TCREUR_Public/060427.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

              Thursday, April 27, 2006, Vol. 7, No. 83     

                            Headlines


A U S T R I A

HARALD AIGNER: Vienna Court Closes Bankruptcy Proceedings
SIGA SICHERHEITSTECHNIK: Court Dismisses Bankruptcy Case


F R A N C E

EUROTUNNEL S.A.: Creditors Grant Third Waiver Through July 12

* AlixPartners Opens New Office in Paris


G E R M A N Y

ELEKTRO VOLLINGS: Creditors' Meeting Slated for May 5
H.+K. MASCHINENBAU: Claims Registration Ends April 30
IPD INDUSTRIELLE: Claims Registration Ends April 28
JUMA TORE: Claims Registration Ends April 28
K & R GMBH: Claims Registration Ends April 28

OHL SCHUHMARKT: Claims Registration Ends April 28
QUAST & KLAMT: Claims Registration Ends April 28
RINOL AG: Sells Bremen Concrete Works to Possehl Spezialbau
S & W SANITAR: Claims Registration Ends April 28
SCHONDORFER BAU: Creditors' Meeting Slated for May 3

UWT - UNTERWASSER: Claims Registration Ends April 28


H U N G A R Y

AES CORP: Sells 7.6% Stake in AES Gener for US$123 Million


I R E L A N D

DEPFA BANK: Moody's Downgrades FSR to B- Due to Inactivity


K A Z A K H S T A N

ARIADNA: Creditors Must Submit Claims by May 5
ALMATY-TEPLO-HLADOVENT-SENTR: Creditors' Claims Due May 5
DAULET: Creditors Must Submit Claims by May 5
GIZ PIRAMIDA: Creditors Must Submit Claims by May 5
HALYK BANK: Fitch Rates Dutch Unit's Upcoming Bond Issue at BB+

INTER-ENERGO-SERVICE: Creditors Must Submit Claims by May 5
TURKISTAN: Creditors Must Submit Claims by May 5
SALIHA: Creditors Must Submit Claims by May 5
PROGRESS-KANEO: Creditors Must Submit Claims by May 5
STROI KOMERS LTD: Creditors Must Submit Claims by May 5


N E T H E R L A N D S

ASML HOLDING: Moody's Lifts Ba3 Ratings to Ba2
HSBK B.V.: Fitch Rates Expected BB+ on Upcoming Eurobond


R U S S I A

CONFECTIONARY IRKUTSKAYA: Bankruptcy Hearing Slated for May 4
DOROZHNIK: Claims Filing Period Ends May 4
ELDORADO GROUP: Appoints S. Kovalev Insolvency Manager
KATLASINSKIY FACTORY: Court Begins Bankruptcy Proceedings
LENA-STROY-SERVICE: Bankruptcy Supervision Procedure Begins

NORTH BUILDING: Court Names Egorov Interim Insolvency Manager
OMSK-LEATHER: Omsk Court Begins Bankruptcy Supervision Procedure
SEL-KHOZ-TEKHNIKA: Deadline for Proofs of Claim Set for May 4
STARINSKOYE: Appoints I. Glazkova Interim Insolvency Manager
TALITSKIY TIMBER: Proof of Claim Deadline Slated for May 4


U K R A I N E

AGORA-PLUS: Kyiv Court Starts Bankruptcy Supervision
DNIPROHIMREMONT: Court Names O. Kotenko to Liquidate Assets
DNIPROPETROVSK REPAIR: Court Names Oleksandr Selishev Liquidator
GELEOS: Lugansk Court Names Litsoyev Dmitro Insolvency Manager
KORINF: Court Appoints Mikita Nikitenko Insolvency Manager

KRONA: Lviv Court Begins Bankruptcy Proceedings
OBLREMPOBUTTEHNIKA: Lugansk Court Starts Bankruptcy Supervision
PROSTOR-AGRO: Donetsk Court Commences Bankruptcy Process
SHPOLA' SUGAR: Court Names Viktor Osipchuk to Liquidate Assets
SILGOSPPOSTACH: Court Names O. Pasternak to Liquidate Assets

SUNRISE-INVESTMENTS: Kyiv Court Starts Bankruptcy Process


U N I T E D   K I N G D O M

ADVANCED NETWORK: Creditors Pass Winding Up Resolution
DESIGNED FOR LIFE: Creditors Agree to Wind Up Operations
ELEGANCE DRY: Brings In Joint Liquidators to Oversee Business
GRAFIX DIGITAL: Creditors Confirm Voluntary Liquidation
IMPEX CORPORATION: Financial Woes Trigger Voluntary Liquidation

INDUSTRIAL MANUFACTURING: Winds Up Operations & Names Liquidator
KNOWSLEY PIPE: Appoints Gary Corbett as Liquidator
LONDON AIR: Begins Voluntary Liquidation
LYNN BALL: Creditors Resolve to Wind Up Operations
MULTI BASE: Claims Filing Period Ends June 1

MISYS PLC: Buys Back 750,000 & Cancels 2 Mln Shares in Treasury
MISYS PLC: Transfers 2,747 Shares to Scheme Participants
REFCO INC: Creditors File US$1.3 Billion Suit Against BAWAG

                            *********

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


HARALD AIGNER: Vienna Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Court of Vienna closed the bankruptcy case of Harald Aigner
Keg (FN 233208d) on April 7, following the Debtor's final
distribution to its creditors.

Headquartered in Vienna, Austria, Harald Aigner Keg was declared
bankrupt on March 10 (Bankr. Case No. 4 S 46/06a).


SIGA SICHERHEITSTECHNIK: Court Dismisses Bankruptcy Case
--------------------------------------------------------
The Land Court of Innsbruck dismissed on April 3, the bankruptcy
case of LLC Siga Sicherheitstechnik Vertrieb (FN 157557b) under
Section 166 of the Austrian Bankruptcy Code after it determined
that the Debtor is administratively insolvent.  This means that
the Debtor doesn't have enough cash to cover costs of the
bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Innsbruck, Austria, LLC Siga Sicherheitstechnik
Vertrieb (FN 157557b) filed for bankruptcy on March 7, 2005
(Bankr. Case No. 19 S 25/05g).  Dr.Mag. Andreas Grabenweger
served as the court-appointed property manager in the bankruptcy
case.


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


EUROTUNNEL S.A.: Creditors Grant Third Waiver Through July 12
-------------------------------------------------------------
Eurotunnel S.A. obtained an extension until July 12, of a new
waiver period from its creditors.  84.09% of the senior
creditors and 67.52% of the co-financiers voted in favor to the
new waiver.

As reported in TCR-Europe on April 13, Eurotunnel sought an
extension to a waiver to its credit agreements to pursue
negotiations with all creditors.

Eurotunnel and the Ad Hoc Committee of creditors, which
represents more than 50% of the Group's debt, signed a
Memorandum of Understanding on Jan. 31.

A second waiver period, which expired March 31, was put in place
to allow the presentation of the outline framework of the
restructuring agreed between the Group and the Ad Hoc Committee,
to non-signatory creditors.

                        About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel S.A. -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks. It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.


* AlixPartners Opens New Office in Paris
----------------------------------------
International consulting firm AlixPartners opens its new French
branch in Paris.

Already present in London, Milan, Munich and Dusseldorf,
AlixPartners now opens in Paris, with a team of 15 people,
managed by Yahya Daraaoui, Eric Bernardini and Laurent Petizon.

"AlixPartners has the right competencies to manage these radical
changes, with very good industry and technical expertise,
combined with a detailed understanding of all financing tools
and techniques.  In other words, the professionals of
AlixPartners are much concerned with their clients' balance
sheet and income statements," Mr. Daraaoui said.

In France, AlixPartners is currently well positioned in four key
business sectors:

   -- Automotive, aeronautics, defense;
   -- Manufacturing industry and process industry, high-tech;
   -- Retail and FMCG; and
   -- Media, communications and entertainment

The objective of AlixPartners France is to develop in all
industries.

AlixPartners clients typically include:

   -- large and middle market companies, national and
      international groups;

   -- banks and financial institutions; and

   -- investment funds.

"Unlike most consulting firms, AlixPartners projects are led by
small teams of two to four experienced professionals.  
AlixPartners offers quick and high returns on investments to its
clients, as well as unique, operational excellence with long-
lasting and significant cash flows," continues Mr. Bernardini.

                     France Lead Team

Yahya Daraaoui, Managing Director

Mr. Daraaoui is a seasoned professional with extensive
experience in corporate and business unit strategy, mergers and
acquisitions, operational effectiveness and restructuring, and
profit and working capital improvements.  His industry expertise
includes communications, media and advertising, automotive,
retail, and business-to-business distribution.

Mr. Daraaoui works both for corporate clients and the portfolio
companies of private equity funds where he has been involved in
the design and implementation of several transformation programs
aimed at comprehensive increases of shareholder value.  Prior to
joining AlixPartners, he was the managing director of the Paris
office of A.T. Kearney and a founding member of the private
equity consulting practice.  Before that, he was a partner and
vice president in the Milan office of Bain & Co.  

Mr. Daraaoui holds a degree from the HEC Graduate School of
Management in marketing and industrial economics.  He is a
member of the board of the Centre d'Etude et de Prospective
Strategigue.

Eric Bernardini, Managing Director

Mr. Bernardini has 12 years of strong international operational
industry experience and a solid track record in results-oriented
management consulting for the last 10 years.  He has extensive
experience in aerospace and defense, but also substantive
experience in manufacturing, high tech, and automotive
industries.

Prior to joining AlixPartners, Mr. Bernardini was the vice
president in charge of the European Aerospace and Defense
practice with A.T. Kearney in Paris.  He has led several key
aerospace OEMs and suppliers through strategic and operational
transitions.  He assisted executive management teams in
restructuring their organizations and operations, assessing
merger synergies, managing risks and profit optimization on
large development programs, developing supply chain and
operational effectiveness plans, managing R&D portfolio and
innovation, organizing worldwide customer support strategies,
completing due diligence, optimizing global footprints, and
aligning IT systems with business strategy.

Mr. Bernardini holds a business degree from EDHEC Graduate
School of Management in international marketing and
entrepreneurship.  

                     About the Firm

Founded in the United States in 1981, AlixPartners has almost
500 professionals, with 12 offices across the world, in the
United States, Asia and Europe, and covers all industries.


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


ELEKTRO VOLLINGS: Creditors' Meeting Slated for May 5
-----------------------------------------------------
Court-appointed provisional administrator for Elektro Vollings
GmbH, Dr. Wolf-R von der Fecht, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:11 a.m., on May 5.

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

         The District Court of Krefeld
         Sitzungssaal H 131
         1. Etage
         Nordwall 131
         47798 Krefeld, Germany

The Court will also verify the claims set out in the
administrator's report at 10:01 a.m., on June 30, at the same
venue.

Creditors have until April 30, to register their claims with the
court-appointed provisional administrator.

The District Court of Krefeld opened bankruptcy proceedings
against Elektro Vollings GmbH on Feb. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Elektro Vollings GmbH
         Attn: Monika Pauline Vollings, Manager
         Vorster Str. 37
         47918 Tonisvorst, Germany
         
The administrator can be reached at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf, Germany


H.+K. MASCHINENBAU: Claims Registration Ends April 30
-----------------------------------------------------
Creditors of H.+K. Maschinenbau GmbH have until April 30, to
register their claims with court-appointed provisional
administrator Dr. Lucas Flother.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Heidelberg
         Saal 12
         Kurfuerstenanlage 21
         69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings
against H.+K. Maschinenbau GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         H.+K. Maschinenbau GmbH
         Attn: Hans Herzog, Manager
         Kappisweg 41/22
         74915 Waibstadt, Germany
         
The administrator can be contacted at:

         Dr. Lucas Flother
         Handelweg 1
         68794 Oberhausen-Rheinhausen, Germany
         Tel: 07254/928518
         Fax: 07254/928520


IPD INDUSTRIELLE: Claims Registration Ends April 28
---------------------------------------------------
Creditors of ipd industrielle personaldienstleistungen GmbH have
until April 28, to register their claims with court-appointed
provisional administrator Heinrich Stellmach.

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 101 B
         1. Etage
         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 ipd industrielle personaldienstleistungen GmbH on
March 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ipd industrielle personaldienstleistungen GmbH
         Schlavenhorst 82
         46395 Bocholt         
         Attn: Heike Schroder, Manager
         Herderstrasse 1
         46397 Bocholt, Germany
         
The administrator can be contacted at:

         Heinrich Stellmach
         Salierstrasse 4
         46395 Bocholt, Germany


JUMA TORE: Claims Registration Ends April 28
--------------------------------------------
Creditors of JUMA Tore & und Service GmbH have until April 28,
to register their claims with court-appointed provisional
administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 JUMA Tore & und Service GmbH on March 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         JUMA Tore & und Service GmbH
         Mirweilerweg 14
         52349 Dueren
         Attn: Dr. Armin Stromberg, Manager
         Nikolausstr. 15
         52457 Aldenhoven, Germany
         
The administrator can be contacted at:

         Johannes Klefisch
         Rotter Bruch 6
         52068 Aachen, Germany


K & R GMBH: Claims Registration Ends April 28
---------------------------------------------
Creditors of K & R GmbH Eisenflechten Abbruch have until
April 28, to register their claims with court-appointed
provisional administrator Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on May 22, 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 K & R GmbH Eisenflechten Abbruch on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         K & R GmbH Eisenflechten Abbruch
         Attn: Peter Georg Rau and Lorenz Walter Klas, Managers
         Breitestrasse 21 A
         52156 Monschau, Germany
         
The administrator can be contacted at:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen, Germany


OHL SCHUHMARKT: Claims Registration Ends April 28
-------------------------------------------------
Creditors of Ohl Schuhmarkt GmbH have until April 28, to
register their claims with court-appointed provisional
administrator Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Landau in der Pfalz
         Zimmer 225
         Marienring 13
         76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy
proceedings against Ohl Schuhmarkt GmbH on March 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Ohl Schuhmarkt GmbH
         Attn: Franz Ohl, Manager
         Hauptstr. 22
         76887 Bollenborn, Germany
         
The administrator can be contacted at:

         Stephan Haspel
         Friedrich-Ebert-Str. 7
         76829 Landau in der Pfalz, Germany
         Tel: 06341/51020
         Fax: 06341/510229


QUAST & KLAMT: Claims Registration Ends April 28
------------------------------------------------
Creditors of Quast & Klamt oHG have until April 28, to register
their claims with court-appointed provisional administrator Rolf
Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Hagen
         Raum 283
         Etage 2
         Heinitzstrasse 42
         58097 Hagen, 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 Hagen opened bankruptcy proceedings
against Quast & Klamt oHG on March 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Quast & Klamt oHG
         Schuetzenstr. 18
         58339 Breckerfeld, Germany
         Attn: Carlo Quast, Manager
         Alten Luedenscheid 15
         58515 Luedenscheid, Germany
         Mathias Klamt, Manager
         Breslauer Str. 35
         58553 Halver, Germany
         
The administrator can be contacted at:

         Rolf Rattunde
         Neumarktstr. 2c
         58095 Hagen, Germany
         Tel: 02331-7887160
         Fax: +4923317887162


RINOL AG: Sells Bremen Concrete Works to Possehl Spezialbau
-----------------------------------------------------------
Rinol AG has sold its roller compacted concrete site in Bremen
to Possehl Spezialbau, Borsen Zeitung says.  

Possehl acquired the site through its newly formed unit DFT
Deutsche Flachentechnik Industrieboden.  

According to the report, Possehl intends resume the site's
operation with 76 employees.  Around 15 employees will be
transferred to Rinol's Danish arm.

As reported by Troubled Company Reporter Europe on April 12,
Rinol started selling its operations after filing for insolvency
proceedings in January.  Insolvency trustee Rolf Friedrich is
currently holding talks with potential investors for the
company's floor coatings division.

Rinol AG -- http://www.rinol.de/home_html.htm-- specializes in  
industrial flooring.  The company is divided into subsidiaries
and affiliated companies throughout Europe, Latin America and
Asia.  It was forced to apply for insolvency proceedings after
its main creditors, Morgan Stanley and DB Zwirn, refused to
provide any further financing.  Its insolvency proceedings
started on
April 1, 2006.


S & W SANITAR: Claims Registration Ends April 28
------------------------------------------------
Creditors of S & W Sanitar- und Warmetechnik GmbH have until
April 28, to register their claims with court-appointed
provisional administrator Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 7, 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 Rostock
         Saal 330
         Zochstrasse
         18057 Rostock, Germany

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

The District Court of Rostock opened bankruptcy proceedings
against S & W Sanitar- und Warmetechnik GmbH on March 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         S & W Sanitar- und Warmetechnik GmbH
         Attn: Harald Hinkfoth and Hans-Werner Huebner, Manager
         Hauptstrasse 3
         18107 Elmenhorst, Germany
         
The administrator can be contacted at:

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


SCHONDORFER BAU: Creditors' Meeting Slated for May 3
----------------------------------------------------
Court-appointed provisional administrator for Schondorfer Bau-
und Umwelttechnik GmbH, Dr. Martin Prager, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:30 a.m., on May 3.

The meeting of creditors and other interested parties 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 11:00 a.m., on May 31, at the same
venue.

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

The District Court of Traunstein opened bankruptcy proceedings
against Schondorfer Bau- und Umwelttechnik GmbH on Feb. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Schondorfer Bau- und Umwelttechnik GmbH
         Thumseestr. 44 8
         3435 Bad Reichenhall, Germany
         
The administrator can be reached at:

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


UWT - UNTERWASSER: Claims Registration Ends April 28
----------------------------------------------------
Creditors of UWT - Unterwasser - Technik GmbH have until
April 28, to register their claims with court-appointed
provisional administrator Dr. Andreas Ropke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on May 22, 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
         C407
         IV. Etage
         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 UWT - Unterwasser - Technik GmbH on March 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         UWT - Unterwasser - Technik GmbH
         Florastr. 37
         47119 Duisburg, Germany
         Attn: Klaus Spieler, Manager
         Asbergstr. 95
         47228 Duisburg, Germany
         
The administrator can be contacted at:

         Dr. Andreas Ropke
         Dammstr. 26
         47119 Duisburg, Germany


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


AES CORP: Sells 7.6% Stake in AES Gener for US$123 Million
----------------------------------------------------------
The AES Corporation (NYSE:AES) completed the sale of
approximately 7.6% of its shares in AES Gener, the second
largest power generation company in Chile to a group of Chilean
and international institutional investors for approximately
US$123 million.  

AES Gener has a market capitalization of US$1.6 billion.  
After accounting for this transaction, AES remains the largest
shareholder of AES Gener, with a 91% interest held through its
Chilean holding company.  Proceeds from the sale will be used by
AES Corporation for debt retirement and to fund growth
investments in its global business portfolio and other corporate
purposes.

"AES Gener is an important part of our business and will
continue to play a key role in our growth strategy going
forward," said AES President and Chief Executive Officer Paul
Hanrahan.  "Selling a portion of our investment provides us with
greater financial flexibility and, with broader public
ownership, better access to capital markets to support future
growth projects in Chile."

"The positive market reception to this share offering and recent
upgrade of AES Gener to investment grade reflect its good
performance and strong growth prospects," said Andres Gluski,
President of AES Latin America.  "AES Gener has a solid
financial structure and is an efficient, diversified and
responsible generation company."

In Chile, AES Gener is constructing a 120 MW power plant and is
planning to build two coal-fired power plants totaling 450 MW.  
The company is the second largest electric generation company in
Chile with installed capacity of 2,428 MW, composed of 271 MW of
hydroelectric and 2,157 MW of thermoelectric generating
capacity, which includes coal, natural gas, diesel and
cogeneration capacity.  In 2005, AES Gener recorded operating
income of US$219 million and net income of US$84 million.

                      About the Company

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

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

                         *     *     *

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

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


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I R E L A N D
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DEPFA BANK: Moody's Downgrades FSR to B- Due to Inactivity
----------------------------------------------------------
Moody's Investors Service downgrades to B- from B the bank
financial strength rating (FSR) of DEPFA Bank Europe and places
it under review for downgrade.  At the same time the Aa3 deposit
rating of DEPFA Bank Europe plc is placed under review for
downgrade.

The rating action aligns the ratings of DEPFA Bank Europe with
the Aa3 debt and deposit ratings and the B- FSR ratings of its
parent company DEPFA Bank plc.  The Aa3 debt ratings of DEPFA
Bank Europe and all of the long-term ratings of DEPFA Bank plc
were placed on review for downgrade in December 2005 and remain
under review.  

Depfa Bank Europe is a small subsidiary in Ireland, wholly owned
by DEPFA Bank plc.  Prior to the restructuring of the group in
2001 Depfa Bank Europe was active in public sector lending
outside of Germany.  Since then it has not been doing any new
business and is gradually being wound up.

Rating as downgraded and placed under review for downgrade:

   -- DEPFA Bank Europe Plc: the bank financial strength rating
      to B- from B

Rating placed under review for possible downgrade:

   -- DEPFA Bank Europe plc: the rating for long-term deposits
      of Aa3

Rating remains under review for possible downgrade:

   -- DEPFA Bank Europe plc: the senior unsecured long-term debt
      ratings of Aa3


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


ARIADNA: Creditors Must Submit Claims by May 5
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Ariadna insolvent on Dec. 19, 2005.

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

         Furmanova Str. 174 b
         Almaty
         Tel: 8 (3272) 67-11-94


ALMATY-TEPLO-HLADOVENT-SENTR: Creditors' Claims Due May 5
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Almaty-Teplo-Hladovent-Sentr insolvent on Nov. 25, 2005.

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

         Saina Str. 8-94
         Almaty
         Tel: 8 (3272) 56-75-46


DAULET: Creditors Must Submit Claims by May 5
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Daulet insolvent on Oct. 31, 2005.

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

         Furmanova Str. 174 b
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-11-94


GIZ PIRAMIDA: Creditors Must Submit Claims by May 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Giz Piramida insolvent on
Aug. 18, 2005.

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

         G. Ilyaeva Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


HALYK BANK: Fitch Rates Dutch Unit's Upcoming Bond Issue at BB+
---------------------------------------------------------------
Fitch Ratings assigned HSBK (Europe) B.V.'s upcoming USD
denominated issue of unsecured senior notes an expected Long-
term BB+ rating.  The final rating is contingent on receipt of
final documents conforming to information already received.

Proceeds from the issue of the notes will be deposited with
Kazakhstan's JSC Halyk Bank.  Halyk will unconditionally and
irrevocably guarantee the timely and full repayment of the notes
in the trust deed between Halyk, HSBK B.V. and the trustee, J.P.
Morgan Corporate Trustee Services Ltd.  

HSBK B.V. is a Netherlands-domiciled subsidiary of Halyk, which
is rated Foreign Currency Issuer Default BB+, Local Currency
Issuer Default BBB-, Foreign Currency Short-term B, Local
Currency Short-term F3, Individual C/D, and Support 3.  The
Outlook on the Issuer Default Ratings is Stable.

The terms and conditions of the notes specify that they will
rank at least pari passu with the claims of other unsecured and
unsubordinated creditors of the issuer and that the obligations
of Halyk under the guarantee will rank at least pari passu with
claims of other unsecured and unsubordinated creditors of Halyk,
save those preferred by relevant laws.  

Under Kazakh law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-December
2005, retail deposits accounted for around 27% of Halyk's total
liabilities, according to the bank's audited IFRS financial
statements.

Covenants limit Halyk's common stock dividend payments to 50% of
net income in any particular year and also specify that the
terms of all transactions of more than US$5 million must be
concluded on a market basis.  The expected issue is subject to a
cross default clause, which becomes applicable should an
aggregate principal amount of overdue financial debt or
guarantee exceed US$10 million.

Halyk is the third largest bank in Kazakhstan holding 12% of the
system's assets at end-2005.  The bank operates the largest
branch network in the country of 546 branches, reflecting its
roots as the former state savings bank and also acts as a non-
exclusive pension and social security payment and settlement
agent.  The bank is ultimately majority-owned by a son-in-law of
President Nazarbayev.


INTER-ENERGO-SERVICE: Creditors Must Submit Claims by May 5
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Inter-Energo-Service insolvent on
Sept. 16, 2005.

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

         G. Ilyaeva Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


TURKISTAN: Creditors Must Submit Claims by May 5
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Turkistan insolvent on Aug. 24,
2005.

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

         G. Ilyaeva Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


SALIHA: Creditors Must Submit Claims by May 5
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Saliha insolvent on Dec. 26, 2005.

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

         Furmanova Str. 174 b
         Almaty
         Tel: 8 (3272) 67-11-94
         Kazakhstan


PROGRESS-KANEO: Creditors Must Submit Claims by May 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
Progress-Kaneo insolvent on Sept. 2, 2005.

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

         Saina Str. 8-94
         Almaty
         Tel: 8 (3272) 56-75-46
         Kazakhstan


STROI KOMERS LTD: Creditors Must Submit Claims by May 5
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Stroi Komers Ltd insolvent on
Sept. 16, 2005.

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

          G. Ilyaeva Str. 24
          Shymkent,
          South Kazakhstan Region
          Kazakhstan


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


ASML HOLDING: Moody's Lifts Ba3 Ratings to Ba2
----------------------------------------------
Moody's Investors Service upgraded ASML Holding N.V.'s corporate
family rating to Ba2 from Ba3.

Concurrently the company's convertible subordinated notes due
2006 were upgraded to B1 from B2.  The outlook on all ratings is
stable.

ASML's ratings upgrade reflects:

   -- market share gains to above 50% supported by leading edge
      technology;

   -- the progress achieved on increasing operating flexibility
      and making the business more resilient to the wide swings
      in orders commonly experienced in the industry;

   -- a lowered break-even revenue point as evidenced by strong
      profitability at 13% EBIT margin in 3Q 2005, which is seen
      as a recent revenue low point and free cash generation of
      EUR630 million in 2005, which we consider a modestly weak
      year in the semiconductor investment cycle; and

   -- the company's strong and liquid capital structure which is
      expected to be maintained at a gross cash position of at
      least EUR 1.0 billion (EUR1.7 billion at 2 April, 2006),
      well exceeding financial debt.

The stable ratings outlook reflects Moody's view, that ASML's
favorable financial metrics mitigate the elevated business risk
of the company emanating from the product concentration,
technology risk and volatile order inflow.  The ratings expect
ASML to stay within the 5-20% operating margin range that
management targets and to maintain its balance sheet in a net
cash position.  Should ASML's earnings momentum continue on a
positive trend then period average ratios would further improve
providing comfort for Moody's to consider a positive outlook for
the company.

Ratings affected are as follows:

   -- Corporate family rating to Ba2 from Ba3;

   -- US$575 million 5.75% convertible subordinated notes due
      October 2006 to B1 from B2.

The outlook for all ratings is stable.

The last rating action for ASML was the upgrade to Ba3 for the
corporate family rating and to B2 for the bond rating on 28 June
2004.

ASML is the world's leading provider of lithography systems for
the semiconductor industry, manufacturing complex machines that
are critical to the production of integrated circuits or chips.
Headquartered in Veldhoven, the Netherlands, ASML generated
EUR2.5 billion revenues.


HSBK B.V.: Fitch Rates Expected BB+ on Upcoming Eurobond
--------------------------------------------------------
Fitch Ratings assigned HSBK (Europe) B.V.'s upcoming USD
denominated issue of unsecured senior notes an expected Long-
term BB+ rating.  The final rating is contingent on receipt of
final documents conforming to information already received.

Proceeds from the issue of the notes will be deposited with
Kazakhstan's JSC Halyk Bank.  Halyk will unconditionally and
irrevocably guarantee the timely and full repayment of the notes
in the trust deed between Halyk, HSBK B.V. and the trustee, J.P.
Morgan Corporate Trustee Services Ltd.  

HSBK B.V. is a Netherlands-domiciled subsidiary of Halyk, which
is rated Foreign Currency Issuer Default BB+, Local Currency
Issuer Default BBB-, Foreign Currency Short-term B, Local
Currency Short-term F3, Individual C/D, and Support 3.  The
Outlook on the Issuer Default Ratings is Stable.

The terms and conditions of the notes specify that they will
rank at least pari passu with the claims of other unsecured and
unsubordinated creditors of the issuer and that the obligations
of Halyk under the guarantee will rank at least pari passu with
claims of other unsecured and unsubordinated creditors of Halyk,
save those preferred by relevant laws.  

Under Kazakh law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-December
2005, retail deposits accounted for around 27% of Halyk's total
liabilities, according to the bank's audited IFRS financial
statements.

Covenants limit Halyk's common stock dividend payments to 50% of
net income in any particular year and also specify that the
terms of all transactions of more than US$5 million must be
concluded on a market basis.  The expected issue is subject to a
cross default clause, which becomes applicable should an
aggregate principal amount of overdue financial debt or
guarantee exceed US$10 million.

Halyk is the third largest bank in Kazakhstan holding 12% of the
system's assets at end-2005.  The bank operates the largest
branch network in the country of 546 branches, reflecting its
roots as the former state savings bank and also acts as a non-
exclusive pension and social security payment and settlement
agent.  The bank is ultimately majority-owned by a son-in-law of
President Nazarbayev.


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


CONFECTIONARY IRKUTSKAYA: Bankruptcy Hearing Slated for May 4
-------------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene on May 25,
to hear the bankruptcy supervision procedure on close joint
stock company Confectionary Irkutskaya.

The case is docketed as A19-37560/05-38.

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

         S. Ivasyuk
         Dekabrskikh Sobytiy Str. 55-414
         664007, Irkutsk Region, Russia

The Debtor can be reached at:

         Confectionary Irkutskaya
         Partizanskaya Str. 36
         Irkutsk Region, Russia


DOROZHNIK: Claims Filing Period Ends May 4
------------------------------------------
Creditors of Dorozhnik have until May 4, to file their proofs of
claim to court-appointed insolvency manager Mr. E. Putalov at:

         Barnaul-15, Post User Box 848
         656015, Altay Region, Russia

The Arbitration Court of Altay Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A03-10 633/05-B.

The Debtor can be reached at:

         Dorozhnik
         Rubtsovsk, Veseloyarskiy Trukt Str. 21
         658210, Altay Region, Russia


ELDORADO GROUP: Appoints S. Kovalev Insolvency Manager
------------------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad Region
appointed Mr. S. Kovalev insolvency manager of Eldorado Group
Ltd.  Mr. Kovalev can be reached at:

         Office 1305, Building 1, 16th Liniya, 7
         199034, St-Petersburg, V.O., Russia

The Court commenced bankruptcy proceedings against the close
joint stock company with the case docketed as A56-43727/05.

The Debtor can be reached at:

        Eldorado Group Ltd
        Grecheskiy Pr. 31
        191036, St-Petersburg Region, Russia


KATLASINSKIY FACTORY: Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against Katlasinskiy Factory after
finding the limited liability company insolvent.

The case is docketed as A07-14423/05-G-PAV.

Ms. Y. Chernikova has been appointed insolvency manager and can
be reached at:

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

The Debtor can be reached at:

         Katlasinskiy Factory
         Katlasy, Traktovaya Str. 22
         Bashkortostan Republic, Russia


LENA-STROY-SERVICE: Bankruptcy Supervision Procedure Begins
-----------------------------------------------------------
The Arbitration Court of Sakha Republic - Yakutiya has commenced
bankruptcy supervision procedure on close joint stock company
Lena-Stroy-Service.  The case is docketed as A5 8-9320/05.

Mr. N. Mamrukov has been appointed temporary insolvency manager
and can be reached at:

         N. Mamrukov
         Krupskoy Str. 35
         670007, Sakha Republic - Yakutiya, Yakutsk, Russia

The Debtor can be reached at:

         Lena-Stroy-Service
         Apartment 28, Dzerzhinskogo Str. 22/5,
         677007, Sakha Republic - Yakutiya, Yakutsk, Russia


NORTH BUILDING: Court Names Egorov Interim Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Sakha Republic - Yakutiya appointed Mr.
P. Egorov as temporary insolvency manager for LLP North
Building.  Mr. Egorov can be reached at:

       P. Egorov
       Krupskoy Str. 35
       677007, Sakha Republic - Yakutiya, Yakutsk, Russia

The Court has commenced bankruptcy supervision procedure on the
limited liability company.  The case is docketed as A58-
5757/2005.

The Debtor can be reached at:

       North Building
       Chernyshevskogo Str. 103
       677000, Sakha Republic - Yakutiya, Yakutsk, Russia


OMSK-LEATHER: Omsk Court Begins Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on close joint stock company Omsk-Leather
(TIN 5507009384).  The case is docketed as K/E-387/05.

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

         A. Budelev
         5th Kordnaya Str. 656
         644044, Omsk Region, Russia

The Debtor can be reached at:

         Omsk-Leather
         Perova Str. 43
         644036, Omsk Region, Russia


SEL-KHOZ-TEKHNIKA: Deadline for Proofs of Claim Set for May 4
-------------------------------------------------------------
Creditors of Sel-Khoz-Tekhnika (TIN/KPP 2623014686/262301001)
have until May 4, to submit their proofs of claim to court-
appointed insolvency manager Mr. Y. Belyaev at:

         Aleksandrovskiy Region, Kruglolesskoye
         Sovetskata Str. 43
         356300, Stavropol Region, Russia

The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against the limited liability company with the case
docketed as A63-2466/2005-S5.

The Debtor can be reached at:

         Sel-Khoz-Tekhnika
         Mikhaylovsk, Kollektivnaya Str. 1
         Stavropol Region, Russia


STARINSKOYE: Appoints I. Glazkova Interim Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. I. Glazkova
temporary insolvency manager of close joint stock company
Starinskoye.  Ms. Glazkova can be reached at:

         I. Glazkova
         Post User Box 7797
         644021, Omsk Region, Russia

The case is docketed as K/E-338/05.

The Debtor can be reached at:

         Starinskoye
         Nazyvaevskiy Region, Starinka
         Omsk Region, Russia


TALITSKIY TIMBER: Proof of Claim Deadline Slated for May 4
----------------------------------------------------------
Creditors of Talitskiy Timber Industry Combine (OGRN
1026602232403) have until May 4, to file their proofs of claim
to Mr. R. Arnold at:

         Post User Box 225
         620072, Ekaterinburg, Russia

The Arbitration Court of Sverdlovsk Region will convene on May 4
to hear the bankruptcy proceedings against the open joint stock
company at:

         Lenina Pr. 34
         620075, Ekaterinburg, Russia

The case is docketed as A60-9844/05-S2.

The Debtor can be reached at:

         Talitskiy Timber Industry Combine
         Talitsa, Lunacharskogo Str. 75
         623640, Sverdlovsk Region, Russia


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


AGORA-PLUS: Kyiv Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Commercial Center Agora-Plus (code
EDRPOU 23527313).  The case is docketed as 15/72-b.  

Yevgen Solovyov has been appointed temporary insolvency manager
and can be reached at:

         Chapayev Str. 4, Office 12
         01030 Ukraine, Kyiv Region

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Ukraine, Kyiv Region

The Debtor is headquartered in:

         Agora-Plus
         Bastionna Str. 15/55
         01014 Ukraine, Kyiv Region


DNIPROHIMREMONT: Court Names O. Kotenko to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Oleksandr
Kotenko as Liquidator/Insolvency Manager for OJSC
Dniprohimremont (code EDRPOU 04609608).  Mr. Kotenko can be
reached at:

         Oleksandr Kotenko
         Liquidator/Insolvency Manager
         49098 Ukraine, Dnipropetrovsk Region a/b 4950

The Court commenced bankruptcy proceedings against the company
on Feb. 14, after finding it insolvent.  The case is docketed as
B 40/51/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Ukraine, Dnipropetrovsk Region

The Debtor is headquartered in:

         Dniprohimremont
         51931 Ukraine, Dnipropetrovsk Region
         Dniprodzerzhinsk, Gorobtsya Str. 196


DNIPROPETROVSK REPAIR: Court Names Oleksandr Selishev Liquidator
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Oleksandr
Selishev as Liquidator/Insolvency Manager for Dnipropetrovsk
Repair-Building Department-1 (code EDRPOU 05445126).  Mr.
Selishev can be reached at:

         Oleksandr Selishev
         Liquidator/Insolvency Manager
         49017 Ukraine, Dnipropetrovsk Region a/b 1140

The Court commenced bankruptcy proceedings against the company
on March 2, after finding it insolvent.  The case is docketed as
B 24/28/06.

The Court is located at:

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

The Debtor is headquartered in:

         Dnipropetrovsk Repair-Building Department-1
         Vishneva Str. 51
         49021 Ukraine, Dnipropetrovsk Region


GELEOS: Lugansk Court Names Litsoyev Dmitro Insolvency Manager
--------------------------------------------------------------
The Economic Court of Lugansk Region appointed Litsoyev Dmitro
as Liquidator/Insolvency Manager for LLC Geleos (code EDRPOU
30714371).  Mr. Dmitro can be reached at:

         Serov Str. 111
         91000 Ukraine, Lugansk Region

The Court commenced bankruptcy proceedings against the company
(code EDRPOU 30714371) on Feb. 10, after finding it insolvent.  
The case is docketed as 22/22 b.

The Court is located at:

         Economic Court of Lugansk Region
         Geroiv VVV Square 3a
         91000 Ukraine, Lugansk Region

The Debtor is headquartered in:  

         Geleos
         Bilolutsk, Kujbishev Str. 1
         Novopskovskij District
         Ukraine, Lugansk Region


KORINF: Court Appoints Mikita Nikitenko Insolvency Manager
----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Nikitenko
Mikita as Liquidator/Insolvency Manager for LLC Production-
Commercial Firm Korinf (code EDRPOU 30546022).  Mr. Mikita can
be reached at:

         Marshal Chujkov Str. 27-A/32
         69096 Ukraine, Zaporizhya Region

The Court commenced bankruptcy proceedings against the company
on March 3, 2006, after finding it insolvent.  The case is
docketed as 21/56/06.

The Court is located at:

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

The Debtor is headquartered in:

         KORINF
         Mayakovskij Avenue 11
         Ukraine, Zaporizhya Region


KRONA: Lviv Court Begins Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
proceedings against LLC Production Enterprise Krona (code EDRPOU
32282622) on Dec. 7, 2005 after finding it insolvent.  The case
is docketed as 6/269-5/213.

Sergij Lipskij has been appointed Liquidator/Insolvency Manager
and can be reached at:

         79013 Ukraine
         Lviv Region a/b 4389

The Court is located at:

         Economic Court of Lviv Region
         Lichakivska Str. 81

The Debtor is headquartered in:  

         Krona
         Grabovets, Lopatinskij Str. 141
         Strijskij District
         Ukraine, Lviv Region


OBLREMPOBUTTEHNIKA: Lugansk Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on OJSC Oblrempobuttehnika (code EDRPOU
03052434) on Feb. 3.  The case is docketed as 20/9 b.

Oleksandr Bohan has been appointed temporary insolvency manager
and can be reached at:

         Teplogorsk, Yunosti Str. 11
         Ukraine, Lugansk Region

The Court is located at:

         Economic Court of Lugansk Region
         Geroiv VVV Square 3a
         91000 Ukraine, Lugansk Region

The Debtor is headquartered in:

         Oblrempobuttehnika
         Kotelnikov Str. 14
         91055 Ukraine, Lugansk Region


PROSTOR-AGRO: Donetsk Court Commences Bankruptcy Process
--------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against LLC Prostor-Agro (code EDRPOU 31445557) on
Feb. 23, 2006, after finding it insolvent.  The case is docketed
as 42/41 B.  

Piskurskij Vasil has been appointed Liquidator/Insolvency
Manager.

CONTACT:  Prostor-Agro
          Leninskij Avenue 118/50
          83000 Ukraine, Donetsk Region

          Piskurskij Vasil
          Liquidator/Insolvency Manager
          V. Tereshkova Str. 10/49
          Ukraine, Donetsk Region

          Economic Court Of Donetsk Region
          Artema Str. 157
          83048 Ukraine, Donetsk Region


SHPOLA' SUGAR: Court Names Viktor Osipchuk to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Viktor Osipchuk
as Liquidator/Insolvency Manager for OJSC Shpola' Sugar Plant
(code EDRPOU 00373439).

The Court commenced bankruptcy proceedings against the company
on Feb. 2, 2006, after finding it insolvent.  The case is
docketed as 01/3563.

CONTACT:  Shpola' Sugar Plant
          Shpola, Slobidska Str. 108
          Ukraine, Cherkassy Region

          Viktor Osipchuk
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy Region Smilyanska Str. 113/2-41

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


SILGOSPPOSTACH: Court Names O. Pasternak to Liquidate Assets
------------------------------------------------------------
The Economic Court of Kyiv Region appointed O. Pasternak as
Liquidator/Insolvency Manager for LLC Silgosppostach (code
EDRPOU 32914768).  

The Court commenced bankruptcy proceedings against the company
on Feb. 9, 2006, after finding it insolvent.  The case is
docketed as 43/29.

CONTACT:  Silgosppostach
          Kondratuk Str. 4A
          Ukraine, Kyiv Region

          O. Pasternak
          Liquidator/Insolvency Manager
          Kondratuk Str. 4A
          Ukraine, Kyiv Region

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


SUNRISE-INVESTMENTS: Kyiv Court Starts Bankruptcy Process
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC SUNRISE-INVESTMENTS (code EDRPOU
23514606).  The case is docketed as 43/110.  

O. Sherban has been appointed temporary insolvency manager.

CONTACT:  Sunrise-Investments
          40-richya Zhovtnya Avenue 116-A
          03127 Ukraine, Kyiv Region

          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


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


ADVANCED NETWORK: Creditors Pass Winding Up Resolution
------------------------------------------------------
Creditors of Advanced Network Cabling Limited passed a
resolution to wind up the company during an extraordinary
general meeting on March 8.

Subsequently, they appointed John Phillip Walter Harlow, of HKM
LLP, as Liquidator.

The company can be reached at:

         Advanced Network Cabling Limited
         Rovert House
         Station Road
         Hucknall Nottingham
         NG15 7UD
         Tel: 0115 955 9944


DESIGNED FOR LIFE: Creditors Agree to Wind Up Operations
--------------------------------------------------------
Designed for Life Limited is liquidating its assets after
creditors agreed to wind up the company's operations on March 7.

Michael James Gregson, of Bulley Davey, was appointed
Liquidator.

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

The company can be contacted at:

         Designed For Life Limited
         16-17 Hereward Cross
         Peterborough Cambridgeshire
         PE1 1TB
         Tel: 01733 564 040
         Fax: 01733 560 663
         Web: http://www.designed-for-life.co.uk/


ELEGANCE DRY: Brings In Joint Liquidators to Oversee Business
-------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price were appointed Joint
Liquidators after members of Elegance Dry Cleaners Limited found
out that the company could no longer continue its operations due
to financial liabilities.

The company can be reached at:

         Elegance Dry Cleaners Limited
         1 Halesowen Road
         Halesowen West Midlands
         B62 9AA
         Tel: 0121 421 7744
         Fax: 0121 421 5200


GRAFIX DIGITAL: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Grafix Digital Limited confirmed the company's
voluntary liquidation after a resolution to wind up the
company's operations was passed on March 9.

Creditors also ratified the appointment of Richard Rones as
Liquidator.

The company can be reached at:

         Grafix Digital Limited
         Old Coal Yard
         Belmont Road
         Whitstable Kent
         CT5 1QP
         Tel: 01227 263 074


IMPEX CORPORATION: Financial Woes Trigger Voluntary Liquidation
---------------------------------------------------------------
Creditors of Impex Corporation Limited resolved to voluntarily
liquidate the company's assets after learning that the company
could no longer continue its business due to mounting debts.

Subsequently, they appointed Arif Anwar as Liquidator.

The company can be reached at:

         Impex Corporation Limited
         Impex House
         14 Cavendish Road
         Croydon Surrey
         CR0 3LB
         Tel: 020 8688 6160
         Fax: 020 8688 6338
         Web: http://www.impex-corp.co.uk/


INDUSTRIAL MANUFACTURING: Winds Up Operations & Names Liquidator
----------------------------------------------------------------
Industrial Manufacturing Limited is winding up its business
after creditors decided to liquidate the company's assets on
Feb. 23.

Gagen Dulari Sharma was named Liquidator.

The company can be reached at:

         Industrial Manufacturing Limited
         99 North Street
         Cannock Staffordshire
         WS11 0AZ
         Tel: 01543 573 735


KNOWSLEY PIPE: Appoints Gary Corbett as Liquidator
--------------------------------------------------
Gary Corbett, of Milner Boardman & Partners, was appointed
Liquidator of Knowsley Pipe & Fabrication Limited after
creditors resolved to liquidate the company's assets on March 9.

Director D. Mortimer expressed that the company could no longer
continue its operations due to financial liabilities.

The company can be reached at:

         Knowsley Pipe & Fabrication Limited
         Charleywood Road
         Knowsley Ind Park Liverpool Merseyside
         L33 7SG
         Tel: 0151 546 0846
         Fax: 0151 546 2021


LONDON AIR: Begins Voluntary Liquidation
----------------------------------------
London Air Travel Plc is voluntarily liquidating its assets
after creditors passed a resolution to wind up the company's
operation on March 10.

Andreas Georgiou Kakouris was appointed Liquidator.

The company can be reached at:

         London Air Travel Plc
         17-19 Albert Street
         Slough
         SL1 2BE
         Tel: 0870 055 6655


LYNN BALL: Creditors Resolve to Wind Up Operations
--------------------------------------------------
Creditors of Lynn Ball Limited resolved to wind up the company's
operations during an extraordinary general meeting of members on
March 8.

Jonathan M. Timmis of J.M. Marriott & Co will liquidate the
company's assets.

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

The company can be contacted at:

         Lynn Ball Limited
         Gateway Inn
         Crook Road
         Kendal Cumbria
         LA8 8LX
         Tel: 01539 724 187
         Fax: 01539 720 581


MULTI BASE: Claims Filing Period Ends June 1
--------------------------------------------
Creditors of Multi Base Systems (UK) Limited have until June 1,
to send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Joint Liquidator Daniel Paul
Hennessy.

The company can be contacted at:

         Multi Base Systems (UK) Limited
         116 Moss Side Industrial Estate
         Clydesdale Place
         Leyland Lancashire
         PR26 7QS
         Tel: 01772 426 077


MISYS PLC: Buys Back 750,000 & Cancels 2 Mln Shares in Treasury
---------------------------------------------------------------
Misys plc purchased 750,000 of its own ordinary shares on
April 25, at a price of 209.57 pence per share from JPMorgan
Cazenove Limited.  The Company intends to hold these shares in
Treasury.

In addition, the Company also cancelled 2,000,000 shares held in
Treasury, on the same date.

Following the purchase and cancellation of the shares the
Company holds a total of 53,923,643 of its shares in Treasury
and has 501,803,393 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.


MISYS PLC: Transfers 2,747 Shares to Scheme Participants
--------------------------------------------------------
Misys plc transferred 2,747 ordinary shares on April 25, to
participants in its employee share schemes at prices between 40
and 189 pence per share.  The shares were all formerly held as
treasury shares.

Following the above transfer of shares out of Treasury, Misys
plc holds a total of 55,173,820 ordinary shares in Treasury.  
The total number of ordinary shares in issue (excluding Treasury
shares) is 502,553,393.

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.


REFCO INC: Creditors File US$1.3 Billion Suit Against BAWAG
------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York entered an order freezing BAWAG
P.S.K. Group's US$1.3 billion in U.S. assets, the Wall Street
Journal reports.  

The order blocks BAWAG from utilizing the assets for any use
other than ordinary business purposes.  The Court is currently
overseeing the disposal of Refco's assets and repayment of its
creditors.

Refco creditors are seeking more than US$1.3 billion from
Austrian bank BAWAG for allegedly abetting its collapse, WSJ
relates.

According to the report, the creditors accused BAWAG of aiding a
five-year fraud orchestrated by former Refco Chief Executive
Phillip Bennett that drove the group into bankruptcy.  The
creditors said BAWAG continued to assist Mr. Bennett in
"consummating the transactions as a means of accomplishing
BAWAG's own payday" despite being "fully aware of the harm that
Bennett was inflicting" on Refco.  

Mr. Bennett allegedly hid hundreds of millions of dollars in
losses off the books, thus guising the group's true financial
state prior to its IPO in August 2005.  Refco filed for
bankruptcy on Oct. 17, just eight days after it declared a
shortfall in its books.

The creditors also accuses BAWAG of once owning a stake in Refco
several times larger than the 10% disclosed in the group's
prospectus filed before it went public in August 2005, WSJ
relates.  According to the creditors' complaint, the one-time
stake was valued at around US$1.3 billion.

BAWAG, formally known as Bank Fuer Arbeit und Wirtschaft AG,
already filed a suit in November against Refco and Mr. Bennett,
for fraud, unjust enrichment and deception in an attempt to
recover EUR350 million in credit.  BAWAG claimed Mr. Bennet, who
is awaiting trial on criminal securities fraud charges, misled
and victimized the bank.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.   

                           *********

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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