TCREUR_Public/060426.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

            Wednesday, April 26, 2006, Vol. 7, No. 82

                            Headlines


A U S T R I A

ACCORD HANDELS: Innsbruck Court Closes Bankruptcy Case
HAAS IM ZENTRUM: Insufficient Assets Prompt Court to Close Case


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Eyes Pfandbriefe Buyback
ARO-REEDEREI: Creditors' Meeting Slated for April 27
BAUFACHMARKT SCHWARZE: Claims Registration Ends April 28
BLUMENHANDEL LANGERWISCH: Claims Registration Ends April 28
BRILLENSTUDIO HELGE: Claims Registration Ends April 28

CRC BREEZE: Fitch Assigns BB+ Rating on Class B Notes
DHM DIRK: Claims Registration Ends April 28
DVC GMBH: Claims Registration Ends April 28
GEORG SCHONDORFER: Claims Registration Ends April 28
GESELLSCHAFT BUERGERLICHEN: Claims Registration Ends April 27

LETTMANN BAU: Claims Registration Ends April 27
REMA GMBH: Creditors' Meeting Slated for April 27


I T A L Y

VOLARE GROUP: Inks Final Takeover Agreement with Alitalia


K A Z A K H S T A N

AKRAB-KOMHOZ: Aktube Court Starts Bankruptcy Proceedings
BIGBAG: Creditors Must Submit Claims by July 6
COMPUTER CENTER: Creditors Must Submit Claims by June 6
ESKIZ SHEELI: Kyzylorda Court Begins Bankruptcy Process
IMMET: Creditors Have Until June 6 to File Claims

META-2 Creditors Must Submit Proofs of Claim by May 5
PLEMPTISA: Creditors' Claims Due May 5
PRESTIJ STROI: Court Sets July 6 Claims Bar Date
S&M GROUP: Creditors Must Submit Proofs of Claim by June 6
STAN: Deadline for Submission of Claims Set May 5


K Y R G Y Z S T A N

IRIS: Creditors Have Until June 9 to File Proofs of Claim
OHOTNYI DVOR: Creditors Must Submit Claims by June 13
SUGAR TRADE: Court Set June 12 Claims Bar Date


L I T H U A N I A

MAZEIKIU NAFTA: Earns LTL885.7 Million in Fiscal 2005


N O R W A Y

AKER KVAERNER: Moody's Ups Ratings to Ba1 on Strong Recovery


P O L A N D

ELEKTRIM SA: Enforcement Clause Allows Creditors to Seize Assets


R U S S I A

ALNASHI-AGRO-PROM-KHIMIYA: Creditors' Claim Due May 4
BRATSKAYA MONTAGE: Court Commences Bankruptcy Supervision
BUILDING TRUST 7: Court Begins Bankruptcy Proceedings
COMPUTER LAND: Khabarovsk Court Commences Bankruptcy Process
DYATKOVSKIY CRYSTAL: Court Names N. Solovyev External Manager

METAKON-TRADE: Court Starts Bankruptcy Supervision Procedure
NEW KOSTROMSKAYA: Court Names B. Shatrov Insolvency Manager
NORTH-WEST: Annual General Meeting Slated for June 30
TENGUSHEVSKIY: Mordoviya Court Begins Bankruptcy Proceedings
TYUMEN-LES-TOP-PROM: Court Hearing Slated for May 25

ZEYA-GES-STROY: V. Boldlin Named Interim Insolvency Manager


S W E D E N

CORRAL INVESTMENT: Moody's Withdraws Ba3 Corporate Family Rating
PREEM GROUP: Note Redemption Spurs Moody's to Withdraw Ratings


U K R A I N E

ASMO: Court Names Sergij Bagmet to Liquidate Assets
LASER: Court Names Sergij Bagmet Insolvency Manager
MEGA-TOUR: Undergoes Sanction Procedure in Harkiv
NEKTAR-AGRO: Mikolaiv Court Starts Bankruptcy Supervision
OJSC NAFTOGAZ: Fitch Downgrades US$500 Mln Eurobond at B+

PROMTEHRESURS: Zaporizhya Court Begins Bankruptcy Process
PROMTEO: Zaporizhya Court Begins Bankruptcy Proceedings
SPECTRANSNAFTA: Court Appoints Daki Audit as Liquidator
UKRDORPOSTACHSERVICE: Kyiv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

HMV GROUP: Tim Waterstone Eyes Specialist Bookseller's Purchase
INTERFACE INC: Sells European Fabrics Biz for US$28 Million Cash
MAPLE SUPPLIES: Winds Up Business & Appoints Liquidator
MISYS PLC: Buys Back 1,000,000 Shares from JPMorgan Cazenove
NORTH EAST: Members Pass Winding Up Resolution

PETER GUILD: Hires Joint Liquidators to Wind Up Operations
PLANAGRAPHIC STUDIOS: Creditors Confirm Voluntary Liquidation
RIDGECREST CONSTRUCTION: Members Decide to Wind Up Operations
ROXBY SURTEES: Financial Woes Prompt Voluntary Liquidation
SPARSHOTT TECHNOLOGIES: Joint Liquidators Take Over Company

SPECIALISED INDUSTRIAL: Members Resolve to Liquidation
TRANS-EURO: Names Peter Anthony Jackson as Liquidator
WINTERTHUR SWISS: Asks High Court to Approve Scheme of Transfer
WOOD U LOVE: Creditors Affirm Voluntary Liquidation

                            *********

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


ACCORD HANDELS: Innsbruck Court Closes Bankruptcy Case
------------------------------------------------------
The Land Court of Innsbruck closed the bankruptcy case of LLC
Accord Handels (FN 20863g) on April 7, following the Debtor's
final distribution to creditors.  Creditors received a 4.6%
recovery on account of their claim.

The Court confirmed the final allocation late March, after
property manager Ernst Madlener approved the preliminary
document.

The Court declared Accord Handels bankrupt on May 31, 2005 (Case
No. 19 S 54/05x).  Gunther Riess represented the Debtor in the
bankruptcy proceeding.  He can be reached at:

         Maria-Theresien Road 38
         6020 Innsbruck, Austria
         Tel.: 0512/58 38 66

The Company can be reached at:

         LLC Accord Handels
         Herzog-Friedrich-Strasse 32
         6020 Innsbruck, Austria


HAAS IM ZENTRUM: Insufficient Assets Prompt Court to Close Case
---------------------------------------------------------------
The Land Court of Innsbruck entered an order on April 3, closing
LLC Haas Im Zentrum's (FN 237838m) bankruptcy case after proving
that the Debtor's assets are insufficient to pay financial
obligations.

Creditors will not receive any distribution under the plan.

The Court declared the Company bankrupt on July 6, 2005 (Case
No. 19 S 66/05m).  Walter Rupprechter served as the court-
appointed bankruptcy trustee.  Dr. Peter Planer represented the
Debtor in its bankruptcy proceeding.  He can be reached at:

         Klostergasse 1
         6370 Kitzbhel, Austria
         Tel: 05356/66883

The Company can be reached at:

         LLC Haas Im Zentrum
         Kaiserstrasse 4
         6380 St. Johann i.T., Austria


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


ALLGEMEINE HYPOTHEKENBANK: Eyes Pfandbriefe Buyback
---------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG intends to invite the
holders of four Pfandbriefe listed on the official market of the
Frankfurt Stock Exchange and on Eurolist of Euronext Paris S.A.
to submit offers for the paper concerned.

The offer period will start on Monday, April 24, and end on
Wednesday, May 3, at 5:00 p.m. Central European Time.  The buy-
back volume will amount to a maximum of EUR3.94 billion in
total.  It is intended to appoint Deutsche Bank AG, London
Branch, to carry out the transaction.

The buy-back relates to these issues:

   -- DE0002029311 EUR2 billion 5.75% Mortgage Pfandbriefe
      series 331 of 2000/2008, maximum buy-back amount
      EUR385.0 million.

   -- DE0002027968 EUR2.5 billion 4.00% Public Pfandbriefe
      series 496 of 1999/2009, maximum buy-back amount
      EUR520.0 million.

   -- DE0002029519 EUR5 billion 5.00% Public Pfandbriefe
      series 501 of 1999/2009, maximum buy-back amount
      EUR1.79 billion.


   -- DE0002029550 EUR3 billion 5.50% Public Pfandbriefe
      series 505 of 2000/2010, maximum buy-back amount
      EUR1.24 billion.

The buy-back is being made as part of the Bank's asset and
liability management in relation to real estate and public
sector finance.  It is aimed at reducing the volume of
Pfandbriefe in circulation and the associated interest rate
liabilities.

                      About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                        *     *     *

As reported in TCR Europe on Feb. 7, Fitch Ratings said
Allgemeine Hypothekenbank Rheinboden's planned restructuring is
in line with the agency's expectations.  The bank currently has
the following ratings:

   -- Long-term 'BBB-' with Negative Outlook.  The Long-term
      rating applies to all AHBR's senior unsecured obligations;

   -- Short-term 'F3';

   -- Support '2';

   -- Individual 'E' on Positive Rating Watch;

   -- Public-sector Pfandbriefe: 'AAA';

   -- Mortgage Pfandbriefe: 'AA+';

   -- Subordinated obligations: 'BB+'; and

   -- Profit participation rights (Genussscheine): 'CC' on
      Negative Rating Watch.

As reported in TCR Europe on Dec. 20, 2005, Standard & Poor's
Ratings Services removed its 'BB+' counterparty credit ratings
on AHBR from CreditWatch, where they were first placed on
Oct. 25, 2005.  In addition, Standard & Poor's affirmed its
'BB+/B' counterparty credit and senior unsecured ratings on
AHBR, and raised the ratings on subordinated debt issued by AHBR
to 'BB-' from 'B'.  The outlook is negative.  At the same time,
the 'AAA' ratings on senior secured Offentliche Pfandbriefe and
Hypothekenpfandbriefe issued by AHBR were affirmed.


ARO-REEDEREI: Creditors' Meeting Slated for April 27
----------------------------------------------------
Court-appointed provisional administrator for ARO-Reederei GmbH
& Co, Thomas Lissner, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:40
a.m., on April 27.

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

         The District Court of Osnabrueck
         N 301
         Nebenstelle
         Kollegienwall 10
         49074 Osnabrueck, Germany

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

Creditors have until July 7, to register their claims with the
court-appointed provisional administrator.

The District Court of Osnabrueck opened bankruptcy proceedings
against ARO-Reederei GmbH & Co on March 3.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         ARO-Reederei GmbH & Co.
         Attn: Kurt Lammel, Manager
         Rheinstr. 82
         49090 Osnabrueck, Germany

The administrator can be reached at:

         Thomas Lissner
         Schillerstr. 20
         49074 Osnabrueck, Germany
         Tel: (0541) 338500
         Fax: (0541) 33850-50


BAUFACHMARKT SCHWARZE: Claims Registration Ends April 28
--------------------------------------------------------
Creditors of Baufachmarkt Schwarze GmbH have until April 28, to
register their claims with court-appointed provisional
administrator Knut Thomas Hofheinz.

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

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Saal 16
         Hauptgebaude
         Kaiserstrasse 60
         31134 Hildesheim, 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 Hildesheim opened bankruptcy proceedings
against Baufachmarkt Schwarze GmbH on Feb. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Baufachmarkt Schwarze GmbH
         Attn: Barbel Schwarze, Manager
         Alte Heerstr. 6
         31061 Alfeld, Germany

The administrator can be contacted at:

         Knut Thomas Hofheinz
         Am Markte 13
         30159 Hannover, Germany
         Tel: 0511/357721-0
         Fax: 0511/357721-40
         E-mail: hannover@hofheinz-mitendorff.de


BLUMENHANDEL LANGERWISCH: Claims Registration Ends April 28
-----------------------------------------------------------
Creditors of Blumenhandel Langerwisch GmbH have until April 28,
to register their claims with court-appointed provisional
administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Saal 301
         Nebenstelle Lindenstrasse 6
         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 Blumenhandel Langerwisch GmbH on March 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Blumenhandel Langerwisch GmbH
         Attn: Dirk Schmeier, Manager
         Peter-Huchel-Chaussee 139
         14552 Michendorf OT Langerwisch, Germany

The administrator can be contacted at:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam, Germany


BRILLENSTUDIO HELGE: Claims Registration Ends April 28
------------------------------------------------------
Creditors of Brillenstudio Helge Steinhagen GmbH have until
April 28, to register their claims with court-appointed
provisional administrator Carsten Lange.

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

The meeting of creditors will be held at:

         The District Court of Aachen
         Sitzungssaal 14
         1. Etage
         Augustastrasse 78-80
         52070 Aachen, 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 Aachen opened bankruptcy proceedings
against Brillenstudio Helge Steinhagen GmbH on March 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Brillenstudio Helge Steinhagen GmbH
         Lothringerstr. 72
         52070 Aachen, Germany
         Attn: Marc Steinhagen, Manager
         Am Reulert 49
         52078 Aachen, Germany

The administrator can be contacted at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen, Germany


CRC BREEZE: Fitch Assigns BB+ Rating on Class B Notes
-----------------------------------------------------
Fitch Ratings assigned CRC Breeze Finance S.A.'s upcoming issue
of Class A and Class B notes expected ratings of BBB and BB+
respectively.  The notes are to fund the refinancing of a
portfolio of wind farm assets located in France and Germany.
The final documents conforming to information already received.

The expected ratings reflect favorable regulatory frameworks in
the two countries, which provide for a fixed tariff for the sale
of electricity generated by the wind farms.  Debt can be repaid
according to terms and conditions of the notes even if wind was
considerably reduced from the base case assumption.  In
addition, the ratings consider the remaining risks in the
transactions, including the construction risk, and the
relatively low creditworthiness of the wind farms' sponsors,
which is a concern during the construction phase.

The proceeds will be on-lent by the issuer to Breeze II Energy
GmbH & Co. KG and its 100% subsidiary in France to fund the
acquisition and completion of a portfolio of 39 wind farms with
a total capacity of 330MW located in Germany and in France, and
also fund the debt service reserve account, fees and expenses
incurred in the transaction.

The portfolio is well diversified with no single asset
accounting for more than 8% of total production. It also
benefits from diversified sponsors, electricity off takers and
regions, which alleviate some of the concentration risk present
in a single asset wind farm transaction.

At the issue date, 39% of the portfolio is in operation and a
further 18% is awaiting grid connection.  Each wind farm is
built under a fixed-price construction contract by the original
developer, which leaves the borrower exposed to performance risk
on these thinly capitalized entities.  This risk is mitigated by
the simplicity and speed of wind farm construction, and the
turbine supply agreements with the suppliers, which represent
more than 80% of the costs.

The notes have one-year interest-only period, which allows the
borrower to absorb significant cost over-runs and delays if a
developer was to default, and then amortize over the remaining
period.

The other significant risk is wind, given the lack of on-site
wind data for the majority of the sites.  The concern is
mitigated by minimum debt service coverage ratios of 1.64x and
1.3x, respectively for the Class A and B notes in Fitch's base
case, which is based on a conservative wind assumption.

In addition, the project generates cash flows that will repay
both Classes of debt in downside scenarios that are deemed
highly improbable by wind consultants.

The Class B notes are contractually subordinated to the Class A
notes and carry a higher risk, which is reflected by the two-
notch rating difference between those notes.  There is no
structural subordination between these two Classes of debt, and
they are issued by the same issuer and on-lent to the same
borrower.


DHM DIRK: Claims Registration Ends April 28
-------------------------------------------
Creditors of DHM Dirk Hausgen Metallbau GmbH have until
April 28, to register their claims with court-appointed
provisional administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 29, 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 Aachen
         Sitzungssaal 14
         1. Etage
         Augustastrasse 78-80
         52070 Aachen, 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 Aachen opened bankruptcy proceedings
against DHM Dirk Hausgen Metallbau GmbH on March 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DHM Dirk Hausgen Metallbau GmbH
         Am Langen Graben 12
         52355 Dueren, Germany
         Attn: Dirk Hausgen, Manager
         Lyatenstr. 7
         52382 Niederzier, Germany

The administrator can be contacted at:

         Jorg Zumbaum
         Zuelpicher Strasse 117
         52349 Dueren, Germany


DVC GMBH: Claims Registration Ends April 28
-------------------------------------------
Creditors of DVC GmbH have until April 28, to register their
claims with court-appointed provisional administrator Axel W.
Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Muenchen
         Sitzungssaal 101
         Infanteriestr. 5
         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 Muenchen opened bankruptcy proceedings
against DVC GmbH on Feb. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         DVC GmbH
         Streitfeldstr. 33
         81673 Muenchen, Germany

The administrator can be contacted at:

         Axel W. Bierbach
         Schwanthalerstr. 32
         80336 Muenchen, Germany
         Tel: 54511-0
         Fax: 54511-444


GEORG SCHONDORFER: Claims Registration Ends April 28
----------------------------------------------------
Creditors of Georg Schondorfer GmbH & Co. KG have until
April 28, to register their claims with court-appointed
provisional administrator Dr. Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 3, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Traunstein
         SS C 001
         Herzog-Otto-Str. 1
         83278 Traunstein, Germany

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m., on May 31, at the same
venue.

The District Court of Traunstein opened bankruptcy proceedings
against Georg Schondorfer GmbH & Co. KG on Feb. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Georg Schondorfer GmbH & Co. KG
         Thumseestr. 44
         83435 Bad Reichenhall, Germany

The administrator can be contacted at:

         Dr. Martin Prager
         Barthstr. 16
         80339 Muenchen, Germany
         Tel: 089/8589633
         Fax: 089/85896350


GESELLSCHAFT BUERGERLICHEN: Claims Registration Ends April 27
-------------------------------------------------------------
Creditors of Gesellschaft buergerlichen Rechts
MaurerMeisterBetrieb Peter Jakob & H.-J. Nehring GbR have until
April 27, to register their claims with court-appointed
provisional administrator Dr. Carsten Krage.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 12, 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 Norderstedt
         Saal B
         Rathausallee 80
         22846 Norderstedt, 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 Norderstedt opened bankruptcy proceedings
against Gesellschaft buergerlichen Rechts MaurerMeisterBetrieb
Peter Jakob & H.-J. Nehring GbR on March 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gesellschaft buergerlichen Rechts
         MaurerMeisterBetrieb Peter Jakob & H.-J. Nehring GbR
         Wobser Weg 9
         23715 Hassendorf, Germany

The administrator can be contacted at:

         Dr. Carsten Krage
         Wall 55
         24103 Kiel, Germany


LETTMANN BAU: Claims Registration Ends April 27
-----------------------------------------------
Creditors of Lettmann Bau GmbH have until April 27, to register
their claims with court-appointed provisional administrator
Stephan Michels.

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 Muenster
         Sitzungssaal Saal 13 B
         Gerichtsstr. 2-6
         48149 Muenster, Germany

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

The District Court of Muenster opened bankruptcy proceedings
against Lettmann Bau GmbH on March 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Lettmann Bau GmbH
         Bahnhofstrasse 12, 48143 Muenster
         Attn: Heinz Gerbig, Manager
         Kampstrasse 8, 48147 Muenster, Germany

The administrator can be contacted at:

         Stephan Michels
         von-Vincke-Strasse 2
         48143 Muenster, Germany


REMA GMBH: Creditors' Meeting Slated for April 27
-------------------------------------------------
Court-appointed provisional administrator for Rema GmbH Reha-
Rollstuhl-Technik, Dr. Urte Wellbrock, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m., on April 27.

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

         The District Court of Syke
         Saal 112
         Nebenstelle
         Hauptstr. 5A
         Syke, Germany

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m., on June 22, at the same
venue.

Creditors have until June 1, to register their claims with the
court-appointed provisional administrator.

The District Court of Syke opened bankruptcy proceedings against
Rema GmbH Reha-Rollstuhl-Technik on March 10.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Rema GmbH Reha-Rollstuhl-Technik
         Attn: Frauke Martens, Manager
         Gutenbergstrasse 6
         28816 Stuhr, Germany

The administrator can be reached at:

         Dr. Urte Wellbrock
         Ostertorsteinweg 74/75
         28203 Bremen, Germany


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


VOLARE GROUP: Inks Final Takeover Agreement with Alitalia
---------------------------------------------------------
National carrier Alitalia S.p.A. and low-cost rival Volare
S.p.A. signed a final takeover agreement, subject to regulatory
approval, Flight International says.

Alitalia intends to acquire Volare for EUR38 million, excluding
the latter's debts.  The flag carrier is reported to be eyeing
Volare's slots at Milan's Linate Airport.  According to the
report, Alitalia wants to penetrate the low-cost market more
effectively and develop leisure routes in the Milan and Lombardy
regions through Volare.

Tension among Volare staff has been growing as the carrier
failed to pay wage arrears.  Volare extraordinary commissioner
Carlo Rinaldini, however, was able to extract a EUR1.6 million
loan for its financial obligations.

As reported in TCR Europe on March 22, the Italian government
approved Alitalia's proposed takeover bid for Volare Group,
following a favorable ruling from a Roman court.

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company
that controls Volare Airlines S.p.A. and Air Europe since 2001.
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates more than EUR4 billion in
annual revenue and employs more than 20,000 people.  As of
December 2004, its net debt stood at EUR1.76 billion in 2004.
Alitalia flies to about 80 destinations in more than 60
countries from hubs in Rome and Milan and operates a fleet of
about 185 aircraft.  Despite a EUR1.4 billion state-backed
restructuring in 1997 and a EUR1.4 billion capital injection two
years ago, it remains financially troubled.  It has posted a
profit only four times in the past 16 years.


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


AKRAB-KOMHOZ: Aktube Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube power
commenced bankruptcy proceeding against JSC Akrab-Komhoz on
March 2.


BIGBAG: Creditors Must Submit Claims by July 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Bigbag insolvent on Nov. 16, 2005.  Bankruptcy proceedings
were introduced at the company.

Creditors have until July 6, to submit written proofs of claim
to:

         Sadovnikova Str. 5
         Almaty, Kazakhstan
         Tel: 8 (3272) 99-69-32


COMPUTER CENTER: Creditors Must Submit Claims by June 6
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
CJSC Computer Center in Kazakhstan insolvent on Oct. 12, 2005.

Creditors have until June 6, to submit written proofs of claim
to:

         Makatayeva Str. 117, 3rd Floor, Office 3
         Almaty, Kazakhstan
         Tel: 8 (3272) 34-39-74


ESKIZ SHEELI: Kyzylorda Court Begins Bankruptcy Process
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region commenced bankruptcy proceeding against LLP Eskiz Sheeli
on Feb. 10.

The proofs of claim will be accepted at:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda, Kazakhstan


IMMET: Creditors Have Until June 6 to File Claims
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Immet insolvent on Oct. 21, 2005.

Creditors have until June 6, to submit written proofs of claim
to:

         Makatayeva Str. 117, 3rd Floor, Office 3
         Almaty, Kazakhstan
         Tel: 8 (3272) 34-39-74


META-2 Creditors Must Submit Proofs of Claim by May 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Meta-2 insolvent on Feb. 7.

Creditors have until May 5, to submit written proofs of claim
to:

         Al-Farabi Ave. 119, Room 303
         Kostanai, Kazakhstan


PLEMPTISA: Creditors' Claims Due May 5
--------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared OJSC Plemptisa insolvent on Feb. 9.

Creditors have until May 5, to submit written proofs of claim
to:

         Al-Farabi Ave. 119, Room 303
         Kostanai, Kazakhstan


PRESTIJ STROI: Court Sets July 6 Claims Bar Date
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Prestij Stroi Ltd. insolvent on Nov. 16, 2005.  Bankruptcy
proceedings were introduced at the company.

Creditors have until July 6, to submit written proofs of claim
to:

         Sadovnikova Str. 5
         Almaty, Kazakhstan
         Tel: 8 (3272) 99-69-32


S&M GROUP: Creditors Must Submit Proofs of Claim by June 6
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP S&M Group insolvent on Dec. 23, 2005.

Creditors have until June 6, to submit written proofs of claim
to:

         Makatayeva Str. 117, 3rd Floor, Office 3
         Almaty, Kazakhstan
         Tel: 8 (3272) 34-39-74


STAN: Deadline for Submission of Claims Set May 5
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Stan insolvent on Feb. 10.

Creditors have until May 5, to submit written proofs of claim
to:

         Al-Farabi Ave. 119, Room 303
         Kostanai, Kazakhstan


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


IRIS: Creditors Have Until June 9 to File Proofs of Claim
---------------------------------------------------------
LLP Iris has declared insolvency.  Creditors have until June 9,
to submit written proofs of claim.

The company can be reached at (+996 312) 62-28-59.


OHOTNYI DVOR: Creditors Must Submit Claims by June 13
-----------------------------------------------------
LLC Ohotnyi Dvor has declared insolvency.  Creditors have until
June 13, to submit written proofs of claim to:

         Korumdu
         Issyk-Kul Region
         Kyrgyzstan
         Tel: (0-502) 32-47-11


SUGAR TRADE: Court Set June 12 Claims Bar Date
----------------------------------------------
LLC Sugar Trade has declared insolvency.  Creditors have until
June 12, to submit written proofs of claim to:

         Micro District 7, 34/1-3
         Bishkek
         Kyrgyzstan


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Earns LTL885.7 Million in Fiscal 2005
-----------------------------------------------------
AB Mazeikiu Nafta reported the consolidated audited financial
results for the financial year 2005.  The financial results of
the Company were audited by PricewaterhouseCoopers.

The company earned LTL885.714 million (US$318.723 million)
audited net profit in 2005 under International Financial
Reporting Standards, compared to a LTL721.106 million
(US$260.843 million) of profit in 2004 under IFRS.

Mazeikiu Nafta's revenues totaled LTL11.155 billion (US$4.005
billion) in 2005, compared to LTL7.663 billion (US$2.760
billion) the year before.

The audited financial results will be presented to the General
Shareholders' Meeting for final approval.  The General Meeting
of Shareholders will take place on April 28, in the
Administration Center of AB Mazeikiu Nafta, Juodeikiai,
Mazeikiai District.

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en-- is an integrated downstream oil company
that comprises in one complex pipeline operations, oil refining,
marine terminal operations, and logistics of crude oil and
refined products.

                        *     *     *

Mazeikiu Nafta carries Fitch Ratings' short-term B and B+ senior
unsecured debt with stable outlook since 2005.


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


AKER KVAERNER: Moody's Ups Ratings to Ba1 on Strong Recovery
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Aker Kvaerner
Oil & Gas Group and its subsidiary Aker Kvaerner AS, primarily
to reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

The outlook on all ratings is stable.

Aker Kvaerner Oil & Gas Group's Ba1 corporate family rating is
based on the significant and sustained increase in operating
margins achieved over the past two years, underpinned by the
improved cost base, operating structure, working capital
management and successful headcount rationalization initiative.
Furthermore, the continuing upswing in the oil and gas industry
cycle has given rise to higher volumes of capital project
spending by oil and gas companies, which has in turn boosted the
group's order intake and backlog, and led to a record number of
secured orders in 2005.

As a result of increasing operating cash flow generation and
associated repayment of outstanding bank debt, Aker Kvaerner Oil
& Gas Group's coverage and debt leverage metrics have improved
materially in comparison to the ratios exhibited in March 2004,
when the initial rating was assigned to the ring-fenced
structure.  The corporate family rating benefits from the
restrictions on cash flow out of the ring-fenced structure.

Simultaneously, Aker Kvaerner Oil & Gas Group's rating reflects
the high-embedded implementation risk associated with the
complexity of a large number of the group's projects and the
cyclical nature of the oil and gas services industry, which
drives the company's order intake.  In this context, the
counter-cyclical effect of the MMO (Maintenance, Modification
and Operations) business, aftermarket services from the Subsea
business and Maritime Well Service in the P&T (Products and
Technology) division provides the group with some stability.

Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas is an
international provider of oil and gas services, and recorded
revenues of NOK28.177 billion at year-end 2005.  Approximately
38% of revenues were derived from the Field Development
division, 35% from the Subsea, Product & Technology business
unit and 26% from services offered through the Maintenance,
Modification and Operations business unit.  Aker Kv'rner Oil &
Gas Group AS is fully owned by Aker Kv'rner ASA, a Norwegian
company listed on the Oslo Stock Exchange.


===========
P O L A N D
===========


ELEKTRIM SA: Enforcement Clause Allows Creditors to Seize Assets
----------------------------------------------------------------
Debt collectors of telecom group Elektrim S.A. may now seize the
company's assets to recover their money, Polish News Bulletin
says.

The group's bond trustee, Law Debenture Trust Corporation, was
recently granted an enforcement clause, allowing bondholders to
take possession of the group's assets, against which the debts
have been secured.

Elektrim bondholders' spokesperson Kamila Gorecka said the debt
claims against the company could be satisfied through the sale
of the bankrupt estate.  She stressed that debt collectors must
prioritize the bondholders' claims once Elektrim is declared
bankrupt.  Ms. Gorecka, however, noted that Elektrim's
properties could be seized regardless of the bankruptcy
proceedings.

The court has already named experts to estimate the value of
Elektrim's property by the end of May.  Elektrim spokesperson
Ewa Bojar said that no seizures have occurred so far.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- is a public holding company quoted on
the Warsaw Stock Exchange.  Its most valuable assets are
Elektrim Telekomunikacja Sp. z o.o. and Elektrownia Patnow-
Adamow-Konin S.A.  Since 1999, Elektrim has implemented a far-
reaching restructuring program to improve its operational
efficiency and strengthen its position in the market.  It plans
to concentrate in two industries -- telecommunications and
power.

In November 2005, an English court rejected Elektrim's appeal on
a decision declaring it in breach of bond conditions.  The Court
ordered Elektrim in September 2005 to immediately buy back
EUR471.4 million of bonds for having broken a restructuring
agreement signed in 2002.  Holders demanded immediate buyout of
their bonds, which are now worth EUR470 million.  Elektrim was
due to redeem the bonds on Dec. 15, 2005, but failed.

Elektrim said it was impossible to redeem the bonds since the
court has frozen its assets.  Bondholders filed the motion to
freeze Elektrim's assets, fearing the group would hide its
assets and declare bankruptcy to avoid repaying its debt.  The
company said it would repay the debt if the collateral were
cancelled.


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


ALNASHI-AGRO-PROM-KHIMIYA: Creditors' Claim Due May 4
-----------------------------------------------------
Creditors of Alnashi-Agro-Prom-Khimiya have until May 4, to
submit their proofs of claim to court-appointed insolvency
manager Ms. S. Gordilova at:

         Pushkina Str. 99/19.
         Mozhga
         427793 Russia

The Arbitration Court of Udmurtiya Republic commenced bankruptcy
proceedings against the open joint stock company after finding
it insolvent.  The case is docketed as A71-83/2005-G21.

The Debtor can be reached at:

         Alnashi, Stroitelnaya Str. 4.
         Alnashskiy Region
         Udmurtiya Republic
         427880 Russia


BRATSKAYA MONTAGE: Court Commences Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Irkutsk Region as commenced bankruptcy
supervision procedure on OJSC Bratskaya Montage Enterprise
Hydro-Montage.  The case was docketed as A19-41959/05-29.

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

         Mr. V. Turushev
         Kustarnyj Per. 4, Office 4.
         Khabarovsk
         Russia

The Debtor can be reached at:

         Ust-Ilimsk - 14, Dmitrova Str.
         Irkutsk Region
         666684 Russia

BUILDING TRUST 7: Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad Region
commenced bankruptcy proceedings against Building Trust 7 (TIN
7815001182) after finding the open joint stock company
insolvent.  The case is docketed as A56-43170/20055.

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

         Mr. G. Zhuravlev
         Angliyskiy Pr. 3, Office 206
         St-Petersburg
         190121 Russia

The Debtor can be reached at:

         Transportnyj Per. 10
         St-Petersburg
         191036 Russia

COMPUTER LAND: Khabarovsk Court Commences Bankruptcy Process
------------------------------------------------------------
The Arbitration Court of Khabarovsk Region has commenced
bankruptcy supervision procedure on LLC Computer Land.  The case
is docketed as A73-67/2006-9.

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

         Ms. O. Bekreneva
         Khabarovsk, Post User Box 87/25
         680001 Russia

The Debtor can be reached at:

         Postysheva Str. 16.
         Khabarovsk
         Russia

DYATKOVSKIY CRYSTAL: Court Names N. Solovyev External Manager
-------------------------------------------------------------
The Arbitration Court of Bryansk Region named N. Solovyev as
external insolvency manager for Dyatkovskiy Crystal.

The Court has commenced external management bankruptcy procedure
on the open joint stock company.  The case is docketed as A09-
3488/05-27.

The external insolvency manager can be reached at:

         Mr. N. Solovyev
         Dyatkovo, Lenina Str. 184.
         Bryansk Region
         242600 Russia

The Debtor can be reached at:

         Dyatkovo, Lenina Str. 184.
         Bryansk Region
         Russia


METAKON-TRADE: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Kemerovo Region has commenced
bankruptcy supervision procedure on CJSC Metakon-Trade.  The
case is docketed as A27-42320/05-4.

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

         Mr. S. Bychkovskiy
         Kemerovo, Post User Box 5228
         650055 Russia

The Debtor can be reached at:

         Rukavishnikova Str. 26-7
         Kemerovo Region
         Russia


NEW KOSTROMSKAYA: Court Names B. Shatrov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. B.
Shatrov insolvency manager of New Kostromskaya Manufacture (TIN
4401019038).

The Court commenced bankruptcy proceedings against the close
joint stock company after finding it insolvent.  The case is
docketed as A31-296/2006-12.

The insolvency manager can be reached at:

         Mr. B. Shatrov
         Sverdlova Str. 80, room 88
         Kostroma
         156005 Russia

The Debtor can be reached at:

         Erokhova Str. 3.
         Kostroma
         Russia


NORTH-WEST: Annual General Meeting Slated for June 30
-----------------------------------------------------
The Board of Directors of OJSC North-West Telecom will convene
on June 30, 1 p.m. Moscow time, for the company's annual general
shareholders meeting.  The meeting will be held at:

         14, Sinopskaya nab.
         St. Petersburg, Russia

The registration of shareholders for participation in the
meeting begins at 11 a.m. Moscow time at the meeting venue.

Shareholders have until June 24, to mail filled-out voting
ballots to:

         OJSC North-West Telecom
         14/26 Gorokhovaya ul.
         (26, B. Morskaya ul.)
         St. Petersburg, 191186
         Russia

                 About North-West Telecom

OAO North-West Telecom is one of Russia's major
telecommunication companies, and the leading operator in the
North-West Federal District, providing traditional telephone
services, as well as Internet and advanced data services.  The
Company originated from the merger of 10 regional fixed line
operators and is ranked among the Financial Times' Top 100 major
Eastern European companies.  NWT ranks eighth in Standard &
Poor`s Transparency Index of the 50 largest MICEX-listed
companies and fifth in the S&P Corporate governance rating.

NWT international debt is rated by S&P at B+ with stable outlook
and domestic debt ruA+.


TENGUSHEVSKIY: Mordoviya Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Mordoviya Republic commenced bankruptcy
proceedings against Butter Factory Tengushevskiy after finding
the open joint stock company insolvent.  The case is docketed as
A39-7786/05 263/6.

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

         Mr. G. Stepanov
         Tengushevo, Novaya Str. 48.
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         Tengushevo, Novaya Str. 48.
         Mordoviya Republic
         Russia


TYUMEN-LES-TOP-PROM: Court Hearing Slated for May 25
----------------------------------------------------
The Arbitration Court of Tyumen Region will convene on May 25,
to hear the bankruptcy proceedings of Tyumen-Les-Top-Prom.

The Court has commenced bankruptcy supervision procedure on the
open joint stock company.  The case was docketed as A70-15720/3-
2005.

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

          Ms. T. Ustyuzhanina
          Respubliki Str. 62-639.
          Tyumen
          Russia


ZEYA-GES-STROY: V. Boldlin Named Interim Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Amur Region appointed Mr. V. Boldlin as
temporary insolvency manager for JSC Zeya-Ges-Stroy.  Mr. V.
Boldlin can be reached at:

         Khabarovsk-23, Post User Box 101/5
         680023 Russia
         Amur Region

The Court has commenced bankruptcy supervision procedure on the
open joint stock company.  The case was docketed as A04-2248/05-
17/62B.

The Debtor can be reached at:

         Cherepovets, Metallistov Str. 5.
         Amur Region
         Russia


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


CORRAL INVESTMENT: Moody's Withdraws Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of the Preem
Group following the early redemption on April 4, of the EUR305
million 10-5/8% Senior Secured Notes due 2011 at Preem Holdings
AB (rated B2) and the approximately EUR421.6 million and
US$154.2 million Floating Rate Split Coupon Notes due 2010 at
Corral Investment AB (not rated).

Following a tender process, the company has repurchased 97.3% of
the EUR100 million outstanding 9% Senior Subordinated Notes due
2014 at Preem Petroleum AB (rated B1).  Moody's understands that
cash balances sufficient to repay the remaining 2.7% of the
Senior Subordinated Notes due 2014 are in escrow.

These ratings have been withdrawn:

   -- Corral Investment AB: Corporate Family rating of Ba3;

   -- Preem Petroleum AB: Senior Subordinated Debt Rating of B1;
      and

   -- Preem Holdings AB: Senior Secured Debt Rating of B2
      (withdrawn on April 4, 2006).

Corral Investment AB is the holding company of Preem Holdings AB
and in turn Preem Petroleum AB.  It is a 100% subsidiary of the
ultimate parent, Corral Petroleum Holdings AB, which is part of
the Corral Group owned by the Saudi Arabian investor, Mr. Al-
Amoudi.

Headquartered in Stockholm, Preem is the largest oil company in
Sweden, and operates through two refining facilities, Preemraff
Lysekil and Preemraff Gothenburg.  Preem sells its refined
products primarily in Sweden and other northwestern European
markets, including Scandinavia, the United Kingdom and Germany.


PREEM GROUP: Note Redemption Spurs Moody's to Withdraw Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of the Preem
Group following the early redemption on April 4, of the EUR305
million 10-5/8% Senior Secured Notes due 2011 at Preem Holdings
AB (rated B2) and the approximately EUR421.6 million and
US$154.2 million Floating Rate Split Coupon Notes due 2010 at
Corral Investment AB (not rated).

Following a tender process, the company has repurchased 97.3% of
the EUR100 million outstanding 9% Senior Subordinated Notes due
2014 at Preem Petroleum AB (rated B1).  Moody's understands that
cash balances sufficient to repay the remaining 2.7% of the
Senior Subordinated Notes due 2014 are in escrow.

These ratings have been withdrawn:

   -- Corral Investment AB: Corporate Family rating of Ba3;

   -- Preem Petroleum AB: Senior Subordinated Debt Rating of B1;
      and

   -- Preem Holdings AB: Senior Secured Debt Rating of B2
      (withdrawn on April 4, 2006).

Corral Investment AB is the holding company of Preem Holdings AB
and in turn Preem Petroleum AB.  It is a 100% subsidiary of the
ultimate parent, Corral Petroleum Holdings AB, which is part of
the Corral Group owned by the Saudi Arabian investor, Mr. Al-
Amoudi.

Headquartered in Stockholm, Preem is the largest oil company in
Sweden, and operates through two refining facilities, Preemraff
Lysekil and Preemraff Gothenburg.  Preem sells its refined
products primarily in Sweden and other northwestern European
markets, including Scandinavia, the United Kingdom and Germany.


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


ASMO: Court Names Sergij Bagmet to Liquidate Assets
---------------------------------------------------
The Economic Court of Zaporizhya Region appointed Sergij Bagmet
as Liquidator/Insolvency Manager for JSCCT Asmo (code EDRPOU
20488819).

The Court commenced bankruptcy proceedings against the company
on Feb. 15, after finding it insolvent.  The case is docketed as
25/20/06.

CONTACT:  JSCCT Asmo
          Energodar, Komsomolska Str. 3
          71500 Ukraine, Zaporizhya Region

          Sergij Bagmet
          Liquidator/Insolvency Manager
          69104 Ukraine, Zaporizhya Region a/b 1064

          Economic Court of Zaporizhya Region
          Shaumyana Str. 4
          69001 Ukraine, Zaporizhya Region


LASER: Court Names Sergij Bagmet Insolvency Manager
---------------------------------------------------
The Economic Court of Zaporizhya Region appointed Sergij Bagmet
as Liquidator/Insolvency Manager for LLC Complex Exploratory-
Experimental Laboratory Laser (code EDRPOU 22145974).

The Court commenced bankruptcy proceedings against the company
on Feb. 15, after finding after finding it insolvent.  The case
is docketed as 25/21/06.

CONTACT:  Laser
          Energodar, Komsomolska Str. 3
          71500 Ukraine, Zaporizhya Region

          Sergij Bagmet
          Liquidator/Insolvency Manager
          69104 Ukraine, Zaporizhya Region a/b 1064

          Economic Court of Zaporizhya Region
          Shaumyana Str. 4
          69001 Ukraine, Zaporizhya Region


MEGA-TOUR: Undergoes Sanction Procedure in Harkiv
-------------------------------------------------
The Economic Court of Harkiv Region commenced sanction procedure
on CJSC Tourist Company Mega-Tour (code EDRPOU 30588996) on
March 1.  The case is docketed as B-39/15-06.

Stepanenko Yuliya has been appointed sanction manager.  Fomin
Grant has been appointed temporary insolvency manager.

CONTACT:  Mega-Tour
          Artema Str. 46
          61002 Ukraine, Harkiv Region

          Stepanenko Yuliya
          Sanction Manager
          Kulinichi, Yuvilejna Str. 2-v/49
          Harkiv District
          Ukraine, Harkiv Region

          Fomin Grant
          Temporary Insolvency Manager
          Ukraine, Harkiv Region N. Uzhvij Str. 96/68

          Economic Court of Harkiv Region
          Svobodi Square 5, Derzhprom, 8th entrance


NEKTAR-AGRO: Mikolaiv Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedure on LLC Nektar-Agro (code EDRPOU 31309302)
on Feb. 24.  The case is docketed as 14/23/06.

Viktoriya Cherepenko has been appointed temporary insolvency
manager.

CONTACT:  Nektar-Agro
          Bashtanskij District, Lenino
          57433 Ukraine, Mikolaiv Region

          Viktoriya Cherepenko
          Temporary Insolvency Manager
          Moskovska Str. 54a
          54017 Ukraine, Mikolaiv Region

          Economic Court of Mikolaiv Region
          Admiralska Str. 22
          54009 Ukraine, Mikolaiv Region


OJSC NAFTOGAZ: Fitch Downgrades US$500 Mln Eurobond at B+
---------------------------------------------------------
Fitch Ratings lowered OJSC Naztogaz of Ukraine's local and
foreign currency Issuer Default Ratings to B+ from BB- due to
the company's deteriorating financial condition.  The Outlooks
for the IDRs remain Negative.

The senior unsecured rating on the company's US$500 million
Eurobond maturing in 2007 is also downgraded to B+ from BB-.

The downgrade reflects expectations that Naftogaz could be
facing a serious liquidity constraint as the company seeks to
cope with rising natural gas costs in a regulated domestic price
environment.  The government has begun looking into Naftogaz's
accounting practices amid claims that first quarter losses in
2006 are between US$500 million and US$660 million.

Company expectations are that losses could amount to as much as
US$1.5 billion in fiscal year 2006.  Naftogaz's EBITDA in 2004,
the last year for which audited IFRS figures are available,
totaled US$1.24 billion.

The government has also refused to sign off on Naftogaz's
financial plan for 2006.  It has instead demanded that Naftogaz
scale back spending on a number of foreign projects, rather than
allow price increases on gas supplied to domestic households, in
order for the company to conserve cash.

At the same time, Ukraine's Finance Ministry is claiming that
Naftogaz has tax arrears of US$118 million.  Naftogaz's tax
burden increased by 90% in 2005, while income grew by 11.7% over
the same period, as measured under Ukrainian GAAP.

Of additional concern to Fitch are reports in the press that
Naftogaz has accumulated debts of around US$700 million for
natural gas supplied by RosUkrEnergo in February and March,
after Naftogaz was forced to sell gas in the domestic market at
prices lower than the acquisition price.

As a result, out of the reported 11 billion cubic meters of gas
supplied in Q1 2006 to Naftogaz, only 4 billion cubic meters has
been paid for, which has in turn caused RosUkrEnergo to cut its
supplies to 50% of the previously agreed volumes.

The Outlook remains Negative, reflecting Fitch's concerns over
potential price increases for Ukraine to import gas.  Under the
current agreement with Russia's Gazprom, transportation tariffs
through Ukraine are fixed for five years, whereas gas prices for
Ukraine could be reviewed every six months.  The next review
will be July 1.

This effectively puts a cap on Naftogaz's ability to recover any
additional gas cost increases from Gazprom and could place
additional downward pressure on Naftogaz's ratings.  An
additional rating downgrade would likely result from an
inability to adequately offset rising costs, resulting in a
further deterioration of the company's key cash flow and
leverage ratios.

Fitch is starting to question the degree of state support for
Naftogaz, despite the 100% state-ownership, as relations between
Naftogaz and the Finance Ministry have become contentious with
Naftogaz laying the blame for any potential disruptions to gas
imports on the government.

In addition, rumors continue that Chairman Ivchenko may resign
once a government coalition is formed.  The Outlook could return
to Stable if Naftogaz were able to demonstrate an ability to
offset rising natural gas costs either through a renegotiation
in prices, an increase in transportation tariffs or an ability
to pass on these costs to domestic end-users.


PROMTEHRESURS: Zaporizhya Court Begins Bankruptcy Process
---------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against Private Enterprise Promtehresurs (code
EDRPOU 31646952) on Feb. 20, after finding it insolvent.  The
case is docketed as 19/25/06.

Sergij Bagmet has been appointed Liquidator/Insolvency Manager.

CONTACT:  Promtehresurs
          40 rokiv Radyanskoyi Ukraini Str. 43-A/83
          69037 Ukraine, Zaporizhya Region

          Sergij Bagmet
          Liquidator/Insolvency Manager
          69104 Ukraine, Zaporizhya Region a/b 1064

          Economic Court of Zaporizhya Region
          Shaumyana Str. 4
          69001 Ukraine, Zaporizhya Region


PROMTEO: Zaporizhya Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against Promteo (code EDRPOU 32547295) on Feb. 27,
after finding it insolvent.  The case is docketed as 19/19/06.

Sergij Bagmet has been appointed Liquidator/Insolvency Manager.

CONTACT:  Promteo
          Diagonalna Str. 7
          69035 Ukraine, Zaporizhya Region

          Sergij Bagmet
          Liquidator/Insolvency Manager
          69104 Ukraine, Zaporizhya Region a/b 1064

          Economic Court of Zaporizhya Region
          Shaumyana Str. 4
          69001 Ukraine, Zaporizhya Region 4


SPECTRANSNAFTA: Court Appoints Daki Audit as Liquidator
-------------------------------------------------------
The Economic Court of Kyiv Region appointed Daki Audit (code
EDRPOU 30267859) as liquidator for OJSC Spectransnafta (code
EDRPOU 32911051).

The Court commenced bankruptcy proceedings against the company
on Feb. 24, after finding it insolvent.  The case is docketed as
44/655-b.

CONTACT:  OJSC Spectransnafta
          Novopirogivska Str. 62-a
          03045 Ukraine, Kyiv Region

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


UKRDORPOSTACHSERVICE: Kyiv Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on Ukrdorpostachservice (code EDRPOU
32847662) on March 1.  The case is docketed as 43/101.

Kachkurov Farit has been appointed temporary insolvency manager.

CONTACT:  Ukrdorpostachservice
          Gorkij Str. 51
          03068 Ukraine, Kyiv Region

          Kachkurov Farit
          Temporary Insolvency Manager
          02206 Ukraine, Kyiv Region, a/b 169

          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
===========================


HMV GROUP: Tim Waterstone Eyes Specialist Bookseller's Purchase
---------------------------------------------------------------
The Board of Directors for HMV Group PLC disclosed that it is
yet to receive a formal proposal from Tim Waterstone for the
acquisition of Waterstone's upon which any discussion could take
place.  Mr. Waterstone indicated his interest in Waterstone's,
UK's leading specialist bookseller, to the Board in February
2006.

The Board disclosed that they would always give proper
consideration to any proposal that might enhance value for
shareholders.

On March 30, the Competition Commission gave provisional
clearance for a potential combination between Waterstone's and
Ottakar's which the Board continues to believe provides a
potentially value enhancing opportunity for shareholders.  The
Board is awaiting the formal Competition Commission decision
then it will consider its position.

                        About the Company

Headquartered in the U.K., HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in 8 different
countries under two powerful retail brands (HMV and
Waterstone's).  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Oct. 29, 2005, the company's balance sheet showed GBP49.7
million in stockholders' deficit, compared with a GBP14.4
million stockholders' deficit at Apr. 30, 2005.


INTERFACE INC: Sells European Fabrics Biz for US$28 Million Cash
----------------------------------------------------------------
Interface, Inc. (Nasdaq:IFSIA) sold its European fabrics
division, Camborne Holdings Limited, for approximately US$28
million in cash.  Proceeds from the sale will be used to pay
down debt or reinvest in the Company's other businesses.

The acquisition was led by the current management of Camborne,
with financing provided by Bank of Scotland.  For the full year
2005, the European fabrics division generated revenue of US$62.8
million and operating income of US$3.1 million, and had
depreciation and amortization of US$1.5 million. As a result of
the sale, Interface will record an after-tax, non-cash write-
down for the impairment of goodwill of approximately $20 million
in the first quarter of 2006.

                North American Fabrics Biz Reform

In addition, the Company is taking actions to reduce operating
costs within its North American fabrics business.  Interface is
closing its East Douglas, Massachusetts manufacturing facility
and integrating those operations into its Elkin, North Carolina
manufacturing facility.  As a result, the Company will record an
after-tax restructuring charge in the first quarter of 2006 of
approximately US$3.3 million related to severance costs.  The
Company expects the restructuring to result in operating savings
in 2006 of approximately US$2 million, and US$3.6 million
annually thereafter.

"We are pleased that we have been able to reach an agreement
with the management team of our European fabrics division for
the sale of that business," Daniel T. Hendrix, President and
Chief Executive Officer, commented.  "In 2005, we saw solid
operating improvements and growth within our North American
fabrics business, and continuing to increase sales and enhance
the profitability of this business remains an important part of
our strategy.  Overall, we feel the sale transaction and our
restructuring activity in North America allow for greater
financial flexibility."

Headquartered in Atlanta, Georgia, Interface, Inc. --
http://www.interfaceinc.com/-- is a recognized leader in the
worldwide interiors market, offering floor coverings and
fabrics.  The Company is committed to the goal of sustainability
and doing business in ways that minimize the impact on the
environment while enhancing shareholder value.  The Company is
the world's largest manufacturer of modular carpet under the
Interface, InterfaceFLOR, Heuga and Bentley Prince Street
brands, and, through its Bentley Prince Street brand, enjoys a
leading position in the high quality, designer-oriented segment
of the broadloom carpet market.  The Company is a leading
producer of interior fabrics and upholstery products, which it
markets under the Guilford of Maine and Chatham brands, and
provides specialized fabric services through its TekSolutions
business.

                          *     *     *

As reported in the Troubled Company Reporter on April 19,
Moody's Investors Service affirmed the ratings of Interface,
Inc., and changed the ratings outlook to positive from stable.
The change in the outlook to positive reflects an expectation of
sustained improvement in operating margin and free cash flow
generation which should evidence the stability of Interface's
financial and operating recovery.

Moody's rating actions:

   * Affirmed the B2 rating on $148 million 7.3% guaranteed
     senior unsecured notes due 2008;

   * Affirmed the B2 rating on B2 $175 million 10.375%
     guaranteed senior unsecured notes due 2010;

   * Affirmed the Caa1 rating on $135 million 9.5% guaranteed
     senior subordinated notes due 2014;

   * Affirmed the B2 rating on the Corporate Family Rating.

   * Changed the ratings outlook to positive from stable.


MAPLE SUPPLIES: Winds Up Business & Appoints Liquidator
-------------------------------------------------------
Maple Supplies Limited is winding up its business after members
passed a resolution to wind up the company's assets on Feb. 27.

Roderick Graham Butcher was appointed Liquidator.

The company can be reached at:

         Maple Supplies Limited
         Baker House
         The Hayes
         Stourbridge West Midlands
         DY9 8RS
         Tel: 01384 422 291
         Fax: 01384 893 171


MISYS PLC: Buys Back 1,000,000 Shares from JPMorgan Cazenove
------------------------------------------------------------
Misys plc purchased 1,000,000 of its own ordinary shares on
April 24 at a price of 209.0871 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 55,176,390 of its shares in Treasury and has 502,550,646
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.


NORTH EAST: Members Pass Winding Up Resolution
----------------------------------------------
Members of North East Environmental Services Limited passed a
resolution to wind up the company's operations during an
extraordinary general meeting on March 7.

Subsequently, they appointed Allan Cooper and Derek Leslie
Woolley, of The P&A Partnership, as Joint Liquidators.

The company can be reached at:

         North East Environmental Services Limited
         28 Kempton Drive
         Dunsville Doncaster South Yorkshire
         DN7 4QA
         Tel: 0800 542 4982


PETER GUILD: Hires Joint Liquidators to Wind Up Operations
----------------------------------------------------------
Matthew Colin Bowker and David Antony Willis were appointed
Joint Liquidators after members of Peter Guild Limited decided
to wind up the company's operations on March 3.

Chairman P. Douglas expressed that the company could no longer
continue its operations due to mounting debts.

The company can be contacted at:

         Peter Guild Limited
         84 College Street
         Kempston Bedford
         MK4 28LU
         Tel: 01234 273 372
         Fax: 01234 270 838


PLANAGRAPHIC STUDIOS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------------
Creditors of Planagraphic Studios Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company's operations on March 8.

Creditors also ratified the appointment of David Paul Hudson, of
Begbies Traynor, as Liquidator.

The company can be contacted at:

         Planagraphic Studios Limited
         Unit 1
         18 Sirdar Road
         Brook Road Industrial Estate
         Rayleigh Essex
         SS6 7XF
         Tel: 01268 747 091
         Fax: 01268 745 218


RIDGECREST CONSTRUCTION: Members Decide to Wind Up Operations
-------------------------------------------------------------
Ridgecrest Construction Limited is liquidating its assets after
members decided to wind up the company's operations on March 9.

Ninos Koumettou, of Alexander Lawson & Co, was appointed
Liquidator.

The company can be reached at:

         Ridgecrest Construction Limited
         51 Colney Hatch Lane
         London
         N10 1LJ
         Tel: 020 8444 4165
         Fax: 020 8444 1084


ROXBY SURTEES: Financial Woes Prompt Voluntary Liquidation
----------------------------------------------------------
Members of Roxby Surtees Limited resolved to voluntarily
liquidate the company's assets after proving that the company
could no longer continue its operations due to mounting debts.

Gordon Smythe Goldie and Allan David Kelly, of Tait Walker, will
jointly liquidate the company's assets.

The company can be reached at:

         Roxby Surtees Limited
         The Mill
         Shotley Bridge Consett County Durham
         DH8 9TD
         Tel: 01207 504 104
         Fax: 01207 580 584


SPARSHOTT TECHNOLOGIES: Joint Liquidators Take Over Company
-----------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell
Watchorn & Saxton LLP, were appointed Joint Liquidators of
Sparshott Technologies Limited after members decided to
liquidate the company's assets on March 7.

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:

         Sparshott Technologies Ltd
         Unit 3
         48 Coldharbour Lane
         Harpenden Hertfordshire
         AL5 4UN
         Tel: 01582 761 717
         Fax: 01582 462 525
         Web: http://www.spar-tec.com/


SPECIALISED INDUSTRIAL: Members Resolve to Liquidation
------------------------------------------------------
Members of Specialised Industrial Services Ltd resolved to
liquidate the company's assets after proving that the company
could no longer continue its operations due to financial
liabilities.

Bruce G. T. Rees was appointed Liquidator.

The company can be reached at:

         Specialised Industrial Services Ltd
         Brynsiriol
         Llechryd Cardigan Dyfed
         SA43 2NH
         Tel: 01239 682 070


TRANS-EURO: Names Peter Anthony Jackson as Liquidator
-----------------------------------------------------
Peter Anthony Jackson was appointed Liquidator of Trans-Euro
Industries Limited after members pass a resolution to wind up
the company's assets on March 3.

Director J. Kidwell disclosed that the company could no longer
continue its business due to mounting debts.

The company can be reached at:

         Trans-Euro Industries Ltd
         Ravenside Retail Park
         Victoria Road
         Stoke-On-Trent
         ST4 2HJ
         Tel: 01782 745 344
         Fax: 01782 745 355


WINTERTHUR SWISS: Asks High Court to Approve Scheme of Transfer
---------------------------------------------------------------
"Winterthur" Swiss Insurance Company and Tenecom Limited asked
the High Court Justice to sanction the scheme for the transfer
of the general insurance business of Winterthur's branch in the
United Kingdom to Tenecom Limited pursuant to section 107 of the
Financial Services and Markets Act 2000.

A full-text copy of the report prepared by an independent
expert, H.S. Weavers Underwriting Limited, is available, upon
request, at:

         KMS Insurance Services Limited
         America House
         2 America Square
         London
         EC3N 2LU, United Kingdom
         Web: http://www.winterthur.com/weavers/
         E-mail: winterthur.helpdesk@kmsl.co.uk

The Application will be heard before the Companies Court Judge
on May 12, at:

         Royal Court of Justice
         The Strand
         London
         WC2A 2LL

Any person who claimed to be adversely affected by the carrying
out of the Scheme may appear at the time of the hearing in
person or by counsel.

Anyone who objects to the Scheme but does not intend to appear,
must give at least two days prior notice in writing of such
intention or dissent and their reasons therefore, to the
solicitors of "Winterthur" Swiss Insurance Company at:

         Lovells
         Atlantic House
         Holborn Viaduct
         London EC1A 2FG
         Tel: +44 (0) 20 7296 2000
         Fax: +44 (0) 20 7296 2001


WOOD U LOVE: Creditors Affirm Voluntary Liquidation
---------------------------------------------------
Creditors of Wood U Love Limited affirmed the company's
voluntary liquidation after members passed a winding up
resolution on March 7.

Creditors also ratified the appointment of Richard William James
Long, of Richard Long & Co, as Liquidator.

The company can be reached at:

         Wood U Love Limited
         16 Baldock Street
         Ware Hertfordshire
         SG12 9DZ
         Tel: 01920 466 669

                           *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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