share Offer.

Commenting on the Offer, James Mooney, Executive Chairman of
ntl, said: "We are delighted to announce the recommended Offer
and the brand licensing with Virgin today, which not only
delivers mobile capability to our product bundle but also gives
us access to a leading consumer brand.  It truly is a step-
change transaction not only for ntl but for the media sector as
an whole in the UK.

"Central to [yester]day's announcement is our strong belief that
offering a quad-play underpins true media convergence, and
offering high quality communications services will, we believe,
appeal to existing subscribers of the enlarged business as well
as new customers.  There is a natural appeal for mobile,
telephony, broadband and television content and ntl is now truly
unique in its mass market product offering."

Commenting on the Offer, Charles Gurassa, Chairman of Virgin
Mobile, said, "After careful consideration, the Independent
Directors of Virgin Mobile intend to recommend ntl's Offer to
shareholders.  This Offer reflects the strong operational and
financial performance of Virgin Mobile and represents an
excellent opportunity for Virgin Mobile shareholders to realize
the significant increase in shareholder value since flotation.
We believe this Offer is in the best interests of Virgin
Mobile's shareholders, customers and employees."

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 29,
Moody's Investors Service assigned a Ba3 corporate family rating
to NTL Incorporated which, following the combination of NTL
Holdings Inc. (formerly NTL Incorporated) and Telewest Global,
Inc., is the ultimate parent of NTL Cable Plc and Telewest
Communications Networks Ltd.

Concurrently Moody's upgraded NTL Cable Plc's senior notes to B2
from B3, assigned a Ba3 rating to NTL Investment Holdings
Limited's (NTLIH) new GBP3.775 billion of senior secured credit
facilities and withdrew the ratings for NTLIH's and Telewest's
existing credit facilities, as well as the corporate family
ratings for NTL Cable and Telewest.  This concludes the ratings
review initiated for NTL Cable Plc and Telewest Communications
Networks Ltd. on Oct. 4, 2005.  Moody's said the ratings outlook
is stable.


OFFSHOOT CLOTHING: Taps Joint Administrators from Stoy Hayward
--------------------------------------------------------------
Charles Macmillan and Toby Underwood of BDO Stoy Hayward LLP
were appointed joint administrators of Offshoot Clothing Limited
(Company Number 2726308) on Dec. 5, 2005.

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

Headquartered in Ilkley, West Yorks, Offshoot Clothing Limited
-- http://www.offshoot.co.uk/-- retails textiles and clothing.


ORANGE CENTRE: Winds Up Operations & Appoints Liquidator
--------------------------------------------------------
Orange Centre Limited is winding up its operations after members
decided to liquidate the company's assets on Feb 27.

H J Sorsky, of SPW Poppleton & Appleby, was appointed
Liquidator.

Director S.J. Bell revealed the company could no longer continue
its operations due to mounting debts.

Orange Centre Limited can be contacted at:

         18 The Island
         Midsomer Norton Radstock Avon
         BA3 2HQ
         Tel: 01761 411 200


PAN EUROPE: Fitch Assigns BB Ratings to EUR64.11 Million Notes
--------------------------------------------------------------
Fitch Ratings assigned final ratings to DECO 7 - Pan Europe 2
PLC's floating rate notes due 2018 as follows:

     a) EUR295,000,000 Class A1: AAA;
     b) EUR809,000,000 Class A2: AAA;
     c) EUR179,000,000 Class B: AA-;
     d) EUR89,000,000 Class C: A;
     e) EUR29,000,000 Class D: A-;
     f) EUR59,000,000 Class E: BBB;
     g) EUR32,000,000 Class F: BBB-;
     h) EUR27,000,000 Class G: BB; and
     i) EUR37,115,278 Class H: BB.

The final ratings reflect the positive and negative features of
the underlying collateral and the integrity of the legal and
financial structures.  The ratings address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in January 2018.

This transaction is a securitization of eight commercial real
estate loans, and one secured note and one unsecured note both
backed by a commercial real estate loan.  The loans were
originated by Deutsche Bank AG, London Branch and are secured by
real estate located in Germany, the Netherlands and Switzerland,
respectively.

The largest loan accounts for 30.2% of the loan pool and is
secured by a portfolio of automotive retail stores and repair
services, wholly occupied by Auto-Teile-Unger.  The loan pool
includes two other loans that are either entirely or primarily
occupied by a single tenant: a portfolio of Karstadt Kompakt
supermarkets in Germany and a portfolio of Coop supermarkets in
Switzerland.

The underlying loan collateral consists of 452 properties
located in Germany, 45 located in Switzerland and two located in
the Netherlands; they have a total market value of EUR2.3
billion.  The note issuance represents an initial loan-to-value
ratio of 70.0%, reducing to a balloon LTV of 64.2%, assuming no
changes in value and no prepayments or defaults occurring prior
to individual loan maturities.

Payments due on the issued notes will be funded from principal
and interest payments on the German and Dutch loans, the ATU
note and the Swiss note.

Interest and principal for the notes are paid quarterly in
arrears on each payment date, commencing in April 2006.
Scheduled amortization on the loans is allocated sequentially to
the note Classes.

Prepayments and final repayments on the loans are allocated to
the notes according to a "bucket" structure: on a fully
sequential, fully pro rata, or 50% sequential and 50% pro rata
basis, depending on the bucket to which the loan in question is
allocated.

The structure benefits from a EUR109 million-liquidity facility,
representing 7% of the total note issuance and will reduce in
line with the outstanding balance on the notes.


PREMIER FIRE: Members Pass Winding Up Resolution
------------------------------------------------
Members of Premier Fire Services Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on Feb. 22.

Martin Charles Armstrong, of Turpin, was appointed Liquidator.

Premier Fire Services Limited can be reached at:

         591
         Road North Cheam Sur
         SM3 9AG
         Tel: 0800 652 8522


RANK GROUP: Bill Shannon Buys 5,000 Ordinary Shares
---------------------------------------------------
The Rank Group Plc disclosed that non-executive director Bill
Shannon purchased 5,000 ordinary shares on April 3, at the price
of 236.44 pence.

Mr. Shannon's total holding in the Company is now 5,000 Ordinary
shares.

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.


RANK GROUP: Repurchases 412,152 Shares for Cancellation
-------------------------------------------------------
The Rank Group Plc purchased on Friday, 412,152 Ordinary shares
of 10 pence in the Company for cancellation at an average price
of 234.65 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.


RAVENSCAR FOOD: Taps M.C. Kienlen to Administer Assets
------------------------------------------------------
M. C. Kienlen of Armstrong Watson was appointed administrator of
Ravenscar Food Services Limited (Company Number 4253426) on
March 21.

The administrator can be reached at:

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

Ravenscar Food Services Ltd supplies, wholesale, cater and sell
exotic seafoods and can be reached at:

         Unit 6, Beels Rd.
         Stallingborough
         Grimsby, South Humberside
         DN41 8DN
         Tel: 01469 577555


RESPONSE 2000: Meeting of Creditors Set for April 12
----------------------------------------------------
Creditors of Response 2000 International Plc will meet at
1 p.m., on April 12, at:

         The Hendon Hall Hotel
         Ashley Lane
         Hendon, London
         NW4 1HF

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 11 to:

         S. T. Bennett
         Joint Administrator
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW

Response 2000 International Plc can be reached at:

         792 Green Lanes
         London N21 2SH


RHODIA S.A.: Completes Sale of Pharmaceutical Custom Synthesis
--------------------------------------------------------------
Rhodia S.A. completed the sale of its pharmaceutical custom
synthesis business to Shasun Chemicals & Drugs Ltd. for an
undisclosed sum.

According to The Hindu, the acquisition agreement, signed
March 31, has been done through Shasun Group's UK-based wholly
owned subsidiary, Shasun Pharma Solutions Ltd.

The deal also includes the acquisition of Rhodia's UK
manufacturing sites at Dudley in Northumberland, England and
Annan in Scotland, the paper relates.  It also includes Rhodia's
current management team and existing employees.

The operation forms part of the divesture of non-strategic
activities pursued by Rhodia with a view to refocusing its
business portfolio.

                      About Shasun Chemicals

Based in Chennai, Shasun Chemicals & Drugs Ltd --
http://www.shasun.com/-- is a front-ranking supplier of the
pharmaceutical industry.  Founded in 1976, Shasun offers an
integrated industrial model ranging from research & development
to the manufacturing of active ingredients and intermediates for
the pharmaceutical industry in facilities certified compliant
with cGMP standards.  Shasun generated sales of US$73 million in
2004, employs a total of 1,300 people and boasts the major
players in the pharmaceutical industry as its customers.  Shasun
Chemicals & Drugs Ltd is listed on the Bombay stock exchange.

                         About Rhodia

Headquartered in France, Rhodia S.A. -- http://www.rhodia.com/--
is a global specialty chemicals company partnering with major
players in the automotive, electronics, fibers, pharmaceuticals,
agrochemicals, consumer care, tires and paints & coatings
markets to offer tailor-made solutions combining original
molecules and technologies to respond to customers' needs.

It generated net sales of EUR5 billion in 2005 and employs
19,500 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Its full-year results swung into the red in
2001 with a net loss of EUR213 million (US$183.5 million) after
three profits warning.  The company's stock has deteriorated
since its flotation in 1998.

                        *     *     *

                      Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.

                          Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million.  Its overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).


SOUNDS MUSICAL: Creditors' Meeting Set for April 12
---------------------------------------------------
Creditors of Sounds Musical Limited will meet at 10 a.m., on
April 12, at:

        The Hendon Hall Hotel
        Ashley Lane
        Hendon, London NW4 1HF

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 11, to:

        S. T. Bennett
        Joint Administrator
        Berg Kaprow Lewis Llp
        35 Ballards Lane
        London N3 1XW
        Tel: 020 8922 9222
        Fax:   020 8922 9223
        Enquiry Line: 020 8922 9121


TRADE DIGITAL: Taps Armstrong Watson to Administer Assets
---------------------------------------------------------
M. C. Kienlen of Armstrong Watson was appointed administrator of
Trade Digital Limited (Company Number 05077907) on March 22.

The administrator can be reached at:

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

Trade Digital Ltd can be reached at:

         Dunston Hall, Dunston
         Stafford, Staffordshire
         ST18 9AB
         Tel: 01785 711122


* Ernst & Young Launches Global Fraud Investigation Service
-----------------------------------------------------------
Ernst & Young launched its global Fraud Investigation & Dispute
practice in response to the growing focus on, and complexity of,
business fraud.

"Fraud is a growing concern for companies around the world
because it is one of the only business risks that is
deliberately disguised," Christian Mouillon, Ernst & Young's
Global Vice Chair of Assurance and Advisory Business Services,
said.  "Some estimates claim 5-6% of business revenue is being
lost.  Companies are looking for specialist help in this area on
a truly global basis".

The new practice will focus on helping global organizations
navigate through the intricacies of corporate investigations and
the complexities that may arise out of today's regulatory
environment.  In particular the practice will focus on three
areas:

     * fraud investigation;
     * dispute services; and
     * providing forensic legal technology support.

The practice, based in over 20 countries and operating
worldwide, brings together over 1000 specialist professionals
including leading forensic accountants, former government and
regulatory agency officials, and former prosecutors and law
enforcement agents.

The new practice will be jointly led by David L. Stulb (London
and New York) and Steven Kuzma (Atlanta).

                         David L. Stulb

David L. Stulb is the Global Leader of Markets for Ernst &
Young's Fraud Investigation & Dispute Services.  He has
extensive experience leading complex investigations in Europe,
Asia, the Middle East and the Americas.  Mr. Stulb works with
the world's leading law firms and their corporate clients to
provide risk advisory services and to investigate allegations of
fraud and corruption.

Mr. Stulb's areas of focus include investigations of accounting
fraud, alleged violations of the Foreign Corrupt Practices
Act/OECD Anti-Bribery Convention, securities fraud, regulatory
compliance and complex business disputes.  His forensic
accounting and investigative expertise is combined with
extensive experience in many industries, including the financial
services, energy, pharmaceutical, telecommunications and
manufacturing sectors.

Mr. Stulb has led sensitive investigations for many global
companies in heavily regulated industries.  He served in an
advisory role in the Nortel matter, assisting management with
the restatement process.  Mr. Stulb also played a prominent role
in the investigation of Enron while leading the investigative
practice at Andersen.

He has also routinely presented investigative findings to U.S.
and international regulatory and law enforcement agencies,
including the Securities and Exchange Commission, Department of
Justice, the Federal Bureau of Investigation, the Federal
Reserve Bank, and the New York State Department of Banking.  He
also has extensive experience in bankruptcy and reorganization
matters that require investigative and regulatory expertise.

Mr. Stulb's recent experience has included serving as the lead
engagement partner on the Iraqi Government's investigation into
the Oil-for-Food program.  He also continues to provide client
service through leadership and advisory roles on numerous,
complex on-going investigations.

He is frequently asked to give public presentations on
accounting irregularities and securities fraud investigations,
corporate governance, crisis management and political risk
issues to corporate executives, attorneys, underwriters and
other interested groups.

Before joining Ernst & Young, Mr. Stulb served as the Global
Partner-in-Charge of the Business Fraud and Investigation
Services for Arthur Andersen LLP; an Operations Officer with the
C.I.A., and as an officer in the Marine Corps.

                         Steven J. Kuzma

Steven J. Kuzma is the global leader of operations and strategy
within Ernst & Young's Fraud Investigation & Dispute Services
practice -- a group that offers accounting and financial advice
to the corporate general counsel and retained counsel of global
companies engaged in complex business disputes.  Mr. Kuzma also
is the practice's managing partner for the Americas.

He has more than 25 years of experience providing Fortune 1000
companies and large law firms with investigative services;
financial, accounting, and economic analyses; valuation
assistance; and complex commercial dispute resolution support.
He has provided expert testimony in deposition, arbitration, and
in federal and state courts throughout the U.S.

Mr. Kuzma has significant experience across a range of
industries, including retail, consumer and industrial products;
health care; entertainment; real estate; agriculture; utilities;
and technology.  He advises on commercial disputes, fraud and
forensic investigations, economic valuation and damages
analysis, and intellectual asset valuation.

Before taking on his current leadership roles within Ernst &
Young, Mr. Kuzma served as the practice's leader for teams
focused on the health sciences and the retail, consumer, and
industrial products industries.  Prior to joining E&Y in 1987,
he worked as a financial analyst for KROH Brothers and for The
Walt Disney Company.

Mr. Kuzma is a certified public accountant and a certified fraud
examiner, and he is a senior member of the American Society of
Appraisers with a specialty in business valuation.  In addition,
he has been recognized as being accredited in business valuation
by the American Institute of Certified Public Accountants.

Mr. Kuzma holds a BBA from Florida Atlantic University and an
MBA from Rollins College, both in finance and accounting.  He
completed postgraduate studies at Northwestern University's
Kellogg Graduate School of Management.

                       About Ernst & Young

Ernst & Young -- http://www.ey.com/perspectives/-- is committed
to restoring the public's trust in professional services firms
and in the quality of financial reporting.  A global leader in
professional services, its 107,000 people in 140 countries
pursue the highest levels of integrity, quality, and
professionalism in providing a range of sophisticated services
centered on our core competencies of auditing, accounting, tax,
and transactions.  Ernst & Young refers to one or more of the
members of the global Ernst & Young organization.


                           *********


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 * * *