TCREUR_Public/060424.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, April 24, 2006, Vol. 7, No. 80     

                            Headlines

D E N M A R K

FS FUNDING: Moody's Gives (P)B1 Corporate Family Rating
FS FUNDING: S&P Rates Proposed EUR975-Mln Sr. Sub. Notes at B-


F I N L A N D

DYNEA INTERNATIONAL: S&P Upgrades Corporate Credit Rating to B


G E R M A N Y

AUTOHAUS SUES: Creditors' Meeting Slated for April 25
C & W PARTNER: Claims Registration Ends April 25
CAPITAN IMMOBILIEN: Creditors' Meeting Slated for April 27
DOMUS SULTAN: Claims Registration Ends April 26
ETRAVEL4 VERTRIEBS: Claims Registration Ends April 25

GIW INDUSTRIE: Creditors' Meeting Slated for April 27
GUA GESELLSCHAFT: Creditors' Meeting Slated for April 27
HOLTHOFF GEBAUDETECHNIK: Claims Registration Ends April 25
KAUS GERUESTBAU: Claims Registration Ends April 26
KLINIK AM PARK: Creditors' Meeting Slated for April 27


K A Z A K H S T A N

AI-OIL-KO: Creditors Must File Claims by April 28
ARLAN-TREID: Creditors Must File Claims by April 28
DNV-SERVICE: Creditors Must File Claims by April 28
ELASTIK: Creditors Must File Claims by April 28
ISTOK: Creditors Must File Claims by April 28

KK DIDAR: Creditors Must File Claims by April 28
OLJA-OIL-X: Creditors Must File Claims by April 28
USH-BULAK: Creditors Must File Claims by April 28
ZEVS: Mangistau Court Opens Bankruptcy Proceedings


N O R W A Y

AKER KVAERNER: Fitch Upgrades EUR260 Million Bond Issue at BB+
NORSKE SKOGINDUSTRIER: Moody's Cuts Debt Ratings to Ba1


R U S S I A

BOGATYR: Kirov Court Begins Bankruptcy Proceedings
CHEREPOVETS-KHIM-STROY: Bankruptcy Hearing Slated for July 13
CRANE-SERVICE: Proofs of Claim Deadline Set for May 4
DAIRY BOROVINSKIY: Creditors Have Until May 4 to File Claims
GEORGIEVSKIY: Bankruptcy Hearing Set for April 27

POTOK-OIL: Moscow Court Begins Bankruptcy Proceedings
REPUBLIC CENTRE OF FASHION: Court Begins Bankruptcy Process
REPUBLICAN INSTITUTE: Bankruptcy Supervision Procedure Begins
VYATKA-STAR: Deadline for Proofs of Claim Slated for May 4
YUKOS OIL: Gains Headway on Plaintiff Replacement Appeal

YUKOS OIL: Sale of Asset Possible Under Observation Period
ZLATOUSTOVSKAYA ARMOURY: Court Begins Bankruptcy Process


S W I T Z E R L A N D

ABB LTD: U.S. Unit Files Chapter 11 Prepack in Delaware
ABB LTD: ABB Lummus Case Summary & Largest Unsecured Creditors


U K R A I N E

DNIPROREMBUDSERVICE: Court Starts Bankruptcy Supervision
ECOLOGICAL SYSTEMS: Court Names Yegorenkov Sergij Liquidator
FORUM: Kyiv Court Begins Bankruptcy Supervision Procedure
METALURGICAL ACADEMY: Court Starts Bankruptcy Supervision
ROMNIRIBA: Sumi Court Begins Bankruptcy Proceedings

SCHOOL FEEDING: Court Names Oleksandr Bandola Liquidator
SUMIGAZZBUT: Sumi Court Starts Bankruptcy Supervision Procedure
VALENTE-HARKIV: Court Names Volovik Ludmila to Liquidate Assets


U N I T E D   K I N G D O M

A3 JOINERY: Members Pass Winding Up Resolution
ABFAB APPROACH: Claims Filing Period Ends May 1
ACTIVE CASHFLOW: Creditors' Meeting Set for April 28
ADVANCED TECHNOLOGY: Meeting of Creditors Set for April 26
BP REALISATIONS: Meeting of Creditors Set Today

CAMERA CLINIC: Members Agree to Wind Up Operations
FAMILY SERVICE: Meeting of Creditors Slated Today
GEOFFREY E MACPHERSON: Meeting of Creditors Set Today
GLOBAL CROSSING (UK): Begins Excess Cash Offer for Senior Notes
MEDIAPOST LIMITED: Creditors' Meeting Slated for April 28

MISYS PLC: Buys Back 400,000 Shares from JPMorgan Cazenove
MISYS PLC: K. Lomax Replaces S. Vaughan as Banking Systems CEO
PARAMOUNT TECHNICAL: Creditors Affirm Voluntary Liquidation
PETIT ROQUE: Hires Joint Liquidators from Valentine & Co
PHITEC INTERNATIONAL: Appoints F A Simms Administrator

PROCLEAN MANAGEMENT: Appoints T. Papanicola as Liquidator
RANK GROUP: Acquires US$500,000 Notes for Cancellation
RASTER TECH: Claims Registration Ends May 31
ROADS & RUNWAYS: Hires Joint Administrators from Tenon Recovery
ROTATION REWINDS: Meeting of Creditors Slated for April 28

ROYAL & SUNALLIANCE: Moody's Rates Proposed Securities at Ba1
ROYAL & SUNALLIANCE: Offers to Exchange US$500 Million Bonds
SHERWOOD PERSONNEL: Names Begbies Traynor to Administer Assets
SIDAWAY LIMITED: Winds Up Operations & Names Joint Liquidators
SIMMONDS N.W.: Brings In Bridgestones to Administer Assets

SOLUTIO EUROPE: Appoints P&A Partnership as Administrator
SPOTLIGHT OUTLET: Financial Woes Prompt Liquidation
TEAM ARISTO: Hires Jackson Gregory & Co as Administrator
TTL (2005): Creditors' Meeting Set Today
UNITED OFFICE: Names Portland Business to Administer Assets

WOODGRANGE SPEEDPRINT: Names Kikis Kallis as Liquidator

                            *********

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


FS FUNDING: Moody's Gives (P)B1 Corporate Family Rating
-------------------------------------------------------
Moody's assigned a (P)B1 corporate family rating to FS Funding
A/S, the holding company of ISS A/S and ISS Global.  Moody's
concurrently assigned a (P)B3 rating to the proposed EUR 975
million high yield notes.  The outlook on all ratings is stable.

The (P)B1 corporate family rating reflects:

   -- the company's global leadership in the facilities services
      industry and its leading market positions in many of the
      countries in which it operates;

   -- its ability and strategy to offer an integrated service
      (cleaning, property, office support, catering) across
      countries and to benefit from any accruing cost synergies,

   -- its flexible cost base, which has enabled it to mitigate
      the impact of market volatility on operating margins;

   -- its strong and successful focus on cash management and
      generation at the individual country level;

   -- its low capex requirements (c. 1.4% of revenues) which
      enable it to generate steady free cash flows before
      acquisitions; and

   -- its success in integrating a large number of bolt-on
      acquisitions to date.

However, the ratings also reflect:

   -- the company's highly leveraged capital structure following
      the largely debt-funded leveraged buy-out transaction;

   -- the company's stated strategy to pursue its ambitious
      bolt-on acquisition strategy and to continue to increase
      nominal debt, thereby relying on growth in operating
      profits to reduce leverage;

   -- the company's current reliance on the western European
      markets (c.92% of 2005 revenues), where organic growth has
      been weak in recent years;

   -- the sector's vulnerability to government policies
      concerning outsourcing; and

   -- the increasing industry trend from 'cost-plus-fee'
      contracts towards 'P&L' and fixed fee contracts that place
      the burden of cost overruns on suppliers in the industry.

The (P)B3 rating for the proposed high yield bonds reflects
their structural and contractual subordination to a significant
portion of other debt in the capital structure.  On a pro forma
basis, at the close of the transaction, debt senior to the notes
will represent approximately 76% of total debt (including the
subordinated PIK loan) on a fully drawn basis.

Under the proposed capital structure, immediately after the
offering of the notes the company will have access to senior
facilities in the aggregate amount of DKK14,825 million (c.EUR
1,991 million).  At the close of the transaction, Acquisition
Facility B (DKK3,500 million) and the majority of the revolving
credit facility (DKK2,500 million) are expected to be undrawn.  
Following completion of the acquisition of the company by
private equity partners EQT and Goldman Sachs Capital Partners
(GSCP) in 2005, Net Adj. debt is estimated at over 7x EBITDA at
the end of 2005.

The rating outlook is stable, although credit metrics are
considered to be weak for the rating category.  In addition,
given the company's ambitious growth targets, nominal debt is
expected to continue to rise in coming years.  A reduction in
leverage such that Adj.  Total Debt/EBITDA is reduced toward 6x
would result in ISS being more strongly positioned within the
rating category.  A sustainable reduction in leverage below the
6x range accompanied by financial policies supportive of further
deleveraging could be positive for the rating.  

The ratings could come under negative pressure if the company's
leverage did not trend towards 6.5x over a 12-18 month period,
which would be required to be more solidly positioned within the
current rating category.

ISS is one of the world's leading providers of facility
services, based in Copenhagen, Denmark.  Its services are
categorized as cleaning, office support, property, catering and
integrated facilities services.  In 2005 the company reported
revenues and operating profits of DKK46.44 billion (EUR 624
million) and DKK2.650 billion (EUR 355 million), respectively,
under IFRS.  


FS FUNDING: S&P Rates Proposed EUR975-Mln Sr. Sub. Notes at B-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
the proposed EUR975 million senior subordinated notes due 2016
to be issued by FS Funding A/S, a holding company in Denmark-
based facilities services group, ISS.  The proceeds will
primarily be used for refinancing existing debt.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit ratings on FS Funding, and wholly owned
subsidiaries ISS A/S and ISS Global A/S.  The 'B' short-term
corporate credit rating on ISS A/S was also affirmed. The
outlooks on all the long-term corporate credit ratings are
stable.

Pro forma for the refinancing and including the debt raised in
connection with the acquisition of Tempo Services Ltd. at the
beginning of 2006, the group's adjusted debt would have been
about Danish krone (Dkr) 26.1 billion (EUR3.5 billion; including
a pay-in-kind loan and unfunded postretirement liabilities) at
Dec. 31, 2005.

The proposed EUR975 million (Dkr7.3 billion) notes have been
rated two notches below the corporate credit rating as the notes
are contractually and structurally subordinated to substantial
priority liabilities within the group, including non-interest-
bearing liabilities at operating subsidiary level.

The ratings on the ISS entities reflect the group's highly
leveraged financial profile and weak credit measures. This is
mitigated by the group's strong business profile, underpinned by
its solid business position in an attractive--albeit fragmented
and competitive--industry.

Standard & Poor's expects that ISS' operating performance should
remain steady, and is underpinned by the group's ability to
generate strong cash flow.  We do not incorporate material
improvements in ISS' credit measures, reflecting the expected
continued acquisition strategy, which also limits the upside
potential in the ratings.  Nor, however, do we expect any
material deterioration in the credit measures. If this were to
occur, however, it could result in a negative rating action.


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


DYNEA INTERNATIONAL: S&P Upgrades Corporate Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B' from 'B-' its
long-term corporate credit rating on Dynea International Oy, a
Finnish producer of formaldehyde (FA)-based resins.  The outlook
is stable.

"The upgrade reflects Dynea's improved financial situation
resulting from the year-end 2005 refinancing, and improved
EBITDA generation after the initiation of restructuring
programs," said Standard & Poor's credit analyst Khaled Zitouni.
Lower interests and improved funds from operations (FFO), free
operating cash flow (FOCF), and cash flow coverage of debt are
expected in 2006.  The refinancing will markedly reduce interest
costs, which were a substantial EUR45 million in 2005, versus
FFO of EUR33 million. Dynea's average interest rate will move to
about 6.5% in 2006, from 9% at end-December 2005.

Notably, all the EUR250 million of outstanding and expensive
12.25% high-yield bonds (due 2010) have been redeemed.

With 2005 sales of EUR1.1 billion, Dynea is one of the world's
largest producers of FA-based resins, a key product in the
manufacture of wood products--such as plywood and particle
board--used notably in the building industry.

"The stable outlook reflects our expectations that the group's
cash flow coverage of debt and EBITDA margin will improve as a
result of the refinancing and the improved fixed-cost base,"
said Mr. Zitouni.  In particular, it is expected that the group
will achieve and maintain a ratio of FFO to fully adjusted debt
in the 10%-15% range.

The rating could come under pressure if market conditions
deteriorate, leading to weak prices and further competition, or
if high raw material prices markedly weaken profitability.

The rating could be raised if the operating efficiency
significantly and structurally improved, allowing for further
de-leveraging and better cash flow protection ratios, or if
Dynea issued substantial new equity.


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


AUTOHAUS SUES: Creditors' Meeting Slated for April 25
-----------------------------------------------------
Court-appointed provisional administrator for Autohaus Sues
GmbH, Helmut Hopmeier, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 3:00
p.m., on April 25.

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

         The District Court of Pirmasens
         Saal 153
         Zimmer 20
         Bahnhofstrasse 22-26
         66953 Pirmasens, Germany

The Court will also verify the claims set out in the
administrator's report at 3:00 p.m., on May 23, at the same
venue.

Creditors have until May 2, to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be reached at:

         Autohaus Sues GmbH
         Landauer Strasse 43-45
         66953 Pirmasens, Germany
         Attn: Julianne Sues, Manager
         Kleinfeld 4
         67707 Schopp, Germany
         
The administrator can be reached at:

         Helmut Hopmeier
         Berliner Ring 31
         66955 Pirmasens, Germany
         Tel: 06331/24800
         Fax: 06331/78513


C & W PARTNER: Claims Registration Ends April 25
------------------------------------------------
Creditors of C & W Partner Putz GmbH have until April 25, to
register their claims with court-appointed provisional
administrator Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Saal 1.043
         Justizzentrum
         Thueringer Str. 16
         06112 Halle, Germany

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against C & W Partner Putz GmbH on Feb. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         C & W Partner Putz GmbH
         Attn: K. Walther, Manager
         Zur Saale 5
         06217 Merseburg, Germany
         
The administrator can be contacted at:

         Stephan Poppe
         Universitatsring 6
         06108 Halle, Germany
         Tel: 0345/530490
         Fax: 0345/5304926


CAPITAN IMMOBILIEN: Creditors' Meeting Slated for April 27
----------------------------------------------------------
Court-appointed provisional administrator for CapitAn Immobilien
Gesellschaft fuer Vermittlung von Immobilien mbH, Rolf Nacke,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:55 a.m., on April 27.

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 9:45 a.m., on July 6, at the same
venue.

Creditors have until May 28, to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against CapitAn Immobilien Gesellschaft fuer
Vermittlung von Immobilien mbH on Feb. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CapitAn Immobilien Gesellschaft fuer
         Vermittlung von Immobilien mbH
         Schuetzenstr. 14
         10117 Berlin, Germany
         
The administrator can be reached at:

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


DOMUS SULTAN: Claims Registration Ends April 26
-----------------------------------------------
Creditors of Domus Sultan GmbH & Co. KG have until April 26, to
register their claims with court-appointed provisional
administrator Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Muenster
         Sitzungssaal Saal 13 B
         Gerichtsstr. 2-6
         48149 Muenster, Germany

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

The District Court of Muenster opened bankruptcy proceedings
against Domus Sultan GmbH & Co. KG on Feb. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Domus Sultan GmbH & Co. KG
         Attn: Gregor Becker, Manager
         Siemensstr. 4
         48341 Altenberge, Germany
         
The administrator can be contacted at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten, Germany


ETRAVEL4 VERTRIEBS: Claims Registration Ends April 25
-----------------------------------------------------
Creditors of eTravel4 Vertriebs-GmbH have until April 25, to
register their claims with court-appointed provisional
administrator Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 16, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muenster
         Sitzungssaal Saal 13 B
         Gerichtsstr. 2-6
         48149 Muenster, Germany

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

The District Court of Muenster opened bankruptcy proceedings
against eTravel4 Vertriebs-GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         eTravel4 Vertriebs-GmbH
         Attn: Ute Hesse, Manager
         Dieckmannstrasse 6-10
         48161 Muenster, Germany
         
The administrator can be contacted at:

         Manfred Vellmer
         Rothenburg 20/21
         48143 Muenster, Germany


GIW INDUSTRIE: Creditors' Meeting Slated for April 27
-----------------------------------------------------
Court-appointed provisional administrator for GIW Industrie- und
Wohnbautrager GmbH, Dr. Christoph Schulte-Kaubruegger, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:50 a.m., on April 27.

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 9:40 a.m., on July 6, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against GIW Industrie- und Wohnbautrager GmbH on
Feb. 27.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         GIW Industrie- und Wohnbautrager GmbH   
         Martin-Luther-Str.113
         10825 Berlin, Germany
         
The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


GUA GESELLSCHAFT: Creditors' Meeting Slated for April 27
--------------------------------------------------------
Court-appointed provisional administrator for GuA Gesellschaft
fuer urbane Anlagen mbH & Co Betriebs-KG, Dr. Christoph Schulte-
Kaubruegger, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:45 a.m., on
April 27.

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 9:35 a.m., on July 6, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against GuA Gesellschaft fuer urbane Anlagen mbH &
Co Betriebs-KG on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         GuA Gesellschaft fuer urbane Anlagen mbH &
         Pohlstrasse 20
         10785 Berlin, Germany
         
The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


HOLTHOFF GEBAUDETECHNIK: Claims Registration Ends April 25
----------------------------------------------------------
Creditors of Holthoff Gebaudetechnik AG have until April 25, to
register their claims with court-appointed provisional
administrator Hartmut Wiesinger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 16, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Detmold opened bankruptcy proceedings
against Holthoff Gebaudetechnik AG on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Holthoff Gebaudetechnik AG
         Attn: Hubert Holthoff, Manager
         Grasweg 22
         32657 Lemgo, Germany

The administrator can be contacted at:

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


KAUS GERUESTBAU: Claims Registration Ends April 26
--------------------------------------------------
Creditors of Kaus Geruestbau GmbH have until April 26, to
register their claims with court-appointed provisional
administrator Michael Komosz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Offenbach am Main
         Saal 166
         1. OG
         Kaiserstr. 16-18
         63065 Offenbach am Main, Germany

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

The District Court of Offenbach am Main opened bankruptcy
proceedings against Kaus Geruestbau GmbH on Feb. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kaus Geruestbau GmbH
         Attn: Hildegard Kaus, Manager
         Gehespitz 50
         63263 Neu-Isenburg, Germany
         
The administrator can be contacted at:

         Michael Komosz
         Eschersheimer Landstrasse 19-21
         60322 Frankfurt am Main, Germany
         Tel: 069/507756-0
         Fax: 069/507756-78


KLINIK AM PARK: Creditors' Meeting Slated for April 27
------------------------------------------------------
Court-appointed provisional administrator for Klinik am Park Bad
Bertrich GmbH, Dirk Pfeil, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m., on April 27.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m., on July 6, at the same
venue.

Creditors have until May 15, to register their claims with the
court-appointed provisional administrator.

The District Court of Cochem opened bankruptcy proceedings
against Klinik am Park Bad Bertrich GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Klinik am Park Bad Bertrich GmbH
         Attn: Horst Stibbe, Manager         
         Kirchstrasse 29
         56864 Bad Bertrich, Germany
         
The administrator can be reached at:

         Dirk Pfeil
         Eschersheimer Landstrasse 60-62
         60017 Frankfurt, Germany
         Tel: 069/1530960
         Fax: 069/15309666


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


AI-OIL-KO: Creditors Must File Claims by April 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Ai-Oil-Ko insolvent on Nov.16,
2005.

Creditors have until April 28, to submit written proofs of claim
to:

         G. Ilyaeva Str.24
         Shymkent, Kazakhstan


ARLAN-TREID: Creditors Must File Claims by April 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Arlan-Treid insolvent on Jan. 23.

Creditors have until April 28 to submit written proofs of claim
to:

         G. Ilyaeva Str.24
         Shymkent, Kazakhstan


DNV-SERVICE: Creditors Must File Claims by April 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP DNV-SERVICE insolvent on
Sept. 29, 2005.

Creditors have until April 28, to submit written proofs of claim
to:

         Turkestanskaya Str. 55
         Shymkent, Kazakhstan


ELASTIK: Creditors Must File Claims by April 28
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Elastik insolvent on Nov. 17,
2005.

Creditors have until April 28, to submit written proofs of claim
to:

         Turkestanskaya Str. 55
         Shymkent, Kazakhstan


ISTOK: Creditors Must File Claims by April 28
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP ISTOK insolvent on Feb. 6.  
Bankruptcy proceedings were introduced at the company.

Creditors have until April 28, to submit written proofs of claim
to:

         Jumabayeva Str. 109-304
         Petropavlovsk, Kazakhstan
         Tel: 8(3152) 41-31-19


KK DIDAR: Creditors Must File Claims by April 28
------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP KK Didar insolvent on Feb. 3.  Bankruptcy
proceedings were introduced at the company.

Creditors have until April 28, to submit written proofs of
claim.

The company can be reached at 8 (3292) 41-20-13.


OLJA-OIL-X: Creditors Must File Claims by April 28
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP OLJA-OIL-X insolvent on Dec. 20,
2005.

Creditors have until April 28, to submit written proofs of claim
to:

         G. Ilyaeva Str.24
         Shymkent, Kazakhstan


USH-BULAK: Creditors Must File Claims by April 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Ush-Bulak insolvent on July 20,
2005.

Creditors have until April 28, to submit written proofs of claim
to:

          Turkestanskaya Str. 55
          Shymkent, Kazakhstan


ZEVS: Mangistau Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceeding against LLP Zevs on
Feb. 23.

The company can be reached at 8 (3292) 41-22-37.


===========
N O R W A Y
===========


AKER KVAERNER: Fitch Upgrades EUR260 Million Bond Issue at BB+
--------------------------------------------------------------
Fitch Ratings upgraded Norway-based Aker Kvaerner Oil & Gas
Group AS's Issuer Default Rating to BB+ from BB.  The Outlook
remains Positive.  The rating of the EUR260 million second-lien
bond issue guaranteed by AK O&G is also upgraded to BB+ from BB.

These rating actions reflect further improvements to AK O&G's
financial profile, with solid earning performance supported by
strong sector fundamentals.  Since the initial rating in March
2004, the group has further consolidated its leadership
positions across the oil field services chain and improved
earnings across businesses, underpinned by the implementation of
enhanced risk management and cost reduction efforts.

Fitch notes that solid cash flow generation and a focus on
working capital management have enabled AK O&G to reduce gross
debt to NOK2.1 billion at YE05 from NOK3.2billion on a pro-forma
FY03 basis.  In Q105, AK O&G repaid a US$8 million project loan
and a EUR33m drawing under the senior term loan.  

The latter was converted into a revolver, boosting total
revolving facilities to EUR150 million, all of which was
available at YE05.  This leaves the second-lien note as the only
outstanding debt issue.  

While substantial bonding facilities rank senior to the bond and
senior credit facility, Fitch notes that the overall amount of
performance bonds is represented by many different bonds, none
of which has been called in the last 10 years, underlining the
group's solid track record.

AK O&G has built up a considerable cash pile of NOK5.3 billion
at YE05, which was inflated somewhat by large prepayments,
leaving the group in a comfortable net cash position.  

Despite its excellent liquidity position, underlining the
effectiveness of AK O&G's ringfence from the rest of the group,
Fitch does not expect the second-lien note to be called before
its June 2007 call date at current trading levels, as this would
be expensive. FY05 leverage ratios are solid for the BB+ rating,
even without taking readily available cash into consideration.

The Positive Outlook reflects solid prospects, supported by a
record order book of NOK40.5 billion, up from NOK26.3 billion at
YE04.  This is partly driven by a step-up in capital expenditure
by the oil majors who are keen to benefit from high commodity
prices and who are facing increasing challenges to replace
reserves.

The latter provides an opportunity for AK O&G, which has a
strong track record for offering complete solutions in harsh
operating environments.  It also benefits from growth in the
maintenance, modifications and operations segment in more mature
areas with ageing platforms, particularly as the majors aim to
extend production lives.  

The growing MMO contribution to consolidated earnings should
provide for some stability in what Fitch considers to be a
relatively volatile sector.

The rating may be upgraded further if management can continue to
translate favorable sector prospects and an ongoing focus on
risk management into further enhancement of key credit ratios
and sustainable EBITDA margin improvement towards its target of
6.5%-7% by 2007.  This should be helped by increased pricing
power for the sector as leading players can "cherry-pick"
projects in a scenario of full order books.

AK O&G is a global provider of products and services for the
offshore upstream oil and gas industry. It has operations in
more than 20 countries, with principal operations in Norway, the
UK and the US.  

FY05 revenues and EBITDA were NOK28.2 billion and NOK1.7 billion
respectively.  The group comprises three divisions as follows:
MMO, field development, and subsea, products & technologies.


NORSKE SKOGINDUSTRIER: Moody's Cuts Debt Ratings to Ba1
-------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
senior unsecured debt ratings of Norske Skogindustrier ASA and
assigned a Corporate Family Rating of Ba1.  The rating outlook
is stable.

Moody's said that the decision to downgrade Norske Skog's
ratings to Ba1 considered:

   -- the weak financial performance of the company which
      positions it in the Ba-rating range, indicated for example
      (on an adjusted basis at FYE 2005, without normalizing
      impact of PanAsia acquisition in October 2005) by Retained
      Cash Flow/Net Debt of 8.3%; (Retained Cash Flow - Capital
      Expenditure)/Total Debt of -2.5%; operating margins of
      2.7%;

   -- the realized annual price increases in European newsprint
      paper grades as well as the expectation of only moderate
      price increases in its major other markets in 2006; the
      expected positive pricing environment in 2007 will also
      unlikely restore investment-grade financial metrics; and

   -- the ongoing cost push mainly from rising energy costs
      which is expected to neutralize some of the positive price
      hikes.

The stable outlook reflects Moody's expectation that the company
will undertake further profitability improvement and cost
reduction programmes that should result in a strengthening of
the company's profitability and debt protection metrics and
which should help to offset any further cost push.

This rating action concludes the review for possible downgrade,
which was initiated on February 28, 2006

Norske Skog is headquartered in Norway and in FYE 2005 had total
revenues of NOK25.7 billion and reported a net loss (IFRS) of
NOK854 million.  The net loss includes NOK425 million in write-
downs and provisions related to the closure of Norske Skog Union
and an estimated loss related to the sale of shares in Catalyst
Paper of NOK729 million.

Downgrades:

Issuer: Norske Skogindustrier ASA

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
      from Baa3

Assignments:

Issuer: Norske Skogindustrier ASA

   -- Corporate Family Rating, Assigned Ba1

Outlook Actions:

Issuer: Norske Skogindustrier ASA

   -- Outlook, Changed To Stable From Rating Under Review


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


BOGATYR: Kirov Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Kirov Region commenced bankruptcy
proceedings against Bogatyr after finding the close joint stock
company insolvent.  The case is docketed as A28-409/05-385/20.

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

         Ulita Str. 11
         610050, Kirov Region, Russia

The Debtor can be reached at:

         Bogatyr
         Popova Str. 1
         Kirov Region, Russia


CHEREPOVETS-KHIM-STROY: Bankruptcy Hearing Slated for July 13
-------------------------------------------------------------
The Arbitration Court of Vologda Region will convene at 2:30
p.m., on July 13, to hear the bankruptcy supervision procedure
on open joint stock company Cherepovets-Khim-Stroy.  The case is
docketed as #A13-349/2006-22.

Mr. D. Suslin has been appointed temporary insolvency manager.

The Debtor can be reached at:

        Cherepovets-Khim-Story
        Cherepovets, Metallistov Str. 5
        Vologda Region, Russia


CRANE-SERVICE: Proofs of Claim Deadline Set for May 4
-----------------------------------------------------
Creditors of Crane-Service have until May 4, to submit their
proofs of claim to court-appointed insolvency manager Mr. A.
Morozov at:

         Post User Box 13
         394038, Voronezh Region, Russia

The Arbitration Court of Kursk Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A35-8043/05 "G".

The Debtor can be reached at:

         Crane-Service
         Privokzalnaya Str. 1
         Kursk Region, Russia


DAIRY BOROVINSKIY: Creditors Have Until May 4 to File Claims
------------------------------------------------------------
Creditors of Dairy Borovinskiy have until May 4, to file their
proofs of claim to court-appointed insolvency manager Ms. G.
Andreeva at:

         Tobolsk 9-5 b
         Tyumen Region, Russia

The Arbitration Court of Tyumen Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A-70-8142/3-05.

The Debtor can be reached at:

         Dairy Borovinskiy
         Zavodoukovskiy Region, Borovinka
         Tyumen Region, Russia


GEORGIEVSKIY: Bankruptcy Hearing Set for April 27
-------------------------------------------------
The Arbitration Court of Stavropol Region will convene at 10:30
a.m., on April 27, to hear the bankruptcy supervision procedure
on limited liability company Georgievskiy (TIN 2625-
26398/262501001).  The case is docketed as A63-217/05-S5.

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

         Room 15, Mira Str. 455a
         355029, Stavropol Region, Russia

The Debtor can be reached at:

         Georgievskiy
         Georgievsk, Druzhby Str. 4
         Stavropol Region, Russia


POTOK-OIL: Moscow Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against Potok-Oil (TIN 7701257871) after finding the
limited liability company insolvent.  The case is docketed as
A40-81969/05-78-252B.

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

         V. Nosenko
         Post User Box 335
         Moscow-230, Russia

The Debtor can be reached at:

         Potok-Oil
         Building 9, Novoryazanskaya Str. 26-28
         Moscow Region, Russia


REPUBLIC CENTRE OF FASHION: Court Begins Bankruptcy Process
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against Republic Centre of Fashion after
finding the open joint stock company insolvent.  The case is
docketed as A07-55866/05-G-MOG LK.

Mr. R. Nabiev has been appointed insolvency manager and can be
reached at:

         Davletkildeeva Avenue, 3/1 16
         450098, Bashkortostan Republic, Ufa, Russia


REPUBLICAN INSTITUTE: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on open joint stock company Republican
Institute Of Building Materials.  The case is docketed as A-57-
A-9B/06-12.

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

         V. Molchun
         Room 2, Michurina Str. 50
         410056, Saratov Region, Russia

The Debtor can be reached at:

         Republican Institute of Building Materials
         Pugachevskaya Str. 147/151
         Saratov Region, Russia


VYATKA-STAR: Deadline for Proofs of Claim Slated for May 4
----------------------------------------------------------
Creditors of Vyatka-Star have until May 4, to submit their
proofs of claim to court-appointed insolvency manager Mr. A.
Klabukov at:

         Uritskogo Str. 12
         610002, Kirov Region, Russia

The Arbitration Court of Kirov Region will convene to hear the
bankruptcy proceedings of the close joint stock company at:

         K. Libknekhta Str. 102
         610017, Kirov Region, Russia

The case docketed as A28-426/05-404/20.

The Debtor can be reached at:

         Vyatka-Star
         Zarechnyj Park, 1
         Kirov Region, Russia


YUKOS OIL: Gains Headway on Plaintiff Replacement Appeal
--------------------------------------------------------
The Moscow Arbitration Court of Appeal No. 9 sustained Yukos
Oil's appeal against a court ruling allowing Rosneft to replace
the original plaintiffs in a bankruptcy suit, Prime-TASS says.

A 14-bank consortium led by Societe Generale originally filed
with the Moscow Arbitration Court a bankruptcy lawsuit against
Yukos seeking to recover around US$482 million in debts from the
oil group.  The banks, however, sold the claim to Rosneft,
prompting the Court to replace them with the state-owned oil
company as plaintiff.

The Moscow Arbitration Court likewise denied Yukos' appeal to
transfer the suit to the Arbitration Court of the Khanty-Mansi
Autonomous District.  The Court also rejected the oil group's
appeal against placing it under observation from March 28 to
June 27, when a hearing is scheduled.  It also appointed Eduard
Rebgun supervision manager.

The Appeals Court also upheld a decision banning Yukos from
sealing deals or trading properties worth more than RUB30
million without written permission from Mr. Rebgun.

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

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


YUKOS OIL: Sale of Asset Possible Under Observation Period
----------------------------------------------------------
Yukos Oil may sell assets worth less than five percent of its
book value once it undergoes observation procedure, Interfax
says.

According to Yukos lawyer Alexander Morozov, once the oil group
is placed under observation, the moratorium on asset sale will
be lifted and management can start to buy and sell assets even
without permission from the temporary manager.  

The interim manager, however, can ask the court to bar any deal
that exceeds five percent of Yukos' book asset value, pegged at
RUB128.33 billion as of Sept. 30, 2005.

Mr. Morozov revealed that the temporary manager could ask the
Court to dismiss the Yukos president if the official violates
the bankruptcy law.  However, the president's authority is not
transferred to the temporary manager but to a person nominated
by shareholders or the board of director.  That person can be
one of the president's deputies or any company official, Mr.
Morozov noted.

The lawyer said that Yukos has yet to receive a court notice on
opening of observation procedures.  "Once it has received the
notification, the temporary manager will start to carry out a
financial analysis of the company and will notify all creditors
about the beginning of observation and organize a creditors
meeting," Mr. Morozov told Interfax.

The interim manager will submit his recommendation to the Court
on June 27.  Mr. Morozov said that Yukos' bankruptcy process
might last a year-and-a-half to three years.

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

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


ZLATOUSTOVSKAYA ARMOURY: Court Begins Bankruptcy Process
--------------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced bankruptcy
proceedings against Zlatoustovskaya Armoury after finding the
limited liability company insolvent.  The case is docketed as
A76-16241/05 34-101.

Mr. A. Raspopin has been appointed insolvency manager.


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


ABB LTD: U.S. Unit Files Chapter 11 Prepack in Delaware
-------------------------------------------------------
ABB Lummus Global Inc., the U.S. subsidiary of Swiss ABB Ltd.,
filed a voluntary pre-packaged Chapter 11 Plan of Reorganization
in the U.S. Bankruptcy Court for the District of Delaware on
April 21.

In a statement, the group said the Lummus Plan of Reorganization
is aimed at satisfying current and future claims relating to
asbestos.  The plan was approved by 96% of claimants in
September 2005.  The company expects Lummus to complete the
Chapter 11 proceedings in the second half of the year.

The filing came weeks after ABB finalized its US$1.43 billion
Combustion Engineering Reorganization Plan, which took effect
Friday, April 21.  ABB has now transferred, in accordance with
the plan, the approximately 30 million shares it set aside for
the CE Asbestos PI Trust.

                     About ABB Lummus Global

Headquartered in Bloomfield, New Jersey, ABB Lummus Global Inc.,
is a U.S. subsidiary of the ABB Group.  Lummus provides
engineering, procurement, and construction-related services
worldwide.  The group oversees the construction of process
plants and offshore facilities.  

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

                        *     *     *

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

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


ABB LTD: ABB Lummus Case Summary & Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: ABB Lummus Global Inc.
        3010 Briarpark Drive
        Houston, Texas 77042

Bankruptcy Case No.: 06-10401

Type of Business: The Debtor offers advanced process
                  technologies, project management, engineering,
                  procurement and construction-related services
                  for the oil and gas, petroleum refining and
                  petrochemical process industries.  
                  See http://www.abb.com/lummus

                  The Debtor's affiliate, Combustion
                  Engineering, Inc., filed for chapter 11
                  protection on February 17, 2003 (Bankr. D.
                  Delaware, Case No. 03-10495).

Chapter 11 Petition Date: April 21, 2006

Court: District of Delaware (Delaware)

Debtor's Counsel: Laura Davis Jones, Esq.
                  Pachulski, Stang, Ziehl Young,
                  Jones & Weintraub, LLP
                  919 North Market Street, 16th Floor
                  Wilmington, Delaware 19899-8705
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Englobal Engineering Inc.        Accounts Payable    $1,422,539
P.O. Box 671422
Dallas, TX 75267-1422

FMC International AG             Accounts Payable    $1,261,799
Home Mortgage Plaza, Suite 703
268 Ponce De Leon Avenue
San Juan, Puerto Rico

Performance Contractors Inc.     Accounts Payable    $1,066,288
P.O. Box 83630
Baton Rouge, LA 70884-3630

Sirz Spa                         Accounts Payable      $442,561
Via Vo Di Placca 4
35020 Due Carrare
Padova, Italy

Elliott Turbomachinery SA        Accounts Payable      $250,716
Zurcherstrasse 4
Postfach 253
Altendorf CH 8852
Switzerland

Kurvers Inc.                     Accounts Payable      $245,041

Transoceanic Shipping Co. Inc.   Accounts Payable      $244,744

BASF AG                          Accounts Payable      $228,873

Membrane Technology &            Accounts Payable      $129,500
Research, Inc.

Van Tongeren Kennemer BV         Accounts Payable      $125,200

Puffer Sweiven LP                Accounts Payable       $80,580

Setal Engenharia Construction    Accounts Payable       $66,046

The Tenth Construction Company   Accounts Payable       $54,172
of Sinopec

Dresser-Rand                     Accounts Payable       $34,381

Dutramex B.V.                    Accounts Payable       $28,400

SGS Global Trade                 Accounts Payable       $24,000
Solutions, Inc.

BO-MAC Contractors, Inc.         Accounts Payable       $23,741

ABCO Industries, Inc.            Accounts Payable       $22,782

Lonza                            Accounts Payable       $22,239

John Zink Co. LLC                Accounts Payable       $21,291


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


DNIPROREMBUDSERVICE: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on State Enterprise Dniprorembudservice
(code EDRPOU 22996170).  The case is docketed as B 26/158/05.  

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

CONTACT:  Dniprorembudservice
          49000, Ukraine, Dnipropetrovsk Region
          Entuziastiv Str. 3

          Mr. O. 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


ECOLOGICAL SYSTEMS: Court Names Yegorenkov Sergij Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Yegorenkov Sergij as
Liquidator/Insolvency Manager for LLC Ecological Systems and
Technologies (code EDRPOU 13672712).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as 40/11b-06.

CONTACT:  Ecological Systems and Technologies
          Obuhiv, Kashtanova Str. 1
          08700, Ukraine, Kyiv Region

          Mr. Yegorenkov Sergij
          Liquidator/Insolvency Manager
          01133, Ukraine, Kyiv Region, a/b 149

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


FORUM: Kyiv Court Begins Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Building Company Forum (code EDRPOU
32823128).  The case is docketed as 44/594-b.  Mr. O. Sherban
has been appointed temporary insolvency manager.

CONTACT:  Forum
          Novopirogivska Str. 62-A
          03045, Ukraine, Kyiv Region

          Mr. O. Sherban
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv Region, a/b 157

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


METALURGICAL ACADEMY: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on State Metalurgical Academy Of Ukraine
(code EDRPOU 02070565).  The case is docketed as B 40/138/05.  

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

CONTACT:  State Metalurgical Academy Of Ukraine
          Lotsmanske Shose 3-B
          49005, Ukraine, Dnipropetrovsk Region

          Mr. O. Gula
          Temporary Insolvency Manager
          51200, Ukraine, Dnipropetrovsk Region
          Novomoskovsk, Radyanska Str. 43/134
  
          Economic Court of Dnipropetrovsk Region
          Kujbishev Str. 1a
          49600, Ukraine, Dnipropetrovsk Region


ROMNIRIBA: Sumi Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
proceedings against LLC Romniriba (code EDRPOU 32460450) on
Feb. 22, after finding it insolvent.  The case is docketed as
6/9-06.  

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

CONTACT:  Romniriba
          Romni, Prokopenko Str. 87
          Ukraine, Sumi Region

          Mr. Roman Udovenko
          Liquidator/Insolvency Manager
          Harkivska Str. 122, 3-rd floor
          40000, Ukraine, Sumi Region

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


SCHOOL FEEDING: Court Names Oleksandr Bandola Liquidator
--------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr Bandola as
Liquidator/Insolvency Manager for LLC Firm School Feeding (code
EDRPOU 20577658).

The Court commenced bankruptcy proceedings against the company
on Feb. 20, after finding it insolvent.  The case is docketed as
99/2b-2005.

CONTACT:  School Feeding
          08500, Ukraine, Kyiv Region
          Fastiv, Shevchenko Str. 2

          Oleksandr Bandola
          Liquidator/Insolvency Manager
          Simyi Hohlomih Str. 6-B/31
          04119, Ukraine, Kyiv Region

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


SUMIGAZZBUT: Sumi Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Sumigazzbut (code EDRPOU 30770661).
The case is docketed as 6/87-05.  

Sergij Gajdukov has been appointed temporary insolvency manager.

CONTACT:  Sumigazzbut
          Lebedinska Str. 15
          40021, Ukraine, Sumi Region

          Mr. Sergij Gajdukov
          Temporary Insolvency Manager
          Psilska Str. 4/9
          Ukraine, Sumi Region

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


VALENTE-HARKIV: Court Names Volovik Ludmila to Liquidate Assets
---------------------------------------------------------------
The Economic Court of Harkiv Region appointed Volovik Ludmila as
Liquidator/Insolvency Manager for LLC Valente-Harkiv (code
EDRPOU 31149190).

The Court commenced bankruptcy proceedings against the Company
on Feb. 20, 2006, after finding it insolvent.  The case is
docketed as B-31/96-05.  

CONTACT:  Valente-Harkiv
          Fisanovich Str. 9
          61038, Ukraine, Harkiv Region

          Ms. Volovik Ludmila
          Liquidator/Insolvency Manager
          61123, Ukraine, Harkiv Region a/b 1203

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


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


A3 JOINERY: Members Pass Winding Up Resolution
----------------------------------------------
Members of A3 Joinery Limited passed a resolution to wind up the
company's operations during an extraordinary general meeting on
Feb. 21.

They authorized Robert James Thompson, of Rendall Thompson, to
liquidate the company's assets.

The company can be reached at:

         A3 Joinery Limited
         Canada Way
         Bordon Hampshire
         GU35 0JT
         Tel: 01483 210 100
         Web: http://www.joinerylondon.co.uk/


ABFAB APPROACH: Claims Filing Period Ends May 1
-----------------------------------------------
Abfab Approach Limited is liquidating its assets after members
decided to wind up the company on March 6.

Appointed Joint Liquidators, Michael EG Saville and Rob Sadler,
required creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before May 1.

The company can be reached at:

         Abfab Approach Limited
         120 Dealburn Road
         Low Moor Bradford West Yorkshire
         BD12 0RG
         Tel: 01274 670 270


ACTIVE CASHFLOW: Creditors' Meeting Set for April 28
----------------------------------------------------
Creditors of Active Cashflow Services Plc (Company Number
02712227) will meet at 10:30 a.m., on April 28, at:

         BDO Stoy Hayward LLP
         Kings Wharf
         20-30 Kings Road
         Reading, Berkshire
         RG1 3EX

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on April 27, to:

         M. H. Thompson
         Joint Administrative Receiver
         BDO Stoy Hayward LLP
         Kings Wharf
         20-30 Kings Road
         Reading, Berkshire RG1 3EX

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.


ADVANCED TECHNOLOGY: Meeting of Creditors Set for April 26
----------------------------------------------------------
Creditors of Advanced Technology Coatings Limited (Company
Number 03775884) will meet at 11 a.m., on April 26, at:

         The Exeter Court Hotel
         A38, Kennford
         Exeter, Devon EX6 7UX

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on April 25 to:

         Ian Walker
         Joint Administrator
         Begbies Traynor
         Balliol House
         Southernhay Gardens
         Exeter, Devon EX1 1NP

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.  


BP REALISATIONS: Meeting of Creditors Set Today
-----------------------------------------------
Creditors of BP Realisations Limited will meet at 10:30 a.m.,
today, April 24, at:

         Freemason Hall
         Bridge Street, Manchester

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to:

         P. A. Flint
         Joint Administrator
         KPMG Corporate Recovery
         St James Square
         Manchester M2 6DS

KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong  
global network of member firms with 9,500 partners and staff
working in 22 offices across the UK providing audit, tax and
advisory services.


CAMERA CLINIC: Members Agree to Wind Up Operations
--------------------------------------------------
The Camera Clinic Limited is liquidating its assets after
members agreed to wind up the company's operations.

M. Arkin, of Arkin & Co., was appointed Liquidator.

Chairman P. Chan revealed that the company could no longer
continue its operations due to financial liabilities.

The company can be reached at:

         The Camera Clinic Limited
         26 North End Crescent
         London
         W14 8TD
         Tel: 020 7602 7976
         Fax: 020 7602 7534
         Web: http://www.cameraclinic.co.uk/


FAMILY SERVICE: Meeting of Creditors Slated Today
-------------------------------------------------
Creditors of Family Service Units will meet at 10:30 a.m.,
today, April 24, at:

         New Connaught Rooms
         61-65 Great Queen Street
         Covent Garden, London
         WC2B 5DA

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to:

         L. A. Manning
         A. M. Martin
         Joint Administrators
         Deloitte & Touche LLP
         P.O. Box 810
         Athene Place,
         Shoe Lane, London EC4A 3WA

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

Family Service Units can be reached at:

         207 Old Marylebone Road
         London NW1 5QP


GEOFFREY E MACPHERSON: Meeting of Creditors Set Today
-----------------------------------------------------
Creditors of Geoffrey E Macpherson Limited (Company Number
00442153) will meet at 10 a.m., today, April 24, at:

         PricewaterhouseCoopers LLP
         Donington Court
         Pegasus Business Park
         Castle Donington
         East Midlands
         DE74 2UZ

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to:

         S. Maddison
         E. M. Shires
         Joint Administrators
         PricewaterhouseCoopers LLP
         Donington Court
         Pegasus Business Park
         Castle Donington, East Midlands
         DE74 2UZ

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

Geoffrey E Macpherson Limited -- http://www.macphersons.co.uk/
-- is a merchant of weaving and knitting yarns, both cotton and
synthetic.


GLOBAL CROSSING (UK): Begins Excess Cash Offer for Senior Notes
---------------------------------------------------------------
Global Crossing (UK) Finance plc -- GCUK Finance, a wholly owned
subsidiary of Global Crossing, has begun an excess cash offer
with respect to its senior secured notes.

In accordance with the indenture governing its notes, GCUK
Finance will offer to purchase for cash up to 14.652 million
British pounds sterling in aggregate principal amount, plus
accrued interest, of its 10.75-percent U.S. dollar-denominated
senior secured notes due in 2014 and its 11.75-percent British
pounds sterling-denominated senior secured notes due in 2014.  
The notes are guaranteed by Global Crossing (UK)
Telecommunications Limited -- GCUK, GCUK Finance's immediate
parent and the principal UK operating subsidiary of Global
Crossing.

The offer is being made pursuant to the terms of the indenture
governing the senior secured notes.  The indenture requires GCUK
Finance to make an offer to purchase the maximum principal
amount of the senior secured notes possible using 50 percent of
GCUK's excess operating cash flow for the period from Dec. 23,
2004 to Dec. 31, 2005 and for each 12-month period thereafter.

The excess cash offer will expire at 5:00 p.m. BST on May 17,
2006, unless extended.  The terms and conditions of the offer
are described in GCUK Finance's offer document dated April 19,
2006.

Notes that are properly tendered and accepted for purchase in
accordance with the terms and conditions of the offer document
will be purchased at a cash price equal to 100 percent of the
outstanding principal amount of the notes tendered, together
with any accrued and unpaid interest outstanding on the date of
the purchase.  If the aggregate principal amount of notes
tendered exceeds the amount that can be purchased using the
Excess Cash at a purchase price of 100 percent of the principal
amount thereof plus accrued interest, notes will be accepted for
purchase on a pro rata basis among tendering note holders based
upon the amounts tendered.  For purposes of determining the
aggregate principal amount of the notes tendered in order to
apply the pro rata calculation, the aggregate principal amount
of the sterling-denominated notes tendered will be converted to
dollars at the noon buying rate in the City of New York for
cable transfers in pounds sterling as announced by the Federal
Reserve Bank of New York for customs purposes on April 20, 2006.

Tenders may be validly withdrawn until 10:00 a.m. BST on May 22,
2006 or, if the offer period is extended, at 10:00 a.m. BST
three business days after the expiration date for the offer.

For more information regarding the tendering of notes, please
refer to the procedures described in the offer document under
"Procedures for Tendering."

Copies of the offer document, the letter of transmittal and
other information relating to this excess cash offer are
available from:

   -- The Bank of New York, as Tender Agent;

   -- AIB/BNY Fund Management Ireland Limited, as Irish Tender
      Agent;

   -- The Bank of New York, as Irish Listing Agent;

   -- the custodian for The Depository Trust Company and

   -- the common depositary for Euroclear System and Clearstream
      Banking, societe anonyme.


               About GCUK Telecommunications Limited

Global Crossing (UK) Telecommunications Limited provides a full
range of managed telecommunications services in a secure
environment ideally suited for IP-based business applications.  
The company provides managed voice, data, Internet and e-
commerce solutions to the strong and established commercial
customer base, including more than 100 UK government
departments, as well as systems integrators, rail sector
customers and major corporate clients.  In addition, GCUK
provides carrier services to national and international
communications service providers.

Global Crossing (UK) Telecommunications operates a high-capacity
UK network comprising over 5,600 route miles of fiber optic
cable connecting 150 towns and cities and reaching within just
over one mile of 64 percent of UK businesses.  The UK network is
linked into the wider Global Crossing network that connects more
than 300 major cities and 30 countries worldwide, and delivers
services to more than 600 cities, 60 countries and 6 continents
around the globe.

                    About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing
Ltd. -- http://www.globalcrossing.com/-- provides  
telecommunications solutions over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, Chile, Mexico, Panama Peru and Venezuela.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on Jan.
28, 2002 (Bankr.S.D.N.Y. Case No. 02-40188).  When the Debtors
filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

As of Dec. 31, 2005, Global Crossing's balance sheet reflects a
US$173 million equity deficit compared to a US$51 million of
positive equity at Dec. 31, 2004.


MEDIAPOST LIMITED: Creditors' Meeting Slated for April 28
---------------------------------------------------------
Creditors of Mediapost Limited (Company Number 05208769) will
meet at 11 a.m., on April 28, at:

         UHY Hacker Young
         St James Building
         79 Oxford Street
         Manchester M1 6HT

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on April 27, at:

         Robert Edward Caunce Cook
         Joint Administrator
         UHY Hacker Young
         St James Building
         79 Oxford Street
         Manchester M1 6HT
         Tel: 0161 236 6936
         Fax: 0161 228 0117
         E-mail: e.cook@uhy-uk.com


MISYS PLC: Buys Back 400,000 Shares from JPMorgan Cazenove
----------------------------------------------------------
Misys plc purchased 400,000 of its own ordinary shares on April
20 at a price of 214.5358 pence per share from JPMorgan Cazenove
Limited.  The Company intends to hold these shares in Treasury.

Following the purchase of these shares the Company holds a total
of 53,676,390 of its shares in Treasury and has 504,050,646
shares in issue (excluding Treasury shares).

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

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


MISYS PLC: K. Lomax Replaces S. Vaughan as Banking Systems CEO
--------------------------------------------------------------
Misys PLC disclosed that Misys Banking Systems chief executive
officer, Steve Vaughan, is to leave the company by mutual
agreement, effective immediately.

It became clear that there are material differences between Mr.
Vaughan and the company as to the future direction of Misys
Banking Systems.  Given this, the Misys Board and Mr. Vaughan
agreed that it is appropriate for him to leave the company at
this point.

Misys PLC's Chief Executive, Kevin Lomax, will resume the
additional responsibilities of CEO of Misys Banking Systems.

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

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


PARAMOUNT TECHNICAL: Creditors Affirm Voluntary Liquidation
-----------------------------------------------------------
Creditors of Paramount Technical Services Limited affirmed the
company's voluntary liquidation after members decided to wind up
the company on March 6.

Creditors also ratified the appointment of Peter Robin Bacon and
Carl Derek Faulds as Joint Liquidators.

The company can be reached at:

         Paramount Technical Services Limited
         22 Shamrock Way
         Hythe Southampton Hampshire
         SO45 6DY
         Tel: 023 8084 8694
         Fax: 023 8067 9362


PETIT ROQUE: Hires Joint Liquidators from Valentine & Co
--------------------------------------------------------
Robert Valentine and Mark Reynolds at Valentine & Co. were
appointed Joint Liquidators after members of Petit Roque Limited
resolved to liquidate the company's assets on March 3.

Chairman A.I. Lawrence revealed that the company could no longer
continue its operations due to mounting debts.

The company can be contacted at:

          Petit Roque Limited
          5 New Road
          Croxley Green Rickmansworth Hertfordshire
          WD3 3EJ
          Tel: 01923 779 291
          Fax: 01923 896 728


PHITEC INTERNATIONAL: Appoints F A Simms Administrator
------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss at F A Simms &
Partners Plc were appointed joint administrators of Phitec
International Limited (Company Number 3528737) on April 3.  Its
registered office is at 8 Canons Road, Old Wolverton, Milton
Keynes MK12 5TL.

The joint administrators can be reached at:

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

Phitec International Ltd. can be reached at:

         8 Canons Road
         Old Wolverton
         Milton Keynes MK12 5TL
         Buckinghamshire
         Tel: 01908 311175
         Fax: 01908 311103


PROCLEAN MANAGEMENT: Appoints T. Papanicola as Liquidator
---------------------------------------------------------
T. Papanicola was appointed Liquidator after members of Proclean
Management Limited decided to liquidate the company's assets on
Feb. 27.

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

The company can be reached at:

         Proclean Management Limited
         31 Calshot Avenue
         Chafford Hundred
         Grays Essex
         RM16 6NS
         Tel: 01375 650 795
         Fax: 01375 650 796


RANK GROUP: Acquires US$500,000 Notes for Cancellation
------------------------------------------------------
The Rank Group PLC revealed that Rank Group Finance PLC
acquired, in an open market offer, US$500,000 of its outstanding
7.125% Guaranteed Notes due 2018 for cancellation.

A total of US$14.3 million notes remain in issue.  A prior
notice of cancellation was issued in July 2005.

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.


RASTER TECH: Claims Registration Ends May 31
--------------------------------------------
Creditors of Lintels Limited have until May 31, to send in their
full names, addresses and descriptions, full particulars of
debts or claims, and the names and addresses of Solicitors (if
any) to appointed Liquidator Philip John Gorman.

The company can be contacted at:

         Raster Tech Limited
         Ryefield Villa
         Gloucester Road
         Ross-On-Wye Herefordshire
         HR9 5LR
         Tel: 01989 564 040
         Fax: 01594 826 521


ROADS & RUNWAYS: Hires Joint Administrators from Tenon Recovery
---------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Roads & Runways Limited (Company Number
04283485) on April 4.  Its registered office is at 28 Wilton
Road, Bexhill on Sea, East Sussex TN40 1EZ.

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

Roads & Runways Limited offers construction and general
engineering services and can be reached at:

         Unit 1, Wheat Croft Fm
         Old Forward Lane
         Battle, East Sussex
         TN33 9AE
         Tel: 01424-830099   


ROTATION REWINDS: Meeting of Creditors Slated for April 28
----------------------------------------------------------
Creditors of Rotation Rewinds UK Limited (Company Number
04606086) will meet at 11 a.m., on April 28 at:

         UHY Hacker Young
         St James Building
         79 Oxford Street
         Manchester M1 6HT

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on April 27 at:

         Robert Edward Caunce Cook
         Joint Administrator
         UHY Hacker Young
         St James Building
         79 Oxford Street
         Manchester M1 6HT
         Tel: 0161 236 6936
         Fax: 0161 228 0117
         E-mail: e.cook@uhy-uk.com

Rotation Rewinds UK Ltd can be reached at:

         Zone 1, Unit 17, Deeside Industrial Estate
         Walsh Road, Deeside CH5 2LR
         Flintshire
         Tel: 01244 288438
         Fax: 01244 289411


ROYAL & SUNALLIANCE: Moody's Rates Proposed Securities at Ba1
-------------------------------------------------------------
Moody's Investors Service will assign a Ba1 rating, with
positive outlook, to the perpetual guaranteed subordinated
capital securities to be issued by Royal & Sun Alliance Group
Plc as a replacement for the outstanding subordinated guaranteed
US dollar bonds, which are rated Baa3.  

The rating is based on draft documentation and is subject to
receipt of the final terms and conditions.  The positive outlook
on the rating is in line with the positive outlook (assigned in
March 2006) on all of the European group's other long-term
ratings.

Royal & Sun Alliance Group (RSA) announced its intention to
launch an exchange transaction that allows it to replace its
outstanding offering of US dollar- denominated subordinated debt
securities with sterling-denominated Innovative Tier 1 Capital
Securities.  The rationale for the transaction is to increase
the quality and quantity of the Group's regulatory capital by
replacing the Yankee subordinated debt securities, which are
ineligible for regulatory purposes, with an instrument that
qualifies as Innovative Tier 1 capital at the Group level and,
after down-streaming, at the insurance company level.  Moody's
expects the Innovative Tier 1 issue to be sized to match the
amount of the Yankee subordinated debt securities that
participate in the exchange plus an amount of additional new
debt.

In terms of the rating of the new instrument, Moody's notes that
the Ba1 rating reflects the subordinated guarantee from Royal &
Sun Alliance Insurance plc (Baa1 IFSR), ranking equivalent to a
preference share in liquidation, as well as the absence of any
material amount of un-guaranteed senior or subordinated debt at
the ultimate holding company, Royal & Sun Alliance Insurance
Group plc.  In order to comply with evolving regulatory
practice, the subordinated guarantee will rank junior to an
equivalent notional amount of preference shares of Royal & Sun
Alliance Insurance plc.  Moody's will continue to assess the
value of such guarantees as the regulatory environment devolops.

Moody's further commented that the instrument will receive a
Basket 'C' allocation on the rating agency's hybrid debt-to-
equity continuum, meaning that it will be treated as 50% equity
and 50% debt in Moody's adjusted financial leverage calculation.  
This designation is due to the combination of the perpetual
nature of the instrument (callable after a minimum10 years
subject to regulatory approval), its ranking in liquidation, the
fully discretionary option to defer interest and the means of
settlement of any deferred coupons along with Moody's view of
the UK regulatory environment for insurers.

In terms of the impact of the issuance on the Group, Moody's
notes the positive regulatory capital benefits that result from
the exchange transaction.  In addition, the exchange will have a
marginally positive impact on adjusted financial leverage,
whilst being broadly neutral from an interest cover and cash
flow perspective.

These ratings will be assigned, subject to receipt of final
documentation, with a positive outlook:

Royal & Sun Alliance Group Plc

   -- Perpetual Guaranteed Subordinated Capital Securities: Ba1

Royal & Sun Alliance Group, headquartered in London, United
Kingdom, had total assets of GBP24.6 billion as at year-end
2005.


ROYAL & SUNALLIANCE: Offers to Exchange US$500 Million Bonds
------------------------------------------------------------
Royal & SunAlliance Insurance Group PLC is offering to exchange
any or all of its US$500 million 8.95% subordinated guaranteed
bonds for sterling perpetual guaranteed bonds.  

This exchange is in line with R&SA's strategy of improving its
balance sheet and will strengthen further the regulatory capital
position of the Group.

The exchange will replace the Yankee Bonds, which do not qualify
as regulatory capital, with an Innovative Tier 1 regulatory
capital instrument under the FSA's Integrated Prudential
Sourcebook.

Simultaneously, Merrill Lynch International will make an offer
to holders of Yankee Bonds to purchase these bonds for cash and
has agreed with R&SA that it will exchange any Yankee Bonds it
purchases for New Bonds through the exchange offer.

The key dates for the transaction are:

   -- April 20: Launch of the exchange offer and the offer to
      purchase;

   -- May 2: Announcement of the spread on the New Bonds;

   -- May 4: Offer to purchase early participation deadline;

   -- May 5; Pricing and Expiration of the exchange offer; and

   -- May 12: Settlement.

R&SA may issue additional sterling perpetual guaranteed bonds on
the settlement date and any such new proceeds would be used to
support the Group's general insurance activities.

                        About the Company

Based in London, Royal & SunAlliance Insurance Group PLC --
http://www.royalsunalliance.com/-- is a FTSE 100 company,  
listed on the London Stock Exchange and in New York.  The group
consists of three regions -- U.K., Scandinavia and International
-- with operations in 30 countries, providing general insurance
products to over 20 million customers worldwide.

                           *    *    *

As reported in the Troubled Company Reporter-Europe on March 27,
Standard & Poor's Ratings Services lowered its counterparty
credit and insurer financial strength ratings on Royal & Sun
Alliance Insurance Group PLC's U.S. insurance operations (RSA
USA) to 'BB' from 'BB+'.  S&P said the outlook remains negative.  
At the same time, the ratings were withdrawn at the request of
the companies' management.


SHERWOOD PERSONNEL: Names Begbies Traynor to Administer Assets
--------------------------------------------------------------
G. N. Lee and P. Stanley at Begbies Traynor were appointed joint
administrators of Sherwood Personnel International Limited
(Company Number 04829301) on April 4.  

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.  

Sherwood Personnel International Limited operates a labor
recruitment agency.


SIDAWAY LIMITED: Winds Up Operations & Names Joint Liquidators
--------------------------------------------------------------
Sidaway (Heating & Plumbing) Limited is winding up its
operations after members decided to liquidate the company's
assets on March 2.

Andrew Appleyard and Allan Cooper were appointed Joint
Liquidators.

The company can be contacted at:

         Sidaway Heating & Plumbing Limited
         220 Hagley Road
         Halesowen West Midlands
         B63 4QQ
         Tel: 0121 550 3020
         Fax: 0121 550 3060


SIMMONDS N.W.: Brings In Bridgestones to Administer Assets
----------------------------------------------------------
Jonathan Guy Lord and Robert Lochmohr Cooksey at Bridgestones
were appointed joint administrators of Simmonds N.W. Limited
(Company Number 01281965) on April 3.

The joint administrators can be reached at:

         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk

Simmonds N W Ltd have more than 50 years experience in designing
and installing luxury bathrooms of the highest quality.  The
company can be reached at:

         71-75 Featherstall Road
         Littleborough OL15 8DW
         Tel: 01706378535


SOLUTIO EUROPE: Appoints P&A Partnership as Administrator
---------------------------------------------------------
Allan Cooper and Christopher Michael White of The P&A
Partnership were appointed joint administrators of Solutio
Europe Limited (Company Number 05001435) on March 31.  

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.

Solutio Europe Ltd can be reached at:

         2/The Wharf
         Sowerby Bridge HX6 2AG
         Tel: 01422 316055


SPOTLIGHT OUTLET: Financial Woes Prompt Liquidation
---------------------------------------------------
Members of Spotlight Outlet Limited agreed to wind up the
company's operations after proving that the company could no
longer continue its business due to financial liabilities.

They authorized T. Papanicola to liquidate the company's assets.

The company can be reached at:

          Spotlight Outlet Limited
          2A Greenhill Parade
          Great North Road
          New Barnet Barnet Hertfordshire
          EN5 1ES
          Tel: 020 8440 3660
          Fax: 020 8441 7126


TEAM ARISTO: Hires Jackson Gregory & Co as Administrator
--------------------------------------------------------
Peter Anthony Jackson of Jackson Gregory & Co was appointed
administrator of Team Aristo Limited (Company Number 05495268)
on April 3.  Its registered office is at 13 Station Road,
Finchley, London N3 2SB.

The administrator can be reached at:

         Jackson Gregory & Co.
         14 Wood Street
         Bolton BL1 1DZ
         Tel: 01204 397973
         Fax: 01204 387833
         E-mail: mail@jacksongregory.co.uk  

Team Aristo Limited operates recruitment agency.


TTL (2005): Creditors' Meeting Set Today
----------------------------------------
Creditors of TTL (2005) Limited (Company Number 03139483) will
meet at 11 a.m., today, April 24, at:

         The Quality Hotel Walsall
         20 Wolverhampton West
         Bentley, Walsall WS2 0BS

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submit their proofs of claim to:

         Mark Elijah Thomas Bowen
         Joint Administrator
         Moore Stephens Corporate Recovery
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB

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


UNITED OFFICE: Names Portland Business to Administer Assets
-----------------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd were appointed joint administrators of
United Office Products Limited (Company Number 5001432) on
March 27.

The joint administrators can be reached at:

         Portland Business & Financial Solutions Ltd
         1640 Parkway
         Solent Business Park
         Whiteley, Fareham
         Hampshire PO15 7AH
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk

United Office Products Ltd sells office machinery and equipment
and can be reached at:

         United House
         Monument Hill
         Weybridge, Surrey KT13 8RT
         United Kingdom
         Tel: +44 (0) 1932 835097
         Fax: +44 (0) 1932 835502


WOODGRANGE SPEEDPRINT: Names Kikis Kallis as Liquidator
-------------------------------------------------------
Woodgrange Speedprint Limited is liquidating its assets after
members passed a resolution to wind up the company's operations
on March 7.

Kikis Kallis, of Kallis & Co, was appointed Liquidator.

The company can be reached at:

         Woodgrange Speedprint Limited
         7 Stockingswater Lane
         Plaza Business Centre
         Enfield Middlesex
         EN3 7XT
         Tel: 020 8443 3970
         Fax: 020 8443 3972

                           *********

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.

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