TCREUR_Public/060413.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

              Thursday, April 13, 2006, Vol. 7, No. 74

                            Headlines


F I N L A N D

BENEFON OYJ: Registers 3.17% Share Capital Increase


F R A N C E

ALCATEL S.A.: Names Members of Executive Committee
EUROTUNNEL S.A.: Seeks to Extend Waiver to Pursue Creditor Talks


G E R M A N Y

AKZENTE GMBH: Claims Registration Ends April 15
ARUGA WERTSTOFF: Creditors' Meeting Slated for May 8
BRUNE VOLLHOLZ: Creditors' Meeting Slated for May 4
IHR PLATZ: Names Management Team Following Successful Turnaround
ITAW GMBH: Creditors' Meeting Slated for May 9

KABEL DEUTSCHLAND: Fitch Rates EUR1.35-Bln Facilities at BB+
KARSTADTQUELLE AG: Enters French Mail Order Market
SPUMAX GESELLSCHAFT: Claims Registration Ends April 18
STAUDINGER GMBH: Creditors' Meeting Slated on May 9
T.B. AUTOMOBILE: Claims Registration Ends April 18

TEKAL GESELLSCHAFT: Claims Registration Ends April 18
ULRICH FIEBENITZ: Claims Registration Ends April 18
W.F.-COLOR: Claims Registration Ends April 15


H U N G A R Y

PANNONPLAST RT: Sells 62.22% Stake in TU-Plast to Hoffman Neopac


I T A L Y

BANCA NAZIONALE: Fitch Keeps Individual Rating at C
IMPREGILO SPA: Amends Directors' Report on 2005 Financials


K A Z A K H S T A N

AKVAPROEKT: Creditors Must File Claims by April 21
ARIADNA-PV: Creditors Must File Claims by April 21
MAUC.RU: Creditors Must File Claims by April 21
MUNAIREMBYTSERVICE: Creditors Must File Claims by April 21
ORAL-PRESS: Creditors Must File Claims by April 21

SATURN-ABS: Creditors Must File Claims by April 21
SERVIS LUXE: Creditors Must File Claims by April 21
SMAK NEW: Creditors Must File Claims by April 21
SULTAN-M CO: Creditors Must File Claims by April 21
TURMYS: Jambyl Court Starts Bankruptcy Proceedings


K Y R G Y Z S T A N

AITI-KUT: Creditors Must File Claims by May 27
ARCHA: Creditors Must File Claims by May 27


L U X E M B O U R G

NORTEL NETWORKS: Names Dietmar Wendt to Lead Global Services


N E T H E R L A N D S

CHIQUITA BRANDS: Names James Thompson SVP & Compliance Chief


R U S S I A

CHERNOERKOVSKAYA: Creditors Proofs of Claims Slated for April 27
EAR: Claims Filing Period Ends April 27
ECO-PRODUCT: Deadline for Proofs of Claim Slated for April 27
LESNOYE: Creditors Have Until April 27 to File Claims
NELIDOVSKIY MEAT: Deadline for Proofs of Claim Set for April 27

OMSK VODOKANAL: Moody's Junks Corporate Family Rating
PROKOPYEVSKIY PORCELAIN: E. Sheyko Named Insolvency Manager
REGION-NEFTE-KHIM: Proofs of Claim Deadline Set for April 27
SEL-KHOZ-KHIMYA: Deadline for Proofs of Claim Set for April 27
SEVERTRANSPORT: Undergoes Bankruptcy Supervision Procedure

SILICON: Appoints O. Khaliullina Insolvency Manager
SOUTHERN TELECOMS: Pays Third Coupon Under 03-Series Bond Issue
YUKOS OIL: Moscow Court to Hear Bankruptcy Appeal on April 18


U K R A I N E

DZVINKOVE: Kyiv Court Starts Bankruptcy Supervision
FLAX-CONTRACT-CREDIT: Court Names Cherevatij Lubomir Liquidator
FREGAT-K: Kyiv Court Opens Bankruptcy Proceedings
PROMTEHNIKA: Court Name Marina Rotach to Liquidate Assets
STOROZHINETS' CHEESE: Court Begins Bankruptcy Supervision

UKRAGROPTICYA: Kyiv Court Opens Bankruptcy Proceedings
UKRINDUSTRIYA: Donetsk Court Opens Bankruptcy Proceedings
ZNAMYANSKE: Court Names V. Cherevyak Insolvency Manager


U N I T E D   K I N G D O M

AK CONSTRUCTION: Financial Woes Prompt Liquidation
ANGELIM LIMITED: Members Pass Winding Up Resolution
ANNABELLE CHARLES: Creditors Confirm Voluntary Liquidation
AUGUST HOMES: Claims Filing Period Ends April 14
BLACKBURN TOOL: Claims Registration Ends May 27

BRANNIGAN WEST: Taps Asher Miller to Liquidate Assets
CABLE & WIRELESS: Employee Share Trustees Sell 148,925 Shares
CROWN PAINTERS: Members Agree to Liquidation
DUO DIGITAL: Appoints J.N. Bleazard as Liquidator
EFFECTIVE FINANCIAL: Winds Up Operations & Appoints Liquidator

EWOOD COMPUTERS: Hires Joint Liquidators from Valentine & Co
RANK GROUP: Buys Back 700,00 Ordinary Shares for Cancellation

                            *********

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


BENEFON OYJ: Registers 3.17% Share Capital Increase
---------------------------------------------------
Benefon Oyj registered its share capital increase by EUR67,827
from EUR2,137,933 to EUR2,205,760 in the trade register on
April 4.

The share capital increase is based on the conversion in part of
bonds issued in the convertible bond loan Benefon 2004A,
registered on April 5, 2004, into 6,782,713 new S-shares of the
Company with book parity value of EUR0.01 euros each.

The said share capital increase is approximately 3.17% of the
share capital of the Company prior to the increase.  After the
increase, the total registered share capital of the Company is
EUR2,205,760 and the number of shares 220,576,060 of which all
are publicly quoted investment series shares.

The new shares is listed for public trading on the I-list of
Helsinki Exchanges aside with the old investment series shares
of the Company approximately on April 5.  The new shares are
equal of their rights with the old investment series shares and
entitle to full dividend from fiscal period begun on Jan. 1,
2005, and from any subsequent periods.

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions   
for saving lives, securing assets and improving field
management.  

At Dec. 31, 2005, Benefon Oyj's balance sheet showed EUR4.97
million in total assets and EUR7.30 million in total
liabilities, resulting in a EUR2.33 million stockholders'
deficit.


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


ALCATEL S.A.: Names Members of Executive Committee
--------------------------------------------------
Alcatel S.A. disclosed appointments to the company's Executive
Committee.

Etienne Fouques, EVP, was appointed President of Europe and
South.  He was previously President of Alcatel's mobile
communications activities.  He started his career at ITT France,
and then Thomson.  He joined the Group in 1990 as Director of
customer services at Alcatel CIT, before managing mobile radio
activities.  Between 1998 and 2003, he held various management
positions in fixed networking activities.

Marc Rouanne was appointed EVP and President of the mobile
communications activities.  He was previously the COO of these
activities.  He joined Alcatel in 1998 as VP, Operations for
mobile networks.  Before joining Alcatel, he was at Matra
Communications and Nortel Matra Cellular.

Hubert de Pesquidoux was appointed EVP and President of Alcatel
activities in North America.  Mr. de Pesquidoux joined Alcatel
in 1991 as Corporate Treasurer.  In 1998, he was appointed CFO
for Alcatel in the USA.  Subsequently, he was appointed COO for
Alcatel North America and chief executive officer of Alcatel
Canada.

Michel Rahier was appointed EVP and President of the fixed
communications activities.  Before this he was chief operating
officer for this segment.  He joined Alcatel in 1980 in the
Alcatel Bell Research Center in Belgium after which he held
several worldwide technical management positions for enterprise
and fixed networks.  From 1997 to 2001, he managed the mobile
networking business of the Group.

Olivier Picard, President of Alcatel's activities in France,
Middle East, Africa, and South Asia, also joined the Executive
Committee.  He was appointed VP for South East Asia in 1999 and
EVP for France in 2001.  He joined Alcatel in 1997 as Director
in charge of space international relations.  Before joining
Alcatel, he held several positions at the French Ministry of
Defense and at Thomson CSF.

In conjunction with these appointments, Jacques Dunogue,
Executive Vice President EVP, President of Europe and South, and
member of the Executive Committee is leaving the company to
pursue other opportunities.

                          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.


EUROTUNNEL S.A.: Seeks to Extend Waiver to Pursue Creditor Talks
----------------------------------------------------------------
Eurotunnel S.A. is seeking an extension to a waiver to its
credit agreements to pursue negotiations with all creditors.

Eurotunnel and the Ad Hoc Committee of creditors, which
represents more than 50% of the Group's debt, signed a
Memorandum of Understanding on Jan. 31, 2006.

A second waiver period, which expired March 31, was put in place
to allow the presentation of the outline framework of the
restructuring agreed between the Group and the Ad Hoc Committee,
to non-signatory creditors.

This period also allowed the junior and subordinated creditors
to group themselves into a single committee representing a large
part of those particular categories of debt.

The Joint Board considered that the conditions were right to
enter into a third period of negotiation -- which will enable
all of the creditors to come together for the first time, in
order to reach a consensual financial restructuring plan.

In order to achieve this, the Joint Board has decided to request
the opening of a new waiver period, until July 12, with a review
planned in mid May 2006.

            Joint Board Extends Reporting Deadline

As previously disclosed, Eurotunnel will not be able to meet its
contractual obligations in the first half of 2007, given the
planned end of the Minimum Usage Charge mechanism, defined in
the contract with the Railways and the forthcoming significant
capital repayments of the debt.

In this context, the Group reiterates that the Credit Agreements
provide:

   -- a cash facility to a maximum amount of GBP50 million; and
   
   -- recourse, in event of default, to a contractual   
      "Standstill", of limited duration, which would permit
      Group to continue to operate normally while allowing
      negotiations on a financial restructuring plan to take
      place.  This standstill could be interrupted by a
      qualified majority of creditors.

This situation led the auditors, as required under French law,
to initiate an alert procedure concerning the continuity of
operations in 2007.

Until the result of the negotiations, which are about to
commence, is known, the Joint Board considers that it is unable
to give an opinion on the continuity of operations.  It has
therefore extended the reporting deadline.  As a consequence,
only provisional operating figures are presented.

The Joint Board fixed the date of Eurotunnel's Annual General
Meeting on June 30, 2006 at 2:30 p.m., in Coquelles, France.

                  Unaudited Operating Figures

Provisional unaudited operating figures for 2005 show
encouraging first results from the operational reorganization:

   -- Revenue stable: GBP541 million +1%;

   -- First improvement in Shuttle Services revenue since 2002:  
      +4%, to GBP295 million; and

   -- Improvement of 4% in operating margin, to 55% of turnover.

In 2005, Eurotunnel implemented a major operational
reorganization, in line with the Group's new economic model that
seeks to improve the productivity and profitability of its core
business, the truck and passenger shuttle services.

This is clearly seen in the new commercial approach, a better
matching of transport capacity to demand, a new pricing
structure, tighter cost control and a significant reduction in
staffing levels.  This strategy has led to the improved results
for 2005.

Despite a market that showed very little growth, the good
results derive from a combination of improved revenue from
Shuttle Services and a reduction in operating costs.  Eurotunnel
thereby improved profitability with an operating margin on
turnover of 55%.  Based on the valuation of assets at the end of
2004, the trading profit would be GBP153 million.

2005 should be considered a year of transition, which saw a new
dynamism, brought to the Group.  The operational reorganization,
which was put in place during the second half of the year, will
not produce its full effect until 2006.  

The substantial improvement expected in operating results will,
however, still fall short of the level required to meet the debt
repayment schedule from the beginning of 2007.

"Eurotunnel is undergoing a profound reorganization which is
generating a substantial improvement in operational
performance," Eurotunnel chairman Jacques Gounon said.  "But
beyond this positive new dynamism, we cannot guarantee the
future of the Group in 2007, unless there is a global financial
restructuring.  The new waiver which we have just requested
should allow us to advance towards that goal.  I know that all
parties concerned in this negotiation are very aware of its
importance," Mr. Gounon added.

                        About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel S.A. -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.


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


AKZENTE GMBH: Claims Registration Ends April 15
-----------------------------------------------
Creditors of Akzente GmbH Gesellschaft fuer Make up, Hair
Styling und Wellness have until April 15, to register their
claims with court-appointed provisional administrator Dr.
Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 19, 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
Akzente GmbH Gesellschaft fuer Make up, Hair Styling und
Wellness on Feb. 28.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Akzente GmbH Gesellschaft fuer Make up
         Hair Styling und Wellness
         Attn: Lanny Brandt, Manager
         Weichserhof 7
         50678 Koln, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Str. 94 a
         53225 Bonn, Germany
         Tel: 0228/40094-90
         Fax: +49228/4009499


ARUGA WERTSTOFF: Creditors' Meeting Slated for May 8
----------------------------------------------------
Court-appointed provisional administrator for Aruga Wertstoff-
Recycling GmbH, Christian Plail, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:40 a.m., on May 8.

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

         The District Court of Augsburg
         Sitzungssaal 162
         Justizgebaude
         Einlass 1
         86150 Augsburg, Germany

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

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

The District Court of Augsburg opened bankruptcy proceedings
against Aruga Wertstoff-Recycling GmbH on Feb. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Aruga Wertstoff-Recycling GmbH
         Attn: Kurt Rauchbart, Manager
         Steinerne Furt 56
         86167 Augsburg, Germany

The administrator can be reached at:

         Christian Plail
         c/o SKP Partnerschaftsgesellschaft
         Eserwallstr. 1-3
         86150 Augsburg, Germany


BRUNE VOLLHOLZ: Creditors' Meeting Slated for May 4
---------------------------------------------------
Court-appointed provisional administrator for Brune Vollholz
GmbH, Thomas Erdmann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m., on May 4.

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

         The District Court of Celle
         Saal 014
         Muehlenstrasse 4
         29221 Celle, Germany

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

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

The District Court of Celle opened bankruptcy proceedings
against Brune Vollholz GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Brune Vollholz GmbH
         Steinbecker Strasse 61-63
         29646 Bispingen, Germany
         Attn: Ruediger Sildatke, Manager
         Pferdekamp 3
         32689 Kalletal, Germany

The administrator can be reached at:

         Thomas Erdmann
         Blumenstr. 8-10
         29614 Soltau, Germany
         Tel: 05191/96730
         Fax: 05191/967320


IHR PLATZ: Names Management Team Following Successful Turnaround
----------------------------------------------------------------
Ihr Platz has set up a permanent management team after
completing a turnaround program in January.

The retail chain with its 733 shops will be managed by:

   -- Michael Wilmes (Sales and Purchasing),
   -- Thomas Helmreich (Finance and Administration), and
   -- Thomas Mussler (Logistics and Replenishment).

"We have successfully completed the restructuring of Ihr Platz,
and we are glad that we can hand over the company to a competent
new management team," Sankar Krishnan said.  Mr. Krishnan is
serving as chief executive officer of the drugstore chain since
March 2005.  

"We were able to complete the initial turnaround plan after only
eight months and emerge from insolvency in mid-January.  With
the succession now in place, Ihr Platz is opening a new chapter
in its more than 100-year-old history, with expansion and
profitable growth as top priorities.  We foresee a smooth
transition of responsibilities to the new management team during
the next several weeks," Mr. Krishnan added.

The new top manager in charge of sales and purchasing, Michael
Wilmes (44) joins Ihr Platz from Plus Warenhandelsgesellschaft
where he was managing director Sales and HR for Germany.  

New chief financial officer Thomas Helmreich, 41, was up to now
head of internal Audit at Italian clothing retail chain Gruppo
Coin and is a Certified Public Accountant.  

Thomas Mussler, 43, the new managing director for Logistics and
Replenishment is currently serving as director of Sales for Ihr
Platz.

The permanent management team replaces restructuring
professionals Sankar Krishnan and Dr. Michael Keppel of Alvarez
& Marsal and Thomas Fox of Modalis.  Ihr Platz' owner, Goldman
Sachs, supported and financed a fundamental restructuring of Ihr
Platz with the assistance of the restructuring experts.  The new
management can rely on ongoing support from Goldman Sachs.

The turnaround of Ihr Platz was achieved through an insolvency
process under self-administration, similar to a chapter 11
proceeding in the United States.  This process was completed in
less than eight months, with Ihr Platz evolving as a
streamlined, efficient and consumer-focused drugstore chain that
caters for approximately two million loyal customers a week.

"We have already started to open new stores in prime locations,
and the new team will expand Ihr Platz further and will be able
to build upon the excellent brand image and the most loyal
customer base in this segment," Mr. Krishnan said.

CONTACT:  IHR PLATZ GMBH + CO. KG
          CardService
          Postfach 3740
          49027 Osnabruck
          Phone: (0800) 50 35 131
          Web site: http://www.ihrplatz.de/


ITAW GMBH: Creditors' Meeting Slated for May 9
----------------------------------------------
Court-appointed provisional administrator for itaw GmbH, Dr. Udo
Delp, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:50 a.m., on May 9.

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

         The District Court of Koln
         Saal 14
         2. 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.

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

The District Court of Koln opened bankruptcy proceedings against
itaw GmbH on Feb. 9.  Consequently, all pending proceedings
against the company have been automatically stayed

The Debtor can be reached at:

         itaw GmbH
         Heisenbergstr. 2
         50169 Kerpen, Germany
         Attn: Oliver Wand, Manager
         Kerpener Str. 79
         50170 Kerpen, Germany

The administrator can be reached at:

         Dr. Udo Michalsky
         Hauptstr. 49
         50126 Bergheim, Germany
         Tel: 02271/47150
         Fax: +492271471525


KABEL DEUTSCHLAND: Fitch Rates EUR1.35-Bln Facilities at BB+
------------------------------------------------------------
Fitch Ratings affirmed Kabel Deutschland Vertrieb und Service
GmbH & Co's Issuer Default Rating at BB- with Stable Outlook.  

The agency assigned KDS's recently signed EUR1.35 billion senior
secured bank facilities ratings of BB+.  The BB+ rating of the
bank facilities signed in March 2004, which have been
refinanced, is withdrawn.  

At the same time, Fitch upgraded holding company, Kabel
Deutschland GmbH's senior notes at BB- from B+, in line with the
agency's methodology of the recently launched recovery ratings.

The IDR reflects KDS's well established and stable subscriber
base, low but predictable ARPU, and well contained operating
cost base.  The rating also takes into account that despite the
company's strong and consistent cash flow generation, its high
debt burden has led to significant cash interest charges and a
balance sheet that is unlikely to de-leverage quickly.  

Capital expenditure associated with the digital rollout and
investments in high-speed internet and telephony services
further affect free cash flows.  The expectation that leverage
will remain relatively high over the next two to three years has
led Fitch to assign a Stable rather than Positive Outlook.

Director in Fitch's European TMT group, Stuart Reid disclosed,
"The recent signing of the company's new bank facilities has
given us the opportunity to review Kabel Deutschland's digital
upgrade and bundled service strategy."

"While this strategy is likely to depress free cash flows over
the next year or so, we believe the steps being taken now will
help secure greater value in the business over the medium-to-
longer term," he added.

The attractiveness of the digital product should boost core TV
revenues, while helping to consolidate customer loyalty to the
cable product.  Competitively price high speed internet and
telephony services are expected to add an important
complementary revenue stream and have the potential to generate
significant value for KDG's stakeholders.

KDG continues to perform in line with Fitch's expectations.  In
the 9 months to December 2005 the company generated EUR309
million of EBITDA, representing year-on-year growth of 2.3%.  An
EBITDA margin of 41% for the period remains strong and compares
with 40.3% recorded in the prior year period.  Free cash flow
for the period amounted to a healthy EUR150 million.

Recently announced figures suggest good momentum for the
company's new services.  With approximately 9.6 million basic
customers, the company's Kabel Digital subscribers had reached
479,000 by March 2006, an increase of 255,000 in the year, while
Kabel Highspeed customers reached 60,700 for the same period,
and Kabel Phone, 40,500.

As at December 2005 all of the company's network had been
upgraded to support digital services, while approximately 3.8
million Level 3 homes passed had been upgraded for high speed
internet and telephony.  

While the company's business plan anticipates a moderate amount
of risk investment in continuing to upgrade the Level 3 network,
Fitch sees good demand for these services and that the downside
risk to this investment is therefore limited.

In addition to the EUR1.15 billion senior secured debt
outstanding, senior notes amounting to EUR756 million maturing
in 2014 are issued at the KDG holding company level.  The notes
benefit from a second ranking share pledge.  

Although Fitch's recovery analysis anticipates fully drawn
senior leverage of 4.0x in a distressed scenario, it considers
the business could be sold at a higher multiple than this, and
therefore that average recoveries for the senior notes can be
assumed.  

The EUR400 million payment-in-kind notes issued by Kabel
Deutschland Holding GmbH are regarded as being outside the KDG
financing group given their structural subordination and non-
cash pay nature.  Based on EBITDA in the 12 months to December
2005, senior leverage was 2.77x and total cash pay leverage
4.59x.


KARSTADTQUELLE AG: Enters French Mail Order Market
--------------------------------------------------
The specialist mail order company "Happy Size", a subsidiary of
Quelle/Neckermann Spezialversand GmbH, which is part of the
KarstadtQuelle Group, will assume responsibility for the big
sizes range, successfully developed by Neckermann France, from
the start of 2007.

Happy Size, the market leader in specialty mail order for large
sizes in Germany, will thus also be present on the French market
from 2007.

Operations will continue at the mail order center in Strasbourg,
which the specialty mail order companies of KarstadtQuelle AG
will use as a "platform" for opening up the French market in the
future.  Several specialty mail order companies are already
successfully supported in fulfillment via Neckermann S.A.S. in
Strasbourg, where the combined sales volume will increase to
around EUR70 million by 2008.

In the course of restructuring, the logistics center in
Schiltigheim will be closed and administration reduced.  Around
100 employees will be affected by this measure.

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- is the country's largest  
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.

The group achieved and exceeded its targets for the 2005
financial year.   Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544m, compared to EUR518m in the
previous year.  

In 2005, net financial liabilities were reduced by a third to
EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion
in the previous year.


SPUMAX GESELLSCHAFT: Claims Registration Ends April 18
------------------------------------------------------
Creditors of Spumax GmbH have until April 18, to register their
claims with court-appointed provisional administrator Dr. Gideon
Bohm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         Amtsgericht 21465 Reinbek
         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 Reinbek opened bankruptcy proceedings
against Spumax GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Spumax GmbH
         Attn: Ulf Harders, Manager
         Fasanenweg 31
         22964 Steinburg, Germany

The administrator can be contacted at:

         Dr. Gideon Bohm
         Bachstr. 85 a
         22083 Hamburg, Germany


STAUDINGER GMBH: Creditors' Meeting Slated on May 9
---------------------------------------------------
Court-appointed provisional administrator for Staudinger GmbH
Asphaltbau u. Estriche, Hans-Jorg Derra, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m., on May 9.

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

         The District Court of Goppingen
         Saal 0.24
         Pfarrstrasse 25
         73033 Goppingen, Germany

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

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

The District Court of Goppingen opened bankruptcy proceedings
against Staudinger GmbH Asphaltbau u. Estriche on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Staudinger GmbH Asphaltbau u. Estriche
         Attn: Rolf Kellermann, Manager
         Bleichedreistrasse 50
         73066 Uhingen, Germany

The administrator can be reached at:

         Hans-Jorg Derra
         c/o Derra, Meyer & Partner
         Frauenstrasse 14
         89073 Ulm, Germany
         Tel: 0731/922880


T.B. AUTOMOBILE: Claims Registration Ends April 18
--------------------------------------------------
Creditors of T.B. Automobile GmbH have until April 18, to
register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Saal 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), 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 Frankfurt opened bankruptcy proceedings
against T.B. Automobile GmbH on Feb. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         T.B. Automobile GmbH
         Berliner Allee 65
         16303 Schwedt/Oder, Germany

The administrator can be contacted at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin, Germany


TEKAL GESELLSCHAFT: Claims Registration Ends April 18
-----------------------------------------------------
Creditors of TEKAL Gesellschaft zur Herstellung und zum Vertrieb
von Genuss- un Nahrungsmitteln mit beschrankter Haftung have
until April 18, to register their claims with court-appointed
provisional administrator Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 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
TEKAL Gesellschaft zur Herstellung und zum Vertrieb von Genuss-
un Nahrungsmitteln mit beschrankter Haftung on Feb. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TEKAL Gesellschaft zur Herstellung und zum Vertrieb von
         Genuss- un Nahrungsmitteln mit beschrankter Haftung
         Marktstr. 10
         50968 Koln, Germany
         Attn: Aydin Yardimci, Manager
         Judenpfad 10
         50996 Koln

The administrator can be contacted at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Koln, Germany
         Tel: 992230-0
         Fax: +4922199223035


ULRICH FIEBENITZ: Claims Registration Ends April 18
---------------------------------------------------
Creditors of Ulrich Fiebenitz Bauunternehmen GmbH have until
April 18, to register their claims with court-appointed
provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Saal 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), 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 Frankfurt opened bankruptcy proceedings
against Ulrich Fiebenitz Bauunternehmen GmbH on Feb. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Ulrich Fiebenitz Bauunternehmen GmbH
         Attn: Axel Wenzlaff, Manager
         Bollensdorfer Allee 67
         15370 Fredersdorf, Germany

The administrator can be contacted at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin, Germany


W.F.-COLOR: Claims Registration Ends April 15
---------------------------------------------
Creditors of w.f.-color GmbH Farben & technische Produkte have
until April 15, to register their claims with court-appointed
provisional administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 22, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Koln
         Raum 1240
         12. 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
w.f.-color GmbH Farben & technische Produkte on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         w.f.-color GmbH Farben & technische Produkte
         Attn: Wilhelm Filipp, Manager
         Eilerstr. 50 - 52
         51145 Koln, Germany

The administrator can be contacted at:

         Jana Dettmer
         Weyerstr. 54
         50676 Koln, Germany
         Tel: 0221/921217-0
         Fax: +4922192121720


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


PANNONPLAST RT: Sells 62.22% Stake in TU-Plast to Hoffman Neopac
----------------------------------------------------------------
Pannonplast Rt. concluded a sales agreement with Hoffmann Neopac
AG regarding the sale of its 62.22% business share in TU-Plast
Kft.

Pannonplast Rt. had a goodwill-based assessment of business
share in TU-Plast Kft. done recently.  In the course of this
procedure, several investors from the profession showed interest
in purchasing the business share.  

Hoffmann Neopac's offer led to the most advantageous terms for
the company, where the purchase price well exceeded the results
of the assessment originally initiated by Pannonplast.

Having considered the offer, the Board of Directors of
Pannonplast Rt. resolved to spin off tube production from the
packaging division and sell the Tu-Plast business share.

The transaction will be closed on expiration of the period
during which the pre-emption right of the parties concerned is
open (15 days).  This sale will contribute approximately HUF1
billion (approximately HUF 250/share) in accounting profit to
Pannonplast Group's consolidated profit for the second quarter
2006.

Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt.
-- http://www.pannonplast.hu/-- manufactures a wide range of   
plastic-finished Products.  It trimmed its annual losses
drastically to HUF216 million in 2005 from HUF1.6 billion in
2004 despite booking a 17% decline in revenues.  CEO Balazs
Szabo, which took over in September 2004, has been cutting costs
and selling units to restore the company's profitability.


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


BANCA NAZIONALE: Fitch Keeps Individual Rating at C
---------------------------------------------------
Fitch Ratings upgraded Italy-based Banca Nazionale del Lavoro's
ratings to Issuer Default A+ from A-, Short-term F1 from F2 and
Support 1 from 2.  The ratings are removed from Rating Watch
Positive.  A Positive Outlook is assigned to the IDR.  At the
same time, the agency affirmed the bank's Individual rating at
C.

The removal of RWP follows the acquisition by BNP Paribas of a
controlling 50.4% stake in BNL, including approximately 48% from
Unipol Assicurazioni and associated parties, and the possible
acquisition of all or most of the remaining shares, following
the launch of an obligatory takeover bid.

Fitch considers that it is highly likely that BNPP will receive
a large level of acceptances.  As a result of discussions held
with BNPP's management, Fitch has upgraded BNL's Issuer Default
Rating to A+.  This rating reflects what Fitch considers to be
an extremely high probability of support for BNL, should it ever
be required, from its new controlling shareholder.

BNPP regards Italy as its second "home market" and is fully
committed to integrating BNL into its group.  As further
integration occurs and additional operational benefits accrue to
BNL under new ownership, Fitch may upgrade the bank's IDR
further to AA- or equalize it with BNPP's IDR AA.

In 2005, BNL reported EUR533 million of net income, EUR5.03
billion of equity and a Tier 1 ratio of 6.7%.  It was the sixth
largest bank in Italy by loans at end-2005 and has around 800
branches.  

In 2005, BNPP reported EUR6.29 billion of net income and over
EUR35 billion of common equity.  It is the second largest French
bank and the fifth largest in Europe by equity. Its market share
of sight deposits in France is 9.6%.

The mandatory offer is still subject to the approval by CONSOB,
the Italian authority for listed companies, expected to be
received by end-April.


IMPREGILO SPA: Amends Directors' Report on 2005 Financials
----------------------------------------------------------
Impregilo S.p.A. opted to amend the directors' report to its
2005 financial statements in the interests of full disclosure.  
The decision was made as a result of recent events concerning
the MSW projects in the region of Campania -- which took place
after the approval by the Impregilo Board of Directors on
March 24, on its 2005 draft financial statements.

The events in question relate to the publication in Italy's
Official Gazette of March 31, on its latest calls for tenders
for the selection of new waste disposal service providers in the
Region of Campania and to developments in the current dispute
with the Extraordinary Government Commissioner over the waste
emergency.

The amendment will be inserted after the section entitled
"Evoluzione prevedibile della gestione" in the annual report.

Headquartered in Milan, Italy Impregilo S.p.A. --
http://www.impregilo.it/-- is a leading engineering group in  
Italy that has existed since 1906.  It generates more than EUR2
billion in annual revenue and employs more than 11,703 people.

Impregilo posted consolidated net sales of EUR2.4 billion,
compared to EUR2.9 billion in 2004.  It attributed the decrease
to a general downturn in sales volumes, the de-consolidation of
some operations and the absence of extraordinary items
recognized in 2004.  The Group posted a consolidated operating
loss of EUR254.4 million.  A significant factor in the result
was the aggregate operating loss (EUR260 million) of the non-
core businesses (Building & Services, Campania MSW Project,
Imprepar in liquidation), which are being sold/retired or are in
liquidation.  

Net debt at Dec. 31, 2005 was EUR489.3 million (not including
net debt on discontinued operations), and was down by EUR672
million from Dec. 31 2004.  During the year, share capital was
increased by EUR651.9 million.  Shareholders' equity at Dec. 31,
2005, amounted to EUR516.7 million, an increase of EUR305
million from Dec. 31, 2004.  Impregilo is optimistic it could
achieve its profit forecast and debt-to-equity ratio of 0.5 in
2007.  Corporate restructuring specialist Lazard Freres & Co.
LLC is advising Impregilo.


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


AKVAPROEKT: Creditors Must File Claims by April 21
--------------------------------------------------
LLP akvaproekt has declared insolvency.  Creditors have until
April 21, to submit written proofs of claims to:

         Burova Str. 25/2-35
         Ust-Kamenogorsk
         East Kazakhstan Region


ARIADNA-PV: Creditors Must File Claims by April 21
--------------------------------------------------
LLP Ariadna-PV has declared insolvency.  Creditors have until
April 21, to submit written proofs of claims to:

         Pavla Vasilyeva Str. 2
         140000, Pavlodar Region, Kazakhstan


MAUC.RU: Creditors Must File Claims by April 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Mauc.Ru insolvent on Jan. 25, 2006.

Creditors have until April 21, to submit written proofs of
claims.

The company can be contacted at: 8 (3292) 50-40-61


MUNAIREMBYTSERVICE: Creditors Must File Claims by April 21
----------------------------------------------------------------
LLP Munairembytservice filed for bankruptcy the Specialized
Inter-Regional Economic Court of Aktube Region.  

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

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


ORAL-PRESS: Creditors Must File Claims by April 21
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region commenced bankruptcy proceeding against LLP Oral-Press on
Feb. 16, 2006.  

A hearing will take place on April 21, at:

         Seifullina Str. 37.
         Uralsk

at which time creditors must submit their written proofs of
claims.


SATURN-ABS: Creditors Must File Claims by April 21
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Saturn-Abs insolvent on Jan. 25, 2006.

Creditors have until April 21, to submit written proofs of
claims.

The company can be contacted at: 8 (3292) 41-20-13


SERVIS LUXE: Creditors Must File Claims by April 21
---------------------------------------------------
LLP Servis Luxe has declared insolvency.  Creditors have until
April 21, to submit written proofs of claims to:

         Dostyk Ave. 42-50
         Almaty
         Tel: 8 (3272) 43-66-55


SMAK NEW: Creditors Must File Claims by April 21
------------------------------------------------
LLP Smak New has declared insolvency.  Creditors have until
April 21, to submit written proofs of claims to:

         Lisakovsk, Industry Zone
         Kostanai Region
         Tel: 8 (31433) 2-70-90


SULTAN-M CO: Creditors Must File Claims by April 21
---------------------------------------------------
LLP Sultan-M Co has declared insolvency.  Creditors have until
April 21, to submit written proofs of claims to:

         Petrovskogo Str. 101
         Uralsk
         Tel: 8 (31122) 51-73-72


TURMYS: Jambyl Court Starts Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
has commenced bankruptcy proceeding against OJSC Turmys on
Feb. 6, 2006.


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


AITI-KUT: Creditors Must File Claims by May 27
----------------------------------------------
Credit Organization Aiti-Kut has declared insolvency.  The
proofs of claim will be accepted until May 30, 2006.

The company can be contacted at (+996 3736) 2-27-44 or 2-26-52.


ARCHA: Creditors Must File Claims by May 27
-------------------------------------------
OJSC Archa has declared insolvency.  Creditors have until
May 27, to submit written proofs of claim to:

         Jibek-Jolu Ave. 2
         Bishkek


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


NORTEL NETWORKS: Names Dietmar Wendt to Lead Global Services
------------------------------------------------------------
Dietmar Wendt will join Nortel Networks [NYSE: NT, TSX: NT] as
president of Global Services effective May 1, 2006.

Mr. Wendt, 46, will report directly to Mike Zafirovski,
president and chief executive officer of Nortel.  He will be
responsible for Nortel's Global Services business, including its
financial performance, portfolio development and go-to-market
strategies.  Nortel recently reinforced its commitment to growth
in this business with a sweeping simplification of its
integrated services and a series of new commercial services
offerings.

"Dietmar knows what it takes to create and maintain a razor-
sharp business focus on services, one of the areas we have
identified as key to driving momentum and growth for Nortel,"
Mr. Zafirovski said.  "He has managed multi-billion dollar
services and technology businesses.  He has built and nurtured
global customer relationships.  His leadership and experience
will be critical as we target growth in our revenue mix from
services."

"Network-based services and solutions will be a key driver for
future economic growth and innovation across all industries
around the world," Mr. Wendt said.  "These services and
solutions have to be seamlessly connected and integrated with
clients' existing IT and telecommunications infrastructures.  
Nortel is ideally positioned to address this need, and I'm
excited to be leading the dedicated team of Nortel professionals
focused on making that happen."

Mr. Wendt will join Nortel from IBM in Shanghai, China, where he
is currently vice president, Asia Pacific Information Technology
Services Transformation.  Prior to that, Mr. Wendt was vice
president, Integrated Technology Services for IBM in Central
Europe and Russia.  He has also held a variety of executive
positions internationally with IBM in sales and product
management.

Born and educated in Germany, Mr. Wendt speaks fluent German and
English.  He will be based at Nortel's headquarters in Toronto.

Nortel's Global Services include a full range of integrated
services for design, deployment, management and maintenance of
end-to-end multi-vendor network solutions, including seamless
migration to next generation technologies.

Headquartered in Ontario, Canada, Nortel Networks Corporation --
http://www.nortel.com/-- is a recognized leader in delivering   
communications capabilities that enhance the human experience,
ignite and power global commerce, and secure and protect the
world's most critical information.  Serving both service
provider and enterprise customers, Nortel delivers innovative
technology solutions encompassing end-to-end broadband, Voice
over IP, multimedia services and applications, and wireless
broadband designed to help people solve the world's greatest
challenges.  Nortel does business in more than 150 countries.

                        *     *     *

As reported in the Troubled Company Reporter on March 15,
Standard & Poor's Ratings Services placed its ratings on Nortel
Networks Ltd., including the 'B-' long-term corporate credit
rating, on CreditWatch with negative implications, after:

   * Nortel's announced restatement of financial results for:

     -- 2003,
     -- 2004, and
     -- first nine months of 2005; and

   * a delay in meeting its filing requirements for 2005.
     
The financial restatements are limited in scope and are expected
to be modest in comparison with Nortel's previous restatement
activities.  In addition, Nortel expects to complete its
restatements, as well as file its 2005 annual report by the end
of
April 2006.  Nevertheless, Nortel will not be in compliance with
its various regulatory filing requirements as of March 16, 2006,
and as a result will be in breach of covenants under its
recently completed US$1.3 billion credit facility, as well as
the EDC support facility.  It will subsequently (as of April 1)
be in breach of covenants under its public indentures.


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


CHIQUITA BRANDS: Names James Thompson SVP & Compliance Chief
------------------------------------------------------------
Chiquita Brands International, Inc. (NYSE: CQB) disclosed that
Robert W. Olson, 60, senior vice president, general counsel and
secretary, has decided to retire from the company at year end
after more than 10 years of service.  

James E. Thompson, 45, has joined Chiquita as senior vice
president and chief compliance officer, where he will serve on
the company's management committee and be responsible for the
day-to-day operation of the company's compliance and ethics
program.  On July 1, Mr. Thompson will succeed Olson as general
counsel and secretary with responsibility for Chiquita's global
law department.

"Bob has provided exceptional service and leadership to the
company through a period of significant change, including a
successful financial restructuring and major acquisitions and
divestitures," said Fernando Aguirre, chairman and chief
executive officer.  "Bob has provided outstanding business
expertise and legal counsel over the years, and his
professionalism will be missed.  Fortunately, Bob has agreed to
stay on with the company through the end of the year to help
James make a smooth and seamless transition to general counsel."

Mr. Thompson served most recently as group vice president,
general counsel and secretary at McLeodUSA, Inc., one of the
nation's largest independent competitive telecommunications
service providers with operations in 25 U.S. states.  In that
role, he led McLeodUSA's legal department and implemented
corporate governance initiatives, such as Sarbanes-Oxley Act
compliance.  He was also responsible for regulatory compliance,
including federal and state public policy and advocacy.

"James' experience managing corporate legal teams, designing and
implementing effective compliance and governance programs as
well as specific expertise in antitrust and trade regulation in
U.S. and international environments will be invaluable as we
continue to build a high-performance organization at Chiquita,"
Mr. Aguirre said.

"Chiquita is a great company with an already strong legal team,"
Mr. Thompson said.  "I am looking forward to adding my skills
and experience to maintain and enhance the company's commitment
to the highest standards of legal and ethical compliance."

Prior to McLeodUSA, Mr. Thompson was director and associate
general counsel for the international legal department at
Alticor, Inc., and served as chief legal officer for its
innovations business unit.  In these roles, he managed legal
support for Alticor's international affiliates around the world,
including the entry of the company into new global markets.  Mr.
Thompson also has legal experience at Jones, Day, Reavis &
Pogue, including five years in the firm's Brussels office, where
his principal practice area was complex corporate transactions
with international components, including antitrust and trade
regulation.

Mr. Thompson earned his juris doctor degree from the University
of Michigan Law School and received his bachelor's degree in
history from the University of Michigan.  In addition, he was
the first American selected as a law clerk stagiaire at the
European Court of Justice in Luxembourg.  Mr. Thompson is a
member of the Bar in the State of Illinois and the District of
Columbia.

Chiquita Brands International, Inc. -- http://www.chiquita.com/
-- is a leading international marketer and distributor of high-
quality fresh and value-added produce, which is sold under the
Chiquita(R) premium brand, Fresh Express(R) and other related
trademarks.  The company is one of the largest banana producers
in the world and a major supplier of bananas in Europe and North
America.  In June 2005, Chiquita acquired Fresh Express, the
U.S. market leader in value-added salads, a fast-growing food
category for grocery retailers, foodservice providers and quick-
service restaurants.

                        *     *     *

Chiquita Brands' $250 million 7-1/2 notes due Nov. 1, 2014,
carry Moody's Investors Service's and Standard & Poor's single-B
ratings.


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


CHERNOERKOVSKAYA: Creditors Proofs of Claims Slated for April 27
----------------------------------------------------------------
Creditors of Chernoerkovskaya have until April 27, to submit
their proofs of claim to court-appointed insolvency manager Mr.
D. Khomutov at:

         Post User Box 3477
         350001, Krasnodar Region, Russia

The Arbitration Court of Krasnodar Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A-32-31831/2005-1/445-B.

The Debtor can be reached at:

         Chernoerkovskaya
         Slavyanskiy Region, Petrovskaya St.
         Melioratorov Str. 2
         353579, Krasnodar Region, Russia


EAR: Claims Filing Period Ends April 27
---------------------------------------
Creditors of Ear (TIN 2112003204) have until April 27, to file
their proofs of claim to court-appointed insolvency manager Mr.
A. Fominykh at:

         Room 100, Cheboksary, Elmenya Str. 13
         428023, Chuvashiya Republic, Russia

The Arbitration Court of Chuvashiya Republic commenced
bankruptcy proceedings against the close joint stock company
with the case docketed as A79-7819/2005.

The Debtor can be reached at:

         Ear
         Morgaushskiy Region, Shatrakasy
         429542, Chuvashiya Republic, Russia


ECO-PRODUCT: Deadline for Proofs of Claim Slated for April 27
-------------------------------------------------------------
Creditors of Eco-Product have until April 27, to submit their
proofs of claim to court-appointed insolvency manager Mr. A.
Rubashanov at:

         Barnaul, Post User Box 841
         653052, Altay Region, Russia

The Arbitration Court of Altay Region will convene at 9:30 a.m.,
on June 19, to hear the bankruptcy supervision procedure of the
limited liability company with the case docketed as A03-
23992/05-B.

The Debtor can be reached at:

         Eco-Product
         Burlinskiy Region, Burla
         Zheleznodorozhnaya Str. 17
         658810, Altay Region, Russia


LESNOYE: Creditors Have Until April 27 to File Claims
-----------------------------------------------------
Creditors of Lesnoye have until April 27, to file their proofs
of claim to court-appointed insolvency manager Mr. A. Shiyanov
at:

         Kochenevo, Pushkina Str. 18 "B"
         632640, Novosibirsk Region, Russia

The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A45-3982/03-SB/173.

The Debtor can be reached at:

         Lesnoye
         Kochenevskiy Region, Krutologovo
         632633, Novosibirsk Region, Russia


NELIDOVSKIY MEAT: Deadline for Proofs of Claim Set for April 27
---------------------------------------------------------------
Creditors of Nelidovskiy Meat Combine (OGRN 1026901775713) have
until April 27, to submit their proofs of claim to court-
appointed insolvency manager Mr. G. Aristov at:

         Gilyarovskogo Str. 31
         107996, Moscow Region, Russia

The Arbitration Court of Tver Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A66-5493/05.

The Debtor can be reached at:

         Nelidovskiy Meat Combine
         Nelidovo, Belskoye Shosse, 1
         Tver Region, Russia


OMSK VODOKANAL: Moody's Junks Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned a Caa1 global scale
corporate family rating with stable outlook to JSC Omsk
Vodokanal.  

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned a Ba3.ru long-term national
scale rating to Vodokanal.

According to Moody's and Moody's Interfax, the Caa1 global scale
rating reflects Vodokanal's global default and loss expectation,
while the Ba3.ru NSR reflects the standing of its credit quality
relative to its domestic peers.

Rating Rationale

The Caa1 corporate family rating and the Ba3.ru NSR reflect the
following positive factors:

   -- Omsk Vodokanal's operating environment in the regulated
      water industry, which benefits from relatively low
      cyclicality and growing demand;

   -- its monopolistic position in providing its services in the
      city of Omsk, the major industrial center of Omsk oblast
      (Aa3.ru NSR), a large and rather rapidly developing region
      in Russia's Siberian Federal District;

   -- Vodokanal's management by Eurasian Water Partnership Ltd.           
      (EWP), a private entity engaged in restructuring a few
      Russian regional water utilities, whose management has
      some experience in the international water business; and    

   -- Vodokanal's projected acceptable financial profile, though
      the company's ability to establish and keep it is still to
      be tested.

However, the ratings are constrained by these challenges:

   -- Vodokanal's position as a small start-up company that has
      been formed recently as a private entity taking on lease
      its infrastructure assets from the municipality of Omsk,
      with no track record or audited financial statements;

   -- the new Russian regulatory and legal framework for water
      and wastewater utilities such as Vodokanal employing a
      business model that is untested in the country;

   -- Russia's vulnerable economic, regulatory and legal
      environment, which heightens the risks associated with new
      untested legal frameworks being introduced in the country;

   -- Vodokanal's reliance on ambitious tariff increases and
      restructuring measures as the main prerequisites for its
      business development and financial sustainability,
      although the execution risk of such socially and
      politically sensitive steps remains very high;

   -- limited ability to improve collection of payments from
      households under a tariff increase;

   -- the implementation risk associated with Vodokanal's
      investment program driven by the lack of know-how and
      technical expertise at Vodokanal despite the support
      provided by EWP; and

   -- low shareholder transparency; (viii) the lack of a defined
      dividend policy and uncertainties surrounding further
      equity contributions; and (ix) lack of ownership of key
      assets.

Vodokanal operates within the regulated water and wastewater
sector, which is generally regarded by Moody's as associated
with low business risk.  However, this advantage is outweighed
by high risks facing the small start-up company operating within
Russia's new and untested legal and regulatory framework for
this kind of business.  Although legal arrangements for
Vodokanal's business are in place, the enforceability of its
rights under the signed lease and investment contracts with the
local and regional authorities needs to be proved, given the
underdeveloped state of the country's legal system and the lack
of a relevant track record at local and higher-level courts.  At
this stage Vodokanal remains a pilot project being operated for
Russia's state-controlled water and wastewater sector as it
seeks new effective means of development.

Moody's considers that very high execution risk is associated
with the implementation of large tariff increases for domestic
households and restructuring measures, which are incorporated in
Vodokanal's projected acceptable financial profile.  These
unpopular steps could change the regional authorities' initial
support for tariff increases and heighten the risks of
privatizing the water business.  Payment collection from
households may also deteriorate under much higher tariffs.  
Moody's also notes that Vodokanal has limited ability to
guarantee higher quality of water and hence justify higher
tariff as it is not responsible for the house pipe system, the
poor condition of which undermines the quality of water and
water services.

Moody's is concerned at the lack of know-how and technical
expertise at Vodokanal necessary for the implementation of its
investment programme.  The management of Vodokanal is employed
by EWP, a company established in Moscow in 2004 to implement
public private partnership projects for water and wastewater in
Russia.  Omsk Vodokanal is EWP's pilot project, with other
projects located in other Russian regions and managed
separately.  EWP has a management service contract with
Vodokanal, controls its transactions and restructuring process
and provides its management with expertise and training.  
However, the two companies are somewhat geographically distant
from each other, with additional cultural differences, which
makes their co-operation challenging.

Moody's notes that the materialization of the projected
financial profile of Vodokanal depends on the implementation of
tariff increases, which pose a high level of risk, as mentioned,
and requires equity contributions from shareholders.  Any
significant increase in debt, even under relatively attractive
terms, including a long maturity, availability of a grace period
and relatively low interest, will provide a challenge to the
company, if not timely supported by equity contributions.  

Private companies, which beneficial owners are physical persons,
control Vodokanal.  The shareholder structure is not
transparent.  Neither the long-term strategy for Vodokanal nor
an approved dividend policy has been disclosed.  The planning
horizon remains limited by five years.  Under the circumstances,
Moody's considers that the shareholders' commitment to this
project and their ability and readiness to finance Vodokanal's
investment programme have yet to be tested.

Given the challenges facing Vodokanal and yet relatively low
predictability of developments in its projected financial
profile, Moody's considers it positioned at the low end of its
rating category.

                        Rating Outlook

The stable outlook reflects Moody's expectation that the
beneficial implications of Omsk Vodokanal's management by EWP
will balance the challenges posed by its restructuring efforts
and medium-term investment program relative to progress in both
tariff upgrades and payment collection, based on Vodokanal's
monopolistic position in the city of Omsk.

Should Vodokanal establish a track record in doing business in
accordance with its financial projections, with tariff increases
and cost control measures successfully implemented, this may
have an upward impact on the ratings.  Positive rating
implications for Vodokanal could also materialize if
shareholders demonstrate a commitment to the project via equity
contributions, approval of a long-term development strategy and
a dividend policy and improvements in shareholder transparency.  
Stability in the legal and regulatory environment, with no
shifts caused by political interference, may also have a
positive impact on the ratings.

Should Vodokanal be unable to defend its reasonable claims
within the current legal and regulatory framework, or see a
delay in tariff adjustments and fail to implement its
restructuring plan and investment program, this could exert
downward pressure on the ratings.  Political pressure on
Vodokanal's business could also have a negative impact on the
ratings.  The ratings are sensitive to significant negative
changes in the projected financial profile of Vodokanal.  Should
Vodokanal's debt increase significantly, shareholders' failure
to make timely equity contributions may adversely affect the
company's creditworthiness and trigger the ratings review for
possible downgrade.

                      About the Company

JSC Omsk Vodokanal started operations on April 1, 2005.  It took
over the following functions and associated employees from the
municipality-owned and -run water utility MUE Vodokanal of the
city of Omsk: operation and maintenance of water and wastewater
facilities, provision of water and wastewater.  However, the
assets of MUE Vodokanal were transferred to Omsk Municipality
and then leased out to JSC Omsk Vodokanal.  The projected 2006
turnover of Vodokanal is around RUR2.1 billion (EUR62 million).


PROKOPYEVSKIY PORCELAIN: E. Sheyko Named Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. E. Sheyko
insolvency manager for Prokopyevskiy Porcelain.

The Court commenced bankruptcy proceedings against the limited
liability company after finding it insolvent.  The case is
docketed as A27-32547/2005-4.

The Debtor and insolvency manager can be reached at:

         Prokopyevsk, Gaydara Str. 50a
         653047, Kemerovo Region, Russia


REGION-NEFTE-KHIM: Proofs of Claim Deadline Set for April 27
------------------------------------------------------------
Creditors of Region-Nefte-Khim (TIN 4348032256) have until
April 27, to file their proofs of claim to court-appointed
insolvency manager Ms. N. Ivshina at:

         Proletarskaya Str. 25
         Kirov Region, Russia

The Arbitration Court of Kirov Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A28-425/05-408/20.

The Debtor can be reached at:

         Region-Nefte-Khim
         Kirov, Moskovskaya Str. 4
         610000, Kirov Region, Russia


SEL-KHOZ-KHIMYA: Deadline for Proofs of Claim Set for April 27
--------------------------------------------------------------
Creditors of Sel-Khoz-Khimya have until April 27, to file their
proofs of claim to court-appointed insolvency manager Mr. A.
Zamaraev at:

         Post User Box 18
         160004, Vologda Region, Russia

The Arbitration Court of Arkhangelsk Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A05-7575/05-8.

The Debtor can be reached at:

         Sel-Khoz-Khimya
         Agrokhimikov Str. 1a
         Arkhangelsk Region, Russia


SEVERTRANSPORT: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region has commenced
bankruptcy supervision procedure on open joint stock company
Severtransport.  The case is docketed as A60-3940/06-S11.

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

         D. Mazurovskiy
         Post Office, Post User Box 106
         620000, Ekaterinburg Region, Russia

The Debtor can be reached at:

         Severtransport
         Severouralsk, Vatutina Str. 1a
         624480, Sverdlovsk Region, Russia


SILICON: Appoints O. Khaliullina Insolvency Manager
---------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Ms. O.
Khaliullina insolvency manager of close joint stock company
Silicon.  The case is docketed as A27-466/2006-4.

The Debtor can be reached at:

         Silicon
         Novokuznetsk, Pionerskiy Pr. 20
         654027, Kemerovo Region, Russia

The insolvency manager can be reached at:

         O. Khaliullina
         Office 21, Moskovskiy Pr. 45A
         650065, Kemerovo Region, Russia


SOUTHERN TELECOMS: Pays Third Coupon Under 03-Series Bond Issue
---------------------------------------------------------------
Southern Telecommunications Company (UTK) paid out in full the
third coupon payment under the UTK series 03 bonds on April 10.

Total amount of the third coupon yield to be paid under all UTK
series 03 bonds made 12.3% annual rate or RUB215,845,000.  The
yield of RUB61.67 is payable on each bond of the third coupon.

The list of persons eligible for the third coupon yield was
composed as of March 29, 2006.  Rosbank acted as UTK's Payment
agent for 03-series bond issue.

The Company's issue of 03-series non-convertible interest-
bearing documentary pay-to-bearer bonds is for a total of RUR3.5
billion with maturity of 5 years, semi-annual coupon periods,
and a buyback option every year and a half.  

The interest rate of 12.3% on the first, second and third
coupons was fixed at the bond placement (Oct. 6, 2004, MICEX).  
The coupon rate for coupons 4-6 was set at 10.9% by the
Company's Board of Directors.  

The coupon rate for coupons 7-10 is to be set by the Company no
later than 10 business days prior to the redemption date of the
sixth coupon.  The state registration number is 4-07-00062-?
dated Aug. 17, 2004.  Arranger of series 03 bond issue is

AKB Rosbank serves as the series 03 bond issue arranger, with
Promsvyazbank as co-arranger.  UTK-Finance Ltd. acts as UTK's
underwriter.

                      About the Company

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.  Standard & Poor's also assigned junk ratings to the
Company's issuer credit in 2005.


YUKOS OIL: Moscow Court to Hear Bankruptcy Appeal on April 18
-------------------------------------------------------------
The Moscow Arbitration Court of Appeal No. 9 will rule April 18
on the legality of the bankruptcy proceedings commenced against
the company, according to published reports.

After hearing a complaint by 14 creditors, the Hon. Pavel Markov
of the Arbitration Court of Moscow initiated bankruptcy
proceedings against Yukos on March 9.  The Court placed the
embattled oil group under observation on March 28 until June 27,
when a bankruptcy hearing is scheduled.  The Court likewise
named Eduard Rebgun temporary manager.  

The banks lent US$1 billion to Yukos in September 2003, of which
US$482 million remained unpaid.  Rosneft, which acquired Yukos'
debt, served as a plaintiff.

Headquartered in Moscow, Russia, Yukos Oil -- http://yukos.com/
-- is an open joint stock company existing under the laws of the
Russian Federation.  Yukos is involved in energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
after, its main production unit Yugansk, was sold by the
Government to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.


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


DZVINKOVE: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on OJSC Tribal Plant Dzvinkove (code
EDRPOU 00857404).  The case is docketed as 40/2 b-2006.

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

CONTACT:  Dzvinkove
          Vasilkivskij District, Plesetske
          08622, Ukraine, Kyiv Region

          Mr. O. Zolotverh
          Temporary Insolvency Manager
          Bila Tserkva, 50 Rokiv Peremogi Boulevard 125/135
          Ukraine, Kyiv Region

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


FLAX-CONTRACT-CREDIT: Court Names Cherevatij Lubomir Liquidator
---------------------------------------------------------------
The Economic Court of Volinska Region appointed Cherevatij
Lubomir as Liquidator/Insolvency Manager for LLC Flax-Contract-
Credit (code EDRPOU 32964014).

The Court commenced bankruptcy proceedings against the Company
on Feb. 16, after finding it insolvent.  The case is docketed as
7/120-B.  

CONTACT:  Flax-Contract-Credit
          Lutsk, Krementeska Str. 38
          43010, Ukraine, Volinska Region

          Mr. Cherevatij Lubomir
          Liquidator/Insolvency Manager
          Gorodotska Str. 277, a/b 10296
          79022, Ukraine, Lviv Region

          Economic Court of Volinska Region
          Lutsk, Voli Avenue 54-a
          43010, Ukraine, Volinska Region


FREGAT-K: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC FREGAT-K (code EDRPOU 32981511) on
March 1, after finding the company insolvent.  The case is
docketed as 43/107.  Mr. E. Kondra has been appointed
Liquidator/Insolvency Manager.

CONTACT:  Fregat-K
          Volodimirskij uzviz, 4-V
          Ukraine, Kyiv Region

          Mr. E. Kondra
          Liquidator/Insolvency Manager
          01032, Ukraine, Kyiv Region, a/b 43

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


PROMTEHNIKA: Court Name Marina Rotach to Liquidate Assets
---------------------------------------------------------
The Economic Court of Donetsk Region appointed Marina Rotach as
Liquidator/Insolvency Manager for LLC Promtehnika (code EDRPOU
32289785).

The Court commenced bankruptcy proceedings against the Company
on Feb. 16, after finding it insolvent.  The case is docketed as
15/147 B.  

CONTACT:  Promtehnika
          83062, Ukraine, Donetsk Region
          Klinichna Str. 11

          Ms. Marina Rotach
          Liquidator/Insolvency Manager
          Shors Str. 26a/33
          83050, Ukraine, Donetsk Region

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


STOROZHINETS' CHEESE: Court Begins Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Chernivtsi Region commenced bankruptcy
supervision procedure on OJSC Storozhinets' Cheese Plant (code
EDRPOU 00447942).  The case is docketed as 5/203/b.  

CONTACT:  Storozhinets Cheese Plant
          Storozhinets, B. Hmelnitskij Str. 54
          59000, Ukraine, Chernivtsi Region

          Economic Court of Chernivtsi Region
          O. Kobilyanska Str. 14
          58000, Ukraine, Chernivtsi Region


UKRAGROPTICYA: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against enterprise with foreign investments
Ukragropticya (code EDRPOU 25391993) on Feb. 16, after finding
the company insolvent.  The case is docketed as 15/75-b.

Ukrgazvidobuvannya has been appointed Liquidator.

CONTACT:  Ukragropticya
          Nauki Avenue 61
          03083, Ukraine, Kyiv Region

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


UKRINDUSTRIYA: Donetsk Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against LLC Ukrindustriya (code EDRPOU 25326122) on
Feb. 21, after finding the company insolvent.  The case is
docketed as 5/1 B.

Ludmila Zayikina has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Ukrindustriya
          Batishev Str. 2
          83004, Ukraine, Donetsk Region

          Ms. Ludmila Zayikina
          Liquidator/Insolvency Manager
          Volnovaska Str. 44
          83018, Ukraine, Donetsk Region

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


ZNAMYANSKE: Court Names V. Cherevyak Insolvency Manager
-------------------------------------------------------
The Economic Court of Chernigiv Region appointed Mr. V.
Cherevyak Liquidator/Insolvency Manager for Agricultural LLC
Znamyanske (code EDRPOU 03796465).

The Court commenced bankruptcy proceedings against the Company
on Feb. 7, after finding it insolvent.  The case is docketed as
9/110 b.

CONTACT:  Znamyanske
          Priluki District, Znamyanka
          Ukraine, Chernigiv Region

          Economic Court of Chernigiv Region
          Miru Avenue 20
          14000, Ukraine, Chernigiv Region


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


AK CONSTRUCTION: Financial Woes Prompt Liquidation
--------------------------------------------------
AK Construction Limited is liquidating its assets after members
found out that the company could no longer continue its
operations due to mounting debts.

Stephen M Rout, of Stephen M Rout & Company, was appointed
Liquidator.

AK Construction (EA) Limited can be contacted at:

         21 California
         Woodbridge Suffolk
         IP12 4DE
         Tel: 01473 231 350


ANGELIM LIMITED: Members Pass Winding Up Resolution
---------------------------------------------------
Members of Angelim Limited passed a resolution to wind up the
company's operations after proving that the company could no
longer continue its business due to financial liabilities.

Subsequently, they authorized Graham Lindsay Down, of BN Jackson
Norton, to liquidate the company's assets.

Angelim Limited can be contacted at:

         43 Fortescue Road
         Poole Dorset
         BH12 2LH
         Tel: 01202 723 128
         Fax: 01202 749 394


ANNABELLE CHARLES: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Annabelle Charles Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company on March 2.

Creditors also ratified the appointment of Ian William Kings,
Tenon Recovery, as Liquidator.

Annabelle Charles Limited can be reached at:

         46A High Street
         Stokesley Middlesbrough Cleveland
         TS9 5DQ
         Tel: 01642 710 840


AUGUST HOMES: Claims Filing Period Ends April 14
------------------------------------------------
August Homes Limited is liquidating its assets after members
decided to wind up the company's operations on March 3.

Appointed Liquidator, Antony Robert Fanshawe, of Fanshawe Lofts,
required creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) by tomorrow, April 14.

August Homes Limited can be contacted at:

         Thomas Lewis House
         236 Empress Road
         Southampton
         SO14 0JY
         Tel: 023 8067 9763
         Fax: 01489 797 370


BLACKBURN TOOL: Claims Registration Ends May 27
-----------------------------------------------
Creditors of Blackburn Tool Hire Limited have until May 27, to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Joint Liquidator Daniel Paul
Hennessy.

Blackburn Tool Hire Limited can be contacted at:

         189 Burnley Road
         Blackburn Lancashire
         BB1 3HN
         Tel: 01254 672 727
         Fax: 01254 672 772


BRANNIGAN WEST: Taps Asher Miller to Liquidate Assets
-----------------------------------------------------
Asher Miller, of David Rubin & Partners, was appointed
Liquidator of Brannigan West Civils Limited after members passed
a resolution to wind up the company on March 2.

Chairman A. Conway claimed the company could no longer continue
its business due to mounting debts.

Brannigan West Civils Limited can be reached at:

         111 East Street
         Epsom Surrey
         KT17 1EJ
         Tel: 01869 338 808
         Fax: 01372 748 314
         Web: http://www.branniganwest.com/


CABLE & WIRELESS: Employee Share Trustees Sell 148,925 Shares
-------------------------------------------------------------
The Trustees of Cable and Wireless PLC Employee Share Ownership
Trust disposed on April 7, 148,925 Ordinary Shares at a price of
GPB1.05 per share.

Following the disposal, 50,822,464 Ordinary Shares are held
under the Trust.  

George Battersby, Charles Herlinger, Harris Jones, John
Pluthero, Tony Rice and Rob Rowley (all being Directors of Cable
and Wireless plc), in their capacity as members of the class of
beneficiaries under the Trust, and Towers Perrin Share Plan
Services (GSY) Limited, in their capacity as Trustees of the
Trust, are deemed to have a non-beneficial interest in these
Ordinary Shares.

No Directors are disposing of any beneficial interests in the
Company.

                       About the Company

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
Standard & Poor's Ratings Services said that the ratings and
outlook on U.K.-based telecommunications operator Cable &
Wireless PLC (C&W; BB-/Negative/B) were unchanged following the
group's presentation of plans for further restructuring and
refocusing of its U.K. business.

C&W is replicating the broadly successful business model of
Energis, the U.K. telecoms services company that it acquired in
November 2005.  It has announced a withdrawal from the low-
margin U.K. small-to-midsized business market and a focus on
large U.K. corporate customers.  Given this streamlining of the
customer and product base, employee numbers could reduce by up
to 3,000, resulting in additional headcount reduction and lease
exit costs.  The group is to continue investing in Bulldog, its
early stage, and largely residential, local-loop-access
operation.

This further retrenchment underlines the external and internal
challenges that C&W still faces.  The group's cash flow profile
in the U.K. is likely to be more negative than previously
anticipated, although material erosion of the gross cash
position is not currently expected.


CROWN PAINTERS: Members Agree to Liquidation
--------------------------------------------
Members of Crown Painters & Decorators Limited agreed to
liquidate the company's assets during an extraordinary general
meeting on Feb. 28.

Philip Barrington Wood, of Barringtons Limited, was appointed
Liquidator.

Crown Painters & Decorators Limited can be reached at:

         46 Oakdene Avenue
         Newcastle Staffordshire
         ST5 8HE
         Tel: 01782 564 016
         Fax: 01782 564 216


DUO DIGITAL: Appoints J.N. Bleazard as Liquidator
-------------------------------------------------
J.N. Bleazard, of XL Business Solutions Ltd, was appointed
Liquidator of Duo Digital Limited after members resolved to
liquidate the company's assets on Feb. 28.

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

Duo Digital Limited can be reached at:

         11A St. Michaels Hall
         Bennett Road
         Leeds West Yorkshire
         LS6 3HN
         Tel: 0113 274 5444
         Fax: 0113 230 2057  


EFFECTIVE FINANCIAL: Winds Up Operations & Appoints Liquidator
--------------------------------------------------------------
Effective Financial Planning Ltd is winding up its operations
after members decided to liquidate the company's assets during
an extraordinary general meeting on March 2.

Vincent A. Simmons was appointed Liquidator.

Effective Financial Planning Ltd can be reached at:

         6 King Street
         Delph Oldham
         OL3 5DQ
         Tel: 01457 820 924
         Fax: 01457 820 109


EWOOD COMPUTERS: Hires Joint Liquidators from Valentine & Co
------------------------------------------------------------
Members of Ewood Computers Limited passed a resolution to wind
up the company's operations after they found out that the
company could no longer continue its operations due to financial
liabilities.

They authorized Robert Valentine and Mark Reynolds, of Valentine
& Co., to jointly liquidate the company's assets.

Ewood Computers Limited can be reached at:

         42 Fairclough Road
         Thornton-Cleveleys Lancashire
         FY5 2RN
         Tel: 01253 857 478


RANK GROUP: Buys Back 700,00 Ordinary Shares for Cancellation
-------------------------------------------------------------
The Rank Group Plc repurchased 700,000 Ordinary shares on
April 11 of 10 pence in the Company for cancellation at an
average price of 232.26 pence per share.

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

                        *     *     *

As reported in the Troubled Company-Europe on March 8, Moody's
Investors Service assigned a Ba2 corporate family rating to The
Rank Group Plc and 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.


                           *********


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
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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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