TCREUR_Public/060418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, April 18, 2006, Vol. 7, No. 76

                            Headlines


D E N M A R K

NORDIC TELEPHONE: TDC Takeover Spurs Moody's Rating Reassignment


F I N L A N D

RADNOR HOLDINGS: Can Access Up to US$185 Million in Loans


G E R M A N Y

BARTEL DACHBAU: Claims Registration Ends April 20
C'EST LA VIE: Claims Registration Ends April 19
CORNWALL PASTY: Creditors' Meeting Slated for April 20
EUROWELT GMBH: Claims Registration Ends April 20
F P AUTOMATION: Claims Registration Ends April 20

FENSTER-MOHRBACH: Creditors' Meeting Slated for April 19
FLIESEN BOLLMANN: Creditors' Meeting Slated for May 5
HILITE INT'L: Weak EBIT Margins Prompts Moody's Junk Ratings
KAGAWA KABEL: Claims Registration Ends April 19
OTS OBERFLACHENTECHNIK: Claims Registration Ends April 19

SARO LANDMASCHINEN: Claims Registration Ends April 19


K A Z A K H S T A N

ASTANA-TELEPORT: Creditors Must File Claims by April 21
ATYRAUSTROISNAB: Creditors Must File Claims by April 21
DIDAR-PAVLODAR: Creditors Must File Claims by April 21
FERRUM INC: Creditors Must File Claims by April 21
METALLINTERTREID: Creditors Must File Claims by April 21

NEFTEHIMSTROI: Creditors Must File Claims by April 21
PROMSNABRESURS: Creditors Must File Claims by April 21
RABIE: Creditors Must File Claims by April 21
TERMES: Creditors Must File Claims by April 21
VITALIYA: Creditors Must File Claims by April 21


L U X E M B O U R G

MILLICOM INT'L: Adds Nearly 963,000 Subscribers in First Quarter
MILLS CORP: Lenders Agree to Waive Defaults Through Dec. 31


N E T H E R L A N D S

PYATEROCHKA HOLDING: Moody's Reviews Ba3 Corporate Family Rating


R U S S I A

BRYANSK-STROY-COM: Bankruptcy Hearing Slated for July 10
ELECTRO-SAN-TEKH-SBYT: Court Begins Bankruptcy Proceedings
GONCHAROVSKOYE: Bankruptcy Hearing Slated for June 11
KRASNAYA ZARYA: Bankruptcy Hearing Set for July 19
MOSCOW BANK: Fitch Assigns Issuer Default Rating at B

MUROM-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for April 25
NIKA: Sakhalin Court Begins Bankruptcy Proceedings
PETRO-RESOURCE: Appoints N. Plaksin Insolvency Manager
SELENGA: Undergoes Bankruptcy Supervision Procedure
TASHLA-AGRO-SNAB: Bankruptcy Hearing Set for May 2

TATNEFT OAO: S&P Places B- Rating on CreditWatch Negative
URALSVYAZINFORM: Posts Unaudited 2005 Financials & Taps Auditors
VERKHNEVOLZHSKIY: Deadline for Proofs of Claim Set for April 27
VIMPELCOM: To Post 2005 Financial Report Today
YUKOS OIL: US Bankruptcy Court's 10-Day Order Freezes Asset Sale


S W E D E N

CONCORDIA BUS: To Release Q4 & Full Year Report on April 25


U K R A I N E

ALFIN: Court Appoints Yuliya Shindel to Liquidate Assets
ENERGETIC: Sumi Court Opens Bankruptcy Proceedings
INDEX-BANK UKRAINE: Moody's Assigns B2 Currency Deposit Ratings
KINASHIVSKIJ: Vinnitsya Court Opens Bankruptcy Proceedings
KOTLAS: Court Names Central Advertising as Liquidator

MONOLIT: Sumi Court Starts Bankruptcy Supervision
NAFTOSVIT: Volinska Court Orders Debt Moratorium
POLISSYA: Sumi Court Starts Bankruptcy Supervision
TRADE-INDUSTRIAL: Vinnitsya Court Opens Bankruptcy Proceedings
SLAVUTICH: Court Names Olena Gerasimenko Insolvency Manager

TSVETODIN: Harkiv Court Opens Bankruptcy Proceedings
VIDRODZHENNYA: Court Begins Bankruptcy Supervision


U N I T E D   K I N G D O M

GEOFF HARRIS: Appoints Begbies Traynor Administrator
HOME PRODUCTS: Taps Joint Administrators from Rothman Pantall
K. B. WOOD: Names Irwin & Company to Administer Assets
LIQUID AUTOMATION: Creditors Confirm Voluntary Liquidation
MANCHESTER WINDOW: Members Pass Winding Up Resolution

MASON & CRANG: Brings In Steven Law to Administer Assets
MOORPENNY LIMITED: Names Robert Keating as Liquidator
MOTOR CARAVAN: Members Resolve to Liquidate Assets
OMEGA PLASTICS: Tool Manufacturer Appoints Administrator
PALMBURY LEISURE: Taps RE10 to Administer Assets

PANTHER DISTRIBUTION: Brings In F A Simms as Administrator
PCS REALISATION: Names Joint Administrators from Begbies Traynor
PLASTXWORLD LIMITED: Appoints F A Simms & Partners Administrator
PORTABLE WELDERS: Names P&A Partnership Administrator
PRO-TECT UK: S. Franklin Leads Winding Up Operations

PUBLISHERS BOOK: Retailer Appoints P&A Partnership Administrator
RANK GROUP: Buys Back 1,000,000 Ordinary Shares for Cancellation
RAZZMATAZZ INTERNATIONAL: Begins Winding Up Operations
RENT WITH US: Members Agree to Liquidation
ROSE & RAGS: Financial Woes Trigger Liquidation

ROWAN FORRESTER: Appoints B N Jackson Norton Administrator
SETT INNS: Taps Joint Administrators from BDO Stoy Hayward
SODO DESIGN: Administrators from Tait Walker Move in
TLC LEISURE: Calls in Joint Administrators from Herron Fisher
TRANSPORT BODY: Appoints Administrator from Albert Goodman

VEENA LEISURE: Appoints Liquidator from BBK Partnership
VISION H.I.: Joint Administrators from Berg Kaprow Enter Helm
WARWICK COMMUNITY: Joint Liquidators Take Over Operations
WATTSON (SHOP FITTERS): Appoints Joint Administrators from Tenon

* Large Companies with Insolvent Balance Sheets

                            *********

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


NORDIC TELEPHONE: TDC Takeover Spurs Moody's Rating Reassignment
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of the Danish diversified telecommunications operator TDC A/S to
Ba3 from Ba1 and re-assigned it to its 88.2% majority owner,
Nordic Telephone Company Holding ApS.  

Moody's will subsequently withdraw the corporate family rating
assigned to TDC.  Moody's concurrently downgraded the senior
unsecured debt ratings on the existing notes under the EMTN
program not redeemed under a tender offer to Ba3 from Ba1 and
withdrew the non-prime rating on commercial paper.  Moody's also
assigned a senior secured rating of Ba2 to the approximate
EUR7.46 billion in senior secured credit facilities.  This
concludes the review for downgrade initiated on Oct. 6, 2005,
following the announcement by TDC that a private equity
consortium was in formal discussions to acquire the company.  
The outlook on the ratings is stable.

The Ba3 Corporate Family Rating assigned to NTC reflects the
combination of the consolidated group's strong business risk
profile offset by the impact on the group's credit metrics from
the substantial debt incurred to finance the leveraged buyout
with some consideration given to the expectation that the group
may continue to be managed with a somewhat aggressive financial
profile under its current ownership structure.

The group is a diversified European telecoms operator with
leading market positions in the fixed, mobile, data and cable
sectors in its core market in Denmark, strong market positions
in various other mobile markets including Switzerland, Poland
and select Baltic countries, relatively weaker market positions
in other fixed and data segments in Switzerland, other Nordic
markets and Hungary along with a reseller business in the highly
competitive German mobile market.

The group will be highly leveraged as a result of the debt
incurred to finance the buyout.  On a pro-forma 2005 basis,
Total Debt to EBITDA, excluding the impact of approximately
EUR1.75 billion in deeply subordinated Preferred Equity
Certificates, will be approximately 5.9x.  Moody's understands
that the PECs will be issued outside the restricted group, which
will be ring-fenced at the NTC level, and their rights will be
limited to an equity claim on the restricted group.  Moody's
notes that there is a possibility that the PECs could be
serviced by cash distributions from the restricted group subject
to restricted payment limitations and the terms and conditions
in the senior secured credit facilities.

The Ba3 corporate family rating also takes into account the
medium term pressure on the group's liquidity to meet sizeable
debt maturities of over EUR380 million in 2008 and over EUR600
million in 2009 to repay maturing legacy EMTNs that were not
tendered as well as scheduled senior loan amortizations.  To re-
deem the outstanding EMTNs, the group will be reliant upon
future free cash flow generation and / or proceeds from asset
sales.

Moody's has taken into consideration the diversified nature of
TDC's portfolio of businesses outside its core Danish market and
recognizes that some of these could be candidates for disposal
in the future.  Under the terms of the group's senior secured
facilities, proceeds from the asset sales -- other than in
select situations where the leverage has been reduced to below
3.5x or the proceeds are substantial (in excess of EUR2 billion)
-- would have to be deployed toward the reduction of the senior
secured facilities or the redemption of the EMTNs.  Moody's also
expects the group to continue to be free cash flow generative
despite the substantial increase in leverage but considers there
to be limited headroom for deviation without asset sales in
order to meet medium term scheduled debt amortizations.

The Ba2 rating assigned to the senior secured credit facilities
is one level above the corporate family rating.  The Ba2 rating
on the credit facilities takes into account their proximity to
the company's operating assets, guarantees from TDC's operating
subsidiaries and the benefits of the security package.

The Ba3 rating assigned to TDC's senior unsecured debt (EMTNs)
reflects the fact that the bonds are at the level of TDC which
is the core holding company of the various operations and are
structurally senior to over EUR2.03 billion of debt at the NTC
level.  The rating assignment though recognizes that TDC's
unsecured debt is, nevertheless, effecitvely subordinated to the
EUR7.46 billion in senior secured credit facilities.

The stable outlook reflects Moody's expectation given the
group's strong and diverse business profile that the company
will be able to strengthen free cash flow generation
supplemented possibly by non-core asset sales to meet medium
term debt amortization, reduce overall debt levels and
strengthen its credit metrics.  It also takes into account
Moody's expectations that the group's business and financial
profile could evolve over time as a result of asset disposals.  
It also recognizes Moody's expectation that the group is likely
to continue to be managed toward a leveraged financial profile
over time.

Moody's notes that the group's corporate family rating could be
upgraded as a result of improvements in credit metrics such as
Total Debt to EBITDA improving to below 5.0x concurrent with the
group demonstrating the ability to generate sufficient cash
either from free cash flow or asset disposals to meet debt
amortizations through 2009.

The ratings would be lowered if:

     (i) the group's cash flow weakens concurrent with not
         having successfully completed non-core asset sales, as
         a result of deterioration in operating margins or
         increased investments, such that credit metrics weaken
         or

    (ii) as a result of concerns developing over the ability of
         TDC to meet currently scheduled debt amortization.

Nordic Telephone Company Holding ApS is a holding company of TDC
A/S, the Danish diversified telecommunications operator with
operations in Switzerland and in selected Northern and Central
European markets.  In 2005, TDC generated revenue of DKK46.58
billion (EUR6.24 billion) and EBITDA before special items of
DKK13.0 billion (EUR1.74 billion).  


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


RADNOR HOLDINGS: Can Access Up to US$185 Million in Loans
---------------------------------------------------------
Radnor Holdings Corporation can borrow up to US$85 million from
its bank lenders under its domestic revolving credit facility
after they amended their Credit Agreement on April 4, 2006.

The Revolver Amendment provides that the borrowing base may not
exceed the sum of:

   (1) 85% of the eligible receivables of the Company and its
       domestic operating subsidiaries; plus

   (2) the lesser of:

       (a) 60% of the Borrowers' eligible inventory; or
       (b) US$40 million; less

   (3) outstanding letters of credit; less

   (4) outstanding swing loans; less

   (5) US$6.0 million.

The Revolver Amendment took effect March 31, 2006.

As of Sept. 30, 2005, the Company had US$62.4 million
outstanding under its revolving credit facilities.  After taking
into account cash on hand of US$2.1 million, the Company has had
the ability to draw up to an additional US$10.1 million under
these facilities as of Sept. 30, 2005.

Interest on the revolving loans increased and is payable at the
domestic rate (equal to the greater of National City Bank's
prime rate or the Fed Funds Rate plus .75%) or LIBOR loan rate
plus, in each case, the applicable margin.

The applicable margin for LIBOR rate loans will vary from 1.75%
to 3.25% per annum and the applicable margin for domestic rate
loans will vary from 0.00% to 1.50% per annum based on the
Company's undrawn availability.

The Revolver Amendment also increased the letter of credit fee
payable to the lenders initially to 2.50% per annum of the face
amount of all outstanding letters of credit.  The letter of
credit fee will subsequently be adjusted to between 1.75% and
3.25% based on the Company's undrawn availability.

The Revolver Amendment also provides that the fixed charge
coverage ratio requirement will not be applicable until the
second fiscal quarter of 2006 and will only be tested if undrawn
availability falls below US$10.0 million or upon the occurrence
and continuation of a default.

The Revolver Amendment decreased the limit on permitted capital
expenditures for calendar year 2006 to US$17.5 million.  The
Revolver Amendment also includes an early termination fee.

                      Bond Covenant Modified

As reported in the Troubled Company Reporter on April 10, Radnor
Holdings and some of its subsidiaries amended their indenture
with Wachovia Bank, National Association, dated as of March 11,
2003, which governs the Company's 11% Senior Notes due 2010.

The amendment allowed the Company to incur an additional
US$25 million of indebtedness by expanding the definition of
"Permitted Indebtedness."

The Company's US$135 million of 11.0% Senior Notes due 2010 are
fully and unconditionally jointly and severally guaranteed by
substantially all of the Company's domestic subsidiaries, all of
which are 100% owned.

                       About Radnor Holdings

Radnor Holdings Corporation -- http://www.radnorholdings.com/--  
manufactures and distributes a broad line of disposable
foodservice products in the United States and specialty chemical
products worldwide.  The Company operates 15 plants in North
America and three in Europe and distributes its foodservice
products from 10 distribution centers throughout the United
States.

At Sept. 30, 2005, Radnor Holdings' equity deficit widened to
US$28,800,000 from a US$770,000 deficit at Dec. 31, 2004.

                           Tardy 10-K

Radnor's Annual Report on Form 10-K for the fiscal year ended
Dec. 30, 2005, "could not be filed within the prescribed time
period primarily due to the Company's continuing review of the
impact of, and disclosures related to, certain financing
transactions subsequent to fiscal year end," President and Chief
Executive Officer Michael T. Kennedy told the SEC in a March 31
regulatory filing. "The Company is also continuing its review of
certain income tax matters," Mr. Kennedy added.

Radnor's results of operations for the fiscal year ended
December 30, 2005, were negatively impacted by the Gulf Coast
hurricanes, and the resulting volatility in the petrochemicals
and energy markets.  The impact of these events on the Company's
pre-tax results of operations has been estimated between US$25
million and US$30 million, primarily in the fourth quarter.


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


BARTEL DACHBAU: Claims Registration Ends April 20
-------------------------------------------------
Creditors of BARTEL DACHBAU GmbH have until April 20, to
register their claims with court-appointed provisional
administrator Dr. Juergen D. Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Saal 301
         Nebenstelle Lindenstrasse 6
         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 Potsdam opened bankruptcy proceedings
against BARTEL DACHBAU GmbH on March 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         BARTEL DACHBAU GmbH
         Attn: Rudi Bartel, Manager
         Kastanienweg 1
         14776 Brandenburg, Germany
         
The administrator can be contacted at:

         Dr. Juergen D. Spliedt
         Uhlandstrasse 165/166
         10719 Berlin, Germany


C'EST LA VIE: Claims Registration Ends April 19
-----------------------------------------------
Creditors of C'est La Vie Elbe Textilhandelsgesellschaft mbH
have until April 19, to register their claims with court-
appointed provisional administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on May 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 C'EST LA VIE Elbe Textilhandelsgesellschaft mbH on
March 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         C'EST LA VIE Elbe Textilhandelsgesellschaft mbH
         Attn: Ralf Brunnecker, Manager
         Brahmhof 35
         21224 Rosengarten, Germany

The administrator can be contacted at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg, Germany
         Tel: 8995615
         Fax: 8995610


CORNWALL PASTY: Creditors' Meeting Slated for April 20
------------------------------------------------------
Court-appointed provisional administrator for Cornwall Pasty Co.
GmbH, Dr. Wolfgang Schroder, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:45 a.m., on April 20.

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 9:50 a.m., on July 6, at the same
venue.

Creditors have until May 20, to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Cornwall Pasty Co. GmbH on Feb. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Cornwall Pasty Co. GmbH
         Roscherstr. 5
         10629 Berlin, Germany
         
The administrator can be reached at:

         Dr. Wolfgang Schroder
         Genthiner Str. 48
         10785 Berlin, Germany


EUROWELT GMBH: Claims Registration Ends April 20
------------------------------------------------
Creditors of Eurowelt GmbH have until April 20, to register
their claims with court-appointed provisional administrator
Thomas Troll.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on May 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Zimmer 0.05
         Kornerstr. 29
         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 Rottweil opened bankruptcy proceedings
against Eurowelt GmbH on Feb. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Eurowelt GmbH
         Attn: Lydia Piel, Manager
         Welzenwiler Str. 5
         72074 Tuebingen, Germany
         
The administrator can be contacted at:

         Thomas Troll
         Hochstr. 1
         88045 Friedrichshafen, Germany
         Tel: 07541/289670


F P AUTOMATION: Claims Registration Ends April 20
-------------------------------------------------
Creditors of F P Automation GmbH have until April 20, to
register their claims with court-appointed provisional
administrator Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 19, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         EG, 328
         Eichholzstrasse 4
         59821 Arnsberg, 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 Arnsberg opened bankruptcy proceedings
against F P Automation GmbH on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         F P Automation GmbH
         Attn: Christoph Wurm, Manager
         Heddinghauser Strasse 7
         34431 Marsberg-Erlinghausen, Germany
         
The administrator can be contacted at:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg, Germany
         Tel: 02992-973716
         Fax: 02992-973771


FENSTER-MOHRBACH: Creditors' Meeting Slated for April 19
--------------------------------------------------------
Court-appointed provisional administrator for Fenster-Mohrbach
GmbH, Thomas Besenbruch, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 2:30
p.m., on April 19.

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

         The District Court of Zweibruecken
         Saal 3
         Herzogstrasse 2
         66482 Zweibruecken, Germany

The Court will also verify the claims set out in the
administrator's report at 2:15 p.m., on June 21, at the same
venue.

Creditors have until May 31, to register their claims with the
court-appointed provisional administrator.

The District Court of Zweibruecken opened bankruptcy proceedings
against Fenster-Mohrbach GmbH on March 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fenster-Mohrbach GmbH
         Attn: Predrag Belca, Manager
         Sitz
         66894 Bechhofen, Germany
         
The administrator can be reached at:

         Thomas Besenbruch
         Schillerstr. 40
         66482 Zweibruecken, Germany
         Tel: 06332/928624
         Fax: 06332/928619


FLIESEN BOLLMANN: Creditors' Meeting Slated for May 5
-----------------------------------------------------
Court-appointed provisional administrator for Fliesen Bollmann
GmbH, Walter Brohan, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m., on May 5.

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

         The District Court of Eutin
         Saal D
         1. Stock
         Jungfernstieg 3
         Germany

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

Creditors have until April 20, to register their claims with the
court-appointed provisional administrator.

The District Court of Eutin opened bankruptcy proceedings
against Fliesen Bollmann GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Fliesen Bollmann GmbH
         Attn: Dirk Bollmann, Manager
         Sierksdorfer Strasse 23
         23730 Neustadt, Germany
         
The administrator can be reached at:

         Walter Brohan
         Muehlenstrasse 56
         23552 Luebeck, Germany


HILITE INT'L: Weak EBIT Margins Prompts Moody's Junk Ratings
------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family rating of
Hilite International, Inc., to Caa1 from B2.  

The senior secured bank credit facilities' ratings of its U.S.
subsidiary, Hilite Industries, Inc., and its European
subsidiary, Hilite Germany GmbH & Co, KG have also been lowered
to Caa1 from B2, and Hilite Industries' senior subordinated
notes' rating has been lowered to Caa3 from Caa1.  The rating
outlook is Negative.

The downgrade reflects Hilite's continued weakening EBIT margins
and free cash flow as a result of the continuing difficult
operating environment for automotive suppliers.

Factors influencing the company's weak performance are its high
concentration of domestic OEM customers, which have experienced
lower production volumes in 2005, and an unfavorable sales mix
shift that has resulted in revenue shortfalls relative to prior
expectations.

Moreover, the effects of continued negotiated price downs with
OEMs, and higher raw material costs have adversely affected
margins.

Debt metrics have shown a commensurate deterioration with
EBIT/Interest falling below 1 times and Debt/EBITDA exceeding 5
times.  While the company has remained cash flow generative,
Moody's notes that capital reinvestment has been at modest
levels that may not be sustainable.

Absent initiatives to improve earnings and cash flow generation,
the company's credit metrics and operating trends are more
consistent with a Caa rating under Moody's Auto Supplier Rating
Methodology.

The rating outlook remains negative.  Overall industry trends
for automotive suppliers remain under pressure, and with some
revenue concentration with GM, Hilite remains subject to
potential disruptions at key customers during the coming year.

With limited balance sheet liquidity and modest headroom under
financial covenants in debt agreements, Hilite has limited
capacity to withstand adverse developments.

Ratings downgraded:

   * Hilite International

      -- Corporate Family, Caa1 from B2

   * Hilite Industries, Inc.

      -- US$60 million senior secured revolving credit and US$70       
         million senior secured term loan to Caa1 from B2

      -- US$30 million senior subordinated notes to Caa3 from
         Caa1

   * Hilite Germany GmbH & Co. KG

      -- US$50 million senior secured term loan to Caa1 from B2

Moody's last rating action for Hilite was on Aug. 25, 2005 when
the ratings were lowered.

Hilite, headquartered in Cleveland, Ohio, is a designer and
manufacturer of highly engineered, valve-based components,
assemblies, and systems used principally in powertrain
applications for the automotive market.  The company's  
annualized revenues approximate US$400 million.


KAGAWA KABEL: Claims Registration Ends April 19
-----------------------------------------------
Creditors of KaGaWa Kabel-, Gasrohrbau und Wassertechnik GmbH
Guestrow have until April 19, to register their claims with
court-appointed provisional administrator Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on May 10, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Saal 330         
         Zochstrasse
         18057 Rostock, 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 Rostock opened bankruptcy proceedings
against KaGaWa Kabel-, Gasrohrbau und Wassertechnik GmbH
Guestrow on March 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         KaGaWa Kabel-, Gasrohrbau und
         Wassertechnik GmbH Guestrow
         Attn: Ulf Schroter, Manager
         Augraben 1
         18273 Guestrow, Germany
         
The administrator can be contacted at:

         Ulrike Hoge-Peters
         Rosa-Luxemburg-Strasse 8
         18055 Rostock, Germany


OTS OBERFLACHENTECHNIK: Claims Registration Ends April 19
---------------------------------------------------------
Creditors of OTS Oberflachentechnik GmbH have until April 19, to
register their claims with court-appointed provisional
administrator Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 3, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Saal 411
         Justizzentrum "Albrecht der Bar"
         Scharnhorststrasse 40
         39576 Stendal, 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 Stendal opened bankruptcy proceedings
against OTS Oberflachentechnik GmbH on March 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         OTS Oberflachentechnik GmbH
         Attn: Karsten Giebel, Manager
         Deich 3
         39517 Schelldorf, Germany
         
The administrator can be contacted at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg, Germany
         Tel: 0391/59733-0
         Fax: 0391/5973333


SARO LANDMASCHINEN: Claims Registration Ends April 19
-----------------------------------------------------
Creditors of SARO Landmaschinen Reparatur und Handel GmbH have
until April 19, to register their claims with court-appointed
provisional administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 2:06 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 Meppen
         Saal 1
         Obergerichtsstrasse 20
         49716 Meppen, 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 Meppen opened bankruptcy proceedings
against SARO Landmaschinen Reparatur und Handel GmbH on Feb. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SARO Landmaschinen Reparatur und Handel GmbH
         Attn: Johannes Rolfes, Manager
         Howel 8
         49740 Haseluenne, Germany
         
The administrator can be contacted at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen, Germany
         Tel: 02557/93840
         Fax: 02557/652


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


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

         Abylai han ave. 10-23
         Astana, Kazakhstan


ATYRAUSTROISNAB: Creditors Must File Claims by April 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Atyraustroisnab insolvent.

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

         Abay Str. 10a
         Atyrau, Kazakhstan


DIDAR-PAVLODAR: Creditors Must File Claims by April 21
------------------------------------------------------
LLP Didar-Pavlodar has declared insolvency.  Written proofs of
claim will be accepted until April 21.


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

         Erubayeva Str. 52/2-4
         Karaganda, Kazakhstan


METALLINTERTREID: Creditors Must File Claims by April 21
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Metallintertreid insolvent on Dec. 6, 2005.

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

         Birjan Sal Str. 80-30
         Taldykoran, Kazakhstan
         Tel: 8 (32822) 24-74-83


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

         Kalinina Str. 145-35
         Pavlodar, Kazakhstan


PROMSNABRESURS: Creditors Must File Claims by April 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced insolvency proceedings of the LLP Promsnabresurs on
Feb. 21.


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

         Karasai batyr Str. 76/13
         Almaty, Kazakhstan
         Tel: 8 (3272) 63-21-53


TERMES: Creditors Must File Claims by April 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Termes insolvent on Dec. 14, 2005.

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

         Birjan Sal Str. 80-30
         Taldykoran, Kazakhstan
         Tel: 8 (32822) 24-74-83


VITALIYA: Creditors Must File Claims by April 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Vitaliya insolvent on Feb. 6.

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

          Myzy Str. 2/1 until April 21, 2006.
          East Kazakhstan Region
          Ust-Kamenogorsk
          Tel: 8(3232) 24-06-50


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


MILLICOM INT'L: Adds Nearly 963,000 Subscribers in First Quarter
----------------------------------------------------------------
Millicom International Cellular S.A., added nearly 963,000
subscribers through organic growth across its operations in the
first quarter of 2006, bringing the total for the Group to
9,891,692 as at March 30.

These subscriber additions represent growth of 11% in total
subscribers from the previous quarter and 52% from the first
quarter of 2005, on a pro forma basis.  

"We have started the year very well in terms of subscriber
growth, demonstrating the strength of our positions in rapidly
growing emerging markets," Marc Beuls, Millicom President and
Chief Executive Officer said.  "The key growth drivers have been
the launch of the Tigo brand, improved distribution networks and
substantially increased capex to add extra capacity and
coverage, which gives us a competitive advantage.    We have
continued to see the highest subscriber growth in Latin America,
which is testament to the success of our Tigo brand.

"This strong subscriber growth has been reflected in the top
line.  Underlying year-on-year pro forma revenue growth
continues to accelerate and first quarter growth is stronger
than the 36% revenue growth seen in fourth quarter 2005."

Millicom International Cellular S.A. -- http://www.millicom.com/
-- is a global telecommunications investor with cellular
operations in Asia, Latin America and Africa.  It currently has
cellular operations and licenses in 16 countries.  The Group's
cellular operations have a combined population under license of
approximately 391 million people.

                        *     *     *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.


MILLS CORP: Lenders Agree to Waive Defaults Through Dec. 31
-----------------------------------------------------------
The Mills Corporation disclosed in a Form 8-K filing with the
U.S. Securities and Exchange Commission that on Apr. 5, 2006,
The Mills Limited Partnership entered into an Amendment No. 3
and Waiver to its Second Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of Dec. 17, 2004, among Mills
Limited, JPMorgan Chase Bank, N.A., as lender and administrative
agent, and the other lenders.

                        Default Waivers

The agreement provides a conditional waiver through Dec. 31,
2006, of events of default under the facility that are
associated, among other things, with:

    * the pending restatement of the financial statements of
      Mills Corporation and Mills Limited, and

    * the delay in the filing of the 2005 Form 10-K of Mills
      Corp. and Mills Limited.

                        New Borrowings

The agreement also permits the company, subject to conditions,
to obtain new borrowings up to US$341 million, which constitutes
the currently unused portion of the US$1.0 billion revolving
commitment under the facility.

The new borrowings are permitted in two stages, with:

    -- the first stage commencing immediately allowing for
       aggregate new borrowings up to US$50 million and

    -- the second stage commencing not earlier than June 30,
       2006 allowing for new borrowings in excess of
       US$50 million.

As a condition to the borrowings in either stage, unrestricted
cash balances of Mills Limited and its wholly owned subsidiaries
are not permitted to exceed US$20 million.

Among other conditions, new borrowings will not be permitted
after May 1, until such time as waivers or standstill agreements
that are coterminous with the agreement are obtained with
respect to defaults under four construction project loans in
Pittsburgh, Cincinnati, St. Louis and Discover Mills, which are
guarantied by Mills Limited.

                       Security Interest

In connection with the agreement, Mills Limited entered into a
security agreement pursuant to which Mills Limited granted to
the Lenders a security interest in substantially all of Mills
Limited's pledgeable assets.

The security interest secures new borrowings under the agreement
on a first priority basis, with existing borrowings under the
facility and under the company's existing term loan agreement
with JPMorgan Chase Bank, N.A. secured on a second priority
basis.

The agreement also permits certain deficiency obligations under
each of the four Guarantied Project Loan to become secured by
the security agreement in the event the lenders under such
Guarantied Project Loans agree to the waiver and standstill
arrangements.  In addition, Mills Limited is required to use
commercially reasonable efforts to provide additional collateral
by May 1, 2006.

                   Budgeting Requirements

The agreement also establishes a budget of projected sources and
uses for Mills Limited and its consolidated subsidiaries through
Dec. 31, 2006.  The agreement requires that all expenditures and
facility borrowings be made in accordance with that budget, and
requires Mills Limited to certify compliance with the
requirement on a bi-weekly basis.

Any changes to the budget must have the approval of the Agent
and a steering committee of the Facility Lenders.

                    Financial Consultant

The company says that the Lenders have retained a financial
consultant for the purpose of, among other things, monitoring
compliance with the budget and reviewing the budget projections.
The company says that the financial consultant will be required
to deliver a report to the steering committee by June 30, 2006.

In the event the report indicates that the financial
consultant's projections of necessary revolving loan borrowings
under the facility as of Dec. 31, 2006 will exceed Mills
Limited's budgeted estimate by more than US$50 million, the
steering committee will have the authority to require
termination of the agreement and the facility on Aug. 31, 2006,
unless prior to Aug. 31 an acceptable agreement for a sale or
merger transaction involving all or substantially all of the
assets of the company, Mills Limited and their subsidiaries has
been executed.

                   New Dividend Restrictions

The agreement also sets new limitations on dividends and
distributions by the company and Mills Limited.  The company
says that with respect to dividends to be declared and paid in
the second fiscal quarter of 2006:

    * the per share dividend paid  to holders of common stock
      must not exceed 50% of the per share common dividend paid
      in the second quarter of 2005, and

    * the per share dividend paid to holders of preferred stock
      must not exceed 100% of the per share preferred dividend
      payable under each series of preferred stock.

Dividends to be declared and paid in the third fiscal quarter of
2006 are subject to the same aggregate amount limitations, but
are subject to these additional conditions:

    1) If the steering committee elects to terminate the
       facility on Aug. 31, 2006 as a result of a financial
       consultant report, the company will not be permitted to
       pay a third quarter dividend.

    2) If the company were to determine to declare and pay
       dividends for the third quarter, Mills Limited must
       certify to the Lenders that the company is engaged in
       negotiations with one or more bona fide purchasers for a
       merger or sale involving all or substantially all of the
       assets of the company, Mills Limited and their    
       subsidiaries and that an agreement providing for a
       closing date no later than Dec. 31, 2006 is expected to
       be entered into on or before Aug. 31, 2006.

In the event that a third quarter dividend is paid without a
sale or merger agreement being entered into prior to Aug. 31,
2006, no further borrowings would be permitted after the date
which is thirty days following Aug. 31, 2006, unless on or
before the 30th day the steering committee approves an extension
on the basis of information concerning an expected sale or
merger transaction.

Fourth quarter dividends are prohibited in all cases.

                        Other Covenants

The company reports that the agreement also sets new limitations
on the incurrence of indebtedness, with new indebtedness
permitted only for refinancing relating to the Sawgrass Mills,
Madrid Xanadu and Vaughan Mills projects.

Asset sales are also subject to new limitations, with permitted
construction assets and dispositions being limited to
transactions contemplated by the budget and sales of certain
unimproved or unleased real property.

                        Consent Fees

The company says that the agreement also provides for a 10 basis
point fee to the Lenders upon execution as well as a 15 basis
point fee to the Lenders upon receipt of waivers from the
lenders on the Guarantied Project.  The fees are assessed on the
aggregate term loan and revolving loan commitments of the
Facility Lenders that consent to the agreement.

                    Interest Rate Increase

In addition, the agreement also increases the interest rate
applicable to LIBOR based borrowings under the Facility from
LIBOR plus 1.45% to LIBOR plus 2.25%.  The Facility fee,
assessed at a rate of .25% on the maximum amount of the
Facility, remains unchanged by the Agreement.

Upon the occurrence of an event of default, incremental default
interest at a rate of 2% per annum will be due on all amounts
that were outstanding under the Facility during the period in
which the waivers under the Agreement were in effect.  Mills
Limited is also obligated to pay a US$1.0 million fee to J.P.
Morgan Securities Inc., one half of which has already been paid.

            Amendment and Waiver to Term Loan Agreement

The company also reported that on Apr. 5, 2006, Mills Limited
entered into an Amendment No. 1 and Waiver to its Term Loan
Agreement, dated as of Jan. 5, 2006, by and between Mills
Limited and JPMorgan Chase Bank, N.A., as lender and
administrative agent. The amendment and waiver prohibit further
borrowings under the Term Loan, which has an outstanding balance
of approximately US$65 million.

In addition, the amendment and waiver increases the interest
rate applicable to LIBOR borrowings under the Term Loan from
LIBOR plus 2.0% to LIBOR plus 2.5%.  Other terms and conditions
of the amendment and waiver are substantially the same as those
under "Amendment No. 3 and Waiver to Second Amended and Restated
Revolving Credit and Term Loan Agreement."

JPMorgan Chase Bank, N.A., which serves as the Agent and a
Lender under the Facility, individually or through its
affiliates, is the administrative agent and lender on the
company's Term Loan.  JPMorgan is also an agent or lender for
certain other loans made in the ordinary course to Mills Limited
and various operating subsidiaries of the company.

Affiliates of JPMorgan Chase Bank, N.A. also perform investment
banking and advisory services for the company and Mills Limited
from time to time for which they receive customary fees and
expenses, and are currently assisting the company in connection
with its previously announced exploration of strategic
alternatives.

                   About The Mills Corporation

Headquartered in Arlington, Virginia, The Mills Corporation --
http://www.themills.com/-- is a developer, owner and manager of  
a diversified global portfolio of retail destinations including
regional shopping malls, market dominant retail and
entertainment centers, and international retail and leisure
destinations.  It currently owns 42 properties in the U.S.,
Canada and Europe, totaling 51 million square feet. In addition,
The Mills has various projects in development, redevelopment or
under construction around the world.  Its portfolio of real
estate properties generated more than $8.7 billion in retail
sales in 2004.  The Mills is traded on the New York Stock
Exchange under the MLS ticker.

                        *     *     *

                  Financial Restatements

As reported in the Troubled Company Reporter on March 24, the
Mills Corporation disclosed that the U.S. Securities and
Exchange Commission has commenced a formal investigation.

The SEC initiated an informal inquiry in January after the
Company announced the restatement of its prior period
financials.

Mills is restating its financial results from 2000 through 2004
and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly-owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.


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


PYATEROCHKA HOLDING: Moody's Reviews Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service placed the Ba3 corporate family rating
and the Aa3.ru national scale rating of Pyaterochka Holding N.V.
under review for possible downgrade.  

The review has been prompted by the company's announcement that
it has agreed to merge with Perekriostok Holdings Limited,
Russia's leading supermarket chain.  

The transaction, which will be completed in mid-2006, is to
occur in two stages:

   a) an acquisition of Perekriostok by Pyaterochka for US$1.36
      billion to be paid by:

         -- US$300 million in cash (to be financed by bank
            borrowings); and

         -- an issue of approximately 15.8 million new shares;
            and

   b) Alfa Group, which currently controls Perekriostok, will
      then purchase additional stakes in Pyaterochka from the
      company's major shareholders for a total of US$1,178
      million in cash and become the majority shareholder (with
      a 54.0%) in the newly combined entity.

The Ba3 corporate family rating and the Aa3.ru for Pyaterochka,
whilst assuming a moderate amount of bolt-on acquisitions,
particularly with respect to regional franchise operations, did
not incorporate any transformational transactions of the above
mentioned type and incorporated an adjusted debt to EBITDAR
ratio not to exceed a 3x level in the medium term.  

The ratings review reflects Moody's expectation that the
transaction, whilst resulting in the establishment of the market
leader in Russia's growing food retail market with a pro forma
combined 2005 net sales of US$2.4 billion, will present a number
of challenges for the enlarged entity, particularly given the
different retail formats, Pyaterochka as a discount food
retailer and Perekriostok as a supermarket chain, and the
different strategies and financial policies that each chain has
been pursuing separately until now.  In addition, Moody's
considers that the timing and materialization of advantages for
the enlarged business and synergies mainly driven by economies
of scale remain uncertain at the moment.  

With Pyaterochka expected to raise US$300 million in bank
financing to complete the first stage of the transaction,
Moody's believes that pro forma leverage for the combined entity
may fall materially outside the 3x leverage currently embedded
in Pyaterochka's Ba3/Aa3.ru ratings.

Moody's review will focus mainly on the financial policy and
long-term business and financial targets for the enlarged
entity, execution risk of the financing plan, integration risks
of the merger, the expected amount of synergies and timing of
their implementation and the new major shareholder's commitment
to the business.At this stage, Moody's expects that a potential
ratings downgrade, if any, is likely to be limited to one notch
for the corporate family rating and to two notches for the NSR.

Headquartered in the Netherlands, Pyaterochka Holding N.V.  is a
leading Russian food retailer operating a large store network
largely covering the Moscow region and St.  Petersburg but also
with a good presence in other Russian regions through its
franchise operations.  The company has recently acquired two of
its successful regional franchise operations -- in Yekaterinburg
and Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.


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


BRYANSK-STROY-COM: Bankruptcy Hearing Slated for July 10
--------------------------------------------------------
The Arbitration Court of Bryansk Region will convene at 10 a.m.,
on July 10, to hear the bankruptcy supervision procedure on open
joint stock company Bryansk-Stroy-Com at:

         The Arbitration Court of Bryansk Region
         Trudovoy Per. 6
         Bryansk Region, Russia

The case is docketed as A09-17093/05-27.

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

         Office 1, Saltykova-Shedrina Str. 23
         248600, Kaluga Region, Russia

The Debtor can be reached at:

         Bryansk-Stroy-Com
         Putevka, Bryansk Region, Russia


ELECTRO-SAN-TEKH-SBYT: Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Vladimir Region commenced bankruptcy
proceedings against Electro-San-Tekh-Sbyt after finding the
close joint stock company insolvent.  The case is docketed as
A11-18611/2005-K1-116B.

Ms. O. Zotova has been appointed insolvency manager and can be
reached at:

         Ms. O. Zotova
         Apartment 42, V. Dubrova Str. 5
         600022, Vladimir Region, Russia

The Debtor can be reached at:

         Electro-San-Tekh-Sbyt
         Promyshlenny Proezd, 5
         600005, Vladimir Region, Russia


GONCHAROVSKOYE: Bankruptcy Hearing Slated for June 11
-----------------------------------------------------
The Arbitration Court of Omsk Region will convene at 2 p.m., on
June 11, to hear the bankruptcy supervision procedure on close
joint stock company Goncharovskoye.  The case is docketed as
K/E-448/05.

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

         Post Office, Post User Box 2699
         644099, Omsk Region, Russia
         Tel: (3812) 320-582

The Debtor can be reached at:

         Goncharovskoye
         Tavricheskiy Region, Lyubomirovka
         Omsk Region, Russia


KRASNAYA ZARYA: Bankruptcy Hearing Set for July 19
--------------------------------------------------
The Arbitration Court of Ivanovo Region will convene at 9:30
a.m., on July 19, to hear the bankruptcy supervision procedure
on open joint stock company Krasnaya Zarya.  The case is
docketed as A17-1341/06 14-B.

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

         A. Ryabov
         Office 307-608, 15 Proezd, 4
         153006, Ivanovo Region, Russia
         Tel/Fax: (4932) 47-54-41

The Debtor can be reached at:

         Krasnaya Zarya
         Sadovaya Str. 49/39
         153000, Ivanovo Region, Russia


MOSCOW BANK: Fitch Assigns Issuer Default Rating at B
-----------------------------------------------------
Fitch Ratings assigned an Issuer Default Rating of B to Russia-
based Moscow Bank for Reconstruction and Development.  The
Outlook for the IDR is Stable.  

At the same time, the agency assigned Recovery Rating of RR4 to
the US$150 million 8.625% issue of limited recourse loan
participation notes due March 2008, and affirmed the notes at
Long-term B.  MBRD's other ratings are Short-term B, Support 4,
Individual D/E and National Long-term BBB-/Stable Outlook.

The IDR is based on limited potential support from Sistema Joint
Stock Financial Corp., majority shareholder with an
approximately 96% stake.  MBRD provides a range of banking
services to both Sistema and to parties closely connected with
it.

Sistema has a cross default clause in its eurobond offering
circulars, in accordance with which the default of a principal
subsidiary would represent an event of default in respect to
Sistema's own bonds.  While Fitch views this clause as providing
a significant additional incentive for Sistema to prevent a
default by MBRD, this has not been considered sufficient to
equalize the IDRs of Sistema and MBRD.  

This is because a technical default by Sistema on its eurobonds
would not entail a default on the company's other obligations.  
It is also possible for MBRD to cease to qualify as a principal
subsidiary prior to its default, thus preventing the cross
default clause being triggered.  Furthermore, the possibility
exists that, even if the cross default clause were triggered,
Sistema might be able to receive waivers from its noteholders in
order not to repay the bonds.

The RR4 rating assigned to MBRD's eurobond reflects Fitch's view
of average recovery prospects for bondholders in case of
default.  MBRD's balance sheet is dominated by related-party
transactions, which, in Fitch's opinion, give, rise to
additional risks for bondholders in a default scenario.

Recoveries on loans issued to related parties are likely to be
below average and the possibility exists that related-party
liabilities could be repaid by the bank prior to default,
effectively making them senior in respect to claims of other
creditors.

However, while Fitch sees these risks as substantial, they are
not viewed as sufficient to assign a lower Recovery Rating.  
This is because Sistema guarantees a significant part of the
loans issued to related parties, while Fitch's recovery analysis
assumes that Sistema would not necessarily default were MBRD to
default.  

Furthermore, Sistema's public profile and concerns about
business reputation could, in Fitch's view, limit the risk of
the sort of corporate governance practices that would reduce
recoveries for MBRD's non-related creditors.

Fitch will continue to monitor the level of MBRD's related-party
business and assess its potential impact on recoveries for
noteholders.  The agency notes that any significant further
increase in the level of such business could still lead to a
rating action in respect to the Recovery and Long-term ratings
of MBRD's Eurobond.

MBRD was founded in 1993, and at end-2005 ranked among the 35
largest Russian banks by total assets.  Its parent, Sistema, a
financial industrial group, has subsidiaries in many sectors,
although its primary area of focus is telecommunications.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.  


MUROM-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for April 25
--------------------------------------------------------------
The Arbitration Court of Vladimir Region will convene on
April 25, to hear the bankruptcy supervision procedure on open
joint stock company Murom-Sel-Khoz-Khimiya.  The case is
docketed as A11-18382/2005-K1-105B.

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

         Spas-Klepiki, Sovetskaya Str. 6
         391030, Ryazan Region, Russia

The Debtor can be reached at:

         Murom-Sel-Khoz-Khimiya
         Murom, Melenkovskoye Shosse, 21
         602267, Vladimir Region, Russia


NIKA: Sakhalin Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Sakhalin Region commenced bankruptcy
proceedings against Nika after finding the joint stock company
insolvent.  The case is docketed as A59-5852/05-S4.

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

         G. Polenka
         Post User Box 36
         693020, Yuzhno-Sakhalinsk Region, Russia

The Debtor can be reached at:

         Nika
         Kholmsk, Portovaya Str. 4
         Sakhalin Region, Russia


PETRO-RESOURCE: Appoints N. Plaksin Insolvency Manager
------------------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad Region
appointed Mr. N. Plaksin insolvency manager of close joint stock
company Petro-Resource.  The case is docketed as A56-42403/2005.

The insolvency manager can be reached at:

         N. Plaksin
         Puskin, Uritskogo Str. 1
         196605, St-Petersburg, Russia

The Debtor can be reached at:

         Petro-Resource
         Letter A, Shpalernaya Str. 51
         191015, St-Petersburg, Russia


SELENGA: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Buryatiya Republic has commenced
bankruptcy supervision procedure on open joint stock company
Selenga.  The case is docketed as A10-12639/05.

Mr. S. Butyugov has been appointed temporary insolvency manager
and can be reached at:

         Ulan-Ude, Main Post Office, 10753
         670000, Buryatiya Republic, Russia

The Debtor can be reached at:

         Selenga
         Buryatiya Republic, Russia


TASHLA-AGRO-SNAB: Bankruptcy Hearing Set for May 2
--------------------------------------------------
The Arbitration Court of Orenburg Region will convene at 10
a.m., on May 20, to hear the bankruptcy supervision procedure on
open joint stock company TASHLA-AGRO-SNAB.  The case is docketed
as A47-17302/05-14GK.

Ms. T. Romanova has been appointed temporary insolvency manager
and can be reached at:

         T. Romanova
         Turkestanskaya Str. 10A
         460024, Orenburg Region, Russia

The Debtor can be reached at:

         Tashla-Agro-Snab
         Tashla, Khlebnaya Str. 6
         Orenburg Region, Russia


TATNEFT OAO: S&P Places B- Rating on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on Russia-based oil company Tatneft OAO
on CreditWatch with negative implications, due to a continuing
lack of consistent information on the company's financial
position.

"The CreditWatch placement reflects Tatneft's substantial delays
in publishing audited accounts under U.S. GAAP for 2004 and
subsequent delays in filing its annual report on Form 20-F for
2004 with the SEC," said Standard & Poor's credit analyst
Tatiana Kordyukova.  "It also takes into account a lack
of reliable updated information on the company's interim
performance and a lack of clarity regarding the company's major
investments plans, as well as Tatneft's very weak reporting
discipline and corporate governance practices."

For the second year in a row, Tatneft has substantially delayed
publication of its annual audited accounts and filing of its
annual report with the SEC, this year it was explained by the
first time application of certain accounting standards.  Thus,
the last audited accounts available are for full-year 2003,
while interim financials are not audited and may be subject to
material adjustments.

Standard & Poor's notes that in the medium term the company
might be involved in a multibillion dollar investment to
construct an oil refinery in Tatarstan.  Although this is likely
to require financing from Tatneft, the company has made no clear
statements regarding the terms and structure of these
requirements. Despite announced intentions to improve its
reporting practices and corporate governance system, Tatneft
remains nontransparent in areas such as relationships with the
government of Tatarstan, the company's main shareholder, and
other government-related entities (related-parties transactions
amounted to about 25% of the company's sales in the last audited
accounts).  Consolidation practices are also unclear, as
revealed by a murky financial structure used in a failed attempt
to acquire the Tupras refinery in Turkey.

"We will seek to resolve the CreditWatch status within the next
90 days," said Ms. Kordyukova.  "The rating could be lowered to
factor in additional information risks, or withdrawn if we find
that we do not have sufficient information to maintain the
rating." The rating could be affirmed if all the information
issues are fully resolved.


URALSVYAZINFORM: Posts Unaudited 2005 Financials & Taps Auditors
----------------------------------------------------------------
Uralsvyazinform (RTS: URSI/URSIP, ADR: UVYZY/ UVYZYP) released
its unaudited, unconsolidated financial and operating results
prepared according to Russian accounting standards for the year
ended Dec. 31, 2005.

Following the completed restructuring of its mobile and data
transmission subsidiaries on June 30, 2005, and through the
consolidation of the parent company, Uralsvyazinform's financial
statements prepared according to RAS, comprise of property,
liabilities and operating results of the consolidated
subsidiaries for the second half of 2005.

Revenues increased by 28% over 2004.  Further subscriber
additions, both in fixed-line and GSM, increased local rates
(monthly subscription fees for local services), revenue gains
from new services (broadband internet, intelligent networks,
cable TV) were the main growth drivers.

OIBDA was up 22% on 2004.  As of 2005, OIBDA margin was 34%.
Operating margin declined to 25%.

Revenue growth in the main business segments totaled:

            Local services         22%
            DLD/ILD                 6%
            Mobile services       246%

At year-end, overall subscriber base totaled 7.3 million,
including 3.7 million in GSM.

In the course of the year, the company placed two bond issues
worth RUR4 billion (RUR 2 billion each).  The coupon rates for
these issues are 9.19% and 8.20% pa, respectively.

On May 13, 2005, Uralsvyazinform started an NGN network
development plan, based on Nortel network solutions.  From this
point on, the company will use this technology to develop its
fixed-line networks.

"We expect that our network will be fully triple-play capable
(voice, data and video) by 2007," the Company said.

On Sept. 1, 2005, the Federal Tariff Agency established new
tariffs for local and long-distance services.  As a result,
monthly subscription fee for local lines increased by 22% for
residents and by 16% for organizations, on average.  Meanwhile,
long-distance tariffs decreased by around 5% for all subscriber
categories.

On Oct. 20, 2005, Uralsvyazinform's Board of Directors approved
the restyling concept for the company, according to which a
single trademark for mobile and value-added services, including
Internet, Utel, was introduced.

"In general, we have performed well meeting the targets for the
year," Chief Executive Officer Anatoly Ufimkin said.  "2005 was
a great success in a sense that we completed major business
reorganization plan, the largest since the merger of Urals
telecoms in 2002.  Today, Uralsvyazinform is a truly single
company that combines the whole scope of telecommunication
businesses -- fixed-line, mobile, data transmission and new
services.  The launch of Utel, a single trademark for mobile and
new services, has therefore been a logical outcome of that
consolidation process.  It is our mobile and internet businesses
that have pushed the company's growth, and our intention is to
maintain this tendency in 2006.  From this perspective, our
objective for this year is to attract up to 200 thousand xDSL
customers and to add 750 thousand GSM subscribers."

Mr. Ufimkin also emphasized that increased business efficiency
should remain in the primary management focus in 2006.  

This year, the company is cutting the capital investment down to
about US$200 million, as most of capital-intensive projects have
been completed.  For example, Uralsvyazinform has finished
building the digital backbone network, and implemented over
16,000 kilometers of digital lines over the last three years
thus, providing practically every city in the region with up-to-
date digital lines.

The company is also planning to reduce its staff numbers by
around 10% as a result of upgrades to infrastructure and
equipment, as well as outsourced sales and customer service.

                        New Auditor

The Company appointed Ernst & Young to audit its financial
statements for the year-ended Dec. 31, 2005.

Ernst & Young, provides a range of services, including
accounting and auditing, tax reporting and operations, tax
advisory, business risk services, technology and security risk
services, transaction advisory and human capital services.

Headquartered in Perm, Uralsvyazinform, offers data
communications, radio and TV-program broadcasting as well as
wireless and paging communications.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 6, 2005,
Fitch Ratings has downgraded OAO Uralsvyazinform's ratings to
Senior Unsecured 'B+' from 'BB-' and National Senior Unsecured
'A-(rus)' from 'A+(rus)'.  Following the downgrade, the Outlook
is now Negative, the company's two domestic bonds of RUB2
billion and RUB3 billion are also downgraded to 'A-(rus)'
from 'A+(rus)'.  The Short-term rating is affirmed at 'B'.


VERKHNEVOLZHSKIY: Deadline for Proofs of Claim Set for April 27
---------------------------------------------------------------
Creditors of Verkhnevolzhskiy (TIN 6914007338) have until
April 27, to submit their proofs of claim to the court-appointed
insolvency manager Mr. M. Zolotarev at:

         Post Office, Post User Box 207
         170100, Tver-100, Russia

The Arbitration Court of Tver Region commenced bankruptcy
proceedings against the limited liability company with the case
docketed as A66-3646/2005.

The Debtor can be reached at:

         Verkhnevolzhskiy
         Rzhev, Ostashkovskoye Shosse, 21
         Tver Region, Russia


VIMPELCOM: To Post 2005 Financial Report Today
----------------------------------------------
Vimpel-Communications disclosed that it will Web cast its
conference call on its fourth quarter and annual 2005 financial
and operating results today, April 18, at 6:30 p.m. Moscow time
(10:30 a.m. ET).  

The conference call will be hosted by Alexander Izosimov, Chief
Executive Officer.  He will be joined by Elena Shmatova, Chief
Financial Officer, Nikolay Pryanishnikov, Executive Vice
President - General Director, Regions and Valery Goldin, Vice
President of International and Investor Relations.  The press
release announcing the Company's fourth quarter and annual 2005
financial results will be available on the Company's Web site,
located at http://www.vimpelcom.com/prior to the conference  
call.

The Company's management will discuss its fourth quarter and
annual 2005 results during a conference call and slide
presentation. The call and slide presentation may be accessed
via Web cast at the following URL address
http://www.vimpelcom.com/ For those who will be unable to  
listen to the live slide presentation Web cast, it will be
archived on the Company's Web site until May 18, 2006.

VimpelCom is a leading international provider of mobile
telecommunications services in Russia and Kazakhstan, with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
VimpelCom Group's license portfolio covers approximately 232
million people.  Geographically it covers 78 regions in Russia
(with 136.5 million people, representing 94% of Russia's
population) as well as the entire territories of Kazakhstan,
Ukraine, Tajikistan and Uzbekistan. VimpelCom was the first
Russian company to list its shares on the New York Stock
Exchange.  VimpelCom's ADSs are listed on the NYSE under the
symbol "VIP".

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications  
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings
Services said that its ratings and outlook on Russian mobile
telecommunications operator Vimpel-Communications (VimpelCom;
BB/Positive/--) are unaffected by the company's announcement
that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of $5 billion in VimpelCom
common registered shares plus assumed debt.


YUKOS OIL: US Bankruptcy Court's 10-Day Order Freezes Asset Sale
----------------------------------------------------------------
Eduard K. Rebgun, in his capacity as foreign representative for
Yukos Oil Company, sought and obtained a temporary restraining
order from the U.S. Bankruptcy Court for the Southern District
of New York prohibiting the company from selling its assets
absent his prior consent.  The TRO will remain in effect through
Friday, April 21.

Mr. Rebgun filed a chapter 15 petition in the Manhattan Court on
April 13 (Bankr. S.D.N.Y. Case No. 06-10775), in an attempt to
halt the sale of Yukos' 53.7% ownership interest in Lithuanian
AB Mazeikiu Nafta.  Published reports suggest that the Company's
stake may have a value at around US$1.2 billion to US$1.4
billion.  

As reported in TCR-Europe on March 31, the Moscow Arbitration
Court banned Yukos from selling its assets worth more than RUB30
million without permission from court-appointed external manager
Mr. Rebgun.

The Hon. Pavel Markov placed the embattled oil giant under
temporary supervision on March 28, and will consider formally
declaring the company bankrupt at a hearing on June 27.  

The bankruptcy suit was brought to court on March 10, by a
consortium of 14 bank lenders led by Societe Generale SA, in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.

State-owned oil company Rosneft acquired the debt in December
2005 from the consortium -- which included Citigroup Inc.,
Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, among
others.  Rosneft replaced the bank group as petitioner in the
bankruptcy filing following the assignment, which took place on
March 14.  The Arbitration Court also confirmed the claims of
Rosneft against the Company and incorporated Rosneft's claims in
the register of creditors' claims.

Under Russian bankruptcy law, the petitioner, as interim
receiver, is responsible for:

  (a) evaluating the Debtor's financial status;

  (b) preserving the Debtor's property and taking measures to
      secure the debtor's assets;

  (c) compiling a register of bankruptcy creditors' claims;

  (d) notifying creditors of the commencement of the bankruptcy
      proceedings; and

  (e) preparing for the first meeting of creditors.

The commencement of a supervision proceeding significantly
restricts the Debtor's dealings and is primarily aimed at
allowing the interim receiver to organize the bankruptcy
creditors and receive, process and register their claims while
preserving the Debtor's financial standing.

Howard Seife, Esq., counsel for Mr. Rebgun, argues that key
managers are continuing their efforts to dispose of certain
foreign assets in direct violation of the injunctive order.  Mr.
Seife cited news reports indicating that chief executive Steven
Theede is engaged in active and on-going negotiations with the
Lithuanian government regarding the sale of Mazeikiu Nafta and
has reached an agreement in principle on a purchase price.  

                        Yukos Responds

Mr. Theede advised Mr. Rebgun that the Company's management will
not violate any requirements of Russian Law on Insolvency.  

The management said that it has trouble meeting the expectations
of the interim receiver following the incarceration of the sole
nominated executive of YUKOS Oil Company, Vasily Aleksanyan who
was approved by the Board of Directors and the Company's
President to undertake this role.  

"The shares of Mazeikiu Nafta do not belong to NK Yukos," Mr.
Theede said in a statement.  "Moreover OAO NK Yukos is not a
nominal holder of the stated shares and does not have any legal
authority which would allow it dispose of Mazeikiu Nafta shares.

"Therefore, under the current legislation, the management of NK
Yukos cannot take any actions violating the Ruling of the
Arbitration Court of Moscow dated March 29 because the stated
shares of Mazeikiu Nafta are not the property of the debtor, NK
Yukos," Mr. Theede added.

However, Mr. Rebgun dismissed Mr. Theede's contention that it
can sold its ownership interest in Mazeikiu Nafta since it was
owned by a foreign-registered subsidiary and did not appear in
Yukos' accounts, the Wall Street Journal reports.

According to Bloomberg News, Juodeikiai-based Mazeikiu accounts
for about 20% of the economy in Lithuania, which joined the
European Union in 2004, and is the only oil refinery in the
Baltic region.

Headquartered in Moscow, Russia, Yukos Oil Company --
http://yukos.com/-- 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.

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


===========
S W E D E N
===========


CONCORDIA BUS: To Release Q4 & Full Year Report on April 25
-----------------------------------------------------------
Concordia Bus AB will disclose announce its fourth quarter and
full year results according to its financial calendar on
Tuesday, April 25.  

Quarterly report and presentation will be available to download
from our Web site http://www.concordiabus.com/after 12 a.m.,  
(U.K. time) on April 25.

This will be a combined meeting and call in London, and
participants are welcome to attend the presentation.

Interested participants can report at the BlueBay Asset
Management at eva.hedberg@concordiabus.com on April 24, by 12
a.m. latest.

The presentation will take place at:

         BlueBay Asset Management Ltd
         Times Place45
         Pall Mall, London
         SW1Y 5JG

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 15,
Moody's Investors Service has upgraded the corporate family
rating of Concordia Bus AB to B3 from Caa3.

Concurrently the rating on the EUR130 million senior secured
notes issued by Concordia Bus Nordic AB was upgraded to B3 from
Caa1 and the rating on the EUR160 million senior subordinated
notes issued by Concordia Bus was withdrawn.

The ratings upgrade reflects Moody's view that the restructuring
has substantially strengthened the company's financial position
and that the current interest cost burden (estimated to be c.
SEK170 million per annum) should be sustainable over the near
term given the expected performance of the company.

In addition, the upgrade reflects the progress to date that the
company has made in exiting loss-making contracts and increasing
the proportion of indexation relating to labor costs and diesel
prices, as well as its success in winning new tenders despite
the uncertainty surrounding the company during its
restructuring.  Moreover, Moody's notes that the company's move
to the procurement of buses on a long-term, group-wide basis
should positively impact margins going forwards.

However, the rating continues to factor the company's high
financial leverage and the severe operational challenges faced
by the company, which are endemic across the Scandinavian bus
industry.  These include the fragmented, competitive markets in
which the company operates in as well as the under-indexation of
contract pricing which has destroyed margins on existing
contracts.  Whilst Moody's notes positively that pricing in
Concordia Bus' main market of Sweden appears to have stabilized
and that a recent contract awarded in Stockholm has factored in
a quality assessment of the bidders -- in which Concordia Bus
performed well -- as opposed to solely factoring in price, the
rating reflects Moody's expectation that pricing in Norway and
Finland will continue to decline.

These ratings have been upgraded:

   -- Concordia Bus AB's corporate family rating has been
      upgraded to B3 (from Caa3);

   -- The rating on the EUR130 million 9.125% secured notes due
      2009 issued by Concordia Bus Nordic AB has been upgraded
      to B3 from Caa1.

Moody's said the outlook for all ratings is stable.

Headquartered in Stockholm, Sweden, Concordia Bus AB --
http://www.concordiabus.com/-- is the largest private bus  
transportation company in the Nordic region with revenues for
the six months period ended Aug. 31, 2005, of SEK2.3 billion.


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


ALFIN: Court Appoints Yuliya Shindel to Liquidate Assets
--------------------------------------------------------
The Economic Court of Harkiv Region appointed Yuliya Shindel as
Liquidator/Insolvency Manager for LLC Alfin (code EDRPOU
33121841).

The Court commenced bankruptcy proceedings against the Company
on Feb. 22, after finding it insolvent.  The case is docketed as
B-39/07-06.

CONTACT:  Alfin
          Darvin Str. 20
          61002, Ukraine, Harkiv Region

          Ms. Yuliya Shindel
          Liquidator/Insolvency Manager
          Pushkinskij vyizd, 6/16
          Ukraine, Harkiv Region

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


ENERGETIC: Sumi Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
proceedings against Energetic on Feb. 16, after finding the
company insolvent.  The case is docketed as 12/107-05.

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

CONTACT:  Energetic
          41200, Ukraine, Sumi Region, Yampil

          Mr. Yevgen Chuprun
          Liquidator/Insolvency Manager
          Petropavlivska Str. 74, Room 49 A
          Ukraine, Sumi Region

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


INDEX-BANK UKRAINE: Moody's Assigns B2 Currency Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned B2/Not-Prime long- and
short-term global local currency deposit ratings to Ukrainian
institution, Index-Bank.  These ratings, which are based on the
bank's fundamental credit strength, pertain only to local
currency obligations.  

Moreover, the ratings do not reflect any transfer risk and are
therefore neither constrained by the B2 foreign currency deposit
ceiling for Ukraine, nor directly comparable with the published
foreign currency ratings of other Ukrainian financial
institutions.  The bank's E+ financial strength rating as well
as its long-term and short-term foreign currency deposit ratings
of B2 / Not Prime are affirmed.

Simultaneously, the rating agency has placed the bank's B2/Not-
Prime global local currency ratings on review for possible
upgrade.  Moody's notes that the review is prompted by the
recent announcement that Credit Agricole S.A., (rated Aa2 --
long-term Issuer Rating by Moody's), will acquire a 99% stake in
the Ukrainian bank.  The transaction is subject to regulatory
approvals in Ukraine.

According to Moody's, the review reflects an increased
likelihood of support from the financially sound and experienced
new controlling shareholder.  Successful closing of the
transaction may result in a substantial uplift of Index-Bank's
global local currency deposit ratings (subject to the current
Baa1 local currency deposit ceiling of Ukraine).

Headquartered in Kyiv, Ukraine, Index-Bank reported (unaudited)
total consolidated assets of UAH2.33 billion (US$461 million) as
at Feb. 28, 2006.  


KINASHIVSKIJ: Vinnitsya Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against Agricultural LLC Tribal Plant Kinashivskij
(code EDRPOU 05435518) on Feb. 16, after finding the company
insolvent.  The case is docketed as 10/171-05.

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

CONTACT:  Kinashivskij
          Polyova Str. 15
          Tulchinskij District, Kinashiv
          Ukraine, Vinnitsya Region

          Mr. Vitalij Bolhovitin
          Liquidator/Insolvency Manager
          Hmelnitske Shose, 2a/602
          Ukraine, Vinnitsya Region
          Tel: (0432) 52-03-41

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


KOTLAS: Court Names Central Advertising as Liquidator
-----------------------------------------------------
The Economic Court of Kyiv Region appointed Central Advertising
Department as Liquidator for LLC KOTLAS (code EDRPOU 31985672).

The Court commenced bankruptcy proceedings against the Company
after finding it the company insolvent.  

CONTACT:  Kotlas
          Promislova Str. 4
          01013, Ukraine, Kyiv Region

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


MONOLIT: Sumi Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on Private Agricultural Enterprise Monolit
(code EDRPOU 30902658) on Jan. 25, 2006.  The case is docketed
as 7/7-06.  

Ms. Olga Naumova has been appointed temporary insolvency
manager.

CONTACT:  Monolit
          Gluhiv District, Bilokopitove, Radyanska Str. 17a
          41400, Ukraine, Sumi Region

          Ms. Olga Naumova
          Temporary Insolvency Manager
          Harkivska Str. 122, 3-rd floor
          40030, Ukraine, Sumi Region

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


NAFTOSVIT: Volinska Court Orders Debt Moratorium
------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on LLC Naftosvit (code EDRPOU 32269795) on
Feb. 2, and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 7/44-B.

Cherevatij Lubomir has been appointed temporary insolvency
manager.

CONTACT:  Naftosvit
          Kremenetska Str. 38
          43010, Ukraine, Lutsk Region

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

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


POLISSYA: Sumi Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Agrofirm Polissya (code EDRPOU
30749048) on Jan. 24.  The case is docketed as 12/9-06.

Mr. Roman Udovenko has been appointed temporary insolvency
manager.

CONTACT:  Polissya
          Yampil District, Marchihina Buda
          41240, Ukraine, Sumi Region

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


TRADE-INDUSTRIAL: Vinnitsya Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against Private Enterprise Trade-Industrial Center
(code EDRPOU 25496158) after finding the company insolvent.  The
case is docketed as 5/276-05.  

Vinnitsya Regional Bankruptcy Questions Department has been
appointed Liquidator.

CONTACT:  Trade-Industrial Center
          Trostyanets District, Ladizhin
          Budivelnikiv Str. 19/125
          24320, Ukraine, Vinnitsya Region

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


SLAVUTICH: Court Names Olena Gerasimenko Insolvency Manager
-----------------------------------------------------------
The Economic Court of Herson Region appointed Olena Gerasimenko
has Liquidator/Insolvency Manager for Agricultural LLC Agrofirm
Slavutich (code EDRPOU 30841920).

The Court commenced bankruptcy proceedings against the Company
on Feb. 8, after finding it the company insolvent.  The case is
docketed as 6/28-B.  

CONTACT:  Slavutich
          Berislav, Pershogo Travnya Str. 115
          74300, Ukraine, Herson Region

          Ms. Olena Gerasimenko
          Liquidator/Insolvency Manager
          Energodar, Skifska Str. 28/9
          71500, Ukraine, Zaporizhya Region
          Tel: 8 (06139) 4-35-37

          Economic Court of Herson Region
          Gorkij Str. 18
          73000, Ukraine, Herson Region


TSVETODIN: Harkiv Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against LLC Tsvetodin (code EDRPOU 33224619) on
Feb. 22, after finding the company insolvent.  The case is
docketed as B-24/97-05.

Mr. Dyomin Oleg has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Tsvetodin
          Vovchansk, Rubizhanske Shose Str. 7
          Ukraine, Harkiv Region

          Mr. Dyomin Oleg, Liquidator/Insolvency Manager
          V. Goncharivska Str. 3/1
          Ukraine, Harkiv Region

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


VIDRODZHENNYA: Court Begins Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on Agricultural LLC Vidrodzhennya (code
EDRPOU 30791629) on Feb. 6.  The case is docketed as B 26/18/06.  

Mr. Oleksij Gula has been appointed temporary insolvency
manager.

CONTACT:  Mr. Oleksij Gula
          Temporary Insolvency Manager
          Novomoskovsk, Radyanska Str. 43/134
          51200, Ukraine, Dnipropetrovsk Region

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


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


GEOFF HARRIS: Appoints Begbies Traynor Administrator
----------------------------------------------------
Paul Finnity and Peter A. Blair of Begbies Traynor were
appointed joint administrators of Geoff Harris Logistics Limited
(Company Number 04290983) on March 29.  

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Geoff Harris Logistics Ltd can be reached at:

         Unit D, Fauld Industrial Estate Fauld Tutbury
         Burton on Trent
         Staffordshire, DE13 9HS
         Tel: 01283 520597
         Fax: 01283812642


HOME PRODUCTS: Taps Joint Administrators from Rothman Pantall
-------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Home Products Ltd (Company
Number 03153146) on March 24.  Its registered office is at
Joseph House, 59 Main Street, Shadwell, Leeds LS17 8HQ.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.


K. B. WOOD: Names Irwin & Company to Administer Assets
------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed administrator of
K. B. Wood Electrical Services Ltd (Company Number 02005810) on
March 30.  Its registered office is at 59 Kepler, Lichfield Road
Industrial Estate, Tamworth, Staffordshire B79 7XE.

The administrator can be reached at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


K B Wood Electrical Services Ltd offers industrial-domestic
installations service and can be reached at:

         59 Kepler, Lichfield Road Industrial Esta
         Tamworth, Staffordshire
         B79 7XE
         Tel: 0182769425   


LIQUID AUTOMATION: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Liquid Automation Systems Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company on March 3.

Creditors also ratified the appointment of Lisa Hogg and David
Field, of Wilson Field, as Joint Liquidators.

Liquid Automation Systems Limited can be reached at:

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


MANCHESTER WINDOW: Members Pass Winding Up Resolution
-----------------------------------------------------
Members of The Manchester Window Factory (UK) Limited passed a
resolution to wind up the company's operations during an
extraordinary general meeting on March 2.

Colin Burke and Darren Brookes, of Milner Boardman & Partners,
will jointly liquidate the company's assets.

The Manchester Window Factory (UK) Limited can be contacted at:

         2 Long Wood Road
         Trafford Pk Manchester Lancashire
         M17 1PZ
         Tel: 0161 848 8417
         Fax: 0161 848 8782


MASON & CRANG: Brings In Steven Law to Administer Assets
--------------------------------------------------------
Steven Law of Ensors was appointed administrator of Mason &
Crang Limited (Company Number 05386888) on March 28.  

Ensors -- http://www.ensors.co.uk/-- is the leading independent  
firm of chartered accountants in East Anglia, United Kingdom.  
It has branches in Bury St. Edmunds, Haverhill, Ipswich and
Saxmundham.


MOORPENNY LIMITED: Names Robert Keating as Liquidator
-----------------------------------------------------
Moorpenny Limited is liquidating its assets after members
decided to wind up the company on Feb. 28.

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


MOTOR CARAVAN: Members Resolve to Liquidate Assets
--------------------------------------------------
Andrew David Rosler, of ICS Limited, was appointed Liquidator of
Motor Caravan Conversions Limited after members resolved to
voluntarily liquidate the company's assets on March 3.

Chairman A. Taylor disclosed that the company could no longer
continue its operations due to mounting debts.

Motor Caravan Conversions Limited can be contacted at:

         Collingham Street
         Manchester
         M8 8RQ
         Tel: 0161 839 1855
         Web: http://www.vwmotorhomes.co.uk/


OMEGA PLASTICS: Tool Manufacturer Appoints Administrator
--------------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed administrator of Omega Plastics (UK) Limited (Company
Number 03397370) on March 23.

Tait Walker -- http://www.taitwalker.co.uk/-- have established  
core service lines to meet the ever growing complexity of our
clients needs in a timely and efficient manner.

Omega Plastics (UK) Ltd manufactures tools.


PALMBURY LEISURE: Taps RE10 to Administer Assets
------------------------------------------------
Bijal Shah and Nimish Patel of RE10 were appointed joint
administrators of Palmbury Leisure Limited (Company Number
3356687) on March 30.  

The joint administrators can be reached at:

         RE10
         Trinity House, Heather Park Drive
         Wembley, Middlesex HA0 1SU
         Helpline: 870 787 2346

Palmbury Leisure Limited operates a bar and restaurant.


PANTHER DISTRIBUTION: Brings In F A Simms as Administrator
----------------------------------------------------------
Richard Frank Simms of F A Simms & Partners Plc was appointed
administrator of Panther Distribution Limited (Company Number
3423283) on May 19, 2005.  Its registered office is at The
Robbins Building, Albert Street, Rugby, Warwickshire CV21 2SD.

The administrator 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

Panther Distribution Ltd offers haulage services and can be
reached at:

         Unit G
         Rugby CV21 1NT
         Tel: 01788-551677


PCS REALISATION: Names Joint Administrators from Begbies Traynor
----------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of PCS
Realisation Services Limited (Company Number 02163759) on
March 31.  Its registered office is at Enterprise House, 115
Edmund Street, Birmingham B3 2HJ.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.   

PCS Realisation Services Limited was previously named PCS
Technical Services Limited.  The company was founded in 1996 as
a specialist field service provider for high-end printers and
can be reached at:

         70 Church Road
         Aston, Birmingham B6 5TY
         West Midlands
         Tel: 0121 212 1234
         Fax: 0121 2121133  


PLASTXWORLD LIMITED: Appoints F A Simms & Partners Administrator
----------------------------------------------------------------
R. F. Simms of F A Simms & Partners Plc was appointed
administrator of Plastxworld Limited (Company Number 2520917) on
May 27, 2005.  Its registered office is at Crawley Crossing,
Bedford Road, Husborne, Crawley, Bedfordshire MK43 0UT.

The administrator 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

Headquartered in Bedfordshire, Plastxworld Limited --
http://www.plastxworld.com/-- offers plastic compounding  
service.


PORTABLE WELDERS: Names P&A Partnership Administrator
-----------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Portable
Welders Limited (Company Number 00591072) on March 27.  

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.  As
the partnership works only in the field of business rescue and
insolvency, it can not only promise dedicated expertise, but can
also assure its professional clients that it pose no competition
to its own business base.

Portable Welders Limited -- http://www.portablewelders.com/--  
has been manufacturing high quality spot welding equipment for
over 40 years.


PRO-TECT UK: S. Franklin Leads Winding Up Operations
----------------------------------------------------
Members of Pro-Tect UK Contract Maintenance Services Limited
passed a resolution to wind up the company's operations on
March 3.

They authorized S. Franklin, of Panos Eliades, to lead winding
up operations.

The Debtor can be reached at:

         Pro-Tect UK Contract Maintenance Services Limited
         38 Downton Business Centre
         Downton
         Wiltshire
         SP5 3HU
         Tel: 01725 514 103
         Fax: 01725 514 128


PUBLISHERS BOOK: Retailer Appoints P&A Partnership Administrator
----------------------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed joint administrators of Publishers
Book Clearance Limited (Company Number 02773250) on March 29.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.  As
the partnership works only in the field of business rescue and
insolvency, it can not only promise dedicated expertise, but can
also assure its professional clients that it pose no competition
to its own business base.

Publishers Book Clearance retails books and can be reached at:

        26-27 Prince Street,
        Bridlington, North Humberside YO15 2NP
        Tel: 01262670530   


RANK GROUP: Buys Back 1,000,000 Ordinary Shares for Cancellation
----------------------------------------------------------------
The Rank Group PLC purchased 1,000,000 ordinary shares of 10
pence in the Company on April 13, for cancellation at an average
price of 224.25 pence per share.

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

                        *     *     *

As reported in the Troubled Company-Europe on March 8, Moody's
Investors Service assigned a Ba2 corporate family rating to The
Rank Group Plc and concurrently downgraded the senior unsecured
long-term debt ratings of Rank Group Finance Plc (guaranteed by
The Rank Group Plc) to Ba2 (from Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RAZZMATAZZ INTERNATIONAL: Begins Winding Up Operations
------------------------------------------------------
Razzmatazz International Limited is winding up its operations
after members opt to liquidate the company's assets on March 3.

Malcolm Edward Fergusson, of Fergusson & Co Ltd, was appointed
Liquidator.

Razzmatazz International Limited can be contacted at:

         Unit A
         Lantsbery Drive
         Liverton Saltburn-By-The-Sea Cleveland
         TS13 4QZ
         Tel: 01287 643 333
         Fax: 01287 644 433
         Web: http://www.razzmatazz.co.uk/


RENT WITH US: Members Agree to Liquidation
------------------------------------------
Members of Rent With Us.Co.UK Limited agreed to liquidate the
company's assets during an extraordinary general meeting on
March 2.

They appointed Vincent A. Simmons as Liquidator.

Director D.E. Ellingworth disclosed the company could no longer
continue its operations due to financial liabilities.

Rent With Us.Co. UK Limited can be contacted at:

         6 King Street
         Delph Oldham
         OL3 5DQ
         Tel: 01457 820 928
         Fax: 01457 820 109  


ROSE & RAGS: Financial Woes Trigger Liquidation
-----------------------------------------------
Rose & Rags Distribution Limited is liquidating its assets after
members found out that the company could no longer continue its
business due to mounting debts.

Stephen Robert Cork, of Smith & Williamson Limited, was
appointed Liquidator.

Rose & Rags Distribution Limited can be contacted at:

         Kings Exchange
         Tileyard Road
         London
         N7 9AH
         Tel: 020 7609 8383
         Fax: 020 7609 8484


ROWAN FORRESTER: Appoints B N Jackson Norton Administrator
----------------------------------------------------------
Graham Lindsay Down of BN Jackson Norton was appointed
administrator of Rowan Forrester Limited (Company Number
3702596) on April 5.  Its registered office is at 135 Aztec
West, Almondsbury, Bristol BS32 2UB.

The administrator can be reached at:

        B N Jackson Norton
        14 Orchard Street
        Bristol
        Avon BS1 5EH
        Tel: 0117 905 5110
        Fax: 0117 905 5384
        E-mail: gdown@bnjn.com

Rowan Forrester Ltd offers advise for independent financials and
can be reached at:

        Kidderminster
        Worcestershire DY10 2RQ
        Tel: 08456040297   
        Fax: 08456040298


SETT INNS: Taps Joint Administrators from BDO Stoy Hayward
----------------------------------------------------------
Andrew Howard Beckingham and Dermot Brendan Coakley of BDO Stoy
Hayward LLP were appointed joint administrators of Sett Inns
Limited (Company Number 04411408) on March 28.

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.


SODO DESIGN: Administrators from Tait Walker Move in
----------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed administrators of Sodo Design Limited (Company Number
05320622) on March 28.

Tait Walker -- http://www.taitwalker.co.uk/-- have established  
core service lines to meet the ever growing complexity of our
clients needs in a timely and efficient manner.

Sodo Design Limited sells fashion accessories.


TLC LEISURE: Calls in Joint Administrators from Herron Fisher
-------------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint administrators of TLC Leisure Ltd (Company
Number 5045451) on March 31.  Its registered office is at 13
Britten Grove, Old Farm Park, Milton Keynes, Buckinghamshire MK7
8PP.

The joint administrators can be reached at:

        Herron Fisher
        Capital Business Centre
        22 Carlton Road
        Croydon
        Surrey CR2 0BS
        Tel: 07956 640156
        E-mail: chris.herron@begbies-traynor.com

TLC Leisure Ltd operates a gym and can be reached at:

        5 Chart Close
        Shortlands BR2 OEB


TRANSPORT BODY: Appoints Administrator from Albert Goodman
----------------------------------------------------------
Laurence Russell of Albert Goodman was appointed administrator
of Transport Body Materials Ltd (Company Number 03905416) on
March 29.

The administrator can be reached at:

        Albert Goodman
        Mary Street House
        Mary Street
        Taunton
        Somerset TA1 3NW
        Tel: 01823 286096
        Fax: 01823 257319

Transport Body Materials Ltd -- http://www.transportbody.co.uk/
-- provides personal service to the builders and users of
commercial vehicles and trailers not only as a stockist of
materials but as a provider of technical support.


VEENA LEISURE: Appoints Liquidator from BBK Partnership
-------------------------------------------------------
Sabia Sahota, of BBK Partnership, was appointed Liquidator of
Veena Leisure Limited after members found out that the company
could no longer continue its operations due to financial
liabilities.

Veena Leisure Limited can be reached at:

         91 High Street
         Milton Regis Sittingbourne Kent
         ME10 2AR
         Tel: 01795 431 881


VISION H.I.: Joint Administrators from Berg Kaprow Enter Helm
-------------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of Vision H.I.
Limited (Company Number 05145756) on March 29.  

The joint administrators can be reached at:

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


Vision Hi Ltd can be reached at:

        Fengate, Peterborough,
        Cambridgeshire, PE1 5PE
        Tel: 01733 560731
        Fax: 01733567955


WARWICK COMMUNITY: Joint Liquidators Take Over Operations
---------------------------------------------------------
Warwick Community Campus Limited is winding up its operations
after members proved that the company could no longer continue
its business due to financial liabilities.

Matthew Colin Bowker and David Anthony Willis, were appointed
Joint Liquidators.

Warwick Community Campus Limited can be reached at:

         93 Sycamore Avenue
         Knottingley West Yorkshire
         WF11 0PJ
         Tel: 01977 677 596


WATTSON (SHOP FITTERS): Appoints Joint Administrators from Tenon
----------------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed joint administrators from Wattson (Shop Fitters)
Limited (Company Number 00844482) on March 30.  Its registered
office is at 4-6 Countess Wear Road, Countess Wear, Exeter EX2
6LG.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
LVL Medical Group         LVLM.PA     (9)         105       (5)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment    
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892     (321)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (70)         489        2
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Drax Group Limited        DRX.L     (832)       2,353       84
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *