TCREUR_Public/060411.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, April 11, 2006, Vol. 7, No. 72

                            Headlines

F I N L A N D

METSO CORPORATION: S&P Affirms BB+ Long-term Corp. Credit Rating
SODER AVIATION: Cancels Flights & Files for Bankruptcy


F R A N C E

ALCATEL S.A.: Genesys Subsidiary to Acquire VoiceGenie
LEGRAND FRANCE: S&P Upgrades US$400-Mln Bonds to BB+ After IPO


G E R M A N Y

BAU DESIGN: Claims Registration Ends April 15
CARRY MOBEL: Creditors' Meeting Slated for April 13
CS ROHRLEITUNGSBAU: Claims Registration Ends April 17
JOHANN DUTINE: Claims Registration Ends April 13
MAGIC-MOUNTAINS: Creditors' Meeting Slated for April 13

P & E: Claims Registration Ends April 18
PARKETT PROFI: Claims Registration Ends April 13
PAUL BOROWSKI: Creditors' Meeting Slated for April 13
POMMERENKE FUSSBODENTECHNIK: Claims Registration Ends April 14
WK BAUELEMENTE: Creditors' Meeting Slated for April 13


I R E L A N D

ELAN CORPORATION: Demonstrates Significant Effect on Tysabri(R)


I T A L Y

ALITALIA SPA: Commences Codesharing with Continental Airlines


K A Z A K H S T A N

AKSUYSKYI HLEBOZAVOD: Files for Bankruptcy
ALPAMYS: West Kazakhstan Court Starts Bankruptcy Proceedings
AUTOGAZ-ASTANA: Creditors Must File Claims by April 21
EKOS: Creditors Must File Claims by April 16
FIRMA KAYSAR: Creditors Must File Claims by April 21

KAT: Files for Bankruptcy in West Kazakhstan Court
NK-LOGISTIKS: Creditors Must File Claims by April 21
NUR B: Creditors Must File Claims by April 21
ORALPOLITELENGAZ: Files for Bankruptcy
SAT-DAK: Files for Bankruptcy in West Kazakhstan Court


K Y R G Y Z S T A N

AGROVINMARKET: Creditors Must File Claims by May 27
BELEN-TEKE: Creditors Must File Claims by May 27
IKA TRAVEL: Creditors Must File Claims by May 27


N E T H E R L A N D S

SENSATA TECHNOLOGIES: S&P Rates Senior Secured Debt at BB-


P O L A N D

BANK PEKAO: Fitch Affirms Individual Rating to C


R U S S I A

ALBASHSKIY: Krasnodar Court Begins Bankruptcy Proceedings
ELANSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends April 27
ELTRA: Bankruptcy Hearing Slated for June 14
KUTUSHTANSKIY: Bankruptcy Hearing Set for June 28
MAGNITOGORSK IRON: Fitch Keeps BB- Issuer Default Rating

MINE VOSTOCHNAYA-BIS: Court Names S. Krutilin Insolvency Manager
OAO LUKOIL: Lukoil-Perm Discovers New Oil Field
PAYVINSKOYE: Bankruptcy Hearing Set for May 3
PEREVALOVSKOYE: Claims Filing Period Ends April 27
PRITAMBOVYE: Deadline for Proofs of Claim Slated for April 27

SERDOBSKIY: Claims Filing Period Ends April 27
SIBERIA: Bankruptcy Hearing Slated for May 24
TURANALEM FINANCE: Fitch Rates Upcoming Eurobond at BB+


S P A I N

ESPANOLA DEL ZINC: Leading Shareholder Sells 10.26% Equity Stake


U K R A I N E

AGRO-SLUCH: Zhitomir Court Starts Bankruptcy Supervision
BUSINESS POSSIBILITIES: Court Opens Bankruptcy Proceedings
CHERKASSY-MEDIA: Cherkassy Court Begins Bankruptcy Process
INFARMA-WEST: Court Names Gusar Ivan Interim Insolvency Manager
INTERTEHALLIANCE: Cherkassy Court Opens Bankruptcy Proceedings

KOMSOMOLSKE' BREAD: Court Names Tsimberov Dmitro Liquidator
MISKPLODOOVOCH: Cherkassy Court Begins Bankruptcy Process
SELIDOVE' CITY: Donetsk Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ALSOP DESIGN: Taps Joint Administrators from Berg Kaprow Lewis
DEWHURST BUTCHERS: Taps BDO Stoy Hayward to Administer Assets
DONIKA INDUSTRIAL: Members Resolve to Liquidate Assets
EMBERDEN LIMITED: Winds Up Assets & Appoints Liquidator
HADEN DUCOST: Claims Filing Period Ends Tomorrow

HMV GROUP: Competition Commission Clears Ottakar's Merger
HURLINGHAM COACHWORKS: Joint Liquidators Take Over Operations
INDIAN MOTORCYCLE: Members Pass Winding Up Resolution
K.D. PRODUCTS: Members Decide To Wind Up Operations
K M R DEVELOPMENTS: Financial Woes Trigger Liquidation

LIKE WATER: Taps Administrators from Kroll Limited
M T INTERNATIONAL: Names Administrator from Butcher Woods
MAGNUS DIRECT: Names Ian Pattinson to Liquidate Assets
MICROPOINT SYSTEMS: Taps Bridgers as Administrator
MISYS PLC: Buys Back 350,000 Shares From JPMorgan Cazenove

MISYS PLC: Selling General Insurance Business to Montagu Private
NETBOX LTD: Creditors Confirm Voluntary Liquidation
OPTIONELECT LIMITED: Joint Liquidators Lead Liquidation Process
P.H. POOL: Creditors' Meeting Slated Tomorrow
PROFESSIONAL INDEMNITY: Creditors' Meeting Set for Tomorrow

QUALITY INDUSTRIAL: Members Agree to Liquidate Assets
RANK GROUP: Deregisters Ordinary Shares From U.S. SEC
REGENT SECURITY: Brings In Administrator from Hazlewoods
RENTOKIL INITIAL: Issues GBP30 Million 10-Year Bonds
SILVERSCREEN LIMITED: Names Kroll Limited Administrator

TARGET UNDERWRITING: Meeting of Creditors Slated Tomorrow
WORKSPACE OFFICE: Taps Joint Administrators from Deloitte

* Shepherd & Wedderburn Names Keith Wilson as Finance Director

                            *********

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F I N L A N D
=============


METSO CORPORATION: S&P Affirms BB+ Long-term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Finland-based machinery and engineering group Metso Corp. to
positive from stable, reflecting improvements in the group's
operating performance and capital structure that offer it the
potential to return to a low investment-grade rating.  The 'BB+'
long-term and 'B' short-term corporate credit ratings, as well
as the 'BB' senior unsecured debt rating on the group were
affirmed.

"The rating is constrained at the current level by the remaining
uncertainty over Metso's future structure and strategies," said
Standard & Poor's credit analyst Izabela Listowska.  Following a
strategic review in response to a minor shareholder's demands
for a break-up of Metso, the board of directors decided in
February 2006 that that the present structure should be kept
intact for the time being.  While five out of six board members
where reelected for the current Metso board, there still is some
uncertainty concerning this proposition, as the board of
directors now includes a new representative who advocates a
break-up of the company.  

At Dec. 31, 2005, Metso reported net debt of EUR289 million
(US$342 million), excluding postretirement liabilities and
operating leases.  The recently announced pending acquisition of
AkerKvaerner ASA's pulping and power business at a cost of
EUR335 million and an extra dividend of about EUR100 million
would, however, significantly increase Metso's net debt in the
near term.

"The positive outlook reflects the possibility that the ratings
on Metso could be raised if the company continues its consistent
operating performance, and provided the uncertainty over the
company restructuring abates," said Ms. Listowska.


SODER AVIATION: Cancels Flights & Files for Bankruptcy
------------------------------------------------------
Passengers may or may not get their refund on Soder Aviation's
cancelled flights after the Finnish carrier filed for bankruptcy
on Friday, April 7, the Company's trustee, Kimmo Kariola told
the Finnish News Agency STT.

According to the report, Soder stopped selling tickets for
flights between Helsinki and Lapland in mid-March.  It
previously recalled on April 3, a bankruptcy petition submitted
on March 13.

Headquartered in Tampere, Finland, Soder Aviation Oy operates a
low-cost carrier.


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


ALCATEL S.A.: Genesys Subsidiary to Acquire VoiceGenie
------------------------------------------------------
Alcatel intends its wholly owned subsidiary, Genesys
Telecommunications Laboratories, to acquire privately-held
VoiceGenie in an undisclosed cash transaction.  The deal is
expected to close in a few weeks.

According to recent Garter/Dataquest estimates, VoiceGenie is
number two in market share position, with Genesys in number one
position.  The combination of both companies will make Alcatel's
Genesys the undisputed leader in a fast-developing market that
is expected to double in the next three years, with nearly one-
fourth of the market, almost two and a half times the size of
its nearest competitor.  

Genesys expects to accelerate the trend away from legacy,
proprietary IVRs to new Voice XML software standards.  In
addition, Genesys will expand its offerings for Service
Providers allowing them to deploy a wide variety of internal and
network services, including managed services.

"The increased adoption of speech recognition provides a strong
driver for companies to replace aging proprietary IVR systems
with the standards-based voice portal systems," Gartner Analyst
Drew Kraus wrote in a recent report.  

"In addition, vendors announced end-of-life plans for their
proprietary IVR systems, causing some companies to accelerate
their plans to replace these systems."

"By acquiring VoiceGenie, just three months after acquiring GMK,
a leading provider of self service solutions in Brazil, we
reaffirm our commitment to the voice self service market,"
President and CEO of Genesys, Wes Hayden revealed.

"VoiceGenie is extremely well-respected for its technology and
its market presence, especially in North America.  VoiceGenie is
the perfect choice for Genesys to strengthen its leadership in
the self-service industry by bringing an incredible pool of
talent, complementary technologies and partners.  This move will
accelerate our strategy of delivering pure software solutions
through flexible deployment models," Mr. Hayden added.

VoiceGenie's president and CEO, Thomas Charlton disclosed, "We
believe the market wants to see a clear leader emerge that is
dedicated to standards-based solutions that make it easier and
faster to deploy speech-enabled applications."

"Together with Genesys, we will build the market leader, with
global scale, and establish Voice XML as a universal platform,"
Mr. Charlton concluded.

                       About VoiceGenie

Headquartered in Toronto, Canada, VoiceGenie --
http://www.voicegenie.com/-- is a leader in Voice Self Service  
solutions, with a software platform based on Voice XML, an open
standard used for developing self-service applications by both
enterprises and carriers.  Founded in 2000, with currently 90
people, VoiceGenie has established a strong position in the
worldwide Voice Portal market, servicing some of the largest
North American carriers and ASPs, such as Verizon, AT&T, and
Rogers Telecom.

                        About Genesys

Headquartered in Daly City, California, Genesys
Telecommunications Laboratories -- http://www.genesyslab.com/--  
operates as an independent, wholly-owned subsidiary of Alcatel
and serves as Alcatel's center of excellence for contact center
applications.

                        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.


LEGRAND FRANCE: S&P Upgrades US$400-Mln Bonds to BB+ After IPO
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on France-based Legrand S.A. and Legrand France to 'BBB-
/A-3' from 'BB+/B', following the successful completion of
Legrand's IPO.

At the same time, Standard & Poor's also raised the ratings on
Legrand France's US$400 million 8.5% debentures (Yankee bonds)
to 'BB+' from 'BB-' and removed all ratings from CreditWatch
where they had been placed with positive implications on
Feb. 23, 2006.  The outlook is stable.

With sales of EUR3.2 billion in 2005, the Legrand group is a
major global manufacturer of low-voltage electrical fittings.

The rating action reflects Legrand's successful completion of an
IPO, the refinancing of LBO-type shareholder pay-in-kind loans
through common equity, and a EUR409 million capital increase.
"It also reflects our expectation that Legrand's credit metrics
will significantly improve in 2006," said Standard & Poor's
credit analyst Xavier Buffon.  Legrand had net unadjusted
financial debt of EUR2 billion at year-end 2005.
     
"The stable outlook reflects our belief that Legrand will
continue to generate consistently solid free cash flows, which
should provide adequate headroom to accommodate the company's
acquisitive policy within the rating," said Mr. Buffon.

Further rating upside could materialize should the ratio of FFO
to net debt consistently increase toward 30%. That said, the
rating implications of Legrand's ownership structure would need
to be reassessed before we would consider any further upgrade.
The fact that Legrand remains majority owned by two equity
firms-- Wendel Investissement S.A. (BBB+/Stable/A-2) and
Kohlberg Kravis Roberts & Co. (KKR; not rated) is rather
unusual.

Conversely, should the company's debt leverage rise to more than
3x net debt to EBITDA, which could be triggered by an aggressive
debt-financed acquisition policy, the ratings would come under
pressure.


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


BAU DESIGN: Claims Registration Ends April 15
---------------------------------------------
Creditors of BAU Design ES GmbH have until April 15, to register
their claims with court-appointed provisional administrator
Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 10, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Koln
         Saal 142
         1. Etage
         Luxemburger Strasse 101
         50939 Koln, 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 Koln opened bankruptcy proceedings against
BAU Design ES GmbH on March 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         BAU Design ES GmbH
         Muehlenfeld 44
         50127 Bergheim, Germany
         Attn: Juliane Sagolla, Manager
         c/o Frauenhaus
         Spindelstrasse 41
         49074 Osnabrueck, Germany

The administrator can be contacted at:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim
         Tel: 02271-7691-0
         Fax: +492271769110


CARRY MOBEL: Creditors' Meeting Slated for April 13
---------------------------------------------------
Court-appointed provisional administrator for Carry Mobel GmbH,
Hans-A. Brauer, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m., on
April 13.

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

         The District Court of Cochem
         Saal 100
         I. OG
         Ravenestrasse 39
         56812 Cochem, Germany

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on June 8, at the same
venue.

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

The District Court of Cochem opened bankruptcy proceedings
against Carry Mobel GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Carry Mobel GmbH
         Laach 9
         56253 Treis-Karden, Germany
         Attn: Birgit Erschfeld, Manager
         Heidestrasse 6
         54636 Ehlenz, Germany

The administrator can be reached at:

         Hans-A. Brauer
         Jahnstrasse 1
         54550 Daun, Germany
         Tel: 06592/7061
         Fax: 06592/7344


CS ROHRLEITUNGSBAU: Claims Registration Ends April 17
-----------------------------------------------------
Creditors of CS Rohrleitungsbau und Montage GmbH have until
April 17, to register their claims with court-appointed
provisional administrator Dr. Alexander Hopfner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Zimmer 4-308
         4. OG
         Gebaude D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against CS Rohrleitungsbau und Montage GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CS Rohrleitungsbau und Montage GmbH
         Gaussstrasse 29a
         68623 Lampertheim, Germany
         Attn: Ibrahim Dere, Manager
         Jakob-Binder-Strasse 23
         67063 Ludwigshafen, Germany

The administrator can be contacted at:

         Dr. Alexander Hopfner
         Darmstadter Str. 43
         64646 Heppenheim, Germany
         Tel: 06252/6739988
         Fax: 06252/6739989


JOHANN DUTINE: Claims Registration Ends April 13
------------------------------------------------
Creditors of Johann Dutine Formenbau und Kunststoffspritzerei
OHG have until April 13, to register their claims with court-
appointed provisional administrator Stefan Rieger.

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 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.

The District Court of Offenbach am Main opened bankruptcy
proceedings against Johann Dutine Formenbau und
Kunststoffspritzerei OHG on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Johann Dutine Formenbau und Kunststoffspritzerei OHG
         Attn: Heinrich und Johann Dutine, Managers
         Berliner Strasse 77
         63065 Offenbach am Main, Germany

The administrator can be contacted at:

         Stefan Rieger
         Zeilweg 42
         D-60439 Frankfurt am Main, Germany
         Tel: 069/963761-130
         Fax: 069/963761-145


MAGIC-MOUNTAINS: Creditors' Meeting Slated for April 13
-------------------------------------------------------
Court-appointed provisional administrator for Magic-Mountains
GmbH, Dr. Jochen Orgelmann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m., on April 13.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m., on Sep. 7, at the same
venue.

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

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

The Debtor can be reached at:

         Magic-Mountains GmbH
         Fallturm 7
         28359 Bremen, Germany
         Attn: Adriana Agnieszka Grys, Manager
         Winlary 34/4
         60-665 Poznan, Germany

The administrator can be reached at:

         Dr. Jochen Orgelmann
         Schillerstr. 10
         28195 Bremen, Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         Web: http://www.dr-stankewitz.de/
         E-mail: insolvenz@dr-stankewitz.de


P & E: Claims Registration Ends April 18
----------------------------------------
Creditors of P & E DV Consult GmbH have until April 18, to
register their claims with court-appointed provisional
administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Duesseldorf
         Raum A 409
         4. Etage
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against P & E DV Consult GmbH on March 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         P & E DV Consult GmbH
         Grunewaldstr. 79-83
         47053 Duisburg, Germany
         Attn: Orlando Leon Portas, Manager
         Grabenstr.61
         47047 Duisburg, Germany

The administrator can be contacted at:

         Sebastian Henneke
         Muelheimer Strasse 100
         47057 Duisburg, Germany
         

PARKETT PROFI: Claims Registration Ends April 13
------------------------------------------------
Creditors of Parkett Profi Handels GmbH have until April 13, to
register their claims with court-appointed provisional
administrator Dr. Marc d' Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 16, 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 Koln
         Saal 142
         1. Etage
         Luxemburger Strasse 101
         50939 Koln, 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 Koln opened bankruptcy proceedings against
Parkett Profi Handels GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Parkett Profi Handels GmbH
         Derschlager Str. 17
         51674 Wiehl, Germany
         Attn: Hanni Mueller, Manager
         Soelsiefener Strasse 38
         51674 Wiehl, Germany
         
The administrator can be contacted at:

         Dr. Marc d' Avoine
         Doppersberg 19
         42103 Wuppertal, Germany
         Tel: 0202/245070
         Fax: +492022450777


PAUL BOROWSKI: Creditors' Meeting Slated for April 13
-----------------------------------------------------
Court-appointed provisional administrator for Paul Borowski GmbH
& Co. KG, Dr. Joachim Heitsch, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:10 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 10:10 a.m., on July 20, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Paul Borowski GmbH & Co. KG on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Paul Borowski GmbH & Co. KG
         Monchmuehler Str. 122
         13159 Berlin, Germany

The administrator can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin, Germany


POMMERENKE FUSSBODENTECHNIK: Claims Registration Ends April 14
--------------------------------------------------------------
Creditors of Pommerenke Fussbodentechnik GmbH have until
April 14, to register their claims with court-appointed
provisional administrator Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Aachen
         Sitzungssaal 21
         Augustastrasse 78-80
         52070 Aachen, 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 Aachen opened bankruptcy proceedings
against Pommerenke Fussbodentechnik GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Pommerenke Fussbodentechnik GmbH
         Ursulinenstr. 8-10
         52351 Dueren, Germany
         Attn: Thomas Bierbach, Manager
         Nordstr. 35
         52351 Dueren, Germany
         
The administrator can be contacted at:

         Dr. Christoph Niering
         Brabanter Strasse 2
         50674 Koln, Germany


WK BAUELEMENTE: Creditors' Meeting Slated for April 13
------------------------------------------------------
Court-appointed provisional administrator for WK Bauelemente
Bremen GmbH, Ralph Buenning, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:15 a.m., on April 13.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on May 11, at the same
venue.

Creditors have until April 18, to register claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against WK Bauelemente Bremen GmbH on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         WK Bauelemente Bremen GmbH
         Osterholzer Muehlendamm 42
         28325 Bremen, Germany
         Attn: Wolfram Kunert, Manager
         Langwedeler Strasse 30
         28307 Bremen, Germany

The administrator can be reached at:

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


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ELAN CORPORATION: Demonstrates Significant Effect on Tysabri(R)
---------------------------------------------------------------
Biogen Idec and Elan Corporation, Plc disclosed that in Phase
III multiple sclerosis studies TYSABRI(R) (natalizumab) showed
significant effects on pre-specified health-related quality of
life (QoL) measures, in addition to those previously reported on
disability progression, relapse rate and MRI.  Data presented
this week at the annual meeting of the American Academy of
Neurology in San Diego, California also showed a significant
impact on additional pre-specified measures of disability
progression, including visual and cognitive function.

"MS is a debilitating disease that significantly reduces the
quality of patients' lives by causing symptoms like fatigue,
pain, and diminished emotional well-being.  We have never before
observed positive findings on our quality of life measures in a
Phase III MS study.  The TYSABRI study data show not only
significant reductions in relapses and disability, but also
suggest improved quality of life.  This is very encouraging,"
said Richard Rudick, MD, Director of the Mellen Center for
Multiple Sclerosis Treatment and Research at the Cleveland
Clinic, who presented the QoL findings at the AAN meeting.

                TYSABRI Shows Improvement
             in Quality of Life Assessments

In the two Phase III TYSABRI clinical trials, AFFIRM and
SENTINEL, QoL was assessed using three different measures, the
Multiple Sclerosis Quality of Life Inventory (MSQLI), the Short
Form-36 Health Survey (SF-36), which is a component of the
MSQLI, and a Visual Analogue Scale (VAS).  The MSQLI is an MS-
specific battery of 10 scales that measure disease impact on QoL
including, fatigue, pain, sexual function, bowel and bladder
function, visual impairment, mental health and need for social
support.  SF-36 is comprised of 36 questions designed to assess
patients' physical and mental well-being.  General well-being
was also measured using the VAS.

In the AFFIRM monotherapy study, patients in the TYSABRI-treated
group realized a significant improvement in physical measures of
the SF-36 compared with a decline in the placebo-treated group
(p=0.003).  A significant improvement was also seen in the
mental component of the SF-36 in patients treated with TYSABRI
compared with a decline in the placebo-group (p=0.011).  
Significant benefits were also seen using the VAS (p=0.007).  
Improvements on quality of life measures were also observed in
the SENTINEL study, in which TYSABRI was added to AVONEX(R)
(Interferon beta-1a).

TYSABRI Impacts Measures of Visual Function

In another analysis of the AFFIRM and SENTINEL data, patients
treated with TYSABRI had a reduction in the risk of visual
decline as measured by contrast testing compared to control.  
Loss of visual function is one of the most common causes of
disability and lower QoL in MS patients.  Low contrast letter
acuity was a pre-specified endpoint in both studies.  Recent
studies have demonstrated that low contrast letter acuity
(perception of light gray letters of progressively smaller size
on a white background) is a more sensitive measure of visual
dysfunction in MS than traditional measures.

TYSABRI Impacts Measures of Disability Progression

The primary efficacy endpoint of AFFIRM and SENTINEL at two
years was the rate of disability progression sustained for three
months as measured by the Expanded Disability Status Scale
(EDSS).  Additional measures of disability included the Multiple
Sclerosis Functional Composite (MSFC), which consists of three
tests that evaluate ambulation, upper extremity dexterity and
cognitive function.

In AFFIRM, treatment with TYSABRI led to a 42% reduction in the
risk of disability progression compared to placebo (p=0.0002).  
TYSABRI was also associated with significant delay in
progressing to EDSS of 4.0 (ambulatory with moderate disability)
and 6.0 (requiring a cane, crutch or brace).  TYSABRI treatment
also had a significant impact on all subscales of the MSFC,
including the Paced Auditory Serial Addition Test (PASAT), a
measure of cognitive function (p=0.005).

TYSABRI Phase III Safety

Progressive multifocal leukoencephalopathy (PML), a rare and
potentially fatal, demyelinating disease of the central nervous
system has been reported in patients receiving TYSABRI.  PML
occurred in two MS patients who had received TYSABRI with AVONEX
and in one Crohn's disease patient who had recently received an
immunosuppressant.  In placebo-controlled trials of

TYSABRI in MS, the incidence and rate of other serious
infections were balanced between TYSABRI-treated patients and
controls.  Serious infections reported in TYSABRI-treated
patients included pneumonia, urinary tract infection and
appendicitis.  The overall incidence and rate of common
infections were also balanced between treatment groups.  
Commonly reported infections included upper respiratory tract
infections, influenza, urinary tract infections, and
gastroenteritis.  Herpes infections were slightly more common in
patients treated with TYSABRI.  The incidence and rate of other
serious and common adverse events in clinical trials were
similarly balanced between treatment groups.  Serious events
that occurred in TYSABRI-treated patients included
hypersensitivity reactions, including systemic reactions,
depression, and cholelithiasis.  Common adverse events reported
include infusion reactions, headache, fatigue, and arthralgia.

Biogen Idec and Elan had previously voluntarily suspended
TYSABRI from the U.S.  market and dosing in all ongoing clinical
trials based on reports of PML.  Biogen Idec and Elan completed
a comprehensive safety evaluation of more than 3,000 TYSABRI
patients in collaboration with leading experts in PML and MS.  
The results of the safety evaluation yielded no new confirmed
cases of PML beyond the three previously reported.

On March 8, 2006, the Peripheral and Central Nervous System
Drugs Advisory Committee of the U.S.  Food and Drug
Administration (FDA) voted unanimously to recommend
reintroduction of TYSABRI as a treatment for relapsing forms of
MS.  The companies anticipate action by the Agency regarding the
reintroduction for TYSABRI in the U.S.  on or before June 28,
2006.  The companies' application for approval of TYSABRI as a
treatment for MS is also under review with the European
Medicines Agency.

On March 29, 2006, the companies said they have enrolled and
dosed the first patients in the TYSABRI monotherapy safety
extension study program in MS.  Patients who previously
participated in the Phase III MS trials and subsequent safety
evaluation are eligible to be screened for entry in this open
label multi-center study.  Sites throughout Europe, the United
States, Canada, Australia, New Zealand and Israel are expected
to enroll patients.

                        About Biogen Idec

Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/--  
creates new standards of care in oncology, neurology and
immunology.   As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  

                       About the Company

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

                        *     *     *

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

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


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


ALITALIA SPA: Commences Codesharing with Continental Airlines
-------------------------------------------------------------
SkyTeam alliance members Continental Airlines (NYSE: CAL) and
Alitalia SpA are beginning code-sharing to provide better
service to passengers who travel between Italy and the U.S. and
transfer between the two carriers.

Continental and Alitalia are two of the nine carriers who make
up the SkyTeam alliance, which also includes Aeromexico, Air
France, CSA Czech, Delta, KLM, Korean Air and Northwest.

Effective immediately, Continental will place its code on these
Alitalia flights:

   -- between Rome/Milan and Bari, Brindisi, Catania, Florence,
      Lamezia Terme, Naples, Palermo, Pisa, Trieste and Venice,
      Italy;

   -- between Rome and Bologna, Genoa, Reggio Calabria, Turin
      and Verona, Italy; and

   -- between Rome/Milan and Tirana, Albania.  

These flights will connect with Continental's daily non-stop
services between New York/Newark and both Rome and Milan.

At the same time, Alitalia will place its code on Continental
flights between New York/Newark and 11 U.S. destinations -
Cleveland, Dallas/Fort Worth, Denver, Houston, Los Angeles,
Philadelphia, Phoenix, Pittsburgh, Portland (Oregon), San
Francisco and Seattle - plus Aguadilla, Puerto Rico.  These
flights will connect with Alitalia's daily non-stop services
between both Rome and Milan and New York/Newark.

Codesharing improves airline service by simplifying the booking
process with electronic ticketing and communication of itinerary
information between airlines.  

Customers traveling on connecting CO/AZ itineraries are able to
have single check-in for all flights, including the issuance of
boarding passes and checked baggage to their final destination.  
Additional codesharing routes will be announced in the upcoming
months.   

Continental and Alitalia already have airport lounge and
frequent flyer reciprocity under the SkyTeam alliance.  Members
of the two airlines' frequent flyer programs, Continental's
OnePass and Alitalia's MilleMiglia, can earn and redeem miles on
all flights operated by the other carrier.  Indeed, travelers on
any SkyTeam airline earn mileage in their frequent flyer account
regardless of which member airline they fly.

SkyTeam was named the 2005 Best Airline Alliance by Global
Traveler Magazine.  Continental Airlines, together with
Continental Express and Continental Connection, has more than
3,100 daily departures throughout the Americas, Europe and
Asia, serving 151 domestic and 133 international destinations,
more than any other carrier in the world. More than 400
additional points are served via SkyTeam alliance airlines. With
over 42,000 employees, Continental has hubs serving New York,
Houston, Cleveland and Guam, and together with Continental
Express carries approximately 61 million passengers per year.  
Continental consistently earns awards and critical acclaim for
both its operation and its corporate culture.  

Alitalia enters into 2006 with an operating fleet of 177
aircraft connecting 98 airports worldwide with an average of 800
flights daily. While 151 aircraft serve the short and medium
haul routes, 28 provide the intercontinental service.  In 2005
Alitalia carried 24 million passengers, with a 7.8% increase YOY
(a significant result especially when compared with other
European carriers), thanks to a network redesign, which included
new destinations such as Delhi, Strasburg, Shanghai, St.
Petersburg,  Kiev, Zagreb, Budapest, Timisoara, Sarajevo,
Krakow.  


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


AKSUYSKYI HLEBOZAVOD: Files for Bankruptcy
------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
OJSC Aksuyskyi Hlebozavod filed for bankruptcy with on Feb. 14,
2006.


ALPAMYS: West Kazakhstan Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has commenced bankruptcy proceedings against LLP Sary Suu
on Feb. 13, 2006.


AUTOGAZ-ASTANA: Creditors Must File Claims by April 21
------------------------------------------------------
LLP Autogaz-Astana has declared insolvency.  Creditors have
until April 21, to submit written proofs of claim to:

          Bibitshilik Str. 56, Room 17
          Astana


EKOS: Creditors Must File Claims by April 16
--------------------------------------------
LLP Es 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


FIRMA KAYSAR: Creditors Must File Claims by April 21
----------------------------------------------------
LLP Firma Kaysar filed for bankruptcy with the Specialized
Inter-Regional Economic Court of Akmola Region on Feb. 1, 2006.

Creditors have until April 21, to submit written proofs of claim
to:

         Auelbekova Str. 139a, Office 228
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-79-32


KAT: Files for Bankruptcy in West Kazakhstan Court
--------------------------------------------------
LLP KAT filed for bankruptcy with the Specialized Inter-Regional
Economic Court of West Kazakhstan Region on Dec. 13, 2005.

CONTACT:  Specialized Inter-Regional
          Economic Court of West Kazakhstan Region
          Uralsk, Pochitalina Str. 107
          West Kazakhstan Region


NK-LOGISTIKS: Creditors Must File Claims by April 21
----------------------------------------------------
LLP NK-Logistiks has declared insolvency.  Creditors have until
April 21, to submit written proofs of claim to:

         Dostyk Ave. 160.
         Almaty, Kazakhstan


NUR B: Creditors Must File Claims by April 21
---------------------------------------------
LLP NUR B filed for bankruptcy with the Specialized Inter-
Regional Economic Court of Akmola Region on Jan. 31, 2006.

Creditors have until April 21, to submit written proofs of claim
to:

         Auelbekova Str. 139a, Office 228
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-79-32


ORALPOLITELENGAZ: Files for Bankruptcy
--------------------------------------
LLP Oralpolitelengaz filed for bankruptcy with the Specialized
Inter-Regional Economic Court of West Kazakhstan Region.

CONTACT:  Specialized Inter-Regional
          Economic Court of West Kazakhstan Region
          Uralsk, Pochitalina Str. 107
          West Kazakhstan Region


SAT-DAK: Files for Bankruptcy in West Kazakhstan Court
------------------------------------------------------
LLP Sat-Dak filed for bankruptcy with the Specialized Inter-
Regional Economic Court of West Kazakhstan Region on Feb. 8,
2006.

CONTACT:  LLP Sat-Dak
          Baitursynova Str. 70
          Kostanai, Kazakhstan


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


AGROVINMARKET: Creditors Must File Claims by May 27
---------------------------------------------------
LLC Agrovinmarket has declared insolvency.  The proofs of claim
will be accepted until May 27.

The company can be contacted at (+996 312) 98-44-60 or 98-56-21.


BELEN-TEKE: Creditors Must File Claims by May 27
------------------------------------------------
LLC Belen-Teke has declared insolvency.  Creditors have until
May 27 to submit written proofs of claim to:

          Tashkumyrskaya Str. 17
          Bishkek, Kyrgyzstan
          Tel: (+996 312) 62-36-73

IKA TRAVEL: Creditors Must File Claims by May 27
------------------------------------------------
LLC Ika Travel has declared insolvency.  Creditors have until
May 27, to submit written proofs of claim to:

          Manas Ave. 40, Room 16
          Bishkek, Kyrgyzstan
          Tel: (+996 312) 21-76-25


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


SENSATA TECHNOLOGIES: S&P Rates Senior Secured Debt at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Sensata Technologies B.V., a global
manufacturer of customized, engineered sensors and controls.  
The company, which is domiciled in the Netherlands, has
executive headquarters in Attleboro, Mass.

Sensata, formerly the S&C business of Texas Instruments Inc., is
being acquired by Bain Capital LLC, a coinvestor, and by Sensata
management.

Proceeds from a bank credit facility and note offerings,
together with $985 million of cash equity, will be used to
acquire the firm for $3 billion.  The purchase price represents
a 9.9x EBITDA purchase price multiple based on the company's pro
forma 2005 adjusted EBITDA plus fees and expenses.

A 'BB-' senior secured rating and a '1' recovery rating were
assigned to Sensata's proposed $1.35 billion senior secured
credit facility being issued as part of the transaction.  These
ratings indicate Standard & Poor's high expectation of full
recovery of principal (100%) by lenders in the event of a
payment default.  The ratings on the bank loan are based on
preliminary terms and are subject to review upon final
documentation. (For the complete recovery analysis, see Standard
& Poor's recovery report on Sensata, published April 6, 2006, on
RatingsDirect.)

Standard & Poor's also assigned 'B-' ratings to Sensata's
European senior unsecured notes due 2016; to its U.S. senior
unsecured notes due 2016; and to its U.S. senior subordinated
notes due 2016. These issues will total $900 million, though the
split has yet to be determined.

The outlook is stable.

"The ratings reflect Sensata's satisfactory business profile,
though this is offset by the company's heavy debt burden, which
results in a highly leveraged balance sheet and thin cash-flow
protection," said Standard & Poor's credit analyst Daniel
DiSenso.

Privately held Sensata manufactures sensors and controls serving
the automotive, commercial, industrial, residential, and
aerospace markets.  The company has No. 1 or No. 2 global
positions for most of its product applications, which are
engineered into products.  The company is the sole or primary
source for 95% of its business.  These factors help to provide
significant barriers to competitors.

Although the company's end markets are cyclical, Sensata enjoys
high, stable operating margins because of the good diversity
among its customers, applications, and regions of operation.  
The margins also benefit from the company's participation in
some growth niches for sensor applications and from the limited
capital intensiveness of the business.  These factors
furthermore mitigate earnings and cash flow volatility.

Meanwhile, Sensata is moving its manufacturing to lower cost
locations and transforming its supply chain to allow best-cost
sourcing, which should further enhance its competitive position.
Sensata's growth strategy is expected to be organically driven,
although small niche acquisitions are possible to enhance its
technology and to expand product applications.


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


BANK PEKAO: Fitch Affirms Individual Rating to C
------------------------------------------------
Fitch Ratings affirmed Poland's Bank BPH's Support rating at 1
and Bank Pekao SA's Issuer Default rating at A with Stable
Outlook.  Pekao's other ratings are affirmed at Short-term F1,
Individual C and Support 1.

BPH's Support rating and Pekao's Issuer Default, Short-term and
Support ratings are based on the extremely strong potential
support available from their ultimate controlling shareholder,
UniCredito Italiano.

The affirmation follows the announcement of an agreement between
the Polish government and UCI, which will allow the planned
merger of BPH and Pekao to proceed.  According to the terms of
the agreement published thus far, UCI will be required to sell
200 of the combined entity's branches as well as the BPH brand
name, and has agreed not to cut jobs for two years.

Additionally, the government will be able to appoint two
directors to the supervisory board of BPH. UCI could potentially
choose to sell additional assets and liabilities with the
branches, as well as the banking license.

Fitch considers that the agreement will to a limited extent
reduce the benefits of the merger.  "The job cut freeze means it
will take longer to achieve cost savings from the merger.
Additionally, the political interference sets a bad precedent
for the market," added Mr. Birney.

Pekao's Individual rating of C already takes into consideration
the costs of the merger and of any required restructuring.
Ultimately, Fitch still expects the merger to result in a
stronger bank.

Pekao had assets of PLN62 billion at end-2005, compared to BPH's
PLN58 billion assets. Both banks trade on the Warsaw Stock
Exchange.


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


ALBASHSKIY: Krasnodar Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
proceedings against Albashskiy after finding the open joint
stock company insolvent.  

The case is docketed as #A32-65903/2005-27/678B.

Mr. A. Pukhov has been appointed insolvency manager and can be
contacted at:

         A. Pukhov
         1st floor, Rashpilevskaya Str. 321,
         350051, Krasnodar Region, Russia

The Debtor can be reached at:

         Albashskiy
         Kanevskiy Region, Novominskaya St.
         Sovetskaya Str. 24
         353700, Krasnodar Region, Russia


ELANSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends April 27
---------------------------------------------------------------
Creditors of Elanskaya Sel-Khoz-Tekhnika (TIN 3406001466) have
until April 27, to submit their proofs of claim to the court-
appointed insolvency manager Mr. V. Belyakov at:

         Apartment 76
         Volzhskiy, Mira Str. 151
         404101, Volgograd Region, Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A12-17706/05-s24.

The Debtor can be reached at:

         Elanskaya Sel-Khoz-Tekhnika
         Lenina Pr. 98
         Volgograd Region, Russia


ELTRA: Bankruptcy Hearing Slated for June 14
--------------------------------------------
The Arbitration Court of Tambov Region will convene on June 14,
to hear the bankruptcy proceedings of open joint stock company
Eltra.  The case is docketed as A64-12734/05-21.

Mr. D. Kozlov has been appointed insolvency manager and can be
reached at:

         D. Kozlov
         Studenetskaya Nabarezhnaya Str. 20
         Tambov Region, Russia

The Debtor can be reached at:

         Eltra
         Rasskazovo, Industrialnaya Str. 2
         Tambov Region, Russia


KUTUSHTANSKIY: Bankruptcy Hearing Set for June 28
-------------------------------------------------
The Arbitration Court of Perm Region will convene at 2 p.m., on
June 28, to hear the bankruptcy supervision procedure on open
joint stock company Kutushtanskiy (TIN 5948002576).  The case is
docketed as A50-2595/2006-B.

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

         Office 6, Uinskaya Str. 1B
         614051, Perm Region, Russia
         Tel/Fax: (342) 261-14-98

The Debtor can be reached at:

         Kutushtanskiy Yeast Plant
         Kutushan, Drozhzavodskaya Str. 7
         614540, Perm Region, Russia


MAGNITOGORSK IRON: Fitch Keeps BB- Issuer Default Rating
--------------------------------------------------------
Fitch Ratings disclosed that Magnitogorsk Iron & Steel Works
Issuer Default Rating of BB- with Stable Outlook will not be
affected by the recent acquisition of a 75% stake in Pakistan
Steel Mills Corporation.  The acquisition is made with a
consortium including MMK, Al-Tuwairqi and Arif Habib Group.

As a lead partner in a consortium for this PSMC acquisition, MMK
will finance the main part of the transaction.  The consortium
submitted the highest bid of US$361.8 million, which the
Pakistani government is expected to formally accept within 30
business days.  MMK had a net cash position of US$499m at end-
2005, which is sufficient to finance the purchase without it
taking on additional debt.  In Fitch's view this acquisition
will not materially change the operating or financial profile of
MMK, and is therefore seen as credit neutral.

PSMC is an integrated steel producer with an installed capacity
of 1.1 million tons p.a., which is equal to only 10.8% of MMK's
2005 annual output.

This deal will be the first acquisition by MMK, which has so far
refrained from domestic or international M&A expansion.  Taking
into account the acquisition's relatively small size, it may be
viewed as a test pilot project and does not necessarily indicate
a strategic change in the company to a more aggressive stance on
debt-financed acquisitions.  Fitch would see any further
acquisitions as an event risk.


MINE VOSTOCHNAYA-BIS: Court Names S. Krutilin Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. S. Krutilin
as insolvency manager for Mine Vostochnaya-Bis.

The Court commenced bankruptcy proceedings against the open
joint stock company after finding it insolvent.  The case is
docketed as A29-8989/05-3B.

The insolvency manager can be reached at:

         S. Krutilin
         Inta, Post User Box 65
         169840, Komi Republic, Russia
         Tel/Fax: (82145) 6-16-17

The Debtor can be reached at:

         Mine Vostochnaya-Bis
         Inta, Shakhtnaya Str. 56
         169845, Komi Republic, Russia


OAO LUKOIL: Lukoil-Perm Discovers New Oil Field
-----------------------------------------------
LUKOIL-Perm, the operator of Russian projects of LUKOIL
Overseas, has discovered the Sharonovskoe oil field.

The field is located in Oktyabrsky and Chernushinsky districts
in the south of Perm Region.  The field is confined to the Novo-
Kamyshlovskaya structure on which seismic was acquired in 2002.

An exploration well drilled to the depth of 1,800 meters flowed
commercial oil.  Oil has been discovered in Verean, Lower and
Mid Visean, and Upper Devonian-Tournaisian stages.  Category C1
recoverable reserves of the field are estimated at 731,000 tons,
with category C2 reserves estimated at 71,000 tons.

The plan is to put the field on line in 2009.  Peal production
of 20,000 tons of oil is planned to be achieved in 2012.

Headquartered in Moscow, Russia, OAO LUKOIL, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first 9 months of 2005, the group produced 1.92
million barrels of oil equivalent (boe) per day and in 2004 had
refinery throughput of 44 million tons.  Total SPE reserves in
2004 were just over 20 billion boe.  The group's 9M2005 revenues
were US$40.6 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 26,
Moody's Investors Service has changed the outlook of OAO
LUKOIL's Ba1 Corporate Family Rating and Ba2 Issuer Rating to
positive from stable.

Moody's last rating action on LUKOIL was on 26 April 2005, when
the agency upgraded the company's ratings from Ba2/Ba3 to
Ba1/Ba2.


PAYVINSKOYE: Bankruptcy Hearing Set for May 3
---------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at 11
a.m., on May 3, to hear the bankruptcy supervision procedure on
close joint stock company on Payvinskoye at:

         Kirova, 3-916
         Novosibirsk Region, Russia

The case is docketed as #A45-24437/05-29/360.

Mr. G. Taran has been appointed temporary insolvency manager and
can be reached at:

         G. Taran
         Room 10, Oktyabrskaya Str. 84
         630005, Novosibirsk Region, Russia

The Debtor can be reached at:

         Payvinskoye
         Maslyaninskiy Region, Payvino
         633571, Novosibirsk Region, Russia


PEREVALOVSKOYE: Claims Filing Period Ends April 27
--------------------------------------------------
Creditors of Perevalovskoye have until April 27, to submit their
proofs of claim to court-appointed insolvency manager Mr. A.
Katkov at:

         Office 500, Krasina Str. 7a
         625003, Tyumen Region, Russia

The Arbitration Court of Tyumen Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A-70-5246/3-05.


PRITAMBOVYE: Deadline for Proofs of Claim Slated for April 27
-------------------------------------------------------------
Creditors of Pritambovye have until April 27, to submit their
proofs of claim to court-appointed insolvency manager Mr. A.
Semenov at:

         Rucheynyj Proezd, 5
         392023, Tambov Region, Russia

The Arbitration Court of Tambov Region has commenced bankruptcy
supervision procedure on limited liability company with the case
is docketed as A64-5924/05-18.

The Debtor can be reached at:

         Pritambovye
         Avdeevka
         Tambov Region, Russia


SERDOBSKIY: Claims Filing Period Ends April 27
----------------------------------------------
Creditors of Serdobskiy (TIN 5830001641) have until April 27, to
submit their proofs of claim to court-appointed insolvency
manager Mr. D. Pimenov at:

         Lunacharskogo Str. 53
         440061, Penza Region, Russia
         Tel: (841-2) 65-19-73

The Arbitration Court of Penza Region will hear the bankruptcy
proceedings of the open joint stock company at:

         The Arbitration Court of Penza Region
         GSP, Belinskogo Str. 2
         440600, Penza Region, Russia

The case is docketed as A49-6109/2005-1076/10.

The Debtor can be reached at:

         Serdobskiy
         Serdobsk, Saratovskaya Str. 117
         Penza Region, Russia  


SIBERIA: Bankruptcy Hearing Slated for May 24
---------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at 2:30
p.m., on May 24, to hear the bankruptcy supervision procedure on
open joint stock company Siberia.  The case is docketed as A45-
2075/06-4/5.

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

         V. Makarov
         Krasnoobsk, Post User Box 325
         630501, Novosibirsk Region, Russia

The Debtor can be reached at:

         Siberia
         Cherepanovskiy Region, Zimovye
         Tsentralnaya Str. 1
         633535, Novosibirsk Region, Russia


TURANALEM FINANCE: Fitch Rates Upcoming Eurobond at BB+
-------------------------------------------------------
Fitch Ratings assigned TuranAlem Finance B.V.'s upcoming USD
eurobond issue an expected BB+ Long-term rating.  The final
rating is contingent upon receipt of final documentation
conforming materially to information already received.

The issue is to be guaranteed by Kazakhstan's Bank TuranAlem,
rated foreign currency Issuer Default BB+/Stable, local currency
Issuer Default BBB-/Stable, Short-term foreign currency B,
Short-term local currency F3, Individual C/D and Support 3.
Proceeds from the issue will be deposited with BTA.

The issue is to be made within the framework of BTA's and TAF's
USD3 billion global medium-term note program, rated Long-term
BB+ for senior unsecured foreign currency notes with maturities
in excess of one year and Short-term B for senior unsecured
foreign currency notes with maturities of less than one year.

BTA's guarantee of the upcoming issue is to rank at least pari
passu with all present or future unsecured senior obligations of
the bank, save those preferred by relevant provisions of law and
of general application.  Under Kazakhstani law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-2005, retail deposits accounted for 13% of
BTA's total liabilities, according to the bank's International
Financial Reporting Standards accounts.

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at end-2005, and has top three positions in all major
market segments.  The bank's common stock is owned primarily by
a number of Kazakh investors, but Raiffeisen Zentralbank, the
European Bank for Reconstruction and Development, the
International Finance Corporation and Nederlandse Financierings
- Maatschappij Voor Ontwikkelingslanden own convertible
preferred shares.


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


ESPANOLA DEL ZINC: Leading Shareholder Sells 10.26% Equity Stake
----------------------------------------------------------------
The leading shareholder of Espanola del Zinc has sold its 10.26%
stake in the Company for EUR2.4 million to an undisclosed buyer,
Expansion says.

According to the report, Metainversion, which owns 1.2 million
shares in the company, will recoup its EUR2.88 million from the
sale after acquiring its 10% stake in the Company for EUR2 per
share in 2004.  

In January 2005, Espanola del Zinc's share price was frozen to
EUR1.84 after the company filed for insolvency.  Its recovery
plan involving full debt repayment within three years was agreed
in January this year.

Headquartered in Madrid, Spain, Espanola Del Zinc S.A. --
http://www.edz.es/-- produce and sells zinc, zinc alloys,  
sulphuric acid and all products obtained after its electrolysis.  
The Company reported its sales in 2005 amounting to
EUR6,075,000.  It employs 268 workers.


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


AGRO-SLUCH: Zhitomir Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Zhitomir Region commenced bankruptcy
supervision procedure on OJSC Agro-Sluch (code EDRPOU 05488516).  
The case is docketed as 7/142 B.  Mr. Oleg Dovzhanitsya has been
appointed temporary insolvency manager.

CONTACT:  Agro-Sluch
          Romanivskij District, Miropil, Lenin Str. 127
          13033, Ukraine, Zhitomir Region

          Mr. Oleg Dovzhanitsya
          Temporary Insolvency Manager
          Ukraine, Zhitomir Region
          Chernyahiv, Uritskij Str. 160
          Ukraine, Zhitomir Region
  
          Economic Court of Zhitomir Region
          Putyatinski Square 3/65
          10002, Ukraine, Zhitomir Region


BUSINESS POSSIBILITIES: Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
proceedings against LLC Business Possibilities (code EDRPOU
22810834) after finding the company insolvent.

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

CONTACT:  Business Possibilities
          Ukraine, Cherkassy Region
          Lukyanov Str. 12/3

          Mr. V. Yatchuk
          Liquidator/Insolvency Manager
          Sedov Str. 15/3
          18000, Ukraine, Cherkassy Region

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


CHERKASSY-MEDIA: Cherkassy Court Begins Bankruptcy Process
----------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
proceedings against LLC TV-Radio Company Cherkassy-Media (code
EDRPOU 32583789) after finding the company insolvent.

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

CONTACT:  Cherkassy-Media
          Ukraine, Cherkassy Region
          Hreshatik Str. 200/58

          Mr. V. Yatchuk, Liquidator/Insolvency Manager
          Sedov Str. 15/3
          18000, Ukraine, Cherkassy Region

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


INFARMA-WEST: Court Names Gusar Ivan Interim Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Gusar Ivan as
temporary insolvency manager for CJSC Infarma-West (code EDRPOU
22954970).

The Court commenced bankruptcy supervision procedure on the
company with the case docketed as 15/35-b.  

CONTACT:  Infarma-West
          01034, Ukraine, Kyiv Region
          Yaroslaviv Val Str. 21

          Mr. Gusar Ivan
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv Region, a/b 29

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


INTERTEHALLIANCE: Cherkassy Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
proceedings against LLC Intertehalliance (code EDRPOU 33283077)
on Feb. 9, after finding the company insolvent.  The case is
docketed as 01/645.

Ms. Olena Vorontsova has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Intertehalliance
          18023, Ukraine, Cherkassy Region
          Odeska Str. 8, Room 358

          Ms. Olena Vorontsova
          Liquidator/Insolvency Manager
          Ukraine, Kyiv Region, Sherbakova Str. 56/7, office 21
  
          Economic Court of Cherkassy Region
          Shevchenko Avenue, 307
          18005, Ukraine, Cherkassy Region


KOMSOMOLSKE' BREAD: Court Names Tsimberov Dmitro Liquidator
-----------------------------------------------------------
The Economic Court of Harkiv Region appointed Tsimberov Dmitro
as Liquidator/Insolvency Manager for OJSC Komsomolske' Bread
Plant (code EDRPOU 00382007).

The Court commenced bankruptcy proceedings against the Company
after finding it insolvent.  The case is docketed as B-19/92-05.  

CONTACT:  Komsomolske' Bread Plant
          63460, Ukraine, Harkiv Region
          Zmiyivskij District, Komsomolske,
          Balaklijske Shose 1

          Mr. Tsimberov Dmitro
          Liquidator/Insolvency Manager
          Bakulin Str. 9/13-52
          Ukraine, Harkiv Region

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


MISKPLODOOVOCH: Cherkassy Court Begins Bankruptcy Process
---------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
proceedings against Miskplodoovoch (code EDRPOU 25584731) after
finding the company insolvent.  

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

CONTACT:  Miskplodoovoch
          Rizdvyana Str. 175/8
          Ukraine, Cherkassy Region

          Mr. V. Yatchuk
          Liquidator/Insolvency Manager
          Sedov Str. 15/3
          18000, Ukraine, Cherkassy Region

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


SELIDOVE' CITY: Donetsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against JSCCT Selidove' City Milk Plant (code EDRPOU
13542205) on Jan. 26, after finding the company insolvent.  The
case is docketed as 5/121 B.

Mr. E. Lesnikov has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Selidove' City Milk Plant
          Selidove, Krasnoarmijska Str. 136
          85400, Ukraine, Donetsk Region

          Mr. E. Lesnikov
          Liquidator/Insolvency Manager
          85483, Ukraine, Donetsk Region
          Novogrodivka, Koshovij Str. 37/19

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


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


ALSOP DESIGN: Taps Joint Administrators from Berg Kaprow Lewis
--------------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of design company
Alsop Design Limited (Company Number 05216454) on March 23.  

The joint administrators can be reached at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Inquiry Line: 020 8922 9121


DEWHURST BUTCHERS: Taps BDO Stoy Hayward to Administer Assets
-------------------------------------------------------------
Shay Bannon and Graham D. Randall of BDO Stoy Hayward were
appointed joint administrators of Dewhurst Butchers (Holdings)
Limited (Company Number 03995890) and Dewhurst Butchers Limited
(Company Number 03073264) on March 27.

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.

Dewhurst Butchers (Holdings) Ltd retails meat and meat products
and can be reached at:

         6-8 Long Lane
         London EC1A 9HF

Dewhurst Butchers Ltd can be reached at:

         59 High St
         Rushden
         Tel: (01933) 312293


DONIKA INDUSTRIAL: Members Resolve to Liquidate Assets
------------------------------------------------------
Members of Donika Industrial Products Limited resolved to
liquidate the company's assets during an extraordinary general
meeting on Feb. 23.

They appointed Peter Adrian Finn as Liquidator.

Donika Industrial Products Limited can be contacted at:

         Unit 4 Station Yard
         Station Road
         Llanrwst Gwynedd
         LL26 0EH
         Tel: 01492 641 011
         Fax: 01492 584 789


EMBERDEN LIMITED: Winds Up Assets & Appoints Liquidator
-------------------------------------------------------
Emberden Limited is winding up its operations after members
found out that the company could no longer continue its business
due to mounting debts.

Surjit Kumar Singla, of Singla & Co, was appointed Liquidator.

Emberden Limited can be reached at:

         Building 174
         Churchill Way
         Biggin Hill Westerham Kent
         TN16 3BN
         Tel: 01959 573 853
         Fax: 01959 573 853


HADEN DUCOST: Claims Filing Period Ends Tomorrow
------------------------------------------------
Creditors of Haden Ducost Systems Limited (Company Number
01285079) will meet at 11 a.m., on April 13 at:

         1 Snow Hill
         London EC1A 2DH

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 12, to:

         Jeremy Willmont
         Joint Administrator
         Moore Stephens LLP
         1 Snow Hill
         London EC1A 2DH

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

Haden Ducost Systems Ltd can be reached at:

         Unit 7, Blackland Way
         Abingdon Business Park
         Abingdon OX14 1DY
         Oxfordshire
         Tel: 01235 541100
         Fax: 01235 553566


HMV GROUP: Competition Commission Clears Ottakar's Merger
---------------------------------------------------------
The Competition Commission provisionally cleared the anticipated
acquisition of Ottakar's plc by HMV Group plc through
Waterstone's Booksellers Ltd, after concluding that the merger
would not lead to a substantial lessening of competition in the
market for the retail sale of new books to consumers in any part
of the UK.

"We have looked at all the evidence submitted to us very
carefully and we do not believe this acquisition would result in
a substantial lessening of competition," Diana Guy, chairperson
of the inquiry group, said.  "It is not likely to affect book
prices, range of titles offered or quality of service.   In the
few locations where Waterstone's and Ottakar's stores are close
together, we found the range of books and quality of service
were similar to their stores located in other areas.  So the
effect of competition between Waterstone's and Ottakar's at the
local level seems limited.

"Throughout the country there is growing competition from
supermarkets and Internet retailers in terms of both price and
range, so the merged company would have little ability to raise
prices either on best-sellers or other titles.  It would have
every incentive to offer an extensive range of titles and high-
quality service in its stores, as these features give the
merging parties a competitive advantage over supermarkets and
other non specialist retailers," Ms. Guy added.

The inquiry group found that, contrary to widespread perception,
Waterstone's, like Ottakar's, operates a book-buying system
which mixes central and local input on stock selection.  
Although the merger may reduce the number of central buying
decision-makers, the Commission does not believe this will have
a significant impact on the range and variety of titles
available to readers.

"Despite the substantial changes in the industry following the
abolition of the Net Book Agreement, with new types of retailers
entering the market and increased concentration in publishing,
sales have continued to grow," Ms. Guy said.  "We do not see any
reason why the merger would change this or reduce the number of
titles published."

The merger was referred by the Office of Fair Trading on Dec. 6,
2005, and the Competition Commission is required to publish its
final report by May 22, 2006.  HMV's offer for Ottakar's lapsed
upon referral to the CC.

A full-text summary of the Competition Commission's provisional
findings is available at no charge at:

              http://ResearchArchives.com/t/s?7af

HMV Group said it is now considering the full text of the
Competition Commission's provisional conclusions and will
continue to work closely with the Commission.

               About the Competition Commission

The Competition Commission -- http://www.competition-
commission.org.uk/ -- is an independent public body established
by the Competition Act 1998.  It replaced the Monopolies and
Mergers Commission on April 1, 1999.

The Commission conducts in-depth inquiries into mergers, markets
and the regulation of the major regulated industries.  Every
inquiry is undertaken in response to a reference made to it by
another authority: usually by the Office of Fair Trading but in
certain circumstances the Secretary of State, or by the
regulators under sector-specific legislative provisions relating
to regulated industries.  The Commission has no power to conduct
inquiries on its own initiative.

                      About the Company

Headquartered in the U.K., HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in 8 different  
countries under two powerful retail brands (HMV and
Waterstone's).  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Oct. 29, 2005, the company's balance sheet showed GBP49.7
million in stockholders' deficit, compared with a GBP14.4
million stockholders' deficit at Apr. 30, 2005.


HURLINGHAM COACHWORKS: Joint Liquidators Take Over Operations
-------------------------------------------------------------
John Kelmanson and Elias Paourou, both of The Kelmanson
Partnership, were appointed Joint Liquidators of Hurlingham
Coachworks Limted after members passed a resolution to wind up
the company's operations on Feb. 28.

Hurlingham Coachworks Limited can be reached at:

         Unit 1 Carnwath Road Ind Est
         31 Carnwath Road
         London
         SW6 3HR
         Tel: 020 7371 8050
         Fax: 020 7371 0072


INDIAN MOTORCYCLE: Members Pass Winding Up Resolution
-----------------------------------------------------
Members of Indian Motorcycle Ltd passed a resolution to wind up
the company's operations during an extraordinary general meeting
on Feb. 24.

Alan Simon, of Langley & Partners, will lead the winding up
proceedings.

Indian Motorcycle Ltd can be contacted at:

         6 Culford Mews
         London
         N1 4DX
         Tel: 020 7241 1353
         Fax: 020 7241 4400


K.D. PRODUCTS: Members Decide To Wind Up Operations
---------------------------------------------------
K.D. Products (UK) Limited is liquidating its assets after
members decided to wind up the company's operations on Feb. 27.

C.K. Rayment and G.S. Kinlan were appointed Joint Liquidators.

K D Products (UK) Limited can be reached at:

         Ground Floor
         Redwither Tower
         Redwither Business Park Wrexham Clwyd
         LL13 9XT
         Tel: 01978 661 797
         Fax: 01978 661 848


K M R DEVELOPMENTS: Financial Woes Trigger Liquidation
------------------------------------------------------
Andrew Hartley Wilkinson was appointed Liquidator of K.M.R.
Developments (Huddersfield) Limited after members passed a
resolution to wind up the company on March. 2.

Chairman K.M. Richter revealed the company could no longer
continue its operations due to financial liabilities.

K.M.R. Developments (Huddersfield) Limited can be reached at:

         367 Eastfield Road
         Peterborough
         PE1 4RD
         Tel: 01733 572 538


LIKE WATER: Taps Administrators from Kroll Limited
--------------------------------------------------
D. J. Whitehouse and S. Wilson of Kroll Limited were appointed
administrators of Like Water Limited (Company Number 5540379) on
March 28.  Its registered office is at Nexus Solicitors, Carlton
House, 16-18 Albert Square, Manchester M2 5PE.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.


M T INTERNATIONAL: Names Administrator from Butcher Woods
---------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of M T International Limited (Company Number
01872367) on March 24.

The administrator can be reached at:

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

M T International Limited wholesales fabrics and trimmings to
the textile manufacturing industry.  


MAGNUS DIRECT: Names Ian Pattinson to Liquidate Assets
------------------------------------------------------
Magnus Direct Limited is liquidating its assets after members
passed a resolution to wind up the company on March 2.

Ian Pattinson was appointed Liquidator.

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

Magnus Direct Limited can be contacted at:

         Unit 6 Higher Tweed Mills
         Webbers Way
         Dartington Totnes Devon
         TQ9 6JY
         Tel: 01803 840 200
         Fax: 01803 840 169
         Web: http://www.magnusdirect.co.uk/


MICROPOINT SYSTEMS: Taps Bridgers as Administrator
--------------------------------------------------
John Arthur Kirkpatrick and Peter Bridger of Bridgers were
appointed administrators of Micropoint Systems Limited (Company
Number 03314121) on Jan. 31.  

The administrator can be reached at:

        Bridgers
        6C Church Street,
        Reading, Berkshire RG1 2SB
        Tel: 0118 9512131
        Fax: 0118 9512161
        E-mail: john.kirkpatrick@bridgers.co.uk  

Micropoint Systems Ltd develops computer software and can be
reached at:  

         206a Great West Road
         Hounslow, Middlesex TW5 9AW
        Tel: 02085729843   


MISYS PLC: Buys Back 350,000 Shares From JPMorgan Cazenove
----------------------------------------------------------
Misys plc purchased 350,000 of its own ordinary shares on
April 7, at a price of 219.6783 pence per share from JPMorgan
Cazenove Limited.  The Company intends to hold these shares in
Treasury.

Following the purchase of these shares the Company holds a total
of 54,111,976 of its shares in Treasury and has 505,615,060
shares in issue (excluding Treasury shares).

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software  
serving the international banking and healthcare industries and
the UK general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


MISYS PLC: Selling General Insurance Business to Montagu Private
----------------------------------------------------------------
Misys plc will sell its general insurance broking systems
business, Misys General Insurance, to Montagu Private Equity
Limited.  

The gross proceeds from the sale will be approximately GBP182
million and will be satisfied entirely in cash on completion.  
Completion is expected to take place within the next three
months, subject to consent from the Financial Services Authority
to the change of control and other customary closing conditions.  
Misys intends to use the proceeds from this transaction
initially to repay existing company debt.

Misys General Insurance is the leading supplier of IT solutions
and products for the general insurance intermediary industry in
the UK and the Republic of Ireland.  Through Misys Insurance
Management, MGI also offers customers membership of a broker
network that provides access to superior insurance schemes and
preferential service levels from insurers.

"The general insurance business has been a strong contributor to
Misys for over two decades of our growth and development," said
Kevin Lomax, Chief Executive, Misys plc.  "It is the leader in
its market and has consistently delivered high profit margins
and strong cash flow.  The Board has taken the decision to sell
it because it is no longer central to our strategy, which is to
focus on the expansion opportunities in our core markets of
banking and healthcare.  We are pleased that the management
team, under the leadership of Phillip Bell, has found a strong
and enthusiastic backer in Montagu Private Equity, and we wish
them well for the future development of the business."

Jason Gatenby, Director, Montagu Private Equity, said, "We are
delighted to agree this transaction with Misys.  MGI is a
business which we have followed for some time.  It has delivered
excellent financial performance while staying at the forefront
of its market.  This is the kind of business, and management
team, in which we like to invest.  The business has good
opportunities for growth as a standalone business and we are
looking forward to working with Phillip Bell and his team to
exploit them."

Phillip Bell, Chief Executive of MGI, said, "While Misys has
been a good corporate parent to this business in its first
quarter century, we believe that there are avenues for future
development which we will be better able to explore as an
independent company.  This transaction is good news for our
customers, our insurance partners and our employees."

Whilst MGI itself is not a regulated business, the business it
carries out through MIM is regulated by the FSA.  The sale of
MGI is therefore subject to the FSA's consent to the change of
control.  Closing is subject to receipt of this consent from the
FSA, which is expected within the next three months.  Closing is
also subject to conditions typical for a transaction of this
type.

At Nov. 30, 2005, MGI had gross assets of GBP8.8 million. In the
year to May 31, 2005, MGI delivered pre-tax profit of GBP15.8
million from revenue of GBP33.7 million; in the six months to
Nov. 30, 2005, MGI's operating profit was GBP7.3 million and its
revenue was GBP16.0 million.

Lexicon Partners Limited acted as financial adviser to Misys in
respect of this transaction.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software  
serving the international banking and healthcare industries and
the UK general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


NETBOX LTD: Creditors Confirm Voluntary Liquidation
---------------------------------------------------
Creditors of Nebox Ltd confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company on Feb. 28.

Creditors also ratified the appointment of M.S.E. Solomons as
Liquidator.

Netbox Ltd can be reached at:

         Tower House
         The Street
         Kingscourt Stroud Gloucestershire
         GL5 5DN
         Tel: 01453 840 171


OPTIONELECT LIMITED: Joint Liquidators Lead Liquidation Process
---------------------------------------------------------------
Optionelect Limited is winding up its operations after members
decided to liquidate the company's assets during an
extraordinary general meeting on March 2.

Susan Purnell and Leigh-Jane Holmes, of Purnells, will jointly
liquidate the company's assets.

Option Elect Limited can be reached at:

         5 High Street
         Newport Arcade
         Newport Gwent
         NP20 1GD
         Tel: 01633 246 007


P.H. POOL: Creditors' Meeting Slated Tomorrow
---------------------------------------------
Creditors of P.H. Pool Services Limited (Company Number
01519956) will meet at 3 p.m., on April 12, at:

         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy form must be submitted together with written
debt claims at 12 p.m., today, April 11, to:

         Lane Bednash
         Administrator
         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

P H Pool Services Ltd manufactures medical equipment and
supplies and can be reached at:

         Wanborough Business Centre
         Wanborough
         Guildford, Surrey GU3 2JR
         Tel: 01483813181   


PROFESSIONAL INDEMNITY: Creditors' Meeting Set for Tomorrow
-----------------------------------------------------------
Creditors of Professional Indemnity Select Limited (Company
Number 03254412) will meet at 11 a.m., on April 12, at:

         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY

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., today, April 11 to:

         Asher Miller
         Joint Administrator
         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Professional Indemnity Select Ltd can be reached at:

         Nicholas House
         Enfield
         EN1 3TF
         Tel: 020 8366 5595


QUALITY INDUSTRIAL: Members Agree to Liquidate Assets
-----------------------------------------------------
Members of Quality Industrial Supplies Limited decided to
liquidate the company's assets on Mach 1.

Matthew Colin Bowker and David Anthony Willis, of Jacksons
Jolliffe Cork, were appointed Joint Liquidators.

Chairman J. Bennie disclosed the company could no longer
continue its operations due to mounting debts.

Quality Industrial Supplies Limited can be reached at:

         26 Unit Factory Estate
         Argyle Street
         Hull
         HU3 1HD
         Tel: 01482 588 856
         Fax: 01482 588 856


RANK GROUP: Deregisters Ordinary Shares From U.S. SEC
-----------------------------------------------------
The Rank Group Plc filed a Form 15 with the U.S. Securities and
Exchange Commission to:

   -- terminate the SEC registration of its ordinary shares; and

   -- suspend its SEC reporting obligations in relation to its
      debt securities previously registered under the US
      Securities Act of 1933 (as amended).

SEC de-registration will occur 90 days after April 7, 2006, or
such shorter period as the SEC may determine.  On filing of the
form, Rank's obligations to file certain forms and reports with
the SEC, including Forms 20-F and 6-K, were suspended.

The Company confirmed on March 3, its intention to commence
exercising the compulsory transfer provisions contained in the
Company's Articles of Association to reduce the number of US
resident shareholders on its share register to below three
hundred and thereafter terminate registration of its ordinary
shares with the SEC.

Under currently applicable SEC regulations, after the de-
registration takes effect, the number of Rank's US resident
shareholders must remain below 300 at each financial year-end to
avoid re-commencement of SEC reporting and other applicable US
obligations.  Rank's Articles of Association give the Company's
Directors the ability to limit the number of Rank's US resident
shareholders for this purpose.  

Pursuant to the Articles of Association, Rank's Board may, from
time to time, require US resident shareholders, whether holding
directly or through nominees, to sell their shares in order to
be satisfied that their number is less than 300 at each
financial year-end.  Furthermore, the number of US residents
holding debt securities of Rank previously registered under the
Securities Act must also remain below 300 at each financial
year-end to avoid re-commencement of SEC reporting obligations.

On Dec. 23, 2005, the SEC published a proposed rule that
introduces new criteria to make it easier for foreign private
issuers such as Rank to de-register from the SEC.  Finalization
of this proposed rule is likely to take several months and it is
not possible to be certain what form any new criteria will
finally take.  It is possible the new criteria will not require
Rank to maintain the number of its US-resident shareholders at
below 300 at each financial year-end in order to avoid re-
commencement of registration obligations.  

The Company said it will keep the position under review.

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 downgraded the senior unsecured long-term
debt ratings of Rank Group Finance Plc (guaranteed by The Rank
Group Plc) to Ba2 (from Baa3).

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.


REGENT SECURITY: Brings In Administrator from Hazlewoods
--------------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed administrator
of Regent Security Solutions Limited (Company Number 05301184)
on March 24.  Its registered office is at Eagle Tower,
Montpellier Drive, Cheltenham GL50 1TA.

Hazlewoods -- http://www.hazlewoods.co.uk/-- offers a service  
that sets it apart from other chartered accountancy firms.   It
is highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax.  The firm employs 150
staff.

Regent Security Solutions Ltd operates a security guards agency
and can be reached at:

         P.O. Box 271
         Cheltenham, GL50 3YQ
         Tel: 01242 573327


RENTOKIL INITIAL: Issues GBP30 Million 10-Year Bonds
----------------------------------------------------
Rentokil Initial plc disclosed the issue of GBP300 million of
10-year bonds on March 31.  The annual coupon on the bonds has
been set at 5.75%.  The bonds will be repayable at par on
March 31, 2016, and will be issued under the company's Euro
Medium Term Note Program.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest    
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At Dec. 31, 2005, Rentokil's balance sheet showed
GBP659.6 million in stockholders' deficit, compared to a GBP784
million deficit at Dec. 31, 2004.  The Company's balance sheet
also showed strained liquidity with GBP745 million in assets
available to pay GBP789.5 million in the next 12 months.


SILVERSCREEN LIMITED: Names Kroll Limited Administrator
-------------------------------------------------------
Andrew John Pepper and Peter Mark Saville of Kroll Limited were
appointed joint administrators of Silverscreen Limited (Company
Number 04666764) on March 29.  Its registered office is at 2
Lambs Passage, London EC1Y 8BB.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Silverscreen Ltd retails DVDs and can be reached at:

         Unit 4, Lewisham Centre
         London, SE13 7EP
         Tel: 0208 852 0697
         Fax: 0208 852 0698


TARGET UNDERWRITING: Meeting of Creditors Slated Tomorrow
---------------------------------------------------------
Creditors of Target Underwriting Limited (Company Number
03252336) will meet at 11 a.m., on April 12, at:

         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY

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:

         Asher Miller
         Joint Administrator
         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Target Underwriting Ltd can be reached at:

         Nicholas House, River Front
         Enfield, Middlesex
         EN1 3TF
         Tel: 0208366 5595
         E-mail: office@targetunderwirting.com  


WORKSPACE OFFICE: Taps Joint Administrators from Deloitte
---------------------------------------------------------
Neville Barry Kahn, Nicholas James Dargan and Ian Brown of
Deloitte & Touche LLP were appointed joint administrators of
Workspace Office Solutions Limited (Company Number 00253775) on
March 27.  Its registered office is at 39 Cornhill, London EC3V
3NU.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of  
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.  

Headquartered in Haverhill, Suffolk, Workspace Office Solutions
Limited -- http://www.project.co.uk/-- manufactures and  
distributes office furniture and equipment.


* Shepherd & Wedderburn Names Keith Wilson as Finance Director
--------------------------------------------------------------
Shepherd and Wedderburn appointed Keith Wilson as the firm's new
finance director.

An experienced finance professional and CA, Mr. Wilson (45) has
held several senior positions with a number of blue chip
companies, including Price Waterhouse, Diageo (formerly United
Distillers) and Scottish Equitable/Aegon UK where he was
latterly director of finance for Aegon UK.

"With a proven track record of sound financial management with
some of the UK's most successful companies, Keith brings
invaluable experience from the commercial sector," Patrick
Andrews, chief executive at Shepherd and Wedderburn, said.  "His
appointment is in line with our aspirations for growing our
business and we are really excited about the contribution which
he will make."

                  About Shepherd & Wedderburn

Shepherd and Wedderburn -- http://www.shepwedd.co.uk/-- is one  
of the United Kingdom's leading law firms.  It provides expert,
experienced legal advice, tailored to meet its clients' business
needs.  The firm is based in Edinburgh, Glasgow, London and
Aberdeen, and its team of legal experts work with clients all
over the UK and beyond.

                           *********

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

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

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

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

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

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


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