TCREUR_Public/060407.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

              Friday, April 7, 2006, Vol. 7, No. 70

                            Headlines


F R A N C E

GLOBAL AUTOMOTIVE: S&P Keeps Corporate Credit Rating at B-


G E R M A N Y

ADVOTAX24 SERVICE: Claims Registration Ends April 11
BARTSCH & FRIEDRICH: Creditors' Meeting Slated for April 11
DOLAN GMBH: Claims registration Ends April 12
EVENT LINE: Creditors' Meeting Slated for April 12
G & K DACHBAU: Claims Registration Ends April 11

GEMUESEHANDEL ZUR: Claims Registration Ends April 11
HOFMANN GESENK: Claims Registration Ends April 12
IBR TECHNOLOGY: Creditors' Meeting Slated for April 26
IGROUP-SCHWABEN: Claims Registration Ends April 11
KRONOS INTERNATIONAL: Fitch Puts BB Rating on EUR400 Mln Notes

KRONOS INTERNATIONAL: S&P Rates EUR400-Mln Senior Debt at B+
SCHEUERMANN TIEFBAU: Claims Registration Ends April 12


G R E E C E

TIM HELLAS: S&P Places B+ Rating on CreditWatch Negative
TIM HELLAS: Fitch Affirms Issuer Default Rating at B


I T A L Y

PARMALAT SPA: Court Rules EUR7.5-Bln Clawback Claims Legitimate


K A Z A K H S T A N

ADAL-KAZAMETA: Creditors Must File Claims by April 17
BALDYR: Creditors Must File Claims by April 14
BNT UNITED: Creditors Must File Claims by April 17
ISTOK: North Kazakhstan Court Opens Bankruptcy Proceedings
SEVKAZENERGO: Court Opens Bankruptcy Proceedings

SARTOMAR-SK: North Kazakhstan Court Opens Bankruptcy Proceedings
SBK-12: South Kazakhstan Court Opens Bankruptcy Proceedings
SMIRNOVSKYI AUTOTRANS: Court Opens Bankruptcy Proceedings
STROIKA: Creditors Must File Claims by April 14
TRANS-OIL: Creditors Must File Claims by April 10


L U X E M B O U R G

CONVERIUM FINANCE: Earns Consolidated US$68.7 Million in 2005


N E T H E R L A N D S

AURELIA ENERGY: Earns US$13.3 Million in Fiscal 2005
GETRONICS N.V.: Secures EUR9-Mln Two-Year Contract with Chevron


R U S S I A

AGRO-PROM-TRANS: Pskov Court Begins Bankruptcy Proceedings
CHISTOVSKOYE: Claims Filing Period Ends April 18
CORUNDUM: Claims Registration Ends April 18
FACTORY OF BUILDING MATERIALS: Under Bankruptcy Supervision
ISKRA: Claims Filing Period Ends April 18

KRASNOTURYINSK-STROY: Court Names Temporary Insolvency Manager
ORENBURGSKOYE: Deadline for Proofs of Claim Slated for April 18
RUS-AGRO: Deadline for Proofs of Claim Slated for April 18
STROY-INVEST-URAL: Court Names A. Bannykh Insolvency Manager
SUVOROV-AGRO-PROM-STROY: Claims Filing Period Slated April 18


U K R A I N E

AGROBUD: Rivne Court Starts Bankruptcy Supervision Procedure
CAFE EXPRESS: Lviv Court Opens Bankruptcy Proceedings
KORIAND: Lviv Court Opens Bankruptcy Proceedings
KRAMATORSK' HEAT: Court Names M. Filonov to Liquidate Assets
ODESGOLOVPOSTACH: Odessa Court Starts Bankruptcy Supervision

SKLOPRILAD: Lviv Court Opens Bankruptcy Proceedings
STAROBESHIVSKIJ RAJAGROBUD: Court Starts Bankruptcy Supervision
SUMITEPLOSERVICE: Court Names I. Shevchenko Insolvency Manager


U N I T E D   K I N G D O M

AVAC LIMITED: Taps Administrator from Norton Practice Insolvency
BAXI HOLDINGS: S&P Lowers Corp. Credit Rating to B+; Off Watch
BRITISH AIRWAYS: Reports Preliminary March 2006 Traffic Results
CONSUMERS TRUST: Hires Francis Treager as English Law Consultant
DIRECT BINDERS: Creditors' Meeting Set for April 18

DIRECT INSULATED: Names Administrator from Ideal Corporate
GAZEBO HAIR: Salon Appoints Administrator from Begbies Traynor
H FORD: HSBC Bank Appoints PKF as Administrative Receiver
HENLYS GROUP: Financial Woes Prompt Liquidation
HORIZONS CARE: Alex Kachani Leads Winding Up Process

HYTYME MANAGEMENT: Names Joint Administrators from Vantis
JOURNAL PRINTING: Appoints David Horner & Co Administrator
MAS COMMERCIAL: Claims Filing Period Ends April 25
MMI CREATIVE: Names Begbies Traynor to Administer Assets
NATIONWIDE MORTGAGE: Claims Registration Ends May 23

NICHOLSON WARWICK: Begins Winding Up Operations
OCEAN MANAGEMENT: Taps Administrator from Fisher Partner
ODS OPTICAL: Appoints Joint Administrators from Vantis
PAN SECURITY: Creditors Affirm Voluntary Liquidation
QUESTRELAY LIMITED: Members Resolve to Company's Liquidation

RANK GROUP: Repurchases 305,786 Shares for Cancellation
RAY BOYNTON: Members Pass Winding Up Resolution
SCANMODULE LIMITED: Joint Liquidators Take Over Operations
SCORPIO PRINT: Taps Joint Administrators From BDO Stoy Hayward
SELECT FRANCE: Meeting of Creditors Set for April 12

SOUTHBROOK CIVIL: Liquidator Sets April 28 Claims Bar Date
TRANSOL EXPRESS: Names Armstrong Watson to Administer Assets
VISION WORKSHOP: Calls in Joint Administrators from CBA

                           *********

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


GLOBAL AUTOMOTIVE: S&P Keeps Corporate Credit Rating at B-
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' long-term
corporate credit rating on France-based auto logistics provider
Global Automotive Logistics S.A.S. and the 'CCC' rating on
related entity GAL Finance S.A.'s EUR100 million subordinated
notes (guaranteed by GAL) remain on CreditWatch with negative
implications, where they were placed on Aug. 1, 2005.  This
reflects Standard & Poor's continued uncertainty over the
company's future performance following the release of its 2005
figures.

"We have concerns that GAL will not meet mandatory debt
repayments in 2006 without additional support from either its
banks, shareholders, or other sources.  GAL's weak liquidity was
caused by the sharp decline in its performance over the past few
quarters," said Standard & Poor's credit analyst Eve Greb.

GAL's profitability significantly weakened in the fourth quarter
of 2005, with EBITDA margins declining to 0.9% from 5.6% in the
fourth quarter of 2004.  This deterioration was mainly caused by
a 12% decrease in volumes from automaker Renault S.A.
(BBB+/Stable/A-2) transported by GAL.  In addition, there are
signs of further declining volumes from Renault, which
represents more than 70% of GAL's customer base. Renault
reported an 11.5% decrease in new passenger-car registrations in
the first two months of 2006, which is expected to exacerbate
the negative impact on GAL's performance.

"To resolve the CreditWatch placement, Standard & Poor's needs
further clarity regarding GAL's liquidity situation. Covenants
under the company's committed bank facility have been breached
several times over the past few quarters and are expected to be
breached in 2006. We consider the renewal of GAL's major
contract with Renault, which expires in 2008, as a key ratings
factor for GAL's future creditworthiness. Another key ratings
factor is GAL's ability to achieve a successful financial
restructuring," added Ms. Greb.

Standard & Poor's considers that GAL faces risk with respect to
compliance with its covenants over the next quarters, having
breached it several times since December 2004, owing to the
reduction in EBITDA.

Nevertheless, GAL has been able to receive a waiver in the past,
and it is likely that it will continue to receive support from
its banking group over the following quarters.


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


ADVOTAX24 SERVICE: Claims Registration Ends April 11
----------------------------------------------------
Creditors of AdvoTax24 Service GmbH have until April 11, to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Saal 3.201
         II. Etage
         Gerichtsplatz 1
         44135 Dortmund

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

The District Court of Dortmund opened bankruptcy proceedings
against AdvoTax24 Service GmbH on March 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:
         
         AdvoTax24 Service GmbH
         Kaiserstr. 147
         44143 Dortmund
         Attn: Horst Wilhelm Otto Fleitmann, Manager
         Franziskanerstr. 8
         44143 Dortmund

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund
         Tel: 0231-2255370
         Fax: 0231-2255373


BARTSCH & FRIEDRICH: Creditors' Meeting Slated for April 11
-----------------------------------------------------------
Court-appointed provisional administrator for Bartsch &
Friedrich Inh Brigitte Friedrich & Sohne oHG, Dr. Bjorn Gehde,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:45 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

The Court will also verify the claims set out in the
administrator's report at 9:45 a.m., on Aug. 15, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Bartsch & Friedrich Inh Brigitte Friedrich &
Sohne oHG on March 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Bartsch & Friedrich Inh Brigitte Friedrich & Sohne oHG
         Spandauer Damm 129
         14050 Berlin

The administrator can be reached at:

         Dr. Bjorn Gehde
         Goethestr. 85
         10623 Berlin
         E-mail: Gehde@schwoerer-rechtsanwaelte.de


DOLAN GMBH: Claims registration Ends April 12
---------------------------------------------
Creditors of Dolan GmbH have until April 12, to register their
claims with court-appointed provisional administrator Ingo
Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 8, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Saal 124
         Hauptgebaude
         Kaiserstrasse 60
         31134 Hildesheim

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 Hildesheim opened bankruptcy proceedings
against Dolan GmbH on March 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:
         
         Dolan GmbH
         Attn: Metin Dolan, Manager
         An der Renne 57
         31139 Hildesheim

The administrator can be contacted at:

         Ingo Thurm
         Leonhardtstr. 4
         30175 Hannover
         Tel: 0511/383960
         Fax: 0511/3839698
         E-mail: thurm@bax-silinger.de


EVENT LINE: Creditors' Meeting Slated for April 12
--------------------------------------------------
Court-appointed provisional administrator for The Event Line
GmbH, Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m., on April 12.

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m., on July 26, at the same
venue.

Creditors have until May 29, to register claims with the court-
appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against The Event Line GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         The Event Line GmbH
         Tichauer Str. 24
         13125 Berlin

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin


G & K DACHBAU: Claims Registration Ends April 11
------------------------------------------------
Creditors of G & K DachBau GmbH have until April 11, to register
their claims with court-appointed provisional administrator
Michael Schoor.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 9, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Saal 123
         Willy-Lohmann-Str. 33

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 Dessau opened bankruptcy proceedings
against G & K DachBau GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:
         
         G & K DachBau GmbH
         Thalheimer Strasse 143 a
         06766 Wolfen
         Attn: Werner Gissmann, Manager
         Thomas-Muentzer-Strasse 6
         06766 Wolfen

The administrator can be contacted at:

         Michael Schoor
         Schorlemmerstrasse 2
         04155 Leipzig
         Tel: 0341/4903650
         Fax: 0341/4903650


GEMUESEHANDEL ZUR: Claims Registration Ends April 11
----------------------------------------------------
Creditors of Gemuesehandel zur Horst GmbH & Co. KG have until
April 11, to register their claims with court-appointed
provisional administrator Andreas Schiller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Raum E 11
         Hauptgebaude
         Stiftshof 8
         49593 Bersenbrueck

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 Osnabrueck opened bankruptcy proceedings
against Gemuesehandel zur Horst GmbH & Co. KG on March 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:
         
         Gemuesehandel zur Horst GmbH & Co. KG
         Riester Allee 5
         49565 Bramsche
         Attn: Berndt Rautke zur Horst, Manager
         Riester Allee 5
         49565 Bramsche

The administrator can be contacted at:

         Andreas Schiller
         Lengericher Landstrasse 34
         49078 Osnabrueck
         Tel: 0541/404600
         Fax: 0541/4046042
         E-mail: schiller@r-s-g.com


HOFMANN GESENK: Claims Registration Ends April 12
-------------------------------------------------
Creditors of Hofmann Gesenk- und Werkzeugbau GmbH have until
April 12, to register their claims with court-appointed
provisional administrator Dr. Norbert Wischermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 3, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Raum 283
         Etage 2
         Heinitzstrasse 42
         58097 Hagen

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 Hagen opened bankruptcy proceedings
against Hofmann Gesenk- und Werkzeugbau GmbH on Feb. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:
         
         Hofmann Gesenk- und Werkzeugbau GmbH
         Attn: Juergen Hofmann, Manager
         Hembecker Talstr. 27
         58256 Ennepetal

The administrator can be contacted at:

         Dr. Norbert Wischermann
         Untermauerstr. 22
         58332 Schwelm
         Tel: 02336/4795-0
         Fax: +49202451939


IBR TECHNOLOGY: Creditors' Meeting Slated for April 26
------------------------------------------------------
Court-appointed provisional administrator for IBR Technology
GmbH, Dr. Jens M. Schmittmann, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
2:00 p.m., on April 26.

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

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

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

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

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

The Debtor can be reached at:

         IBR Technology GmbH
         Kohler Strasse 45
         46286 Dorsten
         Attn: Matthias Kamprath, Manager
         Jenaer Strasse 10
         07549 Gera
         Dirk Rohmann, Manager
         Hardtstrasse 81
         46282 Dorsten

The administrator can be reached at:

         Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Tel: 0201 438740


IGROUP-SCHWABEN: Claims Registration Ends April 11
--------------------------------------------------
Creditors of igroup-schwaben Kallinger GmbH have until April 11,
to register their claims with court-appointed provisional
administrator Klaus Albert Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aalen
         Saal 0.11
         Stuttgarter Strasse 7
         73430 Aalen

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 Aalen opened bankruptcy proceedings
against igroup-schwaben Kallinger GmbH on March 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:
         
         igroup-schwaben Kallinger GmbH
         Attn: Lars-Oliver Schneider, Manager
         Aalen

The administrator can be contacted at:

         Klaus Albert Maier
         Wilhelmstr. 12
         70182 Stuttgart
         Tel: 0711/16424-0
         Fax: 0711/16424-24
         E-mail: lawfirm@rechtsanwaltmaier.de


KRONOS INTERNATIONAL: Fitch Puts BB Rating on EUR400 Mln Notes
--------------------------------------------------------------
Fitch Ratings affirmed Kronos International, Inc.'s ratings as
follows:

   a) Issuer Default Rating at BB;
   b) Senior secured credit facility at BB+; and
   c) Senior secured notes at BB.

At the same time, Fitch assigned a BB to KII's proposed private
placement offering of EUR400 million senior secured notes due
2013.

Fitch also affirms Valhi, Inc. as follows:

   a) IDR at BB-; and
   b) Senior secured credit facility at BB-.

The Rating Outlook for both KII and Valhi remains Stable.

Cash proceeds from KII's new EUR400 million senior secured notes
due 2013 are expected to be used to repay its existing EUR375
million, 8 7/8% senior secured notes due 2009 at the stated
redemption price of 104.437%, plus accrued and unpaid interest.

Debt levels will be modestly higher as a result of KII's
refinancing activities; however KII is expected to have greater
financial flexibility by lowering its future gross interest
expense and extending its maturities of long-term debt.

The Stable Rating Outlook reflects the likelihood that Valhi and
KII's near-term financial performance and debt levels should
remain steady as titanium dioxide business conditions improve.
TiO2 prices are expected to continue to trend upward in 2006.

Supply should improve and come back into balance as a result of
DuPont's Mississippi facility resuming full operations during
the second quarter of 2006.  However, strengthening TiO2 demand
should also keep prices firm, as the second quarter is typically
a seasonally strong period.  No major production additions are
planned until the end of the decade.

The rating affirmation of KII's ratings is supported by its
strong market position in Europe, strong profitability and
stable cash flow.  In the current favorable pricing environment
for TiO2, Fitch expects cash flow to improve in the near term.

Free cash flow was US$53 million in 2005 compared to US$49
million in 2004.  KII's indenture for the existing senior
secured notes includes limitations on restricted payments and at
Dec. 31, 2005, KII had the ability to declare approximately
US$92 million in dividends.  No dividends were declared during
2005.

The credit ratings could be negatively affected by dividends
paid, if they are not supported by operational cash flow.  The
company's liquidity was adequate with US$63 million in cash and
US$92 million available under its undrawn senior secured credit
facility at Dec. 31, 2005.  Additionally, KII has no significant
near-term maturities of long-term debt.

The rating affirmation of Valhi's ratings is supported by its
ownership in diverse businesses, specifically its significant
ownership of Kronos Worldwide, Inc., and its strong operating
margins and market position as a TiO2 producer.  

The rating rationale also incorporates Valhi's complex corporate
structure, dependence on dividends from affiliates,
fundamentally acquisitive strategy and dividend policy.  Credit
strengths include Valhi's sufficient liquidity of US$219 million
at Dec. 31, 2005, comprised of US$120 million cash at the parent
level and US$99 million available under its undrawn senior
secured credit facility.

Additionally, Valhi has no significant near-term maturities of
long-term debt.  Fitch's concerns include dividends or potential
share repurchase activity not supported by operational cash
flow.  In regards to Valhi's potential, indirect exposure to
lead paint litigation there have been no new developments, as
discussed in Fitch's affirmation of Valhi's ratings on March 22,
2006.

For the LTM ending Dec. 31, 2005, credit statistics for Valhi
and KII remain sufficient for the rating category with operating
EBITDA-to-gross interest expense of 3.8 times and 4.0x,
respectively.  Valhi's balance sheet debt at 2005 year-end was
approximately US$717 million of which US$454 million resides at
KII.  

Valhi and KII had a total debt-to-operating EBITDA ratio of 2.7x
and 2.8x, respectively, for the full year 2005.  Total adjusted
debt-to-operating EBITDAR ratios, incorporating gross rent, for
Valhi and KII were 3.0x and 3.0x, respectively for the same
period.

Kronos International, Inc. is Europe's second largest producer
of TiO2 pigments.  The company is a wholly owned subsidiary of
Kronos Worldwide, Inc., a holding company that has additional
ownership interests in certain North American TiO2 producers.
TiO2 pigments are used in paints, paper, plastics, fibers and
ceramics.  KII generated approximately US$851 million of sales
and reported EBITDA of approximately US$164 million in 2005.

Valhi is a holding company with direct and indirect ownership
stakes in: NL Industries and Kronos Worldwide, Inc., producers
of TiO2 pigments; CompX, a producer of locks and ball bearing
slides, serving the office furniture industry; TIMET, a producer
of titanium metals products; and Waste Control Specialists, a
provider of hazardous waste disposal services.

Valhi generated US$1.45 billion of sales and approximately
US$261 million of EBITDA in 2005.  Kronos Worldwide, Inc. is the
fifth-largest TiO2 producer in the world and has a significant
presence in Europe, through its operating subsidiary, KII.


KRONOS INTERNATIONAL: S&P Rates EUR400-Mln Senior Debt at B+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
Kronos International Inc.'s proposed EUR400 million senior
secured notes issue due 2013.  At the same time, the rating was
placed on CreditWatch with negative implications.

The rating on the secured notes is two notches below the
corporate credit rating.  "This is based on our expectation that
the level of priority obligations at KII's subsidiaries,
including potential usage of the company's EUR80 million senior
secured credit facility, will place holders of the proposed
notes at a material disadvantage in terms of recovery prospects
in a bankruptcy scenario," said Standard & Poor's credit analyst
George Williams.

The notes are secured by a pledge of 65% of the capital stock of
KII's direct first-tier subsidiaries and are structurally
subordinated in right of payment to the liabilities of the
subsidiaries, which as of Dec. 31, 2005, were approximately $390
million.  The senior credit facility lenders benefit from liens
on substantially all current assets of the first-tier
subsidiaries.

Proceeds from the transaction will be used to repay the EUR375
million 8.875% senior secured notes due 2009, a $20 million call
premium on the bonds, and fees and expenses related to the
transaction.  KII is a majority owned indirect subsidiary of
Dallas, Texas-based Valhi Inc. (BB/Watch Neg/--).  Pro forma for
the transaction, Valhi will have approximately $716 million in
total debt outstanding.

The ratings of Valhi and KII remain on CreditWatch with negative
implications, where they were placed on Feb. 23, 2006,
indicating that the ratings could move lower after completion of
our review.  The CreditWatch placement followed the jury verdict
in Rhode Island on Feb. 22, 2006, finding NL Industries Inc., a
subsidiary of Valhi, and co-defendants--Millennium Chemicals
Inc. and Sherwin-Williams Co.--liable for creating a public
nuisance by making lead-based pigment decades ago. At Dec. 31,
2005, Valhi held approximately 83% of NL's outstanding common
stock.

The verdict found the defendants responsible for the abatement
of the lead-based pigments, which have been banned in the U.S.
since 1978 because of serious health issues caused by lead
poisoning. Some estimates have placed the number of affected
homes in Rhode Island in the range of 200,000 to 300,000 and
cleanup costs of $2 billion to $3 billion. The cost of abatement
in Rhode Island is still uncertain at this time as the judge
presiding over that trial will determine the specifics of the
program. Product liability insurance related to lead poisoning
would be a mitigating factor when assessing potential outlays
for claims and defense costs, but the extent of effective
coverage, relative to the potential obligations, is unknown.

The CreditWatch listing reflects both the considerable
uncertainties with respect to the final resolution of this
litigation and the potential negative implications for the
defendant or its affiliates, given that possible damages could
be substantial.  Moreover, the prospect of a lengthy legal
process and further litigation in other states could result in
an overhang on the defendant's flexibility to address investment
opportunities and to access the capital markets in the future.

With about $1.4 billion in sales, Valhi is a holding company
that derives the majority of its revenue and operating profits
from its ownership in Kronos Worldwide Inc., the world's fifth-
largest producer of titanium dioxide.

We will resolve the CreditWatch listings when the analysis of
the pending lead risk for Valhi and its affiliates is completed
and we will incorporate new developments as they unfold.  Over
the next several months, the judge will determine the details of
the abatement program. Lawyers for NL are expected to pursue
motions to dismiss the case. If those fail, they will appeal the
verdict to the Rhode Island State Supreme Court, at which time
NL may have to post a bond.


SCHEUERMANN TIEFBAU: Claims Registration Ends April 12
------------------------------------------------------
Creditors of Scheuermann Tiefbau GmbH have until April 12, to
register their claims with court-appointed provisional
administrator Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Zimmer 4-309
         4. OG
         Gebaude D
         Mathildenplatz 15
         64283 Darmstadt

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 Darmstadt opened bankruptcy proceedings
against Scheuermann Tiefbau GmbH on March 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:
         
         Scheuermann Tiefbau GmbH
         Attn: Horst and Gerd Scheuermann, Managers
         Erbacher Weg 89
         64743 Beerfelden
         
The administrator can be contacted at:

         Martin Wiedemann
         O3
         9-12
         68165 Mannheim
         Tel: 0621/16680
         Fax: 0621/166822


===========
G R E E C E
===========


TIM HELLAS: S&P Places B+ Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Greek mobile telecommunications
operator Tim Hellas Telecommunications S.A. and related entities
on CreditWatch with negative implications.  The CreditWatch
placement follows today's announcement by the company that it
intends to issue EUR500 million of pay-in-kind floating rate
notes in order to repay existing shareholder loans and PIK notes
of about EUR380 million and EUR120 million, respectively.

At the same time, Standard & Poor's placed on CreditWatch
negative its outstanding debt ratings on related entities Hellas
Telecommunications (Luxembourg) V (Hellas V) and Hellas
Telecommunications (Luxembourg) III (Hellas III).

Furthermore, the '3' recovery rating on Hellas V's EUR1.125
billion senior secured notes was affirmed, as the proposed PIK
offering is contractually and structurally subordinated to the
secured notes. The '3' recovery rating indicates our expectation
of meaningful (50%-80%) recovery of principal for senior secured
note holders in the event of a payment default.

"The CreditWatch placement reflects the group's unexpectedly
early repayment of its shareholder loans and their replacement
by a more debt-like instrument, which highlights a more
aggressive financial policy," said Standard & Poor's credit
analyst Melvyn Cooke.

The proposed transaction may also result in a very aggressive
capital structure and higher than expected leverage at year-end
2006, which would no longer be commensurate with a 'B+' rating.
This would depend, however, on the strength of the operating
performance turnaround the company initiated in the second half
of 2005.  Furthermore, as the PIK instrument's indentures may
offer the group the option to make cash interest payments as
opposed to payment in kind, a decision to do so in the future
may have a material adverse effect on the group's cash flow
generation in the medium term.

Standard & Poor's expects to resolve the CreditWatch status
after a detailed analysis of the proposed PIK indentures as well
as the transaction's impact on Tim Hellas' financial policy and
credit protection metrics--pro forma for 12 months of cash flow
contribution from Q-Telecom--from year-end 2006.  We expect to
complete this analysis in the next few days.

"Any downgrade is likely to be limited to one notch," said Mr.
Cooke.

"The ratings may be affirmed, however, if our assessment of the
transaction's impact on the group's current financial policy and
lease-adjusted credit protection metrics shows that they will
remain in line with expectations for a 'B+' rating."


TIM HELLAS: Fitch Affirms Issuer Default Rating at B
----------------------------------------------------
Fitch Ratings affirmed Greece-based TIM Hellas
Telecommunications S.A.'s ratings at Issuer Default B with
Stable Outlook and Short-term B.  

This follows the announcement of the proposed issuance by Hellas
Finance of EUR500 million pay-in-kind notes to shareholder loans
and to finance a dividend.  The PIK notes will not be rated.  At
the same time, Fitch has affirmed TIM Hellas' following debt
instruments:

   a) Hellas Telecommunications (Luxembourg) V senior credit
      facility: B+/RR3;

   b) Hellas Telecommunications (Luxembourg) V senior secured
      floating-rate notes due 2012: B+/RR3; and

   c) Hellas Telecommunications (Luxembourg) III senior notes
      due 2013: B-/RR5.

Director in Fitch's Leveraged Finance team, Michelle De Angelis
disclosed, "In Fitch's view, the issuance of PIK notes at a
holding company level will not have detrimental effect on
ratings provided that the notes do not have any credit support
from the restricted borrowing group and do not receive cash
interest."

"In this case, the proposed terms of the PIK notes indicate that
they will effectively have only an equity claim on the operating
companies, and therefore Fitch has affirmed its ratings for TIM
Hellas," Mr. De Angelis added.

The use of PIK notes proceeds to make approximately EUR377
million payments to shareholders represents a return of a
substantial part of their initial equity investment.  In
addition all of the original PIK loans have been repaid.

However, in this instance, Fitch does not consider this a
significant additional risk factor, as the sponsors have
reiterated their support for the company and consider that their
ownership has created significant value in excess of the
original purchase price of TIM Hellas.

In addition, there are positive indications regarding
performance for the first months of this year that, if
sustained, could provide upward momentum for the rating within
2006.  However, at this stage, without more detailed quarterly
reporting data, Fitch is maintaining its Stable Outlook for the
company.

TIM Hellas is the third-largest mobile operator in Greece with a
market share of 19.4% as at YE05.  The company reported pro
forma revenues of EUR848 million and EBITDA of EUR234 million
for YE05.

TIM Hellas also acquired the fourth mobile operator, Q-Telecom
in January 2006, which had 2005 revenues and EBITDA of
approximately EUR157 million and EUR30 million respectively.  On
a pro-forma basis for this acquisition, cash-pay leverage at
YE05 was 5.6x reported EBITDA.  The issuance of the PIK notes
will result in pro-forma YE05 total leverage of 7.5x reported
EBITDA.


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


PARMALAT SPA: Court Rules EUR7.5-Bln Clawback Claims Legitimate
---------------------------------------------------------------
The Constitutional Court of Italy declared Parmalat S.p.A.'s
EUR7.5 billion clawback claims against a number of creditors
legitimate, rejecting a challenge from a group of bank lenders,
Bloomberg News says.

The ruling, which affects 76 claims against lenders, rejected
the banks' argument that the claims are unconstitutional since
its main beneficiary is the company itself and not the original
creditors.

The Court heard two groups of claims against the banks as test
cases:

   -- a EUR28.8 million claim against Banca Monte dei Paschi di
      Siena S.p.A., UniCredit SpA, Sanpaolo IMI S.p.A. and
      UBS AG; and

   -- a EUR2.3 million claim against HSBC Holdings Plc.   

The bank lenders, which denied any wrongdoing, said the clawback
actions are not afforded to other companies in similar
situations, citing the case of Arquati S.p.A.  Arquati is a
local household furnishings group that collapsed in 2004, but
wasn't allowed to make clawback claims.  The banks argued that
the move would give Parmalat an unfair advantage over rivals
Groupe Danone and Barilla Holding S.p.A.

Natalino Irti, lawyer for Credito Siciliano S.p.A. said, "The
clawback claims would not be to the advantage of creditors but
would simply serve to increase the value of stock and permit the
distribution of a dividend."

Parmalat counsel Alberto Maffei Alaberti countered that the
claims were made under the Marzano bankruptcy law, which was
passed in December 2003 to manage the food group's collapse.  
Mr. Alaberti added that the law, named after Industry Minister
Antonio Marzano, was designed to keep Parmalat operating and
save jobs.  

The banks questioned the legitimacy of applying the Marzano law
in Parmalat's case because it came into effect after the
company's bankruptcy.

The Marzano law permits Parmalat to recover payments made in the
year before the insolvency, Bloomberg notes.

                       Debt-to-Equity Swap

Creditor banks likewise assailed Parmalat's EUR13 billion debt-
to-equity swap, which paved the way for the dairy concern's
return to the stock market in October 2005.  

"The original creditors aren't the current shareholders," lawyer
Francesco Carbonetti of BiPop Carire S.p.A, said, adding that
the "share capital has changed hands."

Massimo Massella, a lawyer representing the Italian government,
however, said the creation of new Parmalat was the only "vehicle
through which we could protect creditors."

Parmalat's former extraordinary commissioner and current chief
executive Enrico Bondi launched several lawsuits -- 12 in Italy
and three in the U.S. -- against the group's creditors and
auditors in attempt to recover EUR13 billion lost during the
Collechio-based dairy's collapse in December 2003.  So far, only
two banks have settled with Parmalat -- Morgan Stanley paid
EUR155 million, and Banca Intesa S.p.A., EUR160 million.

A Parma judge, however, ruled in November that his jurisdiction
was insufficient to determine the legitimacy of Parmalat's
claims, thereafter referring the issue to the Constitutional
Court.  

Following the Constitutional Court ruling, lawyer Lorenzo
Stanghellini, who represents Banca Monte dei Paschi di Siena
S.p.A. and a group of 20 banks, said that though the claims can
go forward, "it remains to be seen if they're viable."

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

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

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


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


ADAL-KAZAMETA: Creditors Must File Claims by April 17
-----------------------------------------------------
LLP Adal-Kazameta has declared insolvency.  Creditors have until
April 14, to submit their written proofs of claim to:

         Satybaldina Str. 7
         Karaganda


BALDYR: Creditors Must File Claims by April 14
----------------------------------------------
LLP BALDYR has declared insolvency.  Creditors have until
April 14, to submit their written proofs of claim to:

         Zarechnyi 2, 471
         Aktobe


BNT UNITED: Creditors Must File Claims by April 17
--------------------------------------------------
LLP BNT United filed for bankruptcy with the Specialized Inter-
Regional Economic Court of Almaty on Jan. 30, 2006.

Creditors have until April 17, to submit their written proofs of
claim to:

          Geltoksan Str. 37, Office 321
          Almaty
          Tel: 8 (3272) 91-81-96 or 8 300 460 17-21


ISTOK: North Kazakhstan Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceeding against LLP
Istok of North Kazakhstan Region on Jan. 30.


SEVKAZENERGO: Court Opens Bankruptcy Proceedings
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceeding against LLP
Sevkazenergo of North Kazakhstan Region on Jan. 30.


SARTOMAR-SK: North Kazakhstan Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceeding against LLP
Sartomar-SK of North Kazakhstan Region on Dec. 28, 2005.


SBK-12: South Kazakhstan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceeding against LLP
SBK-12.

CONTACT:  The Specialized Inter-Regional
          Economic Court of South Kazakhstan
          Shajan, Gumbaevava Str.
          South Kazakhstan Region


SMIRNOVSKYI AUTOTRANS: Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceeding against OJSC
Smirnovskyi Autotrans Akkaaiynsk district on Jan. 9, 2006.


STROIKA: Creditors Must File Claims by April 14
-----------------------------------------------
LLP Global-1 has declared insolvency.  Creditors have until
April 14, to submit written proofs of claim to:

         Makataeva Str. 18, Office 321
         Almaty


TRANS-OIL: Creditors Must File Claims by April 10
-------------------------------------------------
LLP VESTA TDK filed for bankruptcy with the Specialized Inter-
Regional Economic Court of Karaganda Region on Dec. 23, 2005.

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

         Gambyla Str.9, Office 205
         Karaganda, Gambyla Str.9


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


CONVERIUM FINANCE: Earns Consolidated US$68.7 Million in 2005
-------------------------------------------------------------
Converium Holding AG and its subsidiaries reported its
consolidated financial results for the fiscal year ended 2005.

In 2005, Converium earned a US$68.7 million consolidated net
income, compared to a US$582.5 million restated net loss in
2004.

At Dec. 31, 2005, the Company's balance sheet showed US$11.8
million in total assets, US$10.2 million in total liabilities
and US$1.6 million in positive stockholders' equity.

                     Debt Outstanding

As of Dec. 31, 2005, the Company had total debt outstanding with
a principal amount of US$400.0 million and a carrying amount of
US$391.2 million.  The Company has no scheduled debt repayments
in 2005, 2004, or 2003.

In December 2002, Converium Finance S.A. issued US$200.0 million
principal amount of non-convertible, unsecured, guaranteed
subordinated notes, which are irrevocably and unconditionally
guaranteed on a subordinated basis by each of Converium Holding
AG and Converium AG.  These notes mature in full on Dec. 23,
2032, and bear interest at the rate of 8.25%.  

In 2001, in connection with the Transactions, Converium Holdings
(North America) Inc. assumed US$200.0 million principal amount
of non-convertible, unsecured, unsubordinated senior notes
issued originally during October 1993.  These notes mature in
full on Oct. 15, 2023, and bear interest at the rate of 7.125%.  
In 2005, the interest payments regarding the 7.125% non-
convertible, unsecured, unsubordinated senior notes of CHNA were
funded by Converium AG with regards to the coupon payments of
April 15, and Oct. 15, 2005, due to the dividend restrictions of
CRNA.

In addition to the syndicated letter of credit facility, other
irrevocable letters of credit of US$852.9 million were
outstanding at Dec. 31, 2005, to secure certain assumed
reinsurance contracts.  Investments of US$2,238.1 million were
pledged as collateral related to the Syndicated Letter of Credit
Facility, as well as other irrevocable letters of credit.

As of Dec. 31, 2005, Converium Holding AG had cash and cash
equivalents of US$41.9 million.  Significant cash needs in 2006
will be payments of the 2005 dividend to shareholders of
approximately CHF15.0 million (US$12.0 million) and interest
payments to Converium Finance S.A., Luxembourg of approximately
US$10.0 million, related to the note payable with a principle of
US$200.0 million.  The cash needs are primarily financed
through:

   -- existing cash funds held at Converium Holding AG;

   -- short-term intercompany loan receivables from Converium
      AG, Switzerland; and

   -- dividend payments from Converium IP Management AG,
      Switzerland and Converium Finance Ltd., Bermuda.

                     Credit Agreements

On Nov. 29, 2004, Converium AG signed a US$1.6 billion, three-
year syndicated letter of credit facility from various banks.  
The facility provides Converium's non-US operating companies
with a US$1.5 billion capacity for issuing letters of credit and
a US$100.0 million liquidity reserve.  It replaces the existing
US$900.0 million letter of credit facility, which was signed in
July 2003.  As of Dec. 31, 2005, Converium had outstanding
letters of credit of US$1.16 billion under the facility.  

Converium must maintain these financial covenants in order to
avoid default under the agreement:

     (i) consolidated total borrowings do not at any time exceed
         35% of consolidated tangible net worth, which is
         defined as total shareholders' equity less goodwill;
         and

    (ii) consolidated tangible net worth must remain greater
         than US$1.23 billion at all times.

Converium pays commission fees on outstanding letters of credit,
which are distributed to the facility banks and can only be
impacted by a change in the Company's credit rating.  The
maximum amount of this fee is 0.5%.

As of Dec. 31, 2005, Converium reported total investments
including cash and cash equivalents and excluding the Funds
Withheld Asset of US$6.26 billion, of which US$1.38 billion are
held in its North American operations and are subject to the
restrictions of an entity in run-off.  Of the total US$4.87
billion related to Converium's ongoing operations, certain
amounts were pledged as follows:

     (i) US$2.23 billion were pledged as collateral relating to
         outstanding letters of credit of US$1.16 billion (these
         outstanding letters of credit are related to the US$1.6
         billion Syndicated Letter of Credit Facility) and other
         irrevocable letters of credit of US$852.9 million (to
         secure certain assumed reinsurance contracts);

    (ii) US$246.0 million were pledged primarily as deposits
         with cedents; and

   (iii) US$582.6 million were pledged to support Converium
         internal reinsurance transactions.  

US$255.2 million were deposited in trust or with regulatory
authorities or states related to the US$1.38 billion held in its
North American operations.

The Company's Annual General Meeting 2006 will be held at 10:30
a.m. local time on Tuesday, April 11, at the Casino in Zug,
Switzerland.

Headquartered in Luxembourg, Converium Finance S.A. is a wholly
owned subsidiary of Converium Holding AG.  Converium operates as
an international reinsurer in Europe, Asia, the Middle East and
Latin America.  It underwrites and manages US-orginated business
through Converium AG, Zurich, with a focus on shorter-tail
lines.

                        *     *     *

Following its publication of its 2005 year-end results, restated
financial information for the periods 1998 to 2004, and for each
quarter from March 31, 2003, to June 2005, Fitch Ratings
affirmed Converium AG's Insurer Financial Strength BBB- rating
and removed it from Rating Watch Negative on which it had been
placed since Nov. 4, 2005.

Fitch also affirmed other ratings within Converium group and
also withdrawn them from RWN:

  a) Converium AG IFS affirmed at BBB-;
  b) Converium AG IDR affirmed at BBB-;
  c) Converium Insurance Limited affirmed at IFS BBB-;
  d) Converium Ruckversicherungs AG affirmed at IFS BBB-;
  e) Converium Holding AG IDR affirmed at BB; and
  f) Converium Finance S.A.'s USD 200 million subordinated debt    
     due 2032 affirmed at BB+.


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


AURELIA ENERGY: Earns US$13.3 Million in Fiscal 2005
----------------------------------------------------
Aurelia Energy N.V. reported its financial results for the year
ended Dec. 31, 2005.

In 2005, the Company earned US$13.3 million on US$398.9 million
of revenues, compared to a US$6.4 million net income on US$437.6
million of revenues in 2004.

At Dec. 31, 2005, Aurelia Energy's balance sheet showed US$1.5
billion in total assets, US$1 billion in total liabilities and
US$495.4 million in positive stockholders' equity.

                    Financing Arrangements

As of Dec. 31, 2005, the Company did not have any short-term
bank debt under working capital facilities or its credit
facility.

"We had total long-term bank debt of US$116.9 million incurred
under our credit facility, a long term bank debt of US$291.5
million in relation of the purchase of the FPSO Jotun A and cash
of US$43.0 million, the Company disclosed in its Annual Report.  
"We also had US$335.0 million aggregate principal amount of 101-
4% Senior Notes due 2012 outstanding and US$147.0 million of
indebtedness outstanding under the subordinated Marenco loan."

A full-text copy of Aurelia Energy's 2005 Annual Report under
Form 20-F delivered to the U.S. Securities and Exchange
Commission on March 31, is available at no charge at
http://ResearchArchives.com/t/s?794

Aurelia Energy N.V. is the holding company of Bluewater Holding
B.V., which is in turn the holding company of Bluewater Finance
Limited.  Bluewater is a privately-owned, specialized oil
services company based in Hoofddorp, the Netherlands which owns
and operates floating, production, storage and offloading
vessels and provides single point mooring systems to the oil
industry.  In the nine-month period to Sept. 30, 2005, Bluewater
generated an operating profit of approximately US$ 38 million
from revenues of US$306 million.

                        *     *     *

As reported in the Troubled Company Reporter on April 6, Moody's
Investors Service has downgraded the ratings of Aurelia  
Energy N.V. and its subsidiaries (together Bluewater) based on a  
weakened financial profile resulting from substantially  
increased debt levels following acquisitions and the expectation  
of continued debt-financed capital investment.  

Ratings downgraded:

   -- Aurelia Energy N.V., Corporate Family Rating, downgraded  
      to Ba3 from Ba2, negative outlook

   -- Bluewater Holding B.V., Senior Secured Debt Rating,  
      downgraded to Ba3 from Ba1, negative outlook

   -- Bluewater Finance Ltd, Senior Unsecured Debt Rating,  
      downgraded to B2 from B1, negative outlook.

Moody's last rating action on Bluewater was to place all ratings  
under review for possible downgrade on March 8, 2006.  The  
rating actions mark the conclusion of this review process.


GETRONICS N.V.: Secures EUR9-Mln Two-Year Contract with Chevron
---------------------------------------------------------------
Getronics N.V., secured approximately EUR9 million in contracts
with Chevron Corporation over the next two years.  Services
covered under the contracts include:

   -- remote management of Chevron's North American network
      infrastructure;

   -- delivery of onsite services in core US locations; and

   -- support for over 100 additional US sites.

In addition, Getronics will provide management and monitoring of
SCADA, microwave, and other specialty tower devices for Chevron
Pipe Line Company.

Getronics will support Chevron's strategy to aggregate services
delivered to its various business units.  Based on its proven
track record, global portfolio of services, and organizational
flexibility, Getronics was awarded the contracts to enable
Chevron to reduce costs and streamline its network support
structure.  Chevron, the fifth-largest integrated energy company
in the world, operating in approximately 180 countries, will
also benefit from Getronics' Global Service Centres, which are
integrated into a single virtual global center through
standardised technologies and consistent Information Technology
and Infrastructure Library (ITIL)-based processes.  

"We are very pleased to be able to help Chevron enhance their
network operations while reducing their overall cost," says
Steve Sullivan, Getronics' Vice President of Integrated Managed
Service Delivery.  "We have a very solid track record of
providing advanced network management services to global leaders
in diverse industries such as financial services, energy, and
pharmaceuticals.  Chevron is capitalizing on our expertise while
remaining very much in control of service and delivery
strategy."

Getronics will take over the monitoring and management of more
than 1,200 network routers and switches, along with monitoring a
number of Nortel PBX switches for Chevron's Information
Technology Company.  The two companies will now begin to
integrate their tracking systems around asset, ticket, incident,
problem, and change management.  Ultimately, the number of
enterprise network devices managed by Getronics could reach
5,000 across various business units.  

"Getronics is one of the top tier suppliers for device
management across ICT infrastructure environments where the
client has a complex set of business requirements.  Getronics'
laser focus on this segment allows them to optimise the
productivity of the client's workforce," says Michel Janssen at
Everest Group, the outsourcing consulting firm who introduced
Getronics to Chevron.  "The key to Getronics' success is their
agility in working with clients to generate well defined
business value.  This is an ideal match-up of need with
solution, offering Chevron both autonomy and efficiency in
managing its network."

                      About the Company

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

                        *     *     *

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

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

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

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


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


AGRO-PROM-TRANS: Pskov Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Pskov Region commenced bankruptcy
proceedings against Agro-Prom-Trans after finding the close
joint stock company insolvent.  The case is docketed as A52-
3783/05/4.

Mr. P. Radin has been appointed insolvency manager.

The Debtor can be reached at:

         Agro-Prom-Trans
         Pustoshka, Mira Str. 7
         Pskov Region, Russia  

The insolvency manager can be reached at:

         P. Radin
         Konnaya Str. 2
         180007, Pskov Region, Russia


CHISTOVSKOYE: Claims Filing Period Ends April 18
------------------------------------------------
Creditors of Chistovskoye (TIN 5527002620) have until April 18,
to file their proofs of claim to the court-appointed insolvency
manager at:

         13th floor, K. Libknekhta Str. 35
         644043, Omsk Region, Russia

The Arbitration Court of Omsk Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as K/E-167/05.

The Debtor can be reached at:

         Chistovskoye
         Okoneshnikovskiy Region, Chistovo
         646955, Omsk Region, Russia


CORUNDUM: Claims Registration Ends April 18
-------------------------------------------
Creditors of Corundum have until April 18, to file their proofs
of claim to court-appointed insolvency manager Mr. A. Kuzmin at:

         K. Marksa Pr. 34A-508
         644042, Omsk Region, Russia
         Tel: 8(3812) 325418

The Arbitration Court of Omsk Region commenced bankruptcy
proceedings against the limited liability company with the case
docketed as K/E-22/05.

The Debtor can be reached at:

         Corundum
         Ordzhonikidze Str. 48
         644043, Omsk Region, Russia


FACTORY OF BUILDING MATERIALS: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on Factory Of Building
Materials (TIN 0277050379).  The case is docketed as A07-
23207/05-G-KhRM.

Mr. R. Khayretdinov has been appointed temporary insolvency
manager.

The Debtor can be reached at:

         Factory of Building Materials
         Ufa, Gorkogo Str. 69a
         450112, Bashkortostan Republic, Russia

The insolvency manager can be reached at:

         R. Khayretdinov
         Ufa, Kislorodnaya Str. 1
         450112, Bashkortostan Republic, Russia


ISKRA: Claims Filing Period Ends April 18
-----------------------------------------
Creditors of Iskra (TIN 2323016731) have until April 18, to
submit their proofs of claim to the court-appointed insolvency
manager Mr. V. Osadchuk at:

         Office 307, Kolkhoznaya Str. 3
         350042, Krasnodar Region, Russia

The Arbitration Court of Krasnodar Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A-32-17915/2005-38/237.

The Debtor can be reached at:

         Iskra
         Fedorovskaya St., Krasnaya Str. 3
         Krasnodar Region, Russia


KRASNOTURYINSK-STROY: Court Names Temporary Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Kashkurov as temporary insolvency manager for OJSC
Krasnoturyinsk-Stroy.

The Court has commenced bankruptcy supervision procedure on the
close joint stock company with the case docketed as A60-
27405/2005-S11.  

The Debtor can be reached at:

         Krasnoturyinsk-Story
         Delegatskaya Str. 100
         624441, Krasnoturinsk Region, Russia

The insolvency manager can be reached at:

         A. Kashkurov
         Post User Box 177
         620062, Ekaterinburg Region, Russia


ORENBURGSKOYE: Deadline for Proofs of Claim Slated for April 18
---------------------------------------------------------------
Creditors of Orenburgskoye have until April 18, to submit their
proofs of claim to the court-appointed insolvency manager Mr. V.
Gusev at:

         Chebenki, Parkovaya Str. 6
         462100, Orenburg Region, Russia
         Tel/Fax: (3532) 78-12-54

The Arbitration Court of Orenburg Region commenced bankruptcy
proceedings against the open joint stock company with the
docketed as A47-9917/2005-14GK.

The Debtor can be reached at:

         Orenburgskoye
         Menovinskaya Str. 11
         460027, Orenburg Region, Russia


RUS-AGRO: Deadline for Proofs of Claim Slated for April 18
----------------------------------------------------------
Creditors of Rus-Agro have until April 18, to submit their
proofs of claim to the court-appointed insolvency manager Mr. L.
Vlasov at:

         Varshavskoye Shosse, 21
         117105, Moscow Region, Russia

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A41-K2-7980/05.

The Debtor can be reached at:

         Rus-Agro
         Egoryevskiy Region, Popovskaya
         101881, Moscow Region, Russia


STROY-INVEST-URAL: Court Names A. Bannykh Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Bannykh insolvency manager of Stroy-Invest-Ural.

The Court commenced bankruptcy proceedings to the open joint
stock company with the case docketed as A60-37093/2005-S11.

The Debtor can be reached at:

         Stroy-Invest-Ural
         Room 51, Papanina Str. 7a
         620014, Ekaterinburg Region, Russia

The insolvency manager can be reached at:

         A. Bannykh
         Building 2, Office 209
         St. Bolshevikov Str. 2a
         620017, Ekaterinburg Region, Russia


SUVOROV-AGRO-PROM-STROY: Claims Filing Period Slated April 18
-------------------------------------------------------------
Creditors of Suvorov-Agro-Prom-Story have until April 18, to
submit their proofs of claim to the court-appointed insolvency
manager at:

         Office 608, Ryazanskaya Str. 1
         300026, Tula Region, Russia

The Arbitration Court of Tula Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A68-44/B-05.

The Debtor can be reached at:

         Suvorov-Agro-Prom-Story
         Suvorov, Belinskogo Str. 2A
         Tula Region, Russia


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


AGROBUD: Rivne Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
supervision procedure on JSCCT Agrobud (code EDRPOU 03586182) on
Feb. 8.  The case is docketed as 913.  

Mr. Ivan Demidov has been appointed as a temporary insolvency
manager.

CONTACT:  Agrobud
          Ostrog, Tatarska Str. 204
          35800, Ukraine, Rivne region

          Mr. Ivan Demidov
          Temporary Insolvency Manager
          33000, Ukraine, Rivne Region
          Slovatskij Str. 4/6

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


CAFE EXPRESS: Lviv Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Lviv Region declared LLC Cafe Express
(code EDRPOU 13840836) bankrupt after finding the company
insolvent.  The case is docketed as 6/199-4/186.  

Mr. Vitalij Vinnikov has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Cafe Express
          General Chuprinka Str. 36
          79044, Ukraine, Lviv Region

          Mr. Vitalij Vinnikov
          Liquidator/Insolvency Manager
          Pustomiti, Sportivna Str. 2/9
          81100, Ukraine, Lviv Region

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


KORIAND: Lviv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Lviv Region declared LLC Koriand (code
EDRPOU 22333972) bankrupt after finding the company insolvent.  
The case is docketed as 6/61-4/36.

Mr. Andrij Sibal has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Koriand
          Teslenko Str. 2
          Ukraine, Lviv Region

          Mr. Andrij Sibal
          Liquidator/Insolvency Manager
          P. Doroshenko Str. 61/5
          79000, Ukraine, Lviv Region

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


KRAMATORSK' HEAT: Court Names M. Filonov to Liquidate Assets
------------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. M. Filonov as
Liquidator/Insolvency Manager for LLC Kramatorsk' Heat Electric
Central (code EDRPOU 31037774).

The Court declared the Company on Feb. 7, after finding the
company insolvent.  The case is docketed as 42/133 B.

CONTACT:  Kramatorsk' Heat Electric Central
          Kramatorsk, Ordzhonikidze Str. 5
          84313, Ukraine, Donetsk Region

          Mr. M. Filonov
          Liquidator/Insolvency Manager
          Kramators, Socialistichna Str. 51/62
          84301 Ukraine, Donetsk Region
  
          Economic Court of Donetsk Region
          Artema Str. 157
          83048, Ukraine, Donetsk Region


ODESGOLOVPOSTACH: Odessa Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on Odesgolovpostach of State Joint-Stock
Company Ukrresursi (code EDRPOU 01886796).  The case is docketed
as 21/05-06-189.

Mr. Liseyev Kiril has been appointed as a temporary insolvency
manager.

CONTACT:  Odesgolovpostach
          65012, Ukraine, Odessa Region
          Velika Arnautska Str. 2 b

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


SKLOPRILAD: Lviv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Lviv Region declared OJSC Shirets' Plant
Skloprilad (code EDRPOU 00227005) after finding the company
insolvent.  The case is docketed as 6/338-29/276.

Mr. Andrij Sibal has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Mr. Andrij Sibal
          Liquidator/Insolvency Manager
          79000, Ukraine, Lviv Region
          P. Doroshenko Str. 61/5

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


STAROBESHIVSKIJ RAJAGROBUD: Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Starobeshivskij Rajagrobud (code
EDRPOU 01352066) on Jan. 10, 2006.  The case is docketed as
42/4 B.

Mr. Volodimir Kondratyev has been appointed as a temporary
insolvency manager.

CONTACT:  Starobeshivskij Rajagrobud
          Komsomolske, Naberezhna Str. 11
          87250, Ukraine, Donetsk region

          Mr. Volodimir Kondratyev
          Temporary Insolvency Manager
          Gorkij Str. 34
          83086, Ukraine, Donetsk Region

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


SUMITEPLOSERVICE: Court Names I. Shevchenko Insolvency Manager
--------------------------------------------------------------
The Economic Court of Sumi Region appointed Mr. I. Shevchenko as
temporary insolvency manager for LLC Sumiteploservice (code
EDRPOU 31065995).

The Company commenced bankruptcy supervision procedure on the
Company with the case docketed as 6/136-05.

CONTACT:  Mr. I. Shevchenko
          Temporary Insolvency Manager
          Harkivska Str. 4/127
          40024, Ukraine, Sumi Region

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


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


AVAC LIMITED: Taps Administrator from Norton Practice Insolvency
----------------------------------------------------------------
David William Tann of The Norton Practice (Insolvency Services)
Ltd was appointed administrator of Avac Limited (Company Number
4573083) on March 24.  Its registered office is at The Old
Coroner's Court, No 1 London Street, Reading RG1 4QW.

The administrator can be reached at:

         The Norton Practice (Insolvency Services) Ltd
         1 Wesley Gate
         70 Queens Road
         Reading
         Berkshire RG1 4AP
         Tel: 0118 957 6464
         Fax: 0118 959 5560
         E-mail: d.tann@nortonp.co.uk  

The Company can be contacted at:

         Avac Ltd
         20 Beevor Street
         Lincoln
         LN6 7DJ
         Lincolnshire
         Tel: 01522 539444
         Fax: 01522 525561


BAXI HOLDINGS: S&P Lowers Corp. Credit Rating to B+; Off Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based heating products
manufacturer Baxi Holdings Ltd. to 'B+' from 'BB-' following a
review of the company's 2005 financial performance and medium-
term prospects.  The senior secured debt rating on the GBP100
million mezzanine notes issued by Heating Finance PLC and
guaranteed by Baxi was also lowered by one notch, to 'B-' from
'B'.  All ratings were removed from CreditWatch with negative
implications, where they had been placed on March 16, 2006.  The
outlook is stable.

"The one-notch downgrade reflects recent financial
underperformance due to challenges faced within Baxi's key U.K.
market," said Standard & Poor's credit analyst Jarrad Oberhardt.
"In addition to the general decline in market volumes, the
company had not anticipated the speed with which the market
would switch to high-efficiency boiler products, leading to a
loss in market share to Baxi's key European competitors."

The company's market share is now down to about 20% of the U.K.
boiler market, from closer to 30% in recent years.
     
Following the acquisition of the heating business of Spain-based
Corporacion Empresarial Roca S.A. in June 2005, Standard &
Poor's had expected Baxi to maintain group performance from
existing operations at a level at least consistent with that
achieved historically.  The challenges faced by the company,
however, have resulted in a 7% and 26% decline in U.K. revenues
and EBITDA, respectively.  This result would have been
considerably worse were it not for good performance from
nonboiler products such as water heaters and spares.  A strong
contribution from Baxi's international operations was also
insufficient to offset the deterioration in U.K. boilers,
leaving the company with weak credit protection metrics overall.
Adjusted funds from operations (FFO) to net debt, after allowing
for Roca's full-year contribution, remains below 10%, while
fully adjusted net debt to EBITDA has increased to more than
5.5x.

"We expect Baxi's financial performance to improve.  
Specifically, we expect the company to post adjusted FFO to net
debt of about 10% to 15% and adjusted net debt to EBITDA of
about 5x by year-end 2006, despite continued challenging
conditions in the U.K. market," Standard & Poor's said.

Failure to achieve this would likely result in further negative
rating actions.
     
Conversely, sustained improvement in cash generation and debt
reduction could have positive rating implications.  Baxi would
need to achieve adjusted FFO to net debt of above 15% and
adjusted net debt to EBITDA of 4x or below to be considered for
an upgrade back to the 'BB-' rating level.


BRITISH AIRWAYS: Reports Preliminary March 2006 Traffic Results
---------------------------------------------------------------
British Airways PLC reported its preliminary traffic results for
March 2006.

In March 2006, passenger capacity, measured in Available Seat
Kilometers, was 2.5 per cent above March 2005.  Traffic,
measured in Revenue Passenger Kilometers, was higher by 1.8 per
cent.  This resulted in a passenger load factor down 0.5 points
versus last year, to 75.2 per cent.  The increase in traffic
comprised a 15 per cent increase in premium traffic and a 0.4
per cent decrease in non-premium traffic.  Cargo, measured in
Cargo Tonne Kilometers, rose by 3.5 per cent.  Overall load
factor fell by 0.2 points to 70.5 per cent.

The timing of Easter this year has benefited premium volumes and
reduced non-premium volumes in March.  This effect will reverse
next month.

For the January to March quarter, ASKs rose by 2.8 per cent,
with RPKs rising by 2.9 per cent.  This resulted in an increase
in passenger load factor of 0.1 points, to 73.1 per cent.  This
comprised a 10.1per cent increase in premium traffic and a 1.6
per cent increase in non-premium traffic.  CTKs rose by 0.9
per cent.

                      Market Conditions

Market conditions remain broadly unchanged as significant
promotional activity is required to maintain seat factors.

                   Strategic Developments

The company disclosed a proposal to clear the GBP1 billion past
service actuarial deficit in its New Airways Pension Scheme.  
The proposal is based on a final salary pension scheme with no
changes to past service benefits or staff contribution rates but
with changes to members' future benefits.  The airline
will make a payment of GBP500 million into NAPS after the
changes are accepted.

The airline announced its two-year business plan to March 2008
to drive down costs and strengthen customer service.  It is
targeting a GBP450 million reduction in costs with GBP225 to be
delivered in each year.  It also included investment of nearly
o200 million in new products.

BA disclosed the restructure of parts of its UK direct sales
operations with the proposed closure of British Airways' Travel
Shops and the airline's Belfast-based customer call center by
August 2006.  The move comes in response to changing customer
behavior and increased sales on its http://www.ba.com/Web site.

The summer 2006 schedule was announced with British Airways'
first ever flights to Tirana in Albania and Varna on Bulgaria's
Black Sea coast.  Four other new destinations from London
Gatwick airport include Reykjavik in Iceland, Izmir in Turkey,
Kiev in the Ukraine and Athens, Greece.

The airline also disclosed a series of service enhancements to
be introduced ahead of its move into Heathrow airport's Terminal
5.  The first change will be launched from April 25, when the
airline introduces self-service check-in for all customers
traveling on UK domestic flights.

                      About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the UK's largest international   
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CONSUMERS TRUST: Hires Francis Treager as English Law Consultant
----------------------------------------------------------------
The Consumers Trust sought and obtained authority from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Francis Tregear QC to advise David Rubin and Henry Lan, the
Receivers for the Debtor, and Lawrence Graham LLP, the Debtor's
special English law counsel.

As reported in the Troubled Company Reporter on Feb. 9, the
Debtor hired Lawrence Graham LLP to represent it in matters
before the High Court of Justice, Chancery Division, in London.

As reported in the Troubled Company Reporter on Mar. 13, Mr.
Tregear is expected to:

   (1) take necessary actions before the High Court with respect
       to tracing and marshaling the Debtor's assets;

   (2) appear before the High Court to prosecute any actions
       against individuals and entities resident in the United
       Kingdom that may arise in connection with the
       administration and management of the Debtor prior to the
       commencement of the chapter 11 case;

   (3) take necessary actions to enforce the automatic stay in
       the United Kingdom or to facilitate the investigation of
       the Debtor's affairs being conducted by the Debtor and
       the Official Committee of Unsecured Creditors, including
       the examination under Rule 2004 of the Federal Rules of
       Bankruptcy Procedure of individuals and entities resident
       in the United Kingdom; and

   (4) advise with respect to the Trust's property and the scope
       and interpretation of the High Court order appointing the
       Receivers, including actions to obtain clarifications or
       augmentation of the order or supplemental orders to
       facilitate the ability of the Receivers and the Debtor to
       carry out their fiduciary duties and obligations under
       the Bankruptcy Code and the order of the High Court.

Mr. Tregear's current standard hourly rate is GBP375 per hour
(approximately $650 per hour).

Under the practices of the United Kingdom, only solicitors may
instruct and compensate barristers.  Accordingly, the Debtor
requests that in lieu of direct payment of fees and expenses
from the Debtor to Mr. Tregear, it be authorized to remit
payments to Lawrence Graham, which, in turn, will compensate Mr.
Tregear.  

This arrangement does not prejudice the Debtor's right or the
right of any other party-in-interest to object to any fees or
expenses to be paid to Mr. Tregear through Lawrence Graham, Mr.
Friedman assures the Court.  

Mr. Tregear assures the Court that he is "disinterested" as the
term is defined in Section 101(14) of the Bankruptcy Code and
that he does not hold any interest adverse to the Debtor.  

Headquartered in London, England, The Consumers Trust filed for
chapter 11 protection on Dec. 5, 2005 (Bankr. S.D.N.Y. Case No.
05-60155).  Jeff J. Friedman, Esq., at Katten Muchin Rosenman
LLP, represents the Debtor in its restructuring efforts.  The
Debtor hired Fraser Milner Casgrain LLP to represent it in its
ancillary proceeding in Canada under the Canadian Companies'
Arrangement Act.  David Rubin & Partners is the Debtor's
financial advisor.  David L. Barrack, Esq., at Fulbright &
Jaworski L.L.P represents the Official Committee of Unsecured
Creditors.  When the Debtor filed for protection from its
creditors, it estimated between $1 million to $10 million in
total assets and more than $100 million in total debts.


DIRECT BINDERS: Creditors' Meeting Set for April 18
---------------------------------------------------
Creditors of Direct Binders & Print Limited (Company Number
03480755) will meet at 10:30 a.m. on, April 18, at:

         4 Shakespeare Road
         London N3 1XE

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 17, to:

         J. Bradney
         S. T. Bennett
         Joint Administrators
         Berg Kaprow Lewis LLP
         35 Ballards Lane,
         London N3 1XW
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121

Direct Binders & Print Limited --
http://www.directbinders.co.uk/-- specializes in digital  
printing and photocopying for all manuals and user guide needs.


DIRECT INSULATED: Names Administrator from Ideal Corporate
----------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited was
appointed administrator of Direct Insulated Renders Limited
(Company Number 03967597) on March 24.  Its registered office is
at 82 Main Street, Frodsham, Cheshire WA6 7AR.

The administrator can be reached at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP

Direct Insulated Renders Ltd can be reached at:

         P.O. Box 66
         Frodsham, Cheshire WA6 7YY


GAZEBO HAIR: Salon Appoints Administrator from Begbies Traynor
--------------------------------------------------------------
D. Bailey of Begbies Traynor was appointed administrator of
Gazebo Hair Salon Limited (Company Number 05146191) on March 21.

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.  

Gazebo Hair Salon Limited operates a hair salon.


H FORD: HSBC Bank Appoints PKF as Administrative Receiver
---------------------------------------------------------
(Liv)

HSBC Bank Plc appointed Jonathan D. Newell and Kerry Bailey of
PKF (UK) LLP joint administrative receivers of H Ford & Sons
Limited (Company Number 01588408) on March 23.  

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

H Ford & Sons Ltd sells food and beverage, including tobacco,
and can be reached at:

         25 Queens St
         Newton-le-Willows
         Merseyside WA12 9AH


HENLYS GROUP: Financial Woes Prompt Liquidation
-----------------------------------------------
Henlys Group PLC is liquidating is assets after members found
out that the company could no longer continue its business due
to financial liabilities.

Geoffrey Paul Rowley, of Vantis PLC, was appointed Liquidator.

Henlys Group PLC can be contacted at:

         Crossroads
         Anston Sheffield
         S25 4ES
         Tel: 01909 551 166


HORIZONS CARE: Alex Kachani Leads Winding Up Process
----------------------------------------------------
Alex Kachani, of Crawfords, was appointed Liquidator for
Horizons Care Ltd., after members decided to wind up the
company's operations on Feb. 24.

Director F. Blyth revealed the company could no longer continue
its operations due to mounting debts.

         Horizon Care Ltd
         Regent House
         Bath Avenue
         Wolverhampton
         WV1 4EG
         Tel: 01902 717 324
         Web: http://www.horizoncare.co.uk/


HYTYME MANAGEMENT: Names Joint Administrators from Vantis
---------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Limited were
appointed joint administrators of Hytyme Management Services
Limited (Company Number 04123571) on March 23.

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -
- http://www.vantisplc.com/-- provides accounting, business and  
tax advisory services in the United Kingdom.


JOURNAL PRINTING: Appoints David Horner & Co Administrator
----------------------------------------------------------
David Anthony Horner of David Horner & Co was appointed
administrator of The Journal Printing Company Ltd (Company
Number 03506140) on March 22.

David Horner & Co. -- http://www.davidhornerandco.co.uk/-- is a  
firm of insolvency practitioners based at three different
locations, which together cover the whole of Yorkshire and the
North East.  It also has offices in York, Doncaster and
Middlesbrough.  The firm offers practical advice and solutions
to all types of businesses, individuals and creditors, often
enabling formal insolvency to be avoided.

The Journal Printing Company Ltd --
http://www.journalprint.co.uk/-- prints magazines, journals,  
directories and brochures.


MAS COMMERCIAL: Claims Filing Period Ends April 25
--------------------------------------------------
MAS Commercial Fitting Services Ltd is liquidating its assets
after members decided to wind up the company's operations on
Feb. 28.

Appointed Liquidator, Helen Timothe Phillips, required creditors
to send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before April 25.

MAS Commercial Fitting Services Ltd can be contacted at:

         Unit 205
         Challenge Road
         Ashford Middlesex
         TW15 1AX
         Tel: 07765 258528
         Fax: 01784 421 966


MMI CREATIVE: Names Begbies Traynor to Administer Assets
--------------------------------------------------------
S. L. Conn and D. Appleby of Begbies Traynor were appointed
administrators of MMI Creative Limited (Company Number 05526033)
on March 24.  Its registered office is at 117-123 King Street,
Knutsford, Cheshire WA16 6EH.

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.  

MMI Creative Limited specializes in providing advertising
services and advertising campaigns.  


NATIONWIDE MORTGAGE: Claims Registration Ends May 23
----------------------------------------------------
Creditors of Nationwide Mortgage Services Ltd have until May 23,
to send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Joint Liquidator J. N. R.
Pitts.

Nationwide Mortgage Services Limited can be reached at:

         208A Ashley Road
         Hale Altrincham Cheshire
         WA15 9SN
         Tel: 0161 929 4296
         Fax: 0161 929 7569


NICHOLSON WARWICK: Begins Winding Up Operations
-----------------------------------------------
Nicholson Warwick Limited is winding up its operations after
members decided to liquidate the company's assets on Feb. 28.

Peter O'Hara, of O'Hara & Co, will lead the winding up
proceedings.

Nicholson Warwick Limited can be contacted at:

         49A Burbage Avenue
         Stratford-Upon-Avon Warwickshire
         CV37 0DU
         Tel: 01789 262 979


OCEAN MANAGEMENT: Taps Administrator from Fisher Partner
--------------------------------------------------------
Stephen M. Katz of Fisher Partners was appointed administrator
of Ocean Management Services Limited (Company Number 04779552)
on March 23.  Its registered office is at Gordon Court,
Millfields, Plymouth, Devon PL1 3JB.

The administrator can be reached at:

         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

Ocean Management Services Ltd offers recruitment consultancy and
audiovisual conference facility service and can be reached at:
01752 268268.


ODS OPTICAL: Appoints Joint Administrators from Vantis
------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis were
appointed joint administrators of ODS Optical Disc Service
Limited (Company Number 04551132) on March 27.

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -
- http://www.vantisplc.com/-- provides accounting, business and  
tax advisory services in the United Kingdom.

ODS Optical Disc Service Ltd markets and sells optical discs and
can be reached at:

         Unit 20
         Upper Ground
         London SE1 9PQ
         Tel: 020 7960 4100
         Fax: 0870 9223988


PAN SECURITY: Creditors Affirm Voluntary Liquidation
----------------------------------------------------
Creditors of Pan Security International Limited affirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company on Feb. 23.

Creditors also ratified the appointment of Alistair Steven Wood,
of Mazars LLP, as Liquidator.

Pan Security International Limited can be reached at:

         1677A High Street
         Knowle Solihull West Midlands
         B93 0LL
         Tel: 0121 780 0600


QUESTRELAY LIMITED: Members Resolve to Company's Liquidation
------------------------------------------------------------
Members of Questrelay Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 23.

They appointed Allan Cooper and John Russell, both of The P&A
Partnership, as Joint Liquidators.

Quest Relay Limited can be contacted at:

         Unit 50
         Clayton Square Shopping Centre
         Liverpool Merseyside
         L1 1QR
         Tel: 0151 707 1159
         Fax: 0151 707 1079


RANK GROUP: Repurchases 305,786 Shares for Cancellation
-------------------------------------------------------
The Rank Group Plc purchased 305,786 ordinary shares of 10 pence
in the Company on April 5, for cancellation at an average price
of 239.97 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.


RAY BOYNTON: Members Pass Winding Up Resolution
-----------------------------------------------
Ray Boynton Limited is liquidating its assets after members
passed a resolution to wind up the company's operations on
Feb. 27.

Lisa Hogg and David Elliot, of Wilson Field, will jointly
liquidate the company's assets.

Ray Boynton Limited can be reached at:

         916 Herries Road
         Sheffield South Yorkshire
         S6 1QW
         Tel: 0114 249 7777
         Fax: 0114 249 1266


SCANMODULE LIMITED: Joint Liquidators Take Over Operations
----------------------------------------------------------
John Russel and Andrew Philip Wood, of The P&A Partnership, were
appointed Joint Liquidators of Scanmodule Limited after members
decided to liquidate the company's assets on Feb. 28.

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

Scanmodule Limited can be reached at:

         The Old Airfield
         Belton Road
         Sandtoft Doncaster South Yorkshire
         DN8 5SX
         Fax: 01724 710 188


SCORPIO PRINT: Taps Joint Administrators From BDO Stoy Hayward
--------------------------------------------------------------
Charles MacMillan and Toby Underwood of BDO Stoy Hayward LLP
were appointed joint administrators of Scorpio Print Finishing
Limited (Company Number 03681877) on March 22.

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.

Scorpio Print Finishing Ltd offers bookbinding and finishing
service and can be reached at:

         Pudsey
         West Yorkshire
         LS28 6QW
         Tel: 0113-2 058400


SELECT FRANCE: Meeting of Creditors Set for April 12
----------------------------------------------------
Creditors of Select France Limited (Company Number 00672031)
will meet at 10:30 a.m., on April 12, at:

         One Victoria Street
         Bristol BS1 6AA

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:

         G. D. Randall
         Joint Administrator
         BDO Stoy Hayward
         Fourth Floor
         One Victoria Street
         Bristol BS1 6AA

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.

Select France Ltd can be reached at:

         Kidlington Road
         Islip, Kidlington
         Oxfordshire
         OX5 2RE
         Tel: 01865331350
         Fax: 01861137222


SOUTHBROOK CIVIL: Liquidator Sets April 28 Claims Bar Date
----------------------------------------------------------
Members of Southbrook Civil Engineering Ltd passed a resolution
to wind up the company on March 1.

Appointed Liquidator, Stephen James Hobson, of Francis Clark,
required creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before April 28.

Southbrook Civil Engineering Ltd can be reached at:

         Commercial Yard
         East Burton Road
         Wool Wareham Dorset
         BH20 6HG
         Tel: 01929 405 055
         Fax: 01929 405 544


TRANSOL EXPRESS: Names Armstrong Watson to Administer Assets
------------------------------------------------------------
M. C. Kienlen of Armstrong Watson was appointed administrator of
Transol Express Freight Limited (Company Number 04260305) on
March 17.  Its registered office is at 2 Church Court, Morley,
Leeds LS27 9TN.

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

Transol Express Freight Ltd can be reached at:

         Unit 2A/Blackhall Colliery Industrial Estate
         Hackworth Road
         Hartlepool
         Cleveland TS27 4EL
         Tel: 0191 586 0783  
         Fax: 0191 586 0833


VISION WORKSHOP: Calls in Joint Administrators from CBA
-------------------------------------------------------
Neil Richard Gibson and Mark Grahame Tailby of CBA were
appointed joint administrators of Vision Workshop Limited
(Company Number 03899772) on March 27.

CBA -- http://www.cba-insolvency.co.uk/-- is a small compact  
group of experts specializing only in the fields of corporate
and personal insolvency.

Vision Workshop Ltd can be reached at:

        13 University Road
        Leicester, LE1 7RA
        Tel: 0116-262-9525

                           *********

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
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Information contained herein is obtained from sources believed
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