TCREUR_Public/060410.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, April 10, 2006, Vol. 7, No. 71     

                            Headlines


F R A N C E

ALCATEL SA: Thales to Buy Satellite Units in Stock & Cash Deal
ALCATEL S.A.: Earns EUR971 Million in Year Ended 2005


G E R M A N Y

AUTOHAUS HANKENSBUETTEL: Claims Registration Ends April 13
BERNHARD PICKER: Creditors' Meeting Slated for May 4
DUESSELDORFER HYPOTHEKENBANK: Fitch Affirms Individual C Rating
ERGE GMBH: Claims Registration Ends April 13
FLUGBORSE M.G.: Claims Registration Ends April 13

HERMANN FELDMANN: Claims Registration Ends April 13
HOFMANN-LICHT: Creditors' Meeting Slated for May 4
LOGISTIK TRANSPORTE: Claims Registration Ends April 13
MURAT INDUSTRIEMONTAGEN: Claims Registration Ends April 13
PFLEIDERER AG: Plans to Raise EUR205.4 Million in Equity Sale

PFLEIDERER AG: Confirms Positive Outlook for 2006
TEAM TEC: Creditors' Meeting Slated for April 13
VITONA CHEMIEHANDEL: Claims Registration Ends April 13


I T A L Y

BANCA NAZIONALE: BNP Completes Equity Deal with 50.4% Stake
IT HOLDING: Group Posts EUR18.7 Million Net Loss
PARMALAT SPA: Board Approves Draft 2005 Financial Statements


K A Z A K H S T A N

AKBOTA: Creditors Must File Claims by April 16
ASEM: Creditors Must File Claims by April 16
BAYKALENERGOMARKET: Creditors Must File Claims by April 16
BIG'S: Creditors Must File Claims by April 16
DOSTYK: Ost Kazakhstan Court Opens Bankruptcy Proceedings

GAGSA OIL: Atyrau Court Opens Bankruptcy Proceedings
IRTYSH-LTD 2030: Creditors Must File Claims by April 16
JUSTAS: Creditors Must File Claims by April 16
NOOK: Creditors Must File Claims by April 16
SARY SUU: Akmola Court Opens Bankruptcy Proceedings


N E T H E R L A N D S

KONINKLIJKE AHOLD: Argentina Nixes Disco's US$350-Mln Tax Claims
NEW SKIES: Moody's Upgrades Sr. Unsecured Bond at B1 From B3
SENSATA TECHNOLOGIES: Moody's Assigns B2 Corporate Family Rating


P O L A N D

NETIA SA: Supervisory Board Names Jon Eastick CFO


R U S S I A

ASTASHKOVSKIY MEAT: Tver Court Begins Bankruptcy Process
BELGOROD-SEL-KHOZ-ENERGO: Declared Insolvent by Belgorod Court
BELOVSKIY SUGAR: Bankruptcy Hearing Set for June 21
KARABANOVSKIY TEXTILE: Court Names G. Rabina Insolvency Manager
KURILOVSKOYE: Bankruptcy Hearing Set for June 20

LADYINO: Court Appoints O. Akinshin Insolvency Manager
MAGISTRAL: Bankruptcy Hearing Set for April 18
ROSNEFT: Names Ex-Morgan Stanley's Peter O'Brien as Finance Head
ROSNEFT: Sets Up New Drilling Company to Consolidate Units
SEL-KHOZ-KHIMIYA: Claims Filing Period Ends April 27

SOBOLEVSKOYE: Proofs of Claim Slated for April 27
ZAVIDOVO-FELT: Deadline for Proofs of Claim Set for April 27


U K R A I N E

AGROPROGRES: Sumi Court Opens Bankruptcy Proceedings
AGROTEH: Lugansk Court Opens Bankruptcy Proceedings
CHUGUYIV' FUEL: Harkiv Court Opens Bankruptcy Proceedings
KALINIVKA' MACHINE: Vinnitsya Court Opens Bankruptcy Proceedings
LOTASH: Court Appoints Ludmila Buchinska to Liquidate Assets

STALPROM: Dnipropetrovsk Court Opens Bankruptcy Proceedings
TERRA-UKRAINA: Kyiv Court Opens Bankruptcy Proceedings
UKRAGROREZERV: Vinnitsya Court Opens Bankruptcy Proceedings
VOLODIMIRETSKIJ RAJAGROHIM: Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

A A ELECTROPLATERS: Members Pass Winding Up Resolution
A G MODELS: Creditors Confirm Voluntary Liquidation
AUTOTECH LIMITED: Taps Nedim Ailyan to Liquidate Assets
BATH & GLASSWORKS: Members Resolve to Wind Up Operations
BIFROST INVESTMENTS: Fitch Cuts EUR75MM Class 10D Rating to BB+

BOOTSTRAP ENTERPRISES: Taps Peter Gotham to Liquidate Assets
CAPITAL EVENT: Creditors Affirm Voluntary Liquidation
CRAEGMOOR FUNDING: Fitch Downgrades GBP42.2 Million FRNs at BB-
D GARSIDE: Winds Up Operatins & Appoints Liquidator
GOODYEAR TIRE: Closing UK Tire Factory to Cut Global Costs

TYNEMOUTH WINDOWS: Members Agree to Liquidation
WARSHIP PRESERVATION: Financial Woes Prompt Winding Up Process
WHITTAKER COACHBUILDERS: Joint Liquidators Take Over Operations

                            *********

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


ALCATEL SA: Thales to Buy Satellite Units in Stock & Cash Deal
--------------------------------------------------------------
The Board of Thales SA approved the acquisition in principle of
Alcatel SA's satellite subsidiaries, its railway signaling
business and its integration and services activities for
mission-critical systems.

This transaction would primarily consist of the contribution of
assets and would give way to:

   -- an issuance of 26.67 million Thales shares in favor of
      Alcatel, subject to the vote of Thales' Shareholders
      General Meeting;

   -- a cash payment of EUR673 million payable by Thales to
      Alcatel upon closing of the transaction.

Alcatel would strengthen its position as the reference
shareholder of Thales, with a 21.6% stake, while Groupe
Industriel Marcel Dassault would keep its 5% share and the
French state would remain the majority shareholder with 27.1%.  
With this transaction, the industrial and commercial partnership
between Alcatel and Thales would be strengthened.  

The transaction primarily consists of the contribution of these
assets:

   a) In the Space sector
  
      -- Alcatel's 67% stake in the capital of Alcatel Alenia
         Space, a worldwide leader in the construction of
         satellites for both civil and military use,
         particularly for communications satellite operators,
         the armed forces and institutional European bodies such
         as ESA, the CNES and ASI.

         This Joint Venture company, created in 2005, is the
         result of the grouping together of Alcatel's and          
         Finmeccanica's relevant assets, the latter holding 33%
         stake.

      -- Alcatel's 33% share in the capital of Telespazio,
         worldwide leader in satellite services, jointly held at
         67% by Finmeccanica.

   b) In the Critical Security systems domains

      -- The Transport Systems activities, a worldwide leader in
         signaling solutions for rail transport and urban
         metros.

      -- Systems Integration activities not dedicated to
         telecoms operators, and covering mainly the transport
         and energy sectors.

The total revenues of these activities, based on 2005 results,
amounted to EUR2 billion.  The workforce represents
approximately 11,000 people, mainly in France, Germany, Italy
and Canada.

An additional fee could be paid by Thales at the beginning of
2009 on the basis of the value of the 67% share in Alcatel
Alenia Space as determined by a mandated expert.

This project is subject to the approval of Alcatel's Board of
directors within the framework of its proposed merger with
Lucent Technologies, Inc., as well as the approval of its
partner in satellite activities, Finmeccanica.  The transaction
will be further subjected to regulatory approvals.

The closing of this transaction is scheduled for the second half
of 2006.

                          About Thales

Established in France more than a century ago, Thales SA is a
global electronics company serving Aerospace, Defence, and
Security & Services markets worldwide.

With operations in more than 30 countries and 60,000 employees,
the Thales Group generated EUR10.3 billion in revenues in 2004.

                         About Alcatel

Headquartered in Paris, France, Alcatel --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                        *     *     *

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

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


ALCATEL S.A.: Earns EUR971 Million in Year Ended 2005
-----------------------------------------------------
Alcatel S.A., delivered its financial results for the fiscal
year ended Dec. 31, 2005, under Form 20-F to the U.S. Securities
and Exchange Commission on March 31, 2006.

Alcatel reported a EUR971 million net income on EUR4.63 billion
in gross profit for the 12-month ended Dec.31, 2005, compared to
a EUR645 million net income on a EUR4.61 billion gross profit in
2004.

At Dec. 31, 2005, Alcatel's balance sheet showed EUR21.11
billion in total assets, EUR14.4 billion in total liabilities
and EUR6.71 billion in shareholders' equity.

               Highlights of Transactions for 2005

On March 17,2005, Alcatel completed the acquisition of Native
Networks, Inc., a provider of optical Ethernet transport
solutions, for US$55 million in cash.  On March 16, the company
sold their shareholding in Nexans, representing 15.1% of Nexan's
share capital, through a private placement.

On March 15, 2005, the company amended the existing syndicated
revolving EUR1.3 billion credit facility by extending the
maturity date from June 2007 to June 2009, with a possible
extension until 2011, eliminating one of the two financial
covenants, reducing the cost of the facility and reducing the
overall amount to EUR1 billion.

Alcatel completed the sale of their electrical power business to
Ripplewood, a US private equity firm, on Jan. 26, 2005.

On April 11, 2005, Moody's upgraded to Bal from Ba3 the ratings
for Alcatel's long-term debt on the basis of cost savings
achieved by the company and their balance sheet strength.

On July 1, 2005, Alcatel completed the merger of their space
activities with those of Finmeccanica, S.p.A., an Italian
aerospace and defense company, through the creation of two
sister companies.  Alcatel owns approximately 33%, and Alenia
Spazio, a unit of Finmeccanica, owns approximately 33%, of the
first company, Alcatel Alenia Space, that combines their
respective industrial space activities.  

Finmecca owns approximately 67%, and Alcatel own approximately
33%, of the second company, Telespazio Holding, which combines
their respective satellite operations and service activities.

In July 2005, Alcatel exchanged 45% shareholding in their joint
venture with TCL Communication Technology Holdings Limited for
shares of TCL Communication, which resulted in TCL Communication
owning all of the joint venture company and Alcatel owning
141,375,000 shares of TCL Communication.

A full-text copy of Alcatel SA's 2005 Annual Report is available
at no charge at http://ResearchArchives.com/t/s?7a6

                          About Alcatel

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

                        *     *     *

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

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


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


AUTOHAUS HANKENSBUETTEL: Claims Registration Ends April 13
----------------------------------------------------------
Creditors of Autohaus Hankensbuettel GmbH i.G. have until
April 13, to register their claims with court-appointed
provisional administrator Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Gifhorn
         Saal 114
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

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

The Debtor can be contacted at:

         Autohaus Hankensbuettel GmbH i.G.
         Schmiedestr. 4
         29386 Hankensbuettel
         Attn: Klaus Becker, Manager
         Heubergerstr. 27
         22145 Hamburg
         Heinz Carsten Meyer, Manager
         Wittinger Str. 10
         29392 Wesendorf
         Germany

The administrator can be contacted at:

         Torsten Gutmann
         Zum blauen See 5
         31275 Lehrte
         Germany


BERNHARD PICKER: Creditors' Meeting Slated for May 4
----------------------------------------------------
Court-appointed provisional administrator for Bernhard Picker
Bauunternehmung GmbH, Dirk Hammes, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:45 a.m., on May 4.

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

         The District Court of Kleve
         Sitzungssaal C 58
         Schlossberg 1
         47533 Kleve
         Germany

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

The District Court of Kleve opened bankruptcy proceedings
against Bernhard Picker Bauunternehmung GmbH on March 13.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Bernhard Picker Bauunternehmung GmbH
         Attn: Bernhard Picker, Manager
         Antoniterstr. 76
         47551 Bedburg-Hau
         Germany

The administrator can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany


DUESSELDORFER HYPOTHEKENBANK: Fitch Affirms Individual C Rating
---------------------------------------------------------------
Fitch Ratings affirmed Germany's Duesseldorfer Hypothekenbank
AG's ratings at Issuer Default BBB+, Short-term F2, Support 5
and Individual C.  The Outlook remains Stable.

DHB's public sector Pfandbriefe are rated AAA.  The rating
action follows the announcement that DHB and Bankhaus Bauer AG
will merge their operations.

"There are moderate synergies to be gained from combining the
banks' secondary market public sector finance businesses and
fixed-income investments, where Bank Bauer could benefit from
DHB's size and experience in this area and its lean cost
structure," disclosed Sabine Bauer in Fitch's Financial
Institutions team.

On a pro-forma basis, total risk weighted assets of the combined
entity would be around EUR3 billion at end-2005, of which 90%
relates to DHB.  DHB's credit risk profile has been gradually
increasing due to its small, albeit growing, real estate loan
book and a shift into higher foreign sovereign risks.  Fitch
will monitor the combined entity's credit risk profile.

Nevertheless, the affirmation reflects Fitch's view that the
transaction shall not materially increase DHB's risk profile
while the regulatory capital ratios of the new entity are
expected to be stronger.  Based on end- 2005 figures, Fitch
estimates the Tier 1 ratio at 9.2% and after adjusting for the
EUR20 million capital increase at DHB in Q106, the ratio would
be around 10%.  

The transaction will strengthen DHB's influence and outreach to
Bank Bauer, and Fitch expects DHB's management board to retain
sufficient independence despite the 100% private ownership.  
Fitch notes the main challenge in integrating Bank Bauer's
private banking and wealth management operations is the
retention of Bank Bauer's affluent clients.

The transaction is subject to the approval by the banks'
extraordinary general meetings within the next weeks.  It will
become effective retrospectively from Jan. 1, 2006.  DHB will
transfer its 33% stake in Bank Bauer at book value to a holding
company of the Schuppli Group, which owns the remaining 67% in
Bank Bauer.  This will be followed by a transfer of operations
of Bank Bauer to DHB.

DHB is a privately owned Pfandbriefbank and subject to the
restrictions of the Pfandbrief legislation.  It has focused on
secondary markets public sector lending from its inception and
employed 47 staff as at end-2005.  The improved operating return
on equity at 12.3% in 2005 reflects lower write-offs on
Argentinean debt; these positions have materially burdened DHB's
profitability since 2001.  The Schuppli family founded DHB in
1997.

Bank Bauer was founded in 1931 and has been 100%-owned by the
Schuppli group since 2001.  The bank focuses on private banking
and wealth management.  Its loan book, which is mostly
residential mortgage lending, amounted to EUR90 million at end-
2005 while assets under management stood at EUR700 million at
end-2005.  Market risk appears to be low with a VaR of 5% of
equity at end-2005.  It employed 53 staff at end-2005.


ERGE GMBH: Claims Registration Ends April 13
--------------------------------------------
Creditors of ERGE GmbH Elektromaschinen und -aggregatebau have
until April 13, to register their claims with court-appointed
provisional administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 4, 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 Kleve
         Sitzungssaal C 58
         Schlossberg 1
         47533 Kleve
         Germany

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 Kleve opened bankruptcy proceedings
against ERGE GmbH Elektromaschinen und -aggregatebau on
March 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ERGE GmbH Elektromaschinen und -aggregatebau
         Eichenstr. 30
         47665 Sonsbeck
         Attn: Dr. Hans-Juergen Sieber, Manager
         Bienenweg 33
         35764 Sinn
         Germany

The administrator can be contacted at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany


FLUGBORSE M.G.: Claims Registration Ends April 13
-------------------------------------------------
Creditors of FLUGBORSE M.G. REISEN GmbH have until April 13, to
register their claims with court-appointed provisional
administrator Hartmut Wiesinger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Saal 12
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The District Court of Detmold opened bankruptcy proceedings
against FLUGBORSE M.G. REISEN GmbH on March 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Flugborse M.G. Reisen GmbH
         Attn: Manfred Gerke, Manager         
         Meierstr. 19
         32756 Detmold
         Germany
         
The administrator can be contacted at:

         Hartmut Wiesinger
         Gerichtsstr. 12
         32791 Lage
         Tel: 05232/9540-0
         Fax: 05232/9540-40
         Germany


HERMANN FELDMANN: Claims Registration Ends April 13
---------------------------------------------------
Creditors of Hermann Feldmann Bauunternehmung GmbH have until
April 13, to register claims with court-appointed provisional
administrator Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 15, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Saal 12
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The District Court of Detmold opened bankruptcy proceedings
against Hermann Feldmann Bauunternehmung GmbH on Feb. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hermann Feldmann Bauunternehmung GmbH
         Industriestr. 46
         33818 Leopoldshohe
         Germany
         
The administrator can be contacted at:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany
         Tel: 0521 / 96623000
         Fax: 0521 / 96623310


HOFMANN-LICHT: Creditors' Meeting Slated for May 4
--------------------------------------------------
Court-appointed provisional administrator for Hofmann-Licht
GmbH, Diana Aurich, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at 9:05
a.m., on May 4.

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

         The District Court of Offenbach am Main
         Saal 166N
         1. OG
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The District Court of Offenbach am Main opened bankruptcy
proceedings against Hofmann-Licht GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Hofmann-Licht GmbH
         Darmstadter Str. 23
         63225 Langen
         Attn: Heinz Hofmann, Manager
         Weissdornweg 38
         63225 Langen
         Germany

The administrator can be reached at:

         Diana Aurich
         Josef-Schmitt-Str. 10
         97922 Lauda-Konigshofen
         Tel: 09343/2065
         Fax: 09343/3833
         Germany


LOGISTIK TRANSPORTE: Claims Registration Ends April 13
------------------------------------------------------
Creditors of Logistik Transporte Dortmund GmbH have until
April 13, 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 11:05 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 Dortmund
         Saal 3.201
         II. Etage
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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 Logistik Transporte Dortmund GmbH on Feb. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Logistik Transporte Dortmund GmbH
         Mooskamp 20
         44359 Dortmund
         Attn: Barbel Babst, Manager
         Varziner Strasse 96
         44369 Dortmund
         Michael Latuseck, Manager
         Stengelweg 3
         44265 Dortmund
         Germany
         
The administrator can be contacted at:

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


MURAT INDUSTRIEMONTAGEN: Claims Registration Ends April 13
----------------------------------------------------------
Creditors of Murat Industriemontagen GmbH have until
April 13, to register their claims with court-appointed
provisional administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on April 21, 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 Muenster
         Sitzungssaal Saal 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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 Muenster opened bankruptcy proceedings
against Murat Industriemontagen GmbH on March 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Murat Industriemontagen GmbH
         Dast 1
         49545 Tecklenburg
         Attn: Murat Feyruz, Manager
         Raiffeisenstr. 7
         49525 Lengerich
         Germany
                  
The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany


PFLEIDERER AG: Plans to Raise EUR205.4 Million in Equity Sale
-------------------------------------------------------------
The Board of Management of Pfleiderer AG resolved on March 27,
to increase the subscribed capital of Pfleiderer AG by a total
of EUR27,241,216, divided into 10,641,100 no-par value shares.

The shareholders of Pfleiderer AG will be offered the new shares
at a ratio of 4 to 1.  For every four old shares, shareholders
of Pfleiderer AG are entitled to subscribe to one new share with
dividend rights as of fiscal 2005.  The subscription price is
EUR19.30.

The subscription offer was published on March 28.  The two-week
subscription period started on March 29, and is expected to end
on Tuesday, April 11.  The Company expects gross proceeds of
EUR205.4 million as a result of the capital increase.  

The Joint Lead Managers are HVB Corporates & Markets (Global
coordinator and sole bookrunner) and Berenberg Bank.  The new
shares will be included into the existing quotation on April 12.

The Joint Lead Managers have contractually committed themselves
to subscribe to and fully underwrite the capital increase at
usual market conditions.

The Company intends to use the capital increase to improve its
equity base and financial structure, enabling it to further
expand its international activities and giving it greater
flexibility to extend its operations.

Headquartered in Neumarkt, Germany, Pfleiderer AG manufactures
engineered woods and infrastructure products through its
subsidiaries.  The Company produces wood-based panels for
furniture and interior fittings, track systems for urban and
intercity rail networks, and a range of poles and towers for
energy and commercial infrastructures.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 16,
Fitch Ratings affirmed Germany-based Pfleiderer AG's Issuer
Default Rating at BB and Short-term rating at B.  Fitch said the
Outlook is Stable.


PFLEIDERER AG: Confirms Positive Outlook for 2006
-------------------------------------------------
The Board of Management of MDAX-listed Pfleiderer AG confirmed
growth goals for fiscal 2006.

The 2005 targets have been greatly exceeded, following a highly
successful year of business for the Group.  Including sales
revenues from the Kunz Group -- first consolidated in December -
- Group revenues rose to EUR830.5 million.  That puts revenues
well up compared to EUR766.9 million euros in 2004.

The EBITDA result (earnings before interest, taxes, depreciation
and amortization) reflects the sustained growth in the
engineered wood markets, on which the Pfleiderer Group is now
concentrating exclusively.  Compared to the previous year,
EBITDA rose by 31.2% to EUR100.6 million, putting it well above
target.  The EBITDA margin for the Group rose correspondingly to
12.1%.

Pre-tax earnings for continuing operations vastly improved,
rising by 70.6% to EUR31.9 million.  This result underlines the
Group's strengthened earnings power.  In line with this, the EBT
margin for continuing operations rose from 2.4% to 3.8%.

Net indebtedness for the Pfleiderer Group came to EUR627.5
million for fiscal 2005.

Due to the acquisition of the Kunz Group on Dec. 1, 2005, this
figure, as planned, was higher at balance sheet closing date on
Dec. 31, 2005, than in 2004's EUR177.0 million euros.

At the shareholders' meeting on June 13, 2006, the Board of
Management and the Supervisory Board will be proposing that the
Company pay a dividend of 0.15 euros per share.

The Pfleiderer Group has now virtually completed its process of
strategic realignment, turning it into a focused major
manufacturer of engineered wood producers operating
internationally.  

With production sites in Western Europe and the dynamically
growing markets of North America and Eastern Europe, the Group
is looking forward to further positive growth in business in
2006.  Bearing in mind how the engineered wood markets in
Eastern Europe and North America are expected to develop, and
given the increased production capacity available, management
expects the Pfleiderer Group to improve its revenue and earnings
positions overall during fiscal 2006.  Consolidation of the
Business Unit Kunz for the full 12 months for the first time,
with its operations in Germany and North America, will make a
major contribution to the Pfleiderer Group developing
positively.

In view of this, the Board of Management of Pfleiderer AG is
confirming its goals for the full fiscal 2006, with revenues
expected to come to around EUR1.4 billion and EBITDA to reach at
least EUR200 million.  An average EBITDA margin of 14.3% is also
being targeted.

Headquartered in Neumarkt, Germany, Pfleiderer AG manufactures
engineered woods and infrastructure products through its
subsidiaries.  The Company produces wood-based panels for
furniture and interior fittings, track systems for urban and
intercity rail networks, and a range of poles and towers for
energy and commercial infrastructures.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 16,
Fitch Ratings affirmed Germany-based Pfleiderer AG's Issuer
Default Rating at BB and Short-term rating at B.  Fitch said the
Outlook is Stable.


TEAM TEC: Creditors' Meeting Slated for April 13
------------------------------------------------
Court-appointed provisional administrator for Team Tec GbR, Dr.
Bjorn Gehde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:05 a.m., on
April 13.

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
         Germany

The Court will also verify the claims set out in the
administrator's report at 10:05 a.m., on July 20, at the same
venue.

Creditors have until May 24, to register claims with the court-
appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Team Tec GbR on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Team Tec GbR
         Kiefholzstr. 393
         12435 Berlin
         Germany

The administrator can be reached at:

         Dr. Bjorn Gehde
         Goethestr. 85
         10623 Berlin
         Germany
         E-mail: gehde@hilgers-partner.de


VITONA CHEMIEHANDEL: Claims Registration Ends April 13
------------------------------------------------------
Creditors of VITONA Chemiehandel GmbH have until
April 13, to register their claims with court-appointed
provisional administrator Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg
         Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against VITONA Chemiehandel GmbH on Feb. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         VITONA Chemiehandel GmbH
         Attn: Hans-Dieter Boegel, Manager
         Kronprinzenstrasse 54
         22587 Hamburg
         Germany
         E-mail: vitona@aol.com
                  
The administrator can be contacted at:

         Jens-Soren Schroder
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: 334460
         Fax: 33446111


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


BANCA NAZIONALE: BNP Completes Equity Deal with 50.4% Stake
-----------------------------------------------------------
BNP Paribas acquired on April 5, 4.93% of Banca Nazionale del
Lavoro SpA's share capital, which takes its stake in BNL to
50.4%.

This acquisition completes the transaction entered into on
Feb. 2, with a group of BNL's shareholders.

                      About BNP Paribas

BNP Paribas is one of the largest foreign banks in Italy, with a
leading and longstanding presence in retail financial services,
a well-established position in asset management and services,
and the status of a top tier player in corporate and investment
banking. It employs more than 3,700 people and generates
revenues in excess of EUR750 million.

                         About BNL

Banca Nazionale del Lavoro is the sixth largest Italian bank in
terms of deposits and loans.  Its network offers nation-wide
coverage via approximately 800 branches covering all major urban
areas.  It serves around 3 million retail customers, 39,000
corporate clients, and 16,000 public entities.

                        *     *     *

Fitch Ratings recently upgraded Banca Nazionale del Lavoro's
(BNL) Individual rating to 'C' from 'C/D' following the
announcement on the planned merger with BNP Paribas.


IT HOLDING: Group Posts EUR18.7 Million Net Loss
------------------------------------------------
IT Holding S.p.A.'s Board of Directors approved the consolidated
and separate financial statements ending Dec. 31, 2005.  

IT Holding Group posted consolidated net revenues of EUR676
million from EUR709.9 million of net revenues in 2004.  The
Group's net loss rose to EUR18.7 million from an EUR11.2
recorded net loss in 2004.

EBITDA at EUR110.1 million, saw over 1% increase from EUR106
million EBITDA in 2004.  This increase is primarily due to the
disposal of the eyewear business in October 2004.  On a like-
for-like basis, consolidated EBITDA for 2005, as a percentage of
revenues, remained substantially in line with the result
recorded in the previous year and confirms the focus the Group
is progressively placing on its owned brands.

Net financial debt decreased to EUR307.4 million ending 2005
from EUR324.3 million in 2004.

At Dec. 31, 2005, IT Holding Group's balance sheet showed
EUR698.70 million in total assets, EUR568.40 million in total
liabilities and EUR130.3 million in shareholders equity.

                  Parent Co.'s Financials

The Board of Directors also approved the financial statements of
the parent company, IT Holding S.p.A.  The parent company's
activities consist primarily in strategy setting and
coordinating activities for the Group.  IT Holding S.p.A.
recorded revenues amounting to EUR8.7 million at Dec. 31, 2005,
from EUR8.8 million in Dec. 31, 2004 and a net loss amounting to
EUR33.8 million from the EUR7 million net loss in 2004.  No
dividends are expected to be distributed.

At Dec. 31, 2005, IT Holding S.p.A.'s balance sheet showed
EUR306.6 million in total assets, EUR230.6 million in total
liabilities and EUR76 million in net equity.

Chairman and Chief Executive Officer of IT Holding S.p.A.,
Tonino Perna disclosed, "The results for the year 2005 and the
first indications for 2006 confirm the validity of our strategy
to focus on the development and enhancement of two brands such
as Ferre and Malo, which will permit us to further strengthen
our position within the production and distribution of luxury
apparel and accessories."

"The signs of growth coming from the major Western economies,
the constant growth of emerging markets, in which our Group is
present, together with the continued increase in notoriety of
our brands permits us to be optimistic about the future.  In
2006 we estimate the increase in revenues will be in the order
of 4% and expect to further improve both profitability and
cashflows," he concluded.

Full-text copies of IT Holding's financial statements for the
year ended Dec. 31, 2005, are available at no charge at:
http://ResearchArchives.com/t/s?7a4

Headquartered in Italy, IT Holding S.p.A. --
http://www.itholding.it/-- is one of the leading players in the  
luxury goods sector, and controls a group of companies that
design, produce and distribute high-quality products under owned
brands - Ferre, Malo, Exte - as well as under license agreements
- D&G, Versus, Versace Jeans Couture, Just Cavalli, C'N'C
Costume National.  Worldwide distributing network includes 29
directly operated stores, 111 other mono-brand stores and over
4,000 highly-selected department and specialty stores.  IT
Holding has over 1,700 employees. It went public on November
1997 and its shares are traded on Milan Stock Exchange.

                        *     *     *

Earlier, Standard & Poor's Ratings Services said its B- long-
term corporate credit rating on Italian fashion company
IT Holding S.p.A. remains on CreditWatch with negative
implications, where it was placed on July 28, 2005.

At the same time, Standard & Poor's lowered its rating on the
senior secured debt issued by IT Holding Finance S.A. and
guaranteed by ITH to CCC+ from B-, reflecting an increase in
prior-ranking debt in ITH's capital structure.  The rating also
remains on CreditWatch with negative implications, where it was
placed on July 28, 2005.


PARMALAT SPA: Board Approves Draft 2005 Financial Statements
------------------------------------------------------------
The Board of Directors of Parmalat S.p.A. examined and approved  
the Draft Consolidated Financial Statements of the Group and the  
Company's Draft Financial Statements for the 2005 fiscal year.

Throughout 2005, the Group continued to develop its  
activities in accordance with the strategic plan aimed at both  
growth in business volumes and at cost control, particularly  
concentrating its product portfolio on the "milk and derivates"  
and "fruit drinks" markets, focusing on products with high added  
value and strong innovative content, such as the "functional"  
ones.

Parmalat's 2005 pro-forma results showed a consolidated net
profit of EUR45.3 million on EUR3.876 billion of revenues, a
marked contrast to its 2004 unaudited figures of EUR173.2
million in consolidated net loss on EUR3.732 billion of net
sales.

The group's net financial debt also fell from EUR541.9 million
in 2004 to EUR369.3 million in 2005.  

Parmalat said that in the absence of "extraordinary non-
recurring events, of changes in the group's structure or
fluctuations in foreign exchange rates," it foresees an improved
EBITDA and net profit.  

The group added, "Considering the performance registered during
the first two months of the current year, such improvement could
be significant."

Parmalat S.p.A.'s 2005 pro-forma results can be viewed at
http://researcharchives.com/t/s?79e

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.  (Parmalat Bankruptcy News, Issue No. 70;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


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


AKBOTA: Creditors Must File Claims by April 16
----------------------------------------------
LLP Akbota has declared insolvency.  Creditors have until
April 16, to submit written proofs of claim to:

         Kokshetau, Factory 2
         Akmola Region
         Kazakhstan
         Tel: 8 (3172) 25-64-72


ASEM: Creditors Must File Claims by April 16
--------------------------------------------
LLP Asem has declared insolvency.  Creditors have until
April 16, to submit written proofs of claim to:

         Otegen batyr, Kalinina Str. 6
         Iliiskyi District
         483331 Almaty Region
         Kazakhstan
         Tel: 8 (252) 2-23-52


BAYKALENERGOMARKET: Creditors Must File Claims by April 16
----------------------------------------------------------
LLP Baykalenergomarket has declared insolvency.  Creditors have
until April 16, to submit written proofs of claim to:

         Molodegnya Str. 2a, Office 204
         Almaty
         Kazakhstan

BIG'S: Creditors Must File Claims by April 16
---------------------------------------------
LLP Big's has declared insolvency.  Creditors have until
April 16, to submit written proofs of claim to:

         Otegen batyr, Kalinina Str. 6
         Iliiskyi District
         483331 Almaty Region
         Kazakhstan
         Tel: 8 (252) 2-23-52

DOSTYK: Ost Kazakhstan Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Ost Kazakhstan
Region commenced bankruptcy proceeding against LLP Dostyk on
Feb. 3, 2006.


GAGSA OIL: Atyrau Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced bankruptcy proceeding against LLP Gagsa Oil.


IRTYSH-LTD 2030: Creditors Must File Claims by April 16
-------------------------------------------------------
LLP Baykalenergomarket has declared insolvency.  Creditors have
until April 16, to submit written proofs of claim to:

         Kenesary Str. 48
         Astana
         Kazakhstan


JUSTAS: Creditors Must File Claims by April 16
----------------------------------------------
LLP Justas has declared insolvency.  Creditors have until
April 16, to submit written proofs of claim to:

         Energeticheskyi, Lenina Str. 30
         Iliiskyi District
         Almaty Region
         Kazakhstan
         Tel: 8 (252) 2-23-52


NOOK: Creditors Must File Claims by April 16
--------------------------------------------
LLP Nook has declared insolvency.  Creditors have until
April 16, to submit written proofs of claim to:

         Otegen batyr, Kalinina Str. 6
         Iliiskyi District
         483331 Almaty Region
         Kazakhstan
         Tel: 8 (252) 2-23-52


SARY SUU: Akmola Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Sary Suu on Feb. 2,
2006.

CONTACT:  LLP Sary Suu
          Kokshetau, Mirzojana str. 58-104
          Akmola Region
          Kazakhstan


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


KONINKLIJKE AHOLD: Argentina Nixes Disco's US$350-Mln Tax Claims
----------------------------------------------------------------
The Argentine tax authorities agreed to withdraw both a firm and
a preliminary tax claim against Disco S.A., a wholly owned
subsidiary of Koninklijke Ahold NV, for taxes allegedly owed in
connection with Disco bond issues in 1998 in the aggregate of
US$350 million.

These claims were mentioned in Ahold's 2004 Annual Report.  The
tax assessments, including penalties and interest, totaled
approximately EUR210 million (ARP753 million) at year-end 2005.

As a result, the Administracion Federal de Ingresos Publicos
submitted a request to the Argentine Tax Court to withdraw
litigation pending against Disco S.A.  It is also in the process
of withdrawing its preliminary tax assessment and releasing
attachments on Disco's real estate.

Under the terms of a share purchase agreement signed on March 5,
2004, with Cencosud on the sale of Disco shares, Ahold was to
indemnify Cencosud and Disco for the outcome of these tax
assessment claims.  On July 17, 2003, the AFIP served Disco with
a formal assessment notice for taxes allegedly owed in
connection with:

   -- a US$100 million Disco bond issue in 1998 due May 2003,
      which was repaid at maturity; and

   -- a US$250 million Disco bond issue in 1998 due May 2008,
      which was redeemed in July 2003.

The AFIP alleged that Disco improperly failed to pay Value Added
Tax on both bond issues and failed to withhold tax on the
interest paid to foreign holders of its allegedly non-public
bonds.  Disco has always maintained that the bonds were placed
through a public offer and that taxes have been withheld and
paid in compliance with applicable Argentine laws and
regulations.  Consequently, Ahold has never taken a provision in
connection with these claims.  The withdrawal of the tax
assessment claims needs in part to be ratified by the Argentine
Tax Court.  It was made under the condition that each party
agrees to bear its own legal costs related to the defense of the
matter.

                         About Disco

Headquartered in Buenos Aires, Argentina, Disco SA --
http://www.disco.com.ar-- is one of the leading food retailers   
in Argentina, operating 109 supermarkets under the Disco,
Elefante and La Gran Provision names.  The main business of
these stores include the purchase, sale, import, export,
consignment, distribution and retail packaging of food,
beverages, home appliances, apparel, household goods, health and
beauty aids and any other activity related to the supermarket
business. In April 1996 the company made its initial public
offering and its shares became listed on the New York and Buenos
Aires Stock Exchanges.  Disco is the sole supermarket chain in
Argentina that is listed on the New York Stock Exchange.

                        About Ahold

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

                        *     *     *

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


NEW SKIES: Moody's Upgrades Sr. Unsecured Bond at B1 From B3
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of New Skies
Satellites, BV senior secured credit facilities, following the
completion of the acquisition by SES Global of New Skies'
parent, New Skies Satellite Holdings, Inc.  

In addition, New Skies' corporate family rating is upgraded to
B1, the rating on senior unsecured floating rate notes is
upgraded to B1, and the rating on senior subordinated notes is
upgraded to B2.  The outlook is changed to stable.

The upgrade in the corporate family rating reflects Moody's view
on the synergy benefits and the importance of NSE's five
satellites to SES' growth plans and the resulting uplift of
being assimilated into a larger and stronger rated entity,
although SES has not, nor is expected to issue any additional
explicit direct support of New Skies' remaining debt issues.  

Although the senior secured credit facilities were repaid at
closing of the acquisition, via the inter-company loan from SES,
the corporate family rating is tempered somewhat by the overall
debt obligations which remain unchanged in the aggregate,
including about US$206 million in other inter-company loans
among various NSE entities.  The upgrades of the senior
unsecured notes and the senior subordinated notes reflect their
improved position in the overall NSE capital structure following
the repayment of the senior secured debt.

The change in the outlook from positive to stable reflects the
previous anticipation of an upgrade as part of the announced SES
acquisition.

Upgrades:

Issuer: New Skies Satellites, BV

   -- Corporate Family Rating, Upgraded to B1 from B2;

   -- Senior Subordinated Regular Bond/Debenture, Upgraded to B2       
      from Caa1; and

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to B1
      from B3

Withdrawals:

Issuer: New Skies Satellites, BV

   -- Issuer Rating, Withdrawn, previously rated B3; and

   -- Senior Secured Bank Credit Facility, Withdrawn, previously
      rated B1

NSE, headquartered in The Hague, The Netherlands, is a global
provider of satellite services.  It owns and operates five fixed
service satellites and generated US$241 million in revenue in
2005.  SES Global SA is a leading international provider of
satellite communications services, based in Luxembourg.  SES
Global has a corporate family rating of Baa2 with a stable
outlook.


SENSATA TECHNOLOGIES: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a first time corporate family
rating of B2 to Sensata Technologies B.V. in connection with its
pending acquisition by an affiliate of Bain Capital, LLC.  

Moody's also assigned ratings to the preliminary tranching of
the proposed US$2.25 billion in debt financing as:

   -- B1 to Sensata's proposed US$1.35 billion senior secured
      credit facilities, expected to be split between U.S.  and
      Euro tranches;

   -- B2 to its proposed US$450 million senior unsecured notes
      and Caa1 to its proposed US$450 million of senior
      subordinated notes.  

Moody's assigned a SGL-2 liquidity rating, reflecting good
liquidity and expected covenant compliance.  The rating outlook
is stable.  The ratings are subject to confirmation of the final
tranching and financing documentation.

Sensata is the former Sensors & Controls Business of Texas
Instruments Incorporated.  On January 9, 2006, Bain entered into
an agreement to purchase Sensata from TI for US$3 billion in
cash, excluding fees and expenses.  The aggregate debt proceeds
of US$2.1 billion combined with a US$985 million cash equity
contribution from Bain will be used to finance the acquisition.

The ratings reflect Sensata's:

   -- high debt leverage (debt to EBITDA and debt to revenue);

   -- low interest coverage;

   -- relatively low free cash flow generation relative to debt
      levels;

   -- limited tangible asset protection; and

   -- the potential reduction in financial and operating
      flexibility resulting from operating for the first time as
      a stand-alone company with a highly leveraged capital
      structure.

The primary factors supporting Sensata's ratings are:

   -- its track record of stable cash flow generation and margin
      expansion;

   -- Sensata's long standing customer relationships;

   -- the significant barriers to entry in Sensata's core
      markets;

   -- its above-average revenue visibility and

   -- significant enterprise value support, reflected in part in
      Bain's sizeable equity investment.

These first time ratings were assigned:

   -- Corporate Family Rating: B2;

   -- US$150 million multicurrency revolving credit facility,
      due 2012: B1;

   -- US$1,200 million in aggregate senior secured term loan Bs,
      due 2013: B1;

   -- US$450 million in aggregate principal amount of Dollar-
      denominated and Euro-denominated senior unsecured notes,
      due 2016: B2;

   -- US$450 million of U.S. senior subordinated notes, due
      2016: Caa1;

   -- Speculative Grade Liquidity rating of SGL-2.

The rating outlook is stable.

Sensata Technologies B.V., incorporated under the laws of The
Netherlands and headquartered in Attleboro, Massachusetts,
designs and manufactures sensors and electrical and electronic
controls and operates in many countries around the world with
manufacturing operations in the Americas, Europe and Asia.  
Revenues for the year ended Dec. 31, 2005 totaled approximately
US$1.1 billion.  


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


NETIA SA: Supervisory Board Names Jon Eastick CFO
-------------------------------------------------
The Supervisory Board of Netia SA (WSE: NET) unanimously
appointed Alicja Kornasiewicz as its chairperson.

The Board also appointed Jon Eastick as chief financial officer
and as a member of the management board with Tom Ruhan.

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


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


ASTASHKOVSKIY MEAT: Tver Court Begins Bankruptcy Process
--------------------------------------------------------
The Arbitration Court of Tver Region commenced bankruptcy
proceedings against the Astashkovskiy Meat Combine (TIN
6913005641) after finding the open joint stock company
insolvent.  The case is docketed as A66-14758/2005.

Mr. O. Akinshin has been appointed insolvency manager.

The Debtor can be reached at:

         Astashkovskiy Meat Combine
         Ostashkov, Bonnskiy Per. 2
         172730, Tver Region, Russia

The insolvency manager can be reached at:

         O. Akinshin
         Post Office 100, Post User Box 444
         170100, Tver Region, Russia


BELGOROD-SEL-KHOZ-ENERGO: Declared Insolvent by Belgorod Court
--------------------------------------------------------------
The Arbitration Court of Belgorod Region commenced bankruptcy
proceedings against Belgorod-Sel-Khoz-Energo after finding the
open joint stock company insolvent.  The case is docketed as
A08-8763/05-2 "B".

Mr. E. Feoktistov has been appointed insolvency manager.

The Debtor can be reached at:

         Belgorod-Sel-Khoz-Energo
         Voroshilova Str. 2A
         Belgorod Region, Russia

The insolvency manager can be reached at:

         E. Feoktistov
         Post User Box 36
         308002, Belgorod Region, Russia


BELOVSKIY SUGAR: Bankruptcy Hearing Set for June 21
---------------------------------------------------
The Arbitration Court of Kursk Region will convene at 10:40
a.m., on June 21, to hear the bankruptcy supervision procedure
of Belovskiy Sugar.  The case is docketed as A35-1080/06 "g".

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

         Room 304, K. Marksa Str. 62
         305029, Kursk Region, Russia

The Debtor can be reached at:

         Belovskiy Sugar
         Belovskiy Region, Russia


KARABANOVSKIY TEXTILE: Court Names G. Rabina Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Ms. G. Rabina
as insolvency manager for Karabanovskiy Textile.

The Court commenced bankruptcy proceedings against the open
joint stock company after finding it insolvent.  The case is
docketed as A11-37/2005-K1-18B.

The Debtor can be reached at:

         Karabanovskiy Textile
         Karabanovo, Lenina Square, 1
         Vladimir Region, Aleksandrovskiy Region
         Russia

The insolvency manager can be reached at:

         G. Rabina
         Karabanovo, Lenina Square, 1
         Vladimir Region, Aleksandrovskiy Region
         Russia


KURILOVSKOYE: Bankruptcy Hearing Set for June 20
------------------------------------------------
The Arbitration Court of Saratov Region will convene at 2:30
p.m., on June 20, to hear the bankruptcy supervision procedure
of close joint stock company Kurilovskoye at:

         The Arbitration Court of Saratov Region
         Babushkin Vvoz, 1
         Saratov Region, Russia

The case is docketed as A-57-420B/05-23.

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

         Barnaulskaya Str. 34
         410049, Saratov Region, Russia

The Debtor can be reached at:

         Kurilovskoye
         Kurilovska, Novouzenskiy Region
         Saratov Region, Russia


LADYINO: Court Appoints O. Akinshin Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. O. Akinshin
insolvency manager of Ladyino (TIN 6943005247).

The Court has commenced bankruptcy supervision procedure on the
close joint stock company with the case docketed as A66-
7930/2005.

The Debtor can be reached at:

         Ladyino
         Torzhokskiy Region, Ladyino
         172031, Tver Region, Russia

The insolvency manager can be reached at:

         O. Akinshin
         Post Office - 100, Post User Box 444
         170100, Tver Region, Russia  


MAGISTRAL: Bankruptcy Hearing Set for April 18
----------------------------------------------
The Arbitration Court of Volgograd Region will convene on
April 18, to hear the bankruptcy supervision procedure on open
joint stock company Magistral.  The case is docketed as A12-
34544/05-s48.

Mr. V. Golovanov has been appointed temporary insolvency manager
and can be reached at:

         V. Golovanov
         Post User Box 251
         400005, Volgograd Region, Russia

The Debtor can be reached at:

         Magistral
         Srednyaya Akhtuba, Kuznetskaya Str. 36
         Volgograd Region, Russia


ROSNEFT: Names Ex-Morgan Stanley's Peter O'Brien as Finance Head
----------------------------------------------------------------
OJSC Rosneft appoints Peter O'Brien as Vice President and Head
of the recently established Group of Financial Advisers to the
President of the Company.  He will be responsible for strategic
investment projects, debt and equity raising, business planning
and monitoring.

Mr. O'Brien, 36, has an MBA with distinction from Columbia
University and a BA (Russian Studies) from Duke University.  He
served as co-head of Morgan Stanley's investment banking effort
in Russia since 2005.  He is a fluent Russian speaker with 11
years experience in the financial services sector, including the
last six at Morgan Stanley focused on investment banking for oil
and gas companies in Europe and the former Soviet Union.  During
this period he advised on multiple strategic and capital market
transactions of note, including NOVATEK's IPO, the purchase of
10.73% of Gazprom by the Russian Federation, the formation of
TNK-BP and Statoil's IPO.

Mr. O'Brien will assume his new role at Rosneft from April 3.  
He is expected to be elected to Rosneft's Management Board at
the next meeting of the Board of Directors, and also serve as
First Deputy Chairman of Rosneft's Investment Committee.

Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.ru/
-- produces and markets petroleum products.  The Company
explores for, extracts, refines and markets oil and natural gas.  
Rosneft produces oil in Western Siberia, Sakhalin, the North
Caucasus and the Arctic regions of Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


ROSNEFT: Sets Up New Drilling Company to Consolidate Units
----------------------------------------------------------
Rosneft has established a new integrated service drilling
subsidiary, RN-Burenie.  The new company has been created on the
basis of Rosneft's existing service enterprises to optimize the
structure of management of core drilling assets and as part of
the process of consolidation of the company's main subsidiaries.

At the initial stage, RN-Burenie will combine the service
companies owned by Rosneft's subsidiaries:

   -- Purneftegaz-Burenie, owned by Rosneft-Purneftegaz;
   -- Krasnodarneftegaz-Burenie; and
   -- Krasnodarneftegaz-Sibir, owned by Rosneft-
      Krasnodarneftegaz.

The new company will also comprise the service facilities of the
Nogliki Drilling Works Department of Rosneft-
Sakhalinmorneftegaz.  In the future, it is planned that the
drilling subdivisions of Grozneftegaz, Rosneft-Dagneft and
Dagneftegaz will also become part of the structure of RN-
Burenie.

The first phase of the restructuring of Rosneft's service assets
should be complete by the end of June this year.  An integrated
employee incentive system, which will at the very least retain
in full the social guarantees provided to company employees in
their previous jobs, is currently being created within RN-
Burenie.

It is planned that RN-Burenie will render up to 50% of the
services required by Rosneft.  The company's share of Russia's
drilling services market will comprise roughly 6%, making
Rosneft-Burenie one of Russia's largest service companies.

Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.ru/
-- produces and markets petroleum products.  The Company
explores for, extracts, refines and markets oil and natural gas.  
Rosneft produces oil in Western Siberia, Sakhalin, the North
Caucasus and the Arctic regions of Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


SEL-KHOZ-KHIMIYA: Claims Filing Period Ends April 27
----------------------------------------------------
Creditors of Sel-Khoz-Khimiya have until April 27, to file their
proofs of claim to the court-appointed insolvency manager Mr. V.
Nyukhtilin at:

         Post User Box 4608
         432063, Ulyanovsk Region, Russia

The Arbitration Court of Ulyanovsk Region commenced bankruptcy
proceedings against the chemical company with the case docketed
as A72-7121/05-17/41-b.

The Debtor can be reached at:

         Sel-Khoz-Khimiya
         Tsilninskiy Region, B. Nagatkino
         Ulyanovsk Region, Russia


SOBOLEVSKOYE: Proofs of Claim Slated for April 27
-------------------------------------------------
Creditors of Sobolevskoye have until April 27, to submit their
written proofs of claim to the court-appointed insolvency
manager Mr. V. Gorbunov at:

         Gaya Str. 23A
         460000, Orenburg Region, Russia
         Tel: (3532) 78-38-44

The Arbitration Court of Orenburg Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A47-2863/2005-14GK.

The Debtor can be reached at:

         Sobolevskoye
         Pervomayskiy Region, Sobolevo
         461982, Orenburg Region, Russia


ZAVIDOVO-FELT: Deadline for Proofs of Claim Set for April 27
------------------------------------------------------------
Creditors of Zavidovo-Felt (TIN 6911001271) have until April 27,
to submit their proofs of claim to court-appointed insolvency
manager Ms. O. Abasheeva at:

         Post Office #1, Post User Box 1125
         170001, Tver Region, Russia

The Arbitration Court of Tver Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A66-7649/2005.

The Debtor can be reached at:

         Zavidovo-Felt
         Novozavidovskiy, Fabrichnaya Str. 1
         171271, Tver Region, Konakovskiy Region, Russia


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


AGROPROGRES: Sumi Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Sumi Region declared LLC Agroprogres (code
EDRPOU 31835855) on Jan. 4, bankrupt after finding the company
insolvent.  The case is docketed as 12/125-05.  

Mr. I. Ponomaryov has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Agroprogres
          Konotop, Sumska Str. 17
          Ukraine, Sumi Region

          Mr. I. Ponomaryov
          Liquidator/Insolvency Manager
          Konotop, Lazarevskij Str. 15/2
          41615, Ukraine, Sumi Region

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


AGROTEH: Lugansk Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Lugansk Region declared Enterprise Agroteh
(code EDRPOU 25369396) on Feb. 3, bankrupt after finding the
company insolvent.  The case is docketed as 20/2 b.

Mr. Rachok Roman has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Agroteh
          Ukraine, Lugansk Region
          Shevchenko quarter, 38-A

          Mr. Rachok Roman
          Liquidator/Insolvency Manager
          Oboronna Str. 24
          91033, Ukraine, Lugansk Region

          Economic Court of Lugansk Region
          Geroiv VVV square, 3a
          91000, Ukraine, Lugansk Region


CHUGUYIV' FUEL: Harkiv Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Harkiv Region declared OJSC Chuguyiv' Fuel
Equipment (code EDRPOU 00235938) on Feb. 15, after finding the
company insolvent.  The case is docketed as B 39/38-05.

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

CONTACT:  Chuguyiv' Fuel Equipment
          63503, Ukraine, Harkiv Region
          Chuguyiv, Michurin Str. 8

          Mr. Yevgen Chipizhenko
          Liquidator/Insolvency Manager
          Sumska Str. 82, Office 17
          61002, Ukraine, Harkiv Region
  
          Economic Court Of Harkiv Region
          Svobodi Square 5, Derzhprom, 8th Entrance
          61022, Ukraine, Harkiv Region


KALINIVKA' MACHINE: Vinnitsya Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Vinnitsya Region declared OJSC Kalinivka'
Machine Building Plant (code EDRPOU 14309592) on Jan. 31, after
finding the company insolvent.  The case is docketed as
10/244-03.  

Mr. N. Voznyakevich has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Kalinivka' Machine Building Plant
          Kalinivka, Lenin Str. 67
          Ukraine, Vinnitsya Region

          Mr. N. Voznyakevich
          Liquidator/Insolvency Manager
          Hmelnitske Shose Str. 7, Room 1303
          Ukraine, Vinnitsya Region

          Economic Court Of Vinnitsya Region
          Hmelnitske Shose, 7
          21100, Ukraine, Vinnitsya Region


LOTASH: Court Appoints Ludmila Buchinska to Liquidate Assets
------------------------------------------------------------
The Economic Court of Lviv Region appointed Ludmila Buchinska
has been Liquidator/Insolvency Manager for LLC Lotash (code
EDRPOU 23268981).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent with the case docketed as 6/139-
4/110.  

CONTACT:  Lotash
          Lipki Str. 39/227
          Ukraine, Lviv Region

          Ms. Ludmila Buchinska
          Liquidator/Insolvency Manager
          Varshavska Str. 94
          79000, Ukraine, Lviv Region

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


STALPROM: Dnipropetrovsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Production Firm Stalprom (code EDRPOU
32540986) on Feb. 3, after finding the company insolvent.  The
case is docketed as B 24/13/06.

Mr. Leonid Talan has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Stalprom
          Stolyarova Str. 3a
          49038, Ukraine, Dnipropetrovsk Region

          Mr. Leonid Talan
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk Region a/b 158
  
          Economic Court of Dnipropetrovsk Region
          Kujbishev Str. 1a
          49600, Ukraine, Dnipropetrovsk Region


TERRA-UKRAINA: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Kyiv Region declared LLC Terra-Ukraina
(code EDRPOU 21663845) bankrupt after finding it insolvent.  The
case is docketed as 15/617-b.  

Ukrnaftogazkomplekt has been appointed Liquidator.

CONTACT:  Terra-Ukraina
          Glibov Str. 4/10-36
          Ukraine, Kyiv Region

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


UKRAGROREZERV: Vinnitsya Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against LLC Ukragrorezerv (code EDRPOU 30808836) on
after finding the company insolvent.  The case is docketed as
5/12-06.  

Mr. A. Murahovskij has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Ukragrorezerv
          Chechelnitskij District, Olgopil
          Ukraine, Vinnitsya Region

          Economic Court of Vinnitsya Region
          Hmelnitske Shose, 7
          21100, Ukraine, Vinnitsya Region


VOLODIMIRETSKIJ RAJAGROHIM: Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Rivne Region declared OJSC Volodimiretskij
Rajagrohim (code EDRPOU 05490472) bankrupt after finding the
company insolvent.  The case is docketed as 4/43.

Mr. Andij Nadlonok has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Volodimiretskij Rajagrohim
          Yavornitskij Str. 59
          33001, Ukraine, Rivne Region

          Mr. Andij Nadlonok
          Liquidator/Insolvency Manager
          Zubrivksa Str. 25 a/33
          79066, Ukraine, Lviv Region

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


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


A A ELECTROPLATERS: Members Pass Winding Up Resolution
------------------------------------------------------
Members of A.A. Electroplaters & Anodisers Limited passed a
resolution to wind up the company's operations on Feb. 22.

Subsequently, they appointed James Paul Shaw as Liquidator.

A.A. Electroplaters & Anodisers Limited can be contacted at:

         20 Caxton Way
         Watford
         WD18 8RB
         Tel: 01923 226 662
         Fax: 01923 223 088


A G MODELS: Creditors Confirm Voluntary Liquidation
---------------------------------------------------
Creditors of A.G. Models Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 27.

Creditors also ratified the appointment of Nigel Price and Mark
Elijah Thomas Bowen, of Moore Stephens LLP, as Joint
Liquidators.

A G Models Limited can be reached at:

         Unit 27
         Mucklow Hill
         Forge Trading Estate
         Halesowen West Midlands
         B62 8TP
         Tel: 0121 585 8833
         Fax: 0121 585 8835
         Web: http://www.agmodels.co.uk/


AUTOTECH LIMITED: Taps Nedim Ailyan to Liquidate Assets
-------------------------------------------------------
Nedim Ailyan, of Abbott Fielding, was appointed Liquidator of
Autotech (Kent) Limited after members decided to liquidate the
company's assets on March 3.

Chairman J.A. Cohen revealed the company could no longer
continue its operations due to financial liabilities.

Autotech (Kent) Limited can be reached at:

         Dewlands Estate
         London Road
         Stone Dartford Kent
         DA2 6AS
         Tel: 01322 280 294
         Fax: 01322 280 594
         Web: http://www.autotechkent.co.uk/


BATH & GLASSWORKS: Members Resolve to Wind Up Operations
--------------------------------------------------------
Bath & Glassworks Limited is liquidating its assets after
members resolved to wind up the company on Feb. 7.

Andrew Andronikou and Ladislav Hornan, both of St Alphage House,
will jointly administer the winding up proceedings.

Bath & Glassworks Limited can be reached at:

         128 High Street
         Hurstpierpoint Hassocks West Sussex
         BN6 9PX
         Tel: 01273 831 846
         Fax: 01273 831 847
         Web: http://www.bathandglass.com/


BIFROST INVESTMENTS: Fitch Cuts EUR75MM Class 10D Rating to BB+
---------------------------------------------------------------
Fitch Ratings lowered Bifrost Investments Limited - Series 13's
most junior unfunded mezzanine swaps, upgraded five tranches and
affirmed the rest as follows:

   -- EUR160 Mln Class 5A Series 13 due July 2008: affirmed at
      AAA;

   -- EUR115 Mln Class 5B Series 13 due July 2008: upgraded to
      AAA from AA;

   -- EUR75 Mln Class 5C Series 13 due July 2008: upgraded to AA
      from A;

   -- EUR50 Mln Class 5D Series 13 due July 2008: affirmed at
      BBB;

   -- EUR160 Mln Class 7A Series 13 due July 2010: affirmed at
      AAA;

   -- EUR130 Mln Class 7B Series 13 due July 2010: upgraded to
      AAA from AA;

   -- EUR75 Mln Class 7C Series 13 due July 2010: upgraded to A+
      from A;

   -- EUR62.5 Mln Class 7D Series 13 due July 2010: affirmed at
      BBB;

   -- EUR195 Mln Class 10A Series 13 due July 2013: affirmed at
      AAA;

   -- EUR135 Mln Class 10B Series 13 due July 2013: upgraded to
      AA+ from AA;

   -- EUR100 Mln Class 10C Series 13 due July 2013: affirmed at
      A; and

   -- EUR75 Mln Class 10D Series 13 due July 2013: downgraded to
      BB+ from BBB.

Classes 5D, 7D, 10C and 10D were removed from Rating Watch
Negative.  Except for Class 10 D, other Classes were affirmed to
reflect better-than-expected recovery on the Delphi Corporation
credit event in October 2005.  

Final recovery on Delphi was 55.5% compared to the expected 5%
when the ratings were put on RWN.  The relative stability of the
portfolio, combined with the effect of seasoning, especially in
the shorter-term transactions, has led to the upgrades indicated
above.

The portfolio currently has a weighted-average Fitch factor of
3.47, which is equivalent to a BBB rating, compared to 2.81 at
closing.  It has seen some credit deterioration since the issue
in August 2003: it now contains four speculative-grade corporate
entities, compared to all investment-grade at close.

At closing, Bifrost, a special purpose vehicle incorporated
under the laws of Ireland, entered into 12 mezzanine credit
default swaps with BNP Paribas, under which it provides notional
protection on a reference portfolio of 100 corporate entities
with a total notional value of EUR5 billion.

The mezzanine swaps for each series relate to the same reference
portfolio of 100 corporate entities, although the swaps have
different loss thresholds and different maturity dates.  Due to
a credit events on Parmalat SpA called in December 2003 and
Delphi Corporation in October 2005 the total value of the
portfolio has decreased to EUR4.9 billionn and it currently
references 98 entities.

The agency will closely monitor any changes to the existing
portfolio and will take further action as required.


BOOTSTRAP ENTERPRISES: Taps Peter Gotham to Liquidate Assets
------------------------------------------------------------
Members of Bootstrap Enterprises Limited decided to wind up the
company's operations during an extraordinary general meeting on
March 1.

They authorized Peter Gotham, of Begbies Traynor, to liquidate
the company's assets.

         Bootstrap Enterprises Limited
         35 Railway Road
         Blackburn
         BB1 1EZ
         Tel: 01254 680 367


CAPITAL EVENT: Creditors Affirm Voluntary Liquidation
-----------------------------------------------------
Creditors of Capital Event Marketing Limited affirmed company's
voluntary liquidation after members decided to wind up its
operations on Feb. 27.

Creditors also confirmed the appointment of Carl Stuart Jackson
and Nigel Ian Fox, of Tenon Recovery, as Joint Liquidators.

Capital Event Marketing Limited can be contacted at:

         Capital House
         Guildford Street
         Downside
         Chertsey Surrey
         KT16 9DS
         Tel: 01932 561 562
         Fax: 01932 561 563
         Web: http://www.capitaleventmarketing.com/


CRAEGMOOR FUNDING: Fitch Downgrades GBP42.2 Million FRNs at BB-
---------------------------------------------------------------
Fitch Ratings disclosed the downgrades on Craegmoor Funding No.2
Limited were a result of significant concerns surrounding the
liquidity position of the borrower, the continued poor
performance of the transaction as well as the potential
implications of the restructuring.  The ratings of the notes
issued by Craegmoor are as follows:

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

b) Class A2 GBP100 million secured 5.321% FRNs: AAA;

c) Class M GBP30 million secured fixed-rate notes: BBB-; remain
    on Rating Watch Negative;

d) Class B1 GBP15 million secured FRNs: BB-; remain on Rating
    Watch Negative; and

e) Class B2 GBP42.2 million secured 7.782% fixed-rate notes:
    BB-; remain on Rating Watch Negative.

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


D GARSIDE: Winds Up Operatins & Appoints Liquidator
---------------------------------------------------
D. Garside Joinery Limited is winding up its operations after
members decided to liquidate the company's assets on March 2.

J.N. Bleazard, of XL Business Solutions Ltd, was appointed
Liquidator.

Chairman J. Garside claimed the company could no longer continue
its operations due to mounting debts.

D Garside Joinery Limited can be contacted at:

         16 New Street
         Kirkheaton Huddersfield
         HD5 0DG
         Tel: 01484 429 550


GOODYEAR TIRE: Closing UK Tire Factory to Cut Global Costs
----------------------------------------------------------
The Goodyear Tire & Rubber Company will close a high-cost tire
plant in the United Kingdom as part of its strategy to reduce
costs in its worldwide operations.

The company initiated a process to close its Goodyear Dunlop
Tyres UK passenger tire factory in Washington, where it has
begun consultation with union representatives.   The closure is
expected to result in annual savings of approximately US$20
million and charges of between US$75 million and US$85 million.  
The cash portion of this charge is estimated to be US$35 million
to US$40 million.

Goodyear will also cease production of bicycle tires and inner
tubes at its Debica, Poland, facility.  In addition, the Company
will undertake cost reduction measures in logistics, retail and
administration in its European Union, Asia Pacific and
Engineered Products business units.

In total, the actions are expected to eliminate about 1,500
positions, create annual savings of between $40 million and $50
million and result in a charge of between $105 million and $115
million.  Of the total charge, approximately $55 million will be
recognized in the first and second quarters of 2006.  The cash
portion of these charges is estimated to be between $60 million
and $65 million.

                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.
It has marketing operations in almost every country around the
world.  Goodyear employs more than 80,000 people worldwide.

                         *     *     *

Goodyear's 9% Senior Notes due 2015 carry Moody's Investor
Service's B3 rating, Standard & Poor's B- rating, and Fitch
Ratings' CCC+ rating.


TYNEMOUTH WINDOWS: Members Agree to Liquidation
-----------------------------------------------
Members of Tynemouth Windows Limited agreed to liquidate the
company's assets during an extraordinary general meeting on
Feb. 24.

Greg Whitehead will liquidate the company's assets.

Tynemouth Windows Limited can be reached at:

         17-21 St. Ronans Road
         Whitley Bay Tyne and Wear
         NE25 8AX
         Tel: 0191 291 2440


WARSHIP PRESERVATION: Financial Woes Prompt Winding Up Process
--------------------------------------------------------------
The Warship Preservation Trust Limited is voluntarily winding up
its operations after members established the company could no
longer continue its business due to financial liabilities.

Paul J. Fleming, of Parkin S. Booth & Co, was appointed
Liquidator.

The Warship Preservation Trust Limited can be reached at:

         Historic Warships
         East Float
         Dock Road
         Birkenhead Merseyside
         CH41 1DJ
         Tel: 0151 650 1573
         Fax: 0151 650 1473


WHITTAKER COACHBUILDERS: Joint Liquidators Take Over Operations
---------------------------------------------------------------
Allan Cooper and John Russell, of The P&A Partnership, were
appointed Joint Liquidators of Whittaker Coachbuilders Limited
after members passed a resolution to wind up the company on
Feb. 24.

Chairman Y. Whittaker claimed the company could no longer
continue its business due to mounting debts.

Whittaker Coach Builders Limited can be contacted at:

         Gamston Airfield
         Gamston Retford Nottinghamshire
         DN22 0QL
         Tel: 01777 839 086
         Fax: 01777 839 170
         Web: http://www.whittakers.com/

                           *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
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information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *