TCREUR_Public/060417.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 17, 2006, Vol. 7, No. 75

                            Headlines


B U L G A R I A

AES CORPORATION: Inks US$600M Credit Facility with Merrill Lynch
BOBOV DOL: Economy Ministry Appeals Insolvency Ruling
TPP VARNA: Moody's Reviews Ba2 Rating for Possible Upgrade


D E N M A R K

TDC A/S: Fitch Rates Issuer Default at BB- on NTC Acquisition
TDC A/S: S&P Cuts Long-Term Corp. Credit Rating to BB-


F I N L A N D

METSO CORP: Supplies Equipment to Pfleiderer's Fiberboard Line


F R A N C E

EUROTUNNEL S.A.: Posts Unaudited Q1 Traffic & Revenue Results


G E R M A N Y

AFF AGENTUR: Claims Registration Ends April 19
AM CHECKPOINT: Creditors' Meeting Slated for April 19
AMBULANTE HILFEN: Creditors' Meeting Slated for April 19
BRINKMANN GMBH: Claims Registration Ends April 18
DOMET INVESTITIONSGUETER: Claims Registration Ends April 18

FRESENIUS MEDICAL: Subsidiaries Complete US$511-Mln Divestiture
HOME ET STYLE: Claims Registration Ends April 19
SIEGMUND IDZI: Creditors' Meeting Slated for April 19


G E O R G I A

BANK OF GEORGIA: Fitch Puts D on Individual Rating


H U N G A R Y

AES CORP: Senior Bank Lenders Waive Restatement-Related Default


I R E L A N D

ELAN CORP: Hosting First Quarter Conference Call on May 4


K A Z A K H S T A N

ABIZ: Creditors Must File Claims by April 21
ALMA: Creditors Must File Claims by April 21
EVROKONSALT: Creditors Must File Claims by April 21
GAGSA OIL: Creditors Must File Claims by April 21
ITAL-AGRO: Creditors Must File Claims by April 21

MAIOLIKA: Creditors Must File Claims by April 21
RICH: Creditors Must File Claims by April 21
PLANETA SERVICE: Creditors Must File Claims by April 21
SK ALMATY KURYLYS: Creditors Must File Claims by April 21


K Y R G Y Z S T A N

BREWERY MISTER: Creditors Must File Claims by June 3
M.G. CONSTRUCTION: Creditors Must File Claims by June 3
TULPAR LTD: Creditors Must File Claims by June 3


R U S S I A

ATOM: Bankruptcy Hearing Set for April 20
COMBINE OF BUILDING MATERIALS: Claims Bar Date Set for April 27
COMPLEX DUBROVSKIY: Bankruptcy Hearing Set for May 10
FINANCIAL BUILDING: Proofs of Claim Deadline Slated for April 27
GATCHINSKIY FOUNDRY: Court Names A. Baranov Insolvency Manager

LARGE PANEL: Firm Falls Into Bankruptcy
MILKOVSKAYA: Kamchatka Court Begins Bankruptcy Proceedings
PSKOVSKAYA: Undergoes Bankruptcy Supervision Procedure
PYATEROCHKA HOLDING: S&P Place BB- Rating on Watch Negative
SOVKHOZ POBEDA: Bankruptcy Hearing Slated for May 17

VOSOK-OIL-GAS-STROY: Appoints A. Shykhetdinov Insolvency Manager
YUKOS OIL: Chapter 15 Petition Summary


S P A I N

MBS BANCAJA: Fitch Junks Rating on EUR10 Million Series E Notes


S W I T Z E R L A N D

ABB LTD: U.S. Subsidiary's Asbestos Plan Takes Effect


T U R K E Y

TELSIM MOBIL: Rosamara Trading Demands US$738-Mln Debt Payment
VESTEL ELEKTRONIK: Fitch Rates Currency Issuer Default at BB-
YAPI VE KREDI: S&P Withdraws BB- Rating Due to Expected Merger


U K R A I N E

BAREL: Volinska Court Begins Bankruptcy Supervision
ENERGOMASH: Court Names S. Gritsaj to Liquidate Assets
EUROLUKS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
INDUSTRIAL INVESTMENT: Kyiv Court Opens Bankruptcy Proceedings
MKL: Under Bankruptcy Supervision in Kyiv

PROMSTIL: Court Names Viktor Denisenko as Insolvency Manager
UKRSOTSBANK: S&P Affirms Junk Short-Term Ratings
UROZHAJ: Cherkassy Court Starts Bankruptcy Supervision
ZOVNISHHIMTORG: Court Names Igor Homishin to Liquidate Assets


U N I T E D   K I N G D O M

ACTIF RETAIL: Appoints Kroll Limited Administrator
ACTIVAID LIMITED: Names Portland Business to Administer Assets
AP UK: Taps Joint Administrators from DTE Leonard Curtis
AVON FASTENINGS: Brings In Joint Administrators from F A Simms
BROOKMANS ENGLISH: Taps Lisa Hogg as Administrator

CAPRIQUIP FORK: Hires Joint Administrators from S F Plant & Co.
CASE & COLD: Appoints Baker Tilly Administrator
DB ACTIF: Taps Joint Administrators from Kroll Limited
DICTASCRIBE HOLDINGS: Names Middleton and Lameys Administrator
EASTER & STEELE: Appoints BDO Stoy Hayward to Administer Assets

F856 LIMITED: Recruitment Agency Appoints Administrator
FLEXITREND LIMITED: Names Joint Liquidators to Wind Up Business
G R S MANUFACTURING: Members Agree to Liquidate Assets
GENISYS LIMITED: Taps Joint Administrators from Hurst Morrison
HARVEY CARS: Members Passed Winding Up Resolution

HOMBARTS LIMITED: Peter O'Hara Leads Winding Up Process
INTEGRA TRAINING: Creditors Confirm Voluntary Liquidation
KISS INTERIORS: Liquidates Assets & Appoints Liquidator
LAUNTON PRESS: Taps Robert Day to Liquidate Assets
LIFELINE SERVICES: Brings In Begbies Traynor as Liquidator

LIQUID AUTOMATION: Financial Woes Trigger Liquidation
MOORPENNY LIMITED: Begins Winding Up Proceedings

* Fitch Expects European High-Yield Bond Defaults to Rise

                            *********

===============
B U L G A R I A
===============


AES CORPORATION: Inks US$600M Credit Facility with Merrill Lynch
----------------------------------------------------------------
AES Corporation entered into a US$600 million senior unsecured
credit facility agreement on March 29, with:

   * Merrill Lynch Capital Corporation, administrative agent;

   * Merrill Lynch & Co., lead arranger;

   * Merrill Lynch, Pierce, Fenner & Smith Incorporated, as lead
     arranger; and

   * Merrill Lynch Bank USA, as fronting bank.  

The credit facility is a syndicated loan and letter of credit
facility.  The facility matures on March 31, 2010.

The Company would use US$100 million of the loan for general
corporate purposes; and US$500 million of letters of credit to
support the Company's construction of a coal-fired generation
plant in Bulgaria, called the AES Maritza East 1 project.

The Bulgarian project, a 670 (gross) MW lignite fired generation
plant, represents the largest, single foreign investment in the
country and the largest green field investment in South East
Europe.  It is supported by a 15-year power purchase agreement
with the Bulgarian national utility and a 15-year lignite supply
agreement with the state owned mining company.

A full-text copy of the Credit Agreement is available for free
at http://ResearchArchives.com/t/s?778  

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Today, AES has
two distribution companies in Ukraine which serve 1.2 million
customers and generation plants in the Czech Republic and
Hungary.  AES is also the leading company in biomass conversion
in Hungary, generating 37 percent of the nation's total
renewable generation in 2004.

                         *     *     *

As reported in the Troubled Company Reporter on March 31, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on diversified energy company The AES Corp. to 'BB-' from
'B+'.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2006,
Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


BOBOV DOL: Economy Ministry Appeals Insolvency Ruling
-----------------------------------------------------
The Bulgarian economy ministry is appealing the decision issued
by the Kyustendil regional court to launch insolvency
proceedings against the Bobov Dol mining company, Dnevnik a.m.
says.  The insolvency petition was brought forth by
Technoresource over a BGN600,000 claim owed by the mines.

The ministry, which serves as the mines' principal creditors,
prefers the implementation of a recovery plan instead.  It
estimated the mines' debts at BGN40 million in 2005, the paper
relates.

Bobov Dol received approximately BGN69 million in government
subsidies for the past eight years.  This, however, failed to
reverse the drop in the mining company's productivity, Dnevnik
reports.


TPP VARNA: Moody's Reviews Ba2 Rating for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service has placed the Ba2 foreign currency
corporate family rating of state-owned Bulgarian generation
company TPP Varna EAD on review for possible upgrade.

The rating action follows the announcement on March 21, by the
Bulgarian Privatization Agency, the government agency in charge
of the privatization of state-owned assets, that it has accepted
an offer of EUR206 million from Czech utility CEZ, a.s. to
acquire 100% of TPP Varna.

Moody's expects that the successful completion of the
acquisition will have a positive impact on TPP Varna's rating
considering the stronger credit profile of the CEZ group, which
includes the finance company CEZ Finance BV (rated A2), which is
100% owned and guaranteed by CEZ a.s.

In the event of the transaction completing, TPP Varna will lose
its status as a government-related issuer and upwards pressure
will develop on the rating as a result of the new ownership
structure.  The review will focus on the level of business and
financial integration of TPP Varna into the CEZ group.  The
potential uplift provided by CEZ for TPP Varna's foreign
currency rating will, however, be constrained by the foreign
currency ceiling of the Bulgarian government, which is currently
Baa3.

Located in the Varna District, TPP Varna is a thermal Bulgarian
power plant with 1,260MW installed capacity.

CEZ Group is the dominant Czech generation, distribution and
supply entity.  CEZ a.s. is 67.7% indirectly owned by the Czech
government through the Ministry of Finance. CEZ a.s. guarantees
the outstanding rated bonds by CEZ Finance B.V.  In 2004, CEZ
group generated sales of CZK125 billion (EUR4.2 billion).


=============
D E N M A R K
=============


TDC A/S: Fitch Rates Issuer Default at BB- on NTC Acquisition
-------------------------------------------------------------
Fitch Ratings assigned TDC A/S an Issuer Default Rating of BB-
with Stable Outlook and Short-term Rating B following the
acquisition by Nordic Telephone Company ApS.  At the same time,
Fitch assigned a BB+ rating to TDC's senior secured facilities
and BB- rating to the outstanding bond under TDC's EMTN program.

Director in Fitch's Leveraged Finance team, Michelle De Angelis
stated, "The acquisition of TDC by NTC has resulted in increased
levels of debt, which is typical for a leveraged buy-out."

"At 5.9x EBITDA leverage at the close of the acquisition is
certainly high for this rating level, but the BB- rating is
supported by the additional degree of financial flexibility
represented by the divestment and deleveraging opportunities
inherent in TDC's portfolio of international telecoms assets, as
well as the strong underlying cashflow generation of the
business," he added.

The BB- IDR reflects TDC's position as the incumbent national
fixed line telecoms operator in its domestic market, the leading
Danish mobile operator and Danish cable TV operator.  TDC's
Swiss business, Sunrise, is a leading alternative telecoms
operator in Switzerland and is expected to offer further growth
opportunities as that market is increasingly liberalized.

Mobile activities in the Baltic states and Germany contribute
incremental EBITDA, while potential disposals of investments in
HTCC, Polkomtel and ONE offer deleveraging opportunities, as
their earnings do not contribute to adjusted EBITDA measures.

TDC's stake in Polkomtel has already been offered for sale and
could generate disposal proceeds of at least EUR860 million if
the other shareholders can agree; the proposed sale has been
referred to arbitration proceedings.

The BB+ rating for the senior secured facilities reflects the
nature of the security granted to this instrument and the strong
recoveries anticipated in a distress scenario.  The BB- rating
for the Eurobonds reflects the average expected recoveries in a
distress scenario, given the level of senior secured debt
currently ranking ahead of this instrument.  The bridge
facilities are not rated.

Reported pro-forma YE05 EBITDA was DKK13 billion, and adjusted
YE05 EBITDA was DKK12.75 billion.  Pro-forma senior debt totals
DKK59.3 billion, and pro-forma total debt is DKK74.9 billion.  
Adjusted senior leverage at the close of the acquisition is
therefore 4.7x and adjusted total leverage is 5.9x.

TDC is Denmark's incumbent telecoms services provider.  In
addition to its domestic Danish fixed-line, mobile and cable TV
businesses, it operates as a full-range service provider in
Switzerland.  The group has mobile subsidiaries in Lithuania and
Germany, and operates in Central Europe through its HTCC fixed-
line subsidiary.  

On Dec. 2, 2005, NTC made a recommended tender offer for 100% of
the shares in TDC.  NTC is indirectly owned by a consortium of
private equity funds: Apax, Blackstone, KKR, Permira and
Providence.  The tender offer, which settled on Feb. 1, 2006,
resulted in NTC owning 88.2% of the share capital of TDC.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


TDC A/S: S&P Cuts Long-Term Corp. Credit Rating to BB-
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Danish telecommunications operator
TDC A/S to 'BB-' from 'BB'.  The downgrade follows TDC's
implementation of its new capital structure following the LBO by
its new 88.2% majority owner, Nordic Telephone Co. ApS.  The
outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' rating to
the new EUR7.456 billion senior secured facilities, initially
borrowed by Nordic Telephone Co. Holding, the 100% owner of NTC,
and subsequently pushed down to TDC A/S.  The facilities were
also assigned a recovery rating of '2', indicating Standard &
Poor's expectations of substantial recovery of principal (80%-
100%) for senior secured lenders in the event of a payment
default.

The senior unsecured rating on TDC's existing EUR1.969 billion
equivalent notes has been lowered to 'B' from 'BB', reflecting
the lowering of the corporate credit rating and the legal
subordination of the notes in relation to the new senior secured
facility.  The short-term corporate credit and CP ratings on TDC
were affirmed at 'B'.

All ratings have been removed from CreditWatch with negative
implications, where they were placed on Oct. 6, 2005, following
TDC's announcement to the Danish Stock Exchange that it had
received and would explore nonbinding indications of interest by
a group of private equity houses.

In addition, the senior unsecured ratings on the group's EUR1.00
billion and EUR700.05 million bonds have been withdrawn.  
     
"The downgrade primarily reflects TDC's new, highly leveraged
capital structure following its LBO by a consortium of
investment funds," said Standard & Poor's credit analyst Leandro
de Torres Zabala.

The ratings are constrained by TDC's very high leverage. Pro
forma total debt (including preferred equity certificates
{PECs}, which can be viewed as a long-duration, deeply
subordinated debt instrument) accounts for about EUR12.9
billion, and lease-adjusted debt to EBITDA is 7.3x including
PECs (6.2x excluding PECs).  TDC has debt amortizations of about
EUR384 million in 2008 and EUR617 million in 2009.  It is
therefore critical that the group significantly raises its free
cash flow generation profile within the next two years, despite
sizeable capital expenditures needed to remain at the forefront
of technology in the advanced Danish telecoms market, high
interest payments, and meaningful headcount restructuring cash
costs.

The ratings are supported by the group's position as the leading
operator in the Danish telecoms market, one of the most
competitive in the EU, and as second operator in Switzerland.
The ratings are also supported by the company's satisfactory
operating performance, good control of the Danish access and
broadband markets, and meaningful free cash flow generation.  
The ratings further reflect TDC's significant disposable noncore
assets, which provide financial flexibility and deleveraging
potential.

TDC is expected to be able to defend its satisfactory core
Danish market positions against tough competitive, regulatory,
and technological pressures.

The group also needs to continue restructuring its Danish
headcount and maintain adequate capital expenditures in new
technologies to defend its Danish and Swiss market positions.

"Standard & Poor's expects that TDC will raise its free cash
flow generation profile during the next two years, and that the
group will devote free cash flows and proceeds from potential
asset disposals to the reduction of its high leverage," Mr. de
Torres Zabala said.


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


METSO CORP: Supplies Equipment to Pfleiderer's Fiberboard Line
--------------------------------------------------------------
Metso Panelboard, a wholly owned subsidiary of Metso Corp., will
supply equipment for Pfleiderer MDF Sp.z.o.o.'s medium-density
fiberboard line in Grajewo, Poland.  The new MDF line is
scheduled for start-up in mid 2007.  The value of the order is
EUR20 million, and it is included in Metso Panelboard's first
quarter orderbook.

The delivery will consist of Metso's wood handling system, a
fiber preparation system with the capacity of 28 tons per hour,
equipment for chip washing, resin and wax preparation, 2-stage
drying and sifting, and a turnkey energy plant of 66 MW firing
capacity.  The energy plant is designed to supply also building
heating for the existing particleboard line.  In addition, Metso
will supervise the installation and start-up.

The German-based Pfleiderer is a global producer of
particleboard for the furniture industry.  Currently the company
has 11 plants in Europe and 8 plants in North America.  
Pfleiderer's plant in Grajewo is one of the biggest producers of
furniture boards and veneers in Poland.

Metso Panelboard is one of the leading suppliers of complete
production lines and after-market services to panelboard
industries worldwide.  

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology    
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *

As reported in TCR-Europe on April 11, 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.


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


EUROTUNNEL S.A.: Posts Unaudited Q1 Traffic & Revenue Results
-------------------------------------------------------------
Eurotunnel revealed its un-audited traffic and revenue for the
first quarter of 2006.

The total revenue, including transport and non-transport
activities for Eurotunnel, is GBP131.5 million, the same level
as in the first quarter of 2005 at a constant exchange rate.

The revenue coming from Shuttle activities reflected GBP69.7
million for 2006 from GBP70.4 million in 2005, can be explained
largely by the unusual circumstances of the first quarter of
2005.

Revenues from the railways, which include payments due under the
Minimum Usage Charge, showed GBP60 million.

The revenue from non-transport activities remained marginal at
GBP1.8 million.

Traffic volumes for both passenger and truck services are down
in the first quarter of 2006, however, the new commercial
policies adopted in 2005 have enabled Eurotunnel to compensate
for the drop in volume because of higher yields than those
achieved during the first quarter of 2005.

Eurostar traffic remained stable during the quarter at the same
level as last year.

The tonnage carried through the Tunnel by railfreight trains
declined by 6%.

Revenues from the Railways remain protected by the Minimum Usage
Charge, which continues until the end of November 2006.  The
payments under this scheme amounted to GBP21 million for the
first quarter.

                        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.

                        *     *     *
As reported in TCR-Europe on April 13, Eurotunnel sought 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.


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


AFF AGENTUR: Claims Registration Ends April 19
----------------------------------------------
Creditors of AfF Agentur fuer Finanzdienstleister GmbH have
until April 19, to register their claims with court-appointed
provisional administrator Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Hamburg
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against AfF Agentur fuer Finanzdienstleister GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AfF Agentur fuer Finanzdienstleister GmbH
         Barmbeker Strasse 8
         Haus 4
         5. OG
         22303 Hamburg, Germany

The administrator can be contacted at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg, Germany
         Tel: 36968351
         Fax: 36968383


AM CHECKPOINT: Creditors' Meeting Slated for April 19
-----------------------------------------------------
Court-appointed provisional administrator for Am Checkpoint
Charlie Verwaltungsgesellschaft mbH, Udo Feser, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:15 a.m., on April 19.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:15 a.m., on July 19, at the same
venue.

Creditors have until May 27, to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Am Checkpoint Charlie
Verwaltungsgesellschaft mbH on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Am Checkpoint Charlie Verwaltungsgesellschaft mbH
         Friedrichstr. 200
         10117 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


AMBULANTE HILFEN: Creditors' Meeting Slated for April 19
--------------------------------------------------------
Court-appointed provisional administrator for Ambulante Hilfen
Berlin e.V., Christian Kohler-Ma, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:25 a.m., on April 19.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:20 a.m., on July 19, at the same
venue.

Creditors have until May 26, to register their claims with the
court-appointed provisional administrator.

The District Court of Augsburg opened bankruptcy proceedings
against Ambulante Hilfen Berlin e.V. on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Ambulante Hilfen Berlin e.V.
         Boxhagener Strasse 103
         10245 Berlin, Germany

The administrator can be reached at:

         Christian Kohler-Ma
         Kurfuerrstendamm 212
         10719 Berlin, Germany


BRINKMANN GMBH: Claims Registration Ends April 18
-------------------------------------------------
Creditors of Brinkmann GmbH have until April 18, to register
their claims with court-appointed provisional administrator
Christian Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Halle-Saalkreis
         Saal 1.044
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against Brinkmann GmbH on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Brinkmann GmbH
         Bahnstrasse 35
         06682 Teuchern, Germany
         Attn: Juergen Brinkmann, Manager
         Pohlitzer Strasse 21
         07552 Gera, Germany

The administrator can be contacted at:

         Christian Beck
         Hansering 1
         D-06108 Halle, Germany
         Tel: 0345/212220
         Fax: 0345/2122222


DOMET INVESTITIONSGUETER: Claims Registration Ends April 18
-----------------------------------------------------------
Creditors of DOMET Investitionsgueter GmbH have until April 18,
to register their claims with court-appointed provisional
administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 14
         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
DOMET Investitionsgueter GmbH on March 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DOMET Investitionsgueter GmbH
         Mansfelder Weg 23
         50189 Elsdorf, Germany
         Attn: Vladimir Ivanovitsch Malkine, Manager
         Berrenrather Strasse 482 d
         50937 Koln, Germany

The administrator can be contacted at:

         Siegfried Mueller
         Kolner Str. 197
         50226 Frechen, Germany
         Tel: 02234/96788-0
         Fax: +4922349678820


FRESENIUS MEDICAL: Subsidiaries Complete US$511-Mln Divestiture
---------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA disclosed that its
subsidiaries, Fresenius Medical Care Holdings, Inc., and Renal
Care Group, Inc., completed the sale of 96 freestanding renal
dialysis centers to a wholly owned subsidiary of DSI Holding
Company, Inc., including centers divested pursuant to a consent
agreement with the Federal Trade Commission.

An additional nine centers located in Illinois, U.S. will be
sold upon receipt of Illinois regulatory approval, which is
expected in the second quarter of 2006.  The sale was made
pursuant to an agreement to sell a total of 105 centers.

Fresenius Medical Care will receive aggregate cash consideration
of approximately US$511 million for all of the centers being
divested, subject to post-closing adjustments.

                      About the Company

Fresenius Medical Care AG -- http://www.fmc-ag.com/-- is the  
world's largest, integrated provider of products and services
for individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of approximately
1,645 dialysis clinics in North America, Europe, Latin America,
Asia-Pacific and Africa, Fresenius Medical Care provides
dialysis treatment to approximately 128,200 patients around the
globe.  Fresenius Medical Care is also the world's leading
provider of dialysis products such as hemodialysis machines,
dialyzers and related disposable products.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on April 4,
Standard & Poor's Ratings Services assigned its 'BB' senior
secured debt rating to Fresenius Medical Care KGaA's US$4.6
billion facilities, which were put in place to finance the
acquisition of Renal Care Group Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


HOME ET STYLE: Claims Registration Ends April 19
------------------------------------------------
Creditors of home Et style Verwaltungs-GmbH have until April 19,
to register their claims with court-appointed provisional
administrator Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Muenster
         Sitzungssaal Saal 13 B
         Gerichtsstr. 2-6
         48149 Muenster, Germany

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

The District Court of Muenster opened bankruptcy proceedings
against home Et style Verwaltungs-GmbH on Feb. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         home Et style Verwaltungs-GmbH
         Gutenbergstrasse 6
         49479 Ibbenbueren, Germany
         Attn: Uwe Lang, Manager
         Wihostrasse 1
         49134 Wallenhorst, Germany

The administrator can be contacted at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten, Germany


SIEGMUND IDZI: Creditors' Meeting Slated for April 19
-----------------------------------------------------
Court-appointed provisional administrator for Siegmund Idzi
Erdbau GmbH, Dr. Joachim Heitsch, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:00 a.m., on April 19.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m., on July 26, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Siegmund Idzi Erdbau GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Siegmund Idzi Erdbau GmbH
         Monchmuehler Strasse 132-134
         13159 Berlin, Germany

The administrator can be reached at:

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


=============
G E O R G I A
=============


BANK OF GEORGIA: Fitch Puts D on Individual Rating
--------------------------------------------------
Fitch Ratings placed Georgia-based Bank of Georgia ratings of
Foreign and Local Currency Issuer Default B-, Short-term Foreign
Currency and Local Currency B, Individual D and Support 5.  The
Outlooks on both Issuer Default Ratings are Stable.

BOG's ratings reflect the high credit risks resulting from rapid
lending growth in the relatively high-risk Georgian economy.
They also reflect its potentially vulnerable liquidity due to a
predominance, to date, of primarily short-term customer funding.

However, the bank has a strong domestic franchise, sound core
profitability and adequate capitalization as well as a well-
defined, albeit aggressive, strategy, which was adopted in 2004
and is being executed by new management with international
experience.
BOG is the second largest bank in Georgia by assets, serving
both corporate and retail sectors.  It strategically focuses on
consumer and micro-finance lending where it has emerged as the
market leader.  Acquisitions of banks and other financial
service companies have supported the development of the domestic
franchise during the last two years, most recently that of the
business of the troubled Intellectbank in March 2006.

As a result of the latter, BOG received a one-year waiver from
prudential regulation compliance from the National Bank of
Georgia.  However, Fitch notes that covenants imposed by the
bank's foreign lenders, while generally less strict than NBG
ratios, should limit any potential weakening of capitalization,
liquidity or risk concentrations to reasonable levels.

Acquisitions of banks in other CIS countries, including Ukraine,
are also being considered, although Fitch understands that these
would more likely be owned by a holding company than on the
balance sheet of BOG itself.

Credit risks result from the robust growth of lending
operations, especially given the untested behavior of BOG's
target customer segments in times of macroeconomic distress.  To
date, the quality of loans originated by new management has been
good, although track record remains relatively short in light of
the longer-term nature of many of the facilities originated, and
impairment could increase when the loan book seasons.  

A clean-up of the loan book was performed by the newly-appointed
management in H204, resulting in substantial write-offs and
provison charges; at end-2005, approximately 25% of outstanding
loans had been granted by the previous management.

The funding base is potentially volatile, with 65% of
liabilities effectively at demand.  However, the bank is
focusing on diversifying its liabilities through longer-term
foreign interbank and debt funding, and a US$100 million
borrowing plan for 2006 has already been partially implemented.

Internal capital generation may deteriorate in 2006 on the back
of substantial investments in franchise development.  However,
Fitch understands that there is strong demand for new equity
issuance from existing and potential new shareholders, and
capitalization may be supported by an IPO in H206.

An extension of BOG's recent track record of sound asset quality
and a strengthening of liquidity resulting from funding
diversification could cause upside for the ratings, as could
further improvements in the operating environment.  

In light of Fitch's view of the high propensity of the Georgian
authorities to provide support to systemically important banks
in case of need, BOG's IDR currently has a support floor of B-.  
Hence downward pressure on the IDR is unlikely to arise even in
case of a deterioration of the bank's financial position.

BOG had market shares of about 23% in retail loans and 19% in
retail deposits at end-2005.  The bank is currently broadly held
and since 2005 foreign portfolio investors have, in aggregate,
held a majority stake.  Since H204 the bank has implemented an
aggressive strategic plan with the ultimate target of attracting
a strategic shareholder in the mid-term.


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


AES CORP: Senior Bank Lenders Waive Restatement-Related Default
---------------------------------------------------------------
The AES Corporation obtained the necessary votes from a majority
of its bank lenders under its senior bank facility to waive the
event of default caused by the restatement of its 2003 financial
statements.  

As reported in the Troubled Company Reporter on April 6, the
Company will be restating its 2003 and 2004 financial statements
as a result of errors discovered by management during the 2005
year-end closing process.   Based on management's review, it
believes that all errors were inadvertent and unintentional.

The Senior Bank Facility provides AES with access to:

   * a $650 million revolving bank loan; and
   * a $200 million senior secured term loan.

The Company, four Subsidiary Guarantors, Citicorp USA, Inc., as
Agent, and Citibank N.A., as Collateral Agent and Lender, signed
Amendment No. 7 and Waiver No. 3 to the Third Amended and
Restated Credit and Reimbursement Agreement, on April 5, 2006.  

As a result of this waiver and amendment, the Company now has
full access to the credit available under its senior bank
facility.

The interest rate on the US$650 million revolving bank loan is
LIBOR plus 1.75%.  It matures on 2010.  The interest rate on the
term US$200 million Senior Secured Term Loan is LIBOR plus
1.75%.  It matures on 2011.  As of Dec. 31, 2005, US$356 million
was available from the US$650 million Revolving Bank Loan.

A full-text copy of the Amendment No. 7 and Waiver No. 3 to
Third Amended and Restated Credit and Reimbursement Agreement is
available for free at http://ResearchArchives.com/t/s?79b

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Today, AES has
two distribution companies in Ukraine which serve 1.2 million
customers and generation plants in the Czech Republic and
Hungary.  AES is also the leading company in biomass conversion
in Hungary, generating 37 percent of the nation's total
renewable generation in 2004.

                         *     *     *

As reported in the Troubled Company Reporter on March 31, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on diversified energy company The AES Corp. to 'BB-' from
'B+'.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2006,
Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


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


ELAN CORP: Hosting First Quarter Conference Call on May 4
---------------------------------------------------------
Elan will report its first quarter 2006 financial results on
May 4, before U.S. and European financial markets open. The
results announcement will be followed by a conference call at
8:30 a.m. Eastern Time (ET), 1:30 p.m. British Summer Time (BST)
with the investment community to discuss Elan's first quarter
2006 financial results.  

Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public. This event
will be webcast live and can be accessed by going to the
Investor Relations section on Elan's Web site at
http://www.elan.com/

                            AGM

Elan will hold its Annual General Meeting at 10:00 a.m. BST on
May 25, at the Four Seasons Hotel, Ballsbridge, Dublin 4,
Ireland.  This event will also be webcast live and can be
accessed by going to the Investor Relations section on Elan's
Web site at http://www.elan.com/

                      About the Company

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

                        *     *     *

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

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


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


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

         Nekrasova Str. 33
         Temirtau, Kazakhstan
         Tel: 8 300 588 69-55


ALMA: Creditors Must File Claims by April 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Alma insolvent on Feb. 3, 2006.

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


EVROKONSALT: Creditors Must File Claims by April 21
---------------------------------------------------
JSC Evrokonsalt has declared insolvency.  Creditors have until
April 21, to submit written proofs of claims to:

         Seifullina Ave. 531, office 501
         050000 Almaty, Kazakhstan
         Tel: 8 (3272) 50-80-51 or 50-80-61


GAGSA OIL: Creditors Must File Claims by April 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Gagsa Oil insolvent.

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

        Abay Str. 10a
        Atyrau, Kazakhstan


ITAL-AGRO: Creditors Must File Claims by April 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Ital-Agro insolvent on Jan. 30, 2006.

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

        Gogol Str. 177a
        Kostanai, Kazakhstan


MAIOLIKA: Creditors Must File Claims by April 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Maiolika insolvent on Jan. 31, 2006.

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


RICH: Creditors Must File Claims by April 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP RICH insolvent on Feb. 3, 2006.

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


PLANETA SERVICE: Creditors Must File Claims by April 21
-------------------------------------------------------
Kostanai Branch Of The LLP Planeta Service Center has declared
insolvency.  Creditors have until April 21, to submit written
proofs of claims to:

         Maulenova Str. 15/1
         Kostanai, Kazakhstan
         Tel: 8 (3142) 50-05-21


SK ALMATY KURYLYS: Creditors Must File Claims by April 21
---------------------------------------------------------
LLP SK Almaty Kurylys has declared insolvency.  Creditors have
until April 21, to submit written proofs of claims to:

         Panfilova Str. 83, office 1
         Almaty, Kazakhstan
         Tel: 8 300 744 68-21


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


BREWERY MISTER: Creditors Must File Claims by June 3
----------------------------------------------------
Branch Of The LLC Mister - Brewery Mister has declared
insolvency.   Creditors have until June 3, to submit written
proofs of claim.

The company can be contacted at (+996 3132) 4-03-07.


M.G. CONSTRUCTION: Creditors Must File Claims by June 3
-------------------------------------------------------
LLC M.G. Construction has declared insolvency.  Creditors have
until June 3, to submit written proofs of claim to:

         L. Tolstogo Str. 103a
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 54-93-27


TULPAR LTD: Creditors Must File Claims by June 3
------------------------------------------------
Joint Kyrgyz-Russian Enterprise Tulpar Ltd. has declared
insolvency.   Creditors have until June 3 to submit written
proofs of claim to:  

         Engelsa Str. 258/82
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 46-96-85


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


ATOM: Bankruptcy Hearing Set for April 20
-----------------------------------------
The Arbitration Court of Stavropol Region will convene on
April 20, to hear the bankruptcy supervision procedure on
limited liability company Atom.  The case is docketed as A63-
264/2005-S5.

Creditors are requested to submit their proofs of claim to
court-appointed insolvency manager Ms. E. Eliseeva at:

         M. Ekaterininskaya Str. 17/21
         129110, Moscow Region, Russia

The Debtor can be reached at:

         Atom
         Nevinnomyssk, Shevchenko Str. 20/2
         Stavropol Region, Russia


COMBINE OF BUILDING MATERIALS: Claims Bar Date Set for April 27
---------------------------------------------------------------
Creditors of Combine of Building Materials have until April 27,
to submit their proofs of claim to the court-appointed
insolvency manager Mr. N. Smyshlyaev at:

         Yoshkar-Ola, Post User Box 75
         424007, Mariy El Republic, Russia

The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A38-5027/11/160-2005.

The Debtor can be reached at:

         Combine of Building Materials
         Yoshkar-Ola, Lomonosova Str. 2
         Mariy El Republic, Russia


COMPLEX DUBROVSKIY: Bankruptcy Hearing Set for May 10
-----------------------------------------------------
The Arbitration Court of Chelyabinsk region will convene at
10:15 a.m., on May 10, to hear the bankruptcy supervision
procedure on limited liability company Complex Dubrovskiy at:

         The Arbitration Court off Chelyabinsk Region
         Room 703, Vorovskogo Str. 2
         Chelyabinsk Region, Russia

The case is docketed as A76-34/2006-55-18.

Mr. A. Lavrov has been appointed temporary insolvency manager
and can be reached at:

         A. Lavrov
         Zlatoust, Post User Box 2234
         456208, Chelyabinsk Region, Russia

The Debtor can be reached at:

         Complex Dubrovskiy
         Krasnoarmeyskiy region, Dubrovka
         456675, Chelyabinsk Region, Russia


FINANCIAL BUILDING: Proofs of Claim Deadline Slated for April 27
----------------------------------------------------------------
Creditors of Financial Building Company have until April 27, to
submit their proofs of claim to court-appointed insolvency
manager Mr. V.Shishkin at:

         Office 11, Building 2, Usievicha Str. 27
         125315, Moscow, Russia

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A40-74975/05-71-225B.

The Debtor can be reached at:

         Financial Building Company
         Building 1, Eniseyskaya Str. 28
         Moscow Region, Russia


GATCHINSKIY FOUNDRY: Court Names A. Baranov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad Region
appointed Mr. A. Baranov as temporary insolvency manager for
Gatchinskiy Foundry (TIN 470022360).  He can be reached at:

         Balaklavskiy Pr. 3-419
         117639, Moscow Region, Russia

The Court has commenced bankruptcy supervision procedure on the
close joint stock company.  The case is docketed as A56-
58044/2005.

The Debtor can be reached at:

         Gatchinskiy Foundry
         Gatchuina, Ryseeva Str. 32
         188301, Leningrad Region, Russia


LARGE PANEL: Firm Falls Into Bankruptcy
---------------------------------------
The Arbitration Court of Orenburg Region commenced bankruptcy
proceedings against the Large Panel House Building after finding
the limited liability company insolvent.

The case is docketed as A47-11151/05-14 GK.

Mr. M. Shamsiev has been appointed insolvency manager and can be
reached at:

         M. Shamsiev
         Post User Box 80
         420094, Kazan Region, Russia

The Debtor can be reached at:

         Large Panel House Building
         Novotroitesk, Orenburg Region, Russia


MILKOVSKAYA: Kamchatka Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Kamchatka Region commenced bankruptcy
proceedings against Milkovskaya (TIN 4106004010) after finding
the close joint stock company insolvent.  The case is docketed
as A24-5112/05-16.

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

         Mr. V. Sipko
         Office 407, Leninaskaya Str. 38
         683000, Petropavlovsk-Kamchatskiy, Russia

The Debtor can be reached at:

         Milkovskaya
         Milkovo, Zarechnaya Str. 3A
         Kamchatka Region, Russia


PSKOVSKAYA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Pskov Region has commenced bankruptcy
supervision procedure on pharmaceutical company Pskovskaya.  The
case is docketed as A52-172/2006/4.

Mr. S. Vasilyev has been appointed temporary insolvency manager.

The Debtor can be reached at:

         Pskovskaya
         Gospitalnaya Str. 3
         180007, Pskov Region, Russia

The insolvency manager can be reached at:

         S. Vasilyev
         Pechorskaya Str. 5, Apartment 51
         180024, Pskov Region, Russia


PYATEROCHKA HOLDING: S&P Place BB- Rating on Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network, on CreditWatch with
negative implications.  At the same time, Standard & Poor's
placed its 'BB-' long-term corporate credit and 'ruAA-' Russia
national scale ratings on Pyaterochka's operating subsidiary OOO
Agrotorg on CreditWatch with negative implications.

The 'ruAA-' Russia national scale ratings on the senior
unsecured debt issued by related entity Pyaterochka Finance have
also been placed on CreditWatch with negative implications.

These actions follow Pyaterochka's announcement that it is to
acquire Russia's leading supermarket chain Perekrestok (not
rated) for US$1.665 billion in a combination of US$300 million
cash and US$1.365 billion equity.  Alfa Group, a prominent
Russian industrial and financial conglomerate and the current
owner of Perekrestok, will acquire a controlling stake in
Pyaterochka as part of the transaction.
     
"The CreditWatch placement reflects concerns pertaining to
Pyaterochka's increased consolidated financial risk following
the transaction," said Standard & Poor's credit analyst Lorenzo
Sliusarev.  "It is unclear whether this risk will be
sufficiently offset by the expected positive business aspects of
the combination, such as increased economies of scale, improved
diversification and competitive position, and potential
operational synergies.

"We estimate that the combined group's total debt to EBITDA
after lease adjustments is likely to increase to above 3x, which
is higher than the expected range of 2.0x to 2.5x currently
factored into the rating on Pyaterochka.  Furthermore, this
material transaction may result in changes to the business model
and associated financial policy of the combined entity, and will
require a detailed assessment.

"The ratings could be affirmed or lowered depending on our
evaluation of the group's financial risk exposure on completion
of the transaction," Mr. Sliusarev added.  "A potential
downgrade would likely be limited to one or two notches."

Standard & Poor's expects to resolve the CreditWatch within 90
days, following a meeting with Pyaterochka's management and a
detailed evaluation of the credit implications of the
transaction.


SOVKHOZ POBEDA: Bankruptcy Hearing Slated for May 17
----------------------------------------------------
The Arbitration Court of Moscow region will convene on May 17,
to hear the bankruptcy supervision procedure on open joint stock
company Sovkhoz Pobeda (TIN 5020040138).  The case is docketed
as A41-K2-1300/06.

Mr. Y. Zmievets has been appointed temporary insolvency manager
and can be reached at:

         Y. Zmievets
         Office 13, Sadovnicheskaya Str. 21
         115035, Moscow Region, Russia

The Debtor can be reached at:

         Sovkhoz Pobeda
         Klin, Durymanova Str. 10
         Moscow Region, Russia


VOSOK-OIL-GAS-STROY: Appoints A. Shykhetdinov Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed A.
Shykhetdinov insolvency manager of limited liability company
Vosok-Oil-Gas-Stroy (TIN 0273041366).  The case is docketed as
A07-24524/05-G-FLE.

The Debtor can be reached at:

         Vosok-Oil-Gas-Story
         Ufa, Franko Str. 10
         450038, Bashkortostan Republic, Russia

The insolvency manager can be reached at:

         A. Shykhetdinov
         Ufa, Engelsa Str. 1/1
         450077, Bashkortostan Republic, Russia


YUKOS OIL: Chapter 15 Petition Summary
--------------------------------------
Petitioner: Eduard K. Rebgun
            Foreign Representative

Debtor: Yukos Oil Company
        aka Oao NK Yukos
        31A Dubininskaya Street
        Moscow, Russia

Case No.: 06-10775

Type of Business: The Debtor is an open joint stock company
                  existing under the laws of the Russian
                  Federation.  Yukos is involved in the 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.  See http://yukos.com/

                  The Debtor previously filed for bankruptcy
                  protection on 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 consortium of 14 bank lenders led by
                  Societe Generale SA, filed a new bankruptcy
                  suit in the Moscow Arbitration Court on
                  March 10, 2006, in an attempt to recover the
                  remainder of a US$1 billion debt under
                  outstanding loan agreements.

Chapter 15 Petition Date: April 13, 2006

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Petitioner's Counsel: Howard Seife, Esq.
                      Chadbourne & Parke LLP
                      30 Rockefeller Plaza
                      New York, NY 10112
                      Tel: (212) 408-5100
                      Fax: (212) 541-5369

Total Assets: More than $100 Million

Total Debts:  More than $100 Million


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


MBS BANCAJA: Fitch Junks Rating on EUR10 Million Series E Notes
---------------------------------------------------------------
Fitch Ratings placed final ratings to MBS Bancaja 3 Fondo de
Titulizacion de Activos' mortgage-backed floating-rate notes as
follows:

   a) EUR100 million Series A1: AAA;
   b) EUR668 million Series A2: AAA;
   c) EUR13.2 million Series B: AA;
   d) EUR11.6 million Series C: A;
   e) EUR7.2 million Series D: BBB+; and
   f) EUR10 million Series E: CC.

This transaction is a cash flow securitization of a EUR800
million static pool of first ranking residential and commercial
mortgage loans granted by Caja de Ahorros de Valencia, Castellon
y Alicante.

The ratings on the Class A to D notes address payment of
interest on the notes according to the terms and conditions of
the documentation, subject to a deferral trigger on the Class B,
C and D notes, as well as the repayment of principal by legal
final maturity for each note.  

The Class E notes were issued to finance the cash reserve fund.  
The Class E notes are ultimately likely to default, and their
ratings are supported by the expected recovery rate for
noteholders; that is, the amounts investors are likely to
receive during the life of the transaction.

Spanish Securitisation Law 19/1992 and Royal Decree 926/1998
will regulate the fund.  Its sole purpose is to convert mortgage
transmission certificates from the seller into mortgage-backed
securities.  The CTHs have been subscribed by Europea de
Titulizacion, S.G.F.T., S.A., on behalf of the fund, whose
activities are limited to the management of securitization
funds.

The Class A1 notes have a legal maturity in September 2007, 18
months after the closing date, which is different to the legal
maturity date of the other notes in December 2043.  The AAA
rating assigned to the A1 notes was deduced using conservative
prepayment scenarios.  

Additionally, a sole purpose liquidity facility provided by
JPMorgan Chase Bank, National Association and sized at 3.2% of
the original collateral balance, is in place to guarantee that
these notes are redeemed in their entirety at their final legal
maturity date in case the cash flow from the collateral is not
sufficient.


=====================
S W I T Z E R L A N D
=====================


ABB LTD: U.S. Subsidiary's Asbestos Plan Takes Effect
-----------------------------------------------------
ABB Ltd., said no appeals have been filed with the U.S. District
Court for the District of New Jersey, Camden Division, opposing
a revised Plan of Reorganization for its U.S. subsidiary,
Combustion Engineering, which means the plan is now final.

The District Court confirmed CE's Modified Plan of
Reorganization on Feb. 28.  The Hon. Judith K. Fitzgerald of the
U.S. Bankruptcy Court for the District of Delaware confirmed the
Debtor's Plan on Dec. 19, 2005, and Judge Fitzgerald recommended
its confirmation to the District Court.  It has been a protocol
for both a district court judge and a bankruptcy judge to review
asbestos-related bankruptcies.

As reported in TCR-Europe on Feb. 20, the District Court rules
that the order for Combustion's Plan confirmation becomes final
if there are no appeals filed within 30 days of the entry of the
order.

"This is a milestone in the history of ABB," said ABB President
and chief executive officer, Fred Kindle.  "We are very glad to
have a resolution of this important issue, which removes
significant uncertainty that has harmed ABB over the years.  The
finalized plan brings benefits to both ABB and asbestos
claimants."

The finalization of the CE Plan of Reorganization clears the way
for asbestos claimants to receive payments from the trust to be
set up in accordance with the Plan of Reorganization once it
becomes effective.

The plan's channeling injunction will protect ABB and its
subsidiaries from current and future asbestos claims against CE.
ABB has committed cash and other assets worth approximately
US$1.43 billion to pay settled asbestos claims against CE.

The District Court's final order ends a process, which began on
Feb. 17, 2003, when Combustion Engineering filed for pre-
packaged Chapter 11 protection in the U.S. Bankruptcy Court for
the District of Delaware.

                Lummus Plan of Reorganization

A much smaller number of asbestos claims against another U.S.
subsidiary -- ABB Lummus Global Inc. -- are in the process of
being resolved.  In September 2005, claimants to the Lummus Plan
of Reorganization voted 96% in favor of the plan.  ABB expects
to file the Lummus Chapter 11 Plan of Reorganization in the very
near future.

From the time ABB acquired CE in January 1990 until Combustion
filed for Chapter 11 in February 2003, CE settled approximately
438,000 claims, many of them without payment, and paid out
approximately US$1.1 billion to claimants.

Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group.  ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impact.  The ABB Group of companies operates in
more than 100 countries and employs about 103,000 people.  
Combustion Engineering filed for chapter 11 protection on
Feb. 17, 2003 (Bankr. D. Del. Case No. 03-10495).  Curtis A.
Hehn, Esq., at Pachulski Stang Ziehl Young & Jones and Jennifer
Mo, Esq., at Kirkpatrick & Lockhart Nicholson Graham represents
the Debtor in its restructuring efforts.  When the Debtor filed
for protection from its creditors, it estimated more than $100
million in assets and debts.

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/-- is a leader in power and automation    
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2006, Standard & Poor's Ratings Services was maintaining its
credit ratings on Switzerland-based engineering services group
ABB Ltd. (BB+/B) and related entities on CreditWatch with
positive implications.

Conditional on the final successful resolution of the asbestos
litigation settlement for U.S. subsidiary Combustion Engineering
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with
the senior unsecured debt to be raised to 'BB+'.  S&P said the
outlook will be positive.


===========
T U R K E Y
===========


TELSIM MOBIL: Rosamara Trading Demands US$738-Mln Debt Payment
--------------------------------------------------------------
Cyprus-based investment firm Rosamara Trading Ltd., is seeking
to recover the full payment of approximately US$738 million in
bearer promissory notes issued by Turkish telecom giant Telsim
Mobil in 2003, the Financial Mirror reports.

"Telsim must make payment on these notes within 48 hours or else
it will be in default," Rosamara's counsel, Michael Michaelides,
told the Greek paper on April 12.  "In that event, Rosamara has
the right to seize any assets of Telsim to honor these
obligations, including any roaming charges anywhere in the
world," he added.

Turkey's state deposit insurance fund (SDIF) took over Telsim's
operations in 2004, and conducted a public auction of the
telecom's assets, which secures the promissory notes, several
months ago.  British telecom giant Vodafone won the bidding war
with a US$4.5 billion offer on the table.

Mr. Michaelides disclosed that the Telsim-Vodafone merger
closing could be delayed if Telsim doesn't honor the notes.

Rosamara warns Vodafone that any effort to purchase the
auctioned securitized assets would expose Vodafone to liability,
the paper relates.

Headquartered in Istanbul, Turkey, Telsim Mobil --
http://www.telsim.com/-- is a high-technology company offering  
services in the GSM (Global System for Mobile Communication)
market.


VESTEL ELEKTRONIK: Fitch Rates Currency Issuer Default at BB-
-------------------------------------------------------------
Fitch Ratings rated Turkey-based Vestel Elektronik Sanayi ve
Ticaret's Local and Foreign Currency Issuer Default Ratings of
BB- on Rating Watch Negative.  

This follows the initial public offering of Vestel Beyaz Esya
Sanayi ve Ticaret launched on April 7.  Vestel White is a white
goods manufacturer in which Vestel Electronic owns 35% share.

The RWN reflects the net cash outflows as a result of Vestel
Electronic's plan to raise its stake to majority control in
Vestel White by acquiring the interests of Zorlu Holding and
Zorlu Family members at the IPO price.  

Fitch estimates this net cash outflow from Vestel Electronic to
be in the range of US$87 million - US$105 million, depending on
the final pricing of the IPO.  Fitch will assess the impact of
the transaction on Vestel Electronic's leverage upon the
completion of the IPO.

Fitch aims to resolve the RWN after a review of Vestel
Electronic following a management meeting shortly after the
finalization of the IPO on April 12, 2006.


YAPI VE KREDI: S&P Withdraws BB- Rating Due to Expected Merger
--------------------------------------------------------------
Standard & Poor's Ratings Services said today that it withdrew
its 'Bpi' public information rating on Turkey-based Yapi ve
Kredi Bankasi A.S. due to the bank's expected merger with
Kocbank (BB-/Positive/B).

The rating withdrawal does not indicate any deterioration in
YKB's creditworthiness.  As a result of the withdrawal, YKB will
no longer be subject to Standard & Poor's review.  There is no
rated debt outstanding.


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


BAREL: Volinska Court Begins Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on LLC Barel (code EDRPOU 32269596) on
Feb. 13, and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 7/51-B.

Mr. Cherevatij Lubomir has been appointed temporary insolvency
manager.

CONTACT:  Barel
          43010, Ukraine, Lutsk
          Kremenetska Str. 38

          Mr. Cherevatij Lubomir
          Temporary Insolvency Manager
          79022, Ukraine, Lviv Region Gorodotska Str. 277

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


ENERGOMASH: Court Names S. Gritsaj to Liquidate Assets
------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Gritsaj as
Liquidator/Insolvency Manager for LLC Energomash (code EDRPOU
21704159).

The Court commenced bankruptcy proceedings against the Company
after finding it insolvent.  The case is docketed as 43/386.  

CONTACT:  Energomash
          Grushevskij Str. 1-d
          Ukraine, Kyiv Region

          Mr. S. Gritsaj
          Liquidator/Insolvency Manager
          Tel: (044) 236-11-17

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


EUROLUKS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Scientific-Production Enterprise
Euroluks (code EDRPOU 24985905) on Feb. 7, after finding the
company insolvent.  The case is docketed as B 29/7/06.

Mr. Denis Lihopyok has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Euroluks
          Academic Chekmaryov Str. 3
          Ukraine, Dnipropetrovsk Region

          Mr. Denis Lihopyok
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk Region a/b 37
          Tel: (0562) 38-55-89

          Economic Court Of Dnipropetrovsk Region
          Kujbishev Str. 1a
          49600, Ukraine, Dnipropetrovsk Region


INDUSTRIAL INVESTMENT: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Industrial Investment Group (code EDRPOU
33201668) after finding the company insolvent.  The case is
docketed as 31/11 b-06.  

Mr. U. Ignatchenko has been appointed Liquidator/Insolvency
Manager.

CONTACT:  LLC Industrial Investment Group
          Slavutich, Chernigivskij Quarter 14
          Ukraine, Kyiv Region

          Mr. U. Ignatchenko
          Liquidator/Insolvency Manager
          Kozelshina, Kotovskij Str. 9
          Ukraine, Poltava Region
          Tel: 8 (044) 234-71-39

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


MKL: Under Bankruptcy Supervision in Kyiv
-----------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC MKL (code EDRPOU 25412761).  The
case is docketed as 23/405-b.  

Mr. Kabayev Glib has been appointed temporary insolvency
manager.

CONTACT:  MKL
          04070, Ukraine, Kyiv Region
          Mezhigirska Str. 43

          Mr. Kabayev Glib
          Temporary Insolvency Manager
          04071, Ukraine, Kyiv Region, a/b 81
          Tel: 8 (044) 428-85-97

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


PROMSTIL: Court Names Viktor Denisenko as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Viktor Denisenko as
Liquidator/Insolvency Manager for LLC Promstil.

The Court commenced bankruptcy proceedings against the Company
on Feb. 28, after finding it insolvent.  The case is docketed as
23/5-b.  

CONTACT:  Promstil
          Delegatskij Lane 12
          04107, Ukraine, Kyiv Region

          Mr. Viktor Denisenko
          Liquidator/Insolvency Manager
          Peremogi Avenue 57
          03113, Ukraine, Kyiv Region

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


UKRSOTSBANK: S&P Affirms Junk Short-Term Ratings
------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
counterparty credit and certificate of deposit ratings on
Ukraine-based Commercial Bank for Social Development Ukrsotsbank
OJSC remain on CreditWatch with positive implications, where
they had originally been placed on Feb. 15.  At the same time,
the 'C' short-term ratings were affirmed.
     
"If the ongoing acquisition of USB by Italy-based Banca Intesa
SpA (Intesa; A+/Stable/A-1) completes successfully, the ratings
on USB could be raised by a maximum of three notches. Standard &
Poor's will assess the strategic importance of USB for Intesa,
its operational and financial commitment, and the revised
strategy to be implemented," said Standard & Poor's credit
analyst Irina Penkina.

The CreditWatch placement reflects the strong upside potential
for USB, resulting from the change of control. Standard & Poor's
expects that USB will benefit from operational and financial
support from Intesa, which would boost its market franchise and
financial strength in the highly competitive and fast-growing
Ukrainian banking market.  "The potential upward movement of the
rating on USB would be constrained, however, by high economic
and operational risks in Ukraine, and high single-party
concentrations in lending and funding," added Ms. Penkina.


UROZHAJ: Cherkassy Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on Agricultural LLC Urozhaj (code EDRPOU
03791048) on Feb. 16, 2006.  The case is docketed as 01/4200.

Mr. Sergij Pshenichnij has been appointed temporary insolvency
manager.

CONTACT:  Urozhaj
          Ukraine, Cherkassy Region
          Zhashkivskij district, Konela

          Mr. Sergij Pshenichnij
          Temporary Insolvency Manager
          Sumgayitska Str. 17/1
          18029, Ukraine, Cherkassy Region

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


ZOVNISHHIMTORG: Court Names Igor Homishin to Liquidate Assets
-------------------------------------------------------------
The Economic Court of Lviv Region appointed Igor Homishin as
Liquidator/Insolvency Manager for LLC Zovnishhimtorg (code
EDRPOU 30478555).

The Court commenced bankruptcy proceedings against the Company
on Feb. 20, after finding it insolvent.  The case is docketed as
6/273-5/231.  

CONTACT:  Zovnishhimtorg
          Pasichna Str. 135
          Ukraine, Lviv Region

          Mr. Igor Homishin
          Liquidator/Insolvency Manager
          Polishuk Str. 87a/17
          79015, Ukraine, Lviv Region

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


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


ACTIF RETAIL: Appoints Kroll Limited Administrator
--------------------------------------------------
Andrew John Pepper, Alastair Paul Beveridge and Peter Mark
Saville of Kroll Limited were appointed joint administrators of
Actif Retail Limited (Company Number 03602506) on April 4.  Its
registered office is at 20 Little Portland Street, London W1W
8AA.

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.

Actif Retail Ltd sells clothing and can be reached at:

         20 Little Portland Street
         London W1W 8AA
         Tel: 02074360222   


ACTIVAID LIMITED: Names Portland Business to Administer Assets
--------------------------------------------------------------
Michael Robert Fortune and Carl Derek Faulds of Portland
Business & Financial Solutions Ltd were appointed joint
administrators of Activaid Limited (Company Number 04691241) on
March 30.  

The joint administrators can be reached at:

         Portland Business & Financial Solutions Ltd
         The Outlook, Ling Road
         Poole, Dorset BH12 4PY

Activaid Ltd sells medical and orthopedic goods and can be
reached at:

         216 Lower Blandford Road
         Broadstone BH18 8DX
         Dorset
         Tel: 01202 602646
         Fax: 01202 695501


AP UK: Taps Joint Administrators from DTE Leonard Curtis
--------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of AP UK Limited (Company Number 02643577)
on March 24.  

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

AP UK Limited manufactures paper.


AVON FASTENINGS: Brings In Joint Administrators from F A Simms
--------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of Avon
Fastenings And Industrial Supplies Limited (Company Number
4102340) on April 3.  Its registered office is at 14 Clarkes
Avenue, Kenilworth, Warwickshire CV8 1HX.

The joint administrators can be reached at:

         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire
         LE17 4AP
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Avon Fastenings and Industrial Supplies Ltd supplies industrial
fasteners and can be reached at:

         Unit 10
         Western Road
         Stratford upon Avon
         CV37 0AH
         Warwickshire
         Tel: 01789 269661
         Fax: 01789 267051


BROOKMANS ENGLISH: Taps Lisa Hogg as Administrator
--------------------------------------------------
Lisa Hogg of Wilson Field was appointed administrator of
Brookmans English Furniture Limited (Company Number 05081639)
and Brookmans Limited (Company Number 05464519) on March 31.

The administrator can be reached at:

         Lisa Hogg
         Wilson Field
         The Annexe
         The Manor House
         260 Ecclesall Road South
         Sheffield
         South Yorkshire S11 9UZ
         Tel: 0114 235 6780
         Fax: 0114 262 0661

Brookmans English Furniture Limited and its affiliate, Brookmans
Limited -- http://www.brookmans.co.uk/-- manufacture furniture.


CAPRIQUIP FORK: Hires Joint Administrators from S F Plant & Co.
---------------------------------------------------------------
Simon Franklin Plant and Daniel Plant of S F Plant & Co were
appointed joint administrators of Capriquip Fork Lift Hire
Limited (Company Number 01816702) on March 29.  Its registered
office is at 9 Ensign House, Admirals Way, Marsh Wall, London
E14 9XQ.

The joint administrators can be reached at:

         S F Plant & Co
         9 Ensign House
         Admirals Way, Marsh Wall
         London
         E14 9XQ

Capriquip Fork Lift Hire Limited rents forklifts and can be
reached at:

         Unit 16
         Springfield Industrial Estate
         Manchester St.
         Oldbury, West Midlands B69 4HH
         Tel: 0121 552 4025


CASE & COLD: Appoints Baker Tilly Administrator
-----------------------------------------------
Andrew Martin Sheridan Guy Edward Brooke Mander of Baker Tilly
were appointed joint administrators of Case & Cold Services
Limited (Company Number 04322356) on March 31.  Its registered
office is at 1 Georges Square, Bristol BS1 6BP.

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is an independent firm of  
chartered accountants and business advisers in the United
Kingdom.  

Case & Cold Services Limited --
http://www.caseandcold.co.uk/cac2005-- supplies all items of  
refrigeration and commercial catering equipment as well as
service backup as required by clients.


DB ACTIF: Taps Joint Administrators from Kroll Limited
------------------------------------------------------
Andrew John Pepper, Alastair Paul Beveridge and Peter Mark
Saville of Kroll Limited were appointed joint administrators of
DB Actif Limited (Company Number 03137258) on April 4.  Its
registered office is at 20 Little Portland Street, London W1W
8AA.

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.

D B Actif Ltd wholesales clothing and footwear and can be
reached at:

         20 Little Portland St.
         London
         W1W 8BS
         Tel: 02074363330   


DICTASCRIBE HOLDINGS: Names Middleton and Lameys Administrator
--------------------------------------------------------------
Michael Francis Stevenson of Middleton Partners and Christopher
Jeffrey Lamey of Lameys Business Recovery were appointed joint
administrators of Dictascribe Holdings Limited (Company Number
04236620) on March 23.  Its registered office is at The
Quadrangle, 2nd Floor, 180 Wardour Street, London W1F 8FY.

Middleton Partners -- http://www.middletonpartners.co.uk/-- are  
licensed insolvency practitioners and business consultants, the
partners and staff of which have many years experience in
dealing with business rescue and insolvency.


EASTER & STEELE: Appoints BDO Stoy Hayward to Administer Assets
---------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Easter &
Steele Limited (Company Number 04246521) on March 30.  

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.

Easter & Steele Limited sells furniture and lighting equipment
including household articles.


F856 LIMITED: Recruitment Agency Appoints Administrator
-------------------------------------------------------
Lane Bednash of David Rubin & Partners was appointed
administrator of F856 Limited (Company Number 01344544) on
March 28.  Its registered office is at Swatton Barn, Badbury,
Swindon, Wiltshire SN4 0EU.

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

F856 Limited was formerly named Field Staff Agency Limited.  It
operates a labor recruitment agency.


FLEXITREND LIMITED: Names Joint Liquidators to Wind Up Business
---------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
Joint Liquidators of Flexitrend Limited after members passed a
resolution to wind up the company on March 3.

Chairman D.C. Robinson disclosed the company could no longer
continue its business due to mounting debts.

Flexi Trend Limited can be contacted at:

         2-3 Hazelwood Lane
         Kettering Northamptonshire
         NN16 0AS
         Tel: 01536 514 469
         Fax: 01536 410 793


G R S MANUFACTURING: Members Agree to Liquidate Assets
------------------------------------------------------
G.R.S. Manufacturing Limited is winding up its operations after
members decided to voluntarily liquidate the company's assets on
March 2.

Subsequently, they appointed Andrew Fender, of Sanderlings LLP,
as Liquidator.

G R S Manufacturing Limited can be reached at:

         25 Camelot Way
         Birmingham West Midlands
         B10 0ND
         Tel: 0121 773 8229
         Fax: 0121 773 8229
         Web: http://www.grs-manufacturing.co.uk/


GENISYS LIMITED: Taps Joint Administrators from Hurst Morrison
--------------------------------------------------------------
Paul W. Ellison and Robert C. Keyes of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Genisys Limited
(Company Number 03179240) on March 30.

The joint administrators can be reached at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile, Henley on Thames
         Oxfordshire RG9 2JR
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Genisys Limited -- http://www.genisyslimited.com/-- is one of  
the leading resellers of computer and network hardware, services
and end-to-end solutions throughout the U.K.


HARVEY CARS: Members Passed Winding Up Resolution
-------------------------------------------------
Members of Harvey Cars Limited passed a resolution to wind up
the company's operations during an extraordinary general meeting
on March 2.

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

Harvey Cars Limited can be reached at:

         44B High Street
         Addlestone Surrey
         KT15 1TR
         Tel: 01932 849 090
         Fax: 01932 888 971
         Web: http://www.harveycars.co.uk/


HOMBARTS LIMITED: Peter O'Hara Leads Winding Up Process
-------------------------------------------------------
Hombarts (Dewsbury) Limited is winding up its business after
members resolved to company's voluntary liquidation on Feb. 27.

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

         Hombarts Limited
         56-62 Daisy Hill
         Dewsbury West Yorkshire
         WF13 1LJ
         Tel: 01924 464 131
         Fax: 01924 458 327


INTEGRA TRAINING: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Integra Training Limited 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 Peter O'Hara as
Liquidator.

Integra Training Limited can be contacted at:

         Zetland House
         5-25 Scrutton Street
         London
         EC2A 4HJ
         Tel: 020 7033 9931
         Web: http://www.integra-training.net/


KISS INTERIORS: Liquidates Assets & Appoints Liquidator
-------------------------------------------------------
Kiss Interiors Limited is liquidating its assets after members
agreed to wind up the company's operations on Feb. 27.

K.B. Stout was named Liquidator.

Kiss Interiors Limited can be reached at:

         Henderson Road
         Croydon Surrey
         CR0 2QG
         Tel: 020 8684 5200
         Fax: 020 8684 5288
         Web: http://www.kissinteriors.com/


LAUNTON PRESS: Taps Robert Day to Liquidate Assets
--------------------------------------------------
Members of Launton Press Limited decided to liquidate the
company's assets during an extraordinary general meeting on
March 6.

They appointed Robert Day, of Robert Day and Company Limited, as
Liquidator.

Launton Digital Press Limited can be reached at:

         5 Carisbrooke Court
         Buckingham
         MK18 1TU
         Tel: 01280 815 418


LIFELINE SERVICES: Brings In Begbies Traynor as Liquidator
----------------------------------------------------------
G.W. Rhodes, of Begbies Traynor, was appointed Liquidator of
Lifeline Services Ltd. after members resolved to liquidate the
company's assets on March 3.

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

Lifeline Services Limited can be reached at:

         Portland Road
         Portland Square
         Worthing West Sussex
         BN11 1QH
         Tel: 01903 235 461


LIQUID AUTOMATION: Financial Woes Trigger Liquidation
-----------------------------------------------------
Liquid Automation Systems Limited resolved to liquidate its
assets after members found out that the company could no longer
continue its business due to financial liabilities.

Lisa Hogg and David Field, of Wilson Field, were appointed Joint
Liquidators.

Liquid Automation Systems Limited can be contacted at:

         Unit 8
         Midland Court
         Nottingham
         NG7 3FH
         Tel: 0115 970 2823


MOORPENNY LIMITED: Begins Winding Up Proceedings
------------------------------------------------
Members of Moorpenny Limited passed a resolution to wind up the
company's operations after proving that the company could no
longer continue its business due to mounting debts.

Subsequently, Robert W Keating, of R W Keating & Co, was
appointed Liquidator.

Moorpenny Limited can be contacted at:

         River Inn Georges Pierhead
         Merseyside
         L3 1DR
         Tel: 0151 236 6931


* Fitch Expects European High-Yield Bond Defaults to Rise
---------------------------------------------------------
Fitch Ratings expected European high-yield bond defaults to rise
gradually over the next two to three years, despite the low
volume of defaults in Q106.

This expectation is based on the large number of acquisition
related debt issues in 2004 and 2005, the increased share of
CCC-rated new issues in 2005, and potential rises in interest
rates as well as energy and raw material prices.

Associate Director in Fitch's Leveraged Finance team, Matthias
Volkmer stated, "We believe European high-yield bond defaults
are at a turning point.  The extraordinary low default levels
experienced in the last two years will not be sustainable."

The start of 2006 marks a third year of remarkably low default
rates for the European high yield market following the record
lows of 0.5% achieved in 2005 and 2004 compared to the 6.4% in
2003 and 25.1% in 2002.  The par value of European high yield
bond defaults totaled just EUR7.3 million in Q106.  The trailing
12 month default rate decreased to 0.3% in March 2006 from the
0.5% recorded at end-2005.

US automotive parts and systems company, Dana Corporation was
the only company to default when it filed for Chapter 11 in
March.  However, as most of Dana's initial EUR199.7 million bond
issue in 2002 was repurchased at end-2004, the company's EUR-
denominated default volume is even smaller than in the
comparable period of 2005, when US auto parts supplier RJ Tower
Corporation and Swedish bus operator Concordia Bus defaulted on
a total bond volume of EUR250 million.

The total market volume for European speculative-grade bonds
increased slightly to EUR144.8 billion in Q106 from EUR143.3
billion at YE05, as strong new issuance and additional cross-
over bond volumes were mostly offset by maturing bonds.  New
issuance of EUR8.7 billion was slightly higher than the EUR8.5
billion issued in Q105 and well ahead of the EUR5.4 billion in
Q104 and Q103, driven largely by mostly LBO-related jumbo
issuance.  

Emerging markets continued to feature strongly with 14.5% of new
issuers located in Kazakhstan, Russia, Ukraine, South Africa and
Indonesia, while UK and German companies were the strongest
overall contributors with over 54% of total issuance.

Cross-over bonds volumes including EUR1.9 billion for Danish
telecoms operator TDC, EUR1.2 billion for UK gaming operator
Ladbroke and EUR1 billion for Dutch market research firm VNU
contributed to the total EUR5.2 billion new cross over bond
volumes in Q106, following downgrades as a result of the
issuers' new highly leveraged financial profiles.

The time to default of four years for Dana remains in line with
the average 4.6 years in 2005 and ahead of the 2.7 years in
2004, 2.9 years in 2003 and 2.6 years in 2002.  Due to the small
claim amount on the EUR-denominated bonds of Dana, the recovery
level of 100% plus interest is similar to the unusually high
95.8% recovery rate for the only default in 2004, but is not
directly comparable to the average recoveries of 56% in 2005,
based on three defaults, and the much lower 11% in 2001, 15% in
2002 and 24% in 2003, which were influenced by the large number
of telecoms and cable defaults.

The percentage of bonds rated CCC and below within the total
high-yield market decreased further to 9.2% in Q106 from 9.5% in
2005 and 12.5% in 2004.  This was as a result of the high
volumes of BB - rated cross over bonds particularly in 2005 and
the decrease in CCC - rated new issuance to 3% versus the
increase in B issuance to 62% in Q106.  

Consequently, the concentration of BB - rated bonds remained
high at 57.8% in Q106 compared to the 60.8% at end-2005.  The
ratio of downgrades to upgrades reversed to 1.7:1 in the first
quarter, driven by the downgraded Ford volumes from the 1:4.1
ratio in 2005.

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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.

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