TCREUR_Public/060425.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 25, 2006, Vol. 7, No. 81

                            Headlines

A U S T R I A

SAPPI PAPIER: Moody's Cuts Sr. Unsecured Debt Ratings to Ba1


D E N M A R K

NORDIC TELEPHONE: Launches Private Debt Placement


E S T O N I A

GALVEX HOLDINGS: Capital's Ch. 11 Case Excluded from Joint Cases
GALVEX HOLDINGS: Committee Hires DLA Piper as Bankruptcy Counsel


F R A N C E

ALCATEL S.A.: Management Pact to Protect Merger Executives
REMY COINTREAU: Annual Turnover Grows by 6.4% to EUR802 Million


G E R M A N Y

ARNOLD-LICHT: Claims Registration Ends April 27
AUTOHAUS LUEBBECKE: Claims Registration Ends April 26
BAUSTOFFHANDEL KIESSLING: Claims Registration Ends April 26
FAUDI FILTER: Creditors' Meeting Slated for April 26
FAUDI HOLDING: Creditors' Meeting Slated for April 26

HEITKAMP-DEILMANN: Remains Optimistic on Business Recuperation
LANDHAUSBAU GUT: Claims Registration Ends April 28
LOCHNER & VOLLMAR: Creditors' Meeting Slated for April 26
P.A. TWO: Claims Registration Ends April 26
PERI GMBH: S&P Lifts Ratings on EUR75 Mln Proposed Notes at BB+

RAKER GMBH: Claims Registration Ends April 26
RAKER VERWALTUNGS: Claims Registration Ends April 26


G R E E C E

OLYMPIC AIRLINES: Petros Papageorgiou Steps Down as Chairman
TIM HELLAS: S&P Affirms B+ Long-Term Corporate Credit Rating


I T A L Y

IT HOLDING: Malo Appoints Giacomo Santucci as New Chairman


K A Z A K H S T A N

AGADYR MUNAI ONIMDERI: Creditors Must File Claims by May 2
AIVI: Creditors Must File Claims by April 28
HERMES DATACOMMUNICATIONS: Creditors Must File Claims by May 2
IMSTALKON: Creditors Must File Claims by May 2
INNOVATION FUND: Creditors Must File Claims by May 2

KAZAKHSTAN TEMIR: S&P Rates $850 Million Proposed Notes at BB+
MIKOS-LTD: Creditors Must File Claims by April 28
OZENSU: Creditors Must File Claims by May 2
SHETPEKURYLYS: Creditors Must File Claims by May 2
STROIKOMPLEKT BYT 2: Creditors Must File Claims by April 28

TENTEK SOUZ: Creditors Must File Claims by May 2


R U S S I A

BALEZINSKIY WOOD-PROM-KHOZ: Court Begins Bankruptcy Process
BRILLIANT: Appoints A. Reuk Insolvency Manager
CONTACT: Creditors Must Submit Proofs of Claim on May 4
FLAX FACTORY: Deadline for Proofs of Claim Slated for May 4
ROSSOSHANSKIY WINERY: Bankruptcy Supervision Procedure Begins

SEL-KHOZ-KHIMIYA: Bashkortostan Court Begins Bankruptcy Process
STEPAN RAZIN: Deadline for Proofs of Claim Set for May 4
URGALINSKIY WOOD-PROM-KHOZ: Under Bankruptcy Supervision
VIMPEL-COMMS: Intends to Raise New Financing via New Bond Issue
VIMPEL-COMMUNICATION: Moody's Affirms Ba3 Rating on Bond Issue

VIMPEL-COMMUNICATIONS: S&P Rated $500 Mln Proposed Notes at BB
YUTAZINSKIY DAIRY: Proofs of Claim Deadline Slated for May 4


S W E D E N

PREEM HOLDINGS: S&P Withdraws Low-B Ratings at Company Request


U K R A I N E

GUBINIHA' SUGAR: Court Begins Bankruptcy Proceedings
LAN: Kyiv Court Names Andrij Vershinin to Liquidate Assets
METAL MARKET: Dnipropetrovsk Court Begins Bankruptcy Proceedings
MICHURINSKE: Sumi Court Names Interim Insolvency Manager
SOUTH MOUNTAIN: Court Starts Bankruptcy Supervision

TITAN: Court Names Larisa Petuhova Liquidator
TRISSPASS NOVAN: Kyiv Court Starts Bankruptcy Supervision
VARIANT: Court Names Somova Irina Insolvency Manager


U N I T E D   K I N G D O M

ADAM SMALL: Winds Up Business & Hires Joint Liquidators
ALLEN CONSTRUCTION: Creditors Confirm Voluntary Liquidation
ANYAN-LINDIS: Members Resolve to Liquidate Company's Assets
ASH PUBLISHING: Hires Joint Liquidators from Harrisons
AUTOSCREEN NETWORK: Appoints Chantrey Vellacott Administrator

AXIS RE-MARK: Names Joint Administrators from Buchanans
BACUP PLASTICS: Brings In Joint Administrators from PwC
BRITANNIA RECRUITMENT: Financial Woes Prompt Liquidation
BRYAN DONKIN: Members Pass Winding Up Resolution
BTS CONSTRUCTION: Appoints Begbies Traynor Administrator

BURLINGTON PROPERTY: Taps Irwin & Co. to Administer Assets
CAMBRIDGESHIRE INDUSTRIAL: Names Baker Tilly Administrator
CAVENDISH ACCOUNTANCY: Hires Administrators from Milner Boardman
CIRTRON PCB: Members Agree to Voluntary Liquidation
CONCEPTWIPES LIMITED: Names Kroll Limited Administrator

E2 UK: Brings In Joint Administrators from P&A Partnership
ECS DISTRIBUTION: Names Eileen Sale to Liquidate Assets
EDWARD TURNBULL: Names Andrew Rosler to Administer Assets
EURO ALUMINIUM: Hires KPMG LLP as Administrator
F & F NEGOTIATIONS: Hotel Operator Appoints Administrator

FABREX INTERNATIONAL: Taps Elwell Watchorn to Administer Assets
FLORALL LIMITED: Members Decide Voluntary Liquidation
FOOD MATTERS: Names Gerald Edelman Administrator
FREEDOM2 LIMITED: Taps BDO Stoy Hayward Administrator
FREERIDE DISTRIBUTION: Appoints Invocas Group Administrator

GOOD FOOD: Names Marriotts LLP to Administer Assets
HERBERT FITCH: Claims Filing Period Ends June 9
I.H.S (AIR QUALITY): Names DTE Leonard Curtis Administrator
JETCREST LIMITED: Brings In Administrators from Vantis
MIDNIGHT TRANSFER: Hires B & C Administrator

MISYS PLC: Repurchases 500,000 Shares From JPMorgan Cazenove
OVENDEN COLBERT: Names Joint Administrators from Grant Thornton
PREMCO LIMITED: Hires Kroll Ltd to Administer Assets
RELTON LAW: Taps Kirankumar Mistry as Administrator
SCHMIDLIN (UK): Taps UHY Hacker Young to Administer Assets

ST MARTIN'S: Calls in Joint Administrators from Begbies Traynor
TMS SPARES: Hires P&A Partnership to Administer Assets
TYNE VALLEY: Appoints Geoffrey Martin & Co. Administrator
UNITED INDUSTRIES: Taps PwC to Administer Assets
W & W FOODS: Appoints Carter Backer Winter Administrator

WESSEX WASTE: Hires Portland Business Administrator

* Large Companies with Insolvent Balance Sheets

                            *********

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


SAPPI PAPIER: Moody's Cuts Sr. Unsecured Debt Ratings to Ba1
------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
backed senior unsecured debt ratings of Sappi Papier Holding
GmbH, benefiting from a guarantee from its parent company, Sappi
Ltd. (unrated).  The rating outlook on both ratings is stable.

Moody's said that the downgrade of Sappi Papier Holding's backed
senior unsecured rating to Ba1 considered:

   -- Sappi's weak profitability (indicated by significant
      adjusted EBITDA margin reduction from above 16% in 2004 to
      just below 10% in 2005) and ongoing high leverage
      (Retained Cash Flow/ Net Debt of 14.5% at FYE 2005),
      reflecting mainly an ongoing very weak operating
      performance of its North American activities as well as
      some weakness of its European operations;

   -- the considerable swings in operating performance and the
      significant efficiency improvements required to regain
      greater financial flexibility, as indicated by the low
      asset efficiency (EBITA/Average Assets at 0.42% in 2005);
      and

   -- the challenge that the new management will face to restore
      profitability of its operations to historical levels and
      in line with European and North American peers.

The stable outlook reflects Sappi's strong historical position
in the high-quality publication paper market, the good asset
quality of its European and North American paper machines which
are in line with other leading industry players, as well as the
expectation of some price increases on the back of both capacity
adjustments and a pick-up in advertising expenditure in print
media.  The stable outlook also incorporates our expectation
that management will address the challenges that Sappi faces,
resulting in visible improvements to the current weak financial
metrics towards the end of 2006.

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

Sappi Ltd. is domiciled in Johannesburg, South Africa, and is a
leading global producer of coated fine paper and dissolving pulp
with consolidated group sales at FYE 2005 of US$5 billion.
Sappi Papier Holding GmbH is the holding company for Sappi's
international paper operations outside of South Africa and
accounts for approximately three quarters of sales and net
operating assets of the group.


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


NORDIC TELEPHONE: Launches Private Debt Placement
-------------------------------------------------
Nordic Telephone Company Holding ApS, which through its direct
subsidiary Nordic Telephone Company ApS owns and controls 88.2%
of the share capital of TDC A/S, commenced a private offering of
notes on April 19, with NTCH as the sole obligor.

In connection with the offering, NTCH will publish a preliminary
offering memorandum.

Further, TDC makes the following disclosure of certain financial
performance estimates for the first quarter of 2006:

Based on currently available information, TDC estimates its
revenue for the first quarter of 2006 to be higher than for the
first quarter of 2005 before adjustment for acquisitions and
divestments of enterprises.  Similarly, the revenue after
adjustment for acquisitions and divestments is estimated to be
higher, however, to a lesser extent.

Further, TDC estimates its EBITDA before special items for the
first quarter of 2006 to be higher than for the first quarter of
2005 before adjustment for acquisitions and divestments of
enterprises.  Similarly the EBITDA after adjustment for
acquisitions and divestments is estimated to be higher, however,
to a lesser extent.

TDC estimates that, as expected, revenue and EBITDA before
special items declined for the TDC Switzerland segment in the
first quarter compared to the first quarter of 2005, despite the
growth on a group basis.

All the above-mentioned estimates are based on financial
information that is not final and changes may be made in
connection with the final compilation and verification.

As previously announced in TDC's financial calendar TDC will
issue its earnings release for the first quarter of 2006 on
May 4, 2006.

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 DKK46.588
billion (EUR6.245 billion) and EBITDA before special items of
DKK13.003 billion (EUR1.743 billion).

                        *     *     *

As reported in TCR-Europe on April 21, Moody's Investors Service
assigned a (P)B2 rating to the proposed issuance of EUR2.031
billion in senior notes and floating rate notes (split between
the two tranche to be determined) by Nordic Telephone Company
Holding ApS, the 88.2% majority owner of the Danish diversified
telecommunications operator TDC A/S.  Moody's said the outlook
on the rating is stable.  Fitch rated the upcoming issue at an
expected B+ rating.

At the same time, NTCH carries Standard & Poor's BB- long-term
corporate credit rating with a stable outlook.


=============
E S T O N I A
=============


GALVEX HOLDINGS: Capital's Ch. 11 Case Excluded from Joint Cases
----------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York removed Galvex Capital LLC's
chapter 11 case from the joint administration of Galvex Holdings
Ltd. and its debtor-affiliates chapter 11 cases.

Galvex Holdings told the Court that Capital's chapter 11 case
shouldn't be jointly administered with the other cases citing:

    1) Capital has its own bankruptcy counsel;

    2) the Final Financing Order does not include postpetition
       financing for Capital;

    3) the Debtors proposed sale of substantially all of their
       assets does not include stocks of Capital or involve
       Capital in any way; and

    4) Capital, although technically an affiliate, has no common
       operational relationship of common interests with the
       other Debtors.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Case No. 06-10082).  David Neier, Esq., at
Winston & Strawn LLP, represents the Debtors in their
restructuring efforts.  Galvex Capital, LLC, is represents by
Gerard DiConza, Esq., at DiConza Law, P.C.  Thomas R. Califano,
Esq., at DLA Piper Rudnick Gray Cary US LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than $100 million.


GALVEX HOLDINGS: Committee Hires DLA Piper as Bankruptcy Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Galvex Holdings Limited and its debtor-affiliates' chapter 11
cases sought and obtained authority from the U.S. Bankruptcy
Court for the Southern District of New York to employ DLA Piper
Rudnick Gray Cary US LLP as its bankruptcy counsel.

As reported in the Troubled Company Reporter on Mar. 27, 2006,
DLA Piper is expected to:

    (a) advise the Committee with respect to its rights, duties
        and powers in the Debtors' chapter 11 cases;

    (b) assist and advise the Committee in its consultations
        with the Debtors relative to the administration of the
        chapter 11 cases;

    (c) assist the Committee in its review and analysis of any
        and all offers to purchase the Debtors' assets and asset
        purchase agreements;

    (d) assist the Committee in examining and analyzing the
        propriety of inter-Debtor agreements;

    (e) assist and advise the Committee as to whether dismissal
        of the Debtors' cases is appropriate and in the best
        interest of creditors;

    (f) assist the Committee in analyzing the claims of the
        Debtors' creditors and the Debtors' capital structure
        and in negotiating with holders of claims and equity
        interests;

    (g) assist the Committee in its investigation of the acts,
        conduct, assets, liabilities and financial condition of
        the Debtors and of the operation of the Debtors'
        businesses;

    (h) assist the Committee in its analysis of, and
        negotiations with, the Debtors or any third party
        concerning matters related to, among other things, the
        assumption or rejection of certain leases of non-
        residential real property and executory contracts, asset
        dispositions, financing of other transactions and the
        terms of one or more plans of reorganization for the
        Debtors and accompanying disclosure statements and
        related plan documents;

    (i) assist and advise the Committee as to its communications
        to the general creditor body regarding significant
        matters in these chapter 11 cases;

    (j) represent the Committee at all hearings and other
        proceedings;

    (k) review and analyze applications, orders, statements of
        operations and schedules filed with the Court and advise
        the Committee as to their propriety, and to the extent
        deemed appropriate by the Committee support, join or
        object thereto;

    (l) advise and assist the Committee with respect to any
        legislative, regulatory or governmental activities;

    (m) assist the Committee in preparing pleadings and
        applications as may be necessary in furtherance of the
        Committee's interests and objectives;

    (n) prepare, on behalf of the Committee, any pleadings,
        including without limitation, motions, memoranda,
        complaints, adversary complaints, objections or comments
        in connection with any of the foregoing;

    (o) investigate and analyze any claims against the Debtor's
        secured lenders;

    (p) advise and assist the Committee in its review and
        analysis of the Debtors' corporate governance; and

    (q) perform such other legal services as may be required or
        are otherwise deemed to be in the interests of the
        Committee in accordance with the Committee's powers and
        duties as set forth in the Bankruptcy Code,
        Bankruptcy Rules or other applicable law.

Thomas R. Califano, Esq., a partner at DLA Piper, tells the
Court that the Firm's professionals bill:

         Professional                    Hourly Rate
         ------------                    -----------
         Partners                        $610 - $650
         Special Counsel and Counsel         $550
         Associates                      $275 - $485
         Paraprofessionals                   $225

Mr. Califano assures the Court that the Firm is "disinterested"
as that term is defined in Section 101(14) of the Bankruptcy
Court.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Case No. 06-10082).  David Neier, Esq., at
Winston & Strawn LLP, represents the Debtors in their
restructuring efforts.  Galvex Capital, LLC, is represented by
Gerard DiConza, Esq., at DiConza Law, P.C.  Thomas R. Califano,
Esq., at DLA Piper Rudnick Gray Cary US LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than $100 million.


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


ALCATEL S.A.: Management Pact to Protect Merger Executives
----------------------------------------------------------
Alcatel SA and Lucent Technologies Inc. reached a management
agreement to shield Lucent chief executive Patricia Russo and
Alcatel's CEO Serge Tchuruk, following the companies' merger.
Ms. Russo will take over as the combined companies' CEO, while
Mr. Tchuruk will remain as a non-executive chairman.

According to the provision, two-thirds or nine out of the 14
members of the combined Franco-U.S. board must come up with a
no-confidence vote to oust either Ms. Russo or Mr. Tchuruk if
conflicts on strategies arise.  The deal is only limited to the
two executives.

The new board will comprise of six Alcatel directors, six Lucent
directors, and two independent European directors.

As reported in TCR-Europe on April 12, Ms. Russo plans to
eliminate 10% of the companies' 88,000 combined workforce.  The
job cuts will mark efforts to raise up to EUR1.4 billion in cost
savings in the next three years.

Alcatel and Lucent disclosed a merger agreement on April 2, to
create the first truly global communications solutions provider
with the broadest wireless, wireline and services portfolio in
the industry.

The combined company, to be named at a later date, will have an
aggregate market capitalization of approximately EUR30 billion
(US$36 billion), based upon the closing prices on March 31.
Based on calendar 2005 sales, the combined company will have
revenues of approximately EUR21 billion (US$25 billion), divided
almost evenly among North America, Europe and the rest of the
world.

                          About Lucent

Headquartered in Murray Hill, New Jersey, Lucent Technologies --
http://www.lucent.com/-- designs and delivers the systems,
services and software that drive next-generation communications
networks.  Backed by Bell Labs research and development, Lucent
uses its strengths in mobility, optical, software, data and
voice networking technologies, as well as services, to create
new revenue-generating opportunities for its customers, while
enabling them to quickly deploy and better manage their
networks.  Lucent's customer base includes communications
service providers, governments and enterprises worldwide.

                          About Alcatel

Headquartered in Paris, France, Alcatel --
http://www.alcatel.com/-- provides communications solutions to
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on April 5,
Moody's Investors Service has placed the Ba1 long-term debt
ratings of Alcatel SA on review for possible downgrade following
its definitive agreement to merge with Lucent Technologies
(rated B1).  The ratings placed on review include Alcatel's
senior, unsecured Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.0 billion revolving credit facility and its
corporate family rating, all at Ba1 currently.  Alcatel's rating
for short-term debt was affirmed at Not-Prime.


REMY COINTREAU: Annual Turnover Grows by 6.4% to EUR802 Million
---------------------------------------------------------------
In the 12 months ended March 31, 2006, Remy Cointreau reported a
6.4% growth in turnover for the year to EUR802 million,
excluding operations sold at March 31, 2006 (EUR887 million in
total).  The liquor company reported organic growth at 4.2%.

The growth reflected the commercial dynamism of the Group's key
brands in its major international markets, and the relevance of
its refocused strategy.

Sales of the operations sold included Bols Vodka (in Poland and
Russia, sold in August 2005) and the portfolio of Bols'
international, Dutch and Italian brands, whose effective
disposal was completed on April 11.

(EUR millions) 12 months to   12 months to     %Change  %Change
IFRS           March 31, 2006 March 31, 2005 Published Organic*
-------------  -------------- -------------- ---------  -------
Cognac              327.8        317.7         + 3.2      + 0.5
Liqueurs & Spirits  216.5        210.1         + 3.1      + 1.3
Champagne           122,5        116,4         + 5.2      + 4.6
Partner Brands      135,1        109,5        + 23.4     + 20.4
Sub total           801.9        753.7         + 6.4      + 4.2
Operations sold**    85.3        141.6         -          -
                    -----        -----         -----      -----
Total               887.2        895.3             -          -

    * on a like-for-like basis
   ** disposal of Polish and Dutch operations

Cognac

The moderate growth reflected the programmed decline in ranges
with lower added value, particularly in the US where higher
qualities performed very well, and a temporary slowdown of sales
in Asia.  The fourth quarter of 2005 showed a 9.1% increase and
this created a high comparative base for the fourth quarter of
this financial year.

Liqueurs & Spirits

The overall increase in turnover was sustained by the excellent
performance of Cointreau in the United States, particularly
during the second half of the year.  The growth of Metaxa in
Eastern Europe offset a more difficult year in Greece in a
globally depressed market.  The other European markets remained
sluggish.

Champagne

The acceleration in turnover recorded, in the fourth quarter, a
+12,7% increase in value against a high comparable base (up 22%
in 2005).  This confirms the solid performance of Piper-
Heidsieck for the financial year, both internationally as well
as in France.

Partner Brands

The remarkable double-digit growth for the year was sustained by
the dynamism of the Scotch whiskies (The Famous Grouse and The
Macallan) as well as Californian wines in the US.

These annual turnover results are in line with Remy Cointreau's
development programme for its key international brands, in world
markets with strong potential.  The Group confirms its objective
of double-digit growth in current operating profit for the
2005/06 financial year.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                        *     *     *

Remy Cointreau's senior unsecured debt carries a Ba2 rating from
Moody's Investors Service since 2003.  Standard & Poor's rated
the Company's issuer credit at BB- in 2004.


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


ARNOLD-LICHT: Claims Registration Ends April 27
-----------------------------------------------
Creditors of Arnold-Licht-GmbH have until April 27, to register
their claims with court-appointed provisional administrator
Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 18, 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 101 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 Arnold-Licht-GmbH on March 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Arnold-Licht-GmbH
         Attn: Matthias and Uwe Arnold-Hallbauer, Managers
         Gelsenkirchener Strasse 5
         46325 Borken, Germany

The administrator can be contacted at:

         Heinrich Stellmach
         Salierstrasse 4
         46395 Bocholt, Germany


AUTOHAUS LUEBBECKE: Claims Registration Ends April 26
-----------------------------------------------------
Creditors of Autohaus Luebbecke GmbH & Co. KG have until
April 26, to register their claims with court-appointed
provisional administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Bielefeld
         Saal 4065
         4. Ebene
         Gerichtstrasse 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Autohaus Luebbecke GmbH & Co. KG on March 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Luebbecke GmbH & Co. KG
         Attn: Hans Knauf, Manager
         Niedernstorstr. 32
         32312 Luebbecke, Germany

The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke, Germany


BAUSTOFFHANDEL KIESSLING: Claims Registration Ends April 26
-----------------------------------------------------------
Creditors of Baustoffhandel Kiessling GmbH have until April 26,
to register their claims with court-appointed provisional
administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 18, 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 Duisburg
         C315
         III. Etage
         Nebenstelle
         Kardinal-Galen-Strasse 124-130
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Baustoffhandel Kiessling GmbH on March 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Baustoffhandel Kiessling GmbH
         Attn: Helga Kiessling, Manager
         Sanddornstr. 63
         47269 Duisburg, Germany

The administrator can be contacted at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld, Germany


FAUDI FILTER: Creditors' Meeting Slated for April 26
----------------------------------------------------
Court-appointed provisional administrator for FAUDI Filter
Systems GmbH, Ralf Diehl, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m., on April 26.

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

         The District Court of Marburg/Lahn
         Saal 157
         Gerichtsgebaude
         Universitatsstrasse 48
         35037 Marburg/Lahn, Germany

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on June 7, at the same
venue.

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

The District Court of Marburg/Lahn opened bankruptcy proceedings
against FAUDI Filter Systems GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         FAUDI Filter Systems GmbH
         Attn: Reinhold Biecker, Manager
         Scharnhorststrasse 7
         35260 Stadtallendorf, Germany

The administrator can be reached at:

         Ralf Diehl
         Marktlaubenstrasse 9
         35390 Giessen, Germany
         Tel: 0641/932430
         Fax: 0641/9324350


FAUDI HOLDING: Creditors' Meeting Slated for April 26
-----------------------------------------------------
Court-appointed provisional administrator for FAUDI Holding
GmbH, Manfred Kuhne, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m., on April 26.

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

         The District Court of Marburg/Lahn
         Saal 157
         Gerichtsgebaude
         Universitatsstrasse 48
         35037 Marburg/Lahn, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m., on June 14, at the same
venue.

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

The District Court of Marburg/Lahn opened bankruptcy proceedings
against FAUDI Holding GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         FAUDI Holding GmbH
         Attn: Reinhold Biecker, Manager
         Scharnhorststrasse 7
         35260 Stadtallendorf, Germany

The administrator can be reached at:

         Manfred Kuhne
         Fach 31
         Schwanallee 18-20
         35037, Germany
         Tel: 06421/407960
         Fax: 06421/15858


HEITKAMP-DEILMANN: Remains Optimistic on Business Recuperation
--------------------------------------------------------------
Heitkamp-Deilmann-Haniel believes it is progressing towards
business recovery and only needs a few more obstacles to achieve
it, Michael Gassmann writes for the Financial Times Deutschland.

According to the report, the Company needs to strike a deal with
pension security fund Pensions Sicherungs Verein to get a
respite from costs brought by its mining division.  Heitkamp-
Deilmann admitted the possibility of the coal-mining unit's
partial insolvency but is optimistic that any fallout would not
spread to its core construction division.

The Company's recovery plan entails selling its Canada-based
Redpath mining unit and pulling out from its loss-making
activities.  The pullout would cut the group's construction
output from EUR850 million to EUR500 million and result in 800
job losses.  The Company said the planned sale remains on track.

Headquartered in Herne, Germany, Heitkamp-Deilmann-Haniel GmbH -
-- http://www.heitkamp.de/-- is a merger between
Bauunternehmung E. Heitkamp GmbH, Herne and Deilmann-Haniel
GmbH.  The Group focuses on the mining and civil construction
industries and is active in engineering and services for the
mining industry.


LANDHAUSBAU GUT: Claims Registration Ends April 28
--------------------------------------------------
Creditors of Landhausbau Gut Marggraffsdorf Generaluebernehmer
GmbH have until April 28, to register their claims with court-
appointed provisional administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on May 31, 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 Potsdam
         Saal 301
         Nebenstelle Lindenstrasse 6
         14467 Potsdam, 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 Landhausbau Gut Marggraffsdorf Generaluebernehmer GmbH
on March 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Landhausbau Gut Marggraffsdorf Generaluebernehmer GmbH
         Attn: Susanne Wagner, Manager
         Marggraffshof 2
         14532 Stahnsdorf OT Sputendorf, Germany

The administrator can be contacted at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin, Germany


LOCHNER & VOLLMAR: Creditors' Meeting Slated for April 26
---------------------------------------------------------
Court-appointed provisional administrator for Lochner & Vollmar
GmbH, Dominica Heim, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at 9:05
a.m., on April 26.

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

         The District Court of Saarbruecken
         Saal 24
         2. Etage
         Aussenstelle Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m., on June 8, at the same
venue.

Creditors have until May 17, to register their claims with the
court-appointed provisional administrator.

The District Court of Saarbruecken opened bankruptcy proceedings
against Lochner & Vollmar GmbH on March 8.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Lochner & Vollmar GmbH
         Attn: Werner Lochner, Manager
         Galgenbergstrasse 15
         66557 Illingen, Germany
         Harald Vollmar, Manager
         Schmiede 37
         66539 Neunkirchen, Germany

The administrator can be reached at:

         Dominica Heim
         Lilienthalstrasse 9
         66740 Saarlouis, Germany
         Tel: (06831) 173 241
         Fax: (06831) 173 220


P.A. TWO: Claims Registration Ends April 26
-------------------------------------------
Creditors of P.A. Two Company Limited have until April 26, to
register their claims with court-appointed provisional
administrator Jens Lieser.

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

The meeting of creditors will be held at:

         The District Court of Mayen
         Saal 17
         St. Veit-Strasse 38
         56727 Mayen, 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 Mayen opened bankruptcy proceedings
against P.A. Two Company Limited on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         P.A. Two Company Limited
         Polcher Str. 144-146
         56727 Mayen, Germany
         Attn: Marion and Heinz Rach, Managers
         Schwalbenweg 1
         54558 Gillenfeld, Germany

The administrator can be contacted at:

         Jens Lieser
         Josef-Gorres-Platz 5
         56068 Koblenz, Germany
         Tel: 0261/304790
         Fax: 0261/9114729


PERI GMBH: S&P Lifts Ratings on EUR75 Mln Proposed Notes at BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the
senior unsecured debt issued by Peri GmbH to 'BB+' from 'BB'.
At the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to proposed notes of approximately EUR75
million to be issued by Peri GmbH.  In addition, the 'BB+' long-
term corporate credit ratings on Peri-Werk Artur Schwörer GmbH &
Co. KG, the holding company, and its operating company Peri GmbH
were affirmed.  The outlook is positive.

Both the existing senior unsecured notes and the proposed senior
unsecured notes issued at the Peri GmbH level and are guaranteed
by PERI and ACS Immobilien GmbH & Co. KG, a group subsidiary.

"The rating on Peri GmbH's senior unsecured notes was raised as
a result of their improved asset coverage within the company's
capital structure," said Standard & Poor's credit analyst
Izabela Listowska.  "This is due to the reduction in the
company's priority liabilities, including the existing secured
debt, financial liabilities, and other liabilities such as trade
liabilities borne by foreign operating entities, and the growth
of its asset base."

The proceeds from PERI's proposed senior unsecured notes will be
used for investments in rental stock and other fixed assets, as
well as to repay existing debt.

The ratings reflect PERI's:

   -- exposure to markets that are cyclical, competitive, and
      fragmented;

   -- limited diversification by product and end-markets; and

   -- moderately aggressive financial profile.

These negative factors are mitigated, however, by PERI's leading
position in the market for concrete formwork systems, its strong
product portfolio and business know-how, a combination of rental
and sales income, and its strong geographical and customer
diversification.

"The positive outlook reflects the possibility that the ratings
could be raised by one notch over the medium term if the group
continues its revenue growth and consistent profitability, if
free cash flow generation starts to outpace discretionary
capital spending, and if excess cash flows are dedicated to
permanent strengthening of the financial profile," said Ms.
Listowska.  To secure an upgrade, fully adjusted FFO to total
debt should be maintained at more than 30% and fully adjusted
total debt to EBITDA should be less than 2.5x.  Conversely, the
outlook could be revised to stable if discretionary spending
were to materially exceed expectations.  The ratings could come
under pressure if business conditions deteriorated unexpectedly,
leading to a weakening in credit measures.


RAKER GMBH: Claims Registration Ends April 26
---------------------------------------------
Creditors of Raker GmbH & Co. KG have until April 26, to
register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Bielefeld
         Saal 4065
         4. Ebene
         Gerichtstrasse 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Raker GmbH & Co. KG on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Raker GmbH & Co. KG
         Weidenweg 4
         32369 Rahden, Germany

The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke, Germany


RAKER VERWALTUNGS: Claims Registration Ends April 26
----------------------------------------------------
Creditors of Raker Verwaltungs GmbH have until April 26, to
register their claims with court-appointed provisional
administrator Stefan Meyer.

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 Bielefeld
         Saal 4065
         4. Ebene
         Gerichtstrasse 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Raker Verwaltungs GmbH on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Raker Verwaltungs GmbH
         Weidenweg 4
         32369 Rahden, Germany
         Attn: Raimond Penders, Manager
         Spielplatz 10
         32657 Lemgo, Germany

The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke, Germany


===========
G R E E C E
===========


OLYMPIC AIRLINES: Petros Papageorgiou Steps Down as Chairman
------------------------------------------------------------
Petros Papageorgiou resigned as chairman of Olympic Airlines on
April 20, Reuters reports.

According to the report, Mr. Papageorgiou's resignation may be
due to repeated clashes with the government over Olympic's
prospects.

Reuters cited sources as saying that the chairman is also in
conflict with his colleagues at Olympic, including his
counterpart at the carrier's sister company Olympic Airways
Services as well as its unions.

George Hadjis, head of the flight attendant's union, told
Reuters, "Papageorgiou didn't offer anything new in his two year
tenure," adding that the chairman's "departure is no loss for
the company."

Greece named Mr. Papageorgiou as Olympic's chairman in March
2004.  Board member Elias Karatzalis will take the helm as
Olympic's new chairman following Mr. Papageorgiou's resignation,
the Transport Ministry said.

The government intends to replace Olympic Airlines with Pantheon
Airways, which will be about one-third the size of the carrier.
Greece will remain Pantheon's main shareholder but has tasked
Deputy Finance Minister Petros Doukas to look for possible
investors for the carrier.  Mr. Doukas reportedly has secured
around EUR100 million in financing for the new carrier.

The European Court has issued two rulings ordering Greece to
recover a total of EUR701 million in illegal state aid.  The
European Commission has threatened to imposed stiff fines
against Greece should the latter fail to recover the amount from
Olympic Airlines within two months.

Analysts said the management change would hardly affect
Olympic's rescue efforts.

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties.  The group's net loss widened to EUR87 million in 2004
from EUR23 million a year before.  Together with the 2004
deficit, Olympic's EUR110 million in accumulated losses are
nearly equivalent to its EUR130 million in equity.


TIM HELLAS: S&P Affirms B+ Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Greek mobile telecommunications
operator Tim Hellas Telecommunications S.A. and related
entities.

At the same time, Standard & Poor's affirmed all debt ratings
outstanding on related entities Hellas Telecommunications
(Luxembourg) V (Hellas V) and Hellas Telecommunications
(Luxembourg) III (Hellas III).

All the ratings were removed from CreditWatch, where they had
been placed with negative implications on April 5.  The outlook
is negative.

Furthermore, the EUR500 million pay-in-kind (PIK) floating rate
notes due 2014, issued by Hellas Telecommunications Finance
SARL, a fully-owned financial subsidiary of the group's top
holding company Hellas Telecommunications I SARL (Hellas I),
were rated 'B-', two notches below the corporate credit rating
on Hellas I.  The notching mainly reflects the notes' high level
of subordination relative to the rest of the group's debt, in
line with Standard & Poor's criteria for rating hybrid debt.

The affirmation, CreditWatch resolution, and negative outlook
reflect our view that Tim Hellas' unexpected early repayment of
the group's EUR380 million shareholder loans (including accrued
interest) and EUR120 million PIK notes, and their replacement by
the EUR500 million PIK notes, highlights a more aggressive
financial policy than previously anticipated.

"The early repayments and resulting higher leverage may no
longer be commensurate with a 'B+' rating at year-end 2006, if
the improvement in the company's operating performance is not
strong enough," said Standard & Poor's credit analyst Melvyn
Cooke.

The group's more aggressive financial policy may limit potential
deleveraging and prevent it achieving significantly less than 6x
non-lease-adjusted debt to EBITDA in the medium term. To
maintain the ratings the group would need to have lease-adjusted
gross debt to EBITDA of less than 6x at year-end 2006.

Tim Hellas will also need to ensure strong generation of
synergies and smooth integration following the Q Telecom
acquisition.

The outlook could be revised to stable if the group achieves the
necessary EBITDA growth to achieve lease-adjusted credit
measures in line with a 'B+' rating at year-end 2006, and if Tim
Hellas progressively improves its capital structure over the
next few years.  The group would also need to ensure the
improvement of its credit ratios on a net-debt basis, by
protecting its accumulated cash balances against the long-term
bullet debt maturities.

"The group could be downgraded if it fails to deliver on EBITDA
growth and lease-adjusted credit metrics in 2006," added Mr.
Cooke.  "Indications that the group will not improve its capital
structure over the next few years would also result in downward
rating pressure."


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


IT HOLDING: Malo Appoints Giacomo Santucci as New Chairman
----------------------------------------------------------
IT Holding's Malo S.p.A. named Giacomo Santucci as its new
chairman.

Currently the partner with responsibility for the luxury goods
sector in Value Partners, Mr. Santucci, 49, joins the IT Holding
Group following a career with some of the most prestigious
brands in the sector.

He previously served as chairman and managing director of Gucci
from 2001 to 2004, and general manager in Prada, from 1994 to
2000.

His appointment confirms the Group's strategy to develop and
enhance the value of Malo, the worldwide leader in the
production of high-quality cashmere garments.

Headquartered in Italy, IT Holding S.p.A. --
http://www.itholding.it/ -- is one of the leading players in
the luxury goods sector, and controls a group of companies that
design, produce and distribute high-quality products under owned
brands - Ferre, Malo, Exte - as well as under license agreements
-D&G, Versus, Versace Jeans Couture, Just Cavalli, C'N'C Costume
National.  Worldwide distributing network includes 29 directly
operated stores, 111 other mono-brand stores and over 4,000
highly-selected department and specialty stores.  IT Holding has
over 1,700 employees. It went public on November 1997 and its
shares are traded on Milan Stock Exchange.

                        *     *     *

Earlier, Standard & Poor's Ratings Services said its B- long-
term corporate credit rating on Italian fashion company IT
Holding S.p.A. remains on CreditWatch with negative
implications, where it was placed on July 28, 2005.

At the same time, Standard & Poor's lowered its rating on the
senior secured debt issued by IT Holding Finance S.A. and
guaranteed by ITH to CCC+ from B-, reflecting an increase in
prior-ranking debt in ITH's capital structure.  The rating also
remains on CreditWatch with negative implications, where it was
placed on July 28, 2005.


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


AGADYR MUNAI ONIMDERI: Creditors Must File Claims by May 2
----------------------------------------------------------
According to the article 49 of the civil code of the Republic of
Kazakhstan the Specialized Inter-Regional Economic Court of
Karaganda Region placed JSC Agadyr Munai Onimderi.

Creditors have until May 2, to submit written proofs of claim
to:

         Jambyl Str. 9
         Karaganda, Kazahkstan


AIVI: Creditors Must File Claims by April 28
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Aivi insolvent on Sept. 9, 2005.
The case is docketed as 2e 1772/05.

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

         G. Ilyaeva Str. 24
         Shymkent, Kazakhstan
         Tel: 8 (3252) 52-53-42


HERMES DATACOMMUNICATIONS: Creditors Must File Claims by May 2
--------------------------------------------------------------
Hermes Datacommunications International Limited Kazakhstan has
declared insolvency.

Creditors have until May 2, to submit written proofs of claim
to:

         Jeltoksan Str. 146, 2nd floor
         L. Chaikinoi Str. 4, Kazakhstan


IMSTALKON: Creditors Must File Claims by May 2
----------------------------------------------
JSC Imstalkon has declared insolvency.  Creditors have until
May 2, to submit written proofs of claim to:

         Rozybakieva Str. 182
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-10-82


INNOVATION FUND: Creditors Must File Claims by May 2
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has placed JSC Innovation Fund Development under
liquidation.

Creditors have until May 2, to submit written proofs of claim
to:

         Jambyl Str. 9
         Karaganda, Kazahkstan


KAZAKHSTAN TEMIR: S&P Rates $850 Million Proposed Notes at BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
senior unsecured debt rating to the proposed notes issue by
Kazakhstan Temir Zholy Finance B.V., a finance company jointly
owned by Kazakhstan-based national railroad monopoly Kazakhstan
Temir Zholy (KTZ; BB+/Stable/--; Kazakh national scale kzAA-)
and its 100% subsidiary Kazzheldortrans.  The size (up to US$850
million) and maturity of the notes issue will be determined at
placement.

The rating on the notes is the same as the corporate credit
rating on KTZ, reflecting that the notes will be irrevocably,
unconditionally, jointly, and severally guaranteed by KTZ and
its two major operating subsidiaries, KZDT and JSC Locomotiv
(Locomotiv), and will rank equal to the group's other senior
unsecured obligations.  KZDT and Locomotiv are two major
subsidiaries of KTZ that operate the freight wagons and
locomotive fleets, respectively, of the group.

The covenant package of the notes includes a negative pledge, in
addition to restrictions on mergers and consolidation, the
disposal of assets by the issuer and each guarantor, and changes
in the business of the group.  The transaction is not expected
to include financial covenants.  The noteholders are also
entitled to claim early redemption if there is a change of
control over the companies by the government of Kazakhstan; if
there are court judgments for the payment of money over $25
million (among other events of default); or if government
intervention results in the condemning, seizing, or
appropriation of a substantial portion of revenues or assets of
the group.

The ratings on KTZ continue to reflect the group's aggressive
financial profile, which factors in the need for significant
medium-term borrowing to invest in rail infrastructure and
rolling stock.  An evolving, opaque, and politicized regulatory
regime and competition from oil pipelines present additional
credit risks.  These risks are mitigated by KTZ's strong
competitive position in the national transport sector; the
continued vertical integration of monopoly rail infrastructure
and freight transport operations; good medium-term prospects for
rail traffic growth (with the exception of crude oil transport);
and KTZ's strategic importance to, and support from, the
Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local
currency BBB/Stable/A-3).


MIKOS-LTD: Creditors Must File Claims by April 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Mikos-LTD insolvent on Dec. 26,
2005.  The case is docketed as 2e 2083/05.

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

         G. Ilyaeva Str. 24
         Shymkent, Kazakhstan
         Tel: 8 (3252) 52-53-42


OZENSU: Creditors Must File Claims by May 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Ozensu insolvent on Feb. 6.  Bankruptcy
proceedings were introduced at the company.

Creditors have until May 2, to submit written proofs of claim
to:

         Kubanova Str. 7
         Micro District Shanyrak
         Janaozen, Kazakshtan
         Tel: 8 (234) 3-32-96
              8 300 522 81-61


SHETPEKURYLYS: Creditors Must File Claims by May 2
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Shetpekurylys insolvent on Jan. 26.
Bankruptcy proceedings were introduced at the company.

Creditors have until May 2, to submit written proofs of claim
to:

         Micro District 6, 26-55
         Aktau, Kazakhstan
         Tel/Fax: 8 (3292) 53-40-20


STROIKOMPLEKT BYT 2: Creditors Must File Claims by April 28
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Stroikomplekt Byt 2 insolvent on
Dec. 12, 2005.  The case is docketed as 2e 1297/05.

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

         G. Ilyaeva Str. 24
         Shymkent, Kazakhstan
         Tel: 8 (3252) 52-53-42


TENTEK SOUZ: Creditors Must File Claims by May 2
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Oil Company Tentek Souz insolvent.

Creditors have until May 2, to submit written proofs of claim
to:

         Jambyl Str. 9
         Karaganda, Kazahkstan


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


BALEZINSKIY WOOD-PROM-KHOZ: Court Begins Bankruptcy Process
-----------------------------------------------------------
The Arbitration Court of Udmurtiya Republic commenced bankruptcy
proceedings against Balezinskiy Wood-Prom-Khoz (TIN 1802000871)
after finding the open joint stock company insolvent.  The case
is docketed as A71-95/2005-G2.

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

         Votkinsk, 1st Maya Str. 15-32
         427433, Udmurtiya Republic, Russia

The Debtor can be reached at:

         Balezinskiy Wood-Prom-Khoz
         Balezino, Shkolnaya Str. 1
         427551, Udmurtiya Republic, Russia


BRILLIANT: Appoints A. Reuk Insolvency Manager
----------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. A. Reuk
insolvency manager of Brilliant.  Mr. Reuk can be reached at:

         A. Reuk
         3rd Floor, Moskovskaya Str. 68
         344007, Rostov-na-Donu, Russia

The Court has commenced bankruptcy supervision procedure on the
limited liability company with the case docketed as A53-6067/05-
S2-33.

The Debtor can be reached at:

         Brilliant
         Sobornyj Per. 22
         344007, Rostov-na-Donu, Russia


CONTACT: Creditors Must Submit Proofs of Claim on May 4
-------------------------------------------------------
Creditors of Contact (TIN 4301001598) have until May 4, to file
their proofs of claim to court-appointed insolvency manager Mr.
A. Danilov at:

        Office 215, Udmurtskaya Str. 304
        426034, Udmurtiya Republic, Izhevsk, Russia

The Arbitration Court of Kirov Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A28-156/05-178/20.

The Debtor can be reached at:

        Contact
        Arbazhskiy Region, Arbash, Oktyabrskaya Str. 1
        Kirov Region, Russia


FLAX FACTORY: Deadline for Proofs of Claim Slated for May 4
-----------------------------------------------------------
Creditors of Flax Factory have until May 4, to submit their
proofs of claim to court-appointed insolvency manager Mr. V.
Klyukin at:

         Izhevsk, Karla Libknekhta Str. 65
         426063, Udmurtiya Republic, Russia

The Arbitration Court of Udmurtiya Republic commenced bankruptcy
proceedings against the factory with the case docketed as A71-
35/2005-G2.

The Debtor can be reached at:

         Flax Factory
         Uvinskiy Region, Nylga, Vostochnaya Str. 2
         427250, Udmurtiya Republic, Russia


ROSSOSHANSKIY WINERY: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on limited liability company
Rossoshanskiy Winery.  The case is docketed as A14-6639-2005
39/76.

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

         V. Bryakin
         Post User Box 147
         394000, Voronezh Region, Russia

The Debtor can be reached at:

         Rossoshanskiy Winery
         Rossosh, Proletarskaya Str. 84
         396660, Voronezh Region, Russia


SEL-KHOZ-KHIMIYA: Bashkortostan Court Begins Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against Sel-Khoz-Khimiya (TIN 0239000803,
OGRN 102020881964) after finding the company insolvent.

The case is docketed as A07-13198/05-G-MOG.

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

         R. Rakhimkulov
         Kolkhoznikov Str. 3
         Iglinskiy Region, Akberdino
         452414, Bashkortostan Republic, Russia

The Debtor can be reached at:

         Sel-Khoz-Khimiya
         S. Yularva Str. 20
         Nurimanovskiy Region, Novokul
         452436, Bashkortostan Republic, Russia


STEPAN RAZIN: Deadline for Proofs of Claim Set for May 4
--------------------------------------------------------
Creditors of Stepan Razin (TIN 7813131323) have until May 4, to
submit their proofs of claim to court-appointed insolvency
manager Mr. B. Egudkin at:

         Building 9, Nalichnaya Str. 9
         199106, St-Petersburg, V.O., Russia

The Arbitration Court of St-Petersburg and the Leningrad Region
commenced bankruptcy proceedings against the open joint stock
company with the case docketed as A56-44971/95.

The Debtor can be reached at:

         Stepan Razin
         Rentgena Str. 3
         St-Petersburg, Russia


URGALINSKIY WOOD-PROM-KHOZ: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on Urgalinskiy Wood-Prom-Khoz.
The case is docketed as A07-30971/05-G-FLE.

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

         Office 19, Sotsialisticheskaya Str. 45
         450077, Bashkortostan Republic, Russia


VIMPEL-COMMS: Intends to Raise New Financing via New Bond Issue
---------------------------------------------------------------
OJSC Vimpel-Communications (NYSE: VIP) disclosed that UBS
(Luxembourg) S.A. launched an exchange offer for up to US$250
million of the US$450 million 10% Loan Participation Notes due
2009 issued by, but without recourse to, the Bank for the sole
purpose of funding loans aggregating US$450 million in principal
amount to VimpelCom for new Loan Participation Notes due 2016.
The new LPNs are issued by the Bank, for the sole purpose of
funding a new loan to VimpelCom in a principal amount equal to
the aggregate principal amount of the New Notes issued in this
Exchange Offer and the proposed Concurrent Offer.

Subject to the terms and conditions of the private Exchange
Offer, it is contemplated that eligible holders who properly
tender (and do not withdraw) their Existing Notes on or prior to
5:00 p.m. (EST) May 4, 2006, will receive New Notes in the same
principal amount as the Existing Notes plus a cash consideration
payment, including an early submission cash payment.  Eligible
holders who properly tender (and do not withdraw) their Existing
Notes after 5:00 p.m. (EST) May 4, but prior to the Exchange
Offer deadline of 5:00 p.m. (EST) May 18, will receive New Notes
in the same principal amount as the Existing Notes plus a cash
consideration payment, less the early submission cash payment.
In both cases, eligible holders whose tendered Existing Notes
are accepted will receive an amount in cash equal to the accrued
and unpaid interest in respect of the Existing Notes to (but
excluding) the settlement date.  Additional cash consideration
may be paid based on the results of the Concurrent Offer.  The
purpose of the exchange offer is to lengthen VimpelCom's debt
maturity profile and to take advantage of current market
conditions as well as to create a new liquid longer dated
benchmark in the public credit market

Prior to the expiration of the Exchange Offer, VimpelCom intends
to offer a principal amount of New Notes, issued by the Bank,
such that the aggregate amount of New Notes issued in the
Exchange Offer and the Concurrent Offer will total up to US$500
million.  VimpelCom intends to use the net proceeds from the
Concurrent Offer to continue the development and expansion of
its networks.

                      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 March 14, Moody's Investors Service
has changed the outlook on the ratings of OJSC Vimpel-
Communication and upgraded the ratings on the existing bonds to
Ba3 from B1.  The corporate family rating remains unchanged at
Ba3.


VIMPEL-COMMUNICATION: Moody's Affirms Ba3 Rating on Bond Issue
--------------------------------------------------------------
Moody's Investors Service affirmed ratings of Open Joint Stock
Company Vimpel-Communication after announcing plans to issue up
to US$500 million in loan participation notes.

Concurrently, Moody's assigned a provisional (P)Ba3 rating to
the new notes.  The outlook on the ratings remains positive.

Moody's notes that VimpelCom intends to use up to US$250 million
of the new note proceeds in an exchange offer for a similar
amount of the existing US$450 million 10.0% loan participation
notes due 2009.  The anticipated incremental increase in the
absolute debt level is within the expectations embedded in the
Ba3 rating with a positive outlook.

Moody's further notes that the affirmation of VimpelCom's
ratings does not factor any potential financial impact from the
publicly announced proposal by VimpelCom to acquire Kyivstar GSM
JSC for a consideration of circa US$5 billion.  If the
transaction is consummated and a high portion of the purchase
price is financed by debt, VimpelCom's ratings could come under
downward pressure.

Headquartered in Moscow, Russia, VimpelCom is one of the
country's leading providers of mobile telecommunications
services, under the "Beeline" brand.  For the twelve months
ending December 2005, the company generated US$3.2 billion in
revenue with a 48.9% OIBDA margin.


VIMPEL-COMMUNICATIONS: S&P Rated $500 Mln Proposed Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured debt rating to the proposed loan participation notes
of up to us$500 million to be issued by -- but without recourse
to -- UBS (Luxembourg) S.A., for the sole purpose of funding an
intended loan of a similar amount to Russian mobile
telecommunications company Vimpel-Communications (JSC)
(VimpelCom; BB/Positive/--).

"VimpelCom intends to use up to US$250 million of the new note
proceeds in an exchange offer for a similar amount of the
existing US$450 million, 10.0% loan participation notes, due
2009, and to provide finance for its planned investment program
in 2006," said Standard & Poor's credit analyst Lorenzo
Sliusarev.

The senior unsecured debt rating is the same as the long-term
corporate credit rating on VimpelCom.  This reflects the
company's continuing strong market share, which has been further
enhanced by successful regional expansion in Russia, and the
potential for further mobile market growth in Russia and the
Commonwealth of Independent States.

"Furthermore, VimpelCom has the ability to maintain strong
profitability, improve cash flow generation, integrate recent
acquisitions, and manage financial risks in a dynamic and
challenging environment," added Mr. Sliusarev.

The ratings are constrained by the dynamic and increasingly
competitive mobile telecoms market in Russia and the CIS, as
well as by VimpelCom's predisposition for aggressive growth and
further geographic expansion, together with currently negative
free cash flow.  The company also remains exposed to the
uncertainty of the evolving economic, administrative, and
industrial environments in Russia and the CIS.


YUTAZINSKIY DAIRY: Proofs of Claim Deadline Slated for May 4
------------------------------------------------------------
Creditors of Yutazinskiy Dairy (TIN/KPP 1642010149/164201001)
have until May 4, to file their proofs of claim to court-
appointed insolvency manager Mr. R. Samigullin at:

         Bugulma, Post User Box 46
         423239, Tatarstan Republic, Russia

The Arbitration Court of Tatarstan Republic commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A65-33036/2005-SG4-39.

The Debtor can be reached at:

         Yutazinskiy Dairy
         Yutazy, Voroshilova Str. 35
         423950, Tatarstan Republic, Russia


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


PREEM HOLDINGS: S&P Withdraws Low-B Ratings at Company Request
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on
Sweden-based petroleum refiner Preem Holdings AB and subsidiary
Preem Petroleum AB at the company's request.

The long-term corporate credit ratings on both Preem Holdings
and Preem Petroleum at the time of withdrawal were 'BB-' and the
outlooks were stable.

The 'B' ratings on Preem Holdings' EUR305 million senior secured
debt and Preem Petroleum's EUR100 million senior subordinated
notes were also withdrawn.  All bonds have been re-financed.


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


GUBINIHA' SUGAR: Court Begins Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against OJSC Gubiniha' Sugar Plant (code EDRPOU
00373155) on Feb. 21, after finding it insolvent.  The case is
docketed as B-15/145/03.

Mr. Oleksandr Vozdvizhenskij has been appointed
Liquidator/Insolvency Manager.

CONTACT:  Gubiniha' Sugar Plant
          Novomoskovsk District
          Gubiniha, Beregovij Str. 1
          51251, Ukraine, Dnipropetrovsk Region

          Mr. Oleksandr Vozdvizhenskij
          Liquidator/Insolvency Manager
          Dzerzhinskij Str. 29, office 40
          49600, Ukraine, Dnipropetrovsk Region

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


LAN: Kyiv Court Names Andrij Vershinin to Liquidate Assets
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Andrij Vershinin
Liquidator/Insolvency Manager of Scientific-Production Center
LLC Lan (code EDRPOU 23540168).

The Court commenced bankruptcy proceedings against the company
on March 6, 2006, after finding it insolvent.  The case is
docketed as 23/30-b.

CONTACT:  Lan
          Kostyantinivska Str. 68-a
          04080, Ukraine, Kyiv Region

          Mr. Andrij Vershinin
          Liquidator/Insolvency Manager
          03110, Ukraine, Kyiv Region, a/b 151

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


METAL MARKET: Dnipropetrovsk Court Begins Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Metal Market (code EDRPOU 32614366) on
March 2, after finding it insolvent.  The case is docketed as B
24/37/06.

Leonid Talan has been appointed Liquidator/Insolvency Manager.

CONTACT:  Metal Market
          Stolyarova Str. 3-a
          49038, Ukraine, Dnipropetrovsk Region

          Leonid Talan
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk Region a/b 158

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


MICHURINSKE: Sumi Court Names Interim Insolvency Manager
--------------------------------------------------------
The Economic Court of Sumi Region appointed Yevgen Chuprun
temporary insolvency manager of LLC Michurinske (code EDRPOU
31389550).

The Court commenced bankruptcy supervision procedure on March 6.
The case is docketed as 7/17-06.

CONTACT:  Michurinske
          41451, Ukraine, Sumi Region
          Radyanska Str.
          Gluhiv District, Shevchenkove

          Yevgen Chuprun
          Temporary Insolvency Manager
          Petropavlivska Str. 74, Room 49A
          Ukraine, Sumi Region

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


SOUTH MOUNTAIN: Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on OJSC South Mountain-Enriching Combine
(code EDRPOU 00191000) on Feb. 1, 2005.  The case is docketed as
B 29/21/05.

Zavertajnij Igor has been appointed temporary insolvency
manager.

CONTACT:  OJSC South Mountain-Enriching Combine
          Krivij Rig
          50034, Ukraine, Dnipropetrovsk Region

          Zavertajnij Igor
          Temporary Insolvency Manager
          Karl Marks Avenue 98
          49038, Ukraine, Dnipropetrovsk Region

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


TITAN: Court Names Larisa Petuhova Liquidator
---------------------------------------------
The Economic Court of AR Krym Region appointed Larisa Petuhova
Liquidator/Insolvency Manager of Titan Titan (code EDRPOU
3134637).

The Court commenced bankruptcy proceedings against the company
on Feb. 28, after finding it insolvent.  The case is docketed as
2-29/1428.

CONTACT:  Titan
          96012, Ukraine, AR Krym Region
          Armyansk, Pivnichna promzona

          Larisa Petuhova
          Liquidator/Insolvency Manager
          95022, Ukraine, AR Krym Region,
          Simferopol, Pobedi Avenue 235-A/3

          The Economic Court of Ar Krym Region
          Simferopol, Karl Marks Str. 18
          95000, Ukraine, AR Krym Region


TRISSPASS NOVAN: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Trisspass Novan (code EDRPOU
33398263).  The case is docketed as 44/593-b.  Mr. O. Sherban
has been appointed temporary insolvency manager.

CONTACT:  Trisspass Novan
          03026, Ukraine, Kyiv Region
          Nauki Avenue 39/61

          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


VARIANT: Court Names Somova Irina Insolvency Manager
----------------------------------------------------
The Economic Court of Kyiv Region appointed Somova Irina as
Liquidator/Insolvency Manager for CJSC Variant (code EDRPOU
01549320).

The Court commenced bankruptcy proceedings against the Company
on Nov. 30, 2005, after finding the company insolvent.  The case
is docketed as 44/224-b.

CONTACT:  Variant
          Zhilyanska Str. 29, office 429
          01033, Ukraine, Kyiv Region

          Somova Irina
          Liquidator/Insolvency Manager
          Zhilyanska Str. 29, office 429
          01033, Ukraine, Kyiv Region

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


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


ADAM SMALL: Winds Up Business & Hires Joint Liquidators
-------------------------------------------------------
Adam Small Tools Limited is winding up its business after
members proved that the company could no longer continue its
operations due to mounting debts.

Richard Frank Simms and Martin Richard Buttriss, were appointed
Joint Liquidators.

The company can be reached at:

         Adam Small Tools Limited
         Dutton Road
         Aldermans Green Ind Est Coventry West Midlands
         CV2 2LE
         Tel: 024 7660 4945
         Fax: 024 7660 4946


ALLEN CONSTRUCTION: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------------
Creditors of Allen Construction Services Limited confirmed the
company's voluntary liquidation after members decided to wind up
the company's operations on March 8.

Creditors also ratified the appointment of Lloyd Biscoe, of
Begbies Traynor, as Liquidator.

The company can be contacted at:

         Allen Construction Service Limited
         Cressing Park
         Braintree Road
         Cressing Braintree Essex
         CM77 8JB
         Tel: 01376 514 004
         Fax: 01376 514 004


ANYAN-LINDIS: Members Resolve to Liquidate Company's Assets
-----------------------------------------------------------
Members of Anyan-Lindis UK Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
March 6.

Matthew Colin Bowker and David Antony Willis will jointly
liquidate the company's assets.

The company can be reached at:

         Anyan-Lindis Uk Limited
         2 Church Road
         Upton Gainsborough Lincolnshire
         DN21 5NS
         Tel: 01427 838 748


ASH PUBLISHING: Hires Joint Liquidators from Harrisons
------------------------------------------------------
John C Sallabank and Paul R Boyle, of Harrisons, were appointed
Joint Liquidators of Ash Publishing Limited after members passed
a resolution to wind up the company's assets on March 9.

Director A. L. Hughes disclosed that the company could no longer
continue its operations due to mounting debts.

The company can be reached at:

         Ash Publishing Limited
         The Heath Business & Technical Park
         Runcorn Cheshire
         WA7 4QX
         Tel: 01928 515 533
         Fax: 01928 515 534


AUTOSCREEN NETWORK: Appoints Chantrey Vellacott Administrator
-------------------------------------------------------------
Kenneth William Touhey and David John Oprey of Chantrey
Vellacott DFK LLP were appointed joint administrators of
Autoscreen Network Limited (Company Number 4202339) on April 4.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.

Autoscreen Network Ltd sells motor parts and can be reached at:

        The Paddocks,
        Wolvey Lodge Business Centre,
        Hinckley, Leicestershire LE10 3HB
        Tel: 01455221581


AXIS RE-MARK: Names Joint Administrators from Buchanans
-------------------------------------------------------
Alan Peter Whalley and Peter Anthony Hall of Buchanans Plc were
appointed joint administrators of Axis Re-Mark Limited (Company
Number 03801302) on April 6.  Its registered office is at Unit
12, Wallops Wood Farm, Sheardley Lane, Droxford, Hampshire SO32
3QY.

The joint administrators can be reached at:

         Buchanans Plc
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         Tel: 023 8022 1222

The company can be reached at:

         St Clair's Farm
         Corhampton, Southampton
         Hampshire SO32 3LP
         Tel: 01489-878340


BACUP PLASTICS: Brings In Joint Administrators from PwC
-------------------------------------------------------
Stuart David Maddison and Edward Mark Shires of
PricewaterhouseCoopers LLP were appointed joint administrators
of Bacup Plastics Limited (Company Number 04333828) on April 5.
Its registered office is at Unit A Beech Industrial Estate,
Bacup, Lancashire OL13 9EL.

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.

Bacup Plastics Ltd. manufactures plastics and can be reached at:

         Beech Ind Est
         Vale St Bacup OL13 9EL
         Tel: +44 (1706) 87 41 71
         Fax: +44 (1706) 87 98 26


BRITANNIA RECRUITMENT: Financial Woes Prompt Liquidation
--------------------------------------------------------
Brittania Recruitment and Training Limited is liquidating its
assets after members found out that the company could no longer
continue its operations due to financial liabilities.

Richard Ian Williamson at Campbell Crossley and Davis will
liquidate the company's assets.

The company can be reached at:

         Britannia Recruitment & Training Limited
         20 Jordan Street
         Liverpool Merseyside
         L1 0BP
         Tel: 0151 709 2224
         Fax: 0151 709 2434


BRYAN DONKIN: Members Pass Winding Up Resolution
------------------------------------------------
Members of Bryan Donkin Company Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on Feb. 27.

Subsequently, they appointed Manubhai Govindbhai Mistry, of
Mistry Associates Ltd, as Liquidator.

The company can be reached at:

         Bryan Donkin Company Limited
         Derby Road
         Chesterfield Derbyshire
         S40 2EB
         Tel: 0161 872 8291
         Fax: 01246 235 273


BTS CONSTRUCTION: Appoints Begbies Traynor Administrator
--------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of BTS Construction Limited (Company Number
03927091) on April 6.  Its registered office is at Thistledown
Barn, Holcot Lane, Sywell, Northampton NN6 0BG.

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.

The Company can be reached at:

         Thistledown Barn, Holcot Lane
         Northampton, Northamptonshire NN6 0BG
         Tel: 01604670066


BURLINGTON PROPERTY: Taps Irwin & Co. to Administer Assets
----------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed administrator of
Burlington Property Investments Ltd (Company Number 05105172) on
April 5.  Its registered office is at 6 Burlington Crescent,
Headington, Oxford, Oxfordshire OX3 8DY.

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

Burlington Property Investments Ltd develops real estate
properties.


CAMBRIDGESHIRE INDUSTRIAL: Names Baker Tilly Administrator
----------------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
were appointed administrators of Cambridgeshire Industrial
Flooring Limited (Company Number 01593190) on April 6.  Its
registered office is at Unit 11, Brook Road, Bicton Industrial
Estate, Kimbolton, Huntingdon, Cambridgeshire PE28 0LR.

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network, which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Cambridgeshire Industrial Flooring Limited offers floor and wall
covering service.


CAVENDISH ACCOUNTANCY: Hires Administrators from Milner Boardman
----------------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed administrators of Cavendish Accountancy And
Finance Recruitment LLP (Company Number OC310573) on April 10.
Its registered office is at The Stable Courtyard, Leigh Court,
Abbots Leigh, Bristol BS8 3RA.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Cavendish Accountancy And Finance Recruitment LLP operates a
recruitment agency.


CIRTRON PCB: Members Agree to Voluntary Liquidation
---------------------------------------------------
Cirtron PCB Limited is winding up its business after members
decided to liquidate the company's assets on March 8.

John Munn and Joseph Gordon Maurice Sadler were appointed Joint
Liquidators.

The company can be reached at:

         Cirtron PCB Limited
         Highdown Road
         Leamington Spa Warwickshire
         CV31 1XT
         Tel: 01926 744 433
         Fax: 01926 744 431
         Web: http://www.cirtron.co.uk/


CONCEPTWIPES LIMITED: Names Kroll Limited Administrator
-------------------------------------------------------
P. Duffy and C. P. Holder of Kroll Limited were appointed joint
administrators of Conceptwipes Limited (Company Number 05087748)
on April 6.  Its registered office is at Ramsbrook Farm,
Ramsbrook Lane, Widnes, Cheshire WA8 8NZ.

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

Conceptwipes Ltd can be reached at:

         Vitago House
         Glendale Avenue, Sandycroft Industrial Estate
         Sandycroft
         Flintshire CH5 2QP
         Tel: 01244 539990
         Fax: 01244 539994
         E-mail: sales@conceptwipes.co.uk


E2 UK: Brings In Joint Administrators from P&A Partnership
----------------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed joint administrators of E2 UK Limited
(Company Number 04118897) 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.

E2 UK Limited offers contractual works on air conditioning and
ventilation systems.


ECS DISTRIBUTION: Names Eileen Sale to Liquidate Assets
-------------------------------------------------------
Eileen T. F. Sale at Sale Smith & Co. Limited was appointed
Liquidator of ECS Distribution Limited after members decided to
liquidate the company's assets on March 3.

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:

         ECS Distribution Limited
         F2
         Seedbed Centre
         Avenue Road
         Nechells Birmingham
         B7 4NT
         Tel: 0121 333 5500


EDWARD TURNBULL: Names Andrew Rosler to Administer Assets
---------------------------------------------------------
Andrew David Rosler at Ideal Corporate Solutions Limited was
appointed administrator of Edward Turnbull & Co Limited (Company
Number 01310437) on March 31.  Its registered office is at
Stormer Hill, Tottingham, Bury BL8 4AT.

The administrator can be reached at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP

Edward Turnbull & Co Limited is engaged in preparing textiles
and can be reached at:

         Croftend Works,
         Bolton Road North, Ramsbottom
         Bury, Lancashire BL0 0NA
         Tel: 01706 822032


EURO ALUMINIUM: Hires KPMG LLP as Administrator
-----------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed administrators of Euro Aluminium Systems Ltd (Company
Number 02661933) on April 7.

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.

The Company can be reached at:

         Unit 2 Bradley Junction Industrial Estate
         Leeds Road
         Huddersfield HD2 1UR
         West Yorkshire
         Tel: 01484 429987


F & F NEGOTIATIONS: Hotel Operator Appoints Administrator
---------------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly were
appointed administrators of F & F Negotiations Limited (Company
Number 03660433) on April 4.  Its registered office is at Sheep
Street, Kettering, Northamptonshire NN16 0AN.

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom.  The firm's annual fee income is over GBP168 million
and is part of a global network, which has 122 member firms in
85 countries as an independent member of Baker Tilly
International.

Headquartered in Northamptonshire, England, F & F Negotiations
Limited operates a hotel.


FABREX INTERNATIONAL: Taps Elwell Watchorn to Administer Assets
---------------------------------------------------------------
Richard John Elwell and David John Watchorn at Elwell Watchorn &
Saxton LLP were appointed administrators of Fabrex International
Limited (Company Number 1137656) on April 10.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Fabrex International Limited -- http://www.fabrex.com/--  
manufactures textiles and clothing.


FLORALL LIMITED: Members Decide Voluntary Liquidation
-----------------------------------------------------
Members of Florall Limited decided to voluntarily liquidate the
company's assets during an extraordinary general meeting on
March 7.

S.R. Thomas and S.J. Parker were appointed Joint Liquidators.

The company can be reached at:

         Florall Limited
         122-124 Druid Street
         London
         SE1 2HH
         Tel: 020 7231 9066


FOOD MATTERS: Names Gerald Edelman Administrator
------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed administrators of Food Matters
Europe Limited (Company Number 03875384) on April 5.  Its
registered office is at 25 Harley Street, London W1G 9BR.

Gerald Edelman -- http://www.geraldedelman.com/-- is registered
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority. Gerald Edelman Financial Solutions
Ltd is an appointed representative of Independent Solutions
Group Ltd who is regulated by the Financial Services Authority.

Food Matters offers catering service and can be reached at:

        22 Hartland Road
        Epping, Essex CM16 4PE
        Tel: 01992578631


FREEDOM2 LIMITED: Taps BDO Stoy Hayward Administrator
-----------------------------------------------------
Andrew Howard Beckingham and Dermot Brendan Coakley of BDO Stoy
Hayward LLP were appointed joint administrators of Freedom2
Limited (Company Number 03256751) on April 4.

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.

Freedom2 Limited -- http://www.freedom2cache.co.uk/-- offers
web based education service.


FREERIDE DISTRIBUTION: Appoints Invocas Group Administrator
-----------------------------------------------------------
John M. Hall and Ian W. Wright at Invocas Group Plc were
appointed joint administrators of Freeride Distribution Ltd
(Company Number 4174256) on April 4.

The joint administrators can be reached at:

        Invocas Group Plc
        9 Coates Crescent
        Edinburgh EH3 7AL

Freeride Distribution Ltd --
http://www.freeridedistribution.com/-- sells clothing and
footwear.


GOOD FOOD: Names Marriotts LLP to Administer Assets
---------------------------------------------------
Anthony Harry Hyams of Marriotts LLP was appointed administrator
of The Good Food Pub Company Limited (Company Number 02411345)
on April 7.

The administrator can be reached at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH

The Good Food Pub Company Limited operates a pub and restaurant.


HERBERT FITCH: Claims Filing Period Ends June 9
-----------------------------------------------
Herbert Fitch & Sons Limited resolved to liquidate its assets
after members passed a resolution to wind up the company on
March 8.

Appointed Liquidator, Alan Keith Thornton, 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 June 9.

The company can be reached at:

         Herbert Fitch & Sons Limited
         16 High Street
         Chatteris Cambridgeshire
         PE16 6BG
         Tel: 01354 692 274
         Fax: 01354 692 274


I.H.S (AIR QUALITY): Names DTE Leonard Curtis Administrator
-----------------------------------------------------------
P. D. Masters and A. Clifton of DTE Leonard Curtis were
appointed administrators of I.H.S (Air Quality) Limited (Company
Number 04681986) on April 6.  Its registered office is at
Bamfords Trust House, 85-89 Colmore Row, Birmingham B3 2BB.

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

I H S (Air Quality) Ltd can be reached at:

         660 Chester Rd
         Birmingham B23 5TE
         Tel: 0121 377 7959


JETCREST LIMITED: Brings In Administrators from Vantis
------------------------------------------------------
Nicholas O'Reilly and Simon Glyn of Vantis were appointed
administrators of Jetcrest Limited (Company Number 03118809) on
March 31.

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc)
-- http://www.vantisplc.com/-- provides accounting, business
and tax advisory services in the United Kingdom.

Jetcrest Ltd can be reached at:

         20 St Mary
         Hill London, EC3R 8EE
         United Kingdom
         Tel: +44 207 190 3903
         Fax: +44 207 190 3904


MIDNIGHT TRANSFER: Hires B & C Administrator
--------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
administrator of Midnight Transfer Limited (Company Number
02606488) on April 6.

The administrator can be reached at:

         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         Tel: 0208 906 7730
         Fax: 0208 906 7731
         E-mail: filippa@bcassociates.uk.com

Headquartered in London, Midnight Transfer Ltd is engaged in
postproduction film editing.


MISYS PLC: Repurchases 500,000 Shares From JPMorgan Cazenove
------------------------------------------------------------
Misys plc purchased 500,000 of its own ordinary shares on
April 21, at a price of 212.1358 pence per share from JPMorgan
Cazenove Limited.  The Company intends to hold these shares in
Treasury.

Following the purchase of these shares the Company holds a total
of 54,176,390 of its shares in Treasury and has 503,550,646
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.


OVENDEN COLBERT: Names Joint Administrators from Grant Thornton
---------------------------------------------------------------
Andrew Lawrence Hosking and Anthony Norman Flynn of Grant
Thornton UK LLP were appointed joint administrators of Ovenden
Colbert Printers Limited (Company Number 02437185) on April 6.
Its registered office is at Bowen Court, 1-5 Church Street,
Rayleigh, Essex SS6 7EE.

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Ovenden Colbert Printers Ltd can be reached at:

         Coronation Road
         Britannia Way
         London NW10 7PW
         Tel: 020 8965 0921
         Fax: 020 89652958


PREMCO LIMITED: Hires Kroll Ltd to Administer Assets
----------------------------------------------------
David John Whitehouse and Phillip Francis Duffy of Kroll Limited
were appointed joint administrators of Premco Limited (Company
Number 03751488) on April 10.

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

Premco -- http://www.premcoltd.co.uk/-- is a specialist in
building and civil engineering projects for the
telecommunications and general construction industries.


RELTON LAW: Taps Kirankumar Mistry as Administrator
---------------------------------------------------
Kirankumar Mistry of HKM LLP was appointed administrator of
Relton Law Limited (Company Number 03699630) on March 24.

HKM LLP -- http://www.hkm.co.uk/-- is an independent and
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.

Relton Law Limited manufactures glass products.


SCHMIDLIN (UK): Taps UHY Hacker Young to Administer Assets
----------------------------------------------------------
Peter Alan Kubik and Ladislav Hornan of UHY Hacker Young were
appointed joint administrators of Schmidlin (UK) Limited
(Company Number 01418100) on April 6.

The joint administrators can be reached at:

         UHY Hacker Young
         St Alphage House
         2 Fore Street, London EC2Y 5DH
         Tel: 020 7216 4600
         Fax: 020 7638 2159

The Company can be reached at:

         87 Ashleigh Commercial Westmoor Street
         London SE7 8NQ
         Tel: 020 8305 1515
         Fax: 020 88588040


ST MARTIN'S: Calls in Joint Administrators from Begbies Traynor
---------------------------------------------------------------
Vivian Murray Bairstow and Christopher Morris of Begbies Traynor
(South) LLP were appointed joint administrators of St Martin's
Hospitality Limited (Company Number 04946874) on April 6.

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.


TMS SPARES: Hires P&A Partnership to Administer Assets
------------------------------------------------------
Christopher Michael White and Derek Leslie Woolley of The P&A
Partnership were appointed joint administrators of TMS Spares
And Appliances Limited (Company Number 04870270) on April 4.

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.

TMS Spares And Appliances Limited sells electric household
goods.


TYNE VALLEY: Appoints Geoffrey Martin & Co. Administrator
---------------------------------------------------------
John Twizell and Geoffrey Martin of Geoffrey Martin & Co were
appointed administrators of Tyne Valley Stone Limited (Company
Number 04104331) on April 6.

The administrators can be reached at:

         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire LS1 2SP
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

Tyne Valley Stone Ltd is engaged in cutting, shaping and
finishing stone and can be reached at:

         Haltwhistle Industrial Estate
         Haltwhistle NE49 9HA
         Northumberland
         Tel: 01434 322822
         Fax: 01434 322868


UNITED INDUSTRIES: Taps PwC to Administer Assets
------------------------------------------------
Stuart David Maddison and Edward Mark Shires at
PricewaterhouseCoopers LLP were appointed joint administrators
of United Industries Plc (Company Number 00269003) on April 5.
Its registered office is at Unit A Beech Industrial Estate,
Bacup, Lancashire OL13 9EL.

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.

United Industries Plc -- http://www.united-industries.com/--  
manufactures technical plastics.


W & W FOODS: Appoints Carter Backer Winter Administrator
--------------------------------------------------------
John Alfred George Alexander and Melvyn Julian Carter of Carter
Backer Winter were appointed joint administrators of W & W Foods
Plc (Company Number 02857581) on April 10.  Its registered
office is at 20th Floor, Tolworth Tower, Ewell Road, Surbiton,
Surrey KT6 7EL.

Headquartered in Aldgate, Carter Backer Winter, --
http://www.cbw.co.uk-- is an independent firm of Chartered
Accountants, business advisers and tax specialists established
for over 50 years.  Its client base varies and ranges from
private clients through to overseas multi-national companies
with UK branches and activities.

Headquartered in Surrey, England, W & W Foods processes and
distributes meat products.


WESSEX WASTE: Hires Portland Business Administrator
---------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd were appointed joint administrators of
Wessex Waste Limited (Company Number 3848746) on April 6.

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


* 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.

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